SEI GLOBAL ASSETS FUND PLC Unaudited Condensed Financial … · 2020. 1. 6. · The SEI Defensive Fund is comprised of eight classes of Shares. The Fund was launched on 19 February

SEI GLOBAL ASSETS FUND PLC

Unaudited Condensed Financial Statements for the financial half year ended 31 December 2018

SEI Global Assets Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018

CONTENTS PAGE

Directory 4 General Information 5

Investment Adviser’s Reports The SEI Defensive Fund 7

The SEI Conservative Fund 8

The SEI Moderate Fund 9

The SEI Core Fund 10

The SEI Balanced Fund 11

The SEI Growth Fund 12

The SEI Aggressive Fund 13

The SEI Global Conservative Fund 14

The SEI Global Moderate Fund 15

The SEI Global Core Fund 16

The SEI Global Balanced Fund 17

The SEI Global Growth Fund 18

The SEI Global Aggressive Fund 19

The SEI Euro Conservative Fund 20

The SEI Euro Moderate Fund 21

The SEI Euro Core Fund 22

The SEI Euro Balanced Fund 23

The SEI Euro Growth Fund 24

The SEI Euro Aggressive Fund 25

Portfolio of Investments

The SEI Defensive Fund 27

The SEI Conservative Fund 33

The SEI Moderate Fund 39

The SEI Core Fund 45

The SEI Balanced Fund 47

The SEI Growth Fund 49

The SEI Aggressive Fund 51

The SEI Global Conservative Fund 52

The SEI Global Moderate Fund 58

The SEI Global Core Fund 64

The SEI Global Balanced Fund 66

The SEI Global Growth Fund 68

The SEI Global Aggressive Fund 70

The SEI Euro Conservative Fund 71

The SEI Euro Moderate Fund 77

The SEI Euro Core Fund 83

The SEI Euro Balanced Fund 85

The SEI Euro Growth Fund 87

The SEI Euro Aggressive Fund 89

Condensed Income Statement 95 Condensed Statement of Financial Position 102 Condensed Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 113 Notes to the Condensed Financial Statements 122 Appendix I – Remuneration Disclosures 139

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CONTENTS (continued) PAGE Appendix II – Statement of Changes in Composition of Portfolio 140 Appendix III – Securities Financing Transactions Regulation 191

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DIRECTORY

Board of Directors at 31 December 2018

Michael Jackson (Chairman) (Irish)

Kevin Barr (American) Robert A. Nesher (American) Desmond Murray* (Irish) Jeffrey Klauder (American)

*Director, independent of the Investment Adviser

Manager SEI Investments Global, Limited 2nd Floor Styne House Upper Hatch Street Dublin 2 Ireland

Investment Adviser SEI Investments Management Corporation 1 Freedom Valley Drive Oaks Pennsylvania 19456 U.S.A.

Depositary Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street Dublin 2 Ireland

Administrator SEI Investments – Global Fund Services Limited 2nd Floor Styne House Upper Hatch Street Dublin 2 Ireland

Distributor SEI Investments (Europe) Limited 1st Floor Alphabeta 14-18 Finsbury Square London EC2A 1BR England

Independent Auditors PricewaterhouseCoopers One Spencer Dock North Wall Quay Dublin 1 Ireland

Legal Advisers as to Irish Law Matheson 70 Sir John Rogerson’s Quay Dublin 2 Ireland

Company Secretary Matsack Trust Limited 70 Sir John Rogerson’s Quay Dublin 2 Ireland

Registered Office 2nd Floor Styne House Upper Hatch Street Dublin 2 Ireland

CRO Number 343753

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GENERAL INFORMATION

Structure

The following information is derived from and should be read in conjunction with the full text and definitions section of the Prospectus.

SEI Global Assets Fund plc (the “Company”) was incorporated on 30 May 2001 and is an umbrella fund established as an open-ended investment company with variable capital under the laws of Ireland as a public limited company pursuant to the Companies Act 2014. It operates pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2011 (the “UCITS Regulations”). Its share capital is divided into a number of classes, each representing interests in a fund, except for the Subscriber Shares that will not entitle the holders to participate in the assets of any fund.

At 31 December 2018, the Company comprised nineteen separate portfolios of investments (“Funds”), each of which is represented by a separate series of Redeemable Participating Shares. These Funds are: The SEI Defensive Fund, The SEI Conservative Fund, The SEI Moderate Fund, The SEI Core Fund, The SEI Balanced Fund, The SEI Growth Fund, The SEI Aggressive Fund, The SEI Global Conservative Fund, The SEI Global Moderate Fund, The SEI Global Core Fund, The SEI Global Balanced Fund, The SEI Global Growth Fund, The SEI Global Aggressive Fund, The SEI Euro Conservative Fund, The SEI Euro Moderate Fund, The SEI Euro Core Fund, The SEI Euro Balanced Fund, The SEI Euro Growth Fund and The SEI Euro Aggressive Fund. The SEI Global Moderate Fund launched on 28 August 2018.

As the Company is availing of the provisions of the Companies Act 2014, each Fund has segregated liability from the other Funds and the Company is not liable as a whole to third parties for the liabilities of each Fund.

A new Prospectus was approved by the Central Bank on 09 February 2018.

A copy of the Prospectus and Key Investor Information Document (“KIID”) can be obtained by contacting the Administrator at its registered office.

Distribution Policy

The Articles of Association empower the Company in General Meetings to declare dividends in respect of any Shares provided that no dividend shall exceed the amount recommended by the Directors. The Articles of Association also empower the Directors to declare interim dividends. The Directors have determined to reinvest all net income and net realised capital gains of the Company attributable to the Accumulating Class Shares. Accordingly, no dividends will be paid in respect of such Shares and all net income and net realised capital gains of the Company attributable to such Shares will be reflected in the Net Asset Value per Share of those Shares.

The Directors expect that all or substantially all of the net investment income of the relevant Funds attributable to the Distributing Classes will be calculated as of the first Dealing Day of each calendar quarter (the “Record Date”) and declared as a dividend to eligible Shareholders on the relevant Fund’s register of Shareholders on the Record Date. Any such dividend will be distributed to the relevant Shareholders normally within ten Dealing Days from the Record Date.

The Articles of Association empower the Directors to declare dividends in respect of any Shares out of net income (including interest income) and the excess of realised and unrealised capital gains over realised and unrealised losses in respect of investments of the Company. Net realised and unrealised capital gains of the relevant Funds attributable to the Distributing Classes are expected to be retained by the relevant Fund which will result in an increase in the Net Asset Value per Share. The Directors, nevertheless, reserve the right to declare dividends in respect of such realised and unrealised capital gains less realised and unrealised capital losses at their sole discretion.

The Directors may from time to time, and in their sole discretion, determine that the Company shall, on behalf of one or more Funds, apply an equalisation formula in respect to any Distributing Class Shares for any distribution period in which it is expected that significant subscriptions or redemptions of Shares in the relevant Fund during that distribution period might have a significant impact on the net investment income of the relevant Fund which would otherwise be available for distribution on the relevant Record Date.

Prices

There is currently a single price for buying and selling Shares in the Company and/or switching Shares between Funds. This is represented by the Net Asset Value per Share. The Company reserves the right to impose, or to authorise the Manager to impose a redemption charge on the redemption of Shares to a maximum of 3% of the Net Asset Value of the Shares to be redeemed in circumstances where the value of the Shares being redeemed equals 5% or more of the Net Asset Value of the relevant Fund, or where the value of the Shares being redeemed on a Dealing Day, when aggregated with the value of any Shares redeemed by the Shareholder from the same Fund within the prior two month period from the relevant Dealing Day equals 5% or more of the Net Asset Value of the relevant Fund of the Company. The Company reserves the right to impose, or to authorise the Manager to impose a sales charge and a switching charge in such an amount as may be specified in the Prospectus. During the financial half year ended 31 December 2018 (referred to herein as the “half year end”, “half year ended”, “period end” or “period ended”), and year ended 30 June 2018, no charges have been imposed on subscription monies, the redemption of Shares or Shares acquired as a result of switching between Funds. Minimum Subscription

The minimum initial subscription to the Company in respect of any Fund or Share Class will be specified in the Prospectus and may be varied or waived by the Directors at their absolute discretion.

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GENERAL INFORMATION (continued) Dealing A Dealing Day is:

(i) every Business Day, except for 24 December; (ii) and/or such other days as the Directors may from time to time determine in relation to any particular Fund and notify in advance to the relevant

Shareholders;

provided always that there shall be at least one Dealing Day for each Fund per fortnight.

A Business Day is defined as any day on which banks in Dublin or London are open for normal banking business, excluding Saturdays and Sundays and such other day or days as may be determined by the Directors. If the aggregate redemption requests on any Dealing Day equal or exceed 10% or more of the outstanding Shares of any Series in issue or deemed to be in issue, the Directors may elect to restrict the total number of Shares to be redeemed to 10% of the outstanding Shares in issue in that Series on that Dealing Day, in which case all redemption requests will be reduced pro rata to the size of the request. The balance of the Shares in respect of which redemption requests have been received shall be redeemed on the next succeeding Dealing Day, subject to the same 10% restriction, and in priority to redemption requests received in respect of next Dealing Day.

6


THE SEI DEFENSIVE FUND – INVESTMENT ADVISER’S REPORT The SEI Defensive Fund is comprised of eight classes of Shares. The Fund was launched on 19 February 2010. The functional currency of The SEI Defensive Fund is British Pound Sterling (GBP). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month period. Fixed-income Funds, especially Global Short Term Bond, Global Short Duration and the UK index-linked fixed-interest Funds positively contributed to performance, while everything else detracted; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the Fund’s commodities positioning, the Global Multi-Asset Income Fund and the Global Managed Volatility Fund. There were two active trades during the six-month period. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). An overweight to commodities was the largest detractor, while an overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund benefitted performance during the period. January 2019

7


THE SEI CONSERVATIVE FUND – INVESTMENT ADVISER’S REPORT The SEI Conservative Fund is comprised of six classes of Shares. The Fund was launched on 19 February 2010. The functional currency of The SEI Conservative Fund is British Pound Sterling (GBP). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month period. Fixed-income Funds, especially Global Short Term Bond, Global Short Duration and the UK index-linked fixed-interest Funds positively contributed to performance, while everything else detracted; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the Fund’s commodities positioning, the UK Equity Fund and the Global Multi-Asset Income Fund. There were two active trades during the six-month period. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). An overweight to commodities was the largest detractor, while an overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund benefitted performance during the period. January 2019

8


THE SEI MODERATE FUND – INVESTMENT ADVISER’S REPORT The SEI Moderate Fund is comprised of eight classes of Shares. The Fund was launched on 19 February 2010. The functional currency of The SEI Moderate Fund is British Pound Sterling (GBP). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018.

Fund Attribution Fund performance was negative during the six-month period. Fixed-income Funds, especially Global Short Term Bond, Global Short Duration and the UK index-linked fixed-interest Funds positively contributed to performance, while everything else detracted; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the Fund’s commodities positioning, UK Equity Fund and the Global Managed Volatility Fund. There were two active trades during the six-month period. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). An overweight to commodities against an underweight to the Global Short Term Bond Fund was the largest detractor, while an overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund benefitted performance during the period. January 2019

9


THE SEI CORE FUND – INVESTMENT ADVISER’S REPORT The SEI Core Fund is comprised of eight classes of Shares. The Fund was launched on 19 February 2010. The functional currency of The SEI Core Fund is British Pound Sterling (GBP). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month reporting period. The Global Fixed Income Fund, Global Opportunistic Fixed Income Fund and the UK index-linked fixed-interest Funds positively contributed to performance, while everything else detracted; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the Fund’s commodities positioning, the UK Equity Fund and the Global Equity Fund. There were three active trades during the six-month period, all which detracted from performance. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). The overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to US equities. The overweight to commodities, with a respective underweight to the Global Short Term Bond Fund, was the smallest detractor. Each of these positions was closed by the end of September with the introduction of the Dynamic Asset Allocation Fund, which will provide future active trades to The SEI Core Fund. January 2019

10


THE SEI BALANCED FUND – INVESTMENT ADVISER’S REPORT The SEI Balanced Fund is comprised of six classes of Shares. The Fund was launched on 19 February 2010. The functional currency of The SEI Balanced Fund is British Pound Sterling (GBP). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month reporting period. The Global Fixed Income Fund, Global Opportunistic Fixed Income Fund and the UK index-linked fixed-interest Funds positively contributed to performance, while everything else detracted; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the Fund’s commodities positioning, the UK Equity Fund, the Global Equity Fund and the Dynamic Asset Allocation Fund. There were three active trades during the six-month period, all which detracted from performance. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). The overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to US equities. The overweight to commodities with a respective underweight to the Global Short Term Bond Fund was the smallest detractor. Each of these positions was closed by the end of September with the introduction of the Dynamic Asset Allocation Fund, which will provide future active trades to The SEI Balanced Fund. January 2019

11


THE SEI GROWTH FUND – INVESTMENT ADVISER’S REPORT The SEI Growth Fund is comprised of eight classes of Shares. The Fund was launched on 19 February 2010. The functional currency of The SEI Growth Fund is British Pound Sterling (GBP). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month reporting period. The Global Fixed Income Fund, Global Opportunistic Fixed Income Fund and the UK index-linked fixed-interest Funds positively contributed to performance, while everything else detracted; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the Fund’s commodities positioning, the UK Equity Fund, the Global Equity Fund and the Dynamic Asset Allocation Fund. There were three active trades during the six-month period, all which detracted from performance. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). The overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to US equities. The overweight to commodities, with a respective underweight to the Global Fixed Income Fund and the Global Opportunistic Fixed Income Fund, was the smallest detractor. Each of these positions was closed by the end of September with the introduction of the Dynamic Asset Allocation Fund, which will provide future active trades The SEI Growth Fund.

January 2019

12


THE SEI AGGRESSIVE FUND – INVESTMENT ADVISER’S REPORT The SEI Aggressive Fund is comprised of eight classes of Shares. The Fund was launched on 19 February 2010. The functional currency of The SEI Aggressive Fund is British Pound Sterling (GBP). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month reporting period. All Funds detracted from performance during this time; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the UK Equity Fund, the Global Equity Fund and the Dynamic Asset Allocation Fund. There was one active trade during the six-month period; an overweight tilt to Japanese equities, funded by an underweight to US equities, detracted from performance. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). The position was closed in September with the introduction of the Dynamic Asset Allocation Fund, which will provide future active trades to The SEI Aggressive Fund. January 2019

13


THE SEI GLOBAL CONSERVATIVE FUND – INVESTMENT ADVISER’S REPORT The SEI Global Conservative Fund is comprised of five classes of Shares. The Fund was launched on 28 February 2011. The functional currency of The SEI Global Conservative Fund is US Dollar (US$). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month period. Fixed-income Funds, especially Global Short Term Bond and Global Short Duration positively contributed to performance, while everything else detracted; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the Fund’s commodities positioning, the Global Managed Volatility Fund and the Global Equity Fund. There were two active trades during the six-month period. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). An overweight to commodities was the largest detractor, while an overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund benefitted performance during the period. January 2019

14


THE SEI GLOBAL MODERATE FUND – INVESTMENT ADVISER’S REPORT The SEI Global Moderate Fund is comprised of six classes of Shares. The Fund was launched on 28 August 2018. The functional currency of The Global Moderate Fund is US Dollar (US$). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month period. Fixed-income Funds, especially Global Short Term Bond and Global Short Duration Funds positively contributed to performance, while everything else detracted; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the Fund’s commodities positioning. The Global Equity Fund and the Global Managed Volatility Fund. There were two active trades during the six-month period. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). An overweight to commodities against an underweight to the Global Short Term Bond Fund was the largest detractor, while an overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund benefitted performance during the period. January 2019

15


THE SEI GLOBAL CORE FUND – INVESTMENT ADVISER’S REPORT The SEI Global Core Fund is comprised of five classes of Shares. The Fund was launched on 28 February 2011. The functional currency of The SEI Global Core Fund is US Dollar (US$). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month period. Fixed-income allocations, especially the Global Fixed Income Fund and Global Opportunistic Fixed Income Fund positively contributed to performance, while everything else detracted; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the Global Equity Fund, Factor Allocation US Equity Fund and the Dynamic Asset Allocation Fund. There were three active trades during the six-month period, all which detracted from performance. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). The overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to US equities. The overweight to commodities, with a respective underweight to the Global Short Term Bond Fund, was the smallest detractor. Each of these positions was closed by the end of September with the introduction of the Dynamic Asset Allocation Fund, which will provide future active trades to The SEI Global Core Fund. January 2019

16


THE SEI GLOBAL BALANCED FUND – INVESTMENT ADVISER’S REPORT The SEI Global Balanced Fund is comprised of five classes of Shares. The Fund was launched on 28 February 2011. The functional currency of The SEI Global Balanced Fund is US Dollar (US$). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month reporting period. The Global Fixed Income Fund and Global Opportunistic Fixed Income Fund positively contributed to performance, while everything else detracted; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the Fund’s commodities positioning, the Global Equity Fund, Factor Allocation US Equity Fund and the European ex-UK Equity Fund. There were three active trades during the six-month period, all which detracted from performance. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). The overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to US equities. The overweight to commodities, with a respective underweight to the Global Short Term Bond Fund, was the smallest detractor. Each of these positions was closed by the end of September with the introduction of the Dynamic Asset Allocation Fund, which will provide future active trades to The SEI Global Balanced Fund. January 2019

17


THE SEI GLOBAL GROWTH FUND – INVESTMENT ADVISER’S REPORT The SEI Global Growth Fund is comprised of five classes of Shares. The Fund was launched on 28 February 2011. The functional currency of The SEI Global Growth Fund is US Dollar (US$). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month reporting period. The Global Fixed Income Fund and Global Opportunistic Fixed Income Fund positively contributed to performance, while everything else detracted; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the Global Equity Fund, Factor Allocation US Equity Fund and the European ex-UK Equity Fund. There were three active trades during the six-month period, all which detracted from performance. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). The overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to US equities. The overweight to commodities, with a respective underweight to the Global Short Term Bond Fund, was the smallest detractor. Each of these positions was closed by the end of September with the introduction of the Dynamic Asset Allocation Fund, which will provide future active trades to The SEI Global Growth Fund. January 2019

18


THE SEI GLOBAL AGGRESSIVE FUND – INVESTMENT ADVISER’S REPORT The SEI Global Aggressive Fund is comprised of five classes of Shares. The Fund was launched on 28 February 2011. The functional currency of The SEI Global Aggressive Fund is US Dollar (US$). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month reporting period. All Funds detracted from performance during this time; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the European ex-UK Equity Fund, the Global Equity Fund and the Factor Allocation US Equity Fund. There was one active trade during the six-month period; an overweight tilt to Japanese equities, funded by an underweight to US equities, detracted from performance. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). The position was closed in September with the introduction of the Dynamic Asset Allocation Fund, which will provide future active trades to The SEI Global Aggressive Fund. January 2019

19


THE SEI EURO CONSERVATIVE FUND – INVESTMENT ADVISER’S REPORT The SEI Euro Conservative Fund is comprised of four classes of Shares. The Fund was launched on 29 September 2017. The functional currency of The SEI Euro Conservative Fund is Euro (EUR). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month period. The only Fund with positive performance was the Global Short Term Bond Fund. Other fixed-income Funds, such as Global Fixed Income and Global Opportunistic Fixed Income, only marginally detracted from performance; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the Fund’s commodities positioning, the Global Managed Volatility Fund and the European ex-UK Equity Fund. There were two active trades during the six-month period. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). An overweight to commodities was the largest detractor, while an overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund benefitted performance during the period. January 2019

20


THE SEI EURO MODERATE FUND – INVESTMENT ADVISER’S REPORT The SEI Euro Moderate Fund is comprised of four classes of Shares. The Fund was launched on 29 September 2017. The functional currency of The SEI Euro Moderate Fund is Euro (EUR). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month period. The only Fund with positive performance was the Global Short Term Bond Fund. Other fixed-income Funds, such as Global Fixed Income and Global Opportunistic Fixed Income, only marginally detracted from performance; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the Fund’s commodities positioning, the European ex-UK Equity Fund and the Global Managed Volatility Fund. There were two active trades during the six-month period. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). An overweight to commodities was the largest detractor, while an overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund benefitted performance during the period.

January 2019

21


THE SEI EURO CORE FUND – INVESTMENT ADVISER’S REPORT The SEI Euro Core Fund is comprised of four classes of Shares. The Fund was launched on 29 September 2017. The functional currency of The SEI Euro Core Fund is Euro (EUR). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month period. The only Fund with positive performance was the Global Short Term Bond Fund. Other fixed-income Funds, such as Global Fixed Income and Global Opportunistic Fixed Income, only marginally detracted from performance; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the Fund’s commodities positioning, European ex-UK Equity Fund and the Global Equity Fund. There were three active trades during the six-month period, all which detracted from performance. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). The overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to US equities. The overweight to commodities, with a respective underweight to the Global Short Term Bond Fund, was the smallest detractor. Each of these positions was closed by the end of September with the introduction of the Dynamic Asset Allocation Fund, which will provide future active trades to The SEI Euro Core Fund. January 2019

22


THE SEI EURO BALANCED FUND – INVESTMENT ADVISER’S REPORT The SEI Euro Balanced Fund is comprised of four classes of Shares. The Fund was launched on 29 September 2017. The functional currency of The SEI Euro Balanced Fund is Euro (EUR). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution

Fund performance was negative during the six-month reporting period. All Funds detracted from performance during this time; fixed-income Funds, such as the Global Fixed Income Fund and Global Opportunistic Fixed Income Fund, marginally detracted from performance. Along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the European ex-UK Equity Fund, the Global Equity Fund and the Pan European Small Cap Fund. There were three active trades during the six-month period, all which detracted from performance. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). The overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to US equities. The overweight to commodities, with a respective underweight to the Global Short Term Bond Fund, was the smallest detractor. Each of these positions was closed by the end of September with the introduction of the Dynamic Asset Allocation Fund, which will provide future active trades to The SEI Euro Balanced Fund. January 2019

23


THE SEI EURO GROWTH FUND – INVESTMENT ADVISER’S REPORT The SEI Euro Growth Fund is comprised of four classes of Shares. The Fund was launched on 29 September 2017. The functional currency of The SEI Euro Growth Fund is Euro (EUR). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month reporting period. All Funds detracted from performance during this time, although fixed-income Funds, such as Global Fixed Income and Global Opportunistic Fixed Income, only marginally detracted; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the European ex-UK Equity Fund, the Global Equity Fund and the Dynamic Asset Allocation Fund. There were three active trades during the six-month period, all which detracted from performance. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). The overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to US equities. The overweight to commodities, with a respective underweight to the Global Fixed Income Fund and the Global Opportunistic Fixed Income Fund, was the smallest detractor. Each of these positions was closed by the end of September with the introduction of the Dynamic Asset Allocation Fund, which will provide future active trades to The SEI Euro Growth Fund. January 2019

24


THE SEI EURO AGGRESSIVE FUND – INVESTMENT ADVISER’S REPORT The SEI Euro Aggressive Fund is comprised of four classes of Shares. The Fund was launched on 29 September 2017. The functional currency of The Euro Aggressive Fund is Euro (EUR). Market Commentary The six-month period ending 31 December 2018 saw a return of volatility to financial markets after an extended period of historic lows. Most global equity indexes neared or breached bear-market territory as trade-war fears, Italian budget negotiations, ongoing Brexit discussions and a flattening US yield curve weighed on investor expectations. The US and China trade dispute hit a boiling point in the second half of 2018, resulting in a tit-for-tat strategy that saw various threats of tariffs from both parties. Investors were optimistic when the two countries agreed to a 90-day truce, but the resulting risk-on rally proved temporary as the market viewed the news as immaterially altering the collision course of the world’s two largest economies. Overall, the equity market correction was harsh; US large-cap stocks, as measured by the Russell 1000 Index, finished down 13.82% over the last three months and off 4.78% for the year, in US dollar terms. Many stock markets outside the US also ended the year with double-digit year-to-date declines, leaving the MSCI ACWI ex-USA and MSCI Emerging Markets Indexes down 10.19% and 9.66% for the year, respectively, in US dollar terms. Meanwhile, the US yield curve continued to flatten, even inverting between some tenors, after the Federal Reserve (Fed) communicated that rates had plenty of room to climb before becoming growth neutral. The Fed’s comments were ultimately walked back, as the central bank signalled a patient approach to future interest rate hikes that would be dependent on improving economic data. The US Federal Open Market Committee raised interest rates another 25 basis points at the December meeting, bringing the fed-funds rate to 2.5%. Throughout 2018, the Fed announced four 25 basis point hikes as it continued to normalise rates. Other global central banks continued with ultra-accommodative policies. In currency markets, the US dollar outperformed most other major currencies. This strength proved a significant headwind for commodity pricing above and beyond the impact of China’s slowing growth, tariffs and the rumblings in energy markets caused by the boom in US shale. Among commodities, oil was the big loser, down almost 25% for the year in US dollars. While gold displayed resiliency, even this defensive asset was down over the full year. Given the sharp retreat in equity markets, it should not be surprising that bonds provided better performance compared to equities. But even in fixed income, absolute performance was disappointing. One might have expected that the sluggishness evident in the global economy outside the US and the general absence of global inflationary pressures would encourage a far more positive response from risk-mitigating assets. Many broad categories of global fixed income were down slightly for the year on a total-return basis. Year-to-date losses in the Bloomberg Barclays Long US Government/Credit Index reached more than 9% in early November before rallying back to a year-to-date decline of 4.68%, in US dollar terms, through 31 December 2018. The Bloomberg Barclays US Aggregate Bond Index finished the year up fractionally, rising 0.01% in US dollars. Meanwhile, the JP Morgan GBI Emerging Markets Global Diversified Index and the JP Morgan EMBI Global Diversified Index dropped 6.21% and 4.26%, respectively, both in US dollar terms. The US high-yield market, as measured by the ICE BofAML US High Yield Constrained Index, was not exempt from the pain, falling 2.27% in US dollar terms during 2018. Fund Attribution Fund performance was negative during the six-month reporting period. All Funds detracted from performance during this time; along with commodities, the equity-based Funds were the worst performers, driven by a risk-off mentality that spread through financial markets during the fourth quarter. The most significant detractors were the European ex-UK Equity Fund, the Global Equity Fund and the Factor Allocation US Equity Fund. There was one active trade during the six-month period; an overweight tilt to Japanese equities, funded by an underweight to US equities, detracted from performance. The Fund’s active positions are tactical in nature and designed to take advantage of idiosyncratic or shorter-term market anomalies. By definition, the trades are not passive (that is, invested in a passively managed Fund that explicitly tracks a benchmark). The position was closed in September with the introduction of the Dynamic Asset Allocation Fund, which will provide future active trades to The SEI Euro Aggressive Fund. January 2019

25


INVESTMENT ADVISER’S REPORT (continued) Important Information: The opinions and views contained in this document are solely those of SEI and are subject to change; descriptions relating to organisational structure, teams and investment processes herein may differ significantly from those prescribed by underlying managers regarding their own investment houses and investments. Past performance is not a guarantee of future performance. Investment in the range of SEI’s Funds is intended as a long-term investment. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. Additionally, this investment may not be suitable for everyone. If you should have any doubt whether it is suitable for you, you should obtain expert advice. No offer of any security is made hereby. Recipients of this information who intend to apply for Shares in any SEI Fund are reminded that any such application may be made solely on the basis of the information contained in the Prospectus. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the Funds or any stock in particular, nor should it be construed as a recommendation to purchase or sell a security, including futures contracts. If the investment is withdrawn in the early years it may not return the full amount invested. In addition to the normal risks associated with equity investing, international investments may involve risk of capital loss from unfavourable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Narrowly focused investments and smaller companies typically exhibit higher volatility. Products of companies in which technology funds invest may be subject to severe competition and rapid obsolescence. SEI Funds may use derivative instruments such as futures, forward currency contracts, options, swaps, contracts for difference, credit derivatives, caps and floors. These instruments may be used for hedging purposes and/or investment purposes.

While considerable care has been taken to ensure the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information and no liability is accepted for any errors or omissions in such information or any action taken on the basis of this information. This information is issued by SEI Investments (Europe) Limited, 1st Floor, Alphabeta, 14-18 Finsbury Square, London EC2A 1BR which is authorised and regulated by the Financial Conduct Authority. Please refer to our latest Full Prospectus (which includes information in relation to the use of derivatives and the risks associated with the use of derivative instruments), Key Investor Information Document (“KIID”) and latest Annual or Interim Reports for more information on our Funds. This information can be obtained by contacting your Financial Adviser or using the contact details shown above.

26

SEI Global Assets Fund plcUnaudited Condensed Financial Statements for the half year ended 31 December 2018

THE SEI DEFENSIVE FUND

PORTFOLIO OF INVESTMENTS AS AT 31 DECEMBER 2018

Nominal SecurityCurrency

Code Value GBP Fund %

INVESTMENT FUNDS

Financial - 0.19% (30 June 2018: 0.19%)96 AG MORTGAGE INVESTMENT TRUST INC USD 1,196 0.00%

1,198 AGNC INVESTMENT CORP USD 16,502 0.06%148 ANNALY CAPITAL MANAGEMENT INC USD 1,143 0.00%356 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 4,651 0.02%173 ARBOR REALTY TRUST INC USD 1,364 0.01%

3,339 CACHE LOGISTICS TRUST CLASS REIT SGD 1,337 0.01%51 CANADIAN APARTMENT PROPERTIES REIT CAD 1,295 0.01%

145 CROMBIE REAL ESTATE INVESTMENT TRUST CAD 1,040 0.00%152 DYNEX CAPITAL INC USD 682 0.00%867 EMPIRIC STUDENT PROPERTY PLC GBP 801 0.00%87 EXANTAS CAPITAL CORP USD 687 0.00%

1,322 GCP STUDENT LIVING PLC GBP 1,962 0.01%1,368 HANSTEEN HOLDINGS PLC GBP 1,267 0.01%

43 INTERVEST OFFICES & WAREHOUSES NV EUR 799 0.00%464 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 562 0.00%247 KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST CAD 2,266 0.01%653 MFA FINANCIAL INC CLASS REIT USD 3,423 0.01%69 NORTHVIEW APARTMENT REAL ESTATE INVESTMENT TRUST CAD 971 0.00%

208 PENNYMAC MORTGAGE INVESTMENT TRUST USD 3,045 0.01%4,177 PROSPERITY REIT HKD 1,257 0.01%

60 READY CAPITAL CORP USD 656 0.00%1,595 REGAL REAL ESTATE INVESTMENT TRUST HKD 357 0.00%

23 RETAIL ESTATES NV EUR 1,599 0.01%1,334 SCHRODER REAL ESTATE INVESTMENT TRUST LTD GBP 763 0.00%

143 SPIRIT MTA REIT USD 803 0.00%3,557 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 1,791 0.01%

158 WESTERN ASSET MORTGAGE CAPITAL CORP USD 1,034 0.00%

Funds - 95.22% (30 June 2018: 95.05%)2,718,746 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING

GOVERNMENT LIQUIDITY FUNDGBP 2,718,746 10.24%

5,039,626 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLINGLIQUIDITY FUND

GBP 5,039,626 18.99%

17,151 SEI GLOBAL MASTER FUND PLC GBP 388,819 1.47%U.K. INDEX-LINKED FIXED INTEREST FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

56,555 SEI GLOBAL MASTER FUND PLC GBP 528,790 1.99%EMERGING MARKETS DEBT FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

95,153 SEI GLOBAL MASTER FUND PLC GBP 1,063,808 4.01%GLOBAL FIXED INCOME FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

61,745 SEI GLOBAL MASTER FUND PLC GBP 947,785 3.57%GLOBAL MANAGED VOLATILITY FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

154,599 SEI GLOBAL MASTER FUND PLC GBP 1,323,370 4.99%GLOBAL MULTI-ASSET INCOME FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

99,066 SEI GLOBAL MASTER FUND PLC GBP 1,060,995 4.00%GLOBAL OPPORTUNISTIC FIXED INCOME FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

510,084 SEI GLOBAL MASTER FUND PLC GBP 5,049,828 19.03%GLOBAL SHORT TERM BOND FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

503,868 SEI GLOBAL MASTER FUND PLC GBP 5,044,220 19.00%GLOBAL SHORT DURATION BOND FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

103,364 SEI GLOBAL MASTER FUND PLC GBP 1,324,088 4.99%U.K. CORE FIXED INTEREST FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

24,496 SEI GLOBAL MASTER FUND PLC GBP 263,573 0.99%LIQUID ALTERNATIVE FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

27



PORTFOLIO OF INVESTMENTS AS AT 31 DECEMBER 2018 (continued)



Funds - 95.22% (30 June 2018: 95.05%) (continued)

41,725 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 516,972 1.95%Total Investment Funds± 25,323,873 95.41%

Financial Investment Fund Assets at Fair Value Through Profit or Loss 25,323,873 95.41%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – –

EQUITIES

Agriculture - 0.09% (30 June 2018: 0.14%)69 HOKUTO CORP JPY 945 0.00%

852 INGHAMS GROUP LTD AUD 1,945 0.01%540 SWEDISH MATCH AB SEK 16,701 0.06%77 UNIVERSAL CORP/VA USD 3,291 0.01%

442 VECTOR GROUP LTD USD 3,379 0.01%

Apparel - 0.00% (30 June 2018: 0.00%)21 VAN DE VELDE NV EUR 472 0.00%

Auto Parts & Equipment - 0.01% (30 June 2018: 0.05%)138 KEIHIN CORP JPY 1,827 0.01%78 MEKONOMEN AB SEK 631 0.00%

280 PRESS KOGYO CO LTD JPY 1,081 0.00%124 SHOWA CORP JPY 1,148 0.00%

Basic Materials - 0.00% (30 June 2018: 0.12%)200 ALTRI SGPS SA EUR 1,043 0.00%83 SEMAPA-SOCIEDADE DE INVESTIMENTO E GESTAO EUR 974 0.00%

Beverages - 0.00% (30 June 2018: 0.01%)27 DYDO GROUP HOLDINGS INC JPY 1,112 0.00%60 KEY COFFEE INC JPY 893 0.00%

Commercial Services - 0.01% (30 June 2018: 0.03%)17 AMADEUS FIRE AG EUR 1,222 0.01%49 NISSIN CORP JPY 629 0.00%

Communications - 0.20% (30 June 2018: 0.17%)39 AT&T INC USD 882 0.00%

177 BCE INC CAD 5,491 0.02%4,780 CITIC TELECOM INTERNATIONAL HOLDINGS LTD HKD 1,318 0.01%3,384 HKBN LTD HKD 4,031 0.02%

20 LORAL SPACE & COMMUNICATIONS INC USD 571 0.00%235 MILLICOM INTERNATIONAL CELLULAR SA SEK 11,668 0.04%22 QUEBECOR INC CLASS B CAD 361 0.00%

428 ROGERS COMMUNICATIONS INC CLASS B CAD 17,197 0.07%144 RTL GROUP SA EUR 6,053 0.02%97 SES SA CLASS A EUR 1,452 0.01%

1,254 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 1,092 0.00%565 TELEKOM AUSTRIA AG CLASS A EUR 3,368 0.01%68 T-GAIA CORP JPY 1,005 0.00%

Cosmetics/Personal Care - 0.06% (30 June 2018: 0.06%)342 COLGATE-PALMOLIVE CO USD 15,973 0.06%

Distribution/Wholesale - 0.10% (30 June 2018: 0.11%)15 ITOCHU-SHOKUHIN CO LTD JPY 523 0.00%31 JAPAN PULP & PAPER CO LTD JPY 934 0.00%

3,307 MARUBENI CORP JPY 18,283 0.07%721 SUMITOMO CORP JPY 8,053 0.03%

Diversified - 0.05% (30 June 2018: 0.02%)51 SOFINA SA EUR 7,551 0.03%

632 SWIRE PACIFIC LTD CLASS A HKD 5,239 0.02%

28






Entertainment - 0.00% (30 June 2018: 0.03%)41 MARS GROUP HOLDINGS CORP JPY 640 0.00%

Financial - 0.85% (30 June 2018: 0.75%)109 ABC ARBITRAGE EUR 595 0.00%502 AFLAC INC USD 17,957 0.07%21 AGEAS EUR 736 0.00%

254 AMERICAN FINANCIAL GROUP INC/OH USD 18,038 0.07%27 AMERICAN NATIONAL INSURANCE CO USD 2,706 0.01%

325 ASR NEDERLAND NV EUR 10,103 0.04%736 CAPITOL FEDERAL FINANCIAL INC USD 7,378 0.03%99 EHIME BANK LTD JPY 769 0.00%65 EVEREST RE GROUP LTD USD 11,192 0.04%70 FIRST DEFIANCE FINANCIAL CORP USD 1,343 0.01%

145 GENWORTH MI CANADA INC CAD 3,347 0.01%66 GIMV NV EUR 2,783 0.01%

373 GREAT-WEST LIFECO INC CAD 6,044 0.02%424 HANG SENG BANK LTD HKD 7,474 0.03%85 HOMESTREET INC USD 1,418 0.01%61 HOMETRUST BANCSHARES INC USD 1,253 0.01%

1,365 HOPEWELL HOLDINGS LTD HKD 4,710 0.02%2 INTERSHOP HOLDING AG CHF 895 0.00%

2,866 LANGHAM HOSPITALITY INVESTMENTS AND LANGHAM HOSPITALITYINVESTMENTS LTD

HKD 834 0.00%

409 LEGAL & GENERAL GROUP PLC GBP 946 0.00%621 LIU CHONG HING INVESTMENT LTD HKD 757 0.00%539 LOEWS CORP USD 19,274 0.07%75 MCGRATH RENTCORP USD 3,020 0.01%

108 MERIDIAN BANCORP INC USD 1,218 0.01%1,286 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS 861 0.00%

8 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN EUR 1,371 0.01%355 NN GROUP NV EUR 11,084 0.04%143 NORTHFIELD BANCORP INC USD 1,521 0.01%339 NORTHWEST BANCSHARES INC USD 4,504 0.02%48 OCEANFIRST FINANCIAL CORP USD 848 0.00%

124 ORITANI FINANCIAL CORP USD 1,436 0.01%246 POWER CORP OF CANADA CAD 3,470 0.01%128 PROGRESSIVE CORP USD 6,086 0.02%217 PROVIDENT FINANCIAL SERVICES INC USD 4,106 0.02%179 REINSURANCE GROUP OF AMERICA INC CLASS A USD 19,756 0.07%607 SONY FINANCIAL HOLDINGS INC JPY 8,920 0.03%

1,349 STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LTD GBP 1,097 0.00%140 SUN LIFE FINANCIAL INC CAD 3,636 0.01%190 TOPDANMARK A/S DKK 6,913 0.03%324 TORCHMARK CORP USD 18,975 0.07%169 UNITED FINANCIAL BANCORP INC USD 1,956 0.01%188 WASHINGTON FEDERAL INC USD 3,942 0.02%84 WATERSTONE FINANCIAL INC USD 1,099 0.00%83 WUESTENROT & WUERTTEMBERGISCHE AG EUR 1,198 0.00%

