SEI GLOBAL INVESTMENTS FUND PLC Annual Report … · Income Statement 30 ... the Directors shall...

SEI GLOBAL INVESTMENTS FUND PLC

Annual Report and Audited Financial Statements

for the financial year ended 30 June 2017

SEI Global Investments Fund plc

Annual Report and Audited Financial Statements for the financial year ended 30 June 2017

CONTENTS PAGE

Directory 3

General Information 4

Director’s Report 6

Report of the Depositary to the Shareholders 10

Report of Independent Auditors 11

Investment Adviser’s Report

The SEI Global Select Equity Fund 13

Financial Statements

Portfolio of Investments

The SEI Global Select Equity Fund 16

Income Statement 30

Statement of Financial Position 31

Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 33

Notes to the Financial Statements 35

Appendix I – Global Exposure and Leverage (Unaudited) 49

Appendix II – Remuneration Disclosures (Unaudited) 50

Appendix III – Statement of Changes in Composition of Portfolio (Unaudited) 51

Appendix IV – Securities Financing Transactions Regulation (Unaudited) 52

2



DIRECTORY

Board of Directors at 30 June 2017

Michael Jackson (Chairman) (Irish) Kevin Barr (American)

Robert A. Nesher (American)

Desmond Murray* (Irish) Jeffrey Klauder** (American)

*Director, independent of the Investment Adviser

**Jeffrey Klauder was appointed as a Director in September 2016 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 343752

3



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 Investments 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) Regulation, 2011 (as amended) (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 30 June 2017, the Company comprised of one separate portfolio of investment (“Fund”), which is represented by a separate series of Redeemable Participating Shares. This Fund is The SEI Global Select Equity Fund.

The SEI U.K. Index-Linked Fixed Interest Fund terminated on 23 April 2014 and was revoked by the Central Bank on 22 November 2016.

As the Company is availing of the provisions of the Companies Act 2014, each Fund has segregated liability from the other Fund and the

Company is not liable as a whole to third parties for the liability of each Fund.

A copy of the Prospectus, Addendum 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 U.S.$ Institutional Class, Sterling Institutional Class, Hedged Euro Institutional Class, U.S.$ Institutional C Class, Euro Institutional Class

and Hedged Sterling Institutional Class are designated as accumulating Share Classes.

The Directors expect that all or substantially all of the net investment income of the relevant Funds attributable to the Sterling Institutional

Distributing Class will be calculated as of the last Dealing Day of each calendar quarter and declared as a dividend to eligible Shareholders on the

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 last calendar Dealing Day of the relevant calendar quarter.

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 Class Shares 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 period in which it is expected that significant subscriptions or

redemptions of Shares in the relevant Fund during that period might have a significant impact on the net investment income of the relevant Fund

which could otherwise be available for distribution on the last Dealing Day of the relevant period.

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 year ended 30 June 2017 (referred to herein as the “year end” or “year ended”), 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.

4



GENERAL INFORMATION (continued)

Dealing

A Dealing Day is in the case of The SEI Global Select Equity Fund every Business Day on which the New York Stock Exchange is open for business except 24 December.

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 the next Dealing Day.

5



DIRECTORS’ REPORT

Statement of Directors’ Responsibilities

The Directors are responsible for preparing the annual report and the audited financial statements in accordance with applicable Irish law and

Generally Accepted Accounting Practice in Ireland including the accounting standards issued by the Financial Reporting Council and published by

the Institute of Chartered Accountants in Ireland.

Under Irish law, the Directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of the

Company’s assets, liabilities and financial position as at the end of the financial year and the profit or loss of the Company for the financial year.

In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether the financial statements have been prepared in accordance with applicable accounting standards and identify the standards

in question, subject to any material departures from those standards being disclosed and explained in the Notes to the financial

statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in

business.

The Directors are responsible for keeping adequate accounting records that are sufficient to:

• correctly record and explain the transactions of the company;

• enable, at any time, the assets, liabilities, financial position and profit or loss of the company to be determined with reasonable accuracy;

and

• enable the Directors to ensure that the financial statements comply with the Companies Act 2014 and enable those financial statements

to be audited.

The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and

detection of fraud and other irregularities.

The Directors submit their annual report together with the audited financial statements for the year ended 30 June 2017 and comparatives for the year ended 30 June 2016.

Directors’ Compliance Statement

It is the policy of the Company to comply with its relevant obligations (as defined in the Companies Act 2014). As required by Section 225(2) of the Companies Act 2014, the Directors acknowledge that they are responsible for securing the Company’s compliance with the relevant obligations.

The Directors have drawn up a compliance policy statement as defined in Section 225(3)(a) of the Companies Act 2014 which refers to the

arrangements and structures that are in place and which are, in the Directors’ opinion, designed to secure material compliance with the Company’s relevant obligations. In discharging their responsibilities under Section 225, the Directors relied upon, among other things, the services provided,

advice and/or representations from third parties whom the Directors believe have the requisite knowledge and experience in order to secure material

compliance with the Company’s relevant obligations.

In accordance with Section 225(3) (c) the Directors can confirm a review occurred during the financial year of the structures and arrangements that are

in place to comply with the relevant obligations.

Statement of Relevant Audit Information

The Directors in office at the date of this report have each confirmed that:

• As far as they are aware, there is no relevant audit information of which the Company’s auditor is unaware; and

• They have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit

information and to establish that the Company’s auditor is aware of that information.

Audit Committee

The Board of Directors decided it was not necessary to constitute an audit committee given the frequency of the meetings of the Board of Directors

throughout the year and given the size of the Board of Directors.

6



DIRECTORS’ REPORT (continued)

Accounting Records

The measures taken by the Directors to secure compliance with the Company’s obligation to keep adequate accounting records are the use of

appropriate systems and procedures and employment of competent persons. The accounting records are kept at 2nd Floor, Styne House, Upper Hatch

Street, Dublin 2, Ireland.

Directors

All Directors are Non-Executive Directors. The names of persons who served as Directors at any time during the year ended 2017 are set out below:

Robert A. Nesher (American)

Kevin Barr (American)

Michael Jackson (Irish) Desmond Murray* (Irish)

Jeffrey Klauder** (American)

*Director, independent of the Investment Adviser.

**Jeffrey Klauder was appointed as a Director in September 2016.

Directors’ and Company Secretary’s Interests in Shares and Contracts

None of the Directors or the Company Secretary, at the date of this report, holds or held, on the date of his appointment or at any time during the year

ended 30 June 2017, any beneficial interest in the Shares of the Company.

Michael Jackson is a partner in the firm of Matheson, who act as legal advisers to the Company. During the year ended 30 June 2017, Matheson were

paid fees of US$84,549 (30 June 2016: US$62,892) for services to the Company.

Transactions Involving Directors

Apart from the matter above, the Board of Directors is not aware of any contracts or arrangements of any significance in relation to the business of the

Company in which the Directors had any interest as defined in Section 309 of the Companies Act 2014 at any time during the year ended 30 June

2017.

Results, Activities and Future Developments

The results of operations are set out in the Income Statement. A detailed review of activities and further developments is contained in the Investment

Adviser’s Reports.

Risk Management Objectives and Policies

The main risks arising from the Company’s financial instruments are market risk (including price risk, currency risk and interest rate risk), credit

risk and liquidity risk as set out in Note 12 in the Notes to the Audited Financial Statements.

Dividends

The dividends for the year are set out in Note 4 in the Notes to the Audited Financial Statements.

Efficient Portfolio Management

The Company may employ techniques and instruments relating to transferable securities and/or other financial instruments under the conditions and within the limits laid down by the Central Bank provided that such instruments are used for efficient portfolio management.

Techniques and instruments including futures contracts, forward foreign currency contracts, options and swaps, utilised for the purposes of

efficient portfolio management may only be used in accordance with the investment objectives and policies of the relevant Fund. Any technique or instrument must be one which is reasonably believed by the managers to be economically appropriate to the efficient portfolio

management of the relevant Fund. Futures contracts, forward foreign currency contracts and options open at 30 June 2017 are disclosed as

part of the Portfolio of Investments.

The Directors of the Company have elected to co-manage assets of certain Funds within the Company. In such cases, assets of different Funds are managed in common. The assets which are co-managed shall be referred to as a “pool” notwithstanding that such pools are used solely for

internal management purposes. The pools do not constitute separate legal entities and are not directly accessible to investors. Each of the co-managed

Funds shall be allocated an appropriate portion of a pool’s specific assets. The entitlements of each participating Fund to the co-managed assets apply to each and every line of the investments of each pool.

7



DIRECTORS’ REPORT (continued)

Efficient Portfolio Management (continued)

As at 30 June 2017, The SEI Global Select Equity Fund utilised the following pools:

Fund Name Pool

The SEI Global Select Equity Fund The SEI Metropole International Global Equity Pool

The SEI LSV U.S. Large Companies Equity Pool The SEI Rhicon Global Select Equity Pool The SEI Acadian Global Managed Volatility Pool

The SEI Arcus Japan Pool The SEI Trigon Global Developed Equity Pool The SEI Ardevora Global Select Equity Pool The SEI Intech Global Developed Equity Pool The SEI Jackson Square U.S. Large Companies Equity Pool The SEI Jupiter Asset Management Pool

The SEI Towle Equity Pool

Portfolio Managers

The following changes in Portfolio Managers occurred during the year ended 30 June 2017:

Date of Change Fund Name Portfolio Manager Event

March 2017 The SEI Global Select Equity Towle & Co. Commencement

Corporate Governance Statement

The Board of Directors (the “Board”) of the Company is responsible for the effective, prudent and ethical oversight of the Company and is

ultimately responsible for ensuring that risk and compliance is properly managed in the Company. The Board of the Company shall strive to

ensure that the Company is run in compliance with the Companies Act 2014, and the UCITS Regulations issued by the Central Bank and other rules which are of relevance to their position as Directors.

The Board has adopted the voluntary Irish Funds (IF) Corporate Governance Code for Irish domiciled Collective Investment Schemes and

Management Companies, issued 14 December 2011 (the “Code”) with effect from 29 November 2012. The Board has reviewed and assessed the measures included in the Code and considers its corporate governance practices and procedures since the adoption of the Code as

consistent with it. With respect to the period under review, 1 July 2016 to 30 June 2017, two directors; Robert Nesher and Kevin Barr did not

attend the board meetings on 23 February 2017 and 27 April, respectively, however, they did participate in all other meetings either by teleconference call or in person at Styne House.

The Board has assessed the measures included in the Code as being consistent with its corporate governance practices and procedures for the financial year. Each of the services providers engaged by the Company is subject to their own corporate governance requirements.

Connected Persons

In compliance with UCITS Regulations, the Directors confirm that for the year ended 30 June 2017, all transactions carried out with

connected persons were on an arms length basis and in the best interests of Shareholders.

Significant Events Affecting the Company During the Year

The SEI U.K. Index-Linked Fixed Interest Fund terminated on 23 April 2014 and was revoked by the Central Bank on 22 November 2016.

Jeffrey Klauder was appointed as a Director in September 2016.

There were no other significant events affecting the Company during the year.

Post Balance Sheet Events

There were no other significant events affecting the Company since the year end.

8



REPORT OF INDEPENDENT AUDITORS TO THE MEMBERS OF SEI GLOBAL INVESTMENTS FUND PLC

Report on the audit of the financial statements

Opinion

In our opinion, SEI Global Investments Fund plc’s financial statements:

• give a true and fair view of the Company’s and its Funds’ assets, liabilities and financial position as at 30 June 2017 and of their results

for the year then ended;

• have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland (accounting standards issued by the

Financial Reporting Council of the UK, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the

UK and Republic of Ireland” and promulgated by the Institute of Chartered Accountants in Ireland and Irish law); and

• have been properly prepared in accordance with the requirements of the Companies Act 2014 and the European Communities

(Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).

We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which comprise:

• the Statement of Financial Position as at 30 June 2017;

• the Income Statement for the year then ended;

• the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders for the year then ended;

• the Portfolio of Investments for each of the Funds as at 30 June 2017; and

• the notes to the audited financial statements which include a description of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law. Our responsibilities

under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe

that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in

Ireland, which includes IAASA’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where:

• the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the

Company’s and Funds’ ability to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company or Funds’ ability to continue as going concerns.

Reporting on other information

The other information comprises all of the information in the Annual Report and Audited Financial Statements other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the

other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of

assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the

other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be

materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we

have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to

report based on these responsibilities.

With respect to the Directors’ Report, we also considered whether the disclosures required by the Companies Act 2014 have been included.

Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the Companies Act 2014 requires us

to also report certain opinions and matters as described below.

• In our opinion, based on the work undertaken in the course of our audit, the information given in the Directors’ Report for the year ended 30

June 2017 is consistent with the financial statements and has been prepared in accordance with the applicable legal requirements.

• Based on our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified any

material misstatements in the Directors’ Report.

11



THE SEI GLOBAL SELECT EQUITY FUND – INVESTMENT ADVISER’S REPORT

The SEI Global Select Equity Fund is comprised of eight classes of Shares. The Fund was launched on 06 August 2008. The functional currency of The SEI Global Select Equity Fund is U.S. Dollar (US$).

Objective

The investment objective of The SEI Global Select Equity Fund is capital appreciation through investment in equity markets globally.

Multi-Manager Approach Statement

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-

advisers as of 30 June 2017:

Acadian Asset Management

Arcus*

Ardevora Jackson Square

Intech Investment Management

Jupiter Asset Management

LSV Asset Management

Metropole Gestion Rhicon Currency Management

Trigon Funds

Towle & Co.

* Arcus is the manager of a third party Fund in which SEI invests.

The following managers were hired during the period:

Towle & Co. (March 2017)

The following managers were terminated during the period:

None.

Fund Attribution

Beta:

The market was in a risk-on mood throughout the first half of the fiscal year. Low-volatility, stability, momentum and defensive stocks lagged,

while value and cyclical sectors outperformed. Rising inflation expectations, bond yields and improved macroeconomic data sent defensive

sectors lower and favoured cyclicality. The first half of the period ended with inexpensive cyclical sectors, particularly financials, industrials, materials and consumer discretionary rallying. More defensive and interest-rate sensitive sectors, such as telecommunications, utilities, consumer

staples and healthcare lagged. This theme became even more pronounced after Donald Trump’s victory in the November US presidential election.

However, during the second half of the fiscal year, we experienced a reversal as markets started reassessing Trump’s ability to implement

economic reform. This was further fuelled by fears of a US economic slowdown, along with European political risks and Brexit. As a result,

sectors that had underperformed in the last six months of 2016 reversed and outperformed during the second half of the period. Specifically, value underperformed after the reversal, and momentum recovered from its drawdown. Low volatility was flat for the last six months but quality and

profitability performed better. Generally, low volatility was down over the whole fiscal year.

In terms of sectors, financials and information technology outperformed, while energy underperformed.

Alpha:

The Fund outperformed the broad market during the period. Its overweight to value and underweight to low-volatility and stability benefitted from

rising yields and increased inflation expectations.

At the sector level, this translated into overweighting higher-risk and more cyclical stocks such as financials, industrials and materials and

underweighting the more interest-rate sensitive and currently stable areas of the market like consumer staples, healthcare and utilities. Given the attractive differences in valuations and the low momentum premium, the Fund shifted towards value-oriented and momentum managers

throughout the 12-month period, at the expense of stability managers. This was the most important driver of the Fund’s performance for the period.

Managers:

LSV, Arcus, Jupiter, Trigon and Metropole’s focus on value helped them all to outperform over the last twelve months. Value rallied substantially

as market sentiment turned favourable, amid the Trumpflation trade, improved inflation and macroeconomics. The Fund’s value managers

benefitted from overweights to the cheap cyclical sectors, namely financials, consumer discretionary, industrials and materials, while at the same time avoiding expensive defensive sectors like consumer staples and healthcare.

Although Jackson Square’s stability-oriented style was out of favour, they managed to outperform as their focus on information technology drove their return, in a period when the information technology sector rallied the most.

13



THE SEI GLOBAL SELECT EQUITY FUND – INVESTMENT ADVISER’S REPORT (continued)

Fund Attribution (continued)

Managers: (continued)

Intech, the Fund’s momentum-oriented manager, underperformed as momentum experienced significant drawdowns in the first six months.

Ardevora, our second momentum manager, underperformed in the first half of the period as momentum recorded losses, but their rally during the

second half of the period was benefitted by the recovery in momentum, as well as an information technology tilt and underweight to energy that was more than enough to compensate for their previous losses.

