SEMI-ANNUAL REPORT. SEI Institutional Investments Trust. November 30, seic.com

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1 November 30, 2017 SEMI-ANNUAL REPORT SEI Institutional Investments Trust Large Cap Fund Large Cap Disciplined Equity Fund Large Cap Index Fund S&P 500 Index Fund Extended Market Index Fund Small Cap Fund Small Cap II Fund Small/Mid Cap Equity Fund U.S. Managed Volatility Fund Global Managed Volatility Fund World Equity Ex-US Fund Screened World Equity Ex-US Fund World Select Equity Fund Emerging Markets Equity Fund Opportunistic Income Fund Core Fixed Income Fund High Yield Bond Fund Long Duration Fund Long Duration Credit Fund Ultra Short Duration Bond Fund Emerging Markets Debt Fund Real Return Fund Limited Duration Bond Fund Intermediate Duration Credit Fund Dynamic Asset Allocation Fund Multi-Asset Real Return Fund seic.com

2 TABLE OF CONTENTS Summary Schedules of Investments/Schedules of Investments/Consolidated Summary Schedule of Investments/Consolidated Schedule of Investments 1 Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities 274 Statements of Operations/Consolidated Statements of Operations 280 Statements of Changes in Net Assets/Consolidated Statements of Changes in Net Assets 286 Consolidated Statement of Cash Flows 294 Financial Highlights/Consolidated Financial Highlights 295 Notes to Financial Statements/Consolidated Notes to Financial Statements 300 Disclosure of Fund Expenses 332 Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements 334 The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarter of each fiscal year on Form N-Q within sixty days after the end of the period. The Trust s Forms N-Q are available on the Commission s website at and may be reviewed and copied at the Commission s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling SEC A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling DIAL-SEI; and (ii) on the Commission s website at

3 SUMMARY SCHEDULE OF INVESTMENTS (Unaudited) November 30, 2017 Large Cap Fund Sector Weightings : 18.8% Information Technology 17.6 % Financials 16.7% Health Care 11.5% Consumer Discretionary 9.2% Industrials 7.0% Consumer Staples 4.1% Energy 3.7% Cash Equivalent 3.4% Materials 3.2% Affi liated Partnership 2.1% Real Estate 2.0% Utilities 0.7% Telecommunication Services Percentages are based on total investments. Includes investments held as collateral for securities held on loan (see Note 12). Percentage of Net Assets (%) Shares Common Stock 95.6% Consumer Discretionary 11.8% Dollar General 1.3% 266,572 $ 23,480 Lowe's ,810 26,329 Omnicom Group ,270 11,521 TJX ,415 12,799 Other Securities (A) , ,854 Consumer Staples 7.2% Colgate-Palmolive ,917 12,310 CVS Health ,490 16,966 JM Smucker ,345 14,391 Kroger ,608 15,247 PepsiCo ,560 18,475 Philip Morris International ,173 13,478 Other Securities (A) , ,078 Energy 4.2% Chevron ,183 17,632 ExxonMobil ,193 11,344 Occidental Petroleum ,767 11,405 Other Securities (A) ,792 74,173 Financials 18.1% Aflac ,160 17,980 Bank of America ,616 17,455 Citigroup ,486 13,551 CME Group, Cl A ,064 18,104 Intercontinental Exchange ,493 11,896 JPMorgan Chase ,479 18,550 Marsh & McLennan ,334 14,212 Moody's ,329 25,252 MSCI, Cl A ,974 13,253 State Street ,939 18,874 US Bancorp ,614 15,090 Other Securities (A) , ,671 Percentage of Net Assets (%) Shares Common Stock (continued) Health Care 17.1% Abbott Laboratories 0.9% 286,268 $ 16,137 Amgen ,998 19,674 Becton Dickinson ,892 30,555 Biogen * ,407 13,018 Celgene * ,773 12,682 Johnson & Johnson ,614 41,327 Merck ,900 19,394 Mettler Toledo International * ,537 11,664 Pfizer ,004 12,945 UnitedHealth Group ,971 35,588 Other Securities , ,885 Industrials 9.5% 3M ,605 23,975 FedEx ,736 14,521 Graco ,911 11,568 Illinois Tool Works ,122 16,946 United Technologies ,584 12,580 WW Grainger ,757 11,897 Other Securities (A) , ,971 Information Technology 19.3% Alphabet, Cl A * ,485 28,479 Alphabet, Cl C * ,969 11,204 ebay * ,708 12,263 Facebook, Cl A * ,485 14,615 Mastercard, Cl A ,196 33,735 Microsoft ,124 26,608 Oracle ,182 16,052 PayPal Holdings * ,741 23,229 Visa, Cl A (A) ,451 19,416 Other Securities (A) , ,163 Materials 3.5% Sherwin-Williams ,493 14,975 Other Securities (A) ,695 62,670 Real Estate 2.1% Crown Castle International ,004 14,238 Other Securities (A) ,781 38,019 Telecommunication Services 0.7% Other Securities ,452 Utilities 2.1% Other Securities ,858 Total Common Stock (Cost $1,271,899) 1,706,794 1

