SEI Institutional International Trust

/s/ Robert A. Nesher

Robert A. Nesher

President & CEO

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

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

This annual report covers the year ended September 30, 2014. Most markets stumbled out of the gate in the fourth quarter of 2013 before rebounding strongly through the middle of 2014. However, fear and uncertainty returned in the third quarter, causing many asset classes to give back some or all of their gains by the end of September.

There were several important geopolitical developments during the Funds’ fiscal year. One of the most relevant occurred in Eastern Europe, where Russia’s annexation of the Crimean Peninsula and subsequent tensions with Ukraine had a negative impact on certain areas of the market. Worries about an outbreak of Ebola in Western Africa and the subsequent spread of the virus to Europe and the U.S. played a prominent role in news headlines from the summer of 2014 through the end of the Funds’ reporting period. At present, Ebola seems unlikely to have a significant impact on the global economy. However, there was an interesting correlation between Ebola-related headlines and market volatility during the third quarter of 2014 which, while quite possibly coincidental, might also reflect heightened anxiety among investors given the somewhat uncertain state of global economic policies and growth. There has also been severe unrest in certain areas of the Middle East; while conflicts in Iraq and Syria have taken a terrible human toll, they have not had a significant impact on global markets or the global economy. Several important national elections took place during the period, and others are scheduled to occur during the fourth quarter of 2014.

For the period, global economic growth was sustained but still frustratingly slow, and near-term growth estimates have been revised downward. Growth, inflation and interest rate expectations fluctuated quite a bit over the period, leading to higher volatility in several asset classes, as discussed below.

Encouraging signs were seen in Europe for most of the period. The U.K. remained on the solid economic trajectory it has enjoyed since the end of 2012, and the country has enjoyed notable labor-market improvements as a result. Layoffs and unemployment both declined nicely during the reporting period. Wage increases remained subdued, however. This should help keep a lid on inflation and allow the Bank of England (“BOE”) to take a measured approach to tightening monetary policy. Gilt yields rose toward the end of 2013 on rising optimism but gradually declined over the rest of the period on faltering expectations for both growth (especially in the euro area) and central bank-tightening (most notably in the U.K. and the U.S.). U.K. stocks were largely flat and exhibited increasing volatility toward the end of the period. In late 2013 and early 2014, the euro area’s economy finally appeared to be rebounding from the stubborn recession that began in 2011. Inflation remained quite tame despite the rebound — so tame, in fact, that concerns over the risk of deflation were reignited in recent months. Euro-area government bonds performed well during the period, with falling interest rates and narrower spreads between the yields on core and periphery issuers (such as Greece and Germany, respectively). Unfortunately, some worrying signs surfaced again toward the end of the Funds’ fiscal year, as Italy, France and some smaller national economies appeared to be at risk of reentering recession. Even Germany, the currency union’s stalwart in recent years, showed some signs of sputtering toward the end of the third quarter. While leaders of the European Central Bank (“ECB”) and International Monetary Fund have observed in recent months that the eurozone appears to be in need of further fiscal and/or monetary easing, the European Commission and Germany have thus far been resistant to such calls. The resulting uncertainty led to some spread widening in September, reflecting renewed risk aversion among investors. German government bonds were especially strong performers over the reporting period. European stocks performed well from October 2013 until July 2014, but from that point through the end of September, they gave up much of those gains.

In the U.S., the steady but still largely uninspiring economic growth of recent years was interrupted by a sharp acceleration in the fourth quarter of 2013, which stoked fears of tighter monetary policy from the Federal Reserve (“Fed”), followed by a sudden and unexpected contraction in the first quarter of 2014. The first-quarter decline raised concerns over the durability of the current economic expansion. However, a solid rebound in economic activity during the second quarter of 2014 indicated that the slowdown was largely caused by harsh winter conditions in certain regions of the country. Like the U.K., the U.S. finally began to see solid labor-market improvements during 2014. Layoffs continued to decline, and in

September 2014, the U.S. unemployment rate fell below 6% for the first time since 2008. At the same time, wage gains — and, as a result, inflation expectations — remained fairly muted; thus, like the BOE, the Fed should be able to take a slow and measured approach to tightening monetary policy. That said, the Fed spent 2014 reducing its monthly bond purchases in order to wind down its quantitative-easing programs. And as labor-market and other economic data continued to improve, markets began to price in the beginning of Fed interest rate hikes. This, along with growing weakness in the eurozone and rising expectations that the ECB would be forced to ease policy and weaken the euro, helped put a strong bid under the dollar. The greenback appreciated sharply against most other currencies during the third quarter of 2014, an event which had negative effects on some global asset classes, including commodities and local-currency emerging-markets debt, for example.

In the Asia-Pacific region, Japan’s long-moribund economic growth showed signs of revival following implementation of the new prime minister’s economic policies in 2013. However, a sharp hike in the national consumption tax in April 2014 appeared to undermine the country’s momentum for the rest of the reporting period. Another hike in the tax, along with comprehensive economic reforms, are still under consideration. As a result, Japan’s economic performance could rely heavily on government-policy decisions in coming quarters and years. Like parts of the eurozone, China gave investors cause for concern over the reporting period. The government is attempting to rebalance the country’s economy by lessening its dependence on export and low-value added manufacturing activities in favor of domestic consumption. The government has also been taking a strong stand against corrupt business and financial practices. While these efforts should prove positive in the long term, they — along with rising overall debt levels within the country — added to the general uncertainty surrounding China’s economy over the past year. This uncertainty had a notable impact on commodity prices during the period. After falling during the last quarter of 2013, commodity prices (as measured by the Reuters/Jefferies CRB Index, for example) rose during the first quarter of 2014 before falling sharply between June and the end of September on slower growth in China, recession fears in the eurozone, and a sharply stronger U.S. dollar. Commodity-reliant economies such as Australia endured a bit of a roller coaster ride toward the end of the period as a result.

Outside China, results were mixed in other emerging markets (“EM”). After selling off in the fourth quarter of 2013, EM equities rebounded strongly through August 2014 before a sharp September decline gave back most of those gains. In EM debt, external-currency issues (with the notable exception of Venezuela) outperformed local currency thanks to the U.S. dollar’s strength against many EM currencies. Brazil, which successfully hosted the 2014 World Cup, saw its equity markets struggle while its local-currency debt bucked that asset class’ overall trend by performing well; Mexico’s equity and local-currency debt experienced similar dynamics. Argentina was a notable outperformer in both emerging-market debt and equities, as it worked toward resolving its longstanding debt issues. Russian and Ukrainian debt and Russian equities were notable underperformers due to their deepening conflict and growing fears of recession in both countries. (Sanctions against Russia by the U.S. and Europe, and the threat of Russian retaliation in energy markets once winter arrives, added to the uncertainty surrounding Eastern Europe.) Elsewhere, markets responded positively to the elections of pro-business and reform-minded candidates in India and Indonesia.

We believe the global economic recovery remains a work in progress. Economic expansions in North America and the U.K. seem to be well established, and we expect the Fed and the BOE to take very cautious approaches toward policy normalization as long as inflation pressures remain subdued. On behalf of SEI Investments, I want to thank you for your confidence in the SEI Institutional International Trust. We are dedicated to helping our investors reach their long-term objectives, and we look forward to serving your investment needs in the future.

I. Objective

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

II. Multi-Manager Approach Statement

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (“SIMC”). The Fund utilized the following sub-advisers as of September 30, 2014: Acadian Asset Management LLC, Causeway Capital Management LLC, Henderson Global Investors (North America) Inc., INTECH Investment Management LLC, Neuberger Berman Management LLC, Schroder Investment Management North America, Inc. and Tradewinds Global Investors LLC. For the year ended September 30, 2014, Henderson Global Investors (North America) Inc. was added to and del Rey Global Investors LLC was terminated from the Fund.

III. Return vs. Benchmark

For the year ended September 30, 2014, the Fund’s Class A shares underperformed the MSCI EAFE Index (the “Index”), returning 3.66% versus the Index return of 4.25%.

IV. Fund Attribution

At the sector level, Fund underperformance came mainly from a combination of stock selection and sector allocation. Selection in energy was weak, as the Fund was underweight a number of large integrated oil firms that performed especially well during the period. Overweight exposure to the weak performing industrials sector also weighed on returns. In contrast, selection in the consumer discretionary sector contributed positively to performance, mainly through holdings in the auto industry.

Regionally, the Fund’s positioning was beneficial, but weak stock selection in Europe detracted. In terms of portfolio positioning, there were two significant contributors — underweights to Australia and to Japan. Australia has been going through a roller coaster ride of performance swings, driven in large part by its economy’s dependence on natural-resource prices; with the pressure on commodity prices, Australia was outshined by many of its developed

neighbors. In Japan, the implementation of “Abenomics” has caused some stumbles, in large part due to the implementation of a national sales tax increase. However, going forward, we believe a weaker yen may benefit the country’s exporters. Stock selection in Europe, particularly in French industrials, was a weak point. Although performance in emerging markets strengthened dramatically during the period until September’s selloff, the Fund’s opportunistic positioning had a neutral impact.

At the manager level, Acadian Asset Management LLC and Causeway Capital Management LLC performed best against the benchmark, followed by INTECH Investment Management LLC, Schroder Investment Management North America, Inc. and Tradewinds Global Investors LLC. Henderson Global Investors Investors (North America) Inc. and Neuberger Berman Management LLC underperformed.

International Equity Fund:

AVERAGE ANNUAL TOTAL RETURN¹


	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A		3.66%		12.75%		6.11%		3.65%		3.53%
Class I		3.33%		12.41%		5.81%		3.38%		3.28%
MSCI EAFE Index		4.25%		13.65%		6.56%		6.32%		4.60%

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

LOGO

For the year ended September 30, 2014. Past performance is no indication of future performance. Class I Shares were offered beginning on January 4, 2002. Class A Shares were offered beginning December 20, 1989. The performance of Class I Shares may be lower than the performance of Class A Shares because of different distribution fees paid by Class I shareholders. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

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

II. Multi-Manager Approach Statement

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corp. (“SIMC”). The Fund utilized the following sub-advisers as of September 30, 2014: Delaware Investment Fund Advisers, JO Hambro Capital Management Limited, Kleinwort Benson Investors International Ltd., Lazard Asset Management LLC, Neuberger Berman Management LLC and PanAgora Asset Management, Inc. For the year ended September 30, 2014, no manager changes were made.

III. Return vs. Benchmark

For the year ended September 30, 2014, the Fund’s Class A Shares underperformed the MSCI Emerging Markets Index (Gross) (the “Index”), returning 2.68% versus the Index return of 4.66%.

IV. Fund Attribution

During the period, the top-performing sector within emerging markets was health care, and the Fund benefitted from both an overweight to and strong stock selection in this sector. In contrast, stock selection was challenged in information technology and industrials (particularly in the software and transportation industries, respectively).

As mentioned in the enclosed shareholder letter, markets responded positively to the election of business-friendly candidates in certain countries. India was a standout performer for this reason, as strong investor sentiment followed elections of new leadership. The Fund benefitted from an overweight to the country as well as strong stock selection, particularly in the financials and health care sectors. The Fund’s holdings in Russia stood in stark contrast to India, as Russia’s equity market was among the weakest-performing due in large part to the events relating to Crimea and Ukraine that were noted in the shareholder letter. The Fund was marginally overweight to Russia over the course of the period, and holdings in Russian industrials,

financials and energy stocks detracted the most from results. The Fund’s holdings in Brazilian equities which, as noted in the shareholder letter, lagged, also weighed on results; stock selection in the industrial and financial sectors was particularly weak.

At the manager level, JO Hambro Capital Management Limited, Delaware Investment Fund Advisers and Neuberger Berman Management LLC were the best-performing sub-advisers. PanAgora Asset Management, Inc. also slightly outperformed the benchmark. Kleinwort Benson Investors International Ltd. lagged the benchmark slightly, while Lazard Asset Management LLC underperformed by a wider margin.

Emerging Markets Equity Fund:

AVERAGE ANNUAL TOTAL RETURN¹


	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A		2.68%		6.60%		2.78%		8.32%		4.79%
MSCI Emerging Markets Index (Gross)		4.66%		7.56%		4.76%		11.03%		6.65%

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

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

LOGO

For the year ended September 30, 2014. Past performance is no indication of future performance. Class A Shares were offered beginning January 17, 1995. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

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

II. Multi-Manager Approach Statement

III. Return vs. Benchmark

For the year ended September 30, 2014, the Fund’s Class A shares underperformed the Barclays Global Aggregate ex-US Index, Hedged (the “Index”) returning 5.96% versus a return of 6.47% for the Index.

IV. Fund Attribution

As noted in the enclosed shareholder letter, more interest rate-sensitive areas of the fixed-income market performed well over the period, as longer-term rates declined. As a result, the Fund’s shorter-than-benchmark duration position detracted. (Duration measures the sensitivity of a fixed-income security’s price to changes in interest rates.) As also noted in the shareholder letter, corporate and securitized debt outperformed most government sectiors. Within the Fund, the main contributors to outperformance were overweights to the corporate bond sector (especially financial issuers) and securitized debt and underweights to government-related sectors. Security selection within the corporate and securitized sub-sectors also helped. Country positioning within the government bond sector significantly detracted from benchmark-relative performance. This was especially true for a long-duration position in the U.S. and short-duration position in Germany during the third quarter of 2013 when longer-dated German government bonds outperformed. Underweights to the peripheral countries of the euro-currency area during most of the Fund’s fiscal year detracted; as noted in the shareholder letter, all periphery government bonds rallied over most of the period.

Manager performance was mixed. Wellington Management Company and FIL Investment Advisors detracted, while AllianceBernstein outperformed.

U.S. Treasury futures and interest rate swaps were used to efficiently assist in managing the Fund’s duration and yield-curve exposures. They did not have a material impact on Fund performance. Currency forwards were used to efficiently assist in managing the Fund’s foreign-currency risk. This activity had a material and positive impact on Fund performance, as currency forwards are the primary financial instrument used by the Fund to hedge against movements in foreign currencies, and foreign currencies declined in value relative to the U.S. dollar in the last two months of the Fund’s fiscal year.

International Fixed Income Fund:

AVERAGE ANNUAL TOTAL RETURN¹


	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A		5.96%		4.33%		4.24%		3.04%		4.51%
Barclays Global Aggregate ex-US Index, Hedged		6.47%		4.78%		4.23%		4.61%		5.98%

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

LOGO

For the year ended September 30, 2014. Past performance is no indication of future performance. Class A Shares were offered beginning September 1, 1993. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

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

II. Multi-Manager Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corp. (“SIMC”). The Fund utilized the following sub-advisers as of September 30, 2014: Investec Asset Management Ltd., Neuberger Berman Management LLC and Stone Harbor Investment Partners LP. In December 2013, Ashmore Investment Management Limited was removed and Neuberger Berman Management LLC was added to the Fund.

III. Return vs. Benchmark

For the year ended September 30, 2014, the Fund’s Class A shares underperformed a Hybrid of 50% J.P. Morgan EMBI Global Diversified Index and 50% J.P. Morgan GBI-EM Global Diversified Index (the “Index”), returning 1.90% versus the Index return of 3.97%.

IV. Fund Attribution

For the year ended September 30, 2014, emerging-markets debt (“EMD”), as proxied by a blend of 50% J.P. Morgan EMBI Global Diversified Index and 50% J.P. Morgan GBI-EM Global Diversified Index, returned 3.97%, which almost exactly offset the 3.87% loss experienced over the prior 12 months (U.S. dollar returns). The market was weak from the last three months of 2013 until January 2014 due to a combination of strong U.S. economic data (which stoked fears of rising interest rates and tighter U.S. Federal Reserve (Fed) policy) and investor outflows from EMD funds. As investors gained more clarity on the pace and impact of the Fed’s removal of monetary stimulus in the U.S., EMD embarked on a five-month recovery that came to a halt in July amid escalation of the conflict between Russia and Ukraine. The market posted negative returns over the final three months of the reporting period as the U.S. and EU imposed sanctions on Russia in light of its conflict with Ukraine, global growth expectations were lowered, and a full calendar of political elections in several emerging-market countries approached.

External-currency EMD, as represented by the J.P. Morgan EMBI Global Diversified Index, posted a strong 10% return. This performance can be attributed to a 42 basis point decline in spreads between EMD and U.S. Treasury yields (from 341 basis points at the start of the reporting period to 299 basis points at the end) as well as a 12 basis point decline in the U.S. 10-year Treasury yields from 2.61% to 2.49%. (Bond yields and prices typically move inversely.) The external-debt benchmark has a relatively long interest-rate duration (a high sensitivity to interest-rate changes), and at times, this can have a large impact on returns. Local-currency debt, as represented by the J.P. Morgan GBI-EM Global Diversified Index, dramatically underperformed external debt, posting a -1.54% return. The Fund’s overweight to local debt throughout the course of the period was one of the primary drivers of underperformance against the blended benchmark.

Within external debt, Venezuela was the only country to post a negative return as it continues to struggle with poor growth, high inflation, goods shortages, turnover of key government officials and lower oil prices. The Fund’s overweight position in Venezuela — justified, in our view, by the country’s low debt load, the government’s commitment to servicing debt, and high bond yields — was the largest detractor from relative performance. The second largest detractor in external debt was an overweight to Russia, as that country’s bonds underperformed the Index by approximately 9%. Russia’s conflict with Ukraine has resulted in a sharp economic slowdown, wider credit spreads and currency depreciation. The Fund maintained its Russian external-debt holdings on the basis of the country’s significant dollar reserves and modest external debt load. Offsetting the negative impacts of Russia and Venezuela was the positive impact of being overweight Argentina, the best performer in the Index. During the early part of the Fund’s fiscal year, the country’s bonds rallied when the government took steps to potentially repay old debt, improve the accuracy of economic statistics and come to a settlement with holdouts from its 2001 bond default. Other positive contributors included an underweight to Ukraine, whose economy has been decimated by the conflict with Russia, and an overweight to Indonesia where bonds rose solidly following a favorable presidential-election outcome.

Emerging-markets (“EM”) currencies broadly depreciated versus the U.S. dollar, and this accounted for most of the local-currency market’s underperformance versus external debt (much of the external-EMD market is denominated in dollars). As was the case in external debt, Russia was a poor performer, and the ruble is now hovering near all-time lows. The Chilean peso also depreciated as copper prices were pulled down in the broader commodities selloff. (Copper is a critically important resource and export for the Chilean economy.) The Fund had a neutral position in the Russian ruble but benefitted from an underweight to the Chilean peso. An overweight position in Brazilian local-currency bonds was a positive contributor as the currency rallied and local bonds rose leading up to the World Cup and October’s 2014 presidential elections. Exposure to Mexican local bonds, one of the market’s best performers, added to performance following that country’s decision to cut interest rates in order to stimulate growth.

Off-benchmark positioning in EM corporate debt contributed positively to returns, as those securities performed well. (The Fund’s blended benchmark includes only sovereign and quasi-sovereign debt; quasi-sovereigns are issuers where the national government is the majority owner.) Exposure ranged from 5% to 10% during the period, with positions concentrated in high-yielding Brazilian, Colombian, Chinese and Mexican credits.

Sub-adviser performance was mixed over the reporting period. Stone Harbor Investment Partners LP underperformed, hurt mainly by its overweights to Russia and Venezuela. Neuberger Berman Management LLC performed in line with the benchmark, while Investec Asset Management Ltd. slightly outperformed.

Currency forwards and swap contracts were used by the Fund as a way to either hedge particular positions or gain exposure to additional areas of the market. Interest-rate futures were used primarily for managing interest-rate risk. Foreign-currency hedges on local-currency bonds were generally positive contributors to performance, particularly against European currencies that suffered as a result of European economic weakness and fallout from the conflict between Russia and Ukraine.

Emerging Markets Debt Fund

AVERAGE ANNUAL TOTAL RETURN¹


	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A		1.90%		4.61%		6.19%		7.98%		9.25%
J.P. Morgan EMBI Global Diversified Index		9.67%		7.95%		8.03%		8.32%		9.15%
J.P. Morgan GBI-EM Global Diversified Index		(1.54)%		2.21%		4.43%		8.80%		N/A
50/50 Hybrid consisting of the J.P. Morgan EMBI Global Diversified Index and the J.P. Morgan GBI-EM Global Diversified Index		3.97%		5.11%		6.29%		8.64%		N/A

Comparison of Change in the Value of a $100,000 Investment in the Emerging Markets Debt Fund, Class A, versus a 50/50 Hybrid of the Following Indexes: the J.P. Morgan EMBI Global Diversified Index, and the J.P. Morgan GBI-EM Global Diversified Index

LOGO

For the year ended September 30, 2014. Past performance is no indication of future performance. Class A Shares were offered beginning June 26, 1997. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

N/A — Not Available.

LOGO


Description	Shares		Market Value ($ Thousands)


COMMON STOCK — 92.7%

Australia — 1.7%
Amcor		48,567	$	481
APA Group		59,544		388
Australia & New Zealand Banking Group		189,238		5,120
Bank of Queensland		68,141		694
BC Iron (A)		117,343		166
Brambles		1,094,277		9,116
Caltex Australia		24,820		608
Centamin		126,960		126
Challenger		88,503		551
Commonwealth Bank of Australia		174,848		11,519
CSL		75,814		4,921
CSR		633,976		1,847
Downer EDI		168,919		652
Flight Centre Travel Group		8,600		322
Lend Lease		127,221		1,596
Macquarie Group		49,551		2,497
Mount Gibson Iron		339,726		162
Ramsay Health Care		13,363		586
REA Group		7,422		281
Seek		15,556		221
Sonic Healthcare		12,138		186
Suncorp Group		5,264		65
Telstra		265,264		1,230
Western Areas		30,257		114
Westpac Banking		24,557		691
Woolworths		47,826		1,433

				45,573


Austria — 0.3%
Andritz		115,245		6,147
OMV		61,847		2,082
Porr Ag		908		58
Telekom Austria		9,480		85
Voestalpine		3,157		125

				8,497


Description	Shares		Market Value ($ Thousands)


Belgium — 1.8%
Ageas		264,488	$	8,782
AGFA-Gevaert*		70,231		185
Anheuser-Busch InBev		22,206		2,472
Belgacom (A)		183,879		6,402
bpost		21,272		508
Colruyt (A)		94,781		4,177
Delhaize Group		13,495		939
Groupe Bruxelles Lambert		49,988		4,582
KBC Groep		272,639		14,522
Telenet Group Holding*		8,172		469
Tessenderlo Chemie		11,552		319
UCB		57,764		5,245

				48,602


Brazil — 0.3%
Centrais Eletricas Brasileiras		355,800		954
Centrais Eletricas Brasileiras ADR (A)		1,065,969		2,878
Cia Energetica de Minas Gerais ADR (A)		393,389		2,451
Cia Paranaense de Energia ADR (A)		79,993		1,094
Light		20,500		176
Marfrig Global Foods*		19,300		53

				7,606


Canada — 3.7%
Agrium		136,827		12,178
Alimentation Couche-Tard, Cl B		253,000		8,107
Bank of Nova Scotia		118,371		7,337
Bankers Petroleum*		18,400		89
Barrick Gold		487,984		7,154
Cameco		261,896		4,625
Canadian Imperial Bank of Commerce (A)		20,600		1,854
Cenovus Energy		148,822		4,012
Cogeco Cable		27,200		1,393
EnerCare		11,200		138
Enerplus (A)		16,800		320
Entertainment One		45,396		233
Finning International		10,900		308
Gildan Activewear		127,137		6,970
Imperial Oil		116,900		5,535
Jean Coutu Group PJC, Cl A		54,900		1,153
Kinross Gold*		2,024,033		6,679
Laurentian Bank of Canada		7,100		308
Linamar		21,100		1,091
Magellan Aerospace		5,200		54
Magna International, Cl A		48,000		4,566
OceanaGold*		21,400		44
Open Text		72,500		4,019
Quebecor, Cl B		20,000		504
Shaw Communications, Cl B (A)		19,400		476
ShawCor		130,000		6,572


Description	Shares		Market Value ($ Thousands)

Suncor Energy		147,600	$	5,353
Talisman Energy		615,306		5,322
Toronto-Dominion Bank		63,567		3,144
Transcontinental, Cl A		17,100		224

				99,762


China — 0.4%
Alibaba Group Holding ADR*		21,900		1,946
PICC Property & Casualty		4,336,900		7,685

				9,631


Denmark — 1.2%
AP Moeller - Maersk, Cl A		487		1,126
AP Moeller - Maersk, Cl B		2,628		6,244
Coloplast, Cl B		12,609		1,057
Danske Bank		79,095		2,150
DSV		26,069		734
H Lundbeck		4,986		111
Jyske Bank*		130,001		7,027
Novo Nordisk, Cl B		147,559		7,062
Pandora		39,058		3,063
Rockwool International, Cl B		597		86
TDC		144,918		1,101
Vestas Wind Systems*		69,495		2,717

				32,478


Finland — 0.6%
Elisa, Cl A		19,921		529
Fortum		18,038		440
Metso		8,230		293
Neste Oil		10,395		214
Nokia		672,641		5,740
Orion, Cl B		46,736		1,830
Sampo, Cl A		63,784		3,094
Stora Enso, Cl R		326,874		2,728
Tieto		15,404		389
UPM-Kymmene		109,024		1,558

				16,815


France — 10.9%
Accor		14,933		662
Aeroports de Paris		4,954		593
Alcatel-Lucent*		2,016,643		6,259
Arkema		61,222		4,108
AtoS		21,377		1,549
AXA		246,451		6,074
BNP Paribas		365,386		24,242
Boiron		1,900		159
Cap Gemini		6,768		486
Carrefour		320,879		9,915
Cie de St.-Gobain		24,217		1,108
Cie Generale des Etablissements-Michelin, Cl B		73,484		6,932


Description	Shares		Market Value ($ Thousands)

CNP Assurances (A)		20,896	$	394
Credit Agricole		145,469		2,195
Dassault Systemes (A)		7,092		456
Electricite de France		241,203		7,913
Essilor International		46,968		5,158
Etablissements Maurel et Prom		15,912		224
Eurazeo		5,874		423
Eutelsat Communications		27,227		879
GDF Suez		413,055		10,363
Groupe Eurotunnel		33,212		406
Groupe Fnac*		1,286		48
Iliad		2,853		604
Imerys (A)		498		37
Ipsen		11,571		569
JC Decaux (A)		12,538		396
Kering		14,953		3,016
Lagardere		56,694		1,518
Legrand (A)		222,542		11,581
Metropole Television (A)		10,297		166
Natixis		133,741		920
Nexity		7,174		265
Orange		133,400		2,006
Pernod Ricard		48,285		5,468
Publicis Groupe*		115,174		7,910
Rallye		18,165		794
Rexel		781,726		14,590
Safran		119,463		7,754
Sanofi		404,105		45,719
Schneider Electric		281,567		21,626
SCOR		26,866		839
SES (A)		53,554		1,852
Societe Generale		9,237		472
Sodexo		107,447		10,517
Suez Environnement		261,133		4,419
Technicolor*		124,177		811
Technip (A)		173,877		14,631
Teleperformance		4,248		263
Thales		123,198		6,564
Total		288,561		18,755
Valeo		34,262		3,813
Vallourec		188,088		8,651
Veolia Environnement*		48,555		857
Vetoquinol		1,345		61
Vinci		50,598		2,941
Vivendi		9,907		239
Wendel		5,451		618
Zodiac Aerospace		29,079		928

				292,716


Germany — 6.9%
Adidas		28,728		2,150
Bayer		155,512		21,786
Bayerische Motoren Werke		25,520		2,741
Borussia Dortmund GmbH & KGaA		22,765		128


Description	Shares		Market Value ($ Thousands)

Brenntag		151,515	$	7,447
Commerzbank*		155,131		2,320
Continental		94,749		18,031
Daimler		152,613		11,708
Deutsche Annington Immobilien		15,181		441
Deutsche Boerse		120,924		8,147
Deutsche Lufthansa		178,440		2,819
Deutsche Post		142,980		4,586
Deutsche Telekom		107,199		1,625
Deutsche Wohnen		65,828		1,407
Duerr		7,405		541
E.ON		205,212		3,758
Fresenius		18,120		897
GEA Group		87,291		3,809
Gerresheimer		20,399		1,325
Grammer		6,818		264
HeidelbergCement		53,540		3,539
Henkel		18,922		1,769
Hochtief		51,963		3,578
Hugo Boss		5,356		670
Indus Holding		2,704		131
Infineon Technologies		224,826		2,327
Kabel Deutschland Holding		4,327		588
KION Group		2,542		94
Krones		1,165		101
KUKA		6,300		382
Linde		89,773		17,255
MAN		1,530		172
Merck		51,484		4,750
Muenchener Rueckversicherungs		24,460		4,837
Nordex*		47,206		871
OSRAM Licht*		28,111		1,047
Rhoen Klinikum		32,981		1,001
RTL Group		7,154		614
RWE		185,000		7,211
SAP		159,925		11,536
SAP ADR		79,100		5,708
Siemens		122,394		14,591
Suedzucker (A)		40,762		641
Talanx		2,562		85
ThyssenKrupp		91,504		2,401
TUI		156,224		2,338
United Internet		19,038		810
Wacker Neuson		2,833		54

