UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM N-CSR
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CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBER 811-5601
SEI INSTITUTIONAL INTERNATIONAL TRUST
(Exact name of registrant as specified in charter)
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c/o CT Corporation
101 Federal Street
Boston, MA 02110
(Address of principal executive offices) (Zip code)
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Name and address of agent for service)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 1-800-342-5734
DATE OF FISCAL YEAR END: SEPTEMBER 30, 2008
DATE OF REPORTING PERIOD: SEPTEMBER 30, 2008
ITEM 1. REPORTS TO STOCKHOLDERS.
(SEI LOGO) New ways.
New answers.(R)
SEI Institutional International Trust
Annual Report as of September 30, 2008
International Equity Fund
Emerging Markets Equity Fund
International Fixed Income Fund
Emerging Markets Debt Fund
TABLE OF CONTENTS
Management's Discussion and Analysis of Fund Performance 1
Schedules of Investments 9
Statements of Assets and Liabilities 59
Statements of Operations 60
Statements of Changes in Net Assets 61
Financial Highlights 63
Notes to Financial Statements 64
Report of Independent Registered Public Accounting Firm 73
Trustees and Officers of the Trust 74
Disclosure of Fund Expenses 77
Board of Trustees Considerations in
Approving the Funds' Investment Advisory
and Sub-Advisory Agreements 78
Notice to Shareholders 81
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.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2008
International Equity Fund
Objective
The International Equity Fund (the "Fund") seeks to provide long-term capital
appreciation by investing in equity securities of foreign issuers.
Strategy
The Fund invests primarily in common stocks and other equity securities of
issuers of all capitalization ranges that are located in at least 3 countries
other than the U.S. The Fund invests primarily in companies located in developed
countries, but may also invest in companies located in emerging markets. The
Fund uses a multi-manager approach, relying upon a number of sub-advisors with
differing investment philosophies to manage portions of the Fund's portfolio
under the general supervision of SEI Investments Management Corporation
("SIMC").
Analysis
International equities, which experienced a strong run over the last few years,
retreated during the year ended September 30, 2008. The Morgan Stanley MSCI EAFE
Index declined -30.51% for the year ended September 30, 2008. Looking back, the
financial crisis that started in 2007 grew in magnitude and velocity as it
transitioned from a region/sector issue to global issue. Financials returned
(-37%) for the time period and investors spanning Europe, Asia and North America
felt the impact. Unprecedented events took place as some major investment banks,
commercial banks, mortgage lenders and insurance firms filed for bankruptcy or
were bought out with government aid. By the end of the third quarter 2008,
governments and central banks were intervening in an effort to increase
liquidity and bring stability to the financial system.
Commodities rallied in the second quarter of 2008 as soaring Energy, Material,
and Industrial prices benefited companies and countries driven by those sectors
such as Australia (-35%) and Norway (-41%). However, the tide turned by the end
of the quarter as higher input costs for producers and rising food prices put
inflation on center stage. In the third quarter, the negative momentum continued
as the likelihood of a global economic slowdown increased. For the fiscal year
ended September 30, 2008, Materials, Industrials, and Energy returned (-40%),
(-35%), and (-25%), respectively. More defensive sectors such as Healthcare
(-13.0%) and Utilities (-15%) fared better.
At a country level, all major developed economies experienced double digit
declines for the period. In Europe/UK, the widening credit crisis led the Bank
of England and European Central Banks to intervene in order to stabilize the
financial system. Japan (-27.0%) experienced a pullback due to the link between
their economy and the U.S. and Europe. The Bank of Japan's survey on business
sentiment for large manufacturers, the Tankan, turned negative for the first
time in five years increasing concerns of global contagion.
The International Equity Fund, Class A returned -36.96% for the year ended
September 30, 2008 lagging behind the Morgan Stanley MSCI EAFE Index with a
return of -30.51%. McKinley Capital Management, Inc. and AXA Rosenberg
Investment Management LLC, which have exposure to momentum factors,
underperformed due to shifting market leadership. Quantitative Management
Associates LLC's quantitative value and momentum approach performed below the
benchmark. AllianceBernstein L.P., which employs a fundamental bottom-up
valuation process, was impacted by stock selection in Financials, Energy, and
Materials. The continued illiquidity in the credit market detracted from Smith
Breeden Associates, Inc.'s performance. At the Fund level, Capital Guardian
Trust Company and Fuller & Thaler Asset Management, Inc. were removed, and
Principal Global Investors, LLC ("Principal") was added. Principal was added to
strengthen the growth component of the Fund and to better diversify the existing
value exposures.
SEI Institutional International Trust / Annual Report / September 30, 2008 1
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2008
International Equity Fund
AVERAGE ANNUAL TOTAL RETURN(1)
Annualized Annualized Annualized Annualized
One Year 3 Year 5 Year 10 Year Inception to
Return Return Return Return Date
---------- ---------- ---------- ---------- ------------
Class A -36.96% -2.64% 7.08% 3.42% 3.55%
Class I -37.14% -2.89% 6.80% 3.18% 3.30%
Comparison of Change in the Value of a $100,000 Investment in the International
Equity Fund, Class A and Class I, versus the Morgan Stanley MSCI EAFE Index
(PERFORMANCE GRAPH)
Morgan
International International Stanley
Equity, Equity, MSCI EAFE
Class A Class I Index
------------- ------------- ---------
9/98 $100,000 $100,000 $100,000
9/99 137,861 137,496 130,954
9/00 143,588 142,847 135,117
9/01 99,298 98,665 96,562
9/02 83,616 83,983 81,567
9/03 99,431 98,462 102,781
9/04 120,053 118,683 125,477
9/05 151,661 149,379 157,843
9/06 179,712 176,563 188,087
9/07 222,057 217,608 234,864
9/08 139,976 136,784 163,215
(1) For the period ended September 30, 2008. Past performance is no indication
of future performance. Class I Shares were offered beginning on January 4,
2002. Class A Shares were offered beginning December 20, 1989. Class I
Shares performance for the period prior to January 4, 2002 is performance
derived from the performance of the Class A Shares. The performance of
Class I Shares may be lower than the performance of Class A Shares because
of different distribution fees paid by Class I shareholders. Returns shown
do not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares. The returns for certain
periods reflect fee waivers and/or reimbursements in effect for that
period; absent fee waivers and reimbursements, performance would have been
lower.
2 SEI Institutional International Trust / Annual Report / September 30, 2008
Emerging Markets Equity Fund
Objective
The Emerging Markets Equity Fund (the "Fund") seeks to provide long-term capital
appreciation by investing primarily in common stocks and other equity securities
of foreign companies located in emerging market countries.
Strategy
The Fund normally maintains investments in at least 6 emerging market countries
and does not invest more than 35% of its total assets in any one emerging market
country. The Fund uses a multi-manager approach, relying upon a number of
sub-advisors with differing investment philosophies to manage portions of the
Fund's portfolio under the general supervision of SEI Investments Management
Corporation ("SIMC").
Analysis
The asset class returned -33.00% for the year ended September 30, 2008 as
measured by the Morgan Stanley MSCI Emerging Markets Index. In recent years,
emerging markets have experienced tremendous growth and economic expansion. This
growth has been led by countries such as Brazil, Russia, India and China (BRIC).
BRIC countries have benefited from an abundance of natural resources, increasing
domestic consumption, strong demand for exports, and better government fiscal
responsibility. In general, these economies have become financially stronger
with higher sovereign cash surpluses over the last few years.
Until May 2008, the emerging markets remained relatively de-coupled from the
mounting issues in the developed markets. Rallies in the commodities markets
boosted emerging market performance, but that resilience gave way by the end of
the second quarter in 2008. Record high oil and food prices created inflationary
pressures, global economic contagion began, and political conflict between
Russia and Georgia heightened concerns in the region. In the third quarter
alone, the Morgan Stanley MSCI Emerging Markets Index declined (-27%) in U.S.
dollar terms, making it one of the worst quarters since the index was created in
1987.
For the year ended September 30, 2008 all of the sectors in the Fund's benchmark
delivered negative returns. Healthcare (-4%) and Consumer Staples (-19%) faired
the best as investors moved towards more defensive positioning in the volatile
market environment. Industrials (-48%) and Materials (-44%) had the steepest
declines over fear that a global economic slowdown would reduce demand for
exports. The Information Technology sector (-36%) was also affected by the
economic slowdown, resulting in a muted outlook for many Information Technology
companies.
On a country level, all emerging markets declined on an absolute basis in the
past year with China (-50%), Pakistan (-46%) and South Korea (-42%) being the
largest detractors. Russia declined (-37%) as billions of dollars were ejected
out of the country by foreign investors because of the rising conflict with
Georgia. Latin America suffered a steep decline with almost half of its index
concentrated in the Materials and Energy sectors. China was impacted by fears of
slowing exports and the financial crisis.
The Fund performed in line with the benchmark, returning -33.33% compared to
- -33.00% of the Morgan Stanley MSCI Emerging Markets Index. The defensive
positioning of value managers such as The Boston Company Asset Management LLC
and PanAgora Asset Management, Inc., which avoided high valuations and earnings
at cyclical peaks, led to relative out performance of these sub-advisors.
However, growth managers, such as AllianceBernstein L.P., struggled as investors
preferred valuations based on 'known' historical metrics rather than forward
looking growth estimates. Two manager changes took place in the Fund over the
last 12 months. Emerging Markets Management LLC was terminated in July 2008 and
Artisan Partners was funded in August 2008. Artisan Partners Limited Partnership
("Artisan") uses a fundamental research process that focuses on identifying
companies that are priced at a discount relative to their estimate of
sustainable earnings. Artisan also provides an expanded opportunity set to the
fund by providing access to smaller growth opportunities such as Initial Public
Offering's and investments in frontier markets.
SEI Institutional International Trust / Annual Report / September 30, 2008 3
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2008
Emerging Markets Equity Fund
AVERAGE ANNUAL TOTAL RETURN(1)
Annualized Annualized Annualized Annualized
One Year 3 Year 5 Year 10 Year Inception to
Return Return Return Return Date
-------- ---------- ---------- ---------- ------------
Class A -33.33% 4.80% 15.54% 11.69% 4.72%
Comparison of Change in the Value of a $100,000 Investment in the Emerging
Markets Equity Fund, versus the Morgan Stanley MSCI EAFE Emerging Markets Index
(PERFORMANCE GRAPH)
Morgan Stanley
Emerging MSCI Emerging
Markets Equity Markets
Fund Index
-------------- --------------
9/98 $100,000 $100,000
9/99 148,228 156,522
9/00 149,280 157,171
9/01 98,762 105,059
9/02 106,446 113,624
9/03 146,710 165,859
9/04 181,346 209,865
9/05 262,375 308,869
9/06 305,555 373,189
9/07 453,042 592,006
9/08 302,038 396,643
(1) For the period ended September 30, 2008. 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.
4 SEI Institutional International Trust /Annual Report /September 30, 2008
International Fixed Income Fund
Objective
The International Fixed Income Fund (the "Fund") seeks to provide capital
appreciation and current income through investments in investment grade fixed
income securities of foreign government and corporate issuers.
Strategy
The Fund seeks to provide U.S.-based investors with a vehicle to diversity and
enhance the returns of the domestic fixed income portion of their Funds.
Although there are no restrictions of the Fund's overall duration, under normal
conditions it is expected to range between four and six years. The Fund is
managed against a broad aggregate index inclusive of sovereign, mortgage and
corporate securities. The Fund is diversified through its issuers, market
capitalization, and industry and country positioning.
Country and currency allocations are made separately. As a result, the Fund's
currency exposure may differ from its underlying bond holdings. Under normal
circumstances, the Fund intends to be diversified across six to twelve
countries, across the three major trading blocs: North America, Europe and the
Pacific Basin. Depending upon the relative fundamental and technical views, each
trading bloc is over or underweighted relative to the Fund's benchmark index.
Currency exposure is actively managed to maximize return and control risk
through the use of forward currency contracts and cross-currency hedging
techniques.
Analysis
The International fixed income market, as measured by the Lehman Global
Aggregate ex-U.S. Index, returned 2.77% over the year ended September 30, 2008.
The performance of the international bond markets during that time was marked by
extreme volatility. Government bonds rallied as a result of weak economic data
and relief from inflationary pressures, while central banks globally cut
interest rates in union as unprecedented market volatility and stress pervaded
the financial sector. Carry related bond and currency strategies performed
poorly during this time and bond yields tended to drift downward given the
central bank rate cuts.
Markets became increasingly jittery in the third quarter, as financial companies
failed and governments stepped in on numerous occasions to keep others solvent.
The sub-prime woes of the U.S. spread to the global economy, and concerned
investors demanded a vastly higher premium for additional risk.
As a result, volatility surged to levels not seen before, and equities sold off
significantly as investors sought safer assets such as government bonds.
Inter-bank lending seized up as a result of the sub-prime crisis, and major
central banks around the globe provided emergency funding in an effort to
restore order to the financial markets. Inter bank rates spiked as a result of
the higher risk aversion in the market and a general unwillingness by banks to
lend money to each other.
Central bank liquidity interventions are slowly helping markets to stabilize and
they were given further impetus as the U.S. Federal Reserve (Fed) slashed
interest rates aggressively. Other central banks, which were hawkish on interest
rates before the credit crisis, changed their policy and have also cut rates
aggressively.
In the U.S. bond market, a flight to quality propped up prices and pushed yields
lower for relatively risk-free government securities, led by U.S. Treasuries.
While yields fell sharply at the short end of the maturity spectrum, yields at
the long end of the curve fell to a lesser degree, causing the yield curve to
steepen considerably over the period.
United Kingdom and European government bond markets also saw a flight to quality
which drove short term yields lower, and steepening yield curves while swap
spread and corporate credit spreads widened notably.
The Fund underperformed its index, returning -2.89%. The main detractors from
performance included the currency positioning of Record Currency Management
Limited, who was long the British Pound Sterling and Australian Dollar against
the Japanese Yen. The Japanese Yen rallied notably against these two currency
pairs and as a result, this detracted from performance. Long duration
positioning by BlackRock Financial Management, Inc. and Fidelity International
Investment Advisors (UK) Limited benefited the fund at various points throughout
the year when global bond yields were falling. Curve steepeners were also a
positive contribution to performance. The largest detractor was the overweight
to spread products, notably Investment Grade Corporates, Mortgage-Backed
Securities and European Asset-Backed Securities.
SEI Institutional International Trust / Annual Report / September 30, 2008 5
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2008
International Fixed Income Fund
AVERAGE ANNUAL TOTAL RETURN(1)
Annualized Annualized Annualized Annualized
One Year 3 Year 5 Year 10 Year Inception to
Return Return Return Return Date
-------- ---------- ---------- ---------- ------------
Class A -2.89% -0.76% 1.58% 2.39% 4.31%
Comparison of Change in the Value of a $100,000 Investment in the Internationial
Fixed Income Fund, versus the Lehman Global Aggregate ex-U.S. Index
(PERFORMANCE GRAPH)
Lehman Global
International Aggregate Index,
Fixed Income Fund ex-U.S. Index
----------------- ----------------
9/98 $100,000 $100,000
9/99 98,644 102,316
9/00 89,196 108,884
9/01 92,014 119,282
9/02 100,015 126,184
9/03 117,072 131,207
9/04 125,768 135,261
9/05 129,553 144,549
9/06 127,423 149,192
9/07 130,398 154,098
9/08 126,625 158,360
(1) For the period ended September 30, 2008. 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.
6 SEI Institutional International Trust /Annual Report /September 30, 2008
Emerging Markets Debt Fund
Objective
The Emerging Markets Debt Fund (the "Fund') seeks to maximize total return from
a portfolio consisting of primarily U.S., dollar-denominated debt securities of
government, government-related and corporate issuers in emerging market
countries.
Strategy
The Fund seeks to provide U.S.-based investors with a vehicle to diversify and
enhance the returns of the domestic fixed income portion of their portfolios.
Structuring and managing the Fund entails a multistep process. First, an
internal assessment of country risk is compared with the market's pricing of
country risk to determine relative value opportunities. The output determines
which countries are 1) "core" holdings which have the strongest
economic/political/debt attributes, 2) "trading" countries which present more
opportunistic value and 3) countries "not currently suitable" for investment.
Under normal circumstances, the Fund will be diversified across 25-30 countries.
The next step in the process determines relative value amongst sectors within a
country, and security selection within the sectors. The final step incorporates
a disciplined sell process through continual risk/reward analysis across, and
within emerging debt countries. U.S. interest-rate risk relative to the
benchmark is controlled through the maintenance of a tightly constrained U.S.
Treasury duration. Excess return is captured through active management of the
sovereign spread component relative to the benchmark.
Analysis
Emerging Markets Debt ("EMD") as measured by the J.P. Morgan EMBI Global Index
posted a loss of 2.66% during the year ended September 30, 2008 with the market
incurring heightened levels of volatility as the global financial crisis crushed
investor sentiment and greatly reduced liquidity.
EMD proved resilient in early 2008 despite rising inflation and inflationary
pressures. Central banks have been challenged and began using various measures
of capital controls to help fight the problem. The main contributors to rising
inflation have been greater domestic demand in emerging markets, especially
China. However, the failure and/or seizing of Wall Street banks by the
government late in the period led investors to reduce their holdings of riskier
assets over concerns of a global recession. As a result, demand for emerging
markets assets by developed nations began to slow significantly though demand
from within the asset class remained stable. During the period, EMD spreads over
U.S. Treasuries widened 224 basis point to end at 449 basis points with the
market yield ending the period at 8.17%.
Technicals were favorable for most of the period as EMD managed to avoid the
early part of the crisis. Fundamentals remained positive as country debt
profiles continued to improve and rating agencies took notice. For the year
ended September 30, 2008, EMD saw 11 upgrades to only 4 downgrades, signaling a
fundamentally improving asset class. Unfortunately, as market confidence dropped
due to the financial crisis, technicals took over and EMD became correlated with
global equities in a massive sell-off. Risk-averse investors withdrew billions
of dollars from the asset class in just a couple weeks, prompting further
devaluation of assets. Commodity prices, though still somewhat supportive,
continued to fall late in the year and the purchasing power squeeze on
consumption from higher inflation continued to weigh on the asset class. Slowing
growth has become the primary focus of central banks and policy makers while
inflation appears to be peaking in some regions, particularly Europe.
The Emerging Markets Debt Fund, Class A posted a loss of 5.71% for the year
ended September 30, 2008. The Fund's overweight to Argentina was the largest
detractor as various events significantly impacted performance. The election of
Cristina Kirchner appeared to be positive as the market expected her to settle
disputes with international creditors, and her new cabinet was expected to
undertake significant policy changes. Unfortunately, continued manipulation of
inflation data, cabinet resignations, and most recently the government's clash
with local farmers over export taxes proved damaging to the country's outlook.
Also hurting fund performance was an underweight to Lebanon where bonds returned
10.3% over the year. Fund managers remain underweight because yields remain
relatively unattractive and the downside risks to the credit are greater given
the
SEI Institutional International Trust / Annual Report / September 30, 2008 7
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
SEI INSTITUTIONAL INTERNATIONAL TRUST -- SEPTEMBER 30, 2008
country's geographic location and political instability. The latter was proven
wrong this year as tensions between the Pro-West and Pro-Syrian governments were
kept in check and the country's bonds benefited. Also hurting fund performance
was security selection to local currency bonds. As the market became more
concerned over the financial crisis and potential risks of a global recession,
investors sold holdings of emerging market assets, rallying the dollar and
wiping out all the gains in emerging markets bonds and year-to-date foreign
currency.
The Fund's selection of an off-benchmark corporate bond in Singapore was the
largest contributor to Fund relative performance, returning 37% over the one
year period. An underweight to Indonesia also helped as inflation concerns kept
investors out of the credit. The political landscape has improved though
tensions had existed between party leaders for some time. An underweight to
Pakistan added to positive attribution as the country lost more than 11% when
President Musharraf issued a state of emergency during a power struggle,
realizing that his days as President could be coming to an end. Postponed
elections led to more violence, and the assassination of former Prime Minister
Benazir Bhutto created more uncertainty in the region. Also adding to relative
performance was an underweight to Ecuador where poor fiscal policies, falling
oil prices, and concerns over the discontinuation of servicing debt resulted in
a devaluation of the country's bonds.
Emerging Markets Debt Fund
AVERAGE ANNUAL TOTAL RETURN(1)
Annualized Annualized Annualized Annualized
One Year 3 Year 5 Year 10 Year Inception to
Return Return Return Return Date
-------- ---------- ---------- ---------- ------------
Class A -5.71% 4.08% 8.93% 15.18% 9.83%
Comparison of Change in the Value of a $100,000 Investment in the Emerging
Markets Debt Fund, versus the J.P. Morgan EMBI Global Index
(PERFORMANCE GRAPH)
J.P. Morgan
Emerging EMBI
Markets Global
Debt Fund Index
--------- -----------
9/98 $100,000 $100,000
9/99 131,153 123,209
9/00 167,965 148,914
9/01 175,844 160,957
9/02 179,626 171,838
9/03 267,916 221,992
9/04 305,354 246,594
9/05 364,395 280,112
9/06 396,013 301,014
9/07 435,721 322,669
9/08 410,827 314,089
(1) For the period ended September 30, 2008. Past performance is no indication
of future performance. Class A Shares were offered beginning June 26, 1997.
Returns shown do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares. The
returns for certain periods reflect fee waivers and/or reimbursements in
effect for that period; absent fee waivers and reimbursements, performance
would have been lower.
8 SEI Institutional International Trust / Annual Report / September 30, 2008
SCHEDULE OF INVESTMENTS
International Equity Fund
September 30, 2008
SECTOR WEIGHTINGS (UNAUDITED)+:
(PERFORMANCE GRAPH)
Financials 18.1%
Mortgage-Backed Securities 14.3%
Basic Materials 9.6%
Energy 9.6%
Industrials 8.6%
Healthcare 6.5%
Affiliated Partnership 5.7%
Consumer Discretionary 5.6%
Telecommunication Services 5.2%
Utilities 4.6%
Consumer Staples 4.5%
Information Technology 3.8%
U.S. Treasury Obligations 1.1%
U.S. Government Agency Obligations 1.0%
Asset-Backed Securities 0.8%
Commercial Paper 0.6%
Short-Term Investments 0.4%
+ Percentages based on total investments. Includes Investments held as
collateral for securities on loan (see Note 7).
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
COMMON STOCK -- 87.7%
AUSTRALIA -- 4.0%
AGL Energy (A) 25,671 $ 283
Aquila Resources* (A) 400 3
Aristocrat Leisure (A) 29,642 155
Ausenco (A) 4,786 43
Australia & New Zealand Banking
Group (A) (B) 337,090 5,198
AWB (A) 123,770 276
Babcock & Brown (A) (B) 28,888 47
Beach Petroleum (A) 25,000 18
BHP Billiton (A) 801,016 20,685
Billabong International (A) 13,303 148
BlueScope Steel (A) (B) 161,540 950
Boart Longyear Group (A) (B) 62,988 57
Campbell Brothers (A) 2,054 52
Centennial Coal (A) 266,931 789
CFS Retail Property Trust (A) (C) 16,100 29
Challenger Financial Services
Group (A) (B) 294,431 580
Coca-Cola Amatil (A) (B) 36,425 243
Commonwealth Bank of Australia (A) 74,690 2,628
Computershare (A) (B) 77,129 582
CSL (A) 239,525 7,243
Dexus Property Group* (A) (C) 58,800 69
Downer EDI (A) 153,565 781
Felix Resources (A) 28,317 386
Flight Centre (A) 4,700 72
Fortescue Metals Group* (A) (B) 221,270 840
Foster's Group (A) 403,266 1,798
Goodman Fielder (A) (B) 709,197 803
Goodman Group (A) (B) (C) 263,089 530
Incitec Pivot 996,784 3,986
ING Industrial Fund (A) (B) (C) 519,909 658
JB Hi-Fi (A) 13,673 135
Leighton Holdings (A) (B) 117,260 3,603
Lion Nathan (A) 59,400 444
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Macquarie Airports (A) (B) 648,133 $ 1,422
Macquarie Group (A) (B) 12,841 395
Macquarie Infrastructure Group (A) (B) 1,425,633 2,698
Macquarie Office Trust (A) (B) (C) 78,858 50
Mirvac Group (A) (B) (C) 43,593 89
Mount Gibson Iron* (A) 165,600 220
National Australia Bank (A) (B) 247,432 4,985
Nufarm (A) (B) 47,301 578
OneSteel (A) (B) 279,818 1,033
Orica (A) 43,600 735
Origin Energy (A) 64,700 835
Pacific Brands (A) (B) 434,679 678
Paladin Energy* (A) 39,375 122
Portman* (A) 29,380 495
Rio Tinto (A) (B) 72,748 4,893
Santos (A) (B) 48,700 744
Seven Network (A) (B) 4,658 24
St. George Bank (A) 22,396 528
Suncorp-Metway (A) 6,808 52
TABCORP Holdings (A) (B) 108,883 714
Telstra (A) 1,310,029 4,387
Wesfarmers (A) (B) 47,640 1,103
Westfield Group (A) (B) (C) 134,190 1,835
Westpac Banking (A) (B) 182,983 3,237
Woodside Petroleum (A) (B) 66,873 2,693
Woolworths (A) 148,499 3,265
WorleyParsons (A) (B) 21,467 530
---------------
92,454
---------------
AUSTRIA -- 0.4%
Erste Group Bank (A) 7,005 348
Immoeast* (A) 172,627 435
IMMOFINANZ (A) (B) 40,164 142
OMV (A) 87,310 3,672
Verbund - Oesterreichische
Elektrizitaetswirtschafts, Cl A (A) 12,290 754
Voestalpine (A) 120,426 3,755
---------------
9,106
---------------
BELGIUM -- 0.9%
Banque Nationale de Belgique (A) 3 11
Bekaert (A) 6,291 838
Colruyt (A) 4,190 1,049
Delhaize Group (A) 25,156 1,458
Dexia (A) (B) 110,759 1,207
Elia System Operator (A) 506 19
Euronav (A) 23,040 636
Fortis (A) (B) 423,389 2,610
Groupe Bruxelles Lambert (A) 16,354 1,408
KBC Groep (A) 12,934 1,123
Solvay (A) 68,200 8,353
Tessenderlo Chemie (A) 1,777 89
SEI Institutional International Trust / Annual Report / September 30, 2008 9
SCHEDULE OF INVESTMENTS
International Equity Fund (Continued)
September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
UCB (A) 21,307 $ 755
Umicore (A) 27,670 853
---------------
20,409
---------------
BERMUDA -- 0.0%
Seadrill (A) 32,350 666
---------------
BRAZIL -- 0.3%
Banco do Brasil 312,000 3,620
Gerdau ADR 38,750 430
Unibanco - Uniao de Bancos
Brasileiros GDR 18,180 1,835
---------------
5,885
---------------
CANADA -- 2.6%
Agrium 19,260 1,078
Bank of Nova Scotia 20,110 908
Brookfield Asset Management, Cl A 71,260 1,923
Canadian Imperial Bank of Commerce 61,390 3,527
Eastern Platinum 737,850 680
EnCana (B) 185,920 12,125
Fairfax Financial Holdings 3,800 1,219
Goldcorp 220,480 6,974
Imperial Oil 32,600 1,397
Inmet Mining 13,400 625
Methanex (B) 45,800 898
National Bank of Canada 52,580 2,406
Nexen 107,071 2,487
Nova Chemicals 49,900 1,098
Petro-Canada 154,710 5,151
Potash Corp of Saskatchewan 38,710 5,110
Potash Saskatchewan 5,720 742
Royal Bank of Canada 74,400 3,534
Sun Life Financial 93,460 3,270
Teck Cominco, Cl B 50,800 1,444
TELUS, Cl A 645 23
Toronto-Dominion Bank 84,970 5,121
---------------
61,740
---------------
CHINA -- 0.6%
Bank of Communications (A) (B) 4,540,000 4,135
China COSCO Holdings (A) 1,761,000 1,605
China Life Insurance, Cl H (A) 1,462,900 5,450
China Petroleum & Chemical (A) 3,519,710 2,778
Foxconn International Holdings* (A) 459,390 206
---------------
14,174
---------------
CZECH REPUBLIC -- 0.2%
CEZ (A) 82,350 5,109
---------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
DENMARK -- 0.8%
A P Moller - Maersk, Cl A (A) 590 $ 5,078
Carlsberg, Cl B (A) 1,146 87
D/S Norden (A) 8,323 400
Danske Bank (A) 104,732 2,516
East Asiatic (A) 8,638 362
FLSmidth (A) 5,200 264
Novo Nordisk, Cl B (A) 38,110 1,971
Sydbank (A) 21,108 632
Vestas Wind Systems* (A) 95,602 8,326
---------------
19,636
---------------
FINLAND -- 1.0%
Fortum (A) 53,438 1,789
Kone, Cl B (A) 4,124 112
Konecranes (A) 48,944 1,168
Metso (A) 55,031 1,347
Nokia (A) 420,389 7,823
Nokian Renkaat (A) 35,254 846
Outokumpu (A) 203,510 3,235
Rautaruukki (A) 19,601 391
Sampo, Cl A (A) 94,203 2,139
Stora Enso, Cl R (A) 165,200 1,611
UPM-Kymmene (A) 70,163 1,092
Wartsila, Cl B (A) 34,847 1,465
YIT (A) 3,383 35
---------------
23,053
---------------
FRANCE -- 8.6%
Air France-KLM (A) 21,900 500
Alstom (A) 35,893 2,719
Arkema (A) 33,500 1,234
Atos Origin (A) 600 26
AXA (A) 113,648 3,712
BNP Paribas (A) 202,027 19,242
Bouygues (A) 2,615 118
Bureau Veritas (A) 17,224 879
Capital Gemini (A) 41,884 1,974
Carrefour (A) 4,649 219
Casino Guichard Perrachon (A) 34,365 3,059