4 SUMMARY SCHEDULE OF INVESTMENTS (Unaudited) November 30, 2017 Large Cap Fund (Concluded) Percentage of Net Assets (%) Shares AFFILIATED PARTNERSHIP 3.6% SEI Liquidity Fund, L.P % ** (B) 3.6% 63,415,843 $ 63,410 Total Affiliated Partnership (Cost $63,415) 63,410 CASH EQUIVALENT 3.8% SEI Daily Income Trust, Government Fund, Cl F 0.890% ** ,297,896 67,298 Total Cash Equivalent (Cost $67,298) 67,298 Total Investments in Securities 103.0% (Cost $1,402,612) $ 1,837,502 Cl Class L.P. Limited Partnership MSCI Morgan Stanley Capital International The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund s net assets. Other Securities represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission ( SEC ). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) ; and (ii) on the SEC s website at The following is a list of the level of inputs used as of November 30, 2017, in valuing the Fund's investments carried at value : Investments in Securities Level 1 Level 2 Level 3 Total Common Stock $ 1,706,794 $ $ $ 1,706,794 Affiliated Partnership 63,410 63,410 Cash Equivalent 67,298 67,298 Total Investments in Securities $ 1,774,092 $ 63,410 $ $ 1,837,502 Percentages are based on a Net Assets of $1,784,722. * Non-income producing security. ** The rate reported is the 7-day effective yield as of November 30, Real Estate Investment Trust. Investment in Affiliated Security (see Note 6). (A) Certain securities or partial positions of certain securities are on loan at November 30, 2017 (see Note 12). The total market value of securities on loan at November 30, 2017, was $62,485. (B) This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of November 30, 2017 was $63,410. The following is a summary of the Fund s transactions with affiliates for the period ended November 30, 2017 : For the period ended November 30, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended November 30, 2017, there were no transfers between Level 2 and Level 3 assets and liabilities. For more information on valuation inputs, see Note 2 Significant Accounting Policies in Notes to Financial Statements. Amounts designated as are either $0 or have been rounded to $0. Security Value 5/31/2017 Purchases at Cost Proceeds from Sales Realized Gain (Loss) Change in Unrealized Appreciation (Depreciation) Value 11/30/2017 Dividend Income SEI Liquidity Fund, L.P. $ 37,873 $ 161,727 $ (136,185) $ (2) $ (3) $ 63,410 $ 30 SEI Daily Income Trust, Government Fund, CI F 97, ,293 (406,595) 67, Totals $ 135,473 $ 538,020 $ (542,780) $ (2) $ (3) $ 130,708 $ 339 The accompanying notes are an integral part of the financial statements. 2

5 SUMMARY SCHEDULE OF INVESTMENTS (Unaudited) November 30, 2017 Large Cap Disciplined Equity Fund Sector Weightings : 23.4% Information Technology 14.8% Financials 12.2% Health Care 9.9% Industrials 9.4% Consumer Discretionary 7.7% Consumer Staples 5.5% Energy 4.3% Cash Equivalent 3.4% Utilities 2.9% Materials 2.3% Real Estate 2.2% Affiliated Partnership 2.0% Telecommunication Services 0.0% U.S. Treasury Obligation 0.0% Rights Percentages are based on total investments. Includes investments held as collateral for securities held on loan (see Note 12). Percentage of Net Assets (%) Shares COMMON STOCK 97.0% Consumer Discretionary 9.7% Comcast, Cl A 1.2% 1,041,658 $ 39,104 Lowe's ,617 24,646 McDonald's ,757 42,263 Other Securities (A) , ,316 Consumer Staples 7.9% Altria Group ,710 19,922 Coca-Cola ,472 33,205 PepsiCo ,181 62,709 Philip Morris International ,820 36,971 Procter & Gamble ,334 23,787 Other Securities (A) , ,773 Energy 5.7% ExxonMobil ,095 43,485 Schlumberger ,198 21,381 Other Securities (A)(B) , ,224 Financials 15.4% American Express ,481 18,416 Bank of America 1.0 1,197,467 33,733 Bank of New York Mellon ,215 18,952 Berkshire Hathaway, Cl B * ,536 54,532 Citigroup ,725 54,868 Intercontinental Exchange ,980 23,791 JPMorgan Chase ,434 32,447 Progressive ,863 24,775 S&P Global ,111 23,682 US Bancorp ,183 22,897 Other Securities (A) , ,536 Health Care 12.7% AbbVie ,232 23,380 Baxter International ,436 20,867 Percentage of Net Assets (%) Shares COMMON STOCK (continued) Celgene * 0.7% 227,477 $ 22,936 Express Scripts Holding * ,541 19,133 Johnson & Johnson ,744 33,682 Medtronic ,291 26,552 Merck ,907 36,197 UnitedHealth Group ,804 48,555 Other Securities (A) , ,602 Industrials 10.2% Boeing ,394 28,619 General Electric ,778 17,902 Honeywell International ,117 36,201 Lockheed Martin ,746 21,619 Other Securities (A) , ,470 Information Technology 24.3% Adobe Systems * ,188 19,451 Alphabet, Cl A * ,999 44,554 Alphabet, Cl C * ,765 78,409 Apple , ,729 Applied Materials ,264 26,927 Cisco Systems ,556 23,781 Cognizant Technology Solutions, Cl A ,357 20,915 ebay * ,047 28,431 Facebook, Cl A * ,270 63,301 Intel ,434 18,942 Microsoft ,962 65,060 Motorola Solutions ,500 24,422 PayPal Holdings * ,130 18,261 Texas Instruments ,606 29,635 Visa, Cl A (A) ,136 20,957 Other Securities (A) , ,607 Materials 3.0% Other Securities ,632 Real Estate 2.4% Other Securities (A) ,382 Telecommunication Services 2.1% AT&T ,592 28,980 Verizon Communications ,946 40,862 Other Securities ,176 Utilities 3.6% NextEra Energy ,348 18,862 PG&E ,681 20,214 3