Rhicon, the Fund’s currency specialist, underperformed significantly on an absolute level, yet its contribution to the Fund’s return was not meaningful. Rhicon’s counter-cyclical profile provided the Fund with diversification benefits and helped offset some of the difficulties experienced by the rest of the managers.

Derivatives:

The Fund used derivatives in order to equitise cash and to market-neutralise its country exposure. This is done through the use of index and currency futures on the Fund level.

July 2017

Performance

Sterling Hedged

U.S.$ Sterling Institutional Euro

Institutional Institutional Distributing Institutional

Class Class Class Class

USD GBP GBP EUR

Opening Net Asset Value per share 15.80 17.31 15.00 10.65

Distribution rate per share 0.00 0.00 0.27 0.00

Closing Net Asset Value per share 19.24 21.69 18.48 12.86

Closing Net Asset Value plus distribution

rate per share 19.24 21.69 18.75 12.86 Class return for the year/period 21.77% 25.30% 25.00% 20.75%

Hedged Hedged

U.S.$ Euro Sterling U.S.$

Institutional Institutional Institutional Institutional

C Class Class Class Class1

USD EUR GBP USD

Opening Net Asset Value per share 10.07 9.57 9.87 10.00

Distribution rate per share 0.00 0.00 0.00 0.00

Closing Net Asset Value per share 12.15 10.28 12.01 10.28

Closing Net Asset Value plus distribution

rate per share 12.15 10.28 12.01 10.28 Class return for the year/period 20.66% 7.42% 21.68% 2.80%

1 The share class launched on 3 March 2017. The opening NAV is as of the 3 March 2017.

14



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 and the most recent Key Investor Information Document (“KIID”). 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, 4th Floor, Time & Life Building, 1 Bruton

Street, London W1J 6TL which is authorised and regulated by the Financial Services 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 Short Reports for more information on our Funds. This information can be obtained by

contacting your Financial Adviser or using the contact details shown above.

15

SEI Global Investments Fund plcAnnual Report and Audited Financial Statements for the financial year ended 30 June 2017

THE SEI GLOBAL SELECT EQUITY FUND

PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017

Nominal SecurityCurrency

Code Value US$ Fund %

EQUITIES

Australia - 0.60% (30 June 2016: 0.63%)68,219 AGL ENERGY LTD* AUD 1,334,348 0.08%49,256 ARISTOCRAT LEISURE LTD* AUD 852,358 0.05%2,674 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD* AUD 58,907 0.00%9,743 CHALLENGER LTD/AUSTRALIA* AUD 99,695 0.01%5,320 CIMIC GROUP LTD* AUD 158,495 0.01%

57,005 COCA-COLA AMATIL LTD* AUD 403,588 0.02%24,522 COMPUTERSHARE LTD* AUD 265,968 0.02%

106,272 FORTESCUE METALS GROUP LTD* AUD 425,513 0.03%20,748 ORICA LTD* AUD 329,117 0.02%

545,364 SOUTH32 LTD AU* AUD 1,121,101 0.07%1,685,546 SOUTH32 LTD LN* GBP 3,481,210 0.22%

36,179 WESFARMERS LTD* AUD 1,113,374 0.07%

Austria - 0.06% (30 June 2016: 0.23%)13,539 OMV AG* EUR 701,603 0.04%10,493 RAIFFEISEN BANK INTERNATIONAL AG* EUR 264,488 0.02%

Belgium - 0.10% (30 June 2016: 0.13%)17,161 KBC GROUP NV* EUR 1,299,841 0.08%5,212 TELENET GROUP HOLDING NV* EUR 327,842 0.02%

Bermuda - 0.59% (30 June 2016: 0.36%)12,400 ARCH CAPITAL GROUP LTD* USD 1,156,796 0.07%27,019 AXIS CAPITAL HOLDINGS LTD* USD 1,747,020 0.11%16,322 EVEREST RE GROUP LTD* USD 4,155,373 0.26%25,605 LAZARD LTD CLASS A* USD 1,186,286 0.07%4,200 RENAISSANCERE HOLDINGS LTD* USD 584,010 0.04%

13,200 XL GROUP LTD* USD 578,160 0.04%

Canada - 0.55% (30 June 2016: 0.51%)9,600 BANK OF MONTREAL* CAD 703,867 0.04%1,200 BANK OF NOVA SCOTIA* CAD 72,081 0.00%

24,700 CAE INC* CAD 425,265 0.03%4,800 CANADIAN NATIONAL RAILWAY CO* CAD 388,893 0.02%1,800 CONSTELLATION SOFTWARE INC/CANADA* CAD 940,277 0.06%

10,900 INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES INC* CAD 472,191 0.03%5,000 NATIONAL BANK OF CANADA* CAD 209,941 0.01%7,800 ONEX CORP* CAD 623,483 0.04%5,900 RESTAURANT BRANDS INTERNATIONAL INC* CAD 368,619 0.02%

25,700 SAPUTO INC* CAD 816,297 0.05%67,600 TECK RESOURCES LTD CLASS B* CAD 1,170,130 0.07%25,000 TORONTO-DOMINION BANK* CAD 1,257,989 0.08%24,732 WASTE CONNECTIONS INC* USD 1,593,235 0.10%

Chile - 0.17% (30 June 2016: 0.11%)262,675 ANTOFAGASTA PLC* GBP 2,727,909 0.17%

Croatia - 0.06% (30 June 2016: 0.00%)1,700 LEDO DD* HRK 902,641 0.06%

Cyprus - 0.05% (30 June 2016: 0.07%)97,020 GLOBALTRANS INVESTMENT PLC SPONSORED GDR* USD 737,352 0.05%

Czech Republic - 0.24% (30 June 2016: 0.23%)49,786 KOMERCNI BANKA A/S* CZK 1,991,714 0.12%48,873 PEGAS NONWOVENS SA* CZK 1,958,604 0.12%

Denmark - 0.81% (30 June 2016: 0.46%)78,005 CARLSBERG A/S CLASS B* DKK 8,322,492 0.51%39,340 DANSKE BANK A/S* DKK 1,511,127 0.09%35,992 VESTAS WIND SYSTEMS A/S* DKK 3,318,278 0.21%

Estonia - 0.19% (30 June 2016: 0.25%)878,451 OLYMPIC ENTERTAINMENT GROUP A/S* EUR 1,733,317 0.11%

16



PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued)



Estonia - 0.19% (30 June 2016: 0.25%) (continued)1,269,277 TALLINK GROUP A/S* EUR 1,317,383 0.08%

Finland - 0.08% (30 June 2016: 0.10%)9,837 ORION OYJ CLASS B* EUR 627,175 0.04%

21,333 UPM-KYMMENE OYJ* EUR 607,311 0.04%

France - 5.84% (30 June 2016: 5.71%)65,936 ATOS SE* EUR 9,242,456 0.57%

124,607 BNP PARIBAS SA* EUR 8,962,149 0.55%19,166 BOUYGUES SA* EUR 807,063 0.05%

129,731 CAPGEMINI SE* EUR 13,387,838 0.83%5,313 CHRISTIAN DIOR SE* EUR 1,517,056 0.09%

94,361 CIE DE SAINT-GOBAIN* EUR 5,034,635 0.31%58,976 CIE GENERALE DES ETABLISSEMENTS MICHELIN CLASS B* EUR 7,829,622 0.48%4,466 CNP ASSURANCES* EUR 100,117 0.01%

19,352 CREDIT AGRICOLE SA* EUR 310,883 0.02%14,790 EUTELSAT COMMUNICATIONS SA* EUR 377,185 0.02%2,496 HERMES INTERNATIONAL* EUR 1,231,674 0.08%

830 ILIAD SA* EUR 196,053 0.01%7,015 KERING* EUR 2,385,886 0.15%4,336 LVMH MOET HENNESSY LOUIS VUITTON SE* EUR 1,079,586 0.07%

51,960 NATIXIS SA* EUR 348,289 0.02%2,867 PEUGEOT SA* EUR 57,110 0.00%

131,697 PUBLICIS GROUPE SA* EUR 9,810,004 0.61%109,006 SANOFI* EUR 10,413,618 0.64%

35,794 SCHNEIDER ELECTRIC SE* EUR 2,746,314 0.17%4,979 SOCIETE GENERALE SA* EUR 267,528 0.02%6,187 THALES SA* EUR 665,012 0.04%

200,659 TOTAL SA* EUR 9,906,280 0.61%52,347 VALEO SA* EUR 3,521,961 0.22%

209,167 VEOLIA ENVIRONNEMENT SA* EUR 4,413,467 0.27%

Germany - 3.60% (30 June 2016: 3.31%)20,034 ADIDAS AG* EUR 3,833,050 0.24%40,934 ALLIANZ SE* EUR 8,048,864 0.50%15,998 BASF SE* EUR 1,479,610 0.09%90,256 BAYERISCHE MOTOREN WERKE AG* EUR 8,367,129 0.52%1,296 BRENNTAG AG* EUR 74,913 0.00%

34,967 CONTINENTAL AG* EUR 7,535,656 0.47%9,332 COVESTRO AG 144A* EUR 672,783 0.04%8,326 DEUTSCHE POST AG* EUR 311,666 0.02%

393,172 DEUTSCHE TELEKOM AG* EUR 7,049,350 0.44%1,648 FRAPORT AG FRANKFURT AIRPORT SERVICES WORLDWIDE* EUR 145,295 0.01%5,124 HENKEL AG & CO KGAA* EUR 618,898 0.04%1,098 HENKEL AG & CO KGAA PFD* EUR 150,905 0.01%1,885 HOCHTIEF AG* EUR 344,850 0.02%

143,242 INFINEON TECHNOLOGIES AG* EUR 3,019,981 0.19%3,770 LANXESS AG* EUR 285,039 0.02%

48,521 LINDE AG* EUR 9,175,387 0.57%3,964 MAN SE* EUR 424,399 0.03%8,255 MERCK KGAA* EUR 995,662 0.06%

188,722 THYSSENKRUPP AG* EUR 5,354,277 0.33%

Hong Kong - 0.28% (30 June 2016: 0.10%)26,100 ASM PACIFIC TECHNOLOGY LTD* HKD 352,728 0.02%5,500 BOC HONG KONG HOLDINGS LTD* HKD 26,315 0.00%

130,000 GALAXY ENTERTAINMENT GROUP LTD* HKD 789,347 0.05%32,000 HANG LUNG GROUP LTD* HKD 132,403 0.01%16,700 JARDINE MATHESON HOLDINGS LTD* USD 1,072,140 0.07%22,500 JARDINE STRATEGIC HOLDINGS LTD* USD 938,025 0.06%5,700 MELCO RESORTS & ENTERTAINMENT LTD SPONSORED ADR* USD 127,965 0.01%

209,000 NEW WORLD DEVELOPMENT CO LTD* HKD 265,318 0.02%4,000 WHARF HOLDINGS LTD* HKD 33,152 0.00%

78,000 WHEELOCK & CO LTD* HKD 588,513 0.04%

Hungary - 0.14% (30 June 2016: 0.09%)799,496 MAGYAR TELEKOM TELECOMMUNICATIONS PLC* HUF 1,392,431 0.09%

17






Hungary - 0.14% (30 June 2016: 0.09%) (continued)10,000 MOL HUNGARIAN OIL & GAS PLC* HUF 783,182 0.05%

Ireland - 0.74% (30 June 2016: 1.28%)34,665 ADIENT PLC* USD 2,266,398 0.14%

119,524 CRH PLC* EUR 4,222,615 0.26%178,374 SMURFIT KAPPA GROUP PLC* EUR 5,544,883 0.34%

Israel - 0.13% (30 June 2016: 0.05%)3,764 AZRIELI GROUP LTD* ILS 209,249 0.01%

106,645 BANK HAPOALIM BM* ILS 719,381 0.04%144,958 BANK LEUMI LE-ISRAEL BM* ILS 704,914 0.04%

600 CHECK POINT SOFTWARE TECHNOLOGIES LTD* USD 65,448 0.00%2,280 ELBIT SYSTEMS LTD* ILS 281,137 0.02%

14,691 MIZRAHI TEFAHOT BANK LTD* ILS 267,323 0.02%

Italy - 2.15% (30 June 2016: 1.42%)11,298 FERRARI NV* EUR 968,378 0.06%

4,120,439 INTESA SANPAOLO SPA* EUR 13,045,998 0.81%13,880 LUXOTTICA GROUP SPA* EUR 801,832 0.05%

7,404,524 TELECOM ITALIA SPA/MILANO* EUR 6,823,745 0.42%704,564 UNICREDIT SPA* EUR 13,138,697 0.81%

Japan - 2.90% (30 June 2016: 2.53%)5,000 ASAHI GLASS CO LTD* JPY 210,484 0.01%

114,000 ASAHI KASEI CORP* JPY 1,225,125 0.08%5,000 BENESSE HOLDINGS INC* JPY 188,679 0.01%

21,900 BROTHER INDUSTRIES LTD* JPY 505,400 0.03%4,000 COCA-COLA BOTTLERS JAPAN INC* JPY 115,700 0.01%

28,100 DAI-ICHI LIFE HOLDINGS INC* JPY 506,805 0.03%9,600 FANUC CORP* JPY 1,850,196 0.11%4,000 FUJITSU LTD* JPY 29,470 0.00%

10,800 HITACHI CHEMICAL CO LTD* JPY 322,001 0.02%11,300 HITACHI CONSTRUCTION MACHINERY CO LTD* JPY 282,299 0.02%3,900 HITACHI HIGH-TECHNOLOGIES CORP* JPY 151,335 0.01%

91,200 HOYA CORP* JPY 4,734,510 0.29%9,200 IDEMITSU KOSAN CO LTD* JPY 261,196 0.02%

304,050 JXTG HOLDINGS INC* JPY 1,327,851 0.08%59,200 KANSAI ELECTRIC POWER CO INC* JPY 815,080 0.05%24,000 KEIKYU CORP* JPY 289,000 0.02%68,300 KOITO MANUFACTURING CO LTD* JPY 3,513,475 0.22%19,500 KOMATSU LTD* JPY 495,396 0.03%

177,000 LION CORP* JPY 3,664,133 0.23%13,800 LIXIL GROUP CORP* JPY 345,000 0.02%10,000 MARUBENI CORP* JPY 64,596 0.00%3,500 MCDONALD'S HOLDINGS CO JAPAN LTD* JPY 134,256 0.01%

23,000 MEBUKI FINANCIAL GROUP INC* JPY 85,564 0.01%610,700 MITSUBISHI CHEMICAL HOLDINGS CORP* JPY 5,055,287 0.31%

18,100 MITSUBISHI GAS CHEMICAL CO INC* JPY 382,587 0.02%21,700 MITSUBISHI TANABE PHARMA CORP* JPY 501,363 0.03%33,100 MITSUI & CO LTD* JPY 472,962 0.03%

719,000 MITSUI CHEMICALS INC* JPY 3,807,449 0.24%75,000 MITSUI OSK LINES LTD* JPY 220,274 0.01%14,000 NH FOODS LTD* JPY 425,507 0.03%3,400 NIPPON ELECTRIC GLASS CO LTD* JPY 123,612 0.01%

48,400 NSK LTD* JPY 604,354 0.04%17,500 OMRON CORP* JPY 759,278 0.05%

105,300 RECRUIT HOLDINGS CO LTD* JPY 1,809,668 0.11%1,900 ROHM CO LTD* JPY 145,933 0.01%

28,200 SEKISUI CHEMICAL CO LTD* JPY 504,719 0.03%160,000 SHARP CORP/JAPAN* JPY 593,806 0.04%

6,000 SHIN-ETSU CHEMICAL CO LTD* JPY 543,877 0.03%147,800 START TODAY CO LTD* JPY 3,637,122 0.22%121,800 SUMITOMO CORP* JPY 1,584,831 0.10%

63,000 SUMITOMO HEAVY INDUSTRIES LTD* JPY 415,477 0.03%28,800 SUZUKI MOTOR CORP* JPY 1,366,180 0.08%50,200 T&D HOLDINGS INC* JPY 763,767 0.05%23,000 TAKASHIMAYA CO LTD* JPY 218,823 0.01%

18






Japan - 2.90% (30 June 2016: 2.53%) (continued)10,200 THK CO LTD* JPY 288,679 0.02%48,000 TOPPAN PRINTING CO LTD* JPY 526,308 0.03%22,000 YASKAWA ELECTRIC CORP* JPY 466,198 0.03%22,200 YOKOGAWA ELECTRIC CORP* JPY 355,840 0.02%7,100 YOKOHAMA RUBBER CO LTD* JPY 142,493 0.01%