Food - 0.55% (30 June 2018: 0.51%)41 AGRANA BETEILIGUNGS AG EUR 593 0.00%

110 ARCS CO LTD JPY 1,929 0.01%295 AUSTEVOLL SEAFOOD ASA NOK 2,854 0.01%358 AXFOOD AB SEK 4,810 0.02%245 COLRUYT SA EUR 13,677 0.05%20 DAIKOKUTENBUSSAN CO LTD JPY 597 0.00%

598 EMPIRE CO LTD CLASS COMMON S CAD 9,916 0.04%34 FUJIYA CO LTD JPY 564 0.00%52 GEORGE WESTON LTD CAD 2,676 0.01%49 GREGGS PLC GBP 617 0.00%93 HEIWADO CO LTD JPY 1,684 0.01%80 KATO SANGYO CO LTD JPY 1,733 0.01%

1,048 KONINKLIJKE AHOLD DELHAIZE NV EUR 20,760 0.08%689 KROGER CO USD 14,866 0.06%432 METRO INC CLASS A CAD 11,749 0.04%51 MITSUBISHI SHOKUHIN CO LTD JPY 1,026 0.00%35 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 446 0.00%

29






Food - 0.55% (30 June 2018: 0.51%) (continued)175 NORTH WEST CO INC CAD 3,166 0.01%77 OKUWA CO LTD JPY 613 0.00%19 ORIOR AG CHF 1,217 0.01%20 RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD ILS 816 0.00%79 RETAIL PARTNERS CO LTD JPY 633 0.00%

321 ROGERS SUGAR INC CAD 1,002 0.00%233 SHUFERSAL LTD ILS 1,204 0.01%413 SYSCO CORP USD 20,336 0.08%350 TATE & LYLE PLC GBP 2,312 0.01%68 TOOTSIE ROLL INDUSTRIES INC USD 1,793 0.01%

178 UNITED SUPER MARKETS HOLDINGS INC JPY 1,533 0.01%680 US FOODS HOLDING CORP USD 16,897 0.06%27 VILLAGE SUPER MARKET INC CLASS A USD 572 0.00%46 WEIS MARKETS INC USD 1,731 0.01%

Healthcare-Services - 0.13% (30 June 2018: 0.13%)83 CHEMED CORP USD 18,501 0.07%57 CIGNA CORP USD 8,540 0.03%47 LABORATORY CORP OF AMERICA HOLDINGS USD 4,681 0.02%29 NATIONAL HEALTHCARE CORP USD 1,805 0.01%

Home Furnishings - 0.01% (30 June 2018: 0.00%)33 CANON ELECTRONICS INC JPY 447 0.00%

266 VTECH HOLDINGS LTD HKD 1,730 0.01%

Household Products/Wares - 0.16% (30 June 2018: 0.17%)159 CLOROX CO USD 19,197 0.07%221 KIMBERLY-CLARK CORP USD 19,762 0.07%45 WD-40 CO USD 6,431 0.02%

Industrial - 0.22% (30 June 2018: 0.34%)30 BARCO NV EUR 2,657 0.01%

102 CK INFRASTRUCTURE HOLDINGS LTD HKD 604 0.00%343 EXPEDITORS INTERNATIONAL OF WASHINGTON INC USD 18,345 0.07%90 GO-AHEAD GROUP PLC GBP 1,370 0.01%50 HAMAKYOREX CO LTD JPY 1,354 0.01%88 INABA DENKI SANGYO CO LTD JPY 2,599 0.01%56 ITURAN LOCATION AND CONTROL LTD USD 1,407 0.01%

221 KELLER GROUP PLC GBP 1,092 0.00%111 OESTERREICHISCHE POST AG EUR 2,978 0.01%253 SILGAN HOLDINGS INC USD 4,690 0.02%330 SONOCO PRODUCTS CO USD 13,751 0.05%66 STOLT-NIELSEN LTD NOK 606 0.00%52 TAMRON CO LTD JPY 583 0.00%

295 TFI INTERNATIONAL INC CAD 5,976 0.02%

Office Furnishings - 0.02% (30 June 2018: 0.02%)201 HERMAN MILLER INC USD 4,776 0.02%

Pharmaceuticals - 0.17% (30 June 2018: 0.12%)108 KYORIN HOLDINGS INC JPY 1,850 0.01%581 PFIZER INC USD 19,924 0.08%144 SHIP HEALTHCARE HOLDINGS INC JPY 4,182 0.02%244 SUZUKEN CO LTD/AICHI JAPAN JPY 9,752 0.04%175 TOHO HOLDINGS CO LTD JPY 3,371 0.01%30 TOWA PHARMACEUTICAL CO LTD JPY 1,631 0.01%

135 VITAL KSK HOLDINGS INC JPY 1,094 0.00%

Retail - 0.69% (30 June 2018: 0.87%)51 ALPEN CO LTD JPY 618 0.00%86 ARCLAND SAKAMOTO CO LTD JPY 835 0.00%

1,219 CAFE DE CORAL HOLDINGS LTD HKD 2,320 0.01%212 CANADIAN TIRE CORP LTD CLASS A CAD 17,404 0.07%50 CAWACHI LTD JPY 644 0.00%

998 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 1,161 0.00%106 DELEK AUTOMOTIVE SYSTEMS LTD ILS 328 0.00%99 DOUTOR NICHIRES HOLDINGS CO LTD JPY 1,427 0.01%

30






Retail - 0.69% (30 June 2018: 0.87%) (continued)242 DSW INC CLASS A USD 4,703 0.02%582 EUROPRIS ASA 144A NOK 1,222 0.01%231 FAIRWOOD HOLDINGS LTD HKD 609 0.00%70 GENESCO INC USD 2,430 0.01%

105 GEO HOLDINGS CORP JPY 1,259 0.01%4,276 GIORDANO INTERNATIONAL LTD HKD 1,587 0.01%

28 HORNBACH BAUMARKT AG EUR 426 0.00%35 HORNBACH HOLDING AG & CO KGAA EUR 1,282 0.01%

1,670 IT LTD HKD 700 0.00%62 JOSHIN DENKI CO LTD JPY 1,072 0.00%72 KISOJI CO LTD JPY 1,282 0.01%88 KOHNAN SHOJI CO LTD JPY 1,683 0.01%

103 KOMERI CO LTD JPY 1,753 0.01%2,067 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 2,458 0.01%

905 MACY'S INC USD 21,154 0.08%132 MATAS A/S DKK 918 0.00%30 MATSUYAFOODS HOLDINGS CO LTD JPY 778 0.00%47 MINISTOP CO LTD JPY 698 0.00%

112 MOBILEZONE HOLDING AG CHF 979 0.00%84 MOS FOOD SERVICES INC JPY 1,677 0.01%

148 NISHIMATSUYA CHAIN CO LTD JPY 943 0.00%295 NORDSTROM INC USD 10,814 0.04%41 OHSHO FOOD SERVICE CORP JPY 2,116 0.01%

2,429 PENDRAGON PLC GBP 546 0.00%233 ROSS STORES INC USD 15,247 0.06%

3,546 SA SA INTERNATIONAL HOLDINGS LTD HKD 1,052 0.00%1,767 SHENG SIONG GROUP LTD SGD 1,079 0.00%

29 SHOE CARNIVAL INC USD 770 0.00%48 ST MARC HOLDINGS CO LTD JPY 839 0.00%

398 SUPER RETAIL GROUP LTD AUD 1,547 0.01%385 TARGET CORP USD 19,995 0.08%637 TJX COS INC USD 22,367 0.08%169 TOKMANNI GROUP CORP EUR 1,090 0.00%250 URBAN OUTFITTERS INC USD 6,509 0.03%13 VALORA HOLDING AG CHF 2,157 0.01%

248 WALMART INC USD 18,107 0.07%73 WH SMITH PLC GBP 1,252 0.01%

Storage/Warehousing - 0.00% (30 June 2018: 0.00%)67 MITSUI-SOKO HOLDINGS CO LTD JPY 906 0.00%

Technology - 0.01% (30 June 2018: 0.01%)68 SYKES ENTERPRISES INC USD 1,326 0.01%

Textiles - 0.01% (30 June 2018: 0.00%)2,523 PACIFIC TEXTILES HOLDINGS LTD HKD 1,761 0.01%

Utilities - 0.74% (30 June 2018: 0.45%)1,171 A2A SPA EUR 1,652 0.01%

61 BKW AG CHF 3,325 0.01%811 CENTERPOINT ENERGY INC USD 17,980 0.07%

2,933 CLP HOLDINGS LTD HKD 26,030 0.10%177 CONSOLIDATED EDISON INC USD 10,644 0.04%201 DTE ENERGY CO USD 17,398 0.07%117 ELIA SYSTEM OPERATOR SA/NV EUR 6,141 0.02%42 ENTERGY CORP USD 2,813 0.01%

230 EVERGY INC USD 10,237 0.04%125 EVN AG EUR 1,406 0.01%634 EXELON CORP USD 22,446 0.09%356 HAWAIIAN ELECTRIC INDUSTRIES INC USD 10,238 0.04%

10,116 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD HKD 8,014 0.03%165 NORTHWESTERN CORP USD 7,687 0.03%631 OGE ENERGY CORP USD 19,408 0.07%115 OTTER TAIL CORP USD 4,487 0.02%294 PORTLAND GENERAL ELECTRIC CO USD 10,579 0.04%187 PUBLIC SERVICE ENTERPRISE GROUP INC USD 7,644 0.03%171 SHIZUOKA GAS CO LTD JPY 1,041 0.00%

31






Utilities - 0.74% (30 June 2018: 0.45%) (continued)24 SSE PLC GBP 260 0.00%49 UNITIL CORP USD 1,948 0.01%

Total Equities* 1,081,763 4.08%

Financial Equity Assets at Fair Value Through Profit or Loss 1,081,763 4.08%Financial Equity Liabilities at Fair Value Through Profit or Loss – –

Investments 26,405,636 99.49%

FORWARD FOREIGN CURRENCY CONTRACTS 0.00% (30 June 2018: 0.01%)

MaturityDate

AmountBought

AmountSold Counterparty

UnrealisedGain/(Loss)

GBP Fund %

Portfolio Hedges31/01/2019 132,176 GBP (167,249) USD Brown Bothers Harriman 1,049 0.00%

1,049 0.00%

Total Forward Foreign Currency Contracts∞ 1,049 0.00%

Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss 1,049 0.00%Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss – –

Value GBP Fund %

Total Financial Assets at Fair Value Through Profit or Loss 26,406,685 99.49%Total Financial Liabilities at Fair Value Through Profit or Loss – –

Portfolio Analysis Total Assets %

* Transferable securities admitted to an official stock exchange listing 1,081,763 4.06%± UCITS and non-UCITS investment schemes 25,323,873 95.01%∞ Centrally cleared and OTC financial derivative instruments 1,049 0.00%

Total Investments 26,406,685 99.07%

The above holdings represent a portion of the investments held at the pool level allocated to the Fund at period end date.The accompanying notes form an integral part of these financial statements.

32


THE SEI CONSERVATIVE FUND




INVESTMENT FUNDS

Financial - 0.54% (30 June 2018: 0.45%)728 AG MORTGAGE INVESTMENT TRUST INC USD 9,110 0.01%

9,128 AGNC INVESTMENT CORP USD 125,705 0.17%1,129 ANNALY CAPITAL MANAGEMENT INC USD 8,708 0.01%2,708 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 35,428 0.05%1,315 ARBOR REALTY TRUST INC USD 10,394 0.01%

25,438 CACHE LOGISTICS TRUST CLASS REIT SGD 10,184 0.01%387 CANADIAN APARTMENT PROPERTIES REIT CAD 9,862 0.01%

1,101 CROMBIE REAL ESTATE INVESTMENT TRUST CAD 7,924 0.01%1,156 DYNEX CAPITAL INC USD 5,192 0.01%6,607 EMPIRIC STUDENT PROPERTY PLC GBP 6,104 0.01%

665 EXANTAS CAPITAL CORP USD 5,231 0.01%10,073 GCP STUDENT LIVING PLC GBP 14,949 0.02%10,421 HANSTEEN HOLDINGS PLC GBP 9,655 0.01%

329 INTERVEST OFFICES & WAREHOUSES NV EUR 6,085 0.01%3,533 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 4,281 0.01%1,883 KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST CAD 17,258 0.02%4,971 MFA FINANCIAL INC CLASS REIT USD 26,072 0.03%

526 NORTHVIEW APARTMENT REAL ESTATE INVESTMENT TRUST CAD 7,400 0.01%1,587 PENNYMAC MORTGAGE INVESTMENT TRUST USD 23,195 0.03%

31,818 PROSPERITY REIT HKD 9,573 0.01%460 READY CAPITAL CORP USD 4,997 0.01%

12,149 REGAL REAL ESTATE INVESTMENT TRUST HKD 2,717 0.00%176 RETAIL ESTATES NV EUR 12,181 0.02%

10,159 SCHRODER REAL ESTATE INVESTMENT TRUST LTD GBP 5,811 0.01%1,093 SPIRIT MTA REIT USD 6,119 0.01%

27,094 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 13,640 0.02%1,203 WESTERN ASSET MORTGAGE CAPITAL CORP USD 7,877 0.01%

Funds - 88.13% (30 June 2018: 88.44%)8,694,143 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING

LIQUIDITY FUNDGBP 8,694,143 11.49%

79,533 SEI GLOBAL MASTER FUND PLC GBP 1,803,019 2.38%U.K. INDEX-LINKED FIXED INTEREST FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

413,250 SEI GLOBAL MASTER FUND PLC GBP 3,863,886 5.11%EMERGING MARKETS DEBT FUNDPARTIALLY HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

380,634 SEI GLOBAL MASTER FUND PLC GBP 4,255,484 5.62%GLOBAL FIXED INCOME FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

273,110 SEI GLOBAL MASTER FUND PLC GBP 4,192,244 5.54%GLOBAL MANAGED VOLATILITY FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

619,086 SEI GLOBAL MASTER FUND PLC GBP 5,299,374 7.00%GLOBAL MULTI-ASSET INCOME FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

396,686 SEI GLOBAL MASTER FUND PLC GBP 4,248,507 5.62%GLOBAL OPPORTUNISTIC FIXED INCOME FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

75,555 SEI GLOBAL MASTER FUND PLC GBP 744,971 0.98%HIGH YIELD FIXED INCOME FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

1,079,470 SEI GLOBAL MASTER FUND PLC GBP 10,686,755 14.13%GLOBAL SHORT TERM BOND FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

1,057,255 SEI GLOBAL MASTER FUND PLC GBP 10,584,176 13.99%GLOBAL SHORT DURATION BOND FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

503,123 SEI GLOBAL MASTER FUND PLC GBP 6,445,000 8.52%U.K. CORE FIXED INTEREST FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

33






Funds - 88.13% (30 June 2018: 88.44%) (continued)83,034 SEI GLOBAL MASTER FUND PLC GBP 1,452,267 1.92%

U.K. EQUITY FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

211,070 SEI GLOBAL MASTER FUND PLC GBP 2,271,116 3.00%LIQUID ALTERNATIVE FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

173,054 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 2,144,144 2.83%

Total Investment Funds± 67,090,738 88.67%


EQUITIES

Agriculture - 0.26% (30 June 2018: 0.36%)522 HOKUTO CORP JPY 7,200 0.01%

6,489 INGHAMS GROUP LTD AUD 14,814 0.02%4,115 SWEDISH MATCH AB SEK 127,224 0.17%

590 UNIVERSAL CORP/VA USD 25,068 0.03%3,369 VECTOR GROUP LTD USD 25,741 0.03%

Apparel - 0.00% (30 June 2018: 0.01%)157 VAN DE VELDE NV EUR 3,599 0.00%

Auto Parts & Equipment - 0.05% (30 June 2018: 0.07%)1,055 KEIHIN CORP JPY 13,921 0.02%

593 MEKONOMEN AB SEK 4,803 0.01%2,130 PRESS KOGYO CO LTD JPY 8,232 0.01%

943 SHOWA CORP JPY 8,744 0.01%

Basic Materials - 0.02% (30 June 2018: 0.26%)1,526 ALTRI SGPS SA EUR 7,945 0.01%

631 SEMAPA-SOCIEDADE DE INVESTIMENTO E GESTAO EUR 7,422 0.01%

Beverages - 0.02% (30 June 2018: 0.02%)206 DYDO GROUP HOLDINGS INC JPY 8,469 0.01%456 KEY COFFEE INC JPY 6,802 0.01%

Commercial Services - 0.02% (30 June 2018: 0.08%)127 AMADEUS FIRE AG EUR 9,308 0.01%374 NISSIN CORP JPY 4,795 0.01%

Communications - 0.54% (30 June 2018: 0.42%)300 AT&T INC USD 6,716 0.01%

1,349 BCE INC CAD 41,832 0.06%36,414 CITIC TELECOM INTERNATIONAL HOLDINGS LTD HKD 10,042 0.01%25,776 HKBN LTD HKD 30,709 0.04%

149 LORAL SPACE & COMMUNICATIONS INC USD 4,350 0.01%1,787 MILLICOM INTERNATIONAL CELLULAR SA SEK 88,882 0.12%

167 QUEBECOR INC CLASS B CAD 2,753 0.00%3,257 ROGERS COMMUNICATIONS INC CLASS B CAD 131,000 0.17%1,100 RTL GROUP SA EUR 46,106 0.06%

738 SES SA CLASS A EUR 11,064 0.01%9,555 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 8,318 0.01%4,304 TELEKOM AUSTRIA AG CLASS A EUR 25,653 0.03%

515 T-GAIA CORP JPY 7,657 0.01%

Cosmetics/Personal Care - 0.16% (30 June 2018: 0.16%)2,604 COLGATE-PALMOLIVE CO USD 121,677 0.16%

Distribution/Wholesale - 0.28% (30 June 2018: 0.31%)117 ITOCHU-SHOKUHIN CO LTD JPY 3,983 0.01%237 JAPAN PULP & PAPER CO LTD JPY 7,117 0.01%

25,195 MARUBENI CORP JPY 139,270 0.18%5,490 SUMITOMO CORP JPY 61,347 0.08%

34







4,812 SWIRE PACIFIC LTD CLASS A HKD 39,909 0.05%

Entertainment - 0.01% (30 June 2018: 0.09%)310 MARS GROUP HOLDINGS CORP JPY 4,875 0.01%

Financial - 2.27% (30 June 2018: 1.96%)831 ABC ARBITRAGE EUR 4,534 0.01%

3,824 AFLAC INC USD 136,786 0.18%159 AGEAS EUR 5,604 0.01%

1,933 AMERICAN FINANCIAL GROUP INC/OH USD 137,403 0.18%206 AMERICAN NATIONAL INSURANCE CO USD 20,614 0.03%

2,479 ASR NEDERLAND NV EUR 76,958 0.10%5,605 CAPITOL FEDERAL FINANCIAL INC USD 56,204 0.07%

757 EHIME BANK LTD JPY 5,858 0.01%499 EVEREST RE GROUP LTD USD 85,258 0.11%532 FIRST DEFIANCE FINANCIAL CORP USD 10,232 0.01%

1,103 GENWORTH MI CANADA INC CAD 25,496 0.03%504 GIMV NV EUR 21,201 0.03%

2,842 GREAT-WEST LIFECO INC CAD 46,037 0.06%3,229 HANG SENG BANK LTD HKD 56,931 0.07%

648 HOMESTREET INC USD 10,800 0.01%464 HOMETRUST BANCSHARES INC USD 9,543 0.01%

10,400 HOPEWELL HOLDINGS LTD HKD 35,877 0.05%18 INTERSHOP HOLDING AG CHF 6,817 0.01%


HKD 6,350 0.01%

3,119 LEGAL & GENERAL GROUP PLC GBP 7,204 0.01%4,728 LIU CHONG HING INVESTMENT LTD HKD 5,766 0.01%4,108 LOEWS CORP USD 146,818 0.19%

569 MCGRATH RENTCORP USD 23,005 0.03%825 MERIDIAN BANCORP INC USD 9,280 0.01%

9,800 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS 6,558 0.01%61 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN EUR 10,440 0.01%

2,703 NN GROUP NV EUR 84,430 0.11%1,089 NORTHFIELD BANCORP INC USD 11,584 0.02%2,580 NORTHWEST BANCSHARES INC USD 34,310 0.05%

366 OCEANFIRST FINANCIAL CORP USD 6,461 0.01%945 ORITANI FINANCIAL CORP USD 10,939 0.01%

1,874 POWER CORP OF CANADA CAD 26,432 0.03%979 PROGRESSIVE CORP USD 46,362 0.06%

1,651 PROVIDENT FINANCIAL SERVICES INC USD 31,274 0.04%1,367 REINSURANCE GROUP OF AMERICA INC CLASS A USD 150,492 0.20%4,620 SONY FINANCIAL HOLDINGS INC JPY 67,948 0.09%

10,277 STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LTD GBP 8,355 0.01%1,064 SUN LIFE FINANCIAL INC CAD 27,694 0.04%1,445 TOPDANMARK A/S DKK 52,658 0.07%2,470 TORCHMARK CORP USD 144,543 0.19%1,291 UNITED FINANCIAL BANCORP INC USD 14,899 0.02%1,432 WASHINGTON FEDERAL INC USD 30,028 0.04%

636 WATERSTONE FINANCIAL INC USD 8,372 0.01%636 WUESTENROT & WUERTTEMBERGISCHE AG EUR 9,129 0.01%

Food - 1.49% (30 June 2018: 1.33%)314 AGRANA BETEILIGUNGS AG EUR 4,521 0.01%839 ARCS CO LTD JPY 14,691 0.02%

2,245 AUSTEVOLL SEAFOOD ASA NOK 21,737 0.03%2,727 AXFOOD AB SEK 36,642 0.05%1,865 COLRUYT SA EUR 104,184 0.14%

155 DAIKOKUTENBUSSAN CO LTD JPY 4,546 0.01%4,558 EMPIRE CO LTD CLASS COMMON S CAD 75,537 0.10%

262 FUJIYA CO LTD JPY 4,293 0.01%394 GEORGE WESTON LTD CAD 20,384 0.03%371 GREGGS PLC GBP 4,698 0.01%712 HEIWADO CO LTD JPY 12,832 0.02%608 KATO SANGYO CO LTD JPY 13,198 0.02%

35






Food - 1.49% (30 June 2018: 1.33%) (continued)7,981 KONINKLIJKE AHOLD DELHAIZE NV EUR 158,143 0.21%5,245 KROGER CO USD 113,246 0.15%3,288 METRO INC CLASS A CAD 89,496 0.12%

390 MITSUBISHI SHOKUHIN CO LTD JPY 7,814 0.01%263 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 3,399 0.00%

1,335 NORTH WEST CO INC CAD 24,120 0.03%585 OKUWA CO LTD JPY 4,673 0.01%146 ORIOR AG CHF 9,267 0.01%154 RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD ILS 6,215 0.01%602 RETAIL PARTNERS CO LTD JPY 4,819 0.01%

2,442 ROGERS SUGAR INC CAD 7,636 0.01%1,778 SHUFERSAL LTD ILS 9,174 0.01%3,149 SYSCO CORP USD 154,913 0.20%2,668 TATE & LYLE PLC GBP 17,608 0.02%

521 TOOTSIE ROLL INDUSTRIES INC USD 13,659 0.02%1,358 UNITED SUPER MARKETS HOLDINGS INC JPY 11,675 0.02%5,181 US FOODS HOLDING CORP USD 128,718 0.17%

208 VILLAGE SUPER MARKET INC CLASS A USD 4,361 0.01%351 WEIS MARKETS INC USD 13,185 0.02%

Healthcare-Services - 0.35% (30 June 2018: 0.33%)634 CHEMED CORP USD 140,933 0.19%436 CIGNA CORP USD 65,051 0.09%359 LABORATORY CORP OF AMERICA HOLDINGS USD 35,655 0.05%223 NATIONAL HEALTHCARE CORP USD 13,748 0.02%

Home Furnishings - 0.02% (30 June 2018: 0.00%)248 CANON ELECTRONICS INC JPY 3,402 0.00%

2,028 VTECH HOLDINGS LTD HKD 13,179 0.02%

Household Products/Wares - 0.45% (30 June 2018: 0.43%)1,208 CLOROX CO USD 146,233 0.19%1,683 KIMBERLY-CLARK CORP USD 150,537 0.20%

340 WD-40 CO USD 48,988 0.06%

Industrial - 0.59% (30 June 2018: 0.82%)228 BARCO NV EUR 20,240 0.03%774 CK INFRASTRUCTURE HOLDINGS LTD HKD 4,602 0.01%

2,614 EXPEDITORS INTERNATIONAL OF WASHINGTON INC USD 139,748 0.18%683 GO-AHEAD GROUP PLC GBP 10,436 0.01%380 HAMAKYOREX CO LTD JPY 10,311 0.01%674 INABA DENKI SANGYO CO LTD JPY 19,801 0.03%426 ITURAN LOCATION AND CONTROL LTD USD 10,717 0.01%

1,686 KELLER GROUP PLC GBP 8,319 0.01%842 OESTERREICHISCHE POST AG EUR 22,688 0.03%

1,926 SILGAN HOLDINGS INC USD 35,725 0.05%2,511 SONOCO PRODUCTS CO USD 104,747 0.14%

500 STOLT-NIELSEN LTD NOK 4,620 0.01%395 TAMRON CO LTD JPY 4,440 0.01%

2,243 TFI INTERNATIONAL INC CAD 45,526 0.06%

Office Furnishings - 0.05% (30 June 2018: 0.05%)1,532 HERMAN MILLER INC USD 36,384 0.05%

Pharmaceuticals - 0.42% (30 June 2018: 0.32%)820 KYORIN HOLDINGS INC JPY 14,093 0.02%

4,428 PFIZER INC USD 151,771 0.20%1,098 SHIP HEALTHCARE HOLDINGS INC JPY 31,860 0.04%1,857 SUZUKEN CO LTD/AICHI JAPAN JPY 74,290 0.10%1,335 TOHO HOLDINGS CO LTD JPY 25,681 0.03%

226 TOWA PHARMACEUTICAL CO LTD JPY 12,421 0.02%1,032 VITAL KSK HOLDINGS INC JPY 8,336 0.01%

Retail - 1.80% (30 June 2018: 2.17%)391 ALPEN CO LTD JPY 4,705 0.01%657 ARCLAND SAKAMOTO CO LTD JPY 6,359 0.01%

9,285 CAFE DE CORAL HOLDINGS LTD HKD 17,674 0.02%

36






Retail - 1.80% (30 June 2018: 2.17%) (continued)1,616 CANADIAN TIRE CORP LTD CLASS A CAD 132,575 0.17%

378 CAWACHI LTD JPY 4,903 0.01%7,601 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 8,842 0.01%

808 DELEK AUTOMOTIVE SYSTEMS LTD ILS 2,498 0.00%757 DOUTOR NICHIRES HOLDINGS CO LTD JPY 10,872 0.01%

1,847 DSW INC CLASS A USD 35,825 0.05%4,434 EUROPRIS ASA 144A NOK 9,308 0.01%1,762 FAIRWOOD HOLDINGS LTD HKD 4,640 0.01%

532 GENESCO INC USD 18,511 0.02%803 GEO HOLDINGS CORP JPY 9,591 0.01%

32,572 GIORDANO INTERNATIONAL LTD HKD 12,086 0.02%212 HORNBACH BAUMARKT AG EUR 3,248 0.00%264 HORNBACH HOLDING AG & CO KGAA EUR 9,767 0.01%

12,724 IT LTD HKD 5,334 0.01%473 JOSHIN DENKI CO LTD JPY 8,168 0.01%550 KISOJI CO LTD JPY 9,769 0.01%673 KOHNAN SHOJI CO LTD JPY 12,818 0.02%787 KOMERI CO LTD JPY 13,354 0.02%

15,742 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 18,724 0.02%6,891 MACY'S INC USD 161,140 0.21%1,003 MATAS A/S DKK 6,996 0.01%

229 MATSUYAFOODS HOLDINGS CO LTD JPY 5,925 0.01%361 MINISTOP CO LTD JPY 5,321 0.01%855 MOBILEZONE HOLDING AG CHF 7,454 0.01%636 MOS FOOD SERVICES INC JPY 12,771 0.02%

1,128 NISHIMATSUYA CHAIN CO LTD JPY 7,183 0.01%2,251 NORDSTROM INC USD 82,378 0.11%

311 OHSHO FOOD SERVICE CORP JPY 16,121 0.02%18,500 PENDRAGON PLC GBP 4,162 0.01%1,778 ROSS STORES INC USD 116,146 0.15%

27,008 SA SA INTERNATIONAL HOLDINGS LTD HKD 8,017 0.01%13,460 SHENG SIONG GROUP LTD SGD 8,219 0.01%

223 SHOE CARNIVAL INC USD 5,863 0.01%364 ST MARC HOLDINGS CO LTD JPY 6,391 0.01%

3,033 SUPER RETAIL GROUP LTD AUD 11,788 0.02%2,935 TARGET CORP USD 152,311 0.20%4,850 TJX COS INC USD 170,384 0.22%1,288 TOKMANNI GROUP CORP EUR 8,303 0.01%1,902 URBAN OUTFITTERS INC USD 49,583 0.07%

96 VALORA HOLDING AG CHF 16,430 0.02%1,886 WALMART INC USD 137,934 0.18%

554 WH SMITH PLC GBP 9,535 0.01%

Storage/Warehousing - 0.01% (30 June 2018: 0.00%)509 MITSUI-SOKO HOLDINGS CO LTD JPY 6,901 0.01%

Technology - 0.01% (30 June 2018: 0.01%)520 SYKES ENTERPRISES INC USD 10,100 0.01%


Utilities - 1.92% (30 June 2018: 1.06%)8,917 A2A SPA EUR 12,586 0.02%

463 BKW AG CHF 25,328 0.03%6,179 CENTERPOINT ENERGY INC USD 136,966 0.18%

22,341 CLP HOLDINGS LTD HKD 198,284 0.26%1,351 CONSOLIDATED EDISON INC USD 81,085 0.11%1,530 DTE ENERGY CO USD 132,534 0.17%

894 ELIA SYSTEM OPERATOR SA/NV EUR 46,779 0.06%317 ENTERGY CORP USD 21,428 0.03%

1,749 EVERGY INC USD 77,978 0.10%949 EVN AG EUR 10,713 0.01%

4,829 EXELON CORP USD 170,988 0.23%2,712 HAWAIIAN ELECTRIC INDUSTRIES INC USD 77,987 0.10%

77,056 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD HKD 61,048 0.08%1,255 NORTHWESTERN CORP USD 58,558 0.08%

37






Utilities - 1.92% (30 June 2018: 1.06%) (continued)4,805 OGE ENERGY CORP USD 147,846 0.20%

877 OTTER TAIL CORP USD 34,179 0.04%2,239 PORTLAND GENERAL ELECTRIC CO USD 80,589 0.11%1,425 PUBLIC SERVICE ENTERPRISE GROUP INC USD 58,227 0.08%1,300 SHIZUOKA GAS CO LTD JPY 7,929 0.01%

183 SSE PLC GBP 1,980 0.00%373 UNITIL CORP USD 14,843 0.02%

Total Equities* 8,240,416 10.89%


Investments 75,331,154 99.56%


MaturityDate

AmountBought



GBP Fund %

Portfolio Hedges31/01/2019 752,845 GBP (952,612) USD Brown Brothers Harriman 5,975 0.01%

5,975 0.01%



Value GBP Fund %



* Transferable securities admitted to an official stock exchange listing 8,240,416 10.89%± UCITS and non-UCITS investment schemes 67,090,738 85.67%∞ Centrally Cleared and OTC financial derivative instruments 5,975 0.01%



38


THE SEI MODERATE FUND




INVESTMENT FUNDS

Financial - 0.55% (30 June 2018: 0.47%)3,336 AG MORTGAGE INVESTMENT TRUST INC USD 41,732 0.01%

41,811 AGNC INVESTMENT CORP USD 575,826 0.17%5,173 ANNALY CAPITAL MANAGEMENT INC USD 39,888 0.01%

12,406 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 162,286 0.05%6,022 ARBOR REALTY TRUST INC USD 47,611 0.01%

116,523 CACHE LOGISTICS TRUST CLASS REIT SGD 46,652 0.01%1,774 CANADIAN APARTMENT PROPERTIES REIT CAD 45,173 0.01%5,043 CROMBIE REAL ESTATE INVESTMENT TRUST CAD 36,299 0.01%5,295 DYNEX CAPITAL INC USD 23,782 0.01%

30,263 EMPIRIC STUDENT PROPERTY PLC GBP 27,963 0.01%3,046 EXANTAS CAPITAL CORP USD 23,963 0.01%

46,144 GCP STUDENT LIVING PLC GBP 68,478 0.02%47,738 HANSTEEN HOLDINGS PLC GBP 44,229 0.01%1,508 INTERVEST OFFICES & WAREHOUSES NV EUR 27,875 0.01%

16,183 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 19,609 0.01%8,627 KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST CAD 79,055 0.02%

22,770 MFA FINANCIAL INC CLASS REIT USD 119,428 0.04%2,409 NORTHVIEW APARTMENT REAL ESTATE INVESTMENT TRUST CAD 33,897 0.01%7,268 PENNYMAC MORTGAGE INVESTMENT TRUST USD 106,252 0.03%

145,750 PROSPERITY REIT HKD 43,850 0.01%2,108 READY CAPITAL CORP USD 22,888 0.01%

55,650 REGAL REAL ESTATE INVESTMENT TRUST HKD 12,446 0.00%807 RETAIL ESTATES NV EUR 55,798 0.02%

46,536 SCHRODER REAL ESTATE INVESTMENT TRUST LTD GBP 26,618 0.01%5,007 SPIRIT MTA REIT USD 28,031 0.01%

124,113 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 62,483 0.02%5,510 WESTERN ASSET MORTGAGE CAPITAL CORP USD 36,084 0.01%

Funds - 88.09% (30 June 2018: 87.84%)403,650 SEI GLOBAL MASTER FUND PLC GBP 9,150,740 2.66%

U.K. INDEX-LINKED FIXED INTEREST FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

2,845,146 SEI GLOBAL MASTER FUND PLC GBP 26,602,112 7.74%EMERGING MARKETS DEBT FUNDPARTIALLY HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

2,096,003 SEI GLOBAL MASTER FUND PLC GBP 23,433,314 6.82%GLOBAL FIXED INCOME FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

3,284,559 SEI GLOBAL MASTER FUND PLC GBP 50,417,984 14.67%GLOBAL MANAGED VOLATILITY FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

2,170,596 SEI GLOBAL MASTER FUND PLC GBP 18,580,305 5.41%GLOBAL MULTI-ASSET INCOME FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

2,162,308 SEI GLOBAL MASTER FUND PLC GBP 23,158,317 6.74%GLOBAL OPPORTUNISTIC FIXED INCOME FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

504,069 SEI GLOBAL MASTER FUND PLC GBP 4,970,117 1.45%HIGH YIELD FIXED INCOME FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS



2,753,774 SEI GLOBAL MASTER FUND PLC GBP 35,275,848 10.26%U.K. CORE FIXED INTEREST FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

1,311,141 SEI GLOBAL MASTER FUND PLC GBP 22,931,853 6.67%U.K. EQUITY FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

39






Funds - 88.09% (30 June 2018: 87.84%) (continued)1,367,865 SEI GLOBAL MASTER FUND PLC GBP 14,718,228 4.28%

LIQUID ALTERNATIVE FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

1,052,531 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 13,040,856 3.79%



EQUITIES

Agriculture - 0.26% (30 June 2018: 0.37%)2,393 HOKUTO CORP JPY 32,982 0.01%

29,724 INGHAMS GROUP LTD AUD 67,858 0.02%18,850 SWEDISH MATCH AB SEK 582,782 0.17%2,701 UNIVERSAL CORP/VA USD 114,832 0.03%

15,434 VECTOR GROUP LTD USD 117,911 0.03%

Apparel - 0.00% (30 June 2018: 0.01%)718 VAN DE VELDE NV EUR 16,488 0.00%

Auto Parts & Equipment - 0.05% (30 June 2018: 0.08%)4,832 KEIHIN CORP JPY 63,769 0.02%2,715 MEKONOMEN AB SEK 22,001 0.01%9,757 PRESS KOGYO CO LTD JPY 37,707 0.01%4,322 SHOWA CORP JPY 40,053 0.01%

Basic Materials - 0.02% (30 June 2018: 0.27%)6,991 ALTRI SGPS SA EUR 36,395 0.01%2,891 SEMAPA-SOCIEDADE DE INVESTIMENTO E GESTAO EUR 33,998 0.01%

Beverages - 0.02% (30 June 2018: 0.02%)943 DYDO GROUP HOLDINGS INC JPY 38,797 0.01%

2,088 KEY COFFEE INC JPY 31,156 0.01%

Commercial Services - 0.02% (30 June 2018: 0.09%)583 AMADEUS FIRE AG EUR 42,637 0.01%

1,715 NISSIN CORP JPY 21,963 0.01%

Communications - 0.54% (30 June 2018: 0.43%)1,373 AT&T INC USD 30,764 0.01%6,181 BCE INC CAD 191,622 0.06%

166,802 CITIC TELECOM INTERNATIONAL HOLDINGS LTD HKD 46,002 0.01%118,072 HKBN LTD HKD 140,671 0.04%

681 LORAL SPACE & COMMUNICATIONS INC USD 19,927 0.01%8,188 MILLICOM INTERNATIONAL CELLULAR SA SEK 407,147 0.12%

763 QUEBECOR INC CLASS B CAD 12,610 0.00%14,920 ROGERS COMMUNICATIONS INC CLASS B CAD 600,080 0.17%5,039 RTL GROUP SA EUR 211,200 0.06%3,379 SES SA CLASS A EUR 50,680 0.01%

43,770 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 38,101 0.01%19,717 TELEKOM AUSTRIA AG CLASS A EUR 117,512 0.03%2,360 T-GAIA CORP JPY 35,076 0.01%

Cosmetics/Personal Care - 0.16% (30 June 2018: 0.16%)11,927 COLGATE-PALMOLIVE CO USD 557,370 0.16%

Distribution/Wholesale - 0.29% (30 June 2018: 0.31%)536 ITOCHU-SHOKUHIN CO LTD JPY 18,245 0.01%

1,085 JAPAN PULP & PAPER CO LTD JPY 32,600 0.01%115,412 MARUBENI CORP JPY 637,962 0.19%

25,147 SUMITOMO CORP JPY 281,017 0.08%

Diversified - 0.13% (30 June 2018: 0.05%)1,771 SOFINA SA EUR 263,501 0.08%

22,042 SWIRE PACIFIC LTD CLASS A HKD 182,811 0.05%

40






Entertainment - 0.01% (30 June 2018: 0.09%)1,418 MARS GROUP HOLDINGS CORP JPY 22,332 0.01%

