SEC Info - Sei Institutional International Trust

Sei Institutional International Trust – ‘N-CSRS’ for 3/31/18

Sei Institutional International Trust – ‘N-CSRS’ for 3/31/18

On: Friday, 6/8/18, at 3:15pm ET · Effective: 6/8/18 · For: 3/31/18 · Accession #: 1193125-18-187928 · File #: 811-05601

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

N-CSRS — Sei Institutional International Trust
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On: Friday, 6/8/18, at 3:15pm ET · Effective: 6/8/18 · For: 3/31/18 · Accession #: 1193125-18-187928 · File #: 811-05601

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Certified Semi-Annual Shareholder Report by a Management Investment Company — Form N-CSRFiling Table of Contents

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

N-CSRS — Sei Institutional International Trust
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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 6/08/18  Sei Institutional Int’l Trust     N-CSRS      3/31/18    3:4.3M                                   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)

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSRS      Sei Institutional International Trust               HTML   2.58M 
 3: EX-99.906CERT  Certification Pursuant to Section 906            HTML      7K 
 2: EX-99.CERT  Certification Pursuant to Section 302               HTML     13K

Page	(sequential)	(alphabetic)	↑Top
		Alternative Formats (Word, et al.) Board of Trustees Considerations in Approving the Advisory Agreement and Sub-Advisory Agreements 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 and Sub-Advisory Agreements

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

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

CT Corporation

155 Federal Street

Boston, MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-342-5734

Date of fiscal year end: September 30, 2018

Date of reporting period: March 31, 2018

Item 1.

Reports to Stockholders.

The registrant’s schedules as of the close of the reporting period, as set forth in §§ 210.12-12 through 210.12-14 of Regulation S-X [17 CFR §§ 210-12.12-12.14], are attached hereto.

LOGO

TABLE OF CONTENTS



Schedule of Investments			1

Statements of Assets and Liabilities			57

Statements of Operations			59

Statements of Changes in Net Assets			60

Financial Highlights			62

Notes to Financial Statements			64

Disclosure of Fund Expenses			81

Board of Trustees Considerations in Approving the Advisory Agreement and Sub-Advisory Agreements			82

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarter of each fiscal year on Form N-Q within sixty days after the end of the period. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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, 2018

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 — 92.7%
Argentina — 0.0%
Ternium SA ADR		27,562	$	896

Australia — 2.2%
a2 Milk Co Ltd *		219,154		1,932
AGL Energy Ltd		114,498		1,922
Alumina Ltd		397,740		730
Aristocrat Leisure Ltd		786,289		14,692
ASX Ltd		24,116		1,044
Bank of Queensland Ltd		63,761		541
BlueScope Steel Ltd		579,158		6,838
Boral Ltd		109,385		631
Challenger Ltd/Australia		83,852		749
CIMIC Group Ltd		16,152		556
Cochlear Ltd		55,483		7,801
Computershare Ltd		85,319		1,138
CSL Ltd		130,340		15,708
CSR Ltd		233,261		934
Dexus ^‡		13,257		95
Downer EDI Ltd		147,742		735
Goodman Group ^‡		208,880		1,357
Insurance Australia Group Ltd		1,671,970		9,647
LendLease Group		91,055		1,217
Newcrest Mining Ltd		40,979		617
Orora Ltd		214,778		547
OZ Minerals Ltd		485,890		3,388
Qantas Airways Ltd		2,343,806		10,591
REA Group Ltd		7,196		441
SEEK Ltd		36,479		525
Sonic Healthcare Ltd		14,965		264
South32 Ltd		2,967,331		7,395
Treasury Wine Estates Ltd		121,239		1,586

				93,621



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Austria — 0.7%
ANDRITZ AG (A)		117,300	$	6,562
BAWAG Group AG (B)		143,453		7,895
CA Immobilien Anlagen AG		44,156		1,476
Erste Group Bank AG		56,659		2,867
OMV AG		170,296		9,971
Raiffeisen Bank International AG		55,749		2,179
voestalpine AG		18,117		953

