SEI GLOBAL ASSETS FUND PLC Annual Report and ......SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 CONTENTS PAGE

SEI GLOBAL ASSETS FUND PLC

Annual Report and Audited Financial Statements for the financial year ended 30 June 2019

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019

CONTENTS PAGE

Directory 4 General Information 5

Directors’ Report 7 Report of the Depositary to the Shareholders 11 Independent Auditors’ Report 12 Investment Adviser’s Reports The SEI Defensive Fund 14

The SEI Conservative Fund 16

The SEI Moderate Fund 18

The SEI Core Fund 20

The SEI Balanced Fund 22

The SEI Growth Fund 24

The SEI Aggressive Fund 26

The SEI Global Conservative Fund 28

The SEI Global Moderate Fund 30

The SEI Global Core Fund 32

The SEI Global Balanced Fund 34

The SEI Global Growth Fund 36

The SEI Global Aggressive Fund 38

The SEI Euro Conservative Fund 40

The SEI Euro Moderate Fund 42

The SEI Euro Core Fund 44

The SEI Euro Balanced Fund 46

The SEI Euro Growth Fund 48

The SEI Euro Aggressive Fund 50

Financial Statements

Portfolio of Investments

The SEI Defensive Fund 53

The SEI Conservative Fund 59

The SEI Moderate Fund 65

The SEI Core Fund 71

The SEI Balanced Fund 73

The SEI Growth Fund 75

The SEI Aggressive Fund 77

The SEI Global Conservative Fund 78

The SEI Global Moderate Fund 83

The SEI Global Core Fund 88

The SEI Global Balanced Fund 90

The SEI Global Growth Fund 92

The SEI Global Aggressive Fund 94

The SEI Euro Conservative Fund 95

The SEI Euro Moderate Fund 101

The SEI Euro Core Fund 107

The SEI Euro Balanced Fund 109

The SEI Euro Growth Fund 111

The SEI Euro Aggressive Fund 113

Income Statement 117 Statement of Financial Position 124

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CONTENTS (continued) PAGE Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 135 Notes to the Financial Statements 144 Appendix I – Global Exposure and Leverage (Unaudited) 170 Appendix II – Remuneration Disclosures (Unaudited) 176 Appendix III – Statement of Changes in Composition of Portfolio (Unaudited) 177 Appendix IV – Securities Financing Transactions Regulation (Unaudited) 231

3


DIRECTORY

Board of Directors at 30 June 2019

Michael Jackson (Chairman) (Irish)

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

*Director, independent of the Investment Adviser

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

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

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

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

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

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

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

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

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

CRO Number 343753

4


GENERAL INFORMATION

Structure

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

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

At 30 June 2019, the Company comprised nineteen separate portfolios of investments (“Funds”), each of which is represented by a separate series of Redeemable Participating Shares. These Funds are: The SEI Defensive Fund, The SEI Conservative Fund, The SEI Moderate Fund, The SEI Core Fund, The SEI Balanced Fund, The SEI Growth Fund, The SEI Aggressive Fund, The SEI Global Conservative Fund, The SEI Global Moderate Fund, The SEI Global Core Fund, The SEI Global Balanced Fund, The SEI Global Growth Fund, The SEI Global Aggressive Fund, The SEI Euro Conservative Fund, The SEI Euro Moderate Fund, The SEI Euro Core Fund, The SEI Euro Balanced Fund, The SEI Euro Growth Fund and The SEI Euro Aggressive Fund. The SEI Global Moderate Fund launched on 28 August 2018.

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

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

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

Distribution Policy

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

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

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

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

Prices

There is currently a single price for buying and selling Shares in the Company and/or switching Shares between Funds. This is represented by the Net Asset Value per Share. The Company reserves the right to impose, or to authorise the Manager to impose a redemption charge on the redemption of Shares to a maximum of 3% of the Net Asset Value of the Shares to be redeemed in circumstances where the value of the Shares being redeemed equals 5% or more of the Net Asset Value of the relevant Fund, or where the value of the Shares being redeemed on a Dealing Day, when aggregated with the value of any Shares redeemed by the Shareholder from the same Fund within the prior two month period from the relevant Dealing Day equals 5% or more of the Net Asset Value of the relevant Fund of the Company. The Company reserves the right to impose, or to authorise the Manager to impose a sales charge and a switching charge in such an amount as may be specified in the Prospectus. During the financial year ended 30 June 2019 (referred to herein as the “year end” or “year ended”), and year ended 30 June 2018, no charges have been imposed on subscription monies, the redemption of Shares or Shares acquired as a result of switching between Funds. Minimum Subscription

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

5


GENERAL INFORMATION (continued) Dealing A Dealing Day is:

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

Shareholders;

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

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

6


DIRECTORS’ REPORT Statement of Directors’ Responsibilities The Directors are responsible for preparing the annual report and the 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 2019 and comparatives for the year ended 30 June 2018. 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.

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.

7


DIRECTORS’ REPORT (continued)

Accounting Records (continued) The financial statements are published on the www.seic.com website. The Directors, together with the Manager and the Investment Adviser are responsible for the maintenance and integrity of the financial information included on this website. Legislation governing the presentation and dissemination of the financial statements may differ from legislation in other jurisdictions Directors The names of persons who served as Directors at any time during the year ended 30 June 2019 are set out below: Kevin Barr (American) Michael Jackson (Irish) Desmond Murray* (Irish) Robert A. Nesher (American) Jeffrey Klauder (American)

*Director, independent of the Investment Adviser. Information about Director’s Remuneration is presented in Note 9 in the Notes to the Financial Statements. 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 2019, any beneficial interest in the Shares of the Company.

Michael Jackson is the managing partner in the firm of Matheson, who act as legal advisers to the Company. During the year ended 30 June 2019, Matheson were paid fees of US$39,580 (30 June 2018: US$86,185) 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 2019.

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 Financial Statements.

Dividends The dividends for the year are set out in Note 4 in the Notes to the 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. Forward foreign currency contracts open at 30 June 2019 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 comanaged 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. As at 30 June 2019, SEI Global Assets Fund plc co-managed the assets of all the Funds (with the exception of The SEI Core Fund, The SEI Balanced Fund, The SEI Growth Fund, The SEI Aggressive Fund, The SEI Global Core Fund, The SEI Global Balanced Fund, The SEI Global Growth Fund, The SEI Global Aggressive Fund, The SEI Euro Core Fund, The SEI Euro Balanced Fund and The SEI Euro Growth Fund) utilising the following pools overleaf:

8


DIRECTORS’ REPORT (continued)

Efficient Portfolio Management (continued) Fund Name Pool The SEI Defensive Fund The SEI Managed Volatility Pool The SEI Conservative Fund The SEI Managed Volatility Pool The SEI Moderate Fund The SEI Managed Volatility Pool The SEI Global Conservative Fund The SEI Managed Volatility Pool The SEI Global Moderate Fund The SEI Managed Volatility Pool The SEI Euro Conservative Fund The SEI Managed Volatility Pool The SEI Euro Moderate Fund The SEI Managed Volatility Pool The SEI Euro Aggressive Fund The SEI Acadian European Equity (Ex-U.K.) Pool Investments can be held in the pool and also directly in the Funds. See portfolio of investments for further details. Portfolio Managers

No changes in Portfolio Managers occurred during the year ended 30 June 2019. 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. 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 the UCITS Regulations, the Directors confirm that for the year ended 30 June 2019, 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 A new Prospectus was approved by the Central Bank on 09 February 2018. The SEI Global Moderate Fund launched on 28 August 2018. There were no other significant events affecting the Company during the year. Post Balance Sheet Events There were no significant events affecting the Company since the year end.

9

SEL Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEI GLOBAL ASSETS FUND PLC

Report on the audit of the financial statements

Opinion

In our opinion, SE! Global Assets Fund plc's financial statements:

• Live a true and fair view of the Company's and Funds' assets, liabilities and financial position as at 30 June 2019 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 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 2019;

• 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 2019; and

• the notes to the Audited Financial Statements for lie Company and for each of its Funds, which include a description of the 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 tinder 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.

1/i/u'/i'IhI'fl

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

('onclusions 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 continue to adopt the going concern basis of accounting for a period ofat 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's and Funds' ability to continue as going concerns.

Reporting on other information

The other information comprises all of the information its the Annual Report and Audited Financial Statements other than the financial statements and our auditors' report thereon. The directors are responsible for the oilier imtforniation. Our opinion on the financial statements does not cover (lie 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 is10 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 othiersvise 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 lie Companies Act 2014 have been included.

Based out lie responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the Companies Act 2014 require us to also report certain opinions and matters as described below'

• in our opinion, based on the work undertaken in the course of the audit, the tisfomsattoti given is the Directors' Report for the year ended 30 June 2019 is consistent with the financial statements and has been prepared in accordance with 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.

12

SE! Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEI GLOBAL ASSETS FUND PLC (continued)

Report on the audit of the financial statements (continued)

Responsibilities for the financial sta tements and tire audit

RsnsrIIrtus / I/u ,Iii u,,c lor I/li' /IOI1I sri stahm,,uI

As explained more fully in the Statement of Directors' Responsibilities set out on page 7, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.

The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's and Funds' ability to continue as going concerns, disclosing as applicable, matters related to going concern and rising the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so,

i'urpnou/ruInsr for i/re cr70/n ,,l i/ic' I/nuns turf utuiten,u'riiS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of tire financial statements is located on the IAASA website at:

httrpsi/www.iaasa ie/getmedia/b23890 13-I cf6-458b-968f-a98202dc9c3a/Descriptionofauditorsjespoitsibilities_for_audit pdf.

Tltis description fonirs part of our auditors' report.

71, (II i/ic, ic'i'''II

This report, including the opinions, has been prepared for and only for the Company's members as a body in accordance with section 391 of (lie Companies Act 2014 and for no other parpose, We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing

Other required reporting

Companies ,Act 2014 opinions in other matters

We have obtained all the information and explanations winch we consider necessary for the purposes of our audit

In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and properly

audited

. The Financial statements are in agreement with the accounting records

Companies Act 2014 ex ception reporting

MI-C, iili'i I'c'liruiijc','aiill)i cliii! 170,? scsc.ilcill,,

Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors' remuneration and transactions specified by sections 305 to 312 of (list Act have not been made. We have no exceptions to report arising from this responsibility.

Vincent MacMahon for and on behalf of PrmcewaterhouseCoopers Chartered Accountants and Statutory Audit Finn Dublin 24 October 2019

3


THE SEI DEFENSIVE FUND – INVESTMENT ADVISER’S REPORT The SEI Defensive Fund is comprised of eight classes of Shares. The Fund was launched on 19 February 2010. The functional currency of The SEI Defensive Fund is British Pound Sterling (GBP). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Global Managed Volatility Fund, Global Short Term Bond Fund, Global Short Duration Bond Fund and UK Core Fixed Interest Fund all benefitted Fund returns. These funds performed well against the backdrop of positive performance in most risk asset classes. The Global Multi Asset Income Fund, Global Fixed Income Fund and Global Opportunistic Fixed Income Funds also added to performance as yields fell and global yield curves flattened. All other exposures were additive, with the exceptions of the Fund’s commodities allocation, which hurt Fund performance as it struggled to offset the challenging second half of 2018, and the UK Equity Fund, which struggled as it continued to face Brexit-related headwinds and the sustained political fallout. From an active allocation perspective, the Fund maintained its overweight to the Emerging Markets Debt Fund relative to an underweight in the High Yield Fixed Income Fund; the positioning added to performance. Also, the Fund continued to hold an overweight to commodities through a decrease in cash and cash equivalents; this exposure detracted from performance over the fiscal year. Both of these tactical positions remained active within the Fund at the end of the reporting period. July 2019

14


THE SEI DEFENSIVE FUND – INVESTMENT ADVISER’S REPORT (continued) Performance

Sterling Sterling Sterling Sterling Wealth A Sterling Sterling Investor Institutional Wealth A Distributing Institutional Institutional Distributing Distributing Accumulating Class C Class Class Class Class Class

GBP GBP GBP GBP GBP GBP Opening Net Asset Value per share 11.07 11.85 11.85 10.41 10.23 10.22 Distribution rate per share 0.09 0.00 0.00 0.08 0.13 0.00 Closing Net Asset Value per share 11.19 12.07 12.13 10.52 10.34 10.41 Closing Net Asset Value plus distribution rate per share 11.28 12.07 12.13 10.60 10.47 10.41 Class return for the year/period 1.90% 1.86% 2.36% 1.83% 2.35% 1.86%

Sterling Sterling Institutional Institutional D Class E Class

GBP GBP Opening Net Asset Value per share 9.92 9.93 Distribution rate per share 0.00 0.00 Closing Net Asset Value per share 10.12 10.14 Closing Net Asset Value plus distribution rate per share 10.12 10.14 Class return for the year/period 2.02% 2.11%

15


THE SEI CONSERVATIVE FUND – INVESTMENT ADVISER’S REPORT The SEI Conservative Fund is comprised of six classes of Shares. The Fund was launched on 19 February 2010. The functional currency of The SEI Conservative Fund is British Pound Sterling (GBP). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Global Managed Volatility Fund, Global Short Term Bond Fund, Global Short Duration Bond Fund and UK Core Fixed Interest Fund all benefitted Fund returns. These funds performed well against the backdrop of positive performance in most risk asset classes. The Global Multi Asset Income Fund, Global Fixed Income Fund and Global Opportunistic Fixed Income Funds also added to performance as yields fell and global yield curves flattened. All other exposures were additive, with the exception of the Fund’s commodities allocation and the UK Equity Fund, which struggled to offset the challenging second half of 2018 and continued to face Brexit-related headwinds and the sustained political fallout. From an active allocation perspective, the Fund maintained its overweight to the Emerging Markets Debt Fund relative to an underweight in the High Yield Fixed Income Fund; the positioning added to performance. Also, the Fund continued to hold an overweight to commodities through a decrease in cash and cash equivalents; this exposure detracted from performance over the fiscal year. Both of these tactical positions remained active within the portfolio at the end of the reporting period. July 2019

16


THE SEI CONSERVATIVE FUND – INVESTMENT ADVISER’S REPORT (continued) Performance

Sterling Sterling Sterling Sterling Wealth A Sterling Sterling Investor Institutional Wealth A Distributing Institutional Institutional Distributing Distributing Accumulating Class Class C Class Class Class Class


17


THE SEI MODERATE FUND – INVESTMENT ADVISER’S REPORT The SEI Moderate Fund is comprised of eight classes of Shares. The Fund was launched on 19 February 2010. The functional currency of The SEI Moderate Fund is British Pound Sterling (GBP). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Global Managed Volatility Fund, UK Core Fixed Interest Fund and the Emerging Markets Debt Fund all benefitted Fund returns. These funds performed well against the backdrop of positive performance in most risk asset classes. The Global Multi Asset Income Fund, Global Fixed Income Fund and Global Opportunistic Fixed Income Funds also added to performance as yields fell and global yield curves flattened. All other exposures were additive, with the exceptions of the Fund’s commodities allocation, which hurt Fund performance as it struggled to offset the challenging second half of 2018, and the UK Equity Fund, which struggled as it continued to face Brexit-related headwinds and the sustained political fallout. Overall, equity-based funds contributed the most to the Fund’s overall performance; global equity tended to be the best-performing asset class over the period. From an active allocation perspective, the Fund maintained its overweight to the Emerging Markets Debt Fund relative to an underweight in the High Yield Fixed Income Fund; the positioning added to performance. Also, the Fund continued to hold an overweight to commodities through a decrease in cash and cash equivalents; this exposure detracted from performance over the fiscal year. Both of these tactical positions remained active within the Fund at the end of the reporting period. July 2019

18


THE SEI MODERATE FUND – INVESTMENT ADVISER’S REPORT (continued) Performance





19


THE SEI CORE FUND – INVESTMENT ADVISER’S REPORT The SEI Core Fund is comprised of eight classes of Shares. The Fund was launched on 19 February 2010. The functional currency of The SEI Core Fund is British Pound Sterling (GBP). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Global Managed Volatility Fund, UK Core Fixed Interest Fund and the Emerging Markets Debt Fund all benefitted Fund returns. These funds performed well against the backdrop of positive performance in most risk asset classes. The Factor Allocation U.S. Equity fund, Global Fixed Income Fund, Global Opportunistic Fixed Income Fund and Dynamic Asset Allocation Fund also added to performance as yields fell and global yield curves flattened. The Fund’s commodities allocation detracted as it struggled to offset the challenging second half of 2018, while the UK Equity Fund hurt performance as it continued to face Brexit-related headwinds and the sustained political fallout. Additionally, Japan Equity Fund and Pan European Small Cap Fund marginally detracted. Overall, equity-based funds contributed the most to the Fund’s overall performance; with the exception of the above regions, global equity tended to be the best-performing asset class over the period. There were three active trades early in the twelve month period; each detracted from performance. An overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to U.S. equities. An overweight to commodities, with a respective underweight to the Global Short Term Bond Fund, was the smallest detractor. Each of these positions was closed in September with the introduction of exposure to the Dynamic Asset Allocation Fund, which will provide future active trades to the SEI Core Fund. There were no further tactical overweights or underweights to individual funds during the reporting period. July 2019

20


THE SEI CORE FUND – INVESTMENT ADVISER’S REPORT (continued) Performance





21


THE SEI BALANCED FUND – INVESTMENT ADVISER’S REPORT The SEI Balanced Fund is comprised of six classes of Shares. The Fund was launched on 19 February 2010. The functional currency of The SEI Balanced Fund is British Pound Sterling (GBP). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Factor Allocation U.S. Equity Fund, Emerging Markets Debt Fund and Global Managed Volatility Fund all benefitted Fund returns. These funds performed well against the backdrop of positive performance in most risk asset classes. The Dynamic Asset Allocation Fund, U.S. Large Companies Fund, UK Core Fixed Interest Fund and Global Opportunistic Fixed Income Fund also added to performance as yields fell and global yield curves flattened. The Fund’s commodities allocation detracted as it struggled to offset the challenging second half of 2018, while the UK Equity Fund hurt performance as it continued to face Brexit-related headwinds and the sustained political fallout. Additionally, the Japan Equity Fund and Pan European Small Cap Fund marginally detracted. Overall, equity-based funds contributed the most to the Fund’s overall performance; with the exception of the above regions, global equity tended to be the best-performing asset class over the period. There were three active trades early in the twelve month period; each detracted from performance. An overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to U.S. equities. An overweight to commodities, with a respective underweight to the Global Fixed Income Fund and the Global Opportunistic Fixed Income Fund, was the smallest detractor. Each of these positions was closed in September with the introduction of exposure to the Dynamic Asset Allocation Fund, which will provide future active trades to the SEI Balanced Fund. There were no further tactical overweights or underweights to individual funds during the reporting period. July 2019

22


THE SEI BALANCED FUND – INVESTMENT ADVISER’S REPORT (continued) Performance

Sterling Sterling Sterling Sterling Wealth A Sterling Investor Sterling Institutional Wealth A Distributing Institutional Distributing Institutional Distributing Accumulating Class C Class Class Class Class Class


23


THE SEI GROWTH FUND – INVESTMENT ADVISER’S REPORT The SEI Growth Fund is comprised of eight classes of Shares. The Fund was launched on 19 February 2010. The functional currency of The SEI Growth Fund is British Pound Sterling (GBP). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Factor Allocation U.S. Equity Fund, U.S. Large Companies Fund, Dynamic Asset Allocation Fund and the Emerging Markets Debt Fund all benefitted Fund returns. These funds performed well against the backdrop of positive performance in U.S. equities. The Global Managed Volatility Fund, UK Index-Linked Fixed Interest Fund and High Yield Fixed Income Fund also added to performance as yields fell and global yield curves flattened. The Fund’s commodities allocation detracted as it struggled to offset the challenging second half of 2018, while the UK Equity Fund hurt performance as it continued to face Brexit-related headwinds and the sustained political fallout. Additionally, the Japan Equity Fund and Pan European Small Cap Fund marginally detracted. Overall, equity-based funds contributed the most to the Fund’s overall performance; with the exception of the above regions, global equity tended to be the best-performing asset class over the period. There were three active trades early in the twelve month period; each detracted from performance. An overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to U.S. equities. An overweight to commodities, with a respective underweight to the Global Fixed Income Fund and the Global Opportunistic Fixed Income Fund, was the smallest detractor. Each of these positions was closed in September with the introduction of exposure to the Dynamic Asset Allocation Fund, which will provide future active trades to the SEI Growth Fund. There were no further tactical overweights or underweights to individual funds during the reporting period July 2019

24


THE SEI GROWTH FUND – INVESTMENT ADVISER’S REPORT (continued) Performance





25


THE SEI AGGRESSIVE FUND – INVESTMENT ADVISER’S REPORT The SEI Aggressive Fund is comprised of eight classes of Shares. The Fund was launched on 19 February 2010. The functional currency of The SEI Aggressive Fund is British Pound Sterling (GBP). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Factor Allocation U.S. Equity Fund, U.S. Large Companies Fund, Dynamic Asset Allocation Fund and the Emerging Markets Equity Fund all benefitted Fund returns. These funds performed well against the backdrop of positive performance in U.S. equities. The UK Equity Fund detracted as it continued to struggle against the backdrop of Brexit and the continued political fallout. Additionally, the Japan Equity Fund and Pan European Small Cap Fund marginally hurt performance. Equity-based funds contributed the most to the Fund’s overall performance; with the exception of the above regions, global equity tended to be the best-performing asset class over the period. There was one active trade early in the twelve month period; an overweight tilt to Japanese equities, funded by an underweight to U.S. equities, detracted from performance. The position was closed in September with the introduction of exposure to the Dynamic Asset Allocation Fund, which will provide future active trades to the SEI Aggressive Fund. There were no further tactical overweights or underweights to individual funds during the reporting period. July 2019

26


THE SEI AGGRESSIVE FUND – INVESTMENT ADVISER’S REPORT (continued) Performance





27


THE SEI GLOBAL CONSERVATIVE FUND – INVESTMENT ADVISER’S REPORT The SEI Global Conservative Fund is comprised of five classes of Shares. The Fund was launched on 28 February 2011. The functional currency of The SEI Global Conservative Fund is U.S. Dollar (US$). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Global Managed Volatility Fund, Global Fixed Income Fund and Global Opportunistic Fixed Income Fund all benefitted Fund returns. These funds performed well against the backdrop of positive returns in U.S. Equities and credit and duration assets. The Global Multi Asset Income Fund, Global Short Term Bond Fund and Global Short Duration Bond Fund also added to performance as yields fell and global yield curves flattened. All other exposures were additive, with the exceptions of the Fund’s commodities allocation and the Global Equity Fund; each struggled to offset the challenging second half of 2018. From an active allocation perspective, the Fund maintained its overweight to the Emerging Markets Debt Fund relative to an underweight in the High Yield Fixed Income Fund; the positioning added to performance. Also, the Fund continued to hold an overweight to commodities through a decrease in cash and cash equivalents; this exposure detracted from performance over the fiscal year. Both of these tactical positions remained active within the Fund at the end of the reporting period. July 2019

28


THE SEI GLOBAL CONSERVATIVE FUND – INVESTMENT ADVISER’S REPORT (continued) Performance

U.S.$ U.S.$ U.S.$ U.S.$ Wealth B Institutional U.S.$ Wealth B Institutional Distributing Distributing Wealth A Class Class Class Class Class

USD USD USD USD USD Opening Net Asset Value per share 11.75 12.73 11.00 10.47 10.12 Distribution rate per share 0.00 0.00 0.06 0.17 0.00 Closing Net Asset Value per share 12.13 13.29 11.29 10.76 10.50 Closing Net Asset Value plus distribution rate per share 12.13 13.29 11.35 10.93 10.50 Class return for the year/period 3.23% 4.40% 3.18% 4.39% 3.75%

29


THE SEI GLOBAL MODERATE FUND – INVESTMENT ADVISER’S REPORT The SEI Global Moderate Fund is comprised of six classes of Shares. The Fund was launched on 28 August 2018. The functional currency of The SEI Global Moderate Fund is U.S. Dollar (US$). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Global Managed Volatility Fund benefitted Fund returns and performed well against the backdrop of positive returns in U.S. Equities. The Emerging Markets Debt Fund, Global Fixed Income Fund, Global Opportunistic Fixed Income Fund, Global Short Duration Bond Fund, Global Short Term Bond Fund and Global Multi Asset Income Fund also added to performance against the backdrop of positive returns in credit and duration assets as yields declined and global yield curves flattened. All other exposures were additive, with the exceptions of the Fund’s commodities allocation, the Global Equity Fund and the Emerging Markets Equity Fund; each struggled to offset the challenging second half of 2018. From an active allocation perspective, the Fund maintained its overweight to the Emerging Markets Debt Fund relative to an underweight in the High Yield Fixed Income Fund; the positioning added to performance. Also, the Fund continued to hold an overweight to commodities through a decrease in cash and cash equivalents; this exposure detracted from performance over the fiscal year. Both of these tactical positions remained active within the Fund at the end of the reporting period. July 2019

30


THE SEI GLOBAL MODERATE FUND – INVESTMENT ADVISER’S REPORT (continued) Performance

U.S.$ U.S.$ U.S.$ U.S.$ Wealth B U.S.$ Wealth A U.S.$ Institutional Wealth B Distributing Wealth A Distributing Institutional Distributing Class1 Class1 Class1 Class1 Class1 Class1

USD USD USD USD USD USD

Opening Net Asset Value per share 10.00 10.00 10.00 10.00 10.00 10.00 Distribution rate per share 0.00 0.52 0.00 0.54 0.00 0.59 Closing Net Asset Value per share 10.18 9.64 10.24 9.66 10.30 9.66 Closing Net Asset Value plus distribution rate per share 10.18 10.16 10.24 10.20 10.30 10.25 Class return for the year/period 1.80% 1.60% 2.40% 2.00% 3.00% 2.50% 1 As the Share Class launched during the reporting year the above opening price is the inception price of the Share Class. The Share Class launched on 28th August 2018.

31


THE SEI GLOBAL CORE FUND – INVESTMENT ADVISER’S REPORT The SEI Global Core Fund is comprised of five classes of Shares. The Fund was launched on 28 February 2011. The functional currency of The SEI Global Core Fund is U.S. Dollar (US$). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Global Opportunistic Fixed Income Fund, Global Fixed Income Fund and Emerging Markets Debt Fund all benefitted Fund returns. These funds performed well against the backdrop of positive returns in U.S. Equities and credit and duration assets, as well as a decline in global yields. The Factor Allocation U.S. Equity Fund, Global Managed Volatility Fund, High Yield Fixed Income Fund, U.S. Large Companies Fund, Global Multi Asset Income Fund Dynamic Asset Allocation Fund also added to performance. The largest detractors from performance were the Fund’s commodities allocation, the Japan Equity Fund, Pan European Small Cap Fund and Global Equity Fund; each struggled to offset the challenging second half of 2018. To a lesser degree, the European Ex-UK Equity Fund and UK Equity Fund also detracted from returns. There were three active trades early in the twelve month period; each detracted from performance. An overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to U.S. equities. An overweight to commodities, with a respective underweight to the Global Short Term Bond Fund, was the smallest detractor. Each of these positions was closed in September with the introduction of exposure to the Dynamic Asset Allocation Fund, which will provide future active trades to the SEI Global Core Fund. There were no further tactical overweights or underweights to individual funds during the reporting period. July 2019

32


THE SEI GLOBAL CORE FUND – INVESTMENT ADVISER’S REPORT (continued) Performance



33


THE SEI GLOBAL BALANCED FUND – INVESTMENT ADVISER’S REPORT The SEI Global Balanced Fund is comprised of five classes of Shares. The Fund was launched on 28 February 2011. The functional currency of The SEI Global Balanced Fund is U.S. Dollar (US$). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Factor Allocation U.S. Equity Fund, Global Opportunistic Fixed Income Fund, Global Fixed Income Fund and Emerging Markets Debt Fund all benefitted Fund returns. These funds performed well against the backdrop of positive returns in U.S. Equities and credit and duration assets, as well as a decline in global yields. The U.S. Large Companies Fund, High Yield Fixed Income Fund, Global Managed Volatility Fund and Dynamic Asset Allocation Fund also added to performance. The largest detractors from performance were the Fund’s commodities allocation, the Japan Equity Fund, Pan European Small Cap Fund and Global Equity Fund; each struggled to offset the challenging second half of 2018. To a lesser degree, the UK Equity Fund, European Ex-UK Equity Fund and Asia Pacific (Ex-Japan) Equity Fund also detracted from returns. There were three active trades early in the twelve month period; each detracted from performance. An overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to U.S. equities. An overweight to commodities, with a respective underweight to the Global Short Term Bond Fund, was the smallest detractor. Each of these positions was closed in September with the introduction of exposure to the Dynamic Asset Allocation Fund, which will provide future active trades to the SEI Global Balanced Fund. There were no further tactical overweights or underweights to individual funds during the reporting period. July 2019

34


THE SEI GLOBAL BALANCED FUND – INVESTMENT ADVISER’S REPORT (continued) Performance



35


THE SEI GLOBAL GROWTH FUND – INVESTMENT ADVISER’S REPORT The SEI Global Growth Fund is comprised of five classes of Shares. The Fund was launched on 28 February 2011. The functional currency of The SEI Global Growth Fund is U.S. Dollar (US$). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Factor Allocation U.S. Equity Fund, U.S. Large Companies Fund, Emerging Markets Debt Fund and High Yield Fixed Income Fund all benefitted Fund returns. These funds performed well against the backdrop of positive returns in U.S. Equities and credit and duration assets, as well as a decline in global yields. The Dynamic Asset Allocation Fund, Global Opportunistic Fixed Income Fund and Global Fixed Income Fund also added to performance. The largest detractors from performance were the Global Equity Fund, Japan Equity Fund, European Ex-UK Equity Fund and Pan European Small Cap Fund; each struggled to offset the challenging second half of 2018. There were three active trades early in the twelve month period; each detracted from performance. An overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to U.S. equities. An overweight to commodities, with a respective underweight to the Global Short Term Bond Fund, was the smallest detractor. Each of these positions was closed in September with the introduction of exposure to the Dynamic Asset Allocation Fund, which will provide future active trades to the SEI Global Growth Fund. There were no further tactical overweights or underweights to individual funds during the reporting period. July 2019

36


THE SEI GLOBAL GROWTH FUND – INVESTMENT ADVISER’S REPORT (continued) Performance


USD USD USD USD USD Opening Net Asset Value per share 14.96 16.88 12.03 11.65 10.55 Distribution rate per share 0.00 0.00 0.05 0.24 0.00 Closing Net Asset Value per share 14.86 17.05 11.91 11.52 10.57 Closing Net Asset Value plus distribution rate per share 14.86 17.05 11.96 11.76 10.57 Class return for the year/period (0.67%) 1.01% (0.58%) 0.94% 0.19%

37


THE SEI GLOBAL AGGRESSIVE FUND – INVESTMENT ADVISER’S REPORT The SEI Global Aggressive Fund is comprised of five classes of Shares. The Fund was launched on 28 February 2011. The functional currency of The SEI Global Aggressive Fund is U.S. Dollar (US$). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was negative during the fiscal year. The Global Equity Fund, Japan Equity Fund, European Ex-UK Equity Fund and the Pan European Small Cap Fund all detracted from Fund performance as each struggled to offset the challenging second half of 2018. The Factor Allocation U.S. Equity Fund, U.S. Large Companies Fund and the Dynamic Asset Allocation Fund all benefitted Fund returns. These funds performed well against the backdrop of positive performance in most risk asset classes.

There was one active trade early in the twelve month period; an overweight tilt to Japanese equities, funded by an underweight to U.S. equities, detracted from performance. The position was closed in September with the introduction of exposure to the Dynamic Asset Allocation Fund, which will provide future active trades to the SEI Global Aggressive Fund. There were no further tactical overweights or underweights to individual funds during the reporting period. July 2019

38


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

Performance


USD USD USD USD USD Opening Net Asset Value per share 15.85 18.03 12.85 12.22 10.78 Distribution rate per share 0.00 0.00 0.00 0.19 0.00 Closing Net Asset Value per share 15.54 17.98 12.60 11.99 10.66 Closing Net Asset Value plus distribution rate per share 15.54 17.98 12.60 12.18 10.66 Class return for the year/period (1.96%) (0.28%) (1.95%) (0.33%) (1.11%)

39


THE SEI EURO CONSERVATIVE FUND – INVESTMENT ADVISER’S REPORT The SEI Euro Conservative Fund is comprised of four classes of Shares. The Fund was launched on 29 September 2017. The functional currency of The SEI Euro Conservative Fund is Euro (EUR). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Global Managed Volatility Fund, Emerging Markets Debt Fund and Global Multi Asset Income Fund all benefitted Fund returns. These funds performed well against the backdrop of positive returns in U.S. Equities and credit and duration assets. The Global Fixed Income Fund, Global Opportunistic Fixed Income Fund, Global Short Term Bond Fund, Global Short Duration Bond Fund and High Yield Fixed Income Fund also added to performance as yields fell and global yield curves flattened. All other exposures were additive, with the exceptions of the Fund’s commodities allocation, the European Ex-UK Equity Fund and Liquid Alternative Fund; each struggled to offset the challenging second half of 2018. From an active allocation perspective, the Fund maintained its overweight to the Emerging Markets Debt Fund relative to an underweight in the High Yield Fixed Income Fund; the positioning added to performance. Also, the Fund continued to hold an overweight to commodities through a decrease in cash and cash equivalents; this exposure detracted from performance over the fiscal year. Both of these tactical positions remained active within the Fund at the end of the reporting period. July 2019

40


THE SEI EURO CONSERVATIVE FUND – INVESTMENT ADVISER’S REPORT (continued)

Performance

Euro Euro Euro Euro Wealth C Wealth C Wealth A Institutional Accumulating Distributing Accumulating Accumulating Class Class Class Class

EUR EUR EUR EUR Opening Net Asset Value per share 10.00 10.00 10.01 9.99 Distribution rate per share 0.00 0.00 0.00 0.00 Closing Net Asset Value per share 10.15 10.16 10.24 10.26 Closing Net Asset Value plus distribution rate per share 10.15 10.16 10.24 10.26 Class return for the year/period 1.50% 1.60% 2.30% 2.70%

41


THE SEI EURO MODERATE FUND – INVESTMENT ADVISER’S REPORT The SEI Euro Moderate Fund is comprised of four classes of Shares. The Fund was launched on 29 September 2017. The functional currency of The SEI Euro Moderate Fund is Euro (EUR). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Global Managed Volatility Fund benefitted Fund returns and performed well against the backdrop of positive returns in U.S. Equities. The Emerging Markets Debt Fund, Global Fixed Income Fund, Global Opportunistic Fixed Income Fund, Global Short Duration Bond Fund, Global Short Term Bond Fund, Global Multi Asset Income Fund and High Yield Fixed Income Fund also added to performance against the backdrop of positive returns in credit and duration assets as yields declined and global yield curves flattened. All other exposures were additive, with the exceptions of the Fund’s commodities allocation, the Pan European Small Cap Fund, European Ex-UK Equity Fund and Liquid Alternative Fund; each struggled to offset the challenging second half of 2018. From an active allocation perspective, the Fund maintained its overweight to the Emerging Markets Debt Fund relative to an underweight in the High Yield Fixed Income Fund; the positioning added to performance. Also, the Fund continued to hold an overweight to commodities through a decrease in cash and cash equivalents; this exposure detracted from performance over the fiscal year. Both of these tactical positions remained active within the Fund at the end of the reporting period. July 2019

42


THE SEI EURO MODERATE FUND – INVESTMENT ADVISER’S REPORT (continued) Performance



43


THE SEI EURO CORE FUND – INVESTMENT ADVISER’S REPORT The SEI Euro Core Fund is comprised of four classes of Shares. The Fund was launched on 29 September 2017. The functional currency of The SEI Euro Core Fund is Euro (EUR). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive over the fiscal year, driven by the Global Managed Volatility Fund, European Government and Credit Fixed Income, and Emerging Markets Debt. These funds performed well against the backdrop of positive returns in U.S. Equities, credit and duration assets and as yields fell and global yield curves flattened. The Factor Allocation U.S. Equity Fund, Dynamic Asset Allocation Fund, Global Fixed Interest Fund and the Opportunistic Fixed Interest Fund also added to performance. The largest detractors from performance were the Fund’s commodities allocation, the Japan Equity Fund, Pan European Small Cap Fund and Global Equity Fund; each struggled to offset the challenging second half of 2018. To a lesser degree, the European Ex-UK Equity Fund and UK Equity Fund also detracted from returns. There were three active trades early in the twelve month period; each detracted from performance. An overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to U.S. equities. An overweight to commodities, with a respective underweight to the Global Short Term Bond Fund, was the smallest detractor. Each of these positions was closed in September with the introduction of exposure to the Dynamic Asset Allocation Fund, which will provide future active trades to the SEI Euro Core Fund. There were no further tactical overweights or underweights to individual funds during the reporting period. July 2019

44


THE SEI EURO CORE FUND – INVESTMENT ADVISER’S REPORT (continued) Performance



45


THE SEI EURO BALANCED FUND – INVESTMENT ADVISER’S REPORT The SEI Euro Balanced Fund is comprised of four classes of Shares. The Fund was launched on 29 September 2017. The functional currency of The SEI Euro Balanced Fund is Euro (EUR). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Factor Allocation U.S. Equity Fund, U.S. Large Companies Fund and Emerging Markets Debt Fund all benefitted Fund returns. These funds performed well against the backdrop of positive returns in U.S. Equities and a decline in global yields. The Global Managed Volatility Fund, Dynamic Asset Allocation Fund, Global Multi Asset Income Fund, Global Fixed Income Fund and Global Opportunistic Fixed Income Fund also added to performance. The largest detractors from performance were the Fund’s commodities allocation, the Japan Equity Fund, Pan European Small Cap Fund and Global Equity Fund; each struggled to offset the challenging second half of 2018. To a lesser degree, the European Ex-UK Equity Fund and UK Equity Fund also detracted from returns. There were three active trades early in the twelve month period; each detracted from performance. An overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to U.S. equities. An overweight to commodities, with a respective underweight to the Global Short Term Bond Fund, was the smallest detractor. Each of these positions was closed in September with the introduction of exposure to the Dynamic Asset Allocation Fund, which will provide future active trades to the SEI Euro Balanced Fund. There were no further tactical overweights or underweights to individual funds during the reporting period. July 2019

46


THE SEI EURO BALANCED FUND – INVESTMENT ADVISER’S REPORT (continued) Performance



47


THE SEI EURO GROWTH FUND – INVESTMENT ADVISER’S REPORT The SEI Euro Growth Fund is comprised of four classes of Shares. The Fund was launched on 29 September 2017. The functional currency of The SEI Euro Growth Fund is Euro (EUR). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Factor Allocation U.S. Equity Fund, U.S. Large Companies Fund and Dynamic Asset Allocation Fund all benefitted Fund returns. These funds performed well against the backdrop of positive performance in U.S. Equities. The Emerging Markets Debt Fund, Emerging Markets Equity Fund and Global Managed Volatility Fund and the High Yield Fixed Income Fund also added to returns. The largest detractors from performance were the Fund’s commodities allocation, the Japan Equity Fund, Pan European Small Cap Fund and Global Equity Fund; each struggled to offset the challenging second half of 2018. To a lesser degree, the European Ex-UK Equity Fund and UK Equity Fund also detracted from returns. There were three active trades early in the twelve month period; each detracted from performance. An overweight to the Emerging Markets Debt Fund against an underweight to the High Yield Fixed Income Fund was the largest detractor, followed by an overweight to Japanese equities against an underweight to U.S. equities. An overweight to commodities, with a respective underweight to the Global Fixed Income Fund and the Global Opportunistic Fixed Income Fund, was the smallest detractor. Each of these positions was closed in September with the introduction of exposure to the Dynamic Asset Allocation Fund, which will provide future active trades to the SEI Euro Growth Fund. There were no further tactical overweights or underweights to individual funds during the reporting period. July 2019

48


THE SEI EURO GROWTH FUND – INVESTMENT ADVISER’S REPORT (continued) Performance



49


THE SEI EURO AGGRESSIVE FUND – INVESTMENT ADVISER’S REPORT The SEI Euro Aggressive Fund is comprised of four classes of Shares. The Fund was launched on 29 September 2017. The functional currency of The Euro Aggressive Fund is Euro (EUR). Market Commentary After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending 30 June 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in twenty years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations. Meanwhile, the pace of interest-rate increases by the U.S. Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Fed raised rates twice during the reporting period; the U.S. yield curve flattened to a post-recession low and even inverted at multiple maturities. The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies. Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of 2019 saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%. Brexit concerns continued to overshadow the outlook for business in the UK; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period. Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate twice during the period, while also softening projections for future rate increases. Subdued inflation and long-term economic growth expectations pressured the long end of the curve. Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML U.S. High Yield Constrained Index up 7.58%. Emerging-market debt also delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year. Fund Attribution Fund performance was positive during the fiscal year. The Factor Allocation U.S. Equity Fund, U.S. Large Companies Fund and the Dynamic Asset Allocation Fund all benefitted Fund returns. These funds performed well against the backdrop of positive performance in U.S. Equities. The Emerging Markets Equity Fund, U.S. Small Companies Fund and the Asia Pacific (Ex-Japan) Equity Fund also added to performance. The largest detractors from performance were the Japan Equity Fund, Pan European Small Cap Fund and Global Equity Fund; each struggled to offset the challenging second half of 2018. To a lesser degree, the European Ex-UK Equity Fund and UK Equity Fund also detracted from returns. There was one active trade early in the twelve month period; an overweight tilt to Japanese equities, funded by an underweight to U.S. equities, detracted from performance. The position was closed in September with the introduction of exposure to the Dynamic Asset Allocation Fund, which will provide future active trades to the SEI Euro Aggressive Fund. There were no further tactical overweights or underweights to individual funds during the reporting period. July 2019

50


THE SEI EURO AGGRESSIVE FUND – INVESTMENT ADVISER’S REPORT (continued) Performance



51


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

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

52

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI DEFENSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019

Nominal Security Currency

Code Value GBP Fund % INVESTMENT FUNDS

Financial - 0.20% (30 June 2018: 0.19%) 546 ALSTRIA OFFICE REIT-AG EUR 6,952 0.02%431 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 6,221 0.02%187 ARBOR REALTY TRUST INC USD 1,783 0.01%102 ARES COMMERCIAL REAL ESTATE CORP USD 1,189 0.00%77 BEFIMMO SA EUR 3,495 0.01%

3,588 CACHE LOGISTICS TRUST CLASS REIT SGD 1,646 0.01%55 CANADIAN APARTMENT PROPERTIES REIT CAD 1,588 0.01%

320 CAPSTEAD MORTGAGE CORP USD 2,100 0.01%155 CROMBIE REAL ESTATE INVESTMENT TRUST CAD 1,406 0.00%54 DYNEX CAPITAL INC USD 715 0.00%