Kazakhstan - 0.06% (30 June 2016: 0.06%)101,162 KAZMUNAIGAS EXPLORATION PRODUCTION JSC SPONSORED GDR* USD 953,958 0.06%

Netherlands - 1.24% (30 June 2016: 1.95%)29,584 ABN AMRO GROUP NV 144A* EUR 783,153 0.05%4,854 ASML HOLDING NV CLASS REG* USD 632,565 0.04%

160,243 CHICAGO BRIDGE & IRON CO NV CLASS NY* USD 3,161,589 0.20%1,790 RANDSTAD HOLDING NV* EUR 104,366 0.01%

343,661 ROYAL DUTCH SHELL PLC CLASS A* EUR 9,107,249 0.56%145,995 WOLTERS KLUWER NV* EUR 6,171,876 0.38%

New Zealand - 0.01% (30 June 2016: 0.04%)111,649 MERIDIAN ENERGY LTD* NZD 237,891 0.01%

Norway - 0.02% (30 June 2016: 0.07%)54,906 NORSK HYDRO ASA* NOK 303,349 0.02%

Poland - 0.79% (30 June 2016: 0.75%)190,846 AGORA SA* PLN 767,851 0.05%107,658 ASSECO POLAND SA* PLN 1,415,873 0.09%

65,365 BANK PEKAO SA* PLN 2,199,809 0.14%692,962 BORYSZEW SA* PLN 2,126,556 0.13%

24,000 GRUPA AZOTY SA* PLN 409,676 0.03%1,604,873 MOSTOSTAL ZABRZE SA* PLN 411,140 0.03%1,281,085 ORANGE POLSKA SA* PLN 1,772,231 0.11%

232,296 POWSZECHNY ZAKLAD UBEZPIECZEN SA* PLN 2,793,215 0.17%185,719 TORPOL SA* PLN 641,049 0.04%

Romania - 0.83% (30 June 2016: 0.67%)1,770,949 BRD-GROUPE SOCIETE GENERALE SA* RON 5,974,820 0.37%

26,989 CONPET SA PLOIESTI* RON 643,062 0.04%25,200,000 OMV PETROM SA* RON 1,788,062 0.11%

354,049 SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA* RON 2,724,817 0.17%492,145 SOCIETATEA NATIONALA NUCLEARELECTRICA SA* RON 787,087 0.05%

16,939 TRANSGAZ SA MEDIAS* RON 1,517,748 0.09%

Russia - 0.27% (30 June 2016: 0.23%)915,000 ALROSA PJSC* USD 1,336,174 0.08%100,000 DIXY GROUP PJSC* USD 364,270 0.02%700,232 PROTEK PJSC* USD 1,146,000 0.07%

5,218,200 SISTEMA PJSC FC* USD 1,068,166 0.07%2,500,000,000 TGC-1 PJSC CLASS 1* USD 500,000 0.03%

Singapore - 0.06% (30 June 2016: 0.12%)44,500 DBS GROUP HOLDINGS LTD* SGD 670,320 0.04%67,000 SATS LTD* SGD 248,662 0.02%

Slovenia - 0.54% (30 June 2016: 0.28%)59,614 KRKA DD NOVO MESTO* EUR 3,739,601 0.23%

102,392 LUKA KOPER* EUR 3,561,887 0.22%14,840 TELEKOM SLOVENIJE DD* EUR 1,438,690 0.09%

Spain - 1.13% (30 June 2016: 1.38%)55,725 BANKINTER SA* EUR 512,588 0.03%

358,065 CAIXABANK SA* EUR 1,707,074 0.11%680,564 DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA* EUR 4,231,163 0.26%

30,420 ENDESA SA* EUR 699,809 0.04%140,652 GAMESA CORP TECHNOLOGICA SA* EUR 2,999,064 0.19%

43,663 IBERDROLA SA* EUR 345,262 0.02%110,211 MAPFRE SA* EUR 384,394 0.02%714,975 TELEFONICA SA* EUR 7,370,168 0.46%

19






Sweden - 1.23% (30 June 2016: 0.91%)242,823 ALFA LAVAL AB* SEK 4,963,235 0.31%142,020 ASSA ABLOY AB CLASS B* SEK 3,116,693 0.19%

9,236 ATLAS COPCO AB CLASS A* SEK 353,691 0.02%14,375 BOLIDEN AB* SEK 391,818 0.02%86,989 SANDVIK AB* SEK 1,366,527 0.08%51,403 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A* SEK 621,013 0.04%

1,179,889 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B* SEK 8,428,225 0.52%50,287 VOLVO AB CLASS B* SEK 856,147 0.05%

Switzerland - 2.72% (30 June 2016: 1.84%)256,914 ABB LTD* CHF 6,352,766 0.39%

4,325 BALOISE HOLDING AG* CHF 669,310 0.04%55,522 CIE FINANCIERE RICHEMONT SA* CHF 4,580,221 0.28%

774 EMS-CHEMIE HOLDING AG* CHF 571,418 0.04%1,865 GEBERIT AG* CHF 870,911 0.05%

474,422 GLENCORE PLC* GBP 1,769,871 0.11%110,088 NOVARTIS AG* CHF 9,173,527 0.57%

1,694 PARTNERS GROUP HOLDING AG* CHF 1,051,619 0.06%208 SIKA AG* CHF 1,337,942 0.08%

68,995 STMICROELECTRONICS NV* EUR 989,162 0.06%7,037 STRAUMANN HOLDING AG* CHF 4,008,441 0.25%

11,795 SWATCH GROUP AG* CHF 4,361,367 0.27%3,279 SWISS LIFE HOLDING AG* CHF 1,108,009 0.07%

36,402 TEMENOS GROUP AG* CHF 3,253,810 0.20%91,572 WIZZ AIR HOLDINGS PLC 144A* GBP 2,879,718 0.18%9,740 WOLSELEY PLC* GBP 596,278 0.04%1,707 ZURICH INSURANCE GROUP AG* CHF 497,492 0.03%

Turkey - 0.66% (30 June 2016: 0.34%)991,823 KORDSA TEKNIK TEKSTIL A/S* TRY 2,359,506 0.15%272,024 KOZA ALTIN ISLETMELERI A/S* TRY 1,581,539 0.10%463,772 LOKMAN HEKIM ENGURUSAG SAGLIK TURIZM EGITIM HIZMETLERI VE

INSAAT TAAHHUT A/S*TRY 671,456 0.04%

974,531 SELCUK ECZA DEPOSU TICARET VE SANAYI A.S.* TRY 1,134,285 0.07%348,000 TAV HAVALIMANLARI HOLDING A/S* TRY 1,864,206 0.12%568,175 TEKFEN HOLDING A/S* TRY 1,406,506 0.09%550,000 TURKIYE GARANTI BANKASI A/S* TRY 1,528,580 0.09%

United Kingdom - 8.09% (30 June 2016: 7.52%)141,833 AGGREKO PLC* GBP 1,695,877 0.10%648,462 ASHMORE GROUP PLC* GBP 2,975,071 0.18%

52,713 ASHTEAD GROUP PLC* GBP 1,088,013 0.07%41,983 ASTRAZENECA PLC* GBP 2,800,287 0.17%

726,754 AVIVA PLC* GBP 4,965,527 0.31%212,488 BAE SYSTEMS PLC* GBP 1,748,530 0.11%708,032 BALFOUR BEATTY PLC* GBP 2,488,702 0.15%362,399 BARCLAYS PLC* GBP 954,422 0.06%

26,086 BARRATT DEVELOPMENTS PLC* GBP 190,939 0.01%998,506 BP PLC* GBP 5,743,158 0.35%

41,913 BURBERRY GROUP PLC* GBP 904,296 0.06%192,893 CAPITA PLC* GBP 1,732,613 0.11%

1,350,253 CENTRICA PLC* GBP 3,511,329 0.22%348,168 CHEMRING GROUP PLC* GBP 836,667 0.05%634,862 CNH INDUSTRIAL NV* EUR 7,179,373 0.44%964,466 COBHAM PLC* GBP 1,623,620 0.10%

94,484 COMPASS GROUP PLC* GBP 1,988,226 0.12%198,567 DAILY MAIL & GENERAL TRUST PLC* GBP 1,720,380 0.11%

42,625 EXPERIAN PLC* GBP 872,042 0.05%212,426 FIAT CHRYSLER AUTOMOBILES NV* USD 2,258,084 0.14%

1,815,466 FIRSTGROUP PLC* GBP 2,964,256 0.18%32,359 G4S PLC* GBP 137,195 0.01%

1,069,427 GKN PLC* GBP 4,528,571 0.28%141,542 GLAXOSMITHKLINE PLC* GBP 3,006,960 0.19%385,786 HALFORDS GROUP PLC* GBP 1,713,821 0.11%

1,176,341 HSBC HOLDINGS PLC* GBP 10,874,833 0.67%

20






United Kingdom - 8.09% (30 June 2016: 7.52%) (continued)66,945 IMPERIAL BRANDS PLC* GBP 2,998,767 0.19%16,920 INTERCONTINENTAL HOTELS GROUP PLC* GBP 937,811 0.06%

1,475,066 LADBROKES CORAL GROUP PLC* GBP 2,193,862 0.14%10,751 LIBERTY GLOBAL PLC CLASS A* USD 345,328 0.02%39,855 LIBERTY GLOBAL PLC CLASS C* USD 1,242,691 0.08%

7,784,799 LLOYDS BANKING GROUP PLC* GBP 6,689,131 0.41%1,480,146 MARKS & SPENCER GROUP PLC* GBP 6,408,146 0.40%

442,520 PEARSON PLC* GBP 3,974,818 0.25%1,763 PERSIMMON PLC* GBP 51,343 0.00%

751,149 QINETIQ GROUP PLC* GBP 2,636,354 0.16%14,286 RELX PLC* GBP 308,043 0.02%1,894 RIO TINTO LTD* AUD 91,918 0.01%5,614 RIO TINTO PLC* GBP 236,417 0.01%

1,248,133 ROYAL BANK OF SCOTLAND GROUP PLC* GBP 4,007,759 0.25%222,652 SMITHS GROUP PLC* GBP 4,618,750 0.29%453,866 STANDARD CHARTERED PLC* GBP 4,581,980 0.28%569,082 STOCK SPIRITS GROUP PLC* GBP 1,256,655 0.08%

55,857 TATE & LYLE PLC* GBP 480,317 0.03%168,922 TECHNIPFMC PLC* EUR 4,574,814 0.28%

1,581,724 TESCO PLC* GBP 3,468,132 0.21%568,468 TP ICAP PLC* GBP 3,450,595 0.21%

1,925,849 VODAFONE GROUP PLC* GBP 5,447,194 0.34%114,480 WM MORRISON SUPERMARKETS PLC* GBP 358,674 0.02%

United States - 43.38% (30 June 2016: 41.23%)41,263 ABBVIE INC* USD 2,992,002 0.18%58,000 ACTIVISION BLIZZARD INC* USD 3,339,060 0.21%13,326 AETNA INC* USD 2,023,301 0.13%37,361 AFLAC INC* USD 2,902,176 0.18%15,611 AGCO CORP* USD 1,051,996 0.07%2,100 ALIGN TECHNOLOGY INC* USD 315,252 0.02%1,400 ALLEGHANY CORP* USD 832,720 0.05%5,214 ALLERGAN PLC* USD 1,267,406 0.08%

21,100 ALLIANT ENERGY CORP* USD 847,587 0.05%70,729 ALLSTATE CORP* USD 6,255,278 0.39%

109,773 ALLY FINANCIAL INC* USD 2,294,245 0.14%1,885 ALPHABET INC CLASS A* USD 1,752,706 0.11%1,375 ALPHABET INC CLASS C* USD 1,249,903 0.08%

38,179 ALTRIA GROUP INC* USD 2,843,190 0.18%25,100 AMEREN CORP* USD 1,372,217 0.08%39,740 AMERICAN AIRLINES GROUP INC* USD 1,999,733 0.12%

105,038 AMERICAN EAGLE OUTFITTERS INC* USD 1,265,710 0.08%20,989 AMERICAN FINANCIAL GROUP INC/OH* USD 2,085,637 0.13%23,511 AMERICAN INTERNATIONAL GROUP INC* USD 1,469,910 0.09%25,129 AMERIPRISE FINANCIAL INC* USD 3,198,696 0.20%27,366 AMGEN INC* USD 4,713,261 0.29%25,600 AMPHENOL CORP CLASS A* USD 1,889,792 0.12%7,800 ANALOG DEVICES INC* USD 606,840 0.04%

15,944 ANTHEM INC* USD 2,999,492 0.19%22,702 APPLE INC* USD 3,269,535 0.20%

192,888 APPLIED MATERIALS INC* USD 7,968,193 0.49%39,758 ARCBEST CORP* USD 819,021 0.05%49,354 ARCHER-DANIELS-MIDLAND CO* USD 2,042,274 0.13%9,700 ARTHUR J GALLAGHER & CO* USD 555,325 0.03%

295,502 ASCENA RETAIL GROUP INC* USD 635,329 0.04%17,936 ASSURANT INC* USD 1,859,811 0.11%97,994 AT&T INC* USD 3,697,328 0.23%47,264 ATLAS AIR WORLDWIDE HOLDINGS INC* USD 2,464,841 0.15%10,400 AUTOMATIC DATA PROCESSING INC* USD 1,065,584 0.07%

527,311 BANK OF AMERICA CORP* USD 12,792,555 0.79%70,054 BB&T CORP* USD 3,181,165 0.20%1,300 BERKSHIRE HATHAWAY INC CLASS B* USD 220,181 0.01%

32,173 BEST BUY CO INC* USD 1,844,478 0.11%11,451 BIOGEN INC* USD 3,107,232 0.19%35,690 BOEING CO* USD 7,057,728 0.44%42,400 BROADRIDGE FINANCIAL SOLUTIONS INC* USD 3,203,744 0.20%47,974 BUNGE LTD* USD 3,578,856 0.22%

21






United States - 43.38% (30 June 2016: 41.23%) (continued)36,600 BURLINGTON STORES INC* USD 3,366,834 0.21%54,542 CA INC* USD 1,880,056 0.12%27,699 CABOT CORP* USD 1,479,970 0.09%9,700 CADENCE DESIGN SYSTEMS INC* USD 324,853 0.02%

41,501 CAPITAL ONE FINANCIAL CORP* USD 3,428,834 0.21%26,224 CARDINAL HEALTH INC* USD 2,043,362 0.13%8,500 CARNIVAL CORP* USD 557,345 0.03%

15,844 CARNIVAL PLC* GBP 1,045,493 0.06%20,211 CARS.COM INC* USD 538,217 0.03%57,562 CELANESE CORP CLASS A* USD 5,464,977 0.34%18,991 CELGENE CORP* USD 2,466,362 0.15%43,100 CENTERPOINT ENERGY INC* USD 1,180,078 0.07%14,200 CH ROBINSON WORLDWIDE INC* USD 975,256 0.06%30,306 CHARLES SCHWAB CORP* USD 1,301,947 0.08%64,679 CHEVRON CORP* USD 6,747,975 0.42%7,996 CIGNA CORP* USD 1,338,393 0.08%

27,231 CINTAS CORP* USD 3,432,195 0.21%25,510 CIRRUS LOGIC INC* USD 1,599,984 0.10%

368,742 CISCO SYSTEMS INC* USD 11,541,621 0.71%34,172 CIT GROUP INC* USD 1,664,172 0.10%

152,013 CITIGROUP INC* USD 10,166,606 0.63%56,900 CITIZENS FINANCIAL GROUP INC* USD 2,030,192 0.13%31,600 CME GROUP INC CLASS A* USD 3,957,584 0.24%3,600 CMS ENERGY CORP CLASS REIT* USD 166,500 0.01%

32,841 CNA FINANCIAL CORP* USD 1,600,976 0.10%34,800 COGNEX CORP* USD 2,954,520 0.18%86,500 COMCAST CORP CLASS A* USD 3,366,580 0.21%17,100 COMERICA INC* USD 1,252,404 0.08%15,600 CONAGRA BRANDS INC* USD 557,856 0.03%8,500 CONSOLIDATED EDISON INC* USD 686,970 0.04%

39,978 CONVERGYS CORP* USD 950,683 0.06%400 COOPER COS INC* USD 95,768 0.01%

185,735 CORNING INC* USD 5,581,348 0.34%13,000 CR BARD INC* USD 4,109,430 0.25%14,992 CRANE CO* USD 1,190,053 0.07%86,800 CSX CORP* USD 4,735,808 0.29%10,061 CUMMINS INC* USD 1,632,163 0.10%53,066 CVS HEALTH CORP* USD 4,269,723 0.26%3,100 DARDEN RESTAURANTS INC* USD 280,364 0.02%