6 SUMMARY SCHEDULE OF INVESTMENTS (Unaudited) November 30, 2017 Large Cap Disciplined Equity Fund (Concluded) Percentage of Net Assets (%) Shares COMMON STOCK (continued) Other Securities (A) 2.4% $ 81, ,428 Total Common Stock (Cost $2,533,932) 3,279,146 RIGHTS 0.0% Other Securities Total Rights (Cost $ ) 91 U.S. TREASURY OBLIGATION 0.0% Other Securities Total U.S. Treasury Obligation (Cost $200) 200 Percentage of Net Assets (%) Shares AFFILIATED PARTNERSHIP 2.0% SEI Liquidity Fund, L.P % ** (C) 2.0% 68,455,826 $ 68,449 Total Affiliated Partnership (Cost $68,455) 68,449 CASH EQUIVALENT 4.4% SEI Daily Income Trust, Government Fund, Cl F 0.890% ** ,549, ,550 Total Cash Equivalent (Cost $149,550) 149,550 Total Investments in Securities 103.4% (Cost $2,752,137) $ 3,497,436 A list of the open futures contracts held by the Fund at November 30, 2017, is as follows: Type of Contract Number of Contracts Long Expiration Date Notional Amount Value ( Thousands) Unrealized Appreciation ( Thousands) S&P 500 Index E-MINI 113 Dec-2017 $13,920 $14,961 $1,041 Percentages are based on a Net Assets of $3,383,052. * Non-income producing security. ** The rate reported is the 7-day effective yield as of November 30, Real Estate Investment Trust. Investment in Affiliated Security (see Note 6). (A) Certain securities or partial positions of certain securities are on loan at November 30, 2017 (see Note 12). The total market value of securities on loan at November 30, 2017, was $ 67,075 ($ Thousands). (B) Security is a Master Limited Partnership. At November 30, 2017, such securities amounted to $15,332, or 0.45% of Net Assets (See Note 2). (C) This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of November 30, 2017 was $68,449. Cl Class L.P. Limited Partnership S&P Standard & Poor's The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund s net assets. Other Securities represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission ( SEC ). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) ; and (ii) on the SEC s website at The following is a list of the level of inputs used as of November 30, 2017, in valuing the Fund's investments and other financial instruments carried at value : Investments in Securities Level 1 Level 2 Level 3 Total Common Stock $ 3,279,146 $ $ $ 3,279,146 Rights U.S. Treasury Obligation Affiliated Partnership 68,449 68,449 Cash Equivalent 149, ,550 Total Investments in Securities $ 3,428,696 $ 68,740 $ $ 3,497,436 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts * Unrealized Appreciation $ 1,041 $ $ $ 1,041 Total Other Financial Instruments $ 1,041 $ $ $ 1,041 * Futures contracts are valued at the unrealized appreciation on the instrument. For the period ended November 30, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended November 30, 2017, there were no transfers between Level 2 and Level 3 assets and liabilities. For more information on valuation inputs, see Note 2 Significant Accounting Policies in Notes to Financial Statements. Amounts designated as are either $0 or have been rounded to $0. 4

7 The following is a summary of the Fund s transactions with affiliates for the period ended November 30, 2017 : Security Value 5/31/2017 Purchases at Cost Proceeds from Sales Realized Gain (Loss) Change in Unrealized Appreciation (Depreciation) Value 11/30/2017 Dividend Income SEI Liquidity Fund, L.P. $ 24,078 $ 185,066 $ (140,690) $ $ (5) $ 68,449 $ 33 SEI Daily Income Trust, Government Fund, CI F 190, ,007 (540,301) 149, Totals $ 214,922 $ 684,073 $ (680,991) $ $ (5) $ 217,999 $ 671 The accompanying notes are an integral part of the financial statements 5

8 SUMMARY SCHEDULE OF INVESTMENTS (Unaudited) November 30, 2017 Large Cap Index Fund Sector Weightings : 22.3% Information Technology 14.1% Financials 12.7% Health Care 11.7% Consumer Discretionary 9.8% Industrials 7.2% Consumer Staples 5.3% Energy 3.7% Affiliated Partnership 3.5% Real Estate 3.2% Materials 3.0% Utilities 1.8% Telecommunication Services 1.6% Cash Equivalent 0.1% U.S. Treasury Obligation Percentages are based on total investments. Includes investments held as collateral for securities held on loan (see Note 12). Percentage of Net Assets (%) Shares COMMON STOCK 98.1% Consumer Discretionary 12.2% Amazon.com * 1.8% 35,789 $ 42,115 Comcast, Cl A ,950 15,878 Home Depot ,015 19,423 McDonald's ,180 12,585 Walt Disney ,572 14,735 Other Securities (A) , ,844 Consumer Staples 7.5% Altria Group ,240 11,751 Coca-Cola ,040 15,792 PepsiCo ,252 14,944 Philip Morris International ,268 14,310 Procter & Gamble ,254 20,721 Wal-Mart Stores ,679 12,706 Other Securities (A) , ,070 Energy 5.5% Chevron ,902 20,217 ExxonMobil ,738 31,795 Other Securities (A) , ,736 Financials 14.6% Bank of America ,063 24,989 Berkshire Hathaway, Cl B * ,200 33,429 Citigroup ,004 18,498 JPMorgan Chase ,434 33,283 SEI , Wells Fargo ,066 22,818 Other Securities (A) , ,391 Health Care 13.1% Abbott Laboratories ,237 8,525 AbbVie ,961 13,856 Amgen ,958 11,586 Percentage of Net Assets (%) Shares COMMON STOCK (continued) Bristol-Myers Squibb 0.4% 147,459 $ 9,318 Gilead Sciences ,234 8,842 Johnson & Johnson ,909 33,845 Medtronic ,726 10,079 Merck ,743 13,582 Pfizer ,722 19,280 UnitedHealth Group ,220 19,673 Other Securities (A) , ,860 Industrials 10.2% 3M ,033 12,651 Boeing ,991 13,838 General Electric ,306 14,272 Honeywell International ,190 10,635 Union Pacific ,232 9,137 Other Securities (A) , ,189 Information Technology 23.1% Alphabet, Cl A * ,829 27,799 Alphabet, Cl C * ,199 27,781 Apple ,525 80,860 Broadcom ,132 10,043 Cisco Systems ,327 16,797 Facebook, Cl A * ,200 37,243 Intel ,658 18,997 International Business Machines ,998 11,855 Mastercard, Cl A ,500 12,715 Microsoft ,100 56,907 Nvidia ,856 10,207 Oracle ,920 12,654 QUALCOMM ,159 8,767 Texas Instruments ,208 8,679 Visa, Cl A (A) ,100 18,701 Other Securities (A) , ,641 Materials 3.3% DowDuPont ,529 15,078 Other Securities (A) ,414 76,492 Real Estate 3.7% Other Securities (A) ,317 Telecommunication Services 1.8% AT&T ,151 20,124 Verizon Communications ,076 18,680 Other Securities (A) 0.1 4,041 42,845 6