Financial - 2.29% (30 June 2018: 2.00%)3,806 ABC ARBITRAGE EUR 20,770 0.01%

17,516 AFLAC INC USD 626,581 0.18%728 AGEAS EUR 25,672 0.01%

8,855 AMERICAN FINANCIAL GROUP INC/OH USD 629,410 0.18%945 AMERICAN NATIONAL INSURANCE CO USD 94,428 0.03%

11,358 ASR NEDERLAND NV EUR 352,526 0.10%25,677 CAPITOL FEDERAL FINANCIAL INC USD 257,458 0.07%3,466 EHIME BANK LTD JPY 26,836 0.01%2,284 EVEREST RE GROUP LTD USD 390,548 0.11%2,435 FIRST DEFIANCE FINANCIAL CORP USD 46,868 0.01%5,054 GENWORTH MI CANADA INC CAD 116,789 0.03%2,307 GIMV NV EUR 97,117 0.03%

13,017 GREAT-WEST LIFECO INC CAD 210,885 0.06%14,792 HANG SENG BANK LTD HKD 260,787 0.08%2,968 HOMESTREET INC USD 49,472 0.01%2,127 HOMETRUST BANCSHARES INC USD 43,715 0.01%

47,638 HOPEWELL HOLDINGS LTD HKD 164,342 0.05%80 INTERSHOP HOLDING AG CHF 31,227 0.01%


HKD 29,088 0.01%

14,286 LEGAL & GENERAL GROUP PLC GBP 33,001 0.01%21,657 LIU CHONG HING INVESTMENT LTD HKD 26,410 0.01%18,817 LOEWS CORP USD 672,537 0.20%2,607 MCGRATH RENTCORP USD 105,382 0.03%3,781 MERIDIAN BANCORP INC USD 42,509 0.01%

44,889 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS 30,042 0.01%280 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN EUR 47,823 0.01%

12,382 NN GROUP NV EUR 386,752 0.11%4,987 NORTHFIELD BANCORP INC USD 53,061 0.02%

11,816 NORTHWEST BANCSHARES INC USD 157,167 0.05%1,675 OCEANFIRST FINANCIAL CORP USD 29,596 0.01%4,327 ORITANI FINANCIAL CORP USD 50,107 0.01%8,586 POWER CORP OF CANADA CAD 121,081 0.03%4,483 PROGRESSIVE CORP USD 212,371 0.06%7,561 PROVIDENT FINANCIAL SERVICES INC USD 143,261 0.04%6,261 REINSURANCE GROUP OF AMERICA INC CLASS A USD 689,368 0.20%

21,164 SONY FINANCIAL HOLDINGS INC JPY 311,251 0.09%47,078 STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LTD GBP 38,274 0.01%4,872 SUN LIFE FINANCIAL INC CAD 126,860 0.04%6,619 TOPDANMARK A/S DKK 241,211 0.07%

11,315 TORCHMARK CORP USD 662,117 0.19%5,913 UNITED FINANCIAL BANCORP INC USD 68,247 0.02%6,559 WASHINGTON FEDERAL INC USD 137,550 0.04%2,914 WATERSTONE FINANCIAL INC USD 38,351 0.01%2,912 WUESTENROT & WUERTTEMBERGISCHE AG EUR 41,819 0.01%

Food - 1.50% (30 June 2018: 1.33%)1,437 AGRANA BETEILIGUNGS AG EUR 20,710 0.01%3,841 ARCS CO LTD JPY 67,297 0.02%

10,282 AUSTEVOLL SEAFOOD ASA NOK 99,572 0.03%12,494 AXFOOD AB SEK 167,850 0.05%8,543 COLRUYT SA EUR 477,244 0.14%

709 DAIKOKUTENBUSSAN CO LTD JPY 20,825 0.01%20,877 EMPIRE CO LTD CAD 346,019 0.10%1,202 FUJIYA CO LTD JPY 19,664 0.01%1,804 GEORGE WESTON LTD CAD 93,375 0.03%1,700 GREGGS PLC GBP 21,519 0.01%3,259 HEIWADO CO LTD JPY 58,779 0.02%2,784 KATO SANGYO CO LTD JPY 60,458 0.02%

36,561 KONINKLIJKE AHOLD DELHAIZE NV EUR 724,416 0.21%24,025 KROGER CO USD 518,751 0.15%15,064 METRO INC CAD 409,959 0.12%

41






Food - 1.50% (30 June 2018: 1.33%) (continued)1,786 MITSUBISHI SHOKUHIN CO LTD JPY 35,796 0.01%1,207 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 15,570 0.00%6,117 NORTH WEST CO INC CAD 110,488 0.03%2,678 OKUWA CO LTD JPY 21,407 0.01%

669 ORIOR AG CHF 42,450 0.01%704 RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD ILS 28,467 0.01%

2,757 RETAIL PARTNERS CO LTD JPY 22,077 0.01%11,185 ROGERS SUGAR INC CAD 34,978 0.01%8,147 SHUFERSAL LTD ILS 42,024 0.01%

14,423 SYSCO CORP USD 709,617 0.21%12,221 TATE & LYLE PLC GBP 80,659 0.02%2,386 TOOTSIE ROLL INDUSTRIES INC USD 62,567 0.02%6,222 UNITED SUPER MARKETS HOLDINGS INC JPY 53,481 0.02%

23,734 US FOODS HOLDING CORP USD 589,626 0.17%951 VILLAGE SUPER MARKET INC CLASS A USD 19,977 0.01%

1,610 WEIS MARKETS INC USD 60,398 0.02%

Healthcare-Services - 0.35% (30 June 2018: 0.34%)2,902 CHEMED CORP USD 645,582 0.19%1,998 CIGNA CORP USD 297,981 0.09%1,646 LABORATORY CORP OF AMERICA HOLDINGS USD 163,325 0.05%1,022 NATIONAL HEALTHCARE CORP USD 62,975 0.02%

Home Furnishings - 0.02% (30 June 2018: 0.00%)1,134 CANON ELECTRONICS INC JPY 15,585 0.00%9,289 VTECH HOLDINGS LTD HKD 60,368 0.02%

Household Products/Wares - 0.45% (30 June 2018: 0.43%)5,535 CLOROX CO USD 669,859 0.19%7,708 KIMBERLY-CLARK CORP USD 689,571 0.20%1,560 WD-40 CO USD 224,404 0.06%

Industrial - 0.60% (30 June 2018: 0.82%)1,044 BARCO NV EUR 92,713 0.03%3,544 CK INFRASTRUCTURE HOLDINGS LTD HKD 21,079 0.01%

11,974 EXPEDITORS INTERNATIONAL OF WASHINGTON INC USD 640,150 0.19%3,129 GO-AHEAD GROUP PLC GBP 47,804 0.01%1,739 HAMAKYOREX CO LTD JPY 47,233 0.01%3,088 INABA DENKI SANGYO CO LTD JPY 90,705 0.03%1,950 ITURAN LOCATION AND CONTROL LTD USD 49,092 0.01%7,722 KELLER GROUP PLC GBP 38,108 0.01%3,857 OESTERREICHISCHE POST AG EUR 103,930 0.03%8,824 SILGAN HOLDINGS INC USD 163,649 0.05%

11,502 SONOCO PRODUCTS CO USD 479,822 0.14%2,288 STOLT-NIELSEN LTD NOK 21,163 0.01%1,810 TAMRON CO LTD JPY 20,337 0.01%

10,276 TFI INTERNATIONAL INC CAD 208,543 0.06%

Office Furnishings - 0.05% (30 June 2018: 0.05%)7,017 HERMAN MILLER INC USD 166,668 0.05%

Pharmaceuticals - 0.42% (30 June 2018: 0.32%)3,757 KYORIN HOLDINGS INC JPY 64,557 0.02%

20,285 PFIZER INC USD 695,227 0.20%5,029 SHIP HEALTHCARE HOLDINGS INC JPY 145,943 0.04%8,507 SUZUKEN CO LTD/AICHI JAPAN JPY 340,304 0.10%6,115 TOHO HOLDINGS CO LTD JPY 117,638 0.03%1,037 TOWA PHARMACEUTICAL CO LTD JPY 56,896 0.02%4,726 VITAL KSK HOLDINGS INC JPY 38,184 0.01%

Retail - 1.82% (30 June 2018: 2.23%)1,790 ALPEN CO LTD JPY 21,551 0.01%3,010 ARCLAND SAKAMOTO CO LTD JPY 29,127 0.01%

42,533 CAFE DE CORAL HOLDINGS LTD HKD 80,958 0.02%7,401 CANADIAN TIRE CORP LTD CLASS A CAD 607,295 0.18%1,733 CAWACHI LTD JPY 22,458 0.01%

34,818 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 40,504 0.01%

42






Retail - 1.82% (30 June 2018: 2.23%) (continued)3,702 DELEK AUTOMOTIVE SYSTEMS LTD ILS 11,442 0.00%3,466 DOUTOR NICHIRES HOLDINGS CO LTD JPY 49,802 0.01%8,462 DSW INC CLASS A USD 164,104 0.05%

20,312 EUROPRIS ASA 144A NOK 42,637 0.01%8,073 FAIRWOOD HOLDINGS LTD HKD 21,253 0.01%2,438 GENESCO INC USD 84,793 0.02%3,678 GEO HOLDINGS CORP JPY 43,934 0.01%

149,206 GIORDANO INTERNATIONAL LTD HKD 55,364 0.02%973 HORNBACH BAUMARKT AG EUR 14,878 0.00%

1,210 HORNBACH HOLDING AG & CO KGAA EUR 44,739 0.01%58,286 IT LTD HKD 24,433 0.01%2,168 JOSHIN DENKI CO LTD JPY 37,416 0.01%2,520 KISOJI CO LTD JPY 44,752 0.01%3,082 KOHNAN SHOJI CO LTD JPY 58,715 0.02%3,605 KOMERI CO LTD JPY 61,171 0.02%

72,111 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 85,769 0.02%31,568 MACY'S INC USD 738,141 0.21%4,594 MATAS A/S DKK 32,045 0.01%1,049 MATSUYAFOODS HOLDINGS CO LTD JPY 27,142 0.01%1,654 MINISTOP CO LTD JPY 24,373 0.01%3,919 MOBILEZONE HOLDING AG CHF 34,144 0.01%2,914 MOS FOOD SERVICES INC JPY 58,501 0.02%5,166 NISHIMATSUYA CHAIN CO LTD JPY 32,905 0.01%

10,311 NORDSTROM INC USD 377,355 0.11%1,423 OHSHO FOOD SERVICE CORP JPY 73,846 0.02%

84,742 PENDRAGON PLC GBP 19,067 0.01%8,144 ROSS STORES INC USD 532,037 0.15%

123,718 SA SA INTERNATIONAL HOLDINGS LTD HKD 36,725 0.01%61,656 SHENG SIONG GROUP LTD SGD 37,649 0.01%1,021 SHOE CARNIVAL INC USD 26,858 0.01%1,669 ST MARC HOLDINGS CO LTD JPY 29,276 0.01%

13,896 SUPER RETAIL GROUP LTD AUD 53,998 0.02%13,445 TARGET CORP USD 697,697 0.20%22,218 TJX COS INC USD 780,488 0.23%5,902 TOKMANNI GROUP CORP EUR 38,035 0.01%8,713 URBAN OUTFITTERS INC USD 227,127 0.07%

440 VALORA HOLDING AG CHF 75,263 0.02%8,639 WALMART INC USD 631,841 0.18%2,539 WH SMITH PLC GBP 43,677 0.01%

Storage/Warehousing - 0.01% (30 June 2018: 0.00%)2,330 MITSUI-SOKO HOLDINGS CO LTD JPY 31,613 0.01%

Technology - 0.01% (30 June 2018: 0.01%)2,383 SYKES ENTERPRISES INC USD 46,264 0.01%


Utilities - 1.94% (30 June 2018: 1.09%)40,847 A2A SPA EUR 57,652 0.02%2,120 BKW AG CHF 116,022 0.03%

28,306 CENTERPOINT ENERGY INC USD 627,409 0.18%102,339 CLP HOLDINGS LTD HKD 908,291 0.26%

6,187 CONSOLIDATED EDISON INC USD 371,431 0.11%7,010 DTE ENERGY CO USD 607,104 0.18%4,095 ELIA SYSTEM OPERATOR SA/NV EUR 214,284 0.06%1,452 ENTERGY CORP USD 98,155 0.03%8,014 EVERGY INC USD 357,198 0.10%4,346 EVN AG EUR 49,075 0.01%

22,119 EXELON CORP USD 783,254 0.23%12,424 HAWAIIAN ELECTRIC INDUSTRIES INC USD 357,238 0.10%

352,974 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD HKD 279,648 0.08%5,747 NORTHWESTERN CORP USD 268,238 0.08%

22,009 OGE ENERGY CORP USD 677,245 0.20%4,017 OTTER TAIL CORP USD 156,567 0.05%

10,254 PORTLAND GENERAL ELECTRIC CO USD 369,160 0.11%

43






Utilities - 1.94% (30 June 2018: 1.09%) (continued)6,526 PUBLIC SERVICE ENTERPRISE GROUP INC USD 266,725 0.08%5,957 SHIZUOKA GAS CO LTD JPY 36,322 0.01%

839 SSE PLC GBP 9,072 0.00%1,710 UNITIL CORP USD 67,991 0.02%

Total Equities* 37,747,331 10.98%


Investments 342,372,261 99.62%


MaturityDate

AmountBought



GBP Fund %

Portfolio Hedges31/01/2019 5,134,287 GBP (6,496,670) USD Brown Bothers Harriman 40,749 0.01%

40,749 0.01%



Value GBP Fund %



* Transferable securities admitted to an official stock exchange listing 37,747,331 10.94%± UCITS and non-UCITS investment schemes 304,624,930 88.26%∞ Centrally cleared and OTC financial derivative instruments 40,749 0.01%



44


THE SEI CORE FUND




INVESTMENT FUNDS

Funds - 99.78% (30 June 2018: 99.69%)1,745,651 SEI GLOBAL MASTER FUND PLC GBP 25,486,504 3.47%

FACTOR ALLOCATION U.S. EQUITY FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

1,058,292 SEI GLOBAL MASTER FUND PLC GBP 23,991,472 3.27%U.K. INDEX-LINKED FIXED INTEREST FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS


2,319,948 SEI GLOBAL MASTER FUND PLC GBP 28,512,156 3.88%EMERGING MARKETS EQUITY FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

431,691 SEI GLOBAL MASTER FUND PLC GBP 8,059,664 1.10%EUROPEAN (EX-U.K.) EQUITY FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

2,144,683 SEI GLOBAL MASTER FUND PLC GBP 40,427,268 5.50%GLOBAL EQUITY FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS





4,041,932 SEI GLOBAL MASTER FUND PLC GBP 39,853,450 5.43%HIGH YIELD FIXED INCOME FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

435,588 SEI GLOBAL MASTER FUND PLC GBP 7,601,011 1.03%JAPAN EQUITY FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

349,516 SEI GLOBAL MASTER FUND PLC GBP 4,396,910 0.60%PACIFIC BASIN (EX-JAPAN) EQUITY FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

372,671 SEI GLOBAL MASTER FUND PLC GBP 8,176,410 1.11%PAN EUROPEAN SMALL CAP FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS




136,615 SEI GLOBAL MASTER FUND PLC GBP 2,422,182 0.33%U.K. CREDIT FIXED INTEREST FUNDSTERLING INSTITUTIONAL CLASS

2,474,096 SEI GLOBAL MASTER FUND PLC GBP 34,835,265 4.74%DYNAMIC ASSET ALLOCATION FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS


491,168 SEI GLOBAL MASTER FUND PLC GBP 5,476,523 0.75%U.K. GILTS FIXED INTEREST FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

45


THE SEI CORE FUND




Funds - 99.78% (30 June 2018: 99.69%) (continued)319,339 SEI GLOBAL MASTER FUND PLC GBP 8,711,562 1.19%

U.S. LARGE COMPANIES FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

628,301 SEI GLOBAL MASTER FUND PLC GBP 15,757,787 2.15%U.S. SMALL COMPANIES FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS

1,389,827 SEI GLOBAL MASTER FUND PLC GBP 14,954,537 2.04%LIQUID ALTERNATIVE FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS




Investments 732,709,590 99.78%



± UCITS and non-UCITS investment schemes 732,709,590 99.26%


The accompanying notes form an integral part of these financial statements.

46


THE SEI BALANCED FUND




INVESTMENT FUNDS







558,335 SEI GLOBAL MASTER FUND PLC GBP 12,255,447 1.92%FUNDAMENTAL U.K. EQUITY FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS










648,323 SEI GLOBAL MASTER FUND PLC GBP 12,214,409 1.92%QUANTITATIVE U.K. EQUITY FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS




902,591 SEI GLOBAL MASTER FUND PLC GBP 24,622,681 3.86%U.S. LARGE COMPANIES FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS


47






Funds - 99.37% (30 June 2018: 99.53%) (continued)1,219,119 SEI GLOBAL MASTER FUND PLC GBP 13,117,720 2.06%

LIQUID ALTERNATIVE FUNDHEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS




Investments 633,474,741 99.37%






48


THE SEI GROWTH FUND




INVESTMENT FUNDS




2,297,758 SEI GLOBAL MASTER FUND PLC GBP 21,484,034 5.93%EMERGING MARKETS DEBT FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS






715,243 SEI GLOBAL MASTER FUND PLC GBP 10,978,984 3.03%GLOBAL MANAGED VOLATILITY FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS







1,997,883 SEI GLOBAL MASTER FUND PLC GBP 28,130,193 7.77%U.K. DYNAMIC ASSET ALLOCATION FUNDSTERLING INSTITUTIONAL DISTRIBUTING CLASS




292,355 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 3,622,285 1.00%



49


THE SEI GROWTH FUND


Value GBP Fund %

Investments 361,590,884 99.88%






50


THE SEI AGGRESSIVE FUND




INVESTMENT FUNDS







1 SEI GLOBAL MASTER FUND PLC USD 1 0.00%JAPAN EQUITY FUNDHEDGED U.S.$ INSTITUTIONAL CLASS











Investments 258,681,591 99.66%






51


THE SEI GLOBAL CONSERVATIVE FUND



Code Value US$ Fund %

INVESTMENT FUNDS

Financial - 0.43% (30 June 2018: 0.37%)39 AG MORTGAGE INVESTMENT TRUST INC USD 621 0.01%

488 AGNC INVESTMENT CORP USD 8,568 0.13%60 ANNALY CAPITAL MANAGEMENT INC USD 593 0.01%

145 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 2,415 0.04%70 ARBOR REALTY TRUST INC USD 708 0.01%

1,361 CACHE LOGISTICS TRUST CLASS REIT SGD 694 0.01%21 CANADIAN APARTMENT PROPERTIES REIT CAD 672 0.01%59 CROMBIE REAL ESTATE INVESTMENT TRUST CAD 540 0.01%62 DYNEX CAPITAL INC USD 354 0.00%

354 EMPIRIC STUDENT PROPERTY PLC GBP 416 0.01%36 EXANTAS CAPITAL CORP USD 356 0.01%

539 GCP STUDENT LIVING PLC GBP 1,019 0.02%558 HANSTEEN HOLDINGS PLC GBP 658 0.01%18 INTERVEST OFFICES & WAREHOUSES NV EUR 415 0.01%

189 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 292 0.00%101 KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST CAD 1,176 0.02%266 MFA FINANCIAL INC CLASS REIT USD 1,777 0.03%28 NORTHVIEW APARTMENT REAL ESTATE INVESTMENT TRUST CAD 504 0.01%85 PENNYMAC MORTGAGE INVESTMENT TRUST USD 1,581 0.02%

1,703 PROSPERITY REIT HKD 652 0.01%25 READY CAPITAL CORP USD 341 0.00%

650 REGAL REAL ESTATE INVESTMENT TRUST HKD 185 0.00%9 RETAIL ESTATES NV EUR 830 0.01%

544 SCHRODER REAL ESTATE INVESTMENT TRUST LTD GBP 396 0.01%58 SPIRIT MTA REIT USD 417 0.01%

1,450 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 930 0.01%64 WESTERN ASSET MORTGAGE CAPITAL CORP USD 537 0.01%

Funds - 90.63% (30 June 2018: 90.31%)752,879 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL U.S.

DOLLAR LIQUIDITY FUNDUSD 752,879 11.44%

2 MERRILL LYNCH INVESTMENT SOLUTIONS - MARSHALL WACE TOPS UCITS FUND

USD 229 0.00%

5,338 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND CLASS D

USD 163,167 2.48%

37,159 SEI GLOBAL MASTER FUND PLC USD 335,172 5.09%EMERGING MARKETS DEBT FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

9,240 SEI GLOBAL MASTER FUND PLC USD 119,284 1.81%GLOBAL EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

60,581 SEI GLOBAL MASTER FUND PLC USD 653,067 9.92%GLOBAL FIXED INCOME FUNDHEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

26,459 SEI GLOBAL MASTER FUND PLC USD 532,085 8.08%GLOBAL MANAGED VOLATILITY FUNDU.S.$ INSTITUTIONAL CLASS

51,537 SEI GLOBAL MASTER FUND PLC USD 459,192 6.98%GLOBAL MULTI-ASSET INCOME FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

59,035 SEI GLOBAL MASTER FUND PLC USD 651,743 9.90%GLOBAL OPPORTUNISTIC FIXED INCOME FUNDHEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

8,032 SEI GLOBAL MASTER FUND PLC USD 64,897 0.99%HIGH YIELD FIXED INCOME FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

90,295 SEI GLOBAL MASTER FUND PLC USD 926,423 14.08%GLOBAL SHORT TERM BOND FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

89,582 SEI GLOBAL MASTER FUND PLC USD 924,939 14.05%GLOBAL SHORT DURATION BOND FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

52






Funds - 90.63% (30 June 2018: 90.31%) (continued)17,674 SEI GLOBAL MASTER FUND PLC USD 197,062 2.99%

LIQUID ALTERNATIVE FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

14,103 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO USD 185,601 2.82%



EQUITIES


347 INGHAMS GROUP LTD AUD 1,010 0.02%220 SWEDISH MATCH AB SEK 8,671 0.13%32 UNIVERSAL CORP/VA USD 1,709 0.03%



Auto Parts & Equipment - 0.03% (30 June 2018: 0.06%)56 KEIHIN CORP JPY 949 0.01%32 MEKONOMEN AB SEK 327 0.00%

114 PRESS KOGYO CO LTD JPY 561 0.01%50 SHOWA CORP JPY 596 0.01%

Basic Materials - 0.02% (30 June 2018: 0.21%)82 ALTRI SGPS SA EUR 541 0.01%34 SEMAPA-SOCIEDADE DE INVESTIMENTO E GESTAO EUR 506 0.01%

Beverages - 0.02% (30 June 2018: 0.02%)11 DYDO GROUP HOLDINGS INC JPY 577 0.01%24 KEY COFFEE INC JPY 464 0.01%

Commercial Services - 0.01% (30 June 2018: 0.08%)7 AMADEUS FIRE AG EUR 634 0.01%

20 NISSIN CORP JPY 327 0.00%

Communications - 0.43% (30 June 2018: 0.35%)16 AT&T INC USD 458 0.01%72 BCE INC CAD 2,851 0.04%

1,949 CITIC TELECOM INTERNATIONAL HOLDINGS LTD HKD 684 0.01%1,379 HKBN LTD HKD 2,093 0.03%

8 LORAL SPACE & COMMUNICATIONS INC USD 296 0.00%96 MILLICOM INTERNATIONAL CELLULAR SA SEK 6,058 0.09%

9 QUEBECOR INC CLASS B CAD 188 0.00%174 ROGERS COMMUNICATIONS INC CLASS B CAD 8,928 0.14%59 RTL GROUP SA EUR 3,142 0.05%39 SES SA CLASS A EUR 754 0.01%

511 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 567 0.01%230 TELEKOM AUSTRIA AG CLASS A EUR 1,748 0.03%28 T-GAIA CORP JPY 522 0.01%


Distribution/Wholesale - 0.21% (30 June 2018: 0.24%)6 ITOCHU-SHOKUHIN CO LTD JPY 271 0.00%

13 JAPAN PULP & PAPER CO LTD JPY 485 0.01%1,348 MARUBENI CORP JPY 9,492 0.14%

294 SUMITOMO CORP JPY 4,181 0.06%

53









Financial - 1.83% (30 June 2018: 1.59%)44 ABC ARBITRAGE EUR 309 0.00%

205 AFLAC INC USD 9,323 0.14%9 AGEAS EUR 382 0.01%

103 AMERICAN FINANCIAL GROUP INC/OH USD 9,365 0.14%11 AMERICAN NATIONAL INSURANCE CO USD 1,405 0.02%

133 ASR NEDERLAND NV EUR 5,245 0.08%300 CAPITOL FEDERAL FINANCIAL INC USD 3,831 0.06%40 EHIME BANK LTD JPY 399 0.01%27 EVEREST RE GROUP LTD USD 5,811 0.09%28 FIRST DEFIANCE FINANCIAL CORP USD 697 0.01%59 GENWORTH MI CANADA INC CAD 1,738 0.03%27 GIMV NV EUR 1,445 0.02%

152 GREAT-WEST LIFECO INC CAD 3,138 0.05%173 HANG SENG BANK LTD HKD 3,880 0.06%35 HOMESTREET INC USD 736 0.01%25 HOMETRUST BANCSHARES INC USD 650 0.01%

557 HOPEWELL HOLDINGS LTD HKD 2,445 0.04%1 INTERSHOP HOLDING AG CHF 465 0.01%

1,168 LANGHAM HOSPITALITY INVESTMENTS AND LANGHAM HOSPITALITY INVESTMENTS LTD

HKD 433 0.01%

167 LEGAL & GENERAL GROUP PLC GBP 491 0.01%253 LIU CHONG HING INVESTMENT LTD HKD 393 0.01%220 LOEWS CORP USD 10,007 0.15%30 MCGRATH RENTCORP USD 1,568 0.02%44 MERIDIAN BANCORP INC USD 632 0.01%

524 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS 447 0.01%3 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN EUR 712 0.01%

145 NN GROUP NV EUR 5,754 0.09%58 NORTHFIELD BANCORP INC USD 789 0.01%

138 NORTHWEST BANCSHARES INC USD 2,338 0.04%20 OCEANFIRST FINANCIAL CORP USD 440 0.01%51 ORITANI FINANCIAL CORP USD 746 0.01%

100 POWER CORP OF CANADA CAD 1,802 0.03%52 PROGRESSIVE CORP USD 3,160 0.05%88 PROVIDENT FINANCIAL SERVICES INC USD 2,132 0.03%73 REINSURANCE GROUP OF AMERICA INC CLASS A USD 10,257 0.16%

247 SONY FINANCIAL HOLDINGS INC JPY 4,631 0.07%550 STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LTD GBP 569 0.01%57 SUN LIFE FINANCIAL INC CAD 1,887 0.03%77 TOPDANMARK A/S DKK 3,589 0.05%

132 TORCHMARK CORP USD 9,852 0.15%69 UNITED FINANCIAL BANCORP INC USD 1,015 0.02%77 WASHINGTON FEDERAL INC USD 2,047 0.03%34 WATERSTONE FINANCIAL INC USD 571 0.01%34 WUESTENROT & WUERTTEMBERGISCHE AG EUR 622 0.01%

Food - 1.09% (30 June 2018: 1.05%)17 AGRANA BETEILIGUNGS AG EUR 308 0.00%45 ARCS CO LTD JPY 1,001 0.02%

120 AUSTEVOLL SEAFOOD ASA NOK 1,482 0.02%146 AXFOOD AB SEK 2,497 0.04%100 COLRUYT SA EUR 7,101 0.11%

8 DAIKOKUTENBUSSAN CO LTD JPY 310 0.00%244 EMPIRE CO LTD CLASS COMMON S CAD 5,148 0.08%14 FUJIYA CO LTD JPY 293 0.00%21 GEORGE WESTON LTD CAD 1,389 0.02%20 GREGGS PLC GBP 320 0.00%38 HEIWADO CO LTD JPY 875 0.01%33 KATO SANGYO CO LTD JPY 900 0.01%

54






Food - 1.09% (30 June 2018: 1.05%) (continued)427 KONINKLIJKE AHOLD DELHAIZE NV EUR 10,778 0.16%281 KROGER CO USD 7,718 0.12%176 METRO INC CLASS A CAD 6,100 0.09%21 MITSUBISHI SHOKUHIN CO LTD JPY 533 0.01%14 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 232 0.00%71 NORTH WEST CO INC CAD 1,644 0.02%31 OKUWA CO LTD JPY 318 0.00%

8 ORIOR AG CHF 632 0.01%8 RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD ILS 424 0.01%

32 RETAIL PARTNERS CO LTD JPY 328 0.00%131 ROGERS SUGAR INC CAD 520 0.01%95 SHUFERSAL LTD ILS 625 0.01%

169 SYSCO CORP USD 10,558 0.16%143 TATE & LYLE PLC GBP 1,200 0.02%28 TOOTSIE ROLL INDUSTRIES INC USD 931 0.01%73 UNITED SUPER MARKETS HOLDINGS INC JPY 796 0.01%

277 US FOODS HOLDING CORP USD 8,773 0.13%11 VILLAGE SUPER MARKET INC CLASS A USD 297 0.00%19 WEIS MARKETS INC USD 899 0.01%

Healthcare-Services - 0.27% (30 June 2018: 0.28%)34 CHEMED CORP USD 9,605 0.15%23 CIGNA CORP USD 4,434 0.07%19 LABORATORY CORP OF AMERICA HOLDINGS USD 2,430 0.04%12 NATIONAL HEALTHCARE CORP USD 937 0.01%


109 VTECH HOLDINGS LTD HKD 898 0.01%


Industrial - 0.44% (30 June 2018: 0.65%)12 BARCO NV EUR 1,379 0.02%41 CK INFRASTRUCTURE HOLDINGS LTD HKD 314 0.00%

140 EXPEDITORS INTERNATIONAL OF WASHINGTON INC USD 9,525 0.14%37 GO-AHEAD GROUP PLC GBP 711 0.01%20 HAMAKYOREX CO LTD JPY 703 0.01%36 INABA DENKI SANGYO CO LTD JPY 1,350 0.02%23 ITURAN LOCATION AND CONTROL LTD USD 730 0.01%90 KELLER GROUP PLC GBP 567 0.01%45 OESTERREICHISCHE POST AG EUR 1,546 0.02%

103 SILGAN HOLDINGS INC USD 2,435 0.04%134 SONOCO PRODUCTS CO USD 7,139 0.11%27 STOLT-NIELSEN LTD NOK 315 0.00%21 TAMRON CO LTD JPY 303 0.00%

120 TFI INTERNATIONAL INC CAD 3,103 0.05%


Pharmaceuticals - 0.33% (30 June 2018: 0.26%)44 KYORIN HOLDINGS INC JPY 961 0.01%

237 PFIZER INC USD 10,344 0.16%59 SHIP HEALTHCARE HOLDINGS INC JPY 2,171 0.03%99 SUZUKEN CO LTD/AICHI JAPAN JPY 5,063 0.08%71 TOHO HOLDINGS CO LTD JPY 1,750 0.03%12 TOWA PHARMACEUTICAL CO LTD JPY 847 0.01%55 VITAL KSK HOLDINGS INC JPY 568 0.01%


55






Retail - 1.45% (30 June 2018: 1.74%) (continued)497 CAFE DE CORAL HOLDINGS LTD HKD 1,205 0.02%86 CANADIAN TIRE CORP LTD CLASS A CAD 9,036 0.14%20 CAWACHI LTD JPY 334 0.01%

407 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 603 0.01%43 DELEK AUTOMOTIVE SYSTEMS LTD ILS 170 0.00%40 DOUTOR NICHIRES HOLDINGS CO LTD JPY 741 0.01%99 DSW INC CLASS A USD 2,442 0.04%

237 EUROPRIS ASA 144A NOK 634 0.01%94 FAIRWOOD HOLDINGS LTD HKD 316 0.00%28 GENESCO INC USD 1,262 0.02%43 GEO HOLDINGS CORP JPY 654 0.01%

1,743 GIORDANO INTERNATIONAL LTD HKD 824 0.01%11 HORNBACH BAUMARKT AG EUR 221 0.00%14 HORNBACH HOLDING AG & CO KGAA EUR 666 0.01%

681 IT LTD HKD 364 0.01%25 JOSHIN DENKI CO LTD JPY 557 0.01%29 KISOJI CO LTD JPY 666 0.01%36 KOHNAN SHOJI CO LTD JPY 874 0.01%42 KOMERI CO LTD JPY 910 0.01%

842 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 1,276 0.02%369 MACY'S INC USD 10,983 0.17%54 MATAS A/S DKK 477 0.01%12 MATSUYAFOODS HOLDINGS CO LTD JPY 404 0.01%19 MINISTOP CO LTD JPY 363 0.01%46 MOBILEZONE HOLDING AG CHF 508 0.01%34 MOS FOOD SERVICES INC JPY 870 0.01%60 NISHIMATSUYA CHAIN CO LTD JPY 490 0.01%

120 NORDSTROM INC USD 5,615 0.09%17 OHSHO FOOD SERVICE CORP JPY 1,099 0.02%

990 PENDRAGON PLC GBP 284 0.00%95 ROSS STORES INC USD 7,916 0.12%

1,445 SA SA INTERNATIONAL HOLDINGS LTD HKD 546 0.01%720 SHENG SIONG GROUP LTD SGD 560 0.01%12 SHOE CARNIVAL INC USD 400 0.01%19 ST MARC HOLDINGS CO LTD JPY 436 0.01%

162 SUPER RETAIL GROUP LTD AUD 803 0.01%157 TARGET CORP USD 10,381 0.16%260 TJX COS INC USD 11,613 0.18%69 TOKMANNI GROUP CORP EUR 566 0.01%

102 URBAN OUTFITTERS INC USD 3,379 0.05%5 VALORA HOLDING AG CHF 1,120 0.02%

101 WALMART INC USD 9,401 0.14%30 WH SMITH PLC GBP 650 0.01%


Technology - 0.01% (30 June 2018: 0.01%)28 SYKES ENTERPRISES INC USD 688 0.01%

Textiles - 0.01% (30 June 2018: 0.01%)1,028 PACIFIC TEXTILES HOLDINGS LTD HKD 914 0.01%

Utilities - 1.51% (30 June 2018: 0.85%)477 A2A SPA EUR 858 0.01%25 BKW AG CHF 1,726 0.03%

331 CENTERPOINT ENERGY INC USD 9,335 0.14%1,196 CLP HOLDINGS LTD HKD 13,514 0.21%

72 CONSOLIDATED EDISON INC USD 5,526 0.08%82 DTE ENERGY CO USD 9,033 0.14%48 ELIA SYSTEM OPERATOR SA/NV EUR 3,188 0.05%17 ENTERGY CORP USD 1,460 0.02%94 EVERGY INC USD 5,315 0.08%51 EVN AG EUR 730 0.01%

258 EXELON CORP USD 11,654 0.18%145 HAWAIIAN ELECTRIC INDUSTRIES INC USD 5,315 0.08%

56






Utilities - 1.51% (30 June 2018: 0.85%) (continued)4,124 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD HKD 4,161 0.06%

67 NORTHWESTERN CORP USD 3,991 0.06%257 OGE ENERGY CORP USD 10,077 0.15%47 OTTER TAIL CORP USD 2,330 0.04%

120 PORTLAND GENERAL ELECTRIC CO USD 5,493 0.08%76 PUBLIC SERVICE ENTERPRISE GROUP INC USD 3,969 0.06%70 SHIZUOKA GAS CO LTD JPY 540 0.01%10 SSE PLC GBP 135 0.00%20 UNITIL CORP USD 1,012 0.02%

Total Equities* 561,637 8.53%

Financial Equity Assets at Fair Value Through Profit or Loss 561,637 8.53%Financial Equity Liabilities at Fair Value Through Profit or Loss – –

Investments 6,555,024 99.59%



* Transferable securities admitted to an official stock exchange listing 561,637 8.51%± UCITS and non-UCITS investment schemes 5,993,387 90.78%


The above holdings represent a portion of the investments held at the pool level allocated to the Fund at period end date. The accompanying notes form an integral part of these financial statements.