Christian Dior (A) 8,233 623
Cie de Saint-Gobain (A) (B) 23,096 1,192
CNP Assurances (A) 21,715 2,447
Compagnie Generale des Etablissements
Michelin, Cl B (A) 55,000 3,555
Credit Agricole (A) 281,988 5,419
Eramet (A) 3,530 1,349
Eutelsat Communications (A) 27,677 735
France Telecom (A) 784,065 21,944
GDF Suez (A) 198,885 10,324
Gemalto* (A) 58,038 2,089
Lafarge (A) 11,190 1,176
Lagardere SCA (A) 64,905 2,919
10 SEI Institutional International Trust / Annual Report / September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Nexans (A) 1,772 $ 157
Peugeot (A) 101,364 3,806
PPR (A) 5,375 480
Rallye (A) 5,480 160
Renault (A) 119,079 7,572
Sanofi-Aventis (A) 373,046 24,471
Schneider Electric (A) 32,054 2,746
SCOR (A) 40,119 778
Sequana Capital (A) (B) 1,459 21
Societe Generale (A) 108,213 9,699
Sodexho Alliance (A) 3,900 230
Suez (A) 20 1
Suez Environnement 158,409 3,892
Technip (A) 69,200 3,880
Total (A) 671,283 40,689
UBISOFT Entertainment* (A) 13,240 919
Unibail (A) (B) (C) 13,315 2,688
Valeo (A) 7,779 235
Vallourec (A) 16,344 3,519
Vilmorin & Cie (A) 853 112
Vivendi (A) 153,090 4,789
Wendel (A) 21,949 1,747
---------------
200,045
---------------
GERMANY -- 8.8%
Allianz (A) 101,616 13,900
BASF (A) 521,434 24,805
Bayer (A) (B) 255,114 18,642
Bilfinger Berger (A) 10,067 523
Celesio (A) 42,210 1,838
Commerzbank (A) 82,433 1,219
DaimlerChrysler (A) 50,916 2,522
Deutsche Bank (A) 187,637 13,393
Deutsche Boerse (A) 1,222 112
Deutsche Lufthansa (A) 311,926 6,084
Deutsche Post (A) (B) 313,450 6,525
Deutsche Telekom (A) 509,345 7,718
E.ON (A) 593,476 29,807
Fresenius Medical Care (A) (B) 158,250 8,174
GEA Group (A) 45,380 876
Hannover Rueckversicherung (A) 22,758 831
Henkel KGaA (A) 61,842 1,892
Hypo Real Estate Holding (A) 22,033 130
Infineon Technologies* (A) 435,000 2,410
K+S (A) 96,053 6,645
KSB (A) 239 129
Linde (A) 14,581 1,554
MAN (A) 44,021 2,957
Muenchener Rueckversicherungs (A) 62,057 9,340
MVV Energie (A) 1,364 64
Norddeutsche Affinerie (A) 3,251 137
Q-Cells* (A) 32,260 2,736
Rheinmetall (A) 1,003 55
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
RWE (A) 106,341 $ 10,116
Salzgitter (A) 28,536 2,879
SAP (A) 199,756 10,615
SGL Carbon* (A) 127,200 4,933
Siemens (A) 30,649 2,852
Suedzucker (A) (B) 77,688 1,128
ThyssenKrupp (A) (B) 173,306 5,192
TUI (A) (B) 143,748 2,369
---------------
205,102
---------------
GREECE -- 0.3%
Alpha Bank AE (A) 71,700 1,557
National Bank of Greece (A) 51,608 2,087
OPAP (A) 81,952 2,510
Public Power (A) 44,730 689
---------------
6,843
---------------
HONG KONG -- 2.2%
Allied Properties HK (A) 308,000 40
BOC Hong Kong Holdings (A) 1,950,390 3,487
Cheung Kong Holdings (A) 108,000 1,224
China Mobile (A) 851,400 8,530
China Netcom Group (A) 290,500 643
Chinese Estates Holdings (A) 54,000 67
CITIC International Financial Holdings (A) 78,000 52
Citic Pacific (A) 283,820 830
CLP Holdings (A) 207,000 1,670
Dairy Farm International Holdings (A) 1,800 9
Emperor International Holdings (A) 175,680 36
Esprit Holdings (A) 382,400 2,370
First Pacific (A) 98,000 52
Great Eagle Holdings (A) 105,460 235
Guoco Group (A) 55,000 462
Hang Seng Bank (A) 209,450 3,960
Henderson Land Development (A) 257,250 1,147
Hongkong & Shanghai Hotels (A) 100,500 98
HongKong Electric Holdings (A) 551,700 3,465
Hongkong Land Holdings (A) 871,000 2,609
Hopewell Highway Infrastructure (A) 325,210 226
Hopewell Holdings (A) 162,000 588
Hutchison Telecommunications
International* (A) 543,090 606
Hutchison Whampoa (A) 429,300 3,297
Hysan Development (A) 73,000 190
Jardine Matheson Holdings (A) 48,000 1,254
Jardine Strategic Holdings (A) 49,000 697
Johnson Electric Holdings (A) 633,580 238
Kowloon Development (A) 210,080 188
Miramar Hotel & Investment (A) 6,000 7
MTR (A) 320,000 945
New World Development (A) 140,000 156
Noble Group (A) 1,105,000 1,057
NWS Holdings (A) 154,040 276
SEI Institutional International Trust / Annual Report / September 30, 2008 11
SCHEDULE OF INVESTMENTS
International Equity Fund (Continued)
September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Orient Overseas International (A) 72,500 $ 186
Pacific Andes Holdings (A) 6,000 1
Pacific Basin Shipping (A) 470,000 391
Pacific Century Premium
Developments (A) 540,000 168
Road King Infrastructure (A) 8,000 5
SEA Holdings (E) 38,000 21
Sinolink Worldwide Holdings (A) 1,140,000 110
SRE Group (A) 567,167 44
Sun Hung Kai (A) 92,000 42
Sun Hung Kai Properties (A) 424,500 4,375
Texwinca Holdings (A) 16,000 13
Transport International Holdings (A) 8,800 25
Truly International Holdings (A) 16,000 13
VTech Holdings (A) 6,000 35
Wharf Holdings (A) 1,249,280 3,569
Wheelock (A) 369,850 671
Wing Hang Bank (A) 11,000 84
Wing On International (A) 22,000 31
Yue Yuen Industrial Holdings (A) 208,190 569
---------------
51,064
---------------
INDIA -- 0.2%
Reliance Industries GDR (A) (D) 55,770 4,620
---------------
INDONESIA -- 0.1%
Bumi Resources (A) 7,467,500 2,483
---------------
IRELAND -- 0.0%
DCC (A) 30,870 593
Irish Life & Permanent (A) 60,483 423
---------------
1,016
---------------
ISRAEL -- 0.3%
Teva Pharmaceutical Industries ADR 174,490 7,990
---------------
ITALY -- 3.1%
ACEA (A) 58,990 843
Banco Popolare Scarl (A) (B) 246,930 3,827
Enel (A) 1,224,726 10,201
ENI (A) (B) 768,771 20,331
Fiat (A) 143,720 1,927
Finmeccanica (A) 47,525 1,028
Fondiaria-Sai (A) 23,579 555
IFIL - Investments (A) (B) 278,932 1,262
Intesa Sanpaolo (A) 972,772 5,228
Iride (A) 32,921 72
Italcementi (A) (B) 33,446 370
Mediobanca (A) 77,150 1,045
Prysmian (A) 30,728 603
Telecom Italia (A) 9,136,382 12,717
Terna Rete Elettrica Nazionale (A) 269,090 987
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
UniCredito Italiano (A) 1,125,368 $ 4,199
Unione di Banche Italiane SCPA (A) 221,610 4,844
Unipol Gruppo Finanziario (A) 618,546 1,324
---------------
71,363
---------------
JAPAN -- 17.5%
77 Bank (A) 99,000 500
Acom (A) (B) 16,620 569
ADEKA (A) 3,700 23
Aeon (A) 94,800 970
Aichi Bank (A) 1,200 83
Aida Engineering (A) (B) 6,000 25
Aiful (A) 10,750 83
Aisan Industry (A) 7,500 45
Aisin Seiki (A) 28,100 689
Akita Bank (A) 20,000 77
Aloka (A) 3,700 37
Amada (A) 97,000 534
Amano (A) (B) 3,000 24
AOKI Holdings (A) 3,800 39
Aoyama Trading (A) 6,800 91
Aozora Bank (A) 38,000 60
Asahi Breweries (A) 182,400 3,203
Asahi Glass (A) 202,000 1,779
Asahi Kasei (A) 196,000 826
Astellas Pharma (A) 80,200 3,376
Bank of Kyoto (A) 168,000 1,718
Bank of Nagoya (A) 27,000 149
Belluna (A) (B) 5,200 24
Benesse (A) 27,200 1,113
BML (A) 100 2
Bridgestone (A) 86,800 1,646
Calsonic Kansei (A) 38,000 109
Canon Electronics (A) (B) 6,000 97
Canon Finetech (A) 10,000 105
Cawachi (A) 11,300 215
Central Japan Railway (A) 305 2,881
Century Leasing System (A) 100 1
Chiba Bank (A) 108,000 567
Chiba Kogyo Bank* (A) 6,200 71
Chubu Electric Power (A) 57,000 1,346
Chudenko (A) (B) 8,000 120
Circle K Sunkus (A) 30,500 507
CKD (A) 5,800 25
Coca-Cola Central Japan (A) 6 36
Coca-Cola West Holdings (A) 26,300 595
Corona (A) 2,000 21
Cosmo Oil (A) 71,000 169
Credit Saison (A) 56,400 929
CyberAgent (A) 630 597
Daihatsu Motor (A) 95,000 1,041
Daiichikosho (A) 3,000 31
Dainippon Ink and Chemicals (A) 210,000 398
12 SEI Institutional International Trust / Annual Report / September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Dainippon Sumitomo Pharma (A) 60,000 $ 492
Daishi Bank (A) 34,000 135
daVinci Holdings* (A) 707 165
DCM Japan Holdings (A) (B) 20,400 144
Dena (A) (B) 60 242
Denki Kagaku Kogyo (A) 57,000 150
Denso (A) 77,800 1,912
Dentsu (A) (B) 123 248
East Japan Railway (A) 421 3,145
Ehime Bank (A) 24,000 67
Eighteenth Bank (A) 20,000 53
Electric Power Development (A) 46,600 1,508
FamilyMart (A) 102,900 4,362
Fast Retailing (A) (B) 41,000 4,188
Fuji Electric Holdings (A) 132,000 319
Fuji Fire & Marine Insurance (A) 6,000 14
Fuji Heavy Industries (A) 76,000 386
Fuji Machine Manufacturing (A) 3,300 40
Fuji Media Holdings (A) 357 461
Fuji Oil (A) 5,600 64
Fujikura (A) 14,000 55
Fujitsu (A) 1,287,000 7,248
Fujitsu Business Systems (A) 100 1
Fukuda Denshi (A) 300 6
Fukuoka Financial Group (A) 143,000 527
Furukawa Electric (A) 354,000 1,566
Furuno Electric (A) 4,400 38
Futaba (A) 3,800 67
Gunma Bank (A) 5,000 29
H2O Retailing (A) 3,000 18
Hachijuni Bank (A) 35,000 186
Hankyu Hanshin Holdings (A) 11,000 51
Heiwado (A) 12,200 175
Higashi-Nippon Bank (A) 25,000 68
Higo Bank (A) 22,000 127
HI-LEX CORP (A) 4,600 49
Hino Motors (A) 85,000 344
Hisamitsu Pharmaceutical (A) 27,500 1,206
Hitachi 1,115,000 7,541
Hitachi Capital (A) 14,700 179
Hitachi Chemical (A) 30,100 405
Hitachi Construction Machinery (A) (B) 44,200 1,094
Hitachi Koki (A) 28,100 287
Hitachi Maxell (A) 12,900 139
Hitachi Metals (A) 116,000 1,389
Hitachi Software Engineering (A) 8,200 145
Hitachi Systems & Services (A) 3,300 44
Hokkaido Electric Power (A) 35,500 743
Hokuetsu Bank (A) 35,000 73
Honda Motor (A) 327,500 9,952
Hosiden (A) (B) 8,000 115
Hyakugo Bank (A) 35,000 199
Hyakujushi Bank (A) 25,000 140
Inpex Holdings (A) 446 3,797
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Isetan Mitsukoshi Holdings (A) 60,600 $ 712
Isuzu Motors (A) 1,079,000 3,004
IT Holdings* (A) 17,300 255
Itochu (A) 640,000 3,862
Itochu Enex (A) 10,400 67
IWATANI CORP (A) (B) 33,000 78
Izumiya (A) 20,000 109
Japan Aviation Electronics Industry (A) 16,000 76
Japan Petroleum Exploration (A) 8,500 437
Japan Steel Works (A) 477,450 5,947
Japan Tobacco (A) 973 3,674
JFE Holdings (A) 256,000 7,954
JGC (A) 34,000 546
JS Group (A) 38,200 482
JTEKT (A) 49,200 562
Juroku Bank (A) 49,000 188
Kagawa Bank (A) 8,000 38
Kajima (A) 233,000 705
Kamigumi (A) 81,000 610
Kaneka (A) 58,000 321
Kanematsu* (A) 7,000 7
Kansai Electric Power (A) 104,800 2,336
Kansai Paint (A) 34,000 211
Kanto Natural Gas Development (A) 8,000 44
Kao (A) 80,000 2,149
Kasumi (A) 9,000 49
Kawasaki Heavy Industries (A) 57,000 122
Kawasaki Kisen Kaisha (A) 198,000 1,227
KDDI (A) 581 3,297
Keisei Electric Railway (A) 60,000 331
Keiyo Bank (A) 36,000 173
Kinden (A) 40,000 382
Kirin Brewery (A) 286,000 3,765
Kissei Pharmaceutical (A) (B) 9,000 196
Kobe Steel (A) 419,000 845
Koito Manufacturing (A) 65,000 609
Komatsu (A) (B) 22,800 374
Komeri (A) 3,500 99
Komori (A) 18,500 249
Konami (A) 27,900 703
Konica Minolta Holdings (A) 11,500 132
Kose (A) 7,600 212
Kuraray (A) 64,500 642
Kurita Water Industries (A) 41,000 962
Kuroda Electric (A) 4,000 38
Kyorin (A) 9,000 106
Kyowa Hakko Kogyo (A) 29,000 306
Kyudenko (A) 1,000 6
Lawson (A) 59,400 2,744
Leopalace21 (A) 57,500 445
Lintec (A) 9,800 161
Lion (A) 26,000 139
Mabuchi Motor (A) 3,300 150
Maeda (A) 20,000 62
SEI Institutional International Trust / Annual Report / September 30, 2008 13
SCHEDULE OF INVESTMENTS
International Equity Fund (Continued)
September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Makino Milling Machine (A) 5,000 $ 20
Makita (A) 44,700 917
Mandom (A) 3,200 85
Marubeni (A) 585,000 2,657
Marui (A) 13,000 97
Maruichi Steel Tube (A) 4,700 129
Matsushita Electric Industrial (A) 512,000 8,842
Mazda Motor (A) 558,000 2,277
Meiji Seika Kaisha (A) (B) 48,000 220
Michinoku Bank (A) 2,000 4
Micronics Japan (A) 2,500 36
Mie Bank (A) 18,000 73
Mikuni Coca-Cola Bottling (A) 2,900 25
Millea Holdings (A) 96,400 3,546
Minato Bank (A) (B) 37,000 52
Minebea (A) 69,000 259
Ministop (A) 200 4
Mitsubishi (A) 785,800 16,421
Mitsubishi Chemical Holdings (A) 1,117,500 5,917
Mitsubishi Electric (A) (B) 291,000 1,967
Mitsubishi Gas Chemical (A) 220,000 1,066
Mitsubishi Heavy Industries (A) (B) 315,000 1,371
Mitsubishi Materials (A) 163,000 513
Mitsubishi Rayon (A) 93,000 231
Mitsubishi UFJ Financial Group (A) 1,635,400 14,287
Mitsui (A) 607,000 7,549
Mitsui Chemicals (A) 702,000 3,100
Mitsui Fudosan (A) 73,000 1,413
Mitsui Home (A) 9,000 43
Mitsui OSK Lines (A) 917,000 7,982
Mitsui Sumitomo Insurance Group
Holdings (A) 50,100 1,709
Mitsui Trust Holdings (A) 545,000 2,948
Mitsumi Electric (A) 23,500 598
Mizuho Financial Group (A) 150 657
Morinaga Milk Industry (A) 44,000 126
Murata Manufacturing (A) 26,700 1,080
N E Chemcat (A) 2,000 32
Nachi-Fujikoshi (A) 16,000 43
Nafco (A) 3,700 50
Nagase (A) 17,000 159
Namco Bandai Holdings (A) 155,700 1,715
NEC (A) 247,000 1,058
NEC Fielding (A) 7,400 71
NGK Spark Plug (A) 13,000 127
NHK Spring (A) 14,000 78
Nichicon (A) 5,800 40
Nichi-iko Pharmaceutical (A) 2,000 49
Nichirei (A) 42,000 224
Nikon (A) (B) 94,000 2,259
Nintendo (A) 45,275 19,239
Nippo (A) 14,000 79
Nippon Beet Sugar Manufacturing (A) 20,000 41
Nippon Chemi-Con (A) 17,000 55
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Nippon Electric Glass (A) 231,000 $ 2,096
Nippon Konpo Unyu Soko (A) 4,000 37
Nippon Meat Packers (A) 24,000 365
Nippon Metal Industry (A) (B) 15,000 28
Nippon Mining Holdings (A) 631,000 2,546
Nippon Oil (A) 313,000 1,579
Nippon Sheet Glass (A) 206,000 1,069
Nippon Shinyaku (A) 10,000 95
Nippon Shokubai (A) 23,000 148
Nippon Steel (A) 745,000 2,818
Nippon Steel Trading (A) 12,000 26
Nippon Telegraph & Telephone (A) 4,581 20,484
Nippon Thompson (A) 9,000 38
Nippon Yusen (A) 604,000 3,944
Nipro (A) 1,000 17
Nishimatsu Construction (A) 29,000 67
Nishi-Nippon City Bank (A) 149,000 373
Nissan Chemical Industries (A) 1,000 9
Nissan Motor (A) (B) 1,477,600 10,009
Nissan Shatai (A) 21,000 141
Nisshin Oillio Group (A) 22,000 119
Nisshin Seifun Group (A) 21,500 290
Nisshin Steel (A) 161,000 312
Nitto Denko (A) 27,000 688
Nitto Kogyo (A) 4,100 30
Nomura Real Estate Holdings (A) (B) 38,700 923
Noritake (A) (B) 13,000 43
NSK (A) 45,000 260
NTT DoCoMo (A) (B) 1,838 2,947
Oita Bank (A) 18,000 95
Oki Electric Industry (A) (B) 878,000 927
Okinawa Cellular Telephone (A) 6 9
Omron (A) 39,900 620
Onward Holdings (A) 53,000 555
ORIX (A) 39,100 4,904
Pacific Metals (A) (B) 7,000 51
PanaHome (A) 1,000 6
Promise (A) 6,950 135
QP (A) 24,900 232
Rakuten (A) 11,478 6,488
Resona Holdings (A) (B) 1,217 1,645
Ricoh (A) 63,000 887
Risa Partners (A) (B) 27 22
Riso Kagaku (A) 1,400 16
Rohm (A) 12,200 672
Roland (A) 2,200 28
Roland DG (A) 900 17
Ryobi (A) 20,000 54
Sakai Chemical Industry (A) 6,000 16
San-In Godo Bank (A) 20,000 155
Sanki Engineering (A) (B) 15,000 104
Sankyo (A) 31,100 1,581
Sankyu (A) 7,000 25
Sanwa Shutter (A) 76,000 288
14 SEI Institutional International Trust / Annual Report / September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Sanyo Chemical Industries (A) 1,000 $ 5
Sapporo Hokuyo Holdings (A) 120 602
Sazaby League (A) 1,700 22
Seiko Epson (A) (B) 36,200 843
Seino Transportation (A) 26,000 123
Senshukai (A) 6,400 42
Seven & I Holdings (A) 15,500 446
Seven Bank (A) 240 641
SFCG (A) (B) 4,350 198
Sharp (A) 437,000 4,784
Shimadzu (A) 64,000 520
Shimamura (A) 3,900 262
Shimano (A) 24,800 855
Shin-Etsu Chemical (A) 10,400 495
Shin-Etsu Polymer (A) (B) 10,700 53
Shionogi (A) 51,000 1,035
Shiseido (A) 63,000 1,413
Showa (A) 10,300 63
Showa Shell Sekiyu (A) 48,100 469
Sintokogio (A) 7,100 45
Sojitz (A) 222,800 517
Sompo Japan Insurance (A) 114,000 969
Sony (A) 39,500 1,220
Sony Financial Holdings (A) 80 316
SRI Sports (A) 15 14
Stanley Electric (A) 7,300 107
Sumisho Computer Systems (A) 3,400 52
Sumitomo (A) 81,800 764
Sumitomo Chemical (A) 198,000 876
Sumitomo Electric Industries (A) (B) 90,580 988
Sumitomo Metal Mining (A) 297,000 2,982
Sumitomo Mitsui Financial Group (A) 1,734 10,891
Sumitomo Rubber Industries (A) 28,000 250
Sumitomo Trust & Banking (A) (B) 220,000 1,468
Suruga Bank (A) 120,000 1,399
Suzuken (A) 21,900 667
Suzuki Motor (A) (B) 61,400 1,140
T&D Holdings (A) 57,000 3,016
Taisho Pharmaceutical (A) 25,000 497
Takashimaya (A) 45,000 393
Takata (A) 1,800 25
Takeda Pharmaceutical (A) (B) 87,700 4,424
Takefuji (A) (B) 66,040 861
Takeuchi Manufacturing (A) 1,400 19
Tanabe Seiyaku (A) 159,000 2,214
Teijin (A) 174,000 524
Terumo (A) 6,800 355
Toagosei (A) 17,000 43
Tobu Railway (A) 102,000 496
Tochigi Bank (A) 32,000 171
Toenec (A) (B) 4,000 20
Toho Bank (A) 24,000 94
Tohoku Electric Power (A) 62,000 1,335
Tokai Rika (A) 14,800 188
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Tokuyama (A) 45,000 $ 262
Tokyo Electric Power (A) 264,100 6,510
Tokyo Style (A) 4,000 34
Toppan Printing (A) 224,000 1,750
Topre (A) 4,600 32
Topy Industries (A) 29,000 80
Toray Industries (A) 13,000 61
Toshiba (A) 1,380,000 6,029
Toshiba TEC (A) 38,000 150
Tosoh (A) 131,000 387
Toyo Seikan Kaisha (A) 34,500 531
Toyo Suisan Kaisha (A) 6,000 152
Toyoda Gosei (A) 11,000 187
Toyota Industries (A) 46,400 1,173
Toyota Motor (A) 333,400 14,279
TS Tech (A) 3,800 37
TV Asahi (A) 122 171
Ube Industries (A) 72,000 195
Unicharm (A) 800 62
Unipres (A) 3,600 36
UNY (A) 49,000 500
Valor (A) (B) 6,800 53
West Japan Railway (A) 226 970
Yachiyo Bank (A) 23 51
Yamaguchi Financial Group (A) 1,000 12
Yamaha Motor (A) 45,000 616
Yamanashi Chuo Bank (A) 25,000 124
Yamatake (A) 1,400 23
Yamato Kogyo (A) 16,200 567
Yamazaki Baking (A) 54,000 656
Yaskawa Electric (A) 16,000 91
Yodogawa Steel Works (A) 14,000 63
Yokogawa Electric (A) 43,400 276
Yurtec (A) 12,000 50
Yusen Air & Sea Service (A) 2,700 35
Zeon (A) 32,000 112
---------------
409,645
---------------
JERSEY -- 0.0%
Atrium European Real Estate* (A) 13,083 98
---------------
LUXEMBOURG -- 0.8%
ArcelorMittal 117,684 5,944
ArcelorMittal (A) 219,993 11,119
Millicom International Cellular (A) 5,250 360
Oriflame Cosmetics (A) 3,652 168
---------------
17,591
---------------
MAURITIUS -- 0.0%
Golden Agri-Resources (SGD) (A) 1,089,000 244
---------------
MEXICO -- 0.2%
Fomento Economico Mexicano ADR 96,795 3,692
---------------
SEI Institutional International Trust / Annual Report / September 30, 2008 15
SCHEDULE OF INVESTMENTS
International Equity Fund (Continued)
September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
NETHERLANDS -- 3.5%
Aegon (A) (B) 119,811 $ 1,058
Akzo Nobel (A) 102,737 4,921
Boskalis Westminster (A) 29,319 1,387
European Aeronautic Defence and
Space (A) (B) 148,428 2,527
Fugro (A) 20,700 1,220
Heineken Holding (A) 16,114 631
ING Groep (A) 563,339 12,050
Koninklijke Ahold (A) 367,411 4,235
Koninklijke DSM (A) (B) 148,495 7,008
Koninklijke Philips Electronics (A) 3,079 83
Koninklijke Vopak (A) 17,090 802
Nutreco Holding (A) 5,963 280
Reed Elsevier (A) 92,529 1,370
Royal Dutch Shell, Cl A (A) (B) (GBP) 178,464 5,167
Royal Dutch Shell, Cl A (A) (B) 753,749 22,157
Royal Dutch Shell, Cl B (A) 497,154 14,002
Royal KPN (A) 156,134 2,250
SNS Reaal (A) 2,476 28
TNT (A) 4,324 120
Tognum (A) 46,191 924
---------------
82,220
---------------
NEW ZEALAND -- 0.0%
Fisher & Paykel Healthcare (A) 32,672 65
Fletcher Building (A) 43,200 195
New Zealand Oil & Gas (A) 28,200 24
Vector (A) 169,030 238
Warehouse Group (A) 2,700 6
---------------
528
---------------
NORWAY -- 0.9%
DnB (A) 290,474 2,239
Norsk Hydro (A) 467,160 3,141
Petroleum Geo-Services* (A) 35,666 468
Statoil (A) 517,377 12,217
Yara International (A) 74,543 2,636
---------------
20,701
---------------
PAPUA NEW GUINEA -- 0.0%
Oil Search (A) (B) 17,800 80
---------------
PORTUGAL -- 0.3%
Banco Espirito Santo (A) 19,616 243
Energias de Portugal (A) 720,610 3,017
Jeronimo Martins SGPS (A) 141,101 1,201
Portugal Telecom SGPS (A) 128,570 1,290
---------------
5,751
---------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
RUSSIA -- 0.5%
LUKOIL ADR 63,270 $ 3,713
MMC Norilsk Nickel ADR (A) 159,000 2,221
OAO Gazprom ADR (A) 211,080 6,745
---------------
12,679
---------------
SINGAPORE -- 0.6%
ComfortDelgro (A) 442,000 468
CWT (A) 9,000 3
DBS Group Holdings (A) 94,000 1,126
Fraser and Neave (A) 13,000 33
Haw Par (A) 28,000 92
Hong Leong Asia (A) 75,000 49
Hotel Plaza (A) 3,000 3
Jardine Cycle & Carriage (A) 35,000 387
K1 Ventures (A) 329,000 52
Keppel (A) 146,000 811
Metro Holdings (A) 104,000 37
NatSteel (A) (E) 36,000 31
Neptune Orient Lines (A) 204,000 262
OM Holdings (A) 2,800 4
Oversea-Chinese Banking (A) 411,000 2,086
SembCorp Industries (A) 234,000 539
Singapore Airlines (A) 40,140 405
Singapore Petroleum (A) 159,000 519
Singapore Technologies Engineering (A) 284,000 542
Singapore Telecommunications (A) 15,000 34
SP Chemicals (A) 202,500 100
United Overseas Bank (A) 506,000 6,079
UOB-Kay Hian Holdings (A) 140,000 124
Wilmar International (A) (B) 719,000 1,281
Yanlord Land Group (A) (B) 133,000 88
---------------
15,155
---------------
SOUTH AFRICA -- 0.3%
Sanlam (A) 745,380 1,605
Sasol (A) 121,150 5,173
Standard Bank Group (A) 72,623 835
---------------
7,613
---------------
SOUTH KOREA -- 0.2%
Honam Petrochemical (A) 23,600 1,360
Hynix Semiconductor* (A) 32,400 537
Hyundai Mobis (A) 16,270 1,260
Industrial Bank of Korea (A) 49,730 602
Kookmin Bank (A) 18,900 828
Samsung Electronics (A) 2,490 1,141
---------------
5,728
---------------
16 SEI Institutional International Trust / Annual Report / September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
SPAIN -- 3.5%
ACS Actividades de Construccion y
Servicios (A) 40,117 $ 1,620
Banco Bilbao Vizcaya Argentaria (A) 302,141 4,875
Banco Espanol de Credito (A) (B) 1,927 26
Banco Santander Central Hispano (A) 1,503,836 22,499
Cementos Portland Valderrivas (A) (B) 2,746 113
Financiera Alba (A) 4,460 184
Gas Natural SDG (A) 232,451 8,609
Grifols (A) 55,743 1,421
Grupo Catalana Occidente (A) 1,202 25
Iberdrola (A) 747,105 7,573
Iberdrola Renovables* (A) 66,198 279
Mapfre (A) 638,518 2,785
Promotora de Informaciones (A) 11,723 79
Repsol (A) 422,355 12,489
Sacyr Vallehermoso (A) (B) 9,374 155
Telefonica (A) 750,823 17,813
Union Fenosa (A) 11,554 282
---------------
80,827
---------------
SWEDEN -- 1.7%
Alfa Laval (A) 128,100 1,316
Atlas Copco, Cl A (A) 114,000 1,286
Atlas Copco, Cl B (A) 15,000 150
Elekta, Cl B (A) (B) 17,172 291
Eniro (A) 29,070 102
Getinge, Cl B (A) 391 8
Hennes & Mauritz, Cl B (A) 30,345 1,234
Investor, Cl B (A) 223,070 4,148
NCC, Cl B (A) 7,187 71
Nordea Bank (A) 768,655 9,113
Ratos, Cl B (A) 6,300 143
Saab, Cl B (A) 37,294 570
Scania, Cl B (A) 41,200 504
Securitas, Cl B (A) 112,465 1,258
Skandinaviska Enskilda Banken, Cl A (A) 96,046 1,488
Skanska, Cl B (A) 131,006 1,481
SKF, Cl B (A) 121,291 1,539
Svenska Cellulosa, Cl A (A) (B) 8,821 91
Svenska Cellulosa, Cl B (A) 235,840 2,481
Svenska Handelsbanken, Cl A (A) 12,788 284
Swedbank (A) 110,470 1,434
Swedish Match (A) 4,802 83
Tele2, Cl B (A) 100,800 1,142
Telefonaktiebolaget LM Ericsson, Cl B (A) 628,000 5,922
Trelleborg, Cl B (A) 25,426 352
Volvo, Cl B (A) 357,500 3,207
---------------
39,698
---------------
SWITZERLAND -- 7.9%
ABB (A) 571,821 11,110
Actelion* (A) 16,640 860
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Adecco (A) 50,190 $ 2,186
Baloise Holding (A) 27,029 1,850
Bobst Group (A) 1,843 95
Bucher Industries (A) 2,362 318
Clariant (A) 54,000 527
Compagnie Financiere Richemont,
Cl A (A) 100,680 4,460
Credit Suisse Group (A) 286,864 13,432
Elektrizitaets-Gesellschaft
Laufenburg (A) 591 661
Galenica (A) 410 147
Geberit (A) 2,652 326
Helvetia Holding (A) 2,921 734
Inficon Holding (A) 1,148 128
Kuoni Reisen Holding (A) 253 98
Lindt & Spruengli (A) 320 782
Logitech International* (A) 14,374 329
Lonza Group (A) 1,442 181
Nestle (A) 613,613 26,589
Novartis (A) 603,654 31,866
Pargesa Holding (A) 1,597 138
Petroplus Holdings (A) 4,361 167
Roche Holding (A) 89,542 14,054
Romande Energie Holding (A) 12 27
Schindler Holding (A) 22,634 1,389
Schmolz + Bickenbach (A) 9,718 379
Schweizerische
National-Versicherungs-
Gesellschaft (A) 101 62
Sonova Holding (A) 18,646 1,219
STMicroelectronics (A) (B) 103,691 1,049
Straumann Holding (A) 951 264
Sulzer (A) 11,262 1,201
Swatch Group (A) 26,973 906
Swiss Life Holding (A) 16,026 2,333
Swiss Reinsurance (A) 161,503 8,988
Swisscom (A) 7,942 2,373
Syngenta (A) 65,808 13,914
Synthes (A) 16,154 2,241
Temenos Group* (A) 34,200 654
UBS* (A) 112,671 1,931
Xstrata (A) 386,787 12,085
Zurich Financial Services (A) 84,791 23,542
---------------
185,595
---------------
TAIWAN -- 0.2%
Asustek Computer (A) 578,828 1,147
Compal Electronics (A) 1,297,237 951
First Financial Holding (A) 26,412 17
Siliconware Precision Industries (A) 346,054 394
Taiwan Semiconductor Manufacturing (A) 1,033,383 1,735
United Microelectronics (A) 1,700,409 548
---------------
4,792
---------------
SEI Institutional International Trust / Annual Report / September 30, 2008 17
SCHEDULE OF INVESTMENTS
International Equity Fund (Continued)
September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
THAILAND -- 0.1%
PTT (A) 199,200 $ 1,358
Total Access Communication (E) 2,000 2
---------------
1,360
---------------
UNITED KINGDOM -- 15.0%
3i Group (A) 57,351 728
Aggreko (A) 71,054 701
Alliance & Leicester (A) 29,910 146
AMEC (A) 542,930 6,244
Anglo American (A) 212,301 7,190
Antofagasta (A) 37,000 269
Arriva (A) 7,551 94
Associated British Foods (A) 251,900 3,205
AstraZeneca (A) 399,752 17,538
Autonomy* (A) 331,920 6,179
Aviva (A) 637,978 5,564
Babcock International Group (A) 107,230 966
BAE Systems (A) 2,410,704 17,817
Balfour Beatty (A) 36,636 200
Barclays (A) 2,153,562 12,828
Barratt Developments (A) (B) 102,097 195
BG Group (A) 1,102,099 20,039
BHP Billiton (A) 570,565 12,959
BP (A) 3,532,948 29,499
Brit Insurance Holdings (A) 81,930 269
British American Tobacco (A) 429,714 14,065
British Energy Group (A) 270,400 3,684
British Land (A) (C) 45,318 613
BT Group, Cl A (A) 459,196 1,335
Cable & Wireless (A) 397,644 1,184
Centrica (A) 646,449 3,647
Charter (A) 60,980 681
Close Brothers Group (A) 9,248 94
Cobham (A) 252,830 862
Colt Telecom Group* (A) 45,052 82
Compass Group (A) 311,393 1,936
Cookson Group (A) 122,008 1,030
Diageo (A) 95,641 1,636
Drax Group (A) 7,362 99
Eurasian Natural Resources (A) 152,540 1,393
Firstgroup (A) 45,888 439
Friends Provident (A) 89,802 153
Game Group (A) 236,000 871
GlaxoSmithKline (A) 809,913 17,590
Group 4 Securicor (A) 349,491 1,267
Hays (A) 59,764 87
HBOS (A) 2,525,236 5,744
Home Retail Group (A) 650,011 2,746
HSBC Holdings (A) 1,285,235 20,847
IG Group Holdings (A) 186,297 1,062
Imperial Tobacco Group (A) 153,912 4,953
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
International Power (A) 27,189 $ 176
Invensys 168,107 615
Investec (A) 43,903 241
ITV (A) 444,900 335
Jardine Lloyd Thompson Group (A) 2,975 24
John Wood Group (A) 115,288 703
Kazakhmys (A) 41,400 436
Land Securities Group (A) (C) 75,570 1,711
Legal & General Group (A) 2,796,581 5,060
Liberty International (A) (C) 94,200 1,633
Lloyds TSB Group (A) 378,501 1,525
Logica (A) 421,583 827
Man Group (A) 34,908 214
Mondi (A) 159,744 747
National Grid (A) 150,626 1,917
Next (A) 13,782 255
Old Mutual (A) 2,793,800 3,921
Petrofac (A) 84,960 890
Premier Farnell (A) 35,904 106
Prudential (A) 279,548 2,555
QinetiQ (A) 55,007 205
Reckitt Benckiser Group (A) 94,748 4,606
Rio Tinto (A) 189,027 11,894
Rolls-Royce Group (A) 34,633 210
Royal & Sun Alliance Insurance Group (A) 1,883,091 5,048
Royal Bank of Scotland Group (A) 4,614,612 14,925
Scottish & Southern Energy (A) 87,546 2,233
Segro (A) (C) 26,000 197
Shire (A) 101,631 1,611
Southern Cross Healthcare (A) 17,173 32
Spectris (A) 28,366 340
Standard Chartered (A) 147,678 3,643
Standard Life (A) 237,341 1,037
Tate & Lyle (A) 80,856 557
Taylor Woodrow (A) 1,011,049 657
Tesco (A) 67,883 473
Unilever (A) 247,545 6,748
United Utilities Group (A) 238,747 2,970
Vedanta Resources (A) 98,600 2,072
Vodafone Group (A) 13,491,415 29,872
William Hill (A) 17,506 74
WM Morrison Supermarkets (A) 252,087 1,175
WPP Group (A) 541,239 4,389
Yell Group (A) 55,656 77
---------------
349,666
---------------
UNITED STATES -- 0.1%
Lenovo Group (A) (B) 6,068,000 2,678
---------------
Total Common Stock
(Cost $2,439,499) ($ Thousands) 2,049,099
---------------
18 SEI Institutional International Trust / Annual Report / September 30, 2008
Face Amount
($ Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
MORTGAGE-BACKED SECURITIES -- 16.6%
UNITED STATES -- 16.6%
Adjustable Rate Mortgage Trust,
Ser 2005-5, Cl 1A1
5.272%, 11/25/08 (E) (F) 1,274 $ 1,140
American Home Mortgage Investment
Trust, Ser 2004-3, Cl 3A
4.851%, 11/25/08 (F) 1,259 916
American Home Mortgage Investment
Trust, Ser 2005-1, Cl 4A1
5.465%, 11/25/08 (E) (F) 294 207
American Home Mortgage Investment
Trust, Ser 2005-1, Cl 6A
5.294%, 11/25/08 (E) (F) 11,634 6,459
American Home Mortgage Investment
Trust, Ser 2005-4, Cl 5A
5.350%, 11/25/08 (E) (F) 8,268 5,504
American Home Mortgage Investment
Trust, Ser 2006-1, Cl 2A3
5.100%, 11/25/08 (F) 4,182 3,133
Banc of America Commercial Mortgage,
Ser 2006-2, Cl A1
5.611%, 05/10/45 1,911 1,881
Banc of America Funding, Ser 2006-A,
Cl 2A2
5.476%, 11/20/08 (F) 433 377
Bear Stearns Adjustable Rate Mortgage
Trust, Ser 2004-7, Cl 1A1
5.950%, 11/25/08 (F) 589 518
Bear Stearns Alt-A Trust, Ser 2004-12,
Cl 2A2
6.504%, 11/25/08 (E) (F) 1,402 1,227
Countrywide Alternative Loan Trust,
Ser 2004-33, Cl 1A1
6.721%, 11/25/08 (E) (F) 822 622
Countrywide Alternative Loan Trust,
Ser 2005-69, Cl M3
4.357%, 10/27/08 (E) (F) 800 56
Countrywide Alternative Loan Trust,
Ser 2005-IM1, Cl M3
5.207%, 10/27/08 (E) (F) 1,221 40
Countrywide Alternative Loan Trust,
Ser 2006-OA11, Cl M3
3.637%, 10/27/08 (E) (F) 1,700 206
Countrywide Home Loan Mortgage
Pass-Through Trust, Ser 2007-HYB1,
Cl 1A1
5.491%, 11/25/08 (E) (F) 1,878 1,400
Countrywide Home Loans, Ser 2004-22,
Cl A1
5.088%, 11/25/08 (E) (F) 1,563 1,259
Face Amount
($ Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Countrywide Home Loans,
Ser 2006-HYB2, Cl 1A1
5.013%, 11/20/08 (E) (F) 4,437 $ 3,449
Deutsche Alternative Securities Mortgage
Loan Trust, Ser 2006-AB3, Cl A1
6.250%, 11/25/08 (E) (F) 2,269 2,098
Downey Savings & Loan Association
Mortgage Loan Trust, Ser 2004-AR4,
Cl B1
3.630%, 10/20/08 (E) (F) 935 248
Downey Savings & Loan Association
Mortgage Loan Trust, Ser 2006-AR1,
Cl M4
3.770%, 10/20/08 (E) (F) 760 38
Downey Savings & Loan Association
Mortgage Loan Trust, Ser 2006-AR1,
Cl M5
3.840%, 10/20/08 (E) (F) 490 15
Downey Savings & Loan Association
Mortgage Loan Trust, Ser 2006-AR1,
Cl M7
4.780%, 10/20/08 (E) (F) 490 24
FHLMC 15 Year TBA
6.000%, 10/01/19 to 09/01/22 27,904 28,337
FHLMC 30 Year TBA
5.500%, 11/01/37 5,000 4,964
FHLMC ARM
4.901%, 12/15/08 (F) 3,670 3,680
FHLMC CMO STRIPS, Ser 231, Cl IO, IO
5.500%, 08/01/35 (E) (L) 2,014 439
FHLMC CMO STRIPS, Ser 232, Cl IO, IO
5.000%, 08/01/35 (E) (L) 21,073 4,625
FHLMC CMO STRIPS, Ser 233, Cl 12, IO
5.000%, 09/15/35 (E) (L) 4,274 829
FHLMC CMO STRIPS, Ser 233, Cl 4, IO
4.500%, 09/15/35 (E) (L) 1,453 360
FHLMC CMO STRIPS, Ser 245, Cl IO, IO
5.000%, 05/15/37 (E) (L) 2,760 618
First Horizon Alternative Mortgage
Securities, Ser 2006-AA6, Cl 2A1
5.628%, 11/25/08 (F) 9,877 6,798
First Horizon Alternative Mortgage Trust,
Ser 2005-AA3, Cl 3A1
5.352%, 11/25/08 (F) 853 662
First Horizon Mortgage Pass-Through
Trust, Ser 2006-AR3, Cl 1A1
5.656%, 11/25/08 (F) 2,464 2,100
FNMA 15 Year TBA
6.000%, 10/20/21 204,000 208,087
5.000%, 10/01/22 2,000 1,986
SEI Institutional International Trust / Annual Report / September 30, 2008 19
SCHEDULE OF INVESTMENTS
International Equity Fund (Continued)
September 30, 2008
Face Amount
($ Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
FNMA 30 Year TBA
6.500%, 10/01/37 17,000 $ 17,833
6.000%, 11/01/21 5,000 5,083
FNMA ARM
5.766%, 11/25/08 (F) (L) 20,107 20,409
FNMA CMO STRIPS, Ser 10, Cl FD
3.557%, 10/25/08 (F) 3,493 3,402
FNMA CMO STRIPS, Ser 22, Cl KA
5.500%, 06/25/21 720 725
FNMA CMO STRIPS, Ser 359, Cl 6, IO
5.000%, 11/01/35 (E) (L) 1,868 384
FNMA CMO STRIPS, Ser 360, Cl 2, IO
5.000%, 08/01/35 (E) (L) 20,593 4,517
FNMA CMO STRIPS, Ser 369, Cl 1, IO
5.000%, 03/01/36 (E) 1,509 325
GNMA ARM
6.000%, 11/20/08 (F) 520 533
5.625%, 11/20/08 (F) (L) 651 657
5.500%, 11/20/08 to 11/20/08 (F) (L) 2,117 2,150
5.375%, 11/20/08 to 11/20/08 (F) 1,947 1,970
5.250%, 11/20/08 (F) 286 289
5.000%, 11/20/08 to 11/20/08 (F) 651 658
4.500%, 11/20/08 (F) (L) 612 615
4.000%, 11/20/08 (F) 646 643
GS Mortgage Securities II,
Ser 2007-GG10, Cl A4
5.993%, 11/10/08 (F) 500 427