				185,031


Greece — 0.1%
Alpha Bank AE*		3,045,494		2,362


Guernsey — 0.0%
Friends Life Group		69,569		347


Hong Kong — 2.1%
AIA Group		2,237,200		11,568
Chaoda Modern Agriculture* (B) (C)		2,440,000		—


Description	Shares		Market Value ($ Thousands)

Cheung Kong Holdings		124,000	$	2,042
China Merchants Holdings International		1,300,000		4,018
China Mobile		1,022,240		11,815
CNOOC		2,751,000		4,719
Digital China Holdings		4,431,000		3,966
Galaxy Entertainment Group		139,000		807
Hongkong Land Holdings		412,000		2,802
Hutchison Whampoa		76,500		926
Jardine Matheson Holdings		97,442		5,808
Jardine Strategic Holdings		121,110		4,221
Link (D)		506,000		2,916
Sands China		67,200		350

				55,958


India — 0.3%
Idea Cellular		1,565,645		4,211
Tata Motors ADR		63,880		2,792

				7,003


Indonesia — 0.1%
APERAM* (A)		77,101		2,407


Ireland — 0.2%
Bank of Ireland*		568,744		223
ICON*		22,474		1,286
Kerry Group, Cl A		28,826		2,033
Ryanair Holdings ADR*		33,800		1,907

				5,449


Israel — 1.8%
Bank Hapoalim		153,463		865
Bezeq Israeli Telecommunication		5,270,279		9,099
Check Point Software Technologies*		231,156		16,005
NICE Systems		4,227		171
Teva Pharmaceutical Industries		55,183		2,976
Teva Pharmaceutical Industries ADR		371,212		19,953

				49,069


Italy — 2.3%
Ascopiave		56,391		128
Assicurazioni Generali		178		4
Atlantia		60,770		1,501
Azimut Holding		217,075		5,493
Enel		981,817		5,212
Exor		103,913		4,035
Fiat (A)		120,462		1,163
Finmeccanica		12,390		121
Intesa Sanpaolo		2,842,787		8,640
Luxottica Group		10,278		535
Mediaset*		1,783,451		6,849


Description	Shares		Market Value ($ Thousands)

Mediobanca		66,955	$	576
Pirelli & C		42,418		587
Recordati		20,281		333
Snam Rete Gas		232,836		1,288
Societa Cattolica di Assicurazioni SCRL (A)		2,663		46
Telecom Italia		5,059,630		5,800
Telecom Italia RNC		10,431,066		9,270
Terna Rete Elettrica Nazionale		160,035		805
UniCredit		1,138,572		9,004
Unione di Banche Italiane		125,417		1,055
UnipolSai		127,991		362

				62,807


Japan — 15.8%
Alfresa Holdings		99,200		1,430
Arcland Sakamoto		16,700		391
Astellas Pharma		265,500		3,952
Bandai Namco Holdings		20,200		518
Bridgestone		164,900		5,445
Calsonic Kansei		104,000		566
Canon Marketing Japan		64,500		1,242
Casio Computer (A)		4,600		77
Central Japan Railway		32,600		4,403
Chiyoda		6,000		66
Coca-Cola West		43,600		634
Dai Nippon Printing		651,000		6,525
Daikin Industries		10,100		626
Daikyo		86,000		161
Daito Trust Construction		39,700		4,689
Daiwa House Industry		174,000		3,121
Denso		4,800		221
Doutor Nichires Holdings		3,200		51
Dydo Drinco		9,800		387
East Japan Railway		10,300		772
Ebara		1,234,000		7,391
Fanuc		56,200		10,149
Fuji Film Holdings		494,643		15,196
Fuji Heavy Industries		7,600		251
Fuji Soft		6,100		149
Fujitsu		818,000		5,034
Geo Holdings		20,000		172
Hitachi		1,913,000		14,605
Hoya		69,700		2,341
Inpex		121,800		1,720
IT Holdings		61,000		1,067
Japan Airlines		107,400		2,937
Japan Prime Realty Investment, Cl A (D)		38		137
Japan Tobacco		216,342		7,035
JGC		188,000		5,131
Kaken Pharmaceutical		14,000		316
Kanematsu		158,000		254
Kansai Paint		727,600		10,865


Description	Shares		Market Value ($ Thousands)

Kao		22,900	$	893
KDDI		303,600		18,247
Keyence		19,300		8,386
Komatsu		253,700		5,866
Kubota		297,000		4,691
Lawson		82,600		5,775
LIXIL Group		24,100		515
Mabuchi Motor		102,000		8,889
Medipal Holdings		24,700		300
MEIJI Holdings		10,300		814
Miraca Holdings		130,000		5,374
Misawa Homes		24,600		250
Mitsubishi Tanabe Pharma		360,400		5,286
Morinaga Milk Industry		122,000		393
MS&AD Insurance Group Holdings		437,400		9,540
Murata Manufacturing		10,500		1,194
Nabtesco		169,100		4,053
NGK Insulators		34,000		810
NGK Spark Plug		2,900		85
NH Foods		31,000		657
Nidec		32,700		2,212
Nikon (A)		640,600		9,256
Nippo		16,000		293
Nippon Flour Mills		28,000		136
Nippon Paint Holdings		29,000		652
Nippon Telegraph & Telephone		81,100		5,043
Nippon Telegraph & Telephone ADR		388,907		12,099
Nissan Motor		459,100		4,474
Nissan Tokyo Sales Holdings		8,100		22
Nisshin Fudosan		10,600		45
Nitori Holdings		12,700		786
Nomura Real Estate Holdings		63,000		1,082
North Pacific Bank		140,000		551
NTT DOCOMO		207,360		3,460
Ono Pharmaceutical		11,300		1,003
Otsuka Holdings		82,300		2,836
Panasonic		343,400		4,084
Rohm		121,800		7,661
Ryohin Keikaku		40,130		4,781
Santen Pharmaceutical		126,500		7,081
Seiko Epson		3,200		154
Seino Holdings		120,000		962
Sekisui Chemical		373,000		4,278
Sekisui House		468,300		5,516
Seven & I Holdings		154,000		5,972
Shimizu		91,000		718
Shin-Etsu Chemical		154,300		10,083
Shinko Electric Industries		23,900		175
Shiseido		446,900		7,372
Showa		17,300		189
SKY Perfect JSAT Holdings		30,100		177
SMC		68,600		18,917
SoftBank		232,880		16,324
Sugi Holdings		101,900		4,278


Description	Shares		Market Value ($ Thousands)

Sumitomo Forestry		15,700	$	169
Sumitomo Heavy Industries		52,000		292
Sumitomo Mitsui Financial Group		552,700		22,527
Sumitomo Mitsui Trust Holdings		1,944,220		8,091
Suzuken		12,400		357
Taisei		23,000		130
Takata		265,500		6,022
Tosoh		47,000		190
Toyota Motor		357,700		21,075
Toyota Motor ADR		52,058		6,118
Tsuruha Holdings		136,600		7,596
Ulvac*		14,800		186
United Urban Investment (D)		81		124
Wacoal Holdings		599,704		5,839
Warabeya Nichiyo		13,300		239
Watabe Wedding		6,395		34
West Japan Railway		4,900		219
Yamazaki Baking		80,000		1,031
Yellow Hat		12,500		275

				425,231


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


Mexico — 0.1%
Gruma, Cl B*		27,044		290
Grupo Financiero Banorte, Cl O		266,416		1,706

				1,996


Netherlands — 6.0%
Aegon		660,778		5,452
Airbus Group		38,119		2,399
Akzo Nobel		354,140		24,270
ASML Holding		180,770		17,999
BinckBank		21,382		213
Boskalis Westminster		22,283		1,255
Delta Lloyd		20,943		505
Heineken Holding (A)		5,558		368
ING Groep*		598,928		8,557
James Hardie Industries		83,667		876
Koninklijke Ahold		370,914		6,007
Koninklijke DSM		87,365		5,392
Koninklijke KPN*		380,329		1,219
Nielsen		161,600		7,164
OCI* (A)		15,026		464
PostNL		954,622		4,126
Reed Elsevier		914,927		20,769
Royal Dutch Shell, Cl A		518,762		19,862
Royal Dutch Shell, Cl B		66,628		2,632
Royal Dutch Shell ADR, Cl B		120,744		9,553
TNT Express (A)		814,791		5,161
Unilever		212,443		8,462
Wolters Kluwer (A)		250,418		6,681

				159,386


Description	Shares		Market Value ($ Thousands)


New Zealand — 0.1%
Air New Zealand		139,644	$	211
Fletcher Building		19,930		137
Ryman Healthcare		55,085		335
Spark New Zealand		294,596		682

				1,365


Norway — 1.6%
Akastor		371,893		1,497
Aker Solutions*		371,893		3,784
Archer*		68,195		96
Bonheur		5,117		82
DnB		789,476		14,787
Kvaerner		80,275		132
Norsk Hydro		396,281		2,217
Orkla		171,094		1,548
Salmar		7,125		126
Seadrill		89,087		2,390
Statoil		465,787		12,706
Telenor		170,760		3,749
Veidekke		8,294		83

				43,197


Poland — 0.0%
Tauron Polska Energia		59,269		96


Portugal — 0.3%
CTT Correios de Portugal		766,831		7,454
Energias de Portugal		239,844		1,047
Sonae		211,509		307

				8,808


Puerto Rico — 0.0%
Triple-S Management, Cl B*		23,165		461


Russia — 0.4%
Eurasia Drilling GDR		137,351		3,901
Gazprom ADR		854,460		6,015
Surgutneftegas ADR		8,414		56

				9,972


Singapore — 1.1%
City Developments		771,000		5,816
DBS Group Holdings		637,816		9,212
Flextronics International*		247,798		2,557
Sembcorp Industries		969,000		3,936
Sembcorp Marine (A)		1,240,000		3,637
United Overseas Bank		228,600		4,015

				29,173


Description	Shares		Market Value ($ Thousands)


South Africa — 0.2%
ArcelorMittal		63,922	$	880
Impala Platinum Holdings		489,531		3,770
Net 1 UEPS Technologies*		5,340		64

				4,714


South Korea — 2.4%
Hyundai Motor		43,291		7,815
KB Financial Group ADR		152,945		5,540
KT&G		114,702		10,272
LG Display ADR		215,154		3,389
Meritz Financial Group		22,180		177
POSCO		12,654		3,939
Samsung Electronics		10,566		11,855
SK Telecom		48,496		13,327
SK Telecom ADR		293,466		8,904

				65,218


Spain — 1.5%
Abertis Infraestructuras		67,144		1,327
Acerinox		19,057		293
ACS Actividades de Construccion y Servicios		129,720		4,985
Amadeus IT Holding, Cl A		69,455		2,599
Banco Popular Espanol		97,587		597
Banco Santander		367,561		3,534
CaixaBank		319,664		1,947
Enagas		33,212		1,071
Endesa		8,158		322
Ferrovial		44,015		854
Gamesa Tecnologica*		10,518		116
Gas Natural		57,565		1,695
Grifols		25,031		1,026
Iberdrola		236,371		1,693
International Consolidated Airlines Group*		1,957,408		11,649
Red Electrica		13,640		1,181
Tecnicas Reunidas (A)		99,789		5,293
Zardoya Otis		28,710		356

				40,538


Sweden — 2.0%
Assa Abloy, Cl B		5,859		303
Electrolux, Cl B		174,769		4,628
Elekta, Cl B (A)		232,162		2,292
Hufvudstaden, Cl A		4,930		61
Husqvarna, Cl B		105,104		745
Industrivarden, Cl C		72,362		1,266
Intrum Justitia		19,757		558
Investor, Cl B		12,887		456
JM		25,049		802
Loomis, Cl B		6,766		194
Meda, Cl A		14,812		208


Description	Shares		Market Value ($ Thousands)

NCC, Cl B		18,704	$	622
Nordea Bank		746,349		9,722
Peab		11,408		79
Securitas, Cl B		19,256		214
Skandinaviska Enskilda Banken, Cl A		627,339		8,390
Skanska, Cl B		81,989		1,698
Svenska Cellulosa, Cl B		130,799		3,123
Svenska Handelsbanken, Cl A		20,559		968
Swedbank, Cl A		52,900		1,333
Telefonaktiebolaget LM Ericsson, Cl B		712,643		9,056
Telefonaktiebolaget LM Ericsson ADR		614,218		7,733

				54,451


Switzerland — 9.5%
Actelion		29,385		3,454
Adecco		26,797		1,819
Aryzta		13,921		1,200
Baloise Holding		9,033		1,158
Barry Callebaut		30		33
Chocoladefabriken Lindt & Spruengli		83		1,121
Cie Financiere Richemont		31,400		2,575
Clariant		689,608		11,807
Credit Suisse Group		545,033		15,099
Emmi		824		282
Galenica		892		785
Geberit		3,465		1,120
Georg Fischer		1,802		1,061
Givaudan		13,175		21,069
Holcim		12,233		892
Julius Baer Group		122,275		5,483
Lonza Group		58,239		7,034
Nestle		112,186		8,248
Novartis		400,639		37,800
OC Oerlikon		87,314		1,087
Pargesa Holding		2,541		202
Partners Group Holding		21,610		5,688
Roche Holding		132,371		39,219
SGS		5,079		10,530
Siegfried Holding		717		106
Sika		2,866		9,934
Sonova Holding		41,161		6,574
Sulzer		44,269		5,444
Swiss Life Holding		22,635		5,406
Swiss Re		30,400		2,423
Swisscom		5,359		3,043
Syngenta		5,169		1,646
UBS		566,431		9,839
UBS Registered		1,081,301		18,853
Zurich Insurance Group		44,988		13,409

				255,443


Description	Shares		Market Value ($ Thousands)


Taiwan — 0.2%
Hon Hai Precision Industry		1,532,160	$	4,835
Radium Life Tech		265,200		155
United Microelectronics ADR		340,869		678

				5,668


United Kingdom — 15.9%
3i Group		85,609		532
Admiral Group		2,478		52
Afren*		132,019		221
Amlin		1,229,229		8,649
Aon		100,100		8,776
ARM Holdings		205,000		3,011
Associated British Foods		183,636		7,975
AstraZeneca		171,226		12,329
Aviva		1,486,997		12,620
Babcock International Group		60,000		1,062
BAE Systems		203,420		1,555
Balfour Beatty		773,027		2,363
Barclays		4,880,810		17,997
Berendsen		54,241		862
BG Group		1,059,199		19,575
BHP Billiton		109,491		3,044
BP		557,445		4,098
BP ADR		72,369		3,181
British American Tobacco		296,193		16,720
British Land (D)		222,872		2,538
British Sky Broadcasting Group		7,736		111
BT Group, Cl A		249,327		1,534
Bunzl		452,454		11,809
Capita		245,307		4,629
Carnival		178,627		7,135
Catlin Group		686,353		5,808
Cobham		61,708		291
Compass Group		291,348		4,707
Diageo		267,131		7,730
EnQuest*		47,528		84
GKN		283,346		1,466
GlaxoSmithKline		292,933		6,710
Hammerson		152,652		1,422
Hargreaves Lansdown		33,878		519
Hikma Pharmaceuticals		43,058		1,210
Home Retail Group		2,606,352		7,052
Howden Joinery Group		1,032,470		5,676
HSBC Holdings		2,467,390		25,148
IMI		17,950		358
Imperial Tobacco Group		20,360		879
InterContinental Hotels Group		26,439		1,020
Investec		346,802		2,922
ITV		1,977,069		6,660
John Wood Group		18,089		223
Johnson Matthey		29,298		1,386
Kingfisher		648,158		3,403


Description	Shares		Market Value ($ Thousands)

Land Securities Group (D)		39,877	$	672
Legal & General Group		764,713		2,838
Lloyds Banking Group*		20,379,390		25,396
London Stock Exchange Group		16,756		507
Man Group		329,461		634
Michael Page International		699,531		4,747
Mondi		107,590		1,763
National Grid		228,928		3,296
Next		27,003		2,891
Pace		17,386		84
Prudential		548,461		12,234
QinetiQ Group		192,599		701
Reckitt Benckiser Group		50,865		4,412
Reed Elsevier		880,801		14,108
Rentokil Initial		3,744,268		7,150
Rexam		612,914		4,887
Rio Tinto		202,986		9,976
SABMiller		120,745		6,710
Sage Group		106,918		633
Segro (D)		116,190		684
Shire		85,063		7,364
Smith & Nephew		182,783		3,082
SSE		92,420		2,318
St. James’s Place		473,240		5,600
Synthomer		21,503		74
TalkTalk Telecom Group		1,467,890		7,115
Tate & Lyle		27,024		259
Tesco		1,614,390		4,873
Thomas Cook Group*		1,830,603		3,532
Travis Perkins		220,562		5,950
TSB Banking Group* (A) (E)		1,708,148		7,698
TUI Travel		196,122		1,237
Unilever		34,406		1,442
United Utilities Group		65,495		858
Vodafone Group		6,143,620		20,358
Weir Group		34,117		1,384
Whitbread		29,617		1,994
WPP		552,772		11,112
Xchanging		57,394		175

				427,800


United States — 0.9%
Affymetrix*		6,280		50
Alliance HealthCare Services*		7,648		173
Argan		12,894		430
Axis Capital Holdings		176,543		8,356
Bassett Furniture Industries		5,007		68
Central Garden and Pet, Cl A*		6,077		49
Central Pacific Financial		4,978		89
Computer Sciences		53,826		3,291
Constellium, Cl A*		41,612		1,024
Ducommun *		1,905		52


Description	Shares/Face Amount (Thousands)/ Number of Rights		Market Value ($ Thousands)

Global Cash Access Holdings*		11,939	$	81
Harvard Bioscience*		14,767		60
Manpowergroup		60,399		4,234
Medifast*		20,734		681
Midcoast Energy Partners		5,899		132
Nautilus*		4,579		55
NN		8,361		223
Pantry*		8,932		181
Pilgrim’s Pride*		15,264		466
Provident Financial Holdings		5,496		80
RadNet*		30,354		201
Reading International, Cl A*		6,849		58
Renewable Energy Group*		28,868		293
Repligen*		5,809		116
REX American Resources*		11,831		862
SciClone Pharmaceuticals*		7,716		53
Skilled Healthcare Group, Cl A*		9,096		60
Skullcandy*		44,212		344
Sykes Enterprises*		2,630		53
Take-Two Interactive Software*		84,728		1,955
Taro Pharmaceutical Industries*		6,130		942
Warren Resources*		61,957		328
ZAGG*		12,637		71

				25,111

Total Common Stock (Cost $2,347,723) ($ Thousands)				2,490,741


PREFERRED STOCK — 0.8%

Germany — 0.8%
Bayerische Motoren Werke		8,215		669
Draegerwerk		2,624		232
Henkel		88,502		8,839
Volkswagen		59,834		12,426

Total Preferred Stock (Cost $24,493) ($ Thousands)				22,166


U.S. TREASURY OBLIGATIONS (F) (G) — 0.2%
U.S. Treasury Bills
0.041%, 05/28/2015	$	297		297
0.038%, 03/05/2015		5,419		5,418

Total U.S. Treasury Obligations (Cost $5,715) ($ Thousands)				5,715


RIGHTS — 0.0%

Italy — 0.0%
Fiat, Expires 10/08/2014*		120		—


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


Spain — 0.0%
Banco Popular Espanol, Expires 10/01/2014*			98	$	2

Total Rights (Cost $—) ($ Thousands)					2


AFFILIATED PARTNERSHIP — 1.9%
SEI Liquidity Fund, L.P. 0.080%†** (H)			51,797,689		51,798

Total Affiliated Partnership (Cost $51,798) ($ Thousands)					51,798


CASH EQUIVALENT — 3.8%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.010%†**			101,506,987		101,507

Total Cash Equivalent (Cost $101,507) ($ Thousands)					101,507


TIME DEPOSITS — 2.4%
Brown Brothers Harriman
4.500%, 10/01/2014	ZAR		15		1
2.750%, 10/01/2014	NZD		22		17
1.578%, 10/01/2014	AUD		172		151
0.350%, 10/01/2014	NOK		43		7
0.299%, 10/01/2014	CAD		2		1
0.060%, 10/01/2014	GBP		266		432
0.050%, 10/01/2014	SEK		1		—
0.030%, 10/01/2014			63,189		63,189
0.005%, 10/01/2014	SGD		92		72
0.005%, 10/01/2014	HKD		1,430		184
0.005%, 10/01/2014	JPY		11,215		102
0.001%, 10/01/2014	CHF		209		219
0.000%, 10/01/2014	EUR		876		1,107
0.000%, 10/01/2014	DKK		—		—

Total Time Deposits (Cost $65,482) ($ Thousands)					65,482

Total Investments — 101.8% (Cost $2,596,718) ($ Thousands)				$	2,737,411

A list of the open futures contracts held by the Fund at September 30, 2014, is as follows:


Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		924		Dec-2014	$	(324	)
FTSE 100 Index		280		Dec-2014		(799	)
Hang Seng Index		36		Oct-2014		(267	)
SPI 200 Index		92		Dec-2014		(352	)
Topix Index		191		Dec-2014		517

					$	(1,225	)

For the year ended September 30, 2014, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

Percentages are based on a Net Assets of $2,687,824 ($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of September 30, 2014.

†

Investment in Affiliated Security.

(1)

In U.S. dollars unless otherwise indicated.

(A)

This security or a partial position of this security is on loan at September 30, 2014. The total market value of securities on loan at September 30, 2014 was $49,273 ($ Thousands) (See Note 8).

(B)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of September 30, 2014 was $0 ($ Thousands) and represented 0.0% of Net Assets.

(C)

Securities considered illiquid. The total market value of such securities as of September 30, 2014 was $0 ($ Thousands) and represented 0.0% of Net Assets.

(D)

Real Estate Investment Trust.

(E)

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.

(F)

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

(G)

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

(H)

This security was purchased with cash collateral held from securities on loan (see Note 8). The total value of such securities as of September 30, 2014 was $51,798 ($ Thousands).

ADR — American Depositary Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

DJ — Dow Jones

DKK — Danish Krone

EUR — Euro

FTSE — Financial Times and the London Stock Exchange

GBP — British Pound Sterling

GDR — Global Depositary Receipt

HKD — Hong Kong Dollar

JPY — Japanese Yen

L.P. — Limited Partnership

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krone

SGD — Singapore Dollar

SPI — Share Price Index

ZAR — South African Rand

The following is a list of the level of inputs used as of September 30, 2014, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):


Investments in Securities	Level 1			Level 2		Level 3		Total
Common Stock	$	2,490,741		$	—	$	—	$	2,490,741
Preferred Stock		22,166			—		—		22,166
U.S. Treasury Obligations		—			5,715		—		5,715
Rights		2			—		—		2
Affiliated Partnership		—			51,798		—		51,798
Cash Equivalent		101,507			—		—		101,507
Time Deposits		—			65,482		—		65,482

Total Investments in Securities	$	2,614,416		$	122,995	$	—	$	2,737,411


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	517		$	—	$	—	$	517
Unrealized Depreciation		(1,742	)		—		—		(1,742	)

Total Other Financial Instruments	$	(1,225	)	$	—	$	—	$	(1,225	)

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

For the year ended September 30, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2014, there were no transfers from Level 2 into Level 3 assets and liabilities.

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

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

LOGO


Description	Shares		Market Value ($ Thousands)


COMMON STOCK — 89.5%

Argentina — 0.5%
Arcos Dorados Holdings, Cl A (A)		333,300	$	1,993
MercadoLibre (A)		21,300		2,314
Tenaris ADR (A)		67,648		3,082
YPF ADR (A)		50,800		1,879

				9,268


Brazil — 8.4%
ALL - America Latina Logistica		403,261		1,045
AMBEV		541,000		3,558
AMBEV ADR		1,088,692		7,131
B2W Cia Digital*		621,653		8,278
Banco Bradesco		566,082		8,067
Banco do Brasil		265,580		2,760
Banco Santander Brasil		527,815		3,452
BB Seguridade Participacoes		339,100		4,470
BM&FBovespa		958,817		4,396
BR Malls Participacoes		697,700		5,480
Brasil Insurance Participacoes e Administracao		405,200		1,335
Braskem ADR (A)		231,110		3,044
BRF ADR (A)		238,454		5,673
CCR		364,200		2,513
CETIP - Mercados Organizados		89,900		1,116
Cia Paranaense de Energia ADR (A)		24,910		341
Cielo		250,440		4,072
Cosan Industria e Comercio		83,900		1,336
Cyrela Brazil Realty Empreendimentos e Participacoes		1,105,667		5,574
EcoRodovias Infraestrutura e Logistica		503,200		2,453
EDP - Energias do Brasil		738,600		2,994
Estacio Participacoes		621,400		6,461
Fibria Celulose ADR* (A)		299,285		3,292
Gerdau ADR (A)		1,114,026		5,347


Description	Shares		Market Value ($ Thousands)

Gol Linhas Aereas Inteligentes ADR		681,538	$	3,278
Hypermarcas*		680,660		4,902
JBS		435,100		1,638
Klabin		269,300		1,304
Kroton Educacional		835,848		5,248
Localiza Rent a Car		174,932		2,512
Lojas Renner		40,400		1,167
Mahle-Metal Leve Industria e Comercio		22,600		200
MRV Engenharia e Participacoes		248,700		826
Multiplus		101,500		1,216
Petroleo Brasileiro		82,822		588
Petroleo Brasileiro ADR		659,265		9,355
Porto Seguro		139,700		1,625
Qualicorp*		321,600		3,180
Santos Brasil Participacoes		75,820		520
Sao Martinho		36,800		592
Sul America		109,682		676
Telefonica Brasil ADR (A)		136,000		2,676
Tim Participacoes		141,100		739
Tim Participacoes ADR		473,100		12,395
Totvs		220,520		3,344
Vale		56,186		618
Vale ADR, Cl B (A)		631,561		6,954
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A		131,800		2,042
Via Varejo*		259,900		2,577

				164,360


Canada — 0.4%
Africa Oil* (A)		155,700		685
Pacific Rubiales Energy		351,676		5,910
SEMAFO		273,720		965

				7,560


Chile — 0.8%
Banco de Chile		21,399,622		2,642
Banco Santander Chile		99,800,700		5,575
Cia Cervecerias Unidas ADR (A)		167,691		3,694
SACI Falabella		221,990		1,678
Sociedad Quimica y Minera de Chile ADR (A)		104,900		2,742

				16,331


China — 14.1%
AAC Technologies Holdings (A)		957,280		5,560
Agricultural Bank of China		31,564,432		13,983
Alibaba Group Holding ADR*		40,400		3,590
Anhui Conch Cement (A)		1,542,500		4,926
ANTA Sports Products		2,281,000		4,647
Anton Oilfield Services Group (A)		3,106,000		920
Baidu ADR*		139,276		30,394


Description	Shares		Market Value ($ Thousands)

Bank of China		25,358,105	$	11,364
Byd (A)		169,500		1,125
Byd Electronic International		695,000		805
Changyou.com ADR* (A)		121,000		2,895
China BlueChemical		2,500,000		1,085
China Child Care (A)		4,708,100		1,043
China CITIC Bank		1,486,000		901
China Coal Energy (A)		1,526,000		892
China Construction Bank		27,770,993		19,456
China Lesso Group Holdings		739,600		369
China Life Insurance		1,170,000		3,247
China Merchants Bank		2,365,076		4,045
China National Materials (A)		9,819,438		2,264
China Oilfield Services		2,030,000		5,359
China Petroleum & Chemical		9,785,839		8,570
China Petroleum & Chemical ADR (A)		24,900		2,175
China Shenhua Energy		892,000		2,487
China Telecom		3,726,000		2,284
China Vanke* (A)		2,988,124		5,280
Chongqing Rural Commercial Bank		2,726,612		1,236
CITIC Securities		953,500		2,198
Coolpad Group		7,480,000		1,329
Datang International Power Generation		1,510,000		788
Dongfeng Motor Group		2,046,000		3,362
Evergrande Real Estate Group (A)		2,193,000		825
Great Wall Motor		328,000		1,274
Guangzhou R&F Properties (A)		2,174,800		2,199
Huaneng Power International		4,120,000		4,499
Industrial & Commercial Bank of China		34,900,768		21,754
Jiangsu Expressway		3,066,000		3,234
Jiangxi Copper		1,525,000		2,510
KWG Property Holding		1,737,370		1,219
New Oriental Education & Technology Group*		302,300		7,013
PetroChina		2,596,000		3,326
PetroChina ADR (A)		57,809		7,429
PICC Property & Casualty		2,095,800		3,714
Ping An Insurance Group of China		1,091,500		8,195
Shanghai Electric Group		1,382,000		735
Shimao Property Holdings		460,000		931
SINA*		69,200		2,847
Sinopec Engineering Group		3,406,500		3,672
SOHO China		2,051,028		1,484
Sohu.com*		103,600		5,204
Tencent Holdings		1,080,535		16,072
Tingyi Cayman Islands Holding		1,288,000		3,384
Tsingtao Brewery		458,000		3,262
Uni-President China Holdings (A)		5,582,400		5,579
Vipshop Holdings ADR* (A)		2,466		466