58,016 DEAN FOODS CO* USD 986,274 0.06%26,500 DELL TECHNOLOGIES INC CLASS V* USD 1,619,415 0.10%62,775 DELTA AIR LINES INC* USD 3,373,551 0.21%17,229 DELUXE CORP* USD 1,192,573 0.07%17,701 DENTSPLY SIRONA INC* USD 1,147,752 0.07%16,800 DILLARD'S INC CLASS A* USD 969,215 0.06%55,113 DISCOVER FINANCIAL SERVICES* USD 3,427,472 0.21%10,959 DOLLAR GENERAL CORP* USD 790,010 0.05%13,500 DOMINION ENERGY INC* USD 1,034,505 0.06%4,600 DOMINO'S PIZZA INC* USD 973,038 0.06%

26,224 DOMTAR CORP* USD 1,007,520 0.06%18,900 DTE ENERGY CO* USD 1,999,431 0.12%14,172 DXC TECHNOLOGY CO* USD 1,087,297 0.07%32,411 EASTMAN CHEMICAL CO* USD 2,722,197 0.17%60,657 EBAY INC* USD 2,118,139 0.13%8,100 EDISON INTERNATIONAL* USD 633,339 0.04%

45,408 ELECTRONIC ARTS INC* USD 4,800,487 0.30%39,835 ENTERGY CORP* USD 3,058,171 0.19%23,800 EQUIFAX INC* USD 3,270,596 0.20%19,656 ESSENDANT INC* USD 291,498 0.02%6,700 EVERSOURCE ENERGY* USD 406,757 0.03%

111,939 EXELON CORP* USD 4,037,646 0.25%17,500 EXPEDITORS INTERNATIONAL OF WASHINGTON INC* USD 988,400 0.06%29,365 EXPRESS SCRIPTS HOLDING CO* USD 1,874,661 0.12%85,906 EXXON MOBIL CORP* USD 6,935,168 0.43%31,342 FACEBOOK INC CLASS A* USD 4,732,066 0.29%21,770 FEDEX CORP* USD 4,731,198 0.29%

171,831 FIFTH THIRD BANCORP* USD 4,460,739 0.28%

22






United States - 43.38% (30 June 2016: 41.23%) (continued)128,311 FIRSTENERGY CORP* USD 3,741,556 0.23%

3,100 FISERV INC* USD 379,254 0.02%236,333 FLEX LTD* USD 3,854,595 0.24%249,055 FORD MOTOR CO* USD 2,786,927 0.17%108,167 GAMESTOP CORP CLASS A* USD 2,337,496 0.14%

18,847 GANNETT CO INC* USD 164,345 0.01%94,440 GENERAL CABLE CORP* USD 1,544,088 0.10%39,506 GENERAL DYNAMICS CORP* USD 7,826,139 0.48%

111,892 GENERAL MOTORS CO* USD 3,908,373 0.24%32,173 GILEAD SCIENCES INC* USD 2,277,205 0.14%25,646 GOLDMAN SACHS GROUP INC* USD 5,690,944 0.35%

168,126 GOODYEAR TIRE & RUBBER CO* USD 5,877,701 0.36%45,400 GRAND CANYON EDUCATION INC* USD 3,559,814 0.22%23,659 GROUP 1 AUTOMOTIVE INC* USD 1,498,067 0.09%33,791 HARLEY-DAVIDSON INC* USD 1,825,399 0.11%12,800 HARRIS CORP* USD 1,396,224 0.09%58,064 HARTFORD FINANCIAL SERVICES GROUP INC* USD 3,052,408 0.19%39,502 HCA HEALTHCARE INC* USD 3,444,605 0.21%42,125 HEICO CORP* USD 3,026,260 0.19%64,394 HEWLETT PACKARD ENTERPRISE CO* USD 1,068,290 0.07%22,100 HOME DEPOT INC* USD 3,390,140 0.21%94,615 HP INC* USD 1,653,875 0.10%

200 HUMANA INC* USD 48,124 0.00%21,800 HUNTINGTON INGALLS INDUSTRIES INC* USD 4,058,288 0.25%93,568 HUNTSMAN CORP* USD 2,417,803 0.15%29,700 IDEXX LABORATORIES INC* USD 4,794,174 0.30%9,500 ILLINOIS TOOL WORKS INC* USD 1,360,875 0.08%

14,700 INCYTE CORP* USD 1,850,877 0.11%7,139 INGREDION INC* USD 851,038 0.05%

191,087 INTEL CORP* USD 6,447,264 0.40%25,845 INTERCONTINENTAL EXCHANGE INC* USD 1,703,683 0.11%13,516 INTERNATIONAL BUSINESS MACHINES CORP* USD 2,079,238 0.13%43,357 INTERNATIONAL PAPER CO* USD 2,454,462 0.15%7,052 INTUIT INC* USD 936,620 0.06%

300 INTUITIVE SURGICAL INC* USD 280,611 0.02%76,054 JOHNSON & JOHNSON* USD 10,061,173 0.62%

129,358 JPMORGAN CHASE & CO* USD 11,823,348 0.73%64,251 JUNIPER NETWORKS INC* USD 1,791,312 0.11%79,338 KB HOME* USD 1,901,728 0.12%

184,541 KEYCORP* USD 3,458,299 0.21%17,200 KLA-TENCOR CORP* USD 1,573,972 0.10%49,782 KOHL'S CORP* USD 1,925,088 0.12%91,617 KROGER CO* USD 2,136,506 0.13%7,800 L3 TECHNOLOGIES INC* USD 1,303,224 0.08%

39,041 LAM RESEARCH CORP* USD 5,521,636 0.34%3,100 LAS VEGAS SANDS CORP* USD 198,059 0.01%

18,514 LEAR CORP* USD 2,630,434 0.16%17,500 LENNOX INTERNATIONAL INC* USD 3,213,700 0.20%31,000 LEUCADIA NATIONAL CORP* USD 810,960 0.05%9,000 LIBERTY BROADBAND CORP CLASS C* USD 780,750 0.05%

75,925 LIBERTY INTERACTIVE CORP QVC GROUP CLASS A* USD 1,863,191 0.12%27,128 LINCOLN NATIONAL CORP* USD 1,833,318 0.11%

611 LOCKHEED MARTIN CORP* USD 169,620 0.01%1,600 LOEWS CORP* USD 74,896 0.00%6,133 LSC COMMUNICATIONS INC* USD 131,253 0.01%

47,260 LYONDELLBASELL INDUSTRIES NV CLASS A* USD 3,988,275 0.25%12,400 M&T BANK CORP* USD 2,008,180 0.12%45,499 MACY'S INC* USD 1,057,399 0.07%19,132 MALLINCKRODT PLC* USD 857,326 0.05%22,699 MANPOWERGROUP INC* USD 2,534,317 0.16%44,880 MARATHON PETROLEUM CORP* USD 2,348,590 0.15%5,300 MARRIOTT INTERNATIONAL INC/MD CLASS A* USD 531,643 0.03%

12,300 MARSH & MCLENNAN COS INC* USD 958,908 0.06%16,839 MASTERCARD INC CLASS A* USD 2,045,066 0.13%

146,945 MCDERMOTT INTERNATIONAL INC* USD 1,053,595 0.07%22,464 MCKESSON CORP* USD 3,696,224 0.23%90,379 MERCK & CO INC* USD 5,792,420 0.36%

23






United States - 43.38% (30 June 2016: 41.23%) (continued)223,151 MERITOR INC* USD 3,706,538 0.23%

42,406 METLIFE INC* USD 2,329,760 0.14%6,800 METTLER-TOLEDO INTERNATIONAL INC* USD 4,002,072 0.25%

19,200 MICROCHIP TECHNOLOGY INC* USD 1,481,856 0.09%97,300 MICRON TECHNOLOGY INC* USD 2,905,378 0.18%37,885 MICROSOFT CORP* USD 2,611,433 0.16%31,700 MONOLITHIC POWER SYSTEMS INC* USD 3,055,880 0.19%18,894 MOOG INC CLASS A* USD 1,355,113 0.08%

171,524 MORGAN STANLEY* USD 7,643,110 0.47%69,938 NAVISTAR INTERNATIONAL CORP* USD 1,834,478 0.11%26,985 NCR CORP* USD 1,102,081 0.07%28,400 NETAPP INC* USD 1,137,420 0.07%13,900 NETFLIX INC* USD 2,076,799 0.13%11,300 NEXTERA ENERGY INC* USD 1,583,469 0.10%22,887 NIELSEN HOLDINGS PLC* USD 884,822 0.05%16,600 NORFOLK SOUTHERN CORP* USD 2,020,220 0.12%15,593 NORTHROP GRUMMAN CORP* USD 4,002,879 0.25%71,686 NVIDIA CORP* USD 10,363,000 0.64%20,227 OCEANEERING INTERNATIONAL INC* USD 461,987 0.03%20,500 OGE ENERGY CORP* USD 713,195 0.04%21,641 PACKAGING CORP OF AMERICA* USD 2,410,591 0.15%53,623 PAYPAL HOLDINGS INC* USD 2,877,941 0.18%96,274 PBF ENERGY INC CLASS A* USD 2,143,060 0.13%26,300 PEOPLE'S UNITED FINANCIAL INC* USD 464,458 0.03%

261,049 PFIZER INC* USD 8,768,624 0.54%77,521 PILGRIM'S PRIDE CORP* USD 1,699,265 0.11%11,100 PINNACLE WEST CAPITAL CORP* USD 945,276 0.06%48,640 PITNEY BOWES INC* USD 734,468 0.05%57,330 PNC FINANCIAL SERVICES GROUP INC* USD 7,158,766 0.44%28,300 PRINCIPAL FINANCIAL GROUP INC* USD 1,813,181 0.11%34,600 PROGRESSIVE CORP* USD 1,525,514 0.09%32,934 PRUDENTIAL FINANCIAL INC* USD 3,561,535 0.22%

110,226 PUBLIC SERVICE ENTERPRISE GROUP INC* USD 4,740,813 0.29%46,118 QUALCOMM INC* USD 2,546,625 0.16%45,400 QUEST DIAGNOSTICS INC* USD 5,046,664 0.31%18,323 QUINTILES IMS HOLDINGS INC* USD 1,639,885 0.10%85,906 RADIAN GROUP INC* USD 1,404,558 0.09%31,203 RALPH LAUREN CORP CLASS A* USD 2,302,805 0.14%8,700 RAYMOND JAMES FINANCIAL INC* USD 697,914 0.04%

15,630 RAYTHEON CO* USD 2,523,932 0.16%344,037 REGIONS FINANCIAL CORP* USD 5,036,698 0.31%

18,898 REINSURANCE GROUP OF AMERICA INC CLASS A* USD 2,426,352 0.15%22,750 RELIANCE STEEL & ALUMINUM CO* USD 1,656,394 0.10%23,100 REPUBLIC SERVICES INC CLASS A* USD 1,472,163 0.09%2,700 REYNOLDS AMERICAN INC* USD 175,608 0.01%

11,900 ROBERT HALF INTERNATIONAL INC* USD 570,367 0.04%2,000 ROPER TECHNOLOGIES INC* USD 463,060 0.03%

78,243 ROWAN COS PLC CLASS A* USD 801,210 0.05%112,394 RR DONNELLEY & SONS CO* USD 1,409,415 0.09%

25,272 RYDER SYSTEM INC* USD 1,819,077 0.11%2,363 SAFEWAY CASA LEY CVR† USD 2,398 0.00%2,363 SAFEWAY PDC LLC CVR† USD 75 0.00%

400 SCANA CORP* USD 26,804 0.00%78,764 SEAGATE TECHNOLOGY PLC* USD 3,052,117 0.19%7,900 SEATTLE GENETICS INC* USD 408,746 0.03%

58,300 SIRIUS XM HOLDINGS INC* USD 318,901 0.02%118,789 SKYWEST INC* USD 4,169,498 0.26%

42,333 SONIC AUTOMOTIVE INC CLASS A* USD 823,378 0.05%41,311 SOUTHWEST AIRLINES CO* USD 2,567,059 0.16%34,220 STATE STREET CORP* USD 3,070,516 0.19%60,742 SUNTRUST BANKS INC* USD 3,445,275 0.21%

117,698 SYMANTEC CORP* USD 3,324,961 0.21%55,000 SYNOPSYS INC* USD 4,011,150 0.25%3,445 TAKE-TWO INTERACTIVE SOFTWARE INC* USD 252,794 0.02%

53,447 TARGET CORP* USD 2,794,752 0.17%26,700 TD AMERITRADE HOLDING CORP* USD 1,147,833 0.07%13,945 TECH DATA CORP* USD 1,408,425 0.09%

24






United States - 43.38% (30 June 2016: 41.23%) (continued)60,634 TEGNA INC* USD 873,732 0.05%

700 TELEFLEX INC* USD 145,432 0.01%33,315 TESORO CORP* USD 3,118,306 0.19%62,000 TEXAS INSTRUMENTS INC* USD 4,769,660 0.29%11,900 TIFFANY & CO* USD 1,117,053 0.07%21,750 TIMKEN CO* USD 1,005,942 0.06%26,700 T-MOBILE US INC* USD 1,618,554 0.10%12,300 TORCHMARK CORP* USD 940,950 0.06%46,400 TORO CO* USD 3,215,056 0.20%25,952 TOWER INTERNATIONAL INC* USD 582,633 0.04%29,375 TRAVELERS COS INC* USD 3,716,771 0.23%40,264 TRINITY INDUSTRIES INC* USD 1,128,595 0.07%61,678 TRINSEO SA* USD 4,237,309 0.26%23,903 TRIPADVISOR INC* USD 913,105 0.06%83,632 TRIUMPH GROUP INC* USD 2,642,759 0.16%62,782 TUTOR PERINI CORP* USD 1,804,994 0.11%50,262 TYSON FOODS INC CLASS A* USD 3,147,927 0.19%14,400 UGI CORP* USD 697,104 0.04%23,000 UNION PACIFIC CORP* USD 2,504,930 0.15%

163,826 UNISYS CORP* USD 2,096,971 0.13%38,836 UNITED CONTINENTAL HOLDINGS INC* USD 2,922,412 0.18%20,874 UNITEDHEALTH GROUP INC* USD 3,870,457 0.24%45,404 UNUM GROUP* USD 2,117,184 0.13%52,000 US BANCORP* USD 2,699,840 0.17%87,144 VALERO ENERGY CORP* USD 5,878,712 0.36%52,300 VANTIV INC CLASS A* USD 3,312,682 0.20%1,400 VARIAN MEDICAL SYSTEMS INC* USD 144,466 0.01%

122,648 VERIZON COMMUNICATIONS INC* USD 5,477,444 0.34%22,892 VIACOM INC CLASS B* USD 768,495 0.05%26,739 VISA INC CLASS A* USD 2,507,553 0.15%7,000 VMWARE INC CLASS A* USD 612,010 0.04%

34,933 VOYA FINANCIAL INC* USD 1,288,693 0.08%65,107 WAL-MART STORES INC* USD 4,927,334 0.30%42,200 WASTE MANAGEMENT INC* USD 3,095,370 0.19%28,794 WELLS FARGO & CO* USD 1,595,469 0.10%11,200 WESTAR ENERGY INC CLASS A* USD 593,824 0.04%18,133 WESTERN DIGITAL CORP* USD 1,606,584 0.10%49,925 WESTERN UNION CO* USD 951,076 0.06%15,896 WESTROCK CO* USD 900,674 0.06%9,566 WHIRLPOOL CORP* USD 1,833,081 0.11%

10,500 WR BERKLEY CORP* USD 726,285 0.04%24,558 WYNDHAM WORLDWIDE CORP* USD 2,465,877 0.15%12,400 XCEL ENERGY INC* USD 568,912 0.04%85,204 XEROX CORP* USD 2,447,903 0.15%10,800 XILINX INC* USD 694,656 0.04%6,500 ZAYO GROUP HOLDINGS INC* USD 200,850 0.01%

Total Equities 1,299,310,536 80.31%

Financial Equity Assets at Fair Value Through Profit or Loss 1,299,310,536 80.31%Financial Equity Liabilities at Fair Value Through Profit or Loss – –

INVESTMENT FUNDS

Estonia - 0.31% (30 June 2016: 0.30%)133,644 TRIGON NEW EUROPE FUND CLASS C EUR 4,993,681 0.31%

