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Sei Institutional International Trust – ‘N-CSRS’ for 3/31/20

On: Monday, 6/8/20, at 5:22pm ET · Effective: 6/8/20 · For: 3/31/20 · Accession #: 1193125-20-163704 · File #: 811-05601

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 6/08/20  Sei Institutional Int’l Trust     N-CSRS      3/31/20    3:5.3M                                   Donnelley … Solutions/FA
          → Sit Emerging Markets Debt Fund ⇒ Class Y (SIEDX) — SIT EMERGING MARKETS DEBT FUND – CLASS F, effective 1-31-2017 (formerly Class A) (SITEX)
          → Sit Emerging Markets Equity Fund ⇒ Class Y (SEQFX) — SIT EMERGING MARKETS EQUITY FUND – CLASS F, effective 1-31-2017 (formerly Class A) (SIEMX)
          → Sit International Equity Fund ⇒ 3 Classes/Contracts
          → Sit International Fixed Income Fund ⇒ Class Y (SIFIX) — SIT INTERNATIONAL FIXED INCOME FUND – CLASS F, effective 1-31-2017 (formerly Class A) (SEFIX)

Certified Semi-Annual Shareholder Report by an Investment Company — Form N-CSR
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSRS      Sei Institutional International Trust               HTML   3.07M 
 3: EX-99.906 CERT  Certification Pursuant to Section 906           HTML      7K 
 2: EX-99.CERT  Certification Pursuant to Section 302               HTML     12K

‘N-CSRS’ — Sei Institutional International Trust
Document Table of Contents

Page	(sequential)	(alphabetic)	↑Top
		Alternative Formats (Word, et al.) Board of Trustees Considerations in Approving the Advisory Agreement Disclosure of Fund Expenses Financial Highlights Notes to Financial Statements Schedule of Investments Statements of Assets and Liabilities Statements of Changes in Net Assets Statements of Operations
1	1st Page – Filing Submission
"	Schedule of Investments
"	Statements of Assets and Liabilities
"	Statements of Operations
"	Statements of Changes in Net Assets
"	Financial Highlights
"	Notes to Financial Statements
"	Disclosure of Fund Expenses
"	Board of Trustees Considerations in Approving the Advisory Agreement

This is an HTML Document rendered as filed. [ Alternative Formats ]

SEI Institutional International Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05601

SEI Institutional International Trust

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices)

Timothy D. Barto, Esq.

SEI Investments Co.

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-610-676-1000

Date of fiscal year end: September 30, 2020

Date of reporting period: March 31, 2020

Item 1.

Reports to Stockholders.

LOGO

SEI
New ways.
New answers.®
March 31, 2020
SEMI-ANNUAL REPORT
SEI Institutional International Trust
International Equity Fund
Emerging Markets Equity Fund
International Fixed Income Fund
Emerging Markets Debt Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.
seic.com

TABLE OF CONTENTS



Schedule of Investments			1

Statements of Assets and Liabilities			64

Statements of Operations			66

Statements of Changes in Net Assets			67

Financial Highlights			69

Notes to Financial Statements			71

Disclosure of Fund Expenses			89

Board of Trustees Considerations in Approving the Advisory Agreement			90

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

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

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Equity Fund

LOGO

^†Percentages based on total investments. Includes investments held as collateral for securities on loan (see Note 9).



Description	Shares		Market Value ($ Thousands)

COMMON STOCK — 94.1%
Argentina — 0.3%
MercadoLibre Inc *		21,910	$	10,705


Australia — 3.0%
a2 Milk Co Ltd *		229,936		2,319
Aristocrat Leisure Ltd		678,086		8,772
ASX Ltd		35,377		1,671
Avita Medical Ltd *		31,909,780		9,744
BlueScope Steel Ltd		896,249		4,732
Cleanaway Waste Management Ltd		177,021		184
Coca-Cola Amatil Ltd		97,367		527
Cochlear Ltd		79,211		9,031
Coles Group Ltd		38,208		353
CSL Ltd		122,974		21,955
CSR Ltd		792,249		1,534
Fortescue Metals Group Ltd		1,663,612		10,166
Goodman Group ^‡		52,146		388
Insurance Australia Group Ltd		578,089		2,185
Lendlease Group		88,345		557
Macquarie Group Ltd		22,561		1,168
Magellan Financial Group Ltd		23,120		605
Newcrest Mining Ltd		333,344		4,685
Orica Ltd		227,155		2,118
Orora Ltd		1,315,053		1,940
Qantas Airways Ltd		1,609,248		3,146
QBE Insurance Group Ltd		322,265		1,705
REA Group Ltd		10,255		481
Rio Tinto Ltd		11,151		569
Santos Ltd		142,476		294
SEEK Ltd		59,646		538
Sonic Healthcare Ltd		21,741		322
South32 Ltd		3,623,948		3,852
Stockland^‡		356,859		550
Sydney Airport		131,247		448
Wesfarmers Ltd		15,402		327



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Woolworths Group Ltd		13,833	$	297

				97,163


Austria — 0.8%
Avita Medical Ltd ADR *		2,621,081		16,251
BAWAG Group AG		306,746		8,615
Erste Group Bank AG		23,438		434
Raiffeisen Bank International AG		18,848		275

				25,575


Belgium — 1.3%
Ageas		507,695		20,896
Colruyt SA		31,055		1,677
Groupe Bruxelles Lambert SA		110,243		8,588
KBC Group NV		70,688		3,217
UCB SA		79,274		6,839

				41,217


Canada — 1.8%
Alimentation Couche-Tard Inc, Cl B		172,708		4,022
Canadian Imperial Bank of Commerce		68,379		3,939
Canadian Pacific Railway Ltd		71,994		15,809
Constellation Software Inc/Canada		500		449
Manulife Financial Corp		938,875		11,656
Nutrien Ltd (A)		249,400		8,430
Ovintiv Inc (A)		86,764		235
Power Corp of Canada (A)		70,900		1,128
Royal Bank of Canada		56,100		3,436
Stantec Inc		68,200		1,725
Sun Life Financial Inc		140,300		4,462
Suncor Energy Inc		162,533		2,565

				57,856


China — 1.7%
Alibaba Group Holding Ltd ADR *		32,549		6,330
Baidu Inc *		138,302		13,939
Beijing Capital International Airport Co Ltd, Cl H		3,846,000		2,443
China Communications Services Corp Ltd, Cl H		4,389,584		3,178
China Lesso Group Holdings Ltd		696,000		913
Industrial & Commercial Bank of China Ltd, Cl H		4,326,000		2,962
Sinopharm Group Co Ltd, Cl H		1,081,014		2,427
Sinotruk Hong Kong Ltd		153,254		254
STMicroelectronics NV		136,067		2,932
Tencent Holdings Ltd		311,200		15,318
Vipshop Holdings Ltd ADR *		337,241		5,254

				55,950


Denmark — 1.7%
Carlsberg A/S, Cl B		10,263		1,155
Coloplast A/S, Cl B		10,614		1,534
DSV PANALPINA A/S (A)		110,405		9,963
Genmab A/S *		4,001		818


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
GN Store Nord A/S		34,583	$	1,532
H Lundbeck A/S (A)		149,151		4,415
Novo Nordisk A/S, Cl B		315,834		18,921
Orsted A/S		35,892		3,488
ROCKWOOL International A/S, Cl B		6,128		1,100
Scandinavian Tobacco Group A/S		1,043,227		10,482

				53,408


Finland — 0.4%
Elisa Oyj, Cl A		23,880		1,476
Fortum Oyj		80,898		1,184
Kesko Oyj, Cl B		6,141		348
Kone Oyj, Cl B		5,149		291
Metso Oyj		19,617		466
Neste Oyj		25,502		860
Orion Oyj, Cl B		139,836		5,678
UPM-Kymmene Oyj (A)		55,198		1,505
Valmet Oyj		18,845		368
Wartsila OYJ Abp, Cl B		22,361		164

				12,340


France — 7.9%
Air France-KLM *(A)		826,522		4,606
Air Liquide SA		77,790		9,912
Airbus SE *		26,720		1,741
Alstom SA *		18,517		773
Amundi SA		11,275		664
Arkema SA		21,041		1,447
BNP Paribas SA		540,611		16,199
Bollore SA		2,335,240		6,407
Bouygues SA		5,771		168
Capgemini SE		72,548		6,065
Carrefour SA		723,186		11,443
CGG SA *		596,341		532
Covivio^‡		7,765		440
Credit Agricole SA		264,485		1,911
Criteo SA ADR *		60,571		482
Danone SA		135,312		8,669
Dassault Systemes SE		245		36
Edenred		46,418		1,937
Eiffage SA		22,049		1,562
Engie SA		497,808		5,110
EssilorLuxottica SA		87,521		9,338
Eurofins Scientific SE		881		434
Gecina SA ^‡		7,468		986
Hermes International		6,416		4,402
ICADE^‡		5,827		461
Ingenico Group SA		11,181		1,169
Ipsen SA		33,962		1,753
IPSOS		18,645		388
Kering SA		4,181		2,171
La Francaise des Jeux SAEM		159,179		3,953
Legrand SA		23,108		1,474
L’Oreal SA		19,116		5,025



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
LVMH Moet Hennessy Louis Vuitton SE		49,963	$	18,445
Nexans SA		11,503		338
Pernod Ricard SA		107,933		15,301
Peugeot SA		447,567		5,927
Publicis Groupe SA		244,069		6,962
Rexel SA		311,140		2,308
Safran SA *		41,686		3,638
Sanofi		322,003		27,953
Sartorius Stedim Biotech		24,246		4,849
Schneider Electric SE		49,967		4,232
Suez		74,531		756
Teleperformance		40,384		8,385
Thales SA		188,956		15,750
TOTAL SA		370,534		14,109
Ubisoft Entertainment SA *		89,328		6,526
Veolia Environnement SA		58,473		1,243
Vinci SA		7,556		622
Vivendi SA		184,933		3,967

				252,969


Germany — 8.8%
Allianz SE		165,436		28,353
BASF SE		410,186		19,446
Bayer AG		494,966		28,489
Beiersdorf AG		18,600		1,881
Brenntag AG		102,158		3,777
Carl Zeiss Meditec AG		2,107		203
CTS Eventim AG & Co KGaA		117,918		5,290
Delivery Hero SE *		12,924		943
Deutsche Boerse AG		41,989		5,758
Deutsche Lufthansa AG *(A)		260,595		2,446
Deutsche Post AG		974,888		26,377
Fresenius Medical Care AG & Co KGaA		219,531		14,448
Gerresheimer AG		107,800		6,817
Hamburger Hafen und Logistik AG		11,628		162
Hannover Rueck SE		11,244		1,610
Infineon Technologies AG		949,857		13,602
LANXESS AG		10,138		400
Linde PLC (A)		83,080		14,505
MTU Aero Engines AG		9,213		1,339
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		46,796		9,355
Puma SE		16,640		984
QIAGEN NV *		79,482		3,265
RWE AG		136,805		3,569
SAP SE		364,770		40,355
SAP SE ADR (A)		68,469		7,566
Scout24 AG		125,814		7,533
Siemens AG		366,958		31,063
TAG Immobilien AG		16,160		318
Talanx AG		7,946		269
Uniper SE		43,887		1,073

				281,196


2		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Greece — 0.0%
Aegean Airlines SA		12,601	$	57


Hong Kong — 2.3%
AIA Group Ltd		2,112,000		19,028
ASM Pacific Technology Ltd		61,800		572
Chaoda Modern Agriculture Holdings Ltd *		2,440,000		15
China Merchants Port Holdings Co Ltd		484,120		550
China Mobile Ltd		1,982,315		14,838
CITIC Ltd		629,084		659
CK Hutchison Holdings Ltd		155,500		1,042
Country Garden Services Holdings Co Ltd		402,000		1,623
Galaxy Entertainment Group Ltd *		1,232,000		6,545
Hebei Construction Group Corp Ltd, Cl H (A)		64,920		39
HK Electric Investments & HK Electric Investments Ltd		472,000		453
HKT Trust & HKT Ltd		686,000		931
Hong Kong & China Gas Co Ltd		511,300		839
Hongkong Land Holdings Ltd		279,500		1,049
Kingboard Holdings Ltd		152,500		354
Logan Property Holdings Co Ltd		214,000		329
NagaCorp Ltd		286,000		290
Nine Dragons Paper Holdings Ltd		1,683,000		1,528
Power Assets Holdings Ltd		234,000		1,391
Samsonite International SA *		3,606,211		3,395
SJM Holdings Ltd		4,284,340		3,624
Sun Hung Kai Properties Ltd		131,500		1,729
Swire Pacific Ltd, Cl A		159,000		1,019
Techtronic Industries Co Ltd		1,327,500		8,551
West China Cement Ltd		3,132,000		486
Zoomlion Heavy Industry Science and Technology Co Ltd *(A)		2,481,400		1,790

				72,669


India — 0.3%
HDFC Bank Ltd ADR		241,379		9,283


Ireland — 1.7%
CRH PLC		178,160		4,848
Experian PLC		647,592		17,869
Flutter Entertainment PLC *		2,060		185
ICON PLC *		114,110		15,519
Kerry Group PLC, Cl A		63,741		7,346
Ryanair Holdings PLC ADR *		183,935		9,765

				55,532


Israel — 1.6%
Azrieli Group Ltd		6,589		381
Bank Hapoalim BM		617,942		3,721
Bank Leumi Le-Israel BM		2,060,381		11,399
Check Point Software Technologies Ltd *		167,293		16,820
Elbit Systems Ltd		4,487		579
First International Bank Of Israel Ltd		23,055		563
Isracard Ltd		30,550		82
Israel Discount Bank Ltd, Cl A		106,911		317



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Mizrahi Tefahot Bank Ltd		80,687	$	1,510
Nice Ltd *		25,298		3,730
Nice Ltd ADR *		82,009		11,773

				50,875


Italy — 2.3%
Assicurazioni Generali SpA		246,217		3,343
Banca Mediolanum SpA		52,461		267
Enel SpA		220,673		1,532
ERG SpA		52,417		938
EXOR NV		115,844		6,020
Ferrari NV		69,525		10,772
Fiat Chrysler Automobiles NV		532,971		3,882
Hera SpA		572,599		2,065
Intesa Sanpaolo SpA *		80,831		132
Leonardo SpA		800,327		5,298
Mediobanca Banca di Credito Finanziario SpA		115,653		637
Nexi SpA *		316,515		4,109
Poste Italiane SpA		89,045		754
PRADA SpA		832,872		2,447
Recordati SpA		212,736		8,964
Snam SpA		22,842		106
Tenaris SA		888,739		5,390
Terna Rete Elettrica Nazionale SpA		50,537		319
UniCredit SpA *		2,253,251		17,512

				74,487


Japan — 16.9%
77 Bank Ltd/The		66,100		854
Advantest Corp		54,400		2,146
AGC Inc/Japan		35,700		873
Amada Holdings Co Ltd		13,700		108
Arcland Sakamoto Co Ltd		33,873		305
Asahi Group Holdings Ltd		33,400		1,082
Bridgestone Corp		136,600		4,173
Brother Industries Ltd		12,100		183
Canon Marketing Japan Inc		118,300		2,326
Capcom Co Ltd		174,900		5,447
Casio Computer Co Ltd		32,400		450
Chugai Pharmaceutical Co Ltd		16,000		1,849
Coca-Cola Bottlers Japan Holdings Inc		22,000		450
Credit Saison Co Ltd		21,700		250
Dai Nippon Printing Co Ltd		491,900		10,417
Dai-ichi Life Holdings Inc		48,200		574
Daiichi Sankyo Co Ltd		35,600		2,436
Daikin Industries Ltd		52,300		6,336
Daito Trust Construction Co Ltd		42,600		3,930
Daiwa House Industry Co Ltd		262,200		6,477
Daiwa House REIT Investment Corp, Cl A		341		831
Disco Corp		5,200		1,024
East Japan Railway Co		129,200		9,754
FANUC Corp		130,600		17,534
Fast Retailing Co Ltd		1,100		448


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		3

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
FUJIFILM Holdings Corp		225,900	$	11,312
Fujitsu Ltd		129,000		11,656
Glory Ltd		14,900		342
Hakuhodo DY Holdings Inc		96,400		968
Haseko Corp		563,400		5,997
Hikari Tsushin Inc		3,100		519
Hirose Electric Co Ltd		3,700		382
Hitachi Chemical Co Ltd		17,600		748
Hitachi High-Tech Corp		12,400		917
Hitachi Ltd		228,500		6,600
Hitachi Metals Ltd		43,500		456
Hoshizaki Corp		11,000		823
Hoya Corp		79,100		6,713
Hulic Co Ltd		48,100		488
ITOCHU Corp		172,900		3,556
Itochu Techno-Solutions Corp		18,500		527
Itoki Corp		12,000		35
Japan Airport Terminal Co Ltd		8,600		331
Japan Post Bank Co Ltd (A)		93,400		859
Japan Post Holdings Co Ltd		313,900		2,448
Japan Prime Realty Investment Corp, Cl A ^‡		47		142
Japan Real Estate Investment Corp, Cl A ^‡		56		327
Kakaku.com Inc		9,400		172
Kansai Paint Co Ltd		29,000		552
Kao Corp		43,000		3,506
KDDI Corp		220,200		6,500
Keihan Holdings Co Ltd		6,400		283
Keikyu Corp		2,600		44
Keisei Electric Railway Co Ltd		2,900		83
Keyence Corp		49,500		15,894
Kintetsu Group Holdings Co Ltd		16,300		752
Koito Manufacturing Co Ltd		66,400		2,229
Kokuyo Co Ltd		81,800		1,137
Komatsu Ltd		751,800		12,256
Konami Holdings Corp		116,700		3,558
Kurita Water Industries Ltd		6,500		150
Kyowa Kirin Co Ltd		12,400		276
LIXIL Group Corp		49,500		612
M3 Inc		76,900		2,256
Mabuchi Motor Co Ltd		389,800		11,582
Marubeni Corp		30,300		150
Marui Group Co Ltd		30,900		514
MINEBEA MITSUMI Inc		50,600		749
Mitsubishi Electric Corp		139,400		1,712
Mitsubishi UFJ Financial Group Inc		498,300		1,844
Mitsubishi UFJ Lease & Finance Co Ltd		56,600		277
Mitsui & Co Ltd		35,900		496
Mitsui OSK Lines Ltd		6,800		109
Mixi Inc		141,600		2,048
Mizuho Financial Group Inc		1,864,800		2,126
Mizuno Corp		17,000		293
Morinaga & Co Ltd/Japan		140,500		5,740



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
MS&AD Insurance Group Holdings Inc		580,300	$	16,156
Murata Manufacturing Co Ltd		180,100		9,114
Nagoya Railroad Co Ltd		1,200		34
NET One Systems Co Ltd		11,800		243
NGK Insulators Ltd		12,900		169
NH Foods Ltd		12,200		422
Nihon M&A Center Inc		192,700		5,257
Nihon Unisys Ltd		155,500		4,152
Nikon Corp (A)		159,500		1,456
Nintendo Co Ltd		31,700		12,210
Nippon Building Fund Inc, Cl A		84		561
Nippon Paint Holdings Co Ltd		27,200		1,422
Nippon Prologis REIT Inc		341		854
Nippon Shinyaku Co Ltd		3,400		267
Nippon Telegraph & Telephone Corp		491,100		11,720
Nippon Telegraph & Telephone Corp ADR		840,932		19,863
Nitori Holdings Co Ltd		2,500		337
Nomura Real Estate Holdings Inc		16,600		268
Nomura Real Estate Master Fund Inc ^‡		761		959
Nomura Research Institute Ltd		57,000		1,203
North Pacific Bank Ltd		143,900		271
NTT DOCOMO Inc		317,600		9,887
Obic Co Ltd		8,600		1,125
Olympus Corp		19,400		281
Omron Corp		22,100		1,132
Oracle Corp Japan *		3,900		339
Oriental Land Co Ltd/Japan		24,100		3,054
Orix JREIT Inc		307		402
Otsuka Corp		107,700		4,559
Panasonic Corp		595,400		4,523
Persol Holdings Co Ltd		218,200		2,187
Recruit Holdings Co Ltd		108,700		2,815
Rohm Co Ltd		203,700		11,062
Sanwa Holdings Corp		536,500		4,163
SCSK Corp		71,400		3,177
Secom Co Ltd		27,800		2,305
Seiko Holdings Corp		28,400		456
Sekisui House Ltd		1,044,600		17,192
Seven & i Holdings Co Ltd		391,500		12,998
Shimadzu Corp		12,900		336
Shin-Etsu Chemical Co Ltd		39,200		3,862
Shinsei Bank Ltd *		28,300		375
Shionogi & Co Ltd		78,600		3,857
Shiseido Co Ltd		48,100		2,826
SMC Corp/Japan		3,200		1,340
Sompo Holdings Inc		139,900		4,314
Sony Corp		64,900		3,839
Sony Corp ADR		100,360		5,939
Sony Financial Holdings Inc		31,700		534
SUMCO Corp		46,400		587
Sumitomo Corp		163,600		1,871
Sumitomo Mitsui Financial Group Inc		558,200		13,398


4		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Sumitomo Mitsui Trust Holdings Inc		417,322	$	11,986
Suzuki Motor Corp		121,737		2,900
Taiyo Nippon Sanso Corp		25,600		380
Takeda Pharmaceutical Co Ltd		1,232,900		37,375
Takeda Pharmaceutical Co Ltd ADR		83,793		1,272
Teijin Ltd		19,600		330
Terumo Corp		105,300		3,610
THK Co Ltd		16,100		325
TIS Inc		230,100		3,793
Tobu Railway Co Ltd		21,800		761
Tokio Marine Holdings Inc		35,500		1,624
Tokyo Electric Power Co Holdings Inc *		695,800		2,426
Tokyo Electron Ltd		34,700		6,494
Tokyu Fudosan Holdings Corp		94,800		454
Tomy Co Ltd		55,500		388
Toppan Printing Co Ltd		158,000		2,406
Toyota Industries Corp		17,100		817
Toyota Motor Corp		88,600		5,313
Toyota Motor Corp ADR		142,721		17,119
Tsuruha Holdings Inc		5,900		778
United Urban Investment Corp		196		194
Universal Entertainment *		218,474		3,274
Wacoal Holdings Corp		401,252		8,685
Welcia Holdings Co Ltd		3,700		260
Yaskawa Electric Corp		39,000		1,061
Z Holdings Corp		84,600		271

				540,272


Malaysia — 0.0%
PIE Industrial BHD		191,400		47


Malta — 0.0%
BGP Holdings (B)		198,683		—


Mexico — 0.8%
Arca Continental SAB de CV		1,571,480		6,414
Becle SAB de CV		7,826,100		9,618
Grupo Financiero Banorte SAB de CV, Cl O		675,320		1,871
Wal-Mart de Mexico SAB de CV		3,360,200		8,005

				25,908


Netherlands — 4.6%
Aalberts NV		13,050		306
Aegon NV		126,229		316
AerCap Holdings NV *		107,510		2,450
Akzo Nobel NV		151,386		9,832
Altice Europe NV *		132,765		512
Arcadis NV		33,652		527
ASM International NV		6,231		623
ASML Holding NV		45,579		12,021
ASR Nederland NV		180,815		4,518
Galapagos NV *		6,914		1,373
Heineken Holding NV		49,620		3,773
Heineken NV		81,111		6,736
ING Groep NV *		3,011,276		15,607



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
James Hardie Industries PLC		86,796	$	983
Koninklijke Ahold Delhaize NV		587,859		13,649
Koninklijke DSM NV		89,594		10,109
Koninklijke KPN NV		1,147,563		2,722
Koninklijke Philips NV		328,341		13,170
NN Group NV		30,043		798
NXP Semiconductors NV		102,989		8,541
Randstad NV *		111,039		3,866
Royal Dutch Shell PLC ADR, Cl B		311,162		10,163
TKH Group NV		6,353		175
Wolters Kluwer NV		328,272		23,087

				145,857


New Zealand — 0.1%
Air New Zealand Ltd		573,594		287
Fisher & Paykel Healthcare Corp Ltd		110,254		1,974
Fletcher Building Ltd		84,821		174
Meridian Energy Ltd		161,299		385

				2,820


Norway — 2.0%
Adevinta ASA, Cl B *		1,222,466		10,838
Atlantic Sapphire AS *		3,511,187		30,062
DNB ASA		38,779		430
Gjensidige Forsikring ASA (A)		23,275		390
Kahoot! AS *(A)		1,739,085		10,103
Mowi ASA		393,671		5,869
Norway Royal Salmon ASA		168,443		3,333
Vaccibody AS *		365,753		2,786

				63,811


Portugal — 0.1%
EDP - Energias de Portugal SA		317,966		1,264
Galp Energia SGPS SA, Cl B		80,366		910
Jeronimo Martins SGPS SA		67,748		1,217

				3,391


Russia — 0.0%
Tatneft PJSC ADR		2,303		96


Singapore — 0.9%
City Developments Ltd		1,883,900		9,545
DBS Group Holdings Ltd		707,800		9,144
Hong Leong Finance Ltd		68,524		102
Mapletree Commercial Trust		490,000		626
Oversea-Chinese Banking Corp Ltd		1,022,635		6,172
Singapore Exchange Ltd		381,600		2,450
UOL Group Ltd		90,600		418
Wilmar International Ltd		126,700		287

				28,744


South Africa — 0.0%
DataTec Ltd		100,188		155
Investec PLC (A)		416,323		764

				919


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		5

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
South Korea — 2.3%
BNK Financial Group Inc		261,151	$	948
Daelim Industrial Co Ltd		8,416		506
Doosan Infracore Co Ltd *		146,354		375
Hotel Shilla Co Ltd (A)		79,037		4,536
Kangwon Land Inc		430,760		6,950
Kia Motors Corp		10,621		226
KT Corp ADR *		432,095		3,362
LG Electronics Inc		40,173		1,578
LMS Co Ltd/South Korea		43,525		334
LS Industrial Systems Co Ltd		4,811		136
NCSoft Corp		14,146		7,547
Samsung Electronics Co Ltd		661,953		25,719
SK Telecom Co Ltd		66,952		9,697
SK Telecom Co Ltd ADR		787,189		12,807

				74,721


Spain — 1.1%
Amadeus IT Group SA, Cl A		154,342		7,293
Banco Bilbao Vizcaya Argentaria SA		1,865,940		5,862
Banco Santander SA		573,026		1,381
CaixaBank SA		2,491,112		4,602
Cellnex Telecom SA *		42,564		1,929
Cia de Distribucion Integral Logista Holdings SA		57,814		926
Endesa SA		16,906		359
Ferrovial SA		73,919		1,764
Grifols SA		6,484		220
Indra Sistemas SA *		333,121		2,732
Industria de Diseno Textil SA		118,798		3,058
Unicaja Banco SA		11,477,455		6,666

				36,792


Sweden — 1.7%
Assa Abloy AB, Cl B		313,865		5,903
Atlas Copco AB, Cl A		385,479		12,893
Atlas Copco AB, Cl B		25,912		760
Axfood AB		48,823		995
Betsson AB		124,312		497
Elanders AB, Cl B		3,872		17
Epiroc AB, Cl A		111,449		1,096
Epiroc AB, Cl B		72,504		714
Fastighets AB Balder, Cl B *		30,596		1,101
Getinge AB, Cl B		74,920		1,428
Hennes & Mauritz AB, Cl B *		130,048		1,669
ICA Gruppen AB		74,403		3,122
Industrivarden AB, Cl C		10,159		198
Investor AB, Cl B		23,128		1,054
Kinnevik AB *		10,309		170
L E Lundbergforetagen AB, Cl B		14,039		574
Millicom International Cellular SA		107,816		3,027
NCC AB, Cl B *		95,027		1,244
Sandvik AB		41,778		587
Skanska AB, Cl B *		59,364		897



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
SKF AB, Cl B (A)		120,854	$	1,656
Swedbank AB, Cl A		177,955		1,980
Swedish Match AB		184,533		10,507
Tele2 AB, Cl B		21,047		283
Trelleborg AB, Cl B		60,510		649
Volvo AB, Cl B		31,051		372

				53,393


Switzerland — 8.5%
ABB Ltd (A)		977,229		16,950
Adecco Group AG		268,035		10,509
Alcon Inc *		241,307		12,295
Aryzta AG *		2,336,902		837
Baloise Holding AG		10,010		1,308
Barry Callebaut AG		371		741
Chocoladefabriken Lindt & Spruengli AG		228		2,929
Cie Financiere Richemont SA		198,527		10,723
Coca-Cola HBC AG		257,760		5,520
Geberit AG		16,334		7,122
Givaudan SA		1,123		3,455
Julius Baer Group Ltd		137,206		4,612
Kuehne + Nagel International AG		665		91
Lonza Group AG		15,145		6,258
Nestle SA		166,174		16,913
Novartis AG		557,944		45,690
Partners Group Holding AG		9,411		6,492
Roche Holding AG		163,856		52,792
SGS SA		2,201		5,094
SIG Combibloc Group AG *		415,398		6,219
Sika AG		87,931		14,513
Sonova Holding AG		43,135		7,702
Straumann Holding AG		1,347		999
Swiss Life Holding AG		21,253		7,190
Swiss Prime Site AG		13,984		1,366
Swiss Re AG		44,382		3,399
Swisscom AG (A)		3,450		1,846
Tecan Group AG		3,228		965
UBS Group AG		1,527,143		14,131
Zurich Insurance Group AG		10,822		3,800

				272,461


Taiwan — 1.1%
Chipmos Technologies Inc		366,000		318
Foxconn Technology Co Ltd		605,000		990
Global Mixed Mode Technology Inc		91,000		302
Hon Hai Precision Industry Co Ltd		857,000		1,972
Kindom Development Co Ltd		432,000		326
Lite-On Technology Corp		1,534,000		2,092
MediaTek Inc		752,000		8,137
Mirle Automation Corp		600,000		603
Pou Chen Corp		412,000		350
Powertech Technology Inc		198,000		558
Simplo Technology Co Ltd		158,000		1,382
Sitronix Technology Corp		173,000		665


6		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Supreme Electronics Co Ltd		469,000	$	470
Synnex Technology International Corp		1,030,000		1,267
Taiwan Semiconductor Manufacturing Co Ltd ADR		305,065		14,579
Topco Scientific Co Ltd		96,000		288
Zhen Ding Technology Holding Ltd		84,000		258

				34,557


Turkey — 0.0%
Turkiye Halk Bankasi AS *(A)		1,180,311		901


United Arab Emirates — 0.0%
Abu Dhabi Islamic Bank PJSC		615,520		667


United Kingdom — 12.5%
3i Group PLC		229,149		2,229
Admiral Group PLC		3,028		84
Aggreko PLC		53,260		319
Anglo American PLC		86,624		1,516
Aon PLC/UK		39,866		6,579
Ashtead Group PLC		81,513		1,763
AstraZeneca PLC		111,259		9,981
AVEVA Group PLC		12,837		553
Aviva PLC		1,889,436		6,213
BAE Systems PLC		105,703		681
Balfour Beatty PLC		2,561,222		6,783
Bank of Ireland Group PLC *		2,640,047		4,942
Barclays PLC		11,668,920		13,421
Barratt Developments PLC		1,013,938		5,488
Bellway PLC		20,548		547
Berkeley Group Holdings PLC		29,760		1,324
BHP Group PLC		365,309		5,642
BP PLC		1,053,493		4,388
British American Tobacco PLC		463,666		15,770
BT Group PLC, Cl A		851,464		1,233
Bunzl PLC		367,892		7,401
Compass Group PLC		712,485		11,110
Computacenter PLC		62,379		1,106
Crest Nicholson Holdings plc		35,148		76
CRH PLC		219,562		5,927
Croda International PLC		17,639		927
DCC PLC		104,564		6,583
Diageo PLC		116,263		3,721
Dialog Semiconductor PLC *		45,565		1,203
Electrocomponents PLC		735,931		4,682
Evraz PLC		990,183		2,816
Ferguson PLC		211,380		13,062
Ferrexpo PLC		524,939		766
Fevertree Drinks PLC		283,292		4,251
GlaxoSmithKline PLC		670,993		12,624
GVC Holdings PLC		95,319		654
Halma PLC		61,890		1,466
Hays PLC		1,583,408		2,251
Inchcape PLC		165,498		883



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Indivior PLC *		568,551	$	321
Informa PLC		11,652		63
InterContinental Hotels Group PLC		7,815		335
International Consolidated Airlines Group SA		630,131		1,659
Intertek Group PLC		23,894		1,391
Investec PLC		290,604		542
JD Sports Fashion PLC		89,722		508
Johnson Matthey PLC		166,491		3,682
Keywords Studios PLC		360,076		6,417
Kingfisher PLC		4,348,234		7,668
Kingspan Group PLC		15,795		834
Legal & General Group PLC		3,172,972		7,516
London Stock Exchange Group PLC		156,497		14,055
M&G PLC		758,648		1,060
Meggitt PLC		151,845		544
Melrose Industries PLC		3,650,312		4,089
Micro Focus International PLC		382,051		1,883
National Grid PLC		974,019		11,374
Ninety One PLC *(A)		353,464		758
Pagegroup PLC		128,208		578
Prudential PLC		1,426,580		18,070
QinetiQ Group PLC		171,097		682
Reckitt Benckiser Group PLC		100,085		7,608
RELX PLC		1,049,378		22,456
Rentokil Initial PLC *		1,553,493		7,459
Rightmove PLC		222,551		1,339
Rio Tinto PLC		55,228		2,523
Rolls-Royce Holdings PLC		2,440,600		10,237
Royal Bank of Scotland Group PLC		5,568,954		7,704
RSA Insurance Group PLC		56,868		295
Sage Group PLC/The		75,999		555
Savills PLC		16,830		171
Schroders PLC		45,451		1,383
Segro PLC ^‡		191,650		1,811
Severn Trent PLC		20,331		574
Smith & Nephew PLC		811,804		14,337
Smiths Group PLC		74,634		1,120
Smurfit Kappa Group PLC		24,910		703
Spectris PLC		125,288		3,765
Spirax-Sarco Engineering PLC		11,027		1,110
Spirent Communications PLC		67,806		173
SSE PLC		320,300		5,181
SSP Group Plc		130,608		496
St James’s Place PLC		408,356		3,817
Standard Chartered PLC		75,803		414
Standard Life Aberdeen PLC		398,581		1,086
Tate & Lyle PLC		228,715		1,848
Taylor Wimpey PLC *		2,176,715		3,169
Tesco PLC		7,409,478		20,869
Trainline PLC *		594,225		2,492
Vistry Group PLC		27,668		198
Vodafone Group PLC		13,446,345		18,632


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		7

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Equity Fund (Concluded)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
WH Smith PLC		58,146	$	818

				399,337


United States — 5.6%
Accenture PLC, Cl A		90,161		14,720
ASML Holding NV, Cl G		47,020		12,302
Atlassian Corp PLC, Cl A *		14,196		1,949
Axis Capital Holdings Ltd		308,388		11,919
Axonics Modulation Technologies Inc *(A)		569,586		14,473
Biohaven Pharmaceutical Holding Co Ltd *		198,015		6,738
Chubb Ltd		91,686		10,241
Coca-Cola European Partners PLC		83,416		3,131
Flex Ltd *		1,018,773		8,532
Lululemon Athletica Inc *		83,519		15,831
Mettler-Toledo International Inc *		13,645		9,422
Microsoft Corp		62,443		9,848
Nomad Foods Ltd *		320,168		5,942
ResMed Inc		102,618		15,115
Sensata Technologies Holding PLC *		150,713		4,360
Shopify Inc, Cl A *		32,990		13,754
STERIS PLC		62,678		8,773
Visa Inc, Cl A		24,812		3,998
Wix.com Ltd *		78,946		7,959

				179,007


Total Common Stock (Cost $3,419,544) ($ Thousands)				3,014,983

PREFERRED STOCK — 1.7%
Germany — 1.1%
Henkel AG & Co KGaA (C)		86,879		6,947
Sartorius AG (C)		4,708		1,138
Volkswagen AG (C)		228,482		26,677

				34,762


South Korea — 0.6%
Hyundai Motor Co (C)		132,660		5,598
Samsung Electronics Co Ltd (C)		381,858		12,406

				18,004


Total Preferred Stock (Cost $68,403) ($ Thousands)				52,766


	Number of Rights
RIGHTS — 0.0%
Taiwan — 0.0%
Simplo Technology Co Ltd *^‡‡		5,445		–


Total Rights (Cost $—) ($ Thousands)				–



Description	Shares		Market Value ($ Thousands)
AFFILIATED PARTNERSHIP — 2.0%
SEI Liquidity Fund, L.P. 0.760% **^†(D)		64,574,382	$	64,589


Total Affiliated Partnership (Cost $64,574) ($ Thousands)				64,589


CASH EQUIVALENT — 1.0%
SEI Daily Income Trust, Government Fund, Cl F 0.290%**^†		32,820,846		32,821

Total Cash Equivalent (Cost $32,821) ($ Thousands)				32,821


Total Investments in Securities — 98.8% (Cost $3,585,342) ($ Thousands)			$	3,165,159


8		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020

A list of the open futures contracts held by the Fund at March 31, 2020, is as follows:


Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation (Thousands)
Euro STOXX 50		480		Jun-2020	$	12,430	$	14,468	$	1,765
FTSE 100 Index		100		Jun-2020		5,644		6,988		852
Hang Seng Index		11		May-2020		1,681		1,683		3
SPI 200 Index		55		Jun-2020		3,654		4,300		419
TOPIX Index		84		Jun-2020		9,679		10,917		912

					$	33,088	$	38,356	$	3,951

Percentages are based on Net Assets of $3,202,897 ($ Thousands).

*	Non-income producing security.

**	The rate reported is the 7-day effective yield as of March 31, 2020.

^†	Investment in Affiliated Security (see Note 5).

^‡	Real Estate Investment Trust.

^‡‡	Expiration date not available.

(A)	Certain securities or partial positions of certain securities are on loan at March 31, 2020 (See Note 9). The total market value of securities on loan at March 31, 2020 was $60,441 ($ Thousands).

(B)	Level 3 security in accordance with fair value hierarchy.

(C)	There is currently no 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 March 31, 2020 was $64,589 ($ Thousands).

ADR — American Depositary Receipt

Cl — Class

FTSE — Financial Times and Stock Exchange

L.P. — Limited Partnership

Ltd. — Limited

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

REIT — Real Estate investment Trust

SPI — Share Price Index

TOPIX — Tokyo Price Index

The following is a list of the level of inputs used as of March 31, 2020, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1

($)

Level 2

($)

Level 3

($)

Total

($)

Common Stock

3,005,252

9,731

–^

3,014,983

Preferred Stock

52,766

–

52,766

Rights

–

Affiliated Partnership

–

64,589

–

64,589

Cash Equivalent

32,821

–

32,821

Total Investments in Securities

3,090,839

74,320

–

3,165,159

Other Financial Instruments

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Futures Contracts*

Unrealized Appreciation

3,951

–

3,951

Total Other Financial Instruments

3,951

–

3,951

^One security with a market value of $0.

*Futures contracts are valued at the unrealized appreciation on the instrument.

For the period ended March 31, 2020, there were no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2020 ($ Thousands):



Security Description	Value 9/30/2019	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value 3/31/2020	Shares	Income	Capital Gains
SEI Liquidity Fund, L.P.	$122,509	$ 360,671	$ (418,600)	$ —	$ 9	$ 64,589	64,574,382	$ 642	$ —
SEI Daily Income Trust, Government Fund, Cl F	83,730	101,256	(152,165)	—	—	32,821	32,820,846	409	—

Totals	$ 206,239	$ 461,927	$ (570,765)	$ —	$ 9	$ 97,410		$ 1,051	$ —

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

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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		9

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Market Equity Fund

LOGO

^†Percentages based on total investments. Includes investments held as collateral for securities on loan (see Note 9).