57


THE SEI GLOBAL MODERATE FUND




INVESTMENT FUNDS


13 AGNC INVESTMENT CORP USD 223 0.26%2 ANNALY CAPITAL MANAGEMENT INC USD 15 0.02%4 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 63 0.07%2 ARBOR REALTY TRUST INC USD 18 0.02%

35 CACHE LOGISTICS TRUST CLASS REIT SGD 18 0.02%1 CANADIAN APARTMENT PROPERTIES REIT CAD 18 0.02%2 CROMBIE REAL ESTATE INVESTMENT TRUST CAD 14 0.02%2 DYNEX CAPITAL INC USD 9 0.01%9 EMPIRIC STUDENT PROPERTY PLC GBP 11 0.01%1 EXANTAS CAPITAL CORP USD 9 0.01%

14 GCP STUDENT LIVING PLC GBP 27 0.03%15 HANSTEEN HOLDINGS PLC GBP 17 0.02%

0 INTERVEST OFFICES & WAREHOUSES NV EUR 11 0.01%5 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 8 0.01%3 KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST CAD 31 0.04%7 MFA FINANCIAL INC CLASS REIT USD 46 0.05%1 NORTHVIEW APARTMENT REAL ESTATE INVESTMENT TRUST CAD 13 0.02%2 PENNYMAC MORTGAGE INVESTMENT TRUST USD 41 0.05%

44 PROSPERITY REIT HKD 17 0.02%1 READY CAPITAL CORP USD 9 0.01%



38 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 24 0.03%2 WESTERN ASSET MORTGAGE CAPITAL CORP USD 14 0.02%

Funds - 125.44% (30 June 2018: 0.00%)102 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL

INFLATION LINKED BOND CLASS DUSD 3,124 3.69%


135 SEI GLOBAL MASTER FUND PLC USD 2,292 2.71%EMERGING MARKETS EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

423 SEI GLOBAL MASTER FUND PLC USD 5,465 6.45%GLOBAL EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS


799 SEI GLOBAL MASTER FUND PLC USD 16,061 18.96%GLOBAL MANAGED VOLATILITY FUNDU.S.$ INSTITUTIONAL CLASS

749 SEI GLOBAL MASTER FUND PLC USD 6,674 7.88%GLOBAL MULTI-ASSET INCOME FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS


222 SEI GLOBAL MASTER FUND PLC USD 1,790 2.11%HIGH YIELD FIXED INCOME FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

985 SEI GLOBAL MASTER FUND PLC USD 10,105 11.93%GLOBAL SHORT TERM BOND FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS


548 SEI GLOBAL MASTER FUND PLC USD 6,112 7.22%LIQUID ALTERNATIVE FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

58






Funds - 125.44% (30 June 2018: 0.00%) (continued)341 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO USD 4,485 5.29%

Total Investment Funds± 106,971 126.29%

Financial Investment Fund Assets at Fair Value Through Profit or Loss 106,971 126.29%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – –

EQUITIES

Agriculture - 0.42% (30 June 2018: 0.00%)1 HOKUTO CORP JPY 13 0.02%9 INGHAMS GROUP LTD AUD 26 0.03%6 SWEDISH MATCH AB SEK 226 0.27%1 UNIVERSAL CORP/VA USD 44 0.05%5 VECTOR GROUP LTD USD 46 0.05%


Auto Parts & Equipment - 0.08% (30 June 2018: 0.00%)1 KEIHIN CORP JPY 25 0.03%1 MEKONOMEN AB SEK 9 0.01%3 PRESS KOGYO CO LTD JPY 15 0.02%1 SHOWA CORP JPY 16 0.02%



Commercial Services - 0.03% (30 June 2018: 0.00%)0 AMADEUS FIRE AG EUR 17 0.02%1 NISSIN CORP JPY 9 0.01%

Communications - 0.87% (30 June 2018: 0.00%)0 AT&T INC USD 12 0.01%2 BCE INC CAD 74 0.09%

51 CITIC TELECOM INTERNATIONAL HOLDINGS LTD HKD 18 0.02%36 HKBN LTD HKD 54 0.06%

0 LORAL SPACE & COMMUNICATIONS INC USD 8 0.01%2 MILLICOM INTERNATIONAL CELLULAR SA SPONSORED ADR SEK 158 0.19%0 QUEBECOR INC CLASS B CAD 5 0.01%5 ROGERS COMMUNICATIONS INC CLASS B CAD 232 0.27%2 RTL GROUP SA EUR 82 0.10%1 SES SA CLASS A EUR 20 0.02%

13 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 15 0.02%6 TELEKOM AUSTRIA AG CLASS A EUR 46 0.05%1 T-GAIA CORP JPY 14 0.02%

Cosmetics/Personal Care - 0.26% (30 June 2018: 0.00%)4 COLGATE-PALMOLIVE CO USD 216 0.26%


35 MARUBENI CORP JPY 247 0.28%8 SUMITOMO CORP JPY 109 0.13%

Diversified - 0.20% (30 June 2018: 0.00%)1 SOFINA SA EUR 102 0.12%7 SWIRE PACIFIC LTD CLASS A HKD 71 0.08%

59







Financial - 3.63% (30 June 2018: 0.00%)1 ABC ARBITRAGE EUR 8 0.01%5 AFLAC INC USD 243 0.29%0 AGEAS EUR 10 0.01%3 AMERICAN FINANCIAL GROUP INC/OH USD 244 0.29%0 AMERICAN NATIONAL INSURANCE CO USD 37 0.04%3 ASR NEDERLAND NV EUR 137 0.16%8 CAPITOL FEDERAL FINANCIAL INC USD 100 0.12%1 EHIME BANK LTD JPY 10 0.01%1 EVEREST RE GROUP LTD USD 151 0.18%1 FIRST DEFIANCE FINANCIAL CORP USD 18 0.02%2 GENWORTH MI CANADA INC CAD 45 0.05%1 GIMV NV EUR 38 0.04%4 GREAT-WEST LIFECO INC CAD 82 0.10%4 HANG SENG BANK LTD HKD 101 0.12%1 HOMESTREET INC USD 19 0.02%1 HOMETRUST BANCSHARES INC USD 17 0.02%

14 HOPEWELL HOLDINGS LTD HKD 64 0.08%0 INTERSHOP HOLDING AG CHF 12 0.01%

30 LANGHAM HOSPITALITY INVESTMENTS AND LANGHAM HOSPITALITYINVESTMENTS LTD

HKD 11 0.01%

4 LEGAL & GENERAL GROUP PLC GBP 13 0.02%7 LIU CHONG HING INVESTMENT LTD HKD 10 0.01%6 LOEWS CORP USD 260 0.31%1 MCGRATH RENTCORP USD 41 0.05%1 MERIDIAN BANCORP INC USD 16 0.02%

14 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS 12 0.01%0 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN EUR 19 0.02%4 NN GROUP NV EUR 150 0.18%2 NORTHFIELD BANCORP INC USD 21 0.02%4 NORTHWEST BANCSHARES INC USD 61 0.08%1 OCEANFIRST FINANCIAL CORP USD 11 0.01%1 ORITANI FINANCIAL CORP USD 19 0.02%3 POWER CORP OF CANADA CAD 47 0.06%1 PROGRESSIVE CORP USD 82 0.10%2 PROVIDENT FINANCIAL SERVICES INC USD 55 0.06%2 REINSURANCE GROUP OF AMERICA INC CLASS A USD 267 0.32%6 SONY FINANCIAL HOLDINGS INC JPY 121 0.14%

14 STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LTD GBP 15 0.02%1 SUN LIFE FINANCIAL INC CAD 49 0.06%2 TOPDANMARK A/S DKK 93 0.11%3 TORCHMARK CORP USD 256 0.30%2 UNITED FINANCIAL BANCORP INC USD 26 0.03%2 WASHINGTON FEDERAL INC USD 53 0.06%1 WATERSTONE FINANCIAL INC USD 15 0.02%1 WUESTENROT & WUERTTEMBERGISCHE AG EUR 16 0.02%

Food - 2.30% (30 June 2018: 0.00%)0 AGRANA BETEILIGUNGS AG EUR 8 0.01%1 ARCS CO LTD JPY 26 0.03%3 AUSTEVOLL SEAFOOD ASA NOK 39 0.05%4 AXFOOD AB SEK 65 0.08%3 COLRUYT SA EUR 185 0.22%0 DAIKOKUTENBUSSAN CO LTD JPY 8 0.01%6 EMPIRE CO LTD CLASS COMMON S CAD 134 0.16%0 FUJIYA CO LTD JPY 8 0.01%1 GEORGE WESTON LTD CAD 36 0.04%1 GREGGS PLC GBP 8 0.01%1 HEIWADO CO LTD JPY 23 0.03%1 KATO SANGYO CO LTD JPY 23 0.03%

11 KONINKLIJKE AHOLD DELHAIZE NV EUR 281 0.32%7 KROGER CO USD 201 0.23%5 METRO INC CAD 159 0.18%1 MITSUBISHI SHOKUHIN CO LTD JPY 14 0.02%0 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 6 0.01%

60






Food - 2.30% (30 June 2018: 0.00%) (continued)2 NORTH WEST CO INC CAD 43 0.05%1 OKUWA CO LTD JPY 8 0.01%0 ORIOR AG CHF 16 0.02%0 RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD ILS 11 0.01%1 RETAIL PARTNERS CO LTD JPY 9 0.01%3 ROGERS SUGAR INC CAD 14 0.02%2 SHUFERSAL LTD ILS 16 0.02%4 SYSCO CORP USD 275 0.32%4 TATE & LYLE PLC GBP 31 0.04%1 TOOTSIE ROLL INDUSTRIES INC USD 24 0.03%2 UNITED SUPER MARKETS HOLDINGS INC JPY 21 0.02%7 US FOODS HOLDING CORP USD 228 0.27%0 VILLAGE SUPER MARKET INC CLASS A USD 8 0.01%0 WEIS MARKETS INC USD 23 0.03%

Healthcare-Services - 0.53% (30 June 2018: 0.00%)1 CHEMED CORP USD 250 0.30%1 CIGNA CORP USD 115 0.13%1 LABORATORY CORP OF AMERICA HOLDINGS USD 63 0.07%0 NATIONAL HEALTHCARE CORP USD 24 0.03%

Home Furnishings - 0.03% (30 June 2018: 0.00%)0 CANON ELECTRONICS INC JPY 6 0.01%3 VTECH HOLDINGS LTD HKD 23 0.02%

Household Products/Wares - 0.73% (30 June 2018: 0.00%)2 CLOROX CO USD 259 0.31%2 KIMBERLY-CLARK CORP USD 267 0.32%0 WD-40 CO USD 87 0.10%

Industrial - 0.93% (30 June 2018: 0.00%)0 BARCO NV EUR 36 0.04%1 CK INFRASTRUCTURE HOLDINGS LTD HKD 8 0.01%4 EXPEDITORS INTERNATIONAL OF WASHINGTON INC USD 248 0.30%1 GO-AHEAD GROUP PLC GBP 19 0.02%1 HAMAKYOREX CO LTD JPY 18 0.02%1 INABA DENKI SANGYO CO LTD JPY 35 0.04%1 ITURAN LOCATION AND CONTROL LTD USD 19 0.02%2 KELLER GROUP PLC GBP 15 0.02%1 OESTERREICHISCHE POST AG EUR 40 0.05%3 SILGAN HOLDINGS INC USD 63 0.07%3 SONOCO PRODUCTS CO USD 186 0.22%1 STOLT-NIELSEN LTD NOK 8 0.01%1 TAMRON CO LTD JPY 8 0.01%3 TFI INTERNATIONAL INC CAD 81 0.10%

Office Furnishings - 0.08% (30 June 2018: 0.00%)2 HERMAN MILLER INC USD 65 0.08%

Pharmaceuticals - 0.67% (30 June 2018: 0.00%)1 KYORIN HOLDINGS INC JPY 25 0.03%6 PFIZER INC USD 269 0.31%2 SHIP HEALTHCARE HOLDINGS INC JPY 57 0.07%3 SUZUKEN CO LTD/AICHI JAPAN JPY 132 0.16%2 TOHO HOLDINGS CO LTD JPY 46 0.05%0 TOWA PHARMACEUTICAL CO LTD JPY 22 0.03%1 VITAL KSK HOLDINGS INC JPY 15 0.02%


13 CAFE DE CORAL HOLDINGS LTD HKD 31 0.04%2 CANADIAN TIRE CORP LTD CLASS A CAD 235 0.28%1 CAWACHI LTD JPY 9 0.01%

11 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 16 0.02%1 DELEK AUTOMOTIVE SYSTEMS LTD ILS 4 0.00%1 DOUTOR NICHIRES HOLDINGS CO LTD JPY 19 0.02%

61






Retail - 2.87% (30 June 2018: 0.00%) (continued)3 DSW INC CLASS A USD 64 0.08%6 EUROPRIS ASA 144A NOK 17 0.02%2 FAIRWOOD HOLDINGS LTD HKD 8 0.01%1 GENESCO INC USD 33 0.04%1 GEO HOLDINGS CORP JPY 17 0.02%

45 GIORDANO INTERNATIONAL LTD HKD 21 0.02%0 HORNBACH BAUMARKT AG EUR 6 0.01%0 HORNBACH HOLDING AG & CO KGAA EUR 17 0.02%


22 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 33 0.04%10 MACY'S INC USD 286 0.34%

1 MATAS A/S DKK 12 0.01%0 MATSUYAFOODS HOLDINGS CO LTD JPY 11 0.01%1 MINISTOP CO LTD JPY 9 0.01%1 MOBILEZONE HOLDING AG CHF 13 0.02%1 MOS FOOD SERVICES INC JPY 23 0.03%2 NISHIMATSUYA CHAIN CO LTD JPY 13 0.02%3 NORDSTROM INC USD 146 0.17%0 OHSHO FOOD SERVICE CORP JPY 29 0.03%

26 PENDRAGON PLC GBP 7 0.01%2 ROSS STORES INC USD 206 0.24%

38 SA SA INTERNATIONAL HOLDINGS LTD HKD 14 0.02%19 SHENG SIONG GROUP LTD SGD 15 0.02%

0 SHOE CARNIVAL INC USD 10 0.01%1 ST MARC HOLDINGS CO LTD JPY 11 0.01%4 SUPER RETAIL GROUP LTD AUD 21 0.02%4 TARGET CORP USD 270 0.32%7 TJX COS INC USD 302 0.36%2 TOKMANNI GROUP CORP EUR 15 0.02%3 URBAN OUTFITTERS INC USD 88 0.10%0 VALORA HOLDING AG CHF 29 0.03%3 WALMART INC USD 245 0.29%1 WH SMITH PLC GBP 17 0.02%



Textiles - 0.03% (30 June 2018: 0.00%)27 PACIFIC TEXTILES HOLDINGS LTD HKD 24 0.03%

Utilities - 3.05% (30 June 2018: 0.00%)12 A2A SPA EUR 22 0.03%

1 BKW AG CHF 45 0.05%9 CENTERPOINT ENERGY INC USD 243 0.29%

31 CLP HOLDINGS LTD HKD 352 0.42%2 CONSOLIDATED EDISON INC USD 144 0.17%2 DTE ENERGY CO USD 235 0.28%1 ELIA SYSTEM OPERATOR SA/NV EUR 83 0.10%0 ENTERGY CORP USD 38 0.04%2 EVERGY INC USD 138 0.16%1 EVN AG EUR 19 0.02%7 EXELON CORP USD 303 0.36%4 HAWAIIAN ELECTRIC INDUSTRIES INC USD 138 0.16%

107 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD HKD 108 0.13%2 NORTHWESTERN CORP USD 104 0.12%7 OGE ENERGY CORP USD 262 0.31%1 OTTER TAIL CORP USD 61 0.07%3 PORTLAND GENERAL ELECTRIC CO USD 143 0.17%2 PUBLIC SERVICE ENTERPRISE GROUP INC USD 103 0.12%2 SHIZUOKA GAS CO LTD JPY 14 0.02%

62






Utilities - 3.05% (30 June 2018: 0.00%) (continued)0 SSE PLC GBP 4 0.00%1 UNITIL CORP USD 26 0.03%



Investments 121,591 143.55%

Total Financial Assets at Fair Value Through Profit or Loss 121,591 143.55%Total Financial Liabilities at Fair Value Through Profit or Loss – –


* Transferable securities admitted to an official stock exchange listing 14,620 10.78%± UCITS and non-UCITS investment schemes 106,971 78.88%

Total Investments 121,591 89.66%


63


THE SEI GLOBAL CORE FUND




INVESTMENT FUNDS

Funds - 99.78% (30 June 2018: 99.81%)12,511 SCHRODER INTERNATIONAL SELECTION FUND

GLOBAL INFLATION LINKED BOND CLASS DUSD 382,449 3.03%

65,591 SEI GLOBAL MASTER FUND PLC USD 802,837 6.36%FACTOR ALLOCATION U.S. EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

21,295 SEI GLOBAL MASTER FUND PLC USD 341,997 2.71%EUROPEAN (EX-U.K.) EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS


34,543 SEI GLOBAL MASTER FUND PLC USD 586,194 4.64%EMERGING MARKETS EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

83,248 SEI GLOBAL MASTER FUND PLC USD 1,074,726 8.51%GLOBAL EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

151,771 SEI GLOBAL MASTER FUND PLC USD 1,636,087 12.95%GLOBAL FIXED INCOME FUNDHEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS



147,067 SEI GLOBAL MASTER FUND PLC USD 1,623,622 12.85%GLOBAL OPPORTUNISTIC FIXED INCOME FUNDHEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS


19,429 SEI GLOBAL MASTER FUND PLC USD 245,002 1.94%JAPAN EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

13,002 SEI GLOBAL MASTER FUND PLC USD 183,842 1.46%PACIFIC BASIN (EX-JAPAN) EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

9,966 SEI GLOBAL MASTER FUND PLC USD 188,765 1.49%PAN EUROPEAN SMALL CAP FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

71,305 SEI GLOBAL MASTER FUND PLC USD 623,922 4.94%DYNAMIC ASSET ALLOCATION FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

19,055 SEI GLOBAL MASTER FUND PLC USD 195,509 1.55%GLOBAL SHORT TERM BOND FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS


12,268 SEI GLOBAL MASTER FUND PLC USD 138,877 1.10%U.K. EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

19,921 SEI GLOBAL MASTER FUND PLC USD 413,157 3.27%U.S. LARGE COMPANIES FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

16,341 SEI GLOBAL MASTER FUND PLC USD 373,557 2.96%U.S. SMALL COMPANIES FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

46,674 SEI GLOBAL MASTER FUND PLC USD 520,418 4.12%LIQUID ALTERNATIVE FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

64






Funds - 99.78% (30 June 2018: 99.81%) (continued)32,967 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO USD 433,842 3.44%



Investments 12,602,172 99.78%






65


THE SEI GLOBAL BALANCED FUND




INVESTMENT FUNDS

Funds - 99.77% (30 June 2018: 99.83%)18,247 SCHRODER INTERNATIONAL SELECTION FUND

GLOBAL INFLATION LINKED BOND CLASS DUSD 557,797 3.07%

138,814 SEI GLOBAL MASTER FUND PLC USD 1,699,084 9.37%FACTOR ALLOCATION U.S. EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS


116,462 SEI GLOBAL MASTER FUND PLC USD 1,050,491 5.79%EMERGING MARKETS DEBT FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

62,684 SEI GLOBAL MASTER FUND PLC USD 1,063,753 5.86%EMERGING MARKETS EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

176,696 SEI GLOBAL MASTER FUND PLC USD 2,281,151 12.57%GLOBAL EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS

142,457 SEI GLOBAL MASTER FUND PLC USD 1,535,685 8.47%GLOBAL FIXED INCOME FUNDHEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS



138,001 SEI GLOBAL MASTER FUND PLC USD 1,523,533 8.40%GLOBAL OPPORTUNISTIC FIXED INCOME FUNDHEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

125,876 SEI GLOBAL MASTER FUND PLC USD 1,017,075 5.61%HIGH YIELD FIXED INCOME FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS




122,593 SEI GLOBAL MASTER FUND PLC USD 1,072,690 5.91%DYNAMIC ASSET ALLOCATION FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS


50,515 SEI GLOBAL MASTER FUND PLC USD 1,047,687 5.78%U.S. LARGE COMPANIES FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS


33,577 SEI GLOBAL MASTER FUND PLC USD 374,380 2.06%LIQUID ALTERNATIVE FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS




Investments 18,100,601 99.77%

66




Value US$ Fund%






67


THE SEI GLOBAL GROWTH FUND




INVESTMENT FUNDS

Funds - 99.82% (30 June 2018: 99.79%)5,749 SCHRODER INTERNATIONAL SELECTION FUND GLOBAL

INFLATION LINKED BOND CLASS DUSD 175,746 3.25%

56,820 SEI GLOBAL MASTER FUND PLC USD 695,477 12.87%FACTOR ALLOCATION U.S. EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS



















Investments 5,395,776 99.82%


68








69


THE SEI GLOBAL AGGRESSIVE FUND




INVESTMENT FUNDS

Funds - 99.33% (30 June 2018: 99.75%)75,781 SEI GLOBAL MASTER FUND PLC USD 927,561 18.19%

FACTOR ALLOCATION U.S. EQUITY FUNDU.S.$ INSTITUTIONAL DISTRIBUTING CLASS













Investments 5,066,393 99.33%






70


THE SEI EURO CONSERVATIVE FUND



Code Value EUR Fund %

INVESTMENT FUNDS


53 AGNC INVESTMENT CORP USD 810 0.13%7 ANNALY CAPITAL MANAGEMENT INC USD 56 0.01%

16 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 228 0.04%8 ARBOR REALTY TRUST INC USD 67 0.01%

147 CACHE LOGISTICS TRUST CLASS REIT SGD 66 0.01%2 CANADIAN APARTMENT PROPERTIES REIT CAD 64 0.01%6 CROMBIE REAL ESTATE INVESTMENT TRUST CAD 51 0.01%7 DYNEX CAPITAL INC USD 33 0.00%


58 GCP STUDENT LIVING PLC GBP 96 0.01%60 HANSTEEN HOLDINGS PLC GBP 62 0.01%

2 INTERVEST OFFICES & WAREHOUSES NV EUR 39 0.01%20 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 28 0.00%11 KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST CAD 111 0.02%29 MFA FINANCIAL INC CLASS REIT USD 168 0.03%

3 NORTHVIEW APARTMENT REAL ESTATE INVESTMENT TRUST CAD 48 0.01%9 PENNYMAC MORTGAGE INVESTMENT TRUST USD 149 0.02%

184 PROSPERITY REIT HKD 62 0.01%3 READY CAPITAL CORP USD 32 0.00%



157 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 88 0.01%7 WESTERN ASSET MORTGAGE CAPITAL CORP USD 51 0.01%

Funds - 90.89% (30 June 2018: 91.14%)71,711 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL EURO

LIQUIDITY FUNDEUR 71,709 11.23%

559 SCHRODER ISF GLOBAL INFLATION LINKED BOND CLASS D EUR 15,763 2.47%3,510 SEI GLOBAL MASTER FUND PLC EUR 31,940 5.00%

EMERGING MARKETS DEBT FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

2,189 SEI GLOBAL MASTER FUND PLC EUR 21,694 3.40%EURO CORE PLUS FIXED INCOME FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

3,181 SEI GLOBAL MASTER FUND PLC EUR 32,476 5.08%EURO GOVERNMENT BOND FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

1,503 SEI GLOBAL MASTER FUND PLC EUR 13,043 2.04%EUROPEAN (EX-U.K.) EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

3,622 SEI GLOBAL MASTER FUND PLC EUR 35,130 5.50%GLOBAL FIXED INCOME FUNDHEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

5,726 SEI GLOBAL MASTER FUND PLC EUR 57,544 9.01%GLOBAL MANAGED VOLATILITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

4,836 SEI GLOBAL MASTER FUND PLC EUR 44,738 7.00%GLOBAL MULTI-ASSET INCOME FUNDHEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

3,667 SEI GLOBAL MASTER FUND PLC EUR 35,131 5.50%GLOBAL OPPORTUNISTIC FIXED INCOME FUNDHEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

9,046 SEI GLOBAL MASTER FUND PLC EUR 88,472 13.85%GLOBAL SHORT TERM BOND FUNDHEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

709 SEI GLOBAL MASTER FUND PLC EUR 6,402 1.00%HIGH YIELD FIXED INCOME FUNDHEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

9,159 SEI GLOBAL MASTER FUND PLC EUR 88,563 13.87%GLOBAL SHORT DURATION BOND FUND

71






Funds - 90.89% (30 June 2018: 91.14%) (continued)HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

1,998 SEI GLOBAL MASTER FUND PLC EUR 19,122 2.99%LIQUID ALTERNATIVE FUNDHEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

1,603 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO EUR 18,853 2.95%



EQUITIES


38 INGHAMS GROUP LTD AUD 95 0.01%24 SWEDISH MATCH AB SEK 819 0.13%

3 UNIVERSAL CORP/VA USD 161 0.03%19 VECTOR GROUP LTD USD 166 0.03%


Auto Parts & Equipment - 0.03% (30 June 2018: 0.06%)6 KEIHIN CORP JPY 90 0.01%3 MEKONOMEN AB SEK 31 0.00%

12 PRESS KOGYO CO LTD JPY 53 0.01%5 SHOWA CORP JPY 56 0.01%



Commercial Services - 0.01% (30 June 2018: 0.08%)1 AMADEUS FIRE AG EUR 60 0.01%2 NISSIN CORP JPY 31 0.00%

Communications - 0.42% (30 June 2018: 0.33%)2 AT&T INC USD 43 0.01%8 BCE INC CAD 269 0.04%

210 CITIC TELECOM INTERNATIONAL HOLDINGS LTD HKD 65 0.01%149 HKBN LTD HKD 198 0.03%

1 LORAL SPACE & COMMUNICATIONS INC USD 28 0.00%10 MILLICOM INTERNATIONAL CELLULAR SA SEK 572 0.09%

1 QUEBECOR INC CLASS B CAD 18 0.00%19 ROGERS COMMUNICATIONS INC CLASS B CAD 844 0.13%

6 RTL GROUP SA EUR 297 0.05%4 SES SA CLASS A EUR 71 0.01%

55 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 54 0.01%25 TELEKOM AUSTRIA AG CLASS A EUR 165 0.03%

3 T-GAIA CORP JPY 49 0.01%

Cosmetics/Personal Care - 0.12% (30 June 2018: 0.12%)15 COLGATE-PALMOLIVE CO USD 784 0.12%


146 MARUBENI CORP JPY 897 0.14%32 SUMITOMO CORP JPY 395 0.06%

72






Diversified - 0.10% (30 June 2018: 0.04%)2 SOFINA SA EUR 370 0.06%

28 SWIRE PACIFIC LTD CLASS A HKD 257 0.04%



22 AFLAC INC USD 881 0.14%1 AGEAS EUR 36 0.01%

11 AMERICAN FINANCIAL GROUP INC/OH USD 885 0.14%1 AMERICAN NATIONAL INSURANCE CO USD 133 0.02%

14 ASR NEDERLAND NV EUR 496 0.08%32 CAPITOL FEDERAL FINANCIAL INC USD 362 0.06%

4 EHIME BANK LTD JPY 38 0.01%3 EVEREST RE GROUP LTD USD 549 0.09%3 FIRST DEFIANCE FINANCIAL CORP USD 66 0.01%6 GENWORTH MI CANADA INC CAD 164 0.03%3 GIMV NV EUR 137 0.02%

16 GREAT-WEST LIFECO INC CAD 296 0.05%19 HANG SENG BANK LTD HKD 367 0.06%

4 HOMESTREET INC USD 70 0.01%3 HOMETRUST BANCSHARES INC USD 61 0.01%

60 HOPEWELL HOLDINGS LTD HKD 231 0.04%0 INTERSHOP HOLDING AG CHF 44 0.01%


HKD 41 0.01%

18 LEGAL & GENERAL GROUP PLC GBP 46 0.01%27 LIU CHONG HING INVESTMENT LTD HKD 37 0.01%24 LOEWS CORP USD 945 0.15%

3 MCGRATH RENTCORP USD 148 0.02%5 MERIDIAN BANCORP INC USD 60 0.01%


16 NN GROUP NV EUR 544 0.09%6 NORTHFIELD BANCORP INC USD 75 0.01%

15 NORTHWEST BANCSHARES INC USD 221 0.03%2 OCEANFIRST FINANCIAL CORP USD 42 0.01%5 ORITANI FINANCIAL CORP USD 70 0.01%

11 POWER CORP OF CANADA CAD 170 0.03%6 PROGRESSIVE CORP USD 299 0.05%

10 PROVIDENT FINANCIAL SERVICES INC USD 201 0.03%8 REINSURANCE GROUP OF AMERICA INC CLASS A USD 969 0.15%

27 SONY FINANCIAL HOLDINGS INC JPY 438 0.07%59 STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LTD GBP 54 0.01%

6 SUN LIFE FINANCIAL INC CAD 178 0.03%8 TOPDANMARK A/S DKK 339 0.05%

14 TORCHMARK CORP USD 931 0.15%7 UNITED FINANCIAL BANCORP INC USD 96 0.02%8 WASHINGTON FEDERAL INC USD 193 0.03%4 WATERSTONE FINANCIAL INC USD 54 0.01%4 WUESTENROT & WUERTTEMBERGISCHE AG EUR 59 0.01%

Food - 1.07% (30 June 2018: 0.98%)2 AGRANA BETEILIGUNGS AG EUR 29 0.00%5 ARCS CO LTD JPY 95 0.01%

13 AUSTEVOLL SEAFOOD ASA NOK 140 0.02%16 AXFOOD AB SEK 236 0.04%11 COLRUYT SA EUR 671 0.11%

1 DAIKOKUTENBUSSAN CO LTD JPY 29 0.00%26 EMPIRE CO LTD CLASS COMMON S CAD 486 0.08%

2 FUJIYA CO LTD JPY 28 0.00%2 GEORGE WESTON LTD CAD 131 0.02%2 GREGGS PLC GBP 30 0.00%4 HEIWADO CO LTD JPY 83 0.01%

73






Food - 1.07% (30 June 2018: 0.98%) (continued)4 KATO SANGYO CO LTD JPY 85 0.01%

46 KONINKLIJKE AHOLD DELHAIZE NV EUR 1,018 0.16%30 KROGER CO USD 729 0.11%19 METRO INC CLASS A CAD 576 0.09%

2 MITSUBISHI SHOKUHIN CO LTD JPY 50 0.01%2 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 22 0.00%8 NORTH WEST CO INC CAD 155 0.02%3 OKUWA CO LTD JPY 30 0.00%1 ORIOR AG CHF 60 0.01%1 RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD ILS 40 0.01%3 RETAIL PARTNERS CO LTD JPY 31 0.00%

14 ROGERS SUGAR INC CAD 49 0.01%10 SHUFERSAL LTD ILS 59 0.01%18 SYSCO CORP USD 998 0.16%15 TATE & LYLE PLC GBP 113 0.02%

3 TOOTSIE ROLL INDUSTRIES INC USD 88 0.01%8 UNITED SUPER MARKETS HOLDINGS INC JPY 75 0.01%

30 US FOODS HOLDING CORP USD 829 0.13%1 VILLAGE SUPER MARKET INC CLASS A USD 28 0.00%2 WEIS MARKETS INC USD 85 0.01%

Healthcare-Services - 0.26% (30 June 2018: 0.27%)4 CHEMED CORP USD 908 0.14%3 CIGNA CORP USD 419 0.07%2 LABORATORY CORP OF AMERICA HOLDINGS USD 230 0.04%1 NATIONAL HEALTHCARE CORP USD 89 0.01%


12 VTECH HOLDINGS LTD HKD 85 0.01%

Household Products/Wares - 0.35% (30 June 2018: 0.32%)7 CLOROX CO USD 942 0.15%

10 KIMBERLY-CLARK CORP USD 969 0.15%2 WD-40 CO USD 315 0.05%

Industrial - 0.44% (30 June 2018: 0.62%)1 BARCO NV EUR 130 0.02%4 CK INFRASTRUCTURE HOLDINGS LTD HKD 30 0.00%

15 EXPEDITORS INTERNATIONAL OF WASHINGTON INC USD 900 0.14%4 GO-AHEAD GROUP PLC GBP 67 0.01%2 HAMAKYOREX CO LTD JPY 66 0.01%4 INABA DENKI SANGYO CO LTD JPY 128 0.02%2 ITURAN LOCATION AND CONTROL LTD USD 69 0.01%

10 KELLER GROUP PLC GBP 54 0.01%5 OESTERREICHISCHE POST AG EUR 146 0.02%

11 SILGAN HOLDINGS INC USD 230 0.04%15 SONOCO PRODUCTS CO USD 675 0.11%

3 STOLT-NIELSEN LTD NOK 30 0.00%2 TAMRON CO LTD JPY 29 0.00%

13 TFI INTERNATIONAL INC CAD 293 0.05%

Office Furnishings - 0.04% (30 June 2018: 0.04%)9 HERMAN MILLER INC USD 234 0.04%


26 PFIZER INC USD 977 0.15%6 SHIP HEALTHCARE HOLDINGS INC JPY 205 0.03%

11 SUZUKEN CO LTD/AICHI JAPAN JPY 478 0.07%8 TOHO HOLDINGS CO LTD JPY 165 0.03%1 TOWA PHARMACEUTICAL CO LTD JPY 80 0.01%6 VITAL KSK HOLDINGS INC JPY 54 0.01%


74






Retail - 1.39% (30 June 2018: 1.63%) (continued)54 CAFE DE CORAL HOLDINGS LTD HKD 114 0.02%

9 CANADIAN TIRE CORP LTD CLASS A CAD 854 0.13%2 CAWACHI LTD JPY 32 0.00%

44 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 57 0.01%5 DELEK AUTOMOTIVE SYSTEMS LTD ILS 16 0.00%4 DOUTOR NICHIRES HOLDINGS CO LTD JPY 70 0.01%

11 DSW INC CLASS A USD 231 0.04%26 EUROPRIS ASA 144A NOK 60 0.01%10 FAIRWOOD HOLDINGS LTD HKD 30 0.00%

3 GENESCO INC USD 119 0.02%5 GEO HOLDINGS CORP JPY 62 0.01%

188 GIORDANO INTERNATIONAL LTD HKD 78 0.01%1 HORNBACH BAUMARKT AG EUR 21 0.00%2 HORNBACH HOLDING AG & CO KGAA EUR 63 0.01%


91 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 121 0.02%40 MACY'S INC USD 1,038 0.16%

6 MATAS A/S DKK 45 0.01%1 MATSUYAFOODS HOLDINGS CO LTD JPY 38 0.01%2 MINISTOP CO LTD JPY 34 0.01%5 MOBILEZONE HOLDING AG CHF 48 0.01%4 MOS FOOD SERVICES INC JPY 82 0.01%7 NISHIMATSUYA CHAIN CO LTD JPY 46 0.01%

13 NORDSTROM INC USD 531 0.08%2 OHSHO FOOD SERVICE CORP JPY 104 0.02%

107 PENDRAGON PLC GBP 27 0.00%10 ROSS STORES INC USD 748 0.12%

156 SA SA INTERNATIONAL HOLDINGS LTD HKD 52 0.01%78 SHENG SIONG GROUP LTD SGD 53 0.01%

1 SHOE CARNIVAL INC USD 38 0.01%2 ST MARC HOLDINGS CO LTD JPY 41 0.01%

18 SUPER RETAIL GROUP LTD AUD 76 0.01%17 TARGET CORP USD 981 0.15%28 TJX COS INC USD 1,097 0.17%

7 TOKMANNI GROUP CORP EUR 53 0.01%11 URBAN OUTFITTERS INC USD 319 0.05%

1 VALORA HOLDING AG CHF 106 0.02%11 WALMART INC USD 888 0.14%

3 WH SMITH PLC GBP 61 0.01%




Utilities - 1.46% (30 June 2018: 0.81%)52 A2A SPA EUR 81 0.01%

3 BKW AG CHF 163 0.03%36 CENTERPOINT ENERGY INC USD 882 0.14%

129 CLP HOLDINGS LTD HKD 1,277 0.20%8 CONSOLIDATED EDISON INC USD 522 0.08%9 DTE ENERGY CO USD 853 0.13%5 ELIA SYSTEM OPERATOR SA/NV EUR 301 0.05%2 ENTERGY CORP USD 138 0.02%

10 EVERGY INC USD 502 0.08%5 EVN AG EUR 69 0.01%

28 EXELON CORP USD 1,101 0.17%16 HAWAIIAN ELECTRIC INDUSTRIES INC USD 502 0.08%

445 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD HKD 393 0.06%

75






Utilities - 1.46% (30 June 2018: 0.81%) (continued)7 NORTHWESTERN CORP USD 377 0.06%

28 OGE ENERGY CORP USD 952 0.15%5 OTTER TAIL CORP USD 220 0.03%

13 PORTLAND GENERAL ELECTRIC CO USD 519 0.08%8 PUBLIC SERVICE ENTERPRISE GROUP INC USD 375 0.06%8 SHIZUOKA GAS CO LTD JPY 51 0.01%1 SSE PLC GBP 13 0.00%2 UNITIL CORP USD 96 0.01%





MaturityDate

AmountBought



EUR Fund %

Portfolio Hedges31/01/2019 6,332 EUR (7,241) USD Brown Brothers Harriman 13 0.00%

13 0.00%

Total Forward Foreign Currency Contracts∞ 13 0.00%

Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss 13 –Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss – –

Value EUR Fund %



* Transferable securities admitted to an official stock exchange listing 53,066 7.31%± UCITS and non-UCITS investment schemes 583,192 80.36%∞ Centrally cleared and OTC financial derivative instruments 13 0.00%



76


THE SEI EURO MODERATE FUND




INVESTMENT FUNDS


393 AGNC INVESTMENT CORP USD 6,028 0.17%49 ANNALY CAPITAL MANAGEMENT INC USD 418 0.01%

117 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 1,699 0.05%57 ARBOR REALTY TRUST INC USD 498 0.01%

1,095 CACHE LOGISTICS TRUST CLASS REIT SGD 488 0.01%17 CANADIAN APARTMENT PROPERTIES REIT CAD 473 0.01%47 CROMBIE REAL ESTATE INVESTMENT TRUST CAD 380 0.01%50 DYNEX CAPITAL INC USD 249 0.01%


434 GCP STUDENT LIVING PLC GBP 717 0.02%449 HANSTEEN HOLDINGS PLC GBP 463 0.01%14 INTERVEST OFFICES & WAREHOUSES NV EUR 292 0.01%

152 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 205 0.01%81 KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST CAD 827 0.02%

214 MFA FINANCIAL INC CLASS REIT USD 1,250 0.04%23 NORTHVIEW APARTMENT REAL ESTATE INVESTMENT TRUST CAD 355 0.01%68 PENNYMAC MORTGAGE INVESTMENT TRUST USD 1,112 0.03%

1,369 PROSPERITY REIT HKD 459 0.01%20 READY CAPITAL CORP USD 240 0.01%



1,166 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 654 0.02%52 WESTERN ASSET MORTGAGE CAPITAL CORP USD 378 0.01%

Funds - 87.65% (30 June 2018: 87.77%)2,922 SCHRODER ISF GLOBAL INFLATION LINKED BOND CLASS D EUR 82,434 2.34%

28,933 SEI GLOBAL MASTER FUND PLC EUR 263,287 7.49%EMERGING MARKETS DEBT FUNDPARTIALLY HEDGED EURO INSTITUTIONAL DISTRIBUTINGCLASS









5,844 SEI GLOBAL MASTER FUND PLC EUR 52,772 1.50%HIGH YIELD FIXED INCOME FUNDHEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

6,337 SEI GLOBAL MASTER FUND PLC EUR 53,992 1.54%PAN EUROPEAN SMALL CAP FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

77






Funds - 87.65% (30 June 2018: 87.77%) (continued)44,891 SEI GLOBAL MASTER FUND PLC EUR 434,096 12.34%

GLOBAL SHORT DURATION BOND FUNDHEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS





EQUITIES


279 INGHAMS GROUP LTD AUD 710 0.02%177 SWEDISH MATCH AB SEK 6,100 0.17%25 UNIVERSAL CORP/VA USD 1,202 0.03%



Auto Parts & Equipment - 0.05% (30 June 2018: 0.08%)45 KEIHIN CORP JPY 668 0.02%26 MEKONOMEN AB SEK 230 0.01%92 PRESS KOGYO CO LTD JPY 395 0.01%41 SHOWA CORP JPY 419 0.01%


Beverages - 0.02% (30 June 2018: 0.02%)9 DYDO GROUP HOLDINGS INC JPY 406 0.01%

20 KEY COFFEE INC JPY 326 0.01%

Commercial Services - 0.02% (30 June 2018: 0.10%)5 AMADEUS FIRE AG EUR 446 0.01%

16 NISSIN CORP JPY 230 0.01%

Communications - 0.55% (30 June 2018: 0.45%)13 AT&T INC USD 322 0.01%58 BCE INC CAD 2,006 0.06%

1,567 CITIC TELECOM INTERNATIONAL HOLDINGS LTD HKD 482 0.01%1,109 HKBN LTD HKD 1,473 0.04%

6 LORAL SPACE & COMMUNICATIONS INC USD 209 0.01%77 MILLICOM INTERNATIONAL CELLULAR SA SEK 4,262 0.12%

7 QUEBECOR INC CLASS B CAD 132 0.00%140 ROGERS COMMUNICATIONS INC CLASS B CAD 6,282 0.18%47 RTL GROUP SA EUR 2,211 0.06%32 SES SA CLASS A EUR 531 0.01%

411 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 399 0.01%185 TELEKOM AUSTRIA AG CLASS A EUR 1,230 0.03%22 T-GAIA CORP JPY 367 0.01%


Distribution/Wholesale - 0.29% (30 June 2018: 0.32%)5 ITOCHU-SHOKUHIN CO LTD JPY 191 0.01%

10 JAPAN PULP & PAPER CO LTD JPY 341 0.01%1,084 MARUBENI CORP JPY 6,678 0.19%

236 SUMITOMO CORP JPY 2,942 0.08%

78










165 AFLAC INC USD 6,559 0.19%7 AGEAS EUR 269 0.01%

83 AMERICAN FINANCIAL GROUP INC/OH USD 6,589 0.19%9 AMERICAN NATIONAL INSURANCE CO USD 988 0.03%

107 ASR NEDERLAND NV EUR 3,690 0.10%241 CAPITOL FEDERAL FINANCIAL INC USD 2,695 0.08%33 EHIME BANK LTD JPY 281 0.01%21 EVEREST RE GROUP LTD USD 4,088 0.12%23 FIRST DEFIANCE FINANCIAL CORP USD 491 0.01%47 GENWORTH MI CANADA INC CAD 1,223 0.03%22 GIMV NV EUR 1,017 0.03%

