UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

 

FORM N-CSR

________

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

 

Investment Company Act file number 811-05601

 

SEI Institutional International Trust

(Exact name of registrant as specified in charter)

________

 

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

 

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 610-676-1000

 

Date of fiscal year end: September 30, 2022

 

Date of reporting period: September 30, 2022

 

 

 

Item 1.   Reports to Stockholders.

 

 

 

September 30, 2022

 

ANNUAL REPORT

SEI Institutional International Trust

 

 

International Equity Fund

 

Emerging Markets Equity Fund

 

International Fixed Income Fund

 

Emerging Markets Debt Fund

 

Paper copies of the Funds’ shareholder reports are no longer sent by mail, unless you specifically request them from the Funds or from your financial intermediary, such as a broker-dealer or bank. Shareholder reports are available online and you will be notified by mail each time a report is posted on the Funds’ website and provided with a link to access the report online.

 

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.

 

seic.com

 

 

 

TABLE OF CONTENTS

 

Letter to Shareholders 1
Management’s Discussion and Analysis of Fund Performance 7
Schedule of Investments 15
Statements of Assets and Liabilities 81
Statements of Operations  83
Statements of Changes in Net Assets 84
Financial Highlights 86
Notes to Financial Statements 88
Report of Independent Registered Public Accounting Firm  107
Trustees and Officers of the Trust 108
Disclosure of Fund Expenses 111
Liquidity Risk Management Program 112
Board of Trustees Considerations in Approving the Advisory Agreement 113
Notice to Shareholders  116

 

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT reports are available on the Commission’s website at http://www.sec.gov.

 

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.

 

 

 

 

LETTER TO SHAREHOLDERS

 

September 30, 2022 (Unaudited)

 

 

 

To Our Shareholders:

 

Asset class performance was negative during the reporting period ending September 30, 2022. While equity markets withstood high volatility and concerns over new COVID-19 variants in late 2021, a potential recession, higher interest rates, and surging inflation weakened the backdrop for risk assets during the second half of the fiscal year. Stocks and bonds simultaneously faced steep price declines amid extreme volatility.

 

Risk assets came under pressure during the final months of the fiscal year following the U.S. Federal Reserve’s (Fed) more aggressive talk and actions. We expect further up-and-down volatility across asset classes. Short-term gyrations notwithstanding, the primary trend in risk assets still appears to be negative.

 

Tightening supply-chain dynamics contributed to higher prices for both consumers and producers. Intermediate- and long-term interest rates increased from historically low levels due to evidence of rising global inflation.

 

The U.S. Treasury yield curve flattened, especially over the last few months of the fiscal year, as the Fed hiked its benchmark interest rate. U.S. Treasury yields on the shorter end of the curve rose in greater magnitude than those on the long end. The yield on two-year Treasurys jumped by 394 basis points over the reporting period, while the yields on 10- and 30-year Treasurys rose 231 and 171 basis points, respectively.

 

Geopolitical events

 

COVID-19 was an unavoidable and significant theme across the period, claiming its six-millionth victim globally in February 2022 (including more than 900,000 in the U.S.). The first quarter of the period was defined predominantly by markets digesting the potential impact of the Omicron variant discovered in South Africa. Case numbers soared as the new variant proved to be highly transmissible, yet generally less severe.

 

The U.S. Congress voted to raise the debt ceiling (that is, the federal government’s borrowing limit) twice during the period—first with an October 2021 stopgap hike of $480 billion, and then with a December increase of $2.5 trillion—which is expected to cover spending through early 2023. President Joe Biden signed the Infrastructure Investment and Jobs Act—a multi-year infrastructure funding bill—into law in November 2021. The initiative appropriated $1.2 trillion (including $550 billion above baseline spending), with nearly $300 billion of new spending to fund transportation projects over the next decade, another $65 billion apiece dedicated to broadband internet and power grid projects, and $55 billion reserved for water infrastructure.

 

In late February 2022, Russia invaded Ukraine. Western nations responded with an array of sanctions, bans, and other coordinated actions—largely focused on disrupting Russia’s financial, energy, technology and transportation activities, as well as state-owned enterprises and high-profile individuals in public and business positions. In addition to mounting fierce resistance to Russia’s invasion, Ukraine submitted a formal application for admission to the European Union (EU).

 

The imposition of coordinated sanctions effectively blocked Russian entities from trade in major foreign currencies. The Central Bank of the Russian Federation was forced to increase its benchmark rate by 10.5 percentage points to 20.0%; offer unlimited liquidity support to banks as they faced runs; raise capital controls on exporters and residents; and shutter its financial markets. By mid-March, the EU had instituted a broad ban on investments in Russia as well as exports to and imports from the country (although imports of Russian metals and energy were still permitted).

 

Energy took center stage as inflation drove prices higher. Russia began reducing natural gas pipeline supply to Europe in mid-June, limiting the ability of European nations to stockpile gas for winter, and driving prices in the region much higher.

 

The North Atlantic Treaty Organization (NATO) announced a plan in the final quarter of the reporting period to increase its high-readiness Response Force (NRF) from 40,000 to 300,000 after activating NRF troops for the first time in its history following Russia’s attack on Ukraine. Sweden and Finland’s paths to join NATO brightened at the end of June. Turkey unblocked their applications and signed a trilateral memorandum of support for their memberships in exchange for weapons sales, and prioritization by the Scandinavian countries of Turkish extradition requests for purported Kurdish militants.

 

The U.S. followed NATO’s planned increases with its own European expansion announcement. The buildout will include a permanent Army base in Poland, rotations through Romania and the Baltics, more Navy ships in Spain, air defenses in Italy, and fighter jets in the U.K.

 

 

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

1

 

 

 

 

LETTER TO SHAREHOLDERS (Continued)

 

September 30, 2022 (Unaudited)

 

 

Economic performance

 

U.S. gross domestic product (GDP) continued to slow in July after accelerating sharply from the beginning of the year. GDP contracted by an annualized rate of 1.6% during the first quarter of 2022, and retreated by a 0.6% annualized rate during the second quarter of 2022. The reading marked two consecutive quarters of negative GDP, which meets a widely cited—but unofficial—technical definition of a recession. Many economists view a recession as a significant and sustained decline in economic activity (accompanied by high unemployment) that lasts more than a few months.

 

Nevertheless, consumer spending, which drives nearly 70% of U.S. economic activity, advanced by 0.4% in August (as measured by the personal consumption expenditures–PCE–price index). This appears to be a combination of wage inflation (consumers have more money) and price inflation (goods cost more to purchase). Many economists and market watchers expect spending to fall if current economic conditions persist.

 

The U.S. labor market remained quite healthy during the fiscal year and the third quarter of 2022. The U.S. unemployment rate held at 3.5% in September, just above a 50-year low. New claims for unemployment benefits declined throughout the final quarter of the fiscal year, falling back below 200,000 per week in late September for the first time since the spring.

 

The Federal Open Market Committee (FOMC) increased the federal funds rate by 0.50% (the first hike of its size since 2000) at its early-May 2022 meeting, by 0.75% (the first of its size since 1994) at its mid-June meeting, and then by 0.75% again in July and September, raising the benchmark rate’s target range to 3.0%-3.25%. The central bank also began to accelerate its balance-sheet reduction in September, doubling the amount of monthly Treasury and mortgage holdings that mature without being replaced to maximum paces of $60 billion and $35 billion, respectively.

 

Market developments

 

The S&P 500 Index returned -15.47% during the fiscal year. Large-cap value stocks (as measured by the Russell 1000 Value Index) declined 11.36% and led large-cap growth stocks (as measured by the Russell 1000 Growth Index), which fell 22.59%. At the sector level, energy, utilities and consumer staples stocks were the strongest performers within the S&P 500 Index, while telecommunications, consumer discretionary and information technology lagged. Overall, U.S. equities outpaced major developed markets during the fiscal year.

 

Small-cap stocks, which tend to be sensitive to the success or decline in a local economy, underperformed large caps overall during the period. U.S. large-cap stocks (Russell 1000 Index) finished the reporting period down 17.22%, while small-cap stocks (Russell 2000 Index) fell 23.50%. There has been a significant amount of bad news priced into small-cap stocks. Small-cap earnings generally have held up well—especially for consumer and leisure stocks—but investors remained concerned about whether this trend can continue.

 

Developed markets, as measured by the MSCI World Index (Net), finished down 19.63% for the year, but outperformed emerging markets. The MSCI Emerging Markets Index (Net) finished the reporting period with a 28.11% loss in U.S.-dollar terms. Emerging-market stocks remained defensively positioned as emerging economies adopted aggressive monetary policies in an effort to combat high inflation and a rising U.S. dollar. Latin America was the only region to post positive equity performance for the 2022 year to date, while European emerging stock markets were the weakest performers. The MSCI Europe ex UK Index posted a 27.82% decline in U.S.-dollar terms.

 

The MSCI Europe Index (Net) tumbled 24.80% in U.S.-dollar terms over the reporting period. The MSCI ACWI Index (Net), a proxy for global equities in both developed and emerging markets, fell 20.66% in U.S.-dollar terms. The FTSE UK Series All-Share Index recorded a 20.52% drop in U.S.-dollar terms over the full reporting period.

 

U.S. investment-grade corporate debt, as represented by the Bloomberg US Corporate Investment Grade Index, returned -18.53%, while the U.S. high-yield market, as measured by the ICE BofA US High Yield Constrained Index, was down 14.06% during the reporting period. Within the high-yield market, energy remained the largest sector, and it easily outperformed the broader market. Lower-quality issues also outperformed, as CCC rated securities led the index, followed by B and BB rated issues. U.S. asset-backed securities managed a small gain as the health of U.S. consumers improved during the fiscal year; mortgage-backed securities were down slightly.

 

The global fixed income market, as measured by the Bloomberg Global Aggregate Bond Index, was down 20.43% for the reporting period. Emerging-market debt (EMD) fared similarly. The J.P. Morgan Global Bond Index-Emerging Markets (GBI-EM) Global Diversified Index, which tracks local-currency-denominated EM bonds, fell 20.63% in U.S.-dollar terms. The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index, which tracks EMD-denominated in external currencies (such as the U.S. dollar), was down 24.28%.

 

 

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SEI Institutional International Trust / Annual Report / September 30, 2022

 

 

 

 

 

 

Inflation-sensitive assets, such as commodities and Treasury Inflation-Protected Securities (TIPS), were mixed during the year. The Bloomberg Commodity Total Return Index (which represents the broad commodity market) finished up 6.64% over the reporting period due to increased demand expectations, as well as constrained supply in certain markets.

 

The U.S. dollar pushed into new-high territory following a strong August 2022 reading of the U.S. Consumer-Price Index and after Fed Chair Jerome Powell indicated that further interest-rate increases were on the way. Fed rate hikes attract investment in U.S. dollar-denominated assets. The large rate differential in favor of the U.S., along with the perception that the country is better positioned economically, are two major reasons behind the U.S. dollar’s extraordinary appreciation thus far in 2022. Outside of the U.S., a declining currency may give a competitive boost to domestic firms that export goods and services to the U.S. market, but it also exacerbates the inflationary pressures stemming from imports that are priced in dollars—most importantly, oil and liquefied natural gas.

 

Our view

 

The conflict in Ukraine and Russia’s suspension of natural-gas exports, high global inflation and central banks’ aggressive response to it, and a severe COVID-related slowdown in China are not exactly new; they have simply increased in intensity. Most importantly, they have forced monetary policy-makers globally to admit that they have a major inflation problem on their hands—one that is neither transitory nor likely to be resolved easily.

 

In our opinion, investors should be prepared to see a federal funds rate that could exceed 5%. Other central banks are following the Fed’s lead, talking tough and following up with outsized policy-rate increases. In the U.K., the bond market has gone haywire and the country’s currency has come under intense downward pressure. To use a newly popular phrase among economists and financial-market participants, things are “starting to break.”

 

We think that Europe will continue to be the area most under the gun owing to Russia’s suspension of natural-gas exports. Although storage facilities within the EU are now 80%-to-90% full, the continent still needs to have a steady flow of natural gas to get through the high-usage winter months. European governments may be forced to impose disruptive energy-saving restrictions on businesses and citizens. Heavy users of electricity, from aluminum smelters to glassmakers, already have been shutting down.