Description	Shares		Market Value ($ Thousands)

COMMON STOCK — 94.4%

Argentina — 0.4%
Arcos Dorados Holdings Inc, Cl A		85,303	$	285
Cresud SACIF y A ADR *(A)		49,542		172
IRSA Inversiones y Representaciones SA ADR *		41,428		144
IRSA Propiedades Comerciales SA ADR		2,512		18
MercadoLibre Inc *		8,589		4,197

				4,816


Austria — 0.1%
Erste Group Bank AG		66,143		1,226
IMMOFINANZ AG		34,430		609

				1,835


Brazil — 4.6%
Ambev SA *		569,800		1,305
Arezzo Industria e Comercio SA		127,700		921
Atacadao SA *		832,447		3,281
B2W Cia Digital *		577,012		5,323
B3 SA - Brasil Bolsa Balcao		601,820		4,134
Banco Bradesco SA ADR *		937,094		3,805
Banco do Brasil SA *		327,413		1,752
Banco Santander Brasil SA		254,900		1,327
Banco Santander Brasil SA ADR (A)		105,870		547
BK Brasil Operacao e Assessoria a
Restaurantes SA *		306,243		543
BRF SA *		483,253		1,407
BRF SA ADR *		213,703		620
CCR SA		440,900		1,011
Cia de Saneamento do Parana		52,776		244
Cia Energetica de Minas Gerais ADR		410,866		699
Cosan Ltd, Cl A *		32,486		400
Cosan SA		228,128		2,365



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Cyrela Brazil Realty SA Empreendimentos e Participacoes		273,398	$	764
Duratex SA *		457,300		817
Energisa SA		455,268		3,354
Eneva SA *		95,847		628
Gerdau SA ADR (A)		389,070		743
Grupo SBF SA *		169,275		789
Hypera SA *		246,662		1,374
JBS SA		152,080		596
Localiza Rent a Car SA		182,490		924
Minerva SA/Brazil *		128,998		198
Notre Dame Intermedica Participacoes SA		262,177		2,258
Petrobras Distribuidora SA		298,489		906
Petroleo Brasileiro SA		21,549		118
Petroleo Brasileiro SA ADR *		719,316		3,956
Porto Seguro SA		130,188		1,112
Qualicorp Consultoria e Corretora de Seguros SA		111,107		512
Raia Drogasil SA		23,506		459
Rumo SA *		1,911,332		7,253
Telefonica Brasil SA ADR		174,379		1,662
TIM Participacoes SA ADR *		90,749		1,103
Transmissora Alianca de Energia Eletrica SA		92,364		458
Vale SA ADR, Cl B *		179,909		1,492
WEG SA		44,522		287
YDUQS Part		150,886		652

				62,099


Canada — 0.7%
First Quantum Minerals Ltd		1,503,362		7,594
Pan American Silver Corp		63,200		906
Parex Resources Inc *		163,177		1,364

				9,864


Chile — 0.2%
Banco de Credito e Inversiones SA		7,407		252
Cia Cervecerias Unidas SA ADR		29,946		401
Enel Chile SA		14,238,302		969
Latam Airlines Group SA ADR (A)		37,504		99
Sociedad Quimica y Minera de Chile SA ADR (A)		67,030		1,512

				3,233


China — 27.6%
Agricultural Bank of China Ltd, Cl H		7,357,000		2,931
Alibaba Group Holding Ltd ADR *		297,298		57,818
Angel Yeast Co Ltd, Cl A		197,800		982
Anhui Conch Cement Co Ltd, Cl H		1,119,664		7,760
Baidu Inc *		39,692		4,001
Bank of China Ltd, Cl H		10,379,000		3,967
Baozun Inc ADR *(A)		70,559		1,971
BeiGene Ltd ADR *		3,159		389
Beijing Sinnet Technology Co Ltd, Cl A		1,164,995		3,895
Beijing Thunisoft Corp Ltd, Cl A		333,714		1,209


10		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Bilibili Inc ADR *(A)		103,892	$	2,433
Bosideng International Holdings Ltd		1,744,741		406
China Coal Energy Co Ltd, Cl H		688,012		191
China Communications Services Corp Ltd, Cl H		281,227		204
China Construction Bank Corp, Cl H		14,733,000		11,978
China Lesso Group Holdings Ltd		471,000		618
China Life Insurance Co Ltd, Cl H		1,070,000		2,100
China Merchants Bank Co Ltd, Cl H		345,966		1,559
China National Building Material Co Ltd, Cl H		1,178,000		1,285
China Oilfield Services Ltd, Cl H		542,000		419
China Pacific Insurance Group Co Ltd, Cl H		220,400		666
China Petroleum & Chemical Corp, Cl H		2,330,000		1,150
China Railway Construction Corp Ltd, Cl H		710,000		791
China Shenhua Energy Co Ltd, Cl H		85,900		163
Chongqing Zhifei Biological Products Co Ltd, Cl A		291,600		2,771
CITIC Securities Co Ltd, Cl H		810,000		1,471
CRRC Corp Ltd		3,932,408		1,997
Dongyue Group Ltd		155,359		62
Focus Media Information Technology Co Ltd, Cl A		8,433,795		5,244
Focused Photonics Hangzhou Inc, Cl A		840,361		1,411
Gree Electric Appliances Inc of Zhuhai, Cl A *		191,400		1,408
Hangzhou Robam Appliances Co Ltd, Cl A		1,339,650		5,346
Han’s Laser Technology Industry Group Co Ltd, Cl A		350,563		1,383
HLA Corp Ltd, Cl A		1,703,053		1,517
Huaxin Cement Co Ltd, Cl A		212,500		694
Industrial & Commercial Bank of China Ltd, Cl H		25,416,419		17,401
JD.com Inc ADR *		336,129		13,613
Jiangsu Changshu Rural Commercial Bank Co Ltd, Cl A		1,900,074		1,822
Kingsoft Corp Ltd		58,084		190
Kweichow Moutai Co Ltd, Cl A		10,400		1,632
KWG Group Holdings Ltd		1,607,000		2,277
Longfor Group Holdings Ltd		213,000		1,039
Momo Inc ADR *		224,416		4,868
NARI Technology Co Ltd, Cl A		1,057,083		2,935
NetEase Inc ADR		33,540		10,765
New Oriental Education & Technology Group Inc ADR *		45,560		4,931
Offshore Oil Engineering		3,604,839		2,485
PICC Property & Casualty Co Ltd, Cl H		566,000		545
Ping An Insurance Group Co of China Ltd, Cl A		60,100		586
Ping An Insurance Group Co of China Ltd, Cl H		2,431,357		23,827
Sangfor Technologies Inc, Cl A		82,793		1,837
Shenzhen Inovance Technology Co Ltd, Cl A		476,900		1,730
Shenzhen Overseas Chinese Town Co Ltd, Cl A		1,306,800		1,177



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Sichuan Kelun Pharmaceutical Co Ltd, Cl A		522,100	$	1,518
SINA Corp/China *		69,853		2,224
Sinopharm Group Co Ltd, Cl H		2,512,381		5,640
Sinotruk Hong Kong Ltd		1,246,500		2,067
Sohu.com Ltd ADR *		83,408		520
Suofeiya Home Collection Co Ltd, Cl A		1,117,700		2,845
TAL Education Group ADR *		52,907		2,818
Tencent Holdings Ltd		1,480,907		72,892
Tingyi Cayman Islands Holding Corp		1,490,500		2,426
Trip.com Group Ltd ADR *		193,622		4,541
Tsingtao Brewery Co Ltd, Cl H		562,000		2,850
Uni-President China Holdings Ltd		2,038,400		1,963
Vipshop Holdings Ltd ADR *		57,945		903
Want Want China Holdings Ltd		803,000		582
Weibo Corp ADR *(A)		111,271		3,684
Weichai Power Co Ltd, Cl H		1,176,806		1,883
Wens Foodstuffs Group Co Ltd		840,683		3,812
Wuhu Sanqi Interactive Entertainment Network Technology Group Co Ltd, Cl A		612,900		2,796
Wuliangye Yibin Co Ltd, Cl A		207,400		3,370
Yantai Jereh Oilfield Services Group Co Ltd, Cl A		257,274		807
Yanzhou Coal Mining Co Ltd, Cl H		428,791		334
Yonghui Superstores Co Ltd, Cl A		1,714,900		2,480
Yum China Holdings Inc		13,071		557
Zhejiang Expressway Co Ltd, Cl H		3,032,000		2,107
Zhejiang NHU Co Ltd, Cl A		1,074,369		4,118
Zhejiang Weixing New Building Materials Co Ltd, Cl A		782,085		1,211
Zhongsheng Group Holdings Ltd		2,049,000		7,131
Zhuzhou CRRC Times Electric Co Ltd, Cl H		644,600		1,904
ZTO Express Cayman Inc ADR *		208,198		5,513

				371,346


Colombia — 0.3%
Bancolombia SA ADR, Cl R		108,428		2,706
Ecopetrol SA		586,703		281
Ecopetrol SA ADR		38,523		366
Interconexion Electrica SA ESP		80,724		333

				3,686


Cyprus — 0.1%
TCS Group Holding PLC GDR		106,230		1,230


Czech Republic — 0.2%
Moneta Money Bank AS		1,066,042		2,187


Egypt — 0.1%
Commercial International Bank Egypt SAE		525,769		1,959


Germany — 0.4%
Delivery Hero SE *		69,810		5,093


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		11

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Market Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)

Greece — 0.4%
Eurobank Ergasias Services and Holdings SA *		4,111,724	$	1,760
Hellenic Telecommunications Organization SA		43,068		518
Motor Oil Hellas Corinth Refineries SA		80,016		989
National Bank of Greece SA *		369,383		496
OPAP SA		197,451		1,498

				5,261


Hong Kong — 8.3%
3SBio Inc *		2,542,000		2,629
A-Living Services Co Ltd, Cl H		1,475,937		7,118
ASM Pacific Technology Ltd		291,600		2,700
BAIC Motor Corp Ltd, Cl H		5,690,500		2,241
Beijing Enterprises Water Group Ltd		4,074,000		1,588
Chaoda Modern Agriculture Holdings Ltd *		2,056,181		13
China Aoyuan Group Ltd		319,000		369
China Conch Venture Holdings Ltd		550,500		2,454
China Everbright Bank Co Ltd, Cl H		1,633,000		623
China Everbright International Ltd		2,222,000		1,268
China Gas Holdings Ltd		1,262,200		4,405
China High Precision Automation Group Ltd *		1,385,624		–
China Medical System Holdings Ltd		1,787,000		1,917
China Mengniu Dairy Co Ltd		438,000		1,510
China Mobile Ltd		1,267,909		9,490
China Mobile Ltd ADR		96,201		3,624
China Overseas Grand Oceans Group Ltd		215,637		125
China Resources Beer Holdings Co Ltd		65,465		296
China Resources Cement Holdings Ltd		902,000		1,072
China Resources Gas Group Ltd		148,000		742
China Resources Land Ltd		340,000		1,399
China State Construction International Holdings Ltd		2,971,123		2,201
CITIC Ltd		1,916,000		2,007
CNOOC Ltd		9,338,462		9,966
Country Garden Services Holdings Co Ltd		236,000		953
CSPC Pharmaceutical Group Ltd		174,000		347
Ever Sunshine Lifestyle Services Group Ltd		153,496		190
Far East Horizon Ltd		221,884		179
Geely Automobile Holdings Ltd		2,815,000		4,105
Genscript Biotech Corp *		412,000		663
Haier Electronics Group Co Ltd		747,000		1,998
Hisense Home Appliances Group Co Ltd, Cl H		403,534		370
Huatai Securities Co Ltd, Cl H		2,561,200		3,777
Kingboard Laminates Holdings Ltd		637,000		581
Kunlun Energy Co Ltd		672,000		392
Lee & Man Paper Manufacturing Ltd		1,320,000		792
Li Ning Co Ltd		723,000		2,091
Link REIT ‡		312,438		2,635
Livzon Pharmaceutical Group Inc, Cl H		41,972		154
Logan Property Holdings Co Ltd		3,465,672		5,319
Luye Pharma Group Ltd (A)		1,121,500		544



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Meituan Dianping, Cl B *		153,538	$	1,842
Midea Real Estate Holding Ltd		360,019		889
Nine Dragons Paper Holdings Ltd		2,169,000		1,968
Postal Savings Bank of China Co Ltd, Cl H		1,139,000		694
Powerlong Real Estate Holdings Ltd		259,416		152
Q Technology Group Co Ltd		344,000		378
Shenzhen Expressway Co Ltd, Cl H		406,000		412
Shimao Property Holdings Ltd		484,000		1,693
Sino Biopharmaceutical Ltd		414,000		543
SJM Holdings Ltd		3,963,000		3,352
Sun Art Retail Group Ltd		512,000		754
Sunac China Holdings Ltd		519,987		2,396
Sunny Optical Technology Group Co Ltd		480,100		6,397
Techtronic Industries Co Ltd		338,925		2,183
Times China Holdings Ltd		304,000		505
Times Neighborhood Holdings Ltd		389		–
United Laboratories International Holdings Ltd/The		216,602		174
Wuxi Biologics Cayman Inc *		10,667		139
Xinyi Glass Holdings Ltd		594,000		681
Yuexiu Transport Infrastructure Ltd		302,305		184
ZhongAn Online P&C Insurance Co Ltd, Cl H *(A)		216,100		710
Zoomlion Heavy Industry Science and Technology Co Ltd *(A)		1,265,800		913

				111,806


Hungary — 0.5%
MOL Hungarian Oil & Gas PLC		202,145		1,172
Richter Gedeon Nyrt		319,804		6,016

				7,188


India — 7.8%
ACC Ltd		44,777		573
Apollo Hospitals Enterprise Ltd		87,101		1,312
Asian Paints Ltd		14,349		316
Avanti Feeds Ltd		36,031		140
Axis Bank Ltd		105,839		530
Bharti Airtel Ltd *		384,937		2,241
Dabur India Ltd		87,003		517
DLF Ltd		353,459		640
Dr Reddy’s Laboratories Ltd		30,338		1,245
Dr Reddy’s Laboratories Ltd ADR		20,928		844
Escorts Ltd		128,948		1,128
Gujarat Gas Ltd		70,485		215
HCL Technologies Ltd		304,939		1,757
HDFC Bank Ltd		229,554		2,607
HDFC Bank Ltd ADR		76,200		2,931
Hero MotoCorp Ltd		63,484		1,340
Hindustan Petroleum Corp Ltd		90,966		228
Hindustan Unilever Ltd		161,066		4,890
Housing Development Finance Corp Ltd		328,432		7,058
ICICI Bank Ltd		1,769,820		7,642


12		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
ICICI Bank Ltd ADR		409,875	$	3,484
ICICI Lombard General Insurance Co Ltd		142,341		2,036
Infosys Ltd		396,103		3,318
Infosys Ltd ADR		141,553		1,162
ITC Ltd		2,022,480		4,577
JM Financial Ltd		528,780		453
JSW Steel Ltd		306,502		591
Mahindra & Mahindra Ltd		235,240		886
Manappuram Finance Ltd		286,462		359
Max Financial Services Ltd *		199,081		1,001
Metropolis Healthcare Ltd		66,204		1,124
Motherson Sumi Systems Ltd		1,492,590		1,196
Mphasis Ltd		144,959		1,274
Multi Commodity Exchange of India Ltd		94,822		1,415
Muthoot Finance Ltd		92,654		753
Nestle India Ltd		3,125		674
Petronet LNG Ltd		143,637		379
Power Finance Corp Ltd		330,242		400
Power Grid Corp of India Ltd		2,815,816		5,910
Reliance Industries Ltd		666,581		9,848
Reliance Industries Ltd GDR		400,326		12,263
SBI Cards & Payment Services Ltd *		40,000		327
Shriram Transport Finance Co Ltd		125,442		1,089
Spandana Sphoorty Financial Ltd *		100,930		778
Tata Chemicals Ltd		98,654		290
Tata Consultancy Services Ltd		147,316		3,555
Tata Consumer Products Ltd		138,378		538
Tech Mahindra Ltd		67,039		503
Torrent Pharmaceuticals Ltd		13,659		355
United Breweries Ltd		16,584		201
United Spirits Ltd *		302,561		1,931
UPL Ltd		491,777		2,113
Wipro Ltd		193,717		504
WNS Holdings Ltd ADR *		8,529		367
Zee Entertainment Enterprises Ltd		506,897		828

				104,636


Indonesia — 0.8%
Ace Hardware Indonesia Tbk PT		21,839,900		1,739
Astra International Tbk PT		2,666,800		636
Bank Central Asia Tbk PT		672,667		1,137
Bank Mandiri Persero Tbk PT		3,282,500		941
Bank Rakyat Indonesia Persero Tbk PT		22,092,305		4,090
Bank Tabungan Pensiunan Nasional Syariah Tbk PT *		744,630		98
Indofood Sukses Makmur Tbk PT		1,322,677		514
Kalbe Farma Tbk PT		4,622,600		339
Map Aktif Adiperkasa PT *		3,611,900		433
Mitra Adiperkasa Tbk PT		3,107,372		90
Telekomunikasi Indonesia Persero Tbk PT		4,894,000		942

				10,959



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)

Luxembourg — 0.0%
Beijing Sinnet Technology Co Ltd *		177,315	$	598


Malaysia — 0.6%
Gamuda Bhd		732,700		476
Inari Amertron Bhd		5,267,575		1,489
Kossan Rubber Industries		336,100		399
Malayan Banking Bhd		1,067,500		1,836
MISC Bhd		374,875		643
RHB Bank Bhd		2,173,700		2,348
UEM Sunrise Bhd *		1,294,595		118
Westports Holdings Bhd		487,600		379

				7,688


Mexico — 1.9%
Alfa SAB de CV, Cl A		1,090,300		295
Alsea SAB de CV *		641,367		411
America Movil SAB de CV ADR, Cl L		232,246		2,736
Arca Continental SAB de CV		90,800		371
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand ADR		230,811		748
Cemex SAB de CV ADR		97,023		206
Coca-Cola Femsa SAB de CV ADR		36,445		1,466
Controladora Vuela Cia de Aviacion SAB de CV ADR *		7,929		27
Fibra Uno Administracion SA de CV		847,615		673
Fomento Economico Mexicano SAB de CV		497,929		3,061
Fomento Economico Mexicano SAB de CV ADR		9,067		549
Gruma SAB de CV, Cl B		254,089		1,976
Grupo Aeroportuario del Centro Norte SAB de CV ADR		1,644		44
Grupo Aeroportuario del Pacifico SAB de CV, Cl B		83,600		457
Grupo Aeroportuario del Sureste SAB de CV ADR		4,203		396
Grupo Financiero Banorte SAB de CV, Cl O		1,586,467		4,396
Grupo Mexico SAB de CV, Ser B		872,984		1,637
Grupo Televisa SAB ADR		361,941		2,099
Infraestructura Energetica Nova SAB de CV		647,200		2,009
Kimberly-Clark de Mexico SAB de CV, Cl A		227,796		350
Orbia Advance Corp SAB de CV		263,081		293
Qualitas Controladora SAB de CV		191,603		495
Wal-Mart de Mexico SAB de CV		194,389		463

				25,158


Netherlands — 0.2%
Prosus NV *		34,919		2,435
VEON Ltd ADR (A)		189,007		285

				2,720


Panama — 0.1%
Copa Holdings SA, Cl A		44,508		2,016


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		13

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Market Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Peru — 0.5%
Cia de Minas Buenaventura SAA ADR		86,784	$	633
Credicorp Ltd		43,107		6,167

				6,800

Philippines — 0.7%
Ayala Corp		78,070		713
Ayala Land Inc		475,200		281
BDO Unibank Inc		1,436,805		2,911
First Gen Corp		783,754		254
Globe Telecom Inc		39,532		1,499
GT Capital Holdings Inc		96,334		768
International Container Terminal Services Inc		746,418		1,089
Manila Electric Co		7,282		32
Metropolitan Bank & Trust Co		2,612,164		2,050
Security Bank Corp		56,145		117

				9,714

Poland — 0.8%
Bank Polska Kasa Opieki SA		44,408		598
Dino Polska SA *		162,480		6,317
Grupa Lotos SA		38,665		482
Polski Koncern Naftowy ORLEN SA		31,231		417
Powszechny Zaklad Ubezpieczen SA		422,755		3,173
Warsaw Stock Exchange		9,323		78

				11,065

Portugal — 0.2%
Jeronimo Martins SGPS SA		145,572		2,615


Qatar — 0.1%
Commercial Bank PSQC/The		420,581		447
Masraf Al Rayan QSC		429,595		432
Qatar Gas Transport Co Ltd		555,980		318
Qatar International Islamic Bank QSC		243,040		483
Qatar National Bank QPSC		79,633		369

				2,049

Russia — 4.1%
Detsky Mir PJSC		1,097,591		1,279
Gazprom PJSC		389,260		904
Gazprom PJSC ADR		684,066		3,130
LUKOIL PJSC ADR		194,657		11,525
Mail.Ru Group Ltd GDR *		152,809		2,292
MMC Norilsk Nickel PJSC ADR		122,319		2,968
Mobile TeleSystems PJSC ADR		50,436		383
Novatek PJSC GDR		161		19
Rosneft Oil Co PJSC GDR		493,780		2,004
Sberbank of Russia PJSC		733,815		1,758
Sberbank of Russia PJSC ADR		1,284,536		12,074
X5 Retail Group NV GDR		91,029		2,435
Yandex NV, Cl A *		412,743		14,054

				54,825



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Saudi Arabia — 0.3%
Al Rajhi Bank		116,487	$	1,662
Samba Financial Group		127,127		679
Saudi Arabian Fertilizer Co		67,275		1,107

				3,448


South Africa — 2.4%
AngloGold Ashanti Ltd		95,650		1,648
AngloGold Ashanti Ltd ADR (A)		217,827		3,622
Bid Corp Ltd		143,813		1,704
Bidvest Group Ltd/The		37,174		303
Capitec Bank Holdings Ltd		56,521		2,766
FirstRand Ltd		746,949		1,680
Foschini Group Ltd/The		89,572		338
Gold Fields Ltd ADR		61,345		291
Impala Platinum Holdings Ltd		68,124		288
JSE Ltd		209,557		1,188
Liberty Holdings Ltd		13,104		49
Mediclinic International PLC		346,501		1,110
Mr Price Group Ltd		211,182		1,342
Naspers Ltd, Cl N		60,748		8,643
Old Mutual Ltd		1,765,906		1,167
RMB Holdings Ltd		470,376		1,294
SPAR Group Ltd/The		61,431		625
Standard Bank Group Ltd		623,944		3,502
Vodacom Group Ltd		54,621		356

				31,916

South Korea — 12.9%
BGF retail Co Ltd		10,985		1,187
Celltrion Inc *		1,268		237
Com2uSCorp		29,920		2,056
Coway Co Ltd		64,235		3,045
Daelim Industrial Co Ltd		5,821		350
DB HiTek Co Ltd		45,969		810
Douzone Bizon Co Ltd		26,125		1,725
GS Holdings Corp		68,870		2,070
Hana Financial Group Inc		63,958		1,205
Hotel Shilla Co Ltd		31,731		1,821
Hyundai Department Store Co Ltd		11,320		544
Hyundai Mobis Co Ltd		5,530		765
Hyundai Motor Co		5,519		399
Iljin Materials Co Ltd (A)		31,001		789
Kakao Corp		26,890		3,402
Kangwon Land Inc		60,735		980
KB Financial Group Inc		82,781		2,327
Kia Motors Corp		60,132		1,276
Korea Zinc Co Ltd		2,131		621
Kumho Petrochemical Co Ltd		6,998		373
LG Chem Ltd		15,301		3,802
LG Corp		31,879		1,537
LG Electronics Inc		20,421		802
LG Household & Health Care Ltd		2,473		2,267


14		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
LG Innotek Co Ltd		5,331	$	491
LG Uplus Corp		75,644		666
Lotte Chilsung Beverage Co Ltd		7,009		487
Lotte Confectionery Co Ltd		2,614		226
Lotte Corp		15,956		313
Mando Corp		43,921		739
Medy-Tox Inc		10,366		1,668
NAVER Corp		44,981		6,235
NCSoft Corp		21,805		11,632
Orion Corp/Republic of Korea		46,613		4,388
POSCO ADR		9,899		323
Samsung Biologics Co Ltd *		8,291		3,257
Samsung Electro-Mechanics Co Ltd		33,580		2,656
Samsung Electronics Co Ltd		1,603,830		62,313
Samsung Engineering Co Ltd *		29,493		241
Samsung Life Insurance Co Ltd		14,133		496
Samsung SDI Co Ltd		5,892		1,149
Shinhan Financial Group Co Ltd		16,559		386
SK Hynix Inc		336,518		22,771
SK Telecom Co Ltd		57,999		8,401
SK Telecom Co Ltd ADR		188,817		3,072
SKCKOLONPI Inc (A)		42,991		913
S-Oil Corp		33,040		1,540
WONIK IPS Co Ltd *(A)		138,511		2,819
Woori Financial Group Inc		297,963		1,859

				173,431


Switzerland — 0.1%
Wizz Air Holdings Plc *		35,174		999


Taiwan — 12.3%
Accton Technology Corp		887,200		4,720
Airtac International Group		259,000		3,865
ASE Technology Holding Co Ltd		840,372		1,622
Asia Cement Corp		2,456,000		3,194
ASMedia Technology Inc		14,000		351
Asustek Computer Inc		64,862		439
Bizlink Holding Inc		497,000		2,668
Catcher Technology Co Ltd		610,040		3,927
Chailease Holding Co Ltd		1,201,262		3,601
Chang Hwa Commercial Bank Ltd		765,000		482
Chicony Electronics Co Ltd		187,000		469
Chilisin Electronics Corp		418,000		1,106
Chroma ATE Inc		502,000		2,063
Chunghwa Telecom Co Ltd		139,000		493
CTBC Financial Holding Co Ltd		4,972,073		2,935
Elite Material Co Ltd		450,400		1,570
eMemory Technology Inc		172,200		1,338
Foxconn Technology Co Ltd		32,880		54
Fubon Financial Holding Co Ltd		1,709,000		2,121
Globalwafers Co Ltd		218,000		2,407
Hiwin Technologies Corp		531,019		3,496
Hon Hai Precision Industry Co Ltd		2,285,003		5,257



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Huaku Development Co Ltd		173,000	$	473
International Games System Co Ltd		19,000		347
King Yuan Electronics Co Ltd		275,887		276
LandMark Optoelectronics Corp		201,000		1,718
Largan Precision Co Ltd		11,446		1,430
Lite-On Technology Corp		390,270		532
MediaTek Inc		1,086,170		11,753
Mega Financial Holding Co Ltd		536,000		502
Merida Industry Co Ltd		365,000		1,333
Micro-Star International Co Ltd		764,000		2,246
momo.com Inc		29,000		367
Novatek Microelectronics Corp		361,000		2,049
Parade Technologies Ltd		253,600		5,404
Pegatron Corp		260,000		500
Powertech Technology Inc		838,000		2,361
President Chain Store Corp		48,000		448
Radiant Opto-Electronics Corp		123,000		318
Realtek Semiconductor Corp		77,000		553
Silergy Corp		52,890		1,723
Silicon Motion Technology Corp ADR		100,595		3,688
Simplo Technology Co Ltd		41,000		359
Sino-American Silicon Products Inc		168,155		430
SinoPac Financial Holdings Co Ltd		2,371,428		866
Standard Foods Corp		175,333		353
Taiwan Business Bank		1,510,986		483
Taiwan Cooperative Financial Holding Co Ltd		556,000		336
Taiwan Semiconductor Manufacturing Co Ltd		5,965,276		54,009
Taiwan Semiconductor Manufacturing Co Ltd ADR		192,983		9,223
Teco Electric and Machinery Co Ltd		451,488		359
Topco Scientific Co Ltd		115,000		345
Tripod Technology Corp		111,000		349
Unimicron Technology Corp		292,000		306
Uni-President Enterprises Corp		1,898,000		4,121
United Integrated Services Co Ltd		63,000		344
United Microelectronics Corp		1,272,000		567
Win Semiconductors Corp		416,681		3,567
Wistron Corp		850,000		688
Wiwynn Corp		21,752		503
Yageo Corp		147,000		1,309
Yuanta Financial Holding Co Ltd		1,540,229		791

				165,507


Thailand — 1.6%
Advanced Info Service PCL		525,600		3,177
Advanced Info Service PCL NVDR		90,700		553
Bangkok Bank PCL		194,200		592
Central Retail Corp PCL		2,190,337		1,859
Charoen Pokphand Foods PCL NVDR		749,900		553
Com7 PCL		1,251,400		592
CP ALL PCL		1,111,900		2,060
Electricity Generating PCL NVDR		61,300		431
Home Product Center PCL		18,605,654		6,236


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		15

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Market Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Minor International PCL NVDR		2,591,664	$	1,327
PTT PCL		1,245,600		1,156
Sino-Thai Engineering & Construction PCL NVDR		117,356		40
Thai Beverage PCL		4,431,850		1,873
Tipco Asphalt PCL NVDR		667,177		349
Tisco Financial Group PCL NVDR		184,834		392
TOA Paint Thailand PCL NVDR		268,800		257

				21,447


Turkey — 0.9%
Akbank T.A.S. *		1,353,933		1,145
Anadolu Efes Biracilik Ve Malt Sanayii AS		99,325		258
Ford Otomotiv Sanayi AS		70,869		528
KOC Holding AS		219,059		447
Koza Altin Isletmeleri AS *		38,580		358
Mavi Giyim Sanayi Ve Ticaret AS, Cl B *(A)		138,326		701
Tofas Turk Otomobil Fabrikasi AS		124,885		310
Turk Hava Yollari AO *(A)		1,099,900		1,505
Turk Telekomunikasyon AS		333,361		339
Turkcell Iletisim Hizmetleri AS		962,914		1,796
Turkcell Iletisim Hizmetleri AS ADR		33,717		157
Turkiye Garanti Bankasi AS *		3,034,976		3,740
Turkiye Sise ve Cam Fabrikalari AS (A)		1,993,999		1,249
Ulker Biskuvi Sanayi AS		51,136		152

				12,685


United Arab Emirates — 0.4%
Abu Dhabi Islamic Bank PJSC		374,457		406
Air Arabia PJSC		663,644		171
Aldar Properties PJSC		3,375,987		1,411
DP World PLC		81,184		1,216
Dubai Islamic Bank PJSC		954,153		933
Emaar Properties PJSC *		1,890,228		1,140

				5,277


United Kingdom — 0.9%
Anglo American PLC		95,823		1,632
Etalon Group PLC GDR		56,800		73
Halyk Savings Bank of Kazakhstan JSC GDR		66,132		607
KAZ Minerals PLC		968,332		4,186
Mail.Ru Group Ltd GDR *		5,163		84
Network International Holdings PLC		149,433		725
Novatek PJSC GDR		9,906		1,137
Polymetal International PLC		73,539		1,258
Polyus PJSC GDR (A)		14,054		956
Rio Tinto PLC		39,310		1,796
Tullow Oil PLC *		2,382,934		302

				12,756


United States — 0.7%
Atlas Corp		14,849		114
Cia Brasileira de Distribuicao ADR *		59,064		745
JOYY Inc ADR *		45,705		2,434



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Liberty Latin America Ltd, Cl C *		97,722	$	1,003
Pagseguro Digital Ltd, Cl A *		149,224		2,885
Southern Copper Corp		34,683		976
StoneCo Ltd, Cl A *		52,100		1,134

				9,291


Vietnam — 0.2%
Hoa Phat Group JSC *		1,883,862		1,335
Vincom Retail JSC		1,273,675		1,019

				2,354


Total Common Stock (Cost $1,322,456) ($ Thousands)				1,271,557


PREFERRED STOCK — 0.9%
Brazil — 0.5%
Alpargatas SA (B)		45,510		206
Banco Bradesco SA (B)		269,326		1,084
Centrais Eletricas Brasileiras SA (B)		56,700		289
Cia de Transmissao de Energia Eletrica Paulista (B)		88,409		324
Cia Paranaense de Energia (B)		51,677		537
Itau Unibanco Holding SA (B)		107,253		480
Itau Unibanco Holding SA ADR (B)		295,930		1,329
Petroleo Brasileiro SA * (B)		748,412		2,013
Petroleo Brasileiro SA ADR, Cl A		52,498		283
Telefonica Brasil SA (B)		51,299		489

				7,034


Chile — 0.0%
Embotelladora Andina SA (B)		191,928		427


Colombia — 0.0%
Grupo Aval Acciones y Valores SA (B)		1,797,174		403


South Korea — 0.4%
Samsung Electronics Co Ltd (B)		146,446		4,758


Total Preferred Stock (Cost $17,574) ($ Thousands)				12,622


	Number of Warrants

WARRANTS — 0.0%

Thailand — 0.0%
Minor International PCL,
Expires 09/30/2021 *		162,947		7


Total Warrants (Cost $—) ($Thousands)				7


16		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020

Description

Number of
Rights

Market Value
($ Thousands)

RIGHTS — 0.0%

Taiwan — 0.0%

Simplo Technology Co Ltd ^‡‡

1,414

–

Total Rights
(Cost $—) ($ Thousands)

–

Face Amount
(Thousands)

DEBENTURE BOND — 0.0%

Brazil — 0.0%

Vale, Ser 1997

0.000% (C)(D)

BRL

–

Total Debenture Bond
(Cost $—) ($ Thousands)

–

AFFILIATED PARTNERSHIP — 1.4%

SEI Liquidity Fund, L.P.

0.760% **^†(E)

18,727,637

18,766

Total Affiliated Partnership
(Cost $18,728) ($ Thousands)

18,766

CASH EQUIVALENT — 1.7%

SEI Daily Income Trust, Government Fund, Cl F

0.290%**^†

22,132,430

22,132

Total Cash Equivalent
(Cost $22,132) ($ Thousands)

22,132

Total Investments in Securities — 98.4%
(Cost $1,380,890) ($ Thousands)

1,325,084

A list of the open futures contracts held by the Fund at March 31, 2020, is as follows:


Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation (Thousands)

MSCI Emerging Markets		619		Jun-2020	$	24,112	$	26,088	$	1,976

Percentages are based on Net Assets of $1,346,801 ($ Thousands).

*	Non-income producing security.

**	The rate reported is the 7-day effective yield as of March 31, 2020.

^†	Investment in Affiliated Security (see Note 5).

^‡	Real Estate Investment Trust.

^‡‡	Expiration date not available.

(A)	Certain securities or partial positions of certain securities are on loan at March 31, 2020 (See Note 9). The total market value of securities on loan at March 31, 2020 was $17,779 ($ Thousands).

(B)	There is currently no rate available.

(C)	Perpetual security with no stated maturity date.

(D)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(E)	This security was purchased with cash collateral held from securities on loan (See Note 9). The total market value of such securities as of March 31, 2020 was $18,766 ($ Thousands).

ADR — American Depositary Receipt

BRL — Brazilian Real

Cl — Class


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		17

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Market Equity Fund (Concluded)

GDR — Global Depositary Receipt

JSC — Joint-Stock Company

L.P. — Limited Partnership

Ltd. — Limited

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

REIT — Real Estate investment Trust

Ser — Series

The following is a list of the level of inputs used as of March 31, 2020, 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

1,237,066

34,491

–

1,271,557

Preferred Stock

12,622

–

12,622

Warrants

–

Rights

–^

–

Debenture Bond

–

–^

–

Affiliated Partnership

–

18,766

–

18,766

Cash Equivalent

22,132

–

22,132

Total Investments in Securities

1,271,820

53,264

–

1,325,084

Other Financial Instruments

Level 1

($)

Level 2

($)

Level 3

($)

Total

($)

Futures Contracts*

Unrealized Appreciation

1,976

–

1,976

Total Other Financial Instruments

1,976

–

1,976

^ One security with market value of $0.

* Futures contracts are valued at the unrealized appreciation on the instrument.

For the period ended March 31, 2020, there were no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2020 ($ Thousands):


Security Description	9/30/2019	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value 3/31/2020	Shares	Income	Capital Gains
SEI Liquidity Fund, L.P.	$ 48,638	$ 134,006	$(163,909)	$ —	$ 31	$ 18,766	18,727,637	$ 170	$ —
SEI Daily Income Trust, Government Fund, Cl F	29,816	138,930	(146,614)	—	—	22,132	22,132,430	183	—

Totals	$ 78,454	$ 272,936	$(310,523)	$ —	$ 31	$ 40,898		$ 353	$ —

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

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


18		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Fixed Income Fund

LOGO

^†Percentages based on total investments.