9 Percentage of Net Assets (%) Shares COMMON STOCK (continued) Utilities 3.1% Other Securities (A) 3.1% $ 71,898 Total Common Stock (Cost $1,019,074) 2,278,283 U.S. TREASURY OBLIGATION 0.1% Other Securities 0.1 2,361 Total U.S. Treasury Obligation (Cost $2,361) 2,361 AFFILIATED PARTNERSHIP 4.1% SEI Liquidity Fund, L.P % ** (B) ,115,567 94,107 Total Affiliated Partnership (Cost $94,115) 94,107 CASH EQUIVALENT 1.6% SEI Daily Income Trust, Government Fund, Cl F 0.890% ** ,527,142 37,527 Total Cash Equivalent (Cost $37,527) 37,527 Total Investments in Securities 103.9% (Cost $1,153,077) $ 2,412,278 A list of the open futures contracts held by the Fund at November 30, 2017, is as follows: The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund s net assets. Other Securities represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission ( SEC ). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) ; and (ii) on the SEC s website at The following is a list of the level of inputs used as of November 30, 2017, in valuing the Fund's investments and other financial instruments carried at value : Investments in Securities Level 1 Level 2 Level 3 Total Common Stock $ 2,278,283 $ $ $ 2,278,283 U.S. Treasury Obligation 2,361 2,361 Affiliated Partnership 94,107 94,107 Cash Equivalent 37,527 37,527 Total Investments in Securities $ 2,315,810 $ 96,468 $ $ 2,412,278 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts * Unrealized Appreciation $ 3,032 $ $ $ 3,032 Total Other Financial Instruments $ 3,032 $ $ $ 3,032 * Futures contracts are valued at the unrealized appreciation on the instrument. For the period ended November 30, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended November 30, 2017, there were no transfers between Level 2 and Level 3 assets and liabilities. For more information on valuation inputs, see Note 2 Significant Accounting Policies in Notes to Financial Statements. Amounts designated as are either $0 or have been rounded to $0. Number of Contracts Long Unrealized Appreciation Type of Contract Expiration Date Notional Amount Value S&P 500 Index E-MINI 301 Dec-2017 $ 37,190 $ 39,851 $ 2,661 S&P Mid Cap 400 Index E-MINI 21 Dec ,619 3, $ 40,809 $ 43,841 $ 3,032 Percentages are based on a Net Assets of $2,322,249. * Non-income producing security. ** The rate reported is the 7-day effective yield as of November 30, Real Estate Investment Trust. Investment in Affiliated Security (see Note 6). (A) Certain securities or partial positions of certain securities are on loan at November 30, 2017 (see Note 12). The total market value of securities on loan at November 30, 2017, was $92,916. (B) This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of November 30, 2017 was $94,107. Cl Class L.P. Limited Partnership S&P Standard & Poor's The following is a summary of the Fund s transactions with affiliates for the period ended November 30, 2017 : 7

10 SUMMARY SCHEDULE OF INVESTMENTS (Unaudited) November 30, 2017 Large Cap Index Fund (Concluded) Security Value 5/31/2017 Purchases at Cost Proceeds from Sales Realized Gain (Loss) Change in Unrealized Appreciation (Depreciation) Value 11/30/2017 Dividend Income SEI $ 653 $ $ $ $ 265 $ 918 $ 4 SEI Liquidity Fund, L.P. 71, ,594 (125,844) (2) (7) 94, SEI Daily Income Trust, Government Fund, CI F 24, ,975 (156,339) 37, Totals $ 96,910 $ 317,569 $ (282,183) $ (2) $ 258 $ 132,552 $ 227 The accompanying notes are an integral part of the financial statements 8

11 SUMMARY SCHEDULE OF INVESTMENTS (Unaudited) November 30, 2017 S&P 500 Index Fund Sector Weightings : 22.9% Information Technology 14.1% Financials 13.4% Health Care 11.5% Consumer Discretionary 9.6% Industrials 7.7% Consumer Staples 5.6% Energy 3.0% Utilities 2.8% Materials 2.8% Real Estate 2.5% Affi liated Partnership 2.1% Cash Equivalent 1.9% Telecommunication Services 0.1% U.S. Treasury Obligations Percentages are based on total investments. Includes investments held as collateral for securities held on loan (see Note 12). Percentage of Net Assets (%) Shares COMMON STOCK 97.5% Consumer Discretionary 11.8% Amazon.com * 2.0% 72,860 $ 85,738 Comcast, Cl A ,948 32,282 Home Depot ,487 38,749 McDonald's ,087 25,467 Walt Disney ,183 29,578 Other Securities (A) , ,704 Consumer Staples 7.9% Altria Group ,683 23,787 Coca-Cola ,857 32,124 PepsiCo ,178 30,433 Philip Morris International ,978 29,179 Procter & Gamble ,267 41,959 Wal-Mart Stores ,583 26,017 Other Securities (A) , ,433 Energy 5.7% Chevron ,478 41,227 ExxonMobil ,800 64,533 Other Securities (A) , ,670 Financials 14.4% Bank of America 1.2 1,793,983 50,536 Berkshire Hathaway, Cl B * ,828 67,906 Citigroup ,157 37,611 JPMorgan Chase ,457 67,254 Wells Fargo ,848 46,127 Other Securities (A) , ,866 Health Care 13.7% Abbott Laboratories ,548 17,900 AbbVie ,378 28,240 Amgen ,391 23,431 Bristol-Myers Squibb ,783 18,943 Gilead Sciences ,678 17,848 Percentage of Net Assets (%) Shares COMMON STOCK (continued) Johnson & Johnson 1.6% 490,770 $ 68,379 Medtronic ,661 20,340 Merck ,070 27,639 Pfizer 0.9 1,091,135 39,565 UnitedHealth Group ,787 40,338 Other Securities (A) , ,000 Industrials 9.8% 3M ,091 26,524 Boeing ,591 28,120 General Electric 0.7 1,582,788 28,949 Honeywell International ,387 21,739 Union Pacific ,287 18,505 Other Securities (A) , ,645 Information Technology 23.4% Alphabet, Cl A * ,541 56,514 Alphabet, Cl C * ,163 56,344 Apple , ,320 Broadcom ,359 20,667 Cisco Systems ,143 34,098 Facebook, Cl A * ,378 76,786 Intel ,152 38,524 International Business Machines ,451 24,397 Mastercard, Cl A ,747 25,692 Microsoft 2.8 1,408, ,545 Nvidia ,683 22,014 Oracle ,065 27,084 QUALCOMM ,078 17,917 Texas Instruments ,983 17,608 Visa, Cl A (A) ,470 37,658 Other Securities (A) , ,453 Materials 2.9% DowDuPont ,596 30,698 Other Securities (A) , ,960 Real Estate 2.9% Other Securities (A) ,947 Telecommunication Services 1.9% AT&T 0.9 1,122,543 40,838 Verizon Communications ,852 37,956 Other Securities (A) 0.1 2,623 81,417 Utilities 3.1% Other Securities ,739 Total Common Stock (Cost $3,071,758) 4,147,834 9