				31,903

Belgium — 1.2%
Ageas		448,293		23,167
AGFA-Gevaert NV *		70,231		272
bpost SA		48,502		1,098
Groupe Bruxelles Lambert SA		119,653		13,688
KBC Ancora		7,853		485
KBC Group NV		77,318		6,759
UCB SA		51,333		4,193
Umicore SA		19,043		1,006

				50,668

Brazil — 0.4%
Embraer SA		1,527,000		9,873
IRB Brasil Resseguros S/A		210,500		2,662
Raia Drogasil SA *		291,800		6,561

				19,096

Canada — 3.7%
Alimentation Couche-Tard Inc, Cl B		205,725		9,202
Autohome Inc ADR *		12,644		1,087
Bank of Montreal		61,400		4,635
Canadian Imperial Bank of Commerce		149,251		13,165
Canadian Natural Resources Ltd		380,856		11,986
Canadian Pacific Railway Ltd		178,194		31,422
Cogeco Communications Inc		10,970		600
Dollarama Inc		57,809		7,021
Encana Corp		1,655,655		18,197
Gildan Activewear Inc		390,084		11,259
Manulife Financial Corp		1,121,705		20,811
Royal Bank of Canada		141,893		10,953
Suncor Energy Inc		221,650		7,649
Toronto-Dominion Bank/The		177,686		10,076

				158,063

China — 1.7%
Alibaba Group Holding Ltd ADR *		84,469		15,504
Baidu Inc ADR *		122,000		27,229
Chongqing Rural Commercial Bank Co Ltd, Cl H		928,000		718
Industrial & Commercial Bank of China Ltd, Cl H		5,360,000		4,666
Sinopharm Group Co Ltd, Cl H		280,400		1,412


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
STMicroelectronics NV		508,893	$	11,300
Tencent Holdings Ltd		222,800		11,894

				72,723

Denmark — 1.6%
Bavarian Nordic A/S *		17,989		561
Chr Hansen Holding A/S		118,800		10,233
Coloplast A/S, Cl B		3,455		291
Danske Bank A/S		21,792		811
DSV A/S		15,585		1,222
H Lundbeck A/S (A)		173,189		9,648
ISS A/S		520,352		19,197
Novozymes A/S, Cl B		205,894		10,628
Orsted A/S (B)		36,597		2,390
Scandinavian Tobacco Group A/S (B)		783,114		13,868
Schouw & Co A/S		5,421		538
Tryg A/S		23,381		547
William Demant Holding A/S *		12,662		470

				70,404

Finland — 0.9%
Elisa OYJ, Cl A		13,503		611
Kone OYJ, Cl B		3,418		171
Neste Oyj (A)		183,663		12,787
Nokian Renkaat OYJ		11,905		542
Orion Oyj, Cl B		65,970		2,021
Sanoma OYJ		31,234		366
Stora Enso OYJ, Cl R		542,231		9,986
Tieto OYJ		20,070		669
UPM-Kymmene OYJ (A)		240,187		8,927
Valmet OYJ (A)		46,866		939
Wartsila OYJ Abp, Cl B		10,722		237

				37,256

France — 7.4%
Aeroports de Paris		9,530		2,079
Air France-KLM *		493,305		5,493
Air Liquide SA		53,132		6,518
Airbus SE		35,136		4,067
Amundi SA (B)		5,038		406
Arkema SA		64,224		8,395
Atos SE		55,766		7,649
BNP Paribas SA		136,658		10,141
Boiron SA		1,900		160
Bureau Veritas SA		7,258		189
Carrefour SA		692,722		14,368
Cie Generale des Etablissements Michelin SCA, Cl B		8,032		1,188
CNP Assurances		77,957		1,969
Credit Agricole SA		166,975		2,720
Dassault Aviation SA		106		203
Derichebourg SA		79,394		700