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS — 90.5%
Australia — 1.5%
Australia & New Zealand Banking Group
4.500%, 03/19/2024 (A)	$		200	$	207
Australia & New Zealand Banking Group MTN
5.000%, 08/16/2023	AUD		750		514
3.625%, 07/18/2022	EUR		300		358
Australia Government Bond
4.750%, 04/21/2027	AUD		820		648
4.500%, 04/15/2020			185		113
4.500%, 04/21/2033			195		172
3.750%, 04/21/2037			393		329
3.000%, 03/21/2047			1,224		972
2.750%, 04/21/2024			1,230		826
2.750%, 05/21/2041			322		240
BHP Billiton Finance
4.750%, VAR EUR Swap Annual 5 Yr+4.363%, 04/22/2076	EUR		101		109
Commonwealth Bank of Australia MTN
3.000%, 05/03/2022			330		386
0.375%, 04/11/2024			455		506
National Australia Bank
5.000%, 03/11/2024	AUD		750		524
National Australia Bank MTN
2.250%, 06/06/2025	EUR		206		251
Westpac Banking Corp MTN
1.500%, 03/24/2021			220		245
0.500%, 05/17/2024			885		988

					7,388


Austria — 1.2%
JAB Holdings BV
1.250%, 05/22/2024			200		220
Republic of Austria Government Bond (A)
4.150%, 03/15/2037			326		586
3.650%, 04/20/2022			1,135		1,353
2.400%, 05/23/2034			110		157



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
2.100%, 09/20/2117	EUR		75	$	139
0.750%, 10/20/2026			749		873
0.750%, 03/20/2051			435		494
0.500%, 02/20/2029			885		1,017
0.000%, 07/15/2024 (E)			765		852
Republic of Austria Government Bond, Ser 97-6
6.250%, 07/15/2027			288		463

					6,154


Belgium — 2.0%
Anheuser-Busch InBev MTN
2.250%, 05/24/2029	GBP		205		235
1.500%, 03/17/2025	EUR		415		457
1.125%, 07/01/2027			230		241
Anheuser-Busch InBev Finance
2.600%, 05/15/2024	CAD		550		380
KBC Group
4.250%, VAR EUR Swap Annual 5 Yr+3.594% (B)	EUR		200		172
Kingdom of Belgium Government Bond
4.250%, 03/28/2041 (A)			440		825
3.750%, 09/28/2020 (A)			2,126		2,381
3.750%, 06/22/2045			229		428
3.000%, 06/22/2034 (A)			346		521
1.700%, 06/22/2050 (A)			320		434
1.600%, 06/22/2047 (A)			310		410
1.000%, 06/22/2031 (A)			490		589
0.800%, 06/22/2028 (A)			487		572
0.500%, 10/22/2024 (A)			1,100		1,249
0.000%, 10/22/2027 (E)			865		950
Kingdom of Belgium Government Bond, Ser 44
5.000%, 03/28/2035 (A)			64		118

					9,962


Brazil — 0.2%
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 08/15/2050	BRL		1,203		953
Odebrecht Finance
7.125%, 06/26/2042 (C)	$		280		11
4.375%, 04/25/2025 (C)			200		8

					972


Canada — 5.7%
Bank of Montreal
0.750%, 09/21/2022	EUR		235		262
Bank of Montreal MTN
0.125%, 04/19/2021			280		308
Bank of Nova Scotia MTN
0.750%, 09/17/2021			570		633
Bell Canada MTN
4.700%, 09/11/2023	CAD		80		59


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		19

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Fixed Income Fund (Continued)



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Canada Housing Trust No. 1 (A)
2.250%, 12/15/2025	CAD		2,235	$	1,669
1.750%, 06/15/2022			2,465		1,772
Canadian Government Bond
5.750%, 06/01/2033			1,205		1,347
5.000%, 06/01/2037			816		916
2.750%, 12/01/2048			400		376
2.750%, 12/01/2048			300		282
2.500%, 06/01/2024			1,761		1,334
2.250%, 06/01/2029			3,965		3,162
1.500%, 06/01/2026			7,545		5,575
1.000%, 09/01/2022			525		373
1.000%, 06/01/2027			1,375		989
0.750%, 09/01/2021			655		462
Canadian Imperial Bank of Commerce
0.239%, 07/25/2022 (E)	EUR		445		489
Export Development Canada MTN
2.400%, 06/07/2021	AUD		1,259		785
Husky Energy
4.400%, 04/15/2029	$		205		145
Province of Manitoba Canada
3.850%, 12/01/2021	CAD		710		523
Province of Ontario Canada
4.700%, 06/02/2037			1,355		1,252
4.650%, 06/02/2041			540		509
2.800%, 06/02/2048			2,200		1,614
2.600%, 06/02/2025			1,614		1,195
2.400%, 06/02/2026			585		430
Province of Ontario Canada MTN
1.650%, 06/08/2020	JPY		100,000		929
Province of Quebec Canada
6.250%, 06/01/2032	CAD		720		732
3.500%, 12/01/2048			520		434
Rogers Communications
4.000%, 06/06/2022			165		119

					28,675


China — 3.4%
China Development Bank
4.880%, 02/09/2028	CNY		10,600		1,670
3.480%, 01/08/2029			23,680		3,421
China Government Bond
3.860%, 07/22/2049			20,410		3,203
3.250%, 06/06/2026			57,800		8,461
Prosus
3.680%, 01/21/2030 (A)	$		275		249
Weibo
3.500%, 07/05/2024			200		200

					17,204


Colombia — 0.4%
Colombian TES
10.000%, 07/24/2024	COP		1,833,400		512



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
7.750%, 09/18/2030	COP		2,160,100	$	545
7.500%, 08/26/2026			1,100,600		275
7.000%, 05/04/2022			521,100		133
7.000%, 06/30/2032			412,100		98
6.000%, 04/28/2028			1,112,100		253

					1,816


Czech Republic — 0.2%
Czech Republic Government Bond
4.700%, 09/12/2022	CZK		7,470		325
2.500%, 08/25/2028			14,630		629

					954


Denmark — 0.4%
Danske Bank
3.875%, 09/12/2023 (A)	$		270		266
Danske Bank MTN
5.875%, VAR EUR Swap Annual 7 Yr+5.471% (B)	EUR		344		361
Kingdom of Denmark
4.500%, 11/15/2039	DKK		2,040		557
1.500%, 11/15/2023			4,025		634
Orsted
6.250%, VAR EUR Swap Annual 5 Yr+4.750%, 06/26/2099	EUR		210		252

					2,070


Egypt — 0.0%
Egypt Government International Bond MTN
4.750%, 04/11/2025 (A)			170		162


Finland — 0.3%
Finland Government Bond (A)
2.000%, 04/15/2024			482		582
1.375%, 04/15/2047			130		178
0.500%, 09/15/2029			445		514

					1,274


France — 7.5%
BNP Paribas
3.375%, 01/09/2025 (A)	$		395		391
BNP Paribas MTN
3.375%, 01/23/2026	GBP		490		616
BPCE
5.150%, 07/21/2024	$		310		327
BPCE MTN
1.125%, 01/18/2023	EUR		300		323
BPCE SFH MTN
3.750%, 09/13/2021			200		232
Bpifrance Financement
0.064%, 11/25/2022 (E)			600		663
Caisse Francaise de Financement Local MTN
3.000%, 10/02/2028			100		136
0.500%, 01/19/2026			500		564


20		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Caisse Nationale de Reassurance Mutuelle Agricole Groupama
6.000%, 01/23/2027	EUR		400	$	476
Cie de Financement Foncier
0.375%, 12/11/2024			300		335
Cie de Financement Foncier MTN
5.500%, 01/26/2027	GBP		387		626
CNP Assurances
4.500%, VAR Euribor 3 Month+4.600%, 06/10/2047	EUR		200		237
1.875%, 10/20/2022			200		220
Credit Agricole Assurances
4.250%, VAR EUR Swap Annual 5 Yr+4.500% (B)			100		111
Credit Agricole Home Loan SFH MTN
1.250%, 03/24/2031			300		364
0.250%, 02/23/2024			700		779
Dexia Credit Local MTN
0.625%, 02/03/2024			200		226
0.500%, 01/17/2025			300		338
Electricite de France MTN
5.375%, VAR EUR Swap Annual 12 Yr+3.794% (B)			200		224
4.000%, 11/12/2025			350		446
2.250%, 04/27/2021			100		111
Engie
3.250%, VAR EUR Swap Annual 5 Yr+3.169% (B)			500		541
Engie MTN
0.875%, 03/27/2024			300		329
0.375%, 02/28/2023			100		108
Europcar Mobility Group
4.000%, 04/30/2026 (A)			170		84
French Republic Government Bond OAT
5.750%, 10/25/2032			403		750
4.500%, 04/25/2041			580		1,136
4.000%, 10/25/2038			345		617
4.000%, 04/25/2055			195		420
3.250%, 05/25/2045			2,061		3,603
1.750%, 05/25/2023			2,359		2,774
1.750%, 06/25/2039 (A)			60		81
1.750%, 05/25/2066 (A)			165		241
1.250%, 05/25/2034			800		995
0.750%, 05/25/2028			5,205		6,114
0.500%, 05/25/2029			1,359		1,566
0.000%, 03/25/2025 (E)			306		341
0.000%, 02/25/2021 (E)			2,055		2,264
0.000%, 05/25/2021 (E)			1,685		1,860
0.000%, 05/25/2022 (E)			868		964
Orange MTN
2.500%, 03/01/2023			500		575



Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
2.375%, VAR EUR Swap Annual 5 Yr+2.359% (B)	EUR		300	$	318
SNCF Reseau EPIC MTN
5.500%, 12/01/2021	GBP		205		274
4.250%, 10/07/2026	EUR		200		279
2.250%, 12/20/2047			300		419
1.125%, 05/19/2027			300		352
1.125%, 05/25/2030			200		238
Societe Generale
4.250%, 04/14/2025 (A)	$		325		316
Societe Generale MTN
1.125%, 01/23/2025	EUR		100		105
Suez
2.875%, VAR EUR Swap Annual 5 Yr+2.504% (B)			300		315
TOTAL MTN
3.369%, VAR EUR Swap Annual 5 Yr+3.350% (B)			260		289
Total Capital International MTN
4.250%, 11/26/2021	AUD		640		410
UNEDIC ASSEO MTN
1.250%, 05/25/2033	EUR		700		851

					37,274


Germany — 6.1%
BMW Finance MTN
0.875%, 11/17/2020			585		641
0.454%, 01/29/2021	JPY		200,000		1,852
Bundesobligation
0.000%, 10/18/2024 (E)	EUR		4,771		5,396
Bundesrepublik Deutschland Bundesanleihe
4.000%, 01/04/2037			411		778
3.250%, 07/04/2042			1,121		2,162
2.500%, 08/15/2046			931		1,703
0.500%, 02/15/2026			863		1,011
0.281%, 08/15/2026 (E)			1,882		2,149
0.250%, 02/15/2027			2,160		2,513
0.250%, 02/15/2029			984		1,155
0.000%, 02/15/2030 (E)			1,515		1,741
Bundesrepublik Deutschland Bundesanleihe, Ser 03
4.750%, 07/04/2034			95		182
Cheplapharm Arzneimittel GmbH
3.500%, 02/11/2027 (A)			191		192
Deutsche Telekom International Finance BV MTN
0.625%, 04/03/2023			330		359
IHO Verwaltungs GmbH
3.625%, 05/15/2025 (A)			175		152
Kreditanstalt fuer Wiederaufbau
2.600%, 06/20/2037	JPY		160,000		2,149
0.500%, 09/15/2027	EUR		510		584
0.125%, 06/07/2023			1,135		1,262


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		21

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Fixed Income Fund (Continued)



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Kreditanstalt fuer Wiederaufbau MTN
3.750%, 05/29/2020	NZD		483	$	288
2.800%, 02/17/2021	AUD		1,230		766
1.125%, 09/15/2032	EUR		500		614
1.125%, 05/09/2033			220		271
Landwirtschaftliche Rentenbank MTN
0.625%, 05/18/2027			225		259
Volkswagen Bank GmbH MTN
0.625%, 09/08/2021			200		216
Volkswagen Financial Services
1.750%, 04/17/2020	GBP		630		781
Volkswagen International Finance
1.125%, 10/02/2023	EUR		600		635
Volkswagen Leasing GmbH MTN
1.125%, 04/04/2024			520		541
WEPA Hygieneprodukte GmbH (A)
2.875%, 12/15/2027			190		181
2.875%, 12/15/2027			108		104

					30,637


Guernsey — 0.1%
Credit Suisse Group Funding Guernsey MTN
1.250%, 04/14/2022			295		316


Hungary — 0.1%
Hungary Government Bond
3.000%, 06/26/2024	HUF		75,010		242


Indonesia — 0.1%
Indonesia Government International Bond
1.450%, 09/18/2026	EUR		300		301
Indonesia Government International Bond MTN
2.150%, 07/18/2024 (A)			200		215

					516


Ireland — 0.7%
AIB Group MTN
4.263%, VAR ICE LIBOR USD 3 Month+1.874%, 04/10/2025 (A)	$		450		457
Allied Irish Banks MTN
4.125%, VAR EUR Swap Annual 5 Yr+3.950%, 11/26/2025	EUR		177		192
Bank of Ireland MTN
0.375%, 05/07/2022			555		617
CRH Funding MTN
1.875%, 01/09/2024			310		343
Europcar Mobility Group
4.125%, 11/15/2024 (A)			100		51
Ireland Government Bond
5.400%, 03/13/2025			351		491
4.500%, 04/18/2020			205		225
1.500%, 05/15/2050			250		320



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
1.100%, 05/15/2029	EUR		670	$	802

					3,498


Israel — 0.2%
Israel Government Bond
5.500%, 01/31/2042	ILS		276		128
4.250%, 03/31/2023			2,521		792
2.000%, 03/31/2027			925		281

					1,201


Italy — 5.9%
Assicurazioni Generali MTN
5.500%, VAR Euribor 3 Month+5.350%, 10/27/2047	EUR		230		274
Enel
3.500%, VAR EUR Swap Annual 5 Yr+3.564%, 05/24/2080			175		185
Enel Finance International MTN
5.625%, 08/14/2024	GBP		160		225
Eni
4.250%, 05/09/2029 (A)	$		515		498
FCA Bank MTN
1.375%, 04/17/2020	EUR		900		987
Intesa Sanpaolo MTN
5.017%, 06/26/2024 (A)	$		530		519
3.625%, 12/05/2022	EUR		200		241
Italy Buoni Poliennali Del Tesoro
5.000%, 09/01/2040 (A)			1,393		2,207
3.750%, 05/01/2021 (A)			386		440
3.500%, 03/01/2030 (A)			961		1,244
3.350%, 03/01/2035 (A)			1,904		2,475
3.100%, 03/01/2040 (A)			975		1,220
3.000%, 08/01/2029			1,609		2,001
2.800%, 03/01/2067 (A)			90		104
2.700%, 03/01/2047 (A)			255		298
2.450%, 09/01/2033 (A)			552		653
2.450%, 09/01/2050 (A)			742		820
2.000%, 02/01/2028			894		1,035
1.350%, 04/01/2030			552		596
0.950%, 03/01/2023			1,530		1,698
0.900%, 08/01/2022			2,312		2,561
0.350%, 11/01/2021			2,605		2,859
0.350%, 02/01/2025			5,080		5,424
UniCredit MTN
6.572%, 01/14/2022 (A)	$		350		357
4.875%, VAR EUAMDB05+4.739%, 02/20/2029	EUR		220		225
Unione di Banche Italiane
1.000%, 01/27/2023			185		208

					29,354


Japan — 17.8%
Development Bank of Japan
2.300%, 03/19/2026	JPY		220,000		2,312


22		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
1.050%, 06/20/2023	JPY		132,000	$	1,262
Government of Japan 2 Year Bond
0.100%, 04/01/2021			113,250		1,052
Government of Japan 10 Year Bond
0.900%, 06/20/2022			859,850		8,148
0.100%, 06/20/2026			74,300		698
0.100%, 03/20/2027			71,550		673
0.100%, 06/20/2027			125,400		1,181
Government of Japan 20 Year Bond
1.900%, 09/20/2022			406,050		3,950
1.700%, 06/20/2033			1,207,550		13,343
1.400%, 09/20/2034			444,650		4,783
1.000%, 12/20/2035			50,000		514
0.700%, 03/20/2037			92,700		914
0.500%, 09/20/2036			451,400		4,317
0.200%, 06/20/2036			169,400		1,546
Government of Japan 20 Year Bond, Ser 106
2.200%, 09/20/2028			14,550		161
Government of Japan 20 Year Bond, Ser 128
1.900%, 06/20/2031			17,150		190
Government of Japan 20 Year Bond, Ser 140
1.700%, 09/20/2032			587,750		6,460
Government of Japan 20 Year Bond, Ser 143
1.600%, 03/20/2033			58,550		639
Government of Japan 20 Year Bond, Ser 144
1.500%, 03/20/2033			149,750		1,617
Government of Japan 30 Year Bond
0.800%, 09/20/2047			549,500		5,599
0.300%, 06/20/2046			134,250		1,213
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/2038			119,300		1,517
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/2039			423,250		5,346
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/2040			212,700		2,622
Government of Japan 30 Year Bond, Ser 36
2.000%, 03/20/2042			252,050		3,150
Government of Japan 30 Year Bond, Ser 37
1.900%, 09/20/2042			166,850		2,062
Government of Japan 30 Year Bond, Ser 38
1.800%, 03/20/2043			259,650		3,169
Government of Japan 40 Year Bond
0.400%, 03/20/2056			328,900		3,015
Government of Japan 40 Year Bond, Ser 6
1.900%, 03/20/2053			38,700		522
Government of Japan CPI Linked Bond
0.100%, 03/10/2026			259,503		2,403
Japan Government Two Year Bond
0.100%, 01/01/2022			320,250		2,979
Mitsubishi UFJ Financial Group
0.339%, 07/19/2024	EUR		250		255



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Mizuho Financial Group MTN
0.956%, 10/16/2024	EUR		385	$	403
Mizuho Financial Group Cayman 3
4.600%, 03/27/2024 (A)	$		450		472
Takeda Pharmaceutical
1.125%, 11/21/2022 (A)	EUR		430		471

					88,958


Luxembourg — 0.1%
Enel Finance International MTN
5.750%, 09/14/2040	GBP		145		233
Samsonite Finco SARL
3.500%, 05/15/2026	EUR		100		71

					304


Malaysia — 1.2%
Malaysia Government Bond
4.181%, 07/15/2024	MYR		3,360		812
4.048%, 09/30/2021			3,380		802
3.955%, 09/15/2025			3,440		828
3.885%, 08/15/2029			2,032		490
3.882%, 03/10/2022			780		184
3.828%, 07/05/2034			1,675		393
3.795%, 09/30/2022			3,430		812
3.502%, 05/31/2027			6,800		1,597
3.441%, 02/15/2021			491		115

					6,033


Mexico — 1.7%
Alfa
5.250%, 03/25/2024 (A)	$		205		192
Mexican Bonos
8.000%, 06/11/2020	MXN		3,574		153
8.000%, 11/07/2047			18,935		806
7.750%, 11/13/2042			17,510		729
7.500%, 06/03/2027			2,435		106
6.500%, 06/09/2022			30,338		1,296
5.750%, 03/05/2026			11,907		479
Mexican Bonos, Ser M
6.500%, 06/10/2021			5,356		228
Mexican Bonos, Ser M20
10.000%, 12/05/2024			46,790		2,254
7.750%, 05/29/2031			28,570		1,249
Mexican Bonos, Ser M30
10.000%, 11/20/2036			22,113		1,146

					8,638


Netherlands — 2.4%
ABN AMRO Bank
5.750%, VAR EUR Swap Annual 5 Yr+5.452% (B)	EUR		400		400
4.750%, 07/28/2025	$		305		305
ABN AMRO Bank MTN
1.250%, 01/10/2033	EUR		300		365


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		23

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Fixed Income Fund (Continued)


Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Akzo Nobel Sweden Finance MTN
2.625%, 07/27/2022	EUR		340	$	389
BNG Bank MTN
0.500%, 04/16/2025			225		255
Cooperatieve Rabobank UA
3.750%, 07/21/2026	$		250		241
3.250%, VAR EUR Swap Annual 5 Yr+3.702% (B)	EUR		200		171
Cooperatieve Rabobank UA MTN
5.250%, 09/14/2027	GBP		195		263
4.625%, 05/23/2029			130		169
1.250%, 05/31/2032	EUR		300		365
Heineken MTN
1.000%, 05/04/2026			335		363
ING Groep
5.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.342% (B)	$		200		173
3.550%, 04/09/2024			325		327
Intertrust Group BV
3.375%, 11/15/2025 (A)	EUR		180		188
Lincoln Financing SARL
3.625%, 04/01/2024 (A)			170		154
Nederlandse Waterschapsbank MTN
1.250%, 05/27/2036			281		352
0.625%, 01/18/2027			225		258
Netherlands Government Bond (A)
4.000%, 01/15/2037			389		715
2.750%, 01/15/2047			190		350
2.500%, 01/15/2033			550		810
2.000%, 07/15/2024			345		421
0.500%, 07/15/2026			570		663
0.500%, 01/15/2040			804		956
0.250%, 07/15/2025			922		1,053
0.250%, 07/15/2029			948		1,092
0.000%, 01/15/2022 (E)			914		1,015
NXP BV
4.300%, 06/18/2029 (A)	$		190		195
Q-Park Holding
2.000%, 03/01/2027	EUR		122		114

					12,122


New Zealand — 2.1%
New Zealand Government Bond
6.000%, 05/15/2021	NZD		971		613
5.500%, 04/15/2023			1,608		1,097
3.000%, 04/15/2020			1,055		626
3.000%, 04/20/2029			1,715		1,183
2.750%, 04/15/2025			9,865		6,437
New Zealand Local Government Funding Agency Bond
4.500%, 04/15/2027			479		339

					10,295


Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Norway — 1.0%
DNB Bank
6.500%, VAR USD Swap Semi 30/360 5 Yr Curr+5.080% (B)	$		355	$	319
Equinor MTN
5.625%, 03/11/2021	EUR		216		248
2.000%, 09/10/2020			285		314
Norway Government Bond (A)
3.000%, 03/14/2024	NOK		4,201		440
2.000%, 05/24/2023			9,202		919
2.000%, 04/26/2028			6,757		703
1.750%, 02/17/2027			6,879		700
1.750%, 09/06/2029			5,806		598
1.500%, 02/19/2026			4,546		454
1.375%, 08/19/2030			1,510		151

					4,846


Poland — 0.2%
Republic of Poland Government Bond
2.750%, 10/25/2029	PLN		1,493		392
2.500%, 07/25/2027			1,860		475

					867


Portugal — 0.9%
EDP - Energias de Portugal
4.496%, VAR EUR Swap Annual 5 Yr+4.287%, 04/30/2079	EUR		300		339
EDP Finance MTN
2.000%, 04/22/2025			260		294
Portugal Obrigacoes do Tesouro OT (A)
5.650%, 02/15/2024			1,113		1,480
4.125%, 04/14/2027			640		872
4.100%, 04/15/2037			277		435
2.200%, 10/17/2022			775		898
1.950%, 06/15/2029			199		241

					4,559


Saudi Arabia — 0.1%
SABIC Capital II BV
4.000%, 10/10/2023 (A)	$		345		342
Saudi Government International Bond MTN
2.375%, 10/26/2021 (A)			275		271

					613


Singapore — 3.1%
Singapore Government Bond
3.500%, 03/01/2027	SGD		1,341		1,087
3.125%, 09/01/2022			2,088		1,548
3.000%, 09/01/2024			5,560		4,241
2.875%, 07/01/2029			5,529		4,418
2.750%, 03/01/2046			200		172
2.375%, 07/01/2039			1,171		925
2.250%, 08/01/2036			250		193
2.125%, 06/01/2026			1,259		938


24		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
2.000%, 07/01/2020	SGD		2,081	$	1,466
1.250%, 10/01/2021			150		106
Temasek Financial I MTN
2.375%, 01/23/2023 (A)	$		495		505

					15,599


Slovak Republic — 0.0%
Slovakia Government Bond
3.375%, 11/15/2024	EUR		75		95


Slovenia — 0.1%
Slovenia Government Bond
1.250%, 03/22/2027			305		359


South Korea — 0.5%
Hyundai Capital Services MTN
3.500%, 03/30/2022	AUD		680		426
Korea Treasury Bond
3.000%, 09/10/2024	KRW		1,254,790		1,105
2.000%, 03/10/2049			361,670		318
1.500%, 12/10/2026			994,000		822

					2,671


Spain — 4.4%
Arena Luxembourg Finance
1.875%, 02/01/2028			175		163
Ayt Cedulas Cajas Global
3.750%, 12/14/2022	EUR		600		726
Banco Bilbao Vizcaya Argentaria
5.875%, VAR EUR Swap Annual 5 Yr+5.660% (B)			200		185
2.250%, 06/12/2024			200		241
Banco de Sabadell
0.875%, 11/12/2021			400		446
Banco Santander
5.250%, VAR EUR Swap Annual 5 Yr+4.999% (B)			200		179
5.179%, 11/19/2025	$		400		423
1.000%, 03/03/2022	EUR		400		449
CaixaBank
1.250%, 01/11/2027			500		589
Gas Natural Fenosa Finance BV MTN
1.250%, 04/19/2026			300		332
Instituto de Credito Oficial MTN
6.000%, 03/08/2021			180		209
Kutxabank
1.250%, 09/22/2025			300		350
Spain Government Bond
6.000%, 01/31/2029			104		167
5.750%, 07/30/2032			102		177
4.900%, 07/30/2040 (A)			852		1,546
4.700%, 07/30/2041 (A)			753		1,347
3.450%, 07/30/2066 (A)			240		403



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
2.350%, 07/30/2033 (A)	EUR		705	$	913
1.950%, 07/30/2030 (A)			141		174
1.600%, 04/30/2025 (A)			572		671
1.500%, 04/30/2027 (A)			393		462
1.450%, 04/30/2029 (A)			1,024		1,206
1.400%, 04/30/2028 (A)			1,009		1,182
1.000%, 10/31/2050 (A)			405		382
0.800%, 07/30/2027 (A)			3,965		4,432
0.500%, 04/30/2030 (A)			584		629
0.050%, 10/31/2021			852		939
0.000%, 04/30/2023 (E)			2,335		2,558
Telefonica Europe BV
4.375%, VAR EUR Swap Annual 6 Yr+4.107% (B)			300		320

					21,800


Supra-National — 3.4%
Asian Development Bank MTN
2.350%, 06/21/2027	JPY		290,000		3,166
European Financial Stability Facility MTN
1.800%, 07/10/2048	EUR		270		393
0.500%, 07/11/2025			695		789
0.400%, 02/17/2025			1,695		1,912
0.200%, 04/28/2025			600		671
European Investment Bank
1.900%, 01/26/2026	JPY		397,500		4,142
European Investment Bank MTN
1.250%, 05/12/2025	SEK		13,180		1,386
1.000%, 03/14/2031	EUR		405		487
0.250%, 10/14/2024			156		175
0.250%, 09/14/2029			745		835
European Stability Mechanism MTN
1.000%, 09/23/2025			570		667
European Union MTN
2.875%, 04/04/2028			575		781
International Bank for Reconstruction & Development MTN
2.800%, 01/13/2021	AUD		1,230		764
International Finance MTN
2.375%, 07/19/2023	CAD		1,000		736

					16,904


Sweden — 0.7%
Kommunivest I Sverige AB MTN
1.000%, 10/02/2024	SEK		5,830		604
Skandinaviska Enskilda Banken MTN
5.750%, VAR USD Swap Semi 30/360 5 Yr Curr+3.850% (B)	$		465		462
Svenska Handelsbanken
5.250%, VAR USD Swap Semi 30/360 5 Yr Curr+3.335% (B)			325		306


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		25

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Fixed Income Fund (Continued)



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Swedbank
5.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.134% (B)	$		200	$	175
Swedbank Hypotek
0.375%, 03/11/2022	EUR		360		400
Sweden Government Bond
3.500%, 06/01/2022	SEK		3,040		333
3.500%, 03/30/2039			1,205		195
1.000%, 11/12/2026			1,725		189
Sweden Government Bond, Ser 1047
5.000%, 12/01/2020			3,370		352
Vattenfall
3.000%, VAR EUR Swap Annual 5 Yr+2.511%, 03/19/2077	EUR		175		186
Vattenfall MTN
6.250%, 03/17/2021			213		247

					3,449


Switzerland — 0.8%
Credit Suisse MTN
0.750%, 09/17/2021			220		245
Credit Suisse Group
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+4.600% (B)	$		286		263
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+4.600% (A)(B)			200		184
2.125%, VAR BPSW1+1.230%, 09/12/2025	GBP		250		293
Government of Switzerland
2.000%, 04/28/2021	CHF		735		781
2.000%, 05/25/2022			75		82
1.500%, 04/30/2042			408		577
1.250%, 06/11/2024			405		451
Swiss Re Finance Luxembourg
5.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.582%, 04/02/2049 (A)	$		200		204
UBS MTN
4.750%, VAR EUR Swap Annual 5 Yr+3.400%, 02/12/2026	EUR		200		215
UBS Group
6.875%, VAR USD Swap Semi 30/360 5 Yr Curr+4.590% (B)	$		200		190
UBS Group Funding Switzerland
1.750%, 11/16/2022	EUR		427		466

					3,951


Thailand — 0.4%
Thailand Government Bond
4.875%, 06/22/2029	THB		16,455		646
4.675%, 06/29/2044			20,805		906
3.650%, 12/17/2021			11,020		352
3.625%, 06/16/2023			5,375		177



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
3.300%, 06/17/2038	THB		3,522	$	129

					2,210


Turkey — 0.1%
Turkiye Vakiflar Bankasi TAO
2.375%, 05/04/2021	EUR		265		279


United Arab Emirates — 0.0%
DP World Crescent MTN
4.848%, 09/26/2028	$		265		242


United Kingdom — 5.6%
Anglo American Capital MTN
1.625%, 09/18/2025	EUR		220		214
Barclays Bank MTN
10.000%, 05/21/2021	GBP		180		237
BAT International Finance MTN
1.250%, 03/13/2027	EUR		333		339
BP Capital Markets MTN
1.526%, 09/26/2022			350		384
1.117%, 01/25/2024			165		180
Centrica MTN
4.375%, 03/13/2029	GBP		164		227
4.250%, 09/12/2044			100		135
CK Hutchison Finance 16 II
0.875%, 10/03/2024	EUR		212		227
CNH Industrial Finance Europe MTN
2.875%, 05/17/2023			220		250
Coca-Cola European Partners
2.375%, 05/07/2025			400		463
Diageo Finance MTN
0.250%, 10/22/2021			240		259
DS Smith MTN
1.375%, 07/26/2024			430		464
Gatwick Funding MTN
5.250%, 01/23/2024	GBP		250		336
GlaxoSmithKline Capital
0.000%, 09/12/2020 (E)	EUR		595		652
Heathrow Funding MTN
2.750%, 08/09/2049	GBP		160		163
1.875%, 05/23/2022	EUR		235		254
HSBC Holdings
4.041%, VAR ICE LIBOR USD 3 Month+1.546%, 03/13/2028	$		255		259
3.000%, VAR BPSW1+1.650%, 07/22/2028	GBP		167		204
HSBC Holdings MTN
6.000%, 03/29/2040			145		207
Imperial Brands Finance
0.500%, 07/27/2021	EUR		150		163
Lloyds Banking Group
4.582%, 12/10/2025	$		445		450


26		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Motion Bond
4.500%, 11/15/2027	GBP		245	$	195
Nationwide Building Society MTN
4.625%, 02/08/2021	EUR		550		628
0.500%, 02/23/2024			225		252
Northumbrian Water Finance
6.875%, 02/06/2023	GBP		190		268
Royal Bank of Scotland Group
3.770%, VAR ICE LIBOR USD 3 Month+2.320% (B)	$		200		165
Santander UK Group Holdings PLC MTN
3.625%, 01/14/2026	GBP		100		128
Santander UK PLC MTN
4.250%, 04/12/2021	EUR		350		401
1.125%, 01/14/2022			330		362
Scottish Hydro Electric Transmission
2.250%, 09/27/2035			200		236
Severn Trent Utilities Finance MTN
3.625%, 01/16/2026	GBP		175		233
Sky PLC MTN
6.000%, 05/21/2027			50		78
2.500%, 09/15/2026	EUR		205		245
2.250%, 11/17/2025			275		322
Standard Chartered
3.280%, VAR ICE LIBOR USD 3 Month+1.510% (A)(B)	$		500		348
Thames Water Utilities Finance MTN
4.625%, 06/04/2046	GBP		155		242
Unilever NV
0.375%, 02/14/2023	EUR		220		241
United Kingdom Gilt
4.500%, 12/07/2042	GBP		230		504
4.250%, 12/07/2046			1,370		3,093
4.250%, 12/07/2049			108		255
3.750%, 07/22/2052			80		184
3.500%, 01/22/2045			848		1,680
3.250%, 01/22/2044			400		754
2.750%, 09/07/2024			200		276
2.500%, 07/22/2065			1,717		3,632
1.750%, 09/07/2022			654		842
1.500%, 07/22/2047			981		1,420
0.750%, 07/22/2023			2,170		2,744
0.625%, 06/07/2025			445		564
United Kingdom Gilt - Inflation Linked
1.250%, 11/22/2027			262		433
Western Power Distribution West Midlands PLC
5.750%, 04/16/2032			100		159
3.875%, 10/17/2024			230		305
Wm Morrison Supermarkets MTN
3.500%, 07/27/2026			225		290



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Zurich Finance PLC MTN
6.625% (B)(D)	GBP		235	$	299

					27,845


United States — 7.9%
AbbVie
2.300%, 11/21/2022 (A)	$		800		801
Allergan Funding
2.625%, 11/15/2028			100		113
Altria Group
2.200%, 06/15/2027	EUR		440		468
AT&T
2.875%, VAR EUAMDB05+3.140% (B)			200		196
1.800%, 09/05/2026			365		404
0.800%, 03/04/2030			310		299
Bank of America (B)
6.500%, VAR ICE LIBOR USD 3 Month+4.174%	$		67		71
6.250%, VAR ICE LIBOR USD 3 Month+3.705%			150		152
Bank of America MTN
2.375%, 06/19/2024	EUR		835		939
1.625%, 09/14/2022			261		286
Baxter International MTN
0.400%, 05/15/2024			405		429
Becton Dickinson
0.632%, 06/04/2023	$		200		214
Berkshire Hathaway
0.625%, 01/17/2023	EUR		265		287
Berkshire Hathaway Finance
2.625%, 06/19/2059	GBP		144		184
Boardwalk Pipelines
4.800%, 05/03/2029	$		119		89
Broadcom
4.250%, 04/15/2026 (A)			195		192
Capital One Financial
3.800%, 01/31/2028			130		127
0.800%, 06/12/2024	EUR		291		284
Carnival
1.625%, 02/22/2021			180		150
1.000%, 10/28/2029			316		176
Carrier Global Corp
1.923%, 02/15/2023 (A)			290		286
Catalent Pharma Solutions
2.375%, 03/01/2028 (A)			119		120
Centene
4.250%, 12/15/2027 (A)	$		63		62
Chubb INA Holdings
1.550%, 03/15/2028	EUR		325		342
0.875%, 06/15/2027			115		116
0.300%, 12/15/2024			190		194


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		27

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Fixed Income Fund (Continued)



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Citigroup
5.950%, VAR ICE LIBOR USD 3 Month+3.905% (B)	$		185	$	179
2.040%, 09/16/2020	JPY		200,000		1,867
1.750%, 10/23/2026	GBP		304		346
0.457%, 02/18/2021	JPY		100,000		927
Citigroup MTN
0.750%, 10/26/2023	EUR		365		388
Clean Harbors
4.875%, 07/15/2027 (A)	$		124		121
Comcast
0.750%, 02/20/2032	EUR		180		177
CyrusOne
1.450%, 01/22/2027			154		147
DH Europe Finance
1.700%, 01/04/2022			150		167
1.200%, 06/30/2027	$		335		354
DH Europe Finance II
0.450%, 03/18/2028			154		151
Digital Euro Finco
2.625%, 04/15/2024	EUR		175		199
Ebay
3.600%, 06/05/2027	$		130		134
1.900%, 03/11/2025			139		131
Expedia Group Inc
5.000%, 02/15/2026			250		226
Exxon Mobil
4.327%, 03/19/2050			200		245
FedEx
0.700%, 05/13/2022	EUR		108		117
Fidelity National Information Services
1.500%, 05/21/2027			400		426
0.625%, 12/03/2025			185		192
Ford Credit Canada
2.450%, 05/07/2020	CAD		1,600		1,116
Ford Motor Credit MTN
3.021%, 03/06/2024	EUR		170		151
1.744%, 07/19/2024			125		107
0.017%, VAR Euribor 3 Month+0.430%, 05/14/2021			750		774
GE Capital UK Funding Unlimited MTN
6.250%, 05/05/2038	GBP		165		242
5.875%, 11/04/2020			500		630
5.875%, 01/18/2033			160		228
General Electric
0.875%, 05/17/2025	EUR		180		179
General Motors Financial MTN
0.955%, 09/07/2023			540		492
General Motors Financial of Canada
3.080%, 05/22/2020	CAD		1,900		1,322
Goldman Sachs Group
2.625%, 04/25/2021	$		425		425



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Goldman Sachs Group MTN
2.000%, 07/27/2023	EUR		900	$	988
1.625%, 07/27/2026			170		181
International Business Machines
2.850%, 05/13/2022	$		990		1,015
International Business Machines MTN
0.875%, 01/31/2025	EUR		593		648
International Game Technology PLC
3.500%, 07/15/2024	$		170		144
Johnson Controls International PLC
1.375%, 02/25/2025	EUR		395		424
JPMorgan Chase MTN
1.090%, VAR Euribor 3 Month+0.760%, 03/11/2027			810		849
Lear
3.800%, 09/15/2027	$		193		174
3.500%, 05/30/2030			81		70
Liberty Mutual Group
3.625%, VAR EUR Swap Annual 5 Yr+3.700%, 05/23/2059	EUR		300		291
Marriott International
4.650%, 12/01/2028	$		120		105
Mastercard
1.100%, 12/01/2022	EUR		445		494
McKesson
0.625%, 08/17/2021			355		387
Medtronic Global Holdings SCA
1.125%, 03/07/2027			400		431
0.250%, 07/02/2025	$		115		120
Metropolitan Life Global Funding I MTN
1.950%, 01/13/2023 (A)			1,000		979
Molson Coors International
2.750%, 09/18/2020	CAD		1,105		773
Moody’s
1.750%, 03/09/2027	EUR		265		302
Morgan Stanley
1.875%, 03/30/2023			490		537
Morgan Stanley MTN
1.375%, 10/27/2026			360		375
0.000%, VAR Euribor 3 Month+0.400%, 05/21/2021			850		914
National Grid North America MTN
1.000%, 07/12/2024			300		329
National Oil Well
3.600%, 12/01/2029	$		205		153
Noble Energy
3.250%, 10/15/2029			205		120
Panther BF Aggregator 2
4.375%, 05/15/2026 (A)	EUR		106		97
Philip Morris International
0.625%, 11/08/2024			285		301


28		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Philip Morris International MTN
1.875%, 03/03/2021	EUR		300	$	331
PNC Financial Services Group
2.200%, 11/01/2024	$		885		907
PNC Funding
3.300%, 03/08/2022			150		152
Priceline Group
2.375%, 09/23/2024			355		390
Prologis
0.375%, 02/06/2028			300		297
0.250%, 09/10/2027			161		160
Prologis MTN
3.000%, 01/18/2022	EUR		115		130
Prudential Financial
5.875%, VAR ICE LIBOR USD 3 Month+4.175%, 09/15/2042	$		199		193
Santander Holdings USA
3.700%, 03/28/2022			460		456
Seagate HDD Cayman
4.750%, 06/01/2023			6		6
4.750%, 01/01/2025			61		61
Sealed Air
4.000%, 12/01/2027 (A)			99		92
Silgan Holdings
2.250%, 06/01/2028 (A)	EUR		260		253
Southern Co/The
2.750%, 06/15/2020	$		700		701
Sprint Spectrum
4.738%, 03/20/2025 (A)			265		270
Starbucks
2.000%, 03/12/2027			210		198
Sysco Corp
5.650%, 04/01/2025			38		40
Toyota Motor Credit MTN
1.800%, 07/23/2020	EUR		115		127
0.625%, 11/21/2024			465		494
US Bancorp MTN
0.850%, 06/07/2024			226		238
Verizon Communications
4.016%, 12/03/2029	$		391		439
0.875%, 04/08/2027	EUR		175		184
Verizon Communications MTN
4.750%, 02/17/2034	GBP		170		254
4.050%, 02/17/2025	AUD		680		450
ViacomCBS
3.700%, 06/01/2028	$		313		293
3.500%, 01/15/2025			13		12
Walt Disney
3.350%, 03/24/2025			242		264
Wells Fargo
5.900%, VAR ICE LIBOR USD 3 Month+ 3.110% (B)			130		127



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Wells Fargo MTN
2.125%, 12/20/2023	GBP		345	$	413
2.000%, 04/27/2026	EUR		210		231
1.375%, 06/30/2022	GBP		195		234
Western Midstream Operating
4.050%, 02/01/2030	$		415		181
WPC Eurobond BV
1.350%, 04/15/2028	EUR		405		388
ZF North America Capital
2.750%, 04/27/2023			200		200

					39,508

Total Global Bonds (Cost $458,630) ($ Thousands)					451,816


U.S. TREASURY OBLIGATIONS — 5.8%
U.S. Treasury Bills
1.128%, 04/09/2020 (E)	$		28,664		28,664
U.S. Treasury Inflation Protected Securities
0.750%, 07/15/2028			297		326

Total U.S. Treasury Obligations (Cost $28,967) ($ Thousands)					28,990


MORTGAGE-BACKED SECURITIES — 0.4%
Agency Mortgage-Backed Obligation — 0.3%
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA1, Cl M2
2.797%, VAR ICE LIBOR USD 1 Month+1.850%, 10/25/2027			180		175
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, Cl M2
3.547%, VAR ICE LIBOR USD 1 Month+2.600%, 12/25/2027			1		1
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQA2, Cl M2
3.747%, VAR ICE LIBOR USD 1 Month+2.800%, 05/25/2028			23		23
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, Cl M2
3.847%, VAR ICE LIBOR USD 1 Month+2.900%, 07/25/2028			25		26
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-HQA1, Cl M3
7.297%, VAR ICE LIBOR USD 1 Month+6.350%, 09/25/2028			249		246
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA1, Cl M1
2.147%, VAR ICE LIBOR USD 1 Month+1.200%, 07/25/2029			101		100


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		29

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Fixed Income Fund (Continued)



Description	Face Amount (Thousands)		Market Value ($ Thousands)

MORTGAGE-BACKED SECURITIES (continued)
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA2, Cl M2
4.397%, VAR ICE LIBOR USD 1 Month+3.450%, 10/25/2029	$	470	$	418
FNMA Connecticut Avenue Securities, Ser 2014-C04, Cl 2M2
5.947%, VAR ICE LIBOR USD 1 Month+5.000%, 11/25/2024		254		245
FNMA Connecticut Avenue Securities, Ser 2016-C04, Cl 1M2
5.197%, VAR ICE LIBOR USD 1 Month+4.250%, 01/25/2029		88		83
FNMA Connecticut Avenue Securities, Ser 2016-C06, Cl 1M1
2.247%, VAR ICE LIBOR USD 1 Month+1.300%, 04/25/2029		37		36
FNMA Connecticut Avenue Securities, Ser 2016-C07, Cl 2M2
5.297%, VAR ICE LIBOR USD 1 Month+4.350%, 05/25/2029		118		113

				1,466

Non-Agency Mortgage-Backed Obligation — 0.1%
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
4.606%, 09/25/2034 (D)		10		9
COMM Mortgage Trust, Ser 2014-CCRE14, Cl A3
3.955%, 02/10/2047		70		74
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1
3.806%, 12/25/2034 (D)		32		29
LSTAR Commercial Mortgage Trust, Ser 2016-4, Cl A2
2.579%, 03/10/2049 (A)		159		159
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl A3
3.290%, 05/15/2048		114		117
Wells Fargo Commercial Mortgage Trust, Ser 2015-C30, Cl A3
3.411%, 09/15/2058		78		82

				470

Total Mortgage-Backed Securities (Cost $2,059) ($ Thousands)				1,936


Total Investments in Securities — 96.7% (Cost $489,656) ($ Thousands)			$	482,742