12 SUMMARY SCHEDULE OF INVESTMENTS (Unaudited) November 30, 2017 S&P 500 Index Fund (Concluded) Percentage of Net Assets (%) Shares U.S. TREASURY OBLIGATIONS 0.1% Other Securities 0.1% $ 4,430 Total U.S. Treasury Obligations (Cost $4,429) 4,430 AFFILIATED PARTNERSHIP 2.7% SEI Liquidity Fund, L.P % ** (B) ,234, ,223 Total Affiliated Partnership (Cost $114,233) 114,223 Percentage of Net Assets (%) Shares CASH EQUIVALENT 2.2% SEI Daily Income Trust, Government Fund, Cl F 0.890% ** 2.2% 92,221,868 $ 92,222 Total Cash Equivalent (Cost $92,222) 92,222 Total Investments in Securities 102.5% (Cost $3,282,642) $ 4,358,709 A list of the open futures contracts held by the Fund at November 30, 2017, is as follows: Type of Contract Number of Contracts Long Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) S&P 500 Index E-MINI 812 Dec-2017 $ 100,237 $ 107,505 $ 7,268 Percentages are based on a Net Assets of $4,254,265. * Non-income producing security. ** The rate reported is the 7-day effective yield as of November 30, Real Estate Investment Trust. Investment in Affiliated Security (see Note 6). (A) Certain securities or partial positions of certain securities are on loan at November 30, 2017 (see Note 12). The total market value of securities on loan at November 30, 2017, was $113,102. (B) This security was purchased with cash collateral held from securities on loan (see Note12). The total market value of such securities as of November 30, 2017 was $114,223. Cl Class L.P. Limited Partnership S&P Standard & Poor's The following is a list of the level of inputs used as of November 30, 2017, in valuing the Fund's investments and other financial instruments carried at value : Investments in Securities Level 1 Level 2 Level 3 Total Common Stock $ 4,147,834 $ $ $ 4,147,834 U.S. Treasury Obligations 4,430 4,430 Affiliated Partnership 114, ,223 Cash Equivalent 92,222 92,222 Total Investments in Securities $ 4,240,056 $ 118,653 $ $ 4,358,709 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts * Unrealized Appreciation $ 7,268 $ $ $ 7,268 Total Other Financial Instruments $ 7,268 $ $ $ 7,268 * Futures contracts are valued at the unrealized appreciation on the instrument. The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the For the period ended November 30, 2017, there were no transfers between Level 1 and Level 2 assets Fund s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund s net assets. and liabilities. Other Securities represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission ( SEC ). In certain instances, securities for which footnotes For the period ended November 30, 2017, there were no transfers between Level 2 and Level 3 assets listed above may otherwise apply are included in the Other Securities caption. The complete schedule and liabilities. of portfolio holdings is available (i) without charge, upon request, by calling (800) ; and (ii) For more information on valuation inputs, see Note 2 Significant Accounting Policies in Notes to on the SEC s website at Financial Statements. Amounts designated as are either $0 or have been rounded to $0. The following is a summary of the transactions with affiliates for the period ended November 30, 2017 : Security Value 5/31/2017 Purchases at Cost Proceeds from Sales Realized Gain (Loss) Change in Unrealized Appreciation (Depreciation) Value 11/30/2017 Dividend Income SEI Liquidity Fund, L.P. $ 108,741 $ 207,950 $ (202,457) $ (2) $ (9) $ 114,223 $ 58 SEI Daily Income Trust, Government Fund, CI F 87, ,688 (415,709) 92, Totals $ 195,984 $ 628,638 $ (618,166) $ (2) $ (9) $ 206,445 $ 432 The accompanying notes are an integral part of the financial statements. 10

13 SUMMARY SCHEDULE OF INVESTMENTS (Unaudited) November 30, 2017 Extended Market Index Fund Sector Weightings : 16.2% Information Technology 14.1% Affi liated Partnership 13.6 % Financials 11.7% Industrials 11.4% Consumer Discretionary 8.9% Health Care 7.4% Real Estate 4.6% Materials 3.4% Energy 2.7% Utilities 2.5% Consumer Staples 2.5% Cash Equivalent 0.9% Telecommunication Services 0.1% U.S. Treasury Obligations 0.0% Rights Percentages are based on total investments. Includes investments held as collateral for securities held on loan (see Note 12). Percentage of Net Assets (%) Shares Common Stock 96.3% Consumer Discretionary 13.1% Aramark 0.2% 45,200 $ 1,926 Las Vegas Sands ,704 4,622 Lear ,571 2,274 Liberty Interactive QVC Group, Cl A * ,444 1,890 NVR * ,154 Tesla *(A) ,758 7,337 Yum China Holdings ,500 2,797 Other Securities (A) , ,440 Consumer Staples 2.9% Bunge ,343 1,763 Ingredion ,265 1,837 Other Securities (A) ,859 26,459 Energy 3.9% Cheniere Energy * ,065 1,839 Diamondback Energy * ,275 1,998 Other Securities (A) ,690 35,527 Financials 15.8% Ally Financial ,700 2,221 Arch Capital Group * ,036 2,181 First Republic Bank ,943 2,765 FNF Group ,458 1,920 Markel * 0.3 2,533 2,804 MSCI, Cl A ,569 2,132 Reinsurance Group of America, Cl A ,916 1,931 SEI ,219 1,704 SVB Financial Group * 0.3 9,782 2,227 TD Ameritrade Holding ,373 2,424 Percentage of Net Assets (%) Shares Common Stock (continued) Other Securities (A) 13.2% $ 121, ,440 Health Care 10.3% Alnylam Pharmaceuticals * ,289 2,057 BioMarin Pharmaceutical * ,446 2,784 Teleflex 0.3 8,402 2,231 WellCare Health Plans * 0.2 8,266 1,761 Other Securities (A) ,085 93,918 Industrials 13.5% Huntington Ingalls Industries 0.2 8,359 2,020 IDEX ,341 1,944 Owens Corning ,460 1,808 Spirit AeroSystems Holdings, Cl A ,275 1,877 Other Securities (A) , ,964 Information Technology 18.7% Amdocs ,068 1,767 Arista Networks * 0.3 9,600 2,238 Broadridge Financial Solutions ,797 1,967 CDW ,700 2,009 Cognex ,358 2,128 CoStar Group * 0.2 6,363 1,941 Dell Technologies, Cl V * ,000 2,973 FleetCor Technologies * ,073 3,105 Maxim Integrated Products ,604 2,700 NXP Semiconductor * ,600 7,098 Palo Alto Networks * ,133 2,351 ServiceNow * ,869 3,797 Splunk * ,784 1,985 Square, Cl A *(A) ,700 1,753 Take-Two Interactive Software * ,139 2,135 Trimble * ,920 1,970 Twitter * ,200 2,494 Vantiv, Cl A *(A) ,008 2,251 Workday, Cl A * ,189 2,491 Other Securities (A) , ,103 Materials 5.3% Celanese, Cl A ,492 2,734 Other Securities (A) ,604 48,338 Real Estate 8.6% Annaly Capital Management ,915 2,415 Other Securities (A) ,295 77,710 Telecommunication Services 1.0% T-Mobile US * ,405 3,323 Other Securities (A) 0.6 5,804 9,127 11