Japan - 0.01% (30 June 2016: 0.17%)66 NIPPON PROLOGIS REIT INC CLASS REIT JPY 140,623 0.01%

Luxembourg - 12.96% (30 June 2016: 14.24%)1,148,961 ARCUS JAPAN FUND JPY 209,664,829 12.96%

Romania - 0.14% (30 June 2016: 0.14%)10,708,650 FONDUL PROPRIETATEA SA/FUND RON 2,224,548 0.14%

25






Singapore - 0.01% (30 June 2016: 0.00%)88,300 CAPITALAND COMMERCIAL TRUST SGD 106,459 0.01%

United Kingdom - 0.02% (30 June 2016: 0.02%)63,432 SEGRO PLC GBP 403,076 0.02%

United States - 0.82% (30 June 2016: 1.96%)199,986 ANNALY CAPITAL MANAGEMENT INC USD 2,409,833 0.15%

19,560 CROWN CASTLE INTERNATIONAL CORP USD 1,959,555 0.12%2,561 EQUINIX INC USD 1,098,990 0.07%

53,400 HOSPITALITY PROPERTIES TRUST USD 1,556,597 0.10%168,527 LEXINGTON REALTY TRUST CLASS REIT USD 1,670,108 0.10%

91,855 SENIOR HOUSING PROPERTIES TRUST USD 1,877,513 0.11%54,399 STARWOOD PROPERTY TRUST INC USD 1,217,994 0.07%

195,608 VEREIT INC USD 1,592,249 0.10%

Total Investment Funds± 230,916,055 14.27%

Financial Investment Fund Assets at Fair Value Through Profit or Loss 230,916,055 14.27%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – –

Nominal Security Coupon MaturityCurrency


WARRANTS

United States - 0.00% (30 June 2016: 0.00%)25,862 AMERICAN INTERNATIONAL GROUP INC 0.00% 19/01/2021 USD 0 0.00%

Total Warrants† 0 0.00%

Financial Warrant Assets at Fair Value Through Profit or Loss – –Financial Warrant Liabilities at Fair Value Through Profit or Loss – –

Number ofContracts Description

Expiry Date/Strike Price

ContractValue US$ Fund %

OPTIONS

Call Options - 0.01% (30 June 2016: 0.00%)5,637,816 Currency Option with Citibank June 17/1.30 0 0.00%

for the right to buy GBP/USD at thestrike price of 1.30, expiring June 2017

24,665,445 Currency Option with Citibank July 17/1.31 31,398 0.00%for the right to buy GBP/USD at thestrike price of 1.31, expiring July 2017

10,570,905 Currency Option with Citibank July 17/1.15 17,543 0.00%for the right to buy EUR/USD at thestrike price of 1.15, expiring July 2017

35,236,350 Currency Option with Citibank July 17/1.15 66,834 0.01%for the right to buy EUR/USD at thestrike price of 1.15, expiring July 2017

26




Number ofContracts Description

Expiry Date/Strike Price

ContractValue US$ Fund %

Put Options - 0.01% (30 June 2016: 0.04%)16,530,504 Currency Option with Citibank July 17/2.71 107,498 0.01%

for the right to sell USD/HUF at thestrike price of 2.71, expiring July 2017

Total OptionsΦ 223,273 0.02%

Financial Option Assets at Fair Value Through Profit or Loss 223,273 0.02%Financial Option Liabilities at Fair Value Through Profit or Loss – –

Investments 1,530,449,864 94.60%

FORWARD FOREIGN CURRENCY CONTRACTS 0.05% (30 June 2016: 0.02%)

MaturityDate

AmountBought

AmountSold Counterparty

UnrealisedGain/(Loss)

US$ Fund %

The SEI Global Select Equity Fund Hedged Euro Institutional Class28/07/2017 295,370 EUR (436,831) AUD Brown Brothers Harriman 2,371 0.00%28/07/2017 392,577 EUR (582,787) CAD Brown Brothers Harriman (618) 0.00%28/07/2017 387,169 EUR (420,847) CHF Brown Brothers Harriman 1,997 0.00%28/07/2017 75,864 EUR (564,156) DKK Brown Brothers Harriman (23) 0.00%28/07/2017 769,426 EUR (677,156) GBP Brown Brothers Harriman (1,572) 0.00%28/07/2017 141,833 EUR (1,240,284) HKD Brown Brothers Harriman 2,977 0.00%28/07/2017 1,020,626 EUR (127,463,629) JPY Brown Brothers Harriman 29,931 0.00%28/07/2017 26,702 EUR (253,874) NOK Brown Brothers Harriman 172 0.00%28/07/2017 7,032 EUR (10,804) NZD Brown Brothers Harriman 124 0.00%28/07/2017 124,506 EUR (1,215,409) SEK Brown Brothers Harriman (2,110) 0.00%28/07/2017 55,932 EUR (87,029) SGD Brown Brothers Harriman 644 0.00%28/07/2017 6,970,112 EUR (7,822,154) USD Brown Brothers Harriman 138,076 0.01%

171,969 0.01%

The SEI Global Select Equity Fund Hedged Sterling Institutional Class28/07/2017 935,523 GBP (1,572,265) AUD Brown Brothers Harriman 10,581 0.00%28/07/2017 1,243,346 GBP (2,097,604) CAD Brown Brothers Harriman 413 0.00%28/07/2017 1,225,753 GBP (1,514,736) CHF Brown Brothers Harriman 9,192 0.00%28/07/2017 240,189 GBP (2,030,541) DKK Brown Brothers Harriman 319 0.00%28/07/2017 4,409,946 GBP (5,010,998) EUR Brown Brothers Harriman 10,078 0.00%28/07/2017 449,189 GBP (4,464,081) HKD Brown Brothers Harriman 11,656 0.00%28/07/2017 3,230,628 GBP (458,775,663) JPY Brown Brothers Harriman 112,246 0.01%28/07/2017 84,583 GBP (913,754) NOK Brown Brothers Harriman 817 0.00%28/07/2017 22,270 GBP (38,885) NZD Brown Brothers Harriman 493 0.00%28/07/2017 394,191 GBP (4,374,558) SEK Brown Brothers Harriman (6,937) 0.00%28/07/2017 177,142 GBP (313,237) SGD Brown Brothers Harriman 2,695 0.00%28/07/2017 22,074,580 GBP (28,153,739) USD Brown Brothers Harriman 543,313 0.03%

694,866 0.04%

The SEI Global Select Equity Fund Hedged U.S.$ Institutional Class28/07/2017 160 USD (211) AUD Brown Brothers Harriman (2) 0.00%28/07/2017 213 USD (282) CAD Brown Brothers Harriman (4) 0.00%28/07/2017 210 USD (203) CHF Brown Brothers Harriman (3) 0.00%28/07/2017 41 USD (273) DKK Brown Brothers Harriman (1) 0.00%28/07/2017 755 USD (673) EUR Brown Brothers Harriman (13) 0.00%28/07/2017 417 USD (327) GBP Brown Brothers Harriman (8) 0.00%28/07/2017 77 USD (599) HKD Brown Brothers Harriman 0 0.00%28/07/2017 553 USD (61,569) JPY Brown Brothers Harriman 4 0.00%28/07/2017 14 USD (123) NOK Brown Brothers Harriman 0 0.00%28/07/2017 4 USD (5) NZD Brown Brothers Harriman 0 0.00%28/07/2017 67 USD (587) SEK Brown Brothers Harriman (2) 0.00%28/07/2017 30 USD (42) SGD Brown Brothers Harriman 0 0.00%

(29) 0.00%

27




MaturityDate

AmountBought

AmountSold Counterparty


US$ Fund %

Portfolio Hedges03/07/2017 24,665,445 EUR (28,109,042) USD Citibank 23,131 0.00%03/07/2017 2,818,908 EUR (3,215,613) USD Citibank (508) 0.00%03/07/2017 2,114,181 GBP (2,743,165) USD Citibank 3,051 0.00%03/07/2017 2,114,181 GBP (2,744,010) USD Citibank 2,205 0.00%03/07/2017 704,727 GBP (915,382) USD Citibank 23 0.00%03/07/2017 704,727 GBP (915,452) USD Citibank (47) 0.00%03/07/2017 2,114,181 GBP (2,747,224) USD Citibank (1,009) 0.00%03/07/2017 2,818,908 GBP (3,663,106) USD Citibank (1,486) 0.00%03/07/2017 3,655,202 PLN (986,618) USD Citibank (937) 0.00%03/07/2017 3,653,426 PLN (986,618) USD Citibank (1,415) 0.00%03/07/2017 3,210,863 USD (2,818,908) EUR Citibank (4,242) 0.00%03/07/2017 3,658,105 USD (2,818,908) GBP Citibank (3,515) 0.00%03/07/2017 2,739,752 USD (2,114,181) GBP Citibank (6,463) 0.00%03/07/2017 2,739,118 USD (2,114,181) GBP Citibank (7,097) 0.00%03/07/2017 986,618 USD (3,669,251) PLN Citibank (2,852) 0.00%

(1,161) 0.00%

Total Forward Foreign Currency Contracts∞ 865,645 0.05%

Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss 906,509 0.05%Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss (40,864) –

FUTURES 0.06% (30 June 2016: 0.40%)

Number ofContracts Description Counterparty


US$ Fund %

546 Australian Dollar US Dollar Currency Futures September 2017 JP Morgan 554,550 0.04%(303) British Pounds Currency Futures September 2017 JP Morgan (464,994) (0.03%)621 Canadian Dollar Currency Futures September 2017 JP Morgan 1,103,100 0.07%(1,064) Euro FX Currency Futures September 2017 JP Morgan (3,424,225) (0.21%)(2,679) Euro Stoxx 50 Futures September 2017 JP Morgan 3,577,746 0.22%(202) FTSE 100 Index Futures September 2017 JP Morgan 490,164 0.03%88 Hang Seng Index Futures July 2017 JP Morgan (8,738) 0.00%(1,005) Japanese Yen Currency Futures September 2017 JP Morgan 1,831,275 0.11%218 MSCI Singapore Index ETS July 2017 JP Morgan 24,541 0.00%9 Norwegian Krone Currency Futures September 2017 JP Morgan 37,530 0.00%1,962 S&P 500 E-Mini Futures September 2017 JP Morgan (733,365) (0.04%)326 S&P TSX 60 Index Futures September 2017 JP Morgan (844,851) (0.05%)315 SPI 200 Futures September 2017 JP Morgan 87,118 0.01%(16) Swedish Krona Futures September 2017 JP Morgan (133,120) (0.01%)113 Swiss Franc Currency Futures September 2017 JP Morgan 220,337 0.01%(315) Swiss Market Index Futures September 2017 JP Morgan (112,046) (0.01%)(709) TOPIX Index Futures September 2017 JP Morgan (1,312,042) (0.08%)

Total FuturesΦ 892,980 0.06%

Financial Future Assets at Fair Value Through Profit or Loss 7,926,361 0.49%Financial Future Liabilities at Fair Value Through Profit or Loss (7,033,381) (0.43%)

Value US$ Fund %

Total Financial Assets at Fair Value Through Profit or Loss 1,539,282,734 95.14%Total Financial Liabilities at Fair Value Through Profit or Loss (7,074,245) (0.43%)

28




Portfolio Analysis (Unaudited) Total Assets %

* Transferable securities admitted to an official stock exchange listing 1,299,308,063 78.62%± UCITS and non-UCITS investment schemes 230,916,055 13.97%Φ Financial derivative instruments dealt in on a regulated market 1,116,253 0.07%∞ OTC financial derivative instruments 865,645 0.05%† Other transferable securities including those which are unlisted 2,473 0.00%

Total Investments 1,532,208,489 92.71%

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

29


INCOME STATEMENT

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

Global Select EquityFundUS$

Year Ended


Year EndedNote 30 June 2017 30 June 2016

Income - Continuing ActivitiesIncome from Financial Assets at Fair Value through Profit or Loss 1(d) 32,149,108 22,024,050Bank Interest Income 1(d) 72,219 27,026Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Valuethrough Profit or Loss 1(b) 244,281,981 (71,768,392)

276,503,308 (49,717,316)Expenses - Continuing ActivitiesManagement Fee 3 1,913,224 1,534,596Transaction Fees 3 111,630 94,853Operational Expenses 155,735 160,471Total Operating Expenses 2,180,589 1,789,920

Expense Reimbursement 3 (372,044) (411,923)Net Expenses 1,808,545 1,377,997

Net Income/(Loss) before Finance Costs 274,694,763 (51,095,313)Finance Costs 4 (489,982) (379,711)

Profit/(Loss) for the Year 274,204,781 (51,475,024)

Withholding Tax 2 (6,381,149) (4,230,491)

Increase/(Decrease) in Assets for the YearAttributable to Redeemable Participating Shareholders 267,823,632 (55,705,515)

Income and expenses arose solely from continuing operations.There were no recognised gains and losses other than those dealt with in the income statement.

30


STATEMENT OF FINANCIAL POSITION (continued)


30 June 2017 30 June 2016 30 June 2015

Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share

Global Select Equity FundEuro Institutional Class US$5,243 EUR10.28 US$1,215,074 EUR9.57 US$4,981 EUR10.00Hedged Euro Institutional Class US$13,225,709 EUR12.86 US$11,048,210 EUR10.65 US$11,819,115 EUR11.21Hedged Sterling Institutional Class* US$47,702,237 GBP12.01 US$13,466,448 GBP9.87 – –Hedged U.S.$ Institutional Class* US$6,285 US$10.28 – – – –Sterling Institutional Class US$825,023,755 GBP21.69 US$656,482,544 GBP17.31 US$500,842,497 GBP15.42Sterling Institutional Distributing Class US$32,553,308 GBP18.48 US$26,748,861 GBP15.00 US$28,025,026 GBP13.53U.S.$ Institutional C Class US$49,727,988 US$12.15 US$28,554,439 US$10.07 US$21,013,751 US$10.64U.S.$ Institutional Class US$649,661,975 US$19.24 US$443,613,438 US$15.80 US$420,921,804 US$16.56

* Fund/Share Class commenced or ceased operations during the current or a prior reporting year.

32


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS



Year Ended


Year EndedNote 30 June 2017 30 June 2016

Net Assets Attributable to RedeemableParticipating Shareholders at beginning of Year 1,181,129,014 982,622,193Proceeds from Redeemable Participating Shares Issued 336,869,375 434,935,027Cost of Redeemable Participating Shares Redeemed (167,915,521) (180,722,691)

1,350,082,868 1,236,834,529

Increase/(Decrease) in Assets for the Year Attributable to RedeemableParticipating Shareholders 267,823,632 (55,705,515)

Net Assets Attributable to RedeemableParticipating Shareholders at end of Year 1,617,906,500 1,181,129,014

33


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS(continued)


The number of Redeemable Participating Shares issued and redeemed during the year ended 30 June 2017 were as follows:

Shares in Issueat 1 July 2016

SharesIssued

SharesRedeemed

Shares in Issueat 30 June 2017

Global Select Equity FundEuro Institutional Class 114,235 – (113,788) 447Hedged Euro Institutional Class 933,650 – (32,008) 901,642Hedged Sterling Institutional Class 1,020,174 2,319,843 (282,221) 3,057,796Hedged U.S.$ Institutional Class* – 612 – 612Sterling Institutional Class 28,366,735 5,673,338 (4,760,590) 29,279,483Sterling Institutional Distributing Class 1,334,150 22,041 – 1,356,191U.S.$ Institutional C Class 2,836,089 1,255,408 – 4,091,497U.S.$ Institutional Class 28,068,850 8,158,175 (2,465,011) 33,762,014

* Fund/Share Class commenced or ceased operations during the current reporting year.

The number of Redeemable Participating Shares issued and redeemed during the year ended 30 June 2016 were as follows:

Shares in Issueat 1 July 2015

SharesIssued

SharesRedeemed

Shares in Issueat 30 June 2016

Global Select Equity FundEuro Institutional Class 447 113,788 – 114,235Hedged Euro Institutional Class 946,150 46,129 (58,629) 933,650Hedged Sterling Institutional Class* – 1,020,174 – 1,020,174Sterling Institutional Class 20,659,831 11,025,544 (3,318,640) 28,366,735Sterling Institutional Distributing Class 1,316,808 17,342 – 1,334,150U.S.$ Institutional C Class 1,975,642 860,447 – 2,836,089U.S.$ Institutional Class 25,423,303 9,426,894 (6,781,347) 28,068,850

* Fund/Share Class commenced or ceased operations during the year.

34


NOTES TO THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

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 CompaniesAct 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, asamended (the “UCITS Regulations”). Accounting standards generally accepted in Ireland in preparing financial statements giving a trueand 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 accountingperiods beginning on or after 1 July 2015.