 

The U.K. has rolled out a plan to cap the cost of residential electricity at £2,500 per year over the next 18 months. Along with other measures previously announced, funding totals £180 billion, or 6.5% of the nation’s GDP. Other countries that have allocated funds for energy-related relief in excess of 3% of GDP include Croatia, Greece, Italy and Latvia.

 

We would not be surprised to see more energy-related relief come down the pike. Fiscal deficits could balloon in the same way they did during the early months of the COVID crisis as policy-makers do what they must to protect their populations.

 

Central bankers are forced by their mandates to lean hard against the rising trend in prices, although they are essentially working at cross-purposes against their own governments’ stimulus efforts. Unfortunately, they’re running just to keep up with the Fed. Interest-rate differentials versus the U.S. are still wide, with only Canada on par with the U.S.

 

Several large U.S. multinational companies have warned that U.S-dollar strength is beginning to exert a negative impact on revenues, suggesting that the currency’s value has risen well beyond its purchasing power parity (PPP) level. But discrepancies can last for a long time between PPP and market-based exchange rates.

 

Nonetheless, we would not be surprised to see at least a temporary reversal in the dollar’s trend. Given a catalyst—coordinated government action to weaken the dollar or a surprisingly weak U.S. unemployment report, for example—traders might cover their long positions in a major way, causing the dollar to fall abruptly.

 

The rise in U.S. hourly compensation has been extensive, with annualized gains exceeding 6% even when measured over a three-year span. This is the sharpest increase in almost four decades. Similar to the 1970s experience, compensation gains have been accelerating even as productivity growth has slowed. We are concerned about this divergence. The difference between the change in compensation and the change in productivity equals the change in unit labor costs.

 

Although unit labor costs are more volatile than inflation, there is still a strong positive correlation between the two.

 

Unfortunately, history shows that it usually takes an outright recession to beat down inflation, especially when it gets this intense. It does not appear as though Fed Chair Powell’s hope for a soft landing will happen. Unit labor costs have run far ahead of inflation, and we see no reason to expect a major reversal in the near term, even if the economy stumbles into a bona fide recession.

 

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

3

 

 

 

 

LETTER TO SHAREHOLDERS (Continued)

 

September 30, 2022 (Unaudited)

 

 

 

U.S. companies have been able to push higher employment and supply costs onto the consumer. There hasn’t been much of a decline in profit margins yet—they’ve remained above all the previous cyclical peaks going back to 1947. But we suspect that margins are on the cusp of a substantial erosion. It’s typical for profit margins to decline well before an economic recession materializes.

 

If the economy does fall into recession and profits decline, analysts will probably be forced to mark down earnings estimates aggressively to catch up with reality. Investors aren’t waiting for those earnings revisions. They have been pushing equity prices lower in reaction to the Fed’s aggressive shift and in anticipation of a recession, both in the U.S. and globally.

 

A fed funds rate in the 4.4%-to-4.9% range in 2023, as projected by Fed policymakers, might still be lower than the actual out-turn. But unless the Fed is truly ready to engineer a severe recession, we think PCE price inflation could settle in a 3%-to-4% range instead of the sub-2% pace recorded over much of the past 25 years.

 

Several asset classes look sharply oversold again, including equities, bonds, currencies and commodities.

 

The dollar’s sharp climb has reversed most of this year’s appreciation in the commodities complex. If the dollar breaks to the downside, commodities should break to the upside.

 

We are still bullish on commodities despite the demand destruction that is occurring in Europe and other parts of the globe. Years of underinvestment in fossil fuels and metals mines will likely lead to periodic shortages over the next few years.

 

In recent weeks, the Chinese central government has allowed Hong Kong and Macau to open up. This might be a preview of what will happen on the Mainland once the Communist Party National Congress installs President Xi Jinping for an unprecedented third term as General Secretary of the party in October.

 

President Xi’s position may seem unassailable, but we suspect he’s looking for a way out of his zero-COVID policy. The loosening of restrictions and return to stronger economic growth is the only logical way out.

 

Other emerging economies would be big beneficiaries of a revival in Chinese economic activity, yet dollar strength is a central factor for investors in emerging-market (EM) equities. The relative performance of the MSCI Emerging Market Total Return Index versus the MSCI World Index peaked in 2010, more-or-less concurrent with the trough in the trade-weighted value of the dollar. EM equities now have surrendered nearly all of the relative gains versus advanced-country stock markets that they achieved between 2000 and 2010 as the dollar has grown stronger.

 

The rate-hiking cycle actually began far sooner in less-developed economies, during the latter months of 2020. Interest-rate hikes in EMs have accelerated significantly this year, in both frequency and magnitude. At the end of the reporting period, yields on three-month government bonds had reached double digits in Brazil (14.3%), Colombia (10.4%), Hungary (10.0%) and Turkey (17.8%). Among these four, only Brazil’s rate is comfortably above the inflation rate. Turkey, by contrast, is facing an inflation rate of close to 80%. There is little wonder that the Brazilian real has maintained its value against the dollar this year, while the Turkish lira has declined by almost 30%.

 

 

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SEI Institutional International Trust / Annual Report / September 30, 2022

 

 

 

 

 

 

The bottom line is that a global recession is forming on the horizon, with Europe and the U.K. more vulnerable to a downturn than the U.S. in the near term.

 

Short-term gyrations notwithstanding, the primary trend in risk assets still appears negative. Inflation in the U.S. has probably peaked, but we do not expect it to fall as rapidly or as far as the Fed projects. The central bank may still be underestimating the extent to which it needs to tighten monetary policy in order to slow the economy and produce slack in the labor markets.

 

Sincerely,

 

 

 

James Smigiel

 

Head and Chief Investment Officer of Non-Traditional Asset Management

 

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

5

 

 

 

 

LETTER TO SHAREHOLDERS (Concluded)

 

September 30, 2022 (Unaudited)

 

 

Index Definitions

 

Bloomberg Global Aggregate ex-USD Index, Hedged: is a broad-based benchmark that measures the global investment-grade fixed income markets.

 

Bloomberg US Corporate Investment Grade Index: is a broad-based benchmark that measures the investment-grade, fixed-rate, taxable corporate bond market.

 

Bloomberg US Aggregate Bond Index: The Bloomberg Barclays U.S. Aggregate Bond Index is a benchmark index composed of U.S. securities in Treasury, government-related, corporate and securitized sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity and have an outstanding par value of at least $250 million.

 

Dow Jones Industrial Average: The Index measures the stock performance of 30 large companies listed on stock exchanges in the United States.

 

FTSE UK Series All-Share Index: is a capitalization-weighted index, comprising around 600 of more than 2,000 companies traded on the London Stock Exchange.

 

ICE BofA US High Yield Constrained Index: tracks the performance of below-investment-grade, U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market; exposure to individual issuers is capped at 2%.

 

JP Morgan EMBI Global Diversified Index: tracks the performance of external debt instruments (including U.S.-dollar-denominated and other external-currency-denominated Brady bonds, loans, eurobonds and local-market instruments) in emerging markets.

 

JP Morgan GBI Emerging Markets Global Diversified Index: tracks the performance of debt instruments issued in local currencies by emerging-market governments.

 

MSCI EAFE Index: is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

 

MSCI Europe Index: is a free float-adjusted market-capitalization-weighted index designed to measure the performance of large- and mid-capitalization stocks across developed-market countries in Europe.

 

MSCI Emerging Markets Index: is a free float-adjusted market-capitalization-weighted index designed to measure the performance of global emerging-market equities.

 

MSCI World Index: is a free float-adjusted market-capitalization-weighted index that is designed to measure the equity-market performance of developed markets.

 

Russell 1000® Index: includes 1,000 of the largest U.S. stocks based on market cap and current index membership; it is used to measure the activity of the U.S. large-cap equity market.

 

Russell 2000® Index: The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

 

S&P 500 Index: is an unmanaged, market-weighted index that consists of approximately 500 of the largest publicly-traded U.S. companies and is considered representative of the broad U.S. stock market.

 

 

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SEI Institutional International Trust / Annual Report / September 30, 2022

 

 

 

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (Unaudited)

International Equity Fund

 

I. Objective

 

The International Equity Fund (the “Fund”) seeks long-term capital appreciation.

 

II. Multi-Manager Approach Statement

 

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: Acadian Asset Management LLC (Acadian), Causeway Capital Management LLC (Causeway), Intech Investment Management LLC (INTECH), JOHCM (USA) Inc. (JO Hambro), Delaware Investments Fund Advisers, a series of Macquarie Asset Management Business Trust (Macquarie), Pzena Investment Management, LLC (Pzena) and WCM Investment Management LLC (WCM).

 

During the period, Lazard Asset Management LLC (Lazard) was removed from the Fund, while Pzena was added to the Fund.

 

III. Return vs. Benchmark

 

For the year ended September 30, 2022, the Fund’s Class F shares underperformed the MSCI EAFE Index (Net)—which tracks the performance of developed-market equities outside North America—returning -26.82% versus the Index return of -25.13%.

 

IV. Fund Attribution

 

Global equity markets fell precipitously over the 12-month reporting period, with much of it coming in the second and third quarters of 2022. There has been a confluence of factors and economic pressures affecting the global economy in various ways. First, we believe that global equities, particularly in the U.S., were expensively valued coming into the fall of 2021. This was especially prevalent in the mega-cap U.S. technology stocks that benefited heavily from the COVID-19 lockdown period. The lockdowns, coupled with fiscal stimulus, hampered supply (both labor and raw materials) and boosted consumer spending – all of which has led to a significant increase in inflation. Accordingly, interest rates have moved quickly higher, as the primary determinant of long bond yields is inflation expectations. In response, the U.S. Federal Reserve (Fed) has raised short-term interest rates significantly over the past 12 months. This has caused a de-rating in equities, especially growth stocks, as fears of excessive monetary policy tightening could cause a recession. As noted in the shareholder letter, the Ukraine-Russia war and skyrocketing

 

energy prices, especially in Europe, have led to a “perfect storm” for global financial markets.

 

This backdrop led to relative outperformance of inflation-sensitive pockets such as energy and materials. Technology, cyclical industrials and consumer cyclical stocks have underperformed. Within geographical regions, Europe underperformed over the reporting period due to rising energy prices and the Russia-Ukraine conflict. The UK outperformed due to more of its benchmark index comprising banks and energy. Canada and Australia, as well as resource-rich emerging markets such as Latin America, outperformed during the period.

 

Value was the best-performing alpha source over the 12-month period due to its overweights to the energy and financials sectors. We also believe that higher interest rates are relatively beneficial for undervalued stocks and detrimental to overpriced growth stocks. That is, value investing performed well across sectors during the reporting period. Momentum also performed fairly well as it has rotated into cheaply priced industries, which has been beneficial. Quality stocks underperformed as their long-duration nature made them more susceptible to the rising interest rates. Low-volatility stocks performed very well amid the risk-off environment over the period, which is consistent with expectations.

 

Stock selection within sectors had a broadly negative impact on Fund performance for the reporting period, particularly in health care. Regionally, the Fund holds approximately 4% of net assets in emerging Asia, which is not represented in the benchmark MSCI EAFE Index. This exposure had a negative impact on Fund performance as China has been a big underperformer due to its COVID-19 lockdowns. Currency was a strong contributor to Fund performance for the fiscal year due to the underweight to Japan, and the yen was very weak. The Fund’s out-of-benchmark position in the U.S. dollar has also enhanced performance as the greenback strengthened over the period. The Fund’s overweight to value stocks benefited performance, but this allocation preference also caused the Fund to overweight higher-volatility and small-cap stocks, and mega-cap stocks led the way as they are viewed as “safe havens.”

 

Causeway was the best-performing manager during the reporting period attributable to tailwinds to its value style, which resulted in strong gains from the energy and consumer discretionary sectors. We replaced Lazard (value) with Pzena in July 2022, which boosted the Fund’s value exposure as we still think that value is very attractive. WCM underperformed by a wide margin during the period as its quality, high-growth bias was heavily out of favor. The

 

 

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (Unaudited)

International Equity Fund (Concluded)

 

manager was especially hurt by its technology holdings. The Fund’s largest manager, multifactor quantitative manager Acadian, outperformed over the period, bolstered by its value and momentum bias.