122 GREAT-WEST LIFECO INC CAD 2,208 0.06%139 HANG SENG BANK LTD HKD 2,730 0.08%28 HOMESTREET INC USD 518 0.01%20 HOMETRUST BANCSHARES INC USD 458 0.01%

448 HOPEWELL HOLDINGS LTD HKD 1,720 0.05%1 INTERSHOP HOLDING AG CHF 327 0.01%


HKD 304 0.01%

134 LEGAL & GENERAL GROUP PLC GBP 345 0.01%203 LIU CHONG HING INVESTMENT LTD HKD 276 0.01%177 LOEWS CORP USD 7,040 0.20%24 MCGRATH RENTCORP USD 1,103 0.03%36 MERIDIAN BANCORP INC USD 445 0.01%


116 NN GROUP NV EUR 4,048 0.11%47 NORTHFIELD BANCORP INC USD 555 0.02%

111 NORTHWEST BANCSHARES INC USD 1,645 0.05%16 OCEANFIRST FINANCIAL CORP USD 310 0.01%41 ORITANI FINANCIAL CORP USD 525 0.01%81 POWER CORP OF CANADA CAD 1,267 0.04%42 PROGRESSIVE CORP USD 2,223 0.06%71 PROVIDENT FINANCIAL SERVICES INC USD 1,500 0.04%59 REINSURANCE GROUP OF AMERICA INC CLASS A USD 7,216 0.21%

199 SONY FINANCIAL HOLDINGS INC JPY 3,258 0.09%442 STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LTD GBP 401 0.01%46 SUN LIFE FINANCIAL INC CAD 1,328 0.04%62 TOPDANMARK A/S DKK 2,525 0.07%

106 TORCHMARK CORP USD 6,931 0.20%56 UNITED FINANCIAL BANCORP INC USD 714 0.02%62 WASHINGTON FEDERAL INC USD 1,440 0.04%27 WATERSTONE FINANCIAL INC USD 401 0.01%27 WUESTENROT & WUERTTEMBERGISCHE AG EUR 438 0.01%

Food - 1.52% (30 June 2018: 1.36%)13 AGRANA BETEILIGUNGS AG EUR 217 0.01%36 ARCS CO LTD JPY 704 0.02%97 AUSTEVOLL SEAFOOD ASA NOK 1,042 0.03%

117 AXFOOD AB SEK 1,757 0.05%80 COLRUYT SA EUR 4,996 0.14%

7 DAIKOKUTENBUSSAN CO LTD JPY 218 0.01%196 EMPIRE CO LTD CAD 3,622 0.10%11 FUJIYA CO LTD JPY 206 0.01%17 GEORGE WESTON LTD CAD 977 0.03%16 GREGGS PLC GBP 225 0.01%31 HEIWADO CO LTD JPY 615 0.02%

79






Food - 1.52% (30 June 2018: 1.36%) (continued)26 KATO SANGYO CO LTD JPY 633 0.02%

344 KONINKLIJKE AHOLD DELHAIZE NV EUR 7,583 0.22%226 KROGER CO USD 5,430 0.15%142 METRO INC CLASS A CAD 4,291 0.12%17 MITSUBISHI SHOKUHIN CO LTD JPY 375 0.01%11 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 163 0.00%57 NORTH WEST CO INC CAD 1,157 0.03%25 OKUWA CO LTD JPY 224 0.01%

6 ORIOR AG CHF 444 0.01%7 RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD ILS 298 0.01%

26 RETAIL PARTNERS CO LTD JPY 231 0.01%105 ROGERS SUGAR INC CAD 366 0.01%77 SHUFERSAL LTD ILS 440 0.01%

136 SYSCO CORP USD 7,428 0.21%115 TATE & LYLE PLC GBP 844 0.02%22 TOOTSIE ROLL INDUSTRIES INC USD 655 0.02%58 UNITED SUPER MARKETS HOLDINGS INC JPY 560 0.02%

223 US FOODS HOLDING CORP USD 6,172 0.18%9 VILLAGE SUPER MARKET INC CLASS A USD 209 0.01%

15 WEIS MARKETS INC USD 632 0.02%

Healthcare-Services - 0.35% (30 June 2018: 0.34%)27 CHEMED CORP USD 6,758 0.19%19 CIGNA CORP USD 3,119 0.09%15 LABORATORY CORP OF AMERICA HOLDINGS USD 1,710 0.05%10 NATIONAL HEALTHCARE CORP USD 659 0.02%

Home Furnishings - 0.02% (30 June 2018: 0.00%)11 CANON ELECTRONICS INC JPY 163 0.00%87 VTECH HOLDINGS LTD HKD 632 0.02%


Industrial - 0.60% (30 June 2018: 0.84%)10 BARCO NV EUR 971 0.03%33 CK INFRASTRUCTURE HOLDINGS LTD HKD 221 0.01%

113 EXPEDITORS INTERNATIONAL OF WASHINGTON INC USD 6,701 0.19%29 GO-AHEAD GROUP PLC GBP 500 0.01%16 HAMAKYOREX CO LTD JPY 494 0.01%29 INABA DENKI SANGYO CO LTD JPY 949 0.03%18 ITURAN LOCATION AND CONTROL LTD USD 514 0.01%73 KELLER GROUP PLC GBP 399 0.01%36 OESTERREICHISCHE POST AG EUR 1,088 0.03%83 SILGAN HOLDINGS INC USD 1,713 0.05%

108 SONOCO PRODUCTS CO USD 5,023 0.14%21 STOLT-NIELSEN LTD NOK 222 0.01%17 TAMRON CO LTD JPY 213 0.01%97 TFI INTERNATIONAL INC CAD 2,183 0.06%



191 PFIZER INC USD 7,277 0.21%47 SHIP HEALTHCARE HOLDINGS INC JPY 1,528 0.04%80 SUZUKEN CO LTD/AICHI JAPAN JPY 3,562 0.10%57 TOHO HOLDINGS CO LTD JPY 1,231 0.03%10 TOWA PHARMACEUTICAL CO LTD JPY 596 0.02%44 VITAL KSK HOLDINGS INC JPY 400 0.01%


80






Retail - 1.88% (30 June 2018: 2.28%) (continued)400 CAFE DE CORAL HOLDINGS LTD HKD 847 0.02%70 CANADIAN TIRE CORP LTD CLASS A CAD 6,357 0.18%16 CAWACHI LTD JPY 235 0.01%

327 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 424 0.01%35 DELEK AUTOMOTIVE SYSTEMS LTD ILS 120 0.00%33 DOUTOR NICHIRES HOLDINGS CO LTD JPY 521 0.01%80 DSW INC CLASS A USD 1,718 0.05%

191 EUROPRIS ASA 144A NOK 446 0.01%76 FAIRWOOD HOLDINGS LTD HKD 222 0.01%23 GENESCO INC USD 888 0.03%35 GEO HOLDINGS CORP JPY 460 0.01%

1,402 GIORDANO INTERNATIONAL LTD HKD 580 0.02%9 HORNBACH BAUMARKT AG EUR 156 0.00%

11 HORNBACH HOLDING AG & CO KGAA EUR 468 0.01%548 IT LTD HKD 256 0.01%20 JOSHIN DENKI CO LTD JPY 392 0.01%24 KISOJI CO LTD JPY 468 0.01%29 KOHNAN SHOJI CO LTD JPY 615 0.02%34 KOMERI CO LTD JPY 640 0.02%

678 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 898 0.03%297 MACY'S INC USD 7,727 0.22%43 MATAS A/S DKK 335 0.01%10 MATSUYAFOODS HOLDINGS CO LTD JPY 284 0.01%16 MINISTOP CO LTD JPY 255 0.01%37 MOBILEZONE HOLDING AG CHF 357 0.01%27 MOS FOOD SERVICES INC JPY 612 0.02%49 NISHIMATSUYA CHAIN CO LTD JPY 344 0.01%97 NORDSTROM INC USD 3,950 0.11%13 OHSHO FOOD SERVICE CORP JPY 773 0.02%

796 PENDRAGON PLC GBP 200 0.01%77 ROSS STORES INC USD 5,569 0.16%

1,162 SA SA INTERNATIONAL HOLDINGS LTD HKD 384 0.01%579 SHENG SIONG GROUP LTD SGD 394 0.01%10 SHOE CARNIVAL INC USD 281 0.01%16 ST MARC HOLDINGS CO LTD JPY 306 0.01%

131 SUPER RETAIL GROUP LTD AUD 565 0.02%126 TARGET CORP USD 7,303 0.21%209 TJX COS INC USD 8,170 0.23%55 TOKMANNI GROUP CORP EUR 398 0.01%82 URBAN OUTFITTERS INC USD 2,378 0.07%

4 VALORA HOLDING AG CHF 788 0.02%81 WALMART INC USD 6,614 0.19%24 WH SMITH PLC GBP 457 0.01%




Utilities - 1.98% (30 June 2018: 1.13%)384 A2A SPA EUR 603 0.02%20 BKW AG CHF 1,215 0.03%

266 CENTERPOINT ENERGY INC USD 6,568 0.19%962 CLP HOLDINGS LTD HKD 9,508 0.27%58 CONSOLIDATED EDISON INC USD 3,888 0.11%66 DTE ENERGY CO USD 6,355 0.18%38 ELIA SYSTEM OPERATOR SA/NV EUR 2,243 0.06%14 ENTERGY CORP USD 1,027 0.03%75 EVERGY INC USD 3,739 0.11%41 EVN AG EUR 514 0.01%

208 EXELON CORP USD 8,199 0.23%117 HAWAIIAN ELECTRIC INDUSTRIES INC USD 3,739 0.11%

3,316 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD HKD 2,927 0.08%

81






Utilities - 1.98% (30 June 2018: 1.13%) (continued)54 NORTHWESTERN CORP USD 2,808 0.08%

207 OGE ENERGY CORP USD 7,089 0.20%38 OTTER TAIL CORP USD 1,639 0.05%96 PORTLAND GENERAL ELECTRIC CO USD 3,864 0.11%61 PUBLIC SERVICE ENTERPRISE GROUP INC USD 2,792 0.08%56 SHIZUOKA GAS CO LTD JPY 380 0.01%

8 SSE PLC GBP 95 0.00%16 UNITIL CORP USD 712 0.02%



Investments 3,497,186 99.43%


MaturityDate

AmountBought



EUR Fund %

Portfolio Hedges31/01/2019 49,796 EUR (56,945) USD Brown Brothers Harriman 106 0.00%

106 0.00%

Total Forward Foreign Currency Contracts∞ 106 0.00%

Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss 106 –Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss – –

Value EUR Fund %



* Transferable securities admitted to an official stock exchange listing 395,128 9.54%± UCITS and non-UCITS investment schemes 3,102,058 74.92%∞ Centrally cleared and OTC financial derivative instruments 106 0.00%



82


THE SEI EURO CORE FUND




INVESTMENT FUNDS

Funds - 99.31% (30 June 2018: 99.24%)2,092 SCHRODER ISF GLOBAL INFLATION LINKED BOND CLASS D EUR 59,009 2.95%

11,978 SEI GLOBAL MASTER FUND PLC EUR 108,999 5.44%EMERGING MARKETS DEBT FUNDPARTIALLY HEDGED EURO INSTITUTIONAL DISTRIBUTINGCLASS

8,456 SEI GLOBAL MASTER FUND PLC EUR 76,107 3.80%EMERGING MARKETS EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS




8,952 SEI GLOBAL MASTER FUND PLC EUR 98,204 4.90%FACTOR ALLOCATION U.S. EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

12,655 SEI GLOBAL MASTER FUND PLC EUR 122,502 6.12%GLOBAL EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

2,955 SEI GLOBAL MASTER FUND PLC EUR 28,161 1.41%JAPAN EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

3,206 SEI GLOBAL MASTER FUND PLC EUR 28,565 1.43%PACIFIC BASIN (EX-JAPAN) EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS








11,126 SEI GLOBAL MASTER FUND PLC EUR 100,915 5.04%DYNAMIC ASSET ALLOCATION FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

3,579 SEI GLOBAL MASTER FUND PLC EUR 34,605 1.73%GLOBAL SHORT DURATION BOND FUNDHEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

2,079 SEI GLOBAL MASTER FUND PLC EUR 19,898 0.99%U.K. EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

4,861 SEI GLOBAL MASTER FUND PLC EUR 51,087 2.55%U.S. LARGE COMPANIES FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

83






Funds - 99.31% (30 June 2018: 99.24%) (continued)4,571 SEI GLOBAL MASTER FUND PLC EUR 47,036 2.35%

U.S. SMALL COMPANIES FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS





Investments 1,988,742 99.31%






84

SEI Global Assets Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 THE SEI EURO BALANCED FUND PORTFOLIO OF INVESTMENTS AS AT 31 DECEMBER 2018

Nominal Security Currency

Code Value EUR Fund % INVESTMENT FUNDS Funds - 102.55% (30 June 2018: 106.29%)

1,083 SCHRODER ISF GLOBAL INFLATION LINKED BOND CLASS D EUR 30,538 2.96%6,155 SEI GLOBAL MASTER FUND PLC EUR 55,392 5.37%

EMERGING MARKETS EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

6,382 SEI GLOBAL MASTER FUND PLC EUR 58,075 5.63% EMERGING MARKETS DEBT FUND PARTIALLY HEDGED EURO INSTITUTIONAL DISTRIBUTING

CLASS 2,554 SEI GLOBAL MASTER FUND PLC EUR 25,312 2.45%

EURO CORE PLUS FIXED INCOME FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

3,711 SEI GLOBAL MASTER FUND PLC EUR 37,894 3.67% EURO GOVERNMENT BOND FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

16,535 SEI GLOBAL MASTER FUND PLC EUR 143,525 13.91% EUROPEAN (EX-U.K.) EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

7,337 SEI GLOBAL MASTER FUND PLC EUR 80,490 7.80% FACTOR ALLOCATION U.S. EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

10,026 SEI GLOBAL MASTER FUND PLC EUR 97,047 9.40% GLOBAL EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

2,543 SEI GLOBAL MASTER FUND PLC EUR 24,231 2.35% JAPAN EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

1,945 SEI GLOBAL MASTER FUND PLC EUR 17,328 1.68% PACIFIC BASIN (EX-JAPAN) EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

5,714 SEI GLOBAL MASTER FUND PLC EUR 55,427 5.37% GLOBAL FIXED INCOME FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

5,289 SEI GLOBAL MASTER FUND PLC EUR 53,154 5.15% GLOBAL MANAGED VOLATILITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

2,290 SEI GLOBAL MASTER FUND PLC EUR 21,185 2.05% GLOBAL MULTI-ASSET INCOME FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

6,062 SEI GLOBAL MASTER FUND PLC EUR 58,070 5.63% GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

6,445 SEI GLOBAL MASTER FUND PLC EUR 58,202 5.64% HIGH YIELD FIXED INCOME FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

3,776 SEI GLOBAL MASTER FUND PLC EUR 32,168 3.12% PAN EUROPEAN SMALL CAP FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

7,032 SEI GLOBAL MASTER FUND PLC EUR 63,776 6.18% DYNAMIC ASSET ALLOCATION FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

1,436 SEI GLOBAL MASTER FUND PLC EUR 13,741 1.33% U.K. EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

4,928 SEI GLOBAL MASTER FUND PLC EUR 51,791 5.02% U.S. LARGE COMPANIES FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

2,786 SEI GLOBAL MASTER FUND PLC EUR 28,671 2.78% U.S. SMALL COMPANIES FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

2,202 SEI GLOBAL MASTER FUND PLC EUR 21,072 2.04% LIQUID ALTERNATIVE FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS


85

SEI Global Assets Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 THE SEI EURO BALANCED FUND PORTFOLIO OF INVESTMENTS AS AT 31 DECEMBER 2018 (continued)

Total Investment Funds± 1,058,263 102.55% Financial Investment Fund Assets at Fair Value Through Profit or Loss 1,058,263 102.55%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – –

Investments 1,058,263 102.55%


Portfolio Analysis Total Assets % ± UCITS and non-UCITS investment schemes 1,058,263 88.91% Total Investments 1,058,263 88.91%

The above holdings represent a portion of the investments held at the pool level allocated to the Fund at period end date. The accompanying notes form an integral part of these financial statements.

86


THE SEI EURO GROWTH FUND




INVESTMENT FUNDS

Funds - 99.66% (30 June 2018: 89.28%)461 SCHRODER INTERNATIONAL SELECTION FUND

GLOBAL INFLATION LINKED BOND CLASS DEUR 13,007 2.88%

3,314 SEI GLOBAL MASTER FUND PLC EUR 29,826 6.61%EMERGING MARKETS EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

2,707 SEI GLOBAL MASTER FUND PLC EUR 24,637 5.46%EMERGING MARKETS DEBT FUNDPARTIALLY HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS




1,455 SEI GLOBAL MASTER FUND PLC EUR 13,870 3.07%JAPAN EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

1,078 SEI GLOBAL MASTER FUND PLC EUR 9,606 2.13%PACIFIC BASIN (EX-JAPAN) EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS







739 SEI GLOBAL MASTER FUND PLC EUR 7,068 1.56%U.K. EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS


1,340 SEI GLOBAL MASTER FUND PLC EUR 13,789 3.05%U.S. SMALL COMPANIES FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

375 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO EUR 4,409 0.98%





87





± UCITS and non-UCITS investment schemes 449,940 81.88%



88


THE SEI EURO AGGRESSIVE FUND




INVESTMENT FUNDS

Financial - 0.01% (30 June 2018: 0.09%)0 ALARKO GAYRIMENKUL YATIRIM ORTAKLIGI A/S TRY 1 0.00%0 NSI NV EUR 10 0.01%1 PANORA GAYRIMENKUL YATIRIM ORTAKLIGI TRY 1 0.00%0 PAREF EUR 0 0.00%

Funds - 94.93% (30 June 2018: 82.61%)1,788 SEI GLOBAL MASTER FUND PLC EUR 16,088 8.24%

EMERGING MARKETS EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS




847 SEI GLOBAL MASTER FUND PLC EUR 8,069 4.13%JAPAN EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS

648 SEI GLOBAL MASTER FUND PLC EUR 5,770 2.95%PACIFIC BASIN (EX-JAPAN) EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS



433 SEI GLOBAL MASTER FUND PLC EUR 4,144 2.12%U.K. EQUITY FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS


832 SEI GLOBAL MASTER FUND PLC EUR 8,561 4.38%U.S. SMALL COMPANIES FUNDEURO INSTITUTIONAL DISTRIBUTING CLASS



EQUITIES

Agriculture - 0.07% (30 June 2018: 0.30%)4 SWEDISH MATCH AB SEK 136 0.07%

Airlines - 0.07% (30 June 2018: 0.24%)7 DEUTSCHE LUFTHANSA AG EUR 129 0.07%3 SAS AB SEK 5 0.00%

Apparel - 0.06% (30 June 2018: 0.37%)0 HERMES INTERNATIONAL EUR 92 0.05%0 LPP SA PLN 9 0.01%0 NEW WAVE GROUP AB CLASS B SEK 2 0.00%

Auto Manufacturers - 0.13% (30 June 2018: 0.97%)9 FIAT CHRYSLER AUTOMOBILES NV EUR 112 0.06%7 PEUGEOT SA EUR 139 0.07%

89






Auto Parts & Equipment - 0.02% (30 June 2018: 0.05%)0 AKWEL EUR 3 0.00%1 FAURECIA SA EUR 33 0.02%0 KENDRION NV EUR 1 0.00%

Basic Materials - 0.19% (30 June 2018: 2.27%)1 ALTRI SGPS SA EUR 6 0.00%0 ARCELORMITTAL EUR 4 0.00%2 ARKEMA SA EUR 144 0.07%0 ERAMET EUR 24 0.01%5 GUBRE FABRIKALARI TAS TRY 2 0.00%

15 NAVIGATOR CO SA EUR 54 0.03%0 NOLATO AB CLASS B SEK 3 0.00%0 RECTICEL SA EUR 1 0.00%2 ROTTNEROS AB SEK 2 0.00%0 SALZGITTER AG EUR 6 0.00%1 SEVERSTAL PJSC SPONSORED GDR USD 17 0.01%2 STORA ENSO OYJ CLASS R EUR 18 0.01%5 UPM-KYMMENE OYJ EUR 115 0.06%

Beverages - 0.06% (30 June 2018: 0.38%)2 HEINEKEN HOLDING NV EUR 116 0.06%

Biotechnology - 0.07% (30 June 2018: 0.13%)1 H LUNDBECK A/S DKK 48 0.03%4 SWEDISH ORPHAN BIOVITRUM AB SEK 78 0.04%0 VILMORIN & CIE SA EUR 7 0.00%

Commercial Services - 0.13% (30 June 2018: 0.32%)2 ADECCO GROUP AG CHF 98 0.05%0 AMADEUS FIRE AG EUR 5 0.00%0 FIERA MILANO SPA EUR 1 0.00%0 GL EVENTS EUR 3 0.00%0 GROUPE CRIT EUR 2 0.00%0 IVS GROUP SA EUR 4 0.00%1 LOOMIS AB CLASS B SEK 15 0.01%9 SECURITAS AB CLASS B SEK 129 0.07%0 SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI SPA EUR 3 0.00%2 STALEXPORT AUTOSTRADY SA PLN 1 0.00%

Communications - 0.19% (30 June 2018: 0.21%)0 ATEA ASA NOK 3 0.00%8 DEUTSCHE TELEKOM AG EUR 124 0.06%3 IPSOS EUR 59 0.03%1 METROPOLE TELEVISION SA EUR 13 0.01%4 NOS SGPS SA EUR 19 0.01%0 ORANGE BELGIUM SA EUR 3 0.00%0 SANOMA OYJ EUR 3 0.00%0 SECTRA AB CLASS B SEK 2 0.00%0 SWISSCOM AG CHF 13 0.01%0 TAMEDIA AG CHF 1 0.00%9 TELEFONICA SA EUR 67 0.04%1 TELENOR ASA NOK 12 0.01%1 WOLTERS KLUWER NV EUR 36 0.02%

Cosmetics/Personal Care - 0.11% (30 June 2018: 0.09%)0 INTERPARFUMS SA EUR 3 0.00%1 L'OREAL SA EUR 209 0.11%0 ORIFLAME HOLDING AG SEK 3 0.00%

Distribution/Wholesale - 0.03% (30 June 2018: 0.06%)0 JACQUET METAL SERVICE SA EUR 4 0.00%6 REXEL SA EUR 52 0.03%

Diversified - 0.03% (30 June 2018: 0.06%)14 HACI OMER SABANCI HOLDING A/S TRY 18 0.01%

1 INDUSTRIVARDEN AB CLASS C SEK 16 0.01%0 METALL ZUG AG CLASS B CHF 1 0.00%

90






Diversified - 0.03% (30 June 2018: 0.06%) (continued)0 SOFINA SA EUR 23 0.01%

Energy - 0.46% (30 June 2018: 1.74%)1 ENI SPA EUR 7 0.00%5 EQUINOR ASA NOK 98 0.05%1 ETABLISSEMENTS MAUREL ET PROM EUR 2 0.00%

10 GAZPROM PJSC SPONSORED ADR USD 40 0.02%3 GRUPA LOTOS SA PLN 69 0.04%1 HELLENIC PETROLEUM SA EUR 6 0.00%1 JASTRZEBSKA SPOLKA WEGLOWA SA PLN 17 0.01%0 LUBELSKI WEGIEL BOGDANKA SA PLN 3 0.00%

15 MOL HUNGARIAN OIL & GAS PLC HUF 140 0.07%2 MOTOR OIL HELLAS CORINTH REFINERIES SA EUR 43 0.02%2 NESTE OYJ EUR 152 0.08%

10 POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA PLN 16 0.01%13 REPSOL SA EUR 181 0.09%13 REPSOL SA RIGHTS EUR 5 0.00%48 SARAS SPA EUR 82 0.04%14 SURGUTNEFTEGAS PJSC SPONSORED ADR USD 46 0.02%

0 TATNEFT PJSC SPONSORED ADR USD 6 0.00%0 TUPRAS TURKIYE PETROL RAFINERILERI A/S TRY 9 0.01%

Entertainment - 0.01% (30 June 2018: 0.00%)2 BORUSSIA DORTMUND GMBH & CO KGAA EUR 17 0.01%0 CIE DES ALPES EUR 2 0.00%0 KAMBI GROUP PLC SEK 5 0.00%0 PARKEN SPORT & ENTERTAINMENT A/S DKK 0 0.00%

Financial - 1.04% (30 June 2018: 3.62%)6 AEGON NV EUR 24 0.01%0 AKER ASA CLASS A NOK 12 0.01%

115 ALBARAKA TURK KATILIM BANKASI A/S TRY 23 0.01%2 ALLIANZ SE EUR 264 0.14%0 ALLREAL HOLDING AG CHF 18 0.01%4 ASR NEDERLAND NV EUR 132 0.07%2 AXA SA EUR 32 0.02%0 BELLEVUE GROUP AG CHF 3 0.00%0 BERNER KANTONALBANK AG CHF 12 0.01%0 CAISSE REGIONALE DE CREDIT AGRICOLE MUTUEL DE PARIS ET D'ILE-DE-

FRANCEEUR 1 0.00%

0 CNP ASSURANCES EUR 1 0.00%1 COFACE SA EUR 5 0.00%2 COMDIRECT BANK AG EUR 19 0.01%0 CORP FINANCIERA ALBA SA EUR 0 0.00%1 DEUTSCHE BOERSE AG EUR 142 0.07%0 EASTNINE AB SEK 4 0.00%2 EXOR NV EUR 82 0.04%0 GLARNER KANTONALBANK CHF 0 0.00%2 GROUPE BRUXELLES LAMBERT SA EUR 138 0.07%4 INVESTOR AB CLASS B SEK 159 0.08%2 KINNEVIK AB CLASS B SEK 48 0.03%2 KOMERCNI BANKA A/S CZK 74 0.04%0 LIECHTENSTEINISCHE LANDESBANK AG CHF 18 0.01%0 LUZERNER KANTONALBANK AG CHF 23 0.01%0 MLP SE EUR 1 0.00%4 NN GROUP NV EUR 147 0.08%0 OLAV THON EIENDOMSSELSKAP ASA NOK 2 0.00%4 OTP BANK NYRT HUF 132 0.07%1 ROTHSCHILD & CO EUR 22 0.01%5 SBERBANK OF RUSSIA PJSC SPONSORED ADR USD 45 0.02%5 SPAREBANK 1 NORD NORGE NOK 34 0.02%0 SPAREBANK 1 OESTLANDET NOK 4 0.00%0 SPAREBANK 1 SR-BANK ASA NOK 2 0.00%1 SPAREBANKEN VEST NOK 3 0.00%0 ST GALLER KANTONALBANK AG CHF 15 0.01%0 SVOLDER AB CLASS B SEK 1 0.00%1 SWISS LIFE HOLDING AG CHF 214 0.11%

91






Financial - 1.04% (30 June 2018: 3.62%) (continued)1 SWISSQUOTE GROUP HOLDING SA CHF 37 0.02%5 TAG IMMOBILIEN AG EUR 98 0.05%2 TURKIYE IS BANKASI A/S CLASS C TRY 2 0.00%

39 TURKIYE VAKIFLAR BANKASI TAO CLASS D TRY 25 0.01%1 UNIPOL GRUPPO SPA EUR 3 0.00%0 VALIANT HOLDING AG CHF 3 0.00%0 VONTOBEL HOLDING AG CHF 7 0.00%

Food - 0.20% (30 June 2018: 0.37%)0 AUSTEVOLL SEAFOOD ASA NOK 2 0.00%0 AXFOOD AB SEK 2 0.00%0 BARRY CALLEBAUT AG CHF 19 0.01%4 CARREFOUR SA EUR 60 0.03%0 EMMI AG CHF 2 0.00%1 ICA GRUPPEN AB SEK 29 0.02%

10 KONINKLIJKE AHOLD DELHAIZE NV EUR 212 0.11%1 NESTLE SA CHF 65 0.03%0 SALMAR ASA NOK 2 0.00%9 SONAE SGPS SA EUR 8 0.00%

Food Service - 0.01% (30 June 2018: 0.00%)1 AUTOGRILL SPA EUR 10 0.01%0 SODEXO SA EUR 8 0.00%

Healthcare-Products - 0.20% (30 June 2018: 0.24%)2 ARJO AB CLASS B SEK 7 0.00%1 DRAEGERWERK AG & CO KGAA PFD EUR 37 0.02%0 ECKERT & ZIEGLER AG EUR 3 0.00%3 ELEKTA AB CLASS B SEK 26 0.01%1 GETINGE AB CLASS B SEK 7 0.00%5 KONINKLIJKE PHILIPS NV EUR 166 0.09%0 QIAGEN NV EUR 9 0.01%0 SERVIZI ITALIA SPA EUR 1 0.00%1 SONOVA HOLDING AG CHF 122 0.06%0 TECAN GROUP AG CHF 8 0.01%

Healthcare-Services - 0.02% (30 June 2018: 0.01%)1 KORIAN SA EUR 39 0.02%0 LNA SANTE SA EUR 4 0.00%

Home Builders - 0.00% (30 June 2018: 0.00%)0 KAUFMAN & BROAD SA EUR 1 0.00%

Home Furnishings - 0.00% (30 June 2018: 0.02%)0 BANG & OLUFSEN A/S DKK 2 0.00%1 ELICA SPA EUR 2 0.00%0 VILLEROY & BOCH AG PFD EUR 2 0.00%

Housewares - 0.01% (30 June 2018: 0.02%)12 TURKIYE SISE VE CAM FABRIKALARI A/S TRY 11 0.01%

Industrial - 0.27% (30 June 2018: 2.11%)0 ACKERMANS & VAN HAAREN NV EUR 11 0.01%0 AF GRUPPEN ASA NOK 1 0.00%1 AVIO SPA EUR 7 0.00%0 BARCO NV EUR 8 0.00%0 BOBST GROUP SA CHF 2 0.00%1 CELEBI HAVA SERVISI A/S TRY 6 0.00%1 CIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS SA EUR 17 0.01%0 CONZZETA AG CHF 3 0.00%3 DANIELI & C OFFICINE MECCANICHE SPA EUR 47 0.02%3 DEUTZ AG EUR 16 0.01%2 EIFFAGE SA EUR 116 0.06%0 EOLUS VIND AB CLASS B SEK 2 0.00%0 GLOBALTRANS INVESTMENT PLC SPONSORED GDR USD 2 0.00%0 GRANGES AB SEK 4 0.00%3 IMPEXMETAL SA PLN 2 0.00%

92






Industrial - 0.27% (30 June 2018: 2.11%) (continued)0 IMPLENIA AG CHF 7 0.00%0 INSTALCO INTRESSENTER AB SEK 1 0.00%3 KLOECKNER & CO SE PFD EUR 17 0.01%0 KOMAX HOLDING AG CHF 2 0.00%0 KONGSBERG GRUPPEN ASA NOK 5 0.00%1 KONINKLIJKE VOLKERWESSELS NV EUR 10 0.01%0 KSB SE & CO KGAA PFD EUR 1 0.00%3 KVAERNER ASA NOK 4 0.00%0 MERSEN SA EUR 2 0.00%0 PKP CARGO SA PLN 1 0.00%0 PONSSE OYJ EUR 2 0.00%0 RAUTE OYJ CLASS A EUR 1 0.00%9 SANDVIK AB SEK 107 0.06%0 SOLAR A/S CLASS B DKK 1 0.00%1 STRABAG SE EUR 16 0.01%1 THALES SA EUR 112 0.06%1 VALMET OYJ EUR 9 0.01%

Leisure Time - 0.02% (30 June 2018: 0.00%)1 CTS EVENTIM AG & CO KGAA EUR 20 0.01%0 FOUNTAINE PAJOT SA EUR 1 0.00%8 PIAGGIO & C SPA EUR 15 0.01%

Pharmaceuticals - 0.60% (30 June 2018: 1.79%)2 ALMIRALL SA EUR 25 0.01%0 BIOGAIA AB CLASS B SEK 11 0.01%0 BOIRON SA EUR 10 0.01%0 DERMAPHARM HOLDING SE EUR 3 0.00%

11 FAES FARMA SA EUR 32 0.02%1 IPSEN SA EUR 94 0.05%1 MERCK KGAA EUR 130 0.07%0 NOVARTIS AG CHF 19 0.01%0 NOVO NORDISK A/S CLASS B DKK 7 0.00%2 OREXO AB SEK 12 0.01%0 RECIPHARM AB CLASS B SEK 4 0.00%3 RECORDATI SPA EUR 98 0.05%2 ROCHE HOLDING AG CHF 425 0.22%

10 SELCUK ECZA DEPOSU TICARET VE SANAYI A/S TRY 4 0.00%0 SIEGFRIED HOLDING AG CHF 73 0.04%0 STALLERGENES GREER PLC EUR 3 0.00%3 UCB SA EUR 187 0.10%0 VIFOR PHARMA AG CHF 4 0.00%0 VIRBAC SA EUR 5 0.00%

Retail - 0.02% (30 June 2018: 0.06%)1 BILIA AB CLASS A SEK 6 0.00%0 CEWE STIFTUNG & CO KGAA EUR 9 0.01%0 HORNBACH HOLDING AG & CO KGAA EUR 7 0.00%0 KAPPAHL AB SEK 1 0.00%0 VALORA HOLDING AG CHF 15 0.01%

Technology - 0.29% (30 June 2018: 1.51%)3 ASSECO POLAND SA PLN 27 0.01%2 ATOS SE EUR 127 0.07%0 BIGBEN INTERACTIVE EUR 1 0.00%0 CREALOGIX HOLDING AG CHF 0 0.00%0 DASSAULT SYSTEMES SE EUR 20 0.01%2 DIALOG SEMICONDUCTOR PLC EUR 47 0.02%0 GROUPE OPEN EUR 1 0.00%0 INFOTEL SA EUR 2 0.00%0 KNOW IT AB SEK 4 0.00%0 LECTRA EUR 2 0.00%0 LIVECHAT SOFTWARE SA PLN 1 0.00%1 NEOPOST SA EUR 15 0.01%1 NETENT AB SEK 4 0.00%0 PSI SOFTWARE AG EUR 0 0.00%1 SAP SE EUR 92 0.05%

93






Technology - 0.29% (30 June 2018: 1.51%) (continued)0 SILTRONIC AG EUR 13 0.01%1 SOFTWARE AG EUR 37 0.02%0 TELEPERFORMANCE EUR 27 0.01%2 TOMTOM NV EUR 14 0.01%2 UBISOFT ENTERTAINMENT SA EUR 133 0.07%

Utilities - 0.02% (30 June 2018: 0.04%)1 ELECTRICITE DE FRANCE SA EUR 20 0.01%3 ENEL SPA EUR 14 0.01%0 EVN AG EUR 2 0.00%

13 TAURON POLSKA ENERGIA SA PLN 7 0.00%






* Transferable securities admitted to an official stock exchange listing 8,466 3.23%± UCITS and non-UCITS investment schemes 185,482 70.79%



94

SEI Global Assets Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 CONDENSED INCOME STATEMENT

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

“

DefensiveGBP

Period From

DefensiveGBP

Period From

ConservativeGBP

Period From

ConservativeGBP

Period From

Moderate GBP

Period From

ModerateGBP

Period From 1 July 2018 to 1 July 2017 to 1 July 2018 to 1 July 2017 to 1 July 2018 to 1 July 2017 to Note 31 December 2018 31 December 2017 31 December 2018 31 December 2017 31 December 2018 31 December 2017Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(b) 181,940 140,917 864,808 823,973 4,817,276 4,062,533Bank Interest Income 273 102 874 67 3,847 620Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) (281,074) 49,990 (1,672,116) 825,975 (12,549,913) 5,013,254 (98,861) 191,009 (806,434) 1,650,015 (7,728,790) 9,076,407Expenses - Continuing Activities Management Fee 73,311 65,578 279,042 299,633 1,233,645 1,167,475Transaction Fees 539 469 1,076 790 2,638 1,960Operational Expenses 9,139 11,472 13,224 14,089 22,923 23,660Total Operating Expenses 82,989 77,519 293,342 314,512 1,259,206 1,193,095 Expense Reimbursement (20,842) (18,358) (1,009) (177) – –Net Expenses 62,147 59,161 292,333 314,335 1,259,206 1,193,095 Net Income/(Loss) before Finance Costs (161,008) 131,848 (1,098,767) 1,335,680 (8,987,996) 7,883,312Finance Costs 2 (50,230) (45,514) (491,769) (456,538) (2,832,123) (2,339,307) Profit/(Loss) for the Period (211,238) 86,334 (1,590,536) 879,142 (11,820,119) 5,544,005 Withholding Tax (3,474) (2,898) (30,131) (30,098) (135,559) (125,475) Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (214,712) 83,436 (1,620,667) 849,044 (11,955,678) 5,418,530 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the condensed income statement.

95

SEI Global Assets Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 CONDENSED INCOME STATEMENT (continued)


CoreGBP

Period From

CoreGBP

Period From

BalancedGBP

Period From

BalancedGBP

Period From

Growth GBP

Period From

GrowthGBP

Period From 1 July 2018 to 1 July 2017 to 1 July 2018 to 1 July 2017 to 1 July 2018 to 1 July 2017 to Note 31 December 2018 31 December 2017 31 December 2018 31 December 2017 31 December 2018 31 December 2017Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(b) 10,924,795 8,940,517 10,042,525 8,203,628 5,982,966 4,490,770Bank Interest Income 7,228 1,737 5,996 1,169 3,481 607Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) (49,593,841) 24,906,451 (55,839,633) 27,005,741 (38,396,582) 16,955,575 (38,661,818) 33,848,705 (45,791,112) 35,210,538 (32,410,135) 21,446,952Expenses - Continuing Activities Management Fee 3,184,944 2,856,967 3,161,370 2,854,312 1,590,430 1,395,929Transaction Fees 642 477 520 417 650 511Operational Expenses 36,406 37,413 27,192 33,685 21,530 21,667Total Operating Expenses 3,221,992 2,894,857 3,189,082 2,888,414 1,612,610 1,418,107 Expense Reimbursement – – – – – –Net Expenses 3,221,992 2,894,857 3,189,082 2,888,414 1,612,610 1,418,107 Net Income/(Loss) before Finance Costs (41,883,810) 30,953,848 (48,980,194) 32,322,124 (34,022,745) 20,028,845Finance Costs 2 (5,757,468) (4,718,973) (6,176,230) (5,105,409) (2,916,650) (2,336,522) Profit/(Loss) for the Period (47,641,278) 26,234,875 (55,156,424) 27,216,715 (36,939,395) 17,692,323 Withholding Tax (302) (42) (264) (29) (150) (14) Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (47,641,580) 26,234,833 (55,156,688) 27,216,686 (36,939,545) 17,692,309 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the condensed income statement.