These audited financial statements have been prepared in accordance with FRS 102, and should be read in conjunction with the auditedfinancial statements for the year ended 30 June 2016.

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. TheCompany 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 financialliabilities held at fair value through profit or loss. The financial statements are based on the valuations prepared at 4.00pm Eastern Timeon 30 June 2017 (“Valuation Point”). The Administrator operates T+1 trading, therefore, investment transactions and capital transactionsincluded in the valuations are up to close of business on 29 June 2017. For financial statements purposes where the difference betweenthe Net Assets at the valuation point and 30 June 2017 is deemed material an adjustment to revalue assets is shown on the Statement ofFinancial Position. No adjustment was required for the year ended 30 June 2017 or 30 June 2016.

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 LossRealised gains and losses on financial assets and financial liabilities at fair value through profit or loss are calculated based on a FIFObook cost. The associated foreign exchange movement between the date of purchase and the date of sale on the sale of financial assetsand financial liabilities is included in “Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit orLoss” in the Income Statement.

Unlisted SecuritiesThe 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 orcorporation appointed for such purpose by the Depositary.

The Directors, in consultation with the Administrator, competent person, firm or the Depositary have delegated the authority to the FairValuation Committee to oversee the process for valuing such securities. The Fair Valuation Committee subsequently may approve othervaluation methodologies as being representative of fair value including, without limitation, so-called matrix valuation for fixed incomeobligations based upon sales prices of comparable securities. The values reflected in the financial statements for these investments maydiffer from those values that would be determined by negotiations held between parties in a near term sales transaction, and thesedifferences could be material.

A Fund may have investments in securities in respect of which there may be only a small number of counterparties or brokers prepared tomake a market. The single broker prices used at the year end have been sourced from brokers who are market specialists in the respectiveinstruments and are the best estimate of fair value as at the year end date. However, it may not always be possible to trade the securitiesheld at the stated mark with the broker that provided the year end price. Had these investments been sold at the year end proceeds mayhave differed from this fair value and this difference could be material.

Investment FundsShares or units in open-ended investment funds are valued by reference to the latest available net asset value of the shares or units of therelevant investment funds priced by the underlying Administrator and provider by a vendor. Shares or units in closed ended investmentfunds are valued by reference to the latest available net asset value of the shares or units of the relevant investment funds priced by theunderlying 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 underlyingAdministrator.

Exchange Traded Derivative InstrumentsExchange traded derivative instruments are valued at the close of the regular trading session of the relevant exchange on the relevantBusiness Day at the settlement price for such instruments on such markets. If the settlement price of an exchange traded derivativeinstrument is not available, the value of such instrument shall be the probable realisation value estimated with care and in good faith bythe Directors or the Administrator or other competent person approved for the purpose by the Depositary.

35


NOTES TO THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 (continued)

1. Accounting Policies (continued)

b) Financial Assets and Financial Liabilities at Fair Value through Profit or Loss (continued)

Futures ContractsUpon entering into a futures contract, a Fund is required to deposit with its futures brokers, an amount of cash or US governmentobligations in accordance with the initial margin requirements of the brokers or exchange. Futures contracts are valued using quoteddaily settlement prices established by the exchange on which they trade. The Fund and the broker agree to exchange an amount of cashequal to the daily fluctuations in the value of the futures contract (“variation margin”). For open futures contracts, changes in the value ofthe contract are recognised as unrealised gains or losses by “marking-to-market” the value of the contract at the statement of financialposition date. When the contract is closed, the difference between the proceeds (or cost) of the closing transactions and the originaltransaction is recorded as a realised gain or loss in the Income Statement.

Inflation-Indexed BondsThe Fund may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value isperiodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typicalbonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted forinflation. Any increase in the principal amount of an inflation-indexed bond will be included in the Income Statement, even thoughinvestors do not receive their principal until maturity. Inflation-indexed bonds are valued using a pricing vendor.

WarrantsWhere a warrant is purchased, the amount paid is recorded as an investment and is subsequently adjusted to the value of the warrantpurchased. Warrants are expected to have similar characteristics as the underlying equity security. If the warrant is actively traded thenthe market price is used, otherwise the intrinsic value of the underlying equity price and the warrant strike price or modified blackscholes derived value is used to arrive at an appropriate market value.

Forward Foreign Currency ContractsThe Fund may enter into three types of forward foreign currency contracts: class level hedging, foreign security hedging and securitytransaction hedging. The unrealised gain or loss on open forward exchange contracts is calculated by reference to the difference betweenthe contracted rate and the rate to close out the contract. Realised gains or losses include net gains on contracts which have been settledor offset by other contracts. For foreign security hedges and security transaction level hedges, realised and unrealised gains and losses areallocated at fund level. For class level hedges the realised and unrealised gains and losses are allocated solely to the relevant shareclasses.

c) Foreign Exchange Translation

Functional and Presentation CurrencyThe functional and presentation currency of The SEI Global Select Equity Fund is US Dollar (US$). This is considered to be thecurrency of the primary economic environment of the Fund. The presentation currency of The SEI Global Investments Fund plc is theUS Dollar (US$).

Transactions and BalancesAssets and liabilities denominated in currencies other than the functional currency of the Fund are translated into the functional currencyat the exchange rates ruling at the statement of financial position date. Transactions in currencies other than the functional currency ofthe 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 Income Statement in determining the result for the year ended 30June 2017 and 30 June 2016.

Proceeds from subscriptions and amounts paid on redemption of Redeemable Participating Shares are translated at the rates prevailing atthe dates of the transactions.

The Statement of Financial Position is translated using exchange rates at the year end and the Income Statement and Statement ofChanges in Net Assets Attributable to Redeemable Participating Shareholders are translated at an average rate over the year for inclusionin the combined financial statements of the Company. The resulting notional currency gain/(loss) and the notional currency gain/(loss) onretranslation of the opening net assets is included in the Statement of Changes in Net Assets Attributable to Redeemable ParticipatingShareholders. The method of translation has no effect on the value of net assets allocated to the individual Fund.

d) Income and Expense Recognition

Dividend income from financial assets at fair value through profit or loss is reported gross of withholding tax. Dividends are recognisedas income on the dates the securities are first quoted “ex-dividend” to the extent that information thereon is reasonably available to theFund. Bank interest income and other income are accounted for on an accruals basis.

Interest income and expenses are recognised in the Income Statement for all debt instruments using the effective interest method. Theeffective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating theinterest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated futurecash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the netcarrying amount of the financial asset or financial liability.

During the years ended 30 June 2017 and 30 June 2016, the Company engaged in approved stock lending transactions whereby it maylend securities to a counterparty in return for which it agreed that securities of the same kind and amount should be transferred back tothe Company at a later date. The agreement has the substance of a loan of the Company's securities in return for collateral. The incomeearned from the securities lending programme is recorded in “income from financial assets at fair value through profit or loss” in theIncome Statement. Securities lending income is accounted for on an accruals basis.

36



1. Accounting Policies (continued)

e) Expenses

Expenses are recognised in the Income Statement on an accruals basis.

f) Income Equalisation

During the years ended 30 June 2017 and 30 June 2016, The SEI Global Select Equity Fund operated an equalisation account with aview to ensuring that the level of dividends payable on distributing Shares was not affected by the issue and redemption of such Sharesduring an accounting period. The subscription price of such Shares will therefore be deemed to include an equalisation paymentcalculated by reference to the accrued income of the Fund and the first distribution in respect of any Share will include a payment ofcapital usually equal to the amount of such equalisation payment. The redemption price of each Share will also include an equalisationpayment in respect of the accrued income of the Fund up to the date of redemption. Income equalisation is accounted for through theIncome Statement as a finance cost and disclosed as “Income deducted/received on cancellation/issue of shares” in Note 4.

g) Collateral

Cash received as collateral is recorded as an asset on the Statement of Financial Position under “Securities lending Collateral Invested”and is valued at its fair value. Cash collateral held is unrestricted and held in a segregated account in the individual’s Fund name. Arelated liability to repay the collateral is recorded as a liability in the Statement of Financial Position under “Collateral Payable onSecurities lending” and is also valued at its fair value and disclosed in Note 14.

Cash collateral which is provided to the broker is recorded as an asset to the Fund and included under “Cash Collateral” and is valued atits fair value.

All types of collateral are treated in line with the reporting requirements of FRS 102 and are governed by the terms and conditions ofindividual ISDA Master Agreements.

h) Distribution Policy

The distributions on the distributing Shares are recognised in the Income Statement as Finance Costs, when they are appropriatelyauthorised and no longer at the discretion of the Company.

i) Transaction Costs

Transaction costs are the costs incurred in the acquisition, issue or disposal of financial assets and liabilities. Transaction costs includefees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges, and transfertaxes and duties. Transaction costs do not include debt premiums or discounts, financing costs or internal administrative or holding costs.Transaction costs are disclosed in Note 3 and are recognised in the Income Statement in “Net Gains/(Losses) on Financial Assets andFinancial Liabilities at Fair Value through Profit or Loss”. Transaction fees on trades charged by the Depositary are recognised in theIncome Statement as “Transaction Fees” under “Expenses”.

2. Taxation

Under current law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the TaxesConsolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.

However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments toShareholders, any encashment, redemption, cancellation or transfer of Shares and the holding of Shares at the end of each eight yearperiod beginning with the acquisition of such Shares.

No Irish tax will arise on the Fund in respect of chargeable events in respect of:

(i) a Shareholder who is neither an Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event,provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, areheld by the Fund or the Fund has been authorised by the Irish Revenue to make gross payments in the absence of appropriatedeclarations; and

(ii) certain exempted Irish tax resident Shareholders who have provided the Fund with the necessary signed statutory declarations.

Dividends, interest and capital gains (if any) received on investments made by the Fund may be subject to taxes imposed by the countryfrom which the investment income/gains are received and such taxes may not be recoverable by the Fund or its Shareholders.

Withholding Tax disclosed in the Income Statement includes tax credits and tax reclaims.

3. Fees and Expenses

SEI Investments Global, Limited and SEI Investments – Global Fund Services Limited have been appointed as Manager andAdministrator respectively, to provide the Company with management and administrative services. For these services, the Managerreceives advisory, administration and depositary fees from the Company in respect of the Funds and Classes at the rates specified below.The Manager is responsible for paying out of these fees, the fees and expenses of the Investment Adviser, the Administrator, theDepositary and the Distributor.

37



3. Fees and Expenses (continued)

The Investment Adviser is responsible for paying the Portfolio Managers. The Company also reimburses the Depositary for reasonableout-of-pocket expenses, fees, transaction charges on trades and customary agents’ charges paid by the Depositary to any sub-depositaryappointed with the consent of the Company which are charged at normal commercial rates. The Manager is also entitled toreimbursement of all out-of-pocket expenses, incurred for the benefit of the Company. These transaction fees are disclosed in the IncomeStatement.

Administration and Depositary FeesCertain Share Classes pay only administration and depositary fees to the Manager. Advisory fees are paid by the underlyingShareholders. The Euro Institutional Class, Sterling Institutional Class, Sterling Institutional Distributing Class, U.S.$ Institutional Class,the Hedged Euro International Class, Hedged Sterling Institutional Class and Hedged U.S.$ Institutional Class pay administration anddepositary fees to the Manager up to the following rates (in basis points):

Advisory/Administration/Depositary FeeThe U.S.$ Institutional C Class pay advisory, administration and depositary fees to the Manager up to the following rates (in basispoints):

The Manager has agreed to reimburse the Company for certain other expenses incurred. During the year ended 30 June 2017, theManager charged fees amounting to US$1,913,224 (30 June 2016: US$1,534,596) of which US$372,044 (30 June 2016: US$411,923)was reimbursed from the Investment Advisory Fee.

Auditors FeesThe charges (exclusive of VAT) for work carried out for the Company by its statutory audit firm, PricewaterhouseCoopers, for the yearsended 30 June 2017 and 30 June 2016 were as follows:

Year Ended30 June 2017*

EUR

Year Ended30 June 2016**

EUR

Audit of financial statements 15,000 15,000Other assurance services - -Tax advisory services - -Other non audit services 5,825 5,825

20,825 20,825

* Based on estimated amounts** Based on actual amounts

Transaction CostsTransaction costs incurred in the acquisition or disposal of financial assets and liabilities for the years ended 30 June 2017 and 30 June2016 were as follows:

Fund NameYear Ended

30 June 2017Year Ended

30 June 2016

The SEI Global Select Equity Fund US$1,520,831 US$1,563,880

These transaction costs are recognised in the Income Statement in “Net Gains/(Losses) on Financial Assets and Financial Liabilities atFair Value through Profit or Loss”. Transaction fees on trades charged by the Depositary are recognised in the Income Statement as“Transaction Fees” under “Expenses”.

EuroInstitutional

Class

SterlingInstitutional

Class

SterlingInstitutionalDistributing

Class

U.S.$Institutional

Class

Hedged EuroInstitutional

Class

Hedged SterlingInstitutional

ClassThe SEI GlobalSelect Equity Fund 10 10 10 10 15 15

Hedged U.S.$Institutional

ClassThe SEI GlobalSelect Equity Fund 15

U.S.$Institutional

C ClassThe SEI GlobalSelect Equity Fund 95

38



4. Finance Costs

Distributions and Interest

Distributions take account of income received on the creation of shares and income deducted on the cancellation of shares.

Global Select Equity Fund30 June 2017

US$30 June 2016

US$

Distribution (475,610) (359,324)

Add:Income deducted/received oncancellation/issue of shares 2,035 1,183

Net Distribution for the period (473,575) (358,141)

Interest (16,407) (21,570)

Total Finance Costs (489,982) (379,711)

39



5. Share Capital

Redeemable Participating SharesRedeemable Participating Shares are redeemable at the Shareholder’s option and are classified as financial liabilities. Any distributions onthese Shares are recognised in the Income Statement as Finance Costs.

The Redeemable Participating Shares can be put back to the Company at any time for cash equal to a proportionate share of the relevantFund’s Net Asset Value. The Redeemable Participating Shares are carried at the redemption amount that is payable at the statement offinancial position date if the Shareholder exercised the right to put the Share back to the Company.

The number of Shares issued and redeemed during the year are set out in the Statement of Changes in Net Assets Attributable toRedeemable Participating Shareholders. The Company has authorised Participating Share Capital of 500,000,000,000 Shares of no parvalue. The Shares entitle Redeemable Participating Shareholders to attend and vote at General Meetings of the Company and to participatein the profits or assets of the Company. There are no pre-emption rights attaching to the Redeemable Participating Shares.

Subscriber SharesThe Company has authorised equity share capital of Euro (“EUR”) 38,092.14 divided into 30,000 Subscriber Shares of EUR1.269738each. An amount of EUR38,092.14 has been called and paid up in respect of these Shares. The original equity share capital of Irish Pound(“IR£”) 30,000 has been converted to EUR at a rate of 1.269738 per IR£1. All but seven of the Subscriber Shares were redeemed by theCompany at a price of EUR1.269738 per Share. At a General Meeting of the Company, the holder or holders of Subscriber Shares areentitled to one vote only in respect of all the Subscriber Shares. The Subscriber Shares do not entitle the Subscriber Shareholders toparticipate in the profits or assets of the Company except for a return of capital and any interest earned thereon by the Company on awinding up. The Subscriber Shares do not form part of Net Assets Attributable to Redeemable Participating Shareholders. They are thusdisclosed in the financial statements by way of this Note only. In the opinion of the Directors, this disclosure reflects the nature of theCompany’s business as an investment Fund.

Net Assets Attributable to Redeemable Participating Shareholders represent a liability in the Statement of Financial Position, carried at theredemption amount that would be payable at the statement of financial position date if a Shareholder exercised the right to redeem. Thevarying rights and characteristics of share classes are outlined in the Company’s Prospectus.

6. Cash at Bank

All cash at bank balances at the year end were held with Brown Brothers Harriman & Co. (“BBH”), or with third party institutionsapproved by the Company on overnight deposit, or directly with a sub-custodian as detailed in the following tables.

The short-term credit rating for BBH is the highest short-term credit quality (F1). This indicates the strongest intrinsic capacity for timelypayment of financial commitments, as rated by Fitch.

The short-term credit ratings, as rated by Standard and Poor’s, for all other institutions that held cash balances at the year ended areoutlined in the table below:

N/A indicates that no credit rating is applicable as no cash balances were held with the institution at the reporting date.NR indicates that institution is not rated by Standard and Poor’s agency.

A short-term obligation rated “A-1” is rated in the highest category by Standard & Poor’s. The obligor’s capacity to meet its financialcommitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates thatthe obligor’s capacity to meet its financial commitment on these obligations is extremely strong.