Description	Shares		Market Value ($ Thousands)

WuXi PharmaTech Cayman*		31,674	$	1,109
Youku Tudou ADR* (A)		57,800		1,036
Zhejiang Expressway		3,558,000		3,615
Zhuzhou CSR Times Electric		2,275,600		8,792
ZTE		529,600		1,174

				275,132


Colombia — 0.6%
Bancolombia ADR, Cl R (A)		102,200		5,797
Ecopetrol		3,249,243		5,094
Grupo Argos		81,692		919

				11,810


Czech Republic — 0.7%
CEZ		161,731		4,917
Komercni Banka		38,094		9,060

				13,977


Egypt — 0.0%
Commercial International Bank Egypt GDR		134,788		927


Greece — 0.4%
Alpha Bank AE*		2,865,766		2,223
OPAP		37,618		492
Piraeus Bank*		2,813,026		4,761

				7,476


Hong Kong — 6.1%
Bolina Holding (A)		4,005,700		1,578
Chaoda Modern Agriculture* (B) (C)		2,056,181		—
China Everbright		328,000		615
China Everbright International		5,531,600		7,323
China High Precision Automation Group (B) (C)		1,385,624		221
China Medical System Holdings (A)		2,712,500		4,639
China Mengniu Dairy		1,789,915		7,376
China Minsheng Banking		1,185,100		1,084
China Mobile (A)		2,031,181		27,485
China Modern Dairy Holdings* (A)		4,037,000		1,872
China Power International Development (A)		2,861,000		1,326
China State Construction International Holdings		7,652,184		11,372
China Taiping Insurance Holdings*		1,258,200		2,729
China Unicom Hong Kong ADR (A)		137,890		2,072
CNOOC		7,185,607		12,326
CNOOC ADR (A)		16,710		2,883
Far East Horizon		1,431,000		1,281
GOME Electrical Appliances Holding		9,371,000		1,521
Guangzhou Automobile Group		988,000		956
Haier Electronics Group		2,555,000		6,696


Description	Shares		Market Value ($ Thousands)

Lenovo Group		1,010,000	$	1,504
Nine Dragons Paper Holdings		2,083,500		1,500
Samsonite International		602,752		1,941
Sands China		439,300		2,291
Shanghai Industrial Holdings		107,000		317
Sunny Optical Technology Group		5,348,107		7,934
Techtronic Industries		2,326,500		6,726
Zoomlion Heavy Industry Science and Technology (A)		3,912,060		2,282

				119,850


Hungary — 0.0%
Richter Gedeon Nyrt		59,370		930


India — 7.7%
Adani Ports and Special Economic Zone		905,380		4,069
Aurobindo Pharma		719,611		11,282
Axis Bank		638,270		3,903
Bank of Baroda		395,950		5,785
Cairn India		853,961		4,312
Crompton Greaves		554,442		1,805
Cummins India		457,035		4,966
Dabur India		1,070,867		3,852
Glenmark Pharmaceuticals		658,447		7,695
HCL Technologies		86,460		2,401
HDFC Bank		121,100		5,641
Housing Development Finance		44,756		765
ICICI Bank ADR		260,954		12,813
Idea Cellular		834,627		2,245
Indiabulls Housing Finance		215,603		1,406
Infosys ADR (A)		14,636		885
ITC		451,610		2,707
Jubilant Foodworks*		134,207		2,674
Mahindra & Mahindra GDR		138,078		3,042
Oil & Natural Gas		276,855		1,831
Oil India		59,070		582
Oriental Bank of Commerce		234,465		872
Power Finance		253,630		963
Power Grid Corp of India		1,977,814		4,331
Prestige Estates Projects*		746,500		2,658
Reliance Communications*		820,362		1,315
Reliance Industries		295,715		4,528
Reliance Industries GDR (D)		572,823		17,471
Rural Electrification		225,164		911
Sesa Sterlite		535,207		2,362
Shriram Transport Finance		371,597		5,609
Syndicate Bank		165,516		293
Tata Consultancy Services		8,433		374
Tata Global Beverages		1,283,110		3,311
Tata Motors, Cl A		492,200		2,750
Tata Motors ADR (A)		142,700		6,237
Tata Steel*		258,149		1,919
UCO Bank		543,854		702


Description	Shares		Market Value ($ Thousands)

UPL		566,809	$	3,121
Wipro ADR (A)		142,168		1,729
WNS Holdings ADR*		11,629		262
Yes Bank		510,520		4,620
Zee Entertainment Enterprises		118,800		604

				151,603


Indonesia — 2.3%
Adaro Energy		23,196,300		2,237
AKR Corporindo		8,990,900		4,021
Bank Negara Indonesia Persero		2,982,200		1,352
Bank Rakyat Indonesia Persero		8,328,151		7,125
Gudang Garam		684,300		3,183
Indo Tambangraya Megah		366,900		782
Indocement Tunggal Prakarsa		486,900		861
Matahari Department Store		2,459,100		3,274
Matahari Putra Prima		2,831,900		732
Perusahaan Gas Negara Persero		4,666,500		2,298
Perusahaan Perkebunan London Sumatra Indonesia		2,177,800		340
Semen Indonesia Persero		4,068,300		5,150
Surya Citra Media		2,019,000		634
Tambang Batubara Bukit Asam		2,278,100		2,468
Telekomunikasi Indonesia Persero		31,231,680		7,472
United Tractors		1,687,181		2,755

				44,684


Israel — 0.5%
Teva Pharmaceutical Industries ADR		195,400		10,503


Malaysia — 1.5%
Alliance Financial Group		1,324,100		2,014
AMMB Holdings		832,500		1,744
Axiata Group		2,464,536		5,259
British American Tobacco Malaysia		41,451		891
Hong Leong Financial Group		56,400		303
IOI		513,100		752
IOI Properties Group		542,049		433
Malayan Banking		1,853,800		5,628
Petronas Chemicals Group		829,700		1,578
Telekom Malaysia		979,976		1,972
Top Glove		2,097,528		3,165
UEM Sunrise		3,565,395		1,978
UMW Holdings		751,700		2,809

				28,526


Mexico — 5.3%
Alfa, Cl A		382,500		1,316
America Movil, Ser L (A)		4,253,309		15,674
Arca Continental		566,000		3,886
Cemex ADR* (A)		661,674		8,628


Description	Shares		Market Value ($ Thousands)

Coca-Cola Femsa ADR (A)		8,092	$	815
Compartamos*		1,812,300		3,880
Controladora Comercial Mexicana		181,900		681
Empresas ICA ADR* (A)		237,380		1,643
Fibra Uno Administracion (E)		1,091,000		3,589
Fomento Economico Mexicano		166,600		1,532
Fomento Economico Mexicano ADR		73,639		6,778
Genomma Lab Internacional, Cl B* (A)		2,603,600		6,242
Gruma, Cl B*		154,532		1,655
Grupo Financiero Banorte, Cl O		2,202,686		14,106
Grupo Financiero Santander Mexico ADR (A)		226,478		3,064
Grupo Lala, Cl B		500,920		1,227
Grupo Mexico, Ser B		1,687,000		5,669
Grupo Televisa		104,500		709
Grupo Televisa ADR		373,628		12,659
Inmobiliaria Vesta (A)		1,647,100		3,544
Kimberly-Clark de Mexico, Cl A		1,149,700		2,713
Wal-Mart de Mexico, Ser V		1,274,798		3,208

				103,218


Netherlands — 0.5%
Yandex, Cl A*		356,900		9,920


Norway — 0.0%
Opera Software		66,480		931


Peru — 0.7%
Credicorp		85,300		13,084


Philippines — 0.9%
Aboitiz Equity Ventures		1,015,700		1,220
Alliance Global Group		1,204,488		698
Ayala		200,310		3,303
BDO Unibank		1,363,753		2,980
DMCI Holdings		217,110		382
International Container Terminal Services		1,577,324		3,880
RFM		11,003,900		1,300
SM Investments		165,070		2,955
SM Prime Holdings		2,126,100		828

				17,546


Poland — 0.7%
Asseco Poland		33,224		468
Energa		167,390		1,215
Eurocash (A)		274,436		2,682
KGHM Polska Miedz (A)		34,120		1,306
PGE		281,646		1,787
Polski Koncern Naftowy Orlen		95,739		1,195
Powszechna Kasa Oszczednosci Bank Polski		87,384		1,048


Description	Shares		Market Value ($ Thousands)

Powszechny Zaklad Ubezpieczen		21,104	$	3,074
Tauron Polska Energia		772,294		1,254

				14,029


Qatar — 0.1%
Barwa Real Estate		150,129		1,651


Russia — 4.6%
Etalon Group GDR		56,800		207
Eurasia Drilling GDR		81,314		2,309
Gazprom ADR (A)		1,114,665		7,769
Globaltrans Investment GDR		343,809		2,888
Lukoil ADR		252,220		12,838
Magnit GDR		126,335		7,297
Mail.ru Group GDR*		14,310		402
MegaFon GDR		139,534		3,542
MMC Norilsk Nickel ADR		200,785		3,745
Mobile Telesystems ADR (A)		183,087		2,735
NovaTek GDR		54,339		5,662
Phosagro GDR		30,133		336
QIWI ADR (A)		81,000		2,559
Rosneft GDR		577,186		3,363
Sberbank of Russia ADR		1,747,090		13,746
Severstal GDR		174,931		1,746
Sistema GDR		55,343		382
Surgutneftegas ADR		146,322		968
Tatneft ADR		81,126		2,865
TMK GDR		479,835		4,367
X5 Retail Group GDR*		569,328		10,504

				90,230


Singapore — 0.2%
Asian Pay Television Trust		5,762,500		3,728
China Yuchai International		27,469		509

				4,237


South Africa — 5.5%
Alexander Forbes Group Holdings*		5,265,194		3,821
Anglo American Platinum* (A)		26,473		858
AngloGold Ashanti		60,300		724
ArcelorMittal South Africa* (A)		159,732		526
Barclays Africa Group (A)		192,852		2,631
Barloworld (A)		59,893		490
Bidvest Group (A)		214,598		5,428
Coronation Fund Managers (A)		85,274		730
Exxaro Resources (A)		250,870		2,849
FirstRand (A)		1,235,666		4,705
Foschini Group (A)		71,484		742
Impala Platinum Holdings (A)		51,336		395
Imperial Holdings		49,885		768
Investec (A)		202,421		1,700
Kumba Iron Ore (A)		58,157		1,372
Liberty Holdings (A)		84,209		918


Description	Shares		Market Value ($ Thousands)

Life Healthcare Group Holdings		1,208,956	$	4,766
Mediclinic International		110,069		896
Mondi (A)		91,891		1,505
MTN Group		625,918		13,203
Murray & Roberts Holdings* (A)		239,957		535
Nampak		410,379		1,494
Naspers, Cl N		50,161		5,527
Nedbank Group (A)		99,081		1,920
Netcare		608,312		1,702
Redefine Properties (A) (E)		2,202,900		1,895
Remgro (A)		163,147		3,293
RMB Holdings		329,328		1,653
Sasol		197,541		10,724
Sasol ADR		59,375		3,235
Shoprite Holdings (A)		250,290		3,101
SPAR Group (A)		213,713		2,375
Standard Bank Group (A)		821,798		9,503
Steinhoff International Holdings (A)		584,022		2,796
Telkom		107,522		520
Tongaat Hulett (A)		19,087		264
Truworths International (A)		130,667		786
Vodacom Group		190,186		2,188
Woolworths Holdings (A)		737,947		4,566

				107,104


South Korea — 12.1%
Chongkundang Holdings		1,449		81
Coway		157,350		12,570
Dongbu Insurance		67,581		3,811
Doosan Heavy Industries & Construction		83,602		2,064
Grand Korea Leisure		38,594		1,534
GS Home Shopping		1,349		325
Halla Visteon Climate Control		162,890		7,903
Hanil Cement		1,745		226
Hanwha Life Insurance		196,551		1,322
Hite Jinro		62,170		1,364
Hyosung		11,642		834
Hyundai Development*		52,963		2,143
Hyundai Glovis		5,434		1,658
Hyundai Marine & Fire Insurance		64,647		1,783
Hyundai Mobis		1,295		315
Hyundai Motor		50,008		9,028
Industrial Bank of Korea		200,247		3,027
Kangwon Land		82,120		2,790
KB Financial Group ADR (A)		147,725		5,351
KCC		13,323		9,078
KH Vatec		30,371		842
Kia Motors		116,088		5,908
Korea Aerospace Industries		160,821		6,210
KT		26,140		850
KT ADR		214,890		3,483
KT&G		64,587		5,784
LG		45,416		3,305


Description	Shares		Market Value ($ Thousands)

LG Display*		47,280	$	1,523
LG Display ADR		212,640		3,349
LG Electronics		51,847		3,228
Lock & Lock		12,800		146
Lotte Chilsung Beverage		3,034		6,248
Lotte Confectionery		2,514		5,191
LS Industrial Systems*		31,479		1,751
Mirae Asset Securities		11,960		504
NAVER		3,118		2,384
NCSoft		29,597		3,772
Nong Shim		918		237
POSCO		1,355		422
S-1, Cl 1		16,455		1,271
Samsung Electronics		45,910		51,511
Samsung Engineering		69,833		3,984
Samsung Fire & Marine Insurance		3,289		881
Samsung Heavy Industries		72,608		1,737
Samsung Life Insurance		32,804		3,295
SFA Engineering		87,083		3,582
Shinhan Financial Group		212,301		9,778
SK C&C		12,084		2,777
SK Hynix		78,797		3,491
SK Innovation		11,250		865
SK Networks		185,265		1,861
SK Telecom		10,747		2,953
SK Telecom ADR (A)		643,571		19,526
Sung Kwang Bend		130,005		2,248
Sungwoo Hitech		128,440		2,081
Vieworks		53,314		1,781
Wonik IPS*		152,277		1,811

				237,777


Spain — 0.4%
Cemex Latam Holdings*		885,667		7,897


Taiwan — 8.8%
Advanced Semiconductor Engineering		985,000		1,146
Asustek Computer		430,000		4,099
AU Optronics		3,945,000		1,667
Catcher Technology		445,000		4,125
Cathay Financial Holding		3,679,337		5,993
Chailease Holding		307,120		746
Chicony Electronics		187,926		562
China Motor		1,405,000		1,252
China Steel Chemical		406,800		2,387
Compal Electronics		1,784,000		1,334
CTCI		800,000		1,362
Delta Electronics		370,000		2,335
eMemory Technology		299,000		3,347
Farglory Land Development		1,082,043		1,275
Fubon Financial Holding		1,872,000		2,874
Hermes Microvision		96,200		4,016
Hiwin Technologies		639,078		5,714


Description	Shares		Market Value ($ Thousands)

Hon Hai Precision Industry		3,415,807	$	10,780
Inventec		3,292,000		2,143
King Yuan Electronics		616,000		525
King’s Town Bank		692,000		766
Kinsus Interconnect Technology		211,000		784
Lite-On Technology		2,692,917		3,882
MediaTek		1,540,500		22,814
Merida Industry		106,050		739
Merry Electronics		266,062		1,238
Mitac Holdings		2,795,000		2,306
PChome Online		141,504		1,377
Pegatron		1,488,000		2,739
Pou Chen		1,431,000		1,590
Powertech Technology		353,000		638
President Chain Store		318,652		2,284
Quanta Computer		1,816,000		4,609
Radiant Opto-Electronics		522,050		2,068
Realtek Semiconductor		1,075,173		3,817
Taishin Financial Holding		5,146,481		2,411
Taiwan Cement		2,376,000		3,538
Taiwan Semiconductor Manufacturing		8,476,390		33,438
Taiwan Semiconductor Manufacturing ADR (A)		463,453		9,353
Teco Electric and Machinery		1,660,000		1,705
Transcend Information		543,000		1,803
Uni-President Enterprises		64,002		111
United Microelectronics		1,488,000		616
United Microelectronics ADR (A)		1,462,000		2,909
Vanguard International Semiconductor		1,181,000		1,732
Wistron		1,769,000		1,806
Wistron NeWeb		198,900		467
WPG Holdings		1,858,000		2,272

				171,494


Thailand — 1.8%
Advanced Info Service		203,300		1,411
Bangkok Bank		390,954		2,460
Bangkok Bank Foreign		904,400		5,857
Bangkok Dusit Medical Services		2,282,000		1,302
Bangkok Dusit Medical Services, Cl F (A)		2,558,500		1,460
Bangkok Expressway		148,400		174
CP ALL		1,809,400		2,497
CP Seven Eleven		531,900		734
Delta Electronics Thailand		183,700		351
Kiatnakin Bank		503,744		656
Krung Thai Bank NVDR		3,373,300		2,466
Land & Houses		5,440,900		1,745
PTT		451,250		5,010
PTT Global Chemical		1,326,700		2,496
Ratchaburi Electricity Generating Holding		269,800		493


Description	Shares		Market Value ($ Thousands)

Siam Commercial Bank		325,900	$	1,829
Thanachart Capital		1,825,200		2,097
VGI Global Media		4,243,524		1,819

				34,857


Turkey — 2.4%
Anadolu Efes Biracilik Ve Malt Sanayii*		368,421		4,248
Arcelik		654,047		3,484
Aselsan Elektronik Sanayi Ve Ticaret		917,693		3,702
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret		158,566		149
Emlak Konut Gayrimenkul Yatirim Ortakligi (E)		6,609,989		6,898
Eregli Demir ve Celik Fabrikalari		1,665,174		3,088
Ford Otomotiv Sanayi		263,263		3,018
TAV Havalimanlari Holding		1,139,579		9,144
Tofas Turk Otomobil Fabrikasi		542,973		3,047
Turk Hava Yollari*		227,992		647
Turk Telekomunikasyon		564,761		1,488
Turkcell Iletisim Hizmetleri* (A)		177,535		2,333
Turkiye Garanti Bankasi		479,905		1,683
Turkiye Halk Bankasi		337,475		2,027
Turkiye Is Bankasi, Cl C		613,119		1,360
Turkiye Sise ve Cam Fabrikalari		967,349		1,226

				47,542


United Arab Emirates — 0.4%
Abu Dhabi Commercial Bank		560,791		1,293
Dragon Oil		440,028		4,255
Dubai Islamic Bank		727,218		1,644
Emaar Malls Group*		367,553		290

				7,482


United Kingdom — 0.6%
Afren*		1,251,653		2,100
Anglo American ADR		83,740		935
Hikma Pharmaceuticals		145,080		4,076
SABMiller		87,065		4,832

				11,943


United States — 0.5%
Avon Products		133,700		1,684
First Cash Financial Services*		75,700		4,238
Freeport-McMoRan		119,600		3,905

				9,827

Total Common Stock (Cost $1,710,191) ($ Thousands)				1,753,706


Description	Shares/ Number of Rights		Market Value ($ Thousands)


EXCHANGE TRADED FUNDS — 5.0%

United States — 5.0%
iPath MSCI India Index ETN*		138,897	$	9,750
iShares MSCI Emerging Markets ETF		1,870,980		77,758
iShares MSCI India ETF		321,400		9,758

Total Exchange Traded Funds (Cost $98,469) ($ Thousands)				97,266


PREFERRED STOCK — 2.8%

Brazil — 2.6%
Banco do Estado do Rio Grande do Sul		312,700		1,870
Bradespar		238,100		1,740
Centrais Eletricas Brasileiras		174,500		727
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR (A)		29,916		1,305
Cia Energetica de Sao Paulo, Cl B		315,900		3,419
Cia Paranaense de Energia		109,900		1,502
Itau Unibanco Holding		736,737		10,244
Itausa - Investimentos Itau		40,889		155
Klabin		1,556,700		1,493
Marcopolo		2,383,100		3,882
Metalurgica Gerdau, Cl A		332,560		1,933
Petroleo Brasileiro		177,516		1,319
Petroleo Brasileiro ADR, Cl A		543,471		8,092
Suzano Papel e Celulose, Cl A		257,100		1,032
Vale, Cl A		612,785		5,949
Vale ADR, Cl B		683,926		6,641

				51,303


Colombia — 0.1%
Banco Davivienda		91,460		1,321
Bancolombia		97,762		1,389

				2,710


South Korea — 0.1%
Samsung Electronics		929		791

Total Preferred Stock (Cost $68,684) ($ Thousands)				54,804


RIGHTS — 0.0%

South Africa — 0.0%
Woolworths Holdings, Expires 10/13/2014* (A)		7		5

Total Rights (Cost $—) ($ Thousands)				5


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


DEBENTURE BOND — 0.0%

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

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


AFFILIATED PARTNERSHIP — 8.9%
SEI Liquidity Fund, L.P. 0.080%†** (G)			173,970,704		173,971

Total Affiliated Partnership (Cost $173,971) ($ Thousands)					173,971


CASH EQUIVALENT — 0.9%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.010%†**			18,210,628		18,211

Total Cash Equivalent (Cost $18,211) ($ Thousands)					18,211


TIME DEPOSITS — 1.7%
Brown Brothers Harriman
4.500%, 10/01/2014		ZAR	475		42
0.350%, 10/01/2014		NOK	—		—
0.299%, 10/01/2014		CAD	22		20
0.060%, 10/01/2014		GBP	—		—
0.050%, 10/01/2014		SEK	1		—
0.030%, 10/01/2014			32,305		32,305
0.005%, 10/01/2014		SGD	—		—
0.005%, 10/01/2014		HKD	7,691		991
0.000%, 10/01/2014		EUR	28		35

Total Time Deposits (Cost $33,393) ($ Thousands)					33,393

Total Investments — 108.8% (Cost $2,102,919) ($ Thousands)				$	2,131,356

Percentages are based on a Net Assets of $1,958,078 ($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of September 30, 2014.

†

Investment in Affiliated Security.

(1)

In U.S. dollars unless otherwise indicated.

(A)

This security or a partial position of this security is on loan at September 30, 2014. The total market value of securities on loan at September 30, 2014 was $167,813 ($ Thousands) (See Note 8).

(B)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of September 30, 2014 was $221 ($ Thousands) and represented 0.0% of Net Assets.

(C)

Securities considered illiquid. The total market value of such securities as of September 30, 2014 was $221 ($ Thousands) and represented 0.0% of Net Assets.

(D)

(E)

Real Estate Investment Trust.

(F)

Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2014.

(G)

This security was purchased with cash collateral held from securities on loan (see Note 8). The total value of such securities as of September 30, 2014 was $173,971 ($ Thousands).

ADR — American Depositary Receipt

BRL — Brazilian Real

CAD — Canadian Dollar

Cl — Class

ETF — Exchange Traded Fund

ETN — Exchange Traded Note

EUR — Euro

GBP — British Pound Sterling

GDR — Global Depositary Receipt

HKD — Hong Kong Dollar

L.P. — Limited Partnership

MSCI — Morgan Stanley Capital International

NOK — Norwegian Krone

NVDR — Non-Voting Depositary Receipt

SEK — Swedish Krona

Ser — Series

SGD — Singapore Dollar

ZAR — South African Rand

The following is a list of the level of inputs used as of September 30, 2014, in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	1,753,485	$	—	$	221	$	1,753,706
Exchange Traded Funds		97,266		—		—		97,266
Preferred Stock		54,804		—		—		54,804
Rights		—		—		5		5
Debenture Bond		—		—		—		—
Affiliated Partnership		—		173,971		—		173,971
Cash Equivalent		18,211		—		—		18,211
Time Deposits		—		33,393		—		33,393

Total Investments in Securities	$	1,923,766	$	207,364	$	226	$	2,131,356

(1)

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the year ended September 30, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2014, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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

LOGO


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


GLOBAL BONDS — 93.7%

Australia — 2.2%
Aurizon Network MTN
2.000%, 09/18/2024	EUR		300	$	375
Australia & New Zealand Banking Group MTN
3.625%, 07/18/2022	EUR		300		456
Commonwealth Bank of Australia
1.375%, 01/22/2019	EUR		560		739
Glencore Australia Holdings MTN
4.500%, 09/19/2019			900		784
Government of Australia
6.000%, 02/15/2017			2,060		1,941
2.750%, 04/21/2024			2,710		2,230
Government of Australia, Ser 122
5.250%, 03/15/2019			2,400		2,305
Government of Australia, Ser 124
5.750%, 05/15/2021			1,300		1,310
Queensland Treasury, Ser 17
6.000%, 09/14/2017			780		743
Suncorp-Metway
5.125%, 10/27/2014	GBP		235		382
Westpac Banking MTN
1.500%, 03/24/2021	EUR		220		292
1.375%, 04/17/2020	EUR		230		304

					11,861


Austria — 0.4%
Republic of Austria
3.650%, 04/20/2022			290		445
3.200%, 02/20/2017			600		816
3.150%, 06/20/2044			150		239
1.950%, 06/18/2019			280		382
1.650%, 10/21/2024			225		298

					2,180


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


Belgium — 0.7%
Kingdom of Belgium
3.750%, 06/22/2045			338	$	556
3.000%, 06/22/2034			350		506
2.600%, 06/22/2024			490		697
Kingdom of Belgium, Ser 44
5.000%, 03/28/2035			150		279
Kingdom of Belgium, Ser 47
3.250%, 09/28/2016			270		363
Kingdom of Belgium, Ser 58
3.750%, 09/28/2020			231		348
Kingdom of Belgium, Ser 69
1.250%, 06/22/2018			545		718

					3,467


Brazil — 0.4%
Braskem Finance
6.450%, 02/03/2024	USD		300		312
BRF
3.950%, 05/22/2023 (A)	USD		410		386
Cosan
5.000%, 03/14/2023 (A)	USD		240		230
Petrobras International Finance MTN
6.250%, 12/14/2026	GBP		260		436
Raizen Energy Finance
7.000%, 02/01/2017 (A)	USD		270		296
Rio Oil Finance Trust, Ser 2014-1
6.250%, 07/06/2024	USD		320		330
Vale
5.625%, 09/11/2042	USD		133		130

					2,120


Canada — 4.4%
Bell Canada MTN
5.000%, 02/15/2017			270		258
4.700%, 09/11/2023			80		77
3.350%, 06/18/2019			29		27
3.250%, 06/17/2020			95		86
Bombardier
6.000%, 10/15/2022 (A)	USD		310		309
Canada Housing Trust No. 1
4.100%, 12/15/2018			1,390		1,362
2.050%, 06/15/2017			2,470		2,247
CDP Financial
4.400%, 11/25/2019 (A)	USD		850		934
Government of Canada
5.750%, 06/01/2033			485		640
5.000%, 06/01/2037			1,300		1,633
4.250%, 12/01/2021			605		702
4.000%, 06/01/2041			910		1,021
2.500%, 06/01/2024			2,210		2,038


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

2.000%, 06/01/2016			1,250	$	1,135
1.750%, 09/01/2019			1,980		1,782
1.250%, 02/01/2016			895		803
Muskrat Falls
3.630%, 06/01/2029			340		330
National Bank of Canada
1.500%, 03/25/2021	EUR		257		341
NOVA Chemicals
5.250%, 08/01/2023 (A)	USD		150		156
Province of British Columbia
3.250%, 12/18/2021			1,150		1,085
2.250%, 03/01/2019			575		524
Province of Manitoba Canada
3.850%, 12/01/2021			710		691
Province of Ontario Canada
8.100%, 09/08/2023			700		884
3.500%, 06/02/2024			125		117
3.450%, 06/02/2045			245		213
3.150%, 06/02/2022			2,000		1,846
Province of Quebec Canada
3.500%, 12/01/2045			145		126
3.000%, 09/01/2023			500		450
Quebecor Media
5.750%, 01/15/2023	USD		128		127
Rogers Communications
4.000%, 06/06/2022			165		153
TransCanada PipeLines
2.500%, 08/01/2022	USD		300		284
Yamana
4.950%, 07/15/2024 (A)	USD		324		323

					22,704


Chile — 0.2%
Empresa de Transporte de Pasajeros Metro
4.750%, 02/04/2024 (A)	USD		390		404
ENTEL Chile
4.875%, 10/30/2024	USD		380		388