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Eiffage SA		8,108	$	924
Electricite de France SA		15,477		225
Engie SA		535,746		8,955
Eramet		2,845		393
Essilor International Cie Generale d’Optique SA		59,392		8,023
Eurazeo SA		6,620		610
Eurofins Scientific SE		2,810		1,488
Eutelsat Communications SA		16,794		334
Faurecia SA		14,686		1,190
Fonciere Des Regions ^‡		6,005		663
Gecina SA ^‡		4,166		723
Hermes International		21,139		12,538
ICADE ^‡		3,276		318
Ipsen SA		50,760		7,899
IPSOS		18,645		732
Kering SA		14,167		6,786
Les Nouveaux Constructeurs SA		630		40
L’Oreal SA		34,312		7,752
LVMH Moet Hennessy Louis Vuitton SE		40,637		12,542
Natixis SA		176,188		1,449
Nexity SA		23,599		1,512
Pernod Ricard SA		96,381		16,048
Peugeot SA		488,541		11,801
Publicis Groupe SA		227,813		15,888
Remy Cointreau SA		4,380		624
Safran SA		48,586		5,157
Sanofi		222,022		17,839
Schneider Electric SE		325,588		28,697
SCOR SE		28,161		1,154
Societe Generale SA		259,539		14,124
Sodexo SA		37,882		3,811
Sopra Steria Group		4,645		948
SPIE SA		261,185		5,787
TechnipFMC PLC		385,489		11,309
Television Francaise 1		49,421		673
Thales SA		104,213		12,711
TOTAL SA		148,479		8,443
Ubisoft Entertainment SA *		19,984		1,690
Valeo SA		283,704		18,837
Veolia Environnement SA		37,549		890
Wendel SA		5,299		827

				318,599

Germany — 7.0%
1&1 Drillisch AG		6,427		433
adidas AG		61,520		14,892
Allianz SE		111,092		25,130
Aroundtown SA		138,134		1,071
AURELIUS Equity Opportunities SE & Co KGaA (A)		198,164		13,854
Axel Springer SE		9,394		786


2		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
BASF SE		232,282	$	23,608
Beiersdorf AG		21,239		2,402
Brenntag AG		91,547		5,447
Commerzbank AG *		111,475		1,447
Continental AG		31,340		8,673
Covestro AG (B)		19,658		1,941
CTS Eventim AG & Co KGaA		181,573		8,525
Deutsche Boerse AG		92,270		12,556
Deutsche Lufthansa AG		413,508		13,225
Deutsche Post AG		15,467		678
E.ON SE		65,759		733
Fraport AG Frankfurt Airport Services Worldwide		3,663		361
Gerresheimer AG (A)		98,929		8,120
Hamburger Hafen und Logistik AG		21,501		484
Hannover Rueck SE		1,355		185
Hella GmbH & Co KGaA		150,187		9,870
HOCHTIEF AG		53,142		9,926
Infineon Technologies AG		112,625		3,029
Innogy SE (B)		15,013		711
KION Group AG		137,026		12,797
Kloeckner & Co SE		96,437		1,215
Linde AG		133,527		28,123
MAN SE		3,486		405
Puma SE *		1,965		962
Rheinmetall AG		7,870		1,119
RWE AG		80,068		1,987
SAP SE		319,917		33,451
SAP SE ADR		85,708		9,013
Siemens AG		133,669		17,074
Siltronic AG		1,272		220
TAG Immobilien AG		116,973		2,428
TUI AG		336,988		7,233
Uniper SE		158,545		4,823
United Internet AG		121,022		7,604
Vonovia SE		22,548		1,118
Wacker Chemie AG (A)		17,609		2,890
Wirecard AG		11,127		1,320

				301,869

Greece — 0.0%
Aegean Airlines SA		12,601		139

Guernsey — 0.0%
Renewables Infrastructure Group Ltd/The		189,016		282

Hong Kong — 2.4%
AIA Group Ltd		2,392,800		20,543
ASM Pacific Technology Ltd		270,800		3,841
BOC Hong Kong Holdings Ltd		526,000		2,581
Chaoda Modern Agriculture Holdings Ltd *		2,440,000		65
China Merchants Port Holdings Co Ltd		2,107,720		4,690