Standard and Poor's Standard and Poor's30 June 2017 30 June 2016

Bank of Tokyo-Mitsubishi UFJ Ltd. A-1 A-1Barclays plc N/A A-2BNY Mellon Corp. N/A A-1Citibank NA A-1 A-1Credit Suisse Group AG N/A NRHSBC Bank plc A-1 N/AJP Morgan Chase & Co. A-2 N/ASkandinaviska Enskilda Banken AB A-1 A-1

40



6. Cash at Bank (continued)

U.K.Index-Linked

Fixed Interest1

GBPAs at

30 June 2016

GlobalSelect

EquityUS$

As at30 June 2017

GlobalSelect

EquityUS$

As at30 June 2016

Bank of Tokyo-Mitsubishi UFJ Ltd. - 78,102 49,002Barclays plc - - 230,180BNY Mellon Corp. - - 5,379,532Brown Brothers Harriman & Co. 2,860 43,344 41,460Citibank NA - 6,759,384 44,367,247Credit Suisse Group AG - - 535,541HSBC Bank plc - 4,601,093 -JPMorgan Chase & Co. - 26,934,980 -Skandinaviska Enskilda Banken AB - 1,402,615 3,277,434

2,860 39,819,518 53,880,396

TotalUS$

As at30 June 2017

TotalUS$

As at30 June 2016

Bank of Tokyo-Mitsubishi UFJ Ltd. 78,102 49,002Barclays plc - 230,180BNY Mellon Corp. - 5,379,532Brown Brothers Harriman & Co. 43,344 45,283Citibank NA 6,759,384 44,367,247Credit Suisse Group AG - 535,541HSBC Bank plc 4,601,093 -JPMorgan Chase & Co. 26,934,980 -Skandinaviska Enskilda Banken AB 1,402,615 3,277,434

39,819,518 53,884,219

1 Fund ceased operations on 23 April 2014.

7. Bank Overdraft

As at 30 June 2017 and 30 June 2016 all bank overdraft balances are held with Brown Brothers Harriman & Co.

Where the repayment obligation is not met, the Depositary has the right to set off such obligations against cash or investments held bythe Depositary on behalf of the Company.

8. Receivable from/Payable to Brokers on Margin Accounts

The amounts receivable from/payable to Brokers on Margin Accounts include cash held with the futures brokers as well as the variationmargin where the futures contracts are marked-to-market each day. At 30 June 2017 and 30 June 2016, amounts were receivable fromJP Morgan Securities Ltd in relation to futures. At 30 June 2017 and 30 June 2016, amounts were receivable from/payable to theCitibank in relation to options.

The credit ratings for all brokers are outlined in the table below:

9. Directors’ Remuneration

Michael Jackson and Desmond Murray are entitled to receive a combined total not in excess of US$40,000 on an annual basis. Directors’fees and expenses of US$19,768 (30 June 2016: US$27,404) were paid by the Company during year ended 30 June 2017. Directorsassociated with the Investment Manager do not receive fees.

Standard andPoor's

30 June 2017

Standard andPoor's

30 June 2016

Citibank A-1 A-1JP Morgan Securities Ltd. A-1 A-1

41



10. Soft Commission Arrangements

The Portfolio Managers have not entered into soft commission arrangements with brokers during the year ended 30 June 2017. ThePortfolio Managers do not make direct payment for these services but do transact an agreed amount of business with the brokers onbehalf of the Fund and commission is paid on these transactions.

The goods and services utilised for the Fund include computer hardware and software used for economic and political analysis, portfolioanalysis including valuation and performance measurement, market analysis, data and quotation services and investment relatedpublications.

The Manager considers these arrangements are to the benefit of the Fund and has satisfied itself that it obtains best execution on behalf ofthe Funds. Subject to compliance with the requirement to select brokers that provide best execution to the Company, or any such furtherrequirements as may be imposed on the Company by the Central Bank, the Investment Adviser and Portfolio Managers, in managing theassets of the Fund, may direct a substantial portion of a Fund’s brokerage to an affiliate of the Investment Adviser.

11. Exchange Rates

The US$ exchange rates at 30 June 2017 and 30 June 2016 used in this report, are as follows:

30 June 2017 30 June 2016 30 June 2017 30 June 2016

AUD 1.3037 1.3430 ILS 3.4897 3.8511

CAD 1.2987 1.2987 JPY 112.3600 102.5900

CHF 0.9577 0.9742 NOK 8.3767 8.3680

CZK 22.8969 24.3778 NZD 1.3657 1.4041

DKK 6.5188 6.6968 PLN 3.7083 3.9614

EUR 0.8768 0.9001 RON 3.9955 4.0708

GBP 0.7699 0.7481 SEK 8.4346 8.4727

HKD 7.8065 7.7580 SGD 1.3769 1.3459

HRK 6.4976 - TRY 3.5226 2.8757

HUF 271.0097 284.1487 ZAR 13.1025 14.6450

12. Risk Management Disclosures

In pursuing its investment objectives, the Company is exposed to a variety of financial risks: market risk (including price risk, currencyrisk and interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on theunpredictability 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 Companyinvests in a variety of traded and over-the-counter debt, equity and money market securities. The Company also uses derivative financialinstruments to moderate certain risk exposures and to facilitate certain portfolio transactions.

Active Management RiskThe Fund of the Company is “multi-managed”. Rather than managing the risk of individual securities directly, the Investment Adviserengages in extensive due diligence (“manager selection”) to determine appropriate Portfolio Managers for the Fund. The managerselection process encompasses conference calls, independent research and manager visits to determine the Portfolio Managers that theInvestment 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 investmentrestrictions of the Fund as specified in the Company’s Prospectus. The Investment Adviser monitors each Portfolio Manager’s adherenceto these policies through various reports, questionnaires, telephone conference calls and face-to-face meetings. The Investment Advisermeets with each Portfolio Manager at least semi-annually by conference call or in person. On-site meetings with each Portfolio Managerare conducted on an annual basis.

The Company seeks to control the active management risk of the Fund with its multi-manager structure. The Portfolio Managers of eachFund utilise a variety of investment strategies. By diversifying Portfolio Managers, the Investment Adviser seeks to control the activemanagement risk of the Fund. The Investment Adviser utilises various analytical techniques; and its qualitative judgement, to determinethe appropriate allocation of assets to each Portfolio Manager. The Investment Adviser periodically monitors the diversification benefitsof the 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 inequity and fixed income markets. The Funds may buy or sell call or put options, financial futures, and other derivative instruments withinlimits defined in the Prospectus. The Company’s equity, debt, and derivative financial instruments are susceptible to market price riskarising from uncertainties about future prices of the instruments. All security investments present a risk of loss of capital. Except forwritten options, the maximum risk resulting from financial instruments is determined by the fair value of the financial instruments.

42



12. Risk Management Disclosures (continued)

a) Market Price Risk (continued)

As at 30 June 2017, the Company’s market risk is affected by three main components: changes in actual market prices, foreign currencymovements and interest rate movements. Foreign currency and interest rate movements are discussed in Notes 12 b) and 12 c) following.To measure market price risk, the Investment Adviser computes the VaR for each Fund. The VaR methodology and limitations aredescribed below.

VaR MethodologyVaR is a method of assessing risk that reflects the interdependencies between market price risk, currency risk and interest rate risk for thefinancial instruments held by the Funds. Absolute VaR measures the maximum loss that is not expected to be exceeded with a particularlevel of confidence over a particular period of time. For example, if a Fund has an absolute VaR of 5%, this implies that the maximumexpected loss over a one-day period is 5% with a 99% level of confidence. Daily, the Investment Adviser calculates the VaR for eachFund with a 99% level of confidence over a one-day time horizon. The Investment Adviser utilises a commercially available riskmanagement system for calculating the relative VaR for each Fund.

The risk management system employs a factor model approach to calculate VaR and Relative VaR. The factor model identifies thecommon sources of risk, or “factors,” that systematically affect asset returns. The system applies the factor exposures for the currentholdings of each Fund, the volatility of the risk factors, the correlations between the risk factors, and the residual unsystematic risk ofeach security to estimate the risk of the Fund over a one-day holding period. The historical period for calculating the correlations andvolatilities is two years. The one-tail confidence level is 99%.

VaR LimitationsThe VaR methodology used by the Investment Adviser is subject to several limitations. First, VaR is based on a model of stock pricereturns which uses risk factors. To the extent that there are missing risk factors, mis-specified risk factors, or risk factors which are notpredictive, 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 offuture risk. In addition, the co-variance between the risk factors is estimated over a particular historical time period. To the extent that thefuture time period may be different from the historical time period, the VaR may not be indicative of future risk. For these reasons, VaRmay be more useful as a relative measure of risk among Funds, rather than as an absolute measure of risk.

VaR Analysis

As of 30 June 2017 and 30 June 2016, the absolute VaR and leverage for each Fund were as follows:

VaR analysis:

Absolute VaR (1 day, 99%)

Fund Name 30 June 2017 30 June 2016

The SEI Global Select Equity Fund 1.65% 2.21%

The Company attempts to manage market price risk through its investment policies as specified in the Company’s Prospectus and byevaluating each Portfolio Manager’s risk management capabilities as a criterion for appointment. Each Portfolio Manager has its ownmethodology for monitoring and managing market risk with respect to the assets managed by it, which is tailored to that PortfolioManager’s own specific investment style and approach to risk management. The Investment Adviser monitors a Portfolio Manager’sadherence to the applicable investment policies through various reports, questionnaires, telephone conference calls and face-to-facemeetings.

b) Currency Risk

Currency risk arises on financial instruments that are denominated in a foreign currency, i.e. in a currency other than the functionalcurrency in which they are measured.

For the purpose of FRS 102, currency risk does not arise from financial instruments that are non-monetary items or from financialinstruments denominated in the functional currency. FRS 102 considers the foreign exchange exposure relating to non-monetary assetsand liabilities to be a component of market price risk not foreign currency risk.

The Company attempts to manage currency risk through its investment policies and investment restrictions as specified in theCompany’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 fluctuationson the Company’s Funds. The Portfolio Manager may seek to hedge these risks by investing in currencies, currency futures contracts andoptions on currency futures contracts, as specified in the Company’s Prospectus.

For the years ended 30 June 2017 and 30 June 2016 The SEI Global Select Equity Fund predominantly invested in non-fixed incomesecurities.

Details of securities which are denominated in a currency other than the base currency of the relevant portfolio can be found in thePortfolio of Investments.

The sensitivity of the Company’s exposure to currency risk is included in the VaR calculations shown in Note 12 a).

43



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 marketinterest rates.

The Company has one Fund at 30 June 2017 (30 June 2016: one Fund). The majority of the assets and liabilities of the Fund are investedin equity securities and are non-interest bearing. As a result, this Fund is not subject to significant amounts of risk due to fluctuations inthe 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 usingfutures or swaps in order to obtain equity market exposure. The Fund did not invest in any swaps as at the year end.

The Company attempts to manage interest rate risk through its investment policies and investment restrictions as specified in theCompany’s Prospectus and by evaluating the Portfolio Manager’s interest rate risk management capabilities as a criterion forappointment, where appropriate. In addition, the Portfolio Manager performs stress tests to measure the impact of changes in interestrates on the Company’s Fund. The Portfolio Manager may seek to reduce these risks by modifying the allocation of capital to PortfolioManagers within this Fund.

The sensitivity of the Company’s exposure to interest rate risk is included in the overall VaR calculations shown in Note 12 a).

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 byfailing 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 amaterial degree. The Fund may have exposure to credit risk through its investments in other investment funds with themselves may havecredit risk exposure.

Cash balances held at 30 June 2017 and 30 June 2016 are detailed in Note 6. The short-term credit ratings for all of the institutions arelisted in Note 6.

All counterparties to all derivatives held at 30 June 2017 are listed in the Portfolio of Investments. The short-term credit rating for BrownBrothers Harriman & Co. (“BBH”) is the highest short term credit quality (F1). This indicates the strongest intrinsic capacity for timelypayment of financial commitments, as rated by Fitch. The credit ratings for all other counterparties are listed in Note 8.

For cash accounts, funds deposited are liabilities of the banks, thus creating a debtor-creditor relationship between the bank and theCompany. Cash accounts opened on the books of BBH are obligations of BBH while cash accounts opened on the books of a third partycash correspondent bank, sub-custodian or a broker (collectively, “agency accounts”) are obligations of the agent. For safekeeping ofsecurity assets, BBH’s policy is to maintain segregated client security accounts on its books and on the books of its sub-custodians.While BBH is responsible for exercising reasonable care in the administration of agency cash accounts, it is not liable for theirrepayment 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-custodians in its global custody network. Such reviews include anassessment of the sub-custodian’s financial strength and general reputation and standing and, at a minimum, meet the due diligencerequirements 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 beassigned a credit rating using an approach which is consistent with that used by rating agencies.

All broker transactions in listed securities are settled upon delivery to the Company’s Depositary. The risk of default is consideredminimal, as delivery of securities sold is only made once the Company’s Depositary has received payment from the broker. Payment to abroker is made on a purchase once the securities have been received by the Company’s Depositary. The trade will fail if either party failsto meet its obligation.

The Funds limit their exposure to credit losses on derivative instruments by limiting their exposure to counterparties in accordance withthe investment restrictions specified in the Company’s Prospectus. Counterparties must be subject to prudential supervision and meetcertain requirements as specified by the Central Bank. The Investment Adviser requires each Portfolio Manager to complete a quarterlyquestionnaire 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 withcounterparties. Master netting arrangements do not result in an offset of Statement of Financial Position assets and liabilities, astransactions are usually settled on a gross basis. However, the credit risk associated with favourable contracts is reduced by a masternetting arrangement to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a netbasis. A Fund’s overall exposure to credit risk on derivative instruments subject to a master netting arrangement can change substantiallywithin 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’sProspectus 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 managingcredit risk with respect to the assets managed by it, which is tailored to that Portfolio Manager’s own specific investment style andapproach to risk management. The Investment Adviser monitors a Portfolio Manager’s adherence to a Fund’s policies and restrictionsthrough various reports, questionnaires, telephone conference calls and on-site meetings.

44



e) Liquidity Risk

Liquidity risk is the risk that a Fund will encounter difficulty in meeting obligations associated with financial liabilities. Such obligationsmay arise from daily cash redemptions or from derivative contracts such as options, futures and swaps.

The Company is exposed to daily cash redemptions of Redeemable Participating Shares. As specified in the Company’s Prospectus, ittherefore 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 marketand may be illiquid. As a result, the Company may not be able to liquidate quickly its investments in these instruments at an amountclose to their fair value to meet its liquidity requirements or to respond to specific events such as deterioration in the creditworthiness ofany particular issuer. The Company limits the use of derivative instruments which are not readily marketable, as specified in theCompany’s Prospectus.

To manage liquidity risk, the Company also reserves the right to limit the amount of Shares that may be redeemed by an individualShareholder. If the aggregate redemption requests on any Dealing Day equal or exceed 10% or more of the outstanding Shares of anySeries 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 theoutstanding Shares in issue in that Series on that Dealing Day, in which case all redemption requests will be reduced pro rata to the sizeof the request.

The balance of the Shares in respect of which redemption requests have been received shall be redeemed on the next succeeding DealingDay, subject to the same 10% restriction, and in priority to redemption requests received in respect of the next Dealing Day. TheCompany 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 Fund generally maintains cash reserves to facilitate redemptions. The cash reserves are typicallyequitised using futures or swaps in order to obtain equity market exposure.

The vast majority of liabilities are payable in one month.

f) Fair Value Estimation

FRS 102 on “Fair Value Disclosure” requires disclosure relating to the fair value hierarchy in which fair value measurements arecategorised for assets and liabilities. The disclosures are based on a three-level fair value hierarchy for the inputs used in valuationtechniques to measure fair value. Amendments were made to this FRS, revising the disclosure requirements for financial institutions. Anentity shall apply these amendments for accounting periods beginning on or after 1 January 2017. This amendment has been adopted inthe preparation of these financial statements.

The Company has classified fair value measurements using a fair value hierarchy that reflects the significance of the inputs used inmaking the measurements.

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 marketprices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These includeinvestment funds, investment grade corporate bonds, U.S. 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 marketsand/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which aregenerally based on available market information.