					792


China — 0.3%
Baidu
2.750%, 06/09/2019	USD		200		199
CNOOC Nexen Finance
4.250%, 04/30/2024	USD		390		396
State Grid Overseas Investment
4.125%, 05/07/2024 (A)	USD		390		400
Talent Yield Investments
4.500%, 04/25/2022 (A)	USD		310		320
Tencent Holdings MTN
3.375%, 05/02/2019 (A)	USD		390		394

					1,709


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


Colombia — 0.1%
Ecopetrol
5.875%, 05/28/2045	USD		109	$	110
Oleoducto Central
4.000%, 05/07/2021	USD		390		388

					498


Czech Republic — 0.1%
Government of Czech Republic
4.700%, 09/12/2022			1,500		88
3.875%, 05/24/2022	EUR		50		75
Government of Czech Republic, Ser 51
4.000%, 04/11/2017			8,050		406

					569


Denmark — 1.2%
Danske Bank
5.375%, 09/29/2021 (B)	GBP		170		290
3.875%, 10/04/2023 (B)	EUR		150		204
3.500%, 04/16/2018	EUR		155		218
DONG Energy MTN
5.750%, 04/09/2040	GBP		200		395
Kingdom of Denmark
4.500%, 11/15/2039			1,300		337
4.000%, 11/15/2017			1,600		305
3.000%, 11/15/2021			21,800		4,328
1.500%, 11/15/2023			670		120

					6,197


Finland — 0.3%
Elisa MTN
2.250%, 10/04/2019			300		400
Government of Finland
1.500%, 04/15/2023			340		451
Nordea Bank Finland MTN
2.375%, 07/17/2017			190		255
2.250%, 05/03/2019			170		233

					1,339


France — 8.5%
ALD International MTN
2.000%, 05/26/2017			500		650
Arkema
3.850%, 04/30/2020			200		287
AXA MTN
5.625%, 01/16/2054 (B)	GBP		302		514
Banque Federative du Credit Mutuel MTN
2.000%, 09/19/2019			400		535
Banque PSA Finance MTN
4.875%, 09/25/2015			450		590
4.000%, 06/24/2015			450		581


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

BNP Paribas
4.730%, 04/12/2049 (B)			300	$	389
BNP Paribas Home Loan SFH MTN
3.125%, 03/22/2022			200		295
BPCE MTN
5.250%, 04/16/2029	GBP		100		168
4.500%, 03/15/2025 (A)	USD		430		417
1.375%, 05/22/2019			200		259
BPCE SFH MTN
1.750%, 11/29/2019			600		809
1.500%, 01/30/2020			400		532
Caisse Centrale du Credit Immobilier de France MTN
1.125%, 04/22/2019			100		131
Caisse de Refinancement de l’Habitat
3.750%, 12/12/2016			400		546
3.500%, 04/25/2017			350		480
Caisse Francaise de Financement Local MTN
4.875%, 07/03/2017			220		314
3.750%, 05/18/2016			225		301
3.625%, 02/26/2018			63		89
Casino Guichard Perracho MTN
4.726%, 05/26/2021			300		455
Christian Dior
1.375%, 06/19/2019			300		383
Cie de Financement Foncier MTN
4.625%, 09/23/2017			575		823
Cie de St.-Gobain MTN
4.625%, 10/09/2029	GBP		120		205
3.500%, 09/30/2015			550		716
Coface
4.125%, 03/27/2024			200		271
Credit Agricole MTN
2.375%, 11/27/2020			600		818
Credit Agricole Home Loan SFH MTN
3.250%, 03/23/2017			100		136
2.875%, 09/09/2016			300		399
Dexia Credit Local MTN
2.000%, 01/22/2021			200		272
1.625%, 10/29/2018			565		750
1.375%, 09/18/2019			500		658
Electricite de France MTN
6.500%, 01/26/2019 (A)	USD		250		293
5.375%, 12/12/2049 (B)			200		285
French Treasury Note
1.000%, 07/25/2017			235		305


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

Government of France
5.000%, 10/25/2016			1,240	$	1,729
4.500%, 04/25/2041			220		402
3.750%, 10/25/2019			1,225		1,816
3.250%, 05/25/2045			4,785		7,216
2.500%, 05/25/2030			860		1,174
2.250%, 05/25/2024			1,515		2,100
1.750%, 11/25/2024			865		1,141
1.000%, 11/25/2018			1,390		1,815
1.000%, 05/25/2019			3,835		5,012
0.500%, 11/25/2019			535		681
HSBC SFH France MTN
2.000%, 10/16/2023			700		955
Iliand
4.875%, 06/01/2016			300		400
Numericable Group
5.375%, 05/15/2022			225		294
RCI Banque MTN
5.625%, 10/05/2015			500		663
Renault MTN
3.625%, 09/19/2018			450		612
Sanofi MTN
2.500%, 11/14/2023			200		277
Societe Generale MTN
5.750%, 04/20/2016 (A)	USD		111		118
5.200%, 04/15/2021 (A)	USD		225		251
3.875%, 12/17/2015	GBP		100		167
Societe Generale SFH MTN
3.250%, 06/06/2016			400		532
UNEDIC
0.875%, 10/25/2022			600		751
Unibail-Rodamco MTN
2.375%, 02/25/2021 (C)			500		679
Veolia Environnement MTN
4.625%, 03/30/2027			200		317
Wendel
5.875%, 09/17/2019			800		1,210

					44,968


Germany — 7.7%
Allianz Finance II MTN
3.500%, 02/14/2022			100		147
Bundesobligation
0.500%, 02/23/2018			1,700		2,186
Bundesrepublik Deutschland
6.500%, 07/04/2027			125		257
4.750%, 09/20/2033			490		884
3.000%, 07/04/2020			300		439
2.500%, 07/04/2044			1,055		1,531
2.250%, 09/04/2021			320		454
1.750%, 02/15/2024			50		68
1.500%, 05/15/2023			1,465		1,970
1.500%, 05/15/2024			3,220		4,292


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

Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/2031			550	$	1,090
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/2034			150		287
Bundesschatzanweisungen
0.000%, 12/12/2014 (D)			7,050		8,906
0.000%, 06/12/2015 (D)			4,700		5,940
Continental MTN
3.125%, 09/09/2020			600		842
Deutsche Bank
1.250%, 09/08/2021			1,000		1,265
Deutsche Bundesrepublik
4.000%, 01/04/2037			110		196
Deutsche Telekom International Finance MTN
7.375%, 12/04/2019	GBP		200		397
Deutschland Inflation Linked Bond
0.100%, 04/15/2023			3,094		4,115
E.ON International Finance MTN
6.000%, 10/30/2019	GBP		300		563
KFW
3.875%, 01/21/2019			575		842
3.375%, 08/30/2017	CHF		370		425
Linde Finance MTN
3.875%, 06/01/2021			450		677
Muenchener Rueckversicherungs MTN
6.250%, 05/26/2042 (B)			200		309
ProSiebenSat.1 Media
2.625%, 04/15/2021			300		389
Robert Bosch GmbH MTN
1.750%, 07/08/2024			600		784
RWE
7.000%, 10/12/2072 (B)	USD		224		243
Vier Gas Transport GmbH MTN
3.125%, 07/10/2023			250		357
2.875%, 06/12/2025			200		279

					40,134


Guatemala — 0.0%
Comcel Trust
6.875%, 02/06/2024	USD		230		243


Indonesia — 0.0%
Republic of Indonesia MTN
2.875%, 07/08/2021 (A)	EUR		181		231


Ireland — 1.3%
AIB Mortgage Bank MTN
2.625%, 07/29/2016			400		526


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

Allied Irish Banks MTN
2.875%, 11/28/2016			400	$	517
Aquarius and Investments for Zurich Insurance MTN
4.250%, 10/02/2043 (B)			100		137
Bank of Ireland MTN
2.750%, 06/05/2016			250		323
2.063%, 09/22/2015 (A) (B)	CAD		205		177
Bank of Ireland Mortgage Bank
1.750%, 03/19/2019			450		598
CRH Finland Services MTN
2.750%, 10/15/2020			350		476
FGA Capital Ireland MTN
2.875%, 01/26/2018			210		274
2.625%, 04/17/2019			350		453
GE Capital UK Funding MTN
4.375%, 07/31/2019	GBP		600		1,054
Ireland Government Bond
5.400%, 03/13/2025			790		1,329
4.500%, 10/18/2018			345		509

					6,373


Israel — 0.0%
Israel Government Bond
4.250%, 03/31/2023			750		240


Italy — 9.9%
Banca Monte dei Paschi di Siena
5.000%, 02/09/2018			230		331
4.875%, 09/15/2016			700		958
Banco Popolare SC MTN
3.500%, 03/14/2019			350		459
Buoni Poliennali Del Tesoro
4.000%, 02/01/2037			120		167
Edison MTN
3.875%, 11/10/2017			600		832
Enel Finance International
3.875%, 10/07/2014 (A)	USD		350		350
Eni MTN
3.625%, 01/29/2029			600		881
GTECH
8.250%, 03/31/2066 (B)			650		878
Intesa Sanpaolo MTN
5.250%, 01/12/2024	USD		375		400
5.017%, 06/26/2024 (A)	USD		200		195
4.875%, 07/10/2015			300		392
4.000%, 11/09/2017			368		511
3.928%, 09/15/2026			550		691
Italy Buoni Poliennali Del Tesoro
6.500%, 11/01/2027			305		542
5.500%, 11/01/2022			890		1,415
5.000%, 03/01/2022			890		1,370


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

5.000%, 03/01/2025		960	$	1,495
5.000%, 09/01/2040		370		580
4.750%, 09/01/2021		3,250		4,928
4.750%, 09/01/2044		355		539
4.500%, 02/01/2020		570		844
4.500%, 03/01/2024		5,674		8,532
4.000%, 09/01/2020		1,205		1,753
3.750%, 05/01/2021		880		1,261
3.750%, 09/01/2024		1,425		2,021
3.500%, 11/01/2017		2,161		2,967
3.500%, 06/01/2018		300		416
3.500%, 03/01/2030		1,390		1,868
2.750%, 11/15/2016		1,100		1,455
2.500%, 05/01/2019		1,950		2,628
2.250%, 04/22/2017		4,374		5,752
1.500%, 08/01/2019		770		993
1.150%, 05/15/2017		1,490		1,911
Telecom Italia MTN
4.500%, 01/25/2021		400		545
Unione di Banche Italiane MTN
4.500%, 02/22/2016		200		267

				51,127


Japan — 15.7%
Government of Japan 5 Year Bond
0.300%, 09/20/2015		724,100		6,616
0.300%, 09/20/2018		830,600		7,623
Government of Japan 5 Year Bond, Ser 103
0.300%, 03/20/2017		443,900		4,068
Government of Japan 5 Year Bond, Ser 106
0.200%, 09/20/2017		850,000		7,772
Government of Japan 5 Year Bond, Ser 109
0.100%, 03/20/2018		37,900		345
Government of Japan 10 Year Bond
0.800%, 09/20/2023		351,050		3,301
Government of Japan 10 Year Bond, Ser 301
1.500%, 06/20/2019		85,300		826
Government of Japan 10 Year Bond, Ser 303
1.400%, 09/20/2019		209,800		2,028
Government of Japan 10 Year Bond, Ser 308
1.300%, 06/20/2020		155,000		1,501
Government of Japan 10 Year Bond, Ser 313
1.300%, 03/20/2021		750,000		7,300
Government of Japan 20 Year Bond
1.700%, 06/20/2033		280,450		2,746
Government of Japan 20 Year Bond, Ser 55
2.000%, 03/21/2022		257,000		2,634


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

Government of Japan 20 Year Bond, Ser 72
2.100%, 09/20/2024			434,000	$	4,561
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/2027			459,650		4,881
Government of Japan 20 Year Bond, Ser 106
2.200%, 09/20/2028			110,900		1,191
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/2029			325,000		3,448
Government of Japan 20 Year Bond, Ser 128
1.900%, 06/20/2031			55,000		564
Government of Japan 20 Year Bond, Ser 140
1.700%, 09/20/2032			34,850		344
Government of Japan 20 Year Bond, Ser 143
1.600%, 03/20/2033			337,000		3,258
Government of Japan 20 Year Bond, Ser 144
1.500%, 03/20/2033			116,050		1,104
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/2039			322,500		3,412
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/2040			717,000		7,173
Government of Japan 30 Year Bond, Ser 34
2.200%, 03/20/2041			30,000		312
Government of Japan 30 Year Bond, Ser 36
2.000%, 03/20/2042			72,450		723
Government of Japan 30 Year Bond, Ser 38
1.800%, 03/20/2043			154,300		1,472
Government of Japan 40 Year Bond
1.700%, 03/20/2054			56,400		508
Government of Japan 40 Year Bond, Ser 6
1.900%, 03/20/2053			20,000		191
Mizuho Financial Group Cayman 3
4.600%, 03/27/2024	USD		306		318
ORIX
4.710%, 04/27/2015	USD		135		138
SMFG Preferred Capital
10.231%, 01/25/2029 (B)	GBP		575		1,356

					81,714


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


Malaysia — 0.2%
Bank Negara Malaysia Monetary Notes
2.825%, 10/02/2014 (D)			1,275	$	389
Malaysia Government Bond
5.734%, 07/30/2019			1,500		497
3.418%, 08/15/2022			445		131

					1,017


Mexico — 1.5%
Grupo KUO De
6.250%, 12/04/2022 (A)	USD		300		308
Mexican Bonos
8.000%, 06/11/2020			12,606		1,055
7.750%, 11/13/2042			9,050		738
4.750%, 06/14/2018			33,725		2,494
Mexican Bonos, Ser M10
8.500%, 12/13/2018			23,860		2,005
Mexican Bonos, Ser M20
10.000%, 12/05/2024			1,941		187
Mexican Udibonos
5.000%, 06/16/2016			1,810		757
Petroleos Mexicanos
3.500%, 01/30/2023	USD		425		407

					7,951


Morocco — 0.1%
OCP
5.625%, 04/25/2024	USD		390		406


Netherlands — 5.3%
ABN AMRO Bank MTN
6.375%, 04/27/2021			245		383
Achmea BV MTN
2.500%, 11/19/2020			625		847
Achmea Hypotheekbank MTN
2.750%, 02/18/2021			150		205
2.375%, 02/08/2016			275		356
Aegon MTN
4.000%, 04/25/2044 (B)			108		139
Akzo Nobel MTN
8.000%, 04/06/2016	GBP		205		364
ASML Holding
3.375%, 09/19/2023			450		639
Bharti Airtel International
4.000%, 12/10/2018			270		372
Coco-Cola HBC Finance
2.375%, 06/18/2020			750		998
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
2.500%, 05/26/2026 (B)			260		331
EDP Finance MTN
2.625%, 01/18/2022			440		548


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

Heineken MTN
2.125%, 08/04/2020			300	$	403
ING Bank MTN
6.125%, 05/29/2023 (B)			145		210
5.800%, 09/25/2023 (A)	USD		375		413
3.625%, 02/25/2026 (B)			180		241
3.375%, 03/23/2017			125		171
Kingdom of Netherlands
4.000%, 01/15/2037			300		533
3.500%, 07/15/2020			3,235		4,811
3.250%, 07/15/2021			705		1,048
2.250%, 07/15/2022			1,255		1,763
2.000%, 07/15/2024			625		856
1.750%, 07/15/2023			1,015		1,370
1.750%, 07/15/2023 (F)			4,250		5,736
1.250%, 01/15/2019			770		1,018
Koninklijke KPN
3.250%, 02/01/2021			200		278
NN Group
4.625%, 04/08/2044 (B)			850		1,098
Robert Bosch Investment Nederland MTN
1.625%, 05/24/2021			500		661
Shell International Finance
2.250%, 01/06/2023	USD		825		778
TenneT Holding
2.125%, 11/01/2020			350		470
UPCB Finance
7.625%, 01/15/2020			250		331
Wuerth Finance International MTN
1.750%, 05/21/2020			150		199

					27,570


New Zealand — 0.9%
Government of New Zealand
5.500%, 04/15/2023			320		273
5.000%, 03/15/2019			5,340		4,333
Westpac Securities MTN
0.875%, 06/24/2019	EUR		100		129

					4,735


Norway — 0.5%
DnB Bank MTN
4.750%, 03/08/2022 (B)	EUR		120		164
3.000%, 09/26/2023 (B)	EUR		170		227
Eksportfinans
2.375%, 05/25/2016	USD		200		200
2.000%, 09/15/2015	USD		20		20
Government of Norway
4.500%, 05/22/2019			2,325		407
2.000%, 05/24/2023			645		99
Kommunalbanken MTN
1.000%, 03/15/2018 (A)	USD		800		787


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

Sparebank 1 Boligkreditt MTN
2.375%, 11/22/2016	EUR		170	$	225
Yara International
7.875%, 06/11/2019 (A)	USD		185		223

					2,352


Peru — 0.0%
Minsur
6.250%, 02/07/2024	USD		230		253


Poland — 0.4%
Republic of Poland
5.125%, 04/21/2021	USD		135		150
4.000%, 10/25/2023			300		98
2.500%, 07/25/2018			710		217
Republic of Poland, Ser 1019
5.500%, 10/25/2019			1,475		512
Republic of Poland, Ser 1021
5.750%, 10/25/2021			3,490		1,256

					2,233


Portugal — 0.4%
Caixa Geral de Depositos MTN
3.000%, 01/15/2019			300		411
Portugal Obrigacoes do Tesouro OT
4.750%, 06/14/2019			290		416
3.875%, 02/15/2030			215		275
3.850%, 04/15/2021			240		331

					1,433


Romania — 0.0%
Romanian Government International Bond MTN
4.625%, 09/18/2020	EUR		40		57
3.625%, 04/24/2024	EUR		20		27

					84


Singapore — 0.3%
Government of Singapore
4.000%, 09/01/2018			495		429
3.375%, 09/01/2033			900		748
3.125%, 09/01/2022			275		229
Temasek Financial I MTN
2.375%, 01/23/2023 (A)	USD		495		474

					1,880


Slovak Republic — 0.0%
Slovakia Government Bond
3.375%, 11/15/2024			110		163


South Africa — 0.4%
Gold Fields Orogen Holding
4.875%, 10/07/2020	USD		400		356
Republic of South Africa
8.250%, 09/15/2017			15,605		1,419


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

8.000%, 01/31/2030		2,820	$	234
7.000%, 02/28/2031		5,005		376

				2,385


South Korea — 0.8%
Korea Treasury Bond
4.250%, 06/10/2021		1,270,230		1,321
4.000%, 12/10/2031		510,000		546
3.500%, 09/10/2016		973,960		944
3.500%, 03/10/2024		1,047,890		1,045
2.750%, 03/10/2018		511,230		490

				4,346


Spain — 4.9%
Ayt Cedulas Cajas Global
3.750%, 12/14/2022		200		287
AyT Cedulas Cajas X Fondo de Titulizacion
0.152%, 06/30/2015 (B)		200		252
Banco de Sabadell
3.375%, 01/23/2018		100		138
Banco Popular Espanol
4.000%, 10/18/2016		100		135
3.750%, 01/22/2019		100		140
2.125%, 10/08/2019		100		133
Bankia
4.000%, 02/03/2025		300		445
CaixaBank
3.000%, 03/22/2018		200		275
Caja de Ahorros y Pensiones de Barcelona
2.375%, 05/09/2019		700		912
Ferrovial Emisiones MTN
3.375%, 06/07/2021		475		671
Fondo de Amortizacion del Deficit Electrico
4.125%, 03/17/2017		200		274
2.250%, 12/17/2016		700		917
Government of Spain
6.000%, 01/31/2029		465		808
5.850%, 01/31/2022		660		1,084
5.500%, 07/30/2017		545		785
5.500%, 04/30/2021		1,980		3,163
5.150%, 10/31/2044		680		1,120
4.850%, 10/31/2020		1,430		2,193
4.700%, 07/30/2041		230		357
4.500%, 01/31/2018		1,020		1,453
3.800%, 04/30/2024		1,000		1,452
3.300%, 07/30/2016		3,400		4,528
3.150%, 01/31/2016		1,350		1,771
2.750%, 10/31/2024		585		776
Santander Consumer Finance
3.875%, 03/23/2016		200		266


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

Santander International Debt MTN
4.625%, 03/21/2016			700	$	938

					25,273


Supra-National — 0.8%
European Financial Stability Facility
1.625%, 07/17/2020	EUR		1,700		2,291
European Investment Bank MTN
2.750%, 09/15/2021	EUR		1,000		1,448
1.375%, 09/15/2021	EUR		575		764

					4,503


Sweden — 0.8%
Akzo Nobel Sweden Finance MTN
2.625%, 07/27/2022	EUR		150		205
Kingdom of Sweden
3.500%, 03/30/2039			260		46
1.500%, 11/13/2023			2,200		309
Kingdom of Sweden, Ser 1047
5.000%, 12/01/2020			3,700		638
Kingdom of Sweden, Ser 1052
4.250%, 03/12/2019			4,485		722
Kingdom of Sweden, Ser 1054
3.500%, 06/01/2022			3,535		574
Nordea Bank MTN
4.500%, 03/26/2020	EUR		225		327
4.000%, 03/29/2021	EUR		255		365
Skandinaviska Enskilda Banken MTN
1.875%, 11/14/2019	EUR		175		233
Svenska Handelsbanken
2.656%, 01/15/2024 (B)	EUR		651		857

					4,276


Switzerland — 0.7%
Credit Suisse MTN
5.750%, 09/18/2025 (B)	EUR		250		346
4.750%, 08/05/2019	EUR		400		600
Government of Switzerland
3.000%, 05/12/2019			160		190
2.000%, 04/28/2021			1,070		1,249
2.000%, 05/25/2022			110		130
1.500%, 04/30/2042			120		135
1.250%, 06/11/2024			100		112
UBS MTN
6.625%, 04/11/2018	GBP		150		280
6.375%, 07/20/2016	GBP		160		282
4.750%, 02/12/2026 (B)	EUR		500		662
4.280%, 04/29/2049 (B)	EUR		200		254

					4,240


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


Thailand — 0.1%
Thailand Government Bond
3.650%, 12/17/2021	THB		16,020	$	507


Turkey — 0.2%
Akbank
3.875%, 10/24/2017 (A)	USD		380		382
Republic of Turkey
5.875%, 04/02/2019	EUR		225		325
5.500%, 02/16/2017	EUR		50		68
Turkiye Garanti Bankasi MTN
4.750%, 10/17/2019 (A)	USD		390		387

					1,162


United Arab Emirates — 0.1%
Emirates Telecommunications MTN
2.750%, 06/18/2026	EUR		275		360
IPIC GMTN MTN
6.875%, 03/14/2026	GBP		100		203
5.875%, 03/14/2021	EUR		125		200

					763


United Kingdom — 16.2%
AA Bond
4.720%, 07/02/2043			500		858
Abbey National Treasury Services MTN
5.250%, 02/16/2029			450		891
5.125%, 04/14/2021			300		562
4.250%, 04/12/2021	EUR		350		541
3.625%, 09/08/2016	EUR		300		404
2.000%, 01/14/2019	EUR		400		531
1.750%, 01/15/2018	EUR		525		686
Aviva
6.875%, 05/22/2038 (B)	EUR		195		284
6.125%, 11/14/2036 (B)			200		353
AWG Parent
6.875%, 08/21/2023			230		473
Bank of Scotland MTN
4.750%, 06/08/2022	EUR		290		471
4.625%, 06/08/2017	EUR		275		389
Barclays Bank MTN
6.750%, 01/16/2023 (B)			350		622
6.625%, 03/30/2022	EUR		340		538
4.250%, 01/12/2022			250		448
BAT International Finance MTN
7.250%, 03/12/2024			250		527
5.375%, 06/29/2017	EUR		425		607
Bishopsgate Asset Finance
4.808%, 08/14/2044			180		290
Boparan Finance
5.250%, 07/15/2019			140		204


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

BP Capital Markets MTN
2.994%, 02/18/2019	EUR		162	$	224
2.500%, 11/06/2022	USD		400		377
2.177%, 09/28/2021	EUR		245		327
British American Tobacco Holdings MTN
4.000%, 07/07/2020			100		147
British Sky Broadcasting Group MTN
3.750%, 09/16/2024 (A)	USD		211		210
2.500%, 09/15/2026	EUR		500		637
1.500%, 09/15/2021	EUR		250		315
Channel Link Enterprises Finance
3.559%, 06/30/2050 (B)	EUR		700		878
Co-Operative Bank
4.750%, 11/11/2021			250		442
Coventry Building Society MTN
4.625%, 04/19/2018			230		407
Direct Line Insurance Group
9.250%, 04/27/2042 (B)			100		205
Eastern Power Networks MTN
6.250%, 11/12/2036			160		331
ENW Finance MTN
6.125%, 07/21/2021			350		665
Eversholt Funding MTN
5.831%, 12/02/2020			100		184
Experian Finance MTN
4.750%, 02/04/2020	EUR		425		634
FCE Bank MTN
5.125%, 11/16/2015			200		337
4.825%, 02/15/2017			200		345
1.875%, 05/12/2016	EUR		250		322
1.625%, 09/09/2016	EUR		100		129
First Hydro Finance
9.000%, 07/31/2021			220		474
Great Rolling Stock MTN
6.250%, 07/27/2020			300		559
HBOS Capital Funding
6.461%, 11/30/2049 (B)			115		196
Heathrow Funding MTN
1.875%, 05/23/2022			175		228
HJ Heinz Finance UK
6.250%, 02/18/2030			115		201
HSBC Bank MTN
4.750%, 09/29/2020 (B)			225		374
4.125%, 08/12/2020	USD		375		403
HSBC Holdings MTN
6.500%, 05/20/2024			250		506
Imperial Tobacco Finance MTN
8.375%, 02/17/2016	EUR		575		804
5.500%, 09/28/2026			350		645
3.375%, 02/26/2026	EUR		400		553
2.250%, 02/26/2021	EUR		400		527


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

Intu SGS Finance MTN
3.875%, 03/17/2023 (C)			250	$	411
Lloyds Banking Group
7.000%, 12/29/2049 (B)			750		1,200
Lloyds TSB Bank MTN
6.500%, 03/24/2020	EUR		275		426
4.625%, 02/02/2017	EUR		150		208
Mondi Finance MTN
3.375%, 09/28/2020	EUR		400		556
Motability Operations Group MTN
3.750%, 11/29/2017	EUR		300		416
National Grid North America
1.750%, 07/22/2019			300		393
National Westminster Bank
6.500%, 09/07/2021			220		396
6.500%, 09/07/2021			550		991
Nationwide Building Society MTN
4.625%, 02/08/2021	EUR		550		866
4.125%, 03/20/2023 (B)	EUR		1,200		1,620
Network Rail Infrastructure Finance MTN
4.400%, 03/06/2016	CAD		690		644
Northern Rock
5.625%, 06/22/2017 (A)	USD		1,750		1,936
Northumbrian Water Finance
6.875%, 02/06/2023			190		383
6.000%, 10/11/2017			500		904
Paragon Offshore
7.250%, 08/15/2024 (A)	USD		214		181
6.750%, 07/15/2022 (A)	USD		30		25
PGH Capital
5.750%, 07/07/2021			250		418
RL Finance Bonds No. 2
6.125%, 11/30/2043 (B)			100		169
Rolls-Royce
6.750%, 04/30/2019			100		193
Royal Bank of Scotland
9.500%, 03/16/2022 (B)	USD		200		228
6.934%, 04/09/2018	EUR		300		435
5.125%, 01/13/2024			400		762
Severn Trent Utilities Finance
6.125%, 02/26/2024			195		382
Southern Gas Networks MTN
4.875%, 10/05/2023			215		387
Standard Chartered MTN
4.000%, 07/12/2022 (B)	USD		390		400
Standard Life MTN
5.500%, 12/04/2042 (B)			250		428
5.314%, 01/06/2049 (B)	EUR		230		291
Tesco MTN
6.125%, 02/24/2022			300		533
Thames Water Utilities Cayman Finance
4.000%, 06/19/2025			335		558


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

United Kingdom Gilt
5.000%, 03/07/2018		2,545	$	4,624
4.500%, 09/07/2034		250		502
4.500%, 12/07/2042		1,675		3,475
4.250%, 06/07/2032		110		213
3.750%, 09/07/2020		215		384
3.750%, 07/22/2052		315		592
3.500%, 01/22/2045		585		1,028
3.250%, 01/22/2044		680		1,142
2.750%, 09/07/2024		345		575
2.250%, 09/07/2023		2,805		4,524
1.750%, 07/22/2019		5,865		9,496
1.250%, 07/22/2018		555		890
United Kingdom Gilt - Inflation Linked
2.500%, 07/26/2016		550		2,979
United Kingdom Treasury
4.750%, 12/07/2030		1,380		2,809
4.250%, 03/07/2036		770		1,503
4.250%, 09/07/2039		1,170		2,310
4.000%, 03/07/2022		2,050		3,757
1.750%, 01/22/2017		1,670		2,753
Wales & West Utilities Finance
6.750%, 12/17/2036 (B)		200		370
6.250%, 11/30/2021		240		466
Western Power Distribution South West
5.750%, 03/23/2040		200		397
Western Power Distribution West Midlands
3.875%, 10/17/2024		230		381
Yorkshire Power Finance
7.250%, 08/04/2028		208		442
Yorkshire Water Services Bradford Finance
6.375%, 08/19/2039		100		215