96



AggressiveGBP

Period From

AggressiveGBP

Period From

Global ConservativeUS$

Period From


Period From

Global Moderate1 US$

Period From 1 July 2018 to 1 July 2017 to 1 July 2018 to 1 July 2017 to 28 August 2018 to Note 31 December 2018 31 December 2017 31 December 2018 31 December 2017 31 December 2018 Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(b) 3,911,700 3,280,516 59,600 58,529 700 Bank Interest Income 3,304 846 385 93 8 Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) (32,951,586) 17,129,280 (138,975) 150,516 (5,838) (29,036,582) 20,410,642 (78,990) 209,138 (5,130) Expenses - Continuing Activities Management Fee 965,612 846,134 30,700 29,308 13,884 Transaction Fees 448 375 234 251 2,047 Operational Expenses 19,713 9,686 10,781 12,723 46,526 Total Operating Expenses 985,773 856,195 41,715 42,282 62,457 Expense Reimbursement – – (22,550) (22,839) (24,803) Net Expenses 985,773 856,195 19,165 19,443 37,654 Net Income/(Loss) before Finance Costs (30,022,355) 19,554,447 (98,155) 189,695 (42,784) Finance Costs 2 (1,204,762) (971,260) (46) (771) (867) Profit/(Loss) for the Period (31,227,117) 18,583,187 (98,201) 188,924 (43,651) Withholding Tax (110) (51) (1,830) (3,389) (41) Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (31,227,227) 18,583,136 (100,031) 185,535 (43,692) Income and expenses arose solely from continuing operations.

There were no recognised gains and losses other than those dealt with in the condensed income statement.

97



Global CoreUS$

Period From

Global CoreUS$

Period From

Global BalancedUS$

Period From

Global BalancedUS$

Period From

Global Growth US$

Period From

Global GrowthUS$

Period From 1 July 2018 to 1 July 2017 to 1 July 2018 to 1 July 2017 to 1 July 2018 to 1 July 2017 to Note 31 December 2018 31 December 2017 31 December 2018 31 December 2017 31 December 2018 31 December 2017Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(b) 173,283 118,663 235,231 151,799 70,379 54,815Bank Interest Income 396 371 589 358 218 67Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) (997,977) 668,183 (1,953,579) 1,025,222 (681,270) 438,419 (824,298) 787,217 (1,717,759) 1,177,379 (610,673) 493,301Expenses - Continuing Activities Management Fee 116,685 92,405 151,458 92,668 65,741 51,530Transaction Fees 230 223 287 242 172 188Operational Expenses 8,943 10,290 9,058 10,381 8,649 10,022Total Operating Expenses 125,858 102,918 160,803 103,291 74,562 61,740 Expense Reimbursement (15,934) (16,819) (12,880) (16,360) (20,317) (21,042)Net Expenses 109,924 86,099 147,923 86,931 54,245 40,698 Net Income/(Loss) before Finance Costs (934,222) 701,118 (1,865,682) 1,090,448 (664,918) 452,603Finance Costs 2 (6,893) (4,543) (5,253) (1,348) (88) (91) Profit/(Loss) for the Period (941,115) 696,575 (1,870,935) 1,089,100 (665,006) 452,512 Withholding Tax (6) – (8) – (2) – Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (941,121) 696,575 (1,870,943) 1,089,100 (665,008) 452,512 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the condensed income statement.

98



Global AggressiveUS$

Period From


Period From

Euro ConservativeEUR

Period From

Euro Conservative2

EURPeriod From

Euro Moderate EUR

Period From

Euro Moderate2

EURPeriod From

1 July 2018 to 1 July 2017 to 1 July 2018 to 29 September 2017 to 1 July 2018 to 29 September 2017 to Note 31 December 2018 31 December 2017 31 December 2018 31 December 2017 31 December 2018 31 December 2017Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(b) 79,437 72,719 1,116 79 7,495 101Bank Interest Income 278 75 – – – –Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) (986,334) 844,997 (7,482) 566 (85,926) 787 (906,619) 917,791 (6,366) 645 (78,431) 888Expenses - Continuing Activities Management Fee 27,616 19,268 2,579 – 16,466 –Transaction Fees 204 209 173 – 1,333 –Operational Expenses 9,243 10,008 610 – 4,929 –Total Operating Expenses 37,063 29,485 3,362 – 22,728 – Expense Reimbursement (20,016) (19,398) (2,419) – (10,632) –Net Expenses 17,047 10,087 943 – 12,096 – Net Income/(Loss) before Finance Costs (923,666) 907,704 (7,309) 645 (90,527) 888Finance Costs 2 (60) (132) – – – – Profit/(Loss) for the Period (923,726) 907,572 (7,309) 645 (90,527) 888 Withholding Tax (3) – (58) (14) (525) (20) Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (923,729) 907,572 (7,367) 631 (91,052) 868 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the condensed income statement.

99



Euro CoreEUR

Period From

Euro Core2

EURPeriod From

Euro Balanced EUR

Period From

Euro Balanced2

EURPeriod From

Euro Growth EUR

Period From

Euro Growth2

EURPeriod From

1 July 2018 to 29 September 2017 to 1 July 2018 to 29 September 2017 to 1 July 2018 to 29 September 2017 to Note 31 December 2018 31 December 2017 31 December 2018 31 December 2017 31 December 2018 31 December 2017Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(b) 5,612 32 4,504 45 1,470 60Bank Interest Income – – – – – –Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) (99,244) 1,542 (50,331) 1,905 (20,015) 2,168 (93,632) 1,574 (45,827) 1,950 (18,545) 2,228Expenses - Continuing Activities Management Fee 13,798 – 13,917 – 2,364 –Transaction Fees 308 – 313 – 102 –Operational Expenses 4,990 – 34,280 – 622 –Total Operating Expenses 19,096 – 48,510 – 3,088 – Expense Reimbursement (9,561) – (47,214) – (2,364) –Net Expenses 9,535 – 1,296 – 724 – Net Income/(Loss) before Finance Costs (103,167) 1,574 (47,123) 1,950 (19,269) 2,228Finance Costs 2 (5) – (64) – – – Profit/(Loss) for the Period (103,172) 1,574 (47,187) 1,950 (19,269) 2,228 Withholding Tax – – (5) (1) (3) (2) Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (103,172) 1,574 (47,192) 1,949 (19,272) 2,226 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the condensed income statement.

100



Euro AggressiveEUR

Period From

Euro Aggressive2

EURPeriod From

TotalUS$

Period From

TotalUS$

Period From 1 July 2018 to 29 September 2017 to 1 July 2018 to 1 July 2017 to Note 31 December 2018 31 December 2017 31 December 2018 31 December 2017Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(b) 1,248 58 48,185,150 39,927,639Bank Interest Income – – 34,241 7,749Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) (17,843) 2,663 (252,705,548) 124,263,144 (16,595) 2,721 (204,486,157) 164,198,532Expenses - Continuing Activities Management Fee 2,064 – 14,042,217 12,789,661Transaction Fees 80 – 14,265 7,703Operational Expenses 616 – 340,576 253,359Total Operating Expenses 2,760 – 14,397,058 13,050,723 Expense Reimbursement (2,359) – (230,652) (120,891)Net Expenses 401 – 14,166,406 12,929,832 Net Income/(Loss) before Finance Costs (16,996) 2,721 (218,652,563) 151,268,700Finance Costs 2 – – (25,164,428) (21,063,183) Profit/(Loss) for the Period (16,996) 2,721 (243,816,991) 130,205,517 Withholding Tax (9) (3) (222,633) (212,512) Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (17,005) 2,718 (244,039,624) 129,993,005 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the condensed income statement. 1Fund commenced operations on 28 August 2018. 2Fund commenced operations on 29 September 2017.

101

SEI Global Assets Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 CONDENSED STATEMENT OF FINANCIAL POSITION


Defensive Defensive Conservative Conservative Moderate Moderate GBP GBP GBP GBP GBP GBP As at As at As at As at As at As at Note 31 December 2018 30 June 2018 31 December 2018 30 June 2018 31 December 2018 30 June 2018Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 26,406,685 23,223,804 75,337,129 83,137,118 342,413,010 355,253,906Cash at Bank 110,293 495,626 198,892 297,827 1,307,893 1,479,752Receivable for Investments Sold 9,009 – 68,627 286,273 314,363 –Receivable for Shares Created 120,327 829,778 331,065 56,653 987,930 1,702,889Accrued Income Receivable 1,808 1,608 13,778 14,416 63,115 62,950Other Assets 5,821 3,054 10,607 46,348 44,302 624Total Assets 26,653,943 24,553,870 75,960,098 83,838,635 345,130,613 358,500,121 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) – – – – – –Bank Overdraft 39 – 297 – 1,361 –Payable for Investments Purchased 7,683 1,132,209 56,642 18,037 278,363 113,018Payable for Shares Redeemed 75,928 18,728 186,590 384,263 930,344 528,892Accrued Expenses Payable and Other Payables 27,975 75,926 56,855 65,927 236,735 228,460Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 111,625 1,226,863 300,384 468,227 1,446,803 870,370 Net Assets Attributable to Redeemable Participating Shareholders (for Financial Reporting purposes) 26,542,318 23,327,007 75,659,714 83,370,408 343,683,810 357,629,751Adjustments for Organisational Expenses – – – – – –Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 26,542,318 23,327,007 75,659,714 83,370,408 343,683,810 357,629,751

102

SEI Global Assets Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 CONDENSED STATEMENT OF FINANCIAL POSITION (continued)


Core Core Balanced Balanced Growth Growth GBP GBP GBP GBP GBP GBP As at As at As at As at As at As at Note 31 December 2018 30 June 2018 31 December 2018 30 June 2018 31 December 2018 30 June 2018Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 732,709,590 771,783,946 633,474,741 669,868,601 361,590,884 376,493,956Cash at Bank 1,358,362 2,775,583 4,261,806 4,047,585 1,430,532 2,130,321Receivable for Investments Sold 2,355,101 – – – – –Receivable for Shares Created 1,737,796 8,028,657 1,424,398 1,620,397 388,528 4,518,387Accrued Income Receivable – – – – – –Other Assets 195 195 818 818 757 758Total Assets 738,161,044 782,588,381 639,161,763 675,537,401 363,410,701 383,143,422 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) – – – – – –Bank Overdraft – – – – – –Payable for Investments Purchased – 6,334,488 – 180,152 – 4,303,206Payable for Shares Redeemed 3,216,778 1,603,937 1,087,438 1,840,202 1,086,796 368,941Accrued Expenses Payable and Other Payables 583,872 552,867 578,437 544,677 288,899 272,784Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 3,800,650 8,491,292 1,665,875 2,565,031 1,375,695 4,944,931 Net Assets Attributable to Redeemable Participating Shareholders (for Financial Reporting purposes) 734,360,394 774,097,089 637,495,888 672,972,370 362,035,006 378,198,491Adjustments for Organisational Expenses – – – – – –Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 734,360,394 774,097,089 637,495,888 672,972,370 362,035,006 378,198,491

103



Aggressive Aggressive Global Conservative Global Conservative Global Moderate1

GBP GBP US$ US$ US$ As at As at As at As at As at Note 31 December 2018 30 June 2018 31 December 2018 30 June 2018 31 December 2018Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 258,681,591 279,271,932 6,555,024 5,618,777 121,591Cash at Bank 1,034,852 964,875 36,560 51,844 6,636Receivable for Investments Sold – 67,012 4,677 – 122Receivable for Shares Created 634,121 566,380 – – –Accrued Income Receivable – – 2,192 786 49Other Assets 982 980 3,845 3,672 7,213Total Assets 260,351,546 280,871,179 6,602,298 5,675,079 135,611 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) – 23,356 – – –Bank Overdraft – – 20 – –Payable for Investments Purchased – – 3,274 – 85Payable for Shares Redeemed 606,200 266,246 – – –Accrued Expenses Payable and Other Payables 177,542 176,955 17,306 21,937 50,824Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 783,742 466,557 20,600 21,937 50,909 Net Assets Attributable to Redeemable Participating Shareholders (for Financial Reporting purposes) 259,567,804 280,404,622 6,581,698 5,653,142 84,702Adjustments for Organisational Expenses – – – – 37,256Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 259,567,804 280,404,622 6,581,698 5,653,142 121,958

104



Global Core Global Core Global Balanced Global Balanced Global Growth Global Growth US$ US$ US$ US$ US$ US$ As at As at As at As at As at As at Note 31 December 2018 30 June 2018 31 December 2018 30 June 2018 31 December 2018 30 June 2018Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 12,602,172 14,862,935 18,100,601 17,597,389 5,395,776 5,152,744Cash at Bank 50,324 58,427 67,031 84,828 24,683 30,007Receivable for Investments Sold – – 134,135 102,323 – –Receivable for Shares Created – – – – – –Accrued Income Receivable 2,936 – 4,282 – 1,349 –Other Assets 2,341 2,489 1,932 2,211 3,017 3,337Total Assets 12,657,773 14,923,851 18,307,981 17,786,751 5,424,825 5,186,088 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) – – – – – –Bank Overdraft – – – – – –Payable for Investments Purchased – – – – – –Payable for Shares Redeemed – – 132,377 124,467 – –Accrued Expenses Payable and Other Payables 27,397 32,540 34,079 35,480 19,387 22,544Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 27,397 32,540 166,456 159,947 19,387 22,544 Net Assets Attributable to Redeemable Participating Shareholders (for Financial Reporting purposes) 12,630,376 14,891,311 18,141,525 17,626,804 5,405,438 5,163,544Adjustments for Organisational Expenses – – – – – –Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 12,630,376 14,891,311 18,141,525 17,626,804 5,405,438 5,163,544

105



Global Aggressive Global Aggressive Euro Conservative Euro Conservative2 Euro Moderate Euro Moderate2

US$ US$ EUR EUR EUR EUR As at As at As at As at As at As at Note 31 December 2018 30 June 2018 31 December 2018 30 June 2018 31 December 2018 30 June 2018Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 5,066,393 7,263,658 636,271 104,246 3,497,292 104,307Cash at Bank 44,657 31,697 589 309 4,401 434Receivable for Investments Sold – – 470 2 3,572 2Receivable for Shares Created – – 51,236 – 599,736 –Accrued Income Receivable – – 202 14 1,231 18Other Assets 3,541 3,146 36,956 – 36,869 –Total Assets 5,114,591 7,298,501 725,724 104,571 4,143,101 104,761 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) – – – – – –Bank Overdraft – – 3,855 – 2,855 –Payable for Investments Purchased – – 40,514 – 521,856 –Payable for Shares Redeemed – – – – – –Accrued Expenses Payable and Other Payables 14,159 16,812 42,653 – 101,329 –Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 14,159 16,812 87,022 – 626,040 – Net Assets Attributable to Redeemable Participating Shareholders (for Financial Reporting purposes) 5,100,432 7,281,689 638,702 104,571 3,517,061 104,761Adjustments for Organisational Expenses – – – – – –Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 5,100,432 7,281,689 638,702 104,571 3,517,061 104,761

106



Euro Core Euro Core2 Euro Balanced Euro Balanced2 Euro Growth Euro Growth2

EUR EUR EUR EUR EUR EUR As at As at As at As at As at As at Note 31 December 2018 30 June 2018 31 December 2018 30 June 2018 31 December 2018 30 June 2018Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 1,988,742 105,405 1,058,263 317,405 449,940 106,210Cash at Bank 10,564 257 37,519 55 51 357Receivable for Investments Sold – 3 – 48,215 – 2Receivable for Shares Created 152,904 – 92,005 – 62,568 –Accrued Income Receivable 425 – 225 10 61 7Other Assets 35,956 – 2,197 15,019 36,900 –Total Assets 2,188,591 105,665 1,190,209 380,704 549,520 106,576 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) – – – – – –Bank Overdraft – – – 49,079 – –Payable for Investments Purchased 143,290 – 88,235 75 60,442 –Payable for Shares Redeemed – – – – – –Accrued Expenses Payable and Other Payables 42,747 – 70,010 46,549 37,621 –Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 186,037 – 158,245 95,703 98,063 – Net Assets Attributable to Redeemable Participating Shareholders (for Financial Reporting purposes) 2,002,554 105,665 1,031,964 285,001 451,457 106,576Adjustments for Organisational Expenses – – 29,698 33,136 – –Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 2,002,554 105,665 1,061,662 318,137 451,457 106,576

107



Euro Aggressive Euro Aggressive2 Total Total EUR EUR US$ US$ As at As at As at As at Note 31 December 2018 30 June 2018 31 December 2018 30 June 2018 Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 193,948 107,911 3,152,415,603 3,430,046,313 Cash at Bank 69 351 12,647,969 16,354,780 Receivable for Investments Sold 1 1 3,642,262 625,053 Receivable for Shares Created 31,112 – 8,294,153 22,870,877 Accrued Income Receivable – 13 113,493 105,124 Other Assets 36,895 – 315,106 102,070 Total Assets 262,025 108,276 3,177,428,586 3,470,104,217 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) – 16 – 30,855 Bank Overdraft – – 9,853 57,302 Payable for Investments Purchased 28,539 2 1,449,066 15,950,175 Payable for Shares Redeemed – – 9,289,655 6,740,516 Accrued Expenses Payable and Other Payables 38,118 – 3,027,145 2,715,367 Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 66,657 18 13,775,719 25,494,215 Net Assets Attributable to Redeemable Participating Shareholders (for Financial Reporting purposes) 195,368 108,258 3,163,652,867 3,444,610,002 Adjustments for Organisational Expenses – – 71,205 38,687 Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 195,368 108,258 3,163,724,072 3,444,648,689

1Fund commenced operations on 28 August 2018. 2Fund commenced operations on 29 September 2017.

108



31 December 2018 30 June 2018 30 June 2017

Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Defensive Sterling Institutional C Class GBP175,036 GBP11.77 GBP169,771 GBP11.85 GBP681,814 GBP11.88Sterling Institutional Class GBP6,615,797 GBP11.80 GBP5,817,846 GBP11.85 GBP4,419,253 GBP11.82Sterling Institutional D Class* GBP662,514 GBP9.86 GBP656,695 GBP9.92 – –Sterling Institutional Distributing Class GBP3,436 GBP10.12 GBP3,452 GBP10.23 GBP3,442 GBP10.31Sterling Institutional E Class* GBP1,714,406 GBP9.87 GBP1,298,577 GBP9.93 – –Sterling Investor Distributing Class GBP112,653 GBP10.30 GBP124,621 GBP10.41 GBP213,465 GBP10.49Sterling Wealth A Accumulating Class** GBP4,859,746 GBP10.15 GBP2,913,173 GBP10.22 GBP1,639,822 GBP10.24Sterling Wealth A Distributing Class GBP12,398,730 GBP10.95 GBP12,342,872 GBP11.07 GBP13,438,395 GBP11.16 Conservative Sterling Institutional C Class GBP15,412 GBP13.30 GBP15,711 GBP13.50 GBP15,682 GBP13.38Sterling Institutional Class GBP3,478,539 GBP11.41 GBP3,625,689 GBP11.55 GBP3,304,234 GBP11.38Sterling Institutional Distributing Class GBP3,320 GBP9.59 GBP3,361 GBP9.80 GBP3,310 GBP9.81Sterling Investor Distributing Class GBP3,138,208 GBP10.84 GBP4,170,113 GBP11.09 GBP5,268,319 GBP11.09Sterling Wealth A Accumulating Class** GBP10,679,096 GBP10.51 GBP10,543,709 GBP10.67 GBP2,478,061 GBP10.58Sterling Wealth A Distributing Class GBP58,345,139 GBP12.03 GBP65,011,825 GBP12.29 GBP74,370,131 GBP12.30 Moderate Sterling Institutional C Class GBP450,673 GBP15.01 GBP469,134 GBP15.41 GBP2,638,894 GBP15.14Sterling Institutional Class GBP29,386,272 GBP14.75 GBP27,006,597 GBP15.10 GBP20,762,056 GBP14.73Sterling Institutional D Class* GBP1,181,530 GBP9.67 GBP1,198,252 GBP9.92 – –Sterling Institutional Distributing Class GBP3,765 GBP10.67 GBP3,854 GBP11.06 GBP3,760 GBP11.03Sterling Institutional E Class* GBP7,721,508 GBP9.68 GBP6,088,208 GBP9.92 – –Sterling Investor Distributing Class GBP1,679,362 GBP11.36 GBP2,143,786 GBP11.78 GBP2,845,519 GBP11.73Sterling Wealth A Accumulating Class** GBP43,230,986 GBP10.86 GBP37,657,889 GBP11.16 GBP11,823,139 GBP10.95Sterling Wealth A Distributing Class GBP260,029,714 GBP13.13 GBP283,062,031 GBP13.62 GBP278,058,127 GBP13.57 Core Sterling Institutional C Class GBP5,770,701 GBP16.59 GBP6,260,538 GBP17.53 GBP8,925,557 GBP16.82Sterling Institutional Class GBP64,011,667 GBP16.33 GBP71,434,546 GBP17.20 GBP81,841,794 GBP16.40Sterling Institutional D Class* GBP1,362,966 GBP9.37 GBP1,418,151 GBP9.88 – –Sterling Institutional Distributing Class GBP334,040 GBP10.89 GBP361,772 GBP11.62 GBP437,471 GBP11.32Sterling Institutional E Class* GBP26,199 GBP9.38 GBP1,978 GBP9.89 – –Sterling Investor Distributing Class GBP37,497,252 GBP12.04 GBP43,328,537 GBP12.85 GBP49,718,237 GBP12.52Sterling Wealth A Accumulating Class** GBP126,116,966 GBP11.31 GBP108,784,168 GBP11.95 GBP20,616,403 GBP11.48Sterling Wealth A Distributing Class GBP499,240,603 GBP14.62 GBP542,507,399 GBP15.60 GBP524,034,623 GBP15.21 Balanced Sterling Institutional C Class GBP517,681 GBP17.89 GBP563,534 GBP19.26 GBP643,431 GBP18.23Sterling Institutional Class GBP245,901 GBP13.28 GBP260,205 GBP14.25 GBP240,533 GBP13.40Sterling Institutional Distributing Class GBP3,971 GBP11.14 GBP4,259 GBP12.12 GBP4,007 GBP11.67Sterling Investor Distributing Class GBP76,769,749 GBP12.52 GBP91,190,796 GBP13.63 GBP106,555,599 GBP13.12Sterling Wealth A Accumulating Class** GBP87,386,866 GBP11.65 GBP68,203,972 GBP12.54 GBP14,794,647 GBP11.89Sterling Wealth A Distributing Class GBP472,571,722 GBP15.74 GBP512,749,604 GBP17.12 GBP463,888,650 GBP16.48

109




Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Growth Sterling Institutional C Class GBP8,645,332 GBP19.19 GBP9,548,839 GBP21.01 GBP17,407,945 GBP19.65Sterling Institutional Class GBP50,027,866 GBP18.94 GBP53,633,523 GBP20.66 GBP32,466,567 GBP19.19Sterling Institutional D Class* GBP2,464,815 GBP9.04 GBP2,642,449 GBP9.87 – –Sterling Institutional Distributing Class GBP2,264,522 GBP11.43 GBP2,516,823 GBP12.65 GBP4,146 GBP12.04Sterling Institutional E Class* GBP17,973,256 GBP9.04 GBP15,554,968 GBP9.88 – –Sterling Investor Distributing Class GBP23,193,379 GBP13.08 GBP27,044,313 GBP14.48 GBP30,998,737 GBP13.78Sterling Wealth A Accumulating Class** GBP33,786,319 GBP12.04 GBP23,077,389 GBP13.19 GBP6,298,851 GBP12.36Sterling Wealth A Distributing Class GBP223,679,518 GBP16.83 GBP244,180,187 GBP18.64 GBP217,930,989 GBP17.73 Aggressive Sterling Institutional C Class GBP25,702,792 GBP22.28 GBP27,989,520 GBP24.90 GBP25,242,298 GBP22.75Sterling Institutional Class GBP85,496,593 GBP22.35 GBP98,003,586 GBP24.89 GBP98,226,396 GBP22.57Sterling Institutional D Class* GBP1,784 GBP8.92 GBP1,990 GBP9.95 – –Sterling Institutional Distributing Class GBP4,140 GBP11.71 GBP4,608 GBP13.21 GBP682,621 GBP12.43Sterling Institutional E Class* GBP2,064,640 GBP8.93 GBP1,941,185 GBP9.96 – –Sterling Investor Distributing Class GBP10,711,165 GBP14.15 GBP13,082,479 GBP15.97 GBP13,493,011 GBP14.78Sterling Wealth A Accumulating Class** GBP13,842,954 GBP12.42 GBP10,361,805 GBP13.89 GBP2,353,595 GBP12.71Sterling Wealth A Distributing Class GBP121,743,736 GBP19.61 GBP129,019,449 GBP22.13 GBP109,176,152 GBP20.49 Global Conservative U.S.$ Institutional Class US$3,209,308 US$12.58 US$3,601,180 US$12.73 US$3,763,801 US$12.40U.S.$ Institutional Distributing Class US$5,379 US$10.27 US$5,444 US$10.47 US$5,301 US$10.34U.S.$ Wealth A Class* US$2,595,111 US$9.97 US$1,102,299 US$10.12 – –U.S.$ Wealth B Class US$769,205 US$11.54 US$941,476 US$11.75 US$2,370,895 US$11.56U.S.$ Wealth B Distributing Class US$2,695 US$10.78 US$2,743 US$11.00 US$228,221 US$10.50 Global Moderate* U.S.$ Institutional Class US$20,380 US$9.59 – – – –U.S.$ Institutional Distributing Class US$20,364 US$9.45 – – – –U.S.$ Wealth A Class US$20,331 US$9.57 – – – –U.S.$ Wealth A Distributing Class US$20,327 US$9.43 – – – –U.S.$ Wealth B Class US$20,280 US$9.54 – – – –U.S.$ Wealth B Distributing Class US$20,276 US$9.40 – – – – Global Core U.S.$ Institutional Class US$905,484 US$14.10 US$966,915 US$15.01 US$799,580 US$14.17U.S.$ Institutional Distributing Class US$5,479 US$10.24 US$5,830 US$11.02 US$5,503 US$10.59U.S.$ Wealth A Class* US$464,571 US$9.66 US$496,324 US$10.32 – –U.S.$ Wealth B Class US$9,376,821 US$12.59 US$11,401,853 US$13.50 US$7,733,678 US$12.92U.S.$ Wealth B Distributing Class US$1,878,021 US$10.53 US$2,020,389 US$11.32 US$1,584,249 US$10.89

110




Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Global Balanced U.S.$ Institutional Class US$2,488,307 US$14.70 US$3,330,378 US$16.01 US$4,037,867 US$14.88U.S.$ Institutional Distributing Class US$5,525 US$10.31 US$6,016 US$11.35 US$5,594 US$10.75U.S.$ Wealth A Class* US$2,325,340 US$9.56 US$3,356 US$10.45 – –U.S.$ Wealth B Class US$12,678,653 US$13.02 US$13,149,220 US$14.29 US$8,085,127 US$13.49U.S.$ Wealth B Distributing Class US$643,700 US$10.66 US$1,137,834 US$11.74 US$590,946 US$11.12 Global Growth U.S.$ Institutional Class US$213,794 US$15.14 US$238,238 US$16.88 US$309,697 US$15.48U.S.$ Institutional Distributing Class US$5,545 US$10.33 US$6,177 US$11.65 US$5,669 US$10.89U.S.$ Wealth A Class* US$3,028 US$9.43 US$3,389 US$10.55 – –U.S.$ Wealth B Class US$5,176,883 US$13.31 US$4,908,787 US$14.96 US$4,295,560 US$13.95U.S.$ Wealth B Distributing Class US$6,188 US$10.68 US$6,953 US$12.03 US$6,486 US$11.25 Global Aggressive U.S.$ Institutional Class US$4,149,555 US$15.76 US$6,980,001 US$18.03 US$7,043,912 US$16.16U.S.$ Institutional Distributing Class US$5,585 US$10.58 US$6,386 US$12.22 US$5,725 US$11.10U.S.$ Wealth A Class* US$3,014 US$9.38 US$3,462 US$10.78 – –U.S.$ Wealth B Class US$931,109 US$13.74 US$278,952 US$15.85 US$254,414 US$14.46U.S.$ Wealth B Distributing Class US$11,169 US$11.14 US$12,888 US$12.85 US$11,755 US$11.72 Euro Conservative* Euro Institutional Accumulating Class EUR2,238 EUR9.81 EUR2,279 EUR9.99 – –Euro Wealth A Accumulating Class EUR2,256 EUR9.82 EUR2,299 EUR10.01 – –Euro Wealth C Accumulating Class EUR632,247 EUR9.80 EUR97,993 EUR10.00 – –Euro Wealth C Distributing Class EUR1,961 EUR9.80 EUR2,000 EUR10.00 – – Euro Moderate* Euro Institutional Accumulating Class EUR2,208 EUR9.68 EUR2,278 EUR9.99 – –Euro Wealth A Accumulating Class EUR2,226 EUR9.69 EUR2,300 EUR10.01 – –Euro Wealth C Accumulating Class EUR3,510,696 EUR9.66 EUR98,179 EUR10.02 – –Euro Wealth C Distributing Class EUR1,931 EUR9.66 EUR2,004 EUR10.02 – – Euro Core* Euro Institutional Accumulating Class EUR2,137 EUR9.37 EUR2,273 EUR9.97 – –Euro Wealth A Accumulating Class EUR2,153 EUR9.37 EUR2,295 EUR9.99 – –Euro Wealth C Accumulating Class EUR1,996,375 EUR9.45 EUR99,075 EUR10.11 – –Euro Wealth C Distributing Class EUR1,889 EUR9.45 EUR2,022 EUR10.11 – – Euro Balanced * Euro Institutional Accumulating Class EUR2,100 EUR9.21 EUR2,275 EUR9.98 – –Euro Wealth A Accumulating Class EUR2,111 EUR9.19 EUR264,479 EUR10.00 – –Euro Wealth C Accumulating Class EUR1,055,602 EUR9.25 EUR49,356 EUR10.14 – –Euro Wealth C Distributing Class EUR1,849 EUR9.08 EUR2,027 EUR10.14 – –

111



* The Fund/Share Class commenced or ceased operations during the current or a prior reporting period/year. ** The Fund/Share Class changed its name during the current or a prior reporting period/year.


Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Euro Growth* Euro Institutional Accumulating Class EUR2,072 EUR9.08 EUR2,278 EUR9.99 – –Euro Wealth A Accumulating Class EUR2,096 EUR9.12 EUR2,306 EUR10.04 – –Euro Wealth C Accumulating Class EUR445,438 EUR9.26 EUR99,952 EUR10.20 – –Euro Wealth C Distributing Class EUR1,851 EUR9.26 EUR2,040 EUR10.20 – – Euro Aggressive* Euro Institutional Accumulating Class EUR2,046 EUR8.97 EUR2,298 EUR10.07 – –Euro Wealth A Accumulating Class EUR2,075 EUR9.03 EUR2,332 EUR10.15 – –Euro Wealth C Accumulating Class EUR189,405 EUR9.21 EUR101,555 EUR10.36 – –Euro Wealth C Distributing Class EUR1,842 EUR9.21 EUR2,073 EUR10.36 – –

112

SEI Global Assets Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS


v

Defensive GBP

Period From

DefensiveGBP

Period From

ConservativeGBP

Period From

Conservative GBP

Period From

ModerateGBP

Period From

ModerateGBP

Period From 1 July 2018 to 1 July 2017 to 1 July 2018 to 1 July 2017 to 1 July 2018 to 1 July 2017 to Note 31 December 2018 31 December 2017 31 December 2018 31 December 2017 31 December 2018 31 December 2017Net Assets Attributable to Redeemable Participating Shareholders at beginning of Period 23,327,007 20,396,191 83,370,408 85,439,737 357,629,751 316,131,495Proceeds from Redeemable Participating Shares Issued 5,888,268 3,811,915 6,389,113 9,417,870 32,130,051 54,010,416Cost of Redeemable Participating Shares Redeemed (2,458,245) (2,116,890) (12,479,140) (9,500,799) (34,120,314) (26,489,755) 26,757,030 22,091,216 77,280,381 85,356,808 355,639,488 343,652,156 Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (214,712) 83,436 (1,620,667) 849,044 (11,955,678) 5,418,530Notional Currency Gain/(Loss) 1(c) – – – – – – Net Assets Attributable to Redeemable Participating Shareholders at end of Period 26,542,318 22,174,652 75,659,714 86,205,852 343,683,810 349,070,686

Core GBP

Period From

CoreGBP

Period From

BalancedGBP

Period From

Balanced GBP

Period From

GrowthGBP

Period From

GrowthGBP

Period From 1 July 2018 to 1 July 2017 to 1 July 2018 to 1 July 2017 to 1 July 2018 to 1 July 2017 to Note 31 December 2018 31 December 2017 31 December 2018 31 December 2017 31 December 2018 31 December 2017Net Assets Attributable to Redeemable Participating Shareholders at beginning of Period 774,097,089 685,574,085 672,972,370 586,126,867 378,198,491 305,107,235Proceeds from Redeemable Participating Shares Issued 72,360,576 98,579,172 79,332,387 79,975,989 46,012,181 40,479,837Cost of Redeemable Participating Shares Redeemed (64,455,691) (52,958,559) (59,652,181) (44,567,506) (25,236,121) (29,909,965) 782,001,974 731,194,698 692,652,576 621,535,350 398,974,551 315,677,107 Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (47,641,580) 26,234,833 (55,156,688) 27,216,686 (36,939,545) 17,692,309Notional Currency Gain/(Loss) 1(c) – – – – – – Net Assets Attributable to Redeemable Participating Shareholders at end of Period 734,360,394 757,429,531 637,495,888 648,752,036 362,035,006 333,369,416

113

SEI Global Assets Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (continued)


Aggressive GBP

Period From

AggressiveGBP

Period From


Period From

Global Conservative US$

Period From

Global Moderate1

US$Period From

1 July 2018 to 1 July 2017 to 1 July 2018 to 1 July 2017 to 28 August 2018 to Note 31 December 2018 31 December 2017 31 December 2018 31 December 2017 31 December 2018Net Assets Attributable to Redeemable Participating Shareholders at beginning of Period 280,404,622 249,174,073 5,653,142 6,368,218 –Proceeds from Redeemable Participating Shares Issued 25,821,291 24,272,660 1,569,742 54,455 128,394Cost of Redeemable Participating Shares Redeemed (15,430,882) (24,393,793) (541,155) (327,075) – 290,795,031 249,052,940 6,681,729 6,095,598 128,394 Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (31,227,227) 18,583,136 (100,031) 185,535 (43,692)Notional Currency Gain/(Loss) 1(c) – – – – – Net Assets Attributable to Redeemable Participating Shareholders at end of Period 259,567,804 267,636,076 6,581,698 6,281,133 84,702

Global Core US$

Period From

Global CoreUS$

Period From

Global BalancedUS$

Period From

Global Balanced US$

Period From

Global GrowthUS$

Period From

Global GrowthUS$

Period From 1 July 2018 to 1 July 2017 to 1 July 2018 to 1 July 2017 to 1 July 2018 to 1 July 2017 to Note 31 December 2018 31 December 2017 31 December 2018 31 December 2017 31 December 2018 31 December 2017Net Assets Attributable to Redeemable Participating Shareholders at beginning of Period 14,891,311 10,123,010 17,626,804 12,719,534 5,163,544 4,617,412Proceeds from Redeemable Participating Shares Issued 101,921 2,810,900 5,390,048 2,866,156 1,070,785 203,290Cost of Redeemable Participating Shares Redeemed (1,421,735) (1,170,909) (3,004,384) (2,816,362) (163,883) (453,032) 13,571,497 11,763,001 20,012,468 12,769,328 6,070,446 4,367,670 Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (941,121) 696,575 (1,870,943) 1,089,100 (665,008) 452,512Notional Currency Gain/(Loss) 1(c) – – – – – – Net Assets Attributable to Redeemable Participating Shareholders at end of Period 12,630,376 12,459,576 18,141,525 13,858,428 5,405,438 4,820,182

114



Global Aggressive US$

Period From


Period From

Euro ConservativeEUR

Period From

Euro Conservative2 EUR

Period From

Euro ModerateEUR

Period From

Euro Moderate2

EURPeriod From

1 July 2018 to 1 July 2017 to 1 July 2018 to 29 September 2017 to 1 July 2018 to 29 September 2017 to Note 31 December 2018 31 December 2017 31 December 2018 31 December 2017 31 December 2018 31 December 2017Net Assets Attributable to Redeemable Participating Shareholders at beginning of Period 7,281,689 7,315,806 104,571 – 104,761 –Proceeds from Redeemable Participating Shares Issued 1,119,173 263,210 541,498 100,000 3,503,352 100,000Cost of Redeemable Participating Shares Redeemed (2,376,701) (1,103,185) – – – – 6,024,161 6,475,831 646,069 100,000 3,608,113 100,000 Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (923,729) 907,572 (7,367) 631 (91,052) 868Notional Currency Gain/(Loss) 1(c) – – – – – – Net Assets Attributable to Redeemable Participating Shareholders at end of Period 5,100,432 7,383,403 638,702 100,631 3,517,061 100,868

Euro Core EUR

Period From

Euro Core2

EURPeriod From

Euro Balanced EUR

Period From

Euro Balanced2 EUR

Period From

Euro GrowthEUR

Period From

Euro Growth2

EURPeriod From

1 July 2018 to 29 September 2017 to 1 July 2018 to 29 September 2017 to 1 July 2018 to 29 September 2017 to Note 31 December 2018 31 December 2017 31 December 2018 31 December 2017 31 December 2018 31 December 2017Net Assets Attributable to Redeemable Participating Shareholders at beginning of Period 105,665 – 285,001 – 106,576 –Proceeds from Redeemable Participating Shares Issued 2,049,796 100,000 1,048,450 100,000 367,797 100,000Cost of Redeemable Participating Shares Redeemed (49,735) – (254,295) – (3,644) – 2,105,726 100,000 1,079,156 100,000 470,729 100,000 Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (103,172) 1,574 (47,192) 1,949 (19,272) 2,226Notional Currency Gain/(Loss) 1(c) – – – – – – Net Assets Attributable to Redeemable Participating Shareholders at end of Period 2,002,554 101,574 1,031,964 101,949 451,457 102,226

115



Euro Aggressive EUR

Period From

Euro Aggressive2

EURPeriod From

TotalUS$

Period From

Total US$

Period From 1 July 2018 to 29 September 2017 to 1 July 2018 to 1 July 2017 to Note 31 December 2018 31 December 2017 31 December 2018 31 December 2017 Net Assets Attributable to Redeemable Participating Shareholders at beginning of Period 108,258 – 3,444,610,002 2,961,118,221 Proceeds from Redeemable Participating Shares Issued 104,115 100,000 364,991,420 416,268,159 Cost of Redeemable Participating Shares Redeemed – – (284,668,504) (256,245,869) 212,373 100,000 3,524,932,918 3,121,140,511 Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (17,005) 2,718 (244,039,624) 129,993,005 Notional Currency Gain/(Loss) 1(c) – – (117,240,426) 128,441,045 Net Assets Attributable to Redeemable Participating Shareholders at end of Period 195,368 102,718 3,163,652,867 3,379,574,561

1Fund commenced operations on 28 August 2018. 2Fund commenced operations on 29 September 2017.