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
China Mobile Ltd		2,829,740	$	26,138
Galaxy Entertainment Group Ltd *		2,343,000		21,559
Hang Seng Bank Ltd		63,700		1,482
HK Electric Investments & HK Electric Investments Ltd (B)		190,000		184
Hong Kong Exchanges & Clearing Ltd		21,200		699
Link REIT ‡		96,500		827
Melco Resorts & Entertainment Ltd ADR		47,600		1,379
Minth Group Ltd		146,000		670
MTR Corp Ltd		43,500		235
Samsonite International SA		1,654,200		7,597
Sands China Ltd		138,400		754
Sun Hung Kai Properties Ltd		32,000		509
Swire Properties Ltd		47,800		168
Techtronic Industries Co Ltd		1,877,500		11,099

				105,020

India — 0.3%
HDFC Bank Ltd ADR		122,157		12,065

Indonesia — 0.0%
Bukit Asam Tbk PT		1,795,500		389

Ireland — 0.9%
AIB Group PLC		2,502,100		15,042
Experian PLC		606,946		13,113
Kerry Group PLC, Cl A		47,598		4,830
Ryanair Holdings PLC ADR *		62,488		7,676

				40,661

Israel — 0.9%
Bank Hapoalim BM		816,506		5,600
Bank Leumi Le-Israel BM		2,477,985		14,939
Check Point Software Technologies Ltd *(A)		111,414		11,068
Elbit Systems Ltd		1,792		215
First International Bank Of Israel Ltd		52,158		1,101
Frutarom Industries Ltd		6,781		623
Israel Discount Bank Ltd, Cl A*		524,464		1,506
Mizrahi Tefahot Bank Ltd		91,312		1,745
Oil Refineries Ltd		535,142		247

				37,044

Italy — 3.6%
Autogrill SpA		104,178		1,343
Azimut Holding SpA		273,670		5,893
Brembo SpA		309,295		4,775
Buzzi Unicem SpA		701,336		16,425
CNH Industrial NV		190,870		2,359
Enel SpA		188,331		1,155
ERG SpA		32,304		770
EXOR NV		111,418		7,917
Ferrari NV		88,346		10,610


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		3

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Fiat Chrysler Automobiles NV *		1,064,754	$	21,681
Hera SpA		217,360		796
Intesa Sanpaolo SpA		168,238		637
Luxottica Group SpA		105,253		6,543
Mediobanca Banca di Credito Finanziario SpA		65,317		768
Recordati SpA		244,421		9,021
Saras SpA		692,920		1,521
Societa Iniziative Autostradali e Servizi SpA		109,883		2,048
Tenaris SA (A)		1,160,933		20,003
UniCredit SpA		1,878,974		39,279

				153,544


Japan — 17.3%
77 Bank Ltd/The		58,600		1,405
AEON Financial Service Co Ltd		10,800		251
Alfresa Holdings Corp		14,700		331
ANA Holdings Inc		81,800		3,178
Arcland Sakamoto Co Ltd		44,400		717
Asahi Glass Co Ltd		191,200		8,089
Asahi Group Holdings Ltd		58,000		3,130
Asahi Kasei Corp		188,100		2,517
Bank of Kyoto Ltd/The		11,500		653
Benesse Holdings Inc		70,400		2,561
Bridgestone Corp		145,600		6,409
Canon Inc		60,200		2,203
Canon Marketing Japan Inc		144,800		3,925
Central Japan Railway Co		3,400		649
Dai Nippon Printing Co Ltd		486,500		10,121
Daifuku Co Ltd		18,700		1,114
Daiichi Sankyo Co Ltd		23,400		784
Daikin Industries Ltd		109,200		12,135
Daikyo Inc		78,000		1,578
Daito Trust Construction Co Ltd (A)		78,400		13,392
Daiwa House Industry Co Ltd (A)		230,100		8,879
Disco Corp		3,300		710
Don Quijote Holdings Co Ltd		11,600		668
East Japan Railway Co		236,500		22,187
en-japan Inc (A)		19,700		1,122
FANUC Corp		44,100		11,266
Fuji Film Holdings		262,900		10,540
Fujitsu Ltd		1,524,000		9,259
Fukuoka Financial Group Inc		39,000		215
Furukawa Electric Co Ltd (A)		66,600		3,595
Goldcrest Co Ltd		21,700		464
GungHo Online Entertainment Inc (A)		142,800		473
Hakuhodo DY Holdings Inc		34,800		481
Haseko Corp		428,000		6,610
Hikari Tsushin Inc		4,100		663
Hitachi Construction Machinery Co Ltd		17,700		691
Hitachi Ltd		305,000		2,220
Hoya Corp		88,300		4,467