Indymac Mortgage Loan Trust,
Ser 2004-AR6, Cl 1A
5.879%, 11/25/08 (E) (F) 266 259
Indymac Mortgage Loan Trust,
Ser 2006-AR11, Cl 4A1
5.722%, 11/25/08 (E) (F) 4,676 3,161
JPMorgan Chase Commercial Mortgage
Securities, Ser 2006-CB17, Cl A4
5.429%, 12/12/43 700 608
Lehman Mortgage Trust, Ser 2006-4,
Cl 4A1
6.000%, 08/25/21 (E) 8,131 6,654
Master Adjustable Rate Mortgages,
Ser 2005-2, Cl 3A1
5.694%, 11/25/08 (F) 1,609 1,404
Merrill Lynch Mortgage Investors,
Ser 2005-A4, Cl 1A
5.114%, 11/25/08 (F) 336 249
MLCC Mortgage Investors, Ser 2006-1,
Cl 1A1
5.248%, 11/25/08 (F) 4,113 3,803
Nomura Asset Acceptance, Ser 2004-R1,
Cl A1
6.500%, 03/25/34 (D) (E) 1,273 1,115
Face Amount
($ Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Nomura Asset Acceptance,
Ser 2004-R2, Cl A1
6.500%, 11/25/08 (D) (E) (F) 1,346 $ 1,255
Residential Accredit Loans,
Ser 2005-QA3, Cl NB2
5.219%, 11/25/08 (F) 4,425 3,528
Residential Accredit Loans,
Ser 2005-QO5, Cl M3
4.007%, 10/27/08 (E) (F) 1,292 103
Residential Accredit Loans,
Ser 2006-QO1, Cl 2A3
3.607%, 10/27/08 (E) (F) 508 197
Residential Asset Securitization Trust,
Ser 2004-IP2, Cl 3A1
5.249%, 11/25/08 (F) 3,663 3,558
Structured Adjustable Rate Mortgage
Loan, Ser 2005-16 XS, Cl M2
4.107%, 10/27/08 (E) (F) 775 39
Washington Mutual Mortgage Pass-Through
Certificates, Ser 2007-HY4, Cl 1A1
5.542%, 11/25/08 (F) 6,421 4,767
Washington Mutual Mortgage Pass-Through
Certificates, Ser 2007-HY6, Cl 1A1
5.664%, 11/25/08 (F) 2,465 1,660
Wells Fargo Mortgage-Backed Securities
Trust, Ser 2004-I, Cl B1
5.813%, 11/25/08 (F) 169 145
---------------
Total Mortgage-Backed Securities
(Cost $420,396) ($ Thousands) 387,427
---------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.1%
FHLMC
2.080%, 11/03/08 (I) (J) 16,275 16,246
2.716%, 02/09/09 (I) (J) 1,000 989
FNMA
2.153%, 10/15/08 (I) 7,000 6,999
2.532%, 12/10/08 (I) (J) 175 174
2.570%, 02/02/09 (I) (J) 1,925 1,905
---------------
Total U.S. Government Agency Obligations
(Cost $26,310) ($ Thousands) 26,313
---------------
ASSET-BACKED SECURITIES -- 0.9%
UNITED STATES -- 0.9%
ACE Securities, Ser 2003-NC1, Cl M
3.987%, 10/27/08 (F) 2,100 1,353
ACE Securities, Ser 2003-OP1, Cl M1
3.907%, 10/27/08 (F) 800 592
20 SEI Institutional International Trust / Annual Report / September 30, 2008
Face Amount
($ Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Aegis Asset-Backed Securities Trust,
Ser 2003-3, Cl M1
4.257%, 10/27/08 (E) (F) 105 $ 80
Ameriquest Mortgage Securities,
Ser 2003-2, Cl M1
4.557%, 10/27/08 (F) 1,281 886
Argent Securities, Ser 2003-W5, Cl M1
3.907%, 10/27/08 (F) 600 470
Argent Securities, Ser 2003-W9, Cl M1
3.897%, 10/27/08 (F) 1,201 874
Asset-Backed Securities Home Equity,
Ser 2003-HE5, Cl M1
3.612%, 10/15/08 (F) 1,642 1,295
Countrywide Asset-Backed Certificates,
Ser 2003-5, Cl MV2
4.807%, 10/27/08 (F) 860 616
Countrywide Asset-Backed Certificates,
Ser 2005-15, Cl 1AF1
3.347%, 10/27/08 (F) 91 91
Credit Suisse Asset-Backed Mortgage
Trust, Ser 2006-1, Cl A1B
3.427%, 10/27/08 (F) 120 120
GSAA Trust, Ser 2006-2, Cl 2A1
3.307%, 10/27/08 (F) 1,136 1,126
Home Equity Asset Trust, Ser 2003-4,
Cl M2
5.607%, 10/27/08 (F) 863 579
Lehman XS Trust, Ser 2005-5N, Cl M4
4.957%, 10/27/08 (E) (F) 1,850 33
Lehman XS Trust, Ser 2005-7N, Cl M71
4.957%, 10/27/08 (E) (F) 1,075 19
Master Asset Backed Securities Trust,
Ser 2003-WMC2, Cl M1
4.257%, 10/27/08 (F) 422 346
Master Asset Backed Securities Trust,
Ser 2006-AB1, Cl A1
3.347%, 10/27/08 (F) 1,687 1,666
Merrill Lynch Mortgage Investors, Ser
2003-HE1, Cl M2
4.857%, 10/27/08 (F) 140 84
Morgan Stanley Capital I, Ser 2003-NC8,
Cl M1
4.257%, 10/27/08 (F) 1,876 1,277
Option One Mortgage Loan Trust,
Ser 2003-5, Cl M1
3.857%, 10/27/08 (F) 398 276
Residential Asset Mortgage Products,
Ser 2003-RS11, Cl Mll1
4.302%, 10/27/08 (F) 188 138
Resmae Mortgage Loan Trust,
Ser 2006-1, Cl A2A
3.307%, 10/27/08 (D) (F) 1,121 1,095
Face Amount
($ Thousands) Market Value
Description (1)/ Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Resmae Mortgage Loan Trust,
Ser 2006-1, Cl A2B
3.357%, 10/27/08 (D) (F) 5,355 $ 4,547
Structured Asset Investment Loan Trust,
Ser 2003-BC4, Cl M2
6.207%, 10/27/08 (F) 512 371
Terwin Mortgage Trust, Ser 2006-2,
Cl 2A1
4.500%, 06/25/36 (E) 833 28
Terwin Mortgage Trust, Ser 2006-5,
Cl 1A2A
3.301%, 10/27/08 (D) (F) 2,834 2,458
---------------
Total Asset-Backed Securities
(Cost $28,991) ($ Thousands) 20,420
---------------
PREFERRED STOCK -- 0.4%
BRAZIL -- 0.3%
Banco Bradesco 302,300 4,756
Usinas Siderurgicas de Minas Gerais 73,800 1,543
---------------
6,299
---------------
GERMANY -- 0.1%
Bayerische Motoren Werke (A) 2,143 65
RWE (A) 1,865 134
Volkswagen (A) 6,608 821
---------------
1,020
---------------
ITALY -- 0.0%
Istituto Finanziario Industriale* (A) 40,562 447
---------------
SOUTH KOREA -- 0.0%
Samsung Electronics (A) 2,900 915
---------------
Total Preferred Stock
(Cost $10,293) ($ Thousands) 8,681
---------------
CORPORATE OBLIGATIONS -- 0.1%
UNITED STATES -- 0.1%
Autozone
6.500%, 01/15/14 1,130 1,118
Discover Financial Services
6.450%, 06/12/17 (D) 335 242
Shinsei Finance Cayman
6.418%, 07/20/09 (D) (F) 1,740 730
Washington Mutual Preferred Funding
6.534%, 03/29/49 (D) (G) 1,900 2
---------------
Total Corporate Obligations
(Cost $5,104) ($ Thousands) 2,092
---------------
SEI Institutional International Trust / Annual Report / September 30, 2008 21
SCHEDULE OF INVESTMENTS
International Equity Fund (Continued)
September 30, 2008
Shares/Face
Amount
($ Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
AFFILIATED PARTNERSHIP -- 6.6%
UNITED STATES -- 6.6%
SEI Liquidity Fund, L.P.,
2.590%**+ (H) 155,045,537 $ 153,052
---------------
Total Affiliated Partnership
(Cost $155,046) ($ Thousands) 153,052
---------------
U.S. TREASURY OBLIGATIONS -- 1.3%
U.S. Treasury Bills
1.657%, 11/20/08 (I) (J) 8,609 8,607
0.130%, 12/18/08 (I) (J) 650 650
U.S. Treasury Inflationary Index Notes
2.375%, 04/15/11 (K) 3,535 3,575
3.000%, 07/15/12 (K) 11,521 11,992
2.375%, 01/15/25 (K) 5,423 5,254
---------------
Total U.S. Treasury Obligations
(Cost $30,746) ($ Thousands) 30,078
---------------
COMMERCIAL PAPER (K)-- 0.6%
FPL Group Capital
2.384%, 10/10/08 5,000 4,997
Toyota Financial Services de Puerto Rico
2.401%, 10/01/08 10,000 9,999
---------------
Total Commercial Paper
(Cost $14,996) ($ Thousands) 14,996
---------------
CASH EQUIVALENT -- 0.5%
UNITED STATES -- 0.5%
SEI Daily Income Prime Obligation Fund,
Cl A, 2.350%**+ 11,820,869 11,821
---------------
Total Cash Equivalent
(Cost $11,821) ($ Thousands) 11,821
---------------
Total Investments -- 115.8%
(Cost $3,143,202) ($ Thousands) $ 2,703,979
===============
A summary of the outstanding forward foreign currency contracts held by the Fund
at September 30, 2008, is as follows (see Note 2 in Notes to Financial
Statements):
UNREALIZED
CURRENCY CURRENCY APPRECIATION
SETTLEMENT TO DELIVER TO RECEIVE (DEPRECIATION)
DATE (THOUSANDS) (THOUSANDS) ($ THOUSANDS)
- ----------------- ---------------- ---------------- --------------
10/21/08-11/21/08 AUD 13,484 USD 12,400 $ 1,786
10/21/08 AUD 25,914 EUR 14,754 344
10/21/08 AUD 12,542 GBP 5,735 355
10/21/08 CAD 104,197 USD 98,034 (108)
10/21/08 CHF 10,893 USD 9,812 75
10/21/08 EUR 13,197 AUD 23,531 (31)
10/21/08 EUR 9,305 SEK 88,640 (372)
10/21/08 GBP 9,474 AUD 20,939 (412)
10/21/08 HKD 285,547 USD 36,727 (65)
10/21/08 JPY 1,291,038 USD 12,314 110
10/21/08 MXP 39,785 USD 3,599 (13)
10/21/08 NOK 34,497 USD 5,930 101
10/21/08 SEK 88,640 EUR 9,315 387
10/21/08 SEK 69,420 USD 10,171 207
10/21/08 SGD 6,127 USD 4,292 3
10/21/08 USD 20,770 CAD 21,938 (107)
10/21/08 USD 775 ZAR 6,459 2
10/21/08 ZAR 68,653 USD 8,371 113
10/21/08-10/27/08 USD 18,195 HKD 141,247 5
10/21/08-10/27/08 USD 80,331 JPY 8,455,697 (391)
10/21/08-10/27/08 USD 4,975 NOK 28,352 (185)
10/21/08-10/27/08 USD 19,568 SEK 131,385 (708)
10/21/08-10/28/08 USD 16,265 SGD 23,257 17
10/21/08-11/21/08 CHF 15,700 NZD 20,223 (584)
10/21/08-11/21/08 EUR 33,881 USD 52,105 4,402
10/21/08-11/21/08 GBP 38,855 USD 74,396 5,013
10/21/08-11/21/08 NZD 20,554 CHF 15,700 364
10/21/08-11/21/08 USD 66,896 AUD 81,105 (2,998)
10/21/08-11/21/08 USD 134,994 EUR 89,913 (8,380)
10/21/08-11/21/08 USD 185,903 GBP 99,975 (7,389)
10/21/08-1/22/09 EUR 65,789 JPY 10,634,000 8,458
10/21/08-1/22/09 GBP 9,895 SGD 25,700 356
10/21/08-1/22/09 NOK 148,725 JPY 2,968,000 3,111
10/21/08-2/20/09 GBP 26,872 JPY 5,418,000 3,685
10/21/08-2/20/09 NZD 13,789 USD 9,414 328
10/21/08-3/20/09 SGD 34,700 GBP 13,234 (753)
10/21/08-3/20/09 USD 17,440 NZD 25,635 (550)
10/21/08-3/23/09 JPY 11,301,000 EUR 69,642 (9,443)
10/21/08-3/23/09 JPY 6,085,000 GBP 30,021 (4,493)
10/21/08-3/23/09 JPY 3,301,000 NOK 164,189 (3,731)
10/27/08 USD 17,577 CHF 18,966 (611)
10/27/08 USD 2,372 DKK 12,013 (103)
12/19/08-2/20/09 AUD 13,931 CHF 13,200 959
12/19/08-2/20/09 EUR 32,873 CHF 52,700 1,074
12/19/08-3/20/09 CHF 16,700 AUD 17,693 (1,181)
12/19/08-3/20/09 CHF 59,800 EUR 37,227 (1,341)
12/19/08-3/20/09 CHF 46,900 GBP 23,330 (555)
12/19/08-3/20/09 GBP 23,522 CHF 46,900 211
---------
$(13,038)
=========
22 SEI Institutional International Trust / Annual Report / September 30, 2008
A summary of the open futures contracts held by the Fund at September 30, 2008,
is as follows (see Note 2 in Notes to Financial Statements):
UNREALIZED
NUMBER OF APPRECIATION
TYPE OF CONTRACTS EXPIRATION (DEPRECIATION)
CONTRACT LONG (SHORT) DATE ($ THOUSANDS)
- ------------ ------------ ---------- --------------
10-YR Swap (554) Dec-2008 $ 1,072
90-Day Euro$ 275 Mar-2009 (202)
90-Day Euro$ 526 Jun-2009 670
90-Day Euro$ 394 Sep-2009 1,044
90-Day Euro$ 196 Dec-2009 (157)
90-Day Euro$ 1 Mar-2010 (1)
90-Day Euro$ (361) Jun-2010 (1,080)
90-Day Euro$ (54) Sep-2010 (133)
90-Day Euro$ (37) Dec-2010 (69)
90-Day Euro$ 10 Mar-2011 (13)
90-Day Euro$ 134 Jun-2011 58
90-Day Euro$ 141 Sep-2011 64
90-Day Euro$ 86 Dec-2011 10
90-Day Euro$ 86 Mar-2012 23
90-Day Euro$ 16 Mar-2012 (1)
90-Day Euro$ 73 Jun-2012 1
90-Day Euro$ 68 Sep-2012 47
90-Day Euro$ 16 Jun-2013 --
90-Day Euro$ 16 Sep-2013 --
UNREALIZED
NUMBER OF APPRECIATION
TYPE OF CONTRACTS EXPIRATION (DEPRECIATION)
CONTRACT LONG (SHORT) DATE ($ THOUSANDS)
- ------------ ------------ ---------- --------------
Amsterdam Index 66 Oct-2008 $ (817)
CAC40 10 Euro 360 Oct-2008 (194)
Dax Index 101 Dec-2008 (767)
DJ Euro Stoxx 50 Index 479 Dec-2008 (642)
FTSE Index 599 Dec-2008 (2,288)
Hang Seng Index 62 Oct-2008 (371)
IBEX Index 64 Oct-2008 202
MSCI Sing Index 129 Oct-2008 (123)
Nikkei 225 Index 50 Dec-2008 (139)
OMX Index 550 Oct-2008 (338)
S&P/MIB Index 39 Dec-2008 (375)
SPI 200 Index 181 Dec-2008 (293)
Topix Index 225 Dec-2008 (1,425)
U.S. 10-Year Note (256) Dec-2008 96
U.S. 2-Year Note (27) Dec-2008 (35)
U.S. 5-Year Note 85 Dec-2008 (60)
U.S. Long Treasury Bond (51) Dec-2008 35
-------
$(6,201)
=======
A summary of outstanding swap agreements held by the fund at September 30, 2008,
is as follows (see Note 2 in Notes to Financial Statements):
TOTAL RETURN SWAPS
COUNTERPARTY REFERENCE ENTITY/OBLIGATION FUND PAYS FUND RECEIVES
- ------------------- ----------------------------- -------------------------- ----------------------------------
Bank of America BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Plus 25 bps
Bank of America BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Plus 0 bps
Bank of America BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Plus 29 bps
Bank of America BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Minus 10 bps
Bank of America BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Minus 115 bps
Bank of America BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Minus 50 bps
Bank of America BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Minus 95 bps
Bank of America BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Minus 25 bps
Bank of America BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Minus 165 bps
Bank of America BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Minus 175 bps
Barclays Bank PLC BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Minus 50 bps
Goldman Sachs BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Minus 150 bps
JPMorgan Chase Bank BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Plus 50 bps
JPMorgan Chase Bank BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Plus 0 bps
JPMorgan Chase Bank BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Minus 70 bps
JPMorgan Chase Bank BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Minus 130 bps
JPMorgan Chase Bank BAS AAA 10YR CMBS Daily Index Negative Spread Return Initial Index Spread Minus 150 bps
JPMorgan Chase Bank MSCI Daily TR Net EAFE USD 3-Month LIBOR Minus 42 bps Price Return
Market Index
Goldman Sachs MSCI Daily TR Net Japan USD 3-Month LIBOR Plus 10 bps Price Return
Market Index
JPMorgan Chase Bank Swiss Market Index 3-Month LIBOR Plus 47 bps Price Return
NET UNREALIZED
TERMINATION NOTIONAL AMOUNT DEPRECIATION
COUNTERPARTY DATE (THOUSANDS) ($ THOUSANDS)
- ------------------- ----------- --------------- --------------
Bank of America 10/01/08 10,000 $ (765)
Bank of America 10/01/08 21,000 (1,607)
Bank of America 10/01/08 45,000 (3,440)
Bank of America 10/31/08 13,000 (994)
Bank of America 12/31/08 50,000 (3,825)
Bank of America 12/31/08 44,000 --
Bank of America 01/30/09 24,000 (1,836)
Bank of America 03/31/09 27,000 --
Bank of America 03/31/09 16,000 --
Bank of America 03/31/09 11,000 --
Barclays Bank PLC 10/01/08 25,000 (1,911)
Goldman Sachs 03/31/09 33,000 --
JPMorgan Chase Bank 10/01/08 25,000 (1,914)
JPMorgan Chase Bank 10/01/08 20,000 (1,531)
JPMorgan Chase Bank 10/31/08 15,000 (1,147)
JPMorgan Chase Bank 03/31/09 24,000 --
JPMorgan Chase Bank 03/31/09 11,000 --
JPMorgan Chase Bank 03/24/09 46,281 (4,045)
Goldman Sachs 03/31/09 43,131 (7,617)
JPMorgan Chase Bank 01/26/09 CHF 28,235 (887)
--------
$(31,519)
========
SEI Institutional International Trust / Annual Report / September 30, 2008 23
SCHEDULE OF INVESTMENTS
International Equity Fund (Concluded)
September 30, 2008
CREDIT DEFAULT SWAPS
(PAYS)/
BUY/SELL RECEIVES
COUNTERPARTY REFERENCE ENTITY/OBLIGATION PROTECTION RATE
- ------------------- ----------------------------------------- ---------- --------
Bank of America Alcan Inc., 4.875%, 09/15/12 Buy (0.35)%
Bank of America Alcan Inc., 4.875%, 09/15/12 Buy (0.32)
Barclays Bank PLC Anheuser-Busch Cos.Inc., 5.625% 10/01/10 Buy (1.08)
Goldman Sachs Anheuser-Busch Cos.Inc., 5.625% 10/01/10 Buy (1.08)
Bank of America Autozone Inc., 5.875%, 10/15/12 Buy (0.44)
JPMorgan Chase Bank Autozone Inc., 5.875%, 10/15/12 Buy (0.46)
Bank of America Black & Decker Corp., 7.125%, 06/01/11 Buy (0.55)
JPMorgan Chase Bank Black & Decker Corp., 7.125%, 06/01/11 Buy (0.55)
Goldman Sachs Borgwarner Inc., 6.500%, 02/15/09 Buy (0.66)
Goldman Sachs Borgwarner Inc., 6.500%, 02/15/09 Buy (0.80)
Bank of America Campbell Soup Co., 4.875%, 10/01/13 Buy (0.20)
JPMorgan Chase Bank Carnival Corp., 6.650%, 01/15/28 Buy (0.22)
Goldman Sachs CDX.NA.IG 9 Index Buy (0.60)
Goldman Sachs CDX.NA.IG.10 Index Buy (1.55)
Goldman Sachs Centurytel Inc., 6.000% 04/01/17 Buy (1.10)
JPMorgan Chase Bank CMBX.NA.A 2 Index Buy (0.25)
Merrill Lynch CMBX.NA.A 2 Index Buy (0.25)
Goldman Sachs CMBX.NA.A 3 Index Buy (0.62)
Goldman Sachs CMBX.NA.A 3 Index Buy (0.62)
Goldman Sachs CMBX.NA.A 3 Index Buy (0.62)
Goldman Sachs CMBX.NA.A 3 Index Buy (0.62)
JPMorgan Chase Bank CMBX.NA.A 3 Index Buy (0.62)
Bank of America CMBX.NA.AAA 4 Index Buy (0.35)
Goldman Sachs CMBX.NA.AAA 4 Index Buy (0.35)
Goldman Sachs CMBX.NA.BBB 2 Index Buy (0.60)
Bank of America Computer Science Corp., 5.000%, 02/15/13 Buy (0.65)
Bank of America Darden Restaurants Inc., 7.125%, 02/01/16 Buy (0.45)
JPMorgan Chase Bank Dow Chemical Inc., 6.000%, 10/01/12 Buy (0.26)
Merrill Lynch Dow Chemical Inc., 6.000%, 10/01/12 Buy (0.25)
Bank of America Gap Inc., 8.800%, 12/15/08 Buy (1.18)
JPMorgan Chase Bank Gap Inc., 8.800%, 12/15/08 Buy (1.18)
JPMorgan Chase Bank Hasbro Inc., 2.750%, 12/01/21 Buy (0.39)
Bank of America Johnson Controls Inc., 7.125%, 07/15/17 Buy (0.37)
Bank of America Johnson Controls Inc., 7.125%, 07/15/17 Buy (0.39)
JPMorgan Chase Bank Jones Apparel Group., 5.125%, 11/15/14 Buy (0.77)
Merrill Lynch Kroger Co., 5.500%, 02/01/13 Buy (0.64)
Bank of America Lowes Cos. Inc., 8.250%, 06/01/10 Buy (0.95)
Bank of America Lowes Cos. Inc., 8.250%, 06/01/10 Buy (0.60)
Merrill Lynch Lowes Cos. Inc., 8.250%, 06/01/10 Buy (0.13)
Merrill Lynch Lubrizol Corp., 7.250%, 06/15/25 Buy (0.45)
JPMorgan Chase Bank Lubrizol Corp., 7.250%, 06/15/35 Buy (0.45)
Bank of America Masco Corp., 5.875%, 07/15/12 Buy (0.73)
Merrill Lynch MDC Holdings Inc., 5.500%, 05/15/13 Buy (0.90)
Bank of America MeadWestvaco Corp., 6.850%, 04/01/12 Buy (0.48)
Bank of America MGIC Investment Corp., 6.000%, 11/01/15 Buy (0.35)
JPMorgan Chase Bank MGIC Investment Corp., 6.000%, 11/01/15 Buy (0.35)
JPMorgan Chase Bank Nordstrom Inc., 6.950%, 03/15/28 Buy (0.28)
Merrill Lynch Nordstrom Inc., 6.950%, 03/15/28 Buy (0.28)
Bank of America Nucor Corp., 4.875%, 10/01/12 Buy (0.22)
JPMorgan Chase Bank Nucor Corp., 4.875%, 10/01/12 Buy (0.22)
Bank of America Pitney Bowes Inc., 4.625%, 10/01/12 Buy (0.14)
Bank of America PMI Group Inc., 6.000%, 09/15/16 Buy (0.35)
JPMorgan Chase Bank PMI Group Inc., 6.000%, 09/15/16 Buy (0.35)
JPMorgan Chase Bank PPG Industries Inc., 7.050%, 08/15/09 Buy (0.20)
JPMorgan Chase Bank Radian Group Inc., 7.750%, 06/01/11 Buy (0.39)
Bank of America Radian Group Inc., 7.750%, 06/01/11 Buy (0.39)
Merrill Lynch RR Donnelley & Sons, 4.950%, 04/01/14 Buy (0.69)
Bank of America Safeway Inc., 5.800%, 08/15/12 Buy (0.59)
Merrill Lynch Southwest Airlines Co., 6.500%, 03/01/12 Buy (0.27)
JPMorgan Chase Bank Southwest Airlines Co., 6.500%, 03/01/12 Buy (0.27)
Bank of America The Limited Inc., 6.125%, 12/01/12 Buy (0.48)
Bank of America TJX Cos. Inc., 7.450%, 12/15/09 Buy (0.19)
JPMorgan Chase Bank Washington Mutual Co., 5.250%, 09/15/17 Buy (0.32)
Merrill Lynch Weyerhaeuser Company, 6.750%, 03/15/12 Buy (0.45)
Goldman Sachs Whirlpool Corp., 7.750%, 07/15/16 Buy (1.02)
JPMorgan Chase Bank Whirlpool Corp., 7.750%, 07/15/16 Buy (0.34)
NET
UNREALIZED
NOTIONAL APPRECIATION
TERMINATION AMOUNT (DEPRECIATION)
COUNTERPARTY DATE ($ THOUSANDS) ($ THOUSANDS)
- ------------------- ----------- ------------- --------------
Bank of America 12/20/13 2,500 $ (5)
Bank of America 03/20/14 2,150 9
Barclays Bank PLC 09/20/13 1,500 (4)
Goldman Sachs 09/20/13 1,750 (3)
Bank of America 12/20/11 2,500 21
JPMorgan Chase Bank 12/20/11 2,500 19
Bank of America 12/20/11 2,500 58
JPMorgan Chase Bank 12/20/11 2,500 24
Goldman Sachs 03/20/13 3,000 20
Goldman Sachs 03/20/13 1,750 2
Bank of America 06/20/14 3,500 16
JPMorgan Chase Bank 06/20/12 2,000 58
Goldman Sachs 12/20/12 1,200 34
Goldman Sachs 06/20/13 9,500 108
Goldman Sachs 03/20/13 3,250 46
JPMorgan Chase Bank 03/15/49 2,000 26
Merrill Lynch 03/15/49 1,000 14
Goldman Sachs 12/13/49 2,000 205
Goldman Sachs 12/13/49 1,000 233
Goldman Sachs 12/13/49 1,000 235
Goldman Sachs 12/13/49 1,000 238
JPMorgan Chase Bank 02/13/49 3,000 498
Bank of America 02/17/51 18,000 (29)
Goldman Sachs 02/17/51 5,000 (138)
Goldman Sachs 03/15/49 8,000 1,099
Bank of America 06/20/13 3,250 (6)
Bank of America 12/20/11 2,500 89
JPMorgan Chase Bank 12/20/13 2,500 30
Merrill Lynch 12/20/13 2,500 70
Bank of America 12/20/11 2,500 45
JPMorgan Chase Bank 12/20/11 2,500 40
JPMorgan Chase Bank 12/20/11 2,500 51
Bank of America 12/20/13 2,500 128
Bank of America 12/20/13 2,500 58
JPMorgan Chase Bank 12/20/11 2,500 121
Merrill Lynch 03/20/13 3,500 (6)
Bank of America 03/20/13 1,250 (15)
Bank of America 09/20/13 2,750 (39)
Merrill Lynch 12/20/11 2,500 27
Merrill Lynch 12/20/11 2,500 13
JPMorgan Chase Bank 12/20/11 2,500 12
Bank of America 12/20/13 2,500 131
Merrill Lynch 12/20/11 2,500 32
Bank of America 12/20/11 2,500 64
Bank of America 12/20/13 2,500 839
JPMorgan Chase Bank 12/20/13 2,500 836
JPMorgan Chase Bank 12/20/13 2,500 62
Merrill Lynch 12/20/13 2,500 62
Bank of America 12/20/11 2,500 75
JPMorgan Chase Bank 12/20/11 2,500 33
Bank of America 12/20/11 5,200 61
Bank of America 12/20/13 2,500 942
JPMorgan Chase Bank 12/20/13 2,500 942
JPMorgan Chase Bank 12/20/11 2,500 42
JPMorgan Chase Bank 12/20/13 2,500 1,209
Bank of America 12/20/13 2,500 1,317
Merrill Lynch 12/20/11 2,500 56
Bank of America 03/20/13 2,750 3
Merrill Lynch 12/20/11 2,500 145
JPMorgan Chase Bank 12/20/11 2,500 145
Bank of America 12/20/11 2,500 154
Bank of America 12/20/11 2,500 14
JPMorgan Chase Bank 03/20/12 2,300 802
Merrill Lynch 03/20/12 2,500 90
Goldman Sachs 09/20/13 500 2
JPMorgan Chase Bank 12/20/11 2,500 92
-------
$11,552
=======
24 SEI Institutional International Trust / Annual Report / September 30, 2008
Description
Percentages are based on Net Assets of $2,336,042 ($ Thousands).
* Non-income producing security.
** Rate shown is the 7-day effective yield as of September 30, 2008.
+ Affiliated security.
(1) In U.S. dollars unless otherwise indicated.
(A) Security fair valued using methods determined in good faith by the
Valuation Committee of the Board of Trustees. The total market value of
such securities as of September 30, 2008 was $1,956,296 ($ Thousands) and
represented 83.7% of Net Assets.
(B) This security or a partial position of this security is on loan at
September 30, 2008. The total market value of securities on loan at
September 30, 2008 was $147,062
($ Thousands) (see Note 7).
(C) Real Estate Investments Trust.
(D) Securities sold within terms of a private placement memorandum, exempt from
registration under Section 144A of the Securities Act of 1933, as amended,
and may be sold only to dealers in that program or other "accredited
investors." These securities have been determined to be liquid, unless
otherwise noted, under guidelines established by the board of Trustees.
(E) Securities considered illiquid. The total market value of such securities
as of September 30, 2008 was $49,086 ($ Thousands) and represented 2.1% of
Net Assets.
(F) Variable Rate Security -- The rate reported on the Schedule of Investments
is the rate in effect as of September 30, 2008. The date reported on the
Schedule of Investments is the next reset date.
(G) Security in default on interest payments.
(H) This security was purchased with cash collateral held from securities on
loan (see Note 7). The total value of such securities as of September 30,
2008 was $153,052 ($ Thousands).
(I) Zero coupon security. The rate reported on the Schedule of Investments is
the effective yield at time of purchase.
(J) Security, or portion thereof, has been pledged as collateral on open
futures contracts.
(K) The rate reported is the effective yield at time of purchase.
(L) Security, or portion thereof, has been pledged as collateral on open swaps
contracts.
AUD -- Australian Dollar
ADR -- American Depositary Receipt
ARM -- Adjustable Rate Mortgage
CAD -- Canadian Dollar
CHF -- Swiss Franc
Cl -- Class
CMBS -- Commercial Mortgage-Backed Securities
CMO -- Collateralized Mortgage Obligation
DKK -- Danish Krone
EUR -- Euro
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
GBP -- British Pound Sterling
GDR -- Global Depositary Receipt
GNMA -- Government National Mortgage Association
HKD -- Hong Kong Dollar
IO -- Interest Only -- face amount represents notional amount
JPY -- Japanese Yen
L.P. -- Limited Partnership
MXP -- Mexican Peso
NGN -- Nigerian Naira
NOK -- Norwegian Krone
NZD -- New Zealand Dollar
SEK -- Swedish Krona
Ser -- Series
SGD -- Singapore Dollar
STRIPS -- Separately Traded Registered Interest and Principal Securities
TBA -- To Be Announced
USD -- U.S. Dollar
ZAR -- South African Rand
Amounts designated as "--" are $0 or have been rounded to $0
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Annual Report / September 30, 2008 25
SCHEDULE OF INVESTMENTS
Emerging Markets Equity Fund
September 30, 2008
SECTOR WEIGHTINGS (UNAUDITED)+:
(PERFORMANCE GRAPH)
Energy 17.6%
Financials 17.2%
Basic Materials 12.6%
Telecommunication Services 10.9%
Information Technology 9.9%
Industrials 9.7%
Consumer Discretionary 5.6%
Consumer Staples 5.3%
Affiliated Partnership 4.3%
Utilities 3.6%
Healthcare 1.8%
Exchange Traded Fund 0.9%
Short-Term Investments 0.4%
Equity-Linked Warrants 0.2%
+ Percentages based on total investments. Includes Investments held as
collateral for securities on loan (see Note 7).
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
COMMON STOCK -- 86.8%
ARGENTINA -- 0.1%
Petrobras Energia Participaciones ADR 83,400 $ 821
Telecom Argentina ADR* 38,900 476
---------------
1,297
---------------
BAHRAIN -- 0.1%
Investcorp Bank GDR (A) 32,811 664
---------------
BERMUDA -- 0.2%
Dufry South America 43,200 359
Huabao International Holdings (HKD) 2,035,000 1,564
---------------
1,923
---------------
BRAZIL -- 6.0%
Banco do Brasil 176,965 2,053
Banco Itau Holding Financeira ADR 51,647 904
BR Malls Participacoes* 81,000 495
Brascan Residential Properties 93,303 213
Centrais Eletricas Brasileiras 63,080 903
Cia Brasileira de Distribuicao Grupo Pao
de Acucar ADR (B) 27,000 944
Cia de Bebidas das Americas ADR (B) 14,080 769
Cia de Concessoes Rodoviarias 24,653 316
Cia de Saneamento Basico do Estado
de Sao Paulo ADR 1,160 33
Cia de Saneamento Basico do Estado
de Sao Paulo 85,969 1,175
Cia de Saneamento de Minas
Gerais-COPASA 56,500 592
Cia Energetica de Minas Gerais ADR (B) 40,315 796
Cia Vale do Rio Doce ADR, Cl B 293,420 5,619
Cia Vale do Rio Doce 181,600 3,380
CPFL Energia 25,043 465
EDP - Energias do Brasil 73,317 889
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Empresa Brasileira de Aeronautica
ADR (B) 14,060 $ 380
Empresa Brasileira de Aeronautica 115,000 769
Eternit 48,551 148
Fertilizantes Heringer 900 5
Gafisa ADR (B) 24,200 622
Gerdau ADR (B) 194,242 2,156
Grendene 159,907 1,152
GVT Holding* 70,900 1,038
Hypermarcas* 142,200 956
Light 26,219 321
Localiza Rent A Car 185,900 970
Lojas Renner 152,749 1,757
Marfrig Frigorificos e Comercio
de Alimentos 82,100 736
Medial Saude 49,500 282
OGX Petroleo e Gas Participacoes* 5,800 1,164
Perdigao 17,100 320
Petroleo Brasileiro 254,300 5,484
Petroleo Brasileiro ADR 100,504 4,417
Rodobens Negocios Imobiliarios 87,100 592
Santos Brasil Participacoes 75,581 677
SEB - Sistema Educacional Brasileiro* 85,800 623
Souza Cruz 57,483 1,341
Telegraph Norte Leste Participacoes
ADR (B) 167,590 2,926
Unibanco - Uniao de Bancos Brasileiros 107,400 1,058
Unibanco - Uniao de Bancos Brasileiros
GDR 56,372 5,689
Usinas Siderurgicas de Minas Gerais 80,000 1,590
Votorantim Celulose e Papel ADR (B) 81,150 1,251
Wilson Sons BDR 84,500 631
---------------
58,601
---------------
CHILE -- 1.0%
Administradora de Fondos de Pensiones
Provida ADR 7,200 177
Banco de Chile ADR 30,500 1,220
Banco Santander Chile ADR 46,938 2,008
Centros Comerciales Sudamericanos 197,650 465
Cia Cervecerias Unidas ADR (B) 28,593 922
Cia Cervecerias Unidas 32,700 211
Embotelladora Andina ADR, Cl B 32,078 465
Empresa Nacional de Telecomunicaciones 50,109 624
Enersis ADR (B) 217,537 3,550
Multiexport Foods 297,510 59
---------------
9,701
---------------
CHINA -- 7.3%
AirMedia Group ADR* (B) 87,750 654
Aluminum Corp of China 572,622 349
Anhui Conch Cement (B) 602,882 2,303
26 SEI Institutional International Trust / Annual Report / September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Anhui Expressway 704,000 $ 368
Bank of China (C) 12,707,000 4,925
Bank of Communications (B) 979,000 892
Baoye Group 49,000 15
Bengang Steel Plates, Cl B 732,907 297
Bosideng International Holdings (B) 4,690,000 587
Byd 15,000 25
China BlueChemical 79,000 44
China Coal Energy 265,000 280
China Construction Bank (C) 6,716,000 4,482
China COSCO Holdings (C) 1,277,500 1,165
China Dongxiang Group 2,379,000 685
China International Marine Containers,
Cl B 566,280 384
China Medical Technologies ADR (B) 68,000 2,215
China Molybdenum 314,000 141
China Oilfield Services 444,000 411
China Petroleum & Chemical 193,130 152
China Railway Construction* 3,157,500 4,169
China Shenhua Energy 333,800 819
China Shipping Container Lines 2,056,000 354
China Shipping Development 2,192,000 2,878
China Telecom 1,222,000 502
China Yurun Food Group 3,157,000 4,117
Dongfang Electric 303,000 807
Dongfeng Motor Group (C) 1,782,000 656
First Tractor 10,000 2
Great Wall Motor 1,618,500 683
Great Wall Technology 1,284,000 143
Greentown China Holdings 135,500 68
Guangdong Electric Power Development,
Cl B 378,100 147
Harbin Power Equipment 968,000 693
Huaneng Power International ADR 3,877 103
Huaneng Power International (B) 1,654,800 1,100
Industrial & Commercial Bank
of China 22,549,000 13,629
Jingwei Textile Machinery 62,000 7
Mindray Medical International ADR 17,900 604
New Oriental Education & Technology
Group ADR* 10,595 681
Parkson Retail Group 82,500 91
PetroChina 8,579,107 8,906
PetroChina ADR 6,900 709
Qingling Motors 354,000 45
Shanghai Electric Group 1,862,000 568
Simcere Pharmaceutical Group ADR* 96,600 838
Sinopec Shanghai Petrochemical 1,944,000 432
Sinotrans 2,740,000 535
Tencent Holdings 162,600 1,189
Tingyi Cayman Islands Holding (B) 1,068,000 1,248
Weichai Power 160,000 612
Weiqiao Textile (C) 1,808,900 887
Yanzhou Coal Mining 1,132,000 1,167
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Yanzhou Coal Mining ADR 14,400 $ 151
Zhejiang Expressway 1,002,000 595
Zhejiang Glass* 4,000 1
ZTE 245,000 928
---------------
71,438
---------------
COLOMBIA -- 0.2%
Almacenes Exito GDR 132,115 656
BanColombia ADR (B) 30,000 854
---------------
1,510
---------------
CYPRUS -- 0.1%
Globaltrans Investment GDR* 79,191 706
---------------
CZECH REPUBLIC -- 1.2%
CEZ (C) 154,029 9,555
Komercni Banka 6,340 1,430
Unipetrol 63,000 684
---------------
11,669
---------------
EGYPT -- 0.3%
Egyptian Financial Group-Hermes
Holding 165,323 1,014
Egyptian International Pharmaceutical
Industrial 42,300 192
National Societe Generale Bank 42,500 194
Orascom Construction Industries GDR 8,367 860
Telecom Egypt 301,425 811
---------------
3,071
---------------
HONG KONG -- 5.5%
AAC Acoustic Technologies Holdings* 1,448,000 1,111
Brilliance China Automotive
Holdings* (B) 4,583,000 336
Chaoda Modern Agriculture (C) 2,346,000 1,981
China Mobile ADR 22,250 1,114
China Mobile 1,792,917 17,962
China Netcom Group 931,000 2,062
China Power International Development 5,052,200 1,043
China Resources Enterprise 510,000 1,245
China Resources Logic 12,600 3
China Resources Power Holdings 68,000 148
China State Construction International
Holdings 2,084,000 321
China Unicom 711,085 1,070
CNOOC 9,692,448 10,889
CNOOC ADR (B) 960 110
Cnpc Hong Kong 2,850,000 1,213
COSCO Pacific 2,390,000 2,743
Denway Motors 4,432,646 1,404
Digital China Holdings 728,000 242
Global Bio-Chemical Technology Group 2,283,500 739
SEI Institutional International Trust / Annual Report / September 30, 2008 27
SCHEDULE OF INVESTMENTS
Emerging Markets Equity Fund (Continued)
September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
GOME Electrical Appliances Holdings 4,036,000 $ 1,192
GZI Real Estate Investment Trust (D) 1,032,000 331
Hopson Development Holdings (C) 480,000 244
Industrial and Commercial Bank of
China Asia 513,000 934
Nine Dragons Paper Holdings 1,047,000 392
NWS Holdings 180,375 324
Samson Holding 5,775,000 815
Shanghai Industrial Holdings 352,000 805
Shenzhou International Group Holdings 575,000 122
Shougang Concord International
Enterprises 18,000 3
Sinolink Worldwide Holdings 988,000 95
Skyworth Digital Holdings 228,000 18
Texwinca Holdings 662,600 549
Tianjin Development Holdings 8,000 3
TPV Technology 2,890,000 885
Zhuzhou CSR Times Electric, Cl H 1,240,000 883
---------------
53,331
---------------
HUNGARY -- 0.9%
Magyar Telekom 464,479 2,177
MOL Hungarian Oil and Gas 13,278 1,213
OTP Bank 74,684 2,701
Richter Gedeon 9,870 1,805