116



The number of Redeemable Participating Shares issued and redeemed during the half year ended December 31 2018 were as follows:

Shares in Issueat 1 July 2018

SharesIssued

SharesRedeemed

Shares in Issueat 31 December 2018

Defensive Sterling Institutional C Class 14,322 627 (74) 14,875Sterling Institutional Class 490,909 103,758 (33,813) 560,854Sterling Institutional D Class 66,178 1,018 – 67,196Sterling Institutional Distributing Class 337 3 – 340Sterling Institutional E Class 130,767 56,904 (14,005) 173,666Sterling Investor Distributing Class 11,968 44 (1,070) 10,942Sterling Wealth A Accumulating Class** 285,012 245,363 (51,499) 478,876Sterling Wealth A Distributing Class 1,114,904 142,765 (124,913) 1,132,756 Conservative Sterling Institutional C Class 1,163 – (4) 1,159Sterling Institutional Class 313,777 – (9,033) 304,744Sterling Institutional Distributing Class 343 3 – 346Sterling Investor Distributing Class 376,178 4,859 (91,616) 289,421Sterling Wealth A Accumulating Class** 987,791 248,630 (220,502) 1,015,919Sterling Wealth A Distributing Class 5,288,297 300,724 (737,080) 4,851,941 Moderate Sterling Institutional C Class 30,451 408 (824) 30,035Sterling Institutional Class 1,789,005 297,107 (93,347) 1,992,765Sterling Institutional D Class 120,845 3,290 (1,935) 122,200Sterling Institutional Distributing Class 348 5 – 353Sterling Institutional E Class 613,648 226,620 (42,595) 797,673Sterling Investor Distributing Class 182,028 1,709 (35,895) 147,842Sterling Wealth A Accumulating Class** 3,375,460 851,894 (248,276) 3,979,078Sterling Wealth A Distributing Class 20,789,764 1,226,656 (2,214,899) 19,801,521 Core Sterling Institutional C Class 357,217 11,629 (20,938) 347,908Sterling Institutional Class 4,153,854 30,181 (263,652) 3,920,383Sterling Institutional D Class 143,490 3,392 (1,376) 145,506Sterling Institutional Distributing Class 31,132 5 (454) 30,683Sterling Institutional E Class 200 2,593 – 2,793Sterling Investor Distributing Class 3,372,133 80,828 (337,807) 3,115,154Sterling Wealth A Accumulating Class** 9,099,886 2,699,249 (645,306) 11,153,829Sterling Wealth A Distributing Class 34,766,442 2,673,525 (3,287,672) 34,152,295 Balanced Sterling Institutional C Class 29,264 – (328) 28,936Sterling Institutional Class 18,262 384 (132) 18,514Sterling Institutional Distributing Class 351 5 – 356Sterling Investor Distributing Class 6,691,192 249,389 (811,195) 6,129,386Sterling Wealth A Accumulating Class** 5,437,480 2,657,693 (590,963) 7,504,210Sterling Wealth A Distributing Class 29,946,723 2,597,982 (2,512,467) 30,032,238 Growth Sterling Institutional C Class 454,518 15,329 (19,405) 450,442Sterling Institutional Class 2,595,985 161,853 (116,428) 2,641,410Sterling Institutional D Class 267,640 6,545 (1,379) 272,806Sterling Institutional Distributing Class 198,921 5 (750) 198,176Sterling Institutional E Class 1,574,868 475,238 (62,743) 1,987,363Sterling Investor Distributing Class 1,867,379 73,675 (167,689) 1,773,365Sterling Wealth A Accumulating Class** 1,749,267 1,290,342 (233,816) 2,805,793Sterling Wealth A Distributing Class 13,101,320 1,097,049 (908,886) 13,289,483 Aggressive Sterling Institutional C Class 1,124,250 72,813 (43,222) 1,153,841Sterling Institutional Class 3,937,974 37,415 (150,042) 3,825,347Sterling Institutional D Class 200 – – 200Sterling Institutional Distributing Class 349 5 – 354Sterling Institutional E Class 194,949 61,986 (25,765) 231,170Sterling Investor Distributing Class 819,206 22,607 (85,009) 756,804Sterling Wealth A Accumulating Class** 745,753 424,636 (56,171) 1,114,218Sterling Wealth A Distributing Class 5,830,243 767,986 (390,738) 6,207,491 Global Conservative U.S.$ Institutional Class 282,825 2,482 (30,190) 255,117U.S.$ Institutional Distributing Class 520 4 – 524U.S.$ Wealth A Class 108,951 151,425 – 260,376

117




SharesIssued

SharesRedeemed


Global Conservative (continued) U.S.$ Wealth B Class 80,157 – (13,502) 66,655U.S.$ Wealth B Distributing Class 249 1 – 250 Global Moderate* U.S.$ Institutional Class – 2,125 – 2,125U.S.$ Institutional Distributing Class – 2,155 – 2,155U.S $ Wealth A Class – 2,125 – 2,125U.S.$ Wealth A Distributing Class – 2,156 – 2,156U.S.$ Wealth B Class – 2,125 – 2,125U.S.$ Wealth B Distributing Class – 2,157 – 2,157 Global Core U.S.$ Institutional Class 64,416 127 (339) 64,204U.S.$ Institutional Distributing Class 529 6 – 535U.S.$ Wealth A Class 48,077 – – 48,077U.S.$ Wealth B Class 844,858 7,380 (107,286) 744,952U.S.$ Wealth B Distributing Class 178,408 1 – 178,409 Global Balanced U.S.$ Institutional Class 208,071 7,505 (46,256) 169,320U.S.$ Institutional Distributing Class 530 6 – 536U.S.$ Wealth A Class 321 250,306 (7,313) 243,314U.S.$ Wealth B Class 920,242 182,083 (128,310) 974,015U.S.$ Wealth B Distributing Class 96,917 1 (36,530) 60,388 Global Growth U.S.$ Institutional Class 14,117 – – 14,117U.S.$ Institutional Distributing Class 530 7 – 537U.S.$ Wealth A Class 321 – – 321U.S.$ Wealth B Class 328,176 71,955 (11,213) 388,918U.S.$ Wealth B Distributing Class 578 2 – 580 Global Aggressive U.S.$ Institutional Class 387,233 18,982 (142,937) 263,278U.S.$ Institutional Distributing Class 523 5 – 528U.S.$ Wealth A Class 321 – – 321U.S.$ Wealth B Class 17,597 50,322 (135) 67,784U.S.$ Wealth B Distributing Class 1,003 – – 1,003 Euro Conservative Euro Institutional Accumulating Class 228 – – 228Euro Wealth A Accumulating Class 230 – – 230Euro Wealth C Accumulating Class 9,800 54,695 – 64,495Euro Wealth C Distributing Class 200 – – 200 Euro Moderate Euro Institutional Accumulating Class 228 – – 228Euro Wealth A Accumulating Class 230 – – 230Euro Wealth C Accumulating Class 9,800 353,759 – 363,559Euro Wealth C Distributing Class 200 – – 200 Euro Core Euro Institutional Accumulating Class 228 – – 228Euro Wealth A Accumulating Class 230 – – 230Euro Wealth C Accumulating Class 9,800 206,328 (4,900) 211,228Euro Wealth C Distributing Class 200 – – 200 Euro Balanced Euro Institutional Accumulating Class 228 – – 228Euro Wealth A Accumulating Class 26,443 – (26,213) 230Euro Wealth C Accumulating Class 4,869 109,301 – 114,170Euro Wealth C Distributing Class 200 4 – 204 Euro Growth Euro Institutional Accumulating Class 228 – – 228Euro Wealth A Accumulating Class 230 – – 230Euro Wealth C Accumulating Class 9,800 38,673 (376) 48,097Euro Wealth C Distributing Class 200 – – 200

118




SharesIssued

SharesRedeemed


Euro Aggressive Euro Institutional Accumulating Class 228 – – 228Euro Wealth A Accumulating Class 230 – – 230Euro Wealth C Accumulating Class 9,800 10,761 – 20,561Euro Wealth C Distributing Class 200 – – 200

* The Fund/Share Class commenced or ceased operations during the current reporting period. ** The Fund/Share Class changed its name during the current or a prior reporting period/year.

119



The number of Redeemable Participating Shares issued and redeemed during the year ended 30 June 2018 were as follows:


SharesIssued

SharesRedeemed

Shares in Issueat 30 June 2018

Defensive Sterling Institutional C Class 57,405 12,196 (55,279) 14,322Sterling Institutional Class 374,026 172,450 (55,567) 490,909Sterling Institutional D Class* – 66,178 – 66,178Sterling Institutional Distributing Class 334 3 – 337Sterling Institutional E Class* – 130,767 – 130,767Sterling Investor Distributing Class 20,340 102 (8,474) 11,968Sterling Wealth A Accumulating Class** 160,132 231,813 (106,933) 285,012Sterling Wealth A Distributing Class 1,204,219 344,476 (433,791) 1,114,904 Conservative Sterling Institutional C Class 1,172 – (9) 1,163Sterling Institutional Class 290,273 41,735 (18,231) 313,777Sterling Institutional Distributing Class 337 6 – 343Sterling Investor Distributing Class 474,842 24,646 (123,310) 376,178Sterling Wealth A Accumulating Class** 234,300 926,836 (173,345) 987,791Sterling Wealth A Distributing Class 6,044,323 908,997 (1,665,023) 5,288,297 Moderate Sterling Institutional C Class 174,346 22,323 (166,218) 30,451Sterling Institutional Class 1,409,833 533,108 (153,936) 1,789,005Sterling Institutional D Class* – 120,845 – 120,845Sterling Institutional Distributing Class 341 7 – 348Sterling Institutional E Class* – 613,682 (34) 613,648Sterling Investor Distributing Class 242,532 11,564 (72,068) 182,028Sterling Wealth A Accumulating Class** 1,079,790 2,514,451 (218,781) 3,375,460Sterling Wealth A Distributing Class 20,494,206 4,968,963 (4,673,405) 20,789,764 Core Sterling Institutional C Class 530,788 127,663 (301,234) 357,217Sterling Institutional Class 4,991,417 257,394 (1,094,957) 4,153,854Sterling Institutional D Class* – 143,490 – 143,490Sterling Institutional Distributing Class 38,633 7 (7,508) 31,132Sterling Institutional E Class* – 200 – 200Sterling Investor Distributing Class 3,970,998 250,219 (849,084) 3,372,133Sterling Wealth A Accumulating Class** 1,795,393 7,713,385 (408,892) 9,099,886Sterling Wealth A Distributing Class 34,463,821 7,415,426 (7,112,805) 34,766,442 Balanced Sterling Institutional C Class 35,287 – (6,023) 29,264Sterling Institutional Class 17,944 580 (262) 18,262Sterling Institutional Distributing Class 343 8 – 351Sterling Investor Distributing Class 8,121,336 549,705 (1,979,849) 6,691,192Sterling Wealth A Accumulating Class** 1,243,793 4,463,918 (270,231) 5,437,480Sterling Wealth A Distributing Class 28,142,174 7,294,418 (5,489,869) 29,946,723 Growth Sterling Institutional C Class 885,884 139,758 (571,124) 454,518Sterling Institutional Class 1,691,510 1,063,956 (159,481) 2,595,985Sterling Institutional D Class* – 267,640 – 267,640Sterling Institutional Distributing Class 344 199,689 (1,112) 198,921Sterling Institutional E Class* – 1,574,997 (129) 1,574,868Sterling Investor Distributing Class 2,249,551 145,873 (528,045) 1,867,379Sterling Wealth A Accumulating Class** 509,574 1,349,723 (110,030) 1,749,267Sterling Wealth A Distributing Class 12,288,818 3,016,013 (2,203,511) 13,101,320 Aggressive Sterling Institutional C Class 1,109,772 195,148 (180,670) 1,124,250Sterling Institutional Class 4,351,712 257,169 (670,907) 3,937,974Sterling Institutional D Class* – 200 – 200Sterling Institutional Distributing Class 54,909 7 (54,567) 349Sterling Institutional E Class* – 195,141 (192) 194,949Sterling Investor Distributing Class 912,651 65,180 (158,625) 819,206Sterling Wealth A Accumulating Class** 185,160 638,345 (77,752) 745,753Sterling Wealth A Distributing Class 5,328,943 1,596,703 (1,095,403) 5,830,243 Global Conservative U.S.$ Institutional Class 303,598 6,749 (27,522) 282,825U.S.$ Institutional Distributing Class 512 8 – 520U.S.$ Wealth A Class* – 108,952 (1) 108,951

120




SharesIssued

SharesRedeemed

Shares in Issueat 30 June 2018

Global Conservative (continued) U.S.$ Wealth B Class 205,062 226 (125,131) 80,157U.S.$ Wealth B Distributing Class 21,739 313 (21,803) 249 Global Core U.S.$ Institutional Class 56,445 15,541 (7,570) 64,416U.S.$ Institutional Distributing Class 519 10 – 529U.S.$ Wealth A Class* – 48,077 – 48,077U.S.$ Wealth B Class 598,522 418,412 (172,076) 844,858U.S.$ Wealth B Distributing Class 145,510 32,898 – 178,408 Global Balanced U.S.$ Institutional Class 271,405 19,291 (82,625) 208,071U.S.$ Institutional Distributing Class 520 10 – 530U.S.$ Wealth A Class* – 321 – 321U.S.$ Wealth B Class 599,377 565,218 (244,353) 920,242U.S.$ Wealth B Distributing Class 53,144 58,929 (15,156) 96,917 Global Growth U.S.$ Institutional Class 20,000 – (5,883) 14,117U.S.$ Institutional Distributing Class 521 9 – 530U.S.$ Wealth A Class* – 321 – 321U.S.$ Wealth B Class 307,876 49,174 (28,874) 328,176U.S.$ Wealth B Distributing Class 577 1 – 578 Global Aggressive U.S.$ Institutional Class 435,997 37,884 (86,648) 387,233U.S.$ Institutional Distributing Class 516 7 – 523U.S.$ Wealth A Class* – 321 – 321U.S.$ Wealth B Class 17,597 – – 17,597U.S.$ Wealth B Distributing Class 1,003 – – 1,003 Euro Conservative* Euro Institutional Accumulating Class – 228 – 228Euro Wealth A Accumulating Class – 230 – 230Euro Wealth C Accumulating Class – 9,800 – 9,800Euro Wealth C Distributing Class – 200 – 200 Euro Moderate* Euro Institutional Accumulating Class – 228 – 228Euro Wealth A Accumulating Class – 230 – 230Euro Wealth C Accumulating Class – 9,800 – 9,800Euro Wealth C Distributing Class – 200 – 200 Euro Core* Euro Institutional Accumulating Class – 228 – 228Euro Wealth A Accumulating Class – 230 – 230Euro Wealth C Accumulating Class – 9,800 – 9,800Euro Wealth C Distributing Class – 200 – 200 Euro Balanced* Euro Institutional Accumulating Class – 228 – 228Euro Wealth A Accumulating Class – 26,443 – 26,443Euro Wealth C Accumulating Class – 9,800 (4,931) 4,869Euro Wealth C Distributing Class – 200 – 200 Euro Growth* Euro Institutional Accumulating Class – 228 – 228Euro Wealth A Accumulating Class – 230 – 230Euro Wealth C Accumulating Class – 9,800 – 9,800Euro Wealth C Distributing Class – 200 – 200 Euro Aggressive* Euro Institutional Accumulating Class – 228 – 228Euro Wealth A Accumulating Class – 230 – 230Euro Wealth C Accumulating Class – 9,800 – 9,800Euro Wealth C Distributing Class – 200 – 200 *Fund/Share Class commenced or ceased operations during the current or a prior reporting year. **Fund/Share Class changed its name during the current reporting year.

121


NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2018 1. Accounting Policies

The significant accounting policies and estimation techniques adopted by the Company are as follows:

a) Basis of Presentation of Financial Statements The financial statements are prepared in accordance with accounting standards generally accepted in Ireland, comprising the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (the “UCITS Regulations”). Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Financial Reporting Council (“FRC”). The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (“FRS 102”) is effective for accounting periods beginning on or after 01 July 2015. FRS 104 “Interim financial reporting” (“FRS 104”) is effective for interim reporting periods commencing on or after 01 January 2015. These unaudited condensed financial statements have been prepared in accordance with the standard for interim financial statements, FRS 104, and should be read in conjunction with the audited financial statements for the year ended 30 June 2018. For the audited financial statements for the year ended 30 June 2018, securities which were quoted, listed or traded on an exchange were valued for financial reporting purposes at the current bid or ask price, at the valuation point. These reclassifications have had no impact on reported Shareholder dealing net assets. The format and certain wordings of the financial statements have been adapted from those contained in the Companies Act 2014 so that, in the opinion of the Directors, they more appropriately reflect the nature of the Company’s business as an investment Fund. The Company has availed of the exemption available to open-ended investments funds under FRS 102 not to prepare a cash flow statement. The financial statements are prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. The financial statements are based on the valuations prepared at 4.00pm Eastern Time on 31 December 2018 (“Valuation Point”). The Administrator operates T+1 trading, therefore, investment transactions and capital transactions included in the valuations are up to close of business on 28 December 2018.

b) Financial Assets and Financial Liabilities at Fair Value through Profit or Loss

Realised Gains and Losses on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss Realised gains and losses on financial assets and financial liabilities at fair value through profit or loss are calculated based on a FIFO book cost. The associated foreign exchange movement between the date of purchase and the date of sale on the sale of financial assets and financial liabilities is included in “Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss” in the Condensed Income Statement. Recognition/Derecognition The Company recognises a financial asset or a financial liability when, and only when, it becomes a party to the contractual provisions of the instrument. Purchases and sales of financial assets at fair value through Condensed Income Statement are recognised on trade date – the date on which the Company commits to purchase or sell the financial instrument. Financial assets at fair value through Condensed Income Statement are derecognised when the rights to receive cash flows from the financial assets at fair value through profit or loss have expired or the Company has transferred substantially all risks and rewards of ownership.

Unlisted Securities The fair value of any instrument that is not listed or dealt with on a market shall be the probable realisation value of the investment estimated with care and in good faith by the Directors in consultation with the Administrator or by a competent person, firm or corporation appointed for such purpose by the Depositary. Cash and Other Liquid Assets Cash and other liquid assets are valued at their face value with interest accrued, where applicable, to the Valuation Point on the relevant Dealing Day unless, in the opinion of the Directors (in consultation with the Manager and the Administrator), any adjustment should be made to reflect the true value thereof. Investment Funds Shares or units in open-ended investment funds are valued by reference to the latest available net asset value of the shares or units of the relevant investment funds priced by the underlying Administrator and provided by a vendor. Shares or units in closed ended investment funds are valued by reference to the latest available net asset value of the shares or units of the relevant investment funds priced by the underlying Administrator and provided by a vendor. If such prices are unavailable and if appropriate in the opinion of the Directors, shares or units in investment funds are valued at the estimated net asset value of the shares or units as provided by the underlying Administrator.

Forward Foreign Currency Contracts The Fund may enter into three types of forward foreign currency contracts: class level hedging, foreign security hedging, and security transaction hedging. The unrealised gain or loss on open forward exchange contracts is calculated by reference to the difference between the contracted rate and the rate to close out the contract. Realised gains or losses include net gains on contracts which have been settled or offset by other contracts. For foreign security hedges and security transaction level hedges, realised and unrealised gains and losses are allocated at Fund level. For class level hedges the realised and unrealised gains and losses are allocated solely to the relevant Share Classes.

122


NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2018 (continued) 1. Accounting Policies (continued)

c) Foreign Exchange Translation

Functional and Presentation Currency The functional and presentation currency of the Funds are as follows: British Pound Sterling (GBP) in the case of The SEI Defensive Fund, The SEI Conservative Fund, The SEI Moderate Fund, The SEI Core Fund, The SEI Balanced Fund, The SEI Growth Fund and The SEI Aggressive Fund; US Dollar (US$) in the case of The SEI Global Conservative Fund, The SEI Global Moderate Fund, The SEI Global Core Fund, The SEI Global Balanced Fund, The SEI Global Growth Fund and The SEI Global Aggressive Fund; Euro (EUR) in the case of The SEI Euro Conservative Fund, The SEI Euro Moderate Fund, The SEI Euro Core Fund, The SEI Euro Balanced Fund, The SEI Euro Growth Fund and The SEI Euro Aggressive Fund. These are considered to be the currencies of the primary economic environments of the Funds. The presentation currency of the Company is in US Dollar (US$). Transactions and Balances Assets and liabilities denominated in currencies other than the functional currency of the Fund are translated into the functional currency at the exchange rates ruling at the Condensed Statement of Financial Position date. Transactions in currencies other than the functional currency of the Fund are translated into the functional currency at the exchange rates ruling at the dates of the transactions. Gains and losses on foreign exchange transactions are recognised in the Condensed Income Statement Account in determining the result for the half year ended 31 December 2018 and 31 December 2017. Proceeds from subscriptions and amounts paid on redemption of Redeemable Participating Shares are translated at the rates prevailing at the dates of the transactions. The Condensed Statement of Financial Position is translated using exchange rates at the period end and the Condensed Income Statement and Condensed Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders are translated at an average rate over the period for the following Funds for inclusion in the combined financial statements of the Company: The SEI Defensive Fund, The SEI Conservative Fund, The SEI Moderate Fund, The SEI Core Fund, The SEI Balanced Fund, The SEI Growth Fund, The SEI Aggressive Fund, The SEI Euro Conservative Fund, The SEI Euro Moderate Fund, The SEI Euro Core Fund, The SEI Euro Balanced Fund, The SEI Euro Growth Fund and The SEI Euro Aggressive Fund. The resulting notional currency gain/(loss) and the notional currency gain/(loss) on retranslation of the opening net assets is included in the Condensed Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders. The method of translation has no effect on the value of net assets allocated to the individual Funds.

d) Collateral

Securitised collateral which is provided to the broker (if any) is annotated on the relevant security in the Portfolio of Investments. Securitised collateral which is provided to the Fund (if any) is disclosed in Note 7. Cash collateral which is provided to the broker is recorded as an asset to the Fund and included under “Cash Collateral”, and is valued at its fair value on the Condensed Statement of Financial Position. Cash received as collateral is recorded as an asset on the Condensed Statement of Financial Position and is valued at its fair value. Cash collateral held is unrestricted and held in a segregated account in the individual Fund’s name. A related liability to repay the collateral is recorded as a liability on the Condensed Statement of Financial Position under “Cash Collateral Payable” and is also valued at its fair value and disclosed in Note 7. All types of collateral are treated in line with the reporting requirements of FRS 102 and are governed by the terms and conditions of individual ISDA Master Agreements.

123


NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2018 (continued)

2. Finance Costs Distributions and Interest Distributions take account of income received on the creation of shares and income deducted on the cancellation of shares.

Defensive Conservative Moderate Core

31 December 2018

GBP31 December 2017

GBP31 December 2018

GBP31 December 2017

GBP31 December 2018

GBP31 December 2017

GBP31 December 2018

GBP31 December 2017

GBP Distribution (51,271) (46,840) (458,991) (440,731) (2,722,109) (2,411,628) (5,630,465) (4,785,785) Add: Income deducted/received on cancellation/issue of shares 1,041 1,327 (32,777) (15,688) (110,010) 72,379 (127,003) 66,911 Net Distribution for the period (50,230) (45,513) (491,768) (456,419) (2,832,119) (2,339,249) (5,757,468) (4,718,874) Interest – (1) (1) (119) (4) (58) – (99) Total Finance Costs (50,230) (45,514) (491,769) (456,538) (2,832,123) (2,339,307) (5,757,468) (4,718,973)

Balanced Growth Aggressive Global Conservative

31 December 2018

GBP31 December 2017

GBP31 December 2018

GBP31 December 2017

GBP31 December 2018

GBP31 December 2017

GBP31 December 2018

US$31 December 2017

US$ Distribution (6,114,280) (5,215,152) (2,936,664) (2,414,373) (1,268,275) (1,016,145) (46) (547) Add: Income deducted/received on cancellation/issue of shares (61,941) 110,001 20,026 78,351 63,514 44,780 – 6 Net Distribution for the period (6,176,221) (5,105,151) (2,916,638) (2,336,022) (1,204,761) (971,365) (46) (541) Interest (9) (258) (12) (500) (1) 105 – (230) Total Finance Costs (6,176,230) (5,105,409) (2,916,650) (2,336,522) (1,204,762) (971,260) (46) (771)

124



2. Finance Costs (continued) Distributions and Interest (continued)

Global Moderate 1 Global Core Global Balanced Global Growth

31 December 2018

US$ 31 December 2018

US$31 December 2017

US$31 December 2018

US$31 December 2017

US$31 December 2018

US$31 December 2017

US$ Distribution (886) (6,894) (4,551) (3,564) (1,662) (89) (79) Add: Income deducted/received on cancellation/issue of shares 19 1 8 (1,689) 314 1 – Net Distribution for the period (867) (6,893) (4,543) (5,253) (1,348) (88) (79) Interest – – – – – – (12) Total Finance Costs (867) (6,893) (4,543) (5,253) (1,348) (88) (91)

Global Aggressive Euro Conservative2 Euro Moderate2 Euro Core2

31 December 2018

US$31 December 2017

US$31 December 2018

EUR31 December 2017

EUR31 December 2018

EUR31 December 2017

EUR31 December 2018

EUR31 December 2017

EUR Distribution (61) (51) – – – – – – Add: Income deducted/received on cancellation/issue of shares 1 – – – – – – – Net Distribution for the period (60) (51) – – – – – – Interest – (81) – – – – (5) – Total Finance Costs (60) (132) – – – – (5) –

125



2. Finance Costs (continued) Distributions and Interest (continued)

Euro Balanced2 Euro Growth2 Euro Aggressive2 Total

31 December 2018

EUR31 December 2017

EUR31 December 2018

EUR31 December 2017

EUR31 December 2018

EUR31 December 2017

EUR31 December 2018

US$31 December 2017

US$ Distribution (37) – – – – – (24,842,753) (21,533,958) Add: Income deducted/received on cancellation/issue of shares – – – – – – (321,603) 472,324 Net Distribution for the period (37) – – – – – (25,164,356) (21,061,634) Interest (27) – – – – – (72) (1,549) Total Finance Costs (64) – – – – – (25,164,428) (21,063,183) 1 The Fund commenced operations on 28 August 2018. 2 The Fund commenced operations on 29 September 2017.

126

SEI Global Assets Fund plc

Unaudited Condensed Financial Statements for the half year ended 31 December 2018 NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2018 (continued) 3. Soft Commission Arrangements

The Portfolio Managers have not entered into soft commission arrangements with brokers in respect of which certain goods and services used to support the investment decision process may be received. Subject to compliance with the requirement to select brokers that provide best execution to the Company, or any such further requirements as may be imposed on the Company by the Central Bank, the Investment Adviser and Portfolio Managers, in managing the assets of the Funds, may direct a substantial portion of a Fund's brokerage to an affiliate of the Investment Adviser.

4. Exchange Rates

The US$ exchange rates at 31 December 2018 and 30 June 2018 used in this report, are as follows:

31 December 2018 30 June 2018 31 December 2018 30 June 2018

AUD 1.4205 1.3535 ILS 3.7368 3.6606 CAD 1.3658 1.3155 JPY 109.7150 110.7650 CHF 0.9858 0.9930 NOK 8.6592 8.1504 CZK 22.5141 22.2817 PLN 3.7568 3.7440 DKK 6.5280 6.3815 SEK 8.8659 8.9460 EUR 0.8748 0.8565 SGD 1.3630 1.3635 GBP 0.7852 0.7574 TRY 5.3199 4.5812 HKD 7.8294 7.8455 HUF 280.6281 281.8938

5. Risk Management Disclosures

In pursuing its investment objectives, the Company is exposed to a variety of financial risks: market risk (including price risk, currency risk and interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on each Fund’s financial performance. The investment objectives of each Fund are specified in the Company’s Prospectus. To achieve its investment objectives, the Company invests in a variety of eligible assets such as transferable securities and money market instruments that are traded on exchanges, certain over-the-counter debt, equity, money market securities, financial derivative instruments and units of investment funds (both UCITS and non-UCITS investment funds), including sub-funds of the SEI Global Master Fund plc and the SEI Global Investments Fund plc. The Company also uses derivative financial instruments to moderate certain risk exposures and to facilitate certain portfolio transactions. All of the Funds operate as “fund-of-funds” and invest a substantial portion of their assets in investment funds. The Company seeks to control the financial risk of each Strategy Fund by diversifying its investments across a number of Funds which pursue various investment strategies and which invest in various asset classes. The Investment Adviser utilises a variety of analytical techniques and qualitative judgement to determine the appropriate allocation of underlying funds in each Strategy Fund. Each Strategy Fund may not invest more than 20% of its net assets in any one investment fund. The Company also seeks to control the risks from owning a large percentage of any one investment fund. Such risks include liquidity risk and market impacts from trading. Accordingly, each Strategy Fund may not own more than 25% of the units of any one investment fund. Active Management Risk Some of the Funds of the Company are “multi-managed”. Rather than managing the risk of individual securities directly, the Investment Adviser engages in extensive due diligence (“manager selection”) to determine appropriate Portfolio Managers for each Fund. The manager selection process encompasses conference calls, independent research and manager visits to determine the Portfolio Managers that the Investment Adviser believes to have superior security selection and risk management skills within their mandates.

Each Portfolio Manager is responsible for managing its portion of the Fund in accordance with the investment policies and investment restrictions of the Fund as specified in the Company’s Prospectus. The Investment Adviser monitors each Portfolio Manager’s adherence to these policies through various reports, questionnaires, telephone conference calls and face-to-face meetings. The Investment Adviser meets with each Portfolio Manager at least semi-annually by conference call or in person. On-site meetings with each Portfolio Manager are conducted on an annual basis.

The Company seeks to control the active management risk of the Funds with its multi-manager structure. The Portfolio Managers of each Fund utilise a variety of investment strategies. By diversifying Portfolio Managers, the Investment Adviser seeks to control the active management risk of each Fund. The Investment Adviser utilises various analytical techniques; and its qualitative judgement, to determine the appropriate allocation of assets to each Portfolio Manager. The Investment Adviser periodically monitors the diversification benefits of each Fund’s multi-manager structure.

a) Market Price Risk The Company takes positions in financial instruments, including derivatives, to take advantage of short-term market movements in equity and fixed income markets. The Funds may buy or sell call or put options, financial futures, and other derivative instruments within limits defined in the Prospectus. The Company’s equity, debt and derivative financial instruments are susceptible to market price risk arising from uncertainties about future prices of the instruments. All security investments present a risk of loss of capital. Except for written options, the maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. As of 31 December 2018 and 30 June 2018, the Company’s market risk is affected by three main components: changes in actual market prices, foreign currency movements and interest rate movements. To measure market price risk, the Investment Adviser computes the VaR for each Fund. The VaR methodology and limitations are described below.

127


Unaudited Condensed Financial Statements for the half year ended 31 December 2018 NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2018 (continued) 5. Risk Management Disclosures (continued)

a) Market Price Risk (continued)

VaR Methodology VaR is a method of assessing risk that reflects the interdependencies between market price risk, currency risk and interest rate risk for the financial instruments held by the Funds. Daily, the Investment Adviser calculates the relative VaR for each Fund with a 99% level of confidence over a one-day time horizon. The Investment Adviser utilises a commercially available risk management system for calculating the VaR for each Fund. The risk management system employs a factor model approach to calculate VaR. The factor model identifies the common sources of risk, or “factors,” that systematically affect asset returns. The system applies the factor exposures for the currency holdings of each Fund, the volatility of the risk factors, the correlations between the risk factors, and the residual unsystematic risk of each security to estimate the risk of each Fund over a one-day holding period. The historical period for calculating the correlations and volatilities is two years. The one-tail confidence level is 99%. VaR Limitations The VaR methodology used by the Investment Adviser is subject to several limitations. First, VaR is based on a model of stock price returns which uses risk factors. To the extent that there are missing risk factors, mis-specified risk factors, or risk factors which are not predictive, the VaR may not be indicative of future risk. Also, the returns to various risk factors are not directly observable in the market, and must be estimated using statistical techniques. To the extent that these estimates may be imprecise, the VaR may not be indicative of future risk. In addition, the co-variance between the risk factors is estimated over a particular historical time period. To the extent that the future time period may be different from the historical time period, the VaR may not be indicative of future risk. For these reasons, VaR may be more useful as a relative measure of risk among Funds, rather than as an absolute measure of risk.

The Company attempts to manage market price risk through its investment policies as specified in the Company’s Prospectus and by evaluating each Portfolio Manager’s risk management capabilities as a criterion for appointment. Each Portfolio Manager has its own methodology for monitoring and managing market risk with respect to the assets managed by it, which is tailored to that Portfolio Manager’s own specific investment style and approach to risk management. The Investment Adviser monitors a Portfolio Manager’s adherence to the applicable investment policies through various reports, questionnaires, telephone conference calls and face-to-face meetings.

b) Currency Risk Currency risk arises on financial instruments that are denominated in a foreign currency, i.e. in a currency other than the functional currency in which they are measured. For the purpose of FRS 104, currency risk does not arise from financial instruments that are non-monetary items or from financial instruments denominated in the functional currency. FRS 104 considers the foreign exchange exposure relating to non-monetary assets and liabilities to be a component of market price risk not foreign currency risk. When these particular Funds hold assets denominated in currencies other than their functional currency they are exposed to currency risk, as the value of the securities denominated in currencies other than the functional currency will fluctuate due to changes in exchange rates. The Company attempts to manage currency risk through its investment policies and investment restrictions as specified in the Company’s Prospectus and by evaluating each Portfolio Manager’s currency risk management capabilities as a criterion for appointment, where appropriate. In addition, the Portfolio Manager performs stress tests to measure the impact of currency fluctuations on the Company’s Funds. The Portfolio Manager may seek to hedge these risks by investing in currencies, forward foreign currency contracts, currency futures contracts and options on currency futures contracts, as specified in the Company’s Prospectus.

c) Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has nineteen Funds at 31 December 2018 (30 June 2018: eighteen Funds). At 31 December 2018 and 30 June 2018, The SEI Euro Conservative Fund, THE SEI Euro Moderate Fund, The SEI Euro Core Fund, The SEI Euro Balanced Fund have investments in fixed income instruments and therefore is exposed to the risks associated with the effects of fluctuations in the prevailing levels of market interest rates on their financial position and cash flows. These investments are disclosed in the Portfolios of Investments for these Funds. For other Funds not listed above, the majority of the assets and liabilities are invested in non-interest bearing securities. As a result, the Funds are not subject to a significant amount of risk due to fluctuations in the prevailing levels of market interest rates. Any excess cash and cash equivalents are invested at short-term market interest rates. The cash reserves are generally equitised using futures or swaps in order to obtain equity market exposure. The Funds did not invest in any futures or swaps at the half year end. The Company attempts to manage interest rate risk through its investment policies and investment restrictions as specified in the Company’s Prospectus and by evaluating each Portfolio Manager’s interest rate risk management capabilities as a criterion for appointment, where appropriate.

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d) Credit Risk

Credit risk is the risk that the counterparty to a transaction or an issuer of a financial instrument will cause a financial loss to a Fund by failing to repay an obligation which may arise by purchasing debt instruments, placing deposits, and entering into derivative contracts. Credit risk is generally more significant for those Funds that invest primarily in debt instruments, or that use derivative contracts to a material degree. The Fund may have exposure to credit risk through its investments in other investment funds which themselves have credit risk exposure. For cash accounts, funds which are deposited are liabilities of the banks, thus creating a debtor-creditor relationship between the bank and the Company. Cash accounts opened on the books of BBH are obligations of BBH while cash accounts opened on the books of a sub-custodian or a broker (collectively “agency accounts”) are obligations of the agent. For safekeeping of security assets, BBH’s policy is to maintain segregated client security accounts on its books and on the books of its sub-custodians. Accordingly, while BBH is responsible for exercising reasonable care in the administration of agency cash accounts, it is not liable for their repayment in the event the sub-custodian, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment. BBH performs both initial and ongoing due diligence on the sub-depositaries in its global custody network. Such reviews include an assessment of the sub-depositary’s financial strength and general reputation and standing and, at a minimum, meet the due diligence requirements established by applicable law. The financial analysis is focused on the sub-custodian bank’s capital adequacy, asset quality, financial flexibility and strength, management expertise, earnings, and liquidity as key indicators of its financial standing in the market. These reviews are not audits. The Company may invest in debt instruments that may receive a credit rating from a well-known rating agency, or if unrated, may be assigned a credit rating using an approach which is consistent with that used by rating agencies.

For The SEI Defensive Fund, The SEI Conservative Fund, The SEI Moderate Fund, The SEI Core Fund, The SEI Balanced Fund, The SEI Growth Fund, The SEI Aggressive Fund, The SEI Global Conservative Fund, The SEI Global Moderate Fund, The SEI Global Core Fund, The SEI Global Balanced Fund, The SEI Global Growth Fund, The SEI Global Aggressive Fund, The SEI Euro Conservative Fund, The SEI Euro Moderate Fund, The SEI Euro Core Fund, The SEI Euro Balanced Fund, The SEI Euro Growth Fund and The SEI Euro Aggressive Fund, the majority of the financial assets are non-interest bearing equity securities. The Fund has limited exposure to credit risk through its investments in other investment funds, which themselves may have credit risk exposure. All broker transactions in listed securities are settled upon delivery to the Company’s Depositary. The risk of default is considered minimal, as delivery of securities sold is only made once the Company’s Depositary has received payment from the broker. Payment to a broker is made on a purchase once the securities have been received by the Company’s Depositary. The trade will fail if either party fails to meet its obligation. The Funds limit their exposure to credit losses on derivative instruments by limiting their exposure to counterparties in accordance with the investment restrictions specified in the Company’s Prospectus. Counterparties must be subject to prudential supervision and meet certain requirements as specified by the Central Bank. The Investment Adviser requires each Portfolio Manager to complete a quarterly questionnaire to verify compliance with the investment restrictions on counterparties. The Funds also limit their exposure to credit losses on derivative instruments by entering into master netting arrangements with counterparties. Master netting arrangements do not result in an offset of Condensed Statement of Financial Position assets and liabilities, as transactions are usually settled on a gross basis. However, the credit risk associated with favourable contracts is reduced by a master netting arrangement to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. A Fund’s overall exposure to credit risk on derivative instruments subject to a master netting arrangement can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

The Company attempts to manage credit risk through its investment policies and investment restrictions as specified in the Company’s Prospectus and by evaluating each Portfolio Manager’s credit analysis capabilities as a criterion for appointment, where appropriate. Each Portfolio Manager that invests in debt instruments or derivative contracts has its own methodology for monitoring and managing credit risk with respect to the assets managed by it, which is tailored to that Portfolio Manager’s own specific investment style and approach to risk management. The Investment Adviser monitors a Portfolio Manager’s adherence to a Fund’s policies and restrictions through various reports, questionnaires, telephone conference calls and on-site meetings.

e) Liquidity Risk Liquidity risk is the risk that a Fund will encounter difficulty in meeting obligations associated with financial liabilities. Such obligations may arise from daily cash redemptions or from derivative contracts such as futures and swaps. The Company is exposed to daily cash redemptions of Redeemable Participating Shares. As specified in the Company’s Prospectus, it therefore invests a majority of its assets in investments that are traded in an active market and which can be readily liquidated. The Company may, from time to time, invest in derivative contracts traded over-the-counter, which are not traded in an organised market and may be illiquid. As a result, the Company may not be able to liquidate quickly its investments in these instruments at an amount close to their fair value to meet its liquidity requirements or to respond to specific events such as deterioration in the creditworthiness of any particular issuer. The Company limits the use of derivative instruments which are not readily marketable, as specified in the Company’s Prospectus.