				84,832


United States — 5.7%
21st Century Fox America
4.500%, 02/15/2021		75		82
AbbVie
2.900%, 11/06/2022		255		244
Aetna
2.750%, 11/15/2022		165		158
Altria Group
4.750%, 05/05/2021		180		196
4.250%, 08/09/2042		265		240
American Equity Investment Life Holding
6.625%, 07/15/2021		144		151


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

American International Group
8.175%, 05/15/2058 (B)			240	$	323
6.797%, 11/15/2017	EUR		170		253
AT&T
5.875%, 04/28/2017	GBP		200		356
4.875%, 06/01/2044	GBP		130		224
Bank of America MTN
4.200%, 08/26/2024			214		212
4.000%, 04/01/2024			148		150
0.922%, 03/28/2018 (B)	EUR		300		375
Bristol-Myers Squibb
2.000%, 08/01/2022			670		622
Chevron
2.355%, 12/05/2022			810		771
Citigroup
5.000%, 08/02/2019	EUR		230		347
4.450%, 01/10/2017			250		266
2.375%, 05/22/2024	EUR		700		928
2.125%, 09/10/2026	EUR		650		820
Coca-Cola
2.750%, 05/06/2026	EUR		160		214
1.125%, 09/22/2022	EUR		750		946
Diamond Offshore Drilling
4.875%, 11/01/2043			130		121
Discovery Communications
2.375%, 03/07/2022	EUR		350		465
Dover MTN
2.125%, 12/01/2020	EUR		250		335
General Electric
2.700%, 10/09/2022			320		311
General Electric Capital MTN
5.500%, 01/08/2020			305		350
5.300%, 02/11/2021			205		231
4.625%, 01/07/2021			750		827
Glencore Funding
4.125%, 05/30/2023 (A)			94		93
Goldman Sachs Group MTN
4.250%, 01/29/2026	GBP		190		319
2.625%, 08/19/2020	EUR		350		478
Healthcare Trust of America Holdings
3.375%, 07/15/2021 (C)			86		86
Illinois Tool Works MTN
3.000%, 05/19/2034	EUR		400		539
INEOS Group Holdings
5.750%, 02/15/2019			350		443
Intelsat Jackson Holdings
5.500%, 08/01/2023			240		229
International Business Machines MTN
1.375%, 11/19/2019	EUR		250		327


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

Jefferies Group MTN
2.375%, 05/20/2020	EUR		700	$	904
John Deere Bank MTN
1.500%, 07/16/2018			250		327
JPMorgan Chase Bank
0.767%, 05/31/2017 (B)	EUR		1,250		1,575
JPMorgan Chase MTN
0.602%, 10/12/2015 (B)	EUR		350		441
Merrill Lynch MTN
0.634%, 09/14/2018 (B)	EUR		375		465
Metropolitan Life Global Funding I MTN
4.625%, 05/16/2017	EUR		200		280
Morgan Stanley MTN
5.375%, 08/10/2020	EUR		150		233
3.750%, 09/21/2017	EUR		350		483
2.375%, 03/31/2021	EUR		1,250		1,673
Nabors Industries
5.100%, 09/15/2023 (A)	EUR		280		304
Nissan Motor Acceptance
2.350%, 03/04/2019 (A)			540		541
Offshore Group Investment
7.125%, 04/01/2023			218		192
Owens Corning
6.500%, 12/01/2016			145		160
Philip Morris International
2.900%, 11/15/2021			325		325
2.875%, 05/30/2024	EUR		100		139
2.875%, 03/03/2026	EUR		435		598
2.125%, 05/30/2019	EUR		100		134
PNC Funding
5.125%, 02/08/2020			300		338
3.300%, 03/08/2022			150		151
Priceline Group
2.375%, 09/23/2024	EUR		250		318
Principal Financial Group
1.850%, 11/15/2017			175		175
Procter & Gamble
2.000%, 11/05/2021	EUR		150		202
Prologis
3.375%, 02/20/2024	EUR		300		421
3.000%, 01/18/2022	EUR		250		345
3.000%, 06/02/2026	EUR		200		269
Prologis International Funding II MTN
2.875%, 04/04/2022			220		297
Prudential Financial
5.625%, 06/15/2043 (B)			545		568
Rabobank Capital Funding Trust IV
5.556%, 12/31/2019 (B)	GBP		153		260
Regency Energy Partners
4.500%, 11/01/2023			72		70
Republic Services
4.750%, 05/15/2023			155		170


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

Reynolds American
3.250%, 11/01/2022			180	$	174
Ryder System MTN
5.850%, 11/01/2016			116		127
Sabine Pass Liquefaction
5.750%, 05/15/2024 (A)			230		234
Seagate HDD
4.750%, 01/01/2025 (A)			123		122
Sirius XM Radio
4.625%, 05/15/2023 (A)			254		236
SM Energy
6.500%, 01/01/2023			16		17
Societe Generale
5.922%, 04/05/2017 (A) (B)			180		190
Sprint
7.875%, 09/15/2023 (A)			187		198
Time Warner Cable
5.750%, 06/02/2031	GBP		250		475
5.250%, 07/15/2042	GBP		400		726
UBS MTN
5.875%, 12/20/2017	USD		247		278
United Technologies
1.800%, 06/01/2017			201		204
UnitedHealth Group
2.750%, 02/15/2023			120		116
Verizon Communications
6.550%, 09/15/2043			165		206
Viacom
3.875%, 04/01/2024			148		147
WellPoint
4.650%, 01/15/2043			110		108
2.300%, 07/15/2018			150		150
Wells Fargo MTN
4.600%, 04/01/2021			75		82
Williams Partners
5.250%, 03/15/2020			89		99
3.900%, 01/15/2025			228		226
Windstream
7.500%, 04/01/2023			255		261

					29,766

Total Global Bonds (Cost $498,940) ($ Thousands)					490,596


MORTGAGE-BACKED SECURITIES — 2.0%

Agency Mortgage-Backed Obligations — 0.1%
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2014-HQ2, Cl M1
1.604%, 09/25/2024 (A) (B)			430		429
FHLMC, Ser K501, Cl X1A, IO
1.849%, 08/25/2016 (B) (E)			299		7

					436


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


Non-Agency Mortgage-Backed Obligations — 1.9%
BB-UBS Trust, Ser 2012-SHOW, Cl A
3.430%, 11/05/2036 (A)		100	$	99
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
2.665%, 09/25/2034 (A) (B)		94		93
Bear Stearns Commercial Mortgage Securities, Ser 2005-PW10, Cl A4
5.405%, 12/11/2040 (B)		178		184
Bear Stearns Commercial Mortgage Securities, Ser 2005-PWR9, Cl A4A
4.871%, 09/11/2042		20		21
Bear Stearns Commercial Mortgage Securities, Ser 2005-T20, Cl A4A
5.289%, 10/12/2042 (B)		40		41
Bear Stearns Commercial Mortgage Securities, Ser 2006-T24, Cl A4
5.537%, 10/12/2041		192		205
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW15, Cl A4
5.331%, 02/11/2044		54		57
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW16, Cl A4
5.897%, 06/11/2040 (B)		241		265
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW17, Cl A4
5.694%, 06/11/2050 (B)		110		120
Bear Stearns Commercial Mortgage Securities, Ser 2007-T26, Cl A4
5.471%, 01/12/2045 (B)		66		71
CD Mortgage Trust, Ser 2007-CD5, Cl A4
5.886%, 11/15/2044 (B)		107		118
Citigroup Commercial Mortgage Trust, Ser 2006-C4, Cl A3
5.975%, 03/15/2049 (B)		150		158
Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4
6.339%, 12/10/2049 (B)		570		628
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4
2.612%, 05/25/2035 (A) (B)		605		599
COMM Mortgage Trust, Ser 2006-C7, Cl A4
5.948%, 06/10/2046 (B)		126		134
COMM Mortgage Trust, Ser 2013-CCRE9, Cl A4
4.238%, 07/10/2045 (B)		35		38
COMM Mortgage Trust, Ser 2013-CR7, Cl A4
3.213%, 03/10/2046		105		105


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

COMM Mortgage Trust, Ser 2013-CR8, Cl A4
3.334%, 06/10/2046			130	$	131
COMM Mortgage Trust, Ser 2013-CR9, Cl A3
4.022%, 07/10/2045			50		53
COMM Mortgage Trust, Ser 2014-CCRE14, Cl A3
3.955%, 02/10/2047			70		73
COMM Mortgage Trust, Ser 2014-SAVA, Cl A
1.304%, 06/15/2034 (A) (B)			230		230
COMM Mortgage Trust, Ser 2014-UBS4, Cl A5
3.694%, 08/10/2047			65		66
Commercial Mortgage Loan Trust, Ser 2008-LS1, Cl A4B
6.212%, 12/10/2049 (B)			276		299
Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, Cl AMFX
4.877%, 04/15/2037			85		86
CW Capital Cobalt, Ser 2006-C1, Cl A4
5.223%, 08/15/2048			45		48
Eddystone Finance, Ser 2006-1, Cl A2
1.081%, 04/19/2021 (B) (E)			124		199
FNMA Connecticut Avenue Securities, Ser 2013-C01, Cl M1
2.155%, 10/25/2023 (A) (B)			130		131
FNMA Connecticut Avenue Securities, Ser 2014-C01, Cl M1
1.755%, 01/25/2024 (A) (B)			334		334
GE Capital Commercial Mortgage, Ser 2005-C4, Cl A4
5.490%, 11/10/2045 (B)			55		57
GMAC Commercial Mortgage Securities Trust, Ser 2006-C1, Cl A4
5.238%, 11/10/2045 (B)			109		113
Goldman Sachs Mortgage Securities Trust, Ser 2014-GC20, Cl D
5.029%, 04/10/2047 (A) (B)			80		74
Granite Master Issuer, Ser 2005-1, Cl A5
0.187%, 12/20/2054 (A) (B) (E)	EUR		100		126
Granite Master Issuer, Ser 2006-2, Cl A5
0.207%, 12/20/2054 (A) (B) (E)	EUR		197		248
Greenwich Capital Commercial Funding, Ser 2006-GG7, Cl A4
6.014%, 07/10/2038 (B)			141		150


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

Greenwich Capital Commercial Funding, Ser 2007-GG11, Cl A4
5.736%, 12/10/2049		240	$	263
Greenwich Capital Commercial Funding, Ser 2007-GG9, Cl AM
5.475%, 03/10/2039		370		391
GS Mortgage Securities II, Ser 2005-ROCK, Cl A
5.366%, 05/03/2032 (A)		50		58
GS Mortgage Securities Trust, Ser 2011-GC5, Cl XA, IO
1.865%, 08/10/2044 (A) (B)		303		19
GS Mortgage Securities Trust, Ser 2013-GC13, Cl XA, IO
0.366%, 07/10/2046 (B)		1,660		20
GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1
4.506%, 01/25/2035 (A) (B)		155		152
Hilton USA Trust, Ser 2013-HLT, Cl AFX
2.662%, 11/05/2030 (A)		100		100
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C23, Cl XA
0.890%, 09/15/2047 (B)		1,000		54
JPMorgan Chase Commercial Mortgage Securities, Ser 2005-CB13, Cl A4
5.420%, 01/12/2043 (B)		85		88
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP7, Cl A4
6.058%, 04/15/2045 (B)		90		96
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP8, Cl A4
5.399%, 05/15/2045		74		79
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-C1, Cl A4
5.716%, 02/15/2051		85		92
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-CB19, Cl A4
5.892%, 02/12/2049 (B)		235		256
JPMorgan Chase Commercial Mortgage Securities, Ser 2008-C2, Cl A4FL
1.654%, 02/12/2051 (B)		207		199
JPMorgan Chase Commercial Mortgage Securities, Ser 2008-C2, Cl A4
6.068%, 02/12/2051		19		20
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, Cl A3
2.829%, 10/15/2045		90		88


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

JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, Cl E
4.822%, 10/15/2045 (A) (B)		100	$	99
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-LC9, Cl A5
2.840%, 12/15/2047		50		49
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-WLDN, Cl A
3.905%, 05/05/2030 (A)		100		103
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1
2.246%, 12/25/2034 (A) (B)		109		109
LB-UBS Commercial Mortgage Trust, Ser 2007-C2, Cl A3
5.430%, 02/15/2040		70		75
LB-UBS Commercial Mortgage Trust, Ser 2007-C6, Cl A4
5.858%, 07/15/2040 (B)		169		179
LB-UBS Commercial Mortgage Trust, Ser 2007-C7, Cl A3
5.866%, 09/15/2045 (B)		64		71
LB-UBS Commercial Mortgage Trust, Ser 2008-C1, Cl A2
6.320%, 04/15/2041 (B)		51		57
Merrill Lynch Mortgage Trust, Ser 2005-CIP1, Cl AJ
5.137%, 07/12/2038 (B)		55		57
ML-CFC Commercial Mortgage Trust, Ser 2007-5, Cl AM
5.419%, 08/12/2048		40		42
ML-CFC Commercial Mortgage Trust, Ser 2007-5, Cl A4
5.378%, 08/12/2048		136		145
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C17, Cl A5
3.741%, 08/15/2047		65		67
Morgan Stanley Capital I Trust, Ser 2005-HQ6, Cl A4A
4.989%, 08/13/2042		166		167
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl E
5.548%, 10/12/2052 (A) (B)		10		10
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl D
5.548%, 10/12/2052 (A) (B)		15		15
Morgan Stanley Capital I Trust, Ser 2007-IQ14, Cl A4
5.692%, 04/15/2049 (B)		160		174
Morgan Stanley Capital I, Ser 2006- IQ16, Cl A4
5.809%, 12/12/2049		75		82


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

Morgan Stanley Re-REMIC Trust, Ser 2010-GG10, Cl A4A
5.991%, 08/15/2045 (A) (B)		174	$	189
Silverstone Master Issuer, Ser 2009-1, Cl A2
2.006%, 01/21/2055 (A) (B)		300		487
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4
3.185%, 03/10/2046		130		129
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C6, Cl A3
2.971%, 04/10/2046		70		68
Wachovia Bank Commercial Mortgage Trust, Ser 2006-C23, Cl A4
5.418%, 01/15/2045 (B)		24		25
Wells Fargo Commercial Mortgage Trust, Ser 2012-LC5, Cl D
4.938%, 10/15/2045 (A) (B)		10		10
WFRBS Commercial Mortgage Trust, Ser 2011-C4, Cl A4
4.902%, 06/15/2044 (A) (B)		175		195
WFRBS Commercial Mortgage Trust, Ser 2014-C20, Cl A5
3.995%, 05/15/2047		125		131
WFRBS Commerical Mortgage Trust, Ser 2013-C15, Cl A3
3.881%, 08/15/2046		70		73

				10,137

Total Mortgage-Backed Securities (Cost $10,633) ($ Thousands)				10,573


CORPORATE OBLIGATIONS — 0.9%

United States — 0.9%
Access Midstream Partners
4.875%, 03/15/2024		200		205
Anadarko Petroleum
6.375%, 09/15/2017		330		374
California Resources
5.500%, 09/15/2021 (A)		168		171
CNA Financial
7.250%, 11/15/2023		110		136
6.500%, 08/15/2016		40		44
Credit Suisse NY MTN
3.625%, 09/09/2024		260		257
Crown Castle International
4.875%, 04/15/2022 (C)		120		117
Duke Realty
6.750%, 03/15/2020 (C)		140		165
Enterprise Products Operating
5.950%, 02/01/2041		100		119
General Electric Capital MTN
5.550%, 05/04/2020		45		51
2.375%, 06/30/2015		150		152


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

Kinder Morgan Energy Partners
6.850%, 02/15/2020			150	$	176
3.500%, 09/01/2023			171		162
2.650%, 02/01/2019			39		39
McGraw Hill Financial
5.900%, 11/15/2017			325		357
Morgan Stanley
3.450%, 11/02/2015			125		129
Noble Holding International
4.900%, 08/01/2020			25		26
PNC Bank
2.700%, 11/01/2022			445		424
Prudential Financial MTN
6.100%, 06/15/2017			125		140
Ryder System MTN
7.200%, 09/01/2015			108		114
SLM MTN
5.500%, 01/15/2019			433		442
Time Warner
4.875%, 03/15/2020			150		166
Total System Services
2.375%, 06/01/2018			236		234
Verizon Communications
4.862%, 08/21/2046 (A)			44		44
Viacom
6.125%, 10/05/2017			325		367
Williams Partners
4.000%, 11/15/2021			150		155

Total Corporate Obligations (Cost $4,590) ($ Thousands)					4,766


ASSET-BACKED SECURITIES — 0.1%

Automotive — 0.1%
Bavarian Sky, Ser 2013-GER1, Cl A
0.329%, 06/20/2020 (B)			329		416


Other Asset-Backed Securities — 0.0%
Volta Electricity Receivables, Ser 2013-1, Cl SNR
4.172%, 02/16/2017			203		258

Total Asset-Backed Securities (Cost $690) ($ Thousands)					674


TIME DEPOSITS (2) — 1.4%
Brown Brothers Harriman
4.500%, 10/01/2014	ZAR		1		—
2.750%, 10/01/2014	NZD		21		16
1.578%, 10/01/2014	AUD		19		17
0.350%, 10/01/2014	NOK		138		21
0.299%, 10/01/2014	CAD		101		91
0.060%, 10/01/2014	GBP		76		123
0.050%, 10/01/2014	SEK		121		17


Description		Face Amount (2) (Thousands)		Market Value ($ Thousands)

0.030%, 10/01/2014			6,617	$	6,617
0.005%, 10/01/2014	SGD		22		17
0.005%, 10/01/2014	HKD		2		—
0.005%, 10/01/2014	JPY		14,219		130
0.001%, 10/01/2014	CHF		—		—
0.000%, 10/01/2014	EUR		168		212
0.000%, 10/01/2014	DKK		12		2

Total Time Deposits (Cost $7,263) ($ Thousands)					7,263

Total Investments — 98.1% (Cost $522,116) ($ Thousands)				$	513,872

A list of the open futures contracts held by the Fund at September 30, 2014, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thosands)
10-YR MINI JGB		33			Dec-2014	$	5
90-Day Euro$		(5	)		Dec-2014		—
Australian 10-Year Bond		12			Dec-2014		14
Australian 3-Year Bond		11			Dec-2014		3
Canadian 10-Year Bond		18			Dec-2014		(6	)
Euro-Bobl		(7	)		Dec-2014		(4	)
Euro-Bobl		87			Dec-2014		33
Euro-Bund		(15	)		Dec-2014		(4	)
Euro-Bund		84			Dec-2014		20
Euro-Buxl 30 Year Bond		16			Dec-2014		16
Euro-Schatz		27			Dec-2014		—
Japanese 10-Year Bond		7			Dec-2014		11
Long Gilt 10-Year Bond		(13	)		Dec-2014		(17	)
Long Gilt 10-Year Bond		2			Dec-2014		—
U.S. 2-Year Treasury Note		(69	)		Dec-2014		—
U.S. 5-Year Treasury Note		(111	)		Dec-2014		(10	)
U.S. 5-Year Treasury Note		48			Dec-2014		(11	)
U.S. Long Treasury Bond		(147	)		Dec-2014		15
U.S. Long Treasury Bond		50			Dec-2014		(7	)
U.S. Ultra Long Treasury Bond		(8	)		Dec-2014		5

						$	63

A list of the open forward foreign currency contracts held by the Fund at September 30, 2014, is as follows:


Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
10/03/2014		USD	1,798		AUD	2,061	$	6
10/03/2014		USD	4,021		CAD	4,496		2
10/03/2014		USD	4,057		DKK	23,974		11
10/03/2014		USD	687		MXN	9,282		4
10/03/2014		USD	474		SEK	3,434		3


Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
10/03/2014-10/31/2014		MXN	108,860		USD	8,238	$	141
10/03/2014-10/31/2014		USD	122,266		EUR	96,902		145
10/03/2014-10/31/2014		USD	24,816		GBP	15,305		(4	)
10/03/2014-10/31/2014		USD	35,820		JPY	3,921,327		(70	)
10/03/2014-11/05/2014		AUD	20,618		USD	18,488		482
10/03/2014-11/05/2014		CAD	30,831		USD	27,937		359
10/03/2014-11/05/2014		DKK	52,286		USD	9,040		166
10/03/2014-11/05/2014		EUR	290,964		USD	375,923		8,344
10/03/2014-11/05/2014		GBP	61,712		USD	101,624		1,604
10/03/2014-11/05/2014		NZD	15,761		USD	12,760		508
10/03/2014-11/05/2014		SEK	19,974		USD	2,810		38
10/03/2014-11/05/2014		USD	5,321		NZD	6,858		15
10/03/2014-08/21/2015		JPY	12,654,103		USD	118,479		3,082
10/14/2014-10/31/2014		MYR	3,395		USD	1,042		9
10/15/2014-10/31/2014		ZAR	24,062		USD	2,145		22
10/17/2014-10/31/2014		SGD	2,881		USD	2,273		14
10/22/2014-10/31/2014		NOK	12,774		USD	2,004		17
10/22/2014-10/31/2014		USD	2,965		NOK	18,681		(58	)
10/31/2014		CHF	3,163		USD	3,376		64
10/31/2014		CZK	10,333		USD	482		7
10/31/2014		ILS	777		USD	212		1
10/31/2014		KRW	5,155,592		USD	4,947		63
10/31/2014		THB	16,305		USD	505		3
10/31/2014		USD	1,045		CHF	990		(9	)
10/31/2014-11/07/2014		PLN	6,835		USD	2,102		38

							$	15,007

A list of the counterparties for the open forward foreign currency contracts held by the Fund at September 30, 2014, is as follows:


Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America	$	(2,006	)	$	2,024	$	18
Barclays PLC		(388	)		386		(2	)
BMOC		(522	)		535		13
BNP Paribas		(36,675	)		37,115		440
Brown Brothers Harriman		(540,525	)		548,308		7,783
Citigroup		(81,050	)		83,823		2,773
Credit Suisse First Boston		(3,188	)		3,252		64
Deutsche Bank		(34,445	)		35,260		815
Goldman Sachs		(31,216	)		31,661		445
HSBC		(12,781	)		12,786		5
JPMorgan Chase Bank		(77,360	)		78,338		978
Morgan Stanley		(6,459	)		6,491		32
RBC		(7,908	)		7,958		50
Royal Bank of Scotland		(41,933	)		43,487		1,554
Standard Bank		(749	)		755		6
UBS		(5,133	)		5,154		21
Westpac Banking		(357	)		369		12

						$	15,007

For the year ended September 30, 2014, 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 year.

A list of the open OTC swap agreements held by the Fund at September 30, 2014, is as follows:

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2014, is as follows:

For the year ended September 30, 2014, the total amount of all swap agreements, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

Percentages are based on a Net Assets of $523,784 ($ Thousands).

(1)

In local currency unless otherwise indicated.

(2)

In U.S. Dollars unless otherwise indicated.

(A)

(B)

Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2014.

(C)

Real Estate Investment Trust.

(D)

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

(E)

Securities considered illiquid. The total market value of such securities as of September 30, 2014 was $580 ($ Thousands) and represented 0.1% of Net Assets.

(F)

Security, or portion thereof, has been pledged as collateral on open swap agreements.

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

CZK — Czech Koruna

Cl — Class

CPI

— Consumer Price Index

DKK — Danish Krone

EUR — Euro

EURIBOR — Euro London Interbank Offered Rate

FHLMC — Federal Home Loan Mortgage Corporation

FNMA

— Federal National Mortgage Association

GBP — British Pound Sterling

HKD — Hong Kong Dollar

ILS — Israeli Shekel

IO — Interest Only

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

OTC — Over the Counter

NZD — New Zealand Dollar

PLC — Public Limited Company

PLN — Polish Zlotty

Re-REMIC

— Resecuritization of Real Estate Mortgage Investment Conduit

SEK — Swedish Krone

Ser — Series

SFH

— Societes de Financement de l’Habitat

SGD — Singapore Dollar

THB — Thai Baht

USD — U.S. Dollar

ZAR — South African Rand

The following is a list of the level of inputs used as of September 30, 2014, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	490,596	$	—	$	490,596
Mortgage-Backed Securities		—		10,573		—		10,573
Corporate Obligations		—		4,766		—		4,766
Asset-Backed Securities		—		674		—		674
Time Deposits		—		7,263		—		7,263

Total Investments in Securities	$	—	$	513,872	$	—	$	513,872


Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	122		$	—		$	—	$	122
Unrealized Depreciation		(59	)		—			—		(59	)
Forwards Contracts*
Unrealized Appreciation		—			15,148			—		15,148
Unrealized Depreciation		—			(141	)		—		(141	)
OTC Swaps*
Credit Default Swaps*
Unrealized Depreciation		—			(14	)		—		(14	)
Interest Rate Swaps*
Unrealized Depreciation		—			(576	)		—		(576	)
Centrally Cleared Swaps*
Interest Rate Swaps*
Unrealized Appreciation		—			188			—		188
Unrealized Depreciation		—			(1,406	)		—		(1,406	)

Total Other Financial Instruments	$	63		$	13,199		$	—	$	13,262

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

For the year ended September 30, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2014, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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

LOGO


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


GLOBAL BONDS — 93.5%

Angola — 0.2%
Republic of Angola Via Northern Lights III
7.000%, 08/16/2019		2,536	$	2,735


Argentina — 1.5%
City of Buenos Aires Argentina
9.950%, 03/01/2017 (A) (B)		1,150		1,151
9.950%, 03/01/2017		1,060		1,061
Republic of Argentina
7.000%, 10/03/2015		7,582		7,023
7.000%, 04/17/2017		10,723		9,298
6.000%, 03/31/2023 (A) (C)		815		888
YPF
8.750%, 04/04/2024 (B)		556		562

				19,983


Azerbaijan — 0.8%
International Bank of Azerbaijan
5.625%, 06/11/2019		1,700		1,678
Republic of Azerbaijan International Bond
4.750%, 03/18/2024		700		714
4.750%, 03/18/2024 (B)		2,829		2,886
State Oil of the Azerbaijan Republic
5.450%, 02/09/2017		1,312		1,368
4.750%, 03/13/2023		3,694		3,635

				10,281


Bahrain — 0.1%
Kingdom of Bahrain
6.000%, 09/19/2044 (B)		855		862


Barbados — 0.1%
Columbus International
7.375%, 03/30/2021 (B)		1,515		1,576


Belize — 0.2%
Belize Government International Bond
5.000%, 02/20/2038 (D)		4,500		3,319


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


Bermuda — 0.2%
Government of Bermuda
4.854%, 02/06/2024			1,680	$	1,735
4.138%, 01/03/2023 (B)			820		808

					2,543


Bolivia — 0.4%
Government of Bolivia
5.950%, 08/22/2023			4,802		5,138
4.875%, 10/29/2022 (B)			250		255

					5,393


Bosnia and Herzegovina — 0.0%
Republic of Bosnia & Herzegovina
2.063%, 12/11/2017 (A) (E)	DEM		1,125		611


Brazil — 8.9%
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/2019 (B)			660		742
5.750%, 09/26/2023			280		298
5.500%, 07/12/2020 (B)			400		425
4.000%, 04/14/2019 (B)			730		732
Brazil Letras do Tesouro Nacional
12.390%, 01/01/2016 (F)	BRL		20,010		7,077
11.885%, 01/01/2018 (F)	BRL		74,919		20,829
11.237%, 07/01/2018 (F)	BRL		21,385		5,608
10.590%, 01/01/2017 (F)	BRL		36,215		11,352
Brazil Loan Trust 1
5.477%, 07/24/2023 (B)			2,344		2,437
5.477%, 07/24/2023			351		360
Brazil Notas do Tesouro Nacional
10.000%, 01/01/2017	BRL		24,900		9,699
Brazil Notas do Tesouro Nacional, Ser B
6.000%, 08/15/2020	BRL		4,385		4,418
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2018	BRL		15,414		5,900
10.000%, 01/01/2021	BRL		10,876		3,991
10.000%, 01/01/2023	BRL		17,650		6,345
10.000%, 01/01/2025	BRL		13,756		4,860
BRF
4.750%, 05/22/2024 (B)			1,723		1,697
Caixa Economica Federal
4.250%, 05/13/2019			200		199
CIMPOR Financial Operations
5.750%, 07/17/2024 (B)			501		485
Cosan
5.000%, 03/14/2023 (B)			533		512