 

JO Hambro was the biggest detractor during the reporting period. JO Hambro is a momentum manager, and we have observed that it hasn’t rotated into value stocks such as energy and banks. The portfolio also had a very large weight in semiconductors, which detracted from performance for the period. Overall, JO Hambro’s high-growth, expensive portfolio did not perform well over the period. Macquarie was a detractor from performance as its overweight allocation to Europe and quality bias was out of favor during the period.

 

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

 

AVERAGE ANNUAL TOTAL RETURN1

 

1 Year
Return

Annualized
3 Year
Return

Annualized
5 Year
Return

Annualized
10 Year
Return

Annualized
Inception
to Date

International Equity Fund, Class F

-26.82%

-1.52%

-1.44%

3.24%

2.96%

International Equity Fund, Class I

-27.05%

-1.77%

-1.69%

2.97%

2.71%

International Equity Fund, Class Y

-26.70%

-1.29%

-1.21%

3.43%

3.02%

MSCI EAFE Index (Net)

-25.13%

-1.83%

-0.84%

3.67%

3.79%

Comparison of Change in the Value of a $100,000 Investment in the International Equity Fund, Class F, Class I and Class Y, versus the MSCI EAFE Index (Net)

 

 

1 

For the year ended September 30, 2022. Past performance is no indication of future performance. Class F shares were offered beginning December 20, 1989. Class I shares were offered beginning January 4, 2002. The performance of Class I shares prior to January 4, 2002 is calculated using the performance of Class F shares adjusted for the higher expenses of the Class I shares. Returns for Class I shares are substantially similar to those of Class F shares and differ only to the extent that Class I shares have higher total annual fund operating expenses than Class F shares. The Fund’s Class Y shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

 

 

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SEI Institutional International Trust / Annual Report / September 30, 2022

 

 

 

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (Unaudited)

Emerging Market Equity Fund

 

I. Objective

 

The Emerging Markets Equity Fund (the “Fund”) seeks capital appreciation.

 

II. Multi-Manager Approach Statement

 

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: JOHCM (USA) Inc. (JO Hambro), KBI Global Investors (North America) Ltd. (KBI), Neuberger Berman Investment Advisers LLC (Neuberger Berman), Qtron Investments LLC (Qtron), Robeco Institutional Asset Management US Inc. (Robeco), and RWC Asset Advisors (US) LLC (RWC).

 

No manager changes were made during the Fund’s fiscal year.

 

III. Return vs. Benchmark

 

For the year ended September 30, 2022, the Fund’s Class F shares underperformed the MSCI Emerging Markets Index (Net)—which tracks the performance of global emerging market equities—returning -29.26% versus the Index return of -28.11%.

 

IV. Fund Attribution

 

Emerging-market (EM) equities experienced negative returns during the fiscal year, with the majority of losses occurring in 2022. The Europe, the Middle East and Africa (EMEA) region was the worst performer during the period, marked by the sharp selloff in Russian assets and the expulsion of Russian equities from the MSCI Emerging Markets Index after Russia invaded Ukraine in February 2022, as noted in the shareholder letter. Eastern European stocks suffered from the fallout, with investors pricing in effects of the invasion into securities closer to Ukraine. Russia’s invasion sent shockwaves to the global commodity market, which was already experiencing rising commodity prices fueled by supply/demand imbalances. This was a tailwind to the Middle East, which escaped the global selloff and posted positive returns for the reporting period. Asia was the next-weakest-performing market, with Chinese equities weighing on the region. Regulatory pressure continued to broadly hamper investor sentiment, which was exacerbated by periods of COVID-19 resurgence that led to damaging shutdowns of major Chinese economic hubs, which dampened demand. As developed markets dealt with higher inflation, a series of sharp rate hikes from the U.S. Federal Reserve triggered fears of overtightening and a slowdown in global economic growth, and Asian

 

exporters such as Korea and Taiwan also experienced broad selloffs. India and Indonesia were the only major Asian countries that escaped the damage as their strong economies helped shield equity values against global selloffs. Latin America was the lone region that garnered a positive return in U.S. dollar terms during the period. Rising commodity prices boosted the equity returns from the market. Most notably, Brazil experienced strong gains in the first three quarters of 2022, benefiting from higher prices for commodities exports.

 

From a sector perspective, utilities was the best-performing sector within the MSCI Emerging Markets Index, as rising energy prices helped utilities post record profits. Cyclical sectors such as financials and energy also saw strong gains as rising rates in developed markets and higher commodity prices lifted both energy stocks and banks in commodity-exporting countries. Information technology (IT) and communication services were the biggest market laggards, as regulatory uncertainty in China continued to buffet Chinese internet stocks, while global IT stocks suffered from higher interest rates and lower demand forecasts.

 

Quality was the Fund’s best-performing alpha source over the fiscal year as defensive and profitable companies fared better during market selloffs. High-quality consumer staples and IT companies were among the top performers during the reporting period. Momentum was the next-best-performing alpha source as a trend formed around outperformers in cyclicals that momentum latched onto, while avoiding underperforming stocks in China and Korea. Value was the third-best-performing alpha source, but also was a positive performer due to strong gains within banks and energy.

 

Health care was the biggest sector contributor to Fund performance due to strong bottom-up results. Consumer discretionary was also a significant contributor due to favorable results within autos and an underweight to the underperforming retailing sector. Real estate also had a positive impact on performance due to the lack of exposure to underperforming Chinese real estate companies. Financials was the most notable laggard due to overexposure to strong banks in countries affected by slowing global growth concerns, as well as underexposure to banks in commodity-exporting countries. The Fund’s positioning in the energy sector weighed on performance, attributable in part to exposure to Russian energy producers that were sanctioned.

 

From a regional perspective, China was the biggest contributor to Fund performance for the reporting period due to an underweight to the country, especially from value investors with low exposure to ecommerce and real

 

 

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

9

 

 

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (Unaudited)

Emerging Market Equity Fund (Concluded)

 

estate sectors. This was enough to bring the net results in EM Asia to a positive return, offsetting losses in India and Taiwan. India was a major detractor from performance due to the lack of exposure to expensive companies within the country, many of which underperformed to a lesser extent in the market selloff. Chile was the largest contributor within Latin America due to favorable exposure to its lithium miners. Brazil was the biggest detractor from Fund performance, though Latin America was a net contributor over the reporting period. The EMEA region was a net detractor from performance. Russia was the biggest overall country detractor due to sanctions hitting Russian assets after Russia’s invasion of Ukraine. An underweight to Saudi Arabia also weighed on Fund performance as rising oil prices lifted the country’s stock prices. Hungary was another notable detractor given the country’s proximity to the Ukraine conflict.

 

Among Fund managers, Qtron was a significant contributor to Fund performance for the fiscal year, with strong quantitative model-driven results in health care, consumer discretionary, and communication services. JO Hambro was also a big contributor due to the tailwinds to momentum stocks that saw strong returns from real estate and materials stocks in the manager’s portfolio. KBI was a detractor from performance despite tailwinds to value and dividend-yield stocks. The manager’s exposure to Russia had a detrimental effect on relative performance. Neuberger Berman was another detractor due to the lack of exposure to commodity stocks and weak results within industrials and real estate. RWC also detracted from performance due to weak bottom-up results within financials and IT. Robeco was the biggest detractor from Fund performance over the period despite tailwinds to value stocks. The manager’s exposure to Russia and export-sensitive Korea weighed on results.

 

In February 2022, the liquidity of Russian and Ukrainian securities was hindered as a result of the Russian invasion of Ukraine. Consequently, Russian security exchanges were closed and existing equity holdings cannot be liquidated. Additional impacts on liquidity include the exclusion of Russian-related securities from major equity and fixed-income indices, the restriction of foreign investors from selling assets in the country, and sanctions implemented by western countries on many securities.

 

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

 

AVERAGE ANNUAL TOTAL RETURN1

 

1 Year
Return

Annualized
3 Year
Return

Annualized
5 Year
Return

Annualized
10 Year
Return

Annualized
Inception
to Date

Emerging Markets Equity Fund, Class F

-29.26%

-3.00%

-3.28%

0.55%

3.36%

Emerging Markets Equity Fund, Class Y

-29.10%

-2.77%

-3.05%

0.75%

3.44%

MSCI Emerging Markets Index (Net)

-28.11%

-2.07%

-1.81%

1.05%

1.28%

 

 

Comparison of Change in the Value of a $100,000 Investment in the Emerging Markets Equity Fund, Class F and Class Y, versus the MSCI Emerging Markets Index (Net)

 

 

1 

For the year ended September 30, 2022. Past performance is no indication of future performance. Class F shares were offered beginning January 17, 1995. The Fund’s Class Y shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

 

 

10

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

 

 

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (Unaudited)

International Fixed Income Fund

 

I. Objective

 

The International Fixed Income Fund (the “Fund”) seeks capital appreciation and current income.

 

II. Multi-Manager Approach Statement

 

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: AllianceBernstein L.P. (AllianceBernstein), Colchester Global Investors Limited (Colchester) and Wellington Management Company LLP (Wellington).

 

No manager changes were made during the Fund’s fiscal year.

 

III. Return vs. Benchmark

 

For the year ended September 30, 2022, the Fund’s Class F shares underperformed the Bloomberg Global Aggregate ex-USD Index, Hedged (the Index)—which tracks the performance of the global investment-grade fixed-rate debt markets outside of the U.S.—returning -10.15% versus the Index return of -9.86%.

 

IV. Fund Attribution

 

Global fixed-income markets suffered during the reporting period against a backdrop of rising government bond yields and widening credit spreads. Virtually all benchmark indices registered significant losses, with only the Chinese local-currency bond market able to garner a positive return. As noted in the shareholder letter, the repricing of interest-rate risk was particularly severe as it became increasingly apparent that central banks had fallen well behind the curve in tackling inflation. However, what began as an inflation and interest-rate issue extended to a growth and credit story as the U.S. Federal Reserve indicated its willingness to accept some economic pain in order to restore its inflation-fighting credibility. At a regional level, sterling fixed income was the worst-performing developed market, while the Japanese bond market held up relatively well as the Bank of Japan persevered with its yield curve control policy in spite of currency weakness and elevated inflation. The U.S. dollar was the strongest-performing G10 currency during the period.

 

The Fund modestly underperformed its benchmark for the fiscal year due to an overweight to corporate credit and long-currency exposures to the Japanese yen, Swedish krona, UK sterling, Korean won, Colombian peso, and Malaysian ringgit. Fund performance benefited from the

 

duration underweight, led by positioning in core developed rates markets, including Europe and the UK. The Fund’s duration underweights to South Korea and Canada also bolstered relative performance. The most significant currency contributors to performance included short positions in the New Zealand and Australian dollars, Swiss franc, and Thai baht.

 

Among the Fund’s managers, Wellington notably outperformed its customized benchmark during the reporting period attributable to duration underweights to the UK, Europe and South Korea. A short position in U.S. rates in the front end of the yield curve also added to performance. Short currency positions in the Turkish lira, Swiss Franc, and New Zealand dollar also benefited relative performance.

 

Colchester’s outperformance of its customized benchmark was led by underweights to UK and European rates (including the core and peripheral markets). Performance also was bolstered by short currency positions in the New Zealand dollar, euro, Thai baht, Swiss franc, Australian dollar, and Israeli new shekel.

 

AllianceBernstein underperformed its customized benchmark over the period because of an overweight in corporate credit and overweight duration positions in Australia and the U.S.

 

The Fund used foreign exchange (FX) forwards, financial futures, interest-rate swaps and over-the-counter options during the reporting period to hedge existing exposures and gain exposure to particular areas of the market.

 

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

 

AVERAGE ANNUAL TOTAL RETURN1

 

1 Year
Return

Annualized
3 Year
Return

Annualized
5 Year
Return

Annualized
10 Year
Return

Annualized
Inception
to Date

International Fixed Income Fund, Class F

-10.15%

-3.54%

-0.11%

1.41%

3.51%

International Fixed Income Fund, Class Y

-10.00%

-3.34%

0.12%

1.57%

3.57%

Bloomberg Global Aggregate ex-USD Index, Hedged

-9.86%

-2.99%

0.71%

2.21%

4.79%

 

 

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

11

 

 

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (Unaudited)

International Fixed Income Fund (Concluded)

 

Comparison of Change in the Value of a $100,000 Investment in the International Fixed Income Fund, Class F and Class Y, versus the Bloomberg Global Aggregate ex-USD Index, Hedged

 

 

1 

For the year ended September 30, 2022. Past performance is no indication of future performance. Class F shares were offered beginning September 1, 1993. The Fund’s Class Y shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

 

12

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

 

 

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (Unaudited)

Emerging Markets Debt Fund

 

I. Objective

 

The Emerging Markets Debt Fund (the “Fund”) seeks to maximize total return.