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Hulic Co Ltd		15,900	$	174
Idemitsu Kosan Co Ltd		6,500		248
ITOCHU Corp		329,200		6,442
Japan Airlines Co Ltd		698,400		28,459
Japan Exchange Group Inc		40,100		755
Japan Post Holdings Co Ltd		156,200		1,900
Japan Tobacco Inc		307,400		8,816
JFE Holdings Inc		19,100		386
JXTG Holdings Inc		488,500		3,000
Kajima Corp		119,000		1,120
Kansai Electric Power Co Inc/The		53,300		698
Kansai Paint Co Ltd		392,800		9,192
Kao Corp		116,500		8,794
KDDI Corp		948,000		24,463
Keyence Corp		81,700		51,269
Kirin Holdings Co Ltd		133,600		3,570
Kohnan Shoji Co Ltd		18,000		435
Koito Manufacturing Co Ltd		135,810		9,542
Kokuyo Co Ltd		79,700		1,556
Komatsu Ltd		39,400		1,318
Konami Holdings Corp		124,300		6,314
Kose Corp (A)		60,200		12,693
K’s Holdings Corp		154,800		2,154
Kuraray Co Ltd		34,400		599
Mabuchi Motor Co Ltd		284,600		14,208
Makita Corp		1,000		49
Marubeni Corp		285,300		2,085
McDonald’s Holdings Co Japan Ltd		10,600		502
Medipal Holdings Corp		12,600		263
MISUMI Group Inc		13,900		386
Mitsubishi Chemical Holdings Corp		520,800		5,075
Mitsubishi Gas Chemical Co Inc		175,700		4,259
Mitsui Chemicals Inc		14,300		455
Mixi Inc		76,700		2,879
Mochida Pharmaceutical Co Ltd		6,000		427
Morinaga Milk Industry Co Ltd		32,100		1,306
MS&AD Insurance Group Holdings Inc		532,000		16,596
Nabtesco Corp *		123,200		4,819
Nexon Co Ltd *		77,600		1,330
Nidec Corp		10,700		1,653
Nikon Corp		370,300		6,717
Nintendo Co Ltd		1,300		582
Nippon Express Co Ltd		17,900		1,188
Nippon Light Metal Holdings Co Ltd		214,000		560
Nippon Soda Co Ltd		145,000		825
Nippon Telegraph & Telephone Corp		94,300		4,391
Nippon Telegraph & Telephone Corp ADR		439,238		20,446
Nippon Valqua Industries Ltd		16,800		467
Nisshin Seifun Group Inc		8,900		177
Nitori Holdings Co Ltd		6,300		1,104
Nomura Real Estate Holdings Inc (A)		12,900		303
Noritake Co Ltd/Nagoya Japan		6,000		259