2,444 EMPIRIC STUDENT PROPERTY PLC GBP 2,219 0.01%94 EXANTAS CAPITAL CORP USD 834 0.00%

1,836 GCP STUDENT LIVING PLC GBP 2,978 0.01%19 GRANITE REAL ESTATE INVESTMENT TRUST CAD 703 0.00%

1,470 HANSTEEN HOLDINGS PLC GBP 1,432 0.00%46 INTERVEST OFFICES & WAREHOUSES NV EUR 1,026 0.00%

1,005 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 1,517 0.00%266 KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST CAD 3,001 0.01%

1,688 MFA FINANCIAL INC CLASS REIT USD 9,524 0.03%74 NORTHVIEW APARTMENT REAL ESTATE INVESTMENT TRUST CAD 1,200 0.00%

224 PENNYMAC MORTGAGE INVESTMENT TRUST USD 3,838 0.01%65 READY CAPITAL CORP USD 760 0.00%25 RETAIL ESTATES NV EUR 1,808 0.01%

1,433 SCHRODER REAL ESTATE INVESTMENT TRUST LTD GBP 788 0.00%160 SUMMIT INDUSTRIAL INCOME REIT CAD 1,240 0.00%

3,822 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 2,295 0.01%1,176 TRITAX BIG BOX REIT PLC CLASS REIT GBP 1,815 0.01%3,026 UK COMMERCIAL PROPERTY REIT LTD GBP 2,672 0.01%

170 WESTERN ASSET MORTGAGE CAPITAL CORP USD 1,331 0.00%

Funds - 95.28% (30 June 2018: 95.05%) 3,139,211 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING

GOVERNMENT LIQUIDITY FUND GBP 3,139,211 10.26%5,819,025 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING LIQUIDITY

FUND GBP 5,819,025 19.01%61,376 SEI GLOBAL MASTER FUND PLC GBP 614,370 2.01%

EMERGING MARKETS DEBT FUND PARTIALLY HEDGED GBP INSTITUTIONAL DISTRIBUTING CLASS

105,881 SEI GLOBAL MASTER FUND PLC GBP 1,226,099 4.01% GLOBAL FIXED INCOME FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

62,375 SEI GLOBAL MASTER FUND PLC GBP 1,057,879 3.46% GLOBAL MANAGED VOLATILITY FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

168,835 SEI GLOBAL MASTER FUND PLC GBP 1,533,022 5.01% GLOBAL MULTI-ASSET INCOME FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

110,166 SEI GLOBAL MASTER FUND PLC GBP 1,226,152 4.01% GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

577,284 SEI GLOBAL MASTER FUND PLC GBP 5,817,294 19.01% GLOBAL SHORT DURATION BOND FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

583,695 SEI GLOBAL MASTER FUND PLC GBP 5,813,607 18.99% GLOBAL SHORT TERM BOND FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

27,642 SEI GLOBAL MASTER FUND PLC GBP 305,719 1.00% LIQUID ALTERNATIVE FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

113,262 SEI GLOBAL MASTER FUND PLC GBP 1,524,510 4.98% U.K. CORE FIXED INTEREST FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

53

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI DEFENSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)


Code Value GBP Fund %

Funds - 95.28% (30 June 2018: 95.05%) (continued) 18,347 SEI GLOBAL MASTER FUND PLC GBP 451,693 1.48%

U.K. INDEX-LINKED FIXED INTEREST FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

49,101 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 627,512 2.05% Total Investment Funds± 29,224,169 95.48% Financial Investment Fund Assets at Fair Value Through Profit or Loss 29,224,169 95.48%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – – EQUITIES

Agriculture - 0.10% (30 June 2018: 0.14%) 74 HOKUTO CORP JPY 976 0.00%

915 INGHAMS GROUP LTD AUD 2,029 0.01%244 SCANDINAVIAN TOBACCO GROUP A/S 144A DKK 2,241 0.01%580 SWEDISH MATCH AB SEK 19,268 0.06%

83 UNIVERSAL CORP/VA USD 3,971 0.01%475 VECTOR GROUP LTD USD 3,641 0.01%

Apparel - 0.00% (30 June 2018: 0.00%) 7 VAN DE VELDE NV EUR 167 0.00%

Basic Materials - 0.03% (30 June 2018: 0.12%) 119 RELIANCE STEEL & ALUMINUM CO USD 8,835 0.03%

Beverages - 0.00% (30 June 2018: 0.01%) 29 DYDO GROUP HOLDINGS INC JPY 980 0.00%64 KEY COFFEE INC JPY 989 0.00%

Commercial Services - 0.01% (30 June 2018: 0.03%) 18 AMADEUS FIRE AG EUR 1,924 0.01%53 NISSIN CORP JPY 682 0.00%

Communications - 0.32% (30 June 2018: 0.17%) 42 AT&T INC USD 1,113 0.00%

190 BCE INC CAD 6,818 0.02%5,136 CITIC TELECOM INTERNATIONAL HOLDINGS LTD HKD 1,601 0.01%2,714 HKBN LTD HKD 3,843 0.01%5,724 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LTD HKD 1,059 0.00%

97 METROPOLE TELEVISION SA EUR 1,438 0.00%332 OMNICOM GROUP INC USD 21,395 0.07%24 QUEBECOR INC CLASS B CAD 441 0.00%

518 ROGERS COMMUNICATIONS INC CLASS B CAD 21,818 0.07%493 RTL GROUP SA EUR 19,878 0.07%

1,228 SES SA CLASS A EUR 15,105 0.05%1,348 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 1,008 0.00%2,353 STARHUB LTD SGD 2,104 0.01%

607 TELEKOM AUSTRIA AG CLASS A EUR 3,607 0.01%

Cosmetics/Personal Care - 0.07% (30 June 2018: 0.06%) 382 COLGATE-PALMOLIVE CO USD 21,500 0.07%

Distribution/Wholesale - 0.01% (30 June 2018: 0.11%) 96 D'IETEREN SA/NV EUR 3,462 0.01%16 ITOCHU-SHOKUHIN CO LTD JPY 558 0.00%33 JAPAN PULP & PAPER CO LTD JPY 873 0.00%

Diversified - 0.02% (30 June 2018: 0.02%) 679 SWIRE PACIFIC LTD CLASS A HKD 6,553 0.02%

Entertainment - 0.01% (30 June 2018: 0.03%) 209 BORUSSIA DORTMUND GMBH & CO KGAA EUR 1,545 0.01%

44 MARS GROUP HOLDINGS CORP JPY 629 0.00%

54




Financial - 0.91% (30 June 2018: 0.75%) 117 ABC ARBITRAGE EUR 670 0.00%539 AFLAC INC USD 23,227 0.08%

22 AGEAS EUR 917 0.00%29 AMERICAN NATIONAL INSURANCE CO USD 2,663 0.01%

350 ASR NEDERLAND NV EUR 11,191 0.04%791 CAPITOL FEDERAL FINANCIAL INC USD 8,554 0.03%344 DISCOVER FINANCIAL SERVICES USD 20,996 0.07%107 EHIME BANK LTD JPY 811 0.00%

75 FIRST DEFIANCE FINANCIAL CORP USD 1,683 0.01%156 GENWORTH MI CANADA INC CAD 3,877 0.01%71 GIMV NV EUR 3,528 0.01%

453 HANG SENG BANK LTD HKD 8,862 0.03%2 INTERSHOP HOLDING AG CHF 991 0.00%

584 JAPAN POST HOLDINGS CO LTD JPY 5,200 0.02%440 LEGAL & GENERAL GROUP PLC GBP 1,186 0.00%536 LOEWS CORP USD 23,014 0.08%116 MERIDIAN BANCORP INC USD 1,636 0.01%

1,382 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS 1,139 0.00%9 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN EUR 1,700 0.01%

381 NN GROUP NV EUR 12,077 0.04%154 NORTHFIELD BANCORP INC USD 1,884 0.01%917 NORTHWEST BANCSHARES INC USD 12,686 0.04%

52 OCEANFIRST FINANCIAL CORP USD 1,007 0.00%133 ORITANI FINANCIAL CORP USD 1,857 0.01%138 PROGRESSIVE CORP USD 8,670 0.03%190 REINSURANCE GROUP OF AMERICA INC CLASS A USD 23,338 0.08%60 SOFINA SA EUR 8,947 0.03%

652 SONY FINANCIAL HOLDINGS INC JPY 12,300 0.04%1,450 STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LTD GBP 1,366 0.00%

150 SUN LIFE FINANCIAL INC CAD 4,892 0.02%42 SWISS LIFE HOLDING AG CHF 16,482 0.05%

306 TIMBERCREEK FINANCIAL CORP CAD 1,744 0.01%204 TOPDANMARK A/S DKK 9,045 0.03%348 TORCHMARK CORP USD 24,489 0.08%202 WASHINGTON FEDERAL INC USD 5,543 0.02%90 WATERSTONE FINANCIAL INC USD 1,203 0.00%90 WUESTENROT & WUERTTEMBERGISCHE AG EUR 1,518 0.01%

Food - 0.64% (30 June 2018: 0.51%) 208 AGRANA BETEILIGUNGS AG EUR 3,548 0.01%118 ARCS CO LTD JPY 1,853 0.01%385 AXFOOD AB SEK 5,986 0.02%263 COLRUYT SA EUR 12,004 0.04%

22 DAIKOKUTENBUSSAN CO LTD JPY 546 0.00%643 EMPIRE CO LTD CLASS COMMON S CAD 12,748 0.04%37 FUJIYA CO LTD JPY 526 0.00%52 GREGGS PLC GBP 1,203 0.00%

165 HERSHEY CO USD 17,368 0.06%86 KATO SANGYO CO LTD JPY 2,044 0.01%

1,126 KONINKLIJKE AHOLD DELHAIZE NV EUR 19,923 0.07%740 KROGER CO USD 12,619 0.04%464 METRO INC CAD 13,705 0.05%

55 MITSUBISHI SHOKUHIN CO LTD JPY 1,134 0.00%37 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 545 0.00%

188 NORTH WEST CO INC CAD 3,385 0.01%82 OKUWA CO LTD JPY 639 0.00%21 ORIOR AG CHF 1,369 0.00%22 RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD ILS 888 0.00%85 RETAIL PARTNERS CO LTD JPY 736 0.00%

5,110 ROGERS SUGAR INC CAD 17,238 0.06%61 SHOWA SANGYO CO LTD JPY 1,335 0.00%

444 SYSCO CORP USD 24,678 0.08%376 TATE & LYLE PLC GBP 2,779 0.01%

76 TOOTSIE ROLL INDUSTRIES INC USD 2,195 0.01%731 US FOODS HOLDING CORP USD 20,534 0.07%29 VILLAGE SUPER MARKET INC CLASS A USD 610 0.00%

55




Food - 0.64% (30 June 2018: 0.51%) (continued) 50 WEIS MARKETS INC USD 1,418 0.00%

765 WOOLWORTHS GROUP LTD AUD 14,010 0.05%165 YOKOHAMA REITO CO LTD JPY 1,200 0.00%

Healthcare-Services - 0.09% (30 June 2018: 0.13%) 77 CHEMED CORP USD 21,901 0.07%19 LABORATORY CORP OF AMERICA HOLDINGS USD 2,603 0.01%31 NATIONAL HEALTHCARE CORP USD 2,007 0.01%

Home Furnishings - 0.01% (30 June 2018: 0.00%) 286 VTECH HOLDINGS LTD HKD 2,011 0.01%

Household Products/Wares - 0.17% (30 June 2018: 0.17%) 170 CLOROX CO USD 20,503 0.07%237 KIMBERLY-CLARK CORP USD 24,855 0.08%55 WD-40 CO USD 6,910 0.02%

Industrial - 0.10% (30 June 2018: 0.34%) 32 BARCO NV EUR 5,329 0.02%

109 CK INFRASTRUCTURE HOLDINGS LTD HKD 699 0.00%96 GO-AHEAD GROUP PLC GBP 1,900 0.01%

238 KELLER GROUP PLC GBP 1,460 0.00%119 OESTERREICHISCHE POST AG EUR 3,140 0.01%354 SONOCO PRODUCTS CO USD 18,183 0.06%56 TAMRON CO LTD JPY 896 0.00%

Office Furnishings - 0.03% (30 June 2018: 0.02%) 216 HERMAN MILLER INC USD 7,589 0.03%

Pharmaceuticals - 0.10% (30 June 2018: 0.12%) 298 SAWAI PHARMACEUTICAL CO LTD JPY 12,662 0.04%279 SUZUKEN CO LTD/AICHI JAPAN JPY 12,855 0.04%188 TOHO HOLDINGS CO LTD JPY 3,315 0.01%96 TOWA PHARMACEUTICAL CO LTD JPY 1,911 0.01%

146 VITAL KSK HOLDINGS INC JPY 1,082 0.00%

Retail - 0.59% (30 June 2018: 0.87%) 55 ALPEN CO LTD JPY 613 0.00%93 ARCLAND SAKAMOTO CO LTD JPY 892 0.00%

1,310 CAFE DE CORAL HOLDINGS LTD HKD 3,062 0.01%228 CANADIAN TIRE CORP LTD CLASS A CAD 19,550 0.06%211 CASEY'S GENERAL STORES INC USD 25,862 0.08%53 CAWACHI LTD JPY 777 0.00%

1,072 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 1,249 0.00%107 DOUTOR NICHIRES HOLDINGS CO LTD JPY 1,588 0.01%325 EDION CORP JPY 2,372 0.01%625 EUROPRIS ASA 144A NOK 1,524 0.01%249 FAIRWOOD HOLDINGS LTD HKD 673 0.00%113 GEO HOLDINGS CORP JPY 1,140 0.00%

4,594 GIORDANO INTERNATIONAL LTD HKD 1,580 0.01%37 HORNBACH HOLDING AG & CO KGAA EUR 1,665 0.01%

267 JB HI-FI LTD AUD 3,806 0.01%78 KISOJI CO LTD JPY 1,426 0.00%95 KOHNAN SHOJI CO LTD JPY 1,550 0.01%

111 KOMERI CO LTD JPY 1,783 0.01%2,220 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 2,550 0.01%

141 MATAS A/S DKK 1,207 0.00%32 MATSUYAFOODS HOLDINGS CO LTD JPY 770 0.00%51 MINISTOP CO LTD JPY 575 0.00%90 MOS FOOD SERVICES INC JPY 1,545 0.01%44 OHSHO FOOD SERVICE CORP JPY 2,017 0.01%

251 ROSS STORES INC USD 19,531 0.06%1,899 SHENG SIONG GROUP LTD SGD 1,213 0.00%

51 ST MARC HOLDINGS CO LTD JPY 860 0.00%428 SUPER RETAIL GROUP LTD AUD 1,942 0.01%375 TARGET CORP USD 25,533 0.08%

56




Retail - 0.59% (30 June 2018: 0.87%) (continued) 568 TJX COS INC USD 23,588 0.08%182 TOKMANNI GROUP CORP EUR 1,304 0.00%

14 VALORA HOLDING AG CHF 2,710 0.01%266 WALMART INC USD 23,094 0.08%

78 WH SMITH PLC GBP 1,540 0.01%

Storage/Warehousing - 0.00% (30 June 2018: 0.00%) 72 MITSUI-SOKO HOLDINGS CO LTD JPY 811 0.00%

Textiles - 0.01% (30 June 2018: 0.00%) 2,711 PACIFIC TEXTILES HOLDINGS LTD HKD 1,685 0.01%

Utilities - 1.08% (30 June 2018: 0.45%) 255 AVISTA CORP USD 8,924 0.03%

65 BKW AG CHF 3,431 0.01%206 BLACK HILLS CORP USD 12,662 0.04%927 CENTERPOINT ENERGY INC USD 20,861 0.07%

3,151 CLP HOLDINGS LTD HKD 27,319 0.09%304 CONSOLIDATED EDISON INC USD 20,978 0.07%223 DTE ENERGY CO USD 22,420 0.07%126 ELIA SYSTEM OPERATOR SA/NV EUR 7,311 0.02%45 ENTERGY CORP USD 3,617 0.01%

247 EVERGY INC USD 11,662 0.04%134 EVN AG EUR 1,593 0.01%538 EXELON CORP USD 20,265 0.07%353 HAWAIIAN ELECTRIC INDUSTRIES INC USD 12,095 0.04%

10,869 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD HKD 8,745 0.03%628 HOKKAIDO ELECTRIC POWER CO INC JPY 2,762 0.01%

6,856 HONG KONG & CHINA GAS CO LTD HKD 11,943 0.04%269 HYDRO ONE LTD 144A CAD 3,697 0.01%286 NATIONAL FUEL GAS CO USD 11,862 0.04%192 NORTHWESTERN CORP USD 10,858 0.04%772 OGE ENERGY CORP USD 25,826 0.08%146 OTTER TAIL CORP USD 6,038 0.02%276 PINNACLE WEST CAPITAL CORP USD 20,440 0.07%316 PORTLAND GENERAL ELECTRIC CO USD 13,439 0.04%485 POWER ASSETS HOLDINGS LTD HKD 2,742 0.01%201 PUBLIC SERVICE ENTERPRISE GROUP INC USD 9,288 0.03%183 SHIZUOKA GAS CO LTD JPY 1,098 0.00%536 SOUTHERN CO USD 23,281 0.08%

53 UNITIL CORP USD 2,478 0.01% Total Equities* 1,314,743 4.30% Financial Equity Assets at Fair Value Through Profit or Loss 1,314,743 4.30%Financial Equity Liabilities at Fair Value Through Profit or Loss – –

Investments 30,538,912 99.78%

57

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI DEFENSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued) FORWARD FOREIGN CURRENCY CONTRACTS 0.00% (30 June 2018: 0.01%)

Maturity Date

Amount Bought

Amount Sold Counterparty

Unrealised Gain/(Loss)

GBP Fund % Portfolio Hedges 31/07/2019 151,943 GBP (193,004) USD Brown Brothers Harriman 521 0.00% 521 0.00% Total Forward Foreign Currency Contracts∞ 521 0.00% Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss 521 0.00%Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss – –

Value GBP Fund % Total Financial Assets at Fair Value Through Profit or Loss 30,539,433 99.78%Total Financial Liabilities at Fair Value Through Profit or Loss – –

Portfolio Analysis (Unaudited) Total Assets % * Transferable securities admitted to an official stock exchange listing 1,314,743 4.26%± UCITS and non-UCITS investment schemes 29,224,169 94.73%∞ Centrally Cleared and OTC financial derivative instruments 521 0.00% Total Investments 30,539,433 98.99%

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.

58

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019



Financial - 0.62% (30 June 2018: 0.45%) 3,702 ALSTRIA OFFICE REIT-AG EUR 47,166 0.06%2,921 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 42,204 0.06%1,270 ARBOR REALTY TRUST INC USD 12,097 0.02%

691 ARES COMMERCIAL REAL ESTATE CORP USD 8,069 0.01%524 BEFIMMO SA EUR 23,713 0.03%


2,172 CAPSTEAD MORTGAGE CORP USD 14,250 0.02%1,054 CROMBIE REAL ESTATE INVESTMENT TRUST CAD 9,540 0.01%

369 DYNEX CAPITAL INC USD 4,853 0.01%16,580 EMPIRIC STUDENT PROPERTY PLC GBP 15,055 0.02%

636 EXANTAS CAPITAL CORP USD 5,654 0.01%12,456 GCP STUDENT LIVING PLC GBP 20,204 0.03%

132 GRANITE REAL ESTATE INVESTMENT TRUST CAD 4,772 0.01%9,973 HANSTEEN HOLDINGS PLC GBP 9,713 0.01%

315 INTERVEST OFFICES & WAREHOUSES NV EUR 6,961 0.01%6,820 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 10,289 0.01%1,802 KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST CAD 20,362 0.03%


1,518 PENNYMAC MORTGAGE INVESTMENT TRUST USD 26,041 0.03%440 READY CAPITAL CORP USD 5,155 0.01%169 RETAIL ESTATES NV EUR 12,269 0.02%

9,721 SCHRODER REAL ESTATE INVESTMENT TRUST LTD GBP 5,347 0.01%1,086 SUMMIT INDUSTRIAL INCOME REIT CAD 8,410 0.01%

25,928 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 15,568 0.02%7,979 TRITAX BIG BOX REIT PLC CLASS REIT GBP 12,312 0.02%

20,527 UK COMMERCIAL PROPERTY REIT LTD GBP 18,126 0.02%1,151 WESTERN ASSET MORTGAGE CAPITAL CORP USD 9,027 0.01%

Funds - 87.18% (30 June 2018: 88.44%) 8,435,962 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING

LIQUIDITY FUND GBP 8,435,962 11.13%

379,282 SEI GLOBAL MASTER FUND PLC GBP 3,796,616 5.01% EMERGING MARKETS DEBT FUND PARTIALLY HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

364,014 SEI GLOBAL MASTER FUND PLC GBP 4,215,286 5.56% GLOBAL FIXED INCOME FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS


589,496 SEI GLOBAL MASTER FUND PLC GBP 5,352,626 7.06% GLOBAL MULTI-ASSET INCOME FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

377,335 SEI GLOBAL MASTER FUND PLC GBP 4,199,739 5.54% GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

1,037,595 SEI GLOBAL MASTER FUND PLC GBP 10,455,842 13.80% GLOBAL SHORT DURATION BOND FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

1,051,326 SEI GLOBAL MASTER FUND PLC GBP 10,471,206 13.82% GLOBAL SHORT TERM BOND FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

73,002 SEI GLOBAL MASTER FUND PLC GBP 756,301 1.00% HIGH YIELD FIXED INCOME FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

200,696 SEI GLOBAL MASTER FUND PLC GBP 2,219,698 2.93% LIQUID ALTERNATIVE FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

476,715 SEI GLOBAL MASTER FUND PLC GBP 6,416,586 8.47% U.K. CORE FIXED INTEREST FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

59

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)



Funds - 87.18% (30 June 2018: 88.44%) (continued) 77,462 SEI GLOBAL MASTER FUND PLC GBP 1,493,473 1.97%

U.K. EQUITY FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

76,736 SEI GLOBAL MASTER FUND PLC GBP 1,889,250 2.49% U.K. INDEX-LINKED FIXED INTEREST FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

173,241 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 2,214,020 2.92% Total Investment Funds± 66,530,655 87.80% Financial Investment Fund Assets at Fair Value Through Profit or Loss 66,530,655 87.80%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – – EQUITIES

Agriculture - 0.29% (30 June 2018: 0.36%) 500 HOKUTO CORP JPY 6,624 0.01%

6,209 INGHAMS GROUP LTD AUD 13,764 0.02%1,657 SCANDINAVIAN TOBACCO GROUP A/S 144A DKK 15,201 0.02%3,938 SWEDISH MATCH AB SEK 130,723 0.17%

564 UNIVERSAL CORP/VA USD 26,941 0.04%3,224 VECTOR GROUP LTD USD 24,700 0.03%

Apparel - 0.00% (30 June 2018: 0.01%) 46 VAN DE VELDE NV EUR 1,134 0.00%


Beverages - 0.02% (30 June 2018: 0.02%) 197 DYDO GROUP HOLDINGS INC JPY 6,650 0.01%436 KEY COFFEE INC JPY 6,709 0.01%

Commercial Services - 0.03% (30 June 2018: 0.08%) 122 AMADEUS FIRE AG EUR 13,052 0.02%358 NISSIN CORP JPY 4,626 0.01%


1,291 BCE INC CAD 46,255 0.06%34,846 CITIC TELECOM INTERNATIONAL HOLDINGS LTD HKD 10,864 0.01%18,413 HKBN LTD HKD 26,074 0.03%38,832 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LTD HKD 7,186 0.01%

655 METROPOLE TELEVISION SA EUR 9,754 0.01%2,254 OMNICOM GROUP INC USD 145,151 0.19%

159 QUEBECOR INC CLASS B CAD 2,990 0.00%3,512 ROGERS COMMUNICATIONS INC CLASS B CAD 148,024 0.20%3,346 RTL GROUP SA EUR 134,860 0.18%8,329 SES SA CLASS A EUR 102,476 0.14%9,144 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 6,842 0.01%

15,961 STARHUB LTD SGD 14,274 0.02%4,119 TELEKOM AUSTRIA AG CLASS A EUR 24,473 0.03%

Cosmetics/Personal Care - 0.19% (30 June 2018: 0.16%) 2,590 COLGATE-PALMOLIVE CO USD 145,864 0.19%

Distribution/Wholesale - 0.05% (30 June 2018: 0.31%) 650 D'IETEREN SA/NV EUR 23,489 0.03%112 ITOCHU-SHOKUHIN CO LTD JPY 3,786 0.01%227 JAPAN PULP & PAPER CO LTD JPY 5,924 0.01%

Diversified - 0.06% (30 June 2018: 0.05%) 4,605 SWIRE PACIFIC LTD CLASS A HKD 44,459 0.06%

Entertainment - 0.01% (30 June 2018: 0.09%) 1,416 BORUSSIA DORTMUND GMBH & CO KGAA EUR 10,484 0.01%

60




Financial - 2.46% (30 June 2018: 1.96%) 296 MARS GROUP HOLDINGS CORP JPY 4,270 0.01%795 ABC ARBITRAGE EUR 4,546 0.01%

3,659 AFLAC INC USD 157,582 0.21%152 AGEAS EUR 6,218 0.01%197 AMERICAN NATIONAL INSURANCE CO USD 18,069 0.02%

2,373 ASR NEDERLAND NV EUR 75,921 0.10%5,364 CAPITOL FEDERAL FINANCIAL INC USD 58,037 0.08%2,336 DISCOVER FINANCIAL SERVICES USD 142,444 0.19%

724 EHIME BANK LTD JPY 5,502 0.01%509 FIRST DEFIANCE FINANCIAL CORP USD 11,421 0.02%

1,056 GENWORTH MI CANADA INC CAD 26,305 0.03%482 GIMV NV EUR 23,934 0.03%

3,074 HANG SENG BANK LTD HKD 60,125 0.08%17 INTERSHOP HOLDING AG CHF 6,722 0.01%

3,965 JAPAN POST HOLDINGS CO LTD JPY 35,282 0.05%2,984 LEGAL & GENERAL GROUP PLC GBP 8,043 0.01%3,635 LOEWS CORP USD 156,133 0.21%

790 MERIDIAN BANCORP INC USD 11,102 0.01%9,378 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS 7,727 0.01%

58 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN EUR 11,535 0.02%2,587 NN GROUP NV EUR 81,932 0.11%1,042 NORTHFIELD BANCORP INC USD 12,779 0.02%6,220 NORTHWEST BANCSHARES INC USD 86,065 0.11%

350 OCEANFIRST FINANCIAL CORP USD 6,830 0.01%904 ORITANI FINANCIAL CORP USD 12,598 0.02%937 PROGRESSIVE CORP USD 58,820 0.08%

1,291 REINSURANCE GROUP OF AMERICA INC CLASS A USD 158,333 0.21%405 SOFINA SA EUR 60,703 0.08%

4,421 SONY FINANCIAL HOLDINGS INC JPY 83,446 0.11%9,835 STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LTD GBP 9,264 0.01%1,018 SUN LIFE FINANCIAL INC CAD 33,190 0.04%

287 SWISS LIFE HOLDING AG CHF 111,817 0.15%2,073 TIMBERCREEK FINANCIAL CORP CAD 11,830 0.02%1,383 TOPDANMARK A/S DKK 61,364 0.08%2,364 TORCHMARK CORP USD 166,144 0.22%1,370 WASHINGTON FEDERAL INC USD 37,604 0.05%

609 WATERSTONE FINANCIAL INC USD 8,161 0.01%608 WUESTENROT & WUERTTEMBERGISCHE AG EUR 10,298 0.01%

Food - 1.76% (30 June 2018: 1.33%) 1,408 AGRANA BETEILIGUNGS AG EUR 24,069 0.03%

802 ARCS CO LTD JPY 12,571 0.02%2,610 AXFOOD AB SEK 40,614 0.05%1,785 COLRUYT SA EUR 81,440 0.11%

148 DAIKOKUTENBUSSAN CO LTD JPY 3,704 0.00%4,361 EMPIRE CO LTD CLASS COMMON S CAD 86,487 0.11%

251 FUJIYA CO LTD JPY 3,567 0.00%355 GREGGS PLC GBP 8,160 0.01%

1,119 HERSHEY CO USD 117,831 0.16%581 KATO SANGYO CO LTD JPY 13,867 0.02%

7,638 KONINKLIJKE AHOLD DELHAIZE NV EUR 135,166 0.18%5,019 KROGER CO USD 85,613 0.11%3,147 METRO INC/CN CLASS A CAD 92,981 0.12%

373 MITSUBISHI SHOKUHIN CO LTD JPY 7,694 0.01%252 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 3,701 0.00%

1,278 NORTH WEST CO INC CAD 22,966 0.03%559 OKUWA CO LTD JPY 4,333 0.01%140 ORIOR AG CHF 9,288 0.01%147 RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD ILS 6,028 0.01%576 RETAIL PARTNERS CO LTD JPY 4,994 0.01%


3,013 SYSCO CORP USD 167,428 0.22%2,553 TATE & LYLE PLC GBP 18,852 0.02%

513 TOOTSIE ROLL INDUSTRIES INC USD 14,892 0.02%4,958 US FOODS HOLDING CORP USD 139,312 0.18%

61




Food - 1.76% (30 June 2018: 1.33%) (continued) 199 VILLAGE SUPER MARKET INC CLASS A USD 4,140 0.01%336 WEIS MARKETS INC USD 9,622 0.01%

5,188 WOOLWORTHS GROUP LTD AUD 95,052 0.13%1,119 YOKOHAMA REITO CO LTD JPY 8,144 0.01%


Home Furnishings - 0.02% (30 June 2018: 0.00%) 1,941 VTECH HOLDINGS LTD HKD 13,643 0.02%

Household Products/Wares - 0.46% (30 June 2018: 0.43%) 1,156 CLOROX CO USD 139,099 0.18%1,610 KIMBERLY-CLARK CORP USD 168,624 0.22%

375 WD-40 CO USD 46,880 0.06%

Industrial - 0.29% (30 June 2018: 0.82%) 218 BARCO NV EUR 36,156 0.05%740 CK INFRASTRUCTURE HOLDINGS LTD HKD 4,744 0.01%654 GO-AHEAD GROUP PLC GBP 12,888 0.02%

1,613 KELLER GROUP PLC GBP 9,905 0.01%806 OESTERREICHISCHE POST AG EUR 21,305 0.03%

2,403 SONOCO PRODUCTS CO USD 123,359 0.16%378 TAMRON CO LTD JPY 6,080 0.01%

Office Furnishings - 0.07% (30 June 2018: 0.05%) 1,466 HERMAN MILLER INC USD 51,486 0.07%

Pharmaceuticals - 0.29% (30 June 2018: 0.32%) 2,024 SAWAI PHARMACEUTICAL CO LTD JPY 85,902 0.11%1,892 SUZUKEN CO LTD/AICHI JAPAN JPY 87,214 0.12%1,278 TOHO HOLDINGS CO LTD JPY 22,490 0.03%

650 TOWA PHARMACEUTICAL CO LTD JPY 12,962 0.02%987 VITAL KSK HOLDINGS INC JPY 7,344 0.01%

Retail - 1.61% (30 June 2018: 2.17%) 374 ALPEN CO LTD JPY 4,159 0.01%629 ARCLAND SAKAMOTO CO LTD JPY 6,049 0.01%

8,885 CAFE DE CORAL HOLDINGS LTD HKD 20,777 0.03%1,546 CANADIAN TIRE CORP LTD CLASS A CAD 132,637 0.18%1,432 CASEY'S GENERAL STORES INC USD 175,455 0.23%

362 CAWACHI LTD JPY 5,269 0.01%7,274 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 8,471 0.01%

724 DOUTOR NICHIRES HOLDINGS CO LTD JPY 10,771 0.01%2,205 EDION CORP JPY 16,096 0.02%4,243 EUROPRIS ASA 144A NOK 10,339 0.01%1,687 FAIRWOOD HOLDINGS LTD HKD 4,563 0.01%

768 GEO HOLDINGS CORP JPY 7,733 0.01%31,170 GIORDANO INTERNATIONAL LTD HKD 10,721 0.01%

253 HORNBACH HOLDING AG & CO KGAA EUR 11,296 0.01%1,811 JB HI-FI LTD AUD 25,819 0.03%

527 KISOJI CO LTD JPY 9,677 0.01%644 KOHNAN SHOJI CO LTD JPY 10,518 0.01%753 KOMERI CO LTD JPY 12,094 0.02%

15,064 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 17,302 0.02%960 MATAS A/S DKK 8,191 0.01%219 MATSUYAFOODS HOLDINGS CO LTD JPY 5,227 0.01%346 MINISTOP CO LTD JPY 3,903 0.01%609 MOS FOOD SERVICES INC JPY 10,483 0.01%297 OHSHO FOOD SERVICE CORP JPY 13,682 0.02%

1,701 ROSS STORES INC USD 132,505 0.17%12,880 SHENG SIONG GROUP LTD SGD 8,228 0.01%

349 ST MARC HOLDINGS CO LTD JPY 5,836 0.01%2,903 SUPER RETAIL GROUP LTD AUD 13,173 0.02%

62




Retail - 1.61% (30 June 2018: 2.17%) (continued) 2,545 TARGET CORP USD 173,224 0.23%3,852 TJX COS INC USD 160,032 0.21%1,233 TOKMANNI GROUP CORP EUR 8,848 0.01%

92 VALORA HOLDING AG CHF 18,387 0.02%1,805 WALMART INC USD 156,675 0.21%

530 WH SMITH PLC GBP 10,450 0.01%

Storage/Warehousing - 0.01% (30 June 2018: 0.00%) 487 MITSUI-SOKO HOLDINGS CO LTD JPY 5,505 0.01%


Utilities - 2.91% (30 June 2018: 1.06%) 1,728 AVISTA CORP USD 60,544 0.08%

443 BKW AG CHF 23,274 0.03%1,399 BLACK HILLS CORP USD 85,903 0.11%6,292 CENTERPOINT ENERGY INC USD 141,532 0.19%

21,379 CLP HOLDINGS LTD HKD 185,343 0.24%2,066 CONSOLIDATED EDISON INC USD 142,320 0.19%1,514 DTE ENERGY CO USD 152,104 0.20%

855 ELIA SYSTEM OPERATOR SA/NV EUR 49,601 0.07%303 ENTERGY CORP USD 24,539 0.03%

1,674 EVERGY INC USD 79,118 0.10%908 EVN AG EUR 10,805 0.01%

3,650 EXELON CORP USD 137,483 0.18%2,398 HAWAIIAN ELECTRIC INDUSTRIES INC USD 82,057 0.11%

73,737 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD HKD 59,328 0.08%4,262 HOKKAIDO ELECTRIC POWER CO INC JPY 18,741 0.02%

46,516 HONG KONG & CHINA GAS CO LTD HKD 81,028 0.11%1,826 HYDRO ONE LTD 144A CAD 25,083 0.03%1,942 NATIONAL FUEL GAS CO USD 80,474 0.11%1,299 NORTHWESTERN CORP USD 73,663 0.10%5,240 OGE ENERGY CORP USD 175,213 0.23%

987 OTTER TAIL CORP USD 40,965 0.05%1,876 PINNACLE WEST CAPITAL CORP USD 138,675 0.18%2,142 PORTLAND GENERAL ELECTRIC CO USD 91,177 0.12%3,291 POWER ASSETS HOLDINGS LTD HKD 18,601 0.02%1,363 PUBLIC SERVICE ENTERPRISE GROUP INC USD 63,012 0.08%1,244 SHIZUOKA GAS CO LTD JPY 7,451 0.01%3,636 SOUTHERN CO USD 157,947 0.21%


Investments 75,450,379 99.57%

63


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

Maturity Date

Amount Bought



GBP Fund % Portfolio Hedges 31/07/2019 757,194 GBP (961,818) USD Brown Brothers Harriman 2,598 0.00% 2,598 0.00%

Total Forward Foreign Currency Contracts∞ 2,598 0.00% Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss 2,598 0.00%Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss – –

Value GBP Fund % Total Financial Assets at Fair Value Through Profit or Loss 75,452,977 99.57%Total Financial Liabilities at Fair Value Through Profit or Loss – –

Portfolio Analysis (Unaudited) Total Assets % * Transferable securities admitted to an official stock exchange listing 8,919,724 11.74%± UCITS and non-UCITS investment schemes 66,530,655 87.58%∞ Centrally Cleared and OTC financial derivative instruments 2,598 0.00% Total Investments 75,452,977 99.32%


64

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI MODERATE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019



Financial - 0.62% (30 June 2018: 0.47%) 17,377 ALSTRIA OFFICE REIT-AG EUR 221,418 0.06%13,711 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 198,123 0.06%5,963 ARBOR REALTY TRUST INC USD 56,787 0.02%3,244 ARES COMMERCIAL REAL ESTATE CORP USD 37,879 0.01%2,459 BEFIMMO SA EUR 111,318 0.03%

114,272 CACHE LOGISTICS TRUST CLASS REIT SGD 52,427 0.01%1,740 CANADIAN APARTMENT PROPERTIES REIT CAD 50,582 0.01%

10,196 CAPSTEAD MORTGAGE CORP USD 66,895 0.02%4,946 CROMBIE REAL ESTATE INVESTMENT TRUST CAD 44,786 0.01%1,731 DYNEX CAPITAL INC USD 22,782 0.01%

77,835 EMPIRIC STUDENT PROPERTY PLC GBP 70,674 0.02%2,987 EXANTAS CAPITAL CORP USD 26,544 0.01%

58,476 GCP STUDENT LIVING PLC GBP 94,848 0.03%618 GRANITE REAL ESTATE INVESTMENT TRUST CAD 22,401 0.01%

46,815 HANSTEEN HOLDINGS PLC GBP 45,598 0.01%1,478 INTERVEST OFFICES & WAREHOUSES NV EUR 32,675 0.01%

32,017 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 48,301 0.01%8,460 KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST CAD 95,587 0.03%

53,768 MFA FINANCIAL INC CLASS REIT USD 303,334 0.09%2,362 NORTHVIEW APARTMENT REAL ESTATE INVESTMENT TRUST CAD 38,206 0.01%7,127 PENNYMAC MORTGAGE INVESTMENT TRUST USD 122,249 0.03%2,067 READY CAPITAL CORP USD 24,199 0.01%

792 RETAIL ESTATES NV EUR 57,596 0.02%45,636 SCHRODER REAL ESTATE INVESTMENT TRUST LTD GBP 25,100 0.01%5,098 SUMMIT INDUSTRIAL INCOME REIT CAD 39,482 0.01%

121,715 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 73,081 0.02%37,457 TRITAX BIG BOX REIT PLC CLASS REIT GBP 57,797 0.02%96,364 UK COMMERCIAL PROPERTY REIT LTD GBP 85,089 0.02%5,404 WESTERN ASSET MORTGAGE CAPITAL CORP USD 42,375 0.01%

Funds - 87.39% (30 June 2018: 87.84%) 2,712,197 SEI GLOBAL MASTER FUND PLC GBP 27,149,092 7.63%

EMERGING MARKETS DEBT FUND PARTIALLY HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

1,993,544 SEI GLOBAL MASTER FUND PLC GBP 23,085,235 6.49% GLOBAL FIXED INCOME FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

3,193,095 SEI GLOBAL MASTER FUND PLC GBP 54,154,885 15.23% GLOBAL MANAGED VOLATILITY FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

2,175,063 SEI GLOBAL MASTER FUND PLC GBP 19,749,570 5.55% GLOBAL MULTI-ASSET INCOME FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

2,098,408 SEI GLOBAL MASTER FUND PLC GBP 23,355,286 6.57% GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS



504,069 SEI GLOBAL MASTER FUND PLC GBP 5,222,152 1.47% HIGH YIELD FIXED INCOME FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

1,367,865 SEI GLOBAL MASTER FUND PLC GBP 15,128,588 4.25% LIQUID ALTERNATIVE FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

2,648,275 SEI GLOBAL MASTER FUND PLC GBP 35,645,783 10.02% U.K. CORE FIXED INTEREST FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

1,302,699 SEI GLOBAL MASTER FUND PLC GBP 25,116,042 7.06% U.K. EQUITY FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

65

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI MODERATE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)





1,052,531 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 13,451,343 3.78% Total Investment Funds± 313,041,058 88.01% Financial Investment Fund Assets at Fair Value Through Profit or Loss 313,041,058 88.01%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – – EQUITIES

Agriculture - 0.29% (30 June 2018: 0.37%) 2,347 HOKUTO CORP JPY 31,095 0.01%

29,150 INGHAMS GROUP LTD AUD 64,613 0.02%7,781 SCANDINAVIAN TOBACCO GROUP A/S 144A DKK 71,358 0.02%

18,486 SWEDISH MATCH AB SEK 613,666 0.17%2,649 UNIVERSAL CORP/VA USD 126,470 0.04%

15,136 VECTOR GROUP LTD USD 115,953 0.03%

Apparel - 0.00% (30 June 2018: 0.01%) 216 VAN DE VELDE NV EUR 5,322 0.00%

Basic Materials - 0.08% (30 June 2018: 0.27%) 3,785 RELIANCE STEEL & ALUMINUM CO USD 281,391 0.08%

Beverages - 0.02% (30 June 2018: 0.02%) 925 DYDO GROUP HOLDINGS INC JPY 31,220 0.01%

2,048 KEY COFFEE INC JPY 31,495 0.01%

Commercial Services - 0.03% (30 June 2018: 0.09%) 572 AMADEUS FIRE AG EUR 61,273 0.02%

1,682 NISSIN CORP JPY 21,716 0.01%

Communications - 0.90% (30 June 2018: 0.43%) 1,346 AT&T INC USD 35,449 0.01%6,061 BCE INC CAD 217,141 0.06%

163,579 CITIC TELECOM INTERNATIONAL HOLDINGS LTD HKD 51,000 0.01%86,438 HKBN LTD HKD 122,403 0.03%

182,293 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LTD HKD 33,734 0.01%3,073 METROPOLE TELEVISION SA EUR 45,790 0.01%

10,582 OMNICOM GROUP INC USD 681,397 0.19%748 QUEBECOR INC CLASS B CAD 14,037 0.00%

16,486 ROGERS COMMUNICATIONS INC CLASS B CAD 694,883 0.20%15,709 RTL GROUP SA EUR 633,087 0.18%39,100 SES SA CLASS A EUR 481,064 0.14%42,924 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 32,119 0.01%74,925 STARHUB LTD SGD 67,010 0.02%19,336 TELEKOM AUSTRIA AG CLASS A EUR 114,884 0.03%

Cosmetics/Personal Care - 0.19% (30 June 2018: 0.16%) 12,160 COLGATE-PALMOLIVE CO USD 684,744 0.19%

Distribution/Wholesale - 0.05% (30 June 2018: 0.31%) 3,050 D'IETEREN SA/NV EUR 110,267 0.03%

525 ITOCHU-SHOKUHIN CO LTD JPY 17,774 0.01%1,064 JAPAN PULP & PAPER CO LTD JPY 27,808 0.01%

Diversified - 0.06% (30 June 2018: 0.05%) 21,616 SWIRE PACIFIC LTD CLASS A HKD 208,707 0.06%

Entertainment - 0.02% (30 June 2018: 0.09%) 6,647 BORUSSIA DORTMUND GMBH & CO KGAA EUR 49,215 0.01%1,390 MARS GROUP HOLDINGS CORP JPY 20,046 0.01%