14 SUMMARY SCHEDULE OF INVESTMENTS (Unaudited) November 30, 2017 Extended Market Index Fund (Concluded) Percentage of Net Assets (%) Shares Common Stock (continued) Utilities 3.2% Other Securities (A) 3.2% $ 28,918 Total Common Stock (Cost $661,725) 875,944 RIGHTS 0.0% Other Securities (B) 0.0 Total Rights (Cost $ ) U.S. TREASURY OBLIGATIONS 0.2% Other Securities 0.2 1,294 Total U.S. Treasury Obligations (Cost $1,293) 1,294 Percentage of Net Assets (%) Shares AFFILIATED PARTNERSHIP 16.2% SEI Liquidity Fund, L.P % ** (C) 16.2% 147,790,229 $ 147,777 Total Affiliated Partnership (Cost $147,789) 147,777 CASH EQUIVALENT 2.9% SEI Daily Income Trust, Government Fund, Cl F 0.890% ** ,618,585 26,619 Total Cash Equivalent (Cost $26,619) 26,619 Total Investments in Securities 115.6% (Cost $837,426) $ 1,051,634 A list of the open futures contracts held by the Fund at November 30, 2017, is as follows: Number of Contracts Long Unrealized Appreciation Type of Contract Expiration Date Notional Amount Value Russell 2000 Index E-MINI 171 Dec-2017 $ 12,046 $ 13,213 $ 1,167 S&P Mid Cap 400 Index E-MINI 81 Dec ,945 15,390 1,445 $ 25,991 $ 28,603 $ 2,612 Percentages are based on a Net Assets of $910,104. * Non-income producing security. ** The rate reported is the 7-day effective yield as of November 30, Real Estate Investment Trust. Investment in Affiliated Security (see Note 6). (A) Certain securities or partial positions of certain securities are on loan at November 30, 2017 (see Note 12). The total market value of securities on loan at November 30, 2017, was $145,084 ($ Thousands). (B) Level 3 security in accordance with fair value hierarchy. (C) This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of November 30, 2017 was $147,777. Cl Class L.P. Limited Partnership S&P Standard & Poor's The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund s net assets. Other Securities represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission ( SEC ). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) ; and (ii) on the SEC s website at The following is a list of the level of inputs used as of November 30, 2017, in valuing the Fund's investments and other financial instruments carried at value : Investments in Securities Level 1 Level 2 Level 3 (1) Total Common Stock $ 875,944 $ $ $ 875,944 Rights U.S. Treasury Obligations 1,294 1,294 Affiliated Partnership 147, ,777 Cash Equivalent 26,619 26,619 Total Investments in Securities $ 902,563 $ 149,071 $ $ 1,051,634 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts * Unrealized Appreciation $ 2,612 $ $ $ 2,612 Total Other Financial Instruments $ 2,612 $ $ $ 2,612 (1) A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. * Futures contracts are valued at the unrealized appreciation on the instrument. For the period ended November 30, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended November 30, 2017, there were no transfers between Level 2 and Level 3 assets and liabilities. For more information on valuation inputs, see Note 2 Significant Accounting Policies in Notes to Financial Statements. Amounts designated as are either $0 or have been rounded to $0. 12

15 The following is a summary of the transactions with affiliates for the period ended November 30, 2017 : Security Value 5/31/2017 Purchases at Cost Proceeds from Sales Realized Gain (Loss) Change in Unrealized Appreciation (Depreciation) Value 11/30/2017 Dividend Income SEI $ 1,343 $ 292 $ (436) $ 28 $ 477 $ 1,704 $ 8 SEI Liquidity Fund, L.P. 133, ,884 (180,442) (15) 147, SEI Daily Income Trust, Government Fund, CI F 18,991 95,943 (88,315) 26, Totals $ 153,684 $ 291,119 $ (269,193) $ 28 $ 462 $ 176,100 $ 556 The accompanying notes are an integral part of the financial statements. 13