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e) Liquidity Risk (continued) To manage liquidity risk, the Company also reserves the right to limit the amount of Shares that may be redeemed by an individual Shareholder. If the aggregate redemption requests on any Dealing Day equal or exceed 10% or more of the outstanding Shares of any Series in issue or deemed to be in issue, the Directors may elect to restrict the total number of Shares to be redeemed to 10% of the outstanding Shares in issue in that Series on that Dealing Day, in which case all redemption requests will be reduced pro rata to the size of the request. The balance of the Shares in respect of which redemption requests have been received shall be redeemed on the next succeeding Dealing Day, subject to the same 10% restriction, and in priority to redemption requests received in respect of the next Dealing Day. The Company may also temporarily suspend the redemption of Shares in extraordinary situations as specified in the Company’s Prospectus. In addition, each Portfolio Manager has its own methodology for monitoring and managing the liquidity of the assets managed by it, which is tailored to that Portfolio Manager’s own specific investment style and approach to risk management. In addition to these measures, the Funds generally maintain cash reserves to facilitate redemptions. The cash reserves are typically equitised using futures or swaps in order to obtain equity market exposure. The Funds did not invest in any futures or swaps as at the half year end.

f) Fair Value Estimation

FRS 102 on “Fair Value Disclosure” requires disclosure relating to the fair value hierarchy in which fair value measurements are categorised for assets and liabilities. The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to measure fair value. Amendments were made to this FRS, revising the disclosure requirements for financial institutions. An entity shall apply these amendments for accounting periods beginning on or after 01 January 2017. This amendment has been adopted in the preparation of these financial statements. The Company has classified fair value measurements using a fair value hierarchy. The fair value hierarchy has the following levels: (i) Level 1: Investments, whose values are based on quoted market prices in active markets, and therefore classified within Level 1,

include active listed equities, exchange traded investment funds and REITs. Quoted prices for these instruments are not adjusted. (ii) Level 2: Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices,

dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include, investment funds, investment grade corporate bonds, US government treasury bills, certain non-U.S. sovereign obligations, listed equities and over-the-counter derivatives. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

(iii) Level 3: Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently. These include equities

and investment funds which are not longer traded. Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the instrument. The inputs into the determination of fair value require significant management judgement or estimation. As observable prices are not available for these securities, the Funds have used valuation techniques to derive the fair value.

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement of the instrument in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement of the instrument in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the financial asset or liability. The determination of what constitutes “observable” requires significant judgement by the Directors in consultation with the Investment Adviser. The Directors consider observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The tables below and overleaf provide an analysis within the fair value hierarchy of the Company’s financial assets and liabilities, measured at fair value at 31 December 2018 and 30 June 2018:

O

The SEI Defensive Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value

GBP GBP GBP GBPFinancial Assets at Fair Value Through Profit or Loss Equities 1,081,763 – – 1,081,763Investment Funds 53,253 25,270,620 – 25,323,873Forward Foreign Currency Contracts – 1,049 – 1,049

1,135,016 25,271,669 – 26,406,685

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f) Fair Value Estimation (continued) The SEI Defensive Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


1,049,225 22,174,579 – 23,223,804

The SEI Conservative Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value


8,646,068 66,691,061 – 75,337,129

The SEI Conservative Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


9,405,203 73,731,915 – 83,137,118

The SEI Moderate Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value

GBP GBP GBP GBPFinancial Assets at Fair Value Through Profit or Loss Equities 37,747,331 – – 37,747,331Investment Funds 1,858,196 302,766,734 – 304,624,930Forward Foreign Currency Contracts – 40,749 – 40,749

39,605,527 302,807,483 – 342,413,010

The SEI Moderate Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value

GBP GBP GBP GBPFinancial Assets at Fair Value Through Profit or Loss Equities 39,390,553 – – 39,390,553Investment Funds 1,679,623 314,144,000 – 315,823,623Forward Foreign Currency Contracts – 39,730 – 39,730

41,070,176 314,183,730 – 355,253,906

The SEI Core Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value

GBP GBP GBP GBPFinancial Assets at Fair Value Through Profit or Loss Investment Funds – 732,709,590 – 732,709,590

– 732,709,590 – 732,709,590

The SEI Core Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value

GBP GBP GBP GBPFinancial Assets at Fair Value Through Profit or Loss Investment Funds – 771,712,702 – 771,712,702Forward Foreign Currency Contracts – 71,244 – 71,244

– 771,783,946 – 771,783,946

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Unaudited Condensed Financial Statements for the half year ended 31 December 2018 NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2018 (continued)

5. Risk Management Disclosures (continued)

f) Fair Value Estimation (continued)

The SEI Balanced Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value


– 633,474,741 – 633,474,741

The SEI Balanced Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


– 669,868,601 – 669,868,601

The SEI Growth Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value


– 361,590,884 – 361,590,884

The SEI Growth Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


– 376,493,956 – 376,493,956

The SEI Aggressive Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value


– 258,681,591 – 258,681,591

The SEI Aggressive Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


– 279,271,932 – 279,271,932

Financial Liabilities at Fair Value Through Profit or Loss Forward Foreign Currency Contracts – (23,356) – (23,356)

– (23,356) – (23,356)

The SEI Global Conservative Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value

US$ US$ US$ US$Financial Assets at Fair Value Through Profit or Loss Equities 561,637 – – 561,637Investment Funds 27,647 5,965,740 – 5,993,387

589,284 5,965,740 – 6,555,024

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The SEI Global Conservative Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value

US$ US$ US$ US$Financial Assets at Fair Value Through Profit or Loss Equities 492,265 – – 492,265Investment Funds 20,990 5,105,522 – 5,126,512

513,255 5,105,522 – 5,618,777

The SEI Global Moderate Fund1 Level 1 Level 2 Level 3 Total31 December 2018 Fair Value

US$ US$ US$ US$Financial Assets at Fair Value Through Profit or Loss Equities 14,620 – – 14,620Investment Funds 720 106,251 – 106,971

15,340 106,251 – 121,591

The SEI Global Core Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value

US$ US$ US$ US$Financial Assets at Fair Value Through Profit or Loss Investment Funds – 12,602,172 – 12,602,172

– 12,602,172 – 12,602,172

The SEI Global Core Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


– 14,862,935 – 14,862,935

The SEI Global Balanced Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value


– 18,100,601 – 18,100,601

The SEI Global Balanced Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


– 17,597,389 – 17,597,389

The SEI Global Growth Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value


– 5,395,776 – 5,395,776

The SEI Global Growth Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


– 5,152,744 – 5,152,744

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The SEI Global Aggressive Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value


– 5,066,393 – 5,066,393

The SEI Global Aggressive Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


– 7,263,658 – 7,263,658

The SEI Euro Conservative Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Equities 53,066 – – 53,066Investment Funds 2,612 580,580 – 583,192Forward Foreign Currency Contracts – 13 – 13

55,678 580,593 – 636,271

The SEI Euro Conservative Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Equities 8,558 – – 8,558Investment Funds 365 95,309 – 95,674Forward Foreign Currency Contracts – 14 – 14

8,923 95,323 – 104,246

The SEI Euro Moderate Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Equities 395,128 – – 395,128Investment Funds 19,452 3,082,606 – 3,102,058Forward Foreign Currency Contracts – 106 – 106

414,580 3,082,712 – 3,497,292

The SEI Euro Moderate Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


12,339 91,968 – 104,307

The SEI Euro Core Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Investment Funds – 1,988,742 – 1,988,742

– 1,988,742 – 1,988,742

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f) Fair Value Estimation (continued) The SEI Euro Core Fund1 Level 1 Level 2 Level 3 Total30 June 2018 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Equities 527 – – 527Investment Funds 2 104,858 – 104,860Forward Foreign Currency Contracts – 18 – 18

529 104,876 – 105,405

The SEI Euro Balanced Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Investment Funds – 1,058,263 – 1,058,263

– 1,058,263 – 1,058,263

The SEI Euro Balanced Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


14,428 302,977 – 317,405

The SEI Euro Growth Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Investment Funds – 449,940 – 449,940

– 449,940 – 449,940

The SEI Euro Growth Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


11,044 95,166 – 106,210

The SEI Euro Aggressive Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Equities 8,466 – – 8,466Investment Funds 12 185,470 – 185,482

8,478 185,470 – 193,948

The SEI Euro Aggressive Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Equities 18,382 – – 18,382Investment Funds 88 89,441 – 89,529

18,470 89,441 – 107,911

Financial Liabilities at Fair Value Through Profit or Loss Forward Foreign Currency Contracts – (16) – (16)

– (16) – (16)

1 The Fund commenced operations on 28 August 2018.

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Unaudited Condensed Financial Statements for the half year ended 31 December 2018 NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2018 (continued) 6. Efficient Portfolio Management

The Company may employ investment techniques and use financial derivative instruments (such as futures contracts, forward foreign currency contracts, options and swaps) for efficient portfolio management of the assets of any Fund including hedging against market movements, currency exchange or interest rate risks subject to the conditions and within the limits laid down by the Central Bank and the Prospectus. The efficient portfolio management purposes for which the Company intends to employ financial derivative instruments and such investment techniques are the reductions of risk, reduction of cost and the generation of additional capital or income for the relevant Fund with an appropriate level of risk, taking into account the risk profile of the Fund and the general Central Bank UCITS Regulations. Any such investment technique or use of financial derivative instruments must be one which is reasonably believed by the Investment Adviser or Portfolio Managers to be economically appropriate in that they are realised in a cost-effective way. The Company engaged in securities lending during the half year ended 31 December 2018, details of which are in included in a separate Note. Direct and indirect costs associated with efficient portfolio management techniques are not readily identifiable.

7. Collateral

Cash received as collateral is recorded as an asset on the Condensed Statement of Financial Position and is valued at its fair value. A related liability to repay the collateral is recorded as a liability on the Condensed Statement of Financial Position and is also valued at its fair value in line with the requirement of FRS 102. There was no cash provided to the Funds as at 31 December 2018 and 30 June 2018. There was no securities provided to the Funds as collateral as at 31 December 2018 and 30 June 2018.

8. Securities Lending Collateral Invested/Collateral Payable on Securities Lending

During the half year ended 31 December 2018 and year ended 30 June 2018, the Company engaged in approved stock lending transactions whereby it may dispose of securities to a counterparty in return for which it is agreed that securities of the same kind and amount should be transferred back to the Company at a later date. The agreement has the substance of a loan of the Company’s securities in return for collateral. The Company receives a fee in return for this loan of its securities. Securities disposed to a counterparty under the stock lending arrangements have been included in the Portfolios of Investments and the Condensed Statement of Financial Position and have been valued in accordance with the accounting policies.

The aggregate value of securities on loan and the value of collateral held by the Funds as at 31 December 2018 are as follows: Value of Value of Securities Securities Collateral Fund Name Lending Agent on Loan Held The SEI Euro Aggressive Fund Brown Brothers Harriman EUR44 EUR47 The aggregate value of securities on loan and the value of collateral held by the Funds as at 30 June 2018 are as follows: Value of Value of Securities Securities Collateral Fund Name Lending Agent on Loan Held The SEI Euro Balanced Fund Brown Brothers Harriman EUR354 EUR387 The SEI Euro Growth Fund Brown Brothers Harriman EUR265 EUR289 The SEI Euro Aggressive Fund Brown Brothers Harriman EUR442 EUR485 Securities lending income and associated costs during the half year ended 31 December 2018 are: Securities Gross Fund Name Lending Agent Earnings Costs The SEI Euro Core Fund Brown Brothers Harriman EUR0^ EUR0 The SEI Euro Balanced Fund Brown Brothers Harriman EUR0^ EUR0^ The SEI Euro Growth Fund Brown Brothers Harriman EUR0^ EUR0^ The SEI Euro Aggressive Fund Brown Brothers Harriman EUR1 EUR0^ âmount less than 0.5 EUR.

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Unaudited Condensed Financial Statements for the half year ended 31 December 2018 NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2018 (continued) 8. Securities Lending Collateral Invested/Collateral Payable on Securities Lending (continued)

Securities lending income and associated costs during the year ended 30 June 2018 are: Securities Gross Fund Name Lending Agent Earnings Costs The SEI Euro Core Fund Brown Brothers Harriman EUR0^ EUR0^ The SEI Euro Balanced Fund Brown Brothers Harriman EUR1 EUR0^ The SEI Euro Growth Fund Brown Brothers Harriman EUR2 EUR0^ The SEI Euro Aggressive Fund Brown Brothers Harriman EUR3 EUR0^ âmount less than 0.5 EUR.

9. Comparative Figures

The comparative figures stated in the financial statements are those for the half year ended 31 December 2018 for the Condensed Income Statement Account, the Condensed Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders and their respective notes and as at 30 June 2018 for the Condensed Statement of Financial Position and notes to the Condensed Statement of Financial Position.

10. Connected Persons

In compliance with the UCITS Regulations, the Directors confirm that for the half year ended 31 December 2018, all transactions carried out with connected persons were on an arms length basis and in the best interests of Shareholders.

11. Related Persons

The Manager, Investment Adviser, Administrator and Distributor are related persons as defined by FRS 104. SEI Global Master Fund plc and SEI Global Investments Fund plc are related persons to the Company as defined by FRS 104 as they are under common management. As at 31 December 2018, all of the Funds held investments in classes of SEI Global Master Fund plc. The Funds will only invest in classes of SEI Global Master Fund plc or SEI Global Investments Fund plc that are not subject to any investment advisory fee. Where the Funds invest in other (non SEI) collective investment schemes; such investments may be subject to management fees which are generally not expected to exceed 2% of the net assets of the relevant collective investment scheme per annum. None of the Directors or the Company Secretary, at the date of this report, holds or held, on the date of his appointment or during the half year ended 31 December 2018 any beneficial interest in the Shares of the Company.

Michael Jackson is the managing partner in the firm of Matheson, who act as legal advisers to the Company. During the half year ended 31 December 2018, Matheson was paid fees of US$29,867 (30 June 2018: US$86,185) for services to the Company. The significant Shareholders of the Company at 31 December 2018 and 30 June 2018 were as follows:

% Held % Held 31 December 2018 30 June 2018 The SEI Defensive Fund SEI Global Nominee Ltd. 95.62 97.61 The SEI Conservative Fund SEI Global Nominee Ltd. 91.31 91.81 The SEI Moderate Fund SEI Global Nominee Ltd. 98.79 98.84 The SEI Core Fund SEI Global Nominee Ltd. 98.24 98.31 The SEI Balanced Fund SEI Global Nominee Ltd. 97.77 98.14 The SEI Growth Fund SEI Global Nominee Ltd. 90.30 90.43 The SEI Aggressive Fund SEI Global Nominee Ltd. 67.07 65.16 BBH & Co. as Trustee for SEI 30.31 32.21 The SEI Global Conservative Fund SEI Investments - Guernsey Ltd. 46.71 55.73

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Unaudited Condensed Financial Statements for the half year ended 31 December 2018 NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2018 (continued) 11. Related Persons (continued)

% Held % Held

31 December 2018 30 June 2018 SEI Private Trust Company 39.38 - The SEI Global Moderate Fund1

SEI Investment Global Fund Services Ltd. 100.00 N/A The SEI Global Core Fund Safra National Bank of New York As Custodian For Non US 89.09 90.12 The SEI Global Balanced Fund Safra National Bank of New York As Custodian For Non US 65.93 74.79 The SEI Global Growth Fund Safra National Bank of New York As Custodian For Non US 54.88 67.80EFG Bank 40.89 27.26 The SEI Global Aggressive Fund SEI Global Nominee Ltd. 81.45 95.86 The SEI Euro Conservative Fund2

SEI Investment Global Fund Services Ltd. - 100.00BNP Paribas Security Services 85.07 - The SEI Euro Moderate Fund2

SEI Investment Global Fund Services Ltd. - 100.00BNP Paribas Security Services 97.28 - The SEI Euro Core Fund2

SEI Investment Global Fund Services Ltd. - 100.00BNP Paribas Security Services 97.58 - The SEI Euro Balanced Fund2

SEI Investment Global Fund Services Ltd. - 100.00BNP Paribas Security Services 95.76 - The SEI Euro Growth Fund2

SEI Investment Global Fund Services Ltd. 20.45 100.00BNP Paribas Security Services 79.54 - The SEI Euro Aggressive Fund2

SEI Investment Global Fund Services Ltd. 46.47 100.00BNP Paribas Security Services 53.53 -

1 Fund commenced operations on 28 August 2018. 2 Fund commenced operations on 29 September 2017.

12. Approval of Financial Statements

The board of Directors approved the annual report and audited financial statements on 26 February 2019.

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Appendix I - Remuneration Disclosures SEI Investments Global, Limited (the “Management Company”) has implemented a remuneration policy (the “Remuneration Policy”) which is in line with the provisions of the UCITS Regulations and in accordance with the European Securities and Markets Authority Guidelines on Sound Remuneration policies under the UCITS Directive (ESMA/2016/575) (“ESMA Guidelines”). The Remuneration Policy was adopted by the board of directors of the Management Company (the “Board”) on 19 December 2016. The Remuneration Policy is aligned with the business strategy, objectives, values and interests of the Management Company, the Fund and investors in the Fund and the policy includes measures to manage conflicts of interests.

The Management Company is controlled and managed by its Board, but does not currently have any employees. Accordingly, the identified staff for the purpose of the Remuneration Policy are the members of the Board. The Board has adopted the delegation model which leverages off the skills, experience, and knowledge of specialised staff employed by the service providers to the Management Company and the Fund who perform the day-to-day specific functions and are subject to the ongoing supervision and monitoring by the board. The Board considers that the extent of delegation by the Management Company of investment management functions does not exceed, by a substantial margin, the investment management functions performed by the Management Company itself.

The Remuneration Policy is aimed at ensuring that any relevant conflicts of interest can be managed appropriately at all times and sets out practices for those categories of staff, including senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on the risk profile of the Sub-Funds, that are consistent with and promote sound and effective risk management and do not encourage risk-taking which is inconsistent with the risk profiles of the Sub-Funds.

Variable Remuneration

The directors of the Management Company who are also employees of the SEI group of companies (the “SEI Group”) do not receive any remuneration in respect of their services as directors of the Management Company or the Fund. The other directors receive fixed remuneration in respect of their services which is set at a level determined by the Board as a whole and which is not performance related. The Management Company currently has seven directors of which two are not either employees or consultants of the SEI Group. None of the directors are currently in receipt of variable remuneration in respect of their services as directors of the Management Company or in respect of the Fund managed by the Management Company.

The Board has delegated certain activities in respect of the portfolio management and risk management of the Sub-Funds which it manages to SEI Investments Management Corporation (“SIMC”). In turn SIMC has also sub-delegated certain investment and risk management functions to certain other entities which provide sub-investment management services to the Fund. Where the Management Company has delegated or SIMC has sub-delegated investment management functions the Management Company is required to ensure that either:

(i) The entities to which investment management activities have been delegated are subject to regulatory requirements on remuneration that are equally as effective as those applicable under the UCITS Regulations and the ESMA Guidelines; or

(ii) A determination has been made that pursuant to the principle of proportionality it is appropriate that the entities to which investment management activities have been delegated do not need to adopt remuneration policies consistent with ESMA Guidelines; or

(iii) Appropriate contractual arrangements are put in place with entities to which investment management activities have been delegated in order to ensure that there is no circumvention of the remuneration rules set out in the ESMA Guidelines, subject to the application of the proportionality rules, set out in the ESMA Guidelines.

The ESMA Guidelines provide that when taking measures to comply with the requirements of the UCITS Regulations and the ESMA Guidelines, the Management Company should comply in a way and to the extent that is appropriate to its (a) size; (b) internal organisations; and (c) the nature, scope and complexity of its internal activities. The ESMA Guidelines outline that it is necessary to analyse (a) – (c) together, and not one single element, in isolation, when considering whether an entity may disapply the requirements set out in the UCITS Regulations, on the basis of the proportionality.

As outlined above, SIMC has appointed a number of third party entities to provided investment management and risk management services to the Fund. The Management Company shall ensure that the delegates of SIMC are subject to the requirements of (i), (ii) or (iii) above.

The Management Company does not pay any fixed or variable remuneration to identified staff of SIMC or the third party entities /portfolio managers.

139


APPENDIX (continued)


Appendix II - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO

The following Statements of Changes in Composition of Portfolio reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposals greater than one per cent of the total sales for the period. At a minimum the largest 20 purchases and 20 sales must be given.

Major Purchases Nominal Cost GBP

INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING GOVERNMENT LIQUIDITY FUND 990,703 990,703

SEI GLOBAL MASTER FUND PLC

THE SEI GLOBAL SHORT DURATION BOND FUND

HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS 74,465 745,822


THE SEI GLOBAL SHORT TERM BOND FUND

HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS 71,352 703,692 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING LIQUIDITY FUND 663,369 663,369


THE SEI EMERGING MARKETS DEBT FUND

PARTIALLY HEDGED GBP INSTITUTIONAL DISTRIBUTING 56,555 524,457


THE SEI GLOBAL OPPORTUNISTIC FIXED INCOME FUND



THE SEI GLOBAL MANAGED VOLATILITY FUND

STERLING INSTITUTIONAL DISTRIBUTING CLASS 23,460 375,992


THE SEI GLOBAL FIXED INCOME FUND



THE SEI GLOBAL MULTI-ASSET INCOME FUND



THE SEI U.K. CORE FIXED INTEREST FUND


THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO 10,072 132,136





THE SEI HIGH YIELD FIXED INCOME FUND



THE SEI LIQUID ALTERNATIVE FUND



THE SEI U.K. INDEX-LINKED FIXED INTEREST FUND


DTE ENERGY CO 201 18,085

KONINKLIJKE AHOLD DELHAIZE NV 929 17,285

ROGERS COMMUNICATIONS INC 408 16,760

CENTERPOINT ENERGY INC 696 15,587

OGE ENERGY CORP 560 15,481

140




Appendix II - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued)

Major Sales Nominal Proceeds GBP



















HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS 9,626 94,881 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING LIQUIDITY FUND 76,710 76,710







KOHL'S CORP 550 28,043 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING GOVERNMENT LIQUIDITY FUND 22,222 22,222

BAXTER INTERNATIONAL INC 337 17,123

GAP INC/THE 732 14,801

MITSUBISHI CHEMICAL HOLDINGS CORP 2,372 14,748

LOBLAW COS LTD 392 13,645

DEUTSCHE LUFTHANSA AG 688 12,274







GEORGE WESTON LTD 188 10,118

141








PARTIALLY HEDGED GBP INSTITUTIONAL DISTRIBUTING 437,674 4,069,998



HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS 176,173 1,954,649














THE SEI U.K. EQUITY FUND



KONINKLIJKE AHOLD DELHAIZE NV 8,315 154,692







DTE ENERGY CO 1,533 137,760

OGE ENERGY CORP 4,912 135,705

ROGERS COMMUNICATIONS INC 3,289 134,795




CENTERPOINT ENERGY INC 5,304 118,735

KROGER CO/THE 5,524 116,840

ROSS STORES INC 1,500 111,399

CANADIAN TIRE CORP LTD 1,181 108,420




142

















STERLING INSTITUTIONAL DISTRIBUTING CLASS 96,302 1,904,000






STERLING INSTITUTIONAL DISTRIBUTING CLASS 66,969 1,102,674 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING LIQUIDITY FUND 955,056 955,056



















PARTIALLY HEDGED GBP INSTITUTIONAL DISTRIBUTING 24,425 227,802

KOHL'S CORP 4,357 222,831




BAXTER INTERNATIONAL INC 2,955 150,094


LOBLAW COS LTD 3,436 119,608

GAP INC/THE 5,866 118,659

143








PARTIALLY HEDGED GBP INSTITUTIONAL DISTRIBUTING 2,845,146 26,468,014




















KONINKLIJKE AHOLD DELHAIZE NV 36,757 683,898

DTE ENERGY CO 7,021 631,047

ROGERS COMMUNICATIONS INC 14,963 613,367

OGE ENERGY CORP 22,130 611,419

CENTERPOINT ENERGY INC 24,298 543,896

KROGER CO/THE 24,122 510,209

ROSS STORES INC 6,758 501,906

CANADIAN TIRE CORP LTD 5,319 488,147







NN GROUP NV 12,402 387,082




144








STERLING INSTITUTIONAL DISTRIBUTING CLASS 1,519,749 17,687,386






HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS 1,197,587 12,021,710













KOHL'S CORP 19,783 1,011,201

BAXTER INTERNATIONAL INC 13,315 676,248


GAP INC/THE 26,703 540,151

LOBLAW COS LTD 15,483 538,894

DEUTSCHE LUFTHANSA AG 27,153 484,763

GEORGE WESTON LTD 6,548 353,043

SINGAPORE AIRLINES LTD 64,825 343,679

ALTRIA GROUP INC 6,895 314,043

AMERICAN EAGLE OUTFITTERS INC 20,367 296,738

PARGESA HOLDING SA 4,899 296,082

DAI-ICHI LIFE HOLDINGS INC 18,640 285,095

CHURCHILL DOWNS INC 1,292 277,212

145



THE SEI CORE FUND










THE SEI DYNAMIC ASSET ALLOCATION FUND



THE SEI U.S. SMALL COMPANIES FUND



THE SEI EMERGING MARKETS EQUITY FUND





















THE SEI PAN EUROPEAN SMALL CAP FUND



THE SEI U.K. GILTS FIXED INTEREST FUND


THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO 90,041 1,209,248


THE SEI U.K. CREDIT FIXED INTEREST FUND

STERLING INSTITUTIONAL CLASS 28,529 504,961




146



THE SEI CORE FUND










THE SEI U.S. LARGE COMPANIES FUND



THE SEI FACTOR ALLOCATION U.S. EQUITY FUND



THE SEI EUROPEAN (EX-U.K.) EQUITY FUND




THE SEI GLOBAL EQUITY FUND



THE SEI JAPAN EQUITY FUND

HEDGED STERLING INSTITUTIONAL CLASS 488,883 10,911,878











THE SEI U.K. CREDIT FIXED INTEREST FUND

STERLING INSTITUTIONAL CLASS 224,418 4,001,367


THE SEI ASIA PACIFIC (EX-JAPAN) EQUITY FUND






THE SEI U.K. GILTS FIXED INTEREST FUND











147





















































THE SEI QUANTITATIVE U.K. EQUITY FUND




STERLING INSTITUTIONAL DISTRIBUTING CLASS 29,660 736,116 148





Major Purchases (continued) Nominal Cost GBP


THE SEI FUNDAMENTAL U.K. EQUITY FUND





149

























































STERLING INSTITUTIONAL DISTRIBUTING CLASS 17,178 453,332 150





Major Sales (continued) Nominal Cost GBP







151



THE SEI GROWTH FUND




















































152



THE SEI GROWTH FUND


Major Purchases (continued) Nominal Cost GBP









HEDGED STERLING INSTITUTIONAL CLASS 19,031 432,540

153



THE SEI GROWTH FUND











































154



THE SEI AGGRESIVE FUND







































155



THE SEI AGGRESIVE FUND






























156





Major Purchases Nominal Cost US$

INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL US DOLLAR LIQUIDITY FUND 765,648 765,648



HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 28,265 301,238






U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 27,783 251,894







SEI GLOBAL MASTER FUND PLC - US LIQUID ASSETS FUND 150,386 179,693



U.S.$ INSTITUTIONAL CLASS 6,934 149,809



U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 12,210 113,188 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 2,204 68,651










U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

OGE ENERGY CORP 265 9,686

KONINKLIJKE AHOLD DELHAIZE NV 400 9,663




ROSS STORES INC 81 7,869

157





Major Sales Nominal Proceeds US$




























U.S.$ INSTITUTIONAL CLASS 882 18,405 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 516 16,161

KOHL'S CORP 227 14,799 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL US DOLLAR LIQUIDITY FUND 12,770 12,770







SEI GLOBAL MASTER FUND PLC - US LIQUID ASSETS FUND 6,804 8,155

MITSUBISHI CHEMICAL HOLDINGS CORP 912 7,486


158








U.S.$ INSTITUTIONAL CLASS 807 17,823












U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 990 10,056













THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO 357 5,104 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 102 3,190







OGE ENERGY CORP 7 246

DTE ENERGY CO 2 243

ROGERS COMMUNICATIONS INC 5 239

CENTERPOINT ENERGY INC 7 209

ROSS STORES INC 2 200

CANADIAN TIRE CORP LTD 1 173

EVEREST RE GROUP LTD 1 151

159






KOHL'S CORP 5 292

BAXTER INTERNATIONAL INC 4 264

THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO 16 238

GAP INC/THE 8 210

LOBLAW COS LTD 5 210

DEUTSCHE LUFTHANSA AG 8 188



U.S.$ INSTITUTIONAL CLASS 8 186

SINGAPORE AIRLINES LTD 20 137

GEORGE WESTON LTD 2 136

PARGESA HOLDING SA 1 118

AMERICAN EAGLE OUTFITTERS INC 6 114

DAI-ICHI LIFE HOLDINGS INC 6 114

CHURCHILL DOWNS INC 0 111



U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 10 104

DICK'S SPORTING GOODS INC 3 98

BIG LOTS INC 2 80

KERRY PROPERTIES LTD 23 73

UBE INDUSTRIES LTD 3 68

QUEBECOR INC 3 65

CLOROX CO/THE 0 51



U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 5 49

MSG NETWORKS INC 2 49

MEDIFAST INC 0 48

CHILDREN'S PLACE INC/THE 1 48

WALMART INC 0 46

TS TECH CO LTD 2 44

CANFOR CORP 3 43

UNIQA INSURANCE GROUP AG 5 43

BRP INC

NAVIGATOR CO SA/THE 8 39

160








U.S.$ INSTITUTIONAL CLASS 46,151 1,018,115



USD INSTITUTIONAL DISTRIBUTING CLASS 74,845 747,884












































161




































HEDGED U.S.$ INSTITUTIONAL CLASS 9,370 215,939



















162





Major Sales (continued) Nominal Proceeds US$







163








USD INSTITUTIONAL DISTRIBUTING CLASS 132,331 1,323,547



U.S.$ INSTITUTIONAL CLASS 48,823 1,077,471












































164





Major Purchases (continued) Nominal Cost US$







165








U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 121,627 1,098,719












































166


















167























































168





Major Purchases (continued) Nominal Cost US$




169













































HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 1,023 11,186 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 327 10,103









USD INSTITUTIONAL DISTRIBUTING CLASS 794 7,682

170








U.S.$ INSTITUTIONAL CLASS 255 5,486

171









































HEDGED U.S.$ INSTITUTIONAL CLASS 877 20,309

172










































173





Major Purchases Nominal Cost EUR



HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 7,660 74,062



HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 7,555 73,727 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL EURO LIQUIDITY FUND 59,928 59,928



EURO INSTITUTIONAL DISTRIBUTING CLASS 4,904 51,088








THE SEI EMERGING MARKETS DEBT FUND PARTIALLY HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 3,512 31,756





THE SEI EURO GOVERNMENT BOND FUND



THE SEI EURO CREDIT FUND





HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 1,684 16,331 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 487 13,928






HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 602 5,558

DTE ENERGY CO 8 775

CENTERPOINT ENERGY INC 27 668

ROGERS COMMUNICATIONS INC 12 545

NN GROUP NV 14 476

CANADIAN TIRE CORP LTD 2 237

174





Major Sales Nominal Proceeds EUR






EURO INSTITUTIONAL DISTRIBUTING CLASS 218 1,968










KOHL'S CORP 16 952 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL EURO LIQUIDITY FUND 557 526

GAP INC/THE 21 483

GEORGE WESTON LTD 7 434

AMERICAN EAGLE OUTFITTERS INC 23 365

BAXTER INTERNATIONAL INC 6 340

THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO 25 325

DICK'S SPORTING GOODS INC 11 312

LOBLAW COS LTD 7 276

DEUTSCHE LUFTHANSA AG 14 272



EURO INSTITUTIONAL DISTRIBUTING CLASS 19 202




CHILDREN'S PLACE INC/THE 2 152

BRP INC 5 130

MITSUBISHI CHEMICAL HOLDINGS CORP 18 127

175






































EURO INSTITUTIONAL DISTRIBUTING CLASS 14,032 139,375 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 2,851 81,748













NN GROUP NV 93 3,217

176





















KOHL'S CORP 113 6,192






GEORGE WESTON LTD 49 2,935



AMERICAN EAGLE OUTFITTERS INC 153 2,467

DICK'S SPORTING GOODS INC 72 2,111

CHILDREN'S PLACE INC/THE 13 1,031

DAI-ICHI LIFE HOLDINGS INC 55 952

CHURCHILL DOWNS INC 4 927

SINGAPORE AIRLINES LTD 154 916

BRP INC 37 881

PARGESA HOLDING SA 12 789

177






SEI GLOBAL MASTER FUND PLC 27,580 266,564












































HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 6,289 60,309 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 2,017 57,894




178





Major Purchases (continued) Nominal Cost EUR






















179
















































HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 97 967




BASF SE 0 15

ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA 0 7

ALLIANZ SE 0 7

BOUYGUES SA 0 5

180



THE SEI EURO BALANCED FUND



SEI GLOBAL MASTER FUND PLC 15,984 145,786






































THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO 2,599 32,308 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 1,106 31,680










181


















182



































THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO 942 11,949



















183





Major Sales (continued) Nominal Proceeds EUR

SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 242 6,860






















184














































EURO INSTITUTIONAL DISTRIBUTING CLASS 1,173 11,548 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 392 11,126








185






DEUTSCHE BOERSE AG 1 178

KONINKLIJKE PHILIPS NV 4 138

186












































THE SEI EMERGING MARKETS DEBT FUND PARTIALLY HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 27 247










187





Major Sales (continued) Nominal Proceeds EUR

SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 5 141


BASF SE 1 115

188







































DEUTSCHE BOERSE AG 3 299

WOLTERS KLUWER NV 4 209

KONINKLIJKE PHILIPS NV 5 208

KINNEVIK AB 6 168

L'OREAL SA 0 151

DASSAULT SYSTEMES SE 1 123

DEUTSCHE TELEKOM AG 7 95

ARCELORMITTAL 3 93

REXEL SA 8 92

189






















BASF SE 3 226




KONINKLIJKE DSM NV 2 198

BOUYGUES SA 5 180

VOLVO AB 12 165

PEUGEOT SA 6 149

SAP SE 2 149

ALLIANZ SE 1 113

EREGLI DEMIR VE CELIK FABRIKALARI TAS 51 91

HEINEKEN HOLDING NV 0 77

CNP ASSURANCES 4 74

SAFRAN SA 1 73

TOTAL SA 1 68

BRENNTAG AG 1 59

190

SEI Global Assets Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 APPENDIX (continued) Appendix III – Securities Financing Transactions Regulations Securities Financing Transaction Regulation (“SFTR”) introduces reporting requirements for securities financing transactions (“SFTs”) and total return swaps. A Securities Financing Transaction (SFT) is defined as per Article 3(11) of the SFTR as: a repurchase/reverse repurchase agreement, securities or commodities lending and securities or commodities borrowing, a buy-sell back transaction or sell-buy back transaction, or a margin lending transaction. As at 31 December 2018 the Fund held the following types of SFTs: securities lending, All amounts shown represent Market Value. Global Data The amount of assets across all SFTs as at 31 December 2018 is as follows: The SEI Euro Aggressive Fund

Data on reuse of collateral There was no reuse of collateral during the period ended 31 December 2018. There was no cash collateral reinvestment during the period ended 31 December 2018. Concentration data The ten largest issuers for collateral securities and commodities received across all SFTs as at 31 December 2018 is as follows: The SEI Euro Aggressive Fund

# Collateral Issuers Amount

1 US Government EUR28 2 French Government EUR16 3 German Government EUR3

The ten largest counterparties across all SFTs as at 31 December 2018 is as follows: The SEI Euro Aggressive Fund

Type of asset # Counterparty Amount Securities lending 1 UBS AG EUR35

2 Citigroup Global Markets Limited EUR9

Safekeeping of collateral received Two Custodians held collateral received as at 31 December 2018 as follows: The SEI Euro Aggressive Fund

Custodian Type of collateral Amount Federal Reserve Security collateral EUR28

Clearstream Security collateral EUR19 Safekeeping of collateral granted There was no collateral granted for securities lending transactions.

Type of asset Amount % of NAV % of lendable assets Securities lending EUR44 0.02% 0.52%

191

SEI Global Assets Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 APPENDIX (continued) Appendix III – Securities Financing Transactions Regulations (continued) Return/Cost Return and cost for each type of SFTs for the half year ended 31 December 2018 is as follows: The SEI Euro Core Fund

Return: Amount % overall returns To Fund EUR0^ 85%

To Manager - -

To 3rd Party EUR0^ 15%

âmount less than 0.5 EUR. The SEI Euro Balanced Fund


To Manager - -


âmount less than 0.5 EUR. The SEI Euro Growth Fund


To Manager - -


âmount less than 0.5 EUR. The SEI Euro Aggressive Fund

Return: Amount % overall returns To Fund EUR1 85%

To Manager - -


âmount less than 0.5 EUR. There were no costs associated with SFTs for the half year ended 31 December 2018. Aggregate transaction data The maturity of SFTs as at 31 December 2018 is as follows: The SEI Euro Aggressive Fund

Maturity Amount Less than one day -

One day to one week - One week to one month -

One month to three months - Three months to one year -

Above one year - Open maturity EUR44

192

SEI Global Assets Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 APPENDIX (continued) Appendix III – Securities Financing Transactions Regulations (continued) Aggregate transaction data (continued) The settlement and clearing mechanisms for SFTs as at 31 December 2018 are as follows: The SEI Euro Aggressive Fund

Settlement and clearing mechanism

Amount

Bilateral - Tri-party EUR44

Centrally Cleared -

193

SEI Global Assets Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 APPENDIX (continued) Appendix III – Securities Financing Transactions Regulation (continued) Aggregate transaction data (continued) The aggregate transaction data for collateral positions (including cash) received across all SFTs as at 31 December 2018 is as follows: The SEI Euro Aggressive Fund

Counterparty Type of collateral Amount Quality* Maturity tenor (collateral)

Currency of collateral

Country of counterparty establishment

UBS AG United States Treasury Note 0.13%, 15/01/2023 EUR18 AA+ >1 year USD Switzerland UBS AG France Government Bond 5.75%, 25/10/2032 EUR16 AA >1 year EUR Switzerland

Citigroup Global Markets Limited United States Treasury Note 1.25%, 31/07/2023 EUR10 AA+ >1 year USD United States UBS AG German Government Bond 1.00%, 15/08/2024 EUR3 AAA >1 year EUR Switzerland

*Standard and Poor’s long term issue credit rating

194

Documents

SEI GLOBAL ASSETS FUND PLC Unaudited Condensed Financial … · 2020. 1. 6. · The SEI Defensive Fund is comprised of eight classes of Shares. The Fund was launched on 19 February