66




Financial - 2.45% (30 June 2018: 2.00%) 3,732 ABC ARBITRAGE EUR 21,341 0.01%

17,177 AFLAC INC USD 739,753 0.21%714 AGEAS EUR 29,192 0.01%927 AMERICAN NATIONAL INSURANCE CO USD 84,825 0.02%

11,138 ASR NEDERLAND NV EUR 356,403 0.10%25,181 CAPITOL FEDERAL FINANCIAL INC USD 272,447 0.08%10,968 DISCOVER FINANCIAL SERVICES USD 668,690 0.19%3,399 EHIME BANK LTD JPY 25,827 0.01%2,388 FIRST DEFIANCE FINANCIAL CORP USD 53,614 0.02%4,956 GENWORTH MI CANADA INC CAD 123,487 0.03%2,262 GIMV NV EUR 112,355 0.03%

14,429 HANG SENG BANK LTD HKD 282,252 0.08%79 INTERSHOP HOLDING AG CHF 31,556 0.01%

18,615 JAPAN POST HOLDINGS CO LTD JPY 165,627 0.05%14,010 LEGAL & GENERAL GROUP PLC GBP 37,758 0.01%17,063 LOEWS CORP USD 732,952 0.21%

3,708 MERIDIAN BANCORP INC USD 52,117 0.01%44,022 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS 36,272 0.01%

274 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN EUR 54,151 0.02%12,143 NN GROUP NV EUR 384,622 0.11%

4,891 NORTHFIELD BANCORP INC USD 59,989 0.02%29,199 NORTHWEST BANCSHARES INC USD 404,022 0.11%

1,642 OCEANFIRST FINANCIAL CORP USD 32,064 0.01%4,243 ORITANI FINANCIAL CORP USD 59,142 0.02%4,397 PROGRESSIVE CORP USD 276,125 0.08%6,063 REINSURANCE GROUP OF AMERICA INC CLASS A USD 743,282 0.21%1,900 SOFINA SA EUR 284,962 0.08%

20,755 SONY FINANCIAL HOLDINGS INC JPY 391,729 0.11%46,168 STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LTD GBP 43,490 0.01%4,778 SUN LIFE FINANCIAL INC CAD 155,807 0.04%1,346 SWISS LIFE HOLDING AG CHF 524,916 0.15%9,733 TIMBERCREEK FINANCIAL CORP CAD 55,536 0.02%6,491 TOPDANMARK A/S DKK 288,068 0.08%

11,096 TORCHMARK CORP USD 779,948 0.22%6,432 WASHINGTON FEDERAL INC USD 176,530 0.05%2,858 WATERSTONE FINANCIAL INC USD 38,310 0.01%2,856 WUESTENROT & WUERTTEMBERGISCHE AG EUR 48,345 0.01%

Food - 1.76% (30 June 2018: 1.33%) 6,611 AGRANA BETEILIGUNGS AG EUR 112,989 0.03%3,767 ARCS CO LTD JPY 59,012 0.02%

12,252 AXFOOD AB SEK 190,657 0.05%8,378 COLRUYT SA EUR 382,312 0.11%

695 DAIKOKUTENBUSSAN CO LTD JPY 17,390 0.00%20,474 EMPIRE CO LTD CAD 406,007 0.11%

1,179 FUJIYA CO LTD JPY 16,746 0.00%1,667 GREGGS PLC GBP 38,305 0.01%5,252 HERSHEY CO USD 553,149 0.16%2,730 KATO SANGYO CO LTD JPY 65,098 0.02%

35,854 KONINKLIJKE AHOLD DELHAIZE NV EUR 634,523 0.18%23,561 KROGER CO USD 401,901 0.11%14,773 METRO INC/CN CAD 436,491 0.12%

1,752 MITSUBISHI SHOKUHIN CO LTD JPY 36,118 0.01%1,183 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 17,372 0.00%5,999 NORTH WEST CO INC CAD 107,811 0.03%2,626 OKUWA CO LTD JPY 20,340 0.01%

656 ORIOR AG CHF 43,600 0.01%691 RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD ILS 28,297 0.01%

2,703 RETAIL PARTNERS CO LTD JPY 23,443 0.01%162,750 ROGERS SUGAR INC CAD 548,992 0.15%

1,931 SHOWA SANGYO CO LTD JPY 42,531 0.01%14,145 SYSCO CORP USD 785,975 0.22%11,985 TATE & LYLE PLC GBP 88,497 0.02%

2,409 TOOTSIE ROLL INDUSTRIES INC USD 69,908 0.02%23,276 US FOODS HOLDING CORP USD 653,990 0.18%

933 VILLAGE SUPER MARKET INC CLASS A USD 19,436 0.01%1,579 WEIS MARKETS INC USD 45,168 0.01%

67




Food - 1.76% (30 June 2018: 1.33%) (continued) 24,353 WOOLWORTHS GROUP LTD AUD 446,211 0.13%5,252 YOKOHAMA REITO CO LTD JPY 38,229 0.01%

Healthcare-Services - 0.24% (30 June 2018: 0.34%) 2,460 CHEMED CORP USD 697,517 0.20%

610 LABORATORY CORP OF AMERICA HOLDINGS USD 82,900 0.02%1,003 NATIONAL HEALTHCARE CORP USD 63,928 0.02%

Home Furnishings - 0.02% (30 June 2018: 0.00%) 9,110 VTECH HOLDINGS LTD HKD 64,044 0.02%

Household Products/Wares - 0.46% (30 June 2018: 0.43%) 5,428 CLOROX CO USD 652,987 0.18%7,559 KIMBERLY-CLARK CORP USD 791,592 0.22%1,761 WD-40 CO USD 220,076 0.06%

Industrial - 0.29% (30 June 2018: 0.82%) 1,024 BARCO NV EUR 169,732 0.05%3,476 CK INFRASTRUCTURE HOLDINGS LTD HKD 22,269 0.01%3,068 GO-AHEAD GROUP PLC GBP 60,503 0.02%7,573 KELLER GROUP PLC GBP 46,497 0.01%3,783 OESTERREICHISCHE POST AG EUR 100,015 0.03%

11,280 SONOCO PRODUCTS CO USD 579,098 0.16%1,775 TAMRON CO LTD JPY 28,544 0.01%

Office Furnishings - 0.07% (30 June 2018: 0.05%) 6,882 HERMAN MILLER INC USD 241,695 0.07%

Pharmaceuticals - 0.29% (30 June 2018: 0.32%) 9,501 SAWAI PHARMACEUTICAL CO LTD JPY 403,257 0.11%8,883 SUZUKEN CO LTD/AICHI JAPAN JPY 409,420 0.12%5,997 TOHO HOLDINGS CO LTD JPY 105,579 0.03%3,050 TOWA PHARMACEUTICAL CO LTD JPY 60,848 0.02%4,635 VITAL KSK HOLDINGS INC JPY 34,475 0.01%

Retail - 1.61% (30 June 2018: 2.23%) 1,756 ALPEN CO LTD JPY 19,526 0.01%2,952 ARCLAND SAKAMOTO CO LTD JPY 28,398 0.01%

41,711 CAFE DE CORAL HOLDINGS LTD HKD 97,534 0.03%7,258 CANADIAN TIRE CORP LTD CLASS A CAD 622,651 0.18%6,720 CASEY'S GENERAL STORES INC USD 823,658 0.23%1,699 CAWACHI LTD JPY 24,736 0.01%

34,145 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 39,767 0.01%3,399 DOUTOR NICHIRES HOLDINGS CO LTD JPY 50,563 0.01%

10,351 EDION CORP JPY 75,560 0.02%19,919 EUROPRIS ASA 144A NOK 48,536 0.01%

7,917 FAIRWOOD HOLDINGS LTD HKD 21,420 0.01%3,607 GEO HOLDINGS CORP JPY 36,304 0.01%

146,323 GIORDANO INTERNATIONAL LTD HKD 50,330 0.01%1,186 HORNBACH HOLDING AG & CO KGAA EUR 53,028 0.01%8,504 JB HI-FI LTD AUD 121,205 0.03%2,472 KISOJI CO LTD JPY 45,426 0.01%3,023 KOHNAN SHOJI CO LTD JPY 49,376 0.01%3,535 KOMERI CO LTD JPY 56,774 0.02%

70,718 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 81,223 0.02%4,505 MATAS A/S DKK 38,452 0.01%1,029 MATSUYAFOODS HOLDINGS CO LTD JPY 24,536 0.01%1,622 MINISTOP CO LTD JPY 18,324 0.01%2,858 MOS FOOD SERVICES INC JPY 49,210 0.01%1,396 OHSHO FOOD SERVICE CORP JPY 64,231 0.02%7,987 ROSS STORES INC USD 622,032 0.17%

60,465 SHENG SIONG GROUP LTD SGD 38,627 0.01%1,637 ST MARC HOLDINGS CO LTD JPY 27,395 0.01%

13,627 SUPER RETAIL GROUP LTD AUD 61,839 0.02%11,949 TARGET CORP USD 813,185 0.23%18,081 TJX COS INC USD 751,254 0.21%

5,788 TOKMANNI GROUP CORP EUR 41,534 0.01%

68




Retail - 1.61% (30 June 2018: 2.23%) (continued) 431 VALORA HOLDING AG CHF 86,315 0.02%

8,472 WALMART INC USD 735,498 0.21%2,490 WH SMITH PLC GBP 49,059 0.01%

Storage/Warehousing - 0.01% (30 June 2018: 0.00%) 2,285 MITSUI-SOKO HOLDINGS CO LTD JPY 25,844 0.01%


Utilities - 2.91% (30 June 2018: 1.09%) 8,110 AVISTA CORP USD 284,220 0.08%2,079 BKW AG CHF 109,257 0.03%6,566 BLACK HILLS CORP USD 403,264 0.11%

29,535 CENTERPOINT ENERGY INC USD 664,410 0.19%100,361 CLP HOLDINGS LTD HKD 870,077 0.24%

9,698 CONSOLIDATED EDISON INC USD 668,110 0.19%7,106 DTE ENERGY CO USD 714,038 0.20%4,016 ELIA SYSTEM OPERATOR SA/NV EUR 232,848 0.07%1,424 ENTERGY CORP USD 115,195 0.03%7,859 EVERGY INC USD 371,414 0.10%4,262 EVN AG EUR 50,724 0.01%

17,134 EXELON CORP USD 645,401 0.18%11,257 HAWAIIAN ELECTRIC INDUSTRIES INC USD 385,210 0.11%

346,153 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD HKD 278,511 0.08%20,006 HOKKAIDO ELECTRIC POWER CO INC JPY 87,977 0.02%

218,365 HONG KONG & CHINA GAS CO LTD HKD 380,377 0.11%8,574 HYDRO ONE LTD 144A CAD 117,749 0.03%9,115 NATIONAL FUEL GAS CO USD 377,777 0.11%6,100 NORTHWESTERN CORP USD 345,804 0.10%

24,596 OGE ENERGY CORP USD 822,520 0.23%4,635 OTTER TAIL CORP USD 192,308 0.05%8,806 PINNACLE WEST CAPITAL CORP USD 650,997 0.18%

10,056 PORTLAND GENERAL ELECTRIC CO USD 428,023 0.12%15,449 POWER ASSETS HOLDINGS LTD HKD 87,319 0.02%6,400 PUBLIC SERVICE ENTERPRISE GROUP INC USD 295,802 0.08%5,842 SHIZUOKA GAS CO LTD JPY 34,978 0.01%

17,071 SOUTHERN CO USD 741,466 0.21%1,677 UNITIL CORP USD 78,912 0.02%

Total Equities* 41,872,809 11.77% Financial Equity Assets at Fair Value Through Profit or Loss 41,872,809 11.77%Financial Equity Liabilities at Fair Value Through Profit or Loss – –

Investments 354,913,867 99.78%


Maturity Date

Amount Bought



GBP Fund % Portfolio Hedges 31/07/2019 5,340,618 GBP (6,783,867) USD Brown Brothers Harriman 18,327 0.01% 18,327 0.01% Total Forward Foreign Currency Contracts∞ 18,327 0.01%

69


Value GBP Fund % Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss 18,327 0.01%Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss – –

Total Financial Assets at Fair Value Through Profit or Loss 354,932,194 99.79%Total Financial Liabilities at Fair Value Through Profit or Loss – –

Portfolio Analysis (Unaudited) Total Assets % * Transferable securities admitted to an official stock exchange listing 41,872,809 11.73%± UCITS and non-UCITS investment schemes 313,041,058 87.69%∞ Centrally Cleared and OTC financial derivative instruments 18,327 0.01% Total Investments 354,932,194 99.43%


70

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI CORE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019



Funds - 99.67% (30 June 2018: 99.69%) 349,516 SEI GLOBAL MASTER FUND PLC GBP 4,886,232 0.61%

ASIA PACIFIC (EX-JAPAN) EQUITY FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

2,473,936 SEI GLOBAL MASTER FUND PLC GBP 40,077,763 5.01% DYNAMIC ASSET ALLOCATION FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

4,554,898 SEI GLOBAL MASTER FUND PLC GBP 45,594,525 5.70% EMERGING MARKETS DEBT FUND PARTIALLY HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

2,319,798 SEI GLOBAL MASTER FUND PLC GBP 31,642,046 3.95% EMERGING MARKETS EQUITY FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

431,661 SEI GLOBAL MASTER FUND PLC GBP 9,215,969 1.15% EUROPEAN (EX-U.K.) EQUITY FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

1,745,539 SEI GLOBAL MASTER FUND PLC GBP 29,656,709 3.71% FACTOR ALLOCATION U.S. EQUITY FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

2,334,134 SEI GLOBAL MASTER FUND PLC GBP 49,016,821 6.13% GLOBAL EQUITY FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS







4,216,033 SEI GLOBAL MASTER FUND PLC GBP 43,678,097 5.46% HIGH YIELD FIXED INCOME FUND HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS

435,558 SEI GLOBAL MASTER FUND PLC GBP 7,996,838 1.00% JAPAN EQUITY FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS


372,646 SEI GLOBAL MASTER FUND PLC GBP 9,457,754 1.18% PAN EUROPEAN SMALL CAP FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS


136,607 SEI GLOBAL MASTER FUND PLC GBP 2,598,259 0.33% U.K. CREDIT FIXED INTEREST FUND STERLING INSTITUTIONAL CLASS


491,139 SEI GLOBAL MASTER FUND PLC GBP 5,711,942 0.71% U.K. GILTS FIXED INTEREST FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

71

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI CORE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)





319,318 SEI GLOBAL MASTER FUND PLC GBP 10,093,649 1.26% U.S. LARGE COMPANIES FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

667,749 SEI GLOBAL MASTER FUND PLC GBP 19,271,238 2.41% U.S. SMALL COMPANIES FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

2,015,770 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 25,761,546 3.22% Total Investment Funds± 797,724,080 99.67% Financial Investment Fund Assets at Fair Value Through Profit or Loss 797,724,080 99.67%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – –

Investments 797,724,080 99.67%


Portfolio Analysis (Unaudited) Total Assets % ± UCITS and non-UCITS investment schemes 797,724,080 99.43% Total Investments 797,724,080 99.43%

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

72

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI BALANCED FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019






4,054,321 SEI GLOBAL MASTER FUND PLC GBP 40,583,755 5.60% EMERGING MARKETS DEBT FUND PARTIALLY HEDGED GBP INSTITUTIONAL DISTRIBUTING CLASS




618,619 SEI GLOBAL MASTER FUND PLC GBP 14,518,981 2.00% FUNDAMENTAL U.K. EQUITY FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS










674,302 SEI GLOBAL MASTER FUND PLC GBP 14,106,406 1.95% QUANTITATIVE U.K. EQUITY FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS





73

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI BALANCED FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)




U.S. SMALL COMPANIES FUND STERLING INSTITUTIONAL DISTRIBUTING CLASS

1,743,739 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 22,284,982 3.07% Total Investment Funds± 724,202,612 99.90% Financial Investment Fund Assets at Fair Value Through Profit or Loss 724,202,612 99.90%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – –

Investments 724,202,612 99.90%




74

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI GROWTH FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019






2,345,301 SEI GLOBAL MASTER FUND PLC GBP 23,476,462 5.54% EMERGING MARKETS DEBT FUND PARTIALLY HEDGED GBP INSTITUTIONAL DISTRIBUTING CLASS

















325,256 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 4,156,772 0.98% Total Investment Funds± 422,628,857 99.77% Financial Investment Fund Assets at Fair Value Through Profit or Loss 422,628,857 99.77%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – –

75

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI GROWTH FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued) Value GBP Fund %

Investments 422,628,857 99.77%




76

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI AGGRESSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019











1 SEI GLOBAL MASTER FUND PLC USD 2 0.00% JAPAN EQUITY FUND HEDGED U.S.$ INSTITUTIONAL CLASS







Total Investment Funds± 314,531,066 99.36% Financial Investment Fund Assets at Fair Value Through Profit or Loss 314,531,066 99.36%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – –

Investments 314,531,066 99.36%




77

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI GLOBAL CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019


Code Value US$ Fund % INVESTMENT FUNDS

Financial - 0.49% (30 June 2018: 0.37%) 213 ALSTRIA OFFICE REIT-AG EUR 3,458 0.05%168 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 3,094 0.04%73 ARBOR REALTY TRUST INC USD 887 0.01%40 ARES COMMERCIAL REAL ESTATE CORP USD 592 0.01%30 BEFIMMO SA EUR 1,739 0.02%

1,402 CACHE LOGISTICS TRUST CLASS REIT SGD 819 0.01%21 CANADIAN APARTMENT PROPERTIES REIT CAD 790 0.01%

125 CAPSTEAD MORTGAGE CORP USD 1,045 0.01%61 CROMBIE REAL ESTATE INVESTMENT TRUST CAD 699 0.01%21 DYNEX CAPITAL INC USD 356 0.01%

955 EMPIRIC STUDENT PROPERTY PLC GBP 1,104 0.02%37 EXANTAS CAPITAL CORP USD 415 0.01%

718 GCP STUDENT LIVING PLC GBP 1,481 0.02%8 GRANITE REAL ESTATE INVESTMENT TRUST CAD 350 0.01%

575 HANSTEEN HOLDINGS PLC GBP 712 0.01%18 INTERVEST OFFICES & WAREHOUSES NV EUR 510 0.01%

393 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 754 0.01%104 KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST CAD 1,493 0.02%660 MFA FINANCIAL INC CLASS REIT USD 4,738 0.06%29 NORTHVIEW APARTMENT REAL ESTATE INVESTMENT TRUST CAD 597 0.01%87 PENNYMAC MORTGAGE INVESTMENT TRUST USD 1,909 0.03%25 READY CAPITAL CORP USD 378 0.01%10 RETAIL ESTATES NV EUR 900 0.01%

560 SCHRODER REAL ESTATE INVESTMENT TRUST LTD GBP 392 0.01%63 SUMMIT INDUSTRIAL INCOME REIT CAD 617 0.01%

1,494 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 1,141 0.02%460 TRITAX BIG BOX PLC CLASS REIT GBP 903 0.01%

1,183 UK COMMERCIAL PROPERTY REIT LTD GBP 1,329 0.02%66 WESTERN ASSET MORTGAGE CAPITAL CORP USD 662 0.01%

Funds - 90.42% (30 June 2018: 90.31%) 823,992 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL U.S.

DOLLAR LIQUIDITY FUND USD 823,992 11.13%

2 MERRILL LYNCH INVESTMENT SOLUTIONS - MARSHALL WACE

TOPS UCITS FUND USD 236 0.00%

5,589 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL

INFLATION LINKED BOND CLASS D USD 183,712 2.48%

39,109 SEI GLOBAL MASTER FUND PLC USD 379,360 5.12%

EMERGING MARKETS DEBT FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

10,515 SEI GLOBAL MASTER FUND PLC USD 151,207 2.04% GLOBAL EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

63,980 SEI GLOBAL MASTER FUND PLC USD 721,690 9.75% GLOBAL FIXED INCOME FUND HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

27,851 SEI GLOBAL MASTER FUND PLC USD 625,263 8.44% GLOBAL MANAGED VOLATILITY FUND U.S.$ INSTITUTIONAL CLASS

54,765 SEI GLOBAL MASTER FUND PLC USD 523,005 7.06% GLOBAL MULTI-ASSET INCOME FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

62,254 SEI GLOBAL MASTER FUND PLC USD 721,524 9.74% GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

97,140 SEI GLOBAL MASTER FUND PLC USD 1,019,972 13.77% GLOBAL SHORT DURATION BOND FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

97,752 SEI GLOBAL MASTER FUND PLC USD 1,019,556 13.77% GLOBAL SHORT TERM BOND FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

8,656 SEI GLOBAL MASTER FUND PLC USD 74,264 1.00% HIGH YIELD FIXED INCOME FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

78

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI GLOBAL CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)


Code Value US$ Fund %

Funds - 90.42% (30 June 2018: 90.31%) (continued) 19,271 SEI GLOBAL MASTER FUND PLC USD 223,156 3.01%

LIQUID ALTERNATIVE FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

16,797 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO USD 230,450 3.11% Total Investment Funds± 6,731,251 90.91% Financial Investment Fund Assets at Fair Value Through Profit or Loss 6,731,251 90.91%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – – EQUITIES


358 INGHAMS GROUP LTD AUD 1,009 0.01%95 SCANDINAVIAN TOBACCO GROUP A/S 144A DKK 1,115 0.02%

227 SWEDISH MATCH AB SEK 9,585 0.13%33 UNIVERSAL CORP/VA USD 1,975 0.03%

186 VECTOR GROUP LTD USD 1,811 0.02%




Commercial Services - 0.01% (30 June 2018: 0.08%) 7 AMADEUS FIRE AG EUR 957 0.01%

21 NISSIN CORP JPY 339 0.00%

Communications - 0.68% (30 June 2018: 0.35%) 17 AT&T INC USD 554 0.01%74 BCE INC CAD 3,392 0.05%

2,008 CITIC TELECOM INTERNATIONAL HOLDINGS LTD HKD 797 0.01%1,061 HKBN LTD HKD 1,912 0.03%2,237 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LTD HKD 527 0.01%

38 METROPOLE TELEVISION SA EUR 715 0.01%130 OMNICOM GROUP INC USD 10,643 0.14%

9 QUEBECOR INC CLASS B CAD 219 0.00%202 ROGERS COMMUNICATIONS INC CLASS B CAD 10,853 0.15%193 RTL GROUP SA EUR 9,888 0.13%480 SES SA CLASS A EUR 7,514 0.10%527 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 502 0.01%920 STARHUB LTD SGD 1,047 0.01%237 TELEKOM AUSTRIA AG CLASS A EUR 1,794 0.02%


Distribution/Wholesale - 0.03% (30 June 2018: 0.24%) 37 D'IETEREN SA/NV EUR 1,722 0.02%6 ITOCHU-SHOKUHIN CO LTD JPY 278 0.00%

13 JAPAN PULP & PAPER CO LTD JPY 434 0.01%


Entertainment - 0.01% (30 June 2018: 0.07%) 82 BORUSSIA DORTMUND GMBH & CO KGAA EUR 769 0.01%17 MARS GROUP HOLDINGS CORP JPY 313 0.00%

79




Financial - 1.83% (30 June 2018: 1.59%) 46 ABC ARBITRAGE EUR 333 0.00%

211 AFLAC INC USD 11,554 0.16%9 AGEAS EUR 456 0.01%

11 AMERICAN NATIONAL INSURANCE CO USD 1,325 0.02%137 ASR NEDERLAND NV EUR 5,567 0.08%309 CAPITOL FEDERAL FINANCIAL INC USD 4,255 0.06%135 DISCOVER FINANCIAL SERVICES USD 10,444 0.14%42 EHIME BANK LTD JPY 403 0.01%29 FIRST DEFIANCE FINANCIAL CORP USD 837 0.01%61 GENWORTH MI CANADA INC CAD 1,929 0.03%28 GIMV NV EUR 1,755 0.02%


228 JAPAN POST HOLDINGS CO LTD JPY 2,587 0.03%172 LEGAL & GENERAL GROUP PLC GBP 590 0.01%209 LOEWS CORP USD 11,448 0.15%

46 MERIDIAN BANCORP INC USD 814 0.01%540 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS 567 0.01%

3 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN EUR 846 0.01%149 NN GROUP NV EUR 6,007 0.08%

60 NORTHFIELD BANCORP INC USD 937 0.01%358 NORTHWEST BANCSHARES INC USD 6,310 0.09%

20 OCEANFIRST FINANCIAL CORP USD 501 0.01%52 ORITANI FINANCIAL CORP USD 924 0.01%54 PROGRESSIVE CORP USD 4,313 0.06%74 REINSURANCE GROUP OF AMERICA INC CLASS A USD 11,609 0.16%23 SOFINA SA EUR 4,451 0.06%

255 SONY FINANCIAL HOLDINGS INC JPY 6,118 0.08%567 STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LTD GBP 679 0.01%59 SUN LIFE FINANCIAL INC CAD 2,434 0.03%17 SWISS LIFE HOLDING AG CHF 8,199 0.11%

119 TIMBERCREEK FINANCIAL CORP CAD 867 0.01%80 TOPDANMARK A/S DKK 4,499 0.06%

136 TORCHMARK CORP USD 12,182 0.16%79 WASHINGTON FEDERAL INC USD 2,757 0.04%35 WATERSTONE FINANCIAL INC USD 598 0.01%35 WUESTENROT & WUERTTEMBERGISCHE AG EUR 755 0.01%

Food - 1.31% (30 June 2018: 1.05%) 81 AGRANA BETEILIGUNGS AG EUR 1,765 0.02%46 ARCS CO LTD JPY 922 0.01%

150 AXFOOD AB SEK 2,978 0.04%103 COLRUYT SA EUR 5,971 0.08%

9 DAIKOKUTENBUSSAN CO LTD JPY 272 0.00%251 EMPIRE CO LTD CLASS COMMON S CAD 6,341 0.09%14 FUJIYA CO LTD JPY 262 0.00%20 GREGGS PLC GBP 598 0.01%64 HERSHEY CO USD 8,640 0.12%34 KATO SANGYO CO LTD JPY 1,017 0.01%

440 KONINKLIJKE AHOLD DELHAIZE NV EUR 9,911 0.13%289 KROGER CO USD 6,277 0.08%181 METRO INC/CN CAD 6,818 0.09%

21 MITSUBISHI SHOKUHIN CO LTD JPY 564 0.01%15 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 271 0.00%74 NORTH WEST CO INC CAD 1,684 0.02%32 OKUWA CO LTD JPY 318 0.00%8 ORIOR AG CHF 681 0.01%8 RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD ILS 442 0.01%

33 RETAIL PARTNERS CO LTD JPY 366 0.00%1,997 ROGERS SUGAR INC CAD 8,575 0.12%

24 SHOWA SANGYO CO LTD JPY 664 0.01%174 SYSCO CORP USD 12,276 0.17%147 TATE & LYLE PLC GBP 1,382 0.02%

30 TOOTSIE ROLL INDUSTRIES INC USD 1,092 0.01%286 US FOODS HOLDING CORP USD 10,215 0.14%11 VILLAGE SUPER MARKET INC CLASS A USD 304 0.00%19 WEIS MARKETS INC USD 705 0.01%

80




Food - 1.31% (30 June 2018: 1.05%) (continued) 299 WOOLWORTHS GROUP LTD AUD 6,969 0.09%64 YOKOHAMA REITO CO LTD JPY 597 0.01%

Healthcare-Services - 0.18% (30 June 2018: 0.28%) 30 CHEMED CORP USD 10,895 0.15%7 LABORATORY CORP OF AMERICA HOLDINGS USD 1,295 0.02%

12 NATIONAL HEALTHCARE CORP USD 998 0.01%



Industrial - 0.21% (30 June 2018: 0.65%) 13 BARCO NV EUR 2,651 0.04%43 CK INFRASTRUCTURE HOLDINGS LTD HKD 348 0.00%38 GO-AHEAD GROUP PLC GBP 945 0.01%93 KELLER GROUP PLC GBP 726 0.01%46 OESTERREICHISCHE POST AG EUR 1,562 0.02%

138 SONOCO PRODUCTS CO USD 9,045 0.12%22 TAMRON CO LTD JPY 446 0.01%


Pharmaceuticals - 0.22% (30 June 2018: 0.26%) 117 SAWAI PHARMACEUTICAL CO LTD JPY 6,299 0.09%109 SUZUKEN CO LTD/AICHI JAPAN JPY 6,395 0.09%74 TOHO HOLDINGS CO LTD JPY 1,649 0.02%37 TOWA PHARMACEUTICAL CO LTD JPY 950 0.01%57 VITAL KSK HOLDINGS INC JPY 538 0.01%


512 CAFE DE CORAL HOLDINGS LTD HKD 1,523 0.02%89 CANADIAN TIRE CORP LTD CLASS A CAD 9,725 0.13%82 CASEY'S GENERAL STORES INC USD 12,865 0.17%21 CAWACHI LTD JPY 386 0.01%

419 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 621 0.01%42 DOUTOR NICHIRES HOLDINGS CO LTD JPY 790 0.01%

127 EDION CORP JPY 1,180 0.02%244 EUROPRIS ASA 144A NOK 758 0.01%

97 FAIRWOOD HOLDINGS LTD HKD 335 0.00%44 GEO HOLDINGS CORP JPY 567 0.01%

1,796 GIORDANO INTERNATIONAL LTD HKD 786 0.01%15 HORNBACH HOLDING AG & CO KGAA EUR 828 0.01%

104 JB HI-FI LTD AUD 1,893 0.03%30 KISOJI CO LTD JPY 710 0.01%37 KOHNAN SHOJI CO LTD JPY 771 0.01%43 KOMERI CO LTD JPY 887 0.01%

868 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 1,269 0.02%55 MATAS A/S DKK 601 0.01%13 MATSUYAFOODS HOLDINGS CO LTD JPY 383 0.01%20 MINISTOP CO LTD JPY 286 0.00%35 MOS FOOD SERVICES INC JPY 769 0.01%17 OHSHO FOOD SERVICE CORP JPY 1,003 0.01%98 ROSS STORES INC USD 9,716 0.13%

742 SHENG SIONG GROUP LTD SGD 603 0.01%20 ST MARC HOLDINGS CO LTD JPY 428 0.01%

167 SUPER RETAIL GROUP LTD AUD 966 0.01%147 TARGET CORP USD 12,701 0.17%222 TJX COS INC USD 11,734 0.16%

71 TOKMANNI GROUP CORP EUR 649 0.01%

81




Retail - 1.23% (30 June 2018: 1.74%)(continued) 5 VALORA HOLDING AG CHF 1,348 0.02%

104 WALMART INC USD 11,488 0.16%31 WH SMITH PLC GBP 766 0.01%


Textiles - 0.01% (30 June 2018: 0.01%) 1,060 PACIFIC TEXTILES HOLDINGS LTD HKD 838 0.01%


26 BKW AG CHF 1,706 0.02%81 BLACK HILLS CORP USD 6,299 0.09%

362 CENTERPOINT ENERGY INC USD 10,377 0.14%1,232 CLP HOLDINGS LTD HKD 13,590 0.18%

119 CONSOLIDATED EDISON INC USD 10,435 0.14%87 DTE ENERGY CO USD 11,153 0.15%49 ELIA SYSTEM OPERATOR SA/NV EUR 3,637 0.05%17 ENTERGY CORP USD 1,799 0.02%96 EVERGY INC USD 5,801 0.08%52 EVN AG EUR 792 0.01%

210 EXELON CORP USD 10,081 0.14%138 HAWAIIAN ELECTRIC INDUSTRIES INC USD 6,017 0.08%


2,680 HONG KONG & CHINA GAS CO LTD HKD 5,941 0.08%105 HYDRO ONE LTD 144A CAD 1,839 0.02%112 NATIONAL FUEL GAS CO USD 5,901 0.08%

75 NORTHWESTERN CORP USD 5,401 0.07%302 OGE ENERGY CORP USD 12,847 0.17%

57 OTTER TAIL CORP USD 3,004 0.04%108 PINNACLE WEST CAPITAL CORP USD 10,168 0.14%123 PORTLAND GENERAL ELECTRIC CO USD 6,685 0.09%190 POWER ASSETS HOLDINGS LTD HKD 1,364 0.02%79 PUBLIC SERVICE ENTERPRISE GROUP INC USD 4,620 0.06%72 SHIZUOKA GAS CO LTD JPY 546 0.01%

209 SOUTHERN CO USD 11,581 0.16%21 UNITIL CORP USD 1,233 0.02%

Total Equities* 654,015 8.83% Financial Equity Assets at Fair Value Through Profit or Loss 654,015 8.83%Financial Equity Liabilities at Fair Value Through Profit or Loss – –

Investments 7,385,266 99.74%


Portfolio Analysis (Unaudited) Total Assets % * Transferable securities admitted to an official stock exchange listing 654,015 8.80%± UCITS and non-UCITS investment schemes 6,731,251 90.54% Total Investments 7,385,266 99.34%


82

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI GLOBAL MODERATE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019



Financial - 0.65% (30 June 2018: 0.00%) 59 ALSTRIA OFFICE REIT-AG EUR 954 0.07%46 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 854 0.06%20 ARBOR REALTY TRUST INC USD 245 0.02%11 ARES COMMERCIAL REAL ESTATE CORP USD 163 0.01%8 BEFIMMO SA EUR 480 0.03%

387 CACHE LOGISTICS TRUST CLASS REIT SGD 226 0.02%6 CANADIAN APARTMENT PROPERTIES REIT CAD 218 0.01%

35 CAPSTEAD MORTGAGE CORP USD 288 0.02%17 CROMBIE REAL ESTATE INVESTMENT TRUST CAD 193 0.01%6 DYNEX CAPITAL INC USD 98 0.01%

264 EMPIRIC STUDENT PROPERTY PLC GBP 305 0.02%10 EXANTAS CAPITAL CORP USD 114 0.01%

198 GCP STUDENT LIVING PLC GBP 409 0.03%2 GRANITE REAL ESTATE INVESTMENT TRUST CAD 97 0.01%


108 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 208 0.01%29 KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST CAD 412 0.03%

182 MFA FINANCIAL INC CLASS REIT USD 1,307 0.09%8 NORTHVIEW APARTMENT REAL ESTATE INVESTMENT TRUST CAD 165 0.01%

24 PENNYMAC MORTGAGE INVESTMENT TRUST USD 527 0.04%7 READY CAPITAL CORP USD 104 0.01%3 RETAIL ESTATES NV EUR 248 0.02%


412 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 315 0.02%127 TRITAX BIG BOX REIT PLC CLASS REIT GBP 249 0.02%326 UK COMMERCIAL PROPERTY REIT LTD GBP 367 0.02%18 WESTERN ASSET MORTGAGE CAPITAL CORP USD 183 0.01%

Funds - 86.43% (30 June 2018: 0.00%)

1,112 SCHRODER INTERNATIONAL SELECTION FUND GLOBAL INFLATION LINKED BOND USD 36,540 2.57%

11,194 SEI GLOBAL MASTER FUND PLC USD 108,580 7.63% EMERGING MARKETS DEBT FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

1,549 SEI GLOBAL MASTER FUND PLC USD 29,144 2.05% EMERGING MARKETS EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS






11,798 SEI GLOBAL MASTER FUND PLC USD 123,882 8.70% GLOBAL SHORT DURATION BOND FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

10,552 SEI GLOBAL MASTER FUND PLC USD 110,057 7.73% GLOBAL SHORT TERM BOND FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS


83

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI GLOBAL MODERATE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)



Funds - 86.43% (30 June 2018: 0.00%) (continued) 6,143 SEI GLOBAL MASTER FUND PLC USD 71,141 5.00%

LIQUID ALTERNATIVE FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

4,037 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO USD 55,389 3.89% Total Investment Funds± 1,239,653 87.08% Financial Investment Fund Assets at Fair Value Through Profit or Loss 1,239,653 87.08%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – – EQUITIES


99 INGHAMS GROUP LTD AUD 278 0.02%26 SCANDINAVIAN TOBACCO GROUP A/S 144A DKK 307 0.02%63 SWEDISH MATCH AB SEK 2,644 0.19%9 UNIVERSAL CORP/VA USD 545 0.04%

51 VECTOR GROUP LTD USD 500 0.03%




Commercial Services - 0.03% (30 June 2018: 0.00%) 2 AMADEUS FIRE AG EUR 264 0.02%6 NISSIN CORP JPY 94 0.01%

Communications - 0.98% (30 June 2018: 0.00%) 5 AT&T INC USD 153 0.01%

21 BCE INC CAD 936 0.07%554 CITIC TELECOM INTERNATIONAL HOLDINGS LTD HKD 220 0.02%293 HKBN LTD HKD 527 0.04%617 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LTD HKD 145 0.01%10 METROPOLE TELEVISION SA EUR 197 0.01%36 OMNICOM GROUP INC USD 2,936 0.21%3 QUEBECOR INC CLASS B CAD 60 0.00%


132 SES SA CLASS A EUR 2,073 0.15%145 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 138 0.01%254 STARHUB LTD SGD 289 0.02%

65 TELEKOM AUSTRIA AG CLASS A EUR 495 0.03%


Distribution/Wholesale - 0.05% (30 June 2018: 0.00%) 10 D'IETEREN SA/NV EUR 475 0.03%2 ITOCHU-SHOKUHIN CO LTD JPY 77 0.01%4 JAPAN PULP & PAPER CO LTD JPY 120 0.01%

Diversified - 0.06% (30 June 2018: 0.00%) 73 SWIRE PACIFIC LTD CLASS A HKD 899 0.06%


Financial - 2.63% (30 June 2018: 0.00%) 13 ABC ARBITRAGE EUR 92 0.01%

84




Financial - 2.63% (30 June 2018: 0.00%) (continued) 58 AFLAC INC USD 3,187 0.22%2 AGEAS EUR 126 0.01%3 AMERICAN NATIONAL INSURANCE CO USD 366 0.03%

38 ASR NEDERLAND NV EUR 1,536 0.11%85 CAPITOL FEDERAL FINANCIAL INC USD 1,174 0.08%37 DISCOVER FINANCIAL SERVICES USD 2,881 0.20%12 EHIME BANK LTD JPY 111 0.01%8 FIRST DEFIANCE FINANCIAL CORP USD 231 0.02%

17 GENWORTH MI CANADA INC CAD 532 0.04%8 GIMV NV EUR 484 0.03%


63 JAPAN POST HOLDINGS CO LTD JPY 714 0.05%47 LEGAL & GENERAL GROUP PLC GBP 163 0.01%58 LOEWS CORP USD 3,158 0.22%13 MERIDIAN BANCORP INC USD 225 0.02%

149 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS 156 0.01%1 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN EUR 233 0.02%

41 NN GROUP NV EUR 1,657 0.12%17 NORTHFIELD BANCORP INC USD 258 0.02%99 NORTHWEST BANCSHARES INC USD 1,741 0.12%6 OCEANFIRST FINANCIAL CORP USD 138 0.01%

14 ORITANI FINANCIAL CORP USD 255 0.02%15 PROGRESSIVE CORP USD 1,190 0.08%21 REINSURANCE GROUP OF AMERICA INC CLASS A USD 3,203 0.22%6 SOFINA SA EUR 1,228 0.09%

70 SONY FINANCIAL HOLDINGS INC JPY 1,688 0.12%156 STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LTD GBP 187 0.01%16 SUN LIFE FINANCIAL INC CAD 671 0.05%5 SWISS LIFE HOLDING AG CHF 2,262 0.16%

33 TIMBERCREEK FINANCIAL CORP CAD 239 0.02%22 TOPDANMARK A/S DKK 1,241 0.09%38 TORCHMARK CORP USD 3,361 0.24%22 WASHINGTON FEDERAL INC USD 761 0.05%10 WATERSTONE FINANCIAL INC USD 165 0.01%10 WUESTENROT & WUERTTEMBERGISCHE AG EUR 208 0.01%

Food - 1.90% (30 June 2018: 0.00%) 22 AGRANA BETEILIGUNGS AG EUR 487 0.03%13 ARCS CO LTD JPY 254 0.02%41 AXFOOD AB SEK 822 0.06%28 COLRUYT SA EUR 1,647 0.12%2 DAIKOKUTENBUSSAN CO LTD JPY 75 0.00%

69 EMPIRE CO LTD CLASS COMMON S CAD 1,749 0.12%4 FUJIYA CO LTD JPY 72 0.00%6 GREGGS PLC GBP 165 0.01%

18 HERSHEY CO USD 2,383 0.17%9 KATO SANGYO CO LTD JPY 281 0.02%

121 KONINKLIJKE AHOLD DELHAIZE NV EUR 2,734 0.19%80 KROGER CO USD 1,732 0.12%50 METRO INC/CN CAD 1,881 0.13%6 MITSUBISHI SHOKUHIN CO LTD JPY 156 0.01%4 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 75 0.00%

20 NORTH WEST CO INC CAD 465 0.03%9 OKUWA CO LTD JPY 88 0.01%2 ORIOR AG CHF 188 0.01%2 RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD ILS 122 0.01%9 RETAIL PARTNERS CO LTD JPY 101 0.01%

551 ROGERS SUGAR INC CAD 2,366 0.17%7 SHOWA SANGYO CO LTD JPY 183 0.01%

48 SYSCO CORP USD 3,387 0.24%41 TATE & LYLE PLC GBP 381 0.03%8 TOOTSIE ROLL INDUSTRIES INC USD 301 0.02%

79 US FOODS HOLDING CORP USD 2,818 0.20%3 VILLAGE SUPER MARKET INC CLASS A USD 84 0.01%5 WEIS MARKETS INC USD 195 0.01%

85





Healthcare-Services - 0.25% (30 June 2018: 0.00%) 8 CHEMED CORP USD 3,005 0.21%2 LABORATORY CORP OF AMERICA HOLDINGS USD 357 0.02%3 NATIONAL HEALTHCARE CORP USD 275 0.02%

Home Furnishings - 0.02% (30 June 2018: 0.00%) 31 VTECH HOLDINGS LTD HKD 276 0.02%

Household Products/Wares - 0.51% (30 June 2018: 0.00%) 18 CLOROX CO USD 2,814 0.20%26 KIMBERLY-CLARK CORP USD 3,411 0.24%6 WD-40 CO USD 948 0.07%

Industrial - 0.31% (30 June 2018: 0.00%) 3 BARCO NV EUR 731 0.05%

12 CK INFRASTRUCTURE HOLDINGS LTD HKD 96 0.01%10 GO-AHEAD GROUP PLC GBP 261 0.02%26 KELLER GROUP PLC GBP 200 0.01%13 OESTERREICHISCHE POST AG EUR 431 0.03%38 SONOCO PRODUCTS CO USD 2,495 0.18%6 TAMRON CO LTD JPY 123 0.01%


Pharmaceuticals - 0.30% (30 June 2018: 0.00%) 32 SAWAI PHARMACEUTICAL CO LTD JPY 1,738 0.12%30 SUZUKEN CO LTD/AICHI JAPAN JPY 1,764 0.12%20 TOHO HOLDINGS CO LTD JPY 455 0.03%10 TOWA PHARMACEUTICAL CO LTD JPY 262 0.02%16 VITAL KSK HOLDINGS INC JPY 149 0.01%