16 SUMMARY SCHEDULE OF INVESTMENTS (Unaudited) November 30, 2017 Small Cap Fund Sector Weightings : 17.4% Information Technology 15.4% Financials 14.9% Industrials 11.1% Consumer Discretionary 11.0% Health Care 10.0% Affi liated Partnership 5.5% Real Estate 3.7% Materials 3.5% Cash Equivalent 2.9% Utilities 2.2% Energy 2.1% Consumer Staples 0.3% Telecommunication Services 0.0% Rights 0.0% Convertible Bond Percentages are based on total investments. Includes investments held as collateral for securities held on loan (see Note 12). Percentage of Net Assets (%) Shares Common Stock 96.5% Consumer Discretionary 12.4% Bright Horizons Family Solutions * 0.6% 33,900 $ 3,015 Conn's *(A) ,969 2,038 Dana Holdings ,315 3,116 Deckers Outdoor * ,967 2,090 Jack in the Box ,544 2,023 Ollie's Bargain Outlet Holdings *(A) ,584 2,163 Planet Fitness, Cl A *(A) ,984 3,463 Other Securities (A) ,489 61,397 Consumer Staples 2.4% Hostess Brands, Cl A * ,858 1,854 Other Securities (A) 2.0 9,979 11,833 Energy 2.4% Other Securities (A) ,918 Financials 17.1% CNO Financial Group ,845 2,114 Eagle Bancorp * ,915 2,111 Hancock Holding ,260 1,811 Radian Group ,166 1,970 Wintrust Financial ,388 3,135 Other Securities (A) ,842 84,983 Health Care 12.2% Acadia Healthcare * ,781 1,871 AMN Healthcare Services * ,939 2,658 Inogen * ,839 1,910 Integer Holdings * ,825 1,881 Magellan Health Services * ,752 1,838 Percentage of Net Assets (%) Shares Common Stock (continued) Omnicell * 0.4% 39,670 $ 2,079 PRA Health Sciences * ,589 3,096 Prestige Brands Holdings * ,908 2,120 Supernus Pharmaceuticals * ,788 2,336 Other Securities (A) ,015 60,804 Industrials 16.6% Air Transport Services Group * ,205 2,381 Apogee Enterprises ,040 2,153 BWX Technologies ,921 2,056 Deluxe ,889 3,760 Healthcare Services Group ,973 2,595 John Bean Technologies ,447 3,526 WageWorks * ,500 3,175 XPO Logistics *(A) ,275 3,420 Other Securities (A) ,385 82,451 Information Technology 19.4% 2U *(A) ,265 1,876 Acxiom * ,589 2,796 Blackhawk Network Holdings, Cl A * ,843 2,603 CalAmp * ,706 2,598 Callidus Software * ,951 2,282 Cornerstone OnDemand * ,202 1,893 Euronet Worldwide * ,868 2,546 FireEye * ,107 2,886 Five9 * ,086 1,987 Littelfuse ,712 2,173 LogMeIn ,805 2,952 MAXIMUS ,094 2,010 Mercury Systems * ,183 3,298 Monolithic Power Systems ,488 1,951 Paycom Software *(A) ,723 2,109 Q2 Holdings * ,522 1,989 RingCentral, Cl A * ,048 2,171 Other Securities (A) ,314 96,434 Materials 4.2% Summit Materials, Cl A * ,872 1,811 Other Securities (A) ,924 20,735 Real Estate 6.2% CoreSite Realty ,280 2,074 Other Securities (A) ,615 30,689 Telecommunication Services 0.4% Other Securities (A) 0.4 1,832 Utilities 3.2% ONE Gas ,887 2,369 14

17 Percentage of Net Assets (%) Shares Common Stock (continued) Other Securities (A) 2.7% $ 13,548 15,917 Total Common Stock (Cost $389,262) 478,993 RIGHTS 0.0% Other Securities 0.0 Total Rights (Cost $ ) CONVERTIBLE BOND 0.0% Consumer Discretionary 0.0% Other Securities (B)(C) 0.0 Total Convertible Bond (Cost $445) AFFILIATED PARTNERSHIP 11.2% SEI Liquidity Fund, L.P % ** (D) ,443,753 55,439 Total Affiliated Partnership (Cost $55,443) 55,439 CASH EQUIVALENT 3.8% SEI Daily Income Trust, Government Fund, Cl F 0.890% ** ,111,447 19,111 Total Cash Equivalent (Cost $19,111) 19,111 Total Investments in Securities 111.5% (Cost $464,261) $ 553,543 Percentages are based on a Net Assets of $496,405. * Non-income producing security. ** The rate reported is the 7-day effective yield as of November 30, Real Estate Investment Trust. Investment in Affiliated Security (see Note 6). (A) Certain securities or partial positions of certain securities are on loan at November 30, 2017 (see Note 12). The total market value of securities on loan at November 30, 2017, was $54,620 ($ Thousands). (B) Level 3 security in accordance with fair value hierarchy. (C) Security is in default on interest payment. (D) This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of November 30, 2017 was $55,439. Cl Class L.P. Limited Partnership The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund s net assets. Other Securities represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission ( SEC ). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) ; and (ii) on the SEC s website at The following is a list of the level of inputs used as of November 30, 2017, in valuing the Fund's investments and other financial instruments carried at value : Investments in Securities Level 1 Level 2 Level 3 (1) Total Common Stock $ 478,993 $ $ $ 478,993 Rights Convertible Bond Affiliated Partnership 55,439 55,439 Cash Equivalent 19,111 19,111 Total Investments in Securities $ 498,104 $ 55,439 $ $ 553,543 (1) A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. For the period ended November 30, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended November 30, 2017, there were no transfers between Level 2 and Level 3 assets and liabilities. For more information on valuation inputs, see Note 2 Significant Accounting Policies in Notes to Financial Statements. Amounts designated as are either $0 or have been rounded to $0. The following is a summary of the Fund s transactions with affiliates for the period ended November 30, 2017 : Security Value 5/31/2017 Purchases at Cost Proceeds from Sales Realized Gain (Loss) Change in Unrealized Appreciation (Depreciation) Value 11/30/2017 Dividend Income SEI Liquidity Fund, L.P. $ 47,636 $ 77,360 $ (69,553) $ $ (4) $ 55,439 $ 187 SEI Daily Income Trust, Government Fund, CI F 25,242 98,511 (104,642) 19, Totals $ 72,878 $ 175,871 $ (174,195) $ $ (4) $ 74,550 $ 266 The accompanying notes are an integral part of the financial statements. 15