Tisza Chemical Group 12,600 311
---------------
8,207
---------------
INDIA -- 6.4%
Allahabad Bank 123,700 169
Andhra Bank 375,268 448
Bajaj Holdings and Investment 7,316 72
Bank 10,795 64
Bank of India (C) 320,401 1,976
Bharat Electronics 20,344 394
Bharat Petroleum 162,253 1,264
Bharti Airtel* 249,608 4,234
Birla 73,137 199
Cairn India* 629,918 2,884
CESC 56,900 340
Container of India 1,300 23
Dena Bank 13,584 12
Dr Reddys Laboratories 171,215 1,877
Federal Bank 120,536 538
Grasim Industries 18,599 679
Great Eastern Shipping 6,300 41
GTL 27,845 99
Gujarat Alkalies & Chemicals 32,310 78
Gujarat Narmada Valley Fertilizers 162,389 318
Gujarat State Fertilisers 96,419 245
HCL Technologies 14,490 61
Hero Honda Motors 51,015 958
Hindalco Industries 497,741 1,055
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Hindustan Petroleum 259,590 $ 1,363
Hindustan Unilever 55,282 300
Hindustan Zinc 86,080 802
Housing Development Finance 118,960 5,532
ICICI Bank ADR 24,090 567
ICICI Bank 65,206 751
India Cements 272,970 733
Indian Bank 176,623 498
Indian Overseas Bank 46,334 93
Infosys Technologies 66,798 2,032
ITC 317,420 1,287
Jet Airways India 40,750 353
Jindal Stainless 2,930 7
Jindal Steel & Power 2,970 82
JSW Steel 41,770 435
Larsen & Toubro 60,241 3,187
Mahanagar Telephone Nigam 384,010 701
Mahindra & Mahindra 88,355 974
National Aluminium 124,129 999
NTPC 52,362 195
Oil & Natural Gas (C) 197,887 4,413
Phoenix Mills 74,470 238
Ranbaxy Laboratories 118,999 634
Reliance Industries (C) 19,866 835
Satyam Computer Services 268,152 1,728
Sesa GOA* (C) 266,600 691
Shipping of India 8,548 27
Siemens India 157,159 1,360
State Bank of India GDR 25,310 1,529
Steel Authority of India 1,737,159 4,809
Sterlite Industries India 99,790 925
Sterlite Industries India ADR 39,600 357
Syndicate Bank 112,247 160
Tata Chemicals 14,440 71
Tata Consultancy Services 36,140 519
Tata Motors 113,908 843
Tata Power 9,356 184
Tata Steel 161,114 1,491
Union Bank of India 14,834 46
Zee Entertainment Enterprises 522,889 2,223
---------------
62,002
---------------
INDONESIA -- 1.6%
Aneka Tambang 2,571,500 391
Astra International 665,125 1,186
Bank Mandiri Persero (C) 2,693,092 746
Bank Negara Indonesia Persero 926,500 94
Bank Rakyat Indonesia 4,548,000 2,570
Bumi Resources 9,725,500 3,234
Gudang Garam 1,088,100 674
HM Sampoerna 1,008,500 1,093
International Nickel Indonesia 2,673,530 857
Kalbe Farma 8,225,000 560
Tambang Batubara Bukit Asam 477,000 468
28 SEI Institutional International Trust / Annual Report / September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Telekomunikasi Indonesia 5,130,100 $ 3,832
Unilever Indonesia 136,000 108
---------------
15,813
---------------
ISRAEL -- 2.4%
Bank Hapoalim (C) 1,043,499 3,148
Bank Leumi Le-Israel (C) 432,468 1,508
Bezeq Israeli Telecommunication 1,944,718 3,452
Delek Automotive Systems 22,700 228
First International Bank of Israel* 51,020 423
Israel Chemicals (C) 326,071 4,693
Israel Discount Bank, Cl A* 557,074 820
Migdal Insurance & Financial Holding 17,855 18
Mizrahi Tefahot Bank 54,000 332
Partner Communications 43,351 820
Strauss Group 67,629 668
Teva Pharmaceutical Industries 18,000 828
Teva Pharmaceutical Industries ADR 136,016 6,228
Union Bank of Israel* 21,090 83
---------------
23,249
---------------
KAZAKHSTAN -- 0.1%
KazMunaiGas Exploration Production
GDR 81,500 1,289
---------------
LUXEMBOURG -- 0.7%
Evraz Group GDR (C) 45,995 1,886
Tenaris ADR 118,200 4,408
Ternium ADR 34,900 615
---------------
6,909
---------------
MALAYSIA -- 2.1%
AMMB Holdings 935,287 811
ANN JOO Resources 49,000 36
Berjaya Sports Toto 331,600 434
British American Tobacco Malaysia 73,000 882
Digi.Com 64,700 422
Gamuda 1,349,700 843
Genting 256,800 396
HAP Seng Consolidated 78,000 56
Hong Leong Bank 532,009 874
Hong Leong Financial Group 4,000 5
Hong Leong Industries 14,000 16
IOI Properties 164,368 211
KLCC Property Holdings 456,000 360
Kulim Malaysia 65,000 105
Lion Industries 355,000 131
Malayan Banking 1,153,850 2,295
Malaysia Airports Holdings 39,000 30
Malaysian Bulk Carriers 716,714 641
MISC 138,000 328
Oriental Holdings 10,000 16
Padiberas Nasional 174,000 66
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Petronas Dagangan 26,200 $ 50
Petronas Gas 55,000 159
PPB Group 46,000 115
Public Bank 262,796 768
Ranhill 502,500 106
Resorts World 4,941,900 3,681
Sime Darby 1,186,700 2,294
Southern Steel 56,800 32
Tanjong 12,000 46
Tenaga Nasional 1,054,575 2,104
Titan Chemicals 108,000 32
UMW Holdings 767,551 1,300
YTL 212,040 388
---------------
20,033
---------------
MEXICO -- 4.9%
Alfa, Cl A 203,400 911
America Movil ADR, Ser L 180,686 8,377
America Movil, Ser L 2,545,689 5,818
Banco Compartamos 241,400 667
Carso Global Telecom* 210,354 1,072
Cemex ADR* 160,900 2,771
Cemex (B) 2,905,057 4,997
Coca-Cola Femsa 5,600 28
Consorcio ARA 1,217,600 676
Controladora Comercial Mexicana 681,200 1,565
Cydsa 57,700 48
Embotelladoras Arca 257,850 763
Empresas ICA* (B) 150,400 432
Empresas ICA Sociedaad Controladora
ADR* (B) 14,800 170
Fomento Economico Mexicano ADR 39,946 1,524
Fomento Economico Mexicano 254,271 962
Gruma, Cl B* 497,416 1,000
Grupo Aeroportuario del Pacifico, Cl B 153,800 389
Grupo Aeroportuario del Sureste, Cl B 57,000 279
Grupo Carso, Ser A1 223,703 836
Grupo Casa Saba ADR 4,500 128
Grupo Continental 833,400 1,776
Grupo Elektra 6,491 224
Grupo Financiero Banorte, Cl O 1,207,064 3,834
Grupo Mexico, Ser B 2,119,878 2,219
Grupo Modelo 130,200 551
Grupo Simec, Cl B* 20,100 59
Grupo Televisa 240,700 1,035
Industrias, Cl B* 27,600 99
Industrias Bachoco* 163,800 339
Megacable Holdings* 98,300 139
Mexichem 347,100 629
Urbi Desarrollos Urbanos* (B) 973,293 2,340
Vitro 115,700 128
Wal-Mart de Mexico, Ser V 81,938 280
---------------
47,065
---------------
SEI Institutional International Trust / Annual Report / September 30, 2008 29
SCHEDULE OF INVESTMENTS
Emerging Markets Equity Fund (Continued)
September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
NETHERLANDS -- 0.3%
Kardan 85,732 $ 640
Plaza Centers 424,680 560
Vimetco GDR* 101,013 362
X 5 Retail Group GDR* 39,331 848
---------------
2,410
---------------
PAKISTAN -- 0.1%
Fauji Fertilizer 198,828 254
National Bank of Pakistan 546,042 649
Oil & Gas Development 100 --
---------------
903
---------------
PANAMA -- 0.1%
Copa Holdings, Cl A 41,100 1,336
---------------
PERU -- 0.1%
Cia de Minas Buenaventura ADR (B) 31,100 730
---------------
PHILIPPINES -- 0.6%
ABS-CBN Broadcasting PDR 479,300 162
Bank of the Philippine Islands 653,671 645
Globe Telecom 11,372 251
JG Summit Holdings 3,229,000 479
Manila Electric 194,460 252
Metropolitan Bank & Trust 166,800 121
Petron 1,062,000 135
Philex Mining 1,778,200 278
Philippine Long Distance Telephone 32,930 1,896
Philippine Long Distance Telephone
ADR (B) 10,300 580
SM Investments 140,324 786
Union Bank of Philippines 460,500 260
---------------
5,845
---------------
POLAND -- 1.5%
Bank BPH 22,575 656
Bank Handlowy w Warszawie 23,911 634
Bank Pekao 9,440 681
Ciech 9,100 196
Cyfrowy Polsat 218,722 1,297
KGHM Polska Miedz (C) 65,016 1,377
Kredyt Bank 36,000 208
Polish Oil & Gas 882,000 1,217
Polski Koncern Naftowy Orlen (C) 276,374 3,990
Powszechna Kasa Oszczednosci
Bank Polski 102,263 1,874
Telekomunikacja Polska (C) 252,114 2,405
---------------
14,535
---------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
RUSSIA -- 8.1%
Gazprom OAO ADR (C) 947,279 $ 30,272
LUKOIL ADR 282,049 16,500
Mechel ADR (B) 87,456 1,571
MMC Norilsk Nickel ADR 355,125 4,961
Mobile Telesystems ADR 91,881 5,146
NovaTek OAO GDR 17,655 806
Novolipetsk Steel GDR 25,000 464
Novorossiysk Commercial Sea Port GDR 120,842 775
Pharmstandard GDR* 35,007 607
PIK Group GDR 58,850 306
Polyus Gold ADR (B) 4,173 52
Rosneft Oil GDR (C) 360,295 2,424
Sberbank GDR 15,329 4,134
Severstal GDR 6,150 63
Surgutneftegaz ADR 235,586 1,249
Tatneft GDR 26,316 1,863
TMK OAO GDR 35,250 892
Uralkali GDR 104,392 3,171
Vimpel-Communications ADR 117,100 2,377
VTB Bank GDR 230,900 950
---------------
78,583
---------------
SINGAPORE -- 0.1%
Epure International 2,580,000 635
---------------
SOUTH AFRICA -- 7.2%
African Bank Investments 355,967 1,100
African Rainbow Minerals (C) 31,500 605
AngloGold Ashanti 19,996 465
AngloGold Ashanti ADR (B) 78,049 1,803
ArcelorMittal South Africa 68,385 1,381
Assore 4,061 299
Aveng 180,204 1,377
Bidvest Group 19,674 252
DataTec 86,758 269
Exxaro Resources 67,000 703
FirstRand (B) 1,467,872 3,024
Gold Fields (B) 147,277 1,422
Gold Fields ADR (B) 74,580 715
Grindrod 391,605 855
Harmony Gold Mining* (B) 214,208 2,098
Harmony Gold Mining ADR* (B) 155,000 1,500
Impala Platinum Holdings 183,398 3,745
JD Group 144,750 530
Liberty Group (B) 103,074 846
Medi-Clinic 140,000 308
Metropolitan Holdings (C) 665,967 899
Mondi (B) 147,602 807
Mr Price Group (B) 257,125 701
MTN Group (B) (C) 349,019 4,927
Murray & Roberts Holdings 265,361 3,118
30 SEI Institutional International Trust / Annual Report / September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
Mvelaphanda Resources* 10,950 $ 55
Nampak 652,232 1,114
Nedbank Group (B) 315,942 4,002
Omnia Holdings 17,350 148
Palabora Mining 4,000 41
Remgro (C) 74,899 1,734
Reunert 114,385 806
RMB Holdings (B) 177,727 570
Sanlam (B) (C) 1,907,494 4,108
Sappi (B) 331,909 3,258
Sasol 310,565 13,261
Shoprite Holdings (C) 181,085 1,030
Standard Bank Group 278,781 3,206
Steinhoff International Holdings (B) 352,979 678
Telkom 77,910 997
Tiger Brands 59,816 1,002
---------------
69,759
---------------
SOUTH KOREA -- 11.8%
Daelim Industrial 4,689 291
Daewoo Shipbuilding & Marine
Engineering 104,341 2,634
Daishin Securities 640 10
Daou Technology 20,210 84
Dongwon Industries 360 29
Doosan* 3,810 383
Hana Financial Group (C) 23,453 551
Handsome 13,738 119
Hanwha Chemical 75,931 704
Hyundai Department Store 8,620 670
Hyundai Development 85,920 3,209
Hyundai Heavy Industries (C) 27,459 6,357
Hyundai Mipo Dockyard (C) 5,230 766
Hyundai Mobis 8,298 643
Hyundai Motor 16,614 1,040
Kangwon Land 86,980 1,062
KISCO* 3,776 152
KISCO Holdings 1,144 45
Kookmin Bank 58,650 2,569
Korea Development Financing 1,890 61
Korea Electric Power 62,500 1,573
Korea Exchange Bank 81,140 754
Korea Fine Chemical 1,620 79
Korean Petrochemical Industries 2,980 73
KT ADR 60,270 1,012
KT 54,250 1,873
KT Freetel 28,240 700
KT&G 121,016 9,032
Kumho Tire 102,730 658
Kyeryong Construction Industrial 4,010 62
LG 53,674 2,795
LG Chem (C) 35,790 2,808
LG Dacom 12,370 220
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
LG Electronics 41,202 $ 3,812
LG Household & Health Care 4,855 812
LG Philips LCD 97,252 2,477
LG Telecom (C) 77,460 646
Lotte Shopping 9,080 2,066
LS Cable 10,460 709
MegaStudy 5,054 770
Nong Shim 1,125 207
Nong Shim Holdings 2,662 150
Ottogi 710 93
Pacific 3,686 379
POSCO ADR (B) 4,040 377
POSCO 16,613 6,232
Pusan Bank (C) 89,525 809
S1 17,358 884
Samho International 6,730 43
Samsung C&T 27,785 1,231
Samsung Electronics (C) 60,460 27,706
Samsung Fire & Marine Insurance 18,465 3,232
Samsung Heavy Industries 43,999 1,172
Samwhan 6,310 74
Samyang Genex 260 13
SeAH Holdings 60 5
Shinhan Financial Group 133,393 4,772
Shinsegae 9,275 4,378
SK Energy 21,633 1,639
SK Gas 3,709 200
SK Holdings 17,472 1,627
SK Telecom ADR 125,430 2,361
SK Telecom 1,558 267
S-Oil 14,936 860
STX Pan Ocean 331,200 507
Young Poong 30 11
Youngone 21,580 164
---------------
113,703
---------------
SWEDEN -- 0.1%
West Siberian Resources GDR* 1,574,047 1,281
---------------
TAIWAN -- 10.1%
Ability Enterprise 622,376 490
Acer 2,134,999 3,639
Advanced Semiconductor Engineering 4,014,404 2,048
Asustek Computer 1,259,453 2,495
AU Optronics 3,487,993 3,949
Cathay Financial Holding 2,746,373 3,796
Chang Hwa Commercial Bank 68,000 35
Chi Mei Optoelectronics 1,848,400 1,218
China Airlines 2,633,000 572
China Bills Finance* 800,000 115
China Development Financial
Holding (C) 3,872,450 1,175
China Manmade Fibers* 610,000 92
SEI Institutional International Trust / Annual Report / September 30, 2008 31
SCHEDULE OF INVESTMENTS
Emerging Markets Equity Fund (Continued)
September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
China Motor 825,985 $ 279
China Petrochemical Development* 792,000 191
China Steel 2,255,700 2,257
Chinatrust Financial Holding 8,320,216 4,571
Chunghwa Picture Tubes 4,200,000 669
Chunghwa Telecom 4,530,363 10,669
Compal Electronics (C) 5,336,755 3,913
CTCI 286,396 195
Far Eastern Textile 1,598,719 1,133
Far EasTone Telecommunications 806,000 1,034
Farglory Land Development 22,000 22
Feng Hsin Iron & Steel 206,000 270
First Financial Holding 563,554 353
Formosa Chemicals & Fibre 723,000 1,256
Formosa Plastics 556,000 904
Fubon Financial Holding 2,736,000 1,982
Gigabyte Technology 328,000 171
Global Brands Manufacture 120,102 53
Grand Pacific Petrochemical* 322,000 55
HannStar Display 3,782,909 841
High Tech Computer 140,800 2,188
HON HAI Precision Industry 1,349,640 4,839
Inventec 959,700 472
Lite-On Technology (C) 1,470,845 1,286
MediaTek 329,065 3,416
Mega Financial Holding 1,643,000 754
Nan Ya Plastics 876,000 1,299
Nan Ya Printed Circuit Board 211,203 660
Nien Hsing Textile 674,000 221
POU Chen 711,000 440
Powerchip Semiconductor* 2,288,626 353
President Chain Store 243,000 717
Quanta Computer (C) 3,411,145 4,277
Siliconware Precision Industries 18,002 21
SinoPac Financial Holdings 5,287,230 1,479
Taishin Financial Holdings 2,843,000 563
Taiwan Cooperative Bank 1,593,850 888
Taiwan Fertilizer 1,025,000 1,917
Taiwan Semiconductor Manufacturing 6,831,436 11,468
Taiwan Semiconductor Manufacturing
ADR (B) 436,991 4,095
Teco Electric and Machinery 885,000 311
U-Ming Marine Transport 245,000 354
United Microelectronics 5,040,312 1,625
Universal Scientific Industrial (C) 517,992 170
UPC Technology 400,399 145
Walsin Lihwa 1,630,000 444
Wistron 610,482 759
Yageo 2,729,440 553
Yuanta Financial Holding 1,773,000 982
---------------
97,138
---------------
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
THAILAND -- 2.4%
Advanced Info Service 166,800 $ 401
Bangkok Bank 391,394 1,198
Bangkok Bank NVDR (B) 464,000 1,418
BEC World 158,871 101
Bumrungrad Hospital 950,800 904
Charoen Pokphand Foods 8,367,600 1,011
Electricity Generating 166,834 313
Kasikornbank 625,300 1,185
Kiatnakin Bank 24,700 12
Krung Thai Bank 10,598,500 1,921
PTT 549,756 3,748
PTT Chemical 110,300 191
PTT Exploration & Production (C) 270,819 1,026
PTT NVDR 150,900 1,029
Ratchaburi Electricity Generating Holding 43,600 45
Siam Cement 215,200 859
Siam Commercial Bank 2,634,416 5,177
Siam Commercial Bank NVDR 471,400 969
Thai Airways International 944,080 336
Thai Rayon 37,000 49
Thai Union Frozen Products (B) 957,900 558
Thoresen Thai Agencies (B) (C) 89,340 69
Total Access Communication 503,200 554
---------------
23,074
---------------
TURKEY -- 2.0%
Akbank 153,739 786
Anadolu Efes Biracilik Ve Malt Sanayii 74,000 759
Bossa Ticaret Sanayi Isletme 80,000 86
Cimsa Cimento Sanayi VE Tica 214,852 826
Eregli Demir ve Celik Fabrikalari 72,000 362
Haci Omer Sabanci Holding 994,382 3,735
KOC Holding* 281,567 851
Tekfen Holding 118,068 664
Trakya Cam Sanayi* 144,000 142
Turk Hava Yollari* 246,347 1,254
Turk Sise ve Cam Fabrikalari 1,671,982 2,042
Turkcell Iletisim Hizmet ADR 11,480 172
Turkcell Iletisim Hizmet 202,371 1,234
Turkiye Garanti Bankasi 932,832 2,205
Turkiye Is Bankasi, Cl C 475,367 1,969
Turkiye Sinai Kalkinma Bankasi* 916,846 733
Turkiye Vakiflar Bankasi Tao, Cl D 628,957 1,028
---------------
18,848
---------------
UNITED ARAB EMIRATES -- 0.1%
Depa GDR* (A) 126,800 539
---------------
UNITED KINGDOM -- 0.8%
Anglo American (C) 99,714 3,389
Antofagasta 93,864 683
32 SEI Institutional International Trust / Annual Report / September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
BHP Billiton (B) 50,877 $ 1,171
Eurasian Natural Resources 47,945 438
JKX Oil & Gas 68,600 343
Vedanta Resources 71,412 1,501
---------------
7,525
---------------
UNITED STATES -- 0.3%
Central European Distribution* 26,200 1,190
Lenovo Group (C) (HKD) 4,298,000 1,897
---------------
3,087
---------------
Total Common Stock
(Cost $1,016,786) ($ Thousands) 838,409
---------------
PREFERRED STOCK -- 8.9%
BRAZIL -- 8.9%
Banco Bradesco 176,600 2,779
Banco Itau Holding Financeira 150,500 2,458
Bombril* 18,000 74
Bradespar 55,511 745
Brasil Telecom 3,261 26
Brasil Telecom Participacoes 99,418 943
Braskem 163,300 872
Centrais Eletricas Brasileiras 27,244 339
Centrais Eletricas de Santa Catarina 13,400 310
Cia de Gas de Sao Paulo 26,000 553
Cia de Tecidos do Norte de Minas -
Coteminas Eletrica Paulista* 180,932 492
Cia de Transmissao de Energia
Eletrica Paulista* 46,000 1,124
Cia Energetica de Minas Gerais 106,566 2,061
Cia Energetica do Ceara 27,000 259
Cia Paranaense de Energia 101,035 1,375
Cia Vale do Rio Doce, Cl A 469,939 7,869
Cia Vale do Rio Doce Sponsored
ADR, Cl B 385,676 6,826
Eletropaulo Metropolitana Eletricidade
de Sao Paulo 159,940 2,167
Gerdau 57,100 623
Investimentos Itau 863,517 4,177
Mangels Industrial 5,600 31
Marcopolo 309,175 785
Metalurgica Gerdau, Cl A 60,006 913
NET Servicos de Comunicacao* 394,400 3,380
Petroleo Brasileiro 757,532 13,572
Petroleo Brasileiro Sponsored ADR, Cl A 476,630 17,836
Randon Participacoes 115,000 620
Sadia 151,110 452
Tam 141,285 2,600
Telecomunicacoes de Sao Paulo 46,357 1,057
Telegraph Norte Leste Participacoes 134,288 2,283
Shares/Face
Amount
($ Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Telemar Norte Leste 61,562 $ 1,851
Telemig Celular Participacoes 33,404 619
Tim Participacoes 324,200 667
Uniao de Industrias Petroquimicas 332,800 178
Universo Online 20,000 77
Usinas Siderurgicas de Minas Gerais 96,778 2,023
Votorantim Celulose e Papel 26,600 403
---------------
Total Preferred Stock
(Cost $76,524) ($ Thousands) 85,419
---------------
EXCHANGE TRADED FUND -- 0.9%
UNITED STATES -- 0.9%
iShares MSCI Emerging Markets
Index Fund (B) 247,905 8,560
---------------
Total Exchange Traded Fund
(Cost $8,927) ($ Thousands) 8,560
---------------
Number of
Warrants
---------------
EQUITY LINKED WARRANTS -- 0.3%
RUSSIA -- 0.2%
Sberbank, Expires 02/23/10* 1,313,000 2,258
---------------
UNITED ARAB EMIRATES -- 0.1%
Citigroup Global Markets Holdings,
Expires 03/24/09 (E)* 270,632 571
---------------
Total Equity Linked Warrants
(Cost $3,765) ($ Thousands) 2,829
---------------
DEBENTURE BOND -- 0.0%
BRAZIL -- 0.0%
Cia Vale do Rio Doce, Ser 1997
0.000%, 09/30/49* 8 --
---------------
Total Debenture Bond
(Cost $0) ($ Thousands) --
---------------
Number of
Rights
---------------
RIGHTS -- 0.0%
HONG KONG -- 0.0%
China Resources Logic,
Expires 10/22/2008* 50 --
---------------
INDIA -- 0.0%
Tata Motors, Expires 10/20/08* 19 2
---------------
Total Rights
(Cost $0) ($ Thousands) 2
---------------
SEI Institutional International Trust / Annual Report / September 30, 2008 33
SCHEDULE OF INVESTMENTS
Emerging Markets Equity Fund (Concluded)
September 30, 2008
Market Value
Description Shares ($ Thousands)
- -------------------------------------------- --------------- ---------------
AFFILIATED PARTNERSHIP -- 4.4%
UNITED STATES -- 4.4%
SEI Liquidity Fund, L.P.,
2.590%**+ (F) 43,654,599 $ 42,710
---------------
Total Affiliated Partnership
(Cost $43,655) ($ Thousands) 42,710
---------------
CASH EQUIVALENT -- 0.4%
UNITED STATES -- 0.4%
SEI Daily Income
Prime Obligation Fund, Cl A,
2.350%**+ 3,711,896 3,712
---------------
Total Cash Equivalent
(Cost $3,712) ($ Thousands) 3,712
---------------
Total Investments -- 101.7%
(Cost $1,153,369) ($ Thousands) $ 981,641
===============
Percentages are based on a Net Assets of $965,730 ($ Thousands).
* Non-income producing security.
** Rate shown is the 7-day effective yield as of September 30, 2008.
+ Affiliated security.
(1) In U.S. dollars unless otherwise indicated.
(A) Securities sold within terms of a private placement memorandum, exempt from
registration under Section 144A of the Securities Act of 1933, as amended,
and may be sold only to dealers in that program or other "accredited
investors." These securities have been determined to be liquid under
guidelines established by the board of Trustees.
(B) This security or a partial position of this security is on loan at
September 30, 2008. The total market value of securities on loan at
September 30, 2008 was $48,511 ($ Thousands) (See Note 7).
(C) Security fair valued using methods determined in good faith by the
Valuation Committee of the Board of Trustees. The total market value of
such securities as of September 30, 2008 was $638,675 and represented 66.1%
of Net Assets.
(D) Real Estate Investments Trust
(E) Zero coupon security. The rate reported on the Schedule of Investments is
the effective yield at time of purchase.
(F) This security was purchased with cash collateral held from securities on
loan (see Note 7). The total value of such securities as of September 30,
2008 was $42,710 ($ Thousands).
ADR -- American Depositary Receipt
BDR -- Brazilian Depositary Receipt
Cl -- Class
GBP -- British Pound Sterling
GDR -- Global Depositary Receipt
HKD -- Hong Kong Dollar
NVDR -- Non-Voting Depositary Receipt
PDR -- Philippine Depositary Receipt
Ser -- Series
SGD -- Singapore Dollar
Amounts designated as "--" are $O or have been rounded to $O.
The accompanying notes are an integral part of the financial statements.
34 SEI Institutional International Trust / Annual Report / September 30, 2008
International Fixed Income Fund
September 30, 2008
SECTOR WEIGHTINGS (UNAUDITED)+:
(PERFORMANCE GRAPH)
Government 41.3%
Financials 25.4%
Mortgage-Backed Securities 15.3%
Asset-Backed Securities 5.0%
U.S. Government Agency Obligations 2.5%
Consumer Discretionary 1.8%
Telecommunication Services 1.7%
Loan Participations 1.1%
U.S. Treasury Obligations 1.1%
Industrials 1.1%
Energy 1.0%
Utilities 0.8%
Basic Materials 0.6%
Consumer Staples 0.6%
Information Technology 0.4%
Healthcare 0.3%
+ Percentages based on total investments.
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
GLOBAL BONDS -- 64.7%
AUSTRALIA -- 0.7%
Australia Government Bond
6.250%, 04/15/15 300 $ 249
6.000%, 02/15/17 3,280 2,700
FMG Finance
9.750%, 09/01/13 EUR 350 477
Macquarie Bank, Ser E MTN
5.500%, 03/19/09 (A) GBP 336 494
Queensland Treasury
6.000%, 08/14/13 460 366
Rio Tinto Finance USA, Ser E
5.875%, 07/15/13 795 779
---------------
5,065
---------------
AUSTRIA -- 0.1%
Telekom Finanzmanagement, Ser MTN
5.000%, 07/22/13 601 800
---------------
BELGIUM -- 1.4%
Kingdom of Belgium, Ser 31
5.500%, 03/28/28 3,872 5,844
Kingdom of Belgium, Ser 40
5.500%, 09/28/17 1,000 1,503
Kingdom of Belgium, Ser 48
4.000%, 03/28/22 2,100 2,747
---------------
10,094
---------------
BERMUDA -- 0.0%
SeaDrill
7.720%, 10/23/08 (A) NOK 2,000 337
---------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
BRAZIL -- 0.0%
Vale Overseas
6.875%, 11/21/36 301 $ 268
---------------
CANADA -- 2.5%
Bell Canada MTN
5.000%, 02/15/17 270 200
Canada Treasury Bill
2.379%, 10/30/08 (B) 4,300 4,038
Canadian Natural Resources
5.150%, 02/01/13 175 163
Canadian Pacific Railway
6.500%, 05/15/18 130 123
Government of Canada
5.000%, 06/01/37 4,000 4,259
4.250%, 06/01/18 525 515
3.750%, 06/01/12 6,050 5,823
Province of Ontario Canada
4.200%, 03/08/18 1,950 1,774
YPG Holdings MTN
5.250%, 02/15/16 665 569
---------------
17,464
---------------
CAYMAN ISLANDS -- 1.0%
BES Finance MTN
5.580%, 07/02/09 (A) EUR 869 893
Dar Al-Arkan International
5.041%, 10/16/08 (A) 825 758
Mizuho Capital Investment
5.020%, 06/30/09 (A) EUR 1,850 2,130
MUFG Capital Finance 2
4.850%, 01/25/09 (A) EUR 1,481 1,348
Pacific Life Funding, Ser E MTN
5.500%, 05/14/09 EUR 691 959
Resona Preferred Global Securities
7.191%, 07/30/09 (A) (C) 443 329
Yorkshire Power Finance
7.250%, 08/04/28 GBP 408 746
---------------
7,163
---------------
CHILE -- 0.1%
Nacional del Cobre de Chile - CODELCO
6.150%, 10/24/36 (C) 640 569
---------------
DENMARK -- 1.2%
Danica Pension
4.350%, 10/29/49 EUR 1,980 2,544
Danske Bank, Ser E MT
5.875%, 03/26/09 (A) EUR 540 740
Kingdom of Denmark
4.000%, 11/15/17 10,025 1,837
SEI Institutional International Trust / Annual Report / September 30, 2008 35
SCHEDULE OF INVESTMENTS
International Fixed Income Fund (Continued)
September 30, 2008
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Nykredit
5.000%, 01/01/09 (A) 19,051 $ 3,210
---------------
8,331
---------------
FRANCE -- 5.8%
AXA, Ser E MTN
5.777%, 07/06/09 (A) 1,100 1,064
BNP Paribas, Ser E MTN
8.667%, 09/11/09 (A) 100 136
4.750%, 04/04/11 400 556
Caisse Nationale des Autoroutes
4.500%, 03/28/18 813 1,127
Caisse Nationale des Caisses d'Epargne
et de Prevoyance, Ser E MTN
6.117%, 10/30/08 (A) 250 228
4.750%, 02/01/09 (A) 200 174
Caisse Refinancement de l'Habitat
4.250%, 10/25/14 332 449
CIE Financement Foncier
4.625%, 09/23/17 1,400 1,905
CMA CGM Registered
5.500%, 05/16/12 170 150
Compagnie De St Gobain, Ser E MTN
5.212%, 10/13/08 (A) 350 457
Credit Agricole MTN
5.971%, 02/01/18 250 336
Credit Logement MTN
5.558%, 12/15/08 (A) 150 192
4.604%, 03/16/09 (A) 350 422
Government of France
5.750%, 10/25/32 6,310 10,066
4.750%, 04/25/35 6,640 9,304
4.000%, 10/25/38 475 589
4.000%, 04/25/18 3,600 4,918
3.750%, 04/25/21 1,700 2,219
3.500%, 04/25/15 2,500 3,383
Groupe Danone MTN
5.250%, 05/06/11 400 564
Lafarge
6.150%, 07/15/11 800 785
Natixis, Ser E MTN
5.212%, 10/27/08 (A) 300 382
Societe Generale, Ser E MTN
6.999%, 12/19/08 (A) 300 315
5.136%, 12/08/08 (A) 200 260
Veolia Environnement, Ser E MTN
6.125%, 10/29/37 GBP 200 333
5.250%, 06/03/13 585 575
---------------
40,889
---------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
GERMANY -- 7.2%
Bayer MTN
5.000%, 07/29/09 (A) 718 $ 791
Bayer, Ser E MTN
5.625%, 05/23/18 GBP 150 249
5.062%, 10/10/08 (A) 250 348
Bayerische Landesbank, Ser E MTN
4.500%, 02/07/09 (A) 1,000 1,183
Bundesobligation Inflation Linked
2.250%, 04/15/13 300 429
Bundesobligation, Ser 146
3.250%, 04/09/10 1,250 1,749
Bundesobligation, Ser 149
3.500%, 10/14/11 1,200 1,679
Bundesobligation, Ser 150
4.000%, 04/13/12 1,250 1,771
Bundesobligation, Ser 152
3.500%, 04/12/13 100 139
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/31 1,250 1,949
5.250%, 01/04/11 195 285
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/34 5,100 7,262
Bundesrepublik Deutschland, Ser 04
3.750%, 01/04/15 330 460
Bundesrepublik Deutschland, Ser 06
4.000%, 07/04/16 120 169
Bundesrepublik Deutschland, Ser 07
4.250%, 07/04/39 6,500 8,608
4.250%, 07/04/17 50 72
Bundesrepublik Deutschland, Ser 08
4.250%, 07/04/18 525 751
4.250%, 07/04/18 10,600 15,159
Commerzbank, Ser E MTN
4.125%, 09/13/09 (A) 400 501
Deutsche Boerse
7.500%, 06/13/09 (A) 250 313
Henkel KGaA
5.375%, 11/25/08 (A) 221 242
KFW
4.700%, 06/02/37 CAD 2,080 1,831
1.350%, 01/20/14 JPY 500,000 4,724
---------------
50,664
---------------
GREECE -- 1.7%
Hellenic Republic 15 Year Bond
4.600%, 07/20/18 6,275 8,577
Hellenic Republic 30 Year Bond
4.500%, 09/20/37 2,700 3,300
---------------
11,877
---------------
36 SEI Institutional International Trust / Annual Report / September 30, 2008
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
HONG KONG -- 0.3%
Government of Hong Kong
1.770%, 05/17/10 14,700 $ 1,914
---------------
IRELAND -- 1.0%
Anglo Irish Bank, Ser E MTN
5.505%, 12/29/08 (A) 450 500
5.223%, 12/19/08 (A) 200 197
Ardagh Glass Group PIK
10.750%, 03/01/15 293 312
GE Capital European Funding,
Ser E MTN
4.375%, 03/30/11 400 510
GE Capital UK Funding, Ser E MTN
5.125%, 03/03/15 GBP 1,875 2,655
Hypo Real Estate International Trust I
5.864%, 06/14/09 (A) 1,000 350
Irish Nationwide Building Society,
Ser E MTN
5.875%, 12/15/08 GBP 100 175
5.089%, 11/18/08 (A) 300 412
TransCapit (Transneft) Registered
7.700%, 08/07/13 1,124 996
5.381%, 06/27/12 600 699
UT2 Funding
5.321%, 06/30/16 390 382
---------------
7,188
---------------
ITALY -- 2.4%
Banca Italease, Ser E MTN
5.168%, 11/03/08 (A) 150 194
Banca Popolare di Milano
9.000%, 06/25/09 (A) 200 221
Banco Popolare Scarl, Ser E MTN
5.317%, 11/10/08 (A) 1,350 1,745
Buoni Poliennali Del Tesoro
5.750%, 02/01/33 4,170 6,284
4.500%, 08/01/18 1,300 1,780
2.350%, 09/15/19 850 1,136
IFIL - Investments
5.375%, 06/12/17 200 232
Intesa Sanpaolo, Ser E MTN
6.375%, 11/12/08 (A) GBP 300 517
SanPaolo IMI, Ser E MTN
6.375%, 04/06/10 2,150 3,065
Unicredito Italiano, Ser E MTN
4.500%, 09/22/19 1,300 1,652
---------------
16,826
---------------
JAPAN -- 12.4%
Aiful
6.000%, 12/12/11 (C) 534 416
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Development Bank of Japan
2.300%, 03/19/26 110,000 $ 1,050
East Japan Railway, Ser E MTN
4.750%, 12/08/31 GBP 1,000 1,493
Fukoku Mutual Life Insurance
4.500%, 09/28/09 (A) EUR 500 577
Government of Japan 10 Year Bond,
Ser 296
1.500%, 09/20/18 334,000 3,158
Government of Japan 15 Year Bond,
Ser 35
0.750%, 01/20/09 (A) 240,500 2,034
Government of Japan 15 Year Bond,
Ser 37
0.920%, 11/20/08 (A) 100,000 864
Government of Japan 15 Year Bond,
Ser 39
1.220%, 03/20/21 149,000 1,355
Government of Japan 15 Year Bond,
Ser 40
1.270%, 11/20/08 (A) 206,600 1,961
Government of Japan 20 Year Bond,
Ser 48
2.500%, 12/21/20 1,203,000 12,261
Government of Japan 20 Year Bond,
Ser 76
1.900%, 03/20/25 595,000 5,530
Government of Japan 20 Year Bond,
Ser 82
2.100%, 09/20/25 719,000 6,832
Government of Japan 20 Year Bond,
Ser 99
2.100%, 12/20/27 211,000 1,987
2.100%, 12/20/27 243,300 2,291
Government of Japan 30 Year Bond,
Ser 20
2.500%, 09/20/35 64,000 627
Government of Japan 30 Year Bond,
Ser 22
2.500%, 03/20/36 287,000 2,808
Government of Japan 5 Year Bond,
Ser 75
1.100%, 09/20/13 400,100 3,779
Government of Japan CPI Linked
Bond, Ser 10
1.100%, 12/10/16 2,230,000 19,986
Government of Japan CPI Linked
Bond, Ser 13
1.300%, 09/10/17 111,600 1,009
Government of Japan CPI Linked
Bond, Ser 14
1.200%, 12/10/17 441,694 3,950
SEI Institutional International Trust / Annual Report / September 30, 2008 37
SCHEDULE OF INVESTMENTS
International Fixed Income Fund (Continued)
September 30, 2008
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Government of Japan CPI Linked Bond,
Ser 15
1.400%, 03/10/18 92,927 $ 846
Government of Japan CPI Linked Bond,
Ser 5
0.800%, 09/10/15 498,988 4,424
Japan Finance for Municipal Enterprises
2.000%, 05/09/16 540,000 5,327
Resona Bank
4.125%, 09/27/09 (A) EUR 1,000 1,115
Sumitomo Mitsui Banking
5.625%, 10/15/08 (A) (C) 228 182
4.375%, 10/15/08 (A) EUR 460 434
4.375%, 10/27/08 (A) EUR 830 1,139
---------------
87,435
---------------
JERSEY -- 0.1%
EFG Hellas Funding, Ser B
4.565%, 11/02/08 (A) 250 219
HBOS Capital Funding
4.939%, 05/23/09 (A) 1,000 797
---------------
1,016
---------------
LUXEMBOURG -- 0.9%
ArcelorMittal
5.375%, 06/01/13 (C) 800 754
Basell AF SCA Registered
8.375%, 08/15/15 173 109
Dexia Funding
4.892%, 11/02/08 (A) 811 513
Gaz Capital
6.212%, 11/22/16 (C) 230 182
Gaz Capital (Gazprom), Ser E MTN
6.580%, 10/31/13 GBP 150 225
Glencore Finance Europe,
Ser E MTN
7.125%, 04/23/15 300 391
6.500%, 02/27/19 GBP 400 569
Sogerim, Ser E MTN
7.500%, 04/20/11 2,050 2,953
Tyco International Group
6.000%, 11/15/13 331 324
---------------
6,020
---------------
MEXICO -- 0.9%
Mexican Bonos, Ser M10
7.750%, 12/14/17 25,415 2,214
7.250%, 12/15/16 16,265 1,379
Mexican Bonos, Ser M20
10.000%, 12/05/24 1,675 173
8.000%, 12/07/23 15,540 1,357
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Mexican Bonos, Ser MI10
9.000%, 12/20/12 10,000 $ 932
---------------
6,055
---------------
NETHERLANDS -- 3.1%
Adecco International Financial Services
4.500%, 04/25/13 1,200 1,556
Allianz Finance II
6.125%, 05/31/09 (A) 1,000 1,346
ASML Holding
5.750%, 06/13/17 400 449
Asset Repackaging Trust, Ser E PIK MTN
12.457%, 10/20/08 (A) 301 423
Bank Nederlandse Gemeenten, Ser E
MTN
4.000%, 03/02/09 3,000 4,193
BMW Finance, Ser E MTN
5.000%, 08/06/18 383 507
Boats Investments, Ser E MTN
11.000%, 03/31/17 278 286
Eureko