Retail - 1.75% (30 June 2018: 0.00%) 6 ALPEN CO LTD JPY 84 0.01%

10 ARCLAND SAKAMOTO CO LTD JPY 122 0.01%141 CAFE DE CORAL HOLDINGS LTD HKD 420 0.03%25 CANADIAN TIRE CORP LTD CLASS A CAD 2,683 0.19%23 CASEY'S GENERAL STORES INC USD 3,549 0.25%6 CAWACHI LTD JPY 107 0.01%

116 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 171 0.01%12 DOUTOR NICHIRES HOLDINGS CO LTD JPY 218 0.02%35 EDION CORP JPY 326 0.02%67 EUROPRIS ASA 144A NOK 209 0.01%27 FAIRWOOD HOLDINGS LTD HKD 92 0.01%12 GEO HOLDINGS CORP JPY 156 0.01%

495 GIORDANO INTERNATIONAL LTD HKD 217 0.01%4 HORNBACH HOLDING AG & CO KGAA EUR 228 0.02%

29 JB HI-FI LTD AUD 522 0.04%8 KISOJI CO LTD JPY 196 0.01%

10 KOHNAN SHOJI CO LTD JPY 213 0.01%12 KOMERI CO LTD JPY 245 0.02%

239 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 350 0.02%15 MATAS A/S DKK 166 0.01%3 MATSUYAFOODS HOLDINGS CO LTD JPY 106 0.01%5 MINISTOP CO LTD JPY 79 0.01%

10 MOS FOOD SERVICES INC JPY 212 0.01%5 OHSHO FOOD SERVICE CORP JPY 277 0.02%

27 ROSS STORES INC USD 2,680 0.19%205 SHENG SIONG GROUP LTD SGD 166 0.01%

6 ST MARC HOLDINGS CO LTD JPY 118 0.01%46 SUPER RETAIL GROUP LTD AUD 266 0.02%40 TARGET CORP USD 3,504 0.25%61 TJX COS INC USD 3,237 0.23%

86




Retail - 1.75% (30 June 2018: 0.00%) (continued) 20 TOKMANNI GROUP CORP EUR 179 0.01%1 VALORA HOLDING AG CHF 372 0.03%



Textiles - 0.02% (30 June 2018: 0.00%) 292 PACIFIC TEXTILES HOLDINGS LTD HKD 231 0.02%

Utilities - 3.15% (30 June 2018: 0.00%) 27 AVISTA CORP USD 1,225 0.09%7 BKW AG CHF 471 0.03%

22 BLACK HILLS CORP USD 1,738 0.12%100 CENTERPOINT ENERGY INC USD 2,863 0.20%340 CLP HOLDINGS LTD HKD 3,749 0.26%

33 CONSOLIDATED EDISON INC USD 2,879 0.20%24 DTE ENERGY CO USD 3,077 0.22%14 ELIA SYSTEM OPERATOR SA/NV EUR 1,003 0.07%5 ENTERGY CORP USD 496 0.03%

27 EVERGY INC USD 1,600 0.11%14 EVN AG EUR 219 0.02%58 EXELON CORP USD 2,781 0.20%38 HAWAIIAN ELECTRIC INDUSTRIES INC USD 1,660 0.12%

1,172 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD HKD 1,200 0.08%68 HOKKAIDO ELECTRIC POWER CO INC JPY 379 0.03%

739 HONG KONG & CHINA GAS CO LTD HKD 1,639 0.11%29 HYDRO ONE LTD 144A CAD 507 0.04%31 NATIONAL FUEL GAS CO USD 1,628 0.11%21 NORTHWESTERN CORP USD 1,490 0.10%83 OGE ENERGY CORP USD 3,544 0.25%16 OTTER TAIL CORP USD 829 0.06%30 PINNACLE WEST CAPITAL CORP USD 2,805 0.20%34 PORTLAND GENERAL ELECTRIC CO USD 1,844 0.13%52 POWER ASSETS HOLDINGS LTD HKD 376 0.03%22 PUBLIC SERVICE ENTERPRISE GROUP INC USD 1,275 0.09%20 SHIZUOKA GAS CO LTD JPY 151 0.01%58 SOUTHERN CO USD 3,195 0.22%6 UNITIL CORP USD 340 0.02%


Investments 1,420,076 99.76%


Portfolio Analysis (Unaudited) Total Assets % * Transferable securities admitted to an official stock exchange listing 180,423 12.10%± UCITS and non-UCITS investment schemes 1,239,653 83.11% Total Investments 1,420,076 95.21%


87

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI GLOBAL CORE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019



Funds - 99.77% (30 June 2018: 99.81%) 10,077 SCHRODER ISF GLOBAL INFLATION LINKED BOND CLASS D USD 331,250 2.95%10,162 SEI GLOBAL MASTER FUND PLC USD 159,438 1.42%

ASIA PACIFIC (EX-JAPAN) EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

55,806 SEI GLOBAL MASTER FUND PLC USD 561,410 4.99% DYNAMIC ASSET ALLOCATION FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS



16,836 SEI GLOBAL MASTER FUND PLC USD 308,949 2.75% EUROPEAN (EX-U.K.) EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

50,913 SEI GLOBAL MASTER FUND PLC USD 724,485 6.45% FACTOR ALLOCATION U.S. EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS


126,724 SEI GLOBAL MASTER FUND PLC USD 1,429,447 12.72% GLOBAL FIXED INCOME FUND HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS



123,415 SEI GLOBAL MASTER FUND PLC USD 1,430,378 12.72% GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

13,598 SEI GLOBAL MASTER FUND PLC USD 142,781 1.27% GLOBAL SHORT DURATION BOND FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

16,457 SEI GLOBAL MASTER FUND PLC USD 171,648 1.53% GLOBAL SHORT TERM BOND FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS


16,832 SEI GLOBAL MASTER FUND PLC USD 224,197 1.99% JAPAN EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

38,775 SEI GLOBAL MASTER FUND PLC USD 449,016 3.99% LIQUID ALTERNATIVE FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

7,767 SEI GLOBAL MASTER FUND PLC USD 169,939 1.51% PAN EUROPEAN SMALL CAP FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

9,683 SEI GLOBAL MASTER FUND PLC USD 120,749 1.07% U.K. EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

15,939 SEI GLOBAL MASTER FUND PLC USD 382,860 3.41% U.S. LARGE COMPANIES FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

13,312 SEI GLOBAL MASTER FUND PLC USD 349,837 3.11% U.S. SMALL COMPANIES FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

88

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI GLOBAL CORE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)



Funds - 99.77% (30 June 2018: 99.81%) (continued) 28,886 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO USD 396,320 3.53%


Investments 11,215,403 99.77%




89

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI GLOBAL BALANCED FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019



Funds - 99.76% (30 June 2018: 99.83%)

13,613 SCHRODER INTERNATIONAL SELECTION FUND GLOBAL INFLATION LINKED BOND CLASS D USD 447,472 2.96%

20,638 SEI GLOBAL MASTER FUND PLC USD 323,816 2.15% ASIA PACIFIC (EX-JAPAN) EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS





102,245 SEI GLOBAL MASTER FUND PLC USD 1,454,951 9.64% FACTOR ALLOCATION U.S. EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

135,337 SEI GLOBAL MASTER FUND PLC USD 1,946,142 12.89% GLOBAL EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

110,119 SEI GLOBAL MASTER FUND PLC USD 1,242,143 8.23% GLOBAL FIXED INCOME FUND HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS



110,587 SEI GLOBAL MASTER FUND PLC USD 1,281,702 8.49% GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS



26,084 SEI GLOBAL MASTER FUND PLC USD 302,053 2.00% LIQUID ALTERNATIVE FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS





32,937 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO USD 451,892 2.99% Total Investment Funds± 15,060,073 99.76% Financial Investment Fund Assets at Fair Value Through Profit or Loss 15,060,073 99.76%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – –

90

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI GLOBAL BALANCED FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)

Value US$ Fund % Investments 15,060,073 99.76% Total Financial Assets at Fair Value Through Profit or Loss 15,060,073 99.76%Total Financial Liabilities at Fair Value Through Profit or Loss – –



91

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI GLOBAL GROWTH FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019



Funds - 99.80% (30 June 2018: 99.79%) 5,749 SCHRODER INTERNATIONAL SELECTION FUND GLOBAL

INFLATION LINKED BOND CLASS D USD 188,976 3.08%

10,980 SEI GLOBAL MASTER FUND PLC USD 172,281 2.81% ASIA PACIFIC (EX-JAPAN) EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS





56,820 SEI GLOBAL MASTER FUND PLC USD 808,549 13.20% FACTOR ALLOCATION U.S. EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS











3,988 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO USD 54,709 0.89% Total Investment Funds± 6,114,095 99.80% Financial Investment Fund Assets at Fair Value Through Profit or Loss 6,114,095 99.80%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – –

Investments 6,114,095 99.80%


92

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI GLOBAL GROWTH FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)



93

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI GLOBAL AGGRESSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019



Funds - 99.80% (30 June 2018: 99.75%) 14,081 SEI GLOBAL MASTER FUND PLC USD 220,935 3.97%

ASIA PACIFIC (EX-JAPAN) EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS




73,270 SEI GLOBAL MASTER FUND PLC USD 1,042,629 18.75% FACTOR ALLOCATION U.S. EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS








Investments 5,549,212 99.80%




94

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI EURO CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019


Code Value EUR Fund % INVESTMENT FUNDS

Financial - 0.41% (30 June 2018: 0.35%) 64 ALSTRIA OFFICE REIT-AG EUR 910 0.04%50 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 815 0.04%22 ARBOR REALTY TRUST INC USD 234 0.01%12 ARES COMMERCIAL REAL ESTATE CORP USD 156 0.01%9 BEFIMMO SA EUR 458 0.02%

420 CACHE LOGISTICS TRUST CLASS REIT SGD 216 0.01%6 CANADIAN APARTMENT PROPERTIES REIT CAD 208 0.01%

38 CAPSTEAD MORTGAGE CORP USD 275 0.01%18 CROMBIE REAL ESTATE INVESTMENT TRUST CAD 184 0.01%6 DYNEX CAPITAL INC USD 94 0.00%

286 EMPIRIC STUDENT PROPERTY PLC GBP 291 0.01%11 EXANTAS CAPITAL CORP USD 109 0.01%

215 GCP STUDENT LIVING PLC GBP 390 0.02%2 GRANITE REAL ESTATE INVESTMENT TRUST CAD 92 0.00%


118 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 199 0.01%31 KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST CAD 393 0.02%

198 MFA FINANCIAL INC CLASS REIT USD 1,247 0.06%9 NORTHVIEW APARTMENT REAL ESTATE INVESTMENT TRUST CAD 157 0.01%

26 PENNYMAC MORTGAGE INVESTMENT TRUST USD 503 0.02%8 READY CAPITAL CORP USD 100 0.00%3 RETAIL ESTATES NV EUR 237 0.01%


448 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 300 0.01%138 TRITAX BIG BOX REIT PLC CLASS REIT GBP 238 0.01%355 UK COMMERCIAL PROPERTY REIT LTD GBP 350 0.02%20 WESTERN ASSET MORTGAGE CAPITAL CORP USD 174 0.01%

Funds - 91.20% (30 June 2018: 91.14%) 2,367 INSTITUTIONAL CASH SERIES PLC

INSTITUIONAL EURO LIQUIDITY FUND EUR 236,647 11.27%10,537 PIMCO GIS EURO BOND FUND EUR 178,388 8.50%

1,761 SCHRODER ISF GLOBAL INFLATION LINKED BOND CLASS D EUR 52,635 2.51%10,886 SEI GLOBAL MASTER FUND PLC EUR 105,925 5.05%

EMERGING MARKETS DEBT FUND PARTIALLY HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

4,232 SEI GLOBAL MASTER FUND PLC EUR 42,155 2.01% EUROPEAN (EX-U.K.) EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

11,593 SEI GLOBAL MASTER FUND PLC EUR 115,927 5.52% GLOBAL FIXED INCOME FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

16,702 SEI GLOBAL MASTER FUND PLC EUR 186,059 8.86% GLOBAL MANAGED VOLATILITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

15,179 SEI GLOBAL MASTER FUND PLC EUR 148,148 7.06% GLOBAL MULTI-ASSET INCOME FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

11,722 SEI GLOBAL MASTER FUND PLC EUR 116,046 5.53% GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

30,163 SEI GLOBAL MASTER FUND PLC EUR 291,978 13.91% GLOBAL SHORT DURATION BOND FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

29,825 SEI GLOBAL MASTER FUND PLC EUR 291,987 13.91% GLOBAL SHORT TERM BOND FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

2,235 SEI GLOBAL MASTER FUND PLC EUR 21,101 1.00% HIGH YIELD FIXED INCOME FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

95

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI EURO CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)


Code Value EUR Fund %

Funds - 91.20% (30 June 2018: 91.14%) (continued) 6,407 SEI GLOBAL MASTER FUND PLC EUR 62,721 2.99%

LIQUID ALTERNATIVE FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

5,366 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO EUR 64,654 3.08% Total Investment Funds± 1,923,287 91.61% Financial Investment Fund Assets at Fair Value Through Profit or Loss 1,923,287 91.61%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – – EQUITIES


107 INGHAMS GROUP LTD AUD 266 0.01%29 SCANDINAVIAN TOBACCO GROUP A/S 144A DKK 293 0.01%68 SWEDISH MATCH AB SEK 2,523 0.12%10 UNIVERSAL CORP/VA USD 520 0.02%56 VECTOR GROUP LTD USD 477 0.02%




Commercial Services - 0.01% (30 June 2018: 0.08%) 2 AMADEUS FIRE AG EUR 252 0.01%6 NISSIN CORP JPY 89 0.00%

Communications - 0.62% (30 June 2018: 0.33%) 5 AT&T INC USD 146 0.01%

22 BCE INC CAD 893 0.04%602 CITIC TELECOM INTERNATIONAL HOLDINGS LTD HKD 210 0.01%318 HKBN LTD HKD 503 0.02%671 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LTD HKD 139 0.01%11 METROPOLE TELEVISION SA EUR 188 0.01%39 OMNICOM GROUP INC USD 2,802 0.13%3 QUEBECOR INC CLASS B CAD 58 0.00%


144 SES SA CLASS A EUR 1,978 0.09%158 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 132 0.01%276 STARHUB LTD SGD 276 0.01%

71 TELEKOM AUSTRIA AG CLASS A EUR 472 0.02%


Distribution/Wholesale - 0.03% (30 June 2018: 0.22%) 11 D'IETEREN SA/NV EUR 453 0.02%2 ITOCHU-SHOKUHIN CO LTD JPY 73 0.00%4 JAPAN PULP & PAPER CO LTD JPY 114 0.01%

Diversified - 0.04% (30 June 2018: 0.04%) 80 SWIRE PACIFIC LTD CLASS A HKD 858 0.04%


96




Financial - 1.71% (30 June 2018: 1.46%) 14 ABC ARBITRAGE EUR 88 0.00%63 AFLAC INC USD 3,042 0.15%3 AGEAS EUR 120 0.01%3 AMERICAN NATIONAL INSURANCE CO USD 349 0.02%

41 ASR NEDERLAND NV EUR 1,465 0.07%93 CAPITOL FEDERAL FINANCIAL INC USD 1,120 0.05%40 DISCOVER FINANCIAL SERVICES USD 2,749 0.13%13 EHIME BANK LTD JPY 106 0.01%9 FIRST DEFIANCE FINANCIAL CORP USD 220 0.01%

18 GENWORTH MI CANADA INC CAD 508 0.02%8 GIMV NV EUR 462 0.02%


68 JAPAN POST HOLDINGS CO LTD JPY 681 0.03%52 LEGAL & GENERAL GROUP PLC GBP 155 0.01%63 LOEWS CORP USD 3,014 0.14%14 MERIDIAN BANCORP INC USD 214 0.01%

162 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS 149 0.01%1 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN EUR 223 0.01%

45 NN GROUP NV EUR 1,581 0.08%18 NORTHFIELD BANCORP INC USD 247 0.01%

107 NORTHWEST BANCSHARES INC USD 1,661 0.08%6 OCEANFIRST FINANCIAL CORP USD 132 0.01%

16 ORITANI FINANCIAL CORP USD 243 0.01%16 PROGRESSIVE CORP USD 1,135 0.05%22 REINSURANCE GROUP OF AMERICA INC CLASS A USD 3,056 0.15%7 SOFINA SA EUR 1,172 0.06%

76 SONY FINANCIAL HOLDINGS INC JPY 1,611 0.08%170 STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LTD GBP 179 0.01%18 SUN LIFE FINANCIAL INC CAD 641 0.03%5 SWISS LIFE HOLDING AG CHF 2,158 0.10%

36 TIMBERCREEK FINANCIAL CORP CAD 228 0.01%24 TOPDANMARK A/S DKK 1,184 0.06%41 TORCHMARK CORP USD 3,207 0.15%24 WASHINGTON FEDERAL INC USD 726 0.03%11 WATERSTONE FINANCIAL INC USD 158 0.01%11 WUESTENROT & WUERTTEMBERGISCHE AG EUR 199 0.01%

Food - 1.23% (30 June 2018: 0.98%) 24 AGRANA BETEILIGUNGS AG EUR 465 0.02%14 ARCS CO LTD JPY 243 0.01%45 AXFOOD AB SEK 784 0.04%31 COLRUYT SA EUR 1,572 0.07%3 DAIKOKUTENBUSSAN CO LTD JPY 71 0.00%

75 EMPIRE CO LTD CLASS COMMON S CAD 1,669 0.08%4 FUJIYA CO LTD JPY 69 0.00%6 GREGGS PLC GBP 157 0.01%

19 HERSHEY CO USD 2,274 0.11%10 KATO SANGYO CO LTD JPY 268 0.01%

132 KONINKLIJKE AHOLD DELHAIZE NV EUR 2,609 0.12%87 KROGER CO USD 1,652 0.08%54 METRO INC CLASS A CAD 1,795 0.09%6 MITSUBISHI SHOKUHIN CO LTD JPY 149 0.01%4 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 71 0.00%

22 NORTH WEST CO INC CAD 443 0.02%10 OKUWA CO LTD JPY 84 0.00%2 ORIOR AG CHF 179 0.01%3 RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD ILS 116 0.01%

10 RETAIL PARTNERS CO LTD JPY 96 0.00%599 ROGERS SUGAR INC CAD 2,257 0.11%

7 SHOWA SANGYO CO LTD JPY 175 0.01%52 SYSCO CORP USD 3,232 0.15%44 TATE & LYLE PLC GBP 364 0.02%9 TOOTSIE ROLL INDUSTRIES INC USD 287 0.01%

86 US FOODS HOLDING CORP USD 2,689 0.13%3 VILLAGE SUPER MARKET INC CLASS A USD 80 0.00%6 WEIS MARKETS INC USD 186 0.01%

97





Healthcare-Services - 0.17% (30 June 2018: 0.27%) 9 CHEMED CORP USD 2,868 0.14%2 LABORATORY CORP OF AMERICA HOLDINGS USD 341 0.02%4 NATIONAL HEALTHCARE CORP USD 263 0.01%

Home Furnishings - 0.01% (30 June 2018: 0.00%) 34 VTECH HOLDINGS LTD HKD 263 0.01%

Household Products/Wares - 0.33% (30 June 2018: 0.32%) 20 CLOROX CO USD 2,685 0.13%28 KIMBERLY-CLARK CORP USD 3,255 0.16%6 WD-40 CO USD 905 0.04%

Industrial - 0.19% (30 June 2018: 0.62%) 4 BARCO NV EUR 698 0.03%

13 CK INFRASTRUCTURE HOLDINGS LTD HKD 92 0.00%11 GO-AHEAD GROUP PLC GBP 249 0.01%28 KELLER GROUP PLC GBP 191 0.01%14 OESTERREICHISCHE POST AG EUR 411 0.02%41 SONOCO PRODUCTS CO USD 2,381 0.11%7 TAMRON CO LTD JPY 117 0.01%

Office Furnishings - 0.05% (30 June 2018: 0.04%) 25 HERMAN MILLER INC USD 994 0.05%

Pharmaceuticals - 0.20% (30 June 2018: 0.24%) 35 SAWAI PHARMACEUTICAL CO LTD JPY 1,658 0.08%33 SUZUKEN CO LTD/AICHI JAPAN JPY 1,683 0.08%22 TOHO HOLDINGS CO LTD JPY 434 0.02%11 TOWA PHARMACEUTICAL CO LTD JPY 250 0.01%17 VITAL KSK HOLDINGS INC JPY 142 0.01%

Retail - 1.12% (30 June 2018: 1.63%) 6 ALPEN CO LTD JPY 80 0.00%

11 ARCLAND SAKAMOTO CO LTD JPY 117 0.01%153 CAFE DE CORAL HOLDINGS LTD HKD 401 0.02%27 CANADIAN TIRE CORP LTD CLASS A CAD 2,560 0.12%25 CASEY'S GENERAL STORES INC USD 3,387 0.16%6 CAWACHI LTD JPY 102 0.00%

126 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 164 0.01%13 DOUTOR NICHIRES HOLDINGS CO LTD JPY 208 0.01%38 EDION CORP JPY 311 0.01%73 EUROPRIS ASA 144A NOK 200 0.01%29 FAIRWOOD HOLDINGS LTD HKD 88 0.00%13 GEO HOLDINGS CORP JPY 149 0.01%

538 GIORDANO INTERNATIONAL LTD HKD 207 0.01%4 HORNBACH HOLDING AG & CO KGAA EUR 218 0.01%

31 JB HI-FI LTD AUD 498 0.02%9 KISOJI CO LTD JPY 187 0.01%

11 KOHNAN SHOJI CO LTD JPY 203 0.01%13 KOMERI CO LTD JPY 233 0.01%

260 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 334 0.02%17 MATAS A/S DKK 158 0.01%4 MATSUYAFOODS HOLDINGS CO LTD JPY 101 0.00%6 MINISTOP CO LTD JPY 75 0.00%

11 MOS FOOD SERVICES INC JPY 202 0.01%5 OHSHO FOOD SERVICE CORP JPY 264 0.01%

29 ROSS STORES INC USD 2,558 0.12%222 SHENG SIONG GROUP LTD SGD 159 0.01%

6 ST MARC HOLDINGS CO LTD JPY 113 0.01%50 SUPER RETAIL GROUP LTD AUD 254 0.01%44 TARGET CORP USD 3,344 0.16%67 TJX COS INC USD 3,089 0.15%

98




Retail - 1.12% (30 June 2018: 1.63%) (continued) 21 TOKMANNI GROUP CORP EUR 171 0.01%2 VALORA HOLDING AG CHF 355 0.02%



Textiles - 0.01% (30 June 2018: 0.01%) 318 PACIFIC TEXTILES HOLDINGS LTD HKD 221 0.01%

Utilities - 2.06% (30 June 2018: 0.81%) 30 AVISTA CORP USD 1,169 0.06%8 BKW AG CHF 449 0.02%

24 BLACK HILLS CORP USD 1,658 0.08%109 CENTERPOINT ENERGY INC USD 2,732 0.13%369 CLP HOLDINGS LTD HKD 3,577 0.17%

36 CONSOLIDATED EDISON INC USD 2,747 0.13%26 DTE ENERGY CO USD 2,936 0.14%15 ELIA SYSTEM OPERATOR SA/NV EUR 957 0.05%5 ENTERGY CORP USD 474 0.02%

29 EVERGY INC USD 1,527 0.07%16 EVN AG EUR 209 0.01%63 EXELON CORP USD 2,654 0.13%41 HAWAIIAN ELECTRIC INDUSTRIES INC USD 1,584 0.08%

1,274 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD HKD 1,145 0.05%74 HOKKAIDO ELECTRIC POWER CO INC JPY 362 0.02%

803 HONG KONG & CHINA GAS CO LTD HKD 1,564 0.07%32 HYDRO ONE LTD 144A CAD 484 0.02%34 NATIONAL FUEL GAS CO USD 1,553 0.07%22 NORTHWESTERN CORP USD 1,422 0.07%90 OGE ENERGY CORP USD 3,382 0.16%17 OTTER TAIL CORP USD 791 0.04%32 PINNACLE WEST CAPITAL CORP USD 2,677 0.13%37 PORTLAND GENERAL ELECTRIC CO USD 1,760 0.08%57 POWER ASSETS HOLDINGS LTD HKD 359 0.02%24 PUBLIC SERVICE ENTERPRISE GROUP INC USD 1,216 0.06%21 SHIZUOKA GAS CO LTD JPY 144 0.01%63 SOUTHERN CO USD 3,049 0.15%6 UNITIL CORP USD 324 0.02%


Investments 2,095,455 99.81%


Maturity Date

Amount Bought



EUR Fund % Portfolio Hedges 31/07/2019 21,007 EUR (23,969) USD BROWN BROTHER HARRIMAN 11 0.00% 11 0.00% Total Forward Foreign Currency Contracts∞ 11 0.00% Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss 11 –Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss – –

99


Value EUR Fund % Total Financial Assets at Fair Value Through Profit or Loss 2,095,466 99.81%Total Financial Liabilities at Fair Value Through Profit or Loss – –

Portfolio Analysis (Unaudited) Total Assets % * Transferable securities admitted to an official stock exchange listing 172,168 8.04%± UCITS and non-UCITS investment schemes 1,923,287 89.80%∞ Centrally cleared and OTC financial derivative instruments 11 0.00% Total Investments 2,095,466 97.84%

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

100

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI EURO MODERATE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019



Financial - 0.60% (30 June 2018: 0.48%) 536 ALSTRIA OFFICE REIT-AG EUR 7,638 0.06%423 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 6,834 0.05%184 ARBOR REALTY TRUST INC USD 1,959 0.02%100 ARES COMMERCIAL REAL ESTATE CORP USD 1,307 0.01%76 BEFIMMO SA EUR 3,840 0.03%


315 CAPSTEAD MORTGAGE CORP USD 2,308 0.02%153 CROMBIE REAL ESTATE INVESTMENT TRUST CAD 1,545 0.01%53 DYNEX CAPITAL INC USD 786 0.01%

2,403 EMPIRIC STUDENT PROPERTY PLC GBP 2,438 0.02%92 EXANTAS CAPITAL CORP USD 916 0.01%

1,805 GCP STUDENT LIVING PLC GBP 3,272 0.03%19 GRANITE REAL ESTATE INVESTMENT TRUST CAD 773 0.01%

1,445 HANSTEEN HOLDINGS PLC GBP 1,573 0.01%46 INTERVEST OFFICES & WAREHOUSES NV EUR 1,127 0.01%

988 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 1,666 0.01%261 KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST CAD 3,297 0.03%


220 PENNYMAC MORTGAGE INVESTMENT TRUST USD 4,217 0.03%64 READY CAPITAL CORP USD 835 0.01%24 RETAIL ESTATES NV EUR 1,987 0.02%

1,409 SCHRODER REAL ESTATE INVESTMENT TRUST LTD GBP 866 0.01%157 SUMMIT INDUSTRIAL INCOME REIT CAD 1,362 0.01%

3,757 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 2,521 0.02%1,156 TRITAX BIG BOX PLC CLASS REIT GBP 1,994 0.02%2,974 UK COMMERCIAL PROPERTY REIT LTD GBP 2,935 0.02%

167 WESTERN ASSET MORTGAGE CAPITAL CORP USD 1,462 0.01%

Funds - 87.79% (30 June 2018: 87.77%) 75,869 PIMCO GIS EURO BOND FUND EUR 1,284,470 9.97%10,712 SCHRODER ISF GLOBAL INFLATION LINKED BOND CLASS D EUR 320,250 2.49%99,405 SEI GLOBAL MASTER FUND PLC EUR 967,214 7.51%

EMERGING MARKETS DEBT FUND PARTIALLY HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS



176,006 SEI GLOBAL MASTER FUND PLC EUR 1,960,710 15.22% GLOBAL MANAGED VOLATILITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS



164,584 SEI GLOBAL MASTER FUND PLC EUR 1,593,176 12.37% GLOBAL SHORT DURATION BOND FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS



59,035 SEI GLOBAL MASTER FUND PLC EUR 577,951 4.49% LIQUID ALTERNATIVE FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

101

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI EURO MODERATE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)



Funds - 87.79% (30 June 2018: 87.77%) (continued) 19,599 SEI GLOBAL MASTER FUND PLC EUR 193,835 1.50%

PAN EUROPEAN SMALL CAP FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

43,336 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO EUR 522,202 4.05% Total Investment Funds± 11,382,836 88.39% Financial Investment Fund Assets at Fair Value Through Profit or Loss 11,382,836 88.39%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – – EQUITIES

Agriculture - 0.27% (30 June 2018: 0.38%) 72 HOKUTO CORP JPY 1,073 0.01%

900 INGHAMS GROUP LTD AUD 2,229 0.02%240 SCANDINAVIAN TOBACCO GROUP A/S 144A DKK 2,462 0.02%571 SWEDISH MATCH AB SEK 21,169 0.16%

82 UNIVERSAL CORP/VA USD 4,363 0.03%467 VECTOR GROUP LTD USD 4,000 0.03%



Beverages - 0.02% (30 June 2018: 0.02%) 29 DYDO GROUP HOLDINGS INC JPY 1,077 0.01%63 KEY COFFEE INC JPY 1,086 0.01%

Commercial Services - 0.03% (30 June 2018: 0.10%) 18 AMADEUS FIRE AG EUR 2,114 0.02%52 NISSIN CORP JPY 749 0.01%


187 BCE INC CAD 7,491 0.06%5,049 CITIC TELECOM INTERNATIONAL HOLDINGS LTD HKD 1,759 0.01%2,668 HKBN LTD HKD 4,222 0.03%5,627 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LTD HKD 1,164 0.01%

95 METROPOLE TELEVISION SA EUR 1,580 0.01%327 OMNICOM GROUP INC USD 23,506 0.18%23 QUEBECOR INC CLASS B CAD 484 0.00%


1,207 SES SA CLASS A EUR 16,595 0.13%1,325 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 1,108 0.01%2,313 STARHUB LTD SGD 2,312 0.02%

597 TELEKOM AUSTRIA AG CLASS A EUR 3,963 0.03%


Distribution/Wholesale - 0.04% (30 June 2018: 0.32%) 94 D'IETEREN SA/NV EUR 3,804 0.03%16 ITOCHU-SHOKUHIN CO LTD JPY 613 0.00%33 JAPAN PULP & PAPER CO LTD JPY 959 0.01%


Entertainment - 0.02% (30 June 2018: 0.09%) 205 BORUSSIA DORTMUND GMBH & CO KGAA EUR 1,698 0.01%

43 MARS GROUP HOLDINGS CORP JPY 692 0.01%

102




Financial - 2.31% (30 June 2018: 2.02%) 115 ABC ARBITRAGE EUR 736 0.01%530 AFLAC INC USD 25,519 0.20%

22 AGEAS EUR 1,007 0.01%29 AMERICAN NATIONAL INSURANCE CO USD 2,926 0.02%

344 ASR NEDERLAND NV EUR 12,295 0.10%777 CAPITOL FEDERAL FINANCIAL INC USD 9,398 0.07%339 DISCOVER FINANCIAL SERVICES USD 23,067 0.18%105 EHIME BANK LTD JPY 891 0.01%

74 FIRST DEFIANCE FINANCIAL CORP USD 1,849 0.01%153 GENWORTH MI CANADA INC CAD 4,260 0.03%70 GIMV NV EUR 3,876 0.03%

445 HANG SENG BANK LTD HKD 9,737 0.08%2 INTERSHOP HOLDING AG CHF 1,089 0.01%

575 JAPAN POST HOLDINGS CO LTD JPY 5,714 0.04%432 LEGAL & GENERAL GROUP PLC GBP 1,302 0.01%527 LOEWS CORP USD 25,284 0.20%114 MERIDIAN BANCORP INC USD 1,798 0.01%

1,359 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS 1,251 0.01%8 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN EUR 1,868 0.01%

375 NN GROUP NV EUR 13,268 0.10%151 NORTHFIELD BANCORP INC USD 2,069 0.02%901 NORTHWEST BANCSHARES INC USD 13,937 0.11%

51 OCEANFIRST FINANCIAL CORP USD 1,106 0.01%131 ORITANI FINANCIAL CORP USD 2,040 0.02%136 PROGRESSIVE CORP USD 9,525 0.07%187 REINSURANCE GROUP OF AMERICA INC CLASS A USD 25,641 0.20%59 SOFINA SA EUR 9,830 0.08%

641 SONY FINANCIAL HOLDINGS INC JPY 13,513 0.10%1,425 STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LTD GBP 1,500 0.01%

147 SUN LIFE FINANCIAL INC CAD 5,375 0.04%42 SWISS LIFE HOLDING AG CHF 18,108 0.14%

300 TIMBERCREEK FINANCIAL CORP CAD 1,916 0.01%200 TOPDANMARK A/S DKK 9,937 0.08%342 TORCHMARK CORP USD 26,905 0.21%199 WASHINGTON FEDERAL INC USD 6,090 0.05%88 WATERSTONE FINANCIAL INC USD 1,322 0.01%88 WUESTENROT & WUERTTEMBERGISCHE AG EUR 1,668 0.01%

Food - 1.71% (30 June 2018: 1.36%) 204 AGRANA BETEILIGUNGS AG EUR 3,898 0.03%116 ARCS CO LTD JPY 2,036 0.02%378 AXFOOD AB SEK 6,577 0.05%259 COLRUYT SA EUR 13,188 0.10%

21 DAIKOKUTENBUSSAN CO LTD JPY 600 0.00%632 EMPIRE CO LTD CLASS COMMON S CAD 14,006 0.11%36 FUJIYA CO LTD JPY 578 0.00%51 GREGGS PLC GBP 1,321 0.01%

162 HERSHEY CO USD 19,082 0.15%84 KATO SANGYO CO LTD JPY 2,246 0.02%

1,107 KONINKLIJKE AHOLD DELHAIZE NV EUR 21,889 0.17%727 KROGER CO USD 13,864 0.11%456 METRO INC/CN CAD 15,057 0.12%

54 MITSUBISHI SHOKUHIN CO LTD JPY 1,246 0.01%37 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 599 0.00%

185 NORTH WEST CO INC CAD 3,719 0.03%81 OKUWA CO LTD JPY 702 0.01%20 ORIOR AG CHF 1,504 0.01%21 RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD ILS 976 0.01%83 RETAIL PARTNERS CO LTD JPY 809 0.01%


437 SYSCO CORP USD 27,113 0.21%370 TATE & LYLE PLC GBP 3,053 0.02%

74 TOOTSIE ROLL INDUSTRIES INC USD 2,412 0.02%718 US FOODS HOLDING CORP USD 22,560 0.18%29 VILLAGE SUPER MARKET INC CLASS A USD 670 0.01%

103




Food - 1.71% (30 June 2018: 1.36%) (continued) 49 WEIS MARKETS INC USD 1,558 0.01%

752 WOOLWORTHS GROUP LTD AUD 15,393 0.12%162 YOKOHAMA REITO CO LTD JPY 1,319 0.01%




Industrial - 0.28% (30 June 2018: 0.84%) 32 BARCO NV EUR 5,855 0.05%

107 CK INFRASTRUCTURE HOLDINGS LTD HKD 768 0.01%95 GO-AHEAD GROUP PLC GBP 2,087 0.02%

234 KELLER GROUP PLC GBP 1,604 0.01%117 OESTERREICHISCHE POST AG EUR 3,450 0.03%348 SONOCO PRODUCTS CO USD 19,977 0.15%55 TAMRON CO LTD JPY 985 0.01%


Pharmaceuticals - 0.28% (30 June 2018: 0.34%) 293 SAWAI PHARMACEUTICAL CO LTD JPY 13,911 0.11%274 SUZUKEN CO LTD/AICHI JAPAN JPY 14,124 0.11%185 TOHO HOLDINGS CO LTD JPY 3,642 0.03%94 TOWA PHARMACEUTICAL CO LTD JPY 2,099 0.02%

143 VITAL KSK HOLDINGS INC JPY 1,189 0.01%


1,287 CAFE DE CORAL HOLDINGS LTD HKD 3,365 0.03%224 CANADIAN TIRE CORP LTD CLASS A CAD 21,479 0.17%207 CASEY'S GENERAL STORES INC USD 28,413 0.22%52 CAWACHI LTD JPY 853 0.01%

1,054 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 1,372 0.01%105 DOUTOR NICHIRES HOLDINGS CO LTD JPY 1,744 0.01%319 EDION CORP JPY 2,607 0.02%615 EUROPRIS ASA 144A NOK 1,674 0.01%244 FAIRWOOD HOLDINGS LTD HKD 739 0.01%111 GEO HOLDINGS CORP JPY 1,252 0.01%

4,517 GIORDANO INTERNATIONAL LTD HKD 1,736 0.01%37 HORNBACH HOLDING AG & CO KGAA EUR 1,829 0.01%

262 JB HI-FI LTD AUD 4,181 0.03%76 KISOJI CO LTD JPY 1,567 0.01%93 KOHNAN SHOJI CO LTD JPY 1,703 0.01%

109 KOMERI CO LTD JPY 1,959 0.02%2,183 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 2,802 0.02%

139 MATAS A/S DKK 1,326 0.01%32 MATSUYAFOODS HOLDINGS CO LTD JPY 846 0.01%50 MINISTOP CO LTD JPY 632 0.00%88 MOS FOOD SERVICES INC JPY 1,698 0.01%43 OHSHO FOOD SERVICE CORP JPY 2,216 0.02%

247 ROSS STORES INC USD 21,458 0.17%1,866 SHENG SIONG GROUP LTD SGD 1,332 0.01%

51 ST MARC HOLDINGS CO LTD JPY 945 0.01%421 SUPER RETAIL GROUP LTD AUD 2,133 0.02%369 TARGET CORP USD 28,052 0.22%

104




Retail - 1.55% (30 June 2018: 2.28%) (continued) 558 TJX COS INC USD 25,916 0.20%179 TOKMANNI GROUP CORP EUR 1,433 0.01%

13 VALORA HOLDING AG CHF 2,978 0.02%262 WALMART INC USD 25,372 0.20%

77 WH SMITH PLC GBP 1,692 0.01%




64 BKW AG CHF 3,769 0.03%203 BLACK HILLS CORP USD 13,911 0.11%912 CENTERPOINT ENERGY INC USD 22,920 0.18%

3,098 CLP HOLDINGS LTD HKD 30,015 0.23%299 CONSOLIDATED EDISON INC USD 23,047 0.18%219 DTE ENERGY CO USD 24,632 0.19%124 ELIA SYSTEM OPERATOR SA/NV EUR 8,032 0.06%44 ENTERGY CORP USD 3,974 0.03%

243 EVERGY INC USD 12,812 0.10%132 EVN AG EUR 1,750 0.01%529 EXELON CORP USD 22,264 0.17%347 HAWAIIAN ELECTRIC INDUSTRIES INC USD 13,288 0.10%


6,740 HONG KONG & CHINA GAS CO LTD HKD 13,122 0.10%265 HYDRO ONE LTD 144A CAD 4,062 0.03%281 NATIONAL FUEL GAS CO USD 13,032 0.10%188 NORTHWESTERN CORP USD 11,929 0.09%759 OGE ENERGY CORP USD 28,374 0.22%143 OTTER TAIL CORP USD 6,634 0.05%272 PINNACLE WEST CAPITAL CORP USD 22,457 0.17%310 PORTLAND GENERAL ELECTRIC CO USD 14,765 0.11%477 POWER ASSETS HOLDINGS LTD HKD 3,012 0.02%198 PUBLIC SERVICE ENTERPRISE GROUP INC USD 10,204 0.08%180 SHIZUOKA GAS CO LTD JPY 1,207 0.01%527 SOUTHERN CO USD 25,578 0.20%


Investments 12,827,301 99.61%

105



Maturity Date

Amount Bought



EUR Fund % Portfolio Hedges 31/07/2019 192,657 EUR (219,822) USD Brown Brothers Harriman 103 0.00% 103 0.00% Total Forward Foreign Currency Contracts∞ 103 0.00% Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss 103 0.00%Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss – –

Value EUR Fund % Total Financial Assets at Fair Value Through Profit or Loss 12,827,404 99.61%Total Financial Liabilities at Fair Value Through Profit or Loss – –

Portfolio Analysis (Unaudited) Total Assets % * Transferable securities admitted to an official stock exchange listing 1,444,465 11.12%± UCITS and non-UCITS investment schemes 11,382,836 87.68%∞ Centrally Cleared and OTC financial derivative instruments 103 0.00% Total Investments 12,827,404 98.80%


106

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI EURO CORE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019



Funds - 99.74% (30 June 2018: 99.24%) 64,713 PIMCO GIS EURO BOND FUND EUR 1,095,597 11.56%


ASIA PACIFIC (EX-JAPAN) EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

45,465 SEI GLOBAL MASTER FUND PLC EUR 476,016 5.02% DYNAMIC ASSET ALLOCATION FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

53,513 SEI GLOBAL MASTER FUND PLC EUR 520,681 5.49% EMERGING MARKETS DEBT FUND PARTIALLY HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS

36,361 SEI GLOBAL MASTER FUND PLC EUR 364,338 3.84% EMERGING MARKETS EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS


35,485 SEI GLOBAL MASTER FUND PLC EUR 454,204 4.79% FACTOR ALLOCATION U.S. EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

53,059 SEI GLOBAL MASTER FUND PLC EUR 574,100 6.06% GLOBAL EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS





17,062 SEI GLOBAL MASTER FUND PLC EUR 165,161 1.74% GLOBAL SHORT DURATION BOND FUND HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS



13,051 SEI GLOBAL MASTER FUND PLC EUR 130,906 1.38% JAPAN EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS


21,316 SEI GLOBAL MASTER FUND PLC EUR 210,813 2.22% PAN EUROPEAN SMALL CAP FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

8,932 SEI GLOBAL MASTER FUND PLC EUR 94,505 1.00% U.K. EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

19,324 SEI GLOBAL MASTER FUND PLC EUR 235,941 2.49% U.S. LARGE COMPANIES FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

18,387 SEI GLOBAL MASTER FUND PLC EUR 218,440 2.30% U.S. SMALL COMPANIES FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

107

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI EURO CORE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)



Funds - 99.74% (30 June 2018: 99.24%) (continued)

27,698 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO EUR 333,765 3.52% Total Investment Funds± 9,456,224 99.74% Financial Investment Fund Assets at Fair Value Through Profit or Loss 9,456,224 99.74%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – –

Investments 9,456,224 99.74%




108

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI EURO BALANCED FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019



Funds - 100.06% (30 June 2018: 106.29%) 19,676 PIMCO GIS EURO BOND FUND EUR 333,122 6.04%





















109

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI EURO BALANCED FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)

Value EUR Fund % Investments 5,518,340 100.06%




110

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI EURO GROWTH FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019



Funds - 99.67% (30 June 2018: 89.28%)

1,400 SCHRODER INTERNATIONAL SELECTION FUND GLOBAL INFLATION LINKED BOND CLASS D EUR 41,857 2.99%

3,016 SEI GLOBAL MASTER FUND PLC EUR 29,949 2.14% ASIA PACIFIC (EX-JAPAN) EQUITY FUND EURO INSTITUTIONAL DISTRIBUTING CLASS

