18 SUMMARY SCHEDULE OF INVESTMENTS (Unaudited) November 30, 2017 Small Cap II Fund Sector Weightings : 17.9% Affiliated Partnership 15.8% Industrials 15.3% Information Technology 13.0% Financials 10.4% Health Care 9.8% Consumer Discretionary 5.2% Cash Equivalent 3.4% Materials 3.0% Energy 2.3% Real Estate 1.9% Consumer Staples 1.6% Utilities 0.2% Exchange Traded Fund 0.2% Telecommunication Services 0.0% Warrant 0.0% Rights Percentages are based on total investments. Includes investments held as collateral for securities held on loan (see Note 12). Percentage of Net Assets (%) Shares Common Stock 94.8% Consumer Discretionary 12.1% Big Lots (A) 0.7% 54,230 $ 3,205 Carter's ,602 1,582 Cheesecake Factory (A) ,055 2,259 Conn's *(A) ,117 1,580 Gentherm * ,820 1,650 Grand Canyon Education * ,862 1,601 Murphy USA *(A) ,951 1,652 Sally Beauty Holdings *(A) ,886 1,942 Skechers U.S.A., Cl A * ,429 3,279 Other Securities (A) ,906 52,656 Consumer Staples 2.4% Hostess Brands, Cl A *(A) ,224 1,957 Other Securities (A) 1.9 8,408 10,365 Energy 3.7% Gulfport Energy * ,026 2,714 PBF Energy, Cl A ,290 2,826 Southwestern Energy * ,716 2,479 Other Securities (A) 1.8 8,085 16,104 Financials 16.0% American Equity Investment Life Holding ,925 3,520 BankUnited ,989 3,946 CNO Financial Group ,695 2,538 First Commonwealth Financial ,638 2,697 FNB (Pennsylvania) ,510 4,917 Great Western Bancorp ,840 2,390 OFG Bancorp ,995 2,666 Sterling Bancorp ,116 1,575 Umpqua Holdings ,800 3,179 Voya Financial ,810 2,157 Percentage of Net Assets (%) Shares Common Stock (continued) Other Securities (A) 9.2% $ 39,887 69,472 Health Care 12.8% AMN Healthcare Services *(A) ,806 1,998 Lannett *(A) ,531 4,008 Prestige Brands Holdings *(A) ,225 2,315 Other Securities (A) ,132 55,453 Industrials 19.6% Apogee Enterprises (A) ,443 1,623 Atlas Air Worldwide Holdings * ,270 2,326 BWX Technologies ,636 1,663 Clean Harbors * ,610 2,403 Deluxe ,075 1,712 Heartland Express (A) ,455 1,655 Heritage-Crystal Clean * ,381 1,635 InnerWorkings *(A) ,791 1,745 JetBlue Airways * ,792 1,778 Kirby *(A) ,132 1,893 Multi-Color (A) ,698 1,813 On Assignment * ,387 2,007 SP Plus * ,077 2,081 TriNet Group * ,426 2,436 WageWorks * ,217 2,387 Other Securities (A) ,724 84,881 Information Technology 18.9% Blackhawk Network Holdings, Cl A * ,976 2,461 CalAmp * ,322 2,064 Callidus Software * ,444 2,823 Finisar *(A) ,394 2,629 FireEye *(A) ,422 2,169 Integrated Device Technology * ,045 2,529 VeriFone Systems * ,034 3,035 Other Securities (A) ,076 81,786 Materials 4.3% United States Steel (A) ,890 3,178 Other Securities (A) ,242 18,420 Real Estate 2.8% Other Securities (A) ,135 Telecommunication Services 0.2% Other Securities

19 Percentage of Net Assets (%) Shares Common Stock (continued) Utilities 2.0% Portland General Electric 0.4% 31,696 $ 1,573 Other Securities 1.6 7,173 8,746 Total Common Stock (Cost $349,669) 410,939 EXCHANGE TRADED FUND 0.2% Other Securities Total Exchange Traded Fund (Cost $876) 953 WARRANT 0.0% Other Securities Total Warrant (Cost $1) 23 RIGHTS 0.0% Other Securities 0.0 Total Rights (Cost $ ) AFFILIATED PARTNERSHIP 22.2% SEI Liquidity Fund, L.P % ** (B) ,995,380 95,988 Total Affiliated Partnership (Cost $95,995) 95,988 CASH EQUIVALENT 6.4% SEI Daily Income Trust, Government Fund, Cl F 0.890% ** ,812,148 27,812 Total Cash Equivalent (Cost $27,812) 27,812 Total Investments in Securities 123.6% (Cost $474,353) $ 535,715 Percentages are based on a Net Assets of $433,392. * Non-income producing security. ** The rate reported is the 7-day effective yield as of November 30, Real Estate Investment Trust. Investment in Affiliated Security (see Note 6). (A) Certain securities or partial positions of certain securities are on loan at November 30, 2017 (see Note 12). The total market value of securities on loan at November 30, 2017, was $94,420 ($ Thousands). (B) This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of November 30, 2017 was $95,988. Cl Class L.P. Limited Partnership The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund s net assets. Other Securities represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission ( SEC ). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) ; and (ii) on the SEC s website at The following is a list of the level of inputs used as of November 30, 2017, in valuing the Fund's investments carried at value : Investments in Securities Level 1 Level 2 Level 3 Total Common Stock $ 410,939 $ $ $ 410,939 Exchange Traded Fund Warrant Rights Affiliated Partnership 95,988 95,988 Cash Equivalent 27,812 27,812 Total Investments in Securities $ 439,704 $ 96,011 $ $ 535,715 For the period ended November 30, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended November 30, 2017, there were no transfers between Level 2 and Level 3 assets and liabilities. For more information on valuation inputs, see Note 2 Significant Accounting Policies in Notes to Financial Statements. Amounts designated as are either $0 or have been rounded to $0. The following is a summary of the Fund s transactions with affiliates for the period ended November 30, 2017 : Security Value 5/31/2017 Purchases at Cost Proceeds from Sales Realized Gain (Loss) Change in Unrealized Appreciation (Depreciation) Value 11/30/2017 Dividend Income SEI Liquidity Fund, L.P. $ 74,689 $ 118,691 $ (97,384) $ $ (8) $ 95,988 $ 238 SEI Daily Income Trust, Government Fund, CI F 31, ,554 (115,062) 27, Totals $ 106,009 $ 230,245 $ (212,446) $ $ (8) $ 123,800 $ 341 The accompanying notes are an integral part of the financial statements. 17