30		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020

A list of the open futures contracts held by the Fund at March 31, 2020, is as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ Depreciation (Thousands)
Australian 3-Year Bond		12		Jun-2020	$	879		$	860		$	3
Australian 10-Year Bond		18		Jun-2020		1,590			1,659			20
Australian 10-Year Bond		18		Jun-2020		1,608			1,659			28
Canadian 5-Year Bond		(20)		Jun-2020		(1,868	)		(1,794	)		(56	)
Canadian 10-Year Bond		(52)		Jun-2020		(5,473	)		(5,376	)		(90	)
Canadian 10-Year Bond		33		Jun-2020		3,540			3,411			99
Euro		(240)		Jun-2020		(34,239	)		(33,149	)		1,090
Euro-Bob		(23)		Jun-2020		(3,488	)		(3,412	)		25
Euro-Bob		3		Jun-2020		447			445			(1	)
Euro-BTP		10		Jun-2020		1,654			1,552			(83	)
Euro-Bund		(10)		Jun-2020		(1,936	)		(1,893	)		21
Euro-Bund		22		Jun-2020		4,290			4,164			(60	)
Euro-Buxl		(12)		Jun-2020		(2,696	)		(2,764	)		(14	)
Euro-Buxl		24		Jun-2020		5,837			5,528			(209	)
Euro-OAT		(3)		Jun-2020		(574	)		(550	)		14
Euro-OAT		9		Jun-2020		1,685			1,651			(9	)
Euro-Schatz		28		Jun-2020		3,506			3,447			(6	)
Japanese 10-Year Bond		23		Jun-2020		34,551			32,505			(721	)
Japanese 10-Year Government Bond E-MINI		5		Jun-2020		737			707			(9	)
Japanese 10-Year Government Bond E-MINI		(5)		Jun-2020		(746	)		(707	)		10
Long Gilt 10-Year Bond		41		Jun-2020		6,747			6,924			51
Long Gilt 10-Year Bond		3		Jun-2020		528			507			–
U.S. 2-Year Treasury Note		46		Jul-2020		10,033			10,138			105
U.S. 5-Year Treasury Note		(37)		Jul-2020		(4,497	)		(4,638	)		(141	)
U.S. 5-Year Treasury Note		(10)		Jul-2020		(1,253	)		(1,254	)		(1	)
U.S. 10-Year Treasury Note		56		Jun-2020		7,718			7,767			48
U.S. 10-Year Treasury Note		37		Jun-2020		4,902			5,131			229
U.S. Ultra Long Treasury Bond		1		Jun-2020		221			222			1
U.S. Ultra Long Treasury Bond		11		Jun-2020		2,445			2,441			(4	)
Ultra 10-Year U.S. Treasury Note		(17)		Jun-2020		(2,482	)		(2,653	)		(171	)

					$	33,666		$	32,528		$	169

A list of the open forward foreign currency contracts held by the Fund at March 31, 2020, is as follows:


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Bank of America		04/03/20	USD		446	ZAR		7,005	$	(54	)
Bank of America		04/03/20	USD		323	EUR		302		9
Bank of America		04/03/20	USD		454	EUR		403		(12	)
Bank of America		04/03/20	TRY		874	USD		142		9
Bank of America		04/03/20	EUR		1,035	USD		1,171		35
Bank of America		04/03/20	USD		1,785	JPY		185,870		(63	)
Bank of America		04/03/20	USD		2,129	SEK		21,451		36
Bank of America		04/03/20 - 04/30/20	ZAR		4,716	USD		289		26
Bank of America		04/03/20	USD		11,265	CNY		80,148		36
Bank of America		04/03/20	JPY		48,061	USD		464		19
Bank of America		04/03/20	JPY		36,091	USD		328		(6	)
Bank of America		04/28/20	CNY		80,148	USD		11,268		(57	)
Bank of America		04/30/20	SEK		21,451	USD		2,131		(37	)
Bank of America		05/20/20	RUB		88,691	USD		1,282		155
Barclays PLC		04/03/20	USD		144	TRY		919		(4	)


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		31

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Fixed Income Fund (Continued)


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC		04/03/20	USD		210	SGD		292	$	(6	)
Barclays PLC		04/03/20	USD		32	NZD		57		2
Barclays PLC		04/03/20	USD		199	NZD		322		(9	)
Barclays PLC		04/03/20 - 04/30/20	USD		146	AUD		247		6
Barclays PLC		04/03/20	USD		116	AUD		184		(3	)
Barclays PLC		04/03/20 - 04/30/20	USD		83	NOK		904		3
Barclays PLC		04/03/20	USD		186	NOK		1,826		(12	)
Barclays PLC		04/03/20	CHF		317	USD		335		8
Barclays PLC		04/03/20	USD		151	CHF		148		1
Barclays PLC		04/03/20	USD		201	CHF		190		(4	)
Barclays PLC		04/03/20 - 04/30/20	USD		208	SEK		2,107		5
Barclays PLC		04/03/20	USD		167	SEK		1,589		(7	)
Barclays PLC		04/03/20 - 04/30/20	USD		179	JPY		19,718		3
Barclays PLC		04/03/20	USD		201	JPY		21,102		(5	)
Barclays PLC		04/03/20 - 04/30/20	USD		119	CAD		171		1
Barclays PLC		04/03/20 - 04/30/20	USD		268	CAD		369		(9	)
Barclays PLC		04/03/20 - 04/30/20	GBP		256	USD		327		10
Barclays PLC		04/03/20 - 04/30/20	GBP		192	USD		226		(12	)
Barclays PLC		04/03/20 - 04/30/20	CAD		252	USD		181		4
Barclays PLC		04/03/20 - 04/30/20	CAD		213	USD		148		(2	)
Barclays PLC		04/03/20	NZD		291	USD		182		9
Barclays PLC		04/03/20 - 04/30/20	NZD		244	USD		142		(3	)
Barclays PLC		04/03/20	AUD		179	USD		114		5
Barclays PLC		04/03/20 - 04/30/20	AUD		553	USD		324		(14	)
Barclays PLC		04/03/20 - 04/30/20	USD		420	GBP		358		24
Barclays PLC		04/03/20	USD		559	GBP		431		(25	)
Barclays PLC		04/03/20 - 04/30/20	TRY		1,682	USD		265		11
Barclays PLC		04/03/20 - 04/30/20	USD		2,192	MXN		53,733		98
Barclays PLC		04/03/20	USD		130	MXN		2,869		(8	)
Barclays PLC		04/03/20	NOK		1,154	USD		118		8
Barclays PLC		04/03/20 - 04/30/20	NOK		2,059	USD		187		(9	)
Barclays PLC		04/03/20	PLN		3,560	USD		913		56
Barclays PLC		04/30/20	USD		28	EUR		26		—
Barclays PLC		04/03/20 - 04/30/20	USD		4,668	EUR		4,206		(51	)
Barclays PLC		04/03/20	EUR		806	USD		899		14
Barclays PLC		04/30/20	EUR		4,022	USD		4,355		(62	)
Barclays PLC		04/03/20 - 05/14/20	SEK		22,437	USD		2,369		101
Barclays PLC		04/03/20	SEK		1,334	USD		130		(5	)
Barclays PLC		04/03/20 - 04/30/20	MXN		50,864	USD		2,064		(96	)
Barclays PLC		04/03/20	JPY		95,864	USD		921		33
Barclays PLC		04/30/20	JPY		6,333	USD		58		(1	)
Barclays PLC		04/16/20	CNH		14,492	USD		2,086		42
Barclays PLC		05/05/20	EUR		16,630	USD		18,360		93
Barclays PLC		08/13/20	USD		281	MYR		1,166		(9	)
BMO Capital		04/03/20	USD		10,366	JPY		1,117,470		(14	)
BMO Capital		04/03/20	JPY		8,226,109	USD		76,309		105
BNP Paribas		04/03/20	USD		35	MXN		786		(2	)
BNP Paribas		04/03/20	USD		95	AUD		146		(6	)
BNP Paribas		04/03/20	MXN		773	USD		35		2
BNP Paribas		04/30/20	USD		761	NZD		1,352		40
BNP Paribas		04/03/20	USD		856	NZD		1,369		(44	)
BNP Paribas		04/03/20 - 06/11/20	AUD		6,873	USD		4,392		185


32		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
BNP Paribas		04/03/20 - 04/24/20	EUR		38,185	USD		42,619	$	701
BNP Paribas		04/03/20 - 04/30/20	EUR		282	USD		303		(6	)
BNP Paribas		04/09/20	USD		612	JPY		66,106		—
BNP Paribas		04/16/20	USD		2,768	CNH		19,247		(52	)
BNP Paribas		04/16/20	CNH		4,086	USD		576		—
BNP Paribas		04/30/20	GBP		607	USD		753		—
BNP Paribas		04/30/20	GBP		720	USD		893		(1	)
BNP Paribas		04/30/20	MYR		8,712	USD		2,010		(15	)
BNP Paribas		04/30/20	JPY		37,800	USD		340		(11	)
BNP Paribas		05/05/20	USD		348	IDR		4,793,890		(54	)
BNYMellon		05/22/20	CAD		17,347	USD		12,084		(112	)
Brown Brothers Harriman		04/08/20	USD		64	EUR		60		1
Brown Brothers Harriman		04/08/20	USD		1,380	EUR		1,222		(38	)
Brown Brothers Harriman		04/08/20	EUR		1,903	USD		2,106		17
Brown Brothers Harriman		04/08/20	EUR		1,042	USD		1,138		(6	)
Brown Brothers Harriman		04/08/20	ZAR		6,764	USD		409		30
Brown Brothers Harriman		04/09/20	USD		356	JPY		39,013		6
Brown Brothers Harriman		04/16/20	CNY		12,933	USD		1,856		31
Brown Brothers Harriman		05/14/20	USD		360	NOK		3,757		(2	)
Brown Brothers Harriman		05/14/20	NOK		3,959	USD		374		(4	)
Brown Brothers Harriman		05/15/20	GBP		303	USD		376		—
Brown Brothers Harriman		05/15/20	USD		1,555	GBP		1,305		63
Brown Brothers Harriman		05/15/20	USD		107	GBP		86		(1	)
Brown Brothers Harriman		06/11/20	USD		86	AUD		140		—
CIBC		04/30/20	USD		4,602	EUR		4,269		86
Citigroup		04/02/20	BRL		7,299	USD		1,509		102
Citigroup		04/08/20	EUR		527	USD		583		5
Citigroup		04/08/20	USD		2,132	EUR		1,913		(33	)
Citigroup		04/08/20	ZAR		10,895	USD		681		71
Citigroup		04/09/20	USD		664	JPY		72,899		12
Citigroup		05/05/20	USD		893	BRL		4,640		—
Citigroup		05/15/20	GBP		9,663	USD		12,441		452
Citigroup		05/20/20	USD		1,741	RUB		126,509		(132	)
Citigroup		06/11/20	AUD		7,754	USD		4,606		(140	)
Citigroup		04/03/20	USD		42	NOK		429		(1	)
Citigroup		04/03/20 - 04/30/20	USD		84	CAD		114		(4	)
Citigroup		04/03/20	GBP		52	USD		67		3
Citigroup		04/03/20 - 04/30/20	GBP		62	USD		73		(4	)
Citigroup		04/03/20	CHF		102	USD		109		4
Citigroup		04/03/20	CHF		14	USD		14		—
Citigroup		04/03/20	AUD		65	USD		43		3
Citigroup		04/03/20	AUD		59	USD		35		(1	)
Citigroup		04/30/20	USD		15	AUD		25		—
Citigroup		04/03/20	USD		128	AUD		200		(6	)
Citigroup		04/03/20 - 04/30/20	USD		115	SEK		1,160		2
Citigroup		04/03/20	USD		29	SEK		278		(1	)
Citigroup		04/03/20	USD		147	MXN		3,468		1
Citigroup		04/03/20 - 04/30/20	NZD		74	USD		46		2
Citigroup		04/03/20	NZD		113	USD		66		(1	)
Citigroup		04/03/20 - 04/30/20	USD		110	GBP		93		5


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		33

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Fixed Income Fund (Continued)


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		04/03/20	USD		77	GBP		60	$	(3	)
Citigroup		04/03/20 - 04/30/20	USD		404	EUR		359		(10	)
Citigroup		04/03/20	CAD		610	USD		451		22
Citigroup		04/30/20	CAD		46	USD		32		—
Citigroup		04/03/20	NOK		590	USD		58		2
Citigroup		04/03/20	NOK		134	USD		13		—
Citigroup		04/03/20	USD		28	NZD		48		1
Citigroup		04/03/20	USD		763	NZD		1,271		(9	)
Citigroup		04/03/20	EUR		3,033	USD		3,392		64
Citigroup		04/03/20 - 04/08/20	EUR		1,080	USD		1,178		(8	)
Citigroup		04/03/20 - 04/30/20	USD		63	JPY		6,974		2
Citigroup		04/03/20	USD		4,284	JPY		449,568		(120	)
Citigroup		04/03/20	ILS		4,438	USD		1,282		27
Citigroup		04/03/20	CZK		25,007	USD		1,078		76
Citigroup		04/03/20	MXN		45,755	USD		2,332		382
Citigroup		04/03/20 - 04/30/20	JPY		75,591	USD		729		29
Citigroup		04/30/20	JPY		1,582	USD		15		—
Citigroup		04/30/20	SEK		326	USD		32		(1	)
Credit Agricole		04/30/20	USD		311	SGD		450		5
Credit Suisse First Boston		04/08/20	USD		376	ZAR		6,687		(2	)
Credit Suisse First Boston		04/08/20	USD		1,481	EUR		1,386		40
Credit Suisse First Boston		04/09/20	USD		651	JPY		71,193		9
Credit Suisse First Boston		05/14/20	SEK		11,339	USD		1,143		(3	)
Credit Suisse First Boston		05/20/20	USD		1,301	PLN		5,352		(12	)
Credit Suisse First Boston		05/22/20	USD		861	CAD		1,211		(10	)
Credit Suisse First Boston		05/29/20	USD		1,289	CHF		1,238		(4	)
Goldman Sachs		04/03/20	USD		356	NZD		617		10
Goldman Sachs		04/03/20	USD		374	CHF		361		(1	)
Goldman Sachs		04/03/20	USD		1,017	TRY		6,388		(48	)
Goldman Sachs		04/03/20	USD		1,156	ZAR		18,445		(124	)
Goldman Sachs		04/03/20	CHF		1,977	USD		2,050		7
Goldman Sachs		04/03/20	MXN		2,761	USD		130		13
Goldman Sachs		04/03/20	ZAR		9,344	USD		601		77
Goldman Sachs		04/03/20	TRY		14,593	USD		2,324		110
Goldman Sachs		04/03/20	JPY		60,600	USD		565		4
Goldman Sachs		04/03/20 - 04/08/20	EUR		73,019	USD		80,523		401
Goldman Sachs		04/09/20	USD		1,195	JPY		123,538		(50	)
Goldman Sachs		04/28/20	CNY		2,465	USD		347		(2	)
Goldman Sachs		04/30/20	GBP		640	USD		744		(50	)
Goldman Sachs		05/14/20	NOK		7,998	USD		837		75
Goldman Sachs		06/04/20	NZD		2,214	USD		1,311		—
Goldman Sachs		08/13/20	MYR		1,173	USD		286		12
HSBC		04/03/20	USD		254	NZD		405		(14	)
HSBC		04/03/20	SGD		500	USD		359		8
HSBC		04/03/20	USD		6,216	JPY		650,920		(187	)
HSBC		04/09/20 - 04/30/20	JPY		146,245	USD		1,333		(22	)
HSBC		04/16/20	CNH		22,954	USD		3,285		46
HSBC		04/30/20	EUR		254	USD		280		1
HSBC		04/30/20	NZD		1,018	USD		613		10
JPMorgan Chase Bank		04/03/20	USD		260	MXN		5,738		(15	)


34		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		317	GBP		266	$	13
JPMorgan Chase Bank		04/03/20	USD		397	GBP		310		(12	)
JPMorgan Chase Bank		04/03/20	USD		741	ZAR		12,145		(61	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		167	NOK		1,817		6
JPMorgan Chase Bank		04/03/20	USD		621	NOK		5,988		(51	)
JPMorgan Chase Bank		04/03/20	USD		840	PLN		3,560		17
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		179	CAD		258		2
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		699	CAD		947		(33	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		336	SEK		3,428		10
JPMorgan Chase Bank		04/03/20	USD		566	SEK		5,424		(18	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		204	AUD		344		6
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		812	AUD		1,275		(32	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		194	CHF		189		2
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		957	CHF		909		(17	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	NZD		531	USD		334		19
JPMorgan Chase Bank		04/03/20 - 04/30/20	NZD		639	USD		369		(9	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	AUD		877	USD		576		39
JPMorgan Chase Bank		04/03/20 - 04/30/20	AUD		445	USD		259		(14	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		946	NZD		1,627		19
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		717	NZD		1,173		(22	)
JPMorgan Chase Bank		04/03/20	USD		2,342	THB		76,749		(3	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	CHF		2,526	USD		2,639		24
JPMorgan Chase Bank		04/03/20 - 04/30/20	CHF		76	USD		78		(1	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		2,337	EUR		2,160		34
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		2,052	EUR		1,832		(42	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		1,870	JPY		203,654		19
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		2,606	JPY		275,890		(50	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	GBP		6,009	USD		7,682		231
JPMorgan Chase Bank		04/03/20 - 04/30/20	GBP		353	USD		420		(17	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	EUR		6,458	USD		7,251		164
JPMorgan Chase Bank		04/03/20 - 04/30/20	EUR		319	USD		349		(1	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	USD		8,308	SGD		11,964		95
JPMorgan Chase Bank		04/03/20	USD		38	SGD		53		(1	)
JPMorgan Chase Bank		04/03/20	NOK		5,623	USD		590		54
JPMorgan Chase Bank		04/03/20	NOK		3,387	USD		303		(19	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	SEK		8,629	USD		893		22
JPMorgan Chase Bank		04/03/20 - 04/30/20	SEK		2,696	USD		266		(7	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	SGD		11,964	USD		8,312		(96	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	CAD		24,289	USD		18,099		1,033
JPMorgan Chase Bank		04/03/20 - 04/30/20	CAD		303	USD		210		(3	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	ZAR		26,571	USD		1,629		143
JPMorgan Chase Bank		04/03/20	THB		76,749	USD		2,428		89
JPMorgan Chase Bank		04/30/20	THB		76,749	USD		2,338		(2	)
JPMorgan Chase Bank		04/03/20 - 04/30/20	JPY		160,388	USD		1,528		42
JPMorgan Chase Bank		04/03/20 - 04/30/20	JPY		31,567	USD		289		(4	)
JPMorgan Chase Bank		04/07/20 - 04/23/20	AUD		2,838	USD		1,683		(54	)
JPMorgan Chase Bank		04/09/20	JPY		122,254	USD		1,124		(8	)
JPMorgan Chase Bank		04/14/20	USD		1,241	RUB		92,285		(61	)
JPMorgan Chase Bank		04/16/20 - 04/17/20	THB		134,214	USD		4,245		154
JPMorgan Chase Bank		04/22/20	USD		1,585	IDR		23,814,501		(125	)
JPMorgan Chase Bank		04/22/20	IDR		23,814,501	USD		1,390		(69	)
JPMorgan Chase Bank		04/23/20	USD		657	MXN		14,002		(61	)
JPMorgan Chase Bank		04/23/20	USD		2,597	AUD		4,296		33
JPMorgan Chase Bank		04/24/20	USD		503	EUR		453		(5	)


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		35

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Fixed Income Fund (Continued)


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		04/24/20	GBP		554	USD		662	$	(25	)
JPMorgan Chase Bank		04/24/20	USD		879	CAD		1,210		(29	)
JPMorgan Chase Bank		04/24/20	CAD		3,863	USD		2,863		149
JPMorgan Chase Bank		04/24/20	USD		840	GBP		696		23
JPMorgan Chase Bank		04/24/20	USD		5,646	GBP		4,339		(264	)
JPMorgan Chase Bank		04/24/20	CHF		1,002	USD		1,055		17
JPMorgan Chase Bank		04/24/20	CHF		5,807	USD		5,941		(71	)
JPMorgan Chase Bank		04/24/20	SGD		9,398	USD		6,771		167
JPMorgan Chase Bank		04/24/20	EUR		21,995	USD		23,985		(166	)
JPMorgan Chase Bank		04/27/20	USD		70	BRL		354		(2	)
JPMorgan Chase Bank		04/27/20	USD		1,114	COP		4,560,995		8
JPMorgan Chase Bank		04/27/20	USD		1,190	MXN		28,600		25
JPMorgan Chase Bank		04/27/20	USD		1,990	KRW		2,470,823		39
JPMorgan Chase Bank		04/27/20	MXN		61,775	USD		2,546		(78	)
JPMorgan Chase Bank		04/27/20	KRW		503,452	USD		416		3
JPMorgan Chase Bank		04/27/20	KRW		509,437	USD		415		(3	)
JPMorgan Chase Bank		04/27/20	JPY		3,503,915	USD		31,919		(588	)
JPMorgan Chase Bank		04/30/20	PLN		3,560	USD		839		(18	)
JPMorgan Chase Bank		05/14/20	USD		775	NOK		8,072		(6	)
JPMorgan Chase Bank		05/22/20	NZD		705	USD		420		3
JPMorgan Chase Bank		05/22/20	NZD		14,425	USD		8,160		(383	)
JPMorgan Chase Bank		05/26/20	USD		1,872	PLN		7,354		(100	)
JPMorgan Chase Bank		05/26/20	NOK		5,200	USD		496		1
JPMorgan Chase Bank		05/26/20	USD		1,086	NOK		11,601		20
JPMorgan Chase Bank		05/26/20	USD		4,194	NOK		39,295		(447	)
JPMorgan Chase Bank		05/26/20	USD		839	SEK		8,385		8
JPMorgan Chase Bank		05/26/20	USD		6,849	SEK		66,258		(148	)
JPMorgan Chase Bank		05/26/20	PLN		8,670	USD		2,222		134
JPMorgan Chase Bank		05/26/20	HUF		1,354,877	USD		4,398		266
Morgan Stanley		04/03/20	USD		14	SGD		20		—
Morgan Stanley		04/03/20	USD		233	HUF		76,500		—
Morgan Stanley		04/30/20	USD		49	CHF		48		1
Morgan Stanley		04/03/20	USD		204	CHF		194		(4	)
Morgan Stanley		04/03/20 - 04/30/20	USD		146	SEK		1,488		4
Morgan Stanley		04/03/20 - 04/30/20	USD		156	SEK		1,517		(3	)
Morgan Stanley		04/03/20 - 04/30/20	CHF		226	USD		239		5
Morgan Stanley		04/03/20 - 04/30/20	CHF		98	USD		100		(1	)
Morgan Stanley		04/03/20 - 04/30/20	USD		166	AUD		282		7
Morgan Stanley		04/03/20	USD		159	AUD		247		(7	)
Morgan Stanley		04/03/20	AUD		206	USD		136		10
Morgan Stanley		04/03/20 - 04/30/20	AUD		740	USD		435		(18	)
Morgan Stanley		04/03/20	USD		981	CZK		25,007		21
Morgan Stanley		04/03/20 - 04/30/20	USD		987	ZAR		16,418		(68	)
Morgan Stanley		04/03/20	USD		1,152	DKK		7,862		4
Morgan Stanley		04/03/20	USD		1,224	ILS		4,438		31
Morgan Stanley		04/03/20 - 04/30/20	USD		547	NOK		5,856		10
Morgan Stanley		04/03/20	USD		767	NOK		7,285		(73	)
Morgan Stanley		04/03/20 - 04/30/20	USD		77	NZD		132		1
Morgan Stanley		04/03/20	USD		1,307	NZD		2,117		(52	)
Morgan Stanley		04/03/20	USD		1,583	TRY		9,974		(70	)


36		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Morgan Stanley		04/03/20	TRY		1,748	USD		283	$	18
Morgan Stanley		04/03/20 - 04/30/20	USD		1,992	JPY		214,843		2
Morgan Stanley		04/03/20	USD		631	JPY		66,558		(15	)
Morgan Stanley		04/03/20 - 04/30/20	USD		1,616	EUR		1,483		12
Morgan Stanley		04/03/20 - 04/08/20	USD		3,653	EUR		3,223		(115	)
Morgan Stanley		04/03/20	MXN		11,043	USD		511		40
Morgan Stanley		04/03/20	SGD		11,629	USD		8,376		208
Morgan Stanley		04/03/20	GBP		378	USD		484		16
Morgan Stanley		04/03/20 - 04/30/20	GBP		11,884	USD		13,918		(823	)
Morgan Stanley		04/03/20 - 04/30/20	USD		14,089	GBP		12,039		839
Morgan Stanley		04/03/20	USD		192	GBP		151		(5	)
Morgan Stanley		04/03/20	NOK		8,263	USD		880		93
Morgan Stanley		04/03/20 - 04/30/20	NOK		6,649	USD		622		(12	)
Morgan Stanley		04/03/20 - 04/30/20	USD		210	CAD		303		3
Morgan Stanley		04/03/20 - 04/30/20	USD		15,092	CAD		21,197		(200	)
Morgan Stanley		04/03/20	DKK		7,862	USD		1,167		11
Morgan Stanley		04/30/20	DKK		7,862	USD		1,153		(5	)
Morgan Stanley		04/03/20	ZAR		18,539	USD		1,171		134
Morgan Stanley		04/03/20 - 04/30/20	NZD		19,161	USD		11,968		608
Morgan Stanley		04/03/20	NZD		66	USD		38		(1	)
Morgan Stanley		04/03/20 - 05/07/20	CAD		22,332	USD		15,948		252
Morgan Stanley		04/03/20 - 04/30/20	CAD		197	USD		136		(2	)
Morgan Stanley		04/03/20	SEK		23,076	USD		2,421		92
Morgan Stanley		04/03/20 - 04/30/20	SEK		634	USD		63		(1	)
Morgan Stanley		04/03/20 - 04/30/20	EUR		35,122	USD		38,866		306
Morgan Stanley		04/30/20	EUR		30	USD		33		—
Morgan Stanley		04/03/20	CNY		80,148	USD		11,447		147
Morgan Stanley		04/03/20	JPY		50,166	USD		471		6
Morgan Stanley		04/03/20 - 04/09/20	JPY		71,067	USD		654		(5	)
Morgan Stanley		04/03/20	HUF		76,500	USD		252		20
Morgan Stanley		04/30/20	HUF		76,500	USD		233		—
Morgan Stanley		04/08/20	USD		711	ZAR		10,954		(99	)
Morgan Stanley		04/23/20	USD		668	MXN		13,577		(91	)
Morgan Stanley		04/23/20	MXN		27,687	USD		1,423		246
Morgan Stanley		04/30/20	ILS		4,438	USD		1,225		(32	)
Morgan Stanley		04/30/20	CZK		25,007	USD		981		(22	)
Morgan Stanley		05/05/20	BRL		7,299	USD		1,456		52
Morgan Stanley		05/21/20	TWD		46,215	USD		1,553		11
National Australia Capital Markets		04/03/20 - 04/30/20	USD		9,090	NZD		15,567		137
National Australia Capital Markets		04/03/20 - 04/30/20	NZD		15,567	USD		9,090		(133	)
National Bank of Australia		04/30/20	USD		9,390	JPY		1,018,158		57
National Bank of Australia		04/30/20	JPY		4,002,384	USD		36,914		(224	)
RBC		04/30/20	EUR		367	USD		403		—
RBS		04/08/20	EUR		459	USD		509		5
RBS		05/20/20	PLN		5,352	USD		1,291		1
Standard Chartered		04/03/20	USD		44	CAD		58		(3	)
Standard Chartered		04/08/20	USD		498	EUR		457		3
Standard Chartered		04/09/20	JPY		123,207	USD		1,119		(23	)
Standard Chartered		05/05/20	USD		695	IDR		10,061,978		(79	)
Standard Chartered		05/05/20	IDR		4,784,731	USD		346		53
Standard Chartered		05/14/20	KRW		802,190	USD		639		(20	)


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		37

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Fixed Income Fund (Continued)


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Standard Chartered		05/21/20	USD		1,538	TWD		46,482	$	13
State Street		04/30/20	USD		137	MXN		3,468		11
State Street		04/03/20	USD		396	MXN		8,607		(29	)
State Street		04/03/20	USD		627	NZD		1,039		(12	)
State Street		04/03/20	ZAR		2,288	USD		146		18
State Street		04/30/20	USD		3,129	JPY		339,386		20
State Street		04/03/20	USD		2,285	JPY		240,550		(57	)
State Street		04/03/20 - 04/30/20	MXN		13,165	USD		576		17
State Street		04/30/20	GBP		178	USD		221		—
State Street		04/30/20	USD		217	SEK		2,150		1
State Street		04/30/20	JPY		1,334,128	USD		12,300		(79	)
TD Securities		04/03/20	USD		94	GBP		73		(3	)
TD Securities		04/03/20	USD		2,088	CAD		2,800		(121	)
TD Securities		04/03/20	GBP		5,664	USD		7,276		253
TD Securities		04/03/20	GBP		182	USD		216		(10	)
TD Securities		04/03/20 - 04/30/20	USD		26,172	JPY		2,868,881		414
TD Securities		04/03/20 - 04/30/20	JPY		2,868,881	USD		26,197		(414	)
UBS		04/03/20	USD		91	GBP		71		(3	)
UBS		04/03/20	USD		352	NZD		615		13
UBS		04/03/20	USD		3,130	AUD		5,197		51
UBS		04/03/20 - 04/30/20	EUR		64,578	USD		71,160		235
UBS		04/08/20	USD		2,580	EUR		2,307		(48	)
UBS		04/30/20	AUD		5,281	USD		3,179		(53	)

									$	3,637

A list of the open OTC swap agreements held by the Fund at March 31, 2020, is as follows:


Credit Default Swaps
Counterparty	Reference Entity/ Obligation	Buy/Sell Protection	(Pays)/Receives Rate		Payment Frequency	Termination Date		Notional Amount (Thousands)		Value (Thousands)		Upfront Payments/ Receipts (Thousands)			Net Unrealized Depreciation (Thousands)
Citigroup	CMBX.NA.BBB.6	Sell		3.00%	Monthly		05/11/2063		$(600)	$	(132)	$	(45	)	$	(87	)
Credit Suisse	CMBX.NA.BBB.6	Sell		3.00%	Monthly		05/11/2063		(127)		(28)		(9	)		(19	)
Credit Suisse	CMBX.NA.BBB.6	Sell		3.00%	Monthly		05/11/2063		(134)		(30)		(8	)		(22	)
Deutsche Bank	CMBX.NA.BBB.6	Sell		3.00%	Monthly		05/11/2063		(406)		(90)		(28	)		(62	)
Goldman Sachs	CMBX.NA.BBB.6	Sell		3.00%	Monthly		05/11/2063		(1,345)		(297)		(162	)		(135	)

										$	(577)	$	(252	)	$	(325	)


Interest Rate Swaps
Counterparty	Fund Pays		Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)		Upfront Payments (Thousands)		Net Unrealized Appreciation (Thousands)
Deutsche Bank		China 7-Day Reverse Repo Rate		2.985%		Quarterly		06/03/2024		CNY		23,220	$	64	$	–	$	64
Deutsche Bank		China 7-Day Reverse Repo Rate		2.755%		Quarterly		09/09/2024		CNY		31,000		77		–		77

													$	141	$	–	$	141


38		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020

A list of the open centrally cleared swap agreements held by the Fund at March 31, 2020, is as follows:


Credit Default Swaps
Reference Entity/Obligation	Buy/Sell Protection		(Pays)/ Receives Rate		Payment Frequency		Termination Date		Notional Amount (Thousands)			Value (Thousands)			Upfront Payments/ Receipts (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
iTraxx Europe Series 32		Sell		1.00%		Quarterly		12/20/2024		(2,400	)	$	(9	)	$	33	$	(42	)
iTraxx Europe Series 32		Sell		5.00%		Quarterly		12/20/2024		(2,078	)		(80	)		94		(174	)

												$	(89	)	$	127	$	(216	)


Interest Rate Swaps
Fund Pays	Fund Receives	Payment Frequency	Termination Date	Currency	Notional Amount (Thousands)		Value (Thousands)			Upfront Payments/ Receipts (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
1.6460%	6-MONTH GBP - LIBOR	Semi-Annually	10/03/2047	GBP		460	$	(156	)	$	–	$	(156	)
6-MONTH GBP - LIBOR	0.6655%	Semi-Annually	03/05/2050	GBP		200		(34	)		–		(34	)
China 7-Day Reverse Repo Rate	5.635%	Semi-Annually	02/28/2025	GBP		1,230		3			–		3

							$	(187	)	$	–	$	(187	)

Percentages are based on Net Assets of $499,367 ($ Thousands).

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2020, the value of these securities amounted to $66,740 ($ Thousands), representing 13.4% of the Net Assets of the Fund.

(B)	Perpetual security with no stated maturity date.

(C)	Security is in default on interest payment.

(D)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(E)	Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

CNH — Chinese Yuan Offshore

CNY — Chinese Yuan Onshore

COP — Colombian Peso

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GBP — British Pound Sterling

HUF — Hungarian Forint

ICE— Intercontinental Exchange

IDR — Indonesian Rupiah

ILS — Israeli New Sheckels

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLC — Public Limited Company

PLN — Polish Zloty

RUB — Russian Ruble

SGD — Singapore Dollar

SEK — Swedish Krona

THB — Thai Bhat

TRY — Turkish Lira

TWD — Taiwan Dollar

USD — U.S. Dollar

VAR — Variable Rate

ZAR — South African Rand


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		39

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

International Fixed Income Fund (Concluded)

The following is a list of the level of inputs used as of March 31, 2020, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Global Bonds

–

451,816

–

451,816

U.S. Treasury Obligations

–

28,990

–

28,990

Mortgage-Backed Securities

–

1,936

–

1,936

Total Investments in Securities

–

482,742

–

482,742

Other Financial Instruments

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Futures Contracts*

Unrealized Appreciation

1,744

–

1,744

Unrealized Depreciation

(1,575

)

–

(1,575

)

Forwards Contracts*

Unrealized Appreciation

–

11,869

–

11,869

Unrealized Depreciation

–

(8,232

)

–

(8,232

)

OTC Swaps

Credit Default Swaps*

Unrealized Depreciation

–

(325

)

–

(325

)

Interest Rate Swaps*

Unrealized Appreciation

–

141

–

141

Centrally Cleared Swaps

Credit Default Swaps*

Unrealized Depreciation

–

(216

)

–

(216

)

Interest Rate Swaps*

Unrealized Appreciation

–

Unrealized Depreciation

–

(190

)

–

(190

)

Total Other Financial Instruments

169

3,050

–

3,219

*Futures contracts, forwards contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For the period ended March 31, 2020, there were no transfers in or out of Level 3.

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

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

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


40		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Markets Debt Fund

LOGO

^†Percentages based on total investments. Includes investments held as collateral for securities on loan (see Note 9).