4		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
North Pacific Bank Ltd (A)		232,900	$	788
Obic Co Ltd		11,700		985
Oji Holdings Corp		147,000		950
Omron Corp		256,300		15,073
Oracle Corp Japan *		7,300		606
Oriental Land Co Ltd/Japan		30,600		3,138
Osaka Gas Co Ltd (A)		59,300		1,180
Otsuka Corp		22,000		1,124
Outsourcing Inc *		414,100		7,270
PALTAC CORPORATION		115,400		6,286
Panasonic Corp		629,800		9,038
Pigeon Corp		270,964		12,329
Plenus Co Ltd		28,300		552
Pola Orbis Holdings Inc		16,000		670
Prima Meat Packers Ltd		145,000		819
Recruit Holdings Co Ltd		199,600		4,976
Rohm Co Ltd		149,100		14,165
Ryohin Keikaku Co Ltd		3,500		1,174
Saizeriya Co Ltd		84,600		2,406
Santen Pharmaceutical Co Ltd		319,800		5,361
Sawada Holdings Co Ltd *		3,700		35
SBI Holdings Inc/Japan		59,900		1,412
Seiko Holdings Corp		24,100		576
Sekisui House Ltd		632,800		11,631
Seven & i Holdings Co Ltd		244,700		10,521
Shionogi & Co Ltd		134,800		7,023
Shiseido Co Ltd *		13,600		880
Showa Corp		31,500		544
Showa Shell Sekiyu KK		31,600		433
SMC Corp/Japan		27,900		11,427
Sompo Holdings Inc		334,300		13,530
Sony Corp		44,400		2,170
Sony Financial Holdings Inc		10,100		185
Square Enix Holdings Co Ltd		28,000		1,269
Stanley Electric Co Ltd		4,600		174
SUMCO Corp		8,400		220
Sumitomo Corp		151,800		2,550
Sumitomo Dainippon Pharma Co Ltd (A)		81,400		1,365
Sumitomo Heavy Industries Ltd		181,000		6,952
Sumitomo Metal Mining Co Ltd		29,800		1,239
Sumitomo Mitsui Financial Group Inc		269,700		11,443
Sumitomo Mitsui Trust Holdings Inc		380,822		15,623
Sundrug Co Ltd		4,900		229
Suzuken Co Ltd/Aichi Japan		40,200		1,696
Suzuki Motor Corp		6,500		353
Sysmex Corp		94,000		8,680
Taiheiyo Cement Corp		17,000		616
Taisei Corp		25,600		1,314
Takeda Pharmaceutical Co Ltd		498,600		24,286
THK Co Ltd		7,700		322
TIS Inc		55,800		2,240
Tochigi Bank Ltd/The		65,000		252



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Tokyo Electric Power Co Holdings Inc *		845,200	$	3,316
Tokyo Electron Ltd		54,900		10,131
Tokyu Fudosan Holdings Corp		153,400		1,107
Tosoh Corp		76,200		1,512
TOTO Ltd (A)		229,100		12,020
Toyota Motor Corp		107,600		7,009
Toyota Motor Corp ADR (A)		148,433		19,351
Tsuruha Holdings Inc		7,100		1,024
Ube Industries Ltd		206,900		6,087
Ulvac Inc		11,700		670
USS Co Ltd		22,800		469
Wacoal Holdings Corp		418,852		12,159
Warabeya Nichiyo Holdings Co Ltd		19,800		494
West Japan Railway Co		4,900		348
Yakult Honsha Co Ltd		9,500		712
Yamada Denki Co Ltd (A)		41,300		251
Yamaha Motor Co Ltd		26,300		786
Yamazaki Baking Co Ltd		64,100		1,344
Yaskawa Electric Corp		49,600		2,287

				748,017


Malaysia — 0.1%
Malayan Banking Bhd		176,000		479
Petronas Dagangan Bhd		78,200		502
Tenaga Nasional Bhd		522,600		2,186

				3,167


Malta — 0.0%
BGP Holdings *(C)		198,683		–


Mexico — 0.3%
Alfa SAB de CV, Cl A		4,914,400		6,271
Wal-Mart de Mexico SAB de CV		3,401,000		8,619