5.125%, 06/24/09 (A) 450 433
Generali Finance
5.479%, 02/08/09 (A) 450 448
Government of Netherlands
7.500%, 01/15/23 2,143 3,917
4.500%, 07/15/17 1,500 2,138
Iberdrola International, Ser E MTN
4.875%, 02/18/13 800 1,095
ING Bank, Ser E MTN
5.500%, 01/04/12 236 331
4.176%, 06/08/09 (A) 382 345
ING Verzekeringen
6.250%, 06/21/09 (A) 1,000 1,348
Linde Finance
8.125%, 01/14/09 (A) GBP 125 222
7.375%, 07/14/09 (A) 300 364
Rabobank Nederland, Ser E MTN
4.125%, 04/04/12 (G) 1,250 1,708
Siemens Financieringsmat
6.125%, 09/14/09 (A) GBP 275 399
---------------
21,508
---------------
NORWAY -- 1.5%
DDI Holding
10.000%, 03/15/12 2,000 315
Eksportfinans MTN
4.375%, 09/20/10 EUR 1,815 2,533
Government of Norway
6.000%, 05/16/11 24,525 4,309
5.500%, 05/15/09 14,500 2,444
38 SEI Institutional International Trust / Annual Report / September 30, 2008
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
MPU Offshore Lift
0.031%, 12/22/11 (D) 1,500 $ 5
Petrojack
12.790%, 11/28/08 (A) 2,000 321
11.000%, 04/19/10 1,500 241
Petrolia Drilling
12.000%, 06/20/12 1,000 154
Sevan Drilling
11.650%, 12/08/08 (A) 2,000 315
---------------
10,637
---------------
POLAND -- 0.3%
Republic of Poland
5.625%, 06/20/18 EUR 1,275 1,845
5.250%, 04/25/13 242 97
---------------
1,942
---------------
RUSSIA -- 0.4%
Gazprom OAO
9.625%, 03/01/13 470 458
7.288%, 08/16/37 500 355
RS Finance (RSB)
6.825%, 09/16/09 EUR 300 313
RSHB Capital
7.750%, 05/29/18 (C) 1,712 1,300
Steel Capital (Severstal)
9.750%, 07/29/13 (C) 540 443
---------------
2,869
---------------
SOUTH AFRICA -- 0.5%
Foodcorp Registered
8.875%, 06/15/12 EUR 330 292
Republic of South Africa
13.000%, 08/31/10 25,000 3,202
---------------
3,494
---------------
SPAIN -- 0.1%
Mapfre
5.921%, 07/24/09 (A) 350 341
Santander Issuances, Ser E MTN
5.338%, 10/27/08 (A) 250 326
---------------
667
---------------
SUPRA-NATIONAL -- 2.6%
European Investment Bank
6.000%, 08/14/13 AUD 700 546
1.400%, 06/20/17 JPY 1,871,600 17,506
WT Finance
3.625%, 06/27/12 EUR 150 180
---------------
18,232
---------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
SWEDEN -- 1.4%
Kingdom of Sweden, Ser 1043
5.000%, 01/28/09 44,890 $ 6,449
Kingdom of Sweden, Ser 1046
5.500%, 10/08/12 9,550 1,457
Svenska Handelsbanken,
Ser E MTN
5.158%, 10/20/08 (A) EUR 500 670
4.194%, 12/16/08 (A) EUR 467 469
Swedbank, Ser E MTN
5.750%, 03/17/09 (A) GBP 420 554
---------------
9,599
---------------
SWITZERLAND -- 0.3%
UBS
6.625%, 04/11/18 GBP 150 246
6.250%, 09/03/13 EUR 200 267
5.875%, 12/20/17 800 710
5.375%, 04/11/11 EUR 400 541
5.114%, 11/17/08 (A) EUR 500 647
---------------
2,411
---------------
UNITED ARAB EMIRATES -- 0.8%
Emirate of Abu Dhabi
5.500%, 08/02/12 (C) 3,000 3,135
Nakheel Development
3.173%, 12/14/09 1,285 1,189
National Bank of Abu Dhabi,
Ser E MTN
5.875%, 02/27/12 GBP 950 1,600
---------------
5,924
---------------
UNITED KINGDOM -- 8.2%
Abbey National Treasury Services
5.375%, 12/30/09 389 682
Abbey National Treasury Services,
Ser E MTN
4.250%, 04/12/21 1,850 2,295
AIB UK 1
4.781%, 12/17/08 (A) 194 152
Alliance & Leicester, Ser E MTN
4.750%, 03/01/11 322 550
4.250%, 12/30/08 540 956
Anglian Water Services Financing,
Ser A5
6.293%, 07/30/30 500 841
Anglian Water Services Financing,
Ser E MTN
5.250%, 10/30/15 280 473
4.625%, 10/07/13 1,450 1,945
Bank of Ireland Holdings, Ser 1 MTN
7.400%, 03/07/09 (A) 550 594
Bank of Scotland, Ser E MTN
4.750%, 06/08/22 1,775 2,145
SEI Institutional International Trust / Annual Report / September 30, 2008 39
SCHEDULE OF INVESTMENTS
International Fixed Income Fund (Continued)
September 30, 2008
Face Amount
(Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Barclays Bank, Ser E MTN
6.750%, 01/16/09 (A) 350 $ 551
6.000%, 01/23/18 671 847
5.750%, 09/14/26 274 381
4.875%, 12/15/08 (A) 280 248
British Telecommunications
5.750%, 12/07/28 111 155
Brixton
5.250%, 10/21/15 (E) 280 423
Cattles
7.125%, 07/05/17 100 103
Centrica, Ser E MTN
7.000%, 09/19/33 200 338
Chester Asset Receivables, Ser A
6.125%, 10/15/10 EUR 2,160 2,988
Friends Provident
7.747%, 11/21/08 (A) (F) 413 427
Getin Finance, Ser E MTN
6.967%, 11/10/08 (A) 200 272
Hammerson
5.250%, 12/15/16 (E) 280 393
HBOS, Ser E MTN
6.050%, 11/23/08 (A) EUR 405 405
5.125%, 10/14/08 (A) EUR 386 357
4.875%, 03/12/09 (A) EUR 1,000 948
Imperial Tobacco Finance MTN
7.250%, 09/15/14 150 206
Ineo's Group Holdings
7.875%, 02/15/16 EUR 111 83
Lloyds TSB Bank, Ser E MTN
6.625%, 03/30/15 214 356
6.350%, 02/25/09 (A) 391 465
4.385%, 05/12/09 (A) 200 179
Marks & Spencer, Ser E MTN
5.625%, 03/24/14 268 405
MBNA Europe Funding,
Ser E MTN
4.500%, 01/23/09 EUR 558 776
National Westminster Bank
6.500%, 09/07/21 220 346
Nationwide Building Society,
Ser E MTN
3.375%, 08/17/09 (A) 280 345
3.125%, 01/26/10 352 460
Northern Rock
6.024%, 01/13/09 (A) (F) 50 72
5.625%, 06/22/17 (C) 2,550 2,348
Northumbrian Water Finance
6.000%, 10/11/17 500 877
Novae Group
8.375%, 04/27/09 (A) 100 125
Old Mutual, Ser E MTN
4.500%, 01/18/09 (A) 250 287
Face Amount
(Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
RBS Capital Trust A
6.467%, 06/30/09 (A) 400 $ 455
Rexam, Ser E MTN
4.375%, 03/15/13 400 494
Royal Bank of Scotland MTN
5.891%, 01/05/09 (A) 150 127
Scottish & Southern Energy MTN
6.250%, 08/27/38 150 266
Southern Gas Networks, Ser A1 MTN
5.198%, 10/21/08 (A) 300 411
Standard Chartered Bank, Ser E MTN
5.875%, 09/26/17 500 618
3.625%, 02/03/09 (A) 400 495
Tesco, Ser E MTN
5.875%, 09/12/16 300 407
United Kingdom Treasury
5.250%, 06/07/12 813 1,502
5.000%, 03/07/12 7,553 13,837
4.500%, 03/07/19 1,180 2,101
4.500%, 12/07/42 1,310 2,321
4.250%, 12/07/46 1,100 1,858
Vodafone Group, Ser E MTN
5.900%, 11/26/32 276 419
4.250%, 05/27/09 EUR 1,218 1,697
W&DB Issuer, Ser B1
5.641%, 10/15/08 (A) 60 74
Westpac New Zealand
7.750%, 03/08/10 NZD 5,000 3,371
Zurich Finance, Ser E MTN
6.700%, 10/02/09 (A) (F) 260 368
---------------
57,620
---------------
UNITED STATES -- 5.8%
American International Group,
Ser A3
4.875%, 03/15/09 (A) EUR 800 169
AT&T
5.600%, 05/15/18 915 819
BA Covered Bond Issuer,
Ser E MTN
4.125%, 04/05/12 EUR 3,100 4,166
Banca Popolare di Bergamo
Capital Trust
8.364%, 02/15/09 (A) EUR 475 638
Banca Popolare Lodi Trust
6.742%, 06/30/09 (A) EUR 955 1,018
Bank of America
5.750%, 12/01/17 735 623
5.650%, 05/01/18 350 295
Bank of America, Ser E MTN
5.125%, 09/26/14 250 321
Bear Stearns
7.625%, 12/07/09 493 498
3.250%, 03/25/09 721 711
40 SEI Institutional International Trust / Annual Report / September 30, 2008
Face Amount
(Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
BNP Paribas Capital Trust III
6.625%, 10/23/08 (A) 1,000 $ 1,289
Cablevision Systems, Ser B
8.000%, 04/15/12 235 221
CBS
7.700%, 07/30/10 440 452
Chesapeake Energy
6.250%, 01/15/17 EUR 400 478
CIT Group MTN
5.125%, 09/30/14 75 37
CIT Group, Ser E MTN
5.500%, 12/15/08 GBP 416 712
Citigroup
5.500%, 04/11/13 875 764
5.000%, 09/15/14 5 4
4.750%, 02/10/09 (A) EUR 1,000 1,060
4.625%, 08/03/10 400 365
Comcast
6.950%, 08/15/37 1,060 904
Commerzbank Capital Funding
Trust I
5.012%, 04/12/09 (A) EUR 350 299
Countrywide Financial MTN
5.800%, 06/07/12 507 428
Countrywide Home Loan,
Ser L MTN
4.000%, 03/22/11 9 8
Countrywide Home Loans,
Ser E MTN
5.414%, 11/24/08 (A) 150 209
Deutsche Bank Capital
Trust IV MTN
5.330%, 09/19/09 (A) 400 454
DIRECTV Holdings
6.375%, 06/15/15 232 204
Dubai Islamic Bank
3.534%, 03/22/12 1,050 913
Dynegy Holdings
8.375%, 05/01/16 230 200
Electronic Data Systems, Ser B
6.000%, 08/01/13 474 483
Fisher Scientific International
6.125%, 07/01/15 71 69
General Electric Capital
5.625%, 05/01/18 1,170 991
Genworth Financial
1.600%, 06/20/11 JPY 89,000 778
Goldman Sachs Group
7.350%, 10/01/09 283 274
7.125%, 08/07/25 200 291
6.500%, 10/06/10 250 325
5.268%, 11/04/08 (A) EUR 450 487
4.750%, 01/28/14 571 632
3.875%, 01/15/09 328 322
Face Amount
(Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Hertz
8.875%, 01/01/14 221 $ 191
HSBC Finance, Ser E MTN
6.125%, 01/22/10 GBP 334 588
HVB Funding Trust VIII
7.055%, 03/28/09 (A) 1,600 1,934
JPMorgan Chase Capital XXV
6.800%, 10/01/37 340 261
JPMorgan Chase Bank
4.625%, 05/29/09 (A) EUR 650 785
JPMorgan Chase, Ser E MTN
4.625%, 01/31/11 200 270
4.375%, 11/12/08 (A) 1,000 1,099
L-3 Communications, Ser B
6.375%, 10/15/15 100 92
Merrill Lynch, Ser E MTN
4.625%, 10/02/13 250 271
MGM Mirage
6.750%, 09/01/12 595 466
Morgan Stanley MTN
6.000%, 04/28/15 930 633
Morgan Stanley, Ser E MTN
5.450%, 01/09/17 580 360
3.750%, 03/01/13 EUR 1,000 877
Oracle
5.750%, 04/15/18 1,002 930
Owens Corning
6.500%, 12/01/16 1,330 1,177
Pfizer
1.800%, 02/22/16 JPY 110,000 1,024
Qwest
7.625%, 06/15/15 560 487
Qwest Communications International
7.500%, 02/15/14 335 290
Reynolds American
7.625%, 06/01/16 377 374
7.300%, 07/15/15 195 195
7.250%, 06/01/12 572 587
Schering-Plough
5.375%, 10/01/14 EUR 350 459
SLM, Ser E MTN
5.288%, 12/15/08 (A) EUR 170 143
5.158%, 12/15/08 (A) EUR 300 295
Sprint Capital
8.750%, 03/15/32 203 158
Verizon Communications
5.250%, 04/15/13 315 304
Wal-Mart Stores
4.875%, 01/19/39 GBP 238 347
3.375%, 10/01/08 615 615
Western Union
5.930%, 10/01/16 1,538 1,383
Windstream
8.625%, 08/01/16 220 204
SEI Institutional International Trust / Annual Report / September 30, 2008 41
SCHEDULE OF INVESTMENTS
International Fixed Income Fund (Continued)
September 30, 2008
Face Amount
(Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
WM Covered Bond Program, Ser E MTN
4.375%, 05/19/14 100 $ 117
3.875%, 09/27/11 250 306
Wyndham Worldwide
6.000%, 12/01/16 372 317
---------------
40,450
---------------
Total Global Bonds
(Cost $482,834) ($ Thousands) 455,328
---------------
MORTGAGE-BACKED SECURITIES -- 14.4%
BELGIUM -- 0.4%
B-Arena, Ser 2006-1, Cl A
5.057%, 10/22/08 (A) 2,000 2,711
---------------
IRELAND -- 0.2%
Immeo Residential Finance, Ser 2, Cl A
5.118%, 12/15/08 (A) 482 603
Talisman Finance, Ser 7, Cl H
7.207%, 10/21/08 (A) 488 460
---------------
1,063
---------------
JAPAN -- 0.0%
JLOC, Ser 37X, Cl B1
1.302%, 10/14/08 (A) 16,820 155
---------------
NETHERLANDS -- 0.9%
Beluga Master Issuer, Ser 2006-1,
Cl A2
5.092%, 10/28/08 (A) 2,200 2,940
Skyline, Ser 2007-1, Cl D
5.767%, 10/22/08 (A) 200 257
Storm, Ser 2006-1, Cl A2
5.067%, 10/22/08 (A) 2,500 3,360
---------------
6,557
---------------
UNITED KINGDOM -- 1.7%
Arkle Master Issuer, Ser 2006-1X, Cl 2C
5.314%, 11/17/08 (A) 175 241
Arkle Master Issuer, Ser 2006-1X,
Cl 5M1
5.234%, 02/17/52 150 176
Arran Residential Mortgages Funding,
Ser 2006-1X, Cl BC
5.103%, 10/14/08 (A) 500 665
Canary Wharf Finance, Ser II, Cl C2
6.347%, 10/21/08 (A) 200 250
Eddystone Finance, Ser 2006-1, Cl C
6.379%, 10/20/08 (A) 100 133
Eddystone Finance, Ser 2006-1, Cl B
6.179%, 10/20/08 (A) 100 141
Face Amount
(Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Gracechurch Mortgage Financing,
Ser 2006-1, Cl C3
5.233%, 11/20/08 (A) 250 $ 300
Gracechurch Mortgage Financing,
Ser 2007-1X, Cl 2D2
5.363%, 11/20/08 (A) 400 498
Gracechurch Mortgage Financing,
Ser 2007-1X, Cl 3A2
5.063%, 11/19/08 (A) 2,000 2,574
Granite Master Issuer, Ser 2006-2,
Cl A5
5.058%, 10/20/08 (A) 1,000 1,290
Holmes Master Issuer, Ser 2007-1,
Cl 3C2
5.383%, 10/15/08 (A) 150 160
Leek Finance, Ser 15X, Cl BA
6.350%, 12/21/08 (A) 100 114
London and Regional Debt Securitisation,
Ser 1, Cl A
6.029%, 10/15/08 (A) 150 236
Permanent Financing, Ser 5, Cl 3A
2.977%, 12/10/08 (A) 1,920 1,885
Permanent Financing, Ser 7, Cl 3B
5.079%, 12/10/08 (A) 2,500 3,266
---------------
11,929
---------------
UNITED STATES -- 11.2%
American Home Mortgage Assets,
Ser 2006-6, Cl A1A
3.397%, 10/27/08 (A) 375 227
Banc of America Commercial Mortgage,
Ser 2006-6, Cl A2
5.309%, 10/10/45 505 482
Banc of America Commercial Mortgage,
Ser 2007-5, Cl A4
5.492%, 10/10/17 1,200 999
BCAP Trust, Ser 2007-AA1, Cl 1A1
3.307%, 10/27/08 (A) 1,835 1,391
Bear Stearns Adjustable Rate Mortgage
Trust, Ser 2004-6, Cl 3A
5.402%, 11/25/08 (A) 503 436
Bear Stearns Adjustable Rate Mortgage
Trust, Ser 2006-2, Cl 2A1
5.650%, 11/25/08 (A) 834 593
Bear Stearns Commercial Mortgage
Securities, Ser 2006-PW14, Cl A4
5.201%, 12/11/38 2,775 2,402
Citigroup Commercial Mortgage Trust,
Ser 2007-C6, Cl A4
5.889%, 11/10/08 (A) 1,140 974
Citigroup Commercial Mortgage Trust,
Ser 2008-C7, Cl A4
6.299%, 11/10/08 (A) 405 356
42 SEI Institutional International Trust / Annual Report / September 30, 2008
Face Amount
(Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Citigroup Mortgage Loan Trust,
Ser 2005-2, Cl 1A4
5.118%, 11/25/08 (A) 2,436 $ 2,098
Citigroup, Ser CD4, Cl A2B
5.205%, 12/11/49 1,250 1,162
Commercial Mortgage Asset Trust,
Ser 1999-C1, Cl A3
6.640%, 09/17/10 802 802
Countrywide Alternative Loan Trust,
Ser 2006-43CB, Cl 1A7
6.000%, 01/31/37 3,255 2,470
Countrywide Alternative Loan Trust,
Ser 2006-OC8, Cl 2A1A
3.297%, 10/27/08 (A) 1,205 1,144
Countrywide Home Loans,
Ser 2003-56, Cl 5A1
4.774%, 11/25/08 (A) 553 507
Credit Suisse First Boston Mortgage
Securities, Ser 2002-CKS4, Cl A2
5.183%, 11/15/36 1,930 1,843
Credit Suisse First Boston Mortgage
Securities, Ser 2003-CKS4, Cl A1
4.485%, 11/15/36 1,511 1,463
Credit Suisse Mortgage Capital
Certificates, Ser 2006-C3, Cl A3
6.021%, 11/15/08 (A) 1,250 1,136
Credit Suisse Mortgage Capital
Certificates, Ser 2006-C5, Cl A3
5.311%, 12/15/39 1,215 1,053
Deutsche ALT-A Securities,
Ser 2006-0A1, Cl A1
3.407%, 10/27/08 (A) 507 302
Deutsche ALT-A Securities,
Ser 2007-BAR1, Cl A1
3.287%, 10/27/08 (A) 1,155 1,116
FNMA
5.500%, 10/01/36 9,900 9,882
FNMA 15 Year TBA
5.500%, 10/15/22 2,300 2,318
FNMA 30 Year TBA
5.500%, 10/01/38 11,900 11,866
GNMA TBA
6.000%, 10/01/36 2,700 2,740
5.500%, 10/21/34 1,100 1,101
GSR Mortgage Loan Trust,
Ser 2005-AR1, Cl 4A1
5.138%, 11/25/08 (A) 622 524
GSR Mortgage Loan Trust,
Ser 2006-0A1, Cl 2A1
3.397%, 10/27/08 (A) 488 297
GSR Mortgage Loan Trust,
Ser 2007-AR2, Cl 2A1
5.511%, 11/25/08 (A) 2,811 2,276
Face Amount
($ Thousands) Market Value
Description (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
JPMorgan Chase Commercial Mortgage
Securities, Ser 2005-CDP5, Cl A4
5.345%, 11/15/08 (A) 1,220 $ 1,105
JPMorgan Chase Commercial Mortgage
Securities, Ser 2006-CB17, Cl A4
5.429%, 12/12/43 840 730
JPMorgan Chase Commercial Mortgage
Securities, Ser 2007-CB18, Cl A4
5.440%, 06/12/47 1,380 1,151
JPMorgan Mortgage Trust,
Ser 2004-A5, Cl 3A1
5.305%, 11/25/08 (A) 639 565
Keybank, Ser 2000-C1, Cl A2
7.727%, 11/15/08 (A) 2,417 2,451
LB Commercial Conduit Mortgage Trust,
Ser 2007-C3, Cl A4
6.136%, 10/15/08 (A) 185 161
LB-UBS Commercial Mortgage Trust,
Ser 2007-C6, Cl A4
5.858%, 10/15/08 (A) 675 578
LB-UBS Commercial Mortgage Trust,
Ser 2007-C7, Cl A1A
4.475%, 10/15/29 2,803 2,632
LB-UBS Commercial Mortgage Trust,
Ser 2008-C1, Cl A2
6.317%, 10/15/08 (A) 930 815
LB-UBS Commercial Mortgage Trust,
Ser 2008-C1, Cl A4
5.156%, 02/15/31 1,530 1,341
Merrill Lynch/Countrywide Commercial
Mortgage Trust, Ser 2006-3, Cl A4
5.414%, 11/12/08 (A) 1,165 1,022
MLCC Mortgage Investors, Ser 2006-3,
Cl 2A1
6.073%, 11/25/08 (A) 1,552 1,415
Morgan Stanley Capital I, Ser 2006-IQ12,
Cl A4
5.332%, 12/15/43 2,560 2,220
Morgan Stanley Capital I, Ser 2006-IQ16
Cl A4
5.809%, 12/12/49 1,300 1,107
Morgan Stanley Capital I,
Ser 2007-HQ13, Cl A3
5.569%, 12/15/44 1,925 1,606
Salomon Brothers Mortgage Securities
Ser 2000-C1, Cl A2
7.520%, 11/18/08 (A) 2,285 2,306
Wachovia Bank Commercial Mortgage
Trust, Ser 2006-C25, Cl A4
5.927%, 11/15/08 (A) 395 355
Wachovia Bank Commercial Mortgage
Trust, Ser 2006-C27, Cl A3
5.765%, 11/15/08 (A) 1,150 1,020
SEI Institutional International Trust / Annual Report / September 30, 2008 43
SCHEDULE OF INVESTMENTS
International Fixed Income Fund (Continued)
September 30, 2008
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Wachovia Bank Commercial Mortgage
Trust, Ser 2006-C29, Cl A4
5.308%, 11/15/48 305 $ 261
Washington Mutual Mortgage
Pass-Through Certificates,
Ser 2006-AR10, Cl 3A2
6.085%, 11/25/08 (A) 445 365
Washington Mutual Mortgage
Pass-Through Certificates,
Ser 2006-AR18, Cl 3A2
5.543%, 11/25/08 (A) 1,120 885
Washington Mutual Mortgage
Pass-Through Certificates,
Ser 2007-0A3, Cl 4A1
3.625%, 11/25/08 (A) 510 294
Washington Mutual Mortgage
Pass-Through Certificates,
Ser 2007-HY1, Cl 3A2
5.882%, 11/25/08 (A) 423 345
---------------
78,690
---------------
Total Mortgage-Backed Securities
(Cost $109,197) ($ Thousands) 101,105
---------------
ASSET-BACKED SECURITIES -- 4.2%
FRANCE -- 0.4%
Auto Compartiment, Ser 2006-1, Cl B
5.213%, 10/27/08 (A) 500 605
Auto Compartiment, Ser 2007-1, Cl A
5.073%, 11/25/08 (A) 1,000 1,349
FCC Sparc, Ser 2005-1, Cl B
5.330%, 07/15/11 400 549
---------------
2,503
---------------
GERMANY -- 0.1%
COMIT, Ser 1, Cl C
5.419%, 12/29/08 (A) 79 103
Prime Bricks, Ser 2007-1, Cl C
5.462%, 10/30/08 (A) 100 130
Prime Bricks, Ser 2007-1, Cl B
5.262%, 10/30/08 (A) 350 462
---------------
695
---------------
IRELAND -- 0.0%
Mermaid Secured Finance,
Ser 2007-1, Cl C
5.462%, 10/30/08 (A) 100 130
Mermaid Secured Finance,
Ser 2007-1, Cl D
5.262%, 10/30/08 (A) 100 132
---------------
262
---------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
JERSEY -- 0.0%
Whinstone Capital Management,
Ser 1X, Cl B1
6.696%, 10/27/08 (A) 140 $ 150
---------------
NETHERLANDS -- 0.5%
Amstel Corporate Loan Offering,
Ser 2007-1, Cl A2
5.235%, 12/29/08 (A) 1,000 1,330
Lambda Finance, Ser 2005-1X, Cl A2
5.205%, 11/17/08 (A) 1,500 2,022
---------------
3,352
---------------
SPAIN -- 0.3%
FTA Santander Auto, Ser 1, Cl A
5.022%, 11/25/08 (A) 1,083 1,502
Santander Consumer Finance,
Ser 2007-1, Cl A
5.141%, 09/20/22 463 606
---------------
2,108
---------------
UNITED KINGDOM -- 0.5%
Metrix Funding, Ser 1X, Cl A2
5.178%, 11/10/08 (A) 2,500 3,332
---------------
UNITED STATES -- 2.4%
Chase Manhattan Auto Owner Trust,
Ser 2005-B, Cl A4
4.880%, 06/15/12 2,620 2,624
Citibank Credit Card Issuance Trust,
Ser A4, Cl A4
5.375%, 04/11/11 EUR 1,900 2,570
Countrywide Asset-Backed
Certificates, Ser 2007-2, Cl 2A1
3.257%, 10/27/08 (A) 1,952 1,849
Ford Credit Auto Owner Trust,
Ser 2006-C, Cl A3
5.160%, 11/15/10 2,215 2,201
Home Equity Asset Trust, Ser 2007-2,
Cl 2A1
3.317%, 10/27/08 (A) 671 621
MBNA Credit Card Master Note Trust,
Ser 2006, Cl A1
4.900%, 07/15/11 1,030 1,032
SLM Student Loan Trust, Ser 2004-2,
Cl A5
5.143%, 10/27/08 (A) 1,000 1,249
SLM Student Loan Trust, Ser 2008-5,
Cl A4
4.500%, 07/25/23 900 892
3.900%, 10/25/16 800 790
44 SEI Institutional International Trust / Annual Report / September 30, 2008
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
SLM Student Loan Trust, Ser 2008-5,
Cl A3
4.100%, 01/25/18 900 $ 898
Soundview Home Equity Loan Trust,
Ser 2007-NS1, Cl A1
3.327%, 10/27/08 (A) 1,392 1,325
Structured Asset Investment Loan Trust,
Ser 2006-BNC3, Cl A2
3.247%, 10/27/08 (A) 816 800
Wells Fargo Home Equity Trust,
Ser 2006-2, Cl A1
3.277%, 10/27/08 (A) 56 56
---------------
16,907
---------------
Total Asset-Backed Securities
(Cost $29,368) ($ Thousands) 29,309
---------------
CORPORATE OBLIGATIONS -- 3.8%
UNITED STATES -- 3.8%
AT&T
6.500%, 09/01/37 650 553
AutoNation
6.334%, 04/15/13 (A) (C) 44 37
Baxter International
5.375%, 06/01/18 745 712
Bear Stearns MTN
6.950%, 08/10/12 363 367
Capital One Bank
4.250%, 12/01/08 521 517
Caterpillar Financial Services MTN
6.200%, 09/30/13 810 810
Centex
7.500%, 01/15/12 366 337
CIT Group MTN
7.625%, 11/30/12 290 184
Citicorp MTN
6.375%, 11/15/08 111 111
Comcast Cable Communications
6.200%, 11/15/08 251 251
Computer Sciences
5.500%, 03/15/13 (C) 605 587
Countrywide Financial
6.250%, 05/15/16 132 94
CSC Holdings
8.125%, 07/15/09 65 64
Embarq
7.082%, 06/01/16 1,283 1,040
Fisher Scientific International
6.750%, 08/15/14 107 105
Freeport-McMoRan Copper & Gold
8.250%, 04/01/15 225 221
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Historic TW
9.125%, 01/15/13 720 $ 756
ILFC E-Capital Trust I
5.900%, 12/21/08 (A) (C) 150 45
International Paper
7.950%, 06/15/18 260 255
JPMorgan Chase MTN
6.000%, 01/15/18 1,370 1,249
3.254%, 12/22/08 (A) 4,000 3,980
Kraft Foods
6.125%, 08/23/18 735 686
Liberty Mutual Group
7.800%, 03/15/37 (C) 315 190
Limited Brands
5.250%, 11/01/14 935 783
Masco
6.125%, 10/03/16 500 434
McKesson
5.250%, 03/01/13 615 611
Merrill Lynch
6.050%, 05/16/16 375 306
4.125%, 01/15/09 645 634
MGM Mirage
8.375%, 02/01/11 211 172
Mirant Americas Generation
8.500%, 10/01/21 399 309
Mohawk Industries
6.125%, 01/15/16 850 766
Motorola
7.500%, 05/15/25 85 72
6.500%, 09/01/25 531 407
NB Capital Trust IV
8.250%, 04/15/27 614 591
Nextel Communications
6.875%, 10/31/13 1,012 688
Nisource Finance
6.800%, 01/15/19 710 645
NRG Energy
7.375%, 02/01/16 225 203
PPG Industries
6.650%, 03/15/18 562 555
Prudential Financial MTN
5.150%, 01/15/13 355 336
Reliant Energy
7.875%, 06/15/17 225 166
7.625%, 06/15/14 175 131
Sara Lee
6.250%, 09/15/11 448 452
SLM MTN
5.050%, 11/14/14 1,392 849
Starwood Hotels & Resorts Worldwide
7.375%, 11/15/15 1,194 1,128
SEI Institutional International Trust / Annual Report / September 30, 2008 45
SCHEDULE OF INVESTMENTS
International Fixed Income Fund (Continued)
September 30, 2008
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Union Bank of California MTN
5.950%, 05/11/16 392 $ 355
Union Carbide
7.750%, 10/01/96 910 800
United States Steel
6.050%, 06/01/17 615 534
Wachovia MTN
5.500%, 05/01/13 815 675
Wachovia Capital Trust III
5.800%, 03/15/09 (A) 385 162
Western Financial Bank
9.625%, 05/15/12 432 403
Williams
7.875%, 09/01/21 207 207
Xerox
7.625%, 06/15/13 210 213
---------------
Total Corporate Obligations
(Cost $29,973) ($ Thousands) 26,738
---------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 2.3%
FNMA
2.076%, 11/04/08 (B) 11,200 11,179
2.359%, 12/01/08 (B) 4,700 4,682
---------------
Total U.S. Government Agency Obligations
(Cost $15,860) ($ Thousands) 15,861
---------------
LOAN PARTICIPATIONS -- 1.0%
UNITED STATES -- 1.0%
Aramark Term Loan
8.071%, 01/26/14 GBP 295 446
Beverly Enterprises Term Loan
5.219%, 07/24/11 284 256
Boston Generating Term Loan
6.012%, 12/22/13 740 466
Cablevision Ser B Term Loan, Ser B
4.569%, 03/14/13 488 439
Education Management Term Loan
5.563%, 05/26/13 719 625
First Data Term Loan
5.551%, 09/24/14 1 1
Firstlight Power Resources Term Loan,
2nd Lien
7.711%, 05/01/14 400 379
Face Amount
(Thousands) (1) Market Value
Description /Contracts ($ Thousands)
- -------------------------------------------- --------------- ---------------
Ford Motor Company Term Loan
5.490%, 11/29/13 737 $ 486
Lear Term Loan
5.301%, 04/25/12 815 632
London Arena & Waterfront Term Loan
5.314%, 01/31/12 952 866
Momentive Performance Term Loan
4.750%, 12/04/13 977 849
Peach Holding Term Loan
7.060%, 11/21/13 568 468
Targus Group Term Loan
6.450%, 11/22/12 451 297
TP Generation Holdings Term Loan
6.600%, 12/15/14 500 461
TXU Term Loan
6.302%, 10/31/14 396 333
United Subcontractors Term Loan
8.140%, 12/27/12 684 378
---------------
Total Loan Participations
(Cost $9,275) ($ Thousands) 7,382
---------------
U.S. TREASURY OBLIGATIONS -- 1.0%
U.S. Treasury Bond
8.875%, 02/15/19 2,000 2,799
U.S. Treasury Inflationary Index Notes
3.000%, 07/15/12 2,569 2,674
1.750%, 01/15/28 1,737 1,516
---------------
Total U.S. Treasury Obligations
(Cost $7,249) ($ Thousands) 6,989
---------------
PURCHASED OPTION -- 0.0%
SOUTH KOREA -- 0.0%
November 2008 EUR Call,
Expires 11/18/08
Strike Price: $3.50* 4,200,000 44
---------------
Total Purchased Option
(Cost $21) ($ Thousands) 44
---------------
Total Investments -- 91.4%
(Cost $683,777) ($ Thousands) $ 642,756
===============
46 SEI Institutional International Trust / Annual Report / September 30, 2008
A summary of the outstanding forward foreign currency contracts held by the Fund
at September 30, 2008, is as follows (see Note 2 in Notes to Financial
Statements):
UNREALIZED
CURRENCY CURRENCY APPRECIATION
SETTLEMENT TO DELIVER TO RECEIVE (DEPRECIATION)
DATE (THOUSANDS) (THOUSANDS) ($ THOUSANDS)
- ----------------- -------------- ------------- --------------
10/6/08 SGD 3,682 USD 2,697 $ 122
10/6/08 USD 2,605 SGD 3,682 (29)
10/8/08 USD 901 MXP 9,904 (1)
10/8/08-10/10/08 USD 13,231 CAD 14,024 (34)
10/8/08-10/20/08 USD 2,698 NOK 15,672 (48)
10/8/08-10/23/08 USD 29,444 JPY 3,129,095 67
10/8/08-10/23/08 USD 4,589 SEK 30,598 (198)
10/8/08-11/10/08 CAD 36,777 USD 34,915 276
10/8/08-11/10/08 JPY 14,919,895 USD 140,637 (521)
10/8/08-11/10/08 MXP 77,024 USD 7,440 449
10/8/08-11/10/08 NOK 26,980 USD 4,788 230
10/8/08-11/10/08 SEK 39,642 USD 5,980 291
10/8/08-12/10/08 AUD 22,082 USD 19,991 2,598
10/8/08-12/10/08 EUR 282,311 USD 414,107 16,730
10/8/08-12/10/08 GBP 56,244 USD 106,517 6,107
10/8/08-12/10/08 USD 15,686 AUD 18,026 (1,489)
10/8/08-12/10/08 USD 149,232 EUR 104,630 (2,138)
10/8/08-12/10/08 USD 55,751 GBP 29,876 (2,424)
10/10/08 AUD 7,993 EUR 4,560 108
10/10/08 AUD 4,894 GBP 2,246 147
10/10/08 EUR 4,076 AUD 7,245 (17)
10/10/08 EUR 3,395 SEK 32,350 (132)
10/10/08 GBP 3,429 AUD 7,575 (143)
10/10/08 SEK 32,350 EUR 3,399 137
10/10/08-12/10/08 CHF 8,000 NZD 10,330 (300)
10/10/08-12/10/08 NZD 10,448 CHF 8,000 222
10/10/08-1/14/09 NOK 36,436 JPY 725,000 740
10/10/08-2/11/09 GBP 3,077 SGD 8,000 124
10/10/08-2/12/09 JPY 834,000 NOK 41,961 (859)
10/10/08-3/11/09 EUR 21,684 JPY 3,472,091 2,407
10/10/08-3/11/09 GBP 7,536 JPY 1,475,000 619
10/10/08-3/11/09 JPY 3,443,000 EUR 21,637 (2,200)
10/10/08-3/11/09 JPY 1,475,000 GBP 7,395 (871)
10/10/08-3/11/09 SGD 9,400 GBP 3,593 (193)
10/23/08 DKK 26,641 USD 5,647 618
10/23/08 PLN 11,483 USD 5,095 332
10/23/08 USD 4,316 PLN 9,917 (203)
UNREALIZED
CURRENCY CURRENCY APPRECIATION
SETTLEMENT TO DELIVER TO RECEIVE (DEPRECIATION)
DATE (THOUSANDS) (THOUSANDS) ($ THOUSANDS)
- ----------------- ----------- ----------- --------------
10/23/08 USD 951 ZAR 7,213 $ (84)
10/23/08 ZAR 35,449 USD 4,527 265
10/23/08-2/11/09 NZD 11,402 USD 8,145 587
11/10/08-3/11/09 USD 4,967 NZD 7,209 (214)
11/13/08 CHF 7,850 USD 6,960 (74)
11/13/08 USD 245 CHF 267 (6)
1/13/09 CHF 4,000 EUR 2,499 (77)
1/13/09 EUR 2,518 CHF 4,000 50
1/13/09-2/11/09 AUD 2,132 CHF 2,000 132
1/13/09-2/11/09 CHF 2,000 AUD 2,107 (151)
1/13/09-2/11/09 GBP 5,064 CHF 10,100 51
1/13/09-3/11/09 CHF 12,300 GBP 6,140 (118)
-------
$20,885
=======
A summary of the open futures contracts held by the Fund at September 30, 2008,
is as follows (see Note 2 in Notes to Financial Statements):
UNREALIZED
NUMBER OF APPRECIATION
TYPE OF CONTRACTS EXPIRATION (DEPRECIATION)
CONTRACT LONG (SHORT) DATE ($ THOUSANDS)
- ----------------------- ------------ ---------- --------------
30-Day FED Fund (8) Oct-2008 $ 2
Australian 10-Year Bond 58 Dec-2008 87
Canadian 10-Year Bond 48 Dec-2008 (82)
Euro-Bobl 145 Dec-2008 219
Euro-Bund 136 Dec-2008 204
Euro-Schatz 390 Dec-2008 255
Long Gilt 10-Year Bond 40 Dec-2008 26
U.S. 10-Year Note (332) Dec-2008 280
U.S. 2-Year Note (231) Dec-2008 (264)
U.S. 5-Year Note (38) Dec-2008 (18)
U.S. 5-Year Note 3 Dec-2008 1
U.S. Long Treasury Bond (137) Dec-2008 147
-----
$ 857
=====
A summary of outstanding swap agreements held by the fund at September 30, 2008,
is as follows (see Note 2 in Notes to Financial Statements):
TOTAL RETURN SWAPS
NET
REFERENCE NOTIONAL UNREALIZED
ENTITY/ TERMINATION AMOUNT APPRECIATION
COUNTERPARTY OBLIGATION FUND PAYS FUND RECEIVES DATE (THOUSANDS) ($ THOUSANDS)
- --------------- ---------------- -------------------- --------------------- ----------- ----------- -------------
Lehman Brothers Lehman Brothers
Global Aggregate 3-Month USD LIBOR
EX USD RBI Ser 1 Plus 11 Basis Points Positive Price Return 02/01/09 85,639 $112(H)
====
CREDIT DEFAULT SWAPS
NET
REFERENCE NOTIONAL UNREALIZED
ENTITY/ BUY/SELL (PAYS)/ TERMINATION AMOUNT DEPRECIATION
COUNTERPARTY OBLIGATION PROTECTION RECEIVES RATE DATE (THOUSANDS) ($ THOUSANDS)
- --------------- ---------------- -------------------- --------------------- ----------- ----------- -------------
Merrill Lynch iTraxx Europe
Crossover Series
9 5-Year Sell 6.50% 06/20/13 5,000 $(66)
Merrill Lynch iTraxx Europe
Series 9 5-Year Sell 1.65 06/20/13 5,000 (10)
Citigroup Kaupthing Bank
HF, Floating
Rate, 12/01/09 Sell 4.00 12/20/08 400 (17)
----
$(93)
====
SEI Institutional International Trust / Annual Report / September 30, 2008 47
SCHEDULE OF INVESTMENTS
International Fixed Income Fund (Concluded)
September 30, 2008
INTEREST RATE SWAPS
NET UNREALIZED
APPRECIATION
TERMINATION NOTIONAL AMOUNT (DEPRECIATION)
COUNTERPARTY FUND PAYS FUND RECEIVES DATE (THOUSANDS)(1) ($ THOUSANDS)
- ------------------- ----------------- ----------------- ----------- --------------- --------------
Deutsche Bank 6-Month GBP LIBOR 5.12% 04/03/10 GBP 4,900 $ (40)
Deutsche Bank 4.31% 6-Month EURIBOR 04/07/10 EUR 6,500 61
Deutsche Bank 6-Month GBP LIBOR 5.50% 03/22/12 GBP 6,000 72
Deutsche Bank 3-Month NZD LIBOR 7.66% 03/26/12 NZD 3,000 59
Deutsche Bank 6-Month EURIBOR 4.17% 03/28/13 EUR 7,000 7
JPMorgan Chase Bank 4.27% 3-Month CAD LIBOR 03/22/12 CAD 15,000 (397)
JPMorgan Chase Bank 6-Month GBP LIBOR 4.90% 03/11/10 GBP 4,900 (36)
JPMorgan Chase Bank 3.91% 6-Month EURIBOR 03/13/10 EUR 6,500 (91)
JPMorgan Chase Bank 6-Month JPY LIBOR 1.29% 03/26/12 JPY 2,600,000 103
JPMorgan Chase Bank 4.20% 6-Month EURIBOR 03/30/12 EUR 3,000 (32)
JPMorgan Chase Bank 6-Month EURIBOR 4.38% 01/07/13 EUR 5,400 72
JPMorgan Chase Bank 6-Month JPY LIBOR 2.22% 03/26/27 JPY 750,000 128
-----
$ (94)
=====
Percentages are based on a Net Assets of $703,324 ($ Thousands).
* Non-income producing security.
(1) In local currency unless otherwise indicated.
(A) Variable Rate Security -- The rate reported on the Schedule of Investments
is the rate in effects as of September 30, 2008. The date reported on the
Schedule of Investments is the next reset date.
(B) Zero coupon security. The rate reported on the Schedule of Investments is
the effective yield at time of purchase.
(C) Securities sold within terms of a private placement memorandum, exempt from
registration under Section 144A of the Securities Act of 1933, as amended,
and may be sold only to dealers in that program or other "accredited
investors." These securities have been determined to be liquid under
guidelines established by the board of Trustees.
(D) Security in default on interest payments.
(E) Real Estate Investments Trust.
(F) Step Bonds -- The rate reflected on the Schedule of Investments is the
effective yield on September 30, 2008. The coupon on a step bond changes on
a specified date.
(G) Security purchased on a when-issued basis.
(H) The swap value has been reduced by $772 (Thousands) to reflect the
collectibility of the value.
AUD -- Australian Dollar
CAD -- Canadian Dollar
CHF -- Swiss Franc
Cl -- Class
CPI -- Consumer Price Index
DKK -- Danish Kroner
EURIBOR -- Euro London Interbank Offered Rate
EUR -- Euro
FNMA -- Federal National Mortgage Association
GBP -- British Pound Sterling
GNMA -- Government National Mortgage Association
JPY -- Japanese Yen
LIBOR -- London Interbank Offered Rate
MTN -- Medium Term Note
MXP -- Mexican Peso
NOK -- Norwegian Krone
NZD -- New Zealand Dollar
PIK -- Payment-in-Kind
PLN -- Polish Zloty
SEK -- Swedish Krone
Ser -- Series
SGD -- Singapore Dollar
TBA -- To Be Announced
USD -- U.S. Dollar
ZAR -- South African Rand
Amounts designated as "--" are $0 or have been rounded to $O.
The accompanying notes are an integral part of the financial statements.
48 SEI Institutional International Trust / Annual Report / September 30, 2008
SCHEDULE OF INVESTMENTS
Emerging Markets Debt Fund
September 30, 2008
SECTOR WEIGHTINGS (UNAUDITED)+:
(PERFORMANCE GRAPH)
Government 75.0%
Financials 6.2%
Energy 4.9%
Loan Participations 4.8%
Deposits to Counterparty as Collateral for Swap Contracts 3.9%
Affiliated Partnership 1.4%
Industrials 1.2%
Telecommunication Services 0.8%
Basic Materials 0.8%
Utilities 0.7%
Purchased Options 0.2%
Warrants 0.1%
+ Percentages based on total investments. Includes Investments held as
collateral for securities on loan (see Note 7).