 

II. Multi-Manager Approach

 

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: Colchester Global Investors Limited (Colchester), Marathon Asset Management, L.P. (Marathon), Neuberger Berman Investment Advisers LLC (Neuberger Berman), Ninety One UK Ltd. (Ninety One) and Stone Harbor Investment Partners LP, a division of Virtus Fixed Income Advisers, LLC (Stone Harbor).

 

No manager changes were made during the Fund’s fiscal year.

 

III. Return vs. Benchmark

 

For the year ended September 30, 2022, the Fund’s Class F shares underperformed a hybrid of 50% JP Morgan EMBI Global Diversified Index (JPM EMBI GD) (which tracks the performance of external debt instruments in the emerging markets) and 50% JP Morgan GBI Emerging Markets Global Diversified Index (JPM GBI-EM GD) (which tracks the performance of debt instruments issued in domestic currencies by emerging-market governments), returning -24.04% versus the Index return of -22.45%.

 

IV. Fund Attribution

 

For the 12-month period ending September 30, 2022, the hard-currency market returned -24.28% and the local-currency market returned -20.63%, as measured by the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI Emerging Markets Global Diversified Index, respectively. Much of the downturn in both markets resulted from higher interest rates. For example, the 10-year U.S. Treasury note, which has a comparable duration to that of the hard-currency index, yielded 1.48% in September 2021, and ended this year at 3.83%. Markets were trending sideways until February 2022, which saw the first of four months in which absolute returns fell below -5% for the Fund and its blended benchmark. As noted in the shareholder letter, Russia launched an invasion of Ukraine in February, which had a negative impact on risk assets globally. The Fund covered much of its risk in the Russia-Belarus-Ukraine block. Russian exposure would ultimately contribute to Fund performance at the end of the fiscal year, while the overweight exposure to Ukraine was a detractor. There were

 

similar market declines in April, June and September 2022, with emerging-market (EM) foreign exchange (FX) lagging the U.S. dollar, EM central banks hiking interest rates aggressively—causing local interest rates to move higher—and yields on U.S. Treasurys continuing to march upward, weighing on the hard-currency return profile.

 

The Fund underperformed its blended benchmark during the fiscal year. An overweight to high-yield hard-currency exposure in Argentina, state-owned oil company Pemex in Mexico, and Ecuador detracted from performance. Overweight currency exposure in Russia and underweight currency exposure in China added to Fund performance, while overweights to Indonesia-based electric power company PLN and Malaysia-based greenhouse solutions provider GHS detracted from performance.

 

Among Fund managers, Colchester and Ninety One outperformed the blended index for the reporting period. Colchester had a bias to invest in higher real-yield currencies that outperformed, including Brazil and Mexico. The underweights to Eastern Europe and Asia also had a positive impact on Fund performance. Ninety One contributed to performance due to high-carry positions in local Zambian securities. The performance of both Colchester and Ninety One benefited from long positions in the Russian ruble.

 

Stone Harbor, Neuberger Berman and Marathon underperformed the blended benchmark as their hard currency-focused opportunity set lagged the mixed local and hard currency index. Stone Harbor and Neuberger Berman held overweights to high-yield hard-currency exposures, including Argentina, Ecuador and Angola, which drove underperformance. Marathon dialed into longer-dated investment-grade securities which have repriced lower and show attractive convexity characteristics, though the manager’s bias toward the sector caused the Fund to underperform over the period.

 

The Fund used currency forwards and swap contracts during the fiscal year ending September 30, 2022, to either hedge particular positions or gain exposure to additional areas of the market. Currency forwards had a material impact on Fund performance during the period as 50% of the blended benchmark is directly affected by foreign currencies. Positive and negative effects differed on a country-to-country basis, depending on whether the forward increased or decreased currency exposure and whether the currency strengthened or weakened relative to the U.S. dollar.

 

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

 

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

13

 

 

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (Unaudited)

Emerging Markets Debt Fund (Concluded)

 

AVERAGE ANNUAL TOTAL RETURN1

 

1 Year
Return

Annualized
3 Year
Return

Annualized
5 Year
Return

Annualized
10 Year
Return

Annualized
Inception
to Date

Emerging Markets Debt Fund, Class F

-24.04%

-7.51%

-4.37%

-1.80%

5.61%

Emerging Markets Debt Fund, Class Y

-23.87%

-7.30%

-4.13%

-1.61%

5.69%

JP Morgan EMBI Global Diversified Index

-24.28%

-7.15%

-2.62%

1.08%

6.40%

JP Morgan GBI-EM Global Diversified Index

-20.63%

-7.06%

-3.92%

-2.43%

X.XX%

50/50 Hybrid of the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI-EM Global Diversified Index

-22.45%

-7.07%

-3.22%

-0.63%

X.XX%

 

 

Comparison of Change in the Value of a $100,000 Investment in the Emerging Markets Debt Fund, Class F and Class Y, versus a 50/50 Hybrid of the Following Indexes: the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI-EM Global Diversified Index

 

 

1 

For the year ended September 30, 2022. Past performance is no indication of future performance. Class F shares were offered beginning June 26, 1997. The Fund’s Class Y shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

 

14

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

 

 

 

 

SCHEDULE OF INVESTMENTS

September 30, 2022

International Equity Fund

 

 

 

 

Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK — 94.5%

Australia — 4.2%

Aristocrat Leisure Ltd

    20,451     $ 434  

ASX Ltd

    5,140       238  

Australia & New Zealand Banking Group Ltd

    1,231,798       18,125  

Australian Clinical Labs Ltd

    44,233       101  

BHP Group Ltd

    709,062       17,717  

BlueScope Steel Ltd

    925,872       9,038  

Brambles Ltd

    18,233       134  

Cogstate Ltd *

    1,526       2  

Commonwealth Bank of Australia

    12,676       741  

Computershare Ltd

    701,167       11,241  

CSL Ltd

    31,886       5,829  

CSR Ltd

    807,866       2,314  

Endeavour Group Ltd/Australia

    45,838       207  

Fortescue Metals Group Ltd

    545,913       5,891  

Goodman Group

    88,261       897  

GrainCorp Ltd, Cl A

    52,680       266  

Grange Resources Ltd

    118,704       54  

Iluka Resources Ltd

    548,642       3,193  

Imdex Ltd

    106,532       122  

Incitec Pivot Ltd

    2,387,950       5,458  

Jumbo Interactive Ltd

    12,841       98  

Macquarie Group Ltd

    22,557       2,212  

Mineral Resources Ltd

    78,728       3,322  

National Australia Bank Ltd

    60,901       1,133  

OFX Group Ltd

    14,631       24  

Orica Ltd

    119,277       1,021  

Orora Ltd

    1,681,935       3,259  

Pilbara Minerals Ltd *

    1,732,931       5,026  

Ramsay Health Care Ltd

    13,832       510  

Ridley Corp Ltd

    80,728       106  

Shaver Shop Group Ltd

    30,839       21  

Sierra Rutile Holdings Ltd *

    548,642       74  

South32 Ltd

    7,289,268       17,393  

Technology One Ltd

    48,696       330  
             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Telstra Corp Ltd

    775,517     $ 1,925  

Wesfarmers Ltd

    47,586       1,308  

Whitehaven Coal Ltd

    4,061,718       23,687  

Woolworths Group Ltd

    22,497       491  
              143,942  
                 

Austria — 0.4%

ANDRITZ AG

    72,724       3,076  

OMV AG

    230,693       8,346  

Raiffeisen Bank International AG

    39,393       466  

Verbund AG, Cl A

    8,382       715  

Vienna Insurance Group AG Wiener Versicherung Gruppe

    15,025       306  
              12,909  
                 

Belgium — 0.2%

Anheuser-Busch InBev SA/NV

    116,287       5,265  

Elia Group SA/NV

    8,203       965  

Groupe Bruxelles Lambert NV

    8,077       565  

Sipef NV

    128       7  
              6,802  
                 

Brazil — 1.1%

Ambev SA

    8,068,500       23,196  

Gerdau SA ADR

    329,566       1,490  

JBS SA

    1,867,800       8,716  

Petroleo Brasileiro SA ADR

    308,960       3,812  
              37,214  
                 

Canada — 2.2%

Advantage Energy Ltd *

    253,283       1,830  

Algoma Steel Group Inc

    21,983       142  

Alimentation Couche-Tard Inc

    165,065       6,681  

Amerigo Resources Ltd

    25,300       18  

Aritzia Inc *

    27,800       918  

Atco Ltd/Canada, Cl I

    38,705       1,196  

Athabasca Oil Corp *

    178,800       277  

Birchcliff Energy Ltd

    269,560       1,925  

Black Diamond Group Ltd

    4,100       11  

Canadian National Railway Co

    121,608       13,203  

Canadian Pacific Railway Ltd

    130,655       8,717  

Canfor Corp *

    120,381       1,762  

Celestica Inc *

    145,600       1,233  

Crescent Point Energy Corp

    436,300       2,699  

Dexterra Group Inc

    104        

Dundee Precious Metals Inc

    12,791       57  

Empire Co Ltd, Cl A

    145,400       3,636  

Enerplus Corp

    69,631       991  

Enghouse Systems Ltd

    6,600       139  

Ensign Energy Services Inc *

    37,800       62  

Exco Technologies Ltd

    9,200       52  

Fairfax Financial Holdings Ltd

    900       413  

Finning International Inc

    17,500       309  

Gear Energy Ltd

    115,938       96  

 

 

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

15

 

 

 

 

SCHEDULE OF INVESTMENTS

September 30, 2022

International Equity Fund (Continued)

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

George Weston Ltd

    62,200     $ 6,547  

iA Financial Corp Inc

    33,297       1,701  

Kelt Exploration Ltd *

    98,529       374  

Leon's Furniture Ltd

    16,100       188  

Linamar Corp

    2,600       102  

Manulife Financial Corp

    129,400       2,042  

Martinrea International Inc

    60,100       374  

MEG Energy Corp *

    364,500       4,101  

MTY Food Group Inc

    2,300       95  

Mullen Group Ltd

    66,075       685  

North West Co Inc/The (A)

    29,200       680  

NuVista Energy Ltd *

    48,900       349  

Parex Resources Inc

    28,100       413  

Pason Systems Inc

    7,700       74  

Peyto Exploration & Development Corp

    209,700       1,682  

Pipestone Energy Corp *

    68,278       184  

Power Corp of Canada

    52,800       1,196  

Russel Metals Inc

    31,084       581  

Stelco Holdings Inc

    53,100       1,330  

Tidewater Midstream and Infrastructure Ltd

    59,900       43  

TMX Group Ltd

    1,600       148  

Tourmaline Oil Corp

    65,700       3,433  

Uni-Select Inc *

    62,513       1,660  

Viemed Healthcare Inc *

    32,726       198  

Westshore Terminals Investment Corp

    2,900       56  

Whitecap Resources Inc (A)

    88,200       561  
              75,164  
                 

China — 1.8%

Alibaba Group Holding Ltd *

    2,314,394       23,095  

Beijing Capital International Airport Co Ltd, Cl H

    8,022,000       4,328  

Shenzhou International Group Holdings Ltd

    238,200       1,839  

STMicroelectronics NV

    248,130       7,708  

Tencent Holdings Ltd

    209,867       7,088  

Trip.com Group Ltd ADR *

    566,627       15,475  
              59,533  
                 

Denmark — 3.5%

AP Moller - Maersk A/S, Cl A

    530       936  

AP Moller - Maersk A/S, Cl B

    11,813       21,457  

Carlsberg AS, Cl B

    16,655       1,947  

Coloplast A/S, Cl B

    6,371       647  

Danske Bank A/S

    599,587       7,460  

Demant A/S *

    6,373       157  

DSV A/S

    36,449       4,268  

Genmab A/S *

    34,007       10,935  

Novo Nordisk A/S, Cl B

    613,339       61,072  

Orsted AS

    68,664       5,470  

Pandora A/S

    101,500       4,745  

Solar A/S, Cl B

    624       41  
              119,135  
                 

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Finland — 1.1%

Kesko Oyj, Cl B

    602,662     $ 11,239  

Marimekko Oyj

    4,590       39  

Neste Oyj

    26,709       1,164  

Nokia Oyj

    4,631,838       19,877  

Orion Oyj, Cl B

    111,563       4,696  

UPM-Kymmene Oyj

    24,182       767  

Uponor Oyj

    9,306       122  

Vaisala Oyj, Cl A

    564       20  
              37,924  
                 

France — 11.1%

ABC arbitrage

    1,721       11  

Accor SA

    576,624       12,067  

Air Liquide SA

    333,318       38,082  

AKWEL

    367       5  

Alstom SA (A)