(iii) Level 3: Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently. These includeequities and a delisted equity which is no longer traded. Pricing inputs are unobservable for the investment and include situationswhere there is little, if any, market activity for the instrument. The inputs into the determination of fair value require significantmanagement judgement or estimation. As observable prices are not available for these securities, the Fund has used valuationtechniques 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 ofthe lowest level input that is significant to the fair value measurement of the instrument in its entirety. For this purpose, the significanceof 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 isa 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 InvestmentAdviser. The Directors consider observable data to be that market data that is readily available, regularly distributed or updated, reliableand verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

45



12. Risk Management Disclosures (continued)

f) Fair Value Estimation (continued)

The tables below provide an analysis within the fair value hierarchy of the Company’s financial assets and financial liabilities, measuredat fair value at 30 June 2017 and 30 June 2016:

The SEI Global Select Equity Fund Level 1 Level 2 Level 3 Total30 June 2017 Fair Value

US$ US$ US$ US$Financial Assets at Fair Value Through Profit or LossEquities 1,294,893,453 4,414,610 2,473 1,299,310,536Investment Funds 16,257,545 214,658,510 – 230,916,055Options – 223,273 – 223,273Warrants – – 0* 0Forward Foreign Currency Contracts – 906,509 – 906,509Futures Contracts 7,926,361 – – 7,926,361

1,319,077,359 220,202,902 2,473 1,539,282,734

Financial Liabilities at Fair Value Through Profit or LossForward Foreign Currency Contracts – (40,864) – (40,864)Futures Contracts (7,033,381) – – (7,033,381)

(7,033,381) (40,864) – (7,074,245)

The SEI Global Select Equity Fund Level 1 Level 2 Level 3 Total30 June 2016 Fair Value

US$ US$ US$ US$Financial Assets at Fair Value Through Profit or LossEquities 885,384,840 1,722,349 2,513 887,109,702Investment Funds 27,749,849 171,731,385 – 199,481,234Options – 503,789 – 503,789Warrants – – 0* 0Futures Contracts 10,635,310 – – 10,635,310Forward Foreign Currency Contracts – 312,606 – 312,606

923,769,999 174,270,129 2,513 1,098,042,641

Financial Liabilities at Fair Value Through Profit or LossFutures Contracts (5,840,100) – – (5,840,100)Forward Foreign Currency Contracts – (10,334) – (10,334)

(5,840,100) (10,334) – (5,850,434)

* Represents the interest in securities that were determined to have a value of zero as at 30 June 2017 and 30 June 2016.

46



13. Efficient Portfolio Management

The Company may employ investment techniques and use financial derivative instruments (such as futures contracts, forward foreigncurrency contracts, options and swaps) for efficient portfolio management of the assets of any Fund including hedging against marketmovements, currency exchange or interest rate risks subject to the conditions and within the limits laid down by the Central Bank and theProspectus. The efficient portfolio management purposes for which the Company intends to employ financial derivative instruments andsuch investment techniques are the reductions of risk, reduction of cost and the generation of additional capital or income for the relevantFund 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 InvestmentAdviser or Portfolio Managers to be economically appropriate in that they are realised in a cost-effective way. The Company engaged insecurities lending during the year ended 30 June 2017 and 30 June 2016, details of which are included in a separate Note. Direct andindirect costs associated with efficient portfolio management techniques are not readily identifiable.

14. Securities Lending Collateral Invested/Collateral Payable on Securities Lending

During the years ended 30 June 2017 and 30 June 2016, the Company engaged in approved stock lending transactions whereby it maylend securities to a counterparty in return for which it agreed that securities of the same kind and amount should be transferred back tothe 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, which is included in the Income Statement within “Income fromFinancial Assets at Fair Value through Profit or Loss”. Securities on loan to a counterparty under the stock lending arrangements havebeen included in the Portfolios of Investments and the Statement of Financial Position and have been valued in accordance with theaccounting policies.

Cash received as collateral is recorded as an asset on the Statement of Financial Position under “Securities lending Collateral Invested”and is valued at its fair value. A related liability to repay the collateral is recorded as a liability on the Statement of Financial Positionunder “Collateral Payable on Securities lending” and is also valued at its fair value.

Cash amounts held as collateral by eSecLending are invested in the Deutsche Global Liquidity Series plc Managed Dollar Fund.

Non-Cash collateral is accepted by Brown Brothers Harriman & Co. (as securities lending agent) in the form of G-10 sovereign debtwhich has been cleared through Euroclear or through the Federal Book Entry System.

The aggregate value of securities on loan and the value of collateral held by the Fund as at 30 June 2017 and 30 June 2016 are as follows:

30 June 2017 30 June 2016

Value of Value of Value of Value of

Securities Securities Collateral Securities Collateral

Fund Name Lending Agent on Loan Held on Loan Held

The SEI Global Select Equity Fund eSecLending – – US$4,023,997 US$4,693,263

The SEI Global Select Equity FundBrown BrothersHarriman US$7,981,655 US$9,299,343 – –

Securities lending income and associated costs during the year ended 30 June 2017 are:

Securities Gross

Fund Name Lending Agent Earnings Costs

The SEI Global Select Equity Fund eSecLending US$19,187 US$2,878

The SEI Global Select Equity Fund Brown Brothers Harriman US$88,701 US$13,305

Securities lending income and associated costs during the year ended 30 June 2016 are:

Securities Gross

Fund Name Lending Agent Earnings Costs

The SEI Global Select Equity Fund eSecLending US$149,308 US$22,396

15. Comparative Figures

The comparative figures stated in the financial statements are those for the year ended 30 June 2016.

16. Related Persons

The Manager, Investment Adviser, Administrator and Distributor are related persons as defined by FRS 102.

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 theyear ended 30 June 2017, any beneficial interest in the Shares of the Company.

47



16. Related Persons (continued)

Michael Jackson is a partner in the firm of Matheson, who act as legal advisers to the Company. During the year ended 30 June 2017,Matheson were paid fees of US$84,549 (30 June 2016: US$62,892) for services to the Company.

The significant Shareholders of the Company at 30 June 2017 and 30 June 2016 were as follows:

% Held % Held

30 June 2017 30 June 2016

The SEI Global Select Equity Fund

SEI Global Nominee Ltd. 95.03 96.63

17. Significant Events Affecting the Company During the Year

The SEI U.K. Index-Linked Fixed Interest Fund terminated on 23 April 2014 and was revoked by the Central Bank on 22 November2016.

Jeffrey Klauder was appointed as a Director in September 2016.

There were no other significant events affecting the Company during the year.

18. Post Balance Sheet Events

There were no significant events affecting the Company since the year end.

19. Approval of Financial Statements

The Board of Directors approved the annual report and audited financial statements on 19 October 2017.

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APPENDIX (UNAUDITED)

Appendix I – Global Exposure and Leverage

Leverage and global exposure levels are monitored by the Investment Adviser. SEI Global Investments Fund plc has elected to measure global exposure using the relative Value at Risk (VaR) approach. A UCITS which electsthe relative VaR approach to measure global exposure is also required to measure its notional leverage. As prescribed by UCITS, leverage is measured by the sum of notional derivative positions in the Fund. The sum ofnotional derivatives calculation method for leverage as prescribed by UCITS may overstate the expected risk level of a Fund, particularly when compared to the global exposure as measured by relative VaR. For example, aFund’s notional leverage calculation includes the notional value of derivatives used for hedging purposes and/or other efficient portfolio management purposes. While hedging reduces risk in an economic sense, it increasesnotional leverage due to the manner in which leverage is being measured by the sum of notional derivatives calculation.

As at 30 June 2017, the reference portfolio, representative relative VaR utilisation and the sum of notional derivative levels for each Fund were as follows:

Sum of Notional Derivative

Relative VaR Utilisation Levels

Fund Name Reference Portfolio Min Max Average30

June2017

Min Max Average30

June2017

The SEI Global Select Equity Fund MSCI World Net TR Index 50% 56% 53% 56% 62% 114% 73% 71%

49


APPENDIX (UNAUDITED) (continued)

Appendix II – Remuneration Disclosures

SEI Investments Global, Limited (the “Management Company”) has implemented a remuneration policy (the “Remuneration Policy”) which is inline with the provisions of the UCITS Regulations and in accordance with the European Securities and Markets Authority Guidelines on SoundRemuneration policies under the UCITS Directive (ESMA/2016/575) (“ESMA Guidelines”). The Remuneration Policy was adopted by the boardof 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 manageconflicts of interests.

The Management Company is controlled and managed by its Board, but does not currently have any employees. Accordingly, the identified stafffor the purpose of the Remuneration Policy are the members of the Board. The Board has adopted the delegation model which leverages off theskills, experience, and knowledge of specialized staff employed by the service providers to the Management Company and the Fund who performthe day-to-day specific functions and are subject to the ongoing supervision and monitoring by the board. The Board considers that the extent ofdelegation by the Management Company of investment management functions does not exceed, by a substantial margin, the investmentmanagement 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 practicesfor those categories of staff, including senior management, risk takers, control functions, and any employees receiving total remuneration that takesthem into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on the riskprofile of the Sub-Funds, that are consistent with and promote sound and effective risk management and do not encourage risk-taking which isinconsistent 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 anyremuneration in respect of their services as directors of the Management Company or the Fund. The other directors receive fixed remuneration inrespect of their services which is set at a level determined by the Board as a whole and which is not performance related. The ManagementCompany currently has seven directors of which two are not either employees or consultants of the SEI Group. None of the directors are currentlyin receipt of variable remuneration in respect of their services as directors of the Management Company or in respect of the Fund managed by theManagement Company.

The Board has delegated certain activities in respect of the portfolio management and risk management of the Sub-Funds which it manages to SEIInvestments Management Corporation (“SIMC”). In turn SIMC has also sub-delegated certain investment and risk management functions tocertain other entities which provide sub-investment management services to the Fund. Where the Management Company has delegated or SIMChas 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 thatare 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 investmentmanagement 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 inorder to ensure that there is no circumvention of the remuneration rules set out in the ESMA Guidelines, subject to the application of theproportionality 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 singleelement, in isolation, when considering whether an entity may disapply the requirements set out in the UCITS Regulations, on the basis of theproportionality.

As outlined above, SIMC has appointed a number of third party entities to provided investment management and risk management services to theFund. The Management Company shall ensure that the delegates of SIMC are subject to the requirements of (i), (ii) or (iii) above.

50




Appendix III – 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 percent of the total value of purchases and aggregate disposals greater than one per cent of the total sales for the year. At a minimumthe largest 20 purchases and 20 sales must be given.

Major Purchases Nominal Cost US$

NOVARTIS AG 133,562 9,921,392

ALLIANZ SE 62,756 9,859,406

PUBLICIS GROUPE SA 135,311 9,452,173

CONTINENTAL AG 42,004 8,779,261

CIE FINANCIERE RICHEMONT SA 117,474 8,086,431

CARLSBERG A/S 80,473 7,773,097

TOTAL SA 153,096 7,529,643

GENERAL DYNAMICS CORP 39,000 7,334,836

BNP PARIBAS SA 112,175 6,832,152

APPLIED MATERIALS INC 199,846 6,710,110

LAM RESEARCH CORP 57,354 6,524,618

NVIDIA CORP 63,630 6,498,155

INTESA SANPAOLO SPA 2,900,852 6,428,563

CAPGEMINI SE 70,738 6,088,691

BANK OF AMERICA CORP 305,654 6,041,436

SCHNEIDER ELECTRIC SE 88,216 6,014,652

MORGAN STANLEY 154,206 6,012,937

ALFA LAVAL AB 341,104 5,542,524

BAYERISCHE MOTOREN WERKE AG 57,596 5,238,771

LLOYDS BANKING GROUP PLC 6,501,050 5,105,957

Major Sales Nominal Proceeds US$

LVMH MOET HENNESSY LOUIS VUITTON SE 49,845 11,104,683

KERING 45,650 10,302,453

QUALCOMM INC 123,511 7,320,751

HEIDELBERGCEMENT AG 79,408 7,284,188

BNP PARIBAS SA 108,466 7,270,360

RANDSTAD HOLDING NV 119,319 6,952,991

CRH PLC 201,381 6,406,912

NVIDIA CORP 65,927 6,262,569

OC OERLIKON CORP AG 475,475 6,075,422

CIE DE SAINT-GOBAIN 117,995 5,876,341

CIE GENERALE DES ETABLISSEMENTS MICHELIN 50,958 5,603,517

ACTELION LTD 20,400 5,419,206

REMY COINTREAU SA 52,208 4,678,582

AO SMITH CORP 80,200 4,490,058

ELECTRONIC ARTS INC 50,218 4,431,235

DR PEPPER SNAPPLE GROUP INC 46,421 4,428,121

FRESENIUS SE & CO KGAA 51,467 4,368,542

HENRY SCHEIN INC 25,495 4,313,785

HAYS PLC 2,216,093 4,220,579

CONSTELLATION BRANDS INC 26,413 4,169,844

51



Appendix IV – Securities Financing Transactions Regulations

Securities Financing Transaction Regulation (“SFTR”) introduces reporting requirements for securities financing transactions (“SFTs”) and totalreturn 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 30 June 2017 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 30 June 2017 is as follows:


Type of asset Amount % of NAV % of lendable assetsSecurities lending US$7,981,655 0.49% 1.23%

Data on reuse of collateral

There was no re-use of collateral during the year ended 30 June 2017.

Concentration data

The ten largest issuers for collateral securities and commodities received across all SFTs as at 30 June 2017 is as follows:


# Collateral Issuers Amount

1 French Government US$4,167,5832 US Government US$2,572,6733 German Government US$1,576,7814 Swiss Government US$963,7665 Dutch Government US$18,540

The ten largest counterparties across all SFTs as at 30 June 2017 is as follows:


Type of asset # Counterparty AmountSecurities lending 1 UBS AG US$4,788,462

2 JPMorgan US$2,287,7493 Citigroup Global Markets Limited US$905,444

Safekeeping of collateral received

Three Custodians held collateral received as at 30 June 2017 as follows:


Custodian Type of collateral AmountEuroclear Security collateral US$4,117,112

Clearstream Security collateral US$2,609,558Federal Reserve Security collateral US$2,572,673

Safekeeping of collateral granted

There was no collateral granted for securities lending transactions.

52



Appendix IV – Securities Financing Transactions Regulations (continued)

Return/Cost

Return and cost for each type of SFTs for the year ended 30 June 2017 is as follows:


Return: Amount % overall returnsTo Fund US$91,705 85%

To Manager - -

To 3rd Party US$16,183 15%

There were no costs associated with SFTs for the year ended 30 June 2017.

Aggregate transaction data

The maturity of SFTs as at 30 June 2017 is as follows:


Maturity AmountLess 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 US$7,981,655

The settlement and clearing mechanisms for SFTs as at 30 June 2017 are as follows:


Settlement and clearingmechanism

Amount

Bilateral -Tri-party US$7,981,655

Centrally Cleared -

53



Appendix IV – Securities Financing Transactions Regulation (continued)

Aggregate transaction data (continued)

The aggregate transaction data for collateral positions (including cash) received across all SFTs as at 30 June 2017 is as follows:


Counterparty Type of collateral Amount Quality* Maturity tenor(collateral)

Currency ofcollateral

Country of counterpartyestablishment

Citigroup Global Markets Limited France Government Bond 3.75%, 25/04/2021 US$36 AA >1 year EUR United StatesCitigroup Global Markets Limited German Government Bond 5.63%, 04/01/2028 US$2 AAA >1 year EUR United StatesCitigroup Global Markets Limited Switzerland Government Bond 1.50%, 24/07/2025 US$963,766 AAA >1 year CHF United States

JPMorgan France Government Bond 4.25%, 25/10/2023 US$1,576,529 AA >1 year EUR United StatesJPMorgan German Government Bond 0.00%, 08/10/2021 US$7 AAA >1 year EUR United StatesJPMorgan German Government Bond 0.00%, 15/03/2019 US$3 AAA >1 year EUR United StatesJPMorgan German Government Bond 0.00%, 17/04/2020 US$1,576,647 AAA >1 year EUR United StatesJPMorgan German Government Bond 0.75%, 15/04/2018 US$21 AAA 3 months to 1 year EUR United StatesJPMorgan German Government Bond 2.25%, 04/09/2021 US$94 AAA >1 year EUR United StatesJPMorgan German Government Bond 3.50%, 04/07/2019 US$7 AAA >1 year EUR United StatesUBS AG France Government Bond 3.50%, 25/04/2020 US$2,591,018 AA >1 year EUR SwitzerlandUBS AG Netherlands Government Bond 0.00%, 15/01/2022 US$18,540 AAA >1 year EUR SwitzerlandUBS AG United States Treasury Note 2.88%, 15/11/2046 US$2,572,673 AA+ >1 year US$ Switzerland

*Standard and Poor’s long term issue credit rating

54

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