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS – 93.4%

Albania — 0.0%
Albania Government International Bond
3.500%, 10/09/2025	EUR		403	$	461


Angola — 0.8%
Angolan Government International Bond
9.500%, 11/12/2025	$		2,676		1,105
9.375%, 05/08/2048			4,772		1,861
9.375%, 05/08/2048 (A)			217		85
8.250%, 05/09/2028			596		240
Angolan Government International Bond MTN
9.125%, 11/26/2049 (A)			2,649		1,036
9.125%, 11/26/2049			861		337
8.000%, 11/26/2029 (A)			1,357		550
8.000%, 11/26/2029			132		53
Republic of Angola Via Avenir II BV MTN
9.412%, VAR ICE LIBOR USD 6 Month+7.500%, 07/01/2023			4,281		4,630
6.388%, VAR ICE LIBOR USD 6 Month+4.500%, 12/07/2023			552		301

					10,198


Argentina — 1.2%
Adecoagro
6.000%, 09/21/2027 (A)(B)			1,071		830
Argentina Treasury Bond
2.500%, 07/22/2021	ARS		256		8
Argentine Republic Government International Bond
18.200%, 10/03/2021			5,928		43
7.820%, 12/31/2033	EUR		2,191		757
7.820%, 12/31/2033			16,728		5,702
7.125%, 06/28/2117	$		400		107
6.875%, 04/22/2021			4,434		1,315
6.875%, 01/26/2027			1,264		354
5.875%, 01/11/2028			1,294		354
5.625%, 01/26/2022			591		173
5.250%, 01/15/2028	EUR		155		39
5.000%, 01/15/2027			553		149



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
4.625%, 01/11/2023	$		4,611	$	1,342
4.500%, 09/30/2020			1,507		731
3.380%, 4.740%, 10/31/2029, 12/31/2038 (D)	EUR		7,800		2,222
3.375%, 01/15/2023			680		187
Autonomous City of Buenos Aires Argentina
32.413%, VAR 30-35d Argentina BADLAR Private Banks+3.250%, 03/29/2024	ARS		16,586		171
Provincia de Buenos Aires
7.875%, 06/15/2027	$		350		91
5.375%, 01/20/2023	EUR		620		160
Provincia de Cordoba
7.125%, 06/10/2021 (A)	$		531		344
Rio Energy
6.875%, 02/01/2025 (A)			1,040		400
YPF (A)
8.500%, 07/28/2025			1,050		542
6.950%, 07/21/2027			521		268
YPF MTN
44.438%, VAR 30-35d Argentina BADLAR Private Banks+4.000%, 07/07/2020			368		74

					16,363


Armenia — 0.1%
Republic of Armenia International Bond
3.950%, 09/26/2029			758		668


Azerbaijan — 1.2%
Republic of Azerbaijan International Bond
5.125%, 09/01/2029			1,711		1,489
4.750%, 03/18/2024			400		389
Southern Gas Corridor CJSC
6.875%, 03/24/2026 (A)			1,437		1,462
6.875%, 03/24/2026 (A)			1,122		1,141
6.875%, 03/24/2026			6,045		6,151
State Oil of the Azerbaijan Republic
6.950%, 03/18/2030			2,110		2,084
State Oil of the Azerbaijan Republic MTN
4.750%, 03/13/2023			1,300		1,262
4.750%, 03/13/2023			2,353		2,285

					16,263


Bahrain — 0.6%
Bahrain Government International Bond
7.500%, 09/20/2047			670		544
7.000%, 01/26/2026 (A)			295		279
7.000%, 10/12/2028			788		717
6.750%, 09/20/2029 (A)			275		246
6.750%, 09/20/2029			200		179
6.125%, 08/01/2023			520		494
6.000%, 09/19/2044 (A)			2,302		1,755


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		41

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Markets Debt Fund (Continued)



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
6.000%, 09/19/2044	$		320	$	244
5.625%, 09/30/2031 (A)			1,826		1,506
5.625%, 09/30/2031			200		165
Oil and Gas Holding BSCC
8.375%, 11/07/2028 (A)			560		494
8.375%, 11/07/2028			547		482
7.625%, 11/07/2024 (A)			1,158		1,042

					8,147


Belarus — 0.1%
Republic of Belarus International Bond
7.625%, 06/29/2027			1,000		1,002
6.200%, 02/28/2030			358		324

					1,326


Belize — 0.0%
Belize Government International Bond
5.000%, 02/20/2038			1,117		567


Benin — 0.1%
Benin Government International Bond
5.750%, 03/26/2026 (A)	EUR		1,688		1,547


Bermuda — 0.3%
Bermuda Government International Bond
4.854%, 02/06/2024	$		868		879
4.750%, 02/15/2029			1,204		1,216
3.717%, 01/25/2027			1,521		1,449

					3,544


Brazil — 5.4%
Banco Bradesco MTN
3.200%, 01/27/2025 (A)			1,167		1,071
Brazil Letras do Tesouro Nacional (E)
11.065%, 07/01/2021	BRL		5,000		921
10.726%, 01/01/2022			8,000		1,436
Brazil Loan Trust 1
5.477%, 07/24/2023 (A)	$		1,230		1,286
5.477%, 07/24/2023			217		226
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/2028			1,205		1,208
5.333%, 02/15/2028			1,176		1,180
5.333%, 02/15/2028 (A)			202		202
Brazil Notas do Tesouro Nacional Serie F
10.000%, 01/01/2031	BRL		6,000		1,346
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 08/15/2020			2,318		1,485
6.000%, 05/15/2045			562		438
6.000%, 08/15/2050			1,124		890
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2021			22,386		4,522
10.000%, 01/01/2023			77,185		16,552
10.000%, 01/01/2025			32,832		7,144
10.000%, 01/01/2027			30,000		6,563



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
10.000%, 01/01/2029	BRL		19,890	$	4,356
Brazilian Government International Bond
6.000%, 04/07/2026	$		801		909
5.625%, 01/07/2041			360		369
5.000%, 01/27/2045			327		311
4.750%, 01/14/2050			2,856		2,616
4.500%, 05/30/2029			3,004		3,082
Centrais Eletricas Brasileiras
4.625%, 02/04/2030 (A)			226		200
CSN Islands XI
6.750%, 01/28/2028 (A)			592		379
CSN Resources (A)
7.625%, 02/13/2023			694		482
7.625%, 04/17/2026			763		497
Gol Finance
7.000%, 01/31/2025 (A)(B)			998		434
Itau Unibanco Holding (A)
4.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.222% (F)			650		536
2.900%, 01/24/2023			900		856
JBS Investments II GmbH
5.750%, 01/15/2028 (A)			466		452
Minerva Luxembourg
6.500%, 09/20/2026 (A)(B)			741		675
MV24 Capital BV
6.748%, 06/01/2034 (A)			1,229		968
Nexa Resources
5.375%, 05/04/2027 (A)			2,891		2,235
Petrobras Global Finance BV
6.900%, 03/19/2049			2,296		2,230
5.999%, 01/27/2028			437		423
5.093%, 01/15/2030			256		232
Rumo Luxembourg Sarl
7.375%, 02/09/2024			750		750
7.375%, 02/09/2024 (A)			692		692
Suzano Austria GmbH (A)
7.000%, 03/16/2047			399		377
6.000%, 01/15/2029			688		642
5.000%, 01/15/2030			494		435
Votorantim Cimentos International
7.250%, 04/05/2041			740		745

					72,353


Cameroon — 0.0%
Republic of Cameroon International Bond
9.500%, 11/19/2025 (A)			324		291


Cayman Islands — 0.2%
Bioceanico Sovereign Certificate Ltd
2.592%, 06/05/2034 (E)			2,041		1,153


42		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Neon Capital MTN
215.437%, 01/06/2028 (C)	JPY		326,989	$	1,951

					3,104


Chile — 2.2%
Banco de Credito e Inversiones
3.500%, 10/12/2027 (A)	$		1,046		991
Banco del Estado de Chile
2.704%, 01/09/2025 (A)			272		253
Bonos de la Tesoreria de la Republica en pesos
6.000%, 01/01/2043	CLP		3,160,000		4,711
5.100%, 07/15/2050			75,000		100
5.000%, 03/01/2035			720,000		938
4.700%, 09/01/2030 (A)			2,925,000		3,751
4.500%, 03/01/2026			1,980,000		2,536
Cencosud
4.375%, 07/17/2027 (A)	$		1,819		1,491
Chile Government International Bond
3.500%, 01/25/2050			4,669		4,821
2.550%, 01/27/2032			1,777		1,772
Empresa Electrica Angamos
4.875%, 05/25/2029 (A)			2		2
Empresa Nacional del Petroleo
3.750%, 08/05/2026 (B)			1,811		1,684
Geopark
6.500%, 09/21/2024 (A)			492		279
Nacional del Cobre de Chile
5.625%, 10/18/2043			442		484
4.500%, 09/16/2025 (A)			2,281		2,354
4.375%, 02/05/2049 (A)(B)			506		487
3.700%, 01/30/2050 (A)			349		297
3.625%, 08/01/2027 (A)			368		360
3.625%, 08/01/2027 (B)			353		345
3.150%, 01/14/2030 (A)			897		830
3.000%, 09/30/2029 (A)			1,006		927

					29,413


China — 1.5%
Alibaba Group Holding
4.200%, 12/06/2047			310		378
Charming Light Investments MTN
4.375%, 12/21/2027 (B)			1,341		1,458
China Government Bond
3.130%, 11/21/2029	CNY		6,500		959
3.120%, 12/05/2026			9,040		1,318
2.940%, 10/17/2024			10,330		1,498
China Government International Bond
3.250%, 10/19/2023	$		1,535		1,654
1.875%, 12/03/2022 (B)			752		765
China Minmetals (F)
4.450%, VAR US Treas Yield Curve Rate T Note Const Mat 3 Yr+6.070%			640		634



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
3.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.717%	$		2,047	$	1,985
Chinalco Capital Holdings
4.250%, 04/21/2022 (B)			740		718
4.100%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.788% (F)			224		206
CNAC HK Finbridge
5.125%, 03/14/2028			1,227		1,338
4.625%, 03/14/2023			294		301
3.375%, 06/19/2024			292		285
Dianjian Haiyu
4.300% (F)			204		196
Dianjian International Finance
4.600%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.933% (F)			303		291
ENN Clean Energy International Investment
7.500%, 02/27/2021			475		439
HBIS Group Hong Kong
4.250%, 04/07/2020			684		677
Huarong Finance 2017
4.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.773% (F)			1,378		1,330
Leader Goal International Ltd MTN
4.250% (F)			212		202
Minmetals Bounteous Finance BVI
3.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.209% (F)			805		759
Sinopec Group Overseas Development 2018
2.500%, 08/08/2024			3,010		2,999
Wanda Properties International
7.250%, 01/29/2024			400		290

					20,680


Colombia — 4.5%
Colombia Government International Bond
3.000%, 01/30/2030			3,469		3,165
Colombian TES
10.000%, 07/24/2024	COP		18,219,100		5,095
7.750%, 09/18/2030			11,738,000		2,961
7.500%, 08/26/2026			31,166,400		7,786
7.250%, 10/18/2034			6,609,500		1,606
7.000%, 05/04/2022			18,296,600		4,663
7.000%, 06/30/2032			7,110,200		1,689
6.250%, 11/26/2025			31,502,600		7,457
6.000%, 04/28/2028			24,088,000		5,474
4.750%, 04/04/2035			1,170,600		996
Ecopetrol
5.875%, 09/18/2023	$		537		532
5.875%, 05/28/2045			420		372
Emgesa ESP
8.750%, 01/25/2021	COP		870,000		217


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		43

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Markets Debt Fund (Continued)



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Empresas Publicas de Medellin ESP (A)
8.375%, 11/08/2027	COP		1,760,000	$	394
7.625%, 09/10/2024			3,116,000		741
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/2024 (A)			1,127,000		286
7.875%, 08/12/2024			884,000		224
Grupo Aval
4.375%, 02/04/2030 (A)	$		1,762		1,414
Republic of Colombia
9.850%, 06/28/2027	COP		5,060,000		1,375
8.125%, 05/21/2024	$		1,127		1,300
7.750%, 04/14/2021	COP		3,331,000		841
7.375%, 09/18/2037	$		749		932
6.125%, 01/18/2041			1,584		1,821
5.625%, 02/26/2044			132		145
5.200%, 05/15/2049			1,924		2,017
5.000%, 06/15/2045			2,365		2,424
4.500%, 01/28/2026			1,468		1,486
4.500%, 03/15/2029			240		246
4.375%, 03/21/2023	COP		2,871,000		677
4.000%, 02/26/2024	$		965		977
3.875%, 04/25/2027			1,037		1,021

					60,334


Costa Rica — 0.5%
Costa Rica Government International Bond
7.158%, 03/12/2045			2,468		1,974
7.158%, 03/12/2045			912		730
7.158%, 03/12/2045 (A)			387		310
7.000%, 04/04/2044			1,208		967
7.000%, 04/04/2044			230		184
6.125%, 02/19/2031			1,557		1,316
4.375%, 04/30/2025 (B)			662		544
4.250%, 01/26/2023			870		776
Instituto Costarricense de Electricidad
6.375%, 05/15/2043			250		152

					6,953


Croatia — 0.1%
Croatia Government International Bond
6.625%, 07/14/2020			258		259
2.750%, 01/27/2030	EUR		839		967

					1,226


Czech Republic — 1.5%
Czech Republic Government Bond
4.200%, 12/04/2036	CZK		16,120		873
2.750%, 07/23/2029			103,930		4,536
2.500%, 08/25/2028			41,920		1,804
2.400%, 09/17/2025			144,900		6,102
2.000%, 10/13/2033			44,060		1,801
1.000%, 06/26/2026			16,430		640



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
0.950%, 05/15/2030	CZK		122,330	$	4,576

					20,332


Dominican Republic — 1.3%
Dominican Republic International Bond
11.250%, 02/05/2027	DOP		14,500		282
8.900%, 02/15/2023 (A)			43,400		733
7.450%, 04/30/2044 (A)	$		687		666
6.850%, 01/27/2045			1,151		1,056
6.850%, 01/27/2045 (A)			479		440
6.600%, 01/28/2024			656		643
6.500%, 02/15/2048			3,120		2,746
6.400%, 06/05/2049			1,750		1,540
6.000%, 07/19/2028			516		485
5.950%, 01/25/2027			638		603
5.875%, 04/18/2024 (A)			71		70
5.875%, 01/30/2060 (A)			3,241		2,714
5.875%, 01/30/2060			1,742		1,459
5.500%, 01/27/2025			949		911
4.500%, 01/30/2030 (A)			3,240		2,819

					17,167


Ecuador — 0.6%
Ecuador Government International Bond
10.750%, 03/28/2022			3,286		1,015
10.750%, 01/31/2029 (A)			4,412		1,246
10.750%, 01/31/2029 (A)			2,792		789
10.750%, 01/31/2029			1,375		389
9.650%, 12/13/2026 (A)			206		54
9.650%, 12/13/2026			200		52
9.625%, 06/02/2027			777		210
9.500%, 03/27/2030			3,384		998
9.500%, 03/27/2030 (A)			1,489		439
8.875%, 10/23/2027			4,497		1,130
8.875%, 10/23/2027 (A)			245		61
7.950%, 06/20/2024			1,283		359
7.875%, 03/27/2025			943		265
7.875%, 01/23/2028 (A)			1,386		380
7.875%, 01/23/2028			2,771		760

					8,147


Egypt — 2.6%
Egypt Government Bond
14.217%, 10/15/2026	EGP		22,322		1,431
Egypt Government International Bond
18.000%, 11/06/2028			30,307		2,308
17.700%, 08/07/2025			29,457		2,129
16.300%, 04/09/2024			15,034		1,023
16.100%, 05/07/2029			14,920		1,051
15.900%, 07/02/2024			19,208		1,295
14.800%, 01/30/2023			65,021		4,212
8.700%, 03/01/2049 (A)	$		529		437
7.903%, 02/21/2048			2,191		1,763
7.903%, 02/21/2048 (A)			421		339


44		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
5.577%, 02/21/2023 (A)	$		741	$	685
Egypt Government International Bond MTN
8.500%, 01/31/2047			4,772		3,898
8.500%, 01/31/2047 (A)			147		120
8.150%, 11/20/2059 (A)			789		639
8.150%, 11/20/2059			515		417
7.053%, 01/15/2032			4,054		3,276
6.375%, 04/11/2031	EUR		1,030		890
6.375%, 04/11/2031 (A)			2,354		2,035
6.125%, 01/31/2022 (A)	$		865		830
5.625%, 04/16/2030 (A)	EUR		2,155		1,798
5.625%, 04/16/2030			3,322		2,771
4.750%, 04/11/2025			457		436
4.750%, 04/16/2026			1,269		1,193

					34,976


El Salvador — 0.4%
El Salvador Government International Bond
8.250%, 04/10/2032 (A)	$		326		297
Republic of El Salvador
8.625%, 02/28/2029 (B)			1,237		1,200
8.250%, 04/10/2032			700		637
7.750%, 01/24/2023			1,690		1,639
7.650%, 06/15/2035			499		424
7.625%, 02/01/2041			327		268
7.125%, 01/20/2050			640		493
5.875%, 01/30/2025			903		792

					5,750


Gabon — 0.1%
Gabon Government International Bond
6.625%, 02/06/2031			603		370
6.625%, 02/06/2031 (A)			536		329
Gabonese Republic
6.950%, 06/16/2025 (A)			465		309

					1,008


Georgia — 0.0%
Republic of Georgia
6.875%, 04/12/2021 (A)			66		66


Ghana — 1.1%
Ghana Government International Bond
24.750%, 07/19/2021	GHS		–		–
19.750%, 03/25/2024			5,311		866
19.000%, 11/02/2026			11,055		1,704
10.750%, 10/14/2030		$	4,126		4,259
8.950%, 03/26/2051 (A)			2,294		1,607
8.750%, 03/11/2061 (A)			1,113		772
8.750%, 03/11/2061			233		161
8.627%, 06/16/2049 (A)			593		413
7.875%, 03/26/2027			899		663
7.875%, 03/26/2027 (A)			771		569
7.875%, 02/11/2035 (A)			1,897		1,335



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
7.875%, 02/11/2035	$		285	$	201
6.375%, 02/11/2027 (A)			2,040		1,494
Kosmos Energy
7.125%, 04/04/2026 (A)			190		102
Republic of Ghana
8.125%, 01/18/2026 (A)			83		65
Tullow Oil
7.000%, 03/01/2025 (A)			1,016		254

					14,465


Guatemala — 0.1%
Comunicaciones Celulares Via Comcel Trust
6.875%, 02/06/2024 (A)			390		378
Guatemala Government Bond
4.900%, 06/01/2030			1,292		1,237

					1,615


Honduras — 0.0%
Honduras Government International Bond
6.250%, 01/19/2027			326		284
6.250%, 01/19/2027 (B)			–		–

					284


Hong Kong — 0.1%
NWD
4.125%, 07/18/2029			757		744


Hungary — 1.8%
Hungary Government Bond
6.750%, 10/22/2028	HUF		489,630		1,947
6.375%, 03/29/2021	$		2,228		2,310
5.500%, 06/24/2025	HUF		648,990		2,345
5.375%, 03/25/2024	$		1		1
3.000%, 06/26/2024	HUF		666,660		2,154
3.000%, 10/27/2027			2,224,390		7,136
3.000%, 08/21/2030			609,200		1,892
2.750%, 12/22/2026			1,072,960		3,429
2.500%, 10/24/2024			827,300		2,618

					23,832


India — 0.2%
Adani Electricity Mumbai
3.949%, 02/12/2030 (A)	$		540		442
Export-Import Bank of India MTN
3.250%, 01/15/2030 (A)			1,060		931
Network i2i
5.650%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.277% (A)(F)			324		261
Power Finance MTN
3.950%, 04/23/2030 (A)			569		478
Vedanta Resources
8.250%, 06/07/2021			820		377

					2,489


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		45

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Markets Debt Fund (Continued)



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Indonesia — 6.8%
Indonesia Asahan Aluminium Persero
6.757%, 11/15/2048	$		257	$	273
5.710%, 11/15/2023 (A)			618		632
Indonesia Government International Bond
9.000%, 03/15/2029	IDR		61,750,000		3,986
8.750%, 05/15/2031			60,779,000		3,796
8.500%, 10/12/2035	$		2,024		2,901
8.375%, 03/15/2024	IDR		60,173,000		3,836
8.375%, 03/15/2034			142,065,000		8,623
8.375%, 04/15/2039			99,230,000		6,073
8.250%, 05/15/2029			61,031,000		3,796
8.250%, 06/15/2032			12,030,000		722
8.250%, 05/15/2036			72,516,000		4,321
8.125%, 05/15/2024			76,235,000		4,813
7.750%, 01/17/2038	$		1,797		2,484
7.500%, 08/15/2032	IDR		26,770,000		1,514
7.500%, 05/15/2038			76,662,000		4,254
7.000%, 05/15/2022			40,233,000		2,510
7.000%, 05/15/2027			63,129,000		3,685
6.625%, 05/15/2033			24,323,000		1,280
6.125%, 05/15/2028			9,066,000		489
5.625%, 05/15/2023			3,267,000		194
5.250%, 01/08/2047 (A)	$		170		188
4.750%, 02/11/2029			985		1,066
4.350%, 01/08/2027 (A)			655		676
3.500%, 01/11/2028			1,526		1,500
2.850%, 02/14/2030 (B)			287		278
1.400%, 10/30/2031	EUR		300		284
0.900%, 02/14/2027			428		411
Indonesia Government International Bond MTN
5.250%, 01/17/2042	$		3,120		3,554
5.125%, 01/15/2045			410		457
4.750%, 01/08/2026			1,433		1,517
4.625%, 04/15/2043			1,228		1,304
4.125%, 01/15/2025			1,600		1,643
3.850%, 07/18/2027			1,420		1,430
Indonesia Treasury Bond
7.500%, 06/15/2035	IDR		30,000,000		1,722
7.000%, 09/15/2030			12,216,000		700
6.500%, 06/15/2025			60,000,000		3,565
JPMorgan Chase Bank MTN (A)
8.375%, 04/19/2039			101,000		6
7.500%, 06/15/2035			41,500,000		2,383
Medco Bell Pte
6.375%, 01/30/2027 (A)	$		466		270
Pertamina Persero MTN
6.450%, 05/30/2044			789		860
4.700%, 07/30/2049 (A)			244		227
4.150%, 02/25/2060 (A)			1,089		897
3.650%, 07/30/2029 (A)(B)			1,643		1,511



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Perusahaan Listrik Negara
1.875%, 11/05/2031 (A)	EUR		691	$	690
Perusahaan Listrik Negara MTN
6.150%, 05/21/2048 (A)	$		657		710
6.150%, 05/21/2048			250		270
4.375%, 02/05/2050 (A)			265		236
Perusahaan Penerbit SBSN Indonesia III
4.325%, 05/28/2025			2,135		2,148

					90,685


Iraq — 0.1%
Iraq International Bond
5.800%, 01/15/2028			879		668


Israel — 0.7%
Bank Leumi Le-Israel
3.275%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+1.631%, 01/29/2031 (A)			1,457		1,354
State of Israel
4.500%, 04/03/2120			1,840		1,840
3.875%, 07/03/2050			3,174		3,174
2.750%, 07/03/2030			2,886		2,886
2.500%, 01/15/2030			463		466

					9,720


Ivory Coast — 0.8%
Ivory Coast Government International Bond
6.875%, 10/17/2040	EUR		2,322		2,172
6.625%, 03/22/2048 (B)			1,552		1,438
6.625%, 03/22/2048			271		251
6.375%, 03/03/2028 (A)	$		139		127
6.125%, 06/15/2033			646		562
5.875%, 10/17/2031	EUR		1,379		1,290
5.875%, 10/17/2031 (A)			2,429		2,272
5.750%, 12/31/2032	$		1,317		1,182
5.750%, 12/31/2032			490		440
5.250%, 03/22/2030	EUR		1,278		1,199
5.125%, 06/15/2025			371		389

					11,322


Jamaica — 0.2%
Government of Jamaica
7.875%, 07/28/2045	$		2,228		2,384


Jordan — 0.1%
Jordan Government International Bond
7.375%, 10/10/2047 (A)			1,629		1,364
7.375%, 10/10/2047			693		581

					1,945


Kazakhstan — 1.3%
Development Bank of Kazakhstan
4.125%, 12/10/2022			770		755


46		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Kazakhstan Government International Bond
4.875%, 10/14/2044	$		764	$	859
Kazakhstan Government International Bond MTN
6.500%, 07/21/2045			330		430
KazMunayGas National JSC
6.375%, 10/24/2048 (A)			2,522		2,497
5.750%, 04/19/2047 (A)			3,012		2,987
5.750%, 04/19/2047			63		62
5.375%, 04/24/2030 (A)			1,834		1,797
5.375%, 04/24/2030			2,560		2,509
4.750%, 04/24/2025 (A)			732		729
3.875%, 04/19/2022			2,577		2,475
KazTransGas JSC
4.375%, 09/26/2027			2,251		2,018
4.375%, 09/26/2027 (A)			932		836

					17,954


Kenya — 0.5%
Kenya Government International Bond
8.250%, 02/28/2048			660		605
8.250%, 02/28/2048 (A)			654		599
8.000%, 05/22/2032			1,872		1,717
8.000%, 05/22/2032 (A)			728		668
7.250%, 02/28/2028 (A)			842		778
7.000%, 05/22/2027 (B)			1,250		1,150
7.000%, 05/22/2027 (A)			671		617
6.875%, 06/24/2024			473		449
6.875%, 06/24/2024 (A)			289		274

					6,857


Kuwait — 0.1%
Kuwait International Government Bond
3.500%, 03/20/2027			218		226
2.750%, 03/20/2022			645		649
NBK Tier 1 Financing 2
4.500%, VAR USD Swap Semi 30/360 6 Yr Curr+2.832% (A)(F)			513		482

					1,357


Lebanon — 0.2%
Lebanon Government International Bond
8.250%, 05/17/2034 (G)			3,822		612
8.200%, 05/17/2033 (G)			2,700		433
6.650%, 04/22/2024 (G)			2,250		405
6.000%, 01/27/2023 (G)			560		104
Lebanon Government International Bond MTN
8.250%, 04/12/2021 (G)			1,073		198
7.000%, 03/20/2028 (G)			2,432		390
6.650%, 02/26/2030 (G)			1,225		221
6.600%, 11/27/2026 (G)			588		106
6.400%, 05/26/2023 (G)			1,555		286
6.100%, 10/04/2022 (G)			1,573		283



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
6.100%, 10/04/2022 (G)	$		569	$	102

					3,140


Luxembourg — 0.1%
Ecuador Social Bond Sarl
2.866%, 01/30/2035 (A)(E)			1,819		455
Millicom International Cellular
6.250%, 03/25/2029 (A)			449		402

					857


Malaysia — 4.6%
1MDB Energy
5.990%, 05/11/2022			2,000		2,007
1MDB Global Investments
4.400%, 03/09/2023			1,000		865
4.400%, 03/09/2023			6,200		5,363
Malaysia Government Bond
5.248%, 09/15/2028	MYR		1,050		273
4.935%, 09/30/2043			2,200		566
4.921%, 07/06/2048			1,768		459
4.893%, 06/08/2038			800		206
4.642%, 11/07/2033			1,700		429
4.392%, 04/15/2026			3,480		855
4.232%, 06/30/2031			6,200		1,500
4.181%, 07/15/2024			4,186		1,012
4.160%, 07/15/2021			4,917		1,161
4.059%, 09/30/2024			8,000		1,930
3.955%, 09/15/2025			21,783		5,244
3.906%, 07/15/2026			16,152		3,869
3.899%, 11/16/2027			2,500		597
3.889%, 07/31/2020			2,796		650
3.885%, 08/15/2029			24,833		5,985
3.882%, 03/10/2022			5,848		1,382
3.828%, 07/05/2034			120		28
3.800%, 08/17/2023			30,074		7,168
3.795%, 09/30/2022			3,200		758
3.757%, 04/20/2023			13,915		3,300
3.757%, 05/22/2040			1,500		333
3.733%, 06/15/2028			12,719		2,997
3.620%, 11/30/2021			18,334		4,308
3.502%, 05/31/2027			1,050		247
3.480%, 03/15/2023			2,858		674
3.478%, 06/14/2024			6,160		1,454
3.418%, 08/15/2022			10,450		2,440
Malaysia Government Investment Issue
4.369%, 10/31/2028			1,200		294
4.070%, 09/30/2026			6,500		1,569
Malaysia Sukuk Global
3.179%, 04/27/2026	$		1,777		1,845

					61,768


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		47

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Markets Debt Fund (Continued)



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Mauritius — 0.0%
Liquid Telecommunications Financing
8.500%, 07/13/2022 (A)	$		836	$	610


Mexico — 7.8%
America Movil
7.125%, 12/09/2024	MXN		18,110		739
Axtel
6.375%, 11/14/2024 (A)	$		713		589
Banco Mercantil del Norte (A)(F)
7.500%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr+5.470%			476		362
6.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.967%			609		464
Banco Nacional de Comercio Exterior SNC
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026 (A)			1,015		917
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026			844		762
Cemex
7.750%, 04/16/2026			670		603
5.450%, 11/19/2029 (A)			750		612
Cometa Energia
6.375%, 04/24/2035 (A)			688		623
Comision Federal de Electricidad
7.350%, 11/25/2025	MXN		39,785		1,572
5.750%, 02/14/2042 (A)	$		500		465
4.750%, 02/23/2027 (A)			458		424
Industrias Penoles
5.650%, 09/12/2049 (A)			359		314
Mexican Bonos
8.000%, 11/07/2047	MXN		60,700		2,584
7.750%, 11/23/2034			39,185		1,703
7.750%, 11/13/2042			94,898		3,953
7.500%, 06/03/2027			212,568		9,209
6.500%, 06/09/2022			12,008		513
5.750%, 03/05/2026			87,650		3,530
Mexican Bonos, Ser M20
10.000%, 12/05/2024			318,932		15,362
8.500%, 05/31/2029			53,545		2,463
8.000%, 12/07/2023			19,699		881
7.750%, 05/29/2031			151,863		6,637
Mexican Bonos, Ser M30
8.500%, 11/18/2038			65,591		2,955
Mexican Udibonos
4.000%, 11/15/2040			37,716		1,668
4.000%, 11/03/2050			40,013		1,782
Mexico City Airport Trust
5.500%, 07/31/2047 (A)	$		715		583



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Mexico Government International Bond
4.500%, 04/22/2029	$		2,486	$	2,548
3.250%, 04/16/2030			2,640		2,482
Mexico Government International Bond MTN
5.750%, 10/12/2110			3,176		3,291
4.750%, 03/08/2044			386		388
Minera Mexico
4.500%, 01/26/2050 (A)			627		525
Petroleos Mexicanos
9.500%, 09/15/2027			169		146
7.690%, 01/23/2050 (A)			5,158		3,559
7.470%, 11/12/2026	MXN		175,079		5,646
7.190%, 09/12/2024			108,672		3,683
6.950%, 01/28/2060	$		338		226
6.950%, 01/28/2060 (A)			9,965		6,677
6.840%, 01/23/2030 (A)			2,571		1,860
6.625%, 06/15/2035			3,100		2,125
6.500%, 03/13/2027			709		523
6.500%, 01/23/2029 (A)			785		567
6.500%, 01/23/2029			2,295		1,658
6.350%, 02/12/2048 (A)			742		464
6.350%, 02/12/2048			678		424
5.950%, 01/28/2031 (A)			1,869		1,296
5.625%, 01/23/2046			468		290
5.350%, 02/12/2028 (A)			1,079		753
4.500%, 01/23/2026			2,720		1,981
Petroleos Mexicanos MTN
6.750%, 09/21/2047			553		360
4.875%, 02/21/2028	EUR		755		596

					104,337


Mongolia — 0.4%
Development Bank of Mongolia
7.250%, 10/23/2023 (A)	$		784		659
Mongolia Government International Bond
5.625%, 05/01/2023			2,087		1,857
Mongolia Government International Bond MTN
8.750%, 03/09/2024			1,951		1,853
Trade & Development Bank of Mongolia MTN
9.375%, 05/19/2020 (A)			355		337
9.375%, 05/19/2020			350		333

					5,039


Morocco — 0.1%
Morocco Government International Bond
1.500%, 11/27/2031	EUR		1,121		1,082


Mozambique — 0.2%
Mozambique International Bond
5.000%, 09/15/2031 (A)	$		3,120		2,341


48		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Namibia — 0.0%
Namibia International Bonds
5.250%, 10/29/2025	$		379	$	325


Netherlands — 0.0%
Minejesa Capital BV
5.625%, 08/10/2037 (A)			96		84


Nigeria — 0.9%
IHS Netherlands Holdco
8.000%, 09/18/2027 (A)			510		418
Nigeria Government International Bond
9.248%, 01/21/2049			912		642
8.747%, 01/21/2031			1,719		1,234
8.747%, 01/21/2031 (A)			1,582		1,136
7.875%, 02/16/2032 (A)			2,110		1,477
7.875%, 02/16/2032			1,803		1,262
7.696%, 02/23/2038 (B)			4,684		3,148
7.696%, 02/23/2038 (A)			601		404
7.143%, 02/23/2030 (A)			1,324		914
Nigeria Government International Bond MTN
6.500%, 11/28/2027 (A)(B)			2,480		1,710
6.500%, 11/28/2027			230		159

					12,504


Oman — 0.7%
Oman Government International Bond
6.750%, 01/17/2048			4,256		2,809
6.750%, 01/17/2048 (A)			808		533
6.500%, 03/08/2047			957		625
6.500%, 03/08/2047 (A)			482		315
5.625%, 01/17/2028 (A)			1,357		970
4.750%, 06/15/2026			900		643
3.625%, 06/15/2021			1,326		1,220
Oman Government International Bond MTN (A)
6.000%, 08/01/2029			1,091		782
4.875%, 02/01/2025			1,274		990

					8,887


Pakistan — 0.2%
Pakistan Government International Bond
8.250%, 09/30/2025 (B)			1,000		872
8.250%, 09/30/2025 (A)			714		622
7.875%, 03/31/2036 (B)			200		173
6.875%, 12/05/2027			1,578		1,305

					2,972


Panama — 0.8%
Aeropuerto Internacional de Tocumen
6.000%, 11/18/2048 (A)			672		726
5.625%, 05/18/2036			555		566
Cable Onda
4.500%, 01/30/2030 (A)			208		183



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Empresa de Transmision Electrica
5.125%, 05/02/2049 (A)	$		635	$	635
Republic of Panama
9.375%, 04/01/2029			1,004		1,422
8.125%, 04/28/2034			478		633
4.500%, 04/01/2056			4,248		4,599
3.160%, 01/23/2030			2,099		2,099

					10,863


Papua New Guinea — 0.3%
Papua New Guinea Government International Bond
8.375%, 10/04/2028			531		472
8.375%, 10/04/2028 (A)			3,374		3,003

					3,475


Paraguay — 0.2%
Paraguay Government International Bond
6.100%, 08/11/2044			1,010		1,060
5.400%, 03/30/2050			571		571
5.000%, 04/15/2026			885		894
5.000%, 04/15/2026			385		389

					2,914


Peru — 3.5%
Abengoa Transmision Sur
6.875%, 04/30/2043 (A)			267		343
Fondo MIVIVIENDA
7.000%, 02/14/2024 (A)	PEN		3,704		1,147
Inkia Energy
5.875%, 11/09/2027 (A)	$		359		315
Kallpa Generacion
4.125%, 08/16/2027 (A)			723		650
Lima Metro Line 2 Finance
4.350%, 04/05/2036 (A)			1,486		1,401
Peru Government Bond
5.350%, 08/12/2040 (A)	PEN		708		197
Peru LNG Srl
5.375%, 03/22/2030 (A)	$		754		452
Peruvian Government International Bond
8.200%, 08/12/2026	PEN		9,942		3,595
8.200%, 08/12/2026			963		348
8.200%, 08/12/2026			8,208		2,968
6.950%, 08/12/2031			25,774		8,541
6.950%, 08/12/2031			154		51
6.900%, 08/12/2037			7,121		2,367
6.900%, 08/12/2037			2,480		824
6.850%, 02/12/2042			613		199
6.550%, 03/14/2037	$		309		449
6.350%, 08/12/2028	PEN		1,570		505
6.350%, 08/12/2028			5,940		1,910
6.350%, 08/12/2028			346		111
6.350%, 08/12/2028 (A)			1,465		471
6.150%, 08/12/2032 (A)			21,790		6,761


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		49

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Markets Debt Fund (Continued)


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
5.940%, 02/12/2029 (A)	PEN		367	$	115
5.700%, 08/12/2024 (A)			4,932		1,626
5.625%, 11/18/2050 (B)	$		158		235
5.400%, 08/12/2034 (A)	PEN		4,002		1,152
5.350%, 08/12/2040			7,330		2,042
2.844%, 06/20/2030	$		2,867		3,028
Petroleos del Peru
5.625%, 06/19/2047			2,272		2,059
5.625%, 06/19/2047 (A)			366		332
4.750%, 06/19/2032			1,843		1,677
4.750%, 06/19/2032 (A)			1,201		1,093

					46,964


Philippines — 0.3%
Philippine Government International Bond
4.000%, 01/15/2021			232		234
3.900%, 11/26/2022	PHP		45,000		880
3.750%, 01/14/2029	$		1,872		2,071
3.700%, 02/02/2042			702		770

					3,955


Poland — 2.7%
Republic of Poland Government Bond
5.000%, 03/23/2022			2,784		2,964
2.750%, 04/25/2028	PLN		21,486		5,551
2.750%, 10/25/2029			17,794		4,676
2.500%, 01/25/2023			16,804		4,220
2.500%, 04/25/2024			6,060		1,539
2.500%, 07/25/2026			26,843		6,856
2.500%, 07/25/2027			13,716		3,500
2.250%, 04/25/2022			13,055		3,228
2.000%, 04/25/2021			912		222
1.750%, 07/25/2021			5,000		1,219
1.555%, 07/25/2020 (E)			10,140		2,434

					36,409


Qatar — 1.1%
Qatar Government International Bond
5.750%, 01/20/2042 (A)	$		574		739
5.103%, 04/23/2048			782		948
5.103%, 04/23/2048 (A)			694		842
4.817%, 03/14/2049 (A)			795		937
4.817%, 03/14/2049			5,681		6,691
4.000%, 03/14/2029			1,904		2,036
4.000%, 03/14/2029 (A)			2,833		3,029

					15,222


Romania — 1.6%
Government of Romania
5.850%, 04/26/2023	RON		1,720		412
Romania Government Bond
4.850%, 04/22/2026			13,365		3,109
4.400%, 09/25/2023			7,500		1,725


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Romanian Government International Bond
5.800%, 07/26/2027	RON		3,950	$	970
5.125%, 06/15/2048	$		838		863
5.000%, 02/12/2029	RON		9,575		2,189
4.500%, 06/17/2024			14,875		3,416
4.250%, 06/28/2023			2,730		624
4.000%, 10/27/2021			10,545		2,407
Romanian Government International Bond MTN
4.625%, 04/03/2049	EUR		278		322
4.125%, 03/11/2039			1,908		2,088
3.875%, 10/29/2035			330		375
3.375%, 02/08/2038			973		1,020
3.375%, 01/28/2050			1,660		1,624
2.124%, 07/16/2031			158		159
2.000%, 01/28/2032			380		373

					21,676


Russia — 6.7%
Gazprom OAO Via Gaz Capital
5.150%, 02/11/2026 (A)	$		2,673		2,792
Gtlk Europe Capital DAC
4.650%, 03/10/2027			596		515
GTLK Europe Capital DAC
4.949%, 02/18/2026			968		881
GTLK Europe DAC
5.950%, 07/19/2021			470		462
Rusal Capital DAC
5.125%, 02/02/2022			860		802
Russian Federal Bond - OFZ
8.500%, 09/17/2031	RUB		176,982		2,591
8.150%, 02/03/2027			827,610		11,544
7.950%, 10/07/2026			688,722		9,447
7.750%, 09/16/2026			68,909		937
7.700%, 03/23/2033			582,650		8,076
7.700%, 03/16/2039			21,712		303
7.650%, 04/10/2030			49,309		676
7.250%, 05/10/2034			690,546		9,235
7.100%, 10/16/2024			170,937		2,237
7.050%, 01/19/2028			953,320		12,516
7.000%, 08/16/2023			384,668		5,010
6.900%, 05/23/2029 (B)			334,404		4,359
Russian Foreign Bond - Eurobond
7.500%, 03/31/2030	$		2		2
5.875%, 09/16/2043			2,200		2,728
5.250%, 06/23/2047 (B)			1,000		1,210
5.100%, 03/28/2035 (A)			600		693
5.100%, 03/28/2035 (B)			–		–
4.750%, 05/27/2026 (B)			–		–
4.375%, 03/21/2029 (B)			8,600		9,185
4.250%, 06/23/2027			800		837
SCF Capital Designated Activity
5.375%, 06/16/2023 (A)			729		731


50		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Vnesheconombank Via VEB Finance
6.902%, 07/09/2020	$		1,310	$	1,308
6.800%, 11/22/2025			580		613
6.800%, 11/22/2025 (A)			150		159

					89,849


Saudi Arabia — 1.2%
Acwa Power Management And Investments One
5.950%, 12/15/2039 (A)			1,742		1,568
Saudi Arabian Oil MTN
4.250%, 04/16/2039			1,330		1,317
4.250%, 04/16/2039 (A)			2,330		2,307
2.875%, 04/16/2024			660		641
Saudi Government International Bond
5.250%, 01/16/2050 (A)(B)			326		365
Saudi Government International Bond MTN
5.000%, 04/17/2049 (A)			1,013		1,093
5.000%, 04/17/2049			803		867
4.500%, 10/26/2046 (A)			958		970
4.500%, 10/26/2046			580		588
3.750%, 01/21/2055 (A)			3,525		3,245
2.750%, 02/03/2032 (A)			2,850		2,622

					15,583


Senegal — 0.2%
Senegal Government International Bond
6.750%, 03/13/2048			460		377
6.250%, 07/30/2024 (B)			877		820
6.250%, 05/23/2033 (A)			151		135
4.750%, 03/13/2028	EUR		1,135		1,122

					2,454


Serbia — 0.9%
Republic of Serbia
7.250%, 09/28/2021	$		697		728
7.250%, 09/28/2021 (A)			200		209
Serbia International Bond
1.500%, 06/26/2029	EUR		3,154		3,158
Serbia Treasury Bonds
5.875%, 02/08/2028	RSD		203,510		2,277
4.500%, 01/11/2026			211,800		2,162
4.500%, 08/20/2032			177,880		1,836
3.750%, 01/17/2022			159,400		1,521

					11,891


South Africa — 4.0%
Eskom Holdings SOC
7.125%, 02/11/2025 (A)	$		2,085		1,500
7.125%, 02/11/2025			1,430		1,029
5.750%, 01/26/2021			665		562
5.750%, 01/26/2021 (A)			298		252
Eskom Holdings SOC MTN
8.450%, 08/10/2028 (A)(B)			471		327



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
7.500%, 09/15/2033	ZAR		35,200	$	1,260
6.750%, 08/06/2023 (B)	$		1,556		1,156
6.750%, 08/06/2023 (A)(B)			1,329		987
6.350%, 08/10/2028 (A)			322		274
Republic of South Africa
10.500%, 12/21/2026	ZAR		201,057		11,486
9.000%, 01/31/2040			83,611		3,679
8.875%, 02/28/2035			47,614		2,141
8.750%, 01/31/2044			76,319		3,230
8.750%, 02/28/2048			152,378		6,395
8.500%, 01/31/2037			112,001		4,740
8.000%, 01/31/2030			7,409		340
7.000%, 02/28/2031			51,041		2,102
6.500%, 02/28/2041			16,423		546
6.300%, 06/22/2048 (B)	$		964		766
6.250%, 03/31/2036	ZAR		68,414		2,329
5.875%, 09/16/2025 (B)	$		1,460		1,400
5.875%, 06/22/2030			1,402		1,220
5.750%, 09/30/2049			3,787		2,746
5.650%, 09/27/2047			386		285
5.000%, 10/12/2046			357		246
4.875%, 04/14/2026			300		267
4.850%, 09/27/2027			420		368
4.850%, 09/30/2029			1,675		1,371
SASOL Financing USA
5.875%, 03/27/2024			442		186
Transnet SOC MTN
9.500%, 05/13/2021 (A)	ZAR		6,760		383

					53,573


South Korea — 0.3%
Export-Import Bank of Korea MTN
8.400%, 11/30/2021	IDR		22,400,000		1,389
7.250%, 12/07/2024			700,000		42
Korea International Bond
2.500%, 06/19/2029	$		1,183		1,243
2.000%, 06/19/2024			1,026		1,051

					3,725


Spain — 0.1%
AI Candelaria Spain SLU
7.500%, 12/15/2028 (A)			975		724


Sri Lanka — 0.9%
Sri Lanka Government International Bond
7.850%, 03/14/2029			1,598		927
7.550%, 03/28/2030			839		462
6.850%, 03/14/2024			512		323
6.850%, 11/03/2025			1,339		790
6.825%, 07/18/2026 (A)			1,584		935
6.825%, 07/18/2026			500		295
6.750%, 04/18/2028 (A)			5,224		3,030
6.750%, 04/18/2028			1,052		610


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		51

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Markets Debt Fund (Continued)



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
6.350%, 06/28/2024 (A)	$		1,294	$	776
6.250%, 07/27/2021			1,834		1,210
6.200%, 05/11/2027			1,262		732
5.875%, 07/25/2022 (A)			308		203
5.750%, 04/18/2023 (A)			1,031		701
5.750%, 04/18/2023			995		677

					11,671


Supra-National — 0.5%
African Export-Import Bank MTN
3.994%, 09/21/2029 (A)			363		342
Banque Ouest Africaine de Developpement (A)
5.000%, 07/27/2027			865		811
4.700%, 10/22/2031			683		621
European Bank for Reconstruction & Development MTN
9.250%, 12/02/2020	IDR		9,210,000		567
European Investment Bank MTN
8.500%, 09/17/2024	ZAR		9,200		556
Inter-American Development Bank MTN
7.875%, 03/14/2023	IDR		50,880,000		3,186
International Bank for Reconstruction & Development MTN
7.450%, 08/20/2021			10,914,700		675