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

ESAL GmbH
6.250%, 02/05/2023 (B)			350	$	339
Federal Republic of Brazil
10.125%, 05/15/2027			850		1,317
10.125%, 05/15/2027			1,378		2,136
8.875%, 04/15/2024			400		545
8.250%, 01/20/2034			2,540		3,410
7.125%, 01/20/2037			6,983		8,572
5.875%, 01/15/2019			369		415
4.875%, 01/22/2021			420		446
4.250%, 01/07/2025			1,196		1,184
2.625%, 01/05/2023			7,606		6,845
Itau Unibanco Holding
5.650%, 03/19/2022 (B)			200		201
JBS Finance II
8.250%, 01/29/2018			370		386
8.250%, 01/29/2018 (B)			350		365
Marfrig Holding Europe
6.875%, 06/24/2019 (B)			355		345
Marfrig Overseas
9.500%, 05/04/2020 (B)			835		881
9.500%, 05/04/2020			650		686
Minerva Luxembourg
12.250%, 02/10/2022 (B)			650		748
7.750%, 01/31/2023			1,400		1,425
Odebrecht Drilling Norbe VIII/IX
6.350%, 06/30/2021			109		112
6.350%, 06/30/2021 (B)			18		18
Odebrecht Offshore Drilling Finance
6.750%, 10/01/2022 (B)			191		198
Rio Oil Finance Trust, Ser 2014-1
6.250%, 07/06/2024 (B)			1,265		1,305
Samarco Mineracao
4.125%, 11/01/2022 (B)			238		222
Schahin II Finance
5.875%, 09/25/2022 (B)			81		77

					120,144


Chile — 1.7%
Banco del Estado de Chile
4.125%, 10/07/2020			30		31
3.875%, 02/08/2022 (B)			230		233
BancoEstado
4.125%, 10/07/2020 (B)			270		282
Bonos de la Tesoreria de la Republica en pesos
6.000%, 01/01/2020	CLP		80,000		146
6.000%, 01/01/2022	CLP		90,000		165
Empresa Nacional del Petroleo
6.250%, 07/08/2019 (B)			100		113
6.250%, 07/08/2019			50		56


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

5.250%, 08/10/2020			100	$	107
5.250%, 08/10/2020 (B)			240		257
ENTEL Chile
4.875%, 10/30/2024 (B)			200		205
GNL Quintero
4.634%, 07/31/2029 (B)			918		917
Nacional del Cobre de Chile
6.150%, 10/24/2036			1,748		2,039
5.625%, 09/21/2035			880		963
5.625%, 10/18/2043			250		274
4.500%, 08/13/2023			1,041		1,096
4.500%, 08/13/2023 (B)			3,266		3,440
3.875%, 11/03/2021			646		662
3.875%, 11/03/2021 (B)			403		413
3.000%, 07/17/2022 (B)			1,923		1,843
Republic of Chile
5.500%, 08/05/2020	CLP		323,000		571
3.875%, 08/05/2020			4,117		4,393
2.250%, 10/30/2022			3,981		3,762
VTR Finance
6.875%, 01/15/2024 (B)			486		503

					22,471


China — 1.2%
Amber Circle Funding
3.250%, 12/04/2022			850		816
CITIC
7.875%, 04/15/2049 (E)			183		192
6.800%, 01/17/2023			2,100		2,421
6.375%, 04/10/2020			400		451
CNOOC Curtis Funding No. 1 Pty
4.500%, 10/03/2023			1,100		1,140
CNOOC Nexen Finance
4.250%, 04/30/2024			1,118		1,136
Country Garden Holdings
11.125%, 02/23/2018			275		297
Kaisa Group Holdings
8.875%, 03/19/2018 (B)			150		152
Sinochem Offshore Capital MTN
3.250%, 04/29/2019 (B)			1,432		1,438
Sinochem Overseas Capital
4.500%, 11/12/2020			1,480		1,565
4.500%, 11/12/2020 (B)			2,803		2,965
Sinopec Capital
3.125%, 04/24/2023 (B)			1,219		1,148
Sinopec Group Overseas Development
4.875%, 05/17/2042 (B)			300		313
4.375%, 04/10/2024 (B)			1,273		1,307
State Grid Overseas Investment
4.125%, 05/07/2024 (B)			1,216		1,247

					16,588


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


Colombia — 5.3%
Bancolombia
5.125%, 09/11/2022			150	$	151
Bogota Distrito Capital
9.750%, 07/26/2028 (B)	COP		8,820,000		5,454
9.750%, 07/26/2028	COP		370,000		229
Citigroup Funding, CLN (Republic of Colombia)
11.000%, 07/27/2020	COP		7,940,000		4,804
Colombian TES
11.250%, 10/24/2018	COP		69,800		41
10.000%, 07/24/2024	COP		4,633,700		2,800
7.500%, 08/26/2026	COP		4,030,200		2,046
7.000%, 09/11/2019	COP		9,034,800		4,643
7.000%, 09/11/2019	COP		3,275,300		1,686
7.000%, 05/04/2022	COP		580,000		291
7.000%, 05/04/2022	COP		864,000		434
7.000%, 05/04/2022	COP		8,736,900		4,387
6.000%, 04/28/2028	COP		8,156,800		3,599
5.000%, 11/21/2018	COP		4,884,800		2,353
Ecopetrol
5.875%, 05/28/2045			1,051		1,064
Emgesa ESP
8.750%, 01/25/2021	COP		1,450,000		777
Empresas Publicas de Medellin ESP
8.375%, 02/01/2021	COP		4,482,000		2,338
7.625%, 09/10/2024 (B)	COP		3,971,000		1,976
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/2024 (B)	COP		1,645,000		830
7.875%, 08/12/2024	COP		884,000		446
JPMorgan, CLN (Republic of Columbia)
7.000%, 05/04/2022	COP		2,087,000		1,048
Pacific Rubiales Energy
7.250%, 12/12/2021			2,171		2,361
5.125%, 03/28/2023 (B)			107		102
Republic of Colombia
12.000%, 10/22/2015	COP		1,009,000		534
12.000%, 10/22/2015	COP		1,626,000		861
11.750%, 02/25/2020			1,587		2,253
10.375%, 01/28/2033			360		560
9.850%, 06/28/2027	COP		3,422,000		2,139
8.125%, 05/21/2024			1,190		1,577
7.750%, 04/14/2021	COP		1,942,000		1,042
7.375%, 03/18/2019			2,046		2,440
7.375%, 09/18/2037			6,052		8,079
6.125%, 01/18/2041			1,485		1,736
5.625%, 02/26/2044			1,170		1,287
4.375%, 07/12/2021			4,915		5,198
4.375%, 03/21/2023	COP		1,017,000		434

					72,000


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


Costa Rica — 0.5%
Banco Nacional de Costa Rica
6.250%, 11/01/2023 (B)			240	$	241
Costa Rica Government International Bond
7.000%, 04/04/2044 (B)			988		993
4.375%, 04/30/2025 (B)			781		707
4.375%, 04/30/2025			702		635
4.250%, 01/26/2023			2,349		2,167
Instituto Costarricense de Electricidad
6.950%, 11/10/2021			400		424
6.375%, 05/15/2043			250		214

					5,381


Croatia — 0.8%
Government of Croatia
6.750%, 11/05/2019			790		871
6.625%, 07/14/2020			1,437		1,581
6.375%, 03/24/2021 (B)			1,636		1,775
6.250%, 04/27/2017 (B)			630		669
6.000%, 01/26/2024			1,500		1,599
6.000%, 01/26/2024 (B)			3,805		4,057
5.875%, 07/09/2018	EUR		150		211

					10,763


Dominican Republic — 1.1%
Dominican Republic
15.950%, 06/04/2021	DOP		3,800		111
11.500%, 05/10/2024	DOP		55,000		1,344
11.000%, 01/05/2018	DOP		6,320		148
11.000%, 07/30/2021 (B)	DOP		53,760		1,235
9.040%, 01/23/2018			1,390		1,508
7.500%, 05/06/2021 (B)			1,830		2,059
7.500%, 05/06/2021			3,049		3,430
7.450%, 04/30/2044 (B)			2,850		3,049
6.600%, 01/28/2024 (B)			230		247
5.875%, 04/18/2024 (B)			770		793
5.875%, 04/18/2024			710		721

					14,645


Ecuador — 0.1%
Republic of Ecuador
9.375%, 12/15/2015			1,554		1,632


Egypt — 0.2%
Government of Egypt
6.875%, 04/30/2040			1,434		1,427
5.750%, 04/29/2020			450		471
5.750%, 04/29/2020 (B)			100		105

					2,003


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


El Salvador — 0.5%
Republic of El Salvador
8.250%, 04/10/2032			267	$	308
8.250%, 04/10/2032			480		553
7.750%, 01/24/2023			708		793
7.750%, 01/24/2023			680		762
7.375%, 12/01/2019			400		444
6.375%, 01/18/2027 (B)			1,482		1,482
5.875%, 01/30/2025 (A) (B)			638		626
5.875%, 01/30/2025			1,743		1,713
Telemovil Finance
8.000%, 10/01/2017			476		488

					7,169


Gabon — 0.0%
Gabonese Republic
8.200%, 12/12/2017			490		552


Georgia — 0.1%
Georgian Railway JSC
7.750%, 07/11/2022			1,362		1,529


Ghana — 0.3%
Republic of Ghana
8.500%, 10/04/2017 (B)			300		322
8.125%, 01/18/2026 (B)			1,567		1,571
8.125%, 01/18/2026			1,604		1,608
7.875%, 08/07/2023			900		902

					4,403


Guatemala — 0.1%
Comcel Trust
6.875%, 02/06/2024 (B)			1,090		1,150
Guatemala Government Bond
4.875%, 02/13/2028			509		518

					1,668


Honduras — 0.2%
Republic of Honduras
8.750%, 12/16/2020			1,851		2,096


Hungary — 5.1%
Magyar Export-Import Bank
4.000%, 01/30/2020 (B)			925		916
Republic of Hungary
8.000%, 02/12/2015	HUF		230,000		956
7.750%, 08/24/2015	HUF		230,690		987
7.625%, 03/29/2041			4,390		5,597
7.500%, 11/12/2020	HUF		83,900		406
7.000%, 06/24/2022	HUF		851,570		4,048
6.750%, 02/24/2017	HUF		302,710		1,349
6.750%, 11/24/2017	HUF		1,047,530		4,767
6.750%, 10/22/2028	HUF		1,286,870		6,235


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

6.500%, 06/24/2019	HUF		3,699,640	$	16,869
6.375%, 03/29/2021			920		1,033
6.250%, 01/29/2020			770		856
6.000%, 01/11/2019	EUR		982		1,437
6.000%, 11/24/2023	HUF		261,390		1,176
5.750%, 11/22/2023			3,716		4,027
5.500%, 12/22/2016	HUF		510,620		2,227
5.500%, 12/20/2018	HUF		531,290		2,338
5.500%, 06/24/2025	HUF		275,990		1,199
5.375%, 02/21/2023			3,388		3,574
5.375%, 03/25/2024			536		565
5.000%, 03/30/2016	GBP		227		381
4.125%, 02/19/2018			3,724		3,847
4.000%, 04/25/2018	HUF		465,170		1,941
4.000%, 03/25/2019			1,856		1,893

					68,624


India — 0.2%
Bharti Airtel International Netherlands
5.350%, 05/20/2024 (B)			927		988
5.125%, 03/11/2023 (B)			639		672
Export-Import Bank of India MTN
4.000%, 08/07/2017			200		209
Vedanta Resources
7.125%, 05/31/2023 (B)			160		164
6.750%, 06/07/2016			125		130
6.000%, 01/31/2019 (B)			324		327

					2,490


Indonesia — 8.0%
Adaro Indonesia
7.625%, 10/22/2019			300		312
Deutsche Bank, CLN (Republic of Indonesia)
7.000%, 05/15/2022	IDR		2,300,000		176
7.000%, 05/15/2027	IDR		2,300,000		163
6.625%, 05/15/2033	IDR		2,300,000		149
Deutsche Bank MTN
7.000%, 05/17/2022	IDR		9,000,000		677
Genel Energy Finance
7.500%, 05/14/2019			1,800		1,777
Indosat Palapa
7.375%, 07/29/2020 (B)			200		212
JPMorgan, CLN (Republic of Indonesia)
7.000%, 05/15/2022	IDR		105,300,000		8,037
6.625%, 05/15/2033	IDR		3,100,000		200
Listrindo Capital
6.950%, 02/21/2019 (B)			200		211
Majapahit Holding
8.000%, 08/07/2019			470		549
7.875%, 06/29/2037 (B)			205		241
7.750%, 01/20/2020			894		1,035


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

Pelabuhan Indonesia III
4.875%, 10/01/2024			1,659	$	1,640
4.875%, 10/01/2024 (B)			200		198
Pertamina Persero MTN
6.500%, 05/27/2041 (B)			380		389
6.450%, 05/30/2044 (B)			1,432		1,446
6.000%, 05/03/2042 (B)			935		895
6.000%, 05/03/2042			340		326
5.625%, 05/20/2043			3,882		3,533
5.250%, 05/23/2021 (B)			500		518
4.875%, 05/03/2022 (B)			220		220
Perusahaan Gas Negara Persero
5.125%, 05/16/2024 (B)			63		63
Republic of Indonesia
12.800%, 06/15/2021	IDR		1,965,000		197
11.625%, 03/04/2019			3,403		4,526
11.625%, 03/04/2019			1,674		2,226
11.625%, 03/04/2019 (B)			975		1,297
11.000%, 09/15/2025	IDR		3,200,000		311
9.000%, 03/15/2029	IDR		107,985,000		9,007
8.500%, 10/12/2035			1,000		1,350
8.500%, 10/12/2035			2,632		3,553
8.375%, 03/15/2024	IDR		178,374,000		14,544
8.375%, 09/15/2026	IDR		580,000		47
8.375%, 03/15/2034	IDR		55,920,000		4,328
8.375%, 03/15/2034	IDR		62,460,000		4,834
8.250%, 06/15/2032	IDR		17,369,000		1,354
7.875%, 04/15/2019	IDR		38,025,000		3,074
7.750%, 01/17/2038			7,418		9,421
7.750%, 01/17/2038			1,478		1,877
7.000%, 05/15/2022	IDR		59,080,000		4,509
6.875%, 01/17/2018			2,394		2,696
6.750%, 01/15/2044 (B)			1,650		1,930
6.625%, 05/15/2033	IDR		30,376,000		1,963
6.625%, 02/17/2037			676		764
6.125%, 05/15/2028	IDR		26,020,000		1,714
5.875%, 03/13/2020 (B)			224		246
5.625%, 05/15/2023	IDR		44,408,000		3,025
5.250%, 01/17/2042			1,029		992
4.875%, 05/05/2021 (B)			200		208
4.875%, 05/05/2021			2,600		2,704
3.375%, 04/15/2023 (B)			1,939		1,803
2.875%, 07/08/2021 (B)	EUR		594		758

					108,225


Iraq — 0.6%
Republic of Iraq
5.800%, 01/15/2028			9,324		8,345


Israel — 0.1%
Altice Financing
8.000%, 12/15/2019	EUR		400		550
7.875%, 12/15/2019 (A)			400		426


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

Altice Finco
9.875%, 12/15/2020 (A)			300	$	336

					1,312


Italy — 0.0%
Wind Acquisition Finance
4.750%, 07/15/2020 (B)			49		47
4.000%, 07/15/2020 (B)	EUR		200		249

					296


Ivory Coast — 0.8%
Ivory Coast Government Bond
5.750%, 12/31/2032			3,413		3,255
5.750%, 12/31/2032 (A) (C)			6,465		6,166
5.375%, 07/23/2024 (B)			1,713		1,634

					11,055


Jamaica — 0.4%
Digicel Group
8.250%, 09/30/2020			2,200		2,266
Jamaica Government International Bond
7.625%, 07/09/2025			2,524		2,692

					4,958


Kazakhstan — 1.9%
Development Bank of Kazakhstan
4.125%, 12/10/2022			770		728
Halyk Savings Bank of Kazakhstan
7.250%, 01/28/2021 (B)			400		432
7.250%, 01/28/2021			200		216
KazAgro National Management Holding
4.625%, 05/24/2023			3,830		3,630
Kazakhstan Temir Zholy Finance
6.950%, 07/10/2042 (B)			250		271
Kazatomprom Natsionalnaya Atomnaya Kompaniya
6.250%, 05/20/2015 (B)			450		460
6.250%, 05/20/2015			100		102
KazMunayGas National MTN
11.750%, 01/23/2015			1,611		1,658
9.125%, 07/02/2018			1,248		1,460
9.125%, 07/02/2018 (B)			2,342		2,740
7.000%, 05/05/2020 (B)			676		752
6.375%, 04/09/2021 (B)			4,301		4,635
6.375%, 04/09/2021			1,234		1,330
5.750%, 04/30/2043 (B)			781		735
5.750%, 04/30/2043			3,240		3,033
4.400%, 04/30/2023			1,022		982
4.400%, 04/30/2023 (B)			523		503


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

Republic of Kazakhstan
6.375%, 10/06/2020 (B)			600	$	647
Samruk-Energy JSC MTN
3.750%, 12/20/2017			500		501
Zhaikmunai Via Zhaikmunai International
7.125%, 11/13/2019 (A) (B)			425		445

					25,260


Kenya — 0.4%
Kenya Government International Bond
6.875%, 06/24/2024 (B)			2,216		2,332
Kenya Infrastructure Bond
11.000%, 09/15/2025	KES		230,000		2,608

					4,940


Latvia — 0.1%
Republic of Latvia
2.750%, 01/12/2020			670		657


Lithuania — 0.3%
Republic of Lithuania
7.375%, 02/11/2020			462		556
6.625%, 02/01/2022			1,358		1,616
6.125%, 03/09/2021 (B)			1,424		1,643
5.125%, 09/14/2017 (B)			310		339
5.125%, 09/14/2017			200		219

					4,373


Malaysia — 5.0%
Malaysia Government Bond
5.248%, 09/15/2028 (B)	MYR		1,050		353
4.392%, 04/15/2026	MYR		10,601		3,309
4.378%, 11/29/2019	MYR		1,353		425
4.262%, 09/15/2016	MYR		12,380		3,838
4.181%, 07/15/2024	MYR		25,751		8,006
4.160%, 07/15/2021	MYR		3,879		1,204
4.048%, 09/30/2021	MYR		4,020		1,243
4.012%, 09/15/2017	MYR		13,780		4,253
3.892%, 03/15/2027	MYR		1,369		407
3.889%, 07/31/2020	MYR		6,983		2,138
3.844%, 04/15/2033	MYR		1,770		506
3.835%, 08/12/2015	MYR		4,097		1,254
3.741%, 02/27/2015	MYR		2,000		611
3.654%, 10/31/2019	MYR		13,220		4,024
3.580%, 09/28/2018	MYR		4,747		1,447
3.502%, 05/31/2027	MYR		1,050		298
3.492%, 03/31/2020	MYR		26,179		7,876
3.480%, 03/15/2023	MYR		14,448		4,279
3.418%, 08/15/2022	MYR		8,999		2,659
3.394%, 03/15/2017	MYR		2,460		748
3.314%, 10/31/2017	MYR		21,610		6,538


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

3.260%, 03/01/2018	MYR		18,650	$	5,632
3.197%, 10/15/2015	MYR		9,213		2,803
3.172%, 07/15/2016	MYR		6,780		2,061

					65,912


Mexico — 6.2%
Alfa
6.875%, 03/25/2044 (B)			1,395		1,550
America Movil
6.000%, 06/09/2019	MXN		12,420		931
BBVA Bancomer
6.750%, 09/30/2022 (B)			500		560
4.375%, 04/10/2024 (B)			1,855		1,874
Cemex
6.500%, 12/10/2019			550		568
Cemex Espana Luxembourg
9.875%, 04/30/2019			950		1,055
Cemex Finance
9.375%, 10/12/2022 (B)			350		395
Comision Federal de Electricidad
5.750%, 02/14/2042 (B)			500		529
4.875%, 05/26/2021 (B)			400		424
4.875%, 01/15/2024 (B)			637		670
El Puerto de Liverpool
3.950%, 10/02/2024			348		345
Fermaca Enterprises S de RL
6.375%, 03/30/2038 (B)			361		378
Mexican Bonos
7.500%, 06/03/2027	MXN		36,854		3,001
6.500%, 06/09/2022	MXN		7,036		542
6.250%, 06/16/2016	MXN		13,381		1,039
6.000%, 06/18/2015	MXN		5,099		387
5.000%, 06/15/2017	MXN		39,491		2,985
Mexican Bonos, Ser M
6.500%, 06/10/2021	MXN		96,230		7,471
Mexican Bonos, Ser M10
8.500%, 12/13/2018	MXN		12,020		1,010
7.750%, 12/14/2017	MXN		32,714		2,653
7.250%, 12/15/2016	MXN		31,357		2,488
Mexican Bonos, Ser M20
10.000%, 12/05/2024	MXN		34,930		3,358
8.500%, 05/31/2029	MXN		5,093		447
8.000%, 12/07/2023	MXN		66,576		5,614
7.750%, 05/29/2031	MXN		101,574		8,352
Mexican Bonos, Ser M30
10.000%, 11/20/2036	MXN		8,900		896
8.500%, 11/18/2038	MXN		38,121		3,353
Mexican Bonos, Ser MI10
9.500%, 12/18/2014	MXN		31,235		2,356
Mexican Udibonos
4.500%, 11/22/2035	MXN		5,716		2,551
2.500%, 12/10/2020	MXN		6,273		2,469
2.000%, 06/09/2022	MXN		1,471		552


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

Offshore Drilling Holding
8.375%, 09/20/2020			1,700	$	1,798
Petroleos Mexicanos
7.190%, 09/12/2024	MXN		44,250		3,327
6.625%, 06/15/2035			2,800		3,249
6.500%, 06/02/2041			572		662
6.375%, 01/23/2045 (B)			806		911
3.500%, 01/30/2023 (B)			185		178
Trust F
5.250%, 12/15/2024 (B) (G)			1,080		1,123
United Mexican States MTN
6.050%, 01/11/2040			796		943
5.750%, 10/12/2110			468		483
5.550%, 01/21/2045			3,197		3,552
4.750%, 03/08/2044			660		655
4.000%, 10/02/2023			3,880		4,010
3.500%, 01/21/2021			175		177
United Mexican States, Ser A MTN
6.750%, 09/27/2034			1,040		1,321

					83,192


Mongolia — 0.5%
Development Bank of Mongolia MTN
5.750%, 03/21/2017			902		884
5.125%, 12/05/2022			2,713		2,401
4.125%, 01/05/2018			2,556		2,403

					5,688


Montenegro — 0.0%
Republic of Montenegro
7.875%, 09/14/2015	EUR		120		159
5.375%, 05/20/2019	EUR		399		536

					695


Morocco — 0.5%
Kingdom of Morocco
5.500%, 12/11/2042 (B)			200		199
5.500%, 12/11/2042			1,000		995
4.250%, 12/11/2022			1,180		1,171
4.250%, 12/11/2022 (A) (B)			1,348		1,338
OCP
5.625%, 04/25/2024 (B)			3,128		3,254

					6,957


Mozambique — 0.1%
EMATUM Via Mozambique EMATUM Finance 2020
6.305%, 09/11/2020			845		848


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


Nigeria — 0.6%
Nigeria Treasury Bill
11.492%, 02/05/2015 (F)	NGN		37,000	$	218
11.200%, 05/07/2015 (F)	NGN		12,900		74
11.154%, 04/23/2015 (F)	NGN		25,200		145
11.131%, 03/05/2015 (F)	NGN		24,553		144
Republic of Nigeria
16.390%, 01/27/2022	NGN		210,000		1,528
15.100%, 04/27/2017	NGN		23,192		151
14.200%, 03/14/2024	NGN		616,856		4,125
6.750%, 01/28/2021 (B)			550		598
6.750%, 01/28/2021			1,372		1,492
6.375%, 07/12/2023			596		638
6.375%, 07/12/2023 (B)			551		590

					9,703


Pakistan — 0.4%
Republic of Pakistan
8.250%, 04/15/2024			3,400		3,400
7.250%, 04/15/2019 (B)			500		501
7.125%, 03/31/2016			500		506
6.875%, 06/01/2017			430		438
6.875%, 06/01/2017			100		102

					4,947


Panama — 0.8%
Panama Notas del Tesoro
4.875%, 02/05/2021			704		742
Republic of Panama
9.375%, 01/16/2023			560		767
9.375%, 04/01/2029			2,614		3,875
8.875%, 09/30/2027			270		385
8.125%, 04/28/2034			2,128		2,841
7.125%, 01/29/2026			100		126
6.700%, 01/26/2036			1,350		1,657
4.300%, 04/29/2053			130		112
4.000%, 09/22/2024			380		379

					10,884


Paraguay — 0.3%
Republic of Paraguay
6.100%, 08/11/2044 (B)			1,406		1,483
6.100%, 08/11/2044			400		422
4.625%, 01/25/2023			1,960		1,986
Telefonica Celular del Paraguay
6.750%, 12/13/2022			200		208
6.750%, 12/13/2022 (A)			200		208

					4,307


Peru — 1.8%
Abengoa Transmision Sur
6.875%, 04/30/2043 (B)			273		302


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

BBVA Banco Continental
5.250%, 09/22/2029 (B) (E)			651	$	654
Cementos Pacasmayo SAA
4.500%, 02/08/2023 (B)			200		191
Cia Minera Ares SAC
7.750%, 01/23/2021 (B)			209		221
Inkia Energy
8.375%, 04/04/2021 (B)			200		219
Peru Enhanced Pass-Through Finance
4.600%, 06/02/2025 (A) (B) (F)			1,000		702
2.272%, 05/31/2018 (A) (B) (F)			290		272
2.265%, 05/31/2018 (F)			108		101
Republic of Peru
9.910%, 05/05/2015	PEI		675		242
8.750%, 11/21/2033			4,077		6,197
8.200%, 08/12/2026	PEI		4,268		1,755
7.840%, 08/12/2020	PEI		9,806		3,859
7.350%, 07/21/2025			1,980		2,579
7.125%, 03/30/2019			2,566		3,053
6.950%, 08/12/2031	PEI		770		276
6.900%, 08/12/2037	PEI		4,630		1,615
6.850%, 02/12/2042	PEI		613		213
6.550%, 03/14/2037			372		469
5.200%, 09/12/2023	PEI		5,668		1,898

					24,818


Philippines — 0.6%
Development Bank of Philippines
5.500%, 03/25/2021			330		362
National Power
9.625%, 05/15/2028 (A)			1,100		1,623
Republic of Philippines
9.500%, 02/02/2030			371		579
7.750%, 01/14/2031			198		275
6.375%, 10/23/2034			2,733		3,444
5.500%, 03/30/2026			500		574
3.900%, 11/26/2022	PHP		45,000		986

					7,843


Poland — 2.8%
Republic of Poland
5.750%, 04/25/2029	PLN		20,546		7,977
5.000%, 04/25/2016	PLN		7,503		2,373
5.000%, 03/23/2022			357		392
4.750%, 04/25/2017	PLN		1,120		361
4.000%, 10/25/2023	PLN		10,803		3,527
4.000%, 01/22/2024			682		701
3.250%, 07/25/2025	PLN		22,332		6,872
3.000%, 08/24/2016	PLN		9,226		2,884
2.750%, 08/25/2023	PLN		5,514		1,830
2.500%, 07/25/2018	PLN		4,970		1,517


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

Republic of Poland, Ser 0922
5.750%, 09/23/2022	PLN		17,878	$	6,503
Republic of Poland, Ser 1017
5.250%, 10/25/2017	PLN		7,800		2,577
Republic of Poland, Ser 1021
5.750%, 10/25/2021	PLN		2,152		775

					38,289


Qatar — 0.1%
Qtel International Finance
7.875%, 06/10/2019			665		814


Romania — 1.7%
Government of Romania MTN
6.750%, 02/07/2022 (B)			350		414
6.750%, 02/07/2022			4,848		5,733
6.125%, 01/22/2044			390		445
5.950%, 06/11/2021	RON		6,670		2,134
5.850%, 04/26/2023	RON		10,310		3,288
5.800%, 07/26/2027	RON		2,900		927
4.875%, 01/22/2024 (B)			3,136		3,312
4.875%, 01/22/2024 (B)			1,616		1,707
4.750%, 08/29/2016	RON		8,980		2,663
4.750%, 06/24/2019	RON		1,940		585
4.750%, 02/24/2025	RON		1,590		468
4.750%, 02/24/2025	RON		5,400		1,603
4.375%, 08/22/2023			2,050		2,097