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- --------------
GLOBAL BONDS -- 85.1%
ANGOLA -- 0.2%
Republic of Angola
7.132%, 04/30/16 EUR 1,300 $ 1,774
--------------
ARGENTINA -- 5.1%
Alto Parana
6.375%, 06/09/17 (A) 440 416
Cia Transporte Energia
8.875%, 12/15/16 (A) 470 277
Earls Eight MTN
9.000%, 10/03/09 (A) (B) 420 246
Province of Buenos Aires
9.625%, 04/18/28 (A) 1,605 907
Province of Buenos Aires Registered
9.625%, 04/18/28 695 341
9.375%, 09/14/18 470 249
3.000%, 11/15/09 (B) 1,200 336
Province of Medoza Registered
5.500%, 09/04/18 401 235
Provincia Del Neuquen
8.656%, 10/18/14 (A) 232 225
Republic of Argentina
12.000%, 09/19/16 (C) 1,000 194
11.750%, 05/20/11 (C) 2,500 503
9.750%, 09/19/27 (C) 2,150 634
9.335%, 12/15/08 (D) 3,655 306
9.250%, 07/20/04 (C) 1,375 548
9.000%, 06/20/49 (C) 1,125 457
9.000%, 05/26/49 (C) 2,650 975
9.000%, 05/24/49 (C) 1,400 575
8.500%, 07/01/49 (C) 775 315
8.280%, 12/31/33 (E) 20,190 11,534
8.125%, 04/21/49 (C) 4,200 1,581
8.000%, 02/26/08 (C) 1,000 392
8.000%, 02/25/35 (C) 864 350
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- --------------
7.625%, 03/31/05 (C) 1,120 $ 314
7.000%, 09/12/13 1,265 863
7.000%, 10/03/15 2,000 1,150
7.000%, 03/18/49 (C) ITL 1,475,000 305
3.127%, 02/03/09 (D) 9,805 3,545
2.500%, 03/31/09 (B) 44,020 10,851
1.318%, 12/15/08 (D) 32,825 2,642
0.000%, 07/13/49 (C) ITL 3,245,000 644
Republic of Argentina, Ser E MTN
10.000%, 01/03/07 (C) ITL 3,000,000 626
8.750%, 02/04/49 (C) 1,375 483
8.500%, 07/30/10 (C) 2,000 674
7.625%, 08/11/07 (C) ITL 2,325,000 453
Transportadora Gas Norte
9.000%, 12/31/09 (A) (B) 260 152
9.000%, 12/31/09 (B) 130 79
7.500%, 12/31/10 (B) 114 70
7.500%, 12/31/10 (B) 78 47
7.500%, 12/31/10 (A) (B) 30 18
--------------
44,512
--------------
BELIZE -- 0.0%
Government of Belize Registered
4.250%, 02/20/29 400 264
--------------
BOSNIA AND HERZEGOVINA -- 0.1%
Republic of Bosnia & Herzegovina
10.039%, 12/11/17 (F) DEM 2,300 1,098
--------------
BRAZIL -- 12.6%
Banco Safra MTN
10.875%, 04/03/17 (A) BRL 2,800 1,180
Banco Votorantim Nassau MTN
10.625%, 04/10/14 (A) BRL 2,750 1,120
Braskem Finance
7.250%, 06/05/18 (A) BRL 410 373
Cesp-Comp Ener Sao Paulo MTN
9.750%, 01/15/15 (A) BRL 1,375 780
Federal Republic of Brazil
12.500%, 01/05/22 1,400 744
12.500%, 01/05/16 3,500 1,883
12.250%, 03/06/30 175 275
11.000%, 08/17/40 26,162 32,833
10.250%, 01/10/28 1,400 642
10.125%, 05/15/27 4,735 6,227
8.875%, 04/15/24 1,800 2,151
8.750%, 02/04/25 4,560 5,358
8.500%, 09/24/12 2,615 3,783
8.250%, 01/20/34 3,490 3,952
8.000%, 01/15/18 7,645 8,199
7.875%, 03/07/15 810 866
7.125%, 01/20/37 9,885 10,157
6.000%, 01/17/17 1,450 1,399
SEI Institutional International Trust / Annual Report / September 30, 2008 49
SCHEDULE OF INVESTMENTS
Emerging Markets Debt Fund (Continued)
September 30, 2008
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
GTL Trade Finance
7.250%, 10/20/17 (A) 3,530 $ 3,385
National Development
6.369%, 06/16/18 (A) 3,790 3,335
Nota Do Tesouro Nacional
10.000%, 01/01/17 24,921 10,320
10.000%, 01/01/14 14,450 6,293
Petrobras International Finance
5.875%, 03/01/18 4,890 4,445
Usiminas Commercial
7.250%, 01/18/18 530 501
7.250%, 01/18/18 (A) 100 94
Vale Overseas
6.875%, 11/21/36 220 196
6.250%, 01/23/17 85 79
---------------
110,570
---------------
BULGARIA -- 0.3%
Republic of Bulgaria Registered
8.250%, 01/15/15 2,300 2,519
---------------
CHILE -- 0.1%
Nacional del Cobre de Chile - CODELCO
6.375%, 11/30/12 1,245 1,293
---------------
CHINA -- 0.0%
Citic Resources Finance
6.750%, 05/15/14 (A) 300 228
---------------
COLOMBIA -- 5.3%
BanColombia
6.875%, 05/25/17 425 408
Bogota Distrio Capital
9.750%, 07/26/28 (A) COP 2,881,000 1,097
EEB International
8.750%, 10/31/14 (A) 340 338
Republic of Colombia
11.750%, 02/25/20 5,830 8,060
10.750%, 01/15/13 620 726
10.375%, 01/28/33 450 612
9.850%, 06/28/27 COP 16,809,700 7,089
8.250%, 12/22/14 4,560 4,948
8.125%, 05/21/24 5,900 6,461
7.375%, 09/18/37 7,305 7,312
7.375%, 01/27/17 7,310 7,657
6.364%, 12/17/08 (D) 1,125 1,153
TGI International
9.500%, 10/03/17 (A) 660 657
---------------
46,518
---------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
DOMINICAN REPUBLIC -- 0.3%
Republic of Dominican Republic
9.040%, 01/23/18 618 $ 536
8.625%, 04/20/27 1,125 979
Standard Bank
15.000%, 03/12/12 (A) 481 356
Standard Bank, Ser E MTN
15.000%, 07/20/09 (D) 658 627
---------------
2,498
---------------
ECUADOR -- 1.0%
Republic of Ecuador Registered
10.000%, 08/15/30 (B) 9,995 7,496
9.375%, 12/15/15 1,935 1,626
---------------
9,122
---------------
EL SALVADOR -- 1.5%
Republic of El Salvador
8.250%, 04/10/32 3,555 3,591
7.750%, 01/24/23 995 1,005
7.650%, 06/15/35 8,691 8,517
---------------
13,113
---------------
GABON -- 0.4%
Republic of Gabon
8.200%, 12/12/17 (A) 3,730 3,581
---------------
GEORGIA -- 0.2%
Republic of Georgia
7.500%, 04/15/13 2,050 1,696
---------------
GHANA -- 0.4%
Republic of Ghana
8.500%, 10/04/17 (A) 2,935 2,774
8.500%, 10/04/17 1,090 974
---------------
3,748
---------------
INDIA -- 0.4%
Vedanta Resources
9.500%, 07/18/18 (A) 3,885 3,298
---------------
INDONESIA -- 4.9%
JPMorgan Chase Bank MTN
5.579%, 02/23/10 (A) (F) IDR 34,152,000 3,062
Majapahit Holding
7.875%, 06/29/37 (A) 555 411
7.750%, 10/17/16 280 248
7.750%, 10/17/16 (A) 260 221
7.250%, 06/28/17 (A) 770 678
50 SEI Institutional International Trust / Annual Report / September 30, 2008
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Republic of Indonesia
12.800%, 06/15/21 IDR 9,410,000 $ 967
12.500%, 03/15/13 IDR 8,300,000 867
8.500%, 10/12/35 5,790 5,749
7.750%, 01/17/38 300 271
7.750%, 01/17/38 16,740 15,124
7.500%, 01/15/16 (A) 1,760 1,725
7.500%, 01/15/16 1,040 1,024
7.250%, 04/20/15 1,095 1,069
7.250%, 04/20/15 (A) 285 278
6.875%, 03/09/17 670 625
6.875%, 01/17/18 (A) 5,905 5,374
6.750%, 03/10/14 1,050 1,018
6.750%, 03/10/14 (A) 700 678
6.750%, 03/10/14 (A) 1,200 1,152
6.625%, 02/17/37 (A) 800 637
6.625%, 02/17/37 1,800 1,438
---------------
42,616
---------------
IRAQ -- 1.5%
Republic of Iraq
5.800%, 01/15/28 20,675 13,232
---------------
ISRAEL -- 0.1%
Israel Electric MTN
7.250%, 01/15/19 750 751
---------------
JAMAICA -- 0.0%
Digicel Group
8.875%, 01/15/15 (A) 550 462
---------------
KAZAKHSTAN -- 1.7%
HSBK Europe
9.250%, 10/16/13 (A) 1,135 863
7.250%, 05/03/17 (A) 500 300
Kazkommerts International MTN
7.500%, 11/29/16 (A) 450 256
Kazkommerts International Registered MTN
7.500%, 11/29/16 900 513
KazMunaiGaz Finance Sub MTN
9.125%, 07/02/18 (A) 10,675 9,074
8.375%, 07/02/13 (A) 5,000 4,300
---------------
15,306
---------------
LEBANON -- 0.7%
Lebanese Republic Registered MTN
8.250%, 04/12/21 950 893
4.000%, 12/31/17 6,441 5,024
---------------
5,917
---------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
MALAYSIA -- 1.0%
Petroliam Nasional
7.750%, 08/15/15 1,335 $ 1,533
7.625%, 10/15/26 395 463
Petronas Capital Registered
7.875%, 05/22/22 5,775 6,794
---------------
8,790
---------------
MEXICO -- 5.1%
Grupo Televisa
6.000%, 05/15/18 (A) 600 566
Mexican Bonos, Ser M10
7.750%, 12/14/17 MXP 25,000 2,178
7.250%, 12/15/16 MXP 78,920 6,690
Mexican Bonos, Ser M20
10.000%, 12/05/24 MXP 24,378 2,518
Pemex Project Funding Master Trust
6.625%, 06/15/35 450 412
5.750%, 03/01/18 (A) 500 473
5.750%, 03/01/18 1,305 1,235
United Mexican States
8.375%, 01/14/11 810 871
8.300%, 08/15/31 5,850 6,918
7.500%, 01/14/12 910 974
7.500%, 04/08/33 4,330 4,730
6.625%, 03/03/15 1,350 1,404
6.375%, 01/16/13 400 411
6.050%, 01/11/40 1,340 1,201
5.625%, 01/15/17 4,750 4,638
United Mexican States, Ser A MTN
6.750%, 09/27/34 7,948 7,988
5.875%, 01/15/14 1,510 1,519
---------------
44,726
---------------
NIGERIA -- 0.5%
Citigroup Funding
10.000%, 01/03/17 (D) 1,500 1,347
6.000%, 05/18/15 (A) 800 783
UBS MTN
6.296%, 11/03/08 (A) (D) 1,320 1,464
0.000%, 09/04/17 (A) (D) 750 753
---------------
4,347
---------------
OMAN -- 0.1%
Blue City Investments
13.750%, 11/07/13 (G) 750 654
---------------
SEI Institutional International Trust / Annual Report / September 30, 2008 51
SCHEDULE OF INVESTMENTS
Emerging Markets Debt Fund (Continued)
September 30, 2008
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
PAKISTAN -- 0.2%
Republic of Pakistan
7.125%, 03/31/16 900 $ 439
6.875%, 06/01/17 3,290 1,555
---------------
1,994
---------------
PANAMA -- 2.6%
Republic of Panama
9.375%, 04/01/29 6,727 8,342
9.375%, 01/16/23 560 683
8.875%, 09/30/27 4,700 5,687
8.125%, 04/28/34 720 794
7.250%, 03/15/15 4,985 5,172
6.700%, 01/26/36 1,960 1,852
---------------
22,530
---------------
PERU -- 2.0%
Banco de Credito del Peru
7.170%, 10/15/08 (A) (D) PEI 1,950 554
Interoceanica IV Finance
3.915%, 11/30/25 (A) (F) 984 425
3.791%, 11/30/18 (A) (F) 450 278
Peru Enhanced Pass-Through Finance
6.272%, 05/31/25 (A) (F) 320 104
4.117%, 05/31/18 (F) 250 165
4.040%, 05/31/18 (A) (F) 1,472 920
Republic of Peru
9.875%, 02/06/15 5 6
8.750%, 11/21/33 360 428
8.375%, 05/03/16 3,380 3,600
7.350%, 07/21/25 9,600 9,552
6.900%, 08/12/37 (A) PEI 2,800 767
6.550%, 03/14/37 485 449
---------------
17,248
---------------
PHILIPPINES -- 5.6%
National Power
9.625%, 05/15/28 1,400 1,568
6.875%, 11/02/16 (A) 965 888
Republic of Philippines
10.625%, 03/16/25 3,395 4,519
9.500%, 02/02/30 3,680 4,563
9.375%, 01/18/17 4,625 5,423
8.875%, 03/17/15 1,150 1,282
8.250%, 01/15/14 450 484
8.000%, 01/15/16 7,970 8,388
7.750%, 01/14/31 (E) 6,533 6,860
7.500%, 09/25/24 14,436 15,158
---------------
49,133
---------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
RUSSIA -- 11.8%
Alfa Diversified Payment Rights Finance
MTN
4.719%, 12/15/08 (A) (D) 392 $ 333
Alfa Invest MTN
9.250%, 06/24/13 (A) 1,200 1,185
Gaz Capital MTN
6.510%, 03/07/22 215 158
6.212%, 11/22/16 2,000 1,489
Gaz Capital for Gazprom Registered
9.625%, 03/01/13 1,500 1,462
8.625%, 04/28/34 2,820 2,566
GPB Eurobond Finance for Gazprombank
6.500%, 09/23/15 750 522
Kazan Orgsintez
9.250%, 10/30/11 505 458
Kuznetski Capital for Bank of Moscow
8.961%, 11/25/10 (B) 1,200 772
Lukoil International Finance
6.656%, 06/07/22 (A) 245 164
RSHB Capital
7.750%, 05/29/18 (A) 1,200 911
7.175%, 05/16/13 400 326
7.125%, 01/14/14 (A) 1,630 1,349
6.299%, 05/15/17 (A) 2,375 1,696
Russian Federation Registered
12.750%, 06/24/28 6,805 10,990
7.500%, 03/31/30 60,332 61,764
Steel Capital (Severstal)
9.750%, 07/29/13 (A) 355 291
Teorema Holding
11.000%, 10/27/09 (G) 3,400 3,230
TransCapital (Transneft)
6.103%, 06/27/12 (A) 700 637
TransCapitalInvest for AK Transneft
8.700%, 08/07/18 (A) 2,930 2,623
7.700%, 08/07/13 (A) 150 137
UBS (Vimpelcom)
8.250%, 05/23/16 570 405
Vimpel Communications
8.375%, 04/30/13 (A) 1,350 1,073
VIP Finance Ireland for
Vimpel Communications
9.125%, 04/30/18 (A) 1,950 1,514
VTB Capital
7.815%, 02/04/09 (B) (D) 1,735 1,561
6.875%, 05/29/18 (A) 4,035 3,102
6.609%, 10/31/12 (A) 3,500 2,800
---------------
103,518
---------------
52 SEI Institutional International Trust / Annual Report / September 30, 2008
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
SINGAPORE -- 0.1%
DBS Bank MTN
5.000%, 11/15/08 (A) (D) 195 $ 170
United Overseas Bank
5.375%, 03/03/09 (A) (D) 1,000 901
---------------
1,071
---------------
SOUTH AFRICA -- 0.9%
Republic of South Africa
8.500%, 06/23/17 860 985
6.500%, 06/02/14 3,895 3,817
5.875%, 05/30/22 3,640 3,146
---------------
7,948
---------------
SOUTH KOREA -- 0.1%
Shinhan Bank
6.819%, 03/20/09 (D) 630 538
Woori Bank
6.208%, 05/02/37 610 400
---------------
938
---------------
SUPRA-NATIONAL -- 0.3%
European Investment Bank MTN
10.000%, 01/28/11 TRY 3,770 2,593
---------------
THAILAND -- 0.1%
Bangkok Bank
9.025%, 03/15/29 390 378
True Move
10.750%, 12/16/13 (A) 1,250 856
---------------
1,234
---------------
TRINIDAD & TOBAGO -- 0.3%
Petroleum of Trinidad & Tobago
6.000%, 05/08/22 1,755 1,663
6.000%, 05/08/22 (A) 800 750
---------------
2,413
---------------
TUNISIA -- 0.0%
Banque Centrale de Tunisie
7.375%, 04/25/12 465 484
---------------
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
TURKEY -- 5.3%
Republic of Turkey
14.000%, 01/19/11 600 $ 427
11.875%, 01/15/30 380 546
10.000%, 02/15/12 360 263
9.500%, 01/15/14 500 551
8.000%, 02/14/34 4,300 4,289
7.375%, 02/05/25 6,500 6,279
7.250%, 03/05/38 5,530 5,000
7.250%, 03/15/15 8,575 8,511
7.000%, 09/26/16 1,390 1,386
7.000%, 03/11/19 (E) 5,505 5,217
6.875%, 03/17/36 5,735 5,047
6.750%, 04/03/18 9,450 8,836
---------------
46,352
---------------
UKRAINE -- 1.8%
Credit Suisse First Boston
International (Export/Import - Ukraine)
8.000%, 11/06/15 750 553
6.800%, 10/04/12 600 442
Government of Ukraine Registered
7.650%, 06/11/13 2,595 2,154
6.875%, 03/04/11 (A) 4,475 3,759
6.580%, 11/21/16 (A) 6,565 5,081
6.580%, 11/21/16 850 612
6.385%, 06/26/12 1,100 927
Naftogaz Ukrainy
8.125%, 09/30/09 700 576
Springvale Holdings
9.181%, 09/07/09 (D) (G) 1,000 960
UK Private Bank
8.000%, 02/06/12 (A) 1,000 710
---------------
15,774
---------------
UNITED ARAB EMIRATES -- 1.1%
HSBC Bank Middle East MTN
2.679%, 10/30/08 (D) AED 16,000 4,258
Jafz Sukuk
3.291%, 11/27/08 (D) AED 22,000 5,154
---------------
9,412
---------------
UNITED KINGDOM -- 0.1%
Barclays Bank MTN
12.500%, 03/17/13 (A) (D) 200 211
0.000%, 12/17/12 (A) (D) 200 206
---------------
417
---------------
SEI Institutional International Trust / Annual Report / September 30, 2008 53
SCHEDULE OF INVESTMENTS
Emerging Markets Debt Fund (Continued)
September 30, 2008
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
URUGUAY -- 3.4%
Republic of Uruguay
9.250%, 05/17/17 3,825 $ 4,308
8.000%, 11/18/22 21,035 21,035
7.875%, 01/15/33 3,050 3,027
7.625%, 03/21/36 1,190 1,130
---------------
29,500
---------------
VENEZUELA -- 5.4%
Government of Venezuela
13.625%, 08/15/18 1,200 1,260
10.750%, 09/19/13 6,565 6,040
9.375%, 01/13/34 6,400 4,448
9.250%, 09/15/27 4,265 3,182
9.250%, 05/07/28 5,525 3,844
9.000%, 05/07/23 6,075 4,252
8.500%, 10/08/14 1,721 1,355
7.650%, 04/21/25 12,480 7,582
6.000%, 12/09/20 4,020 2,291
5.750%, 02/26/16 5,700 3,705
Government of Venezuela Registered
7.000%, 12/01/18 1,850 1,251
5.375%, 08/07/10 4,635 4,137
Petroleos De Venezuela
5.375%, 04/12/27 5,355 2,383
5.250%, 04/12/17 900 486
Venezuela Government International
Bond
6.000%, 12/09/20 1,300 741
---------------
46,957
---------------
VIETNAM -- 0.4%
Republic of Vietnam
6.875%, 01/15/16 3,565 3,400
---------------
YEMEN -- 0.1%
Pemberley SPV Finance 2008 Yemen MTN
11.500%, 02/19/14 (A) (G) 1,250 1,269
0.000%, 02/25/20 (A) (D) (G) 1,250 --
---------------
1,269
---------------
Total Global Bonds
(Cost $816,266) ($ Thousands) 746,818
---------------
DEPOSIT WITH COUNTERPARTY AS COLLATERAL FOR SWAP CONTRACTS (H) -- 3.7%
UNITED STATES -- 3.7%
Deposit with Deutsche Bank as
Collateral for Swap Contracts
Outstanding 877 877
Deposits with Deutsche Bank as
Collateral for Swap Contracts
Outstanding BRL 7,070 3,665
Face Amount Market Value
Description (Thousands) (1) ($ Thousands)
- -------------------------------------------- --------------- ---------------
Deposits with Deutsche Bank as
Collateral for Swap Contracts
Outstanding BRL 2,305 $ 1,195
Deposits with Goldman Sachs as
Collateral for Swap Contracts
Outstanding BRL 4,564 2,365
Deposits with JPMorgan Chase as
Collateral for Swap Contracts
Outstanding 2,798 2,798
Deposits with JPMorgan Chase as
Collateral for Swap Contracts
Outstanding 7,812 7,812
Deposits with JPMorgan Chase as
Collateral for Swap Contracts
Outstanding 250 250
Deposits with Deutsche Bank as
Collateral for Swap Contracts
Outstanding IDR 6,688,757 710
Deposits with Citibank as
Collateral for Swap Contracts
Outstanding 648 648
Deposits with Merrill Lynch as
Collateral for Swap Contracts
Outstanding NGN 288,900 2,456
Deposits with Standard Bank as
Collateral for Swap Contracts
Outstanding 438 438
Deposits with Standard Bank as
Collateral for Swap Contracts
Outstanding 352 352
Deposits with Credit Suisse First
Boston as Collateral for Swap
Contracts Outstanding 1,000 1,000
Deposits with Credit Suisse First
Boston as Collateral for Swap
Contracts Outstanding 1,400 1,400
Deposits with Credit Suisse First
Boston as Collateral for Swap
Contracts Outstanding 3,600 3,600
Deposits with Credit Suisse First
Boston as Collateral for Swap
Contracts Outstanding 750 750
Deposits with Merrill Lynch as
Collateral for Swap Contracts
Outstanding 2,045 2,045
---------------
Total Deposit with Counterparty as
Collateral for Swap Contracts
(Cost $32,960) ($ Thousands) 32,361
---------------
LOAN PARTICIPATIONS -- 4.6%
GERMANY -- 0.1%
Rike
10.000%, 08/17/11 (G) 1,313 1,273
---------------
54 SEI Institutional International Trust / Annual Report / September 30, 2008
Face Amount
(Thousands)
(1)/ Shares/ Market Value
Description Contracts ($ Thousands)
- -------------------------------------------- --------------- ---------------
INDONESIA -- 0.4%
Indonesia Standby Loan 94 (Counterparty:
Deutsche Bank)
3.563%, 12/31/49 (C)(G) 3,448 $ 3,311
---------------
MEXICO -- 0.9%
Altos Hornos, Promissory Note # 5
0.000%, 04/29/99 (C)(G) 2,500 1,225
Altos Hornos, Promissory Note # 6
0.000%, 04/29/99 (C)(G) 2,500 1,225
Altos Hornos Promissory Note
(Counterparty: Deutche Bank)
0.000%, 12/31/49 (C)(G) 4,500 2,205
Altos Hornos Tranche A
(Counterparty: Banc of America)
0.000%, 04/11/04 (C)(G) 6,540 3,270
---------------
7,925
---------------
NIGERIA -- 0.5%
Oando
13.900%, 02/23/10 229,710 1,951
13.900%, 03/02/10 229,710 1,951
---------------
3,902
---------------
RUSSIA -- 0.3%
Snegri
10.500%, 04/21/10 2,550 2,550
---------------
SINGAPORE -- 1.8%
Connect International PIK
0.000%, 01/01/09 (C)(G) 8,356 12,040
Neptune
0.000%, 12/05/08(G) 3,678 3,678
---------------
15,718
---------------
TURKEY -- 0.6%
Cukurova, Ser A
10.980%, 11/24/08 (G) 1,460 1,358
Cukurova, Ser B
10.973%, 05/01/12 (G) 4,600 4,186
---------------
5,544
---------------
Total Loan Participations
(Cost $32,524) ($ Thousands) 40,223
---------------
COMMON STOCK -- 0.3%
BRAZIL -- 0.3%
GVT Holding* 199,627 2,923
---------------
Total Common Stock
(Cost $981) ($ Thousands) 2,923
---------------
Market Value
Description Contracts ($ Thousands)
- -------------------------------------------- --------------- ---------------
PURCHASED OPTIONS -- 0.2%
BRAZIL -- 0.0%
December 2008 BRL Call,
Expires 12/20/08
Strike Price: $1.71* 9,650,000 $ 17
December 2008 BRL Call,
Expires 12/20/08
Strike Price: $1.71* 9,680,000 18
January 2009 BRL Call,
Expires 01/17/09
Strike Price: $1.71* 7,843,000 17
November 2008 BRL Call,
Expires 11/22/08
Strike Price: $1.67* 9,452,200 7
November 2008 BRL Call,
Expires 11/22/08
Strike Price: $1.70* 6,800,000 9
---------------
68
---------------
SOUTH KOREA -- 0.0%
October 2008 USD Call,
Expires 10/18/08
Strike Price: KRW 1150* 4,945,000,000 223
---------------
UNITED STATES -- 0.2%
June 2009 CMS Spread Cap,
Expires 06/02/09
Strike Price: 119.50 Bps* 25,000,000 97
June 2009 CMS Spread Cap,
Expires 06/09/09
Strike Price: 102.75 Bps* 25,000,000 125
June 2009 CMS Spread Cap,
Expires 06/08/09
Strike Price: 124.00 Bps* 25,000,000 97
June 2009 CMS Spread Cap,
Expires 06/12/09
Strike Price: 122.00 Bps* 25,000,000 147
May 2009 CMS Spread Cap,
Expires 05/28/09
Strike Price: 112.00 Bps* 25,000,000 104
May 2009 CMS Spread Cap,
Expires 05/29/09
Strike Price: 104.00 Bps* 25,000,000 124
May 2009 CMS Spread Cap,
Expires 05/29/09
Strike Price: 104.00 Bps* 25,000,000 113
May 2009 CMS Spread Cap,
Expires 05/27/09
Strike Price: 122.00 Bps* 25,000,000 100
---------------
907
---------------
Total Purchased Options
(Cost $1,457) ($ Thousands) 1,198
---------------
SEI Institutional International Trust / Annual Report / September 30, 2008 55
SCHEDULE OF INVESTMENTS
Emerging Markets Debt Fund (Continued)
September 30, 2008
Shares/
Contracts
Number of Market Value
Description Warrants ($ Thousands)
- -------------------------------------------- --------------- ---------------
WARRANTS -- 0.0%
RUSSIA -- 0.0%
Teorema Holding A,
Expires 10/27/11* 226 $ 142
Teorema Holding B,
Expires 10/27/11* 452 296
---------------
Total Warrants
(Cost $77) ($ Thousands) 438
---------------
AFFILIATED PARTNERSHIP -- 1.3%
UNITED STATES -- 1.3%
SEI Liquidity Fund, L.P.,
2.590%**+ (I) 11,867,256 11,585
---------------
Total Affiliated Partnership
(Cost $11,867) ($ Thousands) 11,585
---------------
Total Investments -- 95.2%
(Cost $896,132) ($ Thousands) $ 835,546
---------------
WRITTEN OPTIONS -- 0.0%
BRAZIL -- 0.0%
December 2008 BRL Call,
Expires 12/20/08,
Strike Price $1.61* (9,110,000) (3)
December 2008 BRL Call,
Expires 12/20/08,
Strike Price $1.57* (8,886,200) (2)
January 2009 BRL Call,
Expires 12/20/08,
Strike Price $1.61* (9,090,000) (3)
January 2009 BRL Call,
Expires 01/17/09,
Strike Price $1.61* (7,383,000) (4)
November 2008 BRL Call,
Expires 11/22/08,
Strike Price $1.55* (6,200,000) --
---------------
Total Written Options
(Premiums Received $266)($ Thousands) (12)
---------------
A summary of the outstanding forward foreign currency contracts held by the Fund
at September 30, 2008, is as follows (see Note 2 in Notes to Financial
Statements):
UNREALIZED
CURRENCY CURRENCY APPRECIATION
TO DELIVER TO RECEIVE (DEPRECIATION)
SETTLEMENT DATE (THOUSANDS) (THOUSANDS) ($ THOUSANDS)
- ----------------- ------------- ------------- --------------
10/2/08-10/23/08 USD 16,419 PLN 35,469 $(1,709)
10/2/08-11/4/08 BRL 89,879 USD 50,756 4,298
10/2/08-11/4/08 USD 30,039 BRL 55,071 (1,510)
10/7/08 CZK 153,832 USD 9,309 489
10/7/08 USD 9,738 CZK 153,832 (917)
10/14/08-10/15/08 MXP 122,022 USD 11,219 131
10/14/08-11/21/08 USD 8,617 MXP 89,434 (505)
10/14/08-12/11/08 KRW 5,068,068 USD 4,600 360
10/20/08 TRY 3,700 USD 2,888 (8)
10/21/08-10/31/08 HUF 1,781,207 USD 10,485 155
10/21/08-10/31/08 USD 10,708 HUF 1,781,207 (379)
10/22/08-11/5/08 SGD 13,340 USD 9,380 38
10/22/08-11/28/08 USD 9,780 SGD 13,340 (436)
10/23/08 PLN 35,469 USD 15,250 539
11/18/08 RUB 77,749 USD 3,044 34
11/18/08 USD 3,193 RUB 77,749 (183)
12/11/08 USD 1,200 KRW 1,462,800 29
1/16/09 EUR 11,751 USD 18,515 1,952
1/16/09 USD 2,658 EUR 1,721 (232)
-------
$ 2,146
=======
A summary of the open futures contracts held by the Fund at September 30, 2008,
is as follows (see Note 2 in Notes to Financial Statements):
NUMBER OF UNREALIZED
CONTRACTS EXPIRATION APPRECIATION
TYPE OF CONTRACT LONG (SHORT) DATE ($ THOUSANDS)
- ----------------------- ------------ ---------- -------------
U.S. 5-Year Note 24 Dec-2008 $19
U.S. Long Treasury Bond 112 Dec-2008 2
---
$21
===
56 SEI Institutional International Trust / Annual Report / September 30, 2008
A summary of outstanding swap agreements held by the fund at September 30, 2008,
is as follows (see Note 2 in Notes to Financial Statements):
CREDIT DEFAULT SWAPS
NET UNREALIZED
(PAYS)/ NOTIONAL APPRECIATION
BUY/SELL RECEIVES TERMINATION AMOUNT (DEPRECIATION)
COUNTERPARTY REFERENCE ENTITY/OBLIGATION PROTECTION RATE DATE (THOUSANDS) ($ THOUSANDS)
- ------------------- ----------------------------------------------- ---------- -------- ----------- ----------- --------------
JPMorgan Chase Bank Federative Republic Of Brazil 12.250%, 06/06/30 Sell 3.69% 10/20/15 (4,500) $ 550
Credit Suisse JSC Gazprom 8.625% 04/28/34 Sell 1.37 08/20/16 (1,000) (178)
Credit Suisse Naftogaz Ukrainy, 8.125% 09/30/09 Sell 5.75 12/20/08 (1,400) (9)
Credit Suisse Naftogaz Ukrainy, 8.125% 09/30/09 Sell 5.75 12/20/09 (3,600) (273)
Credit Suisse Naftogaz Ukrainy, 8.125% 09/30/09 Sell 5.20 12/20/11 (750) (112)
HSBC Republic Of Turkey 11.875% 01/15/30 Sell 2.73 09/20/13 (2,900) --
HSBC Republic Of Turkey 11.875% 01/15/30 Sell 2.65 09/20/13 (300) (1)
HSBC Republic Of Turkey 11.875% 01/15/30 Sell 2.60 09/20/13 (800) (5)
-----
$ (28)
=====
INTEREST RATE SWAPS
NET UNREALIZED
NOTIONAL APPRECIATION
TERMINATION AMOUNT (DEPRECIATION)
COUNTERPARTY FUND PAYS FUND RECEIVES DATE (THOUSANDS) ($ THOUSANDS)
- ------------------- ----------------------------- ------------- ----------- --- ------- --------------
Deutsche Bank Brazil Interbank Deposit Rate 14.76% 01/02/12 BRL 4,882 $ 53
Deutsche Bank Brazil Interbank Deposit Rate 14.73 01/02/12 BRL 20,548 209
Deutsche Bank Brazil Interbank Deposit Rate 14.64 01/02/12 BRL 8,730 77
Deutsche Bank Brazil Interbank Deposit Rate 13.80 01/02/12 BRL 6,943 (27)
Goldman Sachs Brazil Interbank Deposit Rate 15.20 01/02/12 BRL 9,162 156
Goldman Sachs Brazil Interbank Deposit Rate 15.13 01/02/12 BRL 12,863 203
HSBC Brazil Interbank Deposit Rate 15.16 01/02/12 BRL 15,124 252
HSBC Brazil Interbank Deposit Rate 14.61 01/02/12 BRL 3,211 26
Morgan Stanley Brazil Interbank Deposit Rate 14.17 01/02/12 BRL 1,767 (1)
----
$948
====
TOTAL RETURN SWAPS
COUNTERPARTY REFERENCE ENTITY/OBLIGATION FUND PAYS FUND RECEIVES
- ------------------- ------------------------------------------------ ------------------------------- -------------
Standard Bank Federal Government of Nigeria, 12.500%, 02/24/09 Cash Deposit Of Notional Amount Price Return
Citigroup Federal Government of Nigeria, 12.500%, 03/31/09 Cash Deposit Of Notional Amount Price Return
Standard Bank Federal Government of Nigeria, 17.000%, 12/16/08 Cash Deposit Of Notional Amount Price Return
Goldman Sachs Federative Republic of Brazil, 10.000%, 01/01/17 Cash Deposit Of Notional Amount Price Return
JPMorgan Chase Bank Federative Republic of Brazil, 6.000%, 05/15/11 Cash Deposit Of Notional Amount Price Return
Deutsche Bank Federative Republic of Brazil, 6.000%, 05/15/17 Cash Deposit Of Notional Amount Price Return
Deutsche Bank Federative Republic of Brazil, 6.000%, 08/15/10 Cash Deposit Of Notional Amount Price Return
Deutsche Bank Federative Republic of Brazil, 6.000%, 08/15/10 Cash Deposit Of Notional Amount Price Return
JPMorgan Chase Bank Federative Republic of Brazil, 6.000%, 08/15/10 Cash Deposit Of Notional Amount Price Return
Deutsche Bank Indonesia Government, 12.000%, 09/15/11 Cash Deposit Of Notional Amount Price Return
Merrill Lynch Zaporozh Term Loan, 9.784%, 12/31/10 Cash Deposit Of Notional Amount Price Return
Merrill Lynch Solar Gardens Ltd Term Loan Credit Facility Cash Deposit Of Notional Amount Price Return
NET UNREALIZED
NOTIONAL APPRECIATION
TERMINATION AMOUNT (DEPRECIATION)
COUNTERPARTY DATE (THOUSANDS)(1) ($ THOUSANDS)
- ------------------- ----------- --- ---------- --------------
Standard Bank 02/25/09 NGN 55,618 $ 7
Citigroup 04/03/09 NGN 82,011 105
Standard Bank 12/16/08 NGN 45,003 29
Goldman Sachs 01/01/17 BRL 4,500 (345)
JPMorgan Chase Bank 05/15/11 BRL 4,214 521
Deutsche Bank 08/15/10 BRL 4,383 (181)
Deutsche Bank 08/15/10 BRL 1,400 197
Deutsche Bank 08/15/10 BRL 1,400 27
JPMorgan Chase Bank 08/15/10 BRL 12,000 1,564
Deutsche Bank 09/15/11 IDR 5,900,000 (82)
Merrill Lynch 12/31/17 2,045 (25)
Merrill Lynch 12/30/09 NGN 288,900 (6)
------
$1,811
======
SEI Institutional International Trust / Annual Report / September 30, 2008 57
SCHEDULE OF INVESTMENTS
Emerging Markets Debt Fund (Concluded)
September 30, 2008
Description
Percentages are based on a Net Assets of $877,354 ($ Thousands).
* Non-income producing security.
** Rate shown is the 7-day effective yield as of September 30, 2008.
+ Affiliated security.
(1) In U.S. Dollars unless otherwise indicated.
(A) Securities sold within terms of a private placement memorandum, exempt from
registration under Section 144A of the Securities Act of 1933, as amended,
and may be sold only to dealers in that program or other "accredited
investors." These securities have been determined to be liquid under
guidelines established by the board of Trustees.
(B) Step Bonds -- The rate reflected on the Schedule of Investments is the
effective yield on September 30, 2008. The coupon on a step bond changes on
a specified date.
(C) Security in default on interest payments.
(D) Variable Rate Security -- The rate reported on the Schedule of Investments
is the rate in effect as of September 30, 2008. The date reported on the
Schedule of Investments is the next reset date.
(E) This security or a partial position of this security is on loan at
September 30, 2008. The total market value of securities on loan at
September 30, 2008 was $9,692 ($ Thousands) (See Note 7).
(F) Zero coupon security. The rate reported on the Schedule of Investments is
the effective yield at time of purchase.
(G) Securities considered illiquid. The total market value of such securities
as of September 30, 2008 was $38,885 ($ Thousands) and represented 4.50% of
Net Assets.
(H) Cash on loan to swap counterparty as collateral for outstanding swap
contracts.
(I) This security was purchased with cash collateral held from securities on
loan (see Note 7). The total value of such securities as of September 30,
2008 was $11,585 ($ Thousands).
AED -- United Arab Emirates
BRL -- Brazilian Real
COP -- Colombian Peso
CZK -- Czech Koruna
DEM -- German Mark
EUR -- Euro
HUF -- Hungarian Forint
IDR -- Indonesian Rupiah
ITL -- Italian Lira
KRW -- Korean Won
L.P. -- Limited Partnership
MTN -- Medium Term Note
MXP -- Mexican Peso
NGN -- Nigerian Naira
PEI -- Prince Edward Island Dollar
PIK -- Payment-in-Kind
PLN -- Polish Zloty
RUB -- Russian Ruble
Ser -- Series
SGD -- Singapore Dollar
TRY -- New Turkish Lira
USD -- U.S. Dollar
Amounts designated as "--" are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
58 SEI Institutional International Trust / Annual Report / September 30, 2008
Statements of Assets and Liabilities ($ Thousands)
September 30, 2008
INTERNATIONAL
INTERNATIONAL EMERGING MARKETS FIXED EMERGING MARKETS
EQUITY FUND EQUITY FUND INCOME FUND DEBT FUND
------------- ---------------- ------------- ----------------
ASSETS:
Investments, at value (Cost $2,976,335, $1,106,002,
$683,777 and $884,265, respectively)(1) $2,539,106 $ 935,219 $642,756 $823,961
Affiliated investments, at value (Cost $166,867,
$47,367, $0 and $11,867, respectively) 164,873 46,422 -- 11,585
Cash 60,576 16,141 58,940 26,311
Foreign currency, at value (Cost $19,140, $7,712,
$1,378 and $6,693, respectively) 18,868 7,651 1,347 6,207
Cash pledged as collateral for forward foreign currency
contracts, futures contracts or swap contracts 1,170 -- 153 7,991
Receivable for investment securities sold 245,480 7,574 28,188 4,958
Unrealized gain on forward foreign currency contracts 31,466 -- 33,409 8,025
Receivable for fund shares sold 10,645 4,054 163 434
Dividends and interest receivable 8,003 2,118 10,261 14,464
Variation margin receivable 3,798 -- 1,435 --
Foreign tax reclaim receivable 1,513 150 -- --
Unrealized gain on foreign spot currency contracts 233 2 -- 232
Swap contracts, at value (Premiums paid $384 and
and $0, respectively) -- -- 309 2,731
---------- ---------- -------- --------
Total Assets 3,085,731 1,019,331 776,961 906,899
---------- ---------- -------- --------
LIABILITIES:
Payable for investment securities purchased 526,620 4,340 58,136 2,558
Payable upon return of securities loaned 155,046 43,655 -- 11,867
Unrealized loss on forward foreign currency contracts 44,504 -- 12,524 5,879
Swap contracts, at value (Premiums received $8,792) 11,175 -- -- --
Payable for fund shares redeemed 5,118 3,459 1,838 7,784
Variation margin payable 3,847 -- 390 328
Unrealized loss on foreign spot currency contracts 349 4 73 1
Written options, at value (Premiums received $266) -- -- -- 12
Investment advisory fees payable 1,071 898 89 292
Administration fees payable 954 556 357 506
Shareholder servicing fees payable 530 214 147 195
Trustees' fees 9 4 3 3
Chief compliance officer fees payable 4 2 1 1
Administration servicing fees payable 1 -- -- --
Other accrued expenses 461 447 79 119
Accrued foreign capital gains tax on appreciated securities -- 22 -- --
---------- ---------- -------- --------
Total Liabilities 749,689 53,601 73,637 29,545
---------- ---------- -------- --------
Net Assets $2,336,042 $ 965,730 $703,324 $877,354
---------- ---------- -------- --------
NET ASSETS:
Paid in Capital
(unlimited authorization -- no par value) $3,088,647 $ 998,111 $728,028 $933,791
Undistributed net investment income 15,358 6,621 745 10,250
Accumulated net realized gain (loss) on
investments, futures contracts, option contracts,
foreign currency contracts and swap contracts (288,993) 132,839 (5,536) (10,804)
Net unrealized depreciation on investments and
option contracts (439,223) (171,728) (41,021) (60,332)
Net unrealized appreciation (depreciation) on
futures contracts (6,201) -- 857 21
Net unrealized appreciation (depreciation) on
swap contracts (19,967) -- (75) 2,731
Net unrealized appreciation (depreciation) on forward
foreign currency contracts, foreign currencies and
translation of other assets and liabilities
denominated in foreign currencies (13,579) (91) 20,326 1,697
Accumulated foreign capital gains tax on
appreciated securities -- (22) -- --
---------- ---------- -------- --------
Net Assets $2,336,042 $ 965,730 $703,324 $877,354
---------- ---------- -------- --------
Net Asset Value, Offering and Redemption
Price Per Share -- Class
($2,329,504,330 /263,357,010 shares,
$965,730,350 / 84,499,568 shares,
$703,323,502 / 67,214,233 shares,
$877,353,993 / 93,010,878 shares, respectively.) $ 8.85 $ 11.43 $ 10.46 $ 9.43
Net Asset Value, Offering and Redemption
Price Per Share -- Class I
($6,537,482 / 741,001 shares) $ 8.82 N/A N/A N/A
---------- ---------- -------- --------
(1) Included in "Investments, at value" is the market value of securities on
loan in the amounts of $147,062, $48,511, $0 and $9,692, ($ Thousands),
respectively.
