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.

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%.

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.

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.

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%.

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.

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.

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

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)

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.

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

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)

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.

I. Objective

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

II. Multi-Manager Approach Statement

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%

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

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.

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.

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

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.

^†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


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


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


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


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


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


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


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


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


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

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

	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.

^†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


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


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

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	)

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	$	—

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