Investments 1,395,924 99.67%


111

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI EURO GROWTH FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)



112

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI EURO AGGRESSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019



Financial - 0.00% (30 June 2018: 0.09%) 7 PANORA GAYRIMENKUL YATIRIM ORTAKLIGI TRY 4 0.00%

Funds - 95.25% (30 June 2018: 82.61%) 1,957 SEI GLOBAL MASTER FUND PLC EUR 19,430 3.00%












Total Investment Funds± 617,686 95.25% Financial Investment Fund Assets at Fair Value Through Profit or Loss 617,686 95.25%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – – EQUITIES

Agriculture - 0.09% (30 June 2018: 0.30%) 15 SWEDISH MATCH AB SEK 555 0.09%

Apparel - 0.07% (30 June 2018: 0.37%) 2 BASICNET SPA EUR 10 0.00%1 CHRISTIAN DIOR SE EUR 441 0.07%

Auto Manufacturers - 0.12% (30 June 2018: 0.97%) 8 FIAT CHRYSLER AUTOMOBILES NV EUR 94 0.02%

28 PEUGEOT SA EUR 618 0.10%

Auto Parts & Equipment - 0.03% (30 June 2018: 0.05%) 1 AKWEL EUR 11 0.00%2 CIE GENERALE DES ETABLISSEMENTS MICHELIN SCA EUR 184 0.03%

Basic Materials - 0.08% (30 June 2018: 2.27%) 5 ARKEMA SA EUR 390 0.06%

10 NAVIGATOR CO SA EUR 32 0.01%35 ROTTNEROS AB SEK 38 0.01%

113

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 THE SEI EURO AGGRESSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2019 (continued)



Beverages - 0.06% (30 June 2018: 0.38%) 4 HEINEKEN HOLDING NV EUR 411 0.06%

Biotechnology - 0.01% (30 June 2018: 0.13%) 1 ECKERT & ZIEGLER STRAHLEN - UND MEDIZINTECHNIK AG EUR 80 0.01%0 VILMORIN & CIE SA EUR 22 0.00%

Commercial Services - 0.22% (30 June 2018: 0.32%) 13 ADECCO GROUP AG CHF 691 0.11%1 GL EVENTS EUR 25 0.00%0 GROUPE CRIT EUR 19 0.00%2 IVS GROUP SA EUR 24 0.00%3 QIWI PLC SDR USD 49 0.01%3 RANDSTAD NV EUR 128 0.02%

32 SECURITAS AB CLASS B SEK 493 0.08%2 SEMCON AB SEK 9 0.00%2 SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI SPA EUR 25 0.00%

12 STALEXPORT AUTOSTRADY SA PLN 10 0.00%0 TALENOM OYJ EUR 9 0.00%

Communications - 0.38% (30 June 2018: 0.21%) 10 DEUTSCHE TELEKOM AG EUR 155 0.02%20 IPSOS EUR 453 0.07%4 LAGARDERE SCA EUR 83 0.01%6 METROPOLE TELEVISION SA EUR 107 0.02%

40 NOS SGPS SA EUR 233 0.04%0 TAMEDIA AG CHF 9 0.00%1 VITEC SOFTWARE GROUP AB CLASS B SEK 9 0.00%

30 VIVENDI SA EUR 724 0.11%11 WOLTERS KLUWER NV EUR 716 0.11%

Cosmetics/Personal Care - 0.07% (30 June 2018: 0.09%) 2 L'OREAL SA EUR 468 0.07%

Distribution/Wholesale - 0.09% (30 June 2018: 0.06%) 0 D'IETEREN SA/NV EUR 6 0.00%

50 REXEL SA EUR 558 0.09%

Energy - 0.23% (30 June 2018: 1.74%) 39 GAZPROM PJSC SDR USD 251 0.04%1 HELLENIC PETROLEUM SA EUR 14 0.00%

27 MOL HUNGARIAN OIL & GAS PLC HUF 262 0.04%13 MOTOR OIL HELLAS CORINTH REFINERIES SA EUR 283 0.04%34 REPSOL SA EUR 466 0.07%14 SARAS SPA EUR 18 0.00%64 SURGUTNEFTEGAS PJSC SDR USD 230 0.04%

Entertainment - 0.02% (30 June 2018: 0.00%) 15 BORUSSIA DORTMUND GMBH & CO KGAA EUR 122 0.02%0 CIE DES ALPES EUR 12 0.00%

Financial - 1.01% (30 June 2018: 3.62%) 3 AGEAS EUR 138 0.02%5 ALLIANZ SE EUR 963 0.15%

24 ASSICURAZIONI GENERALI SPA EUR 394 0.06%21 AZIMUT HOLDING SPA EUR 353 0.05%7 BANCA GENERALI SPA EUR 168 0.03%

31 BANCA MEDIOLANUM SPA EUR 202 0.03%1 BELLEVUE GROUP AG CHF 20 0.00%

13 BURE EQUITY AB SEK 198 0.03%

0 CAISSE REGIONALE DE CREDIT AGRICOLE MUTUEL DE PARIS ET D'ILE-DE-FRANCE EUR 8 0.00%

4 CEMBRA MONEY BANK AG CHF 368 0.06%0 CORP FINANCIERA ALBA SA EUR 2 0.00%4 DEUTSCHE BOERSE AG EUR 502 0.08%2 EASTNINE AB SEK 19 0.00%6 EXOR NV EUR 389 0.06%

114




Financial - 1.01% (30 June 2018: 3.62%) (continued) 5 KOMERCNI BANKA A/S CZK 189 0.03%1 LIECHTENSTEINISCHE LANDESBANK AG CHF 29 0.00%1 OLAV THON EIENDOMSSELSKAP ASA NOK 12 0.00%

16 OTP BANK NYRT HUF 565 0.09%81 PIRAEUS BANK SA EUR 247 0.04%2 ROTHSCHILD & CO EUR 53 0.01%3 SBERBANK OF RUSSIA PJSC SDR USD 43 0.01%2 SPAREBANK 1 BV NOK 8 0.00%

37 SPAREBANK 1 NORD NORGE NOK 260 0.04%2 SPAREBANK 1 OESTLANDET NOK 14 0.00%5 SPAREBANKEN VEST NOK 25 0.00%2 SWISS LIFE HOLDING AG CHF 668 0.10%3 SWISSQUOTE GROUP HOLDING SA CHF 96 0.02%

268 TURKIYE VAKIFLAR BANKASI TAO CLASS D TRY 171 0.03%52 UNIPOL GRUPPO SPA EUR 223 0.03%6 VONTOBEL HOLDING AG CHF 283 0.04%0 VZ HOLDING AG CHF 15 0.00%

Food - 0.19% (30 June 2018: 0.37%) 34 CLOETTA AB CLASS B SEK 97 0.02%37 KONINKLIJKE AHOLD DELHAIZE NV EUR 731 0.11%4 NESTLE SA CHF 372 0.06%1 SWEDENCARE AB SEK 6 0.00%

Healthcare-Products - 0.15% (30 June 2018: 0.24%) 6 ARJO AB CLASS B SEK 22 0.00%5 DRAEGERWERK AG & CO KGAA PFD EUR 270 0.04%3 GETINGE AB CLASS B SEK 47 0.01%

16 KONINKLIJKE PHILIPS NV EUR 612 0.09%0 MEDISTIM ASA NOK 6 0.00%3 SERVIZI ITALIA SPA EUR 9 0.00%0 SONOVA HOLDING AG CHF 45 0.01%

Home Builders - 0.00% (30 June 2018: 0.00%) 0 KAUFMAN & BROAD SA EUR 9 0.00%

Housewares - 0.00% (30 June 2018: 0.02%) 0 HUNTER DOUGLAS NV EUR 1 0.00%

Industrial - 0.32% (30 June 2018: 2.11%) 5 AVIO SPA EUR 73 0.01%1 BARCO NV EUR 102 0.02%2 BEIJER ELECTRONICS GROUP AB SEK 10 0.00%4 CIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS SA EUR 71 0.01%

18 DANIELI & C OFFICINE MECCANICHE SPA EUR 292 0.05%20 EGE PROFIL TICARET VE SANAYI AS TRY 28 0.00%6 EIFFAGE SA EUR 493 0.08%2 EOLUS VIND AB CLASS B SEK 16 0.00%4 GUNNEBO AB SEK 10 0.00%

19 IMPEXMETAL SA PLN 19 0.00%1 INSTALCO AB SEK 11 0.00%7 INWIDO AB SEK 42 0.01%5 KONINKLIJKE VOLKERWESSELS NV EUR 93 0.01%0 KSB SE & CO KGAA PFD EUR 24 0.00%

22 KVAERNER ASA NOK 31 0.01%8 LINDAB INTERNATIONAL AB SEK 85 0.01%1 PKP CARGO SA PLN 6 0.00%0 PONSSE OYJ EUR 12 0.00%

20 SANDVIK AB SEK 317 0.05%16 SKF AB CLASS B SEK 255 0.04%0 SOMFY SA EUR 11 0.00%4 STRABAG SE EUR 130 0.02%0 VETROPACK HOLDING AG CHF 8 0.00%

115




Leisure Time - 0.03% (30 June 2018: 0.00%) 1 ACCELL GROUP NV EUR 22 0.00%

71 PIAGGIO & C SPA EUR 184 0.03%

Pharmaceuticals - 0.58% (30 June 2018: 1.79%) 1 BOIRON SA EUR 44 0.01%

59 FAES FARMA SA EUR 246 0.04%3 MERCK KGAA EUR 319 0.05%4 MOBERG PHARMA AB SEK 22 0.00%6 NOVARTIS AG CHF 473 0.07%8 OREXO AB SEK 55 0.01%

10 RECORDATI SPA EUR 356 0.06%6 ROCHE HOLDING AG CHF 1,521 0.24%

34 SELCUK ECZA DEPOSU TICARET VE SANAYI A/S TRY 25 0.00%2 SIEGFRIED HOLDING AG CHF 520 0.08%1 VIRBAC SA EUR 102 0.02%

Retail - 0.03% (30 June 2018: 0.06%) 5 BILIA AB CLASS A SEK 41 0.01%1 HORNBACH HOLDING AG & CO KGAA EUR 63 0.01%2 MATAS A/S DKK 20 0.00%0 VALORA HOLDING AG CHF 87 0.01%

Technology - 0.53% (30 June 2018: 1.51%) 9 ASM INTERNATIONAL NV EUR 507 0.08%

18 ASSECO POLAND SA PLN 221 0.03%5 DASSAULT SYSTEMES SE EUR 692 0.11%7 DIALOG SEMICONDUCTOR PLC EUR 232 0.04%0 INFOTEL SA EUR 11 0.00%2 KNOW IT AB SEK 37 0.01%1 LECTRA EUR 21 0.00%1 LIVECHAT SOFTWARE SA PLN 8 0.00%0 PSI SOFTWARE AG EUR 0 0.00%9 SAP SE EUR 1,093 0.17%0 SIMCORP A/S DKK 9 0.00%

12 SOFTWARE AG EUR 355 0.06%1 TEN SQUARE GAMES SA PLN 24 0.00%2 UBISOFT ENTERTAINMENT SA EUR 166 0.03%

Utilities - 0.06% (30 June 2018: 0.04%) 106 EDP-ENERGIAS DE PORTUGAL SA EUR 353 0.06%


Investments 646,053 99.62%

Total Financial Assets at Fair Value Through Profit or Loss 646,053 99.62%Total Financial Liabilities at Fair Value Through Profit or Loss – –

Portfolio Analysis (Unaudited) Total Assets % * Transferable securities admitted to an official stock exchange listing 28,367 4.14%± UCITS and non-UCITS investment schemes 617,686 90.22% Total Investments 646,053 94.36%


116

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 INCOME STATEMENT

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

DefensiveGBP

Year Ended

DefensiveGBP

Year Ended

ConservativeGBP

Year Ended

ConservativeGBP

Year Ended

Moderate GBP

Year Ended

ModerateGBP

Year Ended Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(d) 390,910 277,303 1,717,337 1,591,917 9,535,373 7,978,194Bank Interest Income 1(d) 607 524 2,494 568 10,214 5,631Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) 335,838 (169,690) 1,285,195 (111,749) 7,133,753 1,053,478 727,355 108,137 3,005,026 1,480,736 16,679,340 9,037,303Expenses - Continuing Activities Management Fee 3 155,191 131,843 538,492 595,029 2,408,332 2,386,410Transaction Fees 3 1,160 874 2,908 1,871 8,105 4,963Operational Expenses 20,526 19,818 32,503 24,732 54,998 47,615Total Operating Expenses 176,877 152,535 573,903 621,632 2,471,435 2,438,988 Expense Reimbursement 3 (43,923) (38,050) (11,311) (9) – –Net Expenses 132,954 114,485 562,592 621,623 2,471,435 2,438,988 Net Income/(Loss) before Finance Costs 594,401 (6,348) 2,442,434 859,113 14,207,905 6,598,315Finance Costs 4 (91,123) (89,425) (966,963) (849,216) (5,408,735) (4,455,944) Profit/(Loss) for the Year 503,278 (95,773) 1,475,471 9,897 8,799,170 2,142,371 Withholding Tax 2 (8,766) (6,436) (67,032) (66,352) (306,279) (278,780) Increase/(Decrease) in Net Assets for the Year Attributable to Redeemable Participating Shareholders 494,512 (102,209) 1,408,439 (56,455) 8,492,891 1,863,591 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the income statement.

117

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 INCOME STATEMENT (continued)


CoreGBP

Year Ended

CoreGBP

Year Ended

BalancedGBP

Year Ended

BalancedGBP

Year Ended

Growth GBP

Year Ended

GrowthGBP

Year Ended Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(d) 20,687,627 16,885,730 18,727,730 15,238,701 11,002,461 8,078,220Bank Interest Income 1(d) 14,578 9,727 13,135 6,906 7,058 2,603Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) 9,491,824 18,891,709 4,785,846 23,512,508 1,463,043 15,800,578 30,194,029 35,787,166 23,526,711 38,758,115 12,472,562 23,881,401Expenses - Continuing Activities Management Fee 3 6,292,449 5,934,265 6,290,555 5,893,506 3,194,682 2,868,675Transaction Fees 3 1,403 1,039 1,389 940 1,478 1,046Operational Expenses 83,877 84,299 58,706 73,909 52,984 42,862Total Operating Expenses 6,377,729 6,019,603 6,350,650 5,968,355 3,249,144 2,912,583 Expense Reimbursement 3 – – – – – –Net Expenses 6,377,729 6,019,603 6,350,650 5,968,355 3,249,144 2,912,583 Net Income/(Loss) before Finance Costs 23,816,300 29,767,563 17,176,061 32,789,760 9,223,418 20,968,818Finance Costs 4 (10,881,789) (8,408,792) (11,279,581) (8,821,087) (5,193,667) (3,837,294) Profit/(Loss) for the Year 12,934,511 21,358,771 5,896,480 23,968,673 4,029,751 17,131,524 Withholding Tax 2 (1,753) (993) (1,523) (827) (867) (423) Increase/(Decrease) in Net Assets for the Year Attributable to Redeemable Participating Shareholders 12,932,758 21,357,778 5,894,957 23,967,846 4,028,884 17,131,101 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the income statement.

118



AggressiveGBP

Year Ended

AggressiveGBP

Year Ended

Global ConservativeUS$

Year Ended


Year Ended

Global Moderate1 US$

Year Ended Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(d) 6,958,553 5,633,943 131,174 101,907 10,154 Bank Interest Income 1(d) 7,269 2,830 858 301 170 Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) 192,066 20,249,453 170,876 86,145 58,433 7,157,888 25,886,226 302,908 188,353 68,757 Expenses - Continuing Activities Management Fee 3 1,969,230 1,734,387 63,306 55,593 41,736 Transaction Fees 3 1,004 860 448 477 4,992 Operational Expenses 47,929 38,073 21,515 24,628 23,408 Total Operating Expenses 2,018,163 1,773,320 85,269 80,698 70,136 Expense Reimbursement 3 – – (44,736) (46,595) (63,829) Net Expenses 2,018,163 1,773,320 40,533 34,103 6,307 Net Income/(Loss) before Finance Costs 5,139,725 24,112,906 262,375 154,250 62,450 Finance Costs 4 (1,930,180) (1,463,173) (103) (1,639) 50,009 Profit/(Loss) for the Year 3,209,545 22,649,733 262,272 152,611 112,459 Withholding Tax 2 (623) (299) (4,417) (5,650) (764) Increase/(Decrease) in Net Assets for the Year Attributable to Redeemable Participating Shareholders 3,208,922 22,649,434 257,855 146,961 111,695 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the income statement.

119



Global CoreUS$

Year Ended

Global CoreUS$

Year Ended

Global BalancedUS$

Year Ended

Global BalancedUS$

Year Ended

Global Growth US$

Year Ended

Global GrowthUS$

Year Ended Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(d) 300,473 243,740 417,926 278,911 128,868 96,131Bank Interest Income 1(d) 790 1,177 1,130 1,164 518 202Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) 14,256 359,820 (244,193) 630,024 (56,494) 302,190 315,519 604,737 174,863 910,099 72,892 398,523Expenses - Continuing Activities Management Fee 3 211,657 209,930 277,208 208,562 128,228 107,309Transaction Fees 3 402 431 461 483 337 328Operational Expenses 18,267 20,350 20,344 20,554 17,780 19,470Total Operating Expenses 230,326 230,711 298,013 229,599 146,345 127,107 Expense Reimbursement 3 (33,216) (33,770) (29,981) (32,339) (40,716) (42,574)Net Expenses 197,110 196,941 268,032 197,260 105,629 84,533 Net Income/(Loss) before Finance Costs 118,409 407,796 (93,169) 712,839 (32,737) 313,990Finance Costs 4 (12,135) (5,286) (7,743) 176 (151) (153) Profit/(Loss) for the Year 106,274 402,510 (100,912) 713,015 (32,888) 313,837 Withholding Tax 2 (32) (14) (45) (13) (13) (5) Increase/(Decrease) in Net Assets for the Year Attributable to Redeemable Participating Shareholders 106,242 402,496 (100,957) 713,002 (32,901) 313,832 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the income statement.

120



Global AggressiveUS$

Year Ended


Year Ended

Euro Conservative2

EURYear Ended

Euro Conservative2

EURYear Ended

Euro Moderate2 EUR

Year Ended

Euro Moderate2

EURYear Ended

Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(d) 120,736 118,270 12,165 851 89,666 1,068Bank Interest Income 1(d) 578 253 1 – 99 –Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) (321,454) 710,973 35,745 (811) 294,361 (819) (200,140) 829,496 47,911 40 384,126 249Expenses - Continuing Activities Management Fee 3 53,220 40,048 26,478 – 119,114 –Transaction Fees 3 346 376 1,050 – 3,436 –Operational Expenses 18,267 19,650 5,099 – 17,977 –Total Operating Expenses 71,833 60,074 32,627 – 140,527 – Expense Reimbursement 3 (40,516) (39,596) (16,352) – (29,703) –Net Expenses 31,317 20,478 16,275 – 110,824 – Net Income/(Loss) before Finance Costs (231,457) 809,018 31,636 40 273,302 249Finance Costs 4 (100) (190) 214 – 51 – Profit/(Loss) for the Year (231,557) 808,828 31,850 40 273,353 249 Withholding Tax 2 (13) (8) (586) (47) (4,828) (66) Increase/(Decrease) in Net Assets for the Year Attributable to Redeemable Participating Shareholders (231,570) 808,820 31,264 (7) 268,525 183 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the income statement.

121



Euro Core2

EURYear Ended

Euro Core2

EURYear Ended

Euro Balanced2

EURYear Ended

Euro Balanced2

EURYear Ended

Euro Growth2 EUR

Year Ended

Euro Growth2

EURYear Ended

Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(d) 55,189 921 34,319 1,096 9,062 1,228Bank Interest Income 1(d) – – – – – –Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) 249,978 170 170,359 (5,037) 60,026 841 305,167 1,091 204,678 (3,941) 69,088 2,069Expenses - Continuing Activities Management Fee 3 95,573 – 66,607 2,675 23,925 –Transaction Fees 3 795 – 470 71 619 –Operational Expenses 18,102 – 12,684 43,840 14,206 –Total Operating Expenses 114,470 – 79,761 46,586 38,750 – Expense Reimbursement 3 (29,133) – (52,770) (12,905) (25,458) –Net Expenses 85,337 – 26,991 33,681 13,292 – Net Income/(Loss) before Finance Costs 219,830 1,091 177,687 (37,622) 55,796 2,069Finance Costs 4 70 – 29 – 297 – Profit/(Loss) for the Year 219,900 1,091 177,716 (37,622) 56,093 2,069 Withholding Tax 2 (134) (4) (7) (38) (5) (71) Increase/(Decrease) in Net Assets for the Year Attributable to Redeemable Participating Shareholders 219,766 1,087 177,709 (37,660) 56,088 1,998 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the income statement.

122



Euro Aggressive2

EURYear Ended

Euro Aggressive2

EURYear Ended

TotalUS$

Year Ended

TotalUS$

Year Ended Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(d) 4,239 1,176 90,633,905 75,847,315Bank Interest Income 1(d) – – 75,771 41,873Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) 19,360 2,621 32,506,230 108,795,416 23,599 3,797 123,215,906 184,684,604Expenses - Continuing Activities Management Fee 3 16,806 – 28,145,119 26,948,603Transaction Fees 3 485 – 37,376 17,794Operational Expenses 6,695 – 659,621 603,210Total Operating Expenses 23,986 – 28,842,116 27,569,607 Expense Reimbursement 3 (17,835) – (519,779) (261,537)Net Expenses 6,151 – 28,322,337 27,308,070 Net Income/(Loss) before Finance Costs 17,448 3,797 94,893,569 157,376,534Finance Costs 4 391 – (46,221,435) (37,619,181) Profit/(Loss) for the Year 17,839 3,797 48,672,134 119,757,353 Withholding Tax 2 (131) (117) (512,234) (483,050) Increase/(Decrease) in Net Assets for the Year Attributable to Redeemable Participating Shareholders 17,708 3,680 48,159,900 119,274,303 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the income statement.

1Fund commenced operations on 28 August 2018. 2Fund commenced operations on 29 September 2017.

123

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 STATEMENT OF FINANCIAL POSITION


Defensive Defensive Conservative Conservative Moderate Moderate GBP GBP GBP GBP GBP GBP As at As at As at As at As at As at Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 30,539,433 23,223,804 75,452,977 83,137,118 354,932,194 355,253,906Cash at Bank 6 36,016 495,626 295,485 297,827 1,223,987 1,479,752Receivable for Investments Sold 8,115 – 54,505 286,273 259,771 –Receivable for Shares Created 262,301 829,778 148,650 56,653 499,800 1,702,889Accrued Income Receivable 1,923 1,608 13,044 14,416 61,234 62,950Other Assets 3,694 3,054 1,455 46,348 1,289 624Total Assets 30,851,482 24,553,870 75,966,116 83,838,635 356,978,275 358,500,121 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) – – – – – –Bank Overdraft 7 – – – – – –Payable for Investments Purchased 173,162 1,132,209 73,259 18,037 343,906 113,018Payable for Shares Redeemed 34,885 18,728 50,614 384,263 705,057 528,892Accrued Expenses Payable and Other Payables 37,229 75,926 65,924 65,927 230,967 228,460Total Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 245,276 1,226,863 189,797 468,227 1,279,930 870,370 Net Assets Attributable to Redeemable Participating Shareholders (for Financial Reporting purposes) 30,606,206 23,327,007 75,776,319 83,370,408 355,698,345 357,629,751Adjustments for Organisational Expenses – – – – – –Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 30,606,206 23,327,007 75,776,319 83,370,408 355,698,345 357,629,751

124

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 STATEMENT OF FINANCIAL POSITION (continued)


Core Core Balanced Balanced Growth Growth GBP GBP GBP GBP GBP GBP As at As at As at As at As at As at Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 797,724,080 771,783,946 724,202,612 669,868,601 422,628,857 376,493,956Cash at Bank 6 3,082,977 2,775,583 881,591* 4,047,585 2,887,216 2,130,321Receivable for Investments Sold – – – – – –Receivable for Shares Created 1,486,620 8,028,657 1,275,859 1,620,397 1,025,210 4,518,387Accrued Income Receivable – – – – – –Other Assets 195 195 676,747 818 757 758Total Assets 802,293,872 782,588,381 727,036,809 675,537,401 426,542,040 383,143,422 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) – – – – – –Bank Overdraft 7 – – – – – –Payable for Investments Purchased – 6,334,488 – 180,152 2,185,746 4,303,206Payable for Shares Redeemed 1,404,172 1,603,937 1,572,290 1,840,202 454,476 368,941Accrued Expenses Payable and Other Payables 561,671 552,867 566,398 544,677 302,937 272,784Total Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 1,965,843 8,491,292 2,138,688 2,565,031 2,943,159 4,944,931 Net Assets Attributable to Redeemable Participating Shareholders (for Financial Reporting purposes) 800,328,029 774,097,089 724,898,121 672,972,370 423,598,881 378,198,491Adjustments for Organisational Expenses – – – – – –Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 800,328,029 774,097,089 724,898,121 672,972,370 423,598,881 378,198,491

125



Aggressive Aggressive Global Conservative Global Conservative Global Moderate1

GBP GBP US$ US$ US$ As at As at As at As at As at Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 314,531,066 279,271,932 7,385,266 5,618,777 1,420,076Cash at Bank 6 1,907,558 964,875 40,667 51,844 29,932Receivable for Investments Sold – 67,012 3,875 – 1,069Receivable for Shares Created 925,995 566,380 – – –Accrued Income Receivable – – 956 786 264Other Assets 984 980 3,424 3,672 40,137Total Assets 317,365,603 280,871,179 7,434,188 5,675,079 1,491,478 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) – 23,356 – – –Bank Overdraft 7 – – – – –Payable for Investments Purchased – – 5,371 – 1,482Payable for Shares Redeemed 599,913 266,246 – – –Accrued Expenses Payable and Other Payables 204,127 176,955 24,098 21,937 66,422Total Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 804,040 466,557 29,469 21,937 67,904 Net Assets Attributable to Redeemable Participating Shareholders (for Financial Reporting purposes) 316,561,563 280,404,622 7,404,719 5,653,142 1,423,574Adjustments for Organisational Expenses – – – – –Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 316,561,563 280,404,622 7,404,719 5,653,142 1,423,574

126



Global Core Global Core Global Balanced Global Balanced Global Growth Global Growth US$ US$ US$ US$ US$ US$ As at As at As at As at As at As at Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 11,215,403 14,862,935 15,060,073 17,597,389 6,114,095 5,152,744Cash at Bank 6 45,513 58,427 54,282 84,828 33,259 30,007Receivable for Investments Sold 55,082 – 108,381 102,323 – –Receivable for Shares Created – – – – – –Accrued Income Receivable – – – – – –Other Assets 2,703 2,489 4,211 2,211 3,204 3,337Total Assets 11,318,701 14,923,851 15,226,947 17,786,751 6,150,558 5,186,088 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) – – – – – –Bank Overdraft 7 – – – – – –Payable for Investments Purchased – – – – – –Payable for Shares Redeemed 49,827 – 98,651 124,467 – –Accrued Expenses Payable and Other Payables 27,187 32,540 32,249 35,480 23,950 22,544Total Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 77,014 32,540 130,900 159,947 23,950 22,544 Net Assets Attributable to Redeemable Participating Shareholders (for Financial Reporting purposes) 11,241,687 14,891,311 15,096,047 17,626,804 6,126,608 5,163,544Adjustments for Organisational Expenses – – – – – –Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 11,241,687 14,891,311 15,096,047 17,626,804 6,126,608 5,163,544

127



Global Aggressive Global Aggressive Euro Conservative2 Euro Conservative2 Euro Moderate2 Euro Moderate2

US$ US$ EUR EUR EUR EUR As at As at As at As at As at As at Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 5,549,212 7,263,658 2,095,466 104,246 12,827,404 104,307Cash at Bank 6 26,358 31,697 10,792 309 79,402 434Receivable for Investments Sold – – 1,376 2 11,605 2Receivable for Shares Created – – – – 26,648 –Accrued Income Receivable – – 686 14 5,237 18Other Assets 4,603 3,146 33,345 – 32,424 –Total Assets 5,580,173 7,298,501 2,141,665 104,571 12,982,720 104,761 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) – – – – – –Bank Overdraft 7 – – – – – –Payable for Investments Purchased – – 1,414 – 21,669 –Payable for Shares Redeemed – – 1,607 – 11,385 –Accrued Expenses Payable and Other Payables 19,909 16,812 39,261 – 71,321 –Total Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 19,909 16,812 42,282 – 104,375 – Net Assets Attributable to Redeemable Participating Shareholders (for Financial Reporting purposes) 5,560,264 7,281,689 2,099,383 104,571 12,878,345 104,761Adjustments for Organisational Expenses – – – – – –Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 5,560,264 7,281,689 2,099,383 104,571 12,878,345 104,761

128



Euro Core2 Euro Core2 Euro Balanced2 Euro Balanced2 Euro Growth2 Euro Growth2

EUR EUR EUR EUR EUR EUR As at As at As at As at As at As at Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 9,456,224 105,405 5,518,340 317,405 1,395,924 106,210Cash at Bank 6 95,425 257 53,271 55 16,237 357Receivable for Investments Sold 66,331 3 – 48,215 – 2Receivable for Shares Created 1,022 – 34,650 – – –Accrued Income Receivable 2,666 – 811 10 – 7Other Assets 32,619 – 171 15,019 35,573 –Total Assets 9,654,287 105,665 5,607,243 380,704 1,447,734 106,576 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) – – – – – –Bank Overdraft 7 – – – 49,079 – –Payable for Investments Purchased – – – 75 – –Payable for Shares Redeemed 110,147 – 38,028 – – –Accrued Expenses Payable and Other Payables 63,521 – 54,299 46,549 47,211 –Total Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 173,668 – 92,327 95,703 47,211 – Net Assets Attributable to Redeemable Participating Shareholders (for Financial Reporting purposes) 9,480,619 105,665 5,514,916 285,001 1,400,523 106,576Adjustments for Organisational Expenses – – 26,372 33,136 – –Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 9,480,619 105,665 5,541,288 318,137 1,400,523 106,576

129



30 June 2019 30 June 2018 30 June 2017

Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Defensive Sterling Institutional C Class GBP184,970 GBP12.07 GBP169,771 GBP11.85 GBP681,814 GBP11.88Sterling Institutional Class GBP7,778,773 GBP12.13 GBP5,817,846 GBP11.85 GBP4,419,253 GBP11.82Sterling Institutional D Class* GBP677,439 GBP10.12 GBP656,695 GBP9.92 – –Sterling Institutional Distributing Class GBP3,534 GBP10.34 GBP3,452 GBP10.23 GBP3,442 GBP10.31Sterling Institutional E Class* GBP2,022,221 GBP10.14 GBP1,298,577 GBP9.93 – –Sterling Investor Distributing Class GBP91,125 GBP10.52 GBP124,621 GBP10.41 GBP213,465 GBP10.49Sterling Wealth A Accumulating Class** GBP6,381,573 GBP10.41 GBP2,913,173 GBP10.22 GBP1,639,822 GBP10.24Sterling Wealth A Distributing Class GBP13,466,571 GBP11.19 GBP12,342,872 GBP11.07 GBP13,438,395 GBP11.16 Conservative Sterling Institutional C Class GBP16,089 GBP13.93 GBP15,711 GBP13.50 GBP15,682 GBP13.38Sterling Institutional Class GBP3,540,269 GBP11.99 GBP3,625,689 GBP11.55 GBP3,304,234 GBP11.38Sterling Institutional Distributing Class GBP3,486 GBP9.98 GBP3,361 GBP9.80 GBP3,310 GBP9.81Sterling Investor Distributing Class GBP3,100,796 GBP11.28 GBP4,170,113 GBP11.09 GBP5,268,319 GBP11.09Sterling Wealth A Accumulating Class** GBP15,303,307 GBP11.01 GBP10,543,709 GBP10.67 GBP2,478,061 GBP10.58Sterling Wealth A Distributing Class GBP53,812,372 GBP12.51 GBP65,011,825 GBP12.29 GBP74,370,131 GBP12.30 Moderate Sterling Institutional C Class GBP494,583 GBP16.02 GBP469,134 GBP15.41 GBP2,638,894 GBP15.14Sterling Institutional Class GBP34,654,768 GBP15.79 GBP27,006,597 GBP15.10 GBP20,762,056 GBP14.73Sterling Institutional D Class* GBP1,501,077 GBP10.33 GBP1,198,252 GBP9.92 – –Sterling Institutional Distributing Class GBP4,030 GBP11.29 GBP3,854 GBP11.06 GBP3,760 GBP11.03Sterling Institutional E Class* GBP8,883,563 GBP10.35 GBP6,088,208 GBP9.92 – –Sterling Investor Distributing Class GBP1,594,333 GBP12.02 GBP2,143,786 GBP11.78 GBP2,845,519 GBP11.73Sterling Wealth A Accumulating Class** GBP50,962,307 GBP11.60 GBP37,657,889 GBP11.16 GBP11,823,139 GBP10.95Sterling Wealth A Distributing Class GBP257,603,684 GBP13.90 GBP283,062,031 GBP13.62 GBP278,058,127 GBP13.57 Core Sterling Institutional C Class GBP6,298,347 GBP18.07 GBP6,260,538 GBP17.53 GBP8,925,557 GBP16.82Sterling Institutional Class GBP70,147,366 GBP17.85 GBP71,434,546 GBP17.20 GBP81,841,794 GBP16.40Sterling Institutional D Class* GBP1,428,455 GBP10.22 GBP1,418,151 GBP9.88 – –Sterling Institutional Distributing Class GBP358,113 GBP11.76 GBP361,772 GBP11.62 GBP437,471 GBP11.32Sterling Institutional E Class* GBP2,048 GBP10.24 GBP1,978 GBP9.89 – –Sterling Investor Distributing Class GBP36,934,696 GBP13.00 GBP43,328,537 GBP12.85 GBP49,718,237 GBP12.52Sterling Wealth A Accumulating Class** GBP174,374,156 GBP12.31 GBP108,784,168 GBP11.95 GBP20,616,403 GBP11.48Sterling Wealth A Distributing Class GBP510,784,847 GBP15.79 GBP542,507,399 GBP15.60 GBP524,034,623 GBP15.21 Balanced Sterling Institutional C Class GBP326,377 GBP19.75 GBP563,534 GBP19.26 GBP643,431 GBP18.23Sterling Institutional Class GBP396,206 GBP14.71 GBP260,205 GBP14.25 GBP240,533 GBP13.40Sterling Institutional Distributing Class GBP4,396 GBP12.19 GBP4,259 GBP12.12 GBP4,007 GBP11.67Sterling Investor Distributing Class GBP75,084,143 GBP13.70 GBP91,190,796 GBP13.63 GBP106,555,599 GBP13.12Sterling Wealth A Accumulating Class** GBP146,851,236 GBP12.84 GBP68,203,972 GBP12.54 GBP14,794,647 GBP11.89Sterling Wealth A Distributing Class GBP502,235,766 GBP17.21 GBP512,749,604 GBP17.12 GBP463,888,650 GBP16.48

131



30 June 2019 30 June 2018 30 June 2017

Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Growth Sterling Institutional C Class GBP8,555,401 GBP21.45 GBP9,548,839 GBP21.01 GBP17,407,945 GBP19.65Sterling Institutional Class GBP59,318,870 GBP21.24 GBP53,633,523 GBP20.66 GBP32,466,567 GBP19.19Sterling Institutional D Class* GBP2,626,528 GBP10.12 GBP2,642,449 GBP9.87 – –Sterling Institutional Distributing Class GBP2,505,243 GBP12.66 GBP2,516,823 GBP12.65 GBP4,146 GBP12.04Sterling Institutional E Class* GBP20,083,704 GBP10.13 GBP15,554,968 GBP9.88 – –Sterling Investor Distributing Class GBP23,031,563 GBP14.49 GBP27,044,313 GBP14.48 GBP30,998,737 GBP13.78Sterling Wealth A Accumulating Class** GBP68,162,672 GBP13.45 GBP23,077,389 GBP13.19 GBP6,298,851 GBP12.36Sterling Wealth A Distributing Class GBP239,314,902 GBP18.64 GBP244,180,187 GBP18.64 GBP217,930,989 GBP17.73 Aggressive Sterling Institutional C Class GBP29,630,547 GBP25.20 GBP27,989,520 GBP24.90 GBP25,242,298 GBP22.75Sterling Institutional Class GBP93,233,556 GBP25.38 GBP98,003,586 GBP24.89 GBP98,226,396 GBP22.57Sterling Institutional D Class* GBP2,022 GBP10.11 GBP1,990 GBP9.95 – –Sterling Institutional Distributing Class GBP4,699 GBP13.16 GBP4,608 GBP13.21 GBP682,621 GBP12.43Sterling Institutional E Class* GBP2,368,311 GBP10.13 GBP1,941,185 GBP9.96 – –Sterling Investor Distributing Class GBP11,144,533 GBP15.91 GBP13,082,479 GBP15.97 GBP13,493,011 GBP14.78Sterling Wealth A Accumulating Class** GBP34,465,201 GBP14.05 GBP10,361,805 GBP13.89 GBP2,353,595 GBP12.71Sterling Wealth A Distributing Class GBP145,712,694 GBP22.04 GBP129,019,449 GBP22.13 GBP109,176,152 GBP20.49 Global Conservative U.S.$ Institutional Class US$2,521,775 US$13.29 US$3,601,180 US$12.73 US$3,763,801 US$12.40U.S.$ Institutional Distributing Class US$5,683 US$10.76 US$5,444 US$10.47 US$5,301 US$10.34U.S.$ Wealth A Class* US$3,232,316 US$10.50 US$1,102,299 US$10.12 – –U.S.$ Wealth B Class US$1,642,112 US$12.13 US$941,476 US$11.75 US$2,370,895 US$11.56U.S.$ Wealth B Distributing Class US$2,833 US$11.29 US$2,743 US$11.00 US$228,221 US$10.50 Global Moderate* U.S.$ Institutional Class US$21,883 US$10.30 – – – –U.S.$ Institutional Distributing Class US$21,839 US$9.66 – – – –U.S.$ Wealth A Class US$21,756 US$10.24 – – – –U.S.$ Wealth A Distributing Class US$1,314,836 US$9.66 – – – –U.S.$ Wealth B Class US$21,644 US$10.18 – – – –U.S.$ Wealth B Distributing Class US$21,616 US$9.64 – – – – Global Core U.S.$ Institutional Class US$991,181 US$15.49 US$966,915 US$15.01 US$799,580 US$14.17U.S.$ Institutional Distributing Class US$6,017 US$11.14 US$5,830 US$11.02 US$5,503 US$10.59U.S.$ Wealth A Class* US$3,398 US$10.58 US$496,324 US$10.32 – –U.S.$ Wealth B Class US$8,223,442 US$13.73 US$11,401,853 US$13.50 US$7,733,678 US$12.92U.S.$ Wealth B Distributing Class US$2,017,649 US$11.45 US$2,020,389 US$11.32 US$1,584,249 US$10.89

132



30 June 2019 30 June 2018 30 June 2017

Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Global Balanced U.S.$ Institutional Class US$1,680,477 US$16.35 US$3,330,378 US$16.01 US$4,037,867 US$14.88U.S.$ Institutional Distributing Class US$6,146 US$11.36 US$6,016 US$11.35 US$5,594 US$10.75U.S.$ Wealth A Class* US$2,324,578 US$10.59 US$3,356 US$10.45 – –U.S.$ Wealth B Class US$10,573,649 US$14.37 US$13,149,220 US$14.29 US$8,085,127 US$13.49U.S.$ Wealth B Distributing Class US$511,197 US$11.75 US$1,137,834 US$11.74 US$590,946 US$11.12 Global Growth U.S.$ Institutional Class US$240,657 US$17.05 US$238,238 US$16.88 US$309,697 US$15.48U.S.$ Institutional Distributing Class US$6,239 US$11.52 US$6,177 US$11.65 US$5,669 US$10.89U.S.$ Wealth A Class* US$3,394 US$10.57 US$3,389 US$10.55 – –U.S.$ Wealth B Class US$5,869,409 US$14.86 US$4,908,787 US$14.96 US$4,295,560 US$13.95U.S.$ Wealth B Distributing Class US$6,909 US$11.91 US$6,953 US$12.03 US$6,486 US$11.25 Global Aggressive U.S.$ Institutional Class US$4,484,510 US$17.98 US$6,980,001 US$18.03 US$7,043,912 US$16.16U.S.$ Institutional Distributing Class US$6,370 US$11.99 US$6,386 US$12.22 US$5,725 US$11.10U.S.$ Wealth A Class* US$3,425 US$10.66 US$3,462 US$10.78 – –U.S.$ Wealth B Class US$1,053,323 US$15.54 US$278,952 US$15.85 US$254,414 US$14.46U.S.$ Wealth B Distributing Class US$12,636 US$12.60 US$12,888 US$12.85 US$11,755 US$11.72 Euro Conservative* Euro Institutional Accumulating Class EUR2,341 EUR10.26 EUR2,279 EUR9.99 – –Euro Wealth A Accumulating Class EUR2,353 EUR10.24 EUR2,299 EUR10.01 – –Euro Wealth C Accumulating Class EUR2,073,565 EUR10.15 EUR97,993 EUR10.00 – –Euro Wealth C Distributing Class EUR21,123 EUR10.16 EUR2,000 EUR10.00 – – Euro Moderate* Euro Institutional Accumulating Class EUR2,361 EUR10.35 EUR2,278 EUR9.99 – –Euro Wealth A Accumulating Class EUR2,373 EUR10.33 EUR2,300 EUR10.01 – –Euro Wealth C Accumulating Class EUR12,852,419 EUR10.21 EUR98,179 EUR10.02 – –Euro Wealth C Distributing Class EUR21,192 EUR10.21 EUR2,004 EUR10.02 – – Euro Core* Euro Institutional Accumulating Class EUR2,341 EUR10.26 EUR2,273 EUR9.97 – –Euro Wealth A Accumulating Class EUR2,349 EUR10.22 EUR2,295 EUR9.99 – –Euro Wealth C Accumulating Class EUR9,454,672 EUR10.24 EUR99,075 EUR10.11 – –Euro Wealth C Distributing Class EUR21,258 EUR10.24 EUR2,022 EUR10.11 – – Euro Balanced* Euro Institutional Accumulating Class EUR2,335 EUR10.24 EUR2,275 EUR9.98 – –Euro Wealth A Accumulating Class EUR2,346 EUR10.21 EUR264,479 EUR10.00 – –Euro Wealth C Accumulating Class EUR5,515,322 EUR10.20 EUR49,356 EUR10.14 – –Euro Wealth C Distributing Class EUR21,285 EUR9.98 EUR2,027 EUR10.14 – –

133



30 June 2019 30 June 2018 30 June 2017

Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Euro Growth* Euro Institutional Accumulating Class EUR2,339 EUR10.26 EUR2,278 EUR9.99 – –Euro Wealth A Accumulating Class EUR2,356 EUR10.25 EUR2,306 EUR10.04 – –Euro Wealth C Accumulating Class EUR1,374,531 EUR10.33 EUR99,952 EUR10.20 – –Euro Wealth C Distributing Class EUR21,297 EUR10.33 EUR2,040 EUR10.20 – – Euro Aggressive* Euro Institutional Accumulating Class EUR2,346 EUR10.29 EUR2,298 EUR10.07 – –Euro Wealth A Accumulating Class EUR2,368 EUR10.31 EUR2,332 EUR10.15 – –Euro Wealth C Accumulating Class EUR622,475 EUR10.43 EUR101,555 EUR10.36 – –Euro Wealth C Distributing Class EUR21,305 EUR10.42 EUR2,073 EUR10.36 – – *Fund/Share Class commenced or ceased operations during the current or a prior reporting year. **Fund/Share Class changed its name during the current or a prior reporting year.