Amounts designated as "--" are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Annual Report / September 30, 2008 59
SCHEDULE OF INVESTMENTS
Statements of Operations ($ Thousands)
For the year ended September 30, 2008
INTERNATIONAL EMERGING INTERNATIONAL EMERGING
EQUITY MARKETS EQUITY FIXED INCOME MARKETS DEBT
FUND FUND FUND FUND
------------- -------------- ------------- ------------
INVESTMENT INCOME:
Dividends $ 99,345 $ 42,566 $ 2 $ 20
Dividends from Affiliated Security 697 198 -- --
Interest 18,563 600 34,712 73,296
Security Lending Income -- Net(2) 5,260 1,119 1 311
Less: Foreign Taxes Withheld (8,700) (2,901) -- --
----------- --------- -------- ---------
Total Investment Income 115,165 41,582 34,715 73,627
----------- --------- -------- ---------
EXPENSES:
Investment Advisory Fees 17,129 15,391 1,166 8,572
Administration Fees 15,263 9,528 4,666 6,555
Shareholder Servicing Fees - Class A 8,450 3,665 1,944 2,521
Shareholder Servicing Fees - Class I 30 -- -- --
Admin Servicing Fees - Class I 30 -- -- --
Trustees' Fees 68 29 16 21
Chief Compliance Officer Fees 7 3 2 3
Custodian/Wire Agent Fees 691 1,099 86 121
Printing Fees 256 112 64 86
Overdraft Fees 190 462 24 48
Professional Fees 184 82 41 61
Interest Expense on Reverse Repurchase Agreements 86 -- -- --
Registration Fees 43 18 9 11
Other Expenses 213 95 61 59
----------- --------- -------- ---------
Total Expenses 42,640 30,484 8,079 18,058
----------- --------- -------- ---------
Less:
Waiver of Investment Advisory Fees -- (1,325) -- (4,297)
Waiver of Shareholder Servicing Fees - Class A -- -- (166) --
Fees Paid Indirectly(1) (145) -- -- --
----------- --------- -------- ---------
Net Expenses 42,495 29,159 7,913 13,761
----------- --------- -------- ---------
NET INVESTMENT INCOME 72,670 12,423 26,802 59,866
----------- --------- -------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS, WRITTEN OPTIONS, FUTURES CONTRACTS,
SWAP CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net Realized Gain (Loss) from:
Investments (31,050) 215,399 3,736 8,338
Futures Contracts (105,150) -- (6,957) 284
Written Options 15 -- -- --
Swap Contracts (122,513) -- 143 (3,221)
Foreign Currency Transactions (5,623) (1,094) (17,617) 1,170
Net Change in Unrealized Appreciation (Depreciation) on:
Investments (1,177,626) (725,788) (64,044) (123,615)
Affiliated Investments (1,993) (945) -- (282)
Futures Contracts (17,909) -- 1,350 22
Written Options 77 -- -- 254
Swap Contracts (6,266) -- (10) 327
Foreign Capital Gains Tax on Appreciated Securities 66 2,322 -- --
Foreign Currency Transactions (15,772) (470) 35,566 2,312
----------- --------- -------- ---------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS,
WRITTEN OPTIONS, FUTURES CONTRACTS, SWAP CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS (1,483,744) (510,576) (47,833) (114,411)
----------- --------- -------- ---------
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS $(1,411,074) $(498,153) $(21,031) $ (54,545)
----------- --------- -------- ---------
(1) See Note 3 in Notes to Financial Statements.
(2) Affiliated.
Amounts designated as "--" are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
60 SEI Institutional International Trust / Annual Report / September 30, 2008
Statements of Changes in Net Assets ($ Thousands)
For the years ended September 30,
INTERNATIONAL EMERGING MARKETS
EQUITY FUND EQUITY FUND
------------------------- -------------------------
2008 2007 2008 2007
----------- ----------- ----------- -----------
OPERATIONS:
Net Investment Income $ 72,670 $ 70,956 $ 12,423 $ 6,819
Net Realized Gain (Loss) from Investments, Affiliated Investments,
Futures Contracts, Written Options and Swap Contracts (258,698) 564,633 215,399 348,199
Net Realized Gain (Loss) on Forward Foreign Currency Contracts
and Foreign Currency Transactions (5,623) 36,540 (1,094) 255
Net Change in Unrealized Appreciation (Depreciation) on Investments,
Affiliated Investments, Futures Contracts, Written Options and
Swap Contracts (1,203,717) 123,449 (726,733) 254,998
Net Change in Unrealized Appreciation (Depreciation) on
Foreign Capital Tax Gains on Appreciated Securities 66 -- 2,322 (1,644)
Net Change in Unrealized Appreciation (Depreciation) on
Forward Foreign Currency Contracts, Foreign Currencies,
and Translation of Other Assets and Liabilities
Denominated in Foreign Currencies (15,772) 6,733 (470) 888
----------- ----------- ----------- -----------
Net Increase (Decrease) in Net Assets Resulting from Operations (1,411,074) 802,311 (498,153) 609,515
----------- ----------- ----------- -----------
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Class A (93,239) (118,781) (6,962) (6,714)
Class I (335) (455) -- --
Net Realized Gains:
Class A (423,708) (144,096) (337,463) (188,558)
Class I (1,715) (580) -- --
----------- ----------- ----------- -----------
Total Dividends and Distributions (518,997) (263,912) (344,425) (195,272)
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
CLASS A:
Proceeds from Shares Issued 769,174 775,114 345,735 358,848
Reinvestment of Dividends & Distributions 492,950 250,704 331,075 188,045
Cost of Shares Redeemed (1,041,575) (1,020,666) (645,731) (520,481)
----------- ----------- ----------- -----------
Increase in Net Assets Derived from Class A Transactions 220,549 5,152 31,079 26,412
----------- ----------- ----------- -----------
CLASS I:
Proceeds from Shares Issued 4,758 9,593 -- --
Reinvestment of Dividends & Distributions 2,016 1,027 -- --
Cost of Shares Redeemed (10,601) (9,188) -- --
----------- ----------- ----------- -----------
Increase (Decrease) in Net Assets Derived from Class I Transactions (3,827) 1,432 -- --
----------- ----------- ----------- -----------
Increase in Net Assets Derived from Capital Share Transactions 216,722 6,584 31,079 26,412
----------- ----------- ----------- -----------
Net Increase (Decrease) in Net Assets (1,713,349) 544,983 (811,499) 440,655
----------- ----------- ----------- -----------
NET ASSETS:
BEGINNING OF YEAR 4,049,391 3,504,408 1,777,229 1,336,574
----------- ----------- ----------- -----------
END OF YEAR $ 2,336,042 $ 4,049,391 $ 965,730 $ 1,777,229
----------- ----------- ----------- -----------
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
IN NET ASSETS AT END OF YEAR $ 15,358 $ 63,726 $ 6,621 $ 5,014
----------- ----------- ----------- -----------
SHARE TRANSACTIONS:
CLASS A:
Shares Issued 62,451 51,249 20,424 19,685
Reinvestment of Distributions 35,290 17,225 18,345 11,346
Shares Redeemed (83,663) (67,387) (36,985) (28,516)
----------- ----------- ----------- -----------
Total Class A Transactions 14,078 1,087 1,784 2,515
----------- ----------- ----------- -----------
CLASS I:
Shares Issued 357 636 -- --
Reinvestment of Distributions 145 71 -- --
Shares Redeemed (824) (598) -- --
----------- ----------- ----------- -----------
Total Class I Transactions (322) 109 -- --
----------- ----------- ----------- -----------
Net Increase in Shares Outstanding from Share Transactions 13,756 1,196 1,784 2,515
----------- ----------- ----------- -----------
Amounts designated as "--" are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Annual Report / September 30, 2008 61
Statements of Changes in Net Assets ($ Thousands)
For the years ended September 30,
INTERNATIONAL EMERGING MARKETS
FIXED INCOME FUND DEBT FUND
------------------------- -------------------------
2008 2007 2008 2007
----------- ----------- ----------- -----------
OPERATIONS:
Net Investment Income $ 26,802 $ 27,174 $ 59,866 $ 49,280
Net Realized Gain (Loss) from Investments, Affiliated Investments,
Written Options, Futures Contracts and Swap Contracts (3,078) (63) 5,401 29,974
Net Realized Gain (Loss) on Forward Foreign Currency Contracts
and Foreign Currency Transactions (17,617) 6,587 1,170 6,551
Net Change in Unrealized Appreciation (Depreciation) on
Investments, Affiliated Investments, Written Options,
Futures Contracts and Swap Contracts (62,704) 2,778 (123,294) (1,350)
Net Change in Unrealized Appreciation (Depreciation) on Forward
Foreign Currency Contracts, Foreign Currencies, and Translation
of Other Assets and Liabilities Denominated in Foreign Currencies 35,566 (17,307) 2,312 (893)
----------- ----------- ----------- -----------
Net Increase in Net Assets Resulting from Operations (21,031) 19,169 (54,545) 83,562
----------- ----------- ----------- -----------
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Class A (10,040) (15,311) (70,236) (51,400)
Net Realized Gains:
Class A -- -- (28,377) (49,606)
----------- ----------- ----------- -----------
Total Dividends and Distributions (10,040) (15,311) (98,613) (101,006)
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
CLASS A:
Proceeds from Shares Issued 179,908 191,286 282,654 316,702
Reinvestment of Dividends & Distributions 9,540 14,446 93,090 95,631
Cost of Shares Redeemed (263,795) (242,751) (347,834) (220,630)
----------- ----------- ----------- -----------
Increase (Decrease) in Net Assets Derived from
Capital Share Transactions (74,347) (37,019) 27,910 191,703
----------- ----------- ----------- -----------
Net Increase (Decrease) in Net Assets (105,418) (33,161) (125,248) 174,259
----------- ----------- ----------- -----------
NET ASSETS:
BEGINNING OF YEAR 808,742 841,903 1,002,602 828,343
----------- ----------- ----------- -----------
END OF YEAR $ 703,324 $ 808,742 $ 877,354 $ 1,002,602
----------- ----------- ----------- -----------
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
IN NET ASSETS AT END OF YEAR $ 745 $ 2,460 $ 10,250 $ 17,018
----------- ----------- ----------- -----------
SHARE TRANSACTIONS:
CLASS A:
Shares Issued 16,595 17,707 27,097 28,732
Reinvestment of Dividends & Distributions 882 1,344 8,865 8,726
Shares Redeemed (24,385) (22,446) (33,787) (20,042)
----------- ----------- ----------- -----------
Total Class A Transactions (6,908) (3,395) 2,175 17,416
----------- ----------- ----------- -----------
The accompanying notes are an integral part of the financial statements.
62 SEI Institutional International Trust / Annual Report / September 30, 2008
Financial Highlights
For the years ended September 30, (unless otherwise indicated)
For a Share Outstanding Throughout Each Year
Net Realized
Net Asset and Distributions
Value, Net Unrealized Dividends from Total
Beginning Investment Gains Total from Net Realized Dividends
of Income (Losses) on from Investment Capital and
Period (Loss)(1) Securities(1) Operations Income Gains Distributions
--------- ---------- ------------- ---------- ---------- ------------- -------------
INTERNATIONAL EQUITY FUND
CLASS A
2008 $16.18 $0.27 $(5.52) $(5.25) $(0.34) $(1.74) $(2.08)
2007 14.07 0.28 2.89 3.17 (0.47) (0.59) (1.06)
2006 12.14 0.24 1.97 2.21 (0.28) -- (0.28)
2005 9.81 0.16 2.40 2.56 (0.23) -- (0.23)
2004 8.20 0.10 1.60 1.70 (0.09) -- (0.09)
CLASS I
2008 $16.13 $0.22 $(5.49) $(5.27) $(0.30) $(1.74) $(2.04)
2007 14.04 0.25 2.88 3.13 (0.45) (0.59) (1.04)
2006 12.12 0.23 1.94 2.17 (0.25) -- (0.25)
2005 9.81 0.14 2.38 2.52 (0.21) -- (0.21)
2004 8.20 0.10 1.58 1.68 (0.07) -- (0.07)
EMERGING MARKETS EQUITY FUND
CLASS A
2008 $21.49 $0.14 $(5.64) $(5.50) $(0.08) $(4.48) $(4.56)
2007 16.67 0.08 7.22 7.30 (0.08) (2.40) (2.48)
2006 15.94 0.11 2.32 2.43 (0.10) (1.60) (1.70)
2005 11.10 0.14 4.80 4.94 (0.10) -- (0.10)
2004 9.00 0.09 2.03 2.12 (0.02) -- (0.02)
INTERNATIONAL FIXED INCOME FUND
CLASS A
2008 $10.91 $0.37 $(0.68) $(0.31) $(0.14) $ -- $(0.14)
2007 10.86 0.36 (0.11) 0.25 (0.20) -- (0.20)
2006 11.72 0.28 (0.49) (0.21) (0.34) (0.31) (0.65)
2005 12.22 0.28 0.15 0.43 (0.89) (0.04) (0.93)
2004 12.45 0.28 0.63 0.91 (0.92) (0.22) (1.14)
EMERGING MARKETS DEBT FUND
CLASS A
2008 $11.04 $0.62 $(1.18) $(0.56) $(0.74) $(0.31) $(1.05)
2007 11.28 0.60 0.47 1.07 (0.65) (0.66) (1.31)
2006 11.81 0.56 0.34 0.90 (0.80) (0.63) (1.43)
2005 10.74 0.66 1.31 1.97 (0.63) (0.27) (0.90)
2004 11.15 0.61 0.77 1.38 (0.66) (1.13) (1.79)
Ratio of
Ratio of Expenses
Expenses to to Average Ratio of Net
Average Net Net Assets Investment
Ratio of Assets (Excluding Income
Net Asset Net Assets Expenses (Excluding Waivers and (Loss) Portfolio
Value, End Total End of Period to Average Fees Paid Fees Paid to Average Turnover
of Period Return+ ($ Thousands) Net Assets* Indirectly)** Indirectly)** Net Assets Rate+
---------- ------- ------------- ----------- ------------- ------------- ------------ ---------
INTERNATIONAL EQUITY FUND
CLASS A
2008 $ 8.85 (36.96)% $2,329,504 1.25%(2)(4) 1.26%(2)(4) 1.26%(2) 2.15% 218%
2007 16.18 23.56 4,032,236 1.32(2)(3) 1.33(2)(3) 1.33(2) 1.85 172
2006 14.07 18.50 3,491,007 1.32(2) 1.33(2) 1.33(2) 1.85 118
2005 12.14 26.33 3,227,258 1.24 1.24 1.24 1.50 80
2004 9.81 20.74 2,705,544 1.26 1.26 1.26 1.06 44
CLASS I
2008 $ 8.82 (37.14)% $ 6,538 1.50%(2)(4) 1.51%(2)(4) 1.51%(2) 1.72% 218%
2007 16.13 23.25 17,155 1.57(2)(3) 1.58(2)(3) 1.58(2) 1.66 172
2006 14.04 18.20 13,401 1.59(2) 1.59(2) 1.59(2) 1.77 118
2005 12.12 25.86 7,952 1.49 1.49 1.49 1.28 80
2004 9.81 20.54 5,757 1.51 1.51 1.51 1.06 44
EMERGING MARKETS EQUITY FUND
CLASS A
2008 $11.43 (33.33)% $ 965,730 1.99%(4) 1.99%(4) 2.08% 0.85% 94%
2007 21.49 48.27 1,777,229 1.97(3) 1.97(3) 2.05 0.44 79
2006 16.67 16.46 1,336,574 1.96 1.97 2.06 0.65 65
2005 15.94 44.68 1,354,502 1.95 1.96 2.05 1.05 69
2004 11.10 23.61 1,039,735 1.95 1.95 2.12 0.84 88
INTERNATIONAL FIXED INCOME FUND
CLASS A
2008 $10.46 (2.89)% $ 703,324 1.02%(4) 1.02%(4) 1.04% 3.45% 147%
2007 10.91 2.34 808,742 1.02(3) 1.02(3) 1.04 3.29 215
2006 10.86 (1.64) 841,903 1.01 1.01 1.03 2.61 194
2005 11.72 3.01 880,923 1.00 1.00 1.04 2.24 145
2004 12.22 7.43 907,633 1.00 1.00 1.04 2.27 224
EMERGING MARKETS DEBT FUND
CLASS A
2008 $ 9.43 (5.71)% $ 877,354 1.37%(4) 1.37%(4) 1.79% 5.94% 83%
2007 11.04 10.03 1,002,602 1.37(3) 1.37(3) 1.79 5.47 81
2006 11.28 8.68 828,343 1.36 1.36 1.78 5.03 108
2005 11.81 19.34 1,143,845 1.35 1.35 1.79 6.03 85
2004 10.74 13.97 765,483 1.35 1.35 1.79 5.91 77
* Includes Fees Paid Indirectly. See Note 3 in Notes to Financial Statements.
** See Note 3 in Notes to Financial Statements.
+ Returns and portfolio turnover rates are for the period indicated and have
not been annualized. Returns do not reflect the deduction of taxes that a
shareholder would pay on fund distributions or the redemption of fund
shares.
(1) Per share net investment income (loss) and net realized and unrealized
gains/(losses) calculated using average shares.
(2) The expense ratio includes interest expense on reverse repurchase
agreements. Had this expense been excluded, the ratios for Class A and I
shares would have been 1.25% and 1.50%, respectively, for 2008 and 1.24%
and 1.49%, respectively, for 2007 and 2006.
(3) The expense ratio includes overdraft fees. Had this expense been excluded,
the ratios would have been 1.32%, 1.57%, 1.96%, 1.01%, and 1.36% for the
International Equity Fund Class A, the International Equity Fund Class I,
the Emerging Markets Equity Fund, the International Fixed Income Fund, and
the Emerging Markets Debt Fund, respectively.
(4) The expense ratio includes overdraft fees. Had this expense been excluded,
the ratios would have been 1.25%, 1.50%, 1.96%, 1.02%, and 1.36% for the
International Equity Fund Class A, the International Equity Fund Class I,
the Emerging Markets Equity Fund, the International Fixed Income Fund, and
the Emerging Markets Debt Fund, respectively.
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Annual Report / September 30, 2008 63
NOTES TO FINANCIAL STATEMENTS
Notes to Financial Statements
September 30, 2008
1. ORGANIZATION
SEI Institutional International Trust (the "Trust") was organized as a
Massachusetts business trust under a Declaration of Trust dated June 30, 1988.
The operations of the Trust commenced on December 20, 1989.
The Trust is registered under the Investment Company Act of 1940, as amended, as
an open-end investment company with five funds: the International Equity Fund,
the Tax-Managed International Equity Fund, the Emerging Markets Equity Fund, the
International Fixed Income Fund and the Emerging Markets Debt Fund (together the
"Funds"). The Trust's prospectuses provide a description of each Fund's
investment objectives, policies, and strategies. The Trust is registered to
offer Class A shares of each of the Funds and the International Equity Fund is
registered to offer Class I shares.
As of September 30, 2008, the Tax-Managed International Equity Fund 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, requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements, and the reported amounts of increases and decreases in
net assets from operations during the reporting period. Actual results could
differ from those estimates.
SECURITY VALUATION -- Securities listed on a securities exchange, market or
automated quotation system for which quotations are readily available are valued
at the last quoted sale price on the primary exchange or market (foreign or
domestic) on which they are traded, or, if there is no such reported sale, at
the most recent quoted bid price. Debt securities are priced based upon
valuations provided by independent, third-party pricing agents, if available.
Such values generally reflect the last reported sales price if the security is
actively traded. The third-party pricing agents may also value debt securities
at an evaluated bid price by employing methodologies that utilize actual market
transactions, broker-supplied valuations, or other methodologies designed to
identify the market value for such securities. Debt obligations with remaining
maturities of sixty days or less may be valued at their amortized cost, which
approximates market value. The prices for foreign securities are reported in
local currency and converted to U.S. dollars using currency exchange rates.
Prices for most securities held in the Funds are provided daily by recognized
independent pricing agents. If a security price cannot be obtained from an
independent, third-party pricing agent, the Funds seek to obtain a bid price
from at least one independent broker.
Securities for which market prices are not "readily available" are valued in
accordance with Fair Value Procedures established by the Trust's Board of
Trustees (the "Board"). The Trust's Fair Value Procedures are implemented
through a Fair Value Committee (the "Committee") designated by the Board. Some
of the more common reasons that may necessitate that a security be valued using
Fair Value Procedures include: the security's trading has been halted or
suspended; the security has been de-listed from a national exchange; the
security's primary trading market is temporarily closed at a time when, under
normal conditions, it would be open; or the security's primary pricing source is
not able or willing to provide a price. When a security is valued in accordance
with the Fair Value Procedures, the Committee will determine the value after
taking into consideration relevant information reasonably available to the
Committee.
For securities that principally trade on a foreign market or exchange, a
significant gap in time can exist between the time of a particular security's
last trade and the time at which a Fund calculates its net asset value. The
closing prices of such securities may no longer reflect their market value at
the time the Fund calculates net asset value if an event that could materially
affect the value of those securities (a "Significant Event") has occurred
between the time of the security's last close and the time that the Fund
calculates net asset value. A Significant Event may relate to a single issuer or
to an entire market sector. If the adviser or sub-adviser of a Fund becomes
aware of a Significant Event that has occurred with respect to a security or
group of securities after the closing of the exchange or market on which the
security or securities principally trade, but before the time at which the Fund
calculates net asset value, it may request that a Committee Meeting be called.
In addition, the Funds' 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.
64 SEI Institutional International Trust / Annual Report / September 30, 2008
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.
REVERSE REPURCHASE AGREEMENTS -- The International Equity and Emerging Markets
Equity Funds may issue reverse repurchase agreements. A reverse repurchase
agreement involves the sale of portfolio assets together with an agreement to
repurchase the same assets later at a fixed price. Additional assets are
maintained in an account with the broker. The segregated assets may consist of
cash, U.S. Government securities, or other liquid securities at least equal in
value to the obligations under the reverse repurchase agreements. In the event
the buyer of securities under a reverse repurchase agreement files for
bankruptcy or becomes insolvent, the Fund's use of the proceeds under the
agreement may be restricted pending a determination by the other party, or its
trustee or receiver, whether to enforce the obligation to repurchase the
securities. At September 30, 2008, there were no outstanding reverse repurchase
agreements.
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 -- The Funds may enter into forward foreign
currency contracts as hedges against either specific transactions, fund
positions or anticipated fund positions. All commitments are "marked-to-market"
daily at the applicable foreign exchange rate, and any resulting unrealized
gains or losses are recorded currently. The Funds realize 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 Funds 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.
FUTURES CONTRACTS -- The International Equity Fund, the International Fixed
Income Fund and the Emerging Markets Debt Fund utilized futures contracts during
the year ended September 30, 2008. The Funds' investment in these futures
contracts is designed to enable the Funds to more closely approximate the
performance of their benchmark indices. Initial margin deposits of cash or
securities are made upon entering into futures contracts. 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 related to futures contracts include the possibility that there may not be
a liquid market for the contracts, that the changes in the value of the contract
may not directly correlate with changes in the value of the underlying
securities, and that the counterparty to a contract may default on its
obligation to perform. The notional amount presented in the Schedule of
Investments in the International Equity Fund, the International Fixed Income
Fund and the Emerging Markets Debt Fund represents the Fund's total exposure in
such contracts, whereas
SEI Institutional International Trust / Annual Report / September 30, 2008 65
NOTES TO FINANCIAL STATEMENTS
only the net unrealized appreciation (depreciation) is reflected in the Fund's
net assets.
Finally, the risk exists that losses could exceed amounts disclosed on the
Statement of Assets and Liabilities.
EQUITY-LINKED WARRANTS -- The International Equity and Emerging Markets Equity
Funds each may invest in equity-linked warrants. The Fund purchases the
equity-linked warrants from a broker, who in turn purchases shares in the local
market and issues a call warrant hedged on the underlying holding. If the Fund
exercises its call and closes its position, the shares are sold and the warrant
redeemed with the proceeds. Each warrant represents one share of the underlying
stocks, therefore the price, performance and liquidity of the warrant are all
directly linked to the underlying stock. The warrants can be redeemed for 100%
of the value of the underlying stock, less transaction costs. In addition to the
market risk of the underlying holding, the Fund bears additional counterparty
risk to the issuing broker. There is currently no active trading market for
equity-linked warrants.
SWAP AGREEMENTS -- A swap agreement is a two-party contract under which an
agreement is made to exchange returns from predetermined investments or
instruments, including a particular interest rate, foreign currency, or "basket"
of securities representing a particular index. Interest rate swaps involve the
exchange by a Fund with another party of their respective commitments to pay or
receive interest (e.g., an exchange of floating rate payments for fixed rate
payments) with respect to a notional amount of principal. Credit-default swaps
involve periodic payments by the Fund or counterparty 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 recovery rate used to settle the contracts. The recovery rate is a function
of how many credit default swap investors wish to deliver the security or
receive the security. The recovery rate is determined through an auction
process. Total return swaps allow an investor to benefit from the cash flow
without actually owning the underlying security. The investor must pay any
decline in value to the counterparty 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 assets versus the
accrued income payment based on LIBOR or some other form of indices on the
notional amount. In connection with swap agreements, securities 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, to protect the Fund's value from changes in interest rates, or to
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 an unrealized
gain or loss in the Statement of Operations. Net payments of interest are
recorded as realized gains or losses.
Entering into swap agreements involves, to varying degrees, elements of credit
and market risk in excess of the amounts recognized on the 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. In connection with outstanding credit-default swaps as
of September 30, 2008, the Emerging Markets Debt Fund has deposits in the amount
of $32,361,167 with the counterparty as collateral.
OPTIONS WRITTEN/PURCHASED -- The Funds may invest in financial options contracts
to add return or to hedge their existing portfolio securities, or securities
that the Funds intend to purchase, against fluctuations in fair value caused by
changes in prevailing market interest rates. When the Fund writes or purchases
an option, an amount equal to the premium received or paid by the Fund is
recorded as a liability or an asset and is subsequently adjusted to the current
market value of the option written or purchased. Premiums received or paid from
purchasing or writing options which expire unexercised are treated by the Fund
on the expiration date as realized gains or losses. The difference between the
premium and the amount paid or received on effecting a closing purchase or sale
transaction, including brokerage commissions, is also treated as a realized gain
or loss. If an option is exercised, the premium paid or received is added to the
cost of the purchase or proceeds from the sale in determining whether the Fund
has realized a gain or a loss.
The risk in writing a call option is that the Funds give up the opportunity for
profit if the market price of the security increases. The risk in writing a put
option is that the Funds may incur a loss if the market price of the security
decreases and the option is exercised. The risk in
66 SEI Institutional International Trust / Annual Report / September 30, 2008
purchasing an option is that the Funds pay a premium whether or not the option
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 contracts also involve the risk that they may not work as
intended due to unanticipated developments in market conditions or other causes.
Finally, the risk exists that losses could exceed amounts disclosed on the
Statement of Assets and Liabilities.
Written options transactions entered into during the year ended September 30,
2008 are summarized as follows:
EMERGING MARKETS DEBT FUND
-----------------------------
Number of Premium Received
Contracts ($ Thousands)
---------- ----------------
Balance at the beginning of period -- $ --
Written 40,669,200 266
---------- ----
Balance at the end of period 40,669,200 $266
---------- ----
DELAYED DELIVERY TRANSACTIONS -- Funds 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 -- The Emerging Markets Debt Fund (the
"Fund") invests 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 ("Assignments").
Participations typically result in the Fund having a contractual relationship
only with the Lender, not with the sovereign borrower. The Fund has the right to
receive payments of principal, interest and any fees to which it is entitled
from the Lender selling the Participation and only upon receipt by the Lender of
the payments from the borrower. In connection with purchasing Participations,
the Fund generally has no right to enforce compliance by the borrower with the
terms of the loan agreement relating to the Loan, nor any rights of set-off
against the borrower, and the Fund will not benefit directly from any collateral
supporting the Loan in which it has purchased the Participation. As a result,
the Fund assumes the credit risk of both the borrower and the Lender that is
selling the Participation.
Certain debt obligations, customarily referred to as "Brady Bonds," are created
through the exchange of existing commercial bank loans to foreign entities for
new obligations in connection with debt restructuring under a plan introduced by
former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only
been issued since 1989, and, accordingly, do not have a long payment history.
They are issued by governments that may have previously defaulted on the loans
being restructured by the Brady Bonds, so they are subject to the risk of
default by the issuer. They may be fully or partially collateralized or
uncollateralized and issued in various currencies.
ILLIQUID SECURITIES -- A security is considered illiquid if it cannot be sold or
disposed of in the ordinary course of business within seven days or less for its
approximate carrying value on the books of the Funds. Valuations of illiquid
securities may differ significantly from the values that would have been used
had an active market value for these securities existed.
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.
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.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- The International Equity,
Emerging Markets Equity and International Fixed Income Funds will distribute
substantially all of their net investment income and all net realized capital
gains, if any, at least annually. The Emerging Markets Debt Fund will distribute
substantially all of its net investment income, if any, at least quarterly and
all net realized gains, if any, at least annually. All dividends and
distributions are recorded on ex-dividend date.
SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on the trade date of the security purchase or sale. Costs used in
determining net realized capital gains and losses
SEI Institutional International Trust / Annual Report / September 30, 2008 67
NOTES TO FINANCIAL STATEMENTS
on the sale of investment securities are those of the specific securities sold.
Purchase discounts and premiums on securities held by the Funds are accreted and
amortized to maturity using the scientific-interest method, which approximates
the effective interest method. Dividend income is recognized on the ex-dividend
date and interest income is recognized using the accrual method.
3. ADMINISTRATION, INVESTMENT ADVISORY AND
DISTRIBUTION AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
ADMINISTRATION & TRANSFER AGENCY AGREEMENT -- The Trust and SEI Investments
Global Funds Services (the "Administrator") are parties to an amended and
restated Administration and Transfer Agency Agreement dated December 10, 2003
under which the Administrator provides administrative and transfer agency
services to the Funds for annual fees, based on the average daily net assets of
the respective funds, as presented below:
International Equity Fund 0.45%
Emerging Markets Equity Fund 0.65%
International Fixed Income Fund 0.60%
Emerging Markets Debt Fund 0.65%
However, the Administrator has voluntarily agreed to waive its fee so that the
total annual expenses of each Fund will not exceed certain expense limitations
adopted by the Administrator as presented below. In the event that the total
annual expenses of a Fund, after reflecting a waiver of all fees by the
Administrator, exceed the specific limitation, the Administrator has agreed to
bear such excess. Any such waiver is voluntary and may be terminated at any time
at the Administrator's sole discretion. At September 30, 2008, there were no
such waivers in each Fund.
International Emerging International Emerging
Equity Markets Equity Fixed Income Markets Debt
Fund Fund Fund Fund
------------- -------------- ------------- ------------
Class A 1.25%*+ 1.96%+ 1.02%+ 1.36%+
Class I 1.50%*+ -- -- --
* The expense cap excludes interest expense on reverse repurchase agreements.
+ The expense cap excludes overdraft fees.
INVESTMENT ADVISORY AGREEMENT --SEI Investments Management Corporation ("SIMC")
acts as the Investment Adviser for the Funds under an amended and restated
Investment Advisory Agreement dated December 17, 2002 under which SIMC receives
annual fees, based on the average daily net assets of the respective funds, as
presented below:
International Equity Fund 0.505%
Emerging Markets Equity Fund 1.050%
International Fixed Income Fund 0.150%
Emerging Markets Debt Fund 0.850%
However, SIMC has also voluntarily agreed to waive its fee so that the total
annual expenses of each Fund will not exceed certain expense limitations adopted
by the Adviser as presented above.
As of September 30, 2008, SIMC has entered into Investment Sub-Advisory
Agreements with the following parties:
Investment Sub-Adviser
INTERNATIONAL EQUITY FUND
AllianceBernstein L.P.
AXA Rosenberg Investment Management LLC
McKinley Capital Management, Inc.
Principal Global Investors, LLC
Quantitative Management Associates LLC
Record Currency Management Limited
Smith Breeden Associates, Inc.
EMERGING MARKETS EQUITY FUND
AllianceBernstein L.P.
Artisan Partners Limited Partnership
AXA Rosenberg Investment Management LLC
PanAgora Asset Management, Inc.
Rexiter Capital Management Limited
The Boston Company Asset Management LLC
INTERNATIONAL FIXED INCOME FUND
AllianceBernstein L.P.
BlackRock Financial Management, Inc.
Fidelity International Investment Advisors (UK) Limited (delegates to Fidelity
International Investment Advisors)
Record Currency Management Limited
UBS Global Asset Management (Americas) Inc.
EMERGING MARKETS DEBT FUND
Ashmore Investment Management Limited
ING Investment Management Advisors, B.V.
Stone Harbor Investment Partners LP
Under the investment sub-advisory agreements, each party receives an annual fee,
paid by SIMC.
SEI Investments Distribution Co. (the "Distributor"), a wholly owned subsidiary
of SEI Investments Company ("SEI") and a registered broker-dealer, acts as the
Distributor of the shares of the Trust under
68 SEI Institutional International Trust / Annual Report / September 30, 2008
an amended and restated Distribution Agreement dated September 16, 2002. The
Trust has adopted plans under which firms, including the Distributor, that
provide shareholder and administrative services may receive compensation
therefrom. Such plans provide fees payable to the Distributor equal to the
following amounts, calculated as a percentage of the average daily net assets
attributable to each particular class of each respective fund.
Shareholder Administrative
Servicing Fees Servicing Fees
-------------- --------------
International Equity Fund
Class A 0.25% --
Class I 0.25% 0.25%
Emerging Markets Equity Fund
Class A 0.25% --
International Fixed Income Fund
Class A 0.25% --
Emerging Markets Debt Fund
Class A 0.25% --
The Distribution Agreement between the Distributor and the Trust provides that
the Distributor may receive compensation on fund transactions effected for the
Trust in accordance with the rules of the Securities and Exchange Commission
("SEC"). Accordingly, it is expected that fund transactions may result in
brokerage commissions being paid to the Distributor. The SEC rules require that
such commissions not exceed usual and customary commissions. For the year ended
September 30, 2008, the Distributor received no brokerage commissions.
Under both the Shareholder Servicing Plans and Administrative Service Plan, the
Distributor may retain as profit any difference between the fee it receives and
the amount it pays to third parties.
However, the Distributor has also voluntarily agreed to waive its fee so that
the total annual expenses of each Fund will not exceed certain expense
limitations as agreed upon by the Distributor as presented above.
For the year ended September 30, 2008, the Distributor retained 100% of both
Shareholder Servicing fees, less the waiver, and Administration Servicing fees.
INVESTMENT IN AFFILIATED SECURITY -- The Funds may invest cash collateral from
the securities lending program in the SEI Liquidity Fund LP.
PAYMENT TO AFFILIATES -- Certain Officers and Trustees of the Trust are also
Officers and/or Trustees of the Administrator or SEI Investments Management
Corporation ("SIMC") (the "Adviser"), a wholly owned subsidiary of SEI. The
Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly,
interim, and committee meetings.
The Administrator or the Adviser 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. The CCO's
services have been approved by and are reviewed by the Board.
FEES PAID INDIRECTLY -- The Funds may direct certain fund trades to the
Distributor who pays a portion of the Fund's expenses. Accordingly, the expenses
reduced, which were used to pay third party expenses, and the effect on the
Fund's expense ratio, as a percentage of the Fund's average daily net assets for
the year ended September 30, 2008, can be found on the Statement of Operations
and Financial Highlights, respectively.
4. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sale and maturity of
securities, other than short-term investments, during the year ended September
30, 2008, were as follows:
Purchases Sales and Maturities
($ Thousands) ($ Thousands)
-------------- ----------------------
International Equity Fund
US Government $4,270,715 $4,172,911
Other 3,107,634 3,414,431
Emerging Markets Equity Fund
US Government -- --
Other 1,342,767 1,628,090
International Fixed Income Fund
US Government 189,355 192,185
Other 646,152 686,634
Emerging Markets Debt Fund
US Government -- --
Other 774,272 713,228
5. 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.
SEI Institutional International Trust / Annual Report / September 30, 2008 69
NOTES TO FINANCIAL STATEMENTS
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 accounting principles
generally accepted in the United States of America. These differences, which may
result in distribution reclassifications, are primarily due to foreign currency
gains and losses, passive foreign investment companies gains and losses,
equalization, disallowance of net operating loss and swap reclassifications, and
prior year adjustments. These book/tax differences are either temporary or
permanent in nature. To the extent these differences are permanent, they are
charged or credited to paid-in capital, undistributed net investment income or
accumulated net realized gain, as appropriate, in the period that the
differences arise.
Accordingly, the following permanent differences have been reclassified to/from
the following accounts as of September 30, 2008:
Undistributed Accumulated
Net Investment Realized Paid-in-
Income/(Loss) Gain/(Loss) Capital
($ Thousands) ($ Thousands) ($ Thousands)
-------------- ------------- -------------
International Equity Fund $(27,464) $ 27,464 $ --
Emerging Markets Equity Fund (3,854) (23,629) 27,483
International Fixed Income Fund (18,477) 19,422 (945)
Emerging Markets Debt Fund 3,602 (3,602) --
These reclassifications had no impact on the net assets or net asset value per
share of the Funds.
The International Equity, Emerging Markets Equity and Emerging Markets Debt
Funds utilized earnings and profits distributed to shareholders on redemption of
shares as part of the dividends paid deduction for income tax purposes.
The tax character of dividends declared during the last two years were as
follows:
Ordinary Long-Term
Income Capital Gain Totals
($ Thousands) ($ Thousands) ($ Thousands)
------------- ------------- -------------
International
Equity Fund 2008 $266,737 $252,260 $518,997
2007 136,952 126,960 263,912
Emerging Markets
Equity Fund 2008 91,523 252,902 344,425
2007 45,745 149,527 195,272
International Fixed
Income Fund 2008 10,040 -- 10,040
2007 15,311 -- 15,311
Emerging Markets
Debt Fund 2008 81,803 16,810 98,613
2007 64,597 36,409 101,006
At September 30, 2008, the components of Accumulated Losses were as follows:
Undistributed Undistributed Capital Post-
Ordinary Long-Term Loss October
Income Capital Gain Carryforwards Losses
($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands)
------------- ------------- ------------- -------------
International Equity Fund $41,261 $ -- $ -- $(240,445)
Emerging Markets Equity Fund 10,161 154,332 -- (1,326)
International Fixed Income Fund 23,611 -- (3,797) (1,632)
Emerging Markets Debt Fund 27,307 -- -- (5,423)
Post-
October Other Total
Currency Unrealized Temporary Accumulated
Losses Depreciation Differences Losses
($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands)
------------- ------------- ------------- -------------
International Equity Fund $(28,003) $(531,991) $ 6,573 $(752,605)
Emerging Markets Equity Fund -- (194,038) (1,510) (32,381)
International Fixed Income Fund -- (19,954) (22,932) (24,704)
Emerging Markets Debt Fund -- (61,242) (17,079) (56,437)
Post-October losses represent losses realized on investment transactions from
November 1, 2007 through September 30, 2008, that, in accordance with Federal
income tax regulations, the Funds defer and treat as having arisen in the
following fiscal year. For Federal income tax purposes, capital losses may be
carried forward and applied against future capital gains as follows:
Total Capital
Loss
Expires Carryforward
2015 09/30/08
($ Thousands) ($ Thousands)
------------- -------------
International Fixed Income Fund $3,797 $3,797
During the year ended September 30, 2008, the International Fixed Income Fund
utilized $426,188 of capital loss carryforwards to offset capital gains.
For tax purposes, the losses in the Funds can be carried forward for a maximum
of eight years to offset any net realized capital gains.
The Federal tax cost, aggregate gross unrealized appreciation and depreciation
on total investments, excluding written options, at September 30, 2008 for each
Fund is as follows:
Aggregate Aggregate
Gross Gross Net
Federal Unrealized Unrealized Unrealized
Tax Cost Appreciation Depreciation Depreciation
($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands)
------------- ------------- ------------- -------------
International Equity
Fund $3,196,223 $81,495 $(573,739) $(492,244)
Emerging Markets
Equity Fund 1,175,566 59,594 (253,519) (193,925)
International Fixed
Income Fund 683,818 7,297 (48,359) (41,062)
Emerging Markets
Debt Fund 901,491 26,594 (92,539) (65,945)
70 SEI Institutional International Trust / Annual Report / September 30, 2008
Management has analyzed the Funds' tax position taken on federal income tax
returns for all open tax years and has concluded that as of September 30, 2008,
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.
6. CONCENTRATION/RISKS
Each Fund invests in securities of foreign issuers in various countries. These
investments may involve certain considerations and risks not typically
associated with investments in the United States, as a result of, among other
factors, the possibility of future political and economic developments and the
level of governmental supervision and regulation of securities markets in the
respective countries. The International Fixed Income Fund and Emerging Markets
Debt Fund invest in debt securities, the market value of which may change in
response to interest rate changes. Also, the ability of the issuers of debt
securities held by the International Fixed Income Fund and Emerging Markets Debt
Fund to meet their obligations may be affected by economic and political
developments in a specific country, industry or region.