					25,376


Russia — 6.6%
Alfa Bank Via Alfa Bond Issuance
7.750%, 04/28/2021			500		501
7.500%, 09/26/2019			750		735
7.500%, 09/26/2019 (B)			71		70
Credit Bank of Moscow Via CBOM Finance
7.700%, 02/01/2018			1,000		971
EuroChem Mineral & Chemical Via EuroChem GI
5.125%, 12/12/2017 (B)			175		171
Gazprom Neft OAO Via GPN Capital
6.000%, 11/27/2023 (B)			480		454
Ritekro
13.317%, 11/07/2022 (A) (F) (H)			914		457
Russian Federal Bond - OFZ
8.150%, 02/03/2027	RUB		181,146		4,243
7.600%, 04/14/2021	RUB		447,914		10,463
7.600%, 07/20/2022	RUB		216,166		4,990
7.500%, 03/15/2018	RUB		34,823		836
7.500%, 02/27/2019	RUB		72,220		1,713
7.400%, 04/19/2017	RUB		70,000		1,697
7.350%, 01/20/2016	RUB		80,000		1,991
7.050%, 01/19/2028	RUB		370,855		7,833


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

7.000%, 12/03/2014 (D)	RUB		22,770	$	498
7.000%, 01/25/2023	RUB		202,968		4,482
7.000%, 08/16/2023	RUB		232,494		5,073
6.900%, 08/03/2016	RUB		48,434		1,184
6.800%, 12/11/2019	RUB		83,764		1,918
6.700%, 05/15/2019	RUB		3,728		85
6.400%, 05/27/2020	RUB		13,460		304
6.200%, 01/31/2018	RUB		116,910		2,701
Russian Foreign Bond - Eurobond
7.850%, 03/10/2018	RUB		105,000		2,535
7.500%, 03/31/2030			19,430		21,766
5.625%, 04/04/2042			600		597
4.875%, 09/16/2023 (B)			1,200		1,183
3.250%, 04/04/2017			1,200		1,204
Russian Railways Via RZD Capital
5.700%, 04/05/2022			1,200		1,188
Sistema Via Sistema International Funding
6.950%, 05/17/2019			1,000		795
6.950%, 05/17/2019			500		398
TMK OAO Via TMK Capital
6.750%, 04/03/2020			1,300		1,164
VEB-Leasing Via VEB Leasing Investment
5.125%, 05/27/2016			320		317
Vimpel Communications Via VIP Finance Ireland
7.748%, 02/02/2021 (B)			19		19
VimpelCom Holdings
7.504%, 03/01/2022			870		886
7.504%, 03/01/2022 (B)			300		306
5.950%, 02/13/2023 (B)			200		183
5.200%, 02/13/2019 (B)			500		482
Vnesheconombank Via VEB Finance
6.902%, 07/09/2020			1,310		1,323
6.800%, 11/22/2025			580		566
6.800%, 11/22/2025 (B)			150		146
5.450%, 11/22/2017 (B)			400		398

					88,826


Senegal — 0.1%
Republic of Senegal
8.750%, 05/13/2021 (B)			540		629
8.750%, 05/13/2021			200		233
6.250%, 07/30/2024 (B)			426		425

					1,287


Serbia — 0.3%
Republic of Serbia
7.250%, 09/28/2021 (B)			200		223
7.250%, 09/28/2021			2,370		2,644
5.875%, 12/03/2018			1,297		1,352


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

5.875%, 12/03/2018 (B)			530	$	553
4.875%, 02/25/2020			200		199

					4,971


Singapore — 0.5%
Singapore Government Bond
3.375%, 09/01/2033	SGD		1,530		1,272
3.000%, 09/01/2024	SGD		7,156		5,867

					7,139


Slovak Republic — 0.1%
Slovakia Government International Bond
4.375%, 05/21/2022			617		658


Slovenia — 0.5%
Slovenia Government International Bond
5.850%, 05/10/2023			691		769
5.850%, 05/10/2023			444		494
5.250%, 02/18/2024 (B)			1,844		1,964
5.250%, 02/18/2024			2,400		2,556
4.125%, 02/18/2019			900		937

					6,720


South Africa — 4.5%
Eskom Holdings
6.750%, 08/06/2023 (B)			1,289		1,352
Republic of South Africa
8.750%, 01/31/2044	ZAR		22,860		1,950
8.750%, 02/28/2048	ZAR		85,630		7,388
8.500%, 01/31/2037	ZAR		49,827		4,216
8.250%, 09/15/2017	ZAR		29,822		2,712
8.250%, 03/31/2032	ZAR		7,200		598
8.000%, 12/21/2018	ZAR		36,857		3,316
8.000%, 01/31/2030	ZAR		48,083		3,994
7.750%, 02/28/2023	ZAR		27,100		2,343
7.250%, 01/15/2020	ZAR		115,827		10,026
7.000%, 02/28/2031	ZAR		50,909		3,826
6.875%, 05/27/2019			580		658
6.500%, 02/28/2041	ZAR		21,595		1,437
6.250%, 03/31/2036	ZAR		49,380		3,278
5.875%, 09/16/2025			9,521		10,473
4.665%, 01/17/2024			545		549
Transnet SOC
9.500%, 05/13/2021 (B)	ZAR		13,360		1,169
4.000%, 07/26/2022 (B)			1,119		1,053
ZAR Sovereign Capital Fund Propriety
3.903%, 06/24/2020 (B)			1,046		1,041

					61,379


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


Sri Lanka — 0.1%
Bank of Ceylon
6.875%, 05/03/2017 (B)			320	$	338
Republic of Sri Lanka
6.250%, 07/27/2021 (B)			200		210
5.125%, 04/11/2019 (B)			673		683

					1,231


Supra-National — 0.2%
European Investment Bank MTN
8.500%, 09/17/2024	ZAR		9,200		799
Inter-American Development Bank MTN
7.350%, 09/12/2018	IDR		20,140,000		1,647

					2,446


Thailand — 3.1%
PTT Exploration & Production
4.875%, 06/18/2019 (B) (E)			1,728		1,745
Thailand Government Bond
5.670%, 03/13/2028	THB		3,000		112
4.875%, 06/22/2029	THB		4,979		173
3.875%, 06/13/2019	THB		423,880		13,618
3.650%, 12/17/2021	THB		127,040		4,023
3.625%, 05/22/2015	THB		8,630		269
3.625%, 06/16/2023	THB		445,100		13,982
3.580%, 12/17/2027	THB		68,200		2,090
3.250%, 06/16/2017	THB		60,460		1,900
1.250%, 03/12/2028	THB		23,640		672
1.200%, 07/14/2021	THB		67,300		2,169

					40,753


Trinidad & Tobago — 0.1%
Republic of Trinidad & Tobago
4.375%, 01/16/2024 (B)			1,305		1,413


Turkey — 7.6%
Export Credit Bank of Turkey
5.875%, 04/24/2019 (B)			200		212
Finansbank
6.250%, 04/30/2019 (B)			1,342		1,396
Republic of Turkey
11.875%, 01/15/2030			900		1,514
10.700%, 02/24/2016	TRY		3,230		1,435
10.500%, 01/15/2020	TRY		10,634		4,863
10.400%, 03/27/2019	TRY		6,430		2,897
10.400%, 03/20/2024	TRY		2,250		1,026
9.500%, 01/12/2022	TRY		9,887		4,287
9.000%, 01/27/2016	TRY		10,200		4,431
9.000%, 03/08/2017	TRY		14,234		6,178
8.800%, 11/14/2018	TRY		4,935		2,107
8.800%, 09/27/2023	TRY		8,256		3,410


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

8.500%, 07/10/2019	TRY		1,770	$	742
8.500%, 09/14/2022	TRY		21,342		8,684
8.300%, 10/07/2015	TRY		5,088		2,207
8.300%, 06/20/2018	TRY		2,500		1,050
8.300%, 06/20/2018	TRY		12,721		5,343
8.000%, 02/14/2034			1,350		1,731
7.500%, 07/14/2017			2,463		2,759
7.500%, 11/07/2019			3,579		4,112
7.375%, 02/05/2025			6,070		7,208
7.250%, 03/05/2038			200		240
7.100%, 03/08/2023	TRY		16,324		6,084
7.100%, 03/08/2023	TRY		1,120		417
7.000%, 09/26/2016			378		413
7.000%, 06/05/2020			4,852		5,501
6.875%, 03/17/2036			1,360		1,559
6.750%, 04/03/2018			1,656		1,834
6.750%, 05/30/2040			375		425
6.625%, 02/17/2045			600		671
6.500%, 01/07/2015	TRY		5,864		2,553
6.300%, 02/14/2018	TRY		7,359		2,931
6.250%, 09/26/2022			1,602		1,762
6.000%, 01/14/2041			1,380		1,428
5.750%, 03/22/2024			201		213
5.625%, 03/30/2021			2,370		2,518
5.125%, 03/25/2022			573		590
4.500%, 02/11/2015	TRY		3,690		1,632
3.250%, 03/23/2023			539		485
TC Ziraat Bankasi
4.250%, 07/03/2019 (B)			1,440		1,410
Turk Telekomunikasyon
4.875%, 06/19/2024 (B)			645		620

					100,878


Ukraine — 1.2%
Government of Ukraine
9.250%, 07/24/2017			10,206		8,956
9.250%, 07/24/2017 (B)			403		354
7.950%, 02/23/2021			650		552
7.950%, 02/23/2021 (B)			250		212
7.800%, 11/28/2022 (B)			300		257
7.500%, 04/17/2023 (B)			1,049		879
6.875%, 09/23/2015			674		600
6.750%, 11/14/2017			2,881		2,449
6.580%, 11/21/2016			403		343
6.250%, 06/17/2016			637		548
Ukraine Railways Via Shortline
9.500%, 05/21/2018			200		148
Ukreximbank Via Biz Finance
8.750%, 01/22/2018			670		506

					15,804


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


United Arab Emirates — 0.1%
MAF Global Securities
7.125%, 10/29/2049 (E)		600	$	652


Uruguay — 0.5%
Republic of Uruguay
7.625%, 03/21/2036		484		642
5.100%, 06/18/2050		3,826		3,711
4.500%, 08/14/2024		829		869
Republic of Uruguay PIK
7.875%, 01/15/2033		671		899

				6,121


Venezuela — 3.7%
Petroleos de Venezuela
9.750%, 05/17/2035		1,595		1,013
9.000%, 11/17/2021		3,539		2,362
8.500%, 11/02/2017		10,309		8,118
8.500%, 11/02/2017		1,002		789
6.000%, 05/16/2024		3,657		1,890
6.000%, 05/16/2024		3,900		1,999
6.000%, 11/15/2026		1,729		899
5.500%, 04/12/2037		250		121
5.375%, 04/12/2027		390		193
5.250%, 04/12/2017		6,883		4,784
5.000%, 10/28/2015		1,300		1,115
Republic of Venezuela
13.625%, 08/15/2018		1,716		1,568
13.625%, 08/15/2018		144		127
12.750%, 08/23/2022		6,987		5,817
11.950%, 08/05/2031		1,678		1,288
11.750%, 10/21/2026		2,515		1,944
9.375%, 01/13/2034		2,561		1,690
9.250%, 09/15/2027		1,313		903
9.250%, 05/07/2028		2,445		1,608
9.000%, 05/07/2023		1,915		1,292
9.000%, 05/07/2023		20		14
8.500%, 10/08/2014		780		770
8.250%, 10/13/2024		1,252		798
7.750%, 10/13/2019		3,225		2,233
7.650%, 04/21/2025		290		178
6.000%, 12/09/2020		587		362
5.750%, 02/26/2016		6,477		5,522

				49,397


Vietnam — 0.1%
Republic of Vietnam
6.875%, 01/15/2016		360		381
6.750%, 01/29/2020		830		935

				1,316


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


Zambia — 0.4%
Republic of Zambia
8.500%, 04/14/2024			600	$	682
5.375%, 09/20/2022			2,360		2,242
Republic of Zambia Treasury Bills
19.970%, 08/24/2015 (F)	ZMW		1,755		239
19.225%, 02/09/2015 (F)	ZMW		3,440		515
17.231%, 09/21/2015 (F)	ZMW		12,000		1,614

					5,292

Total Global Bonds (Cost $1,304,145) ($ Thousands)					1,257,438


LOAN PARTICIPATIONS — 0.4%

Singapore — 0.4%
Ashmore Cayman SPC, No. 1
0.000%, 08/31/2011 (A) (C) (H)			9,161		5,177
Morton Bay
6.220%, 12/31/2013 (A) (H)			3,158		600

Total Loan Participations (Cost $12,373) ($ Thousands)					5,777


TIME DEPOSITS — 4.1%
Brown Brothers Harriman
4.500%, 10/01/2014	ZAR		2,091		185
0.060%, 10/01/2014	GBP		—		—
0.030%, 10/01/2014			55,236		55,236
0.005%, 10/01/2014	SGD		7		6
0.000%, 10/01/2014	EUR		17		22

Total Time Deposits (Cost $55,449) ($ Thousands)					55,449

Total Investments — 98.0% (Cost $1,371,967) ($ Thousands)				$	1,318,664

A list of the open futures contracts held by the Fund at September 30, 2014, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Euro-Bund		(11	)		Dec-2014	$	(20	)
Korea 10-Year Bond		(67	)		Dec-2014		(117	)
Korea 3-Year Bond		(63	)		Dec-2014		(26	)
R208 Bond		670			Nov-2014		(66	)
U.S. 10-Year Treasury Note		(68	)		Dec-2014		54
U.S. 10-Year Treasury Note		23			Dec-2014		(21	)
U.S. 2-Year Treasury Note		(8	)		Sep-2014		—
U.S. 5-Year Treasury Note		(187	)		Dec-2014		81
U.S. 5-Year Treasury Note		29			Dec-2014		—
U.S. Long Treasury Bond		103			Dec-2014		(120	)

						$	(235	)

For the year ended September 30, 2014, the total amount of all open future contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

A list of the open forward foreign currency contracts held by the Fund at September 30, 2014, is as follows:


Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
10/01/2014-12/03/2014		USD	21,034		BRL	50,224	$	(741	)
10/01/2014-12/04/2014		BRL	84,411		USD	36,002		1,921
10/01/2014-12/17/2014		MXN	364,991		USD	27,444		357
10/01/2014-12/17/2014		TRY	57,808		USD	25,891		789
10/01/2014-12/17/2014		USD	7,669		HUF	1,842,081		(180	)
10/01/2014-12/17/2014		USD	20,343		TRY	45,065		(748	)
10/01/2014-01/15/2015		USD	52,225		MXN	691,552		(899	)
10/01/2014-02/18/2015		HUF	2,882,821		USD	12,299		585
10/02/2014-12/17/2014		EUR	52,093		USD	67,559		1,742
10/02/2014-12/17/2014		USD	35,899		EUR	27,908		(643	)
10/02/2014-12/17/2014		ZAR	179,525		USD	16,471		729
10/06/2014-11/03/2014		EUR	4,441		RON	19,691		26
10/06/2014-11/03/2014		RON	36,710		EUR	8,280		(39	)
10/06/2014-11/28/2014		CLP	5,084,886		USD	8,506		21
10/06/2014-12/18/2014		USD	27,620		CLP	16,322,166		(417	)
10/08/2014-10/15/2014		USD	16,144		RUB	604,340		(892	)
10/08/2014-11/19/2014		USD	6,565		PHP	286,732		(177	)
10/08/2014-11/28/2014		PHP	487,565		USD	10,956		99
10/08/2014-12/17/2014		RUB	496,295		USD	13,515		1,009
10/10/2014		AUD	9,191		USD	8,297		259
10/10/2014		USD	2,733		AUD	3,127		1
10/10/2014-11/26/2014		USD	16,695		COP	32,859,000		(467	)
10/14/2014-11/06/2014		USD	20,313		ZAR	222,031		(736	)
10/14/2014-11/10/2014		USD	9,908		THB	318,713		(84	)
10/14/2014-12/15/2014		USD	27,269		MYR	87,479		(659	)
10/14/2014-12/17/2014		MYR	42,903		USD	13,298		260
10/14/2014-12/17/2014		THB	449,195		USD	13,884		44
10/15/2014-12/08/2014		IDR	85,281,303		USD	7,086		157
10/15/2014-12/08/2014		USD	9,108		IDR	111,601,082		(21	)
10/15/2014-12/17/2014		COP	28,072,256		USD	14,420		567
10/21/2014-12/17/2014		SGD	37,886		USD	30,245		532
10/22/2014		EUR	4,485		HUF	1,414,184		86
10/22/2014-01/21/2015		USD	13,085		INR	803,802		(248	)
10/22/2014-03/25/2015		HUF	5,844,666		EUR	18,680		(113	)
10/23/2014-11/03/2014		EUR	17,376		PLN	73,057		121
10/23/2014-01/15/2015		PLN	39,086		EUR	9,277		(60	)
10/31/2014		USD	392		GBP	242		–
10/31/2014-11/28/2014		GBP	483		USD	789		7
11/03/2014-12/17/2014		PEI	73,840		USD	25,448		182
11/03/2014-12/17/2014		USD	16,870		PEI	49,010		(104	)
11/06/2014-11/19/2014		USD	9,525		NGN	1,592,702		89
11/19/2014		NGN	178,500		USD	1,073		(4	)
11/19/2014		USD	4,596		KRW	4,753,874		(93	)


Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
11/19/2014		USD	3,377		KZT	627,060	$	41
11/19/2014-12/17/2014		KRW	10,088,780		USD	9,710		156
12/03/2014		ILS	39,959		USD	11,192		336
12/17/2014		PLN	12,285		USD	3,754		51
12/17/2014		RON	8,535		USD	2,507		75
12/17/2014		USD	10,557		PLN	34,245		(232	)
12/17/2014		USD	5,429		TWD	161,610		(111	)
12/17/2014-01/21/2015		TWD	338,702		USD	11,316		166
01/21/2015		USD	5,921		CNY	36,579		(14	)
07/10/2015-09/15/2015		USD	16,591		CNH	104,463		101

							$	2,827

A list of the counterparties for the open forward foreign currency contracts held by the Fund at September 30, 2014, is as follows:


Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation ($ Thousands)
Citigroup	$	(140,564	)	$	141,043	$	479
Goldman Sachs		(311,628	)		313,453		1,825
HSBC		(4,825	)		4,851		26
JPMorgan Chase Bank		(343,710	)		344,207		497

						$	2,827

For the year ended September 30, 2014, 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 year.

A list of the open OTC swap agreements held by the fund at September 30, 2014, is as follows:

For the year ended September 30, 2014, the total number of all open swap agreements, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

Percentages are based on a Net Assets of $1,345,731 ($ Thousands).

(1)

In U.S. dollars unless otherwise indicated.

(A)

Securities considered illiquid. The total market value of such securities as of September 30, 2014 was $21,026 ($ Thousands) and represented 1.6% of Net Assets.

(B)

(C)

Security in default on interest payments.

(D)

Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on September 30, 2014. The coupon on a step bond changes on a specified date.

(E)

Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2014.

(F)

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

(G)

Real Estate Investment Trust.

(H)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of September 30, 2014 was $6,234 ($ Thousands) and represented 0.5% of Net Assets.

BRL — Brazilian Real

BUBOR — Budapest Interbank Offered Rate

CDI — Average One-Day Interbank Deposit Rate

CLN — Credit Linked Note

CLP — Chilean Peso

CNH — Chinese Yuen (Offshore)

CNY — Chinese Renminbi

COP — Colombian Peso

DEM — German Mark

DOP — Dominican Peso

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesia Rupiah

ILS — Israeli Shekel

INR — India Rupee

JIBAR — Johannesburg Interbank Agreed Rate

KES — Kenyan Shilling

KLIBOR — Kuala Lumpur Interbank Offered Rate

KRW — Korean Won

KZT — Kazakhstani Tenge

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NGN — Nigerian Naira

OTC — Over the Counter

PEI — Peruvian Inca

PHP — Philippine Peso

PIK — Payment-in-Kind

PLN — Polish Zlotty

RON — Romanian Leu

RUB — Russian Ruble

Ser — Series

SGD — Singapore Dollar

SPC — Segregated Portfolio Company

TELBOR

— Tel Aviv Interbank Offered Rate

THB

— Thai Baht

TIIE

— Equilibrium Interbank Offered Rate

TRY — Turkish Lira

USD — U.S. Dollar

WIBOR — Warsaw Interbank Offered Rate

ZAR — South African Rand

ZMW — Zambian Kwacha

The following is a list of the level of inputs used as of September 30, 2014, in valuing the

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


Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Global Bonds		$—	$	1,256,981	$	457	$	1,257,438
Loan Participations		—		—		5,777		5,777
Time Deposits		—		55,449		—		55,449

Total Investments in Securities		$—	$	1,312,430	$	6,234	$	1,318,664


Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	135		$	—			$—	$	135
Unrealized Depreciation		(370	)		—			—		(370	)
Forwards Contracts*
Unrealized Appreciation		—			10,509			—		10,509
Unrealized Depreciation		—			(7,682	)		—		(7,682	)
OTC Swaps
Interest Rate Swaps*
Unrealized Appreciation		—			487			—		487
Unrealized Depreciation		—			(1,964	)		—		(1,964	)

Total Other Financial Instruments	$	(235	)	$	1,350			$—	$	1,115

(1)

Of the $6,234 ($ Thousands) in Level 3 securities as of September 30, 2014, $6,234 ($ Thousands) or 0.5% are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs are required for those Level 3 securities that are not valued by third party pricing vendors or broker quotes.

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

For the year ended September 30, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2014, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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

1. ORGANIZATION

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

The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with four funds: International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (together the “Funds”) each of which are diversified Funds with the exception of the International Fixed Income Fund and the Emerging Markets Debt Fund. The Trust’s prospectuses provide a description of each Fund’s investment goal, principal strategies and risks. The Trust is registered to offer Class A and Class Y shares of each of the Funds and Class I shares of the International Equity Fund. As of September 30, 2014, the Class Y shares had not yet commenced operations.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. SEI Investments Management Corporation (“SIMC”) or a sub-adviser, as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC or a sub-adviser, as applicable, continuously

monitors the reliability of prices obtained from any pricing service and will notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify the Trust’s Fair Value Committee if it receives such notification from SIMC or a sub-adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are determined to be unreliable or can not be valued using methodologies described above are valued in accordance with Fair Value Procedures established by the Trust’s Board of Trustees (the “Board”). The Trust’s Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. The Committee is currently composed of two members of the Board of Trustees, as well as representatives from SIMC and its affiliates. The Committee provides regular reports to the Board concerning investments for which market prices are not readily available or may be unreliable. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider are: (i) the facts giving rise to the need to fair value; (ii) the last trade price; (iii) the performance of the market or the issuer’s industry; (iv) the liquidity of the security; (v) the size of the holding in a Fund; or (vi) any other appropriate information. The determination of a security’s fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the adviser or sub-adviser of a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the

security or securities principally trade, but before the time at which the Fund calculates net asset value, it may request that a Committee meeting be called. In addition, the Fund’s administrator monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the administrator, the administrator notifies the adviser or sub-adviser for any Fund holding the relevant securities that such limits have been exceeded. In such event, the adviser or sub-adviser makes the determination whether a Committee Meeting should be called based on the information provided.

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

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

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

Level 1 — quoted prices in active markets for identical investments

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

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

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

The valuation techniques used by the Funds to measure fair value during the year ended September 30, 2014 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended September 30, 2014, there have been no significant changes to the inputs or the Trust’s fair valuation methodologies.

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

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

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

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

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

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

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

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

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

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

Forward Foreign Currency Contracts — To the extent consistent with its investment objective and strategies, a Fund may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions, speculative purposes or anticipated fund positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year are recognized as ordinary income or loss for federal income tax purposes. The Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open forward foreign currency contracts as of September 30, 2014, if applicable.

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

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the

futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of September 30, 2014, if applicable.

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

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

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open option/swaption contracts as of September 30, 2014, if applicable.

Swap Agreements — To the extent consistent with its investment objective and strategies, a Fund may invest in swap contracts as an efficient means to take and manage risk in the portfolio, including interest rate risk, credit risk and overall yield sensitivity. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of

securities representing a particular index. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“Centrally Cleared swaps”). Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit default swaps involve the periodic payment by a Fund or counterparty of interest based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the outstanding principal of the downgraded debt instrument. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR (London Interbank Offered Rate) or some other form of index on the notional amount. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal to manage a Fund’s exposure to interest rates. Payments received or made are recorded as realized gains or losses. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. In connection with swap agreements, securities/cash may be set aside as collateral by the Fund’s custodian. A Fund may enter into swap agreements in order to, among other things, change the maturity or duration of the investment portfolio; protect a Fund’s value from changes in interest rates; or expose a Fund to a different security or market.

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of Centrally Cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Schedule of Investments or the Statement of Assets and Liabilities.

Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.

Counterparty risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. Refer to each Fund’s Schedule of Investments for details regarding open swap contracts as of September 30, 2014, if applicable.

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

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

Certain debt obligations, customarily referred to as “Brady Bonds,” are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt

The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the year. For Funds that held derivatives throughout the year with only one type of risk exposure, additional information can be found on the Schedules of Investments and the Statements of Operations. The fair value of derivative instruments as of September 30, 2014 was as follows:

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2014.

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

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

A Fund is subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of

collateral. Securities and cash pledged as collateral are reflected as assets in the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability in the Statement of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Customer Account Agreements and related addendums govern exchange traded derivatives transactions such as futures, options on futures, and centrally cleared swaps. Exchange traded derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (CFTC), or the applicable regulator. In the US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

The following is a summary of the market value and variation margin of exchange-traded or centrally cleared financial derivative instruments of the Funds as of September 30, 2014 ($ Thousands):

The following is a summary by derivative type of the market value of OTC financial derivative instruments and collateral (received)/pledged as of September 30, 2014 ($ Thousands):

The following is a summary of annual fees payable to the Adviser, Administrator and/or Distributor and the voluntary expense limitations for each Fund prior to October 1, 2014:

Effective October 1, 2014, the annual fees payable to the Adviser, Administrator and Distributor and the voluntary expense limitation for each Fund will be as follows:

The following is summary of the transactions with affiliates for the year ended September 30, 2014 ($ Thousands):

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

The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The Administrator or the Distributor pays compensation of Officers and affiliated Trustees.

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

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. For the year ended September 30, 2014, the Trust had not participated in the Program.

5. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments and futures, during the year ended September 30, 2014, were as follows:


	Purchases ($ Thousands)		Sales and Maturities ($ Thousands)
International Equity Fund
US Government	$	—	$	—
Other		1,741,546		1,479,380
Emerging Markets Equity Fund
US Government	$	—	$	—
Other		1,501,910		1,013,110


	Purchases ($ Thousands)		Sales and Maturities ($ Thousands)
International Fixed Income Fund
US Government		9,912		12,943
Other		502,593		466,625
Emerging Markets Debt Fund
US Government		—		—
Other		1,233,883		1,050,274

6. FEDERAL TAX INFORMATION:

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

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

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

Accordingly, the following permanent differences, primarily attributable to different treatment for gains and losses on paydowns of mortgage and asset-backed securities for tax purposes, investments in swaps, investments in passive foreign investment companies, investments in partnerships, distribution reclassification, REIT income reclassification and foreign currency transactions have been reclassified to/from the following accounts as of September 30, 2014:


	Paid-in- Capital ($ Thousands)		Undistributed Net Investment Income/(Loss) ($ Thousands)			Accumulated Realized Gain/(Loss) ($ Thousands)
International Equity Fund	$	—	$	2,382		$	(2,382	)
Emerging Markets Equity Fund		—		4,051			(4,051	)
International Fixed Income Fund		—		6,550			(6,550	)
Emerging Markets Debt Fund		—		(32,321	)		32,321

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


		Ordinary Income ($ Thousands)		Long-Term Capital Gain ($ Thousands)		Return of Capital ($ Thousands)		Totals ($ Thousands)
International Equity Fund	2014	$	31,622	$	—	$	—	$	31,622
	2013		29,962		—		—		29,962
Emerging Markets Equity Fund	2014		7,645		—		—		7,645
	2013		4,998		—		—		4,998
International Fixed Income Fund	2014		2,598		—		—		2,598
	2013		17,902		—		4,024		21,926
Emerging Markets Debt Fund	2014		33,867		10,668		—		44,535
	2013		79,157		37,242		—		116,399

As of September 30, 2014, the components of Distributable Earnings/(Accumulated Losses) were as follows:


	Undistributed Ordinary Income ($ Thousands)		Undistributed Long Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)
International Equity Fund	$	52,572	$	—	$	(785,728	)
Emerging Markets Equity Fund		18,637		—		(17,532	)
International Fixed Income Fund		31,012		—		(280	)
Emerging Markets Debt Fund		—		32		—


	Unrealized Appreciation ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Accumulated Gains (Losses) ($ Thousands)
International Equity Fund	$	120,900		$	1,124		$	(611,132	)
Emerging Markets Equity Fund		(3,152	)		(2	)		(2,049	)
International Fixed Income Fund		3,970			(17,994	)		16,708
Emerging Markets Debt Fund		(58,918	)		(11,829	)		(70,715	)

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


	Expires 2017 ($ Thousands)		Expires 2018 ($ Thousands)		Total Capital Loss Carryforward 09/30/14 ($ Thousands)
International Equity Fund	$	95,371	$	690,357	$	785,728
Emerging Markets Equity Fund		—		17,532		17,532
International Fixed Income Fund		—		280		280

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

During the year ended September 30, 2014, the following Funds utilized capital loss carryforwards to offset capital gains:


	Amount utilized ($ Thousands)
International Equity Fund	$	181,227
Emerging Markets Equity Fund		65,351
International Fixed Income Fund		10,258

For Federal income tax purposes, the cost of securities owned at September 30, 2014, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in partnerships, passive foreign investment companies and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments, excluding options purchased, held by the Funds at September 30, 2014, was as follows:


	Federal Tax Cost ($ Thousands)		Aggregate Gross Unrealized Appreciation ($ Thousands)		Aggregate Gross Unrealized Depreciation ($ Thousands)			Net Unrealized Appreciation ($ Thousands)
International Equity Fund	$	2,615,088	$	277,325	$	(155,002	)	$	122,323
Emerging Markets Equity Fund		2,132,429		175,921		(176,994	)		(1,073	)
International Fixed Income Fund		522,132		10,762		(19,022	)		(8,260	)
Emerging Markets Debt Fund		1,378,406		26,298		(86,040	)		(59,742	)

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of September 30, 2014, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

7. CONCENTRATION/RISKS

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

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

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

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

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

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

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

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

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

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

8. SECURITIES LENDING

A Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust’s Board of Trustees. These

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

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

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

The following is a summary of securities lending agreements held by certain Funds which would be subject to offset as of September 30, 2014 ($ Thousands):


Fund	Securities Loaned at Value		Cash Collateral Received⁽¹⁾		Net Amount
International Equity Fund	$	49,273	$	49,273	$	—
Emerging Markets Equity Fund		167,813		167,813		—

(1)

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

9. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosure and/or adjustments were required to the financial statements as of

November 26, 2014 except for the disclosure included in Note 4 relating to a change in Fund expenses effective October 1, 2014.