134

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS


v

Defensive GBP

Year Ended

DefensiveGBP

Year Ended

ConservativeGBP

Year Ended

Conservative GBP

Year Ended

ModerateGBP

Year Ended

ModerateGBP

Year Ended Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Net Assets Attributable to Redeemable Participating Shareholders at beginning of Year 23,327,007 20,396,191 83,370,408 85,439,737 357,629,751 316,131,495Proceeds from Redeemable Participating Shares Issued 12,594,549 10,288,053 13,845,270 19,592,590 61,669,597 105,865,167Cost of Redeemable Participating Shares Redeemed (5,809,862) (7,255,028) (22,847,798) (21,605,464) (72,093,894) (66,230,502) 30,111,694 23,429,216 74,367,880 83,426,863 347,205,454 355,766,160 Increase/(Decrease) in Net Assets for the Year Attributable to Redeemable Participating Shareholders 494,512 (102,209) 1,408,439 (56,455) 8,492,891 1,863,591Notional Currency Gain/(Loss) 1(c) – – – – – – Net Assets Attributable to Redeemable Participating Shareholders at end of Year 30,606,206 23,327,007 75,776,319 83,370,408 355,698,345 357,629,751

Core GBP

Year Ended

CoreGBP

Year Ended

BalancedGBP

Year Ended

Balanced GBP

Year Ended

GrowthGBP

Year Ended

GrowthGBP

Year Ended Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Net Assets Attributable to Redeemable Participating Shareholders at beginning of Year 774,097,089 685,574,085 672,972,370 586,126,867 378,198,491 305,107,235Proceeds from Redeemable Participating Shares Issued 146,213,386 204,300,960 172,635,250 177,751,609 101,235,427 118,936,224Cost of Redeemable Participating Shares Redeemed (132,915,204) (137,135,734) (126,604,456) (114,873,952) (59,863,921) (62,976,069) 787,395,271 752,739,311 719,003,164 649,004,524 419,569,997 361,067,390 Increase/(Decrease) in Net Assets for the Year Attributable to Redeemable Participating Shareholders 12,932,758 21,357,778 5,894,957 23,967,846 4,028,884 17,131,101Notional Currency Gain/(Loss) 1(c) – – – – – – Net Assets Attributable to Redeemable Participating Shareholders at end of Year 800,328,029 774,097,089 724,898,121 672,972,370 423,598,881 378,198,491

135

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (continued)


Aggressive GBP

Year Ended

AggressiveGBP

Year Ended


Year Ended

Global Conservative US$

Year Ended

Global Moderate1

US$Year Ended

Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019Net Assets Attributable to Redeemable Participating Shareholders at beginning of Year 280,404,622 249,174,073 5,653,142 6,368,218 –Proceeds from Redeemable Participating Shares Issued 65,442,859 55,823,269 3,676,152 1,197,909 1,313,961Cost of Redeemable Participating Shares Redeemed (32,494,840) (47,242,154) (2,182,430) (2,059,946) (2,082) 313,352,641 257,755,188 7,146,864 5,506,181 1,311,879 Increase/(Decrease) in Net Assets for the Year Attributable to Redeemable Participating Shareholders 3,208,922 22,649,434 257,855 146,961 111,695Notional Currency Gain/(Loss) 1(c) – – – – – Net Assets Attributable to Redeemable Participating Shareholders at end of Year 316,561,563 280,404,622 7,404,719 5,653,142 1,423,574

Global Core US$

Year Ended

Global CoreUS$

Year Ended

Global BalancedUS$

Year Ended

Global Balanced US$

Year Ended

Global GrowthUS$

Year Ended

Global GrowthUS$

Year Ended Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Net Assets Attributable to Redeemable Participating Shareholders at beginning of Year 14,891,311 10,123,010 17,626,804 12,719,534 5,163,544 4,617,412Proceeds from Redeemable Participating Shares Issued 605,685 6,826,082 5,937,390 9,153,296 1,159,848 753,339Cost of Redeemable Participating Shares Redeemed (4,361,551) (2,460,277) (8,367,190) (4,959,028) (163,883) (521,039) 11,135,445 14,488,815 15,197,004 16,913,802 6,159,509 4,849,712 Increase/(Decrease) in Net Assets for the Year Attributable to Redeemable Participating Shareholders 106,242 402,496 (100,957) 713,002 (32,901) 313,832Notional Currency Gain/(Loss) 1(c) – – – – – – Net Assets Attributable to Redeemable Participating Shareholders at end of Year 11,241,687 14,891,311 15,096,047 17,626,804 6,126,608 5,163,544

136



Global Aggressive US$

Year Ended


Year Ended

Euro Conservative2

EURYear Ended

Euro Conservative2 EUR

Year Ended

Euro Moderate2

EURYear Ended

Euro Moderate2

EURYear Ended

Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Net Assets Attributable to Redeemable Participating Shareholders at beginning of Year 7,281,689 7,315,806 104,571 – 104,761 –Proceeds from Redeemable Participating Shares Issued 1,422,617 687,336 2,044,378 104,578 12,529,579 104,578Cost of Redeemable Participating Shares Redeemed (2,912,472) (1,530,273) (80,830) – (24,520) – 5,791,834 6,472,869 2,068,119 104,578 12,609,820 104,578 Increase/(Decrease) in Net Assets for the Year Attributable to Redeemable Participating Shareholders (231,570) 808,820 31,264 (7) 268,525 183Notional Currency Gain/(Loss) 1(c) – – – – – – Net Assets Attributable to Redeemable Participating Shareholders at end of Year 5,560,264 7,281,689 2,099,383 104,571 12,878,345 104,761

Euro Core2 EUR

Year Ended

Euro Core2

EURYear Ended

Euro Balanced2

EURYear Ended

Euro Balanced2 EUR

Year Ended

Euro Growth2

EURYear Ended

Euro Growth2

EURYear Ended

Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018Net Assets Attributable to Redeemable Participating Shareholders at beginning of Year 105,665 – 285,001 – 106,576 –Proceeds from Redeemable Participating Shares Issued 9,338,895 104,578 5,399,179 372,661 1,253,536 104,578Cost of Redeemable Participating Shares Redeemed (183,707) – (346,973) (50,000) (15,677) – 9,260,853 104,578 5,337,207 322,661 1,344,435 104,578 Increase/(Decrease) in Net Assets for the Year Attributable to Redeemable Participating Shareholders 219,766 1,087 177,709 (37,660) 56,088 1,998Notional Currency Gain/(Loss) 1(c) – – – – – – Net Assets Attributable to Redeemable Participating Shareholders at end of Year 9,480,619 105,665 5,514,916 285,001 1,400,523 106,576

137



Euro Aggressive2 EUR

Year Ended

Euro Aggressive2

EURYear Ended

TotalUS$

Year Ended

Total US$

Year Ended Note 30 June 2019 30 June 2018 30 June 2019 30 June 2018 Net Assets Attributable to Redeemable Participating Shareholders at beginning of Year 108,258 – 3,444,610,002 2,961,118,221 Proceeds from Redeemable Participating Shares Issued 522,529 104,578 791,688,066 952,492,910 Cost of Redeemable Participating Shares Redeemed – – (604,300,344) (627,553,063) 630,787 104,578 3,631,997,724 3,286,058,068 Increase/(Decrease) in Net Assets for the Year Attributable to Redeemable Participating Shareholders 17,708 3,680 48,159,900 119,274,303 Notional Currency Gain/(Loss) 1(c) – – (125,589,910) 39,277,631 Net Assets Attributable to Redeemable Participating Shareholders at end of Year 648,495 108,258 3,554,567,714 3,444,610,002


138


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


The number of Redeemable Participating Shares issued and redeemed during the period ended 30 June 2019 were as follows:

Shares in Issueat 1 July 2018

SharesIssued

SharesRedeemed

Shares in Issue at 30 June 2019

Defensive Sterling Institutional C Class 14,322 1,081 (79) 15,324 Sterling Institutional Class 490,909 220,075 (69,769) 641,215 Sterling Institutional D Class 66,178 12,698 (11,957) 66,919 Sterling Institutional Distributing Class 337 5 – 342 Sterling Institutional E Class 130,767 86,837 (18,190) 199,414 Sterling Investor Distributing Class 11,968 79 (3,386) 8,661 Sterling Wealth A Accumulating Class 285,012 471,113 (143,154) 612,971 Sterling Wealth A Distributing Class 1,114,904 376,040 (287,125) 1,203,819 Conservative Sterling Institutional C Class 1,163 – (8) 1,155 Sterling Institutional Class 313,777 – (18,444) 295,333 Sterling Institutional Distributing Class 343 6 – 349 Sterling Investor Distributing Class 376,178 16,800 (118,119) 274,859 Sterling Wealth A Accumulating Class 987,791 743,687 (341,106) 1,390,372 Sterling Wealth A Distributing Class 5,288,297 497,334 (1,484,385) 4,301,246 Moderate Sterling Institutional C Class 30,451 1,317 (892) 30,876 Sterling Institutional Class 1,789,005 578,926 (172,780) 2,195,151 Sterling Institutional D Class 120,845 36,400 (11,978) 145,267 Sterling Institutional Distributing Class 348 9 – 357 Sterling Institutional E Class 613,648 312,194 (67,642) 858,200 Sterling Investor Distributing Class 182,028 3,980 (53,364) 132,644 Sterling Wealth A Accumulating Class 3,375,460 1,726,417 (707,105) 4,394,772 Sterling Wealth A Distributing Class 20,789,764 2,309,245 (4,560,018) 18,538,991 Core Sterling Institutional C Class 357,217 49,243 (57,999) 348,461 Sterling Institutional Class 4,153,854 61,558 (285,076) 3,930,336 Sterling Institutional D Class 143,490 11,975 (15,713) 139,752 Sterling Institutional Distributing Class 31,132 9 (680) 30,461 Sterling Institutional E Class 200 2,593 (2,593) 200 Sterling Investor Distributing Class 3,372,133 179,313 (710,212) 2,841,234 Sterling Wealth A Accumulating Class 9,099,886 6,687,193 (1,626,409) 14,160,670 Sterling Wealth A Distributing Class 34,766,442 4,342,348 (6,754,020) 32,354,770 Balanced Sterling Institutional C Class 29,264 825 (13,565) 16,524 Sterling Institutional Class 18,262 8,966 (287) 26,941 Sterling Institutional Distributing Class 351 10 – 361 Sterling Investor Distributing Class 6,691,192 423,444 (1,634,269) 5,480,367 Sterling Wealth A Accumulating Class 5,437,480 7,463,443 (1,467,931) 11,432,992 Sterling Wealth A Distributing Class 29,946,723 4,502,088 (5,270,407) 29,178,404 Growth Sterling Institutional C Class 454,518 25,661 (81,371) 398,808 Sterling Institutional Class 2,595,985 385,510 (188,728) 2,792,767 Sterling Institutional D Class 267,640 12,766 (20,741) 259,665 Sterling Institutional Distributing Class 198,921 1,244 (2,226) 197,939 Sterling Institutional E Class 1,574,868 548,756 (141,203) 1,982,421 Sterling Investor Distributing Class 1,867,379 126,683 (404,352) 1,589,710 Sterling Wealth A Accumulating Class 1,749,267 4,084,096 (764,436) 5,068,927 Sterling Wealth A Distributing Class 13,101,320 1,806,391 (2,072,210) 12,835,501 Aggressive Sterling Institutional C Class 1,124,250 159,877 (108,388) 1,175,739 Sterling Institutional Class 3,937,974 79,678 (343,598) 3,674,054 Sterling Institutional D Class 200 – – 200 Sterling Institutional Distributing Class 349 8 – 357 Sterling Institutional E Class 194,949 85,310 (46,446) 233,813 Sterling Investor Distributing Class 819,206 48,638 (167,290) 700,554 Sterling Wealth A Accumulating Class 745,753 1,866,608 (158,718) 2,453,643 Sterling Wealth A Distributing Class 5,830,243 1,556,433 (776,814) 6,609,862

139





SharesIssued

SharesRedeemed


Global Conservative U.S.$ Institutional Class 282,825 65,662 (158,752) 189,735 U.S.$ Institutional Distributing Class 520 8 – 528 U.S.$ Wealth A Class 108,951 198,974 (194) 307,731 U.S.$ Wealth B Class 80,157 68,744 (13,501) 135,400 U.S.$ Wealth B Distributing Class 249 2 – 251 Global Moderate Fund* U.S.$ Institutional Class – 2,125 – 2,125 U.S.$ Institutional Distributing Class – 2,260 – 2,260 U.S.$ Wealth A Class – 2,125 – 2,125 U.S.$ Wealth A Distributing Class – 136,370 (219) 136,151 U.S.$ Wealth B Class – 2,125 – 2,125 U.S.$ Wealth B Distributing Class – 2,243 – 2,243 Global Core U.S.$ Institutional Class 64,416 375 (822) 63,969 U.S.$ Institutional Distributing Class 529 11 – 540 U.S.$ Wealth A Class 48,077 – (47,756) 321 U.S.$ Wealth B Class 844,858 44,129 (290,095) 598,892 U.S.$ Wealth B Distributing Class 178,408 1 (2,249) 176,160 Global Balanced U.S.$ Institutional Class 208,071 32,006 (137,325) 102,752 U.S.$ Institutional Distributing Class 530 11 – 541 U.S.$ Wealth A Class 321 250,306 (31,176) 219,451 U.S.$ Wealth B Class 920,242 193,490 (378,173) 735,559 U.S.$ Wealth B Distributing Class 96,917 1 (53,407) 43,511 Global Growth U.S.$ Institutional Class 14,117 – – 14,117 U.S.$ Institutional Distributing Class 530 12 – 542 U.S.$ Wealth A Class 321 – – 321 U.S.$ Wealth B Class 328,176 77,945 (11,214) 394,907 U.S.$ Wealth B Distributing Class 578 2 – 580 Global Aggressive U.S.$ Institutional Class 387,233 36,616 (174,482) 249,367 U.S.$ Institutional Distributing Class 523 8 – 531 U.S.$ Wealth A Class 321 – – 321 U.S.$ Wealth B Class 17,597 50,322 (135) 67,784 U.S.$ Wealth B Distributing Class 1,003 – – 1,003 Euro Conservative Euro Institutional Accumulating Class 228 – – 228 Euro Wealth A Accumulating Class 230 – – 230 Euro Wealth C Accumulating Class 9,800 202,435 (8,040) 204,195 Euro Wealth C Distributing Class 200 1,880 – 2,080 Euro Moderate Euro Institutional Accumulating Class 228 – – 228 Euro Wealth A Accumulating Class 230 – – 230 Euro Wealth C Accumulating Class 9,800 1,250,921 (2,416) 1,258,305 Euro Wealth C Distributing Class 200 1,875 – 2,075 Euro Core Euro Institutional Accumulating Class 228 – – 228 Euro Wealth A Accumulating Class 230 – – 230 Euro Wealth C Accumulating Class 9,800 931,863 (18,049) 923,614 Euro Wealth C Distributing Class 200 1,877 – 2,077 Euro Balanced Euro Institutional Accumulating Class 228 – – 228 Euro Wealth A Accumulating Class 26,443 – (26,213) 230 Euro Wealth C Accumulating Class 4,869 545,250 (9,294) 540,825 Euro Wealth C Distributing Class 200 1,933 – 2,133 Euro Growth Euro Institutional Accumulating Class 228 – – 228 Euro Wealth A Accumulating Class 230 – – 230 Euro Wealth C Accumulating Class 9,800 124,755 (1,528) 133,027 Euro Wealth C Distributing Class 200 1,862 – 2,062

140





SharesIssued

SharesRedeemed


Euro Aggressive Euro Institutional Accumulating Class 228 – – 228 Euro Wealth A Accumulating Class 230 – – 230 Euro Wealth C Accumulating Class 9,800 49,880 – 59,680 Euro Wealth C Distributing Class 200 1,844 – 2,044

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

141




The number of Redeemable Participating Shares issued and redeemed during the year ended 30 June 2018 were as follows:


SharesIssued

SharesRedeemed

Shares in Issueat 30 June 2018

Defensive Sterling Institutional C Class 57,405 12,196 (55,279) 14,322Sterling Institutional Class 374,026 172,450 (55,567) 490,909Sterling Institutional D Class – 66,178 – 66,178Sterling Institutional Distributing Class 334 3 – 337Sterling Institutional E Class – 130,767 – 130,767Sterling Investor Distributing Class 20,340 102 (8,474) 11,968Sterling Wealth A Accumulating Class 160,132 231,813 (106,933) 285,012Sterling Wealth A Distributing Class 1,204,219 344,476 (433,791) 1,114,904 Conservative Sterling Institutional C Class 1,172 – (9) 1,163Sterling Institutional Class 290,273 41,735 (18,231) 313,777Sterling Institutional Distributing Class 337 6 – 343Sterling Investor Distributing Class 474,842 24,646 (123,310) 376,178Sterling Wealth A Accumulating Class 234,300 926,836 (173,345) 987,791Sterling Wealth A Distributing Class 6,044,323 908,997 (1,665,023) 5,288,297 Moderate Sterling Institutional C Class 174,346 22,323 (166,218) 30,451Sterling Institutional Class 1,409,833 533,108 (153,936) 1,789,005Sterling Institutional D Class – 120,845 – 120,845Sterling Institutional Distributing Class 341 7 – 348Sterling Institutional E Class – 613,682 (34) 613,648Sterling Investor Distributing Class 242,532 11,564 (72,068) 182,028Sterling Wealth A Accumulating Class 1,079,790 2,514,451 (218,781) 3,375,460Sterling Wealth A Distributing Class 20,494,206 4,968,963 (4,673,405) 20,789,764 Core Sterling Institutional C Class 530,788 127,663 (301,234) 357,217Sterling Institutional Class 4,991,417 257,394 (1,094,957) 4,153,854Sterling Institutional D Class – 143,490 – 143,490Sterling Institutional Distributing Class 38,633 7 (7,508) 31,132Sterling Institutional E Class – 200 – 200Sterling Investor Distributing Class 3,970,998 250,219 (849,084) 3,372,133Sterling Wealth A Accumulating Class 1,795,393 7,713,385 (408,892) 9,099,886Sterling Wealth A Distributing Class 34,463,821 7,415,426 (7,112,805) 34,766,442 Balanced Sterling Institutional C Class 35,287 – (6,023) 29,264Sterling Institutional Class 17,944 580 (262) 18,262Sterling Institutional Distributing Class 343 8 – 351Sterling Investor Distributing Class 8,121,336 549,705 (1,979,849) 6,691,192Sterling Wealth A Accumulating Class 1,243,793 4,463,918 (270,231) 5,437,480Sterling Wealth A Distributing Class 28,142,174 7,294,418 (5,489,869) 29,946,723 Growth Sterling Institutional C Class 885,884 139,758 (571,124) 454,518Sterling Institutional Class 1,691,510 1,063,956 (159,481) 2,595,985Sterling Institutional D Class – 267,640 – 267,640Sterling Institutional Distributing Class 344 199,689 (1,112) 198,921Sterling Institutional E Class – 1,574,997 (129) 1,574,868Sterling Investor Distributing Class 2,249,551 145,873 (528,045) 1,867,379Sterling Wealth A Accumulating Class 509,574 1,349,723 (110,030) 1,749,267Sterling Wealth A Distributing Class 12,288,818 3,016,013 (2,203,511) 13,101,320 Aggressive Sterling Institutional C Class 1,109,772 195,148 (180,670) 1,124,250Sterling Institutional Class 4,351,712 257,169 (670,907) 3,937,974Sterling Institutional D Class – 200 – 200Sterling Institutional Distributing Class 54,909 7 (54,567) 349Sterling Institutional E Class – 195,141 (192) 194,949Sterling Investor Distributing Class 912,651 65,180 (158,625) 819,206Sterling Wealth A Accumulating Class 185,160 638,345 (77,752) 745,753Sterling Wealth A Distributing Class 5,328,943 1,596,703 (1,095,403) 5,830,243 Global Conservative U.S.$ Institutional Class 303,598 6,749 (27,522) 282,825U.S.$ Institutional Distributing Class 512 8 – 520U.S.$ Wealth A Class – 108,952 (1) 108,951

142





SharesIssued

SharesRedeemed

Shares in Issueat 30 June 2018

Global Conservative (continued) U.S.$ Wealth B Class 205,062 226 (125,131) 80,157U.S.$ Wealth B Distributing Class 21,739 313 (21,803) 249 Global Core U.S.$ Institutional Class 56,445 15,541 (7,570) 64,416U.S.$ Institutional Distributing Class 519 10 – 529U.S.$ Wealth A Class – 48,077 – 48,077U.S.$ Wealth B Class 598,522 418,412 (172,076) 844,858U.S.$ Wealth B Distributing Class 145,510 32,898 – 178,408 Global Balanced U.S.$ Institutional Class 271,405 19,291 (82,625) 208,071U.S.$ Institutional Distributing Class 520 10 – 530U.S.$ Wealth A Class – 321 – 321U.S.$ Wealth B Class 599,377 565,218 (244,353) 920,242U.S.$ Wealth B Distributing Class 53,144 58,929 (15,156) 96,917 Global Growth U.S.$ Institutional Class 20,000 – (5,883) 14,117U.S.$ Institutional Distributing Class 521 9 – 530U.S.$ Wealth A Class – 321 – 321U.S.$ Wealth B Class 307,876 49,174 (28,874) 328,176U.S.$ Wealth B Distributing Class 577 1 – 578 Global Aggressive U.S.$ Institutional Class 435,997 37,884 (86,648) 387,233U.S.$ Institutional Distributing Class 516 7 – 523U.S.$ Wealth A Class – 321 – 321U.S.$ Wealth B Class 17,597 – – 17,597U.S.$ Wealth B Distributing Class 1,003 – – 1,003 Euro Conservative Euro Institutional Accumulating Class – 228 – 228Euro Wealth A Accumulating Class – 230 – 230Euro Wealth C Accumulating Class – 9,800 – 9,800Euro Wealth C Distributing Class – 200 – 200 Euro Moderate Euro Institutional Accumulating Class – 228 – 228Euro Wealth A Accumulating Class – 230 – 230Euro Wealth C Accumulating Class – 9,800 – 9,800Euro Wealth C Distributing Class – 200 – 200 Euro Core Euro Institutional Accumulating Class – 228 – 228Euro Wealth A Accumulating Class – 230 – 230Euro Wealth C Accumulating Class – 9,800 – 9,800Euro Wealth C Distributing Class – 200 – 200 Euro Balanced Euro Institutional Accumulating Class – 228 – 228Euro Wealth A Accumulating Class – 26,443 – 26,443Euro Wealth C Accumulating Class – 9,800 (4,931) 4,869Euro Wealth C Distributing Class – 200 – 200 Euro Growth Euro Institutional Accumulating Class – 228 – 228Euro Wealth A Accumulating Class – 230 – 230Euro Wealth C Accumulating Class – 9,800 – 9,800Euro Wealth C Distributing Class – 200 – 200 Euro Aggressive Euro Institutional Accumulating Class – 228 – 228Euro Wealth A Accumulating Class – 230 – 230Euro Wealth C Accumulating Class – 9,800 – 9,800Euro Wealth C Distributing Class – 200 – 200

143


NOTES TO THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019

1. Accounting Policies The significant accounting policies and estimation techniques adopted by the Company are as follows:

a) Basis of Presentation of Financial Statements The financial statements are prepared in accordance with accounting standards generally accepted in Ireland, comprising the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (the “UCITS Regulations”). Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Financial Reporting Council (“FRC”). The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (“FRS 102”) is effective for accounting periods beginning on or after 01 July 2015. These audited financial statements have been prepared in accordance with FRS 102, and should be read in conjunction with the audited financial statements for the year ended 30 June 2018. The format and certain wordings of the financial statements have been adapted from those contained in the Companies Act 2014 so that, in the opinion of the Directors, they more appropriately reflect the nature of the Company’s business as an investment Fund. The Company has availed of the exemption available to open-ended investments funds under FRS 102 not to prepare a cash flow statement. The financial statements are prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. The financial statements are based on the valuations prepared at 4.00pm Eastern Time on 28 June 2019 (“Valuation Point”). The Administrator operates T+1 trading, therefore, investment transactions and capital transactions included in the valuations are up to close of business on 27 June 2019. For financial statements purposes where the difference between the Net Assets at the valuation point and 30 June 2019 is deemed material an adjustment to revalue assets is shown on the Balance Sheet. No adjustment was required for the year ended 30 June 2019 or 30 June 2018

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

Realised Gains and Losses on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss Realised gains and losses on financial assets and financial liabilities at fair value through profit or loss are calculated based on a FIFO book cost. The associated foreign exchange movement between the date of purchase and the date of sale on the sale of financial assets and financial liabilities is included in “Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss” in the Income Statement. Recognition/Derecognition The Company recognises a financial asset or a financial liability when, and only when, it becomes a party to the contractual provisions of the instrument. Purchases and sales of financial assets at fair value through Income Statement are recognised on trade date – the date on which the Company commits to purchase or sell the financial instrument. Financial assets at fair value through Income Statement are derecognised when the rights to receive cash flows from the financial assets at fair value through profit or loss have expired or the Company has transferred substantially all risks and rewards of ownership.

Unlisted Securities The fair value of any instrument that is not listed or dealt with on a market shall be the probable realisation value of the investment estimated with care and in good faith by the Directors in consultation with the Administrator or by a competent person, firm or corporation appointed for such purpose by the Depositary. The Directors, in consultation with the Administrator, competent person or the Depositary have delegated the authority to the Fair Valuation Committee to oversee the process for valuing such securities. The Fair Valuation Committee subsequently may approve other valuation methodologies as being representative of fair value including, without limitation, so-called matrix valuation for fixed income obligations based upon sales prices of comparable securities. The values reflected in the financial statements for these investments may differ from those values that would be determined by negotiations held between parties in a near term sales transaction and these differences could be material.

Cash and Other Liquid Assets Cash and other liquid assets are valued at their face value with interest accrued, where applicable, to the Valuation Point on the relevant Dealing Day unless, in the opinion of the Directors (in consultation with the Manager and the Administrator), any adjustment should be made to reflect the true value thereof. Investment Funds Shares or units in open-ended investment funds are valued by reference to the latest available net asset value of the shares or units of the relevant investment funds priced by the underlying administrator and provided by a vendor. Shares or units in closed ended investment funds are valued by reference to the latest available net asset value of the shares or units of the relevant investment funds priced by the underlying administrator and provided by a vendor. If such prices are unavailable and if appropriate in the opinion of the Directors, shares or units in investment funds are valued at the estimated net asset value of the shares or units as provided by the underlying administrator.

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

144


NOTES TO THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 (continued)

1. Accounting Policies (continued)

c) Foreign Exchange Translation Functional and Presentation Currency The functional and presentation currency of the Funds are as follows: British Pound Sterling (GBP) in the case of The SEI Defensive Fund, The SEI Conservative Fund, The SEI Moderate Fund, The SEI Core Fund, The SEI Balanced Fund, The SEI Growth Fund and The SEI Aggressive Fund; U.S. Dollar (US$) in the case of The SEI Global Conservative Fund, The SEI Global Moderate Fund, The SEI Global Core Fund, The SEI Global Balanced Fund, The SEI Global Growth Fund and The SEI Global Aggressive Fund; Euro (EUR) in the case of The SEI Euro Conservative Fund, The SEI Euro Moderate Fund, The SEI Euro Core Fund, The SEI Euro Balanced Fund, The SEI Euro Growth Fund and The SEI Euro Aggressive Fund. These are considered to be the currencies of the primary economic environments of the Funds. The presentation currency of the Company is in U.S. Dollar (US$). Transactions and Balances Assets and liabilities denominated in currencies other than the functional currency of the Fund are translated into the functional currency at the exchange rates ruling at the Statement of Financial Position date. Transactions in currencies other than the functional currency of the Fund are translated into the functional currency at the exchange rates ruling at the dates of the transactions. Gains and losses on foreign exchange transactions are recognised in the Income Statement Account in determining the result for the year ended 30 June 2019 and 30 June 2018. Proceeds from subscriptions and amounts paid on redemption of Redeemable Participating Shares are translated at the rates prevailing at the dates of the transactions. The Statement of Financial Position is translated using exchange rates at the year end and the Income Statement and Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders are translated at an average rate over the year for the following Funds for inclusion in the combined financial statements of the Company: The SEI Defensive Fund, The SEI Conservative Fund, The SEI Moderate Fund, The SEI Core Fund, The SEI Balanced Fund, The SEI Growth Fund, The SEI Aggressive Fund, The SEI Euro Conservative Fund, The SEI Euro Moderate Fund, The SEI Euro Core Fund, The SEI Euro Balanced Fund, The SEI Euro Growth Fund and The SEI Euro Aggressive Fund. The resulting notional currency gain/(loss) and the notional currency gain/(loss) on retranslation of the opening net assets is included in the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders. The method of translation has no effect on the value of net assets allocated to the individual Funds.

d) Income and Expense Recognition

Dividend income from financial assets at fair value through profit or loss is reported gross of withholding tax. Dividends are recognised as income on the dates the securities are first quoted “ex-dividend” to the extent that information thereon is reasonably available to the Fund. 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. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability. During the year ended 30 June 2019 or 30 June 2018, the Company engaged in approved stock lending transactions whereby it may dispose of securities to a counterparty in return for which it agreed that securities of the same kind and amount should be transferred back to the Company at a later date. The agreement has the substance of a loan of the Company's securities in return for collateral. The income earned from the securities lending programme is recorded in “Income from Financial Assets at Fair Value through Profit or Loss” in the Income Statement. Securities lending income is accounted for on an accruals basis.

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

f) Income Equalisation

During the year ended 30 June 2019 and 30 June 2018, certain Funds operated an equalisation account with a view to ensuring that the level of dividends payable on distributing Shares was not affected by the issue and redemption of such Shares during an accounting period. The subscription price of such Shares will therefore be deemed to include an equalisation payment calculated by reference to the accrued income of the Fund and the first distribution in respect of any Share will include a payment of capital usually equal to the amount of such equalisation payment. The redemption price of each Share will also include an equalisation payment in respect of the accrued income of the Fund up to the date of redemption. Income equalisation is accounted for through the Income Statement as a finance cost and disclosed as “Income received/deducted on issue/cancellation of shares” in Note 4.

As of 30 June 2019 and 30 June 2018, equalisation operated on certain Share Classes within the following Funds: The SEI Defensive Fund, The SEI Conservative Fund, The SEI Moderate Fund, The SEI Core Fund, The SEI Balanced Fund, The SEI Growth Fund, The SEI Aggressive Fund, The SEI Global Conservative Fund, The SEI Global Moderate Fund, The SEI Global Core Fund, The SEI Global Balanced Fund, The SEI Global Growth Fund, The SEI Global Aggressive Fund, The SEI Euro Conservative Fund, The SEI Euro Moderate Fund, The SEI Euro Core Fund, The SEI Euro Balanced Fund, The SEI Euro Growth Fund and The SEI Euro Aggressive Fund.

145



1. Accounting Policies (continued) g) Collateral

Securitised collateral which is provided to the broker (if any) is annotated on the relevant security in the Portfolio of Investments. Securitised collateral which is provided to the Fund (if any) is disclosed in Note 8. Cash collateral which is provided to the broker is recorded as an asset to the Fund and included under “Cash Collateral”, and is valued at its fair value. Cash received as collateral is recorded as an asset on the Statement of Financial Position and is valued at its fair value. Cash collateral held is unrestricted and held in a segregated account in the individual Fund’s name. A related liability to repay the collateral is recorded as a liability on the Statement of Financial Position under “Cash Collateral Payable” and is also valued at its fair value and disclosed in Note 8. All types of collateral are treated in line with the reporting requirements of FRS 102 and are governed by the terms and conditions of individual ISDA Master Agreements.

h) Distribution Policy

The distributions on the distributing Shares are recognised in the Income Statement as Finance Costs when they are appropriately authorised 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 include fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges, and transfer taxes 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 on the Income Statement in “Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss”. Transaction fees on trades charged by the Depositary are recognised on the Income 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 Taxes Consolidation 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 to Shareholders, any encashment, redemption, cancellation or transfer of shares and the holding of shares at the end of each eight year period 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 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, are held by the Fund or the Fund has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; 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 country from which the investment income/gains are received and such taxes may not be recoverable by the Fund or its Shareholders.

Withholding Tax disclosed on 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 and Administrator respectively, to provide the Company with management and administrative services. For these services, the Manager receives advisory, administration and depositary fees from the Company in respect of the Funds and Classes at the rates specified below. The Funds are not subject to any investment advisory fees for their investments in SEI Global Master Fund plc and SEI Global Investments Funds plc Share Classes. The Manager is responsible for paying out of these fees, the fees and expenses of the Investment Adviser, the Administrator, the Depositary and the Distributor. The Investment Adviser is responsible for paying the Portfolio Managers. The Company also reimburses the Depositary for reasonable out-of-pocket expenses, fees, transaction fees on trades and customary agents’ charges paid by the Depositary to any sub-custodian appointed with the consent of the Company which will be charged at normal commercial rates. The Manager is also entitled to reimbursement of all out-of-pocket expenses, incurred for the benefit of the Company. These transaction fees are disclosed in the Income Statement.

146



3. Fees and Expenses (continued) Administration and Depositary Fees Certain Share Classes pay only administration and depositary fees to the Manager. Advisory fees are paid by the underlying shareholders. The U.S.$ Institutional Class, U.S.$ Institutional Distributing Class, Sterling Institutional Class, Sterling Institutional Distributing Class and Euro Institutional Accumulating Class pay administration and depositary fees to the Manager up to the following rates (in basis points):

U.S.$ Institutional Class U.S.$ Institutional Distributing Class The SEI Global Conservative Fund 20 20 The SEI Global Moderate Fund1 20 20 The SEI Global Core Fund 20 20 The SEI Global Balanced Fund 20 20 The SEI Global Growth Fund 20 20 The SEI Global Aggressive Fund 20 20

Sterling Institutional Class Sterling Institutional Distributing Class The SEI Defensive Fund 15 15 The SEI Conservative Fund 15 15 The SEI Moderate Fund 15 15 The SEI Core Fund 15 15 The SEI Balanced Fund 15 15 The SEI Growth Fund 15 15 The SEI Aggressive Fund 15 15

Euro Institutional Accumulating Class

The SEI Euro Conservative Fund2 20 The SEI Euro Moderate Fund2 20 The SEI Euro Core Fund2 20 The SEI Euro Balanced Fund2 20 The SEI Euro Growth Fund2 20 The SEI Euro Aggressive Fund2 20

1 Fund commenced operations on 28 August 2018. 2 Fund commenced operations on 29 September 2017.

Advisory/Administration/Depositary Fees The Sterling Wealth A Accumulating Class, Sterling Wealth A Distributing Class, Sterling Institutional C Class, Sterling Investor Distributing Class, U.S.$ Wealth B Class, U.S.$ Wealth B Distributing Class, Euro Wealth A Accumulating Class, Euro Wealth C Accumulating Class, Euro Wealth C Distributing Class, U.S.$ Wealth A Class, Sterling Institutional D Class and Sterling Institutional E Class pay advisory, administration and depositary fees to the Manager up to the following rates (in basis points):

147



3. Fees and Expenses (continued) Advisory/Administration/Depositary Fees (continued)

Sterling Wealth Sterling Wealth Sterling A Accumulating A Distributing Institutional C Class Class Class

The SEI Defensive Fund 65 65 68 The SEI Conservative Fund 75 75 73 The SEI Moderate Fund 80 80 73 The SEI Core Fund 95 95 78 The SEI Balanced Fund 100 100 80 The SEI Growth Fund 105 105 83 The SEI Aggressive Fund 105 105 88

Sterling Investor U.S.$ Wealth B U.S.$ Wealth B Distributing Class Class Distributing Class The SEI Defensive Fund 65 - - The SEI Conservative Fund 75 - - The SEI Moderate Fund 80 - - The SEI Core Fund 90 - - The SEI Balanced Fund 95 - - The SEI Growth Fund 98 - - The SEI Aggressive Fund 100 - - The SEI Global Conservative Fund - 130 130 The SEI Global Moderate Fund1 - 145 145 The SEI Global Core Fund - 165 165 The SEI Global Balanced Fund - 175 175 The SEI Global Growth Fund - 185 185 The SEI Global Aggressive Fund - 195 195

Euro Wealth A

Accumulating Class

Euro Wealth C Accumulating

Class Euro Wealth C

Distributing Class The SEI Euro Conservative Fund2 80 220 220 The SEI Euro Moderate Fund2 85 240 240 The SEI Euro Core Fund2 100 245 245 The SEI Euro Balanced Fund2 105 255 255 The SEI Euro Growth Fund2 110 265 265 The SEI Euro Aggressive Fund2 110 275 275

Sterling U.S.$ Wealth A U.S.$ Wealth A Institutional D Class Distributing Class Class The SEI Defensive Fund - - 50 The SEI Moderate Fund - - 50 The SEI Core Fund - - 50 The SEI Growth Fund - - 50 The SEI Aggressive Fund - - 50 The SEI Global Conservative Fund 85 - - The SEI Global Moderate Fund1 90 90 - The SEI Global Core Fund 105 - - The SEI Global Balanced Fund 110 - - The SEI Global Growth Fund 115 - - The SEI Global Aggressive Fund 120 - -

Sterling Institutional E Class The SEI Defensive Fund 38 The SEI Moderate Fund 38 The SEI Core Fund 38 The SEI Growth Fund 38 The SEI Aggressive Fund 38

1 Fund commenced operations on 28 August 2018 2 Fund commenced operations on 29 September 2017. The Manager has agreed to reimburse the Company for certain other expenses incurred because of the cap. During the year ended 30 June 2019, the Manager charged fees amounting to US$28,145,119 (30 June 2018: US$26,948,603) of which US$519,779 (30 June 2018: 261,537) was reimbursed from the Investment Advisory Fee.

148



3. Fees and Expenses (continued)

Auditors Fees The charges (exclusive of VAT) for work carried out for the Company by its statutory audit firm, PricewaterhouseCoopers, for the years ended 30 June 2019 and 30 June 2018 were as follows:

Year Ended Year Ended 30 June 2019* 30 June 2018** EUR EUR

Audit of financial statements 139,500 132,750 Other assurance services - - Tax advisory services - - Other non audit services 91,875 70,831 231,375 203,581 *Based on estimated amounts **Based on actual amounts Transaction Costs Transaction costs incurred in the acquisition or disposal of financial assets and liabilities for the year ended 30 June 2019 and 30 June 2018 were as follows:

Year ended Year ended Fund Name 30 June 2019 30 June 2018 The SEI Defensive Fund GBP544 GBP464 The SEI Conservative Fund GBP4,288 GBP4,816 The SEI Moderate Fund GBP19,477 GBP20,144 The SEI Core Fund - - The SEI Balanced Fund - - The SEI Growth Fund - - The SEI Aggressive Fund - - The SEI Global Conservative Fund US$291 US$458 The SEI Global Moderate Fund1 US$36 N/A The SEI Global Core Fund - - The SEI Global Balanced Fund - - The SEI Global Growth Fund - - The SEI Global Aggressive Fund - - The SEI Euro Conservative Fund2 EUR30 EUR3 The SEI Euro Moderate Fund2 EUR220 EUR4 The SEI Euro Core Fund2 - - The SEI Euro Balanced Fund2 EUR2 EUR5 The SEI Euro Growth Fund2 - EUR9 The SEI Euro Aggressive Fund2 EUR19 EUR15 1 Fund commenced operations on 28 August 2018. 2Fund commenced operations on 29 September 2017.

These transaction costs are recognised in the Income Statement in “Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss”. Transaction fees on trades charged by the Depositary are recognised on the Income Statement as “Transaction Fees” under “Expenses”. The Funds will only invest in classes of SEI Global Master Fund plc or SEI Global Investment Fund plc that are not subject to any investment advisory fee. Where the Funds invest in other (non SEI) investment funds; such investments may be subject to management fees which are generally not expected to exceed 2% of the assets of the relevant investment funds per annum. Organisational Expenses The Company’s initial establishment and organisational expenses (including, without limitation, expenses relating to the drafting of the Prospectus and Supplements, the authorisation of the Company by the Central Bank, the negotiation and preparation of the material contracts referred to herein, printing and translating the Prospectus and the Supplements and the fees and expenses of its professional advisers) are being borne by the Company and amounted to approximately US$300,000. Such expenses will be amortised over the first five accounting periods of the Company, unless otherwise determined by the Directors. In accordance with the Prospectus dated 15 November 2018, the Net Asset Value reported each month reflects these organisational expenses amortised over a period of sixty months. Consequently, in the current period amounts totalling EUR6,763 (30 June 2018: EUR780) for the SEI Euro Balanced Fund were amortised. However, for financial reporting purposes, as at 30 June 2019, organisational expenses totalling EUR33,135 (30 June 2018: EUR33,916) have been charged to the Income Statement of SEI Euro Balanced Fund.

149



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.