					6,758


Thailand — 3.2%
Thailand Government Bond
5.670%, 03/13/2028	THB		3,000		120
4.875%, 06/22/2029			4,047		159
3.775%, 06/25/2032			228,074		8,540
3.650%, 06/20/2031			84,500		3,049
3.625%, 06/16/2023			55,000		1,816
3.400%, 06/17/2036			212,056		7,915
3.300%, 06/17/2038			62,930		2,310
2.875%, 12/17/2028			243,342		8,262
2.875%, 06/17/2046			3,431		114
2.550%, 06/26/2020			5,000		153
2.400%, 12/17/2023			88,000		2,817
2.125%, 12/17/2026			52,817		1,698
1.875%, 06/17/2022			20,000		623
1.600%, 12/17/2029			16,631		514
1.600%, 06/17/2035			86,023		2,582
1.450%, 12/17/2024			53,200		1,650

					42,322


Trinidad & Tobago — 0.1%
Trinidad & Tobago Government International Bond
4.375%, 01/16/2024	$		1,553		1,436



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Tunisia — 0.2%
Banque Centrale de Tunisie International Bond
6.375%, 07/15/2026	EUR		472	$	420
5.750%, 01/30/2025 (B)	$		646		513
5.625%, 02/17/2024	EUR		1,650		1,489

					2,422


Turkey — 3.5%
Export Credit Bank of Turkey (A)
6.125%, 05/03/2024	$		247		211
5.375%, 10/24/2023			1,033		909
5.000%, 09/23/2021			538		518
Export Credit Bank of Turkey MTN
5.375%, 02/08/2021 (A)			896		882
Hazine Mustesarligi Varlik Kiralama
5.800%, 02/21/2022 (A)			2,770		2,686
Mersin Uluslararasi Liman Isletmeciligi
5.375%, 11/15/2024 (A)			235		212
QNB Finansbank
6.875%, 09/07/2024 (A)			613		567
Republic of Turkey
4.875%, 04/16/2043			1,708		1,187
TC Ziraat Bankasi MTN (A)
5.125%, 05/03/2022			1,063		967
4.750%, 04/29/2021			561		539
Turkey Government International Bond
16.200%, 06/14/2023	TRY		20,814		3,466
12.200%, 01/18/2023			10,717		1,622
11.000%, 03/02/2022			28,809		4,297
10.700%, 02/17/2021			3,800		576
10.700%, 08/17/2022			21,356		3,143
9.500%, 01/12/2022			8,243		1,204
9.200%, 09/22/2021			5,522		817
8.500%, 09/14/2022			3,864		543
7.625%, 04/26/2029	$		1,443		1,375
7.250%, 12/23/2023			1,717		1,678
7.100%, 03/08/2023	TRY		37,884		5,030
6.875%, 03/17/2036	$		1,757		1,550
6.125%, 10/24/2028			1,172		1,031
6.000%, 01/14/2041			308		241
5.750%, 03/22/2024			683		636
5.750%, 05/11/2047			1,506		1,107
5.250%, 03/13/2030			4,535		3,668
5.125%, 02/17/2028			242		203
4.875%, 10/09/2026 (B)			1,017		859
4.250%, 03/13/2025			2,902		2,479
4.250%, 04/14/2026			338		281
3.000%, 08/02/2023	TRY		10,722		1,667
Turkiye Garanti Bankasi
6.125%, VAR USD Swap Semi 30/360 5 Yr Curr+4.220%, 05/24/2027 (A)	$		656		522


52		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Turkiye Sise ve Cam Fabrikalari
6.950%, 03/14/2026		$	500	$	455
Yapi ve Kredi Bankasi MTN
5.850%, 06/21/2024 (A)(B)			429		379

					47,507


Ukraine — 3.4%
Government of Ukraine
7.750%, 09/01/2023			905		846
Metinvest BV
8.500%, 04/23/2026			702		493
7.750%, 10/17/2029 (A)(B)			1,524		1,014
MHP Lux
6.250%, 09/19/2029 (A)			353		275
NAK Naftogaz Ukraine via Kondor Finance
7.625%, 11/08/2026 (A)			1,880		1,523
7.125%, 07/19/2024	EUR		720		648
Ukraine Government International Bond
17.000%, 05/11/2022	UAH		71,848		2,429
16.000%, 08/11/2021			148,624		5,072
15.840%, 02/26/2025			66,553		2,075
15.700%, 01/20/2021 (A)			48,000		1,672
9.750%, 11/01/2028		$	4,017		3,899
8.994%, 02/01/2024			1,687		1,559
8.994%, 02/01/2024 (A)			155		143
7.750%, 09/01/2020			656		641
7.750%, 09/01/2021			1,448		1,390
7.750%, 09/01/2022			1,030		973
7.750%, 09/01/2023 (A)			266		249
7.750%, 09/01/2025			200		181
7.750%, 09/01/2025 (A)			1,361		1,235
7.750%, 09/01/2026			5,681		5,212
7.750%, 09/01/2026 (A)			1,008		925
7.750%, 09/01/2027			624		570
7.750%, 09/01/2027 (A)			1,485		1,356
7.375%, 09/25/2032			2,869		2,596
7.375%, 09/25/2032 (A)			564		511
6.750%, 06/20/2026 (A)	EUR		751		729
6.750%, 06/20/2026			939		911
4.375%, 01/27/2030 (A)			1,094		960
3.304%, 05/31/2040 (A)(C)		$	2,206		1,605
0.000%, 05/31/2040 (C)			5,133		3,735
Ukreximbank Via Biz Finance
9.625%, 04/27/2022 (A)			713		659

					46,086


United Arab Emirates — 1.4%
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/2047			1,064		1,060
4.600%, 11/02/2047 (A)			3,268		3,255
3.650%, 11/02/2029 (A)			1,994		1,950
Abu Dhabi Government International Bond
4.125%, 10/11/2047 (A)			824		892



Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
3.125%, 09/30/2049 (A)		$	3,256	$	3,028
3.125%, 09/30/2049			400		372
2.500%, 09/30/2029 (A)			2,193		2,130
DP World MTN (A)
6.850%, 07/02/2037 (B)			432		407
5.625%, 09/25/2048			1,556		1,299
4.700%, 09/30/2049			282		217
Emirate of Dubai Government International Bonds MTN
5.250%, 01/30/2043			490		455
MDC-GMTN BV MTN
4.500%, 11/07/2028 (A)			1,346		1,416
4.500%, 11/07/2028			1,225		1,288
MDGH - GMTN BV MTN
3.700%, 11/07/2049 (A)			711		658
Sharjah Sukuk Program MTN
3.854%, 04/03/2026			359		354

					18,781


United Kingdom — 0.3%
Standard Chartered Bank MTN (A)
8.375%, 10/18/2039	IDR		20,797,000		1,273
8.250%, 05/17/2029			40,930,000		2,546

					3,819


Uruguay — 1.0%
Republic of Uruguay
5.100%, 06/18/2050		$	1,191		1,347
Uruguay Government International Bond
9.875%, 06/20/2022	UYU		42,797		928
8.500%, 03/15/2028			8,397		156
4.975%, 04/20/2055		$	961		1,091
4.375%, 10/27/2027			3,536		3,815
4.375%, 01/23/2031			5,085		5,524
4.125%, 11/20/2045			346		353

					13,214


Uzbekistan — 0.1%
Republic of Uzbekistan Bond MTN
5.375%, 02/20/2029			983		964
4.750%, 02/20/2024			632		618

					1,582


Venezuela — 0.3%
Petroleos de Venezuela
9.750%, 05/17/2035 (G)			1,000		60
9.000%, 11/17/2021 (B)(G)			4,300		258
6.000%, 05/16/2024 (G)			10,192		612
6.000%, 05/16/2024 (G)			7,785		467
6.000%, 11/15/2026 (G)			13,215		793
5.500%, 04/12/2037 (G)			1,740		104
5.375%, 04/12/2027 (G)			4,563		274
Venezuela Government International Bond
9.250%, 09/15/2027 (G)			2,300		207


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		53

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Markets Debt Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
9.250%, 05/07/2028 (G)	$	2,941	$	265
8.250%, 10/13/2024 (G)		3,304		297
7.750%, 10/13/2019 (G)		3,976		358

				3,695


Vietnam — 0.0%
Mong Duong Finance Holdings BV
5.125%, 05/07/2029 (A)		692		583


Zambia — 0.2%
First Quantum Minerals (A)
7.500%, 04/01/2025		412		343
6.875%, 03/01/2026		411		330
Zambia Government International Bond
8.500%, 04/14/2024 (A)		1,139		454
5.375%, 09/20/2022		1,695		703
5.375%, 09/20/2022 (A)		794		330

				2,160

Total Global Bonds (Cost $1,489,804) ($ Thousands)				1,252,464


	Shares

AFFILIATED PARTNERSHIP — 3.8%
SEI Liquidity Fund, L.P.
0.760% ^**†(H)		50,583,929		50,592


Total Affiliated Partnership (Cost $50,584) ($ Thousands)				50,592


Total Investments in Securities — 97.2% (Cost $1,540,388) ($ Thousands)			$	1,303,056


	Contracts

*PURCHASED OPTION(I) — 0.0%**

Total Purchased Option (Cost $279) ($ Thousands)		26,834,317	$	25

A list of the open option contracts held by the Fund at March 31, 2020, is as follows:


Description	Number of Contracts		Notional Amount (Thousands)^		Exercise Price		Expiration Date		Value (Thousands)
PURCHASED OPTION — 0.0%
Call Options
September 2020, USD Call HKD Put*		26,834,317	$	279	$	7.85		9/19/2020	$	25


Total Purchased Option			$	279					$	25

^Represents cost.


54		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020

A list of the open futures contracts held by the Fund at March 31, 2020, is as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ Depreciation (Thousands)
Euro-Bund		(86)		Jun-2020	$	(16,748	)	$	(16,279	)	$	156
Euro-Buxl		(17)		Jun-2020		(4,122	)		(3,915	)		122
Korea 10-Year Bond		13		Jun-2020		1,406			1,405			(4	)
Korea 3-Year Bond		49		Jun-2020		4,392			4,482			(3	)
R023 Bond Future		579		May-2020		4,113			3,352			(10	)
R186 Bond Future		1,003		May-2020		7,944			5,993			(540	)
R2032 Bond Future		506		May-2020		3,184			2,275			(357	)
R2035 Bond Future		937		May-2020		6,024			4,307			(672	)
R2037 Bond Future		423		May-2020		2,593			1,857			(286	)
R2040 Bond Future		474		May-2020		2,989			2,154			(316	)
R208 Bond Future		114		May-2020		788			655			10
R213 Bond Future		811		May-2020		4,758			3,409			(521	)
U.S. 10-Year Treasury Note		107		Jun-2020		14,283			14,840			557
U.S. Ultra Long Treasury Bond		44		Jun-2020		8,911			9,763			852

					$	40,515		$	34,298		$	(1,012	)

A list of the open forward foreign currency contracts held by the Fund at March 31, 2020, is as follows:


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC		06/17/20	USD		19,670	CNY		138,139	$	(181	)
Barclays PLC		06/17/20	TWD		295,543	USD		9,639		(259	)
Citigroup		04/02/20	BRL		8,969	USD		1,774		45
Citigroup		04/02/20 - 04/06/20	EUR		4,731	RON		22,728		(31	)
Citigroup		04/02/20 - 06/02/20	USD		6,455	BRL		30,241		(642	)
Citigroup		04/03/20 - 06/03/20	USD		6,992	EUR		6,251		(129	)
Citigroup		04/03/20 - 06/17/20	EUR		12,996	USD		14,559		279
Citigroup		04/06/20	RON		1,854	EUR		384		—
Citigroup		04/06/20	EUR		3,913	PLN		16,635		(288	)
Citigroup		04/09/20 - 06/17/20	USD		16,962	THB		540,760		(474	)
Citigroup		04/15/20	USD		2,709	INR		193,704		(155	)
Citigroup		04/20/20	TWD		83,659	USD		2,799		23
Citigroup		04/21/20	EUR		3,105	CZK		78,691		(255	)
Citigroup		04/21/20	PLN		2,462	EUR		567		30
Citigroup		04/21/20	PLN		4,944	EUR		1,084		(1	)
Citigroup		04/21/20	CZK		18,353	EUR		669		(1	)
Citigroup		04/21/20	HUF		1,022,971	EUR		3,046		229
Citigroup		04/21/20	HUF		153,926	EUR		427		(1	)
Citigroup		04/22/20 - 05/04/20	IDR		127,959,842	USD		8,907		1,065
Citigroup		05/21/20 - 01/27/21	EGP		18,014	USD		1,081		16
Citigroup		04/23/20 - 05/28/20	EGP		83,963	USD		5,156		(115	)
Citigroup		04/30/20	USD		309	NGN		126,782		5
Citigroup		04/30/20	USD		1,385	NGN		548,462		(25	)
Citigroup		06/17/20	USD		2,634	MXN		64,545		87
Citigroup		05/06/20 - 06/17/20	USD		11,222	MXN		249,133		(686	)
Citigroup		05/06/20 - 06/17/20	USD		27,943	ZAR		461,137		(2,326	)
Citigroup		05/06/20	MXN		20,991	USD		1,095		204
Citigroup		05/06/20	MXN		14,793	USD		608		(20	)
Citigroup		06/17/20	USD		3,392	ILS		12,384		125
Citigroup		05/11/20	USD		5,894	ILS		20,093		(201	)


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		55

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Markets Debt Fund (Continued)


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		05/11/20	ILS		20,093	USD		5,861	$	168
Citigroup		05/13/20 - 06/17/20	TRY		28,954	USD		4,653		331
Citigroup		06/17/20	TRY		4,503	USD		668		(1	)
Citigroup		06/02/20	BRL		8,695	USD		1,918		248
Citigroup		06/17/20	USD		491	PEN		1,753		18
Citigroup		06/17/20	USD		1,195	RON		5,158		(29	)
Citigroup		06/17/20	USD		398	IDR		6,614,950		3
Citigroup		06/17/20	USD		1,984	IDR		32,517,734		(11	)
Citigroup		06/17/20	USD		6,606	CLP		5,521,102		(113	)
Citigroup		06/17/20	USD		7,176	PLN		28,158		(394	)
Citigroup		06/17/20	CNY		13,847	USD		1,962		8
Citigroup		06/17/20	PLN		16,090	USD		4,225		350
Citigroup		06/17/20	PLN		4,315	USD		1,038		(1	)
Citigroup		06/17/20	THB		22,775	USD		694		—
Citigroup		06/17/20	PEN		32,162	USD		9,312		(24	)
Citigroup		06/17/20	ZAR		97,287	USD		5,585		190
Citigroup		06/17/20	ZAR		19,717	USD		1,093		(1	)
Citigroup		06/17/20	INR		428,264	USD		5,486		(96	)
Citigroup		06/17/20	HUF		280,405	USD		928		73
Citigroup		06/17/20	HUF		171,690	USD		523		(1	)
Citigroup		06/17/20	CLP		328,684	USD		393		6
Citigroup		06/17/20	CLP		796,177	USD		921		(15	)
Citigroup		06/17/20	COP		13,294,263	USD		3,680		419
Citigroup		06/25/20	JPY		232,621	USD		2,099		(64	)
Citigroup		08/26/20	UGX		1,014,028	USD		245		(14	)
Citigroup		12/07/20	USD		338	UYU		13,787		(39	)
Goldman Sachs		04/02/20 - 07/02/20	USD		13,332	BRL		65,468		(763	)
Goldman Sachs		04/02/20	RON		17,186	EUR		3,559		3
Goldman Sachs		04/03/20	EUR		500	USD		560		11
Goldman Sachs		04/03/20	EUR		532	USD		573		(11	)
Goldman Sachs		04/03/20	USD		1,374	EUR		1,268		18
Goldman Sachs		04/03/20	USD		615	EUR		551		(10	)
Goldman Sachs		04/03/20 - 06/17/20	THB		154,387	USD		4,839		133
Goldman Sachs		04/06/20	EUR		8,690	PLN		37,243		(569	)
Goldman Sachs		04/06/20 - 04/21/20	PLN		22,713	EUR		5,261		305
Goldman Sachs		04/13/20	USD		1,499	INR		112,053		(21	)
Goldman Sachs		04/13/20	INR		103,402	USD		1,384		20
Goldman Sachs		06/17/20	INR		52,009	USD		668		(10	)
Goldman Sachs		04/15/20	BRL		9,621	USD		2,195		342
Goldman Sachs		04/27/20	USD		2,353	SGD		3,352		3
Goldman Sachs		04/16/20	USD		2,545	SGD		3,617		(4	)
Goldman Sachs		04/20/20	USD		2,761	TWD		83,659		15
Goldman Sachs		04/20/20	USD		2,766	CLP		2,229,269		(149	)
Goldman Sachs		06/17/20	USD		369	COP		1,510,637		1
Goldman Sachs		04/20/20 - 06/17/20	USD		4,292	COP		15,614,688		(454	)
Goldman Sachs		04/21/20	EUR		3,584	CZK		93,218		(199	)
Goldman Sachs		04/21/20	CZK		28,862	EUR		1,041		(14	)
Goldman Sachs		04/24/20	KRW		1,387,113	USD		1,117		(22	)
Goldman Sachs		04/27/20	SGD		3,222	USD		2,229		(35	)
Goldman Sachs		04/27/20	PHP		6,624	USD		130		—


56		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Goldman Sachs		04/30/20 - 07/29/20	NGN		2,164,387	USD		5,665	$	510
Goldman Sachs		05/04/20 - 06/17/20	USD		2,491	IDR		41,435,627		30
Goldman Sachs		05/04/20	USD		2,749	IDR		39,138,972		(351	)
Goldman Sachs		05/05/20 - 06/19/20	USD		3,101	THB		97,253		(136	)
Goldman Sachs		05/06/20	USD		10,248	ZAR		164,685		(1,071	)
Goldman Sachs		05/06/20	USD		1,276	MXN		31,111		44
Goldman Sachs		05/06/20 - 06/17/20	USD		15,408	MXN		315,428		(2,060	)
Goldman Sachs		05/06/20	TRY		27,386	USD		4,484		367
Goldman Sachs		05/06/20	MXN		86,423	USD		4,029		364
Goldman Sachs		05/06/20	MXN		7,708	USD		326		(1	)
Goldman Sachs		05/06/20 - 06/17/20	ZAR		212,392	USD		13,154		1,321
Goldman Sachs		05/14/20	USD		1,187	RUB		93,525		3
Goldman Sachs		05/14/20	USD		12,910	RUB		803,002		(2,690	)
Goldman Sachs		05/14/20	RUB		364,255	USD		5,520		885
Goldman Sachs		05/14/20 - 06/17/20	RUB		116,756	USD		1,466		(17	)
Goldman Sachs		06/05/20	USD		649	KZT		262,222		(78	)
Goldman Sachs		06/17/20	USD		3,818	CZK		89,677		(217	)
Goldman Sachs		06/17/20	USD		3,995	PLN		15,657		(223	)
Goldman Sachs		06/17/20	COP		18,009,488	USD		4,517		100
Goldman Sachs		06/17/20	COP		2,513,798	USD		615		(2	)
Goldman Sachs		06/18/20	PEN		7,517	USD		2,154		(28	)
JPMorgan Chase Bank		04/06/20	EUR		276	RON		1,335		—
JPMorgan Chase Bank		04/02/20	EUR		2,187	RON		10,499		(15	)
JPMorgan Chase Bank		04/03/20	USD		2,765	KRW		3,414,434		40
JPMorgan Chase Bank		04/20/20 - 04/24/20	USD		3,867	KRW		4,669,143		(32	)
JPMorgan Chase Bank		04/03/20	USD		1,392	EUR		1,292		26
JPMorgan Chase Bank		04/03/20	USD		7,290	EUR		6,578		(72	)
JPMorgan Chase Bank		04/03/20	EUR		18,033	USD		20,180		392
JPMorgan Chase Bank		04/03/20 - 04/09/20	THB		129,556	USD		4,125		176
JPMorgan Chase Bank		06/19/20	THB		57,534	USD		1,752		(2	)
JPMorgan Chase Bank		04/03/20 - 04/20/20	KRW		9,774,170	USD		8,163		135
JPMorgan Chase Bank		04/06/20	RON		14,171	EUR		2,947		17
JPMorgan Chase Bank		04/14/20	USD		487	PHP		24,673		(3	)
JPMorgan Chase Bank		04/14/20 - 04/21/20	USD		6,255	CLP		5,197,618		(152	)
JPMorgan Chase Bank		04/14/20 - 06/17/20	USD		13,170	KRW		15,720,848		(250	)
JPMorgan Chase Bank		04/14/20 - 04/22/20	PEN		15,488	USD		4,438		(65	)
JPMorgan Chase Bank		04/14/20 - 06/02/20	BRL		52,266	USD		11,414		1,365
JPMorgan Chase Bank		04/14/20 - 04/16/20	RUB		610,739	USD		9,099		1,296
JPMorgan Chase Bank		04/14/20 - 06/17/20	COP		25,643,344	USD		6,642		348
JPMorgan Chase Bank		04/14/20 - 04/23/20	IDR		150,856,849	USD		10,404		1,157
JPMorgan Chase Bank		04/24/20	IDR		60,080,887	USD		3,647		(36	)
JPMorgan Chase Bank		04/15/20	USD		10,517	BRL		44,920		(1,864	)
JPMorgan Chase Bank		04/15/20	INR		29,470	USD		382		(7	)
JPMorgan Chase Bank		04/16/20	USD		2,423	TWD		72,652		(14	)
JPMorgan Chase Bank		04/16/20	USD		1,098	RUB		88,819		36
JPMorgan Chase Bank		04/16/20	USD		2,560	RUB		184,115		(209	)
JPMorgan Chase Bank		04/16/20 - 04/27/20	USD		5,996	BRL		29,283		(358	)
JPMorgan Chase Bank		04/16/20	CNY		16,642	USD		2,340		(9	)
JPMorgan Chase Bank		04/16/20 - 04/17/20	THB		102,328	USD		3,236		118
JPMorgan Chase Bank		04/16/20	KRW		5,540,032	USD		4,342		(209	)
JPMorgan Chase Bank		04/17/20	USD		4,326	TRY		26,793		(277	)


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		57

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Markets Debt Fund (Continued)


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		04/20/20	CLP		2,233,260	USD		2,814	$	192
JPMorgan Chase Bank		04/21/20	EUR		2,289	PLN		10,032		(97	)
JPMorgan Chase Bank		04/21/20	EUR		5,101	HUF		1,728,814		(336	)
JPMorgan Chase Bank		04/21/20	EGP		47,000	USD		2,889		(81	)
JPMorgan Chase Bank		04/21/20	CZK		63,403	EUR		2,426		122
JPMorgan Chase Bank		04/22/20 - 04/24/20	USD		8,327	THB		270,554		(80	)
JPMorgan Chase Bank		04/22/20 - 05/06/20	ZAR		208,448	USD		12,714		1,083
JPMorgan Chase Bank		04/27/20	SGD		3,175	USD		2,168		(63	)
JPMorgan Chase Bank		05/04/20	MYR		1,679	USD		404		14
JPMorgan Chase Bank		05/04/20	USD		1,713	IDR		23,901,224		(248	)
JPMorgan Chase Bank		05/04/20	IDR		24,559,810	USD		1,762		258
JPMorgan Chase Bank		05/04/20	IDR		2,521,103	USD		154		(1	)
JPMorgan Chase Bank		05/05/20 - 06/19/20	USD		4,525	THB		142,268		(187	)
JPMorgan Chase Bank		06/03/20 - 06/25/20	USD		3,836	EUR		3,534		50
JPMorgan Chase Bank		05/05/20 - 06/03/20	USD		2,975	EUR		2,637		(76	)
JPMorgan Chase Bank		06/03/20 - 06/25/20	EUR		13,146	USD		14,678		221
JPMorgan Chase Bank		05/05/20 - 06/25/20	EUR		22,547	USD		24,285		(527	)
JPMorgan Chase Bank		05/06/20	USD		302	TRY		1,967		(6	)
JPMorgan Chase Bank		05/06/20 - 05/20/20	USD		2,397	MXN		59,912		140
JPMorgan Chase Bank		05/20/20	USD		1,649	MXN		34,701		(180	)
JPMorgan Chase Bank		05/06/20 - 05/19/20	USD		4,414	ZAR		75,715		(199	)
JPMorgan Chase Bank		05/06/20	TRY		15,389	USD		2,310		(4	)
JPMorgan Chase Bank		05/06/20 - 05/20/20	MXN		124,459	USD		6,552		1,282
JPMorgan Chase Bank		05/20/20	MXN		918	USD		38		—
JPMorgan Chase Bank		05/14/20	USD		4,229	RUB		288,110		(562	)
JPMorgan Chase Bank		05/14/20	RUB		239,058	USD		3,206		164
JPMorgan Chase Bank		05/20/20	USD		6,807	RON		30,003		(15	)
JPMorgan Chase Bank		05/20/20 - 06/17/20	USD		13,408	PLN		52,541		(752	)
JPMorgan Chase Bank		05/20/20	PLN		21,458	USD		5,560		392
JPMorgan Chase Bank		05/29/20	USD		2,377	CNY		16,878		6
JPMorgan Chase Bank		06/05/20	USD		2,086	KZT		843,403		(250	)
JPMorgan Chase Bank		06/05/20	KZT		558,344	USD		1,400		185
JPMorgan Chase Bank		06/17/20	USD		1,165	ILS		4,283		51
JPMorgan Chase Bank		06/17/20	USD		1,550	CLP		1,295,210		(27	)
JPMorgan Chase Bank		06/17/20	USD		365	IDR		6,246,638		14
JPMorgan Chase Bank		06/17/20	USD		1,489	IDR		24,375,920		(10	)
JPMorgan Chase Bank		06/17/20	USD		1,975	HUF		581,607		(201	)
JPMorgan Chase Bank		06/17/20	USD		2,392	COP		9,209,986		(133	)
JPMorgan Chase Bank		06/17/20	USD		2,959	CZK		66,101		(305	)
JPMorgan Chase Bank		06/17/20	CZK		63,640	USD		2,811		256
JPMorgan Chase Bank		06/17/20	PHP		222,803	USD		4,324		1
JPMorgan Chase Bank		06/17/20	COP		3,203,838	USD		766		(20	)
JPMorgan Chase Bank		06/18/20	USD		2,215	PEN		7,895		76
JPMorgan Chase Bank		06/18/20	PEN		3,758	USD		1,102		10
JPMorgan Chase Bank		06/18/20	PEN		1,387	USD		392		(11	)
JPMorgan Chase Bank		08/27/20	USD		631	UAH		16,250		127
JPMorgan Chase Bank		10/19/20	USD		208	UYU		7,800		(36	)
Standard Bank		04/03/20	EUR		2,135	USD		2,378		36
Standard Bank		04/03/20	EUR		797	USD		855		(20	)
Standard Bank		04/03/20	USD		564	EUR		526		13


58		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Standard Bank		04/03/20 - 06/03/20	USD		7,426	EUR		6,623	$	(158	)
Standard Bank		04/30/20	USD		384	NGN		156,802		4
Standard Bank		05/06/20	ZAR		54,782	USD		3,702		649
Standard Bank		06/02/20	USD		1,253	BRL		5,682		(162	)
Standard Bank		06/17/20	USD		2,298	SGD		3,302		24
Standard Bank		06/17/20	USD		3,367	IDR		50,307,642		(316	)
Standard Bank		06/17/20	SGD		17,926	USD		12,753		142
Standard Bank		06/17/20	INR		98,244	USD		1,270		(10	)
Standard Bank		06/17/20	TWD		37,347	USD		1,251		—
Standard Bank		06/17/20	TWD		113,172	USD		3,767		(23	)
Standard Bank		09/09/20	UGX		3,256,313	USD		775		(56	)
Standard Chartered		04/02/20 - 06/02/20	USD		16,702	BRL		72,247		(2,803	)
Standard Chartered		04/06/20	PLN		13,744	EUR		3,203		206
Standard Chartered		04/13/20 - 05/04/20	MYR		60,432	USD		14,612		581
Standard Chartered		05/04/20	MYR		1,178	USD		268		(6	)
Standard Chartered		04/16/20	USD		408	TWD		12,244		(2	)
Standard Chartered		04/16/20	USD		5,206	CNY		36,506		(53	)
Standard Chartered		04/16/20	TWD		84,730	USD		2,832		23
Standard Chartered		04/21/20	EUR		6,269	PLN		27,003		(380	)
Standard Chartered		04/21/20	CZK		66,684	EUR		2,632		217
Standard Chartered		04/22/20	USD		5,358	IDR		73,597,313		(846	)
Standard Chartered		05/04/20	USD		3,793	MYR		16,423		27
Standard Chartered		05/04/20	IDR		38,744,798	USD		2,801		427
Standard Chartered		05/05/20	THB		11,343	USD		362		16
Standard Chartered		05/13/20	TRY		17,725	USD		2,896		236
Standard Chartered		05/14/20	USD		830	RUB		51,659		(172	)
Standard Chartered		06/19/20	PHP		154,829	USD		2,955		(48	)
State Street		04/03/20	USD		14,458	EUR		13,312		148
State Street		05/05/20	USD		21,020	EUR		19,035		(110	)
State Street		04/16/20	SGD		3,740	USD		2,669		41
State Street		04/20/20	COP		9,518,000	USD		2,807		465
State Street		05/06/20	MXN		196,154	USD		10,242		1,921
State Street		05/14/20	USD		567	RUB		44,592		—
State Street		05/14/20	RUB		24,688	USD		342		27
State Street		06/17/20	USD		1,223	CLP		1,048,981		11

									$	(5,513	)


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		59

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Markets Debt Fund (Continued)

A list of the open OTC swap agreements held by the Fund at March 31, 2020, is as follows:


Interest Rate Swaps
Counterparty	Fund Pays		Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase		0.6925%		6-MONTH HUF - BUBOR		Semi-Annually		04/20/2020		HUF		1,750,000	$	(36	)	$	–	$	(36	)
Goldman Sachs		1-DAY BRL - CETIP		12.725%		Annually		01/04/2021		BRL		10,608		735			–		735
JPMorgan Chase		1-DAY BRL - CETIP		9.61%		Annually		01/04/2021		BRL		4,626		139			–		139
JPMorgan Chase		1-DAY BRL - CETIP		10.89%		Annually		01/04/2021		BRL		170		6			–		6
JPMorgan Chase		1-DAY BRL - CETIP		10.04%		Annually		01/04/2021		BRL		3,557		120			–		120
JPMorgan Chase		1-DAY BRL - CETIP		9.275%		Annually		01/04/2021		BRL		5,815		158			–		158
JPMorgan Chase		1-DAY BRL - CETIP		8.87%		Annually		01/04/2021		BRL		8,089		195			–		195
Goldman Sachs		28-DAY MXN - TIIE		5.37%		Monthly		03/17/2021		MXN		46,500		(9	)		–		(9	)
		3-MONTH MOSCOW PRIME
Goldman Sachs		OFFERED RATE - RUB		7.515%		Annually		06/10/2021		RUB		1,020,770		88			–		88
JPMorgan Chase		1.3775%		6-MONTH HUF - BUBOR		Semi-Annually		06/17/2021		HUF		654,998		(44	)		–		(44	)
Goldman Sachs		6-MONTH PLN - WIBOR		2.208%		Annually		11/16/2021		PLN		6,842		51			–		51
Citigroup		6-MONTH PLN - WIBOR		2.431%		Annually		12/14/2021		PLN		11,000		91			–		91
		3-MONTH MOSCOW PRIME
Goldman Sachs		OFFERED RATE - RUB		6.29%		Annually		12/14/2021		RUB		535,000		(44	)		–		(44	)
Goldman Sachs		6-MONTH HUF - BUBOR		1.265%		Semi-Annually		01/10/2022		HUF		1,537,322		(76	)		–		(76	)
		3-MONTH MOSCOW PRIME
Goldman Sachs		OFFERED RATE - RUB		8.11%		Quarterly		03/23/2022		RUB		715,570		174			–		174
		1-DAY-CLP - SINACOFI CHILE
JPMorgan Chase		INTERBANK RATE AVG		3.430%		Semi-Annually		05/10/2022		CLP		420,527		31			–		31
Goldman Sachs		28-DAY MXN - TIIE		5.900%		Monthly		09/12/2022		MXN		75,956		9			–		9
Goldman Sachs		6-MONTH HUF - BUBOR		0.8385%		Annually		09/21/2022		HUF		1,390,000		38			–		38
Goldman Sachs		1-DAY BRL - CETIP		11.985%		Annually		01/02/2023		BRL		3,000		283			–		283
Goldman Sachs		1-DAY BRL - CETIP		10.04%		Annually		01/03/2023		BRL		5,012		352			–		352
		China 7-Day Reverse Repo
Citigroup		Rate		2.7614%		Quarterly		07/05/2024		CNY		99,768		270			–		270
		China 7-Day Reverse Repo
Goldman Sachs		Rate		2.77%		Quarterly		07/05/2024		CNY		25,760		71			–		71
		China 7-Day Reverse Repo
Goldman Sachs		Rate		2.894%		Quarterly		10/14/2024		CNY		12,730		55			–		55
Goldman Sachs		28-DAY MXN - TIIE		6.355%		Monthly		05/21/2025		MXN		23,145		(2	)		–		(2	)
Goldman Sachs		28-DAY MXN - TIIE		6.205%		Monthly		12/08/2025		MXN		16,624		(11	)		–		(11	)
Goldman Sachs		28-DAY MXN - TIIE		6.165%		Monthly		03/05/2026		MXN		47,200		(41	)		–		(41	)
JPMorgan Chase		28-DAY MXN - TIIE		6.13%		Monthly		06/18/2026		MXN		40,000		(43	)		–		(43	)
Goldman Sachs		28-DAY MXN - TIIE		6.381%		Monthly		09/16/2026		MXN		26,000		(16	)		–		(16	)

													$	2,544		$	–	$	2,544


60		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020

Credit Default Swap

Counterparty

Reference
Entity/
Obligation

Buy/Sell
Protection

(Pays)/
Receives
Rate

Payment
Frequency

Termination
Date

Notional
Amount
(Thousands)

Value
(Thousands)

Upfront
Payments/
Receipts
(Thousands)

Net Unrealized
(Depreciation)
(Thousands)

JPMorgan Chase

Argentina

Sell

5.00%

Quarterly

06/20/2023

$(1,895)

$(1,391)

101

(1,491

)


Cross Currency Swaps
Counterparty	Fund Pays		Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)		Upfront Payment (Thousands)		Net Unrealized Appreciation (Thousands)
JPMorgan Chase		12.90%		3-MONTH USD – LIBOR		Quarterly		10/07/2025		TRY		3,070	$	48	$	–	$	48
JPMorgan Chase		11.065%		3-MONTH USD – LIBOR		Quarterly		12/07/2025		TRY		2,351		139		–		139

													$	187	$	–	$	187

A list of the open centrally cleared swap agreements held by the Fund at March 31, 2020, is as follows:


Interest Rate Swaps
Fund Pays	Fund Receives	Payment Frequency	Termination Date	Currency	Notional Amount (Thousands)		Value (Thousands)		Upfront Payments/ Receipts (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
1-DAY-CLP - SINACOFI CHILE	1.71%	Annually	11/07/2020	CLP
INTERBANK RATE AVG						15,170,000	$	132	$	–	$	132
China 7-Day Reverse Repo Rate	2.7475%	Quarterly	07/05/2024	CNY		20,500		66		–		66
1.675%	6-MONTH CZK - PRIBOR	Semi-Annually	07/17/2024	CZK		21,146		(32)		–		(32	)
28-DAY MXN - TIIE	6.75	Monthly	08/26/2024	MXN		60,739		55		–		55
6-MONTH HUF - BUBOR	0.81%	Annually	09/12/2024	HUF		75,000		(1)		–		(1	)
1.37%	6-MONTH HUF - BUBOR	Annually	02/17/2025	HUF		460,000		30		–		30
6-MONTH HUF BUBOR	1.35%	Annually	02/18/2025	HUF		460,000		26		–		26
5.08125%	INR - MIBOR	Semi-Annually	02/25/2025	INR		541,829		21		–		21
5.0975%	INR - MIBOR	Semi-Annually	02/26/2025	INR		270,915		8		–		8
1.005%	6-MONTH HUF - BUBOR	Annually	03/06/2025	HUF		900,000		4		–		4
.62 FIXED	28-DAY MXN - TIIE	Monthly	03/21/2025	MXN		19,328		10		–		10
.725%	6-MONTH HUF - BUBOR	Annually	03/25/2025	HUF		765,000		(27)		–		(27	)
28-DAY MXN - TIIE	7.72%	Monthly	12/03/2026	MXN		8,000		20		–		20
28-DAY MXN - TIIE	7.51%	Monthly	04/20/2027	MXN		8,110		16		–		16
2.969%	6-MONTH HUF - BUBOR	Semi-Annually	02/08/2029	HUF		200,000		(29)		–		(29	)
1.64	6-MONTH CZK - PRIBOR	Semi-Annually	06/21/2024	CZK		14,000		(20)		–		(20	)
5.915%	1-DAY COP - COLUMBIA IBR	Quarterly	05/15/2029	COP		3,600,000		(33)		–		(33	)
3-MONTH ZAR - JIBAR	8.49%	Quarterly	07/18/2029	ZAR		10,000		(45)		–		(45	)
6.94	28-DAY MXN - TIIE	Monthly	08/20/2029	MXN		35,892		2		–		2
6.9225%	28-DAY MXN - TIIE	Monthly	08/31/2029	MXN		42,602		5		–		5
6.82%	28-DAY MXN - TIIE	Monthly	09/10/2029	MXN		33,993		15		–		15
1.4925%	6-MONTH CZK - PRIBOR	Semi-Annually	11/18/2029	CZK		33,000		100		–		100
1-DAY-CLP - SINACOFI CHILE	3.045%	Semi-Annually	11/29/2029	CLP
INTERBANK RATE AVG						610,398		23		–		23
1.805%	6-MONTH PLN - WIBOR	Semi-Annually	12/17/2029	PLN		11,500		194		–		194
1-DAY-CLP - SINACOFI CHILE	3.075%	Semi-Annually	01/08/2030	CLP
INTERBANK RATE AVG						165,659		7		–		7
1.81%	6-MONTH CZK - PRIBOR	Semi-Annually	01/17/2030	CZK		10,000		(42)		–		(42	)
1.61%	6-MONTH HUF - BUBOR	Semi-Annually	01/17/2030	HUF		135,000		17		–		17
6-MONTH PLN - WIBOR	1.75%	Annually	02/26/2030	PLN		11,700		182		–		182
1-DAY COP - COLUMBIA IBR	5.4%	Quarterly	03/11/2030	COP		2,751,828		8		–		8
1-DAY COP - COLUMBIA IBR	5.47%	Quarterly	03/11/2030	COP		879,919		1		–		1
1-DAY COP - COLUMBIA IBR	5.45%	Quarterly	03/12/2030	COP		1,338,006		3		–		3
5.37	1-DAY COP - COLUMBIA IBR	Quarterly	06/21/2029	COP		1,800,000		2		–		2


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		61

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Emerging Markets Debt Fund (Concluded)


Fund Pays	Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)		Upfront Payments/ Receipts (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
1-DAY-CLP - SINACOFI CHILE		2.59%		Semi-Annually		03/19/2030		CLP
INTERBANK RATE AVG										588,237	$	(9)	$	–	$	(9	)
1.7		6-MONTH CZK - PRIBOR		Semi-Annually		06/18/2024		CZK		140,000		(218)		–		(218	)
.63 FIXED		6-MONTH PLN - WIBOR		Annually		03/26/2024		PLN		3,196		(5)		–		(5	)
8.09%		28-DAY MXN - TIIE		Monthly		01/28/2021		MXN		133,260		(105)		–		(105	)
8.125%		28-DAY MXN - TIIE		Monthly		01/28/2021		MXN		60,000		(48)		–		(48	)
8.145%		28-DAY MXN - TIIE		Monthly		01/28/2021		MXN		136,359		(110)		–		(110	)
6-MONTH CZK - PRIBOR		2.1%		Annually		09/30/2021		CZK		150,349		122		–		122
6-MONTH CZK - PRIBOR		2.07%		Annually		09/30/2021		CZK		121,000		98		–		98
6-MONTH CZK - PRIBOR		2.225%		Annually		11/11/2021		CZK		40,000		38		–		38
6-MONTH PLN - WIBOR		2.263%		Annually		11/12/2021		PLN		7,000		39		–		39
1-DAY COP - COLUMBIA IBR		4.9%		Annually		11/18/2021		COP		26,994,329		88		–		88
6-MONTH CZK - PRIBOR		2.135%		Annually		11/18/2021		CZK		155,000		138		–		138
1-DAY COP - COLUMBIA IBR		4.81%		Annually		11/19/2021		COP		29,005,671		88		–		88
1.960%		1-DAY-CLP - SINACOFI CHILE		Semi-Annually		12/12/2021		CLP
		INTERBANK RATE AVG								2,569,905		(66)		–		(66	)
1-DAY BRL - CETIP		5.89%		Annually		01/03/2022		BRL		27,057		155		–		155
1-DAY BRL - CETIP		6.2325%		Annually		01/03/2022		BRL		8,733		59		–		59
1-DAY BRL - CETIP		6.24%		Annually		01/03/2022		BRL		14,709		99		–		99
.65 FIXED		6-MONTH PLN - WIBOR		Annually		03/26/2024		PLN		2,804		(4)		–		(4	)
6-MONTH CZK - PRIBOR		1.46%		Semi-Annually		03/12/2022		CZK		316,571		(113)		–		(113	)
28-DAY MXN - TIIE		6.71%		Monthly		07/07/2022		MXN		37,637		32		–		32
1-DAY BRL - CETIP		6.475%		Annually		01/02/2023		BRL		16,116		89		–		89
1-DAY BRL - CETIP		5.58%		Annually		01/02/2023		BRL		6,504		10		–		10
1-DAY BRL - CETIP		5.25%		Annually		01/02/2023		BRL		11,519		1		–		1
1-DAY BRL - CETIP		6.61%		Annually		01/02/2023		BRL		4,693		29		–		29
1-DAY BRL - CETIP		5.655		Annually		01/02/2023		BRL		2,705		5		–		5
1-DAY BRL - CETIP		11.475%		Annually		01/02/2023		BRL		3,524		90		–		90
1-DAY BRL - CETIP		9.255%		Annually		01/02/2023		BRL		2,368		41		–		41
.77 FIXED		1-DAY BRL - CETIP		Annually		01/02/2023		BRL		6,361		43		–		43
1-DAY BRL - CETIP		5.49%		Annually		01/02/2023		BRL		20,741		25		–		25
.23 FIXED		1-DAY BRL - CETIP		Annually		01/02/2023		BRL		5,579		25		–		25
1-DAY BRL - CETIP		5.7225		Annually		01/02/2023		BRL		16,762		37		–		37
.5 FIXED		1-DAY BRL - CETIP		Annually		01/02/2024		BRL		4,808		13		–		13
1.9865%		6-MONTH PLN - WIBOR		Semi-Annually		03/25/2024		PLN		14,396		(162)		–		(162	)
28-DAY MXN - TIIE		6.745%		Monthly		06/23/2022		MXN		26,758		24		–		24
1-DAY-CLP - SINACOFI CHILE		2.59%		Semi-Annually		03/19/2030		CLP
INTERBANK RATE AVG										614,727		(10)		–		(10	)

											$	1,256	$	–	$	1,256

Percentages are based on Net Assets of $1,340,754 ($ Thousands).