    803,945       12,999  

Amundi SA

    418,848       17,430  

Aubay

    449       19  

AXA SA

    741,276       16,178  

Beneteau SA

    30,414       312  

BioMerieux

    3,830       303  

BNP Paribas SA

    113,924       4,810  

Bouygues SA

    270,219       7,066  

Capgemini SE

    5,911       946  

Carrefour SA

    465,141       6,448  

Cie Generale des Etablissements Michelin SCA

    752,385       16,851  

Credit Agricole SA

    40,554       329  

Danone SA

    611,228       28,890  

Dassault Aviation SA

    35,170       4,000  

Derichebourg SA

    5,660       23  

Engie SA

    556,286       6,400  

Eurazeo SE

    3,611       188  

Eurofins Scientific SE

    99,284       5,892  

Fnac Darty SA

    8,726       241  

Hermes International

    1,268       1,491  

Ipsen SA

    68,954       6,379  

IPSOS

    18,645       833  

Jacquet Metals SACA

    5,998       75  

Lectra

    1,656       46  

Legrand SA

    8,935       577  

L'Oreal SA

    20,470       6,542  

LVMH Moet Hennessy Louis Vuitton SE

    10,964       6,462  

Orange SA

    653,710       5,910  

Pernod Ricard SA

    69,329       12,714  

Publicis Groupe SA

    496,797       23,530  

Rexel SA

    1,695,715       25,403  

Sanofi

    528,016       40,190  

Sartorius Stedim Biotech

    35,828       10,985  

Savencia SA

    539       27  

Schneider Electric SE

    91,319       10,310  

SCOR SE

    269,863       3,900  

 

 

 

16

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

 

 

 

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Societe BIC SA

    364     $ 23  

Societe Generale SA

    104,829       2,072  

Sodexo SA

    197,610       14,835  

Somfy SA

    1,942       180  

SPIE SA

    21,148       443  

Stef SA

    602       44  

Thales SA

    55,998       6,168  

TotalEnergies SE

    146,857       6,887  

Trigano SA

    1,315       115  

Valeo

    184,967       2,794  

Veolia Environnement SA

    29,109       556  

Vetoquinol SA

    50       4  

Vilmorin & Cie SA

    1,420       56  

Vinci SA

    126,058       10,189  

Virbac SA

    69       18  

Wavestone

    3,176       137  

Wendel SE

    5,144       368  
              379,753  
                 

Germany — 7.7%

adidas AG

    97,290       11,180  

Allianz SE

    4,268       672  

AT&S Austria Technologie & Systemtechnik AG

    744       24  

BASF SE

    459,533       17,629  

Bayer AG

    491,097       22,618  

Bayerische Motoren Werke AG

    17,820       1,207  

Brenntag SE

    9,093       549  

Carl Zeiss Meditec AG

    34,097       3,540  

Covestro AG

    765,370       21,874  

Daimler Truck Holding AG *

    609,919       13,783  

Deutsche Boerse AG

    115,874       18,987  

Deutsche Post AG

    61,297       1,847  

Deutsche Telekom AG

    658,315       11,201  

Deutz AG

    21,725       67  

Duerr AG

    18,372       382  

E.ON SE

    123,380       948  

Elmos Semiconductor SE

    636       24  

Fresenius Medical Care AG & Co KGaA

    551,168       15,522  

GEA Group AG

    14,875       481  

Hannover Rueck SE

    3,061       459  

HUGO BOSS AG

    130,138       6,057  

Knorr-Bremse AG

    153,520       6,590  

Krones AG

    5,055       444  

Linde PLC

    21,604       5,847  

Mercedes-Benz Group AG

    29,602       1,496  

Merck KGaA

    145,981       23,622  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

    2,197       529  

Nemetschek SE

    9,534       452  

PSI Software AG

    31       1  

Rheinmetall AG

    8,779       1,351  

RWE AG

    673,423       24,742  

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

SAP SE

    418,712     $ 34,109  

Siemens AG

    117,022       11,433  

Siemens Healthineers AG

    16,973       728  

Stabilus SE

    1,707       75  

Telefonica Deutschland Holding AG

    434,194       878  

Vitesco Technologies Group AG *

    5,387       262  

Wacker Chemie AG

    20,170       2,073  
              263,683  
                 

Hong Kong — 1.7%

AIA Group Ltd

    706,000       5,878  

Bank of East Asia Ltd/The

    96,200       105  

Chaoda Modern Agriculture Holdings Ltd *

    2,440,000       11  

First Pacific Co Ltd

    436,000       133  

Galaxy Entertainment Group Ltd

    2,647,000       15,558  

Hong Kong & China Gas Co Ltd

    695,000       612  

Hong Kong Exchanges & Clearing Ltd

    196,728       6,724  

Jardine Matheson Holdings Ltd

    8,600       435  

Johnson Electric Holdings Ltd

    68,837       69  

Li Ning Co Ltd

    463,000       3,513  

Orient Overseas International Ltd

    252,500       4,394  

PAX Global Technology Ltd

    125,000       94  

Power Assets Holdings Ltd

    116,000       582  

Sands China Ltd *

    6,014,800       14,978  

SITC International Holdings Co Ltd

    1,207,000       2,214  

Stella International Holdings Ltd

    6,500       6  

Swire Pacific Ltd, Cl A

    69,000       516  

WH Group Ltd

    1,356,000       853  
              56,675  
                 

Hungary — 0.0%

MOL Hungarian Oil & Gas PLC

    49,088       273  
                 

India — 0.0%

Kewal Kiran Clothing Ltd

    25,668       128  
                 

Indonesia — 0.3%

ABM Investama Tbk PT

    303,500       79  

Adaro Energy Indonesia Tbk PT

    12,532,400       3,232  

Bank Rakyat Indonesia Persero Tbk PT

    13,839,518       4,050  

Bukit Asam Tbk PT

    1,292,900       352  

Delta Dunia Makmur Tbk PT *

    6,958,800       172  

Indika Energy Tbk PT

    683,100       134  

Medco Energi Internasional Tbk PT

    5,232,400       314  

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT

    2,616,700       185  

Sumber Tani Agung Resources Tbk PT

    1,577,400       121  

Triputra Agro Persada PT

    677,010       29  

United Tractors Tbk PT

    702,300       1,508  
              10,176  
                 

Ireland — 1.5%

Accenture PLC, Cl A

    49,138       12,643  

Bank of Ireland Group PLC

    1,267,412       8,126  

Experian PLC

    198,471       5,808  

 

 

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

17

 

 

 

 

SCHEDULE OF INVESTMENTS

September 30, 2022

International Equity Fund (Continued)

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

ICON PLC *

    60,288     $ 11,080  

Ryanair Holdings PLC ADR *

    207,182       12,104  
              49,761  
                 

Israel — 1.4%

Bank Hapoalim BM

    2,013,017       17,037  

Bank Leumi Le-Israel BM

    2,062,818       17,663  

Check Point Software Technologies Ltd *

    64,149       7,186  

FIBI Holdings Ltd

    17,608       793  

First International Bank Of Israel Ltd/The

    641       26  

ICL Group Ltd

    65,372       525  

Israel Discount Bank Ltd, Cl A

    553,130       2,793  

Mizrahi Tefahot Bank Ltd

    62,337       2,188  

YH Dimri Construction & Development Ltd

    33       2  
              48,213  
                 

Italy — 2.9%

Assicurazioni Generali SpA

    107,542       1,468  

Azimut Holding SpA

    122,503       1,747  

Banca IFIS SpA

    4,498       50  

CNH Industrial NV

    915,638       10,244  

Danieli & C Officine Meccaniche SpA

    3,674       44  

Davide Campari-Milano NV

    30,641       271  

Enel SpA

    7,916,255       32,453  

EXOR NV

    41,964       2,553  

Ferrari NV

    36,076       6,678  

FinecoBank Banca Fineco SpA

    40,607       501  

Intesa Sanpaolo SpA

    317,884       526  

Iren SpA

    14,926       20  

Leonardo SpA

    343,912       2,434  

Moncler SpA

    4,664       190  

Recordati Industria Chimica e Farmaceutica SpA

    18,809       688  

Snam SpA

    124,499       503  

Stellantis NV

    112,513       1,328  

Tenaris SA

    624,732       8,080  

Terna - Rete Elettrica Nazionale

    138,019       840  

UniCredit SpA

    2,652,764       26,846  
              97,464  
                 

Japan — 13.1%

77 Bank Ltd/The

    73,664       910  

A&D HOLON Holdings Co Ltd

    3,900       22  

Adastria Co Ltd

    5,700       85  

Advantest Corp (A)

    127,720       5,898  

AEON Financial Service Co Ltd

    172,700       1,714  

Ai Holdings Corp

    1,700       24  

Aisan Industry Co Ltd

    12,100       57  

Alps Alpine Co Ltd

    40,800       295  

Anest Iwata Corp

    4,800       28  

Anritsu Corp (A)

    33,900       368  

AOKI Holdings Inc

    5,200       25  

Arcland Service Holdings Co Ltd

    1,800       27  

Arcs Co Ltd

    28,200       402  

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

ARTERIA Networks Corp

    9,000     $ 74  

Asahi Group Holdings Ltd

    122,100       3,806  

ASAHI YUKIZAI CORP

    1,600       24  

Astellas Pharma Inc

    53,100       703  

Awa Bank Ltd/The

    7,800       102  

Axial Retailing Inc

    3,200       72  

Bandai Namco Holdings Inc

    16,600       1,082  

Bank of Iwate Ltd/The

    2,000       25  

Belc Co Ltd

    1,100       41  

Benefit One Inc

    4,900       69  

BIPROGY Inc

    171,500       3,716  

Bridgestone Corp

    114,100       3,690  

Brother Industries Ltd (A)

    91,000       1,572  

Business Brain Showa-Ota Inc

    2,600       25  

Canon Inc

    304,400       6,648  

Canon Marketing Japan Inc

    94,900       2,101  

Capcom Co Ltd

    63,530       1,599  

Central Glass Co Ltd

    2,100       48  

Chiba Kogyo Bank Ltd/The

    13,000       25  

Chori Co Ltd

    3,400       45  

Chubu Shiryo Co Ltd

    2,800       20  

COLOPL Inc

    9,800       46  

Comture Corp

    5,100       80  

Cosel Co Ltd

    2,600       15  

Daihen Corp

    1,400       36  

Dai-ichi Life Holdings Inc

    389,800       6,197  

Daito Trust Construction Co Ltd

    78,600       7,352  

Daiwa House Industry Co Ltd

    68,900       1,401  

Daiwa Industries Ltd

    3,300       26  

DeNA Co Ltd

    19,500       247  

Dentsu Group Inc

    26,700       759  

Digital Arts Inc

    3,000       130  

Disco Corp

    2,100       463  

Doshisha Co Ltd

    2,300       23  

Drecom Co Ltd

    7,100       42  

Earth Corp

    3,600       129  

Eco's Co Ltd/Japan

    1,800       22  

EDION Corp (A)

    25,700       209  

Eiken Chemical Co Ltd

    3,800       47  

Eizo Corp

    3,400       86  

en Japan Inc

    26,300       406  

Enigmo Inc

    20,500       70  

Exedy Corp

    8,300       95  

FANUC Corp

    156,842       22,021  

FJ Next Holdings Co Ltd

    5,100       36  

Forum Engineering Inc

    5,100       32  

Fuji Corp/Aichi

    5,300       69  

Fujitsu Ltd

    93,500       10,251  

Fukuoka Financial Group Inc

    345,300       6,149  

Funai Soken Holdings Inc

    8,800       150  

Furyu Corp

    14,600       102  

Futaba Industrial Co Ltd

    10,000       22  

 