				14,890


Netherlands — 5.4%
ABN AMRO Group NV (B)		81,140		2,441
AerCap Holdings NV *		225,257		11,425
Akzo Nobel NV		236,540		22,381
ASML Holding NV		105,832		21,022
ASR Nederland NV		95,581		4,097
Heineken Holding NV		69,674		7,170
Heineken NV		90,594		9,756
ING Groep NV		1,540,768		26,094
Koninklijke Ahold Delhaize NV		164,173		3,900
Koninklijke DSM NV		277,146		27,590
Koninklijke Volkerwessels NV		26,649		733
NN Group NV		32,715		1,455
RELX NV		106,138		2,201
Royal Dutch Shell PLC, Cl A		782,036		24,886
Royal Dutch Shell PLC, Cl B		800,975		25,680
Royal Dutch Shell PLC ADR, Cl B (A)		278,352		18,240


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		5

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Unilever NV		109,064	$	6,131
Wolters Kluwer NV		313,851		16,668

				231,870


New Zealand — 0.1%
Air New Zealand Ltd		896,722		2,099
Fisher & Paykel Healthcare Corp Ltd		107,525		1,026
Meridian Energy Ltd		115,219		238
Spark New Zealand Ltd		61,043		148

				3,511


Norway — 1.3%
Aker Solutions ASA *		1,623,185		8,723
Marine Harvest ASA		929,309		18,706
Norsk Hydro ASA		1,369,271		8,012
Orkla ASA		21,176		227
Statoil ASA		88,086		2,078
Telenor ASA		732,195		16,609

				54,355


Portugal — 0.0%
Altri SGPS SA		49,972		334
Galp Energia SGPS SA, Cl B		42,092		793
Navigator Co SA/The		50,665		299

				1,426


Russia — 0.3%
Yandex NV, Cl A*		284,433		11,221


Singapore — 1.3%
CapitaLand Commercial Trust ^‡		479,800		672
City Developments Ltd		1,516,300		15,127
DBS Group Holdings Ltd		931,600		19,881
Hong Leong Finance Ltd		118,200		243
Oversea-Chinese Banking Corp Ltd		1,335,700		13,171
Singapore Airlines Ltd		133,700		1,112
Singapore Exchange Ltd		250,300		1,416
United Overseas Bank Ltd		12,800		270
UOL Group Ltd		125,300		821
Venture Corp Ltd		74,100		1,604

				54,317


South Africa — 0.1%
Investec PLC		416,323		3,251
Reunert Ltd		58,815		370

				3,621


South Korea — 2.2%
BNK Financial Group Inc		155,928		1,563
KT Corp ADR *		490,614		6,721
LG Display Co Ltd ADR *(A)		274,703		3,324
LG Electronics Inc		7,612		791



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Samsung Electronics Co Ltd		17,389	$	40,532
SK Hynix Inc		111,732		8,541
SK Telecom Co Ltd		85,516		18,529
SK Telecom Co Ltd ADR		675,621		16,330

				96,331


Spain — 1.5%
Abertis Infraestructuras SA		117,443		2,630
ACS Actividades de Construccion y Servicios SA		295,899		11,563
Aena SME SA (B)		10,908		2,203
Amadeus IT Group SA, Cl A		30,307		2,243
Banco Bilbao Vizcaya Argentaria SA		1,149,604		9,117
Bankinter SA		92,288		948
CaixaBank SA		1,635,868		7,796
Ebro Foods SA		48,403		1,229
Ence Energia y Celulosa SA		155,014		1,173
Industria de Diseno Textil SA		126,549		3,962
International Consolidated Airlines Group SA		97,940		849
Papeles y Cartones de Europa SA		16,428		286
Red Electrica Corp SA		105,363		2,169
Repsol SA		160,623		2,856
Unicaja Banco SA (B)		10,026,905		17,342

				66,366


Sweden — 1.8%
Alfa Laval AB		217,963		5,153
Assa Abloy AB, Cl B		294,143		6,338
Atlas Copco AB, Cl A		302,514		13,114
Atlas Copco AB, Cl B		47,326		1,844
Boliden AB		25,344		889
Electrolux AB, Cl B		314,597		9,890
Granges AB		35,728		419
Hemfosa Fastigheter AB		57,852		702
Hexagon AB, Cl B		128,475		7,632
Investor AB, Cl B		24,772		1,096
Millicom International Cellular SA		178,562		12,183
Oriflame Holding AG		51,285		2,459
Sandvik AB		444,238		8,112
Swedish Match AB		49,448		2,236
Volvo AB, Cl B		427,759		7,831