*	Non-income producing security.

**	The rate reported is the 7-day effective yield as of March 31, 2020.

^†	Investment in Affiliated Security (see Note 5).

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2020, the value of these securities amounted to $228,081 ($ Thousands), representing 17.0% of the Net Assets of the Fund.

(B)	Certain securities or partial positions of certain securities are on loan at March 31, 2020 (See Note 9). The total market value of securities on loan at March 31, 2020 was $47,785 ($ Thousands).

(C)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(D)	Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.

(E)	Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase.

(F)	Perpetual security with no stated maturity date.

(G)	Security is in default on interest payment.

(H)	This security was purchased with cash collateral held from securities on loan (See Note 9). The total market value of such securities as of March 31, 2020 was $50,592 ($ Thousands).

(I)	Refer to table below for details on Options Contracts.

ARS — Argentine Peso

BADLAR— Buenos Aires Deposits of Large Amount Rate

BRL — Brazilian Real

BUBOR— Budapest Interbank Offered Rate

CETIP— Central of Custody and Financial Settlement of Securities

CLP — Chilean Peso

CNY — Chinese Yuan Onshore

COP — Colombian Peso

CZK — Czech Koruna

DAC — Designated Activity Company

DOP — Dominican Peso

EGP — Egyptian Pound


62		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020

EUR — Euro

GHS — Ghana Cedi

HKD — Hong Kong Dollar

HUF — Hungarian Forint

IBR — Interbank Rate

ICE— Intercontinental Exchange

IDR — Indonesian Rupiah

INR — Indian Rupee

ILS — Israeli New Sheckels

JIBAR — Johannesburg Interbank Agreed Rate

JPY — Japanese Yen

JSC — Joint-Stock Company

KRW — Korean Won

KZT - Kazakhstani Tenge

LIBOR— London Interbank Offered Rate

L.P. — Limited Partnership

Ltd. — Limited

MIBOR — Mumbai Interbank Offered Rate

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NGN — Nigerian Naira

PEN — Peruvian Nuevo Sol

PHP— Philippine Peso

PLN — Polish Zloty

PRIBOR— Prague Interbank Offered Rate

RON — Romanian Leu

RSD — Serbian Dinar

RUB — Russian Ruble

SGD — Singapore Dollar

THB — Thai Bhat

TIIE — Interbank Equilibrium Interest Rate

TRY — Turkish Lira

TWD — Taiwan Dollar

UAH — Ukrainian Hryvnia

UGX — Ugandan Shilling

USD — U.S. Dollar

UYU — Uruguayan Peso

WIBOR— Warsaw Interbank Offered Rate

VAR — Variable Rate

ZAR — South African Rand

The following is a list of the level of inputs used as of March 31, 2020, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):



Investments in Securities	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Global Bonds		–			1,252,464			–		1,252,464
Affiliated Partnership		–			50,592			–		50,592

Total Investments in Securities		–			1,303,056			–		1,303,056



Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Purchased Options		–			25			–		25
Futures Contracts*
Unrealized Appreciation		1,697			–			–		1,697
Unrealized Depreciation		(2,709	)		–			–		(2,709	)
Forwards Contracts*
Unrealized Appreciation		–			23,361			–		23,361
Unrealized Depreciation		–			(28,874	)		–		(28,874	)
OTC Swaps
Credit Default Swaps*
Unrealized Depreciation		–			(1,491	)		–		(1,491	)
Interest Rate Swaps*
Unrealized Appreciation		–			2,866			–		2,866
Unrealized Depreciation		–			(322	)		–		(322	)
Cross Currency Swaps*
Unrealized Appreciation		–			187			–		187
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			2,335			–		2,335
Unrealized Depreciation		–			(1,079	)		–		(1,079	)

Total Other Financial Instruments		(1,012	)		(2,992	)		–		(4,004	)

* Futures contracts, forwards contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For the period ended March 31, 2020, there were no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2020 ($ Thousands):


Security Description	9/30/2019	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value 3/31/2020	Shares	Income	Capital Gains
SEI Liquidity Fund, L.P.	$87,228	$202,496	$(239,142)	$—	$10	$50,592	50,583,929	$107	$—

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

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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		63

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) ($ Thousands)

March 31, 2020



	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund		Emerging Markets Debt Fund
Assets:
Investments, at value ^†	$	3,067,749	*	$	1,284,186	*	$	482,742	$	1,252,464	*
Affiliated investments, at value ^††		97,410			40,898			–		50,592
Cash		72,524			30,002			10,271		62,014
Cash pledged as collateral for futures contracts		5,617			4,265			675		6,026
Foreign currency, at value^†††		1,437			2,818			3,650		10,362
Receivable for fund shares sold		2,841			1,141			247		776
Receivable for investment securities sold		15,811			20,165			2,411		17,178
Dividends and interest receivable		13,183			4,552			3,052		22,219
Unrealized gain on forward foreign currency contracts		–			–			11,869		23,361
Unrealized gain on foreign spot currency contracts		5			–			310		294
Swap contracts, at value ^††††		–			–			141		3,053
Options purchased, at value ^{†††††}		–			–			–		25
Foreign tax reclaim receivable		11,428			140			–		–
Receivable for variation margin		347			239			151		1,209
Prepaid expenses		25			17			3		15
Total Assets		3,288,377			1,388,423			515,522		1,449,588
Liabilities:
Payable upon return on securities loaned		64,576			18,727			–		50,587
Payable for investment securities purchased		11,758			18,697			5,687		23,402
Payable for fund shares redeemed		5,713			1,363			435		1,987
Swap contracts, at value^††††		–			–			577		1,713
Payable for variation margin		170			–			313		316
Administration fees payable		978			549			193		521
Unrealized loss on foreign currency spot contracts		–			1			425		62
Unrealized loss on forward foreign currency contracts		–			–			8,232		28,874
Chief compliance officer fees payable		5			2			1		2
Administrative servicing fees payable		4			–			–		–
Shareholder servicing fees payable		417			281			94		287
Investment advisory fees payable		1,437			1,168			99		763
Accrued expense payable		422			302			99		320
Accrued foreign capital gains tax on appreciated securities		–			532			–		–
Total Liabilities		85,480			41,622			16,155		108,834
Net Assets	$	3,202,897		$	1,346,801		$	499,367	$	1,340,754
^† Cost of investments	$	3,487,947		$	1,340,030		$	489,656	$	1,489,804
^††Cost of affiliated investments		97,395			40,860			–		50,584
^†††Cost of foreign currency		1,592			2,804			3,624		10,149
^††††Cost (premiums paid)		–			–			252		101
^{†††††} Cost of purchased options		–			–			–		279
* Includes market value of securities on loan		60,441			17,779			–		47,785


64		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020



	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Net Assets:
Paid-in Capital — (unlimited authorization — no par value)		$ 3,831,456			$ 1,562,956			$ 518,690			$ 1,657,006
Total distributable loss		(628,559)			(216,155)			(19,323)			(316,252)
Net Assets		$ 3,202,897			$ 1,346,801			$ 499,367			$ 1,340,754
Net Asset Value, Offering and Redemption Price Per Share — Class F		$ 8.57			$ 9.20			$ 10.18			$ 8.57
		($2,921,231,471	÷		($1,232,705,596	÷		($432,785,077	÷		($1,249,830,779	÷
		340,690,808 shares)			133,981,115 shares)			42,529,939 shares)			145,851,973 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class I		$ 8.60			N/A			N/A			N/A
		($1,255,624	÷
		146,076 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class Y		$ 8.57			$ 9.20			$ 10.18			$ 8.56
		($280,409,929	÷		($114,095,106	÷		($66,581,529	÷		($90,922,988	÷
		32,734,661 shares)			12,403,212 shares)			6,542,070 shares)			10,626,530 shares)

N/A — Not applicable. Share classes currently not offered.

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

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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		65

STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)

For the six months ended March 31, 2020


	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Investment Income:
Dividends	$	38,741	$	13,552	$	–	$	–
Income from affiliated investments⁽¹⁾		409		183		–		–
Interest Income		479		172		3,434		46,810
Security lending income — net⁽¹⁾⁽²⁾		642		170		–		107
Less: foreign taxes withheld		(4,121)		(1,729)		(63)		(671)
Total Investment Income		36,150		12,348		3,371		46,246
Expenses:
Investment advisory fees		10,394		9,221		777		6,821
Administration fees		6,279		3,843		1,166		3,564
Shareholder servicing fees — Class F		4,680		2,011		561		1,867
Shareholder servicing fees — Class I		2		–		–		–
Administrative servicing fees — Class I		2		–		–		–
Printing fees		247		106		31		96
Custodian/wire agent fees		203		354		51		258
Professional fees		121		50		15		48
Trustees’ fees		41		18		5		16
Registration fees		23		10		3		9
Chief compliance officer fees		11		5		1		4
Other expenses		86		41		66		85
Total Expenses		22,089		15,659		2,676		12,768
Less:
Waiver of investment advisory fees		–		(878)		(115)		(1,845)
Waiver of administration fees		–		–		–		(131)
Waiver of shareholder servicing fees — Class F		(37)		–		–		–
Net Expenses		22,052		14,781		2,561		10,792
Net Investment Income (Loss)		14,098		(2,433)		810		35,454
Net Realized Gain (Loss) on:
Investments		(97,688)		(35,758)		1,237		(1,213)
Futures contracts		(2,996)		(1,544)		(1,245)		282
Swap contracts		–		–		33		1,258
Foreign currency transactions		(620)		(498)		(709)		(17,321)
Forward foreign currency contracts		–		–		9,090		(6,079)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(645,667)		(236,748)		(16,820)		(218,517)
Affiliated investments		9		31		–		10
Futures contracts		2,602		2,816		(340)		(389)
Option contracts		–		–		–		(101)
Swap contracts		–		–		(478)		1,446
Foreign capital gains tax on appreciated securities		–		36		–		–
Foreign currency translation of other assets and liabilities denominated in foreign currencies		(87)		(149)		(81)		(872)
Forward foreign currency contracts		–		–		(2,132)		(1,766)
Net Decrease in Net Assets Resulting from Operations	$	(730,349)	$	(274,247)	$	(10,635)	$	(207,808)

(1) See Note 5 in the Notes to Financial Statements for additional information.

(2) Income is from the investment of collateral in an affiliated security.

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

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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		66

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the six months ended March 31, 2020 (Unaudited) and the year ended September 30, 2019


	International Equity Fund				Emerging Markets Equity Fund
	2020		2019		2020		2019
Operations:
Net investment income (loss)	$	14,098	$	78,036	$	(2,433)	$	16,194
Net realized loss on investments and futures contracts		(100,684)		(92,628)		(37,302)		(72,504)
Net realized loss on forward foreign currency contracts and foreign currency transactions		(620)		(1,944)		(498)		(1,474)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(643,056)		(191,554)		(233,901)		26,765
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(87)		(332)		(149)		6
Net change in unrealized appreciation (depreciation) on foreign capital tax gains on appreciated securities		–		–		36		(145)
Net (Decrease) in Net Assets Resulting from Operations		(730,349)		(208,422)		(274,247)		(31,158)
Distributions:
Class F		(67,877)		(53,543)		(18,642)		(9,542)
Class I		(25)		(25)		N/A		N/A
Class Y		(7,618)		(5,551)		(2,039)		(1,045)
Total Dividends		(75,520)		(59,119)		(20,681)		(10,587)
Capital Share Transactions:
Class F:
Proceeds from shares issued		301,249		581,641		142,019		262,961
Reinvestment of dividends & distributions		62,626		49,614		17,191		8,884
Cost of shares redeemed		(396,393)		(720,379)		(221,577)		(337,016)
Net Decrease from Class F Transactions		(32,518)		(89,124)		(62,367)		(65,171)
Class I:
Proceeds from shares issued		221		398		N/A		N/A
Reinvestment of dividends & distributions		13		15		N/A		N/A
Cost of shares redeemed		(555)		(960)		N/A		N/A
Net Decrease from Class I Transactions		(321)		(547)		N/A		N/A
Class Y:
Proceeds from shares issued		34,229		107,012		15,028		50,713
Reinvestment of dividends & distributions		7,068		5,135		1,901		971
Cost of shares redeemed		(58,281)		(68,972)		(22,956)		(29,199)
Net Increase (Decrease) from Class Y Transactions		(16,984)		43,175		(6,027)		22,485
Net Decrease in Net Assets Derived from Capital Share Transactions		(49,823)		(46,496)		(68,394)		(42,686)
Net Decrease in Net Assets		(855,692)		(314,037)		(363,322)		(84,431)
Net Assets:
Beginning of Period		4,058,589		4,372,626		1,710,123		1,794,554
End of Period	$	3,202,897	$	4,058,589	$	1,346,801	$	1,710,123
Capital Share Transactions:
Class F:
Shares issued		29,304		55,772		12,574		23,647
Reinvestment of distributions		5,441		5,278		1,385		859
Shares redeemed		(39,264)		(69,493)		(19,588)		(30,383)
Total Class F Transactions		(4,519)		(8,443)		(5,629)		(5,877)
Class I:
Shares issued		22		38		N/A		N/A
Reinvestment of distributions		1		2		N/A		N/A
Shares redeemed		(58)		(93)		N/A		N/A
Total Class I Transactions		(35)		(53)		N/A		N/A
Class Y:
Shares issued		3,462		10,480		1,375		4,578
Reinvestment of distributions		615		547		153		94
Shares redeemed		(6,032)		(6,631)		(2,106)		(2,626)
Total Class Y Transactions		(1,955)		4,396		(578)		2,046
Net Decrease in Shares Outstanding from Share Transactions		(6,509)		(4,100)		(6,207)		(3,831)

N/A — Not applicable. Share classes currently not offered.

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

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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		67

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands) (Concluded)

For the six months ended March 31, 2020 (Unaudited) and the year ended September 30, 2019


	International Fixed Income Fund				Emerging Markets Debt Fund
	2020		2019		2020		2019
Operations:
Net investment income	$	810	$	2,207	$	35,454	$	77,900
Net realized gain (loss) on investments, futures contracts and swap contracts		25		4,840		327		(8,302)
Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions		8,381		11,720		(23,400)		(48,917)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, option contracts and swap contracts		(17,638)		21,837		(217,551)		111,211
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(2,213)		3,144		(2,638)		(3,018)
Net Increase (Decrease) in Net Assets Resulting from Operations		(10,635)		43,748		(207,808)		128,874
Distributions:
Class F		(14,462)		(19,278)		(9,422)		(24,016)
Class Y		(2,410)		(2,040)		(851)		(2,284)
Total Dividends		(16,872)		(21,318)		(10,273)		(26,300)
Capital Share Transactions:
Class F:
Proceeds from shares issued		36,426		76,574		108,798		224,174
Reinvestment of dividends & distributions		13,322		17,932		8,533		21,787
Cost of shares redeemed		(45,378)		(100,729)		(147,635)		(308,307)
Net Increase (Decrease) from Class F Transactions		4,370		(6,223)		(30,304)		(62,346)
Class Y:
Proceeds from shares issued		6,651		28,909		12,309		30,730
Reinvestment of dividends & distributions		2,180		1,813		786		2,127
Cost of shares redeemed		(8,158)		(7,009)		(19,371)		(42,670)
Net Increase (Decrease) from Class Y Transactions		673		23,713		(6,276)		(9,813)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		5,043		17,490		(36,580)		(72,159)
Net Increase (Decrease) in Net Assets		(22,464)		39,920		(254,661)		30,415
Net Assets:
Beginning of Period		521,831		481,911		1,595,415		1,565,000
End of Period	$	499,367	$	521,831	$	1,340,754	$	1,595,415
Capital Share Transactions:
Class F:
Shares issued		3,482		7,424		10,935		23,304
Reinvestment of distributions		1,290		1,798		843		2,186
Shares redeemed		(4,363)		(9,831)		(15,261)		(32,215)
Total Class F Transactions		409		(609)		(3,483)		(6,725)
Class Y:
Shares issued		634		2,797		1,313		3,226
Reinvestment of distributions		211		182		78		214
Shares redeemed		(786)		(677)		(2,050)		(4,425)
Total Class Y Transactions		59		2,302		(659)		(985)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		468		1,693		(4,142)		(7,710)

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

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


68		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020

FINANCIAL HIGHLIGHTS

For the six months ended March 31, 2020 (Unaudited) and the years or period ended September 30

For a Share Outstanding Throughout Each Year or Period


	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gains (Losses) on Investments⁽¹⁾	Total from Operations	Dividends from Net Investment Income	Distributions from Net Realized Gains	Total Dividends and Distributions	Net Asset Value, End of Period		Total Return^†			Net Assets End of Period($ Thousands)		Ratio of Net Expenses to Average Net Assets*	Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Including Waivers)**	Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Waivers)**	Ratio of Net Investment Income (Loss) to Average Net Assets	Portfolio Turnover Rate^†
International Equity Fund
Class F⁽²⁾
2020^@		$10.68	$0.04	$(1.95)	$(1.91)	$(0.20)	$–	$(0.20)		$8.57		(18.28	)%		$2,921,231	1.10%	1.10%	1.10%	0.66%	39%
2019		11.38	0.20	(0.75)	(0.55)	(0.15)	–	(0.15)		10.68		(4.63	)		3,686,195	1.10⁽³)	1.10⁽³⁾	1.10⁽³⁾	1.92	73
2018		11.29	0.16	0.08	0.24	(0.15)	–	(0.15)		11.38		2.11			4,024,987	1.09⁽³⁾	1.09⁽³⁾	1.09⁽³⁾	1.35	40
2017		9.58	0.13	1.69	1.82	(0.11)	–	(0.11)		11.29		19.23			3,795,858	1.15⁽³⁾	1.15⁽³⁾	1.15⁽³⁾	1.27	57
2016		9.16	0.13	0.39	0.52	(0.10)	–	(0.10)		9.58		5.63			2,729,762	1.27⁽³⁾⁽⁴⁾	1.27⁽³⁾⁽⁴⁾	1.28⁽³⁾⁽⁴⁾	1.36	45
2015		9.94	0.10	(0.69)	(0.59)	(0.19)	–	(0.19)		9.16		(5.98	)		2,568,634	1.24⁽³⁾	1.24⁽³⁾	1.24⁽³⁾	1.04	68
Class I
2020^@		$10.68	$0.02	$(1.94)	$(1.92)	$(0.16)	$–	$(0.16)		$8.60		(18.36	)%		$1,256	1.35%	1.35%	1.35%	0.38%	39%
2019		11.37	0.17	(0.74)	(0.57)	(0.12)	–	(0.12)		10.68		(4.90	)		1,932	1.35⁽⁵⁾	1.35⁽⁵⁾	1.35⁽⁵⁾	1.61	73
2018		11.27	0.12	0.09	0.21	(0.11)	–	(0.11)		11.37		1.86			2,662	1.34⁽⁵⁾	1.34⁽⁵⁾	1.34⁽⁵⁾	1.06	40
2017		9.55	0.10	1.70	1.80	(0.08)	–	(0.08)		11.27		19.00			2,954	1.40⁽⁵⁾	1.40⁽⁵⁾	1.40⁽⁵⁾	0.96	57
2016		9.15	0.10	0.38	0.48	(0.08)	–	(0.08)		9.55		5.27			4,341	1.52⁽⁴⁾⁽⁵⁾	1.52⁽⁴⁾⁽⁵⁾	1.52⁽⁴⁾⁽⁵⁾	1.09	45
2015		9.92	0.08	(0.69)	(0.61)	(0.16)	–	(0.16)		9.15		(6.18	)		4,956	1.49⁽⁵⁾	1.49⁽⁵⁾	1.49⁽⁵⁾	0.76	68
Class Y
2020^@		$10.68	$0.05	$(1.93)	$(1.88)	$(0.23)	$–	$(0.23)		$8.57		(18.19	)%		$280,410	0.85%	0.85%	0.85%	0.90%	39%
2019		11.39	0.23	(0.76)	(0.53)	(0.18)	–	(0.18)		10.68		(4.43	)		370,462	0.85⁽⁶⁾	0.85⁽⁶⁾	0.85⁽⁶⁾	2.24	73
2018		11.31	0.18	0.09	0.27	(0.19)	–	(0.19)		11.39		2.40			344,977	0.84⁽⁶⁾	0.84⁽⁶⁾	0.84⁽⁶⁾	1.60	40
2017		9.59	0.16	1.69	1.85	(0.13)	–	(0.13)		11.31		19.59			319,689	0.90⁽⁶⁾	0.90⁽⁶⁾	0.90⁽⁶⁾	1.53	57
2016		9.18	0.16	0.37	0.53	(0.12)	–	(0.12)		9.59		5.77			168,719	1.02⁽⁴⁾⁽⁶⁾	1.02⁽⁴⁾⁽⁶⁾	1.03⁽⁴⁾⁽⁶⁾	1.70	45
2015⁽⁷⁾		9.39	0.13	(0.34)	(0.21)	–	–	–		9.18		(2.24	)		130,379	1.00⁽⁶⁾	1.00⁽⁶⁾	1.00⁽⁶⁾	1.72	68
Emerging Markets Equity Fund
Class F⁽²⁾
2020^@		$11.21	$(0.02)	$(1.86)	$(1.88)	$(0.13)	$–	$(0.13)		$9.20		(17.04	)%		$1,232,706	1.71%	1.71%	1.81%	(0.30)%	39%
2019		11.47	0.10	(0.29)	(0.19)	(0.07)	–	(0.07)		11.21		(1.64	)		1,564,523	1.70⁽⁸⁾	1.70⁽⁸⁾	1.81⁽⁹⁾	0.92	89
2018		12.32	0.08	(0.77)	(0.69)	(0.16)	–	(0.16)		11.47		(5.71	)		1,668,960	1.69⁽⁸⁾	1.69⁽⁸⁾	1.80⁽⁹⁾	0.61	70
2017		10.09	0.07	2.24	2.31	(0.08)	–	(0.08)		12.32		23.10			1,821,009	1.74⁽⁸⁾	1.74⁽⁸⁾	1.82⁽⁹⁾	0.65	66
2016		8.43	0.05	1.68	1.73	(0.07)	–	(0.07)		10.09		20.66			1,532,960	1.76⁽⁴⁾⁽⁸⁾	1.76⁽⁴⁾⁽⁸⁾	1.86⁽⁴⁾⁽⁹⁾	0.59	79
2015		10.76	0.07	(2.29)	(2.22)	(0.11)	–	(0.11)		8.43		(20.78	)		1,342,618	1.72⁽⁸⁾	1.72⁽⁸⁾	1.82⁽⁹⁾	0.67	67
Class Y
2020^@		$11.22	$–	$(1.86)	$(1.86)	$(0.16)	$–	$(0.16)		$9.20		(16.92	)%		$114,095	1.46%	1.46%	1.56%	(0.05)%	39%
2019		11.49	0.14	(0.31)	(0.17)	(0.10)	–	(0.10)		11.22		(1.44	)		145,600	1.45⁽¹⁰⁾	1.45⁽¹⁰⁾	1.56⁽¹¹⁾	1.25	89
2018		12.35	0.11	(0.76)	(0.65)	(0.21)	–	(0.21)		11.49		(5.46	)		125,594	1.44⁽¹⁰⁾	1.44⁽¹⁰⁾	1.55⁽¹¹⁾	0.89	70
2017		10.11	0.10	2.24	2.34	(0.10)	–	(0.10)		12.35		23.46			125,400	1.49⁽¹⁰⁾	1.49⁽¹⁰⁾	1.57⁽¹¹⁾	0.93	66
2016		8.45	0.09	1.66	1.75	(0.09)	–	(0.09)		10.11		20.95			72,218	1.52^(4)(10)	1.52^(4)(10)	1.62^(4)(11)	0.96	79
2015⁽⁷⁾		10.08	0.10	(1.73)	(1.63)	–	–	–		8.45		(16.17	)		44,012	1.47⁽¹⁰⁾	1.47⁽¹⁰⁾	1.57⁽¹¹⁾	1.33	67

@	For the six-month period ended March 31, 2020. All ratios for the period have been annualized.

^†	Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

*	Includes Fees Paid Indirectly, if applicable. See Note 5 in Notes to Financial Statements

**	See Note 5 in Notes to Financial Statements.

(1)	Per share net investment income and net realized and unrealized gains (losses) calculated using average shares.

(2)	Effective January 31, 2017, Class A Shares converted to Class F Shares of the same Fund.

(3)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.10%, 1.09%, 1.15%, 1.27% and 1.24% for 2019, 2018, 2017, 2016 and 2015.

(4)	The expense ratio includes proxy expenses outside the cap.

(5)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.35%, 1.34%, 1.40%, 1.52% and 1.49% for 2019, 2018, 2017, 2016 and 2015.

(6)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.85%, 0.84%, 0.90%, 1.02% and 0.99% for 2019, 2018, 2017, 2016 and 2015.

(7)	Commenced operations on December 31, 2014. All ratios for the period have been annualized.

(8)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.70%, 1.69%, 1.74%, 1.76% and 1.71% for 2019, 2018, 2017, 2016 and 2015.

(9)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.81%, 1.80%, 1.82%, 1.86% and 1.71% for 2019, 2018, 2017, 2016 and 2015.

(10)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.45%, 1.44%, 1.49%, 1.52% and 1.46% for 2019, 2018, 2017, 2016 and 2015.

(11)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.56%, 1.55%, 1.58%, 1.62% and 1.46% for 2019, 2018, 2017, 2016 and 2015.

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

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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		69

FINANCIAL HIGHLIGHTS

For the six months ended March 31, 2020 (Unaudited) and the years or period ended September 30

For a Share Outstanding Throughout Each Year or Period


	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gains (Losses) on Investments⁽¹⁾	Total from Operations	Dividends from Net Investment Income	Distributions from Net Realized Gains	Total Dividends and Distributions	Net Asset Value, End of Period		Total Return^†			Net Assets End of Period($ Thousands)		Ratio of Net Expenses to Average Net Assets*	Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Including Waivers)**	Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Waivers)**	Ratio of Net Investment Income (Loss) to Average Net Assets	Portfolio Turnover Rate^†
International Fixed Income Fund
Class F⁽²⁾
2020^@		$10.73	$0.01	$(0.22)	$(0.21)	$ (0.26)	$(0.08)	$(0.34)		$10.18		(1.97	)%		$432,785	1.02%	1.02%	1.07%	0.28%	27%
2019		10.27	0.04	0.88	0.92	(0.40)	(0.06)	(0.46)		10.73		9.28			452,150	1.02⁽³⁾	1.02⁽³⁾	1.07⁽⁴⁾	0.42	58
2018		10.13	0.07	0.07	0.14	–	–	–		10.27		1.38			438,908	1.02⁽³⁾	1.02⁽³⁾	1.07⁽⁴⁾	0.66	71
2017		10.51	0.07	(0.18)	(0.11)	(0.17)	(0.10)	(0.27)		10.13		(1.03	)		415,582	1.02⁽³⁾	1.02⁽³⁾	1.08⁽⁴⁾	0.66	113
2016		10.38	0.10	0.62	0.72	(0.57)	(0.02)	(0.59)		10.51		7.32			497,157	1.05⁽³⁾⁽⁵⁾	1.05⁽³⁾⁽⁵⁾	1.11⁽⁴⁾⁽⁵⁾	0.98	106
2015		10.98	0.11	0.11	0.22	(0.82)	–	(0.82)		10.38		2.02			495,957	1.02⁽³⁾	1.02⁽³⁾	1.07⁽⁴⁾	1.00	78
Class Y
2020^@		$10.75	$0.03	$(0.23)	$ (0.20)	$ (0.29)	$(0.08)	$(0.37)		$10.18		(1.91	)%		$66,582	0.77%	0.77%	0.82%	0.53%	27%
2019		10.29	0.07	0.88	0.95	(0.43)	(0.06)	(0.49)		10.75		9.54			69,681	0.77⁽⁶⁾	0.77⁽⁶⁾	0.82⁽⁷⁾	0.66	58
2018		10.12	0.09	0.08	0.17	–	–	–		10.29		1.68			43,003	0.77⁽⁶⁾	0.77⁽⁶⁾	0.82⁽⁷⁾	0.91	71
2017		10.50	0.09	(0.17)	(0.08)	(0.20)	(0.10)	(0.30)		10.12		(0.76	)		37,982	0.77⁽⁶⁾	0.77⁽⁶⁾	0.83⁽⁷⁾	0.94	113
2016⁽⁸⁾		10.45	0.12	0.55	0.67	(0.60)	(0.02)	(0.62)		10.50		6.79			12,901	0.80⁽⁵⁾⁽⁶⁾	0.80⁽⁵⁾⁽⁶⁾	0.87⁽⁵⁾⁽⁷⁾	1.23	106
Emerging Markets Debt Fund
Class F⁽²⁾
2020^@		$9.93	$0.22	$(1.52)	$(1.30)	$ (0.06)	$–	$(0.06)		$8.57		(13.16	)%		$1,249,831	1.36%	1.36%	1.61%	4.41%	52%
2019		9.30	0.47	0.32	0.79	(0.16)	–	(0.16)		9.93		8.51			1,483,467	1.36⁽⁹⁾	1.36⁽⁹⁾	1.62⁽¹⁰⁾	4.93	114
2018		10.55	0.51	(1.19)	(0.68)	(0.57)	–	(0.57)		9.30		(6.81	)		1,451,128	1.36⁽⁹⁾	1.36⁽⁹⁾	1.61⁽¹⁰⁾	5.08	80
2017		10.08	0.51	0.17	0.68	(0.21)	–	(0.21)		10.55		6.93			1,458,611	1.36⁽⁹⁾	1.36⁽⁹⁾	1.63⁽¹⁰⁾	5.06	79
2016		8.66	0.49	0.93	1.42	–	–	–		10.08		16.40			1,453,586	1.39⁽⁵⁾⁽⁹⁾	1.39⁽⁵⁾⁽⁹⁾	1.65^(5)(10)	5.30	86
2015		10.20	0.47	(1.81)	(1.34)	(0.19)	(0.01)	(0.20)		8.66		(13.35	)		1,227,567	1.36⁽⁹⁾	1.36⁽⁹⁾	1.61⁽¹⁰⁾	4.91	71
Class Y
2020^@		$9.92	$0.23	$(1.51)	$(1.28)	$ (0.08)	$–	$(0.08)		$8.56		(13.06	)%		$90,923	1.11%	1.11%	1.36%	4.66%	52%
2019		9.28	0.50	0.32	0.82	(0.18)	–	(0.18)		9.92		8.84			111,948	1.11⁽¹¹⁾	1.11⁽¹¹⁾	1.37⁽¹²⁾	5.18	114
2018		10.57	0.53	(1.18)	(0.65)	(0.64)	–	(0.64)		9.28		(6.57	)		113,872	1.11⁽¹¹⁾	1.11⁽¹¹⁾	1.36⁽¹²⁾	5.34	80
2017		10.12	0.53	0.17	0.70	(0.25)	–	(0.25)		10.57		7.18			108,361	1.11⁽¹¹⁾	1.11⁽¹¹⁾	1.38⁽¹²⁾	5.31	79
2016		8.67	0.52	0.93	1.45	–	–	–		10.12		16.72			100,566	1.14^(5)(11)	1.14^(5)(11)	1.40^(5)(12)	5.55	86
2015⁽¹³⁾		9.63	0.37	(1.28)	(0.91)	(0.05)	–	(0.05)		8.67		(9.48	)		78,383	1.11⁽¹¹⁾	1.11⁽¹¹⁾	1.36⁽¹²⁾	5.24	71

@	For the six-month period ended March 31, 2020. All ratios for the period have been annualized.

^†	Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

*	Includes Fees Paid Indirectly, if applicable. See Note 5 in Notes to Financial Statements

**	See Note 5 in Notes to Financial Statements.

(1)	Per share net investment income and net realized and unrealized gains (losses) calculated using average shares.

(2)	Effective January 31, 2017, Class A Shares converted to Class F Shares of the same Fund.

(3)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.02%, 1.02%, 1.02%, 1.05% and 1.02% for 2019, 2018, 2017, 2016 and 2015.

(4)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.07%, 1.07%, 1.08%, 1.11% and 1.07% for 2019, 2018, 2017, 2016 and 2015.

(5)	The expense ratio includes proxy expenses outside the cap.

(6)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.77%, 0.77%, 0.77% and 0.80% for 2019, 2018, 2017 and 2016.

(7)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.82%, 0.82%, 0.83% and 0.87% for 2019, 2018, 2017 and 2016.

(8)	Commenced operations on October 30, 2015. All ratios for the period have been annualized.

(9)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.37%, 1.36%, 1.36%, 1.39% and 1.36% for 2019, 2018, 2017, 2016 and 2015.

(10)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.62%, 1.61%, 1.63%, 1.65% and 1.61% for 2019, 2018, 2017, 2016 and 2015.

(11)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.11%, 1.11%, 1.11%, 1.14% and 1.11% for 2019, 2018, 2017, 2016 and 2015.

(12)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.37%, 1.36%, 1.38%, 1.40% and 1.36% for 2019, 2018, 2017, 2016 and 2015.

(13)	Commenced operations on December 31, 2014. All ratios for the period have been annualized.

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

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


70		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020

NOTES TO FINANCIAL STATEMENTS

March 31, 2020 (Unaudited)

1. ORGANIZATION

SEI Institutional International Trust (the “Trust”) was organized as a Massachusetts business trust under a Declaration of Trust dated June 30, 1988.

The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with four funds: International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (together the “Funds”) each of which are diversified Funds with the exception of the International Fixed Income Fund and the Emerging Markets Debt Fund. Each Fund’s prospectus provides a description of its investment goal, principal investment strategies and risks. The Trust is registered to offer Class F (formerly Class A) and Class Y shares of each of the Funds and Class I shares of the International Equity Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The Funds are investment companies in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Therefore, the Funds follow the accounting and reporting guidelines for investment companies. The preparation of financial statements, in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. The Funds value securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent,

third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of ETFs, which are priced as equity securities. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, the Funds will value the securities using a bid price from at least one independent broker. If such prices are not readily available or cannot be valued using the methodologies described above, the Funds will value the security using the Funds’ Fair Value Pricing Policies and Procedures (“Fair Value Procedures”), as described below.

On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Funds’ Fair Value Procedures until a price from an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less may be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or lower than the price a Fund would receive if it sold the instrument. Further, the value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer-specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.

Futures and swaps cleared through a central clearing house (“centrally cleared swaps”) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the


SEI Insititution International Trust / Semi-Annual Report /March 31, 2020		71

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2020 (Unaudited)

time a Fund calculates its Net Asset Value (“NAV”), the settlement price may not be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using forward rates provided by an independent source.

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SEI Investments Management Corporation (“SIMC”) or a Sub-Adviser (“Sub-Adviser”), as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC or a Sub-Adviser, as applicable, will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify the Fair Value Pricing Committee (the “Committee”) if it receives such notification from SIMC or a Sub-Adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

The Funds’ Fair Value Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board of Trustees (“Board”) or its designated sub-committee. However, when the change would not materially affect valuation of a Fund’s net assets or involve a material departure in pricing methodology from that of the Fund’s existing pricing agent or pricing methodology, approval may be obtained at the next regularly scheduled meeting of the Board.

Securities for which market prices are not readily available, for which market prices are determined to be unreliable, or which cannot be valued using the methodologies described above are valued in accordance with the Fair Value Procedures established by the Board. The Funds’ Fair Value Procedures are implemented through the Committee designated by the Board. The Committee is currently composed of two members of the Board, as well as representatives from SIMC and its affiliates. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: (i) the security’s trading has been halted or suspended, (ii) the security has been delisted from a national exchange, (iii) the security’s primary trading market is temporarily closed at a time when under normal conditions it would be

open, or (iv) the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the facts giving rise to the need to fair value, (ii) the last trade price, (iii) the performance of the market or the issuer’s industry, (iv) the liquidity of the security, (v) the size of the holding in a Fund, or (vi) any other appropriate information.

The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its NAV. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a “Significant Event”), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security’s last close and the time that the Fund calculates its NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of the Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares.

A Significant Event may relate to a single issuer or to an entire market sector. If SIMC or a Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate NAV, it may request that a Committee meeting be called. In addition, the Funds use several processes, with respect to certain securities to monitor the pricing data supplied by various sources, including price comparisons and price movements. Any identified discrepancies are researched and subject to the procedures described above.

The International Equity Fund and Emerging Markets Equity Fund also use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by these Funds based on certain factors and


72		SEI Insititution International Trust / Semi-Annual Report / March 31, 2020

methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the International Equity Fund and Emerging Markets Equity Fund will value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy has been established to maximize the use of the observable market data and minimize the use of unobservable inputs and to establish classification of the fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 — quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include

Level 1 or Level 2 inputs as components of the overall fair value measurement.

The valuation techniques used by the Funds to measure fair value during the six months ended March 31, 2020 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the six months ended March 31, 2020, there have been no significant changes to the inputs or the Trust’s fair valuation methodologies.

Security Transactions and Investment Income — Security transactions are recorded on the trade date. Cost used in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.

Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/ or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.

Amortization and accretion is calculated using the scientific interest method, which is not materially different from the effective interest method. Amortization of premiums and discounts is included in interest income.

Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Trust are prorated to the Funds on the basis of relative daily net assets.

Classes —Class-specific expenses are borne by that class. Income, non-class specific expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets.