 

 

18

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

 

 

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

G-7 Holdings Inc, Cl 7

    2,600     $ 26  

Gakujo Co Ltd

    4,000       39  

Glory Ltd

    93,100       1,366  

GungHo Online Entertainment Inc

    60,200       925  

Gunze Ltd

    1,600       43  

H.U. Group Holdings Inc (A)

    21,100       384  

Heiwa Corp

    21,700       336  

Heiwado Co Ltd

    19,800       273  

Himaraya Co Ltd

    3,000       19  

Hino Motors Ltd

    43,400       179  

Hirose Electric Co Ltd

    3,100       406  

Hito Communications Holdings Inc

    2,200       25  

Hodogaya Chemical Co Ltd

    700       14  

Honda Motor Co Ltd

    153,800       3,338  

Hoosiers Holdings Co Ltd

    12,200       65  

Horiba Ltd

    1,900       74  

Hoya Corp

    4,400       424  

Ichikoh Industries Ltd

    7,800       21  

Ichimasa Kamaboko Co Ltd

    1,400       7  

Iida Group Holdings Co Ltd

    240,900       3,261  

Inaba Seisakusho Co Ltd

    2,500       23  

Infocom Corp

    2,600       34  

Insource Co Ltd

    2,900       53  

I-PEX Inc

    12,800       110  

Isuzu Motors Ltd

    1,289,300       14,255  

ITOCHU Corp (A)

    44,300       1,069  

JAC Recruitment Co Ltd

    20,300       311  

Japan Aviation Electronics Industry Ltd

    8,500       125  

Japan Exchange Group Inc

    373,995       5,054  

Japan Post Insurance Co Ltd (A)

    392,100       5,491  

Japan Tobacco Inc

    88,500       1,454  

JFE Holdings Inc (A)

    31,100       289  

JP-Holdings Inc

    36,900       69  

Justsystems Corp

    8,200       189  

JVCKenwood Corp

    26,100       35  

Kakiyasu Honten Co Ltd

    1,300       20  

Kanematsu Corp

    7,200       71  

Kao Corp

    370,700       15,082  

KAWADA TECHNOLOGIES Inc

    1,000       25  

KDDI Corp

    244,000       7,133  

Kenko Mayonnaise Co Ltd

    3,000       32  

Keyence Corp

    31,508       10,414  

Kimura Unity Co Ltd

    6,200       32  

Kirin Holdings Co Ltd

    42,100       648  

Kitz Corp

    6,600       37  

Kobe Bussan Co Ltd

    22,000       529  

Kokuyo Co Ltd

    224,500       2,845  

Komatsu Ltd

    1,074,400       19,561  

Komeri Co Ltd

    3,900       74  

Komori Corp

    12,000       58  

Konica Minolta Inc (A)

    610,400       1,881  

Kubota Corp

    98,000       1,362  

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Kumagai Gumi Co Ltd

    2,300     $ 40  

Lasertec Corp

    44,700       4,496  

Lawson Inc

    76,300       2,496  

Lifedrink Co Inc

    2,100       25  

Lixil Corp (A)

    24,300       356  

Locondo Inc

    2,700       21  

Maezawa Kasei Industries Co Ltd

    3,700       33  

Makita Corp (A)

    392,900       7,624  

Mandom Corp

    6,200       65  

Marubeni Corp

    138,200       1,206  

Maruzen Showa Unyu Co Ltd

    3,400       72  

Mazda Motor Corp

    710,100       4,715  

Medical System Network Co Ltd, Cl A

    12,800       35  

Megmilk Snow Brand Co Ltd

    25,400       300  

MEIJI Holdings Co Ltd (A)

    10,300       457  

Meitec Corp

    3,000       47  

METAWATER Co Ltd

    11,500       150  

Mitsubishi Corp (A)

    12,000       328  

Mitsubishi Electric Corp

    1,447,900       13,099  

Mitsubishi Shokuhin Co Ltd

    21,900       493  

Mitsui & Co Ltd

    181,100       3,853  

Mitsui OSK Lines Ltd (A)

    17,100       306  

MIXI Inc (A)

    70,200       1,114  

Mizuno Corp

    48,400       861  

Morinaga Milk Industry Co Ltd

    5,500       161  

Morita Holdings Corp

    2,600       23  

Morito Co Ltd

    4,300       21  

MS&AD Insurance Group Holdings Inc

    171,900       4,552  

Murata Manufacturing Co Ltd

    220,500       10,148  

Musashino Bank Ltd/The

    3,300       39  

Nachi-Fujikoshi Corp

    1,100       27  

Nagaileben Co Ltd

    5,200       70  

Naigai Trans Line Ltd

    1,400       20  

NEC Corp

    5,200       166  

NEC Networks & System Integration Corp

    7,700       84  

New Art Holdings Co Ltd

    2,300       22  

Nihon Chouzai Co Ltd

    16,300       143  

Nikon Corp (A)

    692,900       6,566  

Nippon Concept Corp

    4,100       44  

NIPPON EXPRESS HOLDINGS INC

    4,100       208  

Nippon Shinyaku Co Ltd

    1,000       51  

Nippon Steel Corp (A)

    103,400       1,435  

Nippon Telegraph & Telephone Corp

    574,900       15,505  

Nippon Yusen KK (A)

    88,200       1,497  

Nishio Rent All Co Ltd

    1,200       24  

Nissan Chemical Corp

    14,900       666  

Nisshinbo Holdings Inc

    113,500       824  

Nitto Denko Corp

    4,900       265  

Nitto Kohki Co Ltd

    2,200       24  

Nittoc Construction Co Ltd

    8,600       53  

Nojima Corp

    4,000       37  

OBIC Business Consultants Co Ltd

    2,900       90  

 

 

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

19

 

 

 

 

SCHEDULE OF INVESTMENTS

September 30, 2022

International Equity Fund (Continued)

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Ohsho Food Service Corp

    4,900     $ 217  

Okabe Co Ltd

    8,200       37  

OKUMA Corp

    1,800       62  

Okuwa Co Ltd (A)

    81,900       511  

Omron Corp

    5,200       238  

Ono Pharmaceutical Co Ltd

    283,215       6,615  

Oracle Corp Japan

    8,200       435  

Oriental Land Co Ltd/Japan

    3,300       448  

ORIX Corp (A)

    506,032       7,088  

Otsuka Holdings Co Ltd

    14,700       465  

Panasonic Holdings Corp

    494,600       3,473  

Persol Holdings Co Ltd

    179,900       3,328  

Pickles Holdings Co Ltd

    6,100       41  

Plenus Co Ltd

    5,800       77  

Pola Orbis Holdings Inc

    15,100       171  

Proto Corp

    4,400       31  

QB Net Holdings Co Ltd

    2,400       22  

Qol Holdings Co Ltd

    14,100       118  

Raccoon Holdings Inc

    5,000       36  

Recruit Holdings Co Ltd

    414,500       11,939  

Resona Holdings Inc

    2,607,500       9,541  

Ride On Express Holdings Co Ltd

    6,000       44  

Riken Corp

    3,200       50  

Riken Technos Corp

    7,100       25  

Riken Vitamin Co Ltd

    7,000       85  

Rinnai Corp

    1,300       93  

Riso Kagaku Corp

    1,400       23  

Sakai Heavy Industries Ltd

    1,000       20  

Sakai Moving Service Co Ltd

    2,400       78  

Sangetsu Corp

    17,800       197  

Sanken Electric Co Ltd

    1,400       43  

Sankyo Co Ltd

    147,600       4,468  

Sanshin Electronics Co Ltd

    3,900       45  

Sanwa Holdings Corp (A)

    202,900       1,742  

SCREEN Holdings Co Ltd

    4,400       239  

Scroll Corp

    23,400       113  

Secom Co Ltd

    7,300       416  

Seiko Epson Corp (A)

    260,300       3,554  

Seino Holdings Co Ltd

    25,400       204  

SERAKU Co Ltd

    3,000       20  

Seria Co Ltd

    8,400       147  

Seven & i Holdings Co Ltd

    131,800       5,294  

Shimadzu Corp

    17,900       470  

Shimamura Co Ltd

    67,900       5,746  

Shindengen Electric Manufacturing Co Ltd

    7,500       181  

Shinnihon Corp

    3,900       19  

Shofu Inc

    1,600       26  

SIGMAXYZ Holdings Inc

    15,200       118  

Sinfonia Technology Co Ltd

    4,200       39  

SMK Corp

    1,300       21  

SMS Co Ltd

    7,600       153  

SoftBank Corp (A)

    222,600       2,223  

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Soliton Systems KK

    5,500     $ 39  

Sompo Holdings Inc

    76,900       3,077  

Sony Group Corp

    92,374       5,950  

Sprix Ltd

    1,500       10  

Step Co Ltd

    1,900       23  

Studio Alice Co Ltd

    1,700       25  

Subaru Corp

    676,600       10,224  

Sumitomo Mitsui Financial Group Inc

    460,600       12,767  

Sumitomo Pharma Co Ltd

    16,800       119  

Sumitomo Rubber Industries Ltd

    21,100       168  

Sun Corp

    1,900       25  

Sun-Wa Technos Corp

    2,600       23  

Suzuki Motor Corp

    13,500       420  

T&D Holdings Inc

    839,700       7,981  

Taiho Kogyo Co Ltd, Cl A

    4,600       21  

Takeda Pharmaceutical Co Ltd

    1,049,100       27,240  

Takuma Co Ltd

    4,300       37  

Temairazu Inc

    1,900       69  

TIS Inc

    103,900       2,758  

Tobishima Corp

    4,100       30  

Toho Co Ltd/Kobe

    2,700       30  

Tokio Marine Holdings Inc

    315,600       5,609  

Tokyo Electron Ltd (A)

    28,400       6,997  

Tokyo Gas Co Ltd

    27,500       464  

Tokyo Seimitsu Co Ltd

    16,100       474  

Tokyotokeiba Co Ltd

    7,500       214  

Tomy Co Ltd

    124,000       1,061  

Tonami Holdings Co Ltd

    800       19  

Topcon Corp

    4,400       49  

Toray Industries Inc

    1,859,000       9,149  

Toshiba Corp

    60,300       2,148  

Tosho Co Ltd

    5,000       42  

Totetsu Kogyo Co Ltd

    2,500       40  

Trend Micro Inc/Japan

    9,300       501  

Trusco Nakayama Corp

    9,000       124  

Tsubakimoto Chain Co

    8,600       182  

Tsukuba Bank Ltd

    19,500       25  

Tsuruha Holdings Inc

    2,700       158  

United Arrows Ltd

    13,700       173  

Ushio Inc

    9,900       103  

Valor Holdings Co Ltd

    20,700       255  

ValueCommerce Co Ltd

    4,700       72  

VINX Corp

    2,300       23  

Warabeya Nichiyo Holdings Co Ltd

    26,700       410  

Workman Co Ltd

    15,100       478  

Xebio Holdings Co Ltd

    7,200       48  

Yamae Group Holdings Co Ltd

    2,100       23  

Yamaha Motor Co Ltd

    30,300       568  

Yamaichi Electronics Co Ltd

    3,700       46  

Yonex Co Ltd

    4,200       39  

Yossix Holdings Co Ltd

    4,600       64  

 

 

 

20

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

 

 

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Zuken Inc

    5,000     $ 121  
              448,106  
                 

Jordan — 0.1%

Hikma Pharmaceuticals PLC

    109,525       1,651  
                 

Malaysia — 0.0%

Genting Plantations Bhd

    31,100       38  

Heineken Malaysia Bhd

    22,200       114  

Sime Darby Plantation Bhd

    206,500       182  

Taliworks Corp Bhd

    151,400       30  
              364  
                 

Malta — 0.0%

BGP Holdings *(B)