We have audited the accompanying statements of assets and liabilities of SEI Institutional International Trust comprised of the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (collectively, the “Funds”), including the schedules of investments, as of September 30, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2014, by correspondence with the custodian and brokers, or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the funds comprising SEI Institutional International Trust as of September 30, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

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

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

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

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

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

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

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

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

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

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

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

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

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

At the December 10-11, 2013, March 25-26, 2014, June 24-25, 2014 and September 15-16, 2014 meetings of the Board of Trustees, the Trustees, including a majority of the Independent Trustees, approved the Advisory Agreement and approved the selection of SIMC and certain Sub-Advisers to act in their respective capacities for the Funds. The Board’s approval was based on its consideration and evaluation of a variety of specific factors discussed at the meetings and at prior meetings, including but not necessarily limited to:

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

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

Fund Expenses. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratio in comparison to those of the Funds’ respective peer groups. The Trustees further considered the fact that the comparative fee analysis either showed that the various fees were below average or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC’s voluntary waiver of management and other fees to prevent total Fund expenses from exceeding a specified cap and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for its distribution channels. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements.

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

Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. The Trustees found that profitability was reasonable. When considering the profitability of the Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of SIMC and the Sub-Advisers is reasonable and supported renewal of the Investment Advisory Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale and whether those were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board was unable to conclude that economies of scale, if any, were not appropriately shared with the Funds.

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

For shareholders who do not have a September 30, 2014, taxable year end, this notice is for informational purposes only. For shareholders with

a September 30, 2014, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended September 30, 2014, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2014, the amount of foreign source income and foreign tax credit are as follows:

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

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

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

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Officers

Robert A. Nesher

President and Chief Executive Officer

Peter A. Rodriguez

Controller and Chief Financial Officer

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

Aaron Buser

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Edward McCusker

Anti-Money Laundering Compliance Officer

Privacy Officer

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

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

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

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2014 and 2013 as follows:

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

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

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $50,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.

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

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

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

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

(g)(1) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2014 and 2013 were $240,350 and $237,000, respectively. Non-audit fees consist of SSAE No.16 review of fund accounting and administration operations, attestation report in accordance with Rule 17Ad-13, agreed upon procedures report over certain internal controls related to compliance with federal securities laws and regulations.

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

The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund, and Emerging Markets Debt Fund are included as part of the report to shareholders filed under Item 1 of this form.

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

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules

13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting.

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

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

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

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



Letter to Shareholders			1

Management’s Discussion and Analysis of Fund Performance			3

Schedules of Investments			8

Statements of Assets and Liabilities			55

Statements of Operations			56

Statements of Changes in Net Assets			57

Financial Highlights			59

Notes to Financial Statements			60

Report of Independent Registered Public Accounting Firm			71

Trustees and Officers of the Trust			72

Disclosure of Fund Expenses			75

Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements			76

Notice to Shareholders			79


SEI Institutional International Trust / Annual Report / September 30, 2014			1


Credit Default Swaps
Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pays)/ Receives Rate	Termination Date		Notional Amount ($ Thousands)		Net Unrealized Depreciation ($ Thousands)
Citibank	Government of UK 4.25% STK 07/06/2032 GBP 100	BUY	(1.00)		09/20/2019	$	4,200	$	(13	)
Deutsche Bank	Government of UK 4.25% STK 07/06/2032 GBP 100	BUY	(1.00)		09/20/2019		174		—
JPMorgan Chase Bank	Government of UK 4.25% STK 07/06/2032 GBP 100	BUY	(1.00)		09/20/2019		450		—
JPMorgan Chase Bank	Government of UK 4.25% STK 07/06/2032 GBP 100	BUY	(1.00)		09/20/2019		230		(1	)
JPMorgan Chase Bank	Government of UK 4.25% STK 07/06/2032 GBP 100	BUY	(1.00)		09/20/2019		66		—

								$	(14	)


Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date	Currency		Notional Amount (Thousands)		Net Unrealized Depreciation ($ Thousands)
Citigroup	3.79%	6-Month GBP - LIBOR	05/19/2019		GBP		2,500	$	(392	)
Citibank	2.83%	3 MonthUSD - LIBOR	08/08/2023		USD		6,000		(166	)
Citibank	EU CPI Overall Excluding Tobacco	1.22%	04/03/2019		EUR		2,450		(18	)

								$	(576	)


	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
ASSETS:
Investments, at value (Cost $2,443,413, $1,910,737, $522,116 and $1,371,967, respectively)⁽¹⁾	$	2,584,106		$	1,939,174		$	513,872		$	1,318,664
Affiliated investments, at value (Cost $153,305, $192,182, $0 and $0, respectively)		153,305			192,182			—			—
Cash		895			266			—			1,200
Foreign currency, at value (Cost $0, $6,631, $0 and $2,140, respectively)		—			6,486			—			2,067
Cash pledged as collateral for futures contracts		—			—			917			931
Receivable for investment securities sold		7,592			4,474			8,421			19,106
Unrealized gain on forward foreign currency contracts		—			—			15,621			10,882
Receivable for fund shares sold		2,764			40,441			305			2,055
Dividends and interest receivable		5,301			2,621			4,655			19,483
Variation margin receivable		560			—			70			18
Foreign tax reclaim receivable		2,181			38			—			—
Unrealized gain on foreign spot currency contracts		6			2			2			—
Total Assets		2,756,710			2,185,684			543,863			1,374,406
LIABILITIES:
Payable for investment securities purchased		11,141			46,058			6,973			15,838
Payable upon return of securities loaned		51,798			173,971			—			—
Payable to custodian		—			—			9			—
Foreign currency payable, at value (Cost $1,109, $0, $681 and $0, respectively)		1,110			—			684			—
Unrealized loss on forward foreign currency contracts		—			—			614			8,055
Swap contracts, at value (Premiums received $0, $0, $189 and $0, respectively)		—			—			779			1,477
Payable for fund shares redeemed		1,486			2,078			10,469			1,516
Variation margin payable		359			—			65			105
Unrealized loss on foreign spot currency contracts		12			3			23			1
Investment advisory fees payable		1,145			1,610			131			476
Administration fees payable		1,019			1,080			263			731
Shareholder servicing fees payable		569			415			5			281
Trustees’ fees		2			2			—			1
Chief compliance officer fees payable		3			2			1			2
Administration servicing fees payable		4			—			—			—
Other accrued expenses		233			364			63			192
Accrued foreign capital gains tax on appreciated securities		5			2,023			—			—
Total Liabilities		68,886			227,606			20,079			28,675
Net Assets	$	2,687,824		$	1,958,078		$	523,784		$	1,345,731
NET ASSETS:
Paid in Capital (unlimited authorization — no par value)	$	3,298,956		$	1,960,127		$	507,076		$	1,416,446
Undistributed (distributions in excess of) net investment income		46,723			10,174			13,152			(11,629	)
Accumulated net realized loss on investments, futures contracts, option contracts, foreign currency contracts and swap contracts		(797,125	)		(38,581	)		(332	)		(6,386	)
Net unrealized appreciation (depreciation) on investments and option contracts		140,693			28,437			(8,244	)		(53,303	)
Net unrealized appreciation (depreciation) on futures contracts		(1,225	)		—			63			(235	)
Net unrealized deprecation on swap contracts		—			—			(1,808	)		(1,477	)
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(193	)		(56	)		13,877			2,315
Accumulated foreign capital gains tax on appreciated securities		(5	)		(2,023	)		—			—
Net Assets	$	2,687,824		$	1,958,078		$	523,784		$	1,345,731
Net Asset Value, Offering and Redemption Price Per Share — Class ($2,682,481,552 ÷ 269,874,615 shares, $1,958,077,901 ÷ 181,934,554 shares, $523,784,060 ÷ 47,685,097 shares, $1,345,730,855 ÷ 131,881,883 shares, respectively.)		$9.94			$10.76			$10.98			$10.20
Net Asset Value, Offering and Redemption Price Per Share — Class I ($5,342,205 ÷ 538,314 shares)		$9.92			N/A			N/A			N/A


	International Equity Fund						Emerging Markets Equity Fund
	2014			2013			2014			2013
Operations:
Net Investment Income	$	46,469		$	30,536		$	10,252		$	5,287
Net Realized Gain from Investments and Futures Contracts		187,799			81,432			70,904			9,079
Net Realized Loss on Forward Foreign Currency Contracts and Foreign Currency Transactions		(1,027	)		(2,172	)		(688	)		(1,531	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts		(152,633	)		273,430			(35,842	)		28,776
Net Change in Unrealized Appreciation (Depreciation) on Foreign Capital Tax Gains on Appreciated Securities		(5	)		—			(1,875	)		147
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(317	)		441			(72	)		(30	)
Net Increase in Net Assets Resulting from Operations		80,286			383,667			42,679			41,728
Dividends From:
Net Investment Income:
Class A		(31,558	)		(29,890	)		(7,645	)		(4,998	)
Class I		(64	)		(72	)		N/A			N/A
Total Dividends		(31,622	)		(29,962	)		(7,645	)		(4,998	)
Capital Share Transactions:
Class A:
Proceeds from Shares Issued		655,997			563,306			848,194			724,981
Reinvestment of Dividends & Distributions		28,743			27,440			7,072			4,533
Cost of Shares Redeemed		(400,975	)		(436,142	)		(345,905	)		(252,291	)
Increase in Net Assets Derived from Class A Transactions		283,765			154,604			509,361			477,223
Class I:
Proceeds from Shares Issued		1,352			1,323			N/A			N/A
Reinvestment of Dividends & Distributions		45			47			N/A			N/A
Cost of Shares Redeemed		(2,156	)		(1,647	)		N/A			N/A
Decrease in Net Assets Derived from Class I Transactions		(759	)		(277	)		N/A			N/A
Increase in Net Assets Derived from Capital Share Transactions		283,006			154,327			509,361			477,223
Net Increase in Net Assets		331,670			508,032			544,395			513,953
Net Assets:
Beginning of Year		2,356,154			1,848,122			1,413,683			899,730
End of Year	$	2,687,824		$	2,356,154		$	1,958,078		$	1,413,683
Undistributed Net Investment Income Included in Net Assets at End of Year	$	46,723		$	29,494		$	10,174		$	3,516
Share Transactions:
Class A:
Shares Issued		64,705			63,540			78,929			70,166
Reinvestment of Distributions		2,851			3,244			667			426
Shares Redeemed		(39,602	)		(49,907	)		(31,919	)		(24,132	)
Total Class A Transactions		27,954			16,877			47,677			46,460
Class I:
Shares Issued		133			148			N/A			N/A
Reinvestment of Distributions		4			6			N/A			N/A
Shares Redeemed		(212	)		(185	)		N/A			N/A
Total Class I Transactions		(75	)		(31	)		N/A			N/A
Net Increase in Shares Outstanding from Share Transactions		27,879			16,846			47,677			46,460


	International Fixed Income Fund						Emerging Markets Debt Fund
	2014			2013			2014			2013
Operations:
Net Investment Income	$	6,478		$	6,789		$	59,833		$	50,806
Net Realized Gain (Loss) from Investments, Futures Contracts, Option Contracts and Swap Contracts		9,260			6,287			(3,051	)		11,840
Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions		7,088			17,142			(31,240	)		2,913
Net Change in Unrealized Depreciation on Investments, Futures Contracts, Option Contracts and Swap Contracts		(15,160	)		(21,948	)		(6,315	)		(124,707	)
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		21,099			(4,510	)		4,303			(4,978	)
Net Increase (Decrease) in Net Assets Resulting from Operations		28,765			3,760			23,530			(64,126	)
Dividends and Distributions from:
Net Investment Income:
Class A		(2,598	)		(17,902	)		(37,069	)		(70,620	)
Net Realized Gains:
Class A		—			—			(7,466	)		(45,779	)
Return of Capital:
Class A		—			(4,024	)		—			—
Total Dividends and Distributions		(2,598	)		(21,926	)		(44,535	)		(116,399	)
Capital Share Transactions:
Class A:
Proceeds from Shares Issued		132,549			119,934			460,776			470,901
Reinvestment of Dividends & Distributions		2,293			19,825			39,056			101,418
Cost of Shares Redeemed		(110,607	)		(140,004	)		(315,392	)		(374,600	)
Increase (Decrease) in Net Assets Derived from Capital Share Transactions		24,235			(245	)		184,440			197,719
Net Increase (Decrease) in Net Assets		50,402			(18,411	)		163,435			17,194
Net Assets:
Beginning of Year		473,382			491,793			1,182,296			1,165,102
End of Year	$	523,784		$	473,382		$	1,345,731		$	1,182,296
Undistributed (Distributions in excess of) Net Investment Income Included in Net Assets at End of Year	$	13,152		$	2,722		$	(11,629	)	$	(2,072	)
Share Transactions:
Class A:
Shares Issued		12,407			11,333			44,744			41,939
Reinvestment of Distributions		220			1,897			3,784			8,776
Shares Redeemed		(10,379	)		(13,265	)		(30,598	)		(33,284	)
Total Class A Transactions		2,248			(35	)		17,930			17,431


	Net Asset Value, Beginning of Year		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gains (Losses) on Securities⁽¹⁾			Total from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Total Dividends and Distributions and Return of Capital			Net Asset Value, End of Year		Total Return†			Net Assets End of Year (Thousands)		Ratio of Expenses to Average Net Assets*			Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)**			Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)**			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
International Equity Fund
Class A
2014	$	9.71	$	0.18	$	0.18		$	0.36		$	(0.13	)	$	—		$	(0.13	)	$	9.94		3.66	%	$	2,682,482		1.24	%⁽²⁾		1.24	%⁽²⁾		1.24	%⁽²⁾		1.78	%		60	%
2013		8.19		0.13		1.53			1.66			(0.14	)		—			(0.14	)		9.71		20.47			2,350,201		1.25	⁽²⁾		1.25	⁽²⁾		1.25	⁽²⁾		1.50			47
2012		7.29		0.14		0.92			1.06			(0.16	)		—			(0.16	)		8.19		14.76			1,842,851		1.26	⁽²⁾		1.26	⁽²⁾		1.26	⁽²⁾		1.75			56
2011		8.34		0.16		(1.08	)		(0.92	)		(0.13	)		—			(0.13	)		7.29		(11.34	)		1,566,893		1.27	⁽²⁾		1.27	⁽²⁾		1.27	⁽²⁾		1.88			98
2010		7.88		0.10		0.36			0.46			—			—			—			8.34		5.84			1,898,206		1.27	⁽²⁾		1.27	⁽²⁾		1.28	⁽¹⁰⁾		1.26			144
Class I
2014	$	9.70	$	0.15	$	0.17		$	0.32		$	(0.10	)	$	—		$	(0.10	)	$	9.92		3.33	%	$	5,342		1.49	%⁽²⁾		1.49	%⁽²⁾		1.49	%⁽²⁾		1.48	%		60	%
2013		8.18		0.11		1.52			1.63			(0.11	)		—			(0.11	)		9.70		20.19			5,953		1.50	⁽²⁾		1.50	⁽²⁾		1.50	⁽²⁾		1.21			47
2012		7.28		0.12		0.91			1.03			(0.13	)		—			(0.13	)		8.18		14.37			5,271		1.51	⁽²⁾		1.51	⁽²⁾		1.51	⁽²⁾		1.48			56
2011		8.32		0.13		(1.06	)		(0.93	)		(0.11	)		—			(0.11	)		7.28		(11.44	)		5,265		1.52	⁽²⁾		1.52	⁽²⁾		1.52	⁽²⁾		1.54			98
2010		7.89		0.08		0.35			0.43			—			—			—			8.32		5.45			8,455		1.52	⁽²⁾		1.52	⁽²⁾		1.53	⁽¹⁰⁾		1.00			144
Emerging Markets Equity Fund
Class A
2014	$	10.53	$	0.06	$	0.22		$	0.28		$	(0.05	)	$	—		$	(0.05	)	$	10.76		2.68	%	$	1,958,078		1.96	%⁽³⁾		1.96	%⁽³⁾		2.02	%⁽¹¹⁾		0.58	%		59	%
2013		10.25		0.06		0.28			0.34			(0.06	)		—			(0.06	)		10.53		3.29			1,413,683		1.96	⁽³⁾		1.96	⁽³⁾		2.04	⁽¹¹⁾		0.52			78
2012		9.00		0.05		1.23			1.28			(0.03	)		—			(0.03	)		10.25		14.21			899,730		1.97	⁽³⁾		1.97	⁽³⁾		2.07	⁽¹¹⁾		0.49			93
2011		11.40		0.05		(2.35	)		(2.30	)		(0.10	)		—			(0.10	)		9.00		(20.38	)		695,498		1.96	⁽³⁾		1.96	⁽³⁾		2.09	⁽¹¹⁾		0.44			98
2010		9.64		0.04		1.78			1.82			(0.06	)		—			(0.06	)		11.40		18.93			935,583		1.96	⁽³⁾		1.96	⁽³⁾		2.09	⁽¹¹⁾		0.38			81
International Fixed Income Fund
Class A
2014	$	10.42	$	0.14	$	0.48		$	0.62		$	(0.06	)	$	—		$	(0.06	)	$	10.98		5.96	%	$	523,784		1.02	%⁽⁴⁾		1.02	%⁽⁴⁾		1.20	%⁽¹²⁾		1.32	%		104	%
2013		10.82		0.14		(0.06	)		0.08			(0.48	)⁽⁹⁾		—			(0.48	)		10.42		0.77			473,382		1.02	⁽⁴⁾		1.02	⁽⁴⁾		1.20	⁽¹²⁾		1.37			86
2012		10.44		0.17		0.48			0.65			(0.27	)		—			(0.27	)		10.82		6.34			491,793		1.02	⁽⁴⁾		1.02	⁽⁴⁾		1.21	⁽¹²⁾		1.60			103
2011		10.92		0.25		(0.22	)		0.03			(0.51	)⁽⁸⁾		—			(0.51	)		10.44		0.41			488,929		1.02	⁽⁴⁾		1.02	⁽⁴⁾		1.21	⁽¹²⁾		2.40			119
2010		10.21		0.24		0.57			0.81			(0.10	)⁽⁷⁾		—			(0.10	)		10.92		7.97			505,081		1.07	⁽⁶⁾		1.07	⁽⁶⁾		1.21	⁽¹²⁾		2.33			135
Emerging Markets Debt Fund
Class A
2014	$	10.38	$	0.49	$	(0.29	)	$	0.20		$	(0.31	)	$	(0.07	)	$	(0.38	)	$	10.20		1.90	%	$	1,345,731		1.36	%⁽⁵⁾		1.36	%⁽⁵⁾		1.80	%⁽¹³⁾		4.73	%		92	%
2013		12.07		0.47		(1.02	)		(0.55	)		(0.68	)		(0.46	)		(1.14	)		10.38		(5.19	)		1,182,296		1.36	⁽⁵⁾		1.36	⁽⁵⁾		1.81	⁽¹³⁾		4.20			90
2012		10.81		0.55		1.36			1.91			(0.63	)		(0.02	)		(0.65	)		12.07		18.48			1,165,102		1.36	⁽⁵⁾		1.36	⁽⁵⁾		1.80	⁽¹³⁾		4.85			102
2011		11.19		0.63		(0.70	)		(0.07	)		(0.31	)		—			(0.31	)		10.81		(0.71	)		876,396		1.36	⁽⁵⁾		1.36	⁽⁵⁾		1.80	⁽¹³⁾		5.58			59
2010		10.24		0.67		1.14			1.81			(0.86	)		—			(0.86	)		11.19		18.78			931,865		1.36	⁽⁵⁾		1.36	⁽⁵⁾		1.79	⁽¹³⁾		6.41			70


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


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

International Fixed Income Fund
Interest rate contracts	$	—		$	303		$	—		$	1,099		$	1,402
Foreign exchange contracts		—			—			11,033			—			11,033
Credit contracts		—			—			—			(26	)		(26	)
Equity contracts		—			—			—			51			51
Total	$	—		$	303		$	11,033		$	1,124		$	12,460

Emerging Markets Debt Fund
Interest rate contracts	$	—		$	(583	)	$	—		$	1,453		$	870
Foreign exchange contracts		(365	)		—			(2,207	)		—			(2,572	)
Equity contracts		—			—			—			(5,417	)		(5,417	)
Total	$	(365	)	$	(583	)	$	(2,207	)	$	(3,964	)	$	(7,119	)


	Financial Derivative Assets						Financial Derivative Liabilities
	Variation Margin Asset						Variation Margin Liability
Fund	Futures		Swap Agreements		Total		Futures		Swap Agreements		Total
International Equity Fund	$	560	$	—	$	560	$	359	$	—	$	359
International Fixed Income Fund		70		—		70		29		36		65
Emerging Markets Debt Fund		18		—		18		105		—		105
Total Exchange-Traded or Centrally Cleared	$	648	$	—	$	648	$	493	$	36	$	529


	Advisory Fee			Administration Fee			Shareholder Servicing Fee			Administrative Servicing Fee			Voluntary Expense Limitations
International Equity Fund
Class A		0.505	%		0.45	%		0.25	%		—			1.25	%
Class I		0.505	%		0.45	%		0.25	%		0.25	%		1.50	%
Emerging Markets Equity Fund
Class A		1.05	%		0.65	%		0.25	%		—			1.96	%
International Fixed Income Fund
Class A		0.30	%		0.60	%		0.25	%		—			1.02	%
Emerging Markets Debt Fund
Class A		0.85	%		0.65	%		0.25	%		—			1.36	%


SEI Liquidity Fund, L.P.	Purchases at Cost		Proceeds from Sales			Value 9/30/2014		Dividend Income
International Equity Fund	$	1,000,751	$	(1,045,686	)	$	51,798	$	1,625
Emerging Markets Equity Fund		555,222		(459,158	)		173,971		1,458
Emerging Markets Debt Fund		59,981		(64,905	)		—		33

SEI Daily Income Trust, Prime Obligation
International Equity Fund	$	279,982	$	(251,116	)	$	101,507	$	8
Emerging Markets Equity Fund		368,987		(358,597	)		18,211		2


Name, Age and Address	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
INTERESTED DIRECTORS
Robert A. Nesher One Freedom Valley Drive, Oaks, PA 19456 68 yrs. old	Chairman of the Board of Trustees*	since 1982	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	99	Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The KP Funds, Bishop Street Funds, Director of SEI Global Master Fund, plc, SEI Global Assets Fund, plc, SEI Global Investments Fund, plc, SEI Investments Global, Limited, SEI Investments — Global Fund Services, Limited, SEI Investments (Europe), Limited, SEI Global Nominee Ltd., and SEI Structured Credit Fund, L.P.
William M. Doran One Freedom Valley Drive Oaks, PA 19456 74 yrs. old	Trustee*	since 1982	Self-employed Consultant since 2003. Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003, counsel to the Trust, SEI, SIMC, the Administrator and the Distributor. Secretary of SEI since 1978.	99	Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The Advisors’ Inner Circle III, The KP Funds, O’Connor EQUUS, Bishop Street Funds, Director of SEI since 1974. Director of the Distributor since 2003. Director of SEI Investments — Global Fund Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Global Nominee, Ltd, SEI Investments (Asia), Limited, and SEI Asset Korea Co., Ltd.
TRUSTEES
George J. Sullivan Jr. One Freedom Valley Drive, Oaks, PA 19456 71 yrs. old	Trustee	since 1996	Retired since January 2012. Self-employed Consultant, Newfound Consultants, Inc. since April 1997-December 2011.	99	Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The KP Funds, Bishop Street Funds, State Street Navigator Securities Lending Trust, Director of SEI Structured Credit Fund L.P. and member of the independent review committee for SEI’s Canadian-registered mutual funds.


	Beginning Account Value 4/1/14		Ending Account Value 9/30/14		Annualized Expense Ratios			Expenses Paid During Period*
International Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	972.60		1.24	%	$	6.12
Class I	$	1,000.00		970.60		1.49			7.35
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.86		1.24	%	$	6.27
Class I	$	1,000.00		1,017.61		1.49			7.53
Emerging Markets Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,018.90		1.96	%	$	9.93
Hypothetical 5% Return
Class A	$	1,000.00	$	1,015.23		1.96	%	$	9.92


	Beginning Account Value 4/1/14		Ending Account Value 9/30/14		Annualized Expense Ratios			Expenses Paid During Period*
International Fixed Income Fund
Actual Fund Return
Class A	$	1,000.00	$	1,034.90		1.02	%	$	5.22
Hypothetical 5% Return
Class A	$	1,000.00	$	1,019.94		1.02	%	$	5.18
Emerging Markets Debt Fund
Actual Fund Return
Class A	$	1,000.00	$	1,005.20		1.36	%	$	6.86
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.23		1.36	%	$	6.90


	(A) Return of Capital	(B) Long Term Capital Gains Distributions (Tax Basis)			(C) Ordinary Income Distributions (Tax Basis)			(D) Total Distributions (Tax Basis)			(E) Dividends Qualifying for Corporate Dividends Rec. Deduction (1)			(F) Qualifying Dividend Income (15% Tax Rate for QDI) (2)			(G) U.S. Government Interest (3)			(H) Interest Related Dividends (4)			(I) Short-Term Capital Gain Dividends (5)
International Equity Fund	0.00%		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		100.00	%		0.00	%
Emerging Markets Equity Fund	0.00%		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%
International Fixed Income Fund	0.00%		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		1.03	%		5.96	%		0.00	%
Emerging Markets Debt Fund	0.00%		16.76	%		83.24	%		100.00	%		0.00	%		0.00	%		0.00	%		0.02	%		100.00	%


Fund	Foreign Source Income		Foreign Tax Credit Pass Through
International Equity	$	50,924,810	$	2,913,421
Emerging Markets Equity		19,202,844		4,046,184


		Fiscal 2014						Fiscal 2013
		All fees and services to the Registrant that were pre- approved		All fees and services to service affiliates that were pre- approved		All other fees and services to service affiliates that did not require pre- approval		All fees and services to the Registrant that were pre- approved		All fees and services to service affiliates that were pre- approved		All other fees and services to service affiliates that did not require pre- approval
(a)	Audit Fees(1)	$	200,500	$	0		N/A	$	213,500	$	0		N/A
(b)	Audit-Related Fees	$	0	$	0	$	0	$	0	$	0	$	0
(c)	Tax Fees(3)	$	0	$	0	$	0	$	0	$	28,000	$	0
(d)	All Other Fees(2)	$	240,350	$	0	$	0	$	0	$	237,000	$	0


	Fiscal 2014			Fiscal 2013
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		0	%
All Other Fees		0	%		0	%