Defensive Conservative Moderate Core

30 June 2019

GBP30 June 2018

GBP30 June 2019

GBP30 June 2018

GBP30 June 2019

GBP30 June 2018

GBP30 June 2019

GBP30 June 2018

GBP Distribution (99,017) (82,472) (848,136) (766,073) (4,998,713) (4,387,270) (10,218,144) (8,333,079) Add: Income deducted/received on cancellation/issue of shares 7,894 (6,952) (118,826) (82,251) (410,018) (68,515) (663,645) (75,111) Net Distribution for the period (91,123) (89,424) (966,962) (848,324) (5,408,731) (4,455,785) (10,881,789) (8,408,190) Interest – (1) (1) (892) (4) (159) – (602) Total Finance Costs (91,123) (89,425) (966,963) (849,216) (5,408,735) (4,455,944) (10,881,789) (8,408,792)

Balanced Growth Aggressive Global Conservative

30 June 2019

GBP30 June 2018

GBP30 June 2019

GBP30 June 2018

GBP30 June 2019

GBP30 June 2018

GBP30 June 2019

US$30 June 2018

US$ Distribution (10,816,669) (8,901,639) (5,024,654) (3,989,093) (2,098,848) (1,541,170) (104) (765) Add: Income deducted/received on cancellation/issue of shares (462,883) 80,809 (168,973) 153,125 168,670 78,207 1 (644) Net Distribution for the period (11,279,552) (8,820,830) (5,193,627) (3,835,968) (1,930,178) (1,462,963) (103) (1,409) Interest (29) (257) (40) (1,326) (2) (210) – (230) Total Finance Costs (11,279,581) (8,821,087) (5,193,667) (3,837,294) (1,930,180) (1,463,173) (103) (1,639)

150



4. Finance Costs (continued) Distributions and Interest (continued)

Global Moderate1 Global Core Global Balanced Global Growth

30 June 2019

US$30 June 2019

US$30 June 2018

US$30 June 2019

US$30 June 2018

US$30 June 2019

US$30 June 2018

US$ Distribution (17,131) (11,954) (7,004) (4,938) (2,191) (153) (128) Add: Income deducted/received on cancellation/issue of shares 67,140 (181) 1,722 (2,805) 2,372 2 1 Net Distribution for the period 50,009 (12,135) (5,282) (7,743) 181 (151) (127) Interest – – (4) – (5) – (26) Total Finance Costs 50,009 (12,135) (5,286) (7,743) 176 (151) (153)

Global Aggressive Euro Conservative2 Euro Moderate2 Euro Core2

30 June 2019

US$30 June 2018

US$30 June 2019

EUR30 June 2018

EUR30 June 2019

EUR30 June 2018

EUR30 June 2019

EUR30 June 2018

EUR Distribution (101) (84) – – – – – – Add: Income deducted/received on cancellation/issue of shares 1 1 214 – 174 – 169 – Net Distribution for the period (100) (83) 214 – 174 – 169 – Interest – (107) – – (123) – (99) – Total Finance Costs (100) (190) 214 – 51 – 70 –

151



4. Finance Costs (continued) Distributions and Interest (continued)

Euro Balanced2 Euro Growth2 Euro Aggressive2 Total

30 June 2019

EUR30 June 2018

EUR30 June 2019

EUR30 June 2018

EUR30 June 2019

EUR30 June 2018

EUR30 June 2019

US$30 June 2018

US$ Distribution (44) – – – – – (44,155,010) (37,724,443) Add: Income deducted/received on cancellation/issue of shares 253 – 312 – 398 – (2,065,843) 110,277 Net Distribution for the period 209 – 312 – 398 – (46,220,853) (37,614,166) Interest (180) – (15) – (7) – (582) (5,015) Total Finance Costs 29 – 297 – 391 – (46,221,435) (37,619,181)


152

SEI Global Assets Fund plc

Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 NOTES TO THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 (continued)

5. Share Capital

Redeemable Participating Shares Redeemable Participating Shares are redeemable at the Shareholder’s option and are classified as financial liabilities. Any distributions on these 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 relevant Fund’s Net Asset Value. The Redeemable Participating Shares are carried at the redemption amount that is payable at the statement of financial 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 on in the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders. The Company has authorised Participating Share Capital of 500,000,000,000 Shares of no par value. The Shares entitle Redeemable Participating Shareholders to attend and vote at General Meetings of the Company and to participate in the profits or assets of the Company. There are no pre-emption rights attaching to the Redeemable Participating Shares. Subscriber Shares The Company has authorised equity share capital of Euro (“EUR”) 38,092.14 divided into 30,000 Subscriber Shares of EUR1.269738 each. 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 the Company at a price of EUR1.269738 per Share. At a General Meeting of the Company, the holder or holders of Subscriber Shares are entitled to one vote only in respect of all the Subscriber Shares. The Subscriber Shares do not entitle the Subscriber Shareholders to participate in the profits or assets of the Company except for a return of capital and any interest earned thereon by the Company on a winding up. The Subscriber Shares do not form part of Net Assets Attributable to Redeemable Participating Shareholders. They are thus disclosed in the financial statements by way of this Note only. In the opinion of the Directors, this disclosure reflects the nature of the Company’s business as an investment fund. Net Assets Attributable to Redeemable Participating Shareholders represent a liability in the Statement of Financial Position, carried at the redemption amount that would be payable at the statement of financial position date if a Shareholder exercised the right to redeem. The varying 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 institutions approved 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 timely payment 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 are outlined in the table below:

Standard and Poor's Standard and Poor's 30 June 2019 30 June 2018

Australia and New Zealand Banking Group Ltd. AA- A-1+ Banco Santander A A-1 Barclays plc A-2 A-2 Citibank NA A-1 A-1 Credit Suisse Group AG NR N/A HSBC Bank plc A-1 A-1 JP Morgan Chase & Co. A-2 A-2 Skandinaviska Enskilda Banken AB A-1 A-1 Sumitomo Bank A-1 N/A

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 financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial commitment on these obligations is extremely strong.

Defensive Defensive Conservative Conservative GBP GBP GBP GBP As at As at As at As at 30 June 2019 30 June 2018 30 June 2019 30 June 2018

Banco Santander 6,504 4,351 44,131 39,010 Brown Brothers Harriman & Co. 227 64 1,535 568 Citibank NA 29,285 - - - HSBC Bank plc - 491,211 227,396 258,249 Sumitomo Bank - - 22,423 -

36,016 495,626 295,485 297,827

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6. Cash at Bank (continued)

Moderate Moderate Core Core GBP GBP GBP GBP As at As at As at As at 30 June 2019 30 June 2018 30 June 2019 30 June 2018 Banco Santander 207,171 170,340 - - Barclays plc 1,009,616 - - - Brown Brothers Harriman & Co. 7,200 2,486 61 60 Citibank NA - - 30,399 28,806 HSBC Bank plc - 1,306,926 - 2,746,717 Skandinaviska Enskilda Banken AB - - 3,052,517 - 1,223,987 1,479,752 3,082,977 2,775,583

Balanced* Balanced Growth Growth GBP GBP GBP GBP As at As at As at As at 30 June 2019 30 June 2018 30 June 2019 30 June 2018 Brown Brothers Harriman & Co. - - 6,081 5,763 Citibank NA - 4,047,585 - - HSBC Bank plc 1,557,520 - - 2,124,558 Skandinaviska Enskilda Banken AB - - 2,881,135 -

1,557,520 4,047,585 2,887,216 2,130,321

Global Global Aggressive Aggressive Conservative Conservative GBP GBP US$ US$ As at As at As at As at 30 June 2019 30 June 2018 30 June 2019 30 June 2018 Banco Santander - - 3,236 2,130 Barclays plc - 178,721 - - Brown Brothers Harriman & Co. 234 231 5,153 4,627 Citibank NA - - - 45,087 HSBC Bank plc 1,718,720 785,923 - - JPMorgan Chase & Co. 188,604 - - - Skandinaviska Enskilda Banken AB - - 32,278 -

1,907,558 964,875 40,667 51,844

Global Global Global Moderate1 Core Core US$ US$ US$ As at As at As at 30 June 2019 30 June 2019 30 June 2018 Banco Santander 18,894 - - Brown Brothers Harriman & Co. 11,038 13,918 12,641 Citibank NA - - 45,786 Sumitomo Bank - 31,595 -

29,932 45,513 58,427

Global Global Global Global Balanced Balanced Growth Growth US$ US$ US$ US$ As at As at As at As at 30 June 2019 30 June 2018 30 June 2019 30 June 2018

Australia and New Zealand Banking Group Ltd - 71,974 - - Brown Brothers Harriman & Co. 14,317 12,854 2,496 2,231 Citibank NA 39,965 - 30,763 27,776

54,282 84,828 33,259 30,007

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6. Cash at Bank (continued)

Global Global Euro Euro Aggressive Aggressive Conservative2 Conservative2

US$ US$ EUR EUR As at As at As at As at 30 June 2019 30 June 2018 30 June 2019 30 June 2018

Banco Santander - - 851 37 Brown Brothers Harriman & Co. - - 9,941 272 Citibank NA - 31,697 - - Skandinaviska Enskilda Banken AB 26,358 - - -

26,358 31,697 10,792 309

Euro Euro Euro Euro Moderate2 Moderate2 Core2 Core2

EUR EUR EUR EUR As at As at As at As at 30 June 2019 30 June 2018 30 June 2019 30 June 2018

Banco Santander 7,146 51 - - Brown Brothers Harriman & Co. 249 383 - 257 Citibank NA 13,187 - - - Sumitomo Bank 58,820 - 95,425 -

79,402 434 95,425 257

Euro Euro Euro Euro Balanced2 Balanced2 Growth2 Growth2

EUR EUR EUR EUR As at As at As at As at 30 June 2019 30 June 2018 30 June 2019 30 June 2018

Brown Brothers Harriman & Co. 1 24 16,237 334 Citibank NA - 31 - 23 Sumitomo Bank 53,270 - -

53,271 55 16,237 357

Euro Euro Aggressive2 Aggressive2 Total* Total EUR EUR US$ US$ As at As at As at As at 30 June 2019 30 June 2018 30 June 2019 30 June 2018

Australia and New Zealand Banking Group Ltd. - - - 71,974 Banco Santander - - 359,347 284,371 Barclays plc - - 1,284,938 235,956 Brown Brothers Harriman & Co. 4,486 313 101,647 46,311 Citibank NA 32 38 161,742 5,532,309 Credit Suisse Group AG 95 - 108 - HSBC Bank plc - - 4,459,078 10,183,859 JPMorgan Chase & Co. - - 240,036 - Skandinaviska Enskilda Banken AB - - 7,610,395 - Sumitomo Bank - - 296,451 -

4,613 351 13,653,487 16,354,780

1Fund commenced operations on 28 August 2018. 2Fund commenced operations on 29 September 2017. *The Central Bank (Supervision and Enforcement) Act, 2013 (Section 48(1)) Investor Money Regulations 2015 for Fund Service Providers (the “Investor Money Regulations” or “IMR”) became effective from 1 July 2016. As a result of these Regulations, subscription and redemption monies are channelled through an umbrella cash collection account in the name of the Company. The cash held in the umbrella cash collection accounts at the year end is included in Cash at bank in the individual Sub-Funds. As at 30 June 2019, the amount held in these cash accounts for The SEI Balanced Fund was GBP£675,929 (30 June 2018: GBP£Nil).

7. Bank Overdraft

As at 30 June 2019 and 30 June 2018, 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 by the Depositary on behalf of the Company.

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8. Collateral

Cash received as collateral is recorded as an asset on the Statement of Financial Position and is valued at its fair value. A related liability to repay the collateral is recorded as a liability on the Statement of Financial Position and is also valued at its fair value in line with the requirement of FRS 102.

There was neither cash nor securitised collateral provided to the Funds as at 30 June 2019 and 30 June 2018.

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$11,406 (30 June 2018: US$16,698) were paid by the Company during the year ended 30 June 2019. For those Directors associated with the Investment Manager they do not receive fees.

10. Soft Commission Arrangements

The Portfolio Managers have not entered into soft commission arrangements with brokers in respect of which certain goods and services used to support the investment decision process may be received. Subject to compliance with the requirement to select brokers that provide best execution to the Company, or any such further requirements as may be imposed on the Company by the Central Bank, the Investment Adviser and Portfolio Managers, in managing the assets of the Funds, may direct a substantial portion of a Fund's brokerage to an affiliate of the Investment Adviser.

11. Exchange Rates

The US$ exchange rates at 30 June 2019 and 30 June 2018 used in this report, are as follows:

30 June 2019 30 June 2018 30 June 2019 30 June 2018

AUD 1.4250 1.3535 HUF 283.4344 281.8938 CAD 1.3068 1.3155 ILS 3.5666 3.6606 CHF 0.9750 0.9930 JPY 107.7400 110.7650 CZK 22.3429 22.2817 NOK 8.5261 8.1504 DKK 6.5540 6.3815 PLN 3.7292 3.7440 EUR 0.8781 0.8565 SEK 9.2782 8.9460 GBP 0.7857 0.7574 SGD 1.3530 1.3635 HKD 7.8125 7.8455 TRY 5.7840 4.5812

12. Risk Management Disclosures

In pursuing its investment objectives, the Company is exposed to a variety of financial risks: market risk (including price risk, currency risk and interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on each Fund’s financial performance. The investment objectives of each Fund are specified in the Company’s Prospectus. To achieve its investment objectives, the Company invests in a variety of eligible assets such as transferable securities and money market instruments that are traded on exchanges, certain over-the-counter debt, equity, money market securities, financial derivative instruments and units of investment funds (both UCITS and non-UCITS investment funds), including sub-funds of the SEI Global Master Fund plc and the SEI Global Investments Fund plc. The Company also uses derivative financial instruments to moderate certain risk exposures and to facilitate certain portfolio transactions. All of the Funds operate as “fund-of-funds” and invest a substantial portion of their assets in investment funds. The Company seeks to control the financial risk of each Strategy Fund by diversifying its investments across a number of Funds which pursue various investment strategies and which invest in various asset classes. The Investment Adviser utilises a variety of analytical techniques and qualitative judgement to determine the appropriate allocation of underlying funds in each Strategy Fund. Each Strategy Fund may not invest more than 20% of its net assets in any one investment fund. The Company also seeks to control the risks from owning a large percentage of any one investment fund. Such risks include liquidity risk and market impacts from trading. Accordingly, each Strategy Fund may not own more than 25% of the units of any one investment fund. Active Management Risk Some of the Funds of the Company are “multi-managed”. Rather than managing the risk of individual securities directly, the Investment Adviser engages in extensive due diligence (“manager selection”) to determine appropriate Portfolio Managers for each Fund. The manager selection process encompasses conference calls, independent research and manager visits to determine the Portfolio Managers that the Investment Adviser believes to have superior security selection and risk management skills within their mandates.

Each Portfolio Manager is responsible for managing its portion of the Fund in accordance with the investment policies and investment restrictions of the Fund as specified in the Company’s Prospectus. The Investment Adviser monitors each Portfolio Manager’s adherence to these policies through various reports, questionnaires, telephone conference calls and face-to-face meetings. The Investment Adviser meets with each Portfolio Manager at least semi-annually by conference call or in person. On-site meetings with each Portfolio Manager are conducted on an annual basis.

The Company seeks to control the active management risk of the Funds with its multi-manager structure. The Portfolio Managers of each Fund utilise a variety of investment strategies. By diversifying Portfolio Managers, the Investment Adviser seeks to control the active management risk of each Fund. The Investment Adviser utilises various analytical techniques; and its qualitative judgement, to determine the appropriate allocation of assets to each Portfolio Manager. The Investment Adviser periodically monitors the diversification benefits of each Fund’s multi-manager structure.

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12. Risk Management Disclosures (continued) a) Market Price Risk (continued)

The Company takes positions in financial instruments, including derivatives, to take advantage of short-term market movements in equity and fixed income markets. The Funds may buy or sell call or put options, financial futures, and other derivative instruments within limits defined in the Prospectus. The Company’s equity, debt and derivative financial instruments are susceptible to market price risk arising from uncertainties about future prices of the instruments. All security investments present a risk of loss of capital. Except for written options, the maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. As of 30 June 2019 and 30 June 2018, the Company’s market risk is affected by three main components: changes in actual market prices, foreign currency movements and interest rate movements. 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 are described below. VaR Methodology VaR is a method of assessing risk that reflects the interdependencies between market price risk, currency risk and interest rate risk for the financial instruments held by the Funds. Daily, the Investment Adviser calculates the relative VaR for each Fund with a 99% level of confidence over a one-day time horizon. The Investment Adviser utilises a commercially available risk management system for calculating the VaR for each Fund.

The risk management system employs a factor model approach to calculate VaR. The factor model (See below) identifies the common sources of risk, or “factors,” that systematically affect asset returns. The system applies the factor exposures for the currency holdings of each Fund, the volatility of the risk factors, the correlations between the risk factors, and the residual unsystematic risk of each security to estimate the risk of each Fund over a one-day holding period. The historical period for calculating the correlations and volatilities is two years. The one-tail confidence level is 99%. VaR Limitations The VaR methodology used by the Investment Adviser is subject to several limitations. First, VaR is based on a model of stock price returns which uses risk factors. To the extent that there are missing risk factors, mis-specified risk factors, or risk factors which are not predictive, the VaR may not be indicative of future risk. Also, the returns to various risk factors are not directly observable in the market, and must be estimated using statistical techniques. To the extent that these estimates may be imprecise, the VaR may not be indicative of future risk. In addition, the co-variance between the risk factors is estimated over a particular historical time period. To the extent that the future time period may be different from the historical time period, the VaR may not be indicative of future risk. For these reasons, VaR may be more useful as a relative measure of risk among Funds, rather than as an absolute measure of risk. VaR Analysis: As of 30 June 2019 and 30 June 2018, the absolute VaR for each Fund was as follows:

Absolute VaR (1 day, 99%)

Fund Name 30 June 2019 30 June 2018

The SEI Defensive Fund 0.22% 0.17%

The SEI Conservative Fund 0.39% 0.30%

The SEI Moderate Fund 0.57% 0.45%

The SEI Core Fund 0.83% 0.73%

The SEI Balanced Fund 1.06% 0.90%

The SEI Growth Fund 1.29% 1.11%

The SEI Aggressive Fund 1.59% 1.33%

The SEI Global Conservative Fund 0.39% 0.35%

The SEI Global Moderate Fund1 0.59% N/A

The SEI Global Core Fund 0.86% 0.83%

The SEI Global Balanced Fund 1.08% 1.04%

The SEI Global Growth Fund 1.29% 1.28%

The SEI Global Aggressive Fund 1.59% 1.53%

The SEI Euro Conservative Fund 0.38% 0.67%

The SEI Euro Moderate Fund2 0.52% 0.70%

The SEI Euro Core Fund2 0.83% 0.81%

The SEI Euro Balanced Fund2 1.07% 0.99%

The SEI Euro Growth Fund2 1.31% 1.17%

The SEI Euro Aggressive Fund2 1.65% 1.46%


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12. Risk Management Disclosures (continued) a) Market Price Risk (continued)

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

b) Currency risk

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

For the purpose of FRS 102, currency risk does not arise from financial instruments that are non-monetary items or from financial instruments denominated in the functional currency. FRS 102 considers the foreign exchange exposure relating to non-monetary assets and liabilities to be a component of market price risk not foreign currency risk. When these particular Funds hold assets denominated in currencies other than their functional currency they are exposed to currency risk, as the value of the securities denominated in currencies other than the functional currency will fluctuate due to changes in exchange rates. The Company attempts to manage currency risk through its investment policies and investment restrictions as specified in the Company’s Prospectus and by evaluating each Portfolio Manager’s currency risk management capabilities as a criterion for appointment, where appropriate. In addition, the Portfolio Manager performs stress tests to measure the impact of currency fluctuations on the Company’s Funds. The Portfolio Manager may seek to hedge these risks by investing in currencies, forward foreign currency contracts, currency futures contracts and options on currency futures contracts, as specified in the Company’s Prospectus. Details of securities which are denominated in a currency other than the base currency of the relevant portfolio can be found in the Schedule of Investments.

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

c) Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has nineteen Funds at 30 June 2019 (30 June 2018: eighteen Funds). At 30 June 2019 and 30 June 2018, there were no investments in fixed income instruments. For other Funds not listed above, the majority of the assets and liabilities are invested in non-interest bearing securities. As a result, the Funds are not subject to a significant amount of risk due to fluctuations in the prevailing levels of market interest rates. Any excess cash and cash equivalents are invested at short-term market interest rates. The cash reserves are generally equitised using futures or swaps in order to obtain equity market exposure. The Funds did not invest in any futures or swaps at the year end. The Company attempts to manage interest rate risk through its investment policies and investment restrictions as specified in the Company’s Prospectus and by evaluating each Portfolio Manager’s interest rate risk management capabilities as a criterion for appointment, where appropriate. In addition, the Portfolio Manager performs stress tests to measure the impact of changes in interest rates on the Company’s Funds. The Portfolio Manager may seek to reduce these risks by modifying the allocation of capital to Portfolio Managers within each 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 by failing to repay an obligation which may arise by purchasing debt instruments, placing deposits, and entering into derivative contracts. Credit risk is generally more significant for those Funds that invest primarily in debt instruments, or that use derivative contracts to a material degree. The Fund may have exposure to credit risk through its investments in other investment funds which themselves have credit risk exposure. Cash balances held at 30 June 2019 and 30 June 2018 are detailed in Note 6. The short-term credit ratings for all of the institutions are listed in Note 6.

The counterparty to all derivatives held at 30 June 2019 is Brown Brothers Harriman & Co. (“BBH”). The short-term credit rating for BBH is the highest short term credit quality (F1). This indicates the strongest intrinsic capacity for timely payment of financial commitments, as rated by Fitch.

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12. Risk Management Disclosures (continued)

d) Credit Risk (continued) For cash accounts, funds which are deposited are liabilities of the banks, thus creating a debtor-creditor relationship between the bank and the Company. Cash accounts opened on the books of BBH are obligations of BBH while cash accounts opened on the books of a sub-custodian or a broker (collectively “agency accounts”) are obligations of the agent. For safekeeping of security assets, BBH’s policy is to maintain segregated client security accounts on its books and on the books of its sub-custodians. Accordingly, while BBH is responsible for exercising reasonable care in the administration of agency cash accounts, it is not liable for their repayment in the event the sub-custodian, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment. BBH performs both initial and ongoing due diligence on the sub-depositaries in its global custody network. Such reviews include an assessment of the sub-depositary’s financial strength and general reputation and standing and, at a minimum, meet the due diligence requirements established by applicable law. The financial analysis is focused on the sub-custodian bank’s capital adequacy, asset quality, financial flexibility and strength, management expertise, earnings, and liquidity as key indicators of its financial standing in the market. These reviews are not audits.

The Company may invest in debt instruments that may receive a credit rating from a well-known rating agency, or if unrated, may be assigned a credit rating using an approach which is consistent with that used by rating agencies. As at 30 June 2019 there are no investments in debt instruments. At 30 June 2019 for The SEI Defensive Fund, The SEI Conservative Fund, The SEI Moderate Fund, The SEI Core Fund, The SEI Balanced Fund, The SEI Growth Fund, The SEI Aggressive Fund, The SEI Global Conservative Fund, The SEI Global Moderate, The SEI Global Core Fund, The SEI Global Balanced Fund, The SEI Global Growth Fund, The SEI Global Aggressive Fund, The SEI Euro Conservative Fund, The SEI Euro Moderate Fund, The SEI Euro Core Fund, The SEI Euro Balanced Fund, The SEI Euro Growth Fund and The SEI Euro Aggressive Fund, the majority of the financial assets are non-interest bearing equity securities. The Fund has limited exposure to credit risk through its investments in other investment funds, which themselves may have credit risk exposure. All broker transactions in listed securities are settled upon delivery to the Company’s Depositary. The risk of default is considered minimal, as delivery of securities sold is only made once the Company’s Depositary has received payment from the broker. Payment to a broker is made on a purchase once the securities have been received by the Company’s Depositary. The trade will fail if either party fails to meet its obligation. The Funds limit their exposure to credit losses on derivative instruments by limiting their exposure to counterparties in accordance with the investment restrictions specified in the Company’s Prospectus. Counterparties must be subject to prudential supervision and meet certain requirements as specified by the Central Bank. The Investment Adviser requires each Portfolio Manager to complete a quarterly questionnaire to verify compliance with the investment restrictions on counterparties. The Funds also limit their exposure to credit losses on derivative instruments by entering into master netting arrangements with counterparties. Master netting arrangements do not result in an offset of Statement of Financial Position assets and liabilities, as transactions are usually settled on a gross basis. However, the credit risk associated with favourable contracts is reduced by a master netting arrangement to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. A Fund’s overall exposure to credit risk on derivative instruments subject to a master netting arrangement can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

The Company attempts to manage credit risk through its investment policies and investment restrictions as specified in the Company’s Prospectus and by evaluating each Portfolio Manager’s credit analysis capabilities as a criterion for appointment, where appropriate. Each Portfolio Manager that invests in debt instruments or derivative contracts has its own methodology for monitoring and managing credit risk with respect to the assets managed by it, which is tailored to that Portfolio Manager’s own specific investment style and approach to risk management. The Investment Adviser monitors a Portfolio Manager’s adherence to a Fund’s policies and restrictions through various reports, questionnaires, telephone conference calls and on-site meetings.

e) Liquidity Risk Liquidity risk is the risk that a Fund will encounter difficulty in meeting obligations associated with financial liabilities. Such obligations may arise from daily cash redemptions or from derivative contracts such as futures and swaps. The Company is exposed to daily cash redemptions of Redeemable Participating Shares. As specified in the Company’s Prospectus, it therefore invests a majority of its assets in investments that are traded in an active market and which can be readily liquidated. The Company may, from time to time, invest in derivative contracts traded over-the-counter, which are not traded in an organised market and may be illiquid. As a result, the Company may not be able to liquidate quickly its investments in these instruments at an amount close to their fair value to meet its liquidity requirements or to respond to specific events such as deterioration in the creditworthiness of any particular issuer. The Company limits the use of derivative instruments which are not readily marketable, as specified in the Company’s Prospectus. To manage liquidity risk, the Company also reserves the right to limit the amount of Shares that may be redeemed by an individual Shareholder. If the aggregate redemption requests on any Dealing Day equal or exceed 10% or more of the outstanding Shares of any Series in issue or deemed to be in issue, the Directors may elect to restrict the total number of Shares to be redeemed to 10% of the outstanding Shares in issue in that Series on that Dealing Day, in which case all redemption requests will be reduced pro rata to the size of the request. The balance of the Shares in respect of which redemption requests have been received shall be redeemed on the next succeeding Dealing Day, subject to the same 10% restriction, and in priority to redemption requests received in respect of the next Dealing Day. The Company may also temporarily suspend the redemption of Shares in extraordinary situations as specified in the Company’s Prospectus. In addition, each Portfolio Manager has its own methodology for monitoring and managing the liquidity of the assets managed by it, which is tailored to that Portfolio Manager’s own specific investment style and approach to risk management.

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e) Liquidity Risk (continued) In addition to these measures, the Funds generally maintain cash reserves to facilitate redemptions. The cash reserves are typically equitised using futures or swaps in order to obtain equity market exposure. The Funds did not invest in any futures or swaps as at the year end. At 30 June 2019 the vast majority of liabilities are payable in one month with an exception of the below Fund:

The SEI Euro Aggressive Fund1 30 June 2019

Less than or equalto one month

EUR

More than one month

EURAccrued Expenses Payable and Other Payables 1,982 34,172Redeemable Participating Shares 648,495 –Total 650,477 34,172

At 30 June 2018 the vast majority of liabilities are payable in one month with an exception of the below Fund: The SEI Euro Balanced Fund1 30 June 2018

Less than or equalto one month

EUR

More than one month

EURBank Overdraft 49,079 –Payable for Investments Purchased 75 –Accrued Expenses Payable and Other Payables 2,635 43,914Redeemable Participating Shares 318,137 –Total (Excluding Derivatives) 369,926 43,914Forward Currency Contracts Payables 9,162 –Receivables (9,204) –Net (42) –Total 369,884 43,914

1Fund commenced operations on 29 September 2017.

f) Fair Value Estimation

FRS 102 on “Fair Value Disclosure” requires disclosure relating to the fair value hierarchy in which fair value measurements are categorised for assets and liabilities. The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to measure fair value. Amendments were made to this FRS, revising the disclosure requirements for financial institutions. An entity shall apply these amendments for accounting periods beginning on or after 01 January 2017. This amendment has been adopted in the preparation of these financial statements. The Company has classified fair value measurements using a fair value hierarchy. The fair value hierarchy has the following levels: (i) Level 1: Investments, whose values are based on quoted market prices in active markets, and therefore classified within Level 1,

include active listed equities, exchange traded investment funds and REITs. Quoted prices for these instruments are not adjusted. (ii) Level 2: Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices,

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

(iii) Level 3: Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently. These include equities

and investment funds which are not longer traded. Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the instrument. The inputs into the determination of fair value require significant management judgement or estimation. As observable prices are not available for these securities, the Funds have used valuation techniques to derive the fair value.

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement of the instrument in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement of the instrument in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the financial asset or liability. The determination of what constitutes “observable” requires significant judgement by the Directors in consultation with the Investment Adviser. The Directors consider observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

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f) Fair Value Estimation (continued)

The tables below and overleaf provide an analysis within the fair value hierarchy of the Company’s financial assets and liabilities, measured at fair value at 30 June 2019 and 30 June 2018:

The SEI Defensive Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value

GBP GBP GBP GBPFinancial Assets at Fair Value Through Profit or Loss Equities 1,314,743 – – 1,314,743Investment Funds 68,076 29,156,093 – 29,224,169Forward Foreign Currency Contracts – 521 – 521

1,382,819 29,156,614 – 30,539,433

The SEI Defensive Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value

GBP GBP GBP GBPFinancial Assets at Fair Value Through Profit or Loss Equities 1,006,316 – – 1,006,316Investment Funds 42,909 22,172,904 – 22,215,813Forward Foreign Currency Contracts – 1,675 – 1,675

1,049,225 22,174,579 – 23,223,804

The SEI Conservative Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value


9,381,579 66,071,398 – 75,452,977

The SEI Conservative Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


9,405,203 73,731,915 – 83,137,118

The SEI Moderate Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value

GBP GBP GBP GBPFinancial Assets at Fair Value Through Profit or Loss Equities 41,872,809 – – 41,872,809Investment Funds 2,168,133 310,872,925 – 313,041,058Forward Foreign Currency Contracts – 18,327 – 18,327

44,040,942 310,891,252 – 354,932,194

The SEI Moderate Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value

GBP GBP GBP GBPFinancial Assets at Fair Value Through Profit or Loss Equities 39,390,553 – – 39,390,553Investment Funds 1,679,623 314,144,000 – 315,823,623Forward Foreign Currency Contracts – 39,730 – 39,730

41,070,176 314,183,730 – 355,253,906

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The SEI Core Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value

GBP GBP GBP GBPFinancial Assets at Fair Value Through Profit or Loss Investment Funds – 797,724,080 – 797,724,080

– 797,724,080 – 797,724,080

The SEI Core Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value

GBP GBP GBP GBPFinancial Assets at Fair Value Through Profit or Loss Investment Funds – 771,712,702 – 771,712,702Forward Foreign Currency Contracts – 71,244 – 71,244

– 771,783,946 – 771,783,946

The SEI Balanced Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value


– 724,202,612 – 724,202,612

The SEI Balanced Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


– 669,868,601 – 669,868,601

The SEI Growth Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value


– 422,628,857 – 422,628,857

The SEI Growth Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


– 376,493,956 – 376,493,956

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The SEI Aggressive Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value


– 314,531,066 – 314,531,066

The SEI Aggressive Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


– 279,271,932 – 279,271,932

Financial Liabilities at Fair Value Through Profit or Loss Forward Foreign Currency Contracts – (23,356) – (23,356)

– (23,356) – (23,356)

The SEI Global Conservative Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value

US$ US$ US$ US$Financial Assets at Fair Value Through Profit or Loss Equities 654,015 – – 654,015Investment Funds 33,864 6,697,387 – 6,731,251

687,879 6,697,387 – 7,385,266

The SEI Global Conservative Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


513,255 5,105,522 – 5,618,777

The SEI Global Moderate Fund1 Level 1 Level 2 Level 3 Total30 June 2019 Fair Value


189,767 1,230,309 – 1,420,076

The SEI Global Core Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value

US$ US$ US$ US$Financial Assets at Fair Value Through Profit or Loss Investment Funds – 11,215,403 – 11,215,403

– 11,215,403 – 11,215,403

The SEI Global Core Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


– 14,862,935 – 14,862,935

163





The SEI Global Balanced Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value


– 15,060,073 – 15,060,073

The SEI Global Balanced Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


– 17,597,389 – 17,597,389

The SEI Global Growth Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value


– 6,114,095 – 6,114,095

The SEI Global Growth Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


– 5,152,744 – 5,152,744

The SEI Global Aggressive Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value


– 5,549,212 – 5,549,212

The SEI Global Aggressive Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


– 7,263,658 – 7,263,658

The SEI Euro Conservative Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Equities 172,168 – – 172,168Investment Funds 8,916 1,914,371 – 1,923,287Forward Foreign Currency Contracts – 11 – 11

181,084 1,914,382 – 2,095,466

The SEI Euro Conservative Fund2 Level 1 Level 2 Level 3 Total30 June 2018 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Equities 8,558 – – 8,558Investment Funds 365 95,309 – 95,674Forward Foreign Currency Contracts – 14 – 14

8,923 95,323 – 104,246

164





The SEI Euro Moderate Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Equities 1,444,465 – – 1,444,465Investment Funds 74,793 11,308,043 – 11,382,836Forward Foreign Currency Contracts – 103 – 103

1,519,258 11,308,146 – 12,827,404

The SEI Euro Moderate Fund2 Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


12,339 91,968 – 104,307

The SEI Euro Core Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Investment Funds – 9,456,224 – 9,456,224

– 9,456,224 – 9,456,224

The SEI Euro Core Fund2 Level 1 Level 2 Level 3 Total30 June 2018 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Equities 527 – – 527Investment Funds 2 104,858 – 104,860Forward Foreign Currency Contracts – 18 – 18

529 104,876 – 105,405

The SEI Euro Balanced Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value


– 5,518,340 – 5,518,340

The SEI Euro Balanced Fund2 Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


14,428 302,977 – 317,405

165





The SEI Euro Growth Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value


– 1,395,924 – 1,395,924

The SEI Euro Growth Fund2 Level 1 Level 2 Level 3 Total30 June 2018 Fair Value


11,044 95,166 – 106,210

The SEI Euro Aggressive Fund Level 1 Level 2 Level 3 Total30 June 2019 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Equities 28,367 – – 28,367Investment Funds 4 617,682 – 617,686

28,371 617,682 – 646,053

The SEI Euro Aggressive Fund2 Level 1 Level 2 Level 3 Total30 June 2018 Fair Value

EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss Equities 18,382 – – 18,382Investment Funds 88 89,441 – 89,529

18,470 89,441 – 107,911

Financial Liabilities at Fair Value Through Profit or Loss Forward Foreign Currency Contracts – (16) – (16)

– (16) – (16)


13. Efficient Portfolio Management

The Company may employ investment techniques and use financial derivative instruments (such as futures contracts, forward foreign currency contracts, options and swaps) for efficient portfolio management of the assets of any Fund including hedging against market movements, currency exchange or interest rate risks subject to the conditions and within the limits laid down by the Central Bank and the Prospectus. The efficient portfolio management purposes for which the Company intends to employ financial derivative instruments and such investment techniques are the reductions of risk, reduction of cost and the generation of additional capital or income for the relevant Fund with an appropriate level of risk, taking into account the risk profile of the Fund and the general Central Bank UCITS Regulations. Any such investment technique or use of financial derivative instruments must be one which is reasonably believed by the Investment Adviser or Portfolio Managers to be economically appropriate in that they are realised in a cost-effective way. The company engaged in securities lending during the year ended 30 June 2019 and 30 June 2018, details of which are included in Note 14. Direct and indirect 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 2019 and 30 June 2018, the Company engaged in approved stock lending transactions whereby it may dispose of securities to a counterparty in return for which it is agreed that securities of the same kind and amount should be transferred back to the Company at a later date. The agreement has the substance of a loan of the Company’s securities in return for collateral. The Company receives a fee in return for this loan of its securities. Securities disposed to a counterparty under the stock lending arrangements have been included in the Portfolios of Investments and the Statement of Financial Position and have been valued in accordance with the accounting policies.

166



14. Securities Lending Collateral Invested/Collateral Payable on Securities Lending (continued)

The aggregate value of securities on loan and the value of collateral held by the Funds as at 30 June 2019 are as follows: Value of Value of Securities Securities Collateral Fund Name Lending Agent on Loan Held The SEI Euro Aggressive Fund Brown Brothers Harriman EUR227 EUR239 The aggregate value of securities on loan and the value of collateral held by the Funds as at 30 June 2018 are as follows: Value of Value of Securities Securities Collateral Fund Name Lending Agent on Loan Held The SEI Euro Balanced Fund Brown Brothers Harriman EUR354 EUR387 The SEI Euro Growth Fund Brown Brothers Harriman EUR265 EUR289 The SEI Euro Aggressive Fund Brown Brothers Harriman EUR442 EUR485 Securities lending income and associated costs during the year ended 30 June 2019 are: Securities Gross Fund Name Lending Agent Earnings Costs The SEI Euro Core Fund Brown Brothers Harriman EUR0^ EUR0^ The SEI Euro Balanced Fund Brown Brothers Harriman EUR0^ EUR0^ The SEI Euro Growth Fund Brown Brothers Harriman EUR0^ EUR0^ The SEI Euro Aggressive Fund Brown Brothers Harriman EUR2 EUR0^

Securities lending income and associated costs during the year ended 30 June 2018 are: Securities Gross Fund Name Lending Agent Earnings Costs The SEI Euro Core Fund Brown Brothers Harriman EUR0^ EUR0^ The SEI Euro Balanced Fund Brown Brothers Harriman EUR1 EUR0^ The SEI Euro Growth Fund Brown Brothers Harriman EUR2 EUR0^ The SEI Euro Aggressive Fund Brown Brothers Harriman EUR3 EUR0^ âmount less than 0.5 EUR.

15. Comparative Figures

The comparative figures stated in the financial statements are those for the year ended 30 June 2018.

16. Related Persons

The Manager, Investment Adviser, Administrator and Distributor are related persons as defined by FRS 102. SEI Global Master Fund plc and SEI Global Investments Fund plc are related persons to the Company as defined by FRS 102 as they are under common management. As at 30 June 2019, all of the Funds held investments in classes of SEI Global Master Fund plc. The Funds will only invest in classes of SEI Global Master Fund plc or SEI Global Investments Fund plc that are not subject to any investment advisory fee. Where the Funds invest in other (non SEI) collective investment schemes; such investments may be subject to management fees which are generally not expected to exceed 2% of the net assets of the relevant collective investment scheme per annum.

None of the Directors or the Company Secretary, at the date of this report, holds or held, on the date of his appointment or during the year ended 30 June 2019 any beneficial interest in the Shares of the Company.

Information about Director’s Remuneration is presented in Note 9 in the Notes to the Financial Statements.

Michael Jackson is the managing partner in the firm of Matheson, who act as legal advisers to the Company. During the year ended 30 June 2019, Matheson was paid fees of US$39,580 (30 June 2018: US$86,185) for services to the Company.

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16. Related Persons (continued)

The significant Shareholders of the Company at 30 June 2019 and 30 June 2018 were as follows: % Held % Held 30 June 2019 30 June 2018 The SEI Defensive Fund SEI Global Nominee Ltd. 62.55 97.61 The SEI Conservative Fund SEI Global Nominee Ltd. 38.63 91.81 The SEI Moderate Fund SEI Global Nominee Ltd. 37.47 98.84FNZ (UK) Nominees Ltd. 33.29 - The SEI Core Fund SEI Global Nominee Ltd. 38.47 98.31FNZ (UK) Nominees Ltd. 27.03 - The SEI Balanced Fund SEI Global Nominee Ltd. 37.99 98.14FNZ (UK) Nominees Ltd. 22.61 -

The SEI Growth Fund SEI Global Nominee Ltd. 47.90 90.43 The SEI Aggressive Fund SEI Global Nominee Ltd. 32.02 65.16 BBH & Co. as Trustee for SEI 26.94 32.21 FNZ (UK) Nominees Ltd 24.85 - The SEI Global Conservative Fund SEI Private Trust Company 43.60 -Safra National Bank of New York As Custodian For Non US 22.15 - SEI Investments - Guernsey Ltd. 20.84 55.73 The SEI Global Moderate Fund1 SEI Investments - Guernsey Ltd. 90.84 N/A The SEI Global Core Fund

Safra National Bank of New York As Custodian For Non US 91.05 90.12 The SEI Global Balanced Fund Safra National Bank of New York As Custodian For Non US 63.2 74.79 The SEI Global Growth Fund

Safra National Bank of New York As Custodian For Non US 55.52 67.80 EFG Bank 40.29 27.26 The SEI Global Aggressive Fund SEI Global Nominee Ltd. 80.65 95.86 The SEI Euro Conservative Fund2

SEI Investment Global Fund Services Ltd. - 100.00BNP Paribas Security Services 94.03 - The SEI Euro Moderate Fund2

SEI Investment Global Fund Services Ltd. - 100.00BNP Paribas Security Services 99.02 - The SEI Euro Core Fund2

SEI Investment Global Fund Services Ltd. - 100.00BNP Paribas Security Services 99.20 - The SEI Euro Balanced Fund2

SEI Investment Global Fund Services Ltd. - 100.00BNP Paribas Security Services 98.64 -

168



16. Related Persons (continued)

% Held % Held 30 June 2019 30 June 2018 The SEI Euro Growth Fund2

SEI Investment Global Fund Services Ltd. - 100.00BNP Paribas Security Services 90.91 - The SEI Euro Aggressive Fund2

SEI Investment Global Fund Services Ltd. - 100.00BNP Paribas Security Services 80.23 -


17. Significant Events Affecting the Company During the Year

The SEI Global Moderate Fund commenced operations on 28 August 2018.

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

18. Post Balance Sheet Events

There were no other 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 24 October 2019.

169


Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED)

Appendix I - Global Exposure and Leverage

Leverage and global exposure levels are monitored by the Investment Adviser. The Funds of SEI Global Assets Fund plc have elected to measure global exposure using relative Value at Risk (VaR) approach. A UCITS which elects the 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 of notional 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, a Fund’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 increases notional leverage due to the manner in which leverage is being measured by the sum of notional derivatives calculation. The utilisation is the VaR measure calculation divided by the stated limit. In the case of relative VaR, the limit is 2. As of 30 June 2019 the representative relative VaR and leverage for each Fund were as follows:

Sum of Notional

Relative VaR Utilisation 30 June Derivative Levels 30 June

Fund Name Min Max Average 2019 Min Max Average 2019

The SEI Defensive Fund 19% 72% 35% 46% 0% 4% 1% 0%

The SEI Conservative Fund 32% 50% 36% 40% 1% 5% 1% 1%

The SEI Moderate Fund 31% 43% 36% 39% 1% 7% 2% 1%

The SEI Core Fund 36% 53% 44% 45% 0% 5% 0% 0%

The SEI Balanced Fund 37% 51% 47% 47% 0% 5% 0% 0%

The SEI Growth Fund 39% 52% 49% 49% 0% 6% 0% 0%

The SEI Aggressive Fund 41% 53% 50% 50% 0% 5% 0% 0%

The SEI Global Conservative Fund 27% 41% 33% 37% 0% 0% 0% 0%

The SEI Global Moderate Fund1 30% 127% 38% 37% 0% 0% 0% 0%

The SEI Global Core Fund 35% 60% 42% 42% N/A N/A N/A N/A

The SEI Global Balanced Fund 37% 56% 44% 44% N/A N/A N/A N/A

The SEI Global Growth Fund 38% 64% 44% 45% N/A N/A N/A N/A

The SEI Global Aggressive Fund 33% 57% 45% 45% N/A N/A N/A N/A

The SEI Euro Conservative Fund 16% 70% 35% 36% 0% 5% 1% 1%

The SEI Euro Moderate Fund 33% 34% 83% 18% 0% 6% 1% 1%

The SEI Euro Core Fund 23% 87% 44% 43% 0% 5% 0% 0%

The SEI Euro Balanced Fund 24% 63% 46% 46% N/A N/A N/A N/A

The SEI Euro Growth Fund 25% 82% 49% 49% 0% 6% 0% 0%

The SEI Euro Aggressive Fund 28% 64% 52% 51% 0% 5% 0% 0%

1Fund commenced operations on 28 August 2018.