    198,683        
                 

Mexico — 0.0%

Grupo Herdez SAB de CV

    27,929       52  
                 

Netherlands — 5.8%

Aalberts NV

    476       16  

ABN AMRO Bank NV

    42,905       384  

Adyen NV *

    3,799       4,736  

Aegon NV

    300,977       1,196  

Akzo Nobel NV

    270,227       15,308  

ArcelorMittal SA

    567,576       11,289  

ASM International NV

    17,152       3,839  

ASML Holding NV, Cl G

    13,397       5,564  

ASR Nederland NV

    9,156       352  

Heineken Holding NV

    52,932       3,622  

Heineken NV

    26,701       2,331  

IMCD NV

    1,259       149  

ING Groep NV

    3,322,208       28,455  

James Hardie Industries PLC

    38,368       758  

Koninklijke Ahold Delhaize NV

    1,023,478       26,059  

Koninklijke DSM NV

    6,991       795  

Koninklijke Philips NV

    644,520       9,919  

NN Group NV

    62,428       2,427  

Pharming Group NV *

    52,412       54  

Prosus NV

    96,037       4,994  

Randstad NV (A)

    624,910       26,961  

RELX PLC

    325,525       7,931  

Shell PLC

    791,779       19,741  

Unibail-Rodamco-Westfield *

    10,445       432  

Wolters Kluwer NV

    220,784       21,490  
              198,802  
                 

New Zealand — 0.0%

EBOS Group Ltd

    3,681       78  

Mainfreight Ltd

    10,177       388  

Spark New Zealand Ltd

    128,745       364  
              830  
                 

Norway — 0.5%

Aker BP ASA

    39,638       1,137  

Bouvet ASA

    9,949       50  

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

DNB Bank ASA

    64,933     $ 1,030  

Equinor ASA

    407,146       13,416  

Grieg Seafood ASA

    46,610       315  

Kongsberg Gruppen ASA

    4,689       142  

Mowi ASA

    17,602       224  

Norsk Hydro ASA

    139,318       747  

Sparebanken Vest

    1,610       12  

Stolt-Nielsen Ltd

    1,480       29  

Wallenius Wilhelmsen ASA, Cl B

    6,051       30  

Yara International ASA

    23,052       808  
              17,940  
                 

Poland — 0.0%

Enea SA *

    63,733       79  

PGE Polska Grupa Energetyczna SA *

    16,182       20  

Polski Koncern Naftowy ORLEN SA

    36,350       392  

Tim SA/Siechnice

    5,020       26  
              517  
                 

Portugal — 0.3%

Jeronimo Martins SGPS SA

    499,340       9,296  

Navigator Co SA/The

    59,154       201  

Sonae SGPS SA

    158,771       128  
              9,625  
                 

Qatar — 0.0%

Mekdam Holding Group

    22,573       46  

Ooredoo QPSC

    171,417       418  

Qatar Electricity & Water Co QSC

    19,105       92  
              556  
                 

Saudi Arabia — 0.8%

Arab National Bank

    12,123       99  

Dar Al Arkan Real Estate Development Co *

    1,507,436       6,351  

Etihad Etisalat Co

    284,481       2,681  

Sahara International Petrochemical Co

    46,809       512  

Saudi Basic Industries Corp

    490,830       11,486  

Saudi Electricity Co

    969,527       6,277  

Saudi Investment Bank/The

    196,996       889  

Savola Group/The

    55,341       414  
              28,709  
                 

Singapore — 0.4%

DBS Group Holdings Ltd

    469,900       10,881  

First Resources Ltd

    130,100       125  

Golden Agri-Resources Ltd

    3,452,400       634  

Jardine Cycle & Carriage Ltd

    19,000       445  

Keppel Corp Ltd

    52,700       254  

Oversea-Chinese Banking Corp Ltd

    41,300       339  

Singapore Exchange Ltd

    73,800       484  
              13,162  
                 

South Africa — 0.1%

DataTec Ltd

    100,188       245  

Investec PLC

    634,672       2,546  

 

 

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

21

 

 

 

 

SCHEDULE OF INVESTMENTS

September 30, 2022

International Equity Fund (Continued)

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Ninety One Ltd

    18,651     $ 36  
              2,827  
                 

South Korea — 1.4%

BNK Financial Group Inc

    691,155       2,886  

JLS Co Ltd

    3,880       20  

KT Corp ADR

    17,478       213  

LG Electronics Inc

    361       20  

POSCO Holdings Inc

    49,351       7,199  

Samsung Electronics Co Ltd

    537,198       19,725  

Shinhan Financial Group Co Ltd

    353,824       8,219  

SK Hynix Inc

    137,292       7,853  
              46,135  
                 

Spain — 2.9%

Acciona SA

    1,790       314  

Aena SME SA *

    103,315       10,718  

Amadeus IT Group SA, Cl A *

    874,889       40,546  

CaixaBank SA (A)

    5,122,555       16,492  

Corp ACCIONA Energias Renovables SA

    89,604       3,343  

Iberdrola SA

    742,842       6,924  

Industria de Diseno Textil SA

    929,238       19,169  

Laboratorios Farmaceuticos Rovi SA

    11,284       485  

Naturgy Energy Group SA

    7,438       172  

Telefonica SA *

    197,081       651  
              98,814  
                 

Sweden — 1.9%

Atlas Copco AB, Cl A

    267,438       2,486  

Betsson AB, Cl B

    41,781       244  

Bilia AB, Cl A

    23,007       262  

Bjorn Borg AB

    5,112       11  

Clas Ohlson AB, Cl B

    10,229       61  

Electrolux AB, Cl B (A)

    174,478       1,813  

Epiroc AB, Cl A

    21,574       309  

EQT AB

    250,493       4,840  

Essity AB, Cl B

    582,231       11,503  

Evolution AB

    72,468       5,728  

Fenix Outdoor International AG

    374       27  

H & M Hennes & Mauritz AB, Cl B (A)

    644,610       5,960  

International Petroleum Corp *

    146,371       1,172  

Investor AB, Cl B

    17,794       260  

Inwido AB

    12,107       95  

New Wave Group AB, Cl B

    30,426       401  

Nibe Industrier AB, Cl B

    33,267       297  

Nordea Bank Abp

    83,080       711  

Securitas AB, Cl B (A)

    1,382,910       9,600  

SkiStar AB

    16,502       164  

Swedbank AB, Cl A

    722,623       9,485  

Telefonaktiebolaget LM Ericsson, Cl B (A)

    1,672,872       9,779  
              65,208  
                 

Switzerland — 8.1%

ABB Ltd

    76,791       1,988  

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Alcon Inc

    201,550     $ 11,736  

Burckhardt Compression Holding AG

    598       224  

Cie Financiere Richemont SA, Cl A

    28,800       2,725  

Coca-Cola HBC AG

    15,849       331  

Comet Holding AG

    2,258       326  

Credit Suisse Group AG

    1,004,802       3,985  

dormakaba Holding AG

    3,839       1,299  

Geberit AG

    4,905       2,108  

Georg Fischer AG

    1,517       72  

Julius Baer Group Ltd

    82,087       3,591  

Kuehne + Nagel International AG

    65,665       13,405  

Lonza Group AG

    20,983       10,242  

Mobilezone Holding AG

    16,721       251  

Nestle SA

    282,986       30,683  

Novartis AG

    379,587       29,010  

Partners Group Holding AG

    3,426       2,764  

Roche Holding AG

    306,799       100,122  

Sika AG

    24,376       4,912  

Sonova Holding AG

    17,398       3,838  

Straumann Holding AG

    30,978       2,840  

Swatch Group AG/The

    126,056       28,383  

Swiss Life Holding AG

    746       330  

u-blox Holding AG

    871       106  

UBS Group AG

    972,292       14,141  

Zurich Insurance Group AG

    17,308       6,917  
              276,329  
                 

Taiwan — 0.7%

Asustek Computer Inc

    163,000       1,195  

Evergreen Marine Corp Taiwan Ltd

    781,600       3,564  

Global Mixed Mode Technology Inc

    72,000       273  

Hon Hai Precision Industry Co Ltd

    6,231,000       19,952  

Taiwan FU Hsing Industrial Co Ltd

    21,000       27  
              25,011  
                 

Thailand — 0.2%

Bangchak Corp PCL NVDR

    210,500       164  

Banpu PCL NVDR (A)

    13,565,300       4,398  

Esso Thailand PCL NVDR

    2,110,300       714  

Lanna Resources PCL NVDR

    259,800       135  

PTT Exploration & Production PCL NVDR

    144,200       615  

Sabina PCL NVDR

    37,100       24  

Star Petroleum Refining PCL NVDR

    1,527,400       428  

Thai Oil PCL NVDR

    783,700       1,062  
              7,540  
                 

United Arab Emirates — 0.0%

Emaar Properties PJSC

    450,043       706  
                 

United Kingdom — 15.9%

4imprint Group PLC

    103       4  

Admiral Group PLC

    26,083       554  

AG Barr PLC

    22,151       112  

Anglo American PLC

    597,549       17,938  

 

 

 

22

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

 

 

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Aon PLC, Cl A

    25,606     $ 6,859  

Aptiv PLC *

    69,296       5,420  

Ashtead Group PLC

    149,174       6,698  

AstraZeneca PLC

    248,186       27,277  

Atlassian Corp PLC, Cl A *

    74,842       15,761  

Aviva PLC

    1,530,127       6,561  

B&M European Value Retail SA

    1,247,120       4,241  

BAE Systems PLC

    853,609       7,498  

Balfour Beatty PLC

    406,180       1,389  

Barclays PLC

    11,889,362       18,913  

Berkeley Group Holdings PLC

    54,492       1,990  

BP PLC

    1,438,179       6,871  

British American Tobacco PLC

    229,757       8,237  

BT Group PLC, Cl A

    254,447       342  

Burberry Group PLC

    23,586       471  

Cairn Homes PLC

    52,973       43  

Centrica PLC

    4,118,423       3,231  

Chemring Group PLC

    58,142       182  

Clarkson PLC

    734       21  

Coca-Cola Europacific Partners PLC

    58,868       2,509  

Compass Group PLC

    943,459       18,782  

Computacenter PLC

    62,379       1,340  

Crest Nicholson Holdings plc

    46,254       94  

Croda International PLC

    10,092       721  

Devro PLC

    11,083       21  

Diageo PLC

    520,143       21,890  

FDM Group Holdings PLC

    4,079       28  

Ferguson PLC

    125,026       12,966  

Ferrexpo PLC

    524,939       701  

Firstgroup PLC

    273,980       319  

Frasers Group PLC *

    75,852       568  

Glencore PLC

    2,689,862       14,132  

Greggs PLC

    85,192       1,609  

GSK PLC

    1,505,724       21,742  

GSK PLC ADR

    173,417       5,104  

Gulf Keystone Petroleum Ltd

    18,572       41  

Haleon PLC *

    952,192       2,968  

Hays PLC

    537,309       605  

Howden Joinery Group PLC

    271,166       1,515  

HSBC Holdings PLC

    2,535,154       13,124  

IG Group Holdings PLC

    322,479       2,732  

Imperial Brands PLC

    103,829       2,134  

Inchcape PLC

    217,715       1,648  

Indivior PLC *

    204,652       649  

International Distributions Services PLC

    97,790       199  

Intertek Group PLC

    217,960       8,941  

Investec PLC

    779,649       3,160  

J Sainsbury PLC

    7,358,763       14,248  

Just Group PLC

    553,597       344  

London Stock Exchange Group PLC

    76,631       6,470  

M&G PLC

    293,999       541  

Man Group PLC/Jersey

    834,115       2,065  

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

MP Evans Group PLC

    3,072     $ 28  

National Grid PLC

    30,116       310  

NatWest Group PLC

    4,961,495       12,355  

Next PLC

    6,252       332  

Ninety One PLC

    500,336       1,017  

Numis Corp PLC

    1,540       4  

Pagegroup PLC

    279,050       1,146  

Pearson PLC

    90,542       864  

Playtech Plc *

    7,860       38  

Plus500 Ltd

    130,443       2,386  

Polar Capital Holdings PLC

    163       1  

Prudential PLC

    2,279,693       22,308  

QinetiQ Group PLC

    90,352       330  

Reckitt Benckiser Group PLC

    393,616       26,083  

RELX PLC

    460,415       11,248  

Rio Tinto PLC

    254,215       13,751  

Rolls-Royce Holdings PLC *

    30,861,711       23,630  

Sage Group PLC/The

    205,619       1,584  

Schroders PLC

    40,970       176  

Segro PLC

    173,823       1,450  

Severn Trent PLC

    19,268       504  

Smith & Nephew PLC

    1,555,030       17,945  

Smurfit Kappa Group PLC

    14,485       414  

Speedy Hire PLC

    272,398       112  

Spirax-Sarco Engineering PLC

    5,319       611  

SSE PLC

    45,906       775  

Standard Chartered PLC

    1,560,746       9,759  

STERIS PLC

    27,447       4,564  

TechnipFMC PLC *

    1,751,083       14,814  

Telecom Plus PLC

    4,583       88  

Tesco PLC

    5,816,237       13,346  

Thungela Resources Ltd

    3,967       74  

Travis Perkins PLC

    1,574,408       13,512  

Unilever PLC

    692,923       30,440  

United Utilities Group PLC

    18,986       187  

Vodafone Group PLC

    4,943,242       5,531  

WH Smith PLC *

    542,813       7,155  

WPP PLC

    77,164       637  
              544,032  
                 

United States — 1.2%

EPAM Systems Inc *

    16,886       6,116  

Globant SA *

    29,374       5,495  

Lululemon Athletica Inc *

    19,577       5,473  

Mettler-Toledo International Inc *

    3,260       3,534  

QIAGEN NV *

    189,037       7,804  

ResMed Inc

    28,151       6,145  

Waste Connections Inc

    28,557       3,859  

ZIM Integrated Shipping Services Ltd

    51,061       1,200  
              39,626  
                 

 