Foreign Currency Translation — The books and records of the Funds investing in international securities are maintained in U.S. dollars on the following basis:

(i) market value of investment securities, assets and liabilities at the current rate of exchange; and

(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in investment securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of investment securities.


SEI Insititution International Trust / Semi-Annual Report / March 31, 2020		73

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2020 (Unaudited)

The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

Forward Foreign Currency Contracts — To the extent consistent with its investment objective and strategies, a Fund may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions, speculative purposes or anticipated fund positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year are recognized as ordinary income or loss for federal income tax purposes. The Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open forward foreign currency contracts as of March 31, 2020, if applicable.

Futures Contracts — To the extent consistent with its investment objective and strategies, the Funds may purchase futures contracts to gain exposure to market changes, which may be more efficient or cost effective than actually buying the securities. To the extent consistent with its investment objective and strategies, a Fund may utilize futures contracts for tactical hedging purposes as well as to enhance the Funds’ returns and may also utilize futures contracts to efficiently assist in managing the Funds’ duration and yield curve exposure. Upon entering into such a contract, a Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is held. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying

securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of March 31, 2020, if applicable.

Options/Swaptions Written/Purchased — To the extent consistent with its investment objective and strategies, a Fund may invest in financial options/swaptions contracts for the purpose of hedging its existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in fair market value caused by changes in prevailing market interest rates. A Fund may also invest in financial option/swaption contracts to enhance its returns. When the Fund writes or purchases an option/swaption, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option/swaption written or purchased. Premiums received or paid from writing or purchasing options/swaptions which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option/swaption is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

The risk in writing a call option/swaption is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put option/swaption is a Fund may incur a loss if the market price of the security decreases and the option/swaption is exercised. The risk in purchasing an option/swaption is a Fund may pay a premium whether or not the option/swaption is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option/swaption contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of


74		SEI Insititution International Trust / Semi-Annual Report / March 31, 2020

Investments for details regarding open option/swaption contracts as of March 31, 2020, if applicable.

Swap Agreements — To the extent consistent with its investment objective and strategies, a Fund may invest in swap contracts as an efficient means to take and manage risk in the portfolio, including interest rate risk, credit risk and overall yield sensitivity. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“Centrally Cleared swaps”). Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit default swaps involve the periodic payment by a Fund or counterparty of interest based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the outstanding principal of the downgraded debt instrument. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR (London Interbank Offered Rate) or some other form of index on the notional amount. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal to manage a Fund’s exposure to interest rates. Payments received or made are recorded as realized gains or losses. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the

statement of assets and liabilities. In connection with swap agreements, securities/cash may be set aside as collateral by the Fund’s custodian. A Fund may enter into swap agreements in order to, among other things, change the maturity or duration of the investment portfolio; protect a Fund’s value from changes in interest rates; or expose a Fund to a different security or market.

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. Centrally cleared swaps are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for centrally cleared swaps are provided by an independent source. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of Centrally Cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Schedule of Investments or the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.

Counterparty risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. Refer to each Fund’s Schedule of Investments for details regarding open swap contracts as of March 31, 2020, if applicable.

Delayed Delivery Transactions — A Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Fund will set aside liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-


SEI Insititution International Trust / Semi-Annual Report / March 31, 2020		75

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2020 (Unaudited)

issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security.

Loan Participations and Brady Bonds — To the extent consistent with its investment objective and strategies, a Fund may invest in U.S. dollar-denominated fixed- and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in a Fund having a contractual relationship only with the Lenders, not with the sovereign borrowers. The Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.

Certain debt obligations, customarily referred to as “Brady Bonds”, are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies.

Dividends and Distributions to Shareholders — The International Equity, Emerging Markets Equity and International Fixed Income Funds will distribute substantially all of their net investment income and all net realized capital gains, if any, at least annually. The Emerging Markets Debt Fund will distribute substantially all of its net investment income, if any, at least quarterly and all net realized gains, if any, at least annually. All dividends and distributions are recorded on ex-dividend date.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income

included in distributions received from the REIT investments using published REIT reclassifications including management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Participation Notes (P-Notes) — To the extent consistent with its investment objective and strategies, a Fund may acquire P-Notes issued by participating banks or broker-dealers. P-Notes are participation interest notes that are designed to offer a return linked to a particular underlying equity, debt, currency or market. The P-Notes in which the Fund may invest will typically have a maturity of one year. When purchasing a P-Note, the posting of margin is not required because the full cost of the P-Note (plus commission) is paid at the time of purchase. When the P-Note matures, the issuer will pay to, or receive from, the purchaser the difference between the minimal value of the underlying instrument at the time of purchase and that instrument’s value at maturity. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies of foreign securities markets that they seek to replicate. In addition, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate. The holder of a participation note that is linked to a particular underlying security is entitled to receive any dividends paid in connection with an underlying security or instrument. However, the holder of a participation note does not receive voting rights as it would if it directly owned the underlying security or instrument. P-Notes are generally traded over-the-counter. P-Notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them and the counterparty. There is also counterparty risk associated with these investments because the Fund is relying on the creditworthiness of such counterparty and has no rights under a participation note against the issuer of the underlying security.

3. CREDIT DERIVATIVES

A Fund may use credit default swaps to reduce risk where a Fund has exposure to the issuer, or to take an active long or short position with respect to the likelihood of an event of default. The reference obligation of the swap can be a single issuer, a “basket” of issuers, or an index. The underlying referenced assets are corporate debt, sovereign debt and asset backed securities.


76		SEI Insititution International Trust / Semi-Annual Report / March 31, 2020

The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event for corporate or sovereign reference obligations means bankruptcy, failure to pay, obligation acceleration, repudiation/moratorium or restructuring. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down.

If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.

If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are calculated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

As of March 31, 2020, the International Fixed Income Fund and the Emerging Markets Debt Fund are the sellers (“providing protection”) on a total notional amount of $7.1 million and $1.9 million, respectively. The notional amounts of the swaps are not recorded in the financial statements; however the notional amounts approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund was the seller of protection and a credit event were to occur. Those credit default swaps (“CDS”) for which the Funds are providing protection at balance sheet date are summarized as follows:


International Fixed Income Fund

Written Credit Derivative Contracts	Single Name CDS				CDS Index
Reference Asset	Corp US$		Sovereign US$		ABS US$		Corp US$			Total

Fair value of written credit derivatives	$	—	$	—	$	(576,453)	$	(88,665	)	$	(665,118)

Maximum potential amount of future payments		—		—		2,612,000		4,477,600			7,089,600

Recourse provisions with the third parties any amounts paid under the credit derivative (including any purchased credit protection)		—		—		—		—			—

Collateral held by the Partnership or other third parties which the Partnership can obtain upon occurrence of triggering event		—		—		—		—			—


Maximum Potential Amount of Future Payments by Contract Term
	0-6 Months		6-12 Months		1-5 Years		5-10 Years		>10 Years		Total
Current credit spread* on underlying (in basis points)⁽¹⁾

0-100	$	—	$	—	$	—	$	—	$	—	$	—

101-200		—		—		2,400,000		—		—		2,400,000

201-300		—		—		—		—		—		—

301-400		—		—		—		—		—		—

>401		—		—		2,077,600		—		2,612,000		4,689,600
Total	$	—	$	—	$	4,477,600	$	—	$	2,612,000	$	7,089,600

The credit spread on the underlying asset is generally indicative of the current status of the underlying risk of the Fund having to perform. The spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a contract. Higher credit spreads with a shorter contract term is indicative of a higher likelihood of performance by the Fund.

(1)

Potential recoveries would include purchased credit derivatives to the extent they offset written credit derivatives which have an identical underlying, or a netting arrangement or credit support annex with the counterparty. There may be other potential recoveries from recourse provisions where agreements cover multiple derivative arrangements but those amounts have not been included.


SEI Insititution International Trust / Semi-Annual Report / March 31, 2020		77

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2020 (Unaudited)


Emerging Markets Debt Fund

Written Credit Derivative Contracts	Single Name CDS					CDS Index
Reference Asset	Corp US$		Sovereign US$			ABS US$		Corp US$		Total

Fair value of written credit derivatives	$	—	$	(1,390,604	)	$	—	$	—	$	(1,390,604)

Maximum potential amount of future payments		—		1,894,629			—		—		1,894,629

Recourse provisions with the third parties any amounts paid under the credit derivative (including any purchased credit protection)		—		—			—		—		—

Collateral held by the Partnership or other third parties which the Partnership can obtain upon occurrence of triggering event		—		—			—		—		—


Maximum Potential Amount of Future Payments by Contract Term
	0-6 Months		6-12 Months		1-5 Years		5-10 Years		>10 Years		Total
Current credit spread* on underlying (in basis points)⁽¹⁾

0-100	$	—	$	—	$	—	$	—	$	—	$	—

101-200		—		—		—		—		—		—

201-300		—		—		—		—		—		—

301-400		—		—		—		—		—		—

>400		—		—		1,894,629		—		—		1,894,629
Total	$	—	$	—	$	1,894,629	$	—	$	—	$	1,894,629

(1)

The credit spread disclosed above for each reference obligation where the Fund is the seller of protection is a representation of the current payment/performance risk of the swap.

4. DERIVATIVE CONTRACTS

The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the year. For Funds that held derivatives throughout the year with only one type of risk exposure, additional information can be found on the Schedules of Investments and the Statements of Operations. The fair value of derivative instruments as of period end was as follows ($ Thousand):

Asset Derivatives

Liability Derivatives

Six months ended March 31, 2020

Statements of Assets and Liabilities
Location

Fair Value

Statements of Assets and Liabilities
Location

Fair Value

International Fixed Income Fund

Interest rate contracts

Net Assets — Unrealized appreciation on swaps contracts

144^†

Net Assets — Unrealized depreciation on swaps contracts

190^†

Net Assets — Unrealized appreciation on futures contracts

1,744*

Net Assets — Unrealized depreciation on futures contracts

1,575*

Credit Contracts

Net Assets — Unrealized appreciation on swaps contracts

—^†

Net Assets — Unrealized depreciation on swap contracts

541^†

Foreign exchange contracts

Unrealized gain on forward foreign currency contracts

11,869

Unrealized loss on forward foreign currency contracts

8,232

Total derivatives not accounted for as hedging instruments

$ 13,757

$ 10,538


78		SEI Insititution International Trust / Semi-Annual Report / March 31, 2020

Asset Derivatives

Liability Derivatives

Six months ended March 31, 2020

Statements of Assets and Liabilities Location

Fair Value

Statements of Assets and Liabilities Location

Fair Value

Emerging Markets Debt Fund

Interest rate contracts

Net Assets — Unrealized appreciation on futures contracts

1,697

Net Assets — Unrealized depreciation on futures contracts

2,709

Net Assets — Unrealized appreciation on swap contracts

5,201

^†

Net Assets — Unrealized depreciation on swap contracts

1,401

^†

Credit Contracts

Net Assets — Unrealized appreciation on swap contracts

—

^†

Net Assets — Unrealized depreciation on swap contracts

1,491

^†

Foreign exchange contracts

Unrealized gain on forward foreign currency contracts

23,361

Unrealized loss on forward foreign currency contracts

28,874

Net Assets — Unrealized appreciation on swap contracts

187

^†

Net Assets — Unrealized depreciation on swap contracts

—

Options Purchased, at value

Options Written, at value

—

Total derivatives not accounted for as hedging instruments

30,471

34,475

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets & Liabilities.

^†

Includes cumulative appreciation/depreciation of swap contracts as reported in the Schedules of Investments. Market Value is reported within the Statements of Assets & Liabilities for OTC swap contracts that have paid premiums. For centrally cleared swap contracts current days variation margin is reported within the Statements of Assets & Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended March 31, 2020.

Amount of realized gain or (loss) on derivatives recognized in income ($ Thousands):


Derivatives Not Accounted for as Hedging Instruments	Futures		Forward Currency Contracts		Swaps		Total
International Fixed Income Fund
Interest rate contracts	$	(684)	$	—	$	—	$	(684)
Foreign exchange contracts		(561)		9,090		—		8,529
Credit contracts		—		—		33		33
Total	$	(1,245)	$	9,090	$	33	$	7,878

Derivatives Not Accounted for as Hedging Instruments	Futures		Forward Currency Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	282	$	—	$	1,258	$	1,540
Foreign exchange contracts		—		(6,079)		—		(6,079)
Total	$	282	$	(6,079)	$	1,258	$	(4,539)

Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($ Thousands):
Derivatives Not Accounted for as Hedging Instruments	Futures		Forward Currency Contracts		Swaps		Total
International Fixed Income Fund
Interest rate contracts	$	(187)	$	—	$	—	$	(187)
Foreign exchange contracts		(153)		(2,132)		—		(2,285)
Credit contracts		—		—		(478)		(478)
Total	$	(340)	$	(2,132)	$	(478)	$	(2,950)


SEI Insititution International Trust / Semi-Annual Report / March 31, 2020		79

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2020 (Unaudited)


Derivatives Not Accounted for as Hedging Instruments	Options		Futures		Forward Currency Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	—	$	(389)	$	—	$	1,446	$	1,057
Foreign exchange contracts		(101)		—		(1,766)		—		(1,867)
Total	$	(101)	$	(389)	$	(1,766)	$	1,446	$	(810)

A Fund is subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash

are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets in the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability in the Statement of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Customer Account Agreements and related addendums govern exchange traded derivatives transactions such as futures, options on futures, and centrally cleared swaps. Exchange traded derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (CFTC), or the applicable regulator. In the US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

The following is a summary of the market value and variation margin of exchange-traded or centrally cleared financial derivative instruments of the Funds as of March 31, 2020 ($ Thousands):


	Financial Derivatives Assets						Financial Derivatives Liabilities
	Variation Margin Asset						Variation Margin Liability
Fund	Futures		Swap Agreements		Total		Futures		Swap Agreements		Total
International Equity Fund	$	347	$	—	$	347	$	170	$	—	$	170
Emerging Markets Equity Fund		239		—		239		—		—		—
International Fixed Income Fund		151		—		151		313		—		313
Emerging Markets Debt Fund		1,209		—		1,209		316		—		316

Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2020 amounted to $5,617 ($ Thousands) for the International Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2020 amounted to $4,265 ($ Thousands) for the Emerging Markets Equity Fund. Cash

pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2020 amounted to $675 ($ Thousands) for the International Fixed Income Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2020 amounted to $6,026 ($ Thousands) for the Emerging Markets Debt Fund.


80		SEI Insititution International Trust / Semi-Annual Report / March 31, 2020

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by a Fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under

the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.

The following is a summary by derivative type of the market value of OTC financial derivative instruments and collateral (received)/pledged as of March 31, 2020 ($ Thousands):


		Financial Derivative Assets						Financial Derivative Liabilities
International Fixed Income Fund	Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged*		Net Exposures^
Bank of America	$	325	$	–	$	325	$	229	$	–	$	229	$	96		$	–	$	96
Barclays		537		–		537		356		–		356		181			–		181
BMO Capital Markets		105		–		105		14		–		14		91			–		91
BNP Paribas		928		–		928		191		–		191		737			–		737
BNY Mellon		–		–		–		112		–		112		(112	)		–		(112	)
Brown Brothers Harriman		148		–		148		51		–		51		97			–		97
CIBC		86		–		86		–		–		–		86			–		86
Citigroup		1,267		–		1,267		474		132		606		661			142		803
Credit Agricole		5		–		5		–		–		–		5			–		5
Credit Suisse		49		–		49		31		58		89		(40	)		–		(40	)
Deutsche Bank		–		141		141		–		90		90		51			–		51
Goldman Sachs		709		–		709		275		297		572		137			533		670
HSBC		65		–		65		223		–		223		(158	)		–		(158	)
JPMorgan Chase Bank		3,133		–		3,133		3,241		–		3,241		(108	)		–		(108	)
Morgan Stanley		3,210		–		3,210		1,724		–		1,724		1,486			–		1,486
National Australia Capital Markets		137		–		137		133		–		133		4			–		4
National Bank of Australia		57		–		57		224		–		224		(167	)		–		(167	)
RBS		6		–		6		–		–		–		6			–		6
Standard Chartered		69		–		69		125		–		125		(56	)		–		(56	)
State Street		67		–		67		177		–		177		(110	)		–		(110	)
TD Securities		667		–		667		548		–		548		119			–		119
UBS		299		–		299		104		–		104		195			–		195

		Financial Derivative Assets						Financial Derivative Liabilities
Emerging Markets Debt Fund	Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged*		Net Exposures^
Barclays	$	–	$	–	$	–	$	440	$	–	$	440	$	(440	)	$	–	$	(440	)
Citigroup		3,922		361		4,283		6,153		–		6,153		(1,870	)		–		(1,870	)
Goldman Sachs		4,475		1,856		6,331		9,135		199		9,334		(3,003	)		3,084		81
JPMorgan Chase Bank		9,750		836		10,586		7,981		1,514		9,495		1,091			–		1,091
Standard Bank		868		–		868		745		–		745		123			–		123
Standard Chartered Bank		1,733		–		1,733		4,310		–		4,310		(2,577	)		–		(2,577	)
State Street		2,613		–		2,613		110		–		110		2,503			–		2,503

^	Net Exposures represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity.

*	Excess collateral pledged is not shown for financial reporting purposes.


SEI Insititution International Trust / Semi-Annual Report / March 31, 2020		81

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2020 (Unaudited)

No securities have been pledged or have been received as collateral for OTC financial derivative instruments as governed by ISDA Master Agreements as of March 31, 2020.

The following table discloses the volume of the Funds’ futures contracts, forward foreign currency contracts and swap activity during the six months ended March 31, 2020 ($ Thousands):

International Equity
Fund

Emerging Markets
Equity Fund

International Fixed
Income Fund

Emerging Markets
Debt Fund

Futures Contracts:

Equity Contracts

Average Notional Balance Long

53,434

23,823

–

Average Notional Balance Short

–

Ending Notional Balance Long

33,088

24,112

–

Interest Contracts

Average Notional Balance Long

–

89,963

64,028

Average Notional Balance Short

–

37,815

24,606

Ending Notional Balance Long

–

92,920

61,383

Ending Notional Balance Short

–

20,516

20,870

Currency Contracts

Average Notional Balance Short

–

33,875

–

Ending Notional Balance Short

–

34,239

–

Forward Foreign Currency Contracts:

Average Notional Balance Long

–

886,077

771,626

Average Notional Balance Short

–

887,304

773,684

Ending Notional Balance Long

–

1,180,249

922,506

Ending Notional Balance Short

–

1,176,727

927,784

Swaps:

Credit Contracts

Average Notional Balance Short

–

5,931

1,895

Ending Notional Balance Short

–

7,090

1,895

Interest Contracts

Average Notional Balance

–

9,190

261,525

Ending Notional Balance

–

9,988

259,286

Foreign Exchange Contracts

Average Notional Balance

–

5,421

Ending Notional Balance

–

5,421

Options:

Currency

Average Notional Balance Long^†

–

279

Ending Notional Balance Long^†

–

279

^† Represents cost.

5. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUB-ADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory, Administration and Distribution Agreements — SIMC serves as investment adviser (the “Adviser”) to each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each fund.

SEI Investments Global Funds Services (the “Administrator”) provides administrative and transfer agency services to the Funds for annual fees, based on the average daily net assets of each fund.

SEI Investments Distribution Co. (the “Distributor”) is the distributor of the shares of the Funds. The Funds have adopted a shareholder services plan and agreement (the Service Plan) with respect to Class F (formerly Class A) and Class I Shares that allows such shares to pay service providers a fee, based on average daily net assets of each respective Class of Shares, in connection with the ongoing servicing of shareholder accounts owning such shares. The International Equity Fund has also adopted an administrative services plan and agreement (the Administrative Service Plan) with respect to Class I Shares that allows such Shares to pay service providers a fee, based on average daily net assets of the Class I Shares, in connection with ongoing administrative services for shareholder accounts owning such Shares.

The Service Plan and Administrative Service Plan provide that shareholder service fees and administrative


82		SEI Insititution International Trust / Semi-Annual Report / March 31, 2020

service fees, respectively, on Class F (formerly Class A) and Class I Shares will be paid to the Distributor, which may then be used by the Distributor to compensate financial intermediaries for providing shareholder services and administrative services, as applicable, with respect to the Shares.

The Adviser, Administrator and/or Distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions,

taxes, Trustees fees and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at a specified level. The voluntary waivers by the Funds’ Adviser, Administrator and/or Distributor are limited to the Funds’ direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (AFFE). The waivers are voluntary and the Funds’ Adviser, Administrator and/or Distributor may discontinue all or part of any of these waivers at any time.

The following is a summary of annual fees payable to the Adviser and Distributor and the contractual and voluntary expense limitations for each Fund:


			Advisory Fee			Shareholder Servicing Fee			Administrative Servicing Fee	Voluntary Expense Limitation
International Equity Fund
Class F	0.505	%		0.25	%		–			1.15%
Class I	0.505	%		0.25	%		0.25	%		1.40%
Class Y	0.505	%		–			–			0.90%
Emerging Markets Equity Fund*
Class F	1.05	%		0.25	%		–			N/A
Class Y	1.05	%		–			–			N/A
International Fixed Income Fund
Class F	0.30	%		0.25	%		–			1.02%
Class Y	0.30	%		–			–			0.77%
Emerging Markets Debt Fund
Class F	0.85	%		0.25	%		–			1.36%
Class Y	0.85	%		–			–			1.11%

Renewed as of January 31, 2020, SIMC has contractually agreed to waive its advisory fee as necessary to keep the advisory fee paid by the Fund during its fiscal year from exceeding 0.95%. This fee waiver agreement shall remain in effect until January 31, 2021 and, unless earlier terminated, shall be automatically renewed for successive one-year periods thereafter. The agreement may be amended or terminated only with the consent of the Board of Trustees.

N/A — Not applicable.

The following is a summary of annual fees payable to the Administrator:


	First $1.5 Billion of Assets	Next $500 Million of Assets	Next $500 Million of Assets	Next $500 Million of Assets	Over $3 Billion of Assets
International Equity Fund	0.450%	0.370%	0.2900%	0.210%	0.130%
Emerging Markets Equity Fund	0.450%	0.370%	0.2900%	0.210%	0.130%
International Fixed Income Fund	0.450%	0.370%	0.2900%	0.210%	0.130%
Emerging Markets Debt Fund	0.450%	0.370%	0.2900%	0.210%	0.130%

Investment Sub-Advisory Agreements — As of March 31, 2020, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:

Investment Sub-Adviser

International Equity Fund

Acadian Asset Management LLC

Blackcrane Capital, LLC

Causeway Capital Management LLC

INTECH Investment Management LLC

Lazard Asset Management LLC

Neuberger Berman Investment Advisers LLC

NWQ Investment Management Company, LLC

WCM Investment Management LLC

Emerging Markets Equity Fund

Delaware Investment Fund Advisers, a series of

Macquarie Investment Management Business Trust

J O Hambro Capital Management Limited

KBI Global Investors (North America) Ltd.

Lazard Asset Management LLC

Neuberger Berman Investment Advisers LLC

Qtron Investments LLC

RWC Asset Advisors (US) LLC

International Fixed Income Fund

AllianceBernstein L.P.

Colchester Global Investors Ltd.

Wellington Management Company, LLP


SEI Insititution International Trust / Semi-Annual Report / March 31, 2020		83

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2020 (Unaudited)

Emerging Markets Debt Fund

Colchester Global Investors Ltd.

Marathon Asset Management, L.P.

Neuberger Berman Investment Advisers LLC

Ninety One UK Ltd.

Stone Harbor Investment Partners LP

Under the investment sub-advisory agreements, each

sub-adviser receives a fee, paid by SIMC.

Brokerage Commissions Paid to Affiliates — The Distributor may receive compensation on fund transactions effected for the Trust in accordance with the rules of the Securities and Exchange Commission (“SEC”). Accordingly, it is expected that fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules require that such commissions not exceed usual and customary commissions.

Such commissions for the six months ended March 31, 2020 were as follows ($ Thousands):


International Equity Fund	$	79
Emerging Markets Equity Fund		132

Fees Paid Indirectly — The Funds may direct certain fund trades to the Distributor who pays a portion of the Fund’s expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, and the effect on the Fund’s expense ratio, as a percentage of the Fund’s average daily net assets for the six months ended March 31, 2020 can be found on the Statement of Operations and Financial Highlights, if applicable.

Investment in Affiliated Securities — The Funds may invest in the SEI Daily Income Trust Government Fund, an affiliated money market fund to manage excess cash or to serve as margin or collateral for derivative

positions. Additionally, the Funds may invest cash collateral from the securities lending program in the SEI Liquidity Fund, L.P., also an affiliated fund.

Payment to Affiliates — Certain Officers and Trustees of the Trust are also Officers and/or Directors of the Administrator, Adviser and/or the Distributor.

The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The Administrator or the Distributor pays compensation of Officers and affiliated Trustees.

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Adviser, sub-advisers and service providers.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“The Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in The Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. As of and during the six months ended March 31, 2020, the Trust has not participated in the Program.

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments, during the six months ended March 31, 2020, were as follows:

International Equity
Fund

Emerging Markets Equity
Fund

International Fixed Income
Fund

Emerging Markets Debt
Fund

($ Thousands)

Purchases

U.S. Government

$–

$2,367

$–

Other

1,561,377

653,764

126,200

795,255

Sales

U.S. Government

–

9,193

–

Other

1,667,257

770,253

128,248

846,188

7. FEDERAL TAX INFORMATION:

It is each Fund’s intention to continue to qualify as a regulated investment company under Subchapter M

of the Internal Revenue Code and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required.


84		SEI Insititution International Trust / Semi-Annual Report / March 31, 2020

The Funds may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.

Dividends from net investment income and distributions from net realized capital gains are determined in

accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital and distributable earnings, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions declared during the last two years were as follows:


		Ordinary Income		Long-term Capital Gain		Total
		($ Thousands)		($ Thousands)		($ Thousands)

International Equity Fund	2019	$	59,119	$	—	$	59,119
	2018		56,617		—		56,617
Emerging Markets Equity Fund	2019		10,587		—		10,587
	2018		26,095		—		26,095
International Fixed Income Fund	2019		18,958		2,360		21,318
	2018		—		—		—
Emerging Markets Debt Fund	2019		26,300		—		26,300
	2018		89,091		—		89,091

As of September 30, 2019, the components of Distributable Earnings (Accumulated Losses) were as follows:


	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post October Losses ($ Thousands)		Late Year Ordinary Losses ($ Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
International Equity Fund	$	75,809	$	—	$	(81,302	)	$	—	$	—		$	182,801		$	2		$	177,310
Emerging Markets Equity Fund		18,779		—		(77,642	)		—		—			137,641			(5	)		78,773
International Fixed Income Fund		10,053		747		—			—		—			8,009			(10,625	)		8,184
Emerging Markets Debt Fund		5,477		—		(25,339	)		—		(20,515	)		(33,460	)		(24,334	)		(98,171	)

Post-October losses represent losses realized on investment transactions from November 1, 2018 through September 30, 2019 that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. For the year ended September 30, 2019, the Funds did not have any capital losses eligible to be carried forward.

Under the Regulated Investment Company

Modernization Act of 2010, Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either

short-term or long-term capital losses rather than being considered all short-term as under previous law.


	Short-Term			Long-Term			Total Capital Loss Carryforwards 9/30/2019*
	($ Thousands)			($ Thousands)			($ Thousands)
International Equity Fund		$(81,302	)		$—			$(81,302	)
Emerging Markets Equity Fund		(69,842	)		(7,800	)		(77,642	)
Emerging Markets Debt Fund		(160	)		(25,179	)		(25,339	)

* This table should be used in conjunction with the capital loss carryforwards table.

For Federal income tax purposes, the cost of securities owned at September 30, 2019, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in derivatives, passive foreign investment companies and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at March 31, 2020, was as follows:


SEI Insititution International Trust / Semi-Annual Report / March 31, 2020		85

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2020 (Unaudited)


	Federal Tax Cost		Appreciated Securities		Depreciated Securities			Net Unrealized Appreciation/ (Depreciation)
	($ Thousands)		($ Thousands)		($ Thousands)			($ Thousands)
International Equity Fund	$	3,585,342	$	276,950	$	(697,133	)	$	(420,183	)
Emerging Markets Equity Fund		1,380,890		196,339		(252,145	)		(55,806	)
International Fixed Income Fund		489,656		12,444		(19,358	)		(6,914	)
Emerging Markets Debt Fund		1,540,388		14,998		(252,330	)		(237,332	)

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of March 31, 2020, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

8. CONCENTRATION/RISKS

In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, management believes that, based on experience, the risk of loss from such claims is considered remote.

To the extent consistent with its Investment Strategy, a Fund may have one of more of the following principal risks:

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Funds acquire.

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Currency Risk — As a result of the Funds’ investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Funds will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Funds would be adversely affected. Currency exchange rates may

fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

Economic Risks of Global Health Events — Global health events and pandemics, such as the COVID-19 disease that is caused by the SARS-CoV-2 coronavirus, have the ability to affect—quickly, drastically and substantially—global, national and regional financial and commercial and residential real estate markets, industries, sectors, the economic forces of supply and demand for commodities, good and services, labor markets, and credit and banking markets, and can substantially strain health care systems, government infrastructure and stability, and social structures and behaviors. The coronavirus, in particular, has resulted in enhanced health screenings, healthcare service preparation and delivery, increased strain on hospital resources and staff, increased demand for and strain on government medical resources, disruptions to supply chains and customer activity, lower consumer spending in certain sectors, closing of non-essential businesses, rapid increases in unemployment, government economic stimulus measures, social distancing, bans on large social gatherings and travel, border closings, shelter-in-place orders, quarantines, cancellations, school closings and a significant portion of the workforce working from home, as well as general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, is having an unprecedented impact on the economies of many nations, individual companies and the market in general and could cause further disruptions that cannot necessarily be foreseen. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems, lack of stable government structures and insufficient government funding, and health crises may exacerbate other pre-existing political, social and economic risks in certain countries.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

Interest Rate Risk — The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the


86		SEI Insititution International Trust / Semi-Annual Report / March 31, 2020

Funds invest. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly.

Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. The prices of the Funds’ fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Funds’ fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. In response to these events, the Funds’ value may fluctuate and/or the Funds may experience increased redemptions from shareholders, which may impact the Funds’ liquidity or force the Funds to sell securities into a declining or illiquid market.

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Funds’ actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Funds’ expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancing and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted

average lives of mortgage-backed securities held or acquired by the Funds.

Please refer to each Fund’s current prospectus for additional disclosure regarding the risks associated with investing in the Funds. The foregoing is not intended to be a complete discussion of the risks associated with the investment strategies of the Funds.

9. SECURITIES LENDING

A Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust’s Board of Trustees. These loans may not exceed 33 1/3% of the total asset value of a Fund (including the loan collateral). No Fund will lend portfolio securities to its Adviser, sub-adviser or their affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash. Collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral between 102% and 105% of the market value of borrowed securities for domestic and foreign securities, respectively. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that a Fund may be delayed or restricted from recovering the loaned securities or disposing of the collateral for the loan which could give rise to loss because of adverse market actions expenses and/or delays in connection with the disposition of the underlying securities.

Cash collateral received in connection with securities lending is invested in eligible securities by the lending agent. These investments may include the SEI Liquidity Fund, L.P. (“Liquidity Fund”) and the Fund bears its pro rata portion of the Liquidity Fund’s expenses and is subject to the risk of loss in the underlying investments of the Liquidity Fund and losses on such investment. There is no guarantee that these investments will not lose value.

The following is a summary of securities lending agreements held by certain Funds which would be subject to offset as of March 31, 2020

($ Thousands):


SEI Insititution International Trust / Semi-Annual Report /March 31, 2020		87

NOTES TO FINANCIAL STATEMENTS (Concluded)

March 31, 2020 (Unaudited)


	Securities Loaned at Value		Cash Collateral Received⁽¹⁾		Net Amount

International Equity Fund	$	60,441	$	60,441	$	—

Emerging Markets Equity Fund		17,779		17,779		—

Emerging Markets Debt Fund		47,785		47,785		—

(1)	Excess collateral received in connection with the above securities lending transactions is not shown for financial reporting purposes. See each Fund’s Schedule of Investments for the total collateral received.

10.	CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of March 31, 2020, SPTC held of record the following:


Fund	Class F		Class I		Class Y

International Equity Fund		96.53%		43.73%		45.02%

Emerging Markets Equity Fund		93.73%		—%		63.06%

International Fixed Income Fund		96.54%		—%		99.61%

Emerging Markets Debt Fund		97.86%		—%		49.81%

SPTC is not a direct service provider to the SEI Funds. However, SPTC performs a role in the comprehensive investment solution that SEI provides to investors. SPTC holds shares in the Funds as custodian for shareholders that are clients of independent registered investment advisers, financial planners, bank trust departments and other financial advisers. SPTC maintains omnibus accounts at the Fund’s transfer agent.

11.	REGULATORY MATTERS

On August 17, 2018, the SEC adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statement of Assets & Liabilities. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statement of Changes in Net Assets. The amounts presented in the current Statement of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately.

In July 2017, the Financial Conduct Authority, the United Kingdom’s financial regulatory body, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR very likely will cease to be published after that time. Various financial industry groups have begun planning for that transition, whether through market wide protocols,

fallback contractual provisions, bespoke negotiations or amendments or otherwise, but there are obstacles to converting certain securities and transactions to a new benchmark. Transition planning is at an early stage, and neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies, resulting in prolonged adverse market conditions for the Fund. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. All of the aforementioned may adversely affect the Fund’s performance or NAV.

12. NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years.

13. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosure and/or adjustments were required to the financial statements as of March 31, 2020.


88		SEI Insititution International Trust / Semi-Annual Report / March 31, 2020

DISCLOSURE OF FUND EXPENSES (Unaudited)

March 31, 2020

All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund’s average net assets; this percentage is known as the fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period October 1, 2019 to March 31, 2020.

The table on this page illustrates your fund’s costs in two ways:

• Actual fund return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period”.

• Hypothetical 5% return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.


	Beginning Account Value 10/1/19		Ending Account Value 3/31/20		Annualized Expense Ratios			Expenses Paid During Period *
International Equity Fund
Actual Fund Return
Class F	$	1,000.00	$	817.20		1.10	%		$5.00
Class I		1,000.00		816.40		1.35			6.13
Class Y		1,000.00		818.10		0.85			3.86
Hypothetical 5% Return
Class F	$	1,000.00	$	1,019.50		1.10	%		$5.55
Class I		1,000.00		1,018.25		1.35			6.81
Class Y		1,000.00		1,020.75		0.85			4.29
Emerging Markets Equity Fund
Actual Fund Return
Class F	$	1,000.00	$	829.60		1.71	%		$7.82
Class Y		1,000.00		830.80		1.46			6.68
Hypothetical 5% Return
Class F	$	1,000.00	$	1,016.45		1.71	%		$8.62
Class Y		1,000.00		1,017.70		1.46			7.36


	Beginning Account Value 10/1/19		Ending Account Value 3/31/20		Annualized Expense Ratios			Expenses Paid During Period *
International Fixed Income Fund
Actual Fund Return
Class F	$	1,000.00	$	980.30		1.02	%		$5.05
Class Y		1,000.00		980.90		0.77			3.81
Hypothetical 5% Return
Class F	$	1,000.00	$	1,019.90		1.02	%		$5.15
Class Y		1,000.00		1,021.15		0.77			3.89
Emerging Markets Debt Fund
Actual Fund Return
Class F	$	1,000.00	$	868.40		1.36	%		$6.35
Class Y		1,000.00		869.40		1.11			5.19
Hypothetical 5% Return
Class F	$	1,000.00	$	1,018.20		1.36	%		$6.86
Class Y		1,000.00		1,019.45		1.11			5.60

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown).


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		89

BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited)

SEI Institutional International Trust (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (each member, a “Trustee” and, collectively, the “Trustees” or the “Board”), the sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers’ skills and investment results in managing assets for specific asset classes, investment styles and strategies.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of a Fund’s Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”) cast in person at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In connection with their consideration of such initial approvals and renewals, the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an investment advisory agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, during the first half of the Trust’s fiscal year, the Board requested and received written materials from SIMC and certain Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Advisers, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data; (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Advisers’ expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indexes.

At the March 23-25, 2020 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, certain Sub-Advisory Agreements were renewed at a meeting of the Board held during the first half of the Trust’s fiscal year on December 3-4, 2019. In each case, the


90		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020

Board’s renewal was based on its consideration and evaluation of the factors described above, as discussed at the meeting and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and each Sub-Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support the renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or its affiliates.

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered a report compiled by Broadridge, an independent third-party that was engaged to prepare an assessment of the Funds in connection with the renewal of the Advisory Agreement (the “Broadridge Report”). The Broadridge Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the renewal of Sub-Advisory Agreements, the Board considered the performance of the Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of each Sub-Adviser was sufficient to support the renewal of the Sub-Advisory Agreement.

Fees. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratios in comparison to those of the Funds’ respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various asset levels, actual management fees (including transfer agent expenses), and actual total expenses for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC’s and its affiliates voluntary waivers of management and other fees to prevent total Fund operating expenses from exceeding certain amounts, as well as SIMC’s contractual waiver of its management fee with respect to the Emerging Markets Equity Fund to prevent total Fund operating expenses from exceeding specified caps, and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for its distribution channels. In determining the appropriateness of fees, the Board also took into consideration the impact of fees incurred indirectly by the Funds as a result of investments into underlying funds, including funds from which SIMC or its affiliates earn fees. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.


SEI Institutional International Trust / Semi-Annual Report / March 31, 2020		91

BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Concluded)

Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the renewal of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC’s advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of SIMC and the Sub-Advisers is reasonable and supported renewal of the Investment Advisory Agreements.

Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the renewal, as applicable, of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

Review of Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Trust, on behalf of the Funds, has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Program is overseen by the SIMC Liquidity Risk Oversight Committee, and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund.

At a meeting of the Board held on March 24, 2020, the Trustees received a report from the SIMC Liquidity Risk Oversight Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation. The SIMC Liquidity Risk Oversight Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since the Program was implemented on December 1, 2018. The SIMC Liquidity Risk Oversight Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The SIMC Liquidity Risk Oversight Committee further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.


92		SEI Institutional International Trust / Semi-Annual Report / March 31, 2020

SEI INSTITUTIONAL INTERNATIONAL TRUST / SEMI-ANNUAL REPORT / MARCH 31, 2020

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Christine Reynolds

Officers

Robert A. Nesher

President and Chief Executive Officer

James J. Hoffmayer

Controller and Chief Financial Officer

Glenn R. Kurdziel

Assistant Controller

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President and Secretary

David F. McCann

Vice President and Assistant Secretary

Aaron Buser

Vice President and Assistant Secretary

Stephen G. MacRae

Vice President

Bridget E. Sudall

Anti-Money Laundering Compliance Officer and Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

For more information call

1 800 DIAL SEI

(1 800 342 5734)

LOGO

1 Freedom Valley Drive, P.O. Box 1100, Oaks, PA 19456

SEI-F-031 (3/20)

Item 2.

Code of Ethics.

Not applicable for semi-annual report.

Item 3.

Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.

Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5.

Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6.

Schedule of Investments.

The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the International Equity Fund, the Emerging Markets Equity Fund, the International Fixed Income Fund and the Emerging Markets Debt Fund are included as part of the report to shareholders filed under Item 1 of this form.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s Charter, adopted on June 18th 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

Item 11.

Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of

these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report. (b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


				SEI Institutional International Trust


By				/s/ Robert A. Nesher
				Robert A. Nesher, President & CEO

Date: June 8, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.



By				/s/ Robert A. Nesher
				Robert A. Nesher, President & CEO

Date: June 8, 2020



By				/s/ Peter A. Rodriguez
				Peter A. Rodriguez, Controller & CFO

Date: June 8, 2020

Dates Referenced Herein and Documents Incorporated by Reference

This ‘N-CSRS’ Filing	Date	Other Filings

	1/31/21
	1/1/21
	9/30/20
Filed on / Effective on:	6/8/20
For Period end:	3/31/20	NPORT-P
	3/24/20
	1/31/20	485BPOS
	12/15/19
	10/1/19
	9/30/19	24F-2NT, 497, 497K, N-CEN, N-CSR, NPORT-P
	12/1/18
	11/5/18
	11/1/18
	8/17/18
	1/31/17	485BPOS, 497K
	10/30/15
	12/31/14	N-Q
	12/22/10
		List all Filings

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