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

 

 

 

 

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

 

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

 

 

 

 

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

 

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

 

 

 

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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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

 

 

 

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

 

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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.

 

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

 

 

 

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

 

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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.

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

 

 

 

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

 

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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.

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

 

 

 

 

 

^†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

 

 

 

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

 

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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

 

 

 

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

 

 

 

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