 

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

23

 

 

 

 

SCHEDULE OF INVESTMENTS

September 30, 2022

International Equity Fund (Concluded)

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Total Common Stock

               

(Cost $3,782,601) ($ Thousands)

          $ 3,225,291  
                 
                 
                 

PREFERRED STOCK — 1.0%

Brazil — 0.4%

Itau Unibanco Holding ADR (C)

    993,703       5,138  

Petroleo Brasileiro SA (C)

    1,334,900       7,394  
              12,532  
                 

Germany — 0.6%

Bayerische Motoren Werke AG (C)

    9,223       599  

Sartorius AG (C)

    16,650       5,757  

Schaeffler AG, 3.600%

    228,253       1,023  

Volkswagen AG, 2.590%

    111,173       13,579  
              20,958  
                 

Total Preferred Stock

               

(Cost $39,512) ($ Thousands)

            33,490  
                 
                 
                 

EXCHANGE TRADED FUND — 0.2%

United States — 0.2%

iShares Trust iShares ESG Aware MSCI EAFE ETF

    103,730       5,822  
                 

Total Exchange Traded Fund

               

(Cost $6,713) ($ Thousands)

            5,822  
                 
                 
      Number of
Rights
         

RIGHTS — 0.1%

Sweden — 0.1%

       

Securitas AB, Cl B, Expires 10/18/2022 *(A)

    5,531,640       2,250  

Total Rights

               

(Cost $3,716) ($ Thousands)

            2,250  
                 
                 
   


Shares

         

AFFILIATED PARTNERSHIP — 3.3%

SEI Liquidity Fund, LP

               

2.930% **(D)

    113,798,625       113,836  
                 
                 

Total Affiliated Partnership

               

(Cost $113,813) ($ Thousands)

    113,836  
                 
                 

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

CASH EQUIVALENT — 2.0%

SEI Daily Income Trust, Government Fund, Cl F

               

2.600%**

    68,912,893     $ 68,913  
                 

Total Cash Equivalent

               

(Cost $68,913) ($ Thousands)

            68,913  
                 
                 

Total Investments in Securities — 101.1%

               

(Cost $4,015,268) ($ Thousands)

  $ 3,449,602  
                 
                 

 

 

 

24

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

 

 

 

 

 

A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:

 

Type of Contract

 

Number of
Contracts

   

Expiration Date

   

Notional Amount (Thousands)

   

Value (Thousands)

   

Unrealized Appreciation/ (Depreciation) (Thousands)

 

Long Contracts

                                       

Euro STOXX 50

    863       Dec-2022     $ 30,569     $ 28,026     $ (1,938 )

FTSE 100 Index

    220       Dec-2022       18,437       16,981       (1,026 )

Hang Seng Index

    20       Oct-2022       2,274       2,193       (81 )

SPI 200 Index

    87       Dec-2022       9,962       9,042       (557 )

TOPIX Index

    162       Dec-2022       21,178       20,549       (604 )
                    $ 82,420     $ 76,791     $ (4,206 )

 

 

 

 

 

Percentages are based on Net Assets of $3,412,855 ($ Thousands).

*

Non-income producing security.

**

The rate reported is the 7-day effective yield as of September 30, 2022.

 

Investment in Affiliated Security (see Note 5).

 

Real Estate Investment Trust.

(A)

Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 9).

(B)

Level 3 security in accordance with fair value hierarchy.

(C)

No interest rate available.

(D)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2022 was $113,836 ($ Thousands).

 

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

 

Investments in Securities

 

Level 1
($)

   

Level 2
($)

   

Level 3
($)(1)

   

Total
($)

 

Common Stock

    3,225,291             ^     3,225,291  

Preferred Stock

    33,490                   33,490  

Exchange Traded Fund

    5,822                   5,822  

Rights

    2,250                   2,250  

Affiliated Partnership

          113,836             113,836  

Cash Equivalent

    68,913                   68,913  

Total Investments in Securities

    3,335,766       113,836             3,449,602  

 

Other Financial Instruments

 

Level 1
($)

   

Level 2
($)

   

Level 3
($)

   

Total
($)

 

Futures Contracts*

                               

Unrealized Depreciation

    (4,206 )                 (4,206 )

Total Other Financial Instruments

    (4,206 )                 (4,206 )

 

^One security with a market value of $0.

 

(1) A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the 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 depreciation on the instrument.

 

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

 

 
 

The following is a summary of the transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

 

 

Security Description

 

Value 9/30/2021

   

Purchases at Cost

   

Proceeds from Sales

   

Realized Loss

   

Change in Unrealized Appreciation

   

Value 9/30/2022

   

Shares

   

Income

   

Capital Gains

 

SEI Liquidity Fund, LP

  $ 161,647     $ 948,689     $ (996,504 )   $ (6 )   $ 10     $ 113,836       113,798,625     $ 1,219     $  

SEI Daily Income Trust, Government Fund, Cl F

    48,039       316,037       (295,164 )     1             68,913       68,912,893       373        

Totals

  $ 209,686     $ 1,264,726     $ (1,291,668 )   $ (5 )   $ 10     $ 182,749             $ 1,592     $  

 

Amounts designated as “—” are $0 or have been rounded to $0.

 

See “Glossary” for abbreviations.

 

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

 

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

25

 

 

 

 

 

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Market Equity Fund

 

 

 

 

Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK — 94.5%

Austria — 0.1%

Erste Group Bank AG

    83,077     $ 1,820  
                 

Brazil — 5.6%

Ambev SA

    542,200       1,559  

Ambev SA ADR

    352,410       997  

Arcos Dorados Holdings Inc, Cl A

    275,303       2,007  

Arezzo Industria e Comercio SA

    129,300       2,361  

Atacadao SA

    372,200       1,327  

B3 SA - Brasil Bolsa Balcao

    1,766,747       4,295  

Banco Bradesco SA ADR

    1,092,036       4,019  

Banco do Brasil SA

    817,348       5,810  

Banco Santander Brasil SA

    788,600       4,429  

BB Seguridade Participacoes SA

    629,175       3,091  

Centrais Eletricas Brasileiras SA

    91,500       729  

Cia Brasileira de Aluminio

    234,974       500  

Cia Energetica de Minas Gerais ADR

    394,546       797  

Cosan SA

    1,936,200       6,211  

CPFL Energia SA

    616,295       3,847  

CSN Mineracao SA

    466,300       284  

Gerdau SA ADR

    195,560       884  

Hapvida Participacoes e Investimentos S/A

    1,006,107       1,414  

Hypera SA

    122,898       1,011  

JBS SA

    198,158       925  

Klabin SA

    607,850       2,043  

MercadoLibre Inc *

    2,798       2,316  

MRV Engenharia e Participacoes SA

    284,200       653  

Multiplan Empreendimentos Imobiliarios SA

    452,000       2,021  

Pagseguro Digital Ltd, Cl A *

    117,270       1,552  

Petro Rio SA *

    338,600       1,725  

Petroleo Brasileiro SA ADR

    316,911       3,911  

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Rumo SA

    127,400     $ 437  

Sendas Distribuidora SA

    1,468,600       4,765  

SLC Agricola SA

    92,806       742  

TIM SA/Brazil

    871,300       1,948  

TIM SA/Brazil ADR

    46,719       522  

TOTVS SA

    68,775       375  

Vale SA ADR, Cl B

    290,498       3,869  

Vibra Energia SA

    676,097       2,160  

WEG SA

    93,153       552  
              76,088  
                 

Canada — 0.5%

First Quantum Minerals Ltd

    145,230       2,478  

Ivanhoe Mines Ltd, Cl A *

    196,226       1,270  

Parex Resources Inc

    163,882       2,406  
              6,154  
                 

Chile — 0.7%

Banco de Chile

    6,309,255       561  

Banco Santander Chile ADR

    31,166       437  

Cencosud SA

    434,194       555  

Empresas CMPC SA

    767,067       1,180  

Enel Chile SA

    30,162,900       881  

Sociedad Quimica y Minera de Chile SA ADR

    62,814       5,700  
              9,314  
                 

China — 18.9%

37 Interactive Entertainment Network Technology Group Co Ltd, Cl A

    822,400       2,013  

Agricultural Bank of China Ltd, Cl H

    11,503,000       3,443  

Alibaba Group Holding Ltd *

    3,340,252       33,332  

Alibaba Group Holding Ltd ADR *

    7,473       598  

Aluminum Corp of China Ltd, Cl A

    551,082       319  

Aluminum Corp of China Ltd, Cl H

    946,000       306  

Anhui Conch Cement Co Ltd, Cl H

    768,389       2,429  

ANTA Sports Products Ltd

    55,000       577  

Autohome Inc ADR

    104,517       3,006  

Baidu Inc ADR *

    31,660       3,720  

Bank of Chengdu Co Ltd, Cl A

    316,700       729  

Bank of China Ltd, Cl H

    17,606,923       5,750  

Bank of Communications Co Ltd, Cl H

    4,675,707       2,465  

Bank of Jiangsu Co Ltd, Cl A

    734,392       768  

Bank of Nanjing Co Ltd, Cl A

    602,834       893  

BeiGene Ltd ADR *

    2,680       361  

Bosideng International Holdings Ltd

    5,150,317       2,540  

BYD Co Ltd, Cl H

    60,645       1,494  

China CITIC Bank Corp Ltd, Cl H

    2,597,449       1,031  

China Construction Bank Corp, Cl H

    15,295,721       8,828  

China Jushi Co Ltd, Cl A

    357,977       663  

China Lesso Group Holdings Ltd

    1,844,000       1,707  

China Longyuan Power Group Corp Ltd, Cl H

    220,336       275  

China Merchants Bank Co Ltd, Cl H

    403,878       1,869  

China National Building Material Co Ltd, Cl H

    866,263       660  

 

 

 

26

 

SEI Institutional International Trust / Annual Report / September 30, 2022

 

 

 

 

 

<
             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

China Pacific Insurance Group Co Ltd, Cl H

    165,337     $ 304  

China Petroleum & Chemical Corp, Cl H

    8,984,000       3,836  

China Shenhua Energy Co Ltd, Cl H

    439,014       1,306  

China Tourism Group Duty Free Corp Ltd, Cl A

    82,400       2,276  

China Yangtze Power Co Ltd, Cl A

    253,476       811  

Contemporary Amperex Technology Co Ltd, Cl A

    8,084       455  

Daqin Railway Co Ltd, Cl A

    12,400       12  

Daqo New Energy Corp ADR *

    13,276       705  

Dongfeng Motor Group Co Ltd, Cl H

    3,584,000       1,916  

ENN Energy Holdings Ltd

    124,483       1,660  

Full Truck Alliance Co Ltd ADR *

    77,019       505  

G-bits Network Technology Xiamen Co Ltd, Cl A

    56,883       1,984  

GigaDevice Semiconductor Inc, Cl A

    145,632       1,910  

Great Wall Motor Co Ltd, Cl H

    884,000       1,008  

Greentown China Holdings Ltd

    403,687