As of 30 June 2019, the reference portfolio of each Fund were as follows:

Fund Name Reference Portfolio The SEI Defensive Fund Effective July 1, 2018 through November 14, 2018: 9% Barclays Global Treasury Index, 100% Hedged in GBP 8% Barclays Global Aggregate ex Treasury Index, 100% GBP Hedged 25% Bank of America Merrill Lynch 1 Month GBP LIBID Index (L1BP) 8% Bank of America Merrill Lynch U.S. High Yield Constrained Index, 100% Hedged in GBP 42% Bank of America Merrill Lynch Sterling Broad Market Index (UK00) 8% MSCI World Net TR Index; Effective November 15, 2018 through June 30, 2019: 30% Bank of America Merrill Lynch British Pound 1-Month Deposit Bid Rate Average Index (GBP) 38% Bloomberg Barclays Global Treasury 1-3 Years Index, Hedged (GBP) 10% Bloomberg Barclays Global Aggregate Index, Hedged (GBP) 6.5% Bank of America Merrill Lynch Sterling Broad Market Index (GBP) 2.5% Bank of America Merrill Lynch U.S. High Yield Constrained Index, Hedged (GBP) 0.5% JP Morgan Emerging Markets Bond Index Global Diversified (GBP) (Hedged) 0.5% JP Morgan Government Bond Index Emerging Markets Global Diversified (GBP) 12% MSCI All Country World Index (Net) (GBP)

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Appendix I - Global Exposure and Leverage (continued) Fund Name Reference Portfolio

The SEI Conservative Fund Effective July 1, 2018 through November 14, 2018: 30% Bank of America Merrill Lynch 1-Month LIBID Average Coupon Index 16% Bank of America Merrill Lynch Sterling Broad Market Index 3% Barclays Capital Global Aggregate Treasury Index 13% Barclays Capital Global Aggregate ex Treasury Index 12% Bank of America Merrill Lynch US High Yield Master II Constrained Index 16% MSCI World Net TR Index 5% FTSE All-Share TR Index 5% MSCI World REIT Index

Effective November 15, 2018 through June 30, 2019: 12% Bank of America Merrill Lynch British Pound 1-Month Deposit Bid Rate Average Index (GBP) 27.75% Bloomberg Barclays Global Treasury 1-3 Years Index, Hedged (GBP) 14.6% Bloomberg Barclays Global Aggregate Index, Hedged (GBP) 11% Bank of America Merrill Lynch Sterling Broad Market Index (GBP) 5.1% Bank of America Merrill Lynch U.S. High Yield Constrained Index, Hedged (GBP) 1.5% JP Morgan Emerging Markets Bond Index Global Diversified (GBP) (Hedged) 1.5% JP Morgan Government Bond Index Emerging Markets Global Diversified (GBP) 24.55% MSCI All Country World Index, (Net) (GBP) 2% FTSE U.K. Series All-Share Index (GBP)

The SEI Moderate Fund Effective July 1, 2018 through November 14, 2018:

13% Bank of America Merrill Lynch US High Yield Master II Constrained Index 4% Barclays Capital Global Aggregate Treasury Index 14% Barclays Capital Global Aggregate ex Treasury Index 17% Bank of America Merrill Lynch Sterling Broad Market Index 11% Bank of America Merrill Lynch 1-Month LIBID Average Coupon Index 10% FTSE All-Share TR Index 22% MSCI World Net TR Index 9% MSCI World REIT Index

Effective November 15, 2018 through June 30, 2019: 18.25% Bloomberg Barclays Global Treasury 1-3 Years Index, Hedged (GBP) 16.8% Bloomberg Barclays Global Aggregate Index, Hedged (GBP) 12.5% Bank of America Merrill Lynch Sterling Broad Market Index (GBP) 6.2% Bank of America Merrill Lynch U.S. High Yield Constrained Index, Hedged (GBP) 2.25% JP Morgan Emerging Markets Bond Index Global Diversified (GBP) (Hedged) 2.25% JP Morgan Government Bond Index Emerging Markets Global Diversified (GBP) 34.75% MSCI All Country World Index, (Net) (GBP) 7% FTSE U.K. Series All-Share Index (GBP)

The SEI Core Fund Effective July 1, 2018 through November 14, 2018: 15% Bank of America Merrill Lynch Sterling Broad Market Index 4% Barclays Capital Global Aggregate Treasury Index 8% Barclays Capital Global Aggregate ex Treasury Index 11% Bank of America Merrill Lynch US High Yield Constrained 2% JP Morgan Emerging Market Bond Index Global Diversified 6% MSCI World Net TR Index 16% FTSE All-Share TR Index 11% Russell 1000 Index, Net 30% 1% Russell 2500 Index, Net 30% 3% MSCI Europe ex-U.K. Net Returns Index 1% MSCI Europe Small Cap Index 2% TOPIX 1% MSCI Asia Pacific ex-Japan Index 2% MSCI Emerging Markets Free Index 9% MSCI World REIT Index 8% Bank of America Merrill Lynch 1-Month LIBID Average Coupon Index

Effective November 15, 2018 through June 30, 2019: 3.75% Bloomberg Barclays Global Treasury 1-3 Years Index, Hedged (GBP) 16% Bloomberg Barclays Global Aggregate Index, Hedged (GBP) 14.5% Bank of America Merrill Lynch Sterling Broad Market Index (GBP) 6.5% Bank of America Merrill Lynch U.S. High Yield Constrained Index, Hedged (GBP) 2.75% JP Morgan Emerging Markets Bond Index Global Diversified (GBP) (Hedged) 2.75% JP Morgan Government Bond Index Emerging Markets Global Diversified (GBP) 40.25% MSCI All Country World Index, (Net) (GBP) 13.5% FTSE U.K. Series All-Share Index (GBP)

171




The SEI Balanced Fund Effective July 1, 2018 through November 14, 2018:

8% Bank of America Merrill Lynch Sterling Broad Market Index 4% Barclays Capital Global Aggregate ex Treasury Index 9% Bank of America Merrill Lynch US High Yield Constrained 4% JP Morgan Emerging Market Bond Index Global Diversified 8% MSCI World Net TR Index 22% FTSE All-Share TR Index 13% Russell 1000 Index, Net 30% 3% Russell 2500 Index, Net 30% 4% MSCI Europe ex-U.K. Net Return Index 2% MSCI Europe Small Cap Index 3% TOPIX 2% MSCI Asia Pacific ex-Japan Index 4% MSCI Emerging Markets Free Index 9% MSCI World REIT Index 5% Bank of America Merrill Lynch 1-Month LIBID Average Coupon Index

Effective November 15, 2018 through June 30, 2019: 12.5% Bloomberg Barclays Global Aggregate Index, Hedged (GBP) 9% Bank of America Merrill Lynch Sterling Broad Market Index (GBP) 6.25% Bank of America Merrill Lynch U.S. High Yield Constrained Index, Hedged (GBP) 2.75% JP Morgan Emerging Markets Bond Index Global Diversified (GBP) (Hedged) 2.75% JP Morgan Government Bond Index Emerging Markets Global Diversified (GBP) 49.5% MSCI All Country World Index, (Net) (GBP) 17.25% FTSE U.K. Series All-Share Index (GBP)

The SEI Growth Fund Effective July 1, 2018 through November 14, 2018: 2% Bank of America Merrill Lynch Sterling Broad Market Index 8% Bank of America Merrill Lynch US High Yield Constrained 6% JP Morgan Emerging Market Bond Index Global Diversified 10% MSCI World Net TR Index 28% FTSE All-Share TR Index 15% Russell 1000 Index, Net 30% 4% Russell 2500 Index, Net 30% 5% MSCI Europe ex-U.K. Net Return Index 2% MSCI Europe Small Cap Index 3% TOPIX 2% MSCI Asia Pacific ex-Japan Index 6% MSCI Emerging Markets Free Index 9% MSCI World REIT Index

Effective November 15, 2018 through June 30, 2019: 6.75% Bloomberg Barclays Global Aggregate Index, Hedged (GBP) 3% Bank of America Merrill Lynch Sterling Broad Market Index (GBP) 5.5% Bank of America Merrill Lynch U.S. High Yield Constrained Index, Hedged (GBP) 2.75% JP Morgan Emerging Markets Bond Index Global Diversified (GBP) (Hedged) 2.75% JP Morgan Government Bond Index Emerging Markets Global Diversified (GBP) 57.25% MSCI All Country World Index, (Net) (GBP) 22% FTSE U.K. Series All-Share Index (GBP)

The SEI Aggressive Fund Effective July 1, 2018 through November 14, 2018:

13% MSCI World Net TR Index 39% FTSE All-Share TR Index 21% Russell 1000 Index, Net 30% 5% Russell 2500 Index, Net 30% 6% MSCI Europe ex UK Net Return Index 3% MSCI Europe Small Cap Index 2% TOPIX 3% MSCI Asia Pacific ex-Japan Index 8% MSCI Emerging Markets Free Index

Effective November 15, 2018 through June 30, 2019: 71% MSCI All Country World Index, (Net) (GBP) 29% FTSE U.K. Series All-Share Index (GBP)

172


Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued)


The SEI Global Conservative Fund Effective July 1, 2018 through November 14, 2018:

17% Bank of America Merrill Lynch 1-Month LIBID Average Coupon Index 31% Bank of America Merrill Lynch Sterling Broad Market Index 10% Barclays Capital Global Aggregate Treasury Index 10% Barclays Capital Global Aggregate ex Treasury Index 10% Bank of America Merrill Lynch US High Yield Master II Constrained Index 22% MSCI World Net TR Index

Effective November 15, 2018 through June 30, 2019: 12% Bloomberg Barclays 1-3 Month US Treasury Bill Index (USD) 27.75% Bloomberg Barclays Global Treasury 1-3 Years Index, Hedged (USD) 25.6% Bloomberg Barclays Global Aggregate Index (USD) 5.1% Bank of America Merrill Lynch U.S. High Yield Constrained Index (USD) 1.5% JP Morgan Emerging Markets Bond Index Global Diversified (USD) 1.5% JP Morgan Government Bond Index Emerging Markets Global Diversified (USD) 26.55% MSCI All Country World Index, (Net) (USD)

The SEI Global Moderate Fund1 Effective August 28, 2018 through November 14, 2018: 8% Bank of America Merrill Lynch 1-Month LIBID Average Coupon Index 11% Barclays Global Aggregate Treasury 1-3 Years Index, 100% USD Hedged 10% Barclays Capital Global Aggregate Treasury Index 10% Barclays Capital Global Aggregate ex Treasury Index 9% Bank of America Merrill Lynch US High Yield Master II Constrained Index 2% JP Morgan Emerging Markets Bond Index Global Diversified 39% MSCI World Net TR Index 11% Bank of America Merrill Lynch 1-3 Year Global Government 100% USD Hedged Index

Effective November 15, 2018 through June 30, 2019: 17.75% Bloomberg Barclays Global Treasury 1-3 Years Index, Hedged (USD) 29.75% Bloomberg Barclays Global Aggregate Index (USD) 6.25% Bank of America Merrill Lynch U.S. High Yield Constrained Index (USD) 2.25% JP Morgan Emerging Markets Bond Index Global Diversified (USD) 2.25% JP Morgan Government Bond Index Emerging Markets Global Diversified (USD) 41.75% MSCI All Country World Index, (Net) (USD)

The SEI Global Core Fund Effective July 1, 2018 through November 14, 2018: 16.5% Barclays Capital Global Aggregate Treasury Index 16.5% Barclays Capital Global Aggregate ex Treasury Index 10% Bank of America Merrill Lynch US High Yield Master II Constrained Index 3% JP Morgan Emerging Market Bond Index Global Diversified 11% MSCI World Net TR Index 3% FTSE All Share TR Index 14% Russell 1000 Index, Net 30% 2% Russell 2500 Index, Net 30% 5% MSCI Europe ex UK Net Return Index 1% MSCI Small Cap Index, Europe Only 3% TOPIX 2% MSCI Pacific ex Japan Index 4% MSCI Emerging Markets Free Index 9% Bank of America Merrill Lynch 1-Month LIBID Average Coupon Index

Effective November 15, 2018 through June 30, 2019: 2.75% Bloomberg Barclays Global Treasury 1-3 Years Index, Hedged (USD) 31.5% Bloomberg Barclays Global Aggregate Index (USD) 6.5% Bank of America Merrill Lynch U.S. High Yield Constrained Index (USD) 2.75% JP Morgan Emerging Markets Bond Index Global Diversified (USD) 2.75% JP Morgan Government Bond Index Emerging Markets Global Diversified (USD) 53.75% MSCI All Country World Index, (Net) (USD)

173




The SEI Global Balanced Fund Effective July 1, 2018 through November 14, 2018:

8.5% Barclays Capital Global Aggregate Treasury Index 8.5% Barclays Capital Global Aggregate ex Treasury Index 9% Bank of America Merrill Lynch US High Yield Master II Constrained Index 5% JP Morgan Emerging Market Bond Index Global Diversified 14% MSCI World Net TR Index 4% FTSE All Share TR Index 18% Russell 1000 Index, Net 30% 4% Russell 2500 Index, Net 30% 6% MSCI Europe ex UK Net Return Index 3% MSCI Small Cap Index, Europe Only 4% TOPIX 3% MSCI Pacific ex Japan Index 8% MSCI Emerging Markets Free Index 5% Bank of America Merrill Lynch 1 Month GBP LIBID Index

Effective November 15, 2018 through June 30, 2019: 21.5% Bloomberg Barclays Global Aggregate Index (USD) 6.2% Bank of America Merrill Lynch U.S. High Yield Constrained Index (USD) 2.75% JP Morgan Emerging Markets Bond Index Global Diversified (USD) 2.75% JP Morgan Government Bond Index Emerging Markets Global Diversified (USD) 66.8% MSCI All Country World Index, (Net) (USD)

The SEI Global Growth Fund Effective July 1, 2018 through November 14, 2018: 3% Barclays Capital Global Aggregate Treasury Index 3% Barclays Capital Global Aggregate ex Treasury Index 7% Bank of America Merrill Lynch US High Yield Master II Constrained Index 7% JP Morgan Emerging Market Bond Index Global Diversified 17% MSCI World Net TR Index 5% FTSE All Share TR Index 21% Russell 1000 Index, Net 30% 6% Russell 2500 Index, Net 30% 7% MSCI Europe ex UK Net Return Index 4% MSCI Small Cap Index, Europe Only 6% TOPIX 3% MSCI Pacific ex Japan Index 11% MSCI Emerging Markets Free Index

Effective November 15, 2018 through June 30, 2019: 9.75% Bloomberg Barclays Global Aggregate Index (USD) 5.5% Bank of America Merrill Lynch U.S. High Yield Constrained Index (USD) 2.75% JP Morgan Emerging Markets Bond Index Global Diversified (USD) 2.75% JP Morgan Government Bond Index Emerging Markets Global Diversified (USD) 79.25% MSCI All Country World Index, (Net) (USD)

The SEI Global Aggressive Fund Effective July 1, 2018 through November 14, 2018: 21% MSCI World Net TR Index 7% FTSE All Share TR Index 26% Russell 1000 Index, Net 30% 8% Russell 2500 Index, Net 30% 9% MSCI Europe ex UK Index, Europe Only 4% MSCI Small Cap Index, Europe Only 7% TOPIX 4% MSCI Pacific ex Japan Index 14% MSCI Emerging Markets Free Index

Effective November 15, 2018 through June 30, 2019: MSCI All Country World Index, (Net) (USD)

174




The SEI Euro Conservative Fund 12.0% Bank of America Merrill Lynch Euro Currency LIBOR 1-month Constant Maturity Index (EUR)

27.75% Bloomberg Barclays Global Treasury 1-3 Year Index, Hedged (EUR) 17.1% Bloomberg Barclays Global Aggregate Index, Hedged (EUR) 8.5% Bloomberg Barclays Euro-Aggregate Bond Index (EUR) 5.1% Bank of America Merrill Lynch U.S. High Yield Constrained Index, Hedged (EUR) 1.5% JP Morgan Emerging Markets Bond Index Global Diversified (EUR) (Hedged) 1.5% JP Morgan Government Bond Index Emerging Markets Global Diversified (EUR) 24.55% MSCI All Country World Index, (Net) (EUR) 2.0% MSCI Europe ex UK Index (Net) (EUR)

The SEI Euro Moderate Fund 18.0% Bloomberg Barclays Global Treasury 1-3 Year Index, Hedged 19.5% Bloomberg Barclays Aggregate Index, Hedged 10% Bloomberg Barclays Euro-Aggregate Index 6.25% Bank of America Merrill Lynch High Yield Master II Constrained Index, Hedged 2.25% JP Morgan Emerging Markets Bond Index Global Diversified Index 2.25% JP Morgan Government Bond Index Emerging Markets Global Diversified Index 34.75% MSCI All Country World Index, IMI (Net) 7.0% MSCI Europe ex UK Index

The SEI Euro Core Fund 3.75% Bloomberg Barclays Global Treasury 1-3 Year Index, Hedged (EUR) 19.0% Bloomberg Barclays Global Aggregate Index, Hedged (EUR) 11.5% Bloomberg Barclays Euro-Aggregate Bond Index (EUR) 6.5% Bank of America Merrill Lynch U.S. High Yield Constrained Index, Hedged (EUR) 2.75% JP Morgan Emerging Markets Bond Index Global Diversified (EUR) (Hedged) 2.75% JP Morgan Government Bond Index Emerging Markets Global Diversified (EUR) 42.0% MSCI All Country World Index, (Net) (EUR) 11.75% MSCI Europe ex UK Index (Net) (EUR)

The SEI Euro Balanced Fund 15.5% Bloomberg Barclays Global Aggregate Index, Hedged (EUR) 6.0% Bloomberg Barclays Euro-Aggregate Bond Index (EUR) 6.25% Bank of America Merrill Lynch U.S. High Yield Constrained Index, Hedged (EUR) 2.75% JP Morgan Emerging Markets Bond Index Global Diversified (EUR) (Hedged) 2.75% JP Morgan Government Bond Index Emerging Markets Global Diversified (EUR) 50.5% MSCI All Country World Index, (Net) (EUR) 16.25% MSCI Europe ex UK Index (Net) (EUR)

The SEI Euro Growth Fund 9.75% Bloomberg Barclays Aggregate Index, Hedged (EUR) 5.5% Bank of America Merrill Lynch High Yield Constrained Index, Hedged (EUR) 2.75% JP Morgan Emerging Markets Bond Index Global Diversified (EUR) (Hedged) 2.75% JP Morgan Government Bond Index Emerging Markets Global Diversified (EUR) 57.75% MSCI All Country World Index, (Net) (EUR) 21.5% MSCI Europe ex UK Index (Net) (EUR)

The SEI Euro Aggressive Fund 71% MSCI All Country World Index, (Net) (EUR) 29% MSCI Europe ex UK Index (Net) (EUR)

1 Fund commenced operations on 28 August 2018.

175

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued)

Appendix II - Remuneration Disclosures SEI Investments Global, Limited (the “Management Company”) has implemented a remuneration policy (the “Remuneration Policy”) which is in line with the provisions of the UCITS Regulations and in accordance with the European Securities and Markets Authority Guidelines on Sound Remuneration policies under the UCITS Directive (ESMA/2016/575) (“ESMA Guidelines”). The Remuneration Policy was adopted by the board of directors of the Management Company (the “Board”) on 19 December 2016. The Remuneration Policy is aligned with the business strategy, objectives, values and interests of the Management Company, the Fund and investors in the Fund and the policy includes measures to manage conflicts of interests.

The Management Company is controlled and managed by its Board, but does not currently have any employees. Accordingly, the identified staff for the purpose of the Remuneration Policy are the members of the Board. The Board has adopted the delegation model which leverages off the skills, experience, and knowledge of specialised staff employed by the service providers to the Management Company and the Fund who perform the day-to-day specific functions and are subject to the ongoing supervision and monitoring by the board. The Board considers that the extent of delegation by the Management Company of investment management functions does not exceed, by a substantial margin, the investment management functions performed by the Management Company itself.

The Remuneration Policy is aimed at ensuring that any relevant conflicts of interest can be managed appropriately at all times and sets out practices for those categories of staff, including senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on the risk profile of the Sub-Funds, that are consistent with and promote sound and effective risk management and do not encourage risk-taking which is inconsistent with the risk profiles of the Sub-Funds.

Variable Remuneration

The directors of the Management Company who are also employees of the SEI group of companies (the “SEI Group”) do not receive any remuneration in respect of their services as directors of the Management Company or the Fund. The other directors receive fixed remuneration in respect of their services which is set at a level determined by the Board as a whole and which is not performance related. The Management Company currently has seven directors of which two are not either employees or consultants of the SEI Group. None of the directors are currently in receipt of variable remuneration in respect of their services as directors of the Management Company or in respect of the Fund managed by the Management Company.

The Board has delegated certain activities in respect of the portfolio management and risk management of the Sub-Funds which it manages to SEI Investments Management Corporation (“SIMC”). In turn SIMC has also sub-delegated certain investment and risk management functions to certain other entities which provide sub-investment management services to the Fund. Where the Management Company has delegated or SIMC has sub-delegated investment management functions the Management Company is required to ensure that either:

(i) The entities to which investment management activities have been delegated are subject to regulatory requirements on remuneration that are equally as effective as those applicable under the UCITS Regulations and the ESMA Guidelines; or

(ii) A determination has been made that pursuant to the principle of proportionality it is appropriate that the entities to which investment management activities have been delegated do not need to adopt remuneration policies consistent with ESMA Guidelines; or

(iii) Appropriate contractual arrangements are put in place with entities to which investment management activities have been delegated in order to ensure that there is no circumvention of the remuneration rules set out in the ESMA Guidelines, subject to the application of the proportionality rules, set out in the ESMA Guidelines.

The ESMA Guidelines provide that when taking measures to comply with the requirements of the UCITS Regulations and the ESMA Guidelines, the Management Company should comply in a way and to the extent that is appropriate to its (a) size; (b) internal organisations; and (c) the nature, scope and complexity of its internal activities. The ESMA Guidelines outline that it is necessary to analyse (a) – (c) together, and not one single element, in isolation, when considering whether an entity may disapply the requirements set out in the UCITS Regulations, on the basis of the proportionality.

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

The Management Company does not pay any fixed or variable remuneration to identified staff of SIMC or the third party entities /portfolio managers.

176

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI DEFENSIVE FUND 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 per cent of the total value of purchases and aggregate disposals greater than one per cent of the total sales for the period. At a minimum the largest 20 purchases and 20 sales must be given.

Major Purchases Nominal Cost GBP

SEI GLOBAL MASTER FUND PLC

THE SEI GLOBAL SHORT DURATION BOND FUND

HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS 166,454 1,668,154 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING LIQUIDITY FUND 1,641,503 1,641,503


THE SEI GLOBAL SHORT TERM BOND FUND

HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS 164,566 1,626,806 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING GOVERNMENT LIQUIDITY FUND 1,516,964 1,516,964


THE SEI EMERGING MARKETS DEBT FUND

PARTIALLY HEDGED GBP INSTITUTIONAL DISTRIBUTING 64,518 600,036


THE SEI GLOBAL OPPORTUNISTIC FIXED INCOME FUND

HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS 50,813 547,575


THE SEI GLOBAL FIXED INCOME FUND



THE SEI GLOBAL MANAGED VOLATILITY FUND

STERLING INSTITUTIONAL DISTRIBUTING CLASS 32,664 523,793


THE SEI GLOBAL MULTI-ASSET INCOME FUND



THE SEI U.K. CORE FIXED INTEREST FUND


THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO 19,753 253,655


THE SEI U.K. INDEX-LINKED FIXED INTEREST FUND



THE SEI LIQUID ALTERNATIVE FUND






THE SEI HIGH YIELD FIXED INCOME FUND


ROGERS COMMUNICATIONS INC 547 22,645

CASEY'S GENERAL STORES INC 207 21,382

PINNACLE WEST CAPITAL CORP 277 21,082

OMNICOM GROUP INC 332 21,043

DISCOVER FINANCIAL SERVICES 344 21,032

177

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI DEFENSIVE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds GBP















HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS 29,229 288,862 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING LIQUIDITY FUND 275,445 275,445







STERLING INSTITUTIONAL DISTRIBUTING CLASS 6,359 142,389 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING GOVERNMENT LIQUIDITY FUND 128,019 128,019













KOHL'S CORP 550 28,043

EXPEDITORS INTERNATIONAL OF WASHINGTON INC 410 23,768

AMERICAN FINANCIAL GROUP INC/OH 273 22,033

PFIZER INC 691 21,286

MARUBENI CORP 3,748 20,789

MACY'S INC 1,006 19,927

178

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI CONSERVATIVE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost GBP



PARTIALLY HEDGED GBP INSTITUTIONAL DISTRIBUTING 442,896 4,119,942



HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS 181,645 2,016,390






















HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS 26,477 235,840 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING LIQUIDITY FUND 203,241 203,241


THE SEI U.K. EQUITY FUND


ROGERS COMMUNICATIONS INC 4,278 176,829

OGE ENERGY CORP 5,580 156,312

KONINKLIJKE AHOLD DELHAIZE NV 8,315 154,692

CASEY'S GENERAL STORES INC 1,479 152,709

PINNACLE WEST CAPITAL CORP 1,888 143,728

OMNICOM GROUP INC 2,254 142,766

DISCOVER FINANCIAL SERVICES 2,336 142,687

DTE ENERGY CO 1,584 142,212

179

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI CONSERVATIVE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds GBP












STERLING INSTITUTIONAL DISTRIBUTING CLASS 103,704 2,044,949






STERLING INSTITUTIONAL DISTRIBUTING CLASS 140,283 1,635,230 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL STERLING LIQUIDITY FUND 1,416,478 1,416,478























KOHL'S CORP 4,357 222,831

EXPEDITORS INTERNATIONAL OF WASHINGTON INC 2,869 166,104

PFIZER INC 5,067 156,446


BAXTER INTERNATIONAL INC 2,955 150,094

180

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI MODERATE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost GBP



PARTIALLY HEDGED GBP INSTITUTIONAL DISTRIBUTING 2,845,146 26,468,014



















ROGERS COMMUNICATIONS INC 19,494 805,917


OGE ENERGY CORP 25,193 705,812

CASEY'S GENERAL STORES INC 6,776 699,521

KONINKLIJKE AHOLD DELHAIZE NV 36,757 683,898

PINNACLE WEST CAPITAL CORP 8,839 672,747

OMNICOM GROUP INC 10,582 670,201

DISCOVER FINANCIAL SERVICES 10,968 669,830

DTE ENERGY CO 7,257 651,439

SOUTHERN CO/THE 17,359 625,528

SES SA 39,672 604,730

CENTERPOINT ENERGY INC 26,105 584,848

ROGERS SUGAR INC 163,772 569,989

181

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI MODERATE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds GBP



STERLING INSTITUTIONAL DISTRIBUTING CLASS 1,519,749 17,687,386






HEDGED STERLING INSTITUTIONAL DISTRIBUTING CLASS 1,230,706 12,353,853


















PARTIALLY HEDGED GBP INSTITUTIONAL DISTRIBUTING 132,949 1,281,861




KOHL'S CORP 19,783 1,011,201

EXPEDITORS INTERNATIONAL OF WASHINGTON INC 13,392 775,338

PFIZER INC 23,149 714,596




AMERICAN FINANCIAL GROUP INC/OH 8,684 701,717


MACY'S INC 33,949 676,634

BAXTER INTERNATIONAL INC 13,315 676,248

MITSUBISHI CHEMICAL HOLDINGS CORP 93,776 583,188

AGNC INVESTMENT CORP 41,695 572,659

182

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI CORE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost GBP








THE SEI DYNAMIC ASSET ALLOCATION FUND



THE SEI U.S. SMALL COMPANIES FUND






THE SEI EMERGING MARKETS EQUITY FUND















THE SEI GLOBAL EQUITY FUND






THE SEI PAN EUROPEAN SMALL CAP FUND



THE SEI U.K. GILTS FIXED INTEREST FUND


THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO 90,041 1,209,248


THE SEI U.K. CREDIT FIXED INTEREST FUND

STERLING INSTITUTIONAL CLASS 28,529 504,961




183

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI CORE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds GBP








THE SEI U.S. LARGE COMPANIES FUND



THE SEI FACTOR ALLOCATION U.S. EQUITY FUND



THE SEI EUROPEAN (EX-U.K.) EQUITY FUND







THE SEI JAPAN EQUITY FUND

HEDGED STERLING INSTITUTIONAL CLASS 488,883 10,911,878











THE SEI U.K. CREDIT FIXED INTEREST FUND

STERLING INSTITUTIONAL CLASS 224,426 4,001,522


THE SEI ASIA PACIFIC (EX-JAPAN) EQUITY FUND






THE SEI U.K. GILTS FIXED INTEREST FUND











184

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI CORE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales (continued) Nominal Proceeds GBP






STERLING INSTITUTIONAL DISTRIBUTING CLASS 239 3,998

185

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI BALANCED FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost GBP













































THE SEI FUNDAMENTAL U.K. EQUITY FUND








186

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI BALANCED FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases (continued) Nominal Cost GBP





THE SEI QUANTITATIVE U.K. EQUITY FUND


187

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI BALANCED FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds GBP





















































188

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI BALANCED FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales (continued) Nominal Cost GBP







189

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GROWTH FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost GBP

















































190

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GROWTH FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases (continued) Nominal Cost GBP











191

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GROWTH FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds GBP









































192

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI AGGRESIVE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost GBP








































193

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI AGGRESIVE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds GBP




























194

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL CONSERVATIVE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost US$

INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL US DOLLAR LIQUIDITY FUND 1,018,520 1,018,520



U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 52,390 540,780






HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 46,335 497,881









U.S.$ INSTITUTIONAL CLASS 14,829 316,548




SEI GLOBAL MASTER FUND PLC - US LIQUID ASSETS FUND 150,386 179,693





SCHRODER ISF GLOBAL INFLATION LINKED BOND 3,745 116,755






U.S.$ INSTITUTIONAL DISTRIBUTING CLASS

ROGERS COMMUNICATIONS INC 230 12,192

OGE ENERGY CORP 299 11,036





195

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL CONSERVATIVE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds US$


















U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 12,941 196,512 INSTITUTIONAL CASH SERIES PLC - INSTITUTIONAL US DOLLAR LIQUIDITY FUND 194,528 194,528













U.S.$ INSTITUTIONAL DISTRIBUTING CLASS






BAXTER INTERNATIONAL INC 160 10,409


MACY'S INC 374 9,765

196

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL MODERATE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost US$

SEI GLOBAL MASTER FUND PLC 8,863 186,442







































SES SA 128 2,531

HERSHEY CO/THE 18 2,420

ROGERS SUGAR INC 527 2,383

197

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL MODERATE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds US$



U.S.$ INSTITUTIONAL CLASS 257 5,665



MARUBENI CORP 396 2,845

PFIZER INC 69 2,732

EVEREST RE GROUP LTD 8 1,769

NORDSTROM INC 36 1,571

MILLICOM INTERNATIONAL CELLULAR SA 27 1,527

SUMITOMO CORP 87 1,317



U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 82 1,193

TFI INTERNATIONAL INC 36 1,093

CIGNA CORP 7 1,041

GREAT-WEST LIFECO INC 45 1,020



HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 91 1,015

URBAN OUTFITTERS INC 30 913

SILGAN HOLDINGS INC 31 881



HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 78 836

EXELON CORP 16 783

HOPEWELL HOLDINGS LTD 170 758

SHIP HEALTHCARE HOLDINGS INC 17 727

POWER CORP OF CANADA 29 666

TJX COS INC/THE 13 661

PROVIDENT FINANCIAL SERVICES INC 26 629

DESIGNER BRANDS INC 29 620

LABORATORY CORP OF AMERICA HOLDINGS 3 576

198

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL CORE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost US$



U.S.$ INSTITUTIONAL CLASS 47,884 1,056,398



USD INSTITUTIONAL DISTRIBUTING CLASS 77,026 769,563












































SCHRODER ISF GLOBAL INFLATION LINKED BOND 745 23,625

199

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL CORE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases (continued) Nominal Cost US$







200

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL CORE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds US$











































HEDGED U.S.$ INSTITUTIONAL CLASS 9,370 215,939








201

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL CORE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales (continued) Nominal Proceeds US$













202

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL BALANCED FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost US$



USD INSTITUTIONAL DISTRIBUTING CLASS 132,792 1,328,006



U.S.$ INSTITUTIONAL CLASS 49,516 1,092,574













































203

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL BALANCED FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases (continued) Nominal Cost US$







204

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL BALANCED FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds US$



U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 155,638 1,415,460













































205

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL BALANCED FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued)

Major Sales (continued) Nominal Proceeds US$



















206

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL GROWTH FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost US$


















































207

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL GROWTH FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases (continued) Nominal Cost US$





208

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL GROWTH FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds US$









































SCHRODER ISF GLOBAL INFLATION LINKED BOND 327 10,103









USD INSTITUTIONAL DISTRIBUTING CLASS 794 7,682

209

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL GROWTH FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales (continued) Nominal Proceeds US$



U.S.$ INSTITUTIONAL CLASS 255 5,486

210

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL AGGRESSIVE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost US$




































HEDGED U.S.$ INSTITUTIONAL CLASS 877 20,309

211

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI GLOBAL AGGRESSIVE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds US$





































212

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO CONSERVATIVE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost EUR



HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 29,615 286,144




BLACKROCK ICS EURO LIQUIDITY FUND 135,765 232,653



EURO INSTITUTIONAL DISTRIBUTING CLASS 16,426 176,469

PIMCO GIS EURO BOND FUND 10,593 176,195











THE SEI EMERGING MARKETS DEBT FUND PARTIALLY HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 11,249 104,618 SEI GLOBAL MASTER FUND PLC - EURO GOVERNMENT BOND FUND 8,347 85,658






THE SEI EURO CREDIT FUND

EURO INSTITUTIONAL DISTRIBUTING CLASS 5,687 56,905 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 1,719 49,673










HERSHEY CO/THE 19 2,259

213

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO CONSERVATIVE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds EUR










BLACKROCK ICS EURO LIQUIDITY FUND 6,211 8,274



EURO INSTITUTIONAL DISTRIBUTING CLASS 564 6,137



HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 499 4,762










THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO 317 3,860





THE SEI EMERGING MARKETS DEBT FUND PARTIALLY HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 362 3,433 SEI GLOBAL MASTER FUND PLC - EURO GOVERNMENT BOND FUND 283 2,910



PFIZER INC 61 2,150




MARUBENI CORP 300 1,910





214

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO MODERATE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost EUR



EURO INSTITUTIONAL DISTRIBUTING CLASS 174,834 1,881,859



HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 166,023 1,605,435

PIMCO GIS EURO BOND FUND 75,869 1,262,702


THE SEI EMERGING MARKETS DEBT FUND PARTIALLY HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 99,405 924,284












HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 72,230 688,301 SEI GLOBAL MASTER FUND PLC - EURO GOVERNMENT BOND FUND 60,290 618,745























215

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO MODERATE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds EUR
























MACY'S INC 382 8,371

AGNC INVESTMENT CORP 505 7,967

CIGNA CORP 47 6,553

EVEREST RE GROUP LTD 32 6,377


SHIP HEALTHCARE HOLDINGS INC 152 5,829

NORDSTROM INC 146 5,662

GEORGE WESTON LTD 85 5,254

LABORATORY CORP OF AMERICA HOLDINGS 31 4,616

216

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO CORE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost EUR

PIMCO GIS EURO BOND FUND 64,713 1,076,666















EURO INSTITUTIONAL DISTRIBUTING CLASS 53,290 571,360 SEI GLOBAL MASTER FUND PLC - EURO GOVERNMENT BOND FUND 52,699 541,064





















HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 29,275 279,660 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 9,517 275,329






EURO INSTITUTIONAL A DISTRIBUTING CLASS 18,296 213,803




217

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO CORE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases (continued) Nominal Cost EUR
















218

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO CORE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds EUR































HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 926 9,146 SEI GLOBAL MASTER FUND PLC - EURO GOVERNMENT BOND FUND 864 8,736





THE SEI EMERGING MARKETS DEBT FUND PARTIALLY HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 854 8,287









EURO INSTITUTIONAL DISTRIBUTING CLASS 509 5,062 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 148 4,432

219

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO CORE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales (continued) Nominal Proceeds EUR







220

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO BALANCED FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost EUR













PIMCO GIS EURO BOND FUND 19,676 327,452





















THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO 14,199 172,896 SEI GLOBAL MASTER FUND PLC - EURO GOVERNMENT BOND FUND 16,564 170,305 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 5,565 160,861













221

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO BALANCED FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases (continued) Nominal Cost EUR













222

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO BALANCED FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds EUR










































EURO INSTITUTIONAL DISTRIBUTING CLASS 994 9,152 SEI GLOBAL MASTER FUND PLC - EURO GOVERNMENT BOND FUND 880 8,908 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 265 7,537




223

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO BALANCED FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales (continued) Nominal Proceeds EUR






EURO INSTITUTIONAL A DISTRIBUTING CLASS 549 6,451










224

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO GROWTH FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost EUR

















































225

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO GROWTH FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases (continued) Nominal Cost EUR

DEUTSCHE BOERSE AG 2 178

KONINKLIJKE PHILIPS NV 4 138

226

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO GROWTH FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds EUR

























EURO INSTITUTIONAL DISTRIBUTING CLASS 95 986






EURO INSTITUTIONAL A DISTRIBUTING CLASS 77 954






HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 65 603


THE SEI EMERGING MARKETS DEBT FUND PARTIALLY HEDGED EURO INSTITUTIONAL DISTRIBUTING CLASS 64 593










227

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO GROWTH FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales (continued) Nominal Proceeds EUR



EURO INSTITUTIONAL DISTRIBUTING CLASS 28 285 SCHRODER INTERNATIONAL SELECTION FUND - GLOBAL INFLATION LINKED BOND 8 230




228

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO AGGRESSIVE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Purchases Nominal Cost EUR


































NOVARTIS AG 6 480

SAP SE 4 468

WOLTERS KLUWER NV 7 374

TELEFONAKTIEBOLAGET LM ERICSSON 37 334


ADECCO GROUP AG 6 303

DASSAULT SYSTEMES SE 2 294


VIVENDI SA 10 270

229

SEI Global Assets Fund plc Annual Report and Audited Financial Statements for the financial year ended 30 June 2019 APPENDIX (UNAUDITED) (continued) THE SEI EURO AGGRESSIVE FUND Appendix III - STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO (continued) Major Sales Nominal Proceeds EUR













ROCHE HOLDING AG 6 1,396

NN GROUP NV 28 987

DEUTSCHE TELEKOM AG 61 929

SONOVA HOLDING AG 4 870

ALLIANZ SE 4 833

UCB SA 11 788

L'OREAL SA 3 782

ASR NEDERLAND NV 22 735

DEUTSCHE LUFTHANSA AG 42 731

REPSOL SA 50 724

SWISS LIFE HOLDING AG 2 695

UBISOFT ENTERTAINMENT SA 10 680

ENEL SPA 112 652

MOL HUNGARIAN OIL & GAS PLC 62 629

THALES SA 6 613

SAP SE 6 575


MERCK KGAA 6 574

PEUGEOT SA 26 562



EURO INSTITUTIONAL A DISTRIBUTING CLASS 43 540

PUBLICIS GROUPE SA 11 540

KONINKLIJKE AHOLD DELHAIZE NV 26 519

IPSEN SA 5 508

NESTE OYJ 17 508

WOLTERS KLUWER NV 8 507


SECURITAS AB 31 465

ARKEMA SA 6 460

230


Appendix IV – Securities Financing Transactions Regulations Securities Financing Transaction Regulation (“SFTR”) introduces reporting requirements for securities financing transactions (“SFTs”) and total return swaps. A Securities Financing Transaction (SFT) is defined as per Article 3(11) of the SFTR as: a repurchase/reverse repurchase agreement, securities or commodities lending and securities or commodities borrowing, a buy-sell back transaction or sell-buy back transaction, or a margin lending transaction. As at 30 June 2019 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 2019 is as follows: The SEI Euro Aggressive Fund

Data on reuse of collateral There was no reuse of collateral during the year ended 30 June 2019. There was no cash collateral reinvestment during the year ended 30 June 2019. Concentration data The ten largest issuers for collateral securities received across all SFTs as at 30 June 2019 is as follows: The SEI Euro Aggressive Fund

# Collateral Issuers Amount

1 French Government EUR171 2 German Government EUR68

The ten largest counterparties across all SFTs as at 30 June 2019 is as follows: The SEI Euro Aggressive Fund

Type of asset # Counterparty Amount Securities lending 1 JPMorgan EUR131

2 UBS AG EUR96

Safekeeping of collateral received Two Custodians held collateral received as at 30 June 2019 as follows: The SEI Euro Aggressive Fund

Custodian Type of collateral Amount Euroclear Security collateral EUR137

Clearstream Security collateral EUR102

Safekeeping of collateral granted There was no collateral granted for securities lending transactions.

Type of asset Amount % of NAV % of lendable assets Securities lending EUR227 0.04% 0.74%

231


Appendix IV – Securities Financing Transactions Regulations (continued) Return/Cost Return and cost for each type of SFTs for the year ended 30 June 2019 is as follows: The SEI Euro Core Fund

Return: Amount % overall returns To Fund EUR0^ 85%

To Manager - -

To 3rd Party EUR0^ 15%

âmount less than 0.5 EUR. The SEI Euro Balanced Fund


To Manager - -


âmount less than 0.5 EUR. The SEI Euro Growth Fund


To Manager - -


âmount less than 0.5 EUR. The SEI Euro Aggressive Fund

Return: Amount % overall returns To Fund EUR2 85%

To Manager - -


âmount less than 0.5 EUR. There were no costs associated with SFTs for the year ended 30 June 2019. Aggregate transaction data The maturity of SFTs as at 30 June 2019 is as follows: The SEI Euro Aggressive Fund

Maturity Amount Less than one day -

One day to one week - One week to one month -

One month to three months - Three months to one year -

Above one year - Open maturity EUR227

232


Appendix IV – Securities Financing Transactions Regulations (continued) Aggregate transaction data (continued) The settlement and clearing mechanisms for SFTs as at 30 June 2019 are as follows: The SEI Euro Aggressive Fund

Settlement and clearing mechanism

Amount

Bilateral - Tri-party EUR227

Centrally Cleared -

233


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 2019 is as follows: The SEI Euro Aggressive Fund

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

Currency of collateral

Country of counterparty establishment

UBS AG France Government Bond 1.75%, 25/06/2039 EUR102 AA >1 year EUR Switzerland JPMorgan France Government Bond 1.30%, 25/07/2019 EUR69 AA less than 1 month EUR United States JPMorgan German Government Bond 0.00%, 13/03/2020 EUR68 AAA 3 months to 1 year EUR United States

*Standard and Poor’s long term issue credit rating

234

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