Certain securities held by the Funds are valued on the basis of a price provided
by a principal market maker. The prices provided by the principal market makers
are estimates that may differ from the value that would be realized if the
securities were sold. At September 30, 2008, the total value of these securities
represented approximately 3% of the net assets of the Emerging Markets Debt
Fund.
Forward foreign currency contracts, futures contracts, and swap agreement
contracts involve risk of loss in excess of the amounts recognized in the
Statement of Assets and Liabilities to the extent of the contract amounts.
In the normal course of business, the Funds enter into contracts that provide
general indemnifications by the Fund to the counterparty to the contract. The
Funds' maximum exposure under these arrangements is dependent on future claims
that may be made against the Funds and, therefore, cannot be established;
however, based on experience, the risk of loss from such claim is considered
remote.
7. SECURITIES LENDING
Each 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 Board. These loans may not exceed 33 1/3% of the total asset
value of the Fund (including the loan collateral). No Fund will lend portfolio
securities to its investment 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, corporate
obligations, asset-backed securities, repurchase agreements or master notes. The
value of the collateral is at least equal to the market value of the securities
loaned. However, due to market fluctuations, 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 the 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., repurchase agreements, which are collateralized by
United States Treasury and Government Agency securities, high-quality,
short-term instruments, such as floating rate notes, commercial paper, and
private placements with an average weighted maturity not to exceed 60 days and a
maturity date not to exceed 397 days. There is no guarantee that these
investments will not lose value.
8. RECENT ACCOUNTING PRONOUNCEMENTS
In September 2006, the FASB issued Statement on Financial Accounting Standards
("SFAS") No. 157, "Fair Value Measurements." This standard establishes a single
authoritative definition of fair value, sets out a framework for measuring fair
value and requires additional disclosures about fair value measurements. SFAS
No. 157 applies to fair value measurements already required or permitted by
existing standards. SFAS No. 157 is effective for financial statements issued
for
SEI Institutional International Trust / Annual Report / September 30, 2008 71
NOTES TO FINANCIAL STATEMENTS
fiscal years beginning after November 15, 2007 and interim periods within those
fiscal years. The changes to current U.S. generally accepted accounting
principles from the application of this Statement relate to the definition of
fair value, the methods used to measure fair value, and the expanded disclosures
about fair value measurements. As of September 30, 2008, the Funds do not
believe the adoption of SFAS No. 157 will impact the amounts reported in the
financial statements, however, additional disclosures may be required about the
inputs used to develop the measurements and the effect of certain measurements
reported in the financial statements for a fiscal period.
In March 2008, the Financial Accounting Standards Board (FASB) issued Statement
of Financial Accounting Standards (SFAS) No. 161, DISCLOSURES ABOUT DERIVATIVE
INSTRUMENTS AND HEDGING ACTIVITIES. SFAS No. 161 is effective for fiscal years
and interim periods beginning after November 15, 2008. SFAS No. 161 requires
enhanced disclosures about the Funds' derivative and hedging activities,
including how such activities are accounted for and their effect on the Funds'
financial position, performance, and cash flows. Management is currently
evaluating the impact the adoption of SFAS No. 161 will have on the Funds'
financial statements and related disclosures.
On September 12, 2008, the FASB issued FASB Staff Position ("FSP") No. FAS 133-1
and FASB Interpretation Number ("FIN") 45-4 ("FSP 133-1"), DISCLOSURES ABOUT
CREDIT DERIVATIVES AND CERTAIN GUARANTEES: AN AMENDMENT OF FASB STATEMENT NO.
133 AND FASB INTERPRETATION NO. 45; AND CLARIFICATION OF THE EFFECTIVE DATE OF
FASB STATEMENT NO. 161. The FSP is intended to improve disclosures about credit
derivatives by requiring more information about the potential adverse effects of
changes in credit risk on the financial position, financial performance, and
cash flows of the sellers of credit derivatives. It amends FASB Statement No.
133, ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES, to require
disclosures by sellers of credit derivatives, including credit derivatives
embedded in hybrid instruments. The FSP also amends FIN 45, GUARANTOR'S
ACCOUNTING AND DISCLOSURE REQUIREMENTS FOR GUARANTEES, INCLUDING INDIRECT
GUARANTEES OF INDEBTEDNESS TO OTHERS, to require an additional disclosure about
the current status of the payment/performance risk of a guarantee. FSP 133-1 and
FIN 45-4 are effective for reporting periods (annual or interim) ending after
November 15, 2008. Management of the Fund is currently assessing the impact of
adopting FSP No. FAS 133-1 and FIN 45-4.
9. OTHER MATTERS (Unaudited)
Due to volatility in the fixed income and equity markets, the market value of
some of the Fund's holdings may currently be lower than shown in the Schedules
of Investments ("SOI"). The values shown in the SOI's were the market values as
of September 30, 2008 and do not reflect any market events after September 30,
2008.
72 SEI Institutional International Trust / Annual Report / September 30, 2008
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of
SEI Institutional International Trust
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of SEI Institutional International Trust,
comprising the International Equity Fund, Emerging Markets Equity Fund,
International Fixed Income Fund and Emerging Markets Debt Fund (collectively,
the "Funds"), as of September 30, 2008, 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 three-year period then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The financial highlights for each of
the years in the two-year period ended September 30, 2005, were audited by other
auditors, whose report dated November 29, 2005, expressed an unqualified opinion
thereon.
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, 2008, by correspondence with custodians 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, 2008, and 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 three-year
period then ended, in conformity with U.S. generally accepted accounting
principles.
(KPMG LLP)
Philadelphia, Pennsylvania
November 26, 2008
SEI Institutional International Trust / Annual Report / September 30, 2008 73
TRUSTEES AND OFFICERS OF THE TRUST (UNAUDITED)
The following chart lists Trustees and Officers as of November 21, 2008.
Set forth below are the names, addresses, ages, position with the Trust, Term of
Office and Length of Time Served, the principal occupations for the last five
years, number of portfolios in fund complex overseen by trustee, and other
directorships outside the fund complex of each of the persons currently serving
as Trustees and Officers of the Trust. The Trust's Statement of Additional
Information ("SAI") includes additional information about the Trustees and
Officers. The SAI may be obtained without charge by calling 1-800-342-5734.
TERM OF NUMBER OF
OFFICE PORTFOLIOS
AND PRINCIPAL IN FUND
POSITION(S) LENGTH OF OCCUPATION(S) COMPLEX
HELD WITH TIME DURING PAST OVERSEEN OTHER DIRECTORSHIPS
NAME ADDRESS, AND AGE TRUSTS SERVED(1) FIVE YEARS BY TRUSTEE(2) HELD BY TRUSTEE
- ----------------------- ----------- ---------- ---------------- ------------- ----------------------------------
INTERESTED TRUSTEES
Robert A. Nesher Chairman since 1982 Currently 80 Trustee of The Advisors' Inner
One Freedom of the performs various Circle Fund, The Advisors' Inner
Valley Drive, Board of services on Circle Fund II, Bishop Street
Oaks, PA 19456 Trustees* behalf of SEI Funds, Director of SEI Global
61 yrs. old Investments for Master Fund, plc, SEI Global
which Mr. Nesher Assets Fund, plc, SEI Global
is compensated. Investments Fund, plc, SEI
Investments Global, Limited, SEI
Investments -- Global Fund
Services, Limited, SEI Investments
(Europe), Limited, SEI Investments
-- Unit Trust Management (UK),
Limited, SEI Global Nominee Ltd.,
SEI Opportunity Fund, L.P., SEI
Structured Credit Fund, L.P., and
SEI Multi-Strategy Funds plc.
William M. Doran Trustee* since 1982 Self-employed 80 Trustee of The Advisors' Inner
1701 Market Street consultant since Circle Fund, The Advisors' Inner
Philadelphia, PA 2003. Partner, Circle Fund II, Bishop Street
19103 Morgan, Lewis & Funds, Director of SEI since 1974.
68 yrs. old Bockius LLP (law Director of the Distributor since
firm) from 1976 2003. Director of SEI Investments
to 2003, counsel -- Global Fund Services, Limited,
to the Trust, SEI Investments Global, Limited,
SEI, SIMC, the SEI Investments (Europe), Limited,
Administrator SEI Investments (Asia), Limited
and the and SEI Asset Korea Co., Ltd.
Distributor.
Secretary of SEI
since 1978.
TRUSTEES
James M. Storey Trustee since 1995 Attorney, sole 80 Trustee of The Advisors' Inner
One Freedom practitioner Circle Fund, The Advisors' Inner
Valley Drive, since 1994. Circle Fund II, Bishop Street
Oaks, PA 19456 Partner, Dechert Funds, Massachusetts Health and
77 yrs. old Price & Rhoads, Education Tax-Exempt Trust, and
September 1987- U.S. Charitable Gift Trust.
December 1993.
* MESSRS. NESHER AND DORAN ARE TRUSTEES WHO MAY BE DEEMED AS "INTERESTED"
PERSONS OF THE TRUST AS THAT TERM IS DEFINED IN THE 1940 ACT BY VIRTUE OF
THEIR AFFILIATION WITH SIMC AND THE TRUST'S DISTRIBUTOR.
(1) EACH TRUSTEE SHALL HOLD OFFICE DURING THE LIFETIME OF THIS TRUST UNTIL THE
ELECTION AND QUALIFICATION OF HIS OR HER SUCCESSOR, OR UNTIL HE OR SHE
SOONER DIES, RESIGNS OR IS REMOVED IN ACCORDANCE WITH THE TRUST'S
DECLARATION OF TRUST.
(2) THE FUND COMPLEX INCLUDES THE FOLLOWING TRUSTS: SEI ASSET ALLOCATION TRUST,
SEI DAILY INCOME TRUST, SEI INSTITUTIONAL INVESTMENTS TRUST, SEI
INSTITUTIONAL INTERNATIONAL TRUST, SEI INSTITUTIONAL MANAGED TRUST, SEI
LIQUID ASSET TRUST, SEI TAX EXEMPT TRUST AND SEI ALPHA STRATEGY PORTFOLIOS,
L.P.
74 SEI Institutional International Trust / Annual Report / September 30, 2008
TERM OF NUMBER OF
OFFICE PORTFOLIOS
AND PRINCIPAL IN FUND
POSITION(S) LENGTH OF OCCUPATION(S) COMPLEX
HELD WITH TIME DURING PAST OVERSEEN OTHER DIRECTORSHIPS
NAME ADDRESS, AND AGE TRUSTS SERVED(1) FIVE YEARS BY TRUSTEE(2) HELD BY TRUSTEE
- ----------------------- ----------- ---------- ---------------- ------------- ----------------------------------
TRUSTEES (CONTINUED)
George J. Sullivan, Jr. Trustee since 1996 Self-Employed 80 Trustee of The Advisors' Inner
One Freedom Consultant, Circle Fund, The Advisors' Inner
Valley Drive Newfound Circle Fund II, Bishop Street
Oaks, PA 19456 Consultants Inc. Funds, State Street Navigator
65 yrs. old since April 1997. Securities Lending Trust, SEI
Opportunity Fund, L.P.,and SEI
Structured Credit Fund, L.P.
Rosemarie B. Greco Trustee since 1999 Director, 80 Director, Sonoco, Inc.; Director,
One Freedom` Governor's Exelon Corporation; Trustee,
Valley Drive Office of Health Pennsylvania Real Estate
Oaks, PA 19456 Care Reform, Investment Trust.
62 yrs. old Commonwealth of
Pennsylvania
since 2003.
Founder and
Principal,
Grecoventures
Ltd. from 1999
to 2002.
Nina Lesavoy Trustee since 2003 Founder and 80 Director of SEI Opportunity Fund,
One Freedom Managing L.P., and SEI Structured Credit
Valley Drive, Director, Avec Fund, L.P.
Oaks, PA 19456 Capital since
51 yrs. old 2008. Managing
Director, Cue
Capital from
March 2002-March
2008.
James M. Williams Trustee since 2004 Vice 80 Trustee/Director of Ariel Mutual
One Freedom President and Funds, SEI Opportunity Fund, L.P.,
Valley Drive, Chief and SEI Structured Credit Fund,
Oaks, PA 19456 Investment L.P.
60 yrs. old Officer,
J. Paul Getty
Trust, Non-
Profit
Foundation
for Visual
Arts, since
December
2002.
President,
Harbor
Capital
Advisors and
Harbor Mutual
Funds, 2000-
2002.
Mitchell A. Johnson Trustee since 2007 Private Investor 80 Trustee of the Advisors' Inner
One Freedom since 1994. Circle Fund, The Advisor's Inner
Valley Drive, Circle Fund II, and Bishop Street
Oaks, PA 19456 Funds.
66 yrs. old
Hubert L. Harris, Jr. Trustee since 2008 Retired since 80 Director of Colonial BancGroup,
One Freedom December 2005. Inc. and Chair of the Board of
Valley Drive, Chief Executive Trustees, Georgia Tech Foundation,
Oaks, PA 19456 Officer and Inc. (nonprofit corporation).
65 yrs. old Chair of the
Board of
Directors,
AMVESCAP
Retirement, Inc.,
1997-December
2005. Chief
Executive
Officer, INVESCO
North America,
September 2003-
December 2005.
OFFICERS
Robert A. Nesher President since 2005 Currently N/A N/A
One Freedom & CEO performs various
Valley Drive, services on
Oaks, PA 19456 behalf of SEI
61 yrs. old for which
Mr. Nesher is
compensated.
Stephen F. Panner Controller since 2005 Fund Accounting N/A N/A
One Freedom and Chief Director of the
Valley Drive, Financial Administrator
Oaks, PA 19456 Officer since 2005. Fund
38 yrs. old Administration
Manager, Old
Mutual Fund
Services, 2000-
2005. Chief
Financial
Officer,
Controller and
Treasurer, PBHG
Funds and PBHG
Insurance Series
Fund, 2004-2005.
Assistant
Treasurer, PBHG
Funds and PBHG
Insurance Series
Fund, 2000-2004.
Assistant
Treasurer, Old
Mutual Advisors
Fund, 2004-2005.
SEI Institutional International Trust / Annual Report / September 30, 2008 75
NOTES TO FINANCIAL STATEMENTS
TERM OF NUMBER OF
OFFICE PORTFOLIOS
AND PRINCIPAL IN FUND
POSITION(S) LENGTH OF OCCUPATION(S) COMPLEX
HELD WITH TIME DURING PAST OVERSEEN OTHER DIRECTORSHIPS
NAME ADDRESS, AND AGE TRUSTS SERVED(1) FIVE YEARS BY TRUSTEE(2) HELD BY TRUSTEE
- ----------------------- ----------- ---------- ---------------- ------------- ----------------------------------
OFFICERS(CONTINUED)
Russell Emery Chief since 2006 Chief Compliance N/A N/A
One Freedom Compliance Officer of SEI
Valley Drive Officer Alpha Strateg
Oaks, PA 19456 Portfolios,
45 yrs. old L.P., SEI
Structured
Credit Fund,
L.P., since June
2007. SEI
Institutional
Managed Trust,
SEI Asset
Allocation
Trust, SEI
Institutional
International
Trust, SEI
Liquid Asset
Trust, SEI Daily
Income Trust,
SEI Tax Exempt
Trust, SEI
Institutional
Investments
Trust, SEI
Opportunity
Fund, L.P., The
Advisors' Inner
Circle Fund, The
Advisors' Inner
Circle Fund II,
and Bishop
Street Funds,
since March
2006. Director
of Investment
Product
Management and
Development of
SIMC, February
2003-March
2006. Senior
Investment
Analyst-- Equity
Team of SEI,
March 2000-
February 2003.
Timothy D. Barto Vice since 2002 General Counsel, N/A N/A
One Freedom President Vice President
Valley Drive and and Secretary of
Oaks, PA 19456 Secretary SIMC and the
40 yrs. old Administrator
since 2004. Vice
President and
Assistant
Secretary of SEI
since 2001. Vice
President of
SIMC and the
Administrator
since 1999.
Assistant
Secretary of
SIMC, the
Administrator
and the
Distributor and
Vice President
of the
Distributor,
1999-2003.
James Ndiaye Vice since 2005 Vice President N/A N/A
One Freedom President and Assistant
Valley Drive and Secretary of
Oaks, PA 19456 Assistant SIMC since 2005.
39 yrs. old Secretary Vice President,
Deutsche Asset
Management
(2003-2004).
Associate,
Morgan, Lewis &
Bockius LLP
(2000-2003).
Michael T. Pang Vice since 2005 Vice President N/A N/A
One Freedom President and Assistant
Valley Drive and Secretary of
Oaks, PA 19456 Assistant SIMC since 2005.
36 yrs. old Secretary Counsel,
Caledonian Bank
& Trust's Mutual
Funds Group
(2004). Counsel,
Permal Asset
Management
(2001-2004).
Aaron Buser Vice since 2008 Vice President N/A N/A
One Freedom President and Assistant
Valley Drive and Secretary of
Oaks, PA 19456 Assistant SIMC since 2007.
37 yrs. old Secretary Associate at
Stark & Stark
(2004-2007).
Associate at
Flaster/
Greenberg, P.C.
(2000-2004).
John J. McCue Vice since 2004 Director of N/A N/A
One Freedom President Portfolio
Valley Drive Implementations
Oaks, PA 19456 for SIMC since
45 yrs. old 1995. Managing
Director of
Money Market
Investments for
SIMC since 2003.
Andrew S. Decker Anti-Money since 2008 Compliance N/A N/A
One Freedom Laundering Officer and
Valley Drive Compliance Product Manager,
Oaks, PA 19456 Officer SEI 2005-2008.
44 yrs. old Vice President,
Old Mutual
Capital,
2000-2005.
(1) EACH TRUSTEE SHALL HOLD OFFICE DURING THE LIFETIME OF THIS TRUST UNTIL THE
ELECTION AND QUALIFICATION OF HIS OR HER SUCCESSOR, OR UNTIL HE OR SHE
SOONER DIES, RESIGNS OR IS REMOVED IN ACCORDANCE WITH THE TRUST'S
DECLARATION OF TRUST.
(2) THE FUND COMPLEX INCLUDES THE FOLLOWING TRUSTS: SEI ASSET ALLOCATION TRUST,
SEI DAILY INCOME TRUST, SEI INSTITUTIONAL INVESTMENTS TRUST, SEI
INSTITUTIONAL INTERNATIONAL TRUST, SEI INSTITUTIONAL MANAGED TRUST, SEI
LIQUID ASSET TRUST, SEI TAX EXEMPT TRUST AND SEI ALPHA STRATEGY PORTFOLIOS,
L.P.
76 SEI Institutional International Trust / Annual Report / September 30, 2008
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
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.
The table on this page illustrates your fund's costs in two ways:
ACTUAL FUND RETURN. This section helps you to estimate the actual expenses after
fee waivers that your Fund incurred over the period. The "Expenses Paid During
Period" column shows the actual dollar expense cost incurred by a $1,000
investment in the Fund, and the "Ending Account Value" number is derived from
deducting that expense cost from the Fund's gross investment return.
You can use this information, together with the actual amount you invested in
the Fund, to estimate the expenses you paid over that period. Simply divide your
actual account value by $1,000 to arrive at a ratio (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply that ratio by the number
shown for your Fund under "Expenses Paid During Period."
HYPOTHETICAL 5% RETURN. This section helps you compare your Fund's costs with
those of other mutual funds. It assumes that the fund had an annual 5% return
before expenses during the year, but that the expense ratio (Column 3) for the
period is unchanged. This example is useful in making comparisons because the
Securities and Exchange Commission requires all mutual funds to make this 5%
calculation. You can assess your Fund's comparative cost by comparing the
hypothetical result for your Fund in the "Expense Paid During Period" column
with those that appear in the same charts in the shareholder reports for other
funds.
NOTE: Because the return is set at 5% for comparison purposes -- NOT your Fund's
actual return -- the account values shown may not apply to your specific
investment.
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT ANNUALIZED PAID
VALUE VALUE EXPENSE DURING
4/1/08 9/30/08 RATIOS PERIOD*
--------- --------- ------------- ---------
INTERNATIONAL EQUITY FUND
ACTUAL FUND RETURN
Class A $1,000.00 $ 730.80 1.25% $ 5.41
Class I $1,000.00 $ 728.90 1.50% $ 6.48
HYPOTHETICAL 5% RETURN
Class A $1,000.00 $1,018.75 1.25% $ 6.31
Class I $1,000.00 $1,017.50 1.50% $ 7.57
--------- --------- ---- ------
EMERGING MARKETS EQUITY FUND
ACTUAL FUND RETURN
Class A $1,000.00 $ 729.90 2.00% $ 8.65
HYPOTHETICAL 5% RETURN
Class A $1,000.00 $1,015.00 2.00% $10.08
--------- --------- ---- ------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT ANNUALIZED PAID
VALUE VALUE EXPENSE DURING
4/1/08 9/30/08 RATIOS PERIOD*
--------- --------- ------------- ---------
INTERNATIONAL FIXED INCOME FUND
ACTUAL FUND RETURN
Class A $1,000.00 $ 971.20 1.02% $5.03
HYPOTHETICAL 5% RETURN
Class A $1,000.00 $1,019.90 1.02% $5.15
--------- --------- ---- -----
EMERGING MARKETS DEBT FUND
ACTUAL FUND RETURN
Class A $1,000.00 $ 932.90 1.37% $6.62
HYPOTHETICAL 5% RETURN
Class A $1,000.00 $1,018.15 1.37% $6.91
--------- --------- ---- -----
* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY THE
AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY 183/366 (TO REFLECT
THE ONE-HALF YEAR PERIOD SHOWN).
SEI Institutional International Trust / Annual Report / September 30, 2008 77
Board of Trustees Considerations in Approving the Funds' Investment Advisory and
Sub-Advisory Agreements (Unaudited)
SEI Institutional International Trust (the "Trust") and SEI Investments
Management Corporation ("SIMC") have entered into an investment advisory
agreement (the "Advisory Agreement"). Pursuant to the Advisory Agreement, SIMC
oversees the investment advisory services provided to the series of the Trust
(the "Funds") and may manage the cash portion of the Funds' assets. Pursuant to
separate sub-advisory agreements (the "Sub-Advisory Agreements" and, together
with the Advisory Agreement, the "Investment Advisory Agreements") with SIMC,
and under the supervision of SIMC and the Trust's Board of Trustees (the
"Board"), the Sub-Advisers are responsible for the day-to-day investment
management of all or a discrete portion of the assets of the Funds. The
Sub-Advisers also are responsible for managing their employees who provide
services to these Funds. The Sub-Advisers are selected based primarily upon the
research and recommendations of SIMC, which evaluates quantitatively and
qualitatively the Sub-Advisers' skills and investment results in managing assets
for specific asset classes, investment styles and strategies.
The Investment Company Act of 1940, as amended (the "1940 Act") requires that
the initial approval of, as well as the continuation of, the Funds' Investment
Advisory Agreements must be specifically approved: (i) by the vote of the Board
of Trustees or by a vote of the shareholders of the Funds; and (ii) by the vote
of a majority of the Trustees who are not parties to the Investment Advisory
Agreements or "interested persons" of any party (the "Independent Trustees"),
cast in person at a meeting called for the purpose of voting on such approval.
In connection with their consideration of such approvals, the Funds' Trustees
must request and evaluate, and SIMC and the Sub-Advisers are required to
furnish, such information as may be reasonably necessary to evaluate the terms
of the Investment Advisory Agreements. In addition, the Securities and Exchange
Commission ("SEC") takes the position that, as part of their fiduciary duties
with respect to a mutual fund's fees, mutual fund boards are required to
evaluate the material factors applicable to a decision to approve an Investment
Advisory Agreement.
Consistent with these responsibilities, the Trust's Board of Trustees calls and
holds meetings each year that are dedicated to considering whether to renew the
Investment Advisory Agreements between the Trust and SIMC and SIMC and the
Sub-Advisers with respect to the Funds of the Trust. In preparation for these
meetings, the Board requests and reviews a wide variety of materials provided by
SIMC and the Sub-Advisers, including information about SIMC's and the
Sub-Advisers' affiliates, personnel and operations. The Board also receives
extensive data provided by third parties. This information is in addition to the
detailed information about the Funds that the Board reviews during the course of
each year, including information that relates to Fund operations and Fund
performance. The Trustees also receive a memorandum from Fund counsel and
independent counsel to the Independent Trustees regarding the responsibilities
of Trustees in connection with their consideration of whether to approve the
Trust's Investment Advisory Agreements. Finally, the Independent Trustees
receive advice from independent counsel to the Independent Trustees, meet in
executive session outside the presence of Fund management and participate in
question and answer sessions with representatives of SIMC and the Sub-Advisers.
Specifically, the Board requested and received written materials from SIMC and
the Sub-Advisers regarding: (a) the quality of SIMC's and the Sub-Advisers'
investment management and other services; (b) SIMC's and the Sub-Advisers'
investment management personnel; (c) SIMC's and the Sub-Advisers' operations and
financial condition; (d) SIMC's and the Sub-Advisers' brokerage practices
(including any soft dollar arrangements) and investment strategies; (e) the
level of the advisory fees that
78 SEI Institutional International Trust / Annual Report / September 30, 2008
Board of Trustees Considerations in Approving the Funds' Investment Advisory and
Sub-Advisory Agreements (Unaudited) (Continued)
SIMC and the Sub-Advisers charge the Funds compared with the fees each charge to
comparable mutual funds; (f) the Funds' overall fees and operating expenses
compared with similar mutual funds; (g) the level of SIMC's and the
Sub-Advisers' profitability from their Fund-related operations; (h) SIMC's and
the Sub-Advisers' compliance systems; (i) SIMC's and the Sub-Advisers' policies
on and compliance procedures for personal securities transactions; (j) SIMC's
and the Sub-Advisers' reputation, expertise and resources in domestic and/or
international financial markets; and (k) the Funds' performance compared with
similar mutual funds.
At the June 25, 2008 and September 17-18, 2008 meetings of the Board of
Trustees, the Trustees, including a majority of the Independent Trustees,
approved the Investment Advisory Agreements and approved the selection of SIMC
and the Sub-Advisers to act in their respective capacities for the Funds. The
Board's approval was based on its consideration and evaluation of a variety of
specific factors discussed at the meetings and at prior meetings, including:
- - the nature, extent and quality of the services provided to the Funds under
the Investment Advisory Agreements, including the resources of SIMC and the
Sub-Advisers and their affiliates dedicated to the Funds;
- - the Funds' investment performance and how it compared to that of other
comparable mutual funds;
- - the Funds' expenses under each Investment Advisory Agreement and how those
expenses compared to those of other comparable mutual funds;
- - the profitability of SIMC and the Sub-Advisers and their affiliates with
respect to the Funds, including both direct and indirect benefits accruing
to SIMC and the Sub-Advisers and their affiliates; and
- - the extent to which economies of scale would be realized as the Funds grow
and whether fee levels in the Investment Advisory Agreements reflect those
economies of scale for the benefit of Fund investors.
NATURE, EXTENT AND QUALITY OF SERVICES. The Board of Trustees considered the
nature, extent and quality of the services provided by SIMC and the Sub-Advisers
to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates
dedicated to the Funds. In this regard, the Trustees evaluated, among other
things, SIMC's and the Sub-Advisers' personnel, experience, track record and
compliance program. The Trustees found the level of SIMC's professional staff
and culture of compliance satisfactory. Following evaluation, the Board
concluded that, within the context of its full deliberations, the nature, extent
and quality of services provided by SIMC and the Sub-Advisers to the Funds and
the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the
Funds supported renewal of the Investment Advisory Agreements.
FUND PERFORMANCE. The Board of Trustees considered Fund performance in
determining whether to renew the Investment Advisory Agreements. Specifically,
the Trustees considered the Funds' performance relative to their peer groups and
appropriate indices/benchmarks, in light of total return, yield and market
trends. As part of this review, the Trustees considered the com position of each
peer group and selection criteria. In evaluating performance, the Trustees
considered both market risk and shareholder risk expectations for the Funds. The
Trustees found Fund performance satisfactory, and where performance was below
the benchmark, the Trustees were satisfied that appropriate steps were being
taken. Following evaluation, the Board concluded that, within the context of its
full deliberations, the performance of the Funds supported renewal of the
Investment Advisory Agreements.
SEI Institutional International Trust / Annual Report / September 30, 2008 79
Board of Trustees Considerations in Approving the Funds' Investment Advisory and
Sub-Advisory Agreements (Unaudited) (Concluded)
FUND EXPENSES. With respect to the Funds' expenses under the Investment Advisory
Agreements, the Trustees considered the rate of compensation called for by the
Investment Advisory Agreements and the Funds' net operating expense ratio in
comparison to those of other comparable mutual funds. The Trustees also
considered information about average expense ratios of comparable mutual funds
in the Funds' respective peer groups. The Trustees further considered the fact
that the comparative fee analysis either showed that the various fees were below
average or that there was a reasonable basis for the fee level. Finally, the
Trustees considered the effects of SIMC's voluntary waiver of management and
other fees and the Sub-Advisers' fees to prevent total Fund expenses from
exceeding a specified cap and that SIMC and the Sub-Advisers, through waivers,
have maintained the Funds' net operating expenses at competitive levels for
their respective distribution channels. Following evaluation, the Board
concluded that, within the context of its full deliberations, the expenses of
the Funds are reasonable and supported renewal of the Investment Advisory
Agreements.
PROFITABILITY. With regard to profitability, the Trustees considered all
compensation flowing to SIMC and the Sub-Adviser and their affiliates, directly
or indirectly. The Trustees considered whether the varied levels of compensation
and profitability under the Investment Advisory Agreements and other service
agreements were reasonable and justified in light of the quality of all services
rendered to the Funds by SIMC and the Sub-Advisers and their affiliates. The
Trustees found that profitability was reasonable and that the margin was not
increasing despite growth in assets. When considering the profitability of the
Sub-Advisers, the Board took into account the fact that the Sub-Advisers are
compensated by SIMC, and not by the Funds directly, and such compensation with
respect to any Sub-Adviser reflects an arms-length negotiation between the
Sub-Adviser and SIMC. Based on this evaluation, the Board concluded that, within
the context of its full deliberations, the profitability of SIMC and the
Sub-Advisers are reasonable and supported renewal of the Investment Advisory
Agreements.
ECONOMIES OF SCALE. The Trustees considered the existence of any economies of
scale and whether those were passed along to the Funds' shareholders through a
graduated investment advisory fee schedule or other means, including any fee
waivers by SIMC and its affiliates. Based on this evaluation, the Board
concluded that, within the context of its full deliberations, the Funds obtain
reasonable benefit from economies of scale.
Based on the Trustees' deliberation and their evaluation of the information
described above, the Board, including all of the Independent Trustees,
unanimously approved the continuation of the Investment Advisory Agreements and
concluded that the compensation under the Investment Advisory Agreements is fair
and reasonable in light of such services and expenses and such other matters as
the Trustees considered to be relevant in the exercise of their reasonable
judgment. In the course of their deliberations, the Trustees did not identify
any particular information that was all-important or controlling.
80 SEI Institutional International Trust / Annual Report / September 30, 2008
Notice to Shareholders (Unaudited)
For shareholders that do not have a September 30, 2008 taxable year end, this
notice is for informational purposes only. For shareholders with a September 30,
2008 taxable year end, please consult your tax advisor as to the pertinence of
this notice.
For the fiscal year ended September 30, 2008 the Funds of the SEI Institutional
International Trust are designating the following items with regard to
distributions paid during the year:
(E)
(A) QUALIFYING
LONG-TERM (B) DIVIDEND
CAPITAL GAIN ORDINARY (D) INCOME (F) (G) (H)
DISTRIBUTIONS INCOME DIVIDENDS (15% TAX U.S. INTEREST SHORT-TERM
(TAX DISTRIBUTIONS (C) RECEIVED RATE FOR GOVERNMENT RELATED CAPITAL GAIN
FUND BASIS) (TAX BASIS) TOTAL DEDUCTION (1) QDI) (2) INTEREST (3) DIVIDENDS (4) DIVIDENDS (5)
- ----------------------- ------------- ------------- ------ ------------- ---------- ------------ ------------- -------------
International Equity 48.30% 51.70% 100.00% 0.00% 17.41% 0.86% 0.42% 100.00%
Emerging Markets Equity 73.65% 26.35% 100.00% 0.00% 24.44% 0.00% 0.21% 100.00%
International Fixed
Income 0.00% 100.00% 100.00% 0.00% 0.00% 1.10% 4.78% 0.00%
Emerging Markets Debt 17.05% 82.95% 100.00% 0.00% 0.00% 0.81% 4.00% 100.00%
The Funds intend to pass through foreign tax credit to shareholders. For the
fiscal year ended September 30, 2008, the amount of foreign source income and
foreign tax credit are as follows:
Foreign Tax
Foreign Source Credit Pass
Fund Income Through
- ----------------------- -------------- -----------
International Equity $93,990,545 $3,314,084
Emerging Markets Equity 42,560,790 2,892,844
(1) "Dividends Received Deduction" represent dividends which qualify for the
corporate dividends received deduction.
(2) "Qualifying Dividend Income" represent qualifying dividends as created by
the Jobs and Growth Tax Relief Reconciliation Act of 2003. It is the
intention of the Fund to designate the max amount permitted by law.
(3) "U.S. Government Interest" represent the amount of interest that was
derived from direct U.S. Government obligations and distributed during the
fiscal year. Generally, interest from direct U.S. Government obligations is
exempt from state income tax. However, for shareholders who are residents
of California, Connecticut or New York, the statutory threshold
requirements were not satisfied to permit exemption of these amounts from
state income.
(4) "Interest Related Dividends" represent qualifying interest that is exempt
from U.S. withholding tax when paid to foreign investors as created by the
American Jobs Creation Act of 2004.
(5) "Short-Term Capital Gain Dividends" represent qualifying short-term capital
gain that is exempt from U.S. withholding tax when paid to foreign
investors as created by the American Jobs Creation Act of 2004.
Items (A), (B) and (C) are based on the percentage of each fund's total
distribution.
Items (D) and (E) are based on the percentage of "Ordinary Income
Distributions."
Item (F) is based on the percentage of gross income of each Fund.
Item (G) is based on the percentage of net investment income distributions.
Item (H) is 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.
SEI Institutional International Trust / Annual Report / September 30, 2008 81
Notes
Notes
Notes
SEI INSTITUTIONAL INTERNATIONAL TRUST ANNUAL REPORT SEPTEMBER 30, 2008
Robert A. Nesher, CHAIRMAN
TRUSTEES
William M. Doran
James M. Storey
George J. Sullivan, Jr.
Rosemarie B. Greco
Nina Lesavoy
James M. Williams
Mitchell A. Johnson
Hubert L. Harris, Jr.
OFFICERS
Robert A. Nesher
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Stephen F. Panner
CONTROLLER AND CHIEF FINANCIAL OFFICER
Russell Emery
CHIEF COMPLIANCE OFFICER
Timothy D. Barto
VICE PRESIDENT, SECRETARY
James Ndiaye
VICE PRESIDENT, ASSISTANT SECRETARY
Michael T. Pang
VICE PRESIDENT, ASSISTANT SECRETARY
Aaron Buser
VICE PRESIDENT, ASSISTANT SECRETARY
John J. McCue
VICE PRESIDENT
Andrew S. Decker
ANTI-MONEY LAUNDERING COMPLIANCE OFFICER
INVESTMENT ADVISER
SEI Investments Management Corporation
ADMINISTRATOR
SEI Investments Global Funds Services
DISTRIBUTOR
SEI Investments Distribution Co.
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
KMPG LLP
This report and the financial statements contained herein are submitted for the
general information of the shareholders of the Trust and must be preceded or
accompanied by a current prospectus. Shares of the SEI Funds are not deposits or
obligations of, or guaranteed or endorsed by, any bank. The shares are not
federally insured by the Federal Deposit Insurance Corporation (FDIC), the
Federal Reserve Board, or any other government agency. Investment in the shares
involves risk, including the possible loss of principal.
FOR MORE INFORMATION CALL
1 800 DIAL SEI
(1 800 342 5734)
(SEI LOGO) New ways.
New answers.(R)
SEI Investments Distribution Co.
Oaks, PA 19456 1.800.DIAL.SEI (1.800.342.5734)
SEI-F-018 (9/08)
ITEM 2. CODE OF ETHICS.
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.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a)(1) The Registrant's board of trustees has determined that the Registrant has
one audit committee financial expert serving on the audit committee.
(a)(2) The audit committee financial expert is George J. Sullivan, Jr. Mr.
Sullivan is an independent as defined in Form N-CSR Item 3(a)(2).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Fees billed by KPMG LLP (KPMG) related to the Registrant.
KPMG billed the Registrant aggregate fees for the services redered to the
Registrant for fiscal year 2008 and for fiscal year 2007 as follows:
- ------------------ ----------------------------------------------------- -----------------------------------------------------
FISCAL 2008 FISCAL 2007
- ------- ---------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
All fees and All fees and All other fees All fees and All fees and All other fees
services to the services to and services to services to the services to and services to
Trust that were service service Trust that were service service
pre-approved affiliates that affiliates that pre-approved affiliates that affiliates that
were did not require were did not require
pre-approved pre-approval pre-approved pre-approval
- ------- ---------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(a) Audit $150,000 $0 $0 $136,500 N/A $0
Fees(1)
- ------- ---------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(b) Audit- $0 $0 N/A $0 $0 $0
Related
Fees
- ------- ---------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(c) Tax $26,800 $0 $0 N/A N/A N/A
Fees(2)
- ------- ---------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(d) All $248,500 $0 $0 $5,440 $264,075 $0
Other
Fees
- ------- ---------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Notes:
(1) Audit fees include amounts related to the audit of the Registrant's
annual financial statements and services normally provided by the
accountant in connection with statutory and regulatory filings.
(2) Review of federal income tax returns of the Registrant.
(e)(1) All requests or applications for services to be provided by the
independent auditor shall be submitted to the Chief Financial Officer ("CFO") of
the Registrant and must include a detailed description of the services proposed
to be rendered. The Registrant `s 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 or (3) have been
previously pre-approved in connection with the independent auditor's annual
engagement letter for the applicable year or otherwise.
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 expert,
provided that the estimated fee for any such proposed pre-approved service does
not exceed $100,000 and any pre-approval decisions are reported to the audit
committee at its next regularly scheduled meeting.
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:
-------------------------- ----------------- ----------------
FISCAL 2008 FISCAL 2007
-------------------------- ----------------- ----------------
Audit-Related Fees 0% 0%
-------------------------- ----------------- ----------------
Tax Fees 0% 0%
-------------------------- ----------------- ----------------
All Other Fees 0% 0%
-------------------------- ----------------- ----------------
(f) Not Applicable.
(g)(1) The aggregate non-audit fees and services billed by KPMG for the fiscal
years 2008 and 2007 were $248,500 and $269,515, respectively. Non-audit fees
consist of SAS No. 70 review of fund accounting and administration operations,
attestation report in accordance with Rule 17 Ad-13, agreed upon procedures
report over certain internal controls related to compliance with federal
securities laws and regulations and tax consulting services for various service
affiliates of the Registrant.
(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.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS
Included in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT COMPANY AND
AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Registrant has a standing nominating committee (the "Committee") currently
consisting of the independent trustees. The Committee is responsible for
evaluating and recommending nominees for election to the Registrant's board of
trustees (the "Board"). Pursuant to the Committee's charter, adopted on June 18,
2004 and 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.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The certifying officers, whose certifications are included herewith, have
evaluated the Registrant's disclosure controls and procedures within 90 days of
the filing date of this report. Based on their evaluation, the certifying
officers have concluded that the Registrant's disclosure controls and procedures
are adequately designed, and are operating effectively to ensure, that
information required to be disclosed by the Registrant in the reports it files
or submits under the Securities Exchange Act of 1934 is recorded, processed,
summarized and reported within the time periods specified in the Securities and
Exchange Commission's rules and forms.
(b) There were no significant changes in the Registrant's internal control over
financial reporting that occurred during the Registrant's last fiscal half-year
that have materially affected, or are reasonably likely to materially affect,
the Registrants internal control over financial reporting.
ITEMS 12. EXHIBITS.
(a)(1) Code of Ethics attached hereto.
(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 an exhibit.
- --------------------------------------------------------------------------------
SIGNATURES
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.
(Registrant) SEI Institutional International Trust
By (Signature and Title)* /s/ Robert A. Nesher
-------------------------
Robert A. Nesher
President & CEO
Date: December 09, 2008
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.
By (Signature and Title)* /s/ Robert A. Nesher
-------------------------
Robert A. Nesher
President & CEO
Date: December 09, 2008
By (Signature and Title)* /s/ Stephen F. Panner
-------------------------
Stephen F. Panner,
Controller & CFO
Date: December 09, 2008
* Print the name and title of each signing officer under his or her signature.