				79,898


Switzerland — 7.1%
ABB Ltd		983,421		23,368
Adecco Group AG		177,448		12,618
Aryzta AG *(A)		303,982		6,746
Baloise Holding AG		8,304		1,269
Barry Callebaut AG		371		724
Cie Financiere Richemont SA		160,204		14,386
Clariant AG		42,437		1,012
Coca-Cola HBC AG		52,394		1,933


6		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Emmi AG		1,041	$	855
EMS-Chemie Holding AG		1,356		856
Ferguson PLC		214,104		16,155
Flughafen Zurich AG		3,040		672
Givaudan SA (A)		8,611		19,579
Julius Baer Group Ltd		156,386		9,622
Kuehne + Nagel International AG		57,150		8,987
Lonza Group AG		45,424		10,733
Nestle SA		314,877		24,851
Novartis AG		387,112		31,196
Pargesa Holding SA		4,733		419
Partners Group Holding AG		14,316		10,655
Roche Holding AG		174,363		39,955
Schindler Holding AG		3,839		820
SGS SA		4,467		10,961
Sika AG		1,344		10,543
Sonova Holding AG		39,210		6,218
Straumann Holding AG		1,791		1,131
Swiss Life Holding AG		39,998		14,260
Swiss Re AG		44,382		4,515
Swisscom AG (A)		1,852		918
Tecan Group AG		3,617		764
UBS Group AG		393,725		6,913
Zurich Insurance Group AG		38,774		12,733

				306,367


Taiwan — 0.4%
China Development Financial Holding Corp		4,714,000		1,681
Formosa Advanced Technologies Co Ltd		207,000		236
HannStar Display Corp		1,603,000		562
IEI Integration Corp		160,000		208
Simplo Technology Co Ltd		208,000		1,338
Taiwan Semiconductor Manufacturing Co Ltd ADR		308,765		13,512
UPC Technology Corp		733,000		478

				18,015


Thailand — 0.1%
Bangchak Corp PCL		989,000		1,167
Banpu PCL		1,918,800		1,225
Esso Thailand PCL		599,100		342
PTT Exploration & Production PCL		166,100		614
Quality Houses PCL		3,783,400		355

				3,703


United Kingdom — 14.2%
3i Group PLC		193,213		2,335
Abcam PLC		51,217		890
Admiral Group PLC		15,140		392
Anglo American PLC		42,196		980
Antofagasta PLC		16,494		213
Aon PLC		75,147		10,545



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Ashtead Group PLC		446,138	$	12,221
Associated British Foods PLC		112,280		3,929
AstraZeneca PLC		307,974		21,123
Aviva PLC		3,147,661		21,977
Balfour Beatty PLC		2,483,272		9,359
Bank of Ireland Group PLC		1,646,248		14,320
Barclays PLC		10,205,811		29,731
Barratt Developments PLC		168,267		1,259
Berkeley Group Holdings PLC		38,369		2,038
BHP Billiton PLC		450,340		8,863
BP PLC		4,458,586		30,020
BP PLC ADR		189,922		7,699
British American Tobacco PLC		549,593		31,824
Bunzl PLC		391,133		11,532
Burberry Group PLC		65,416		1,556
Carnival PLC		173,002		11,136
Cobham PLC *		7,191,724		12,430
Compass Group PLC		1,248,714		25,487
Cranswick PLC		9,419		376
CRH PLC		188,190		6,350
Croda International PLC		10,477		672
DCC PLC		63,735		5,878
Diageo PLC		317,136		10,706
Direct Line Insurance Group PLC		32,788		176
easyJet PLC		30,728		695
Evraz PLC		551,309		3,380
Genus PLC		13,935		456
GlaxoSmithKline PLC		1,822,784		35,517
Glencore PLC		410,324		2,030
Hargreaves Lansdown PLC		48,139		1,106
Hays PLC		1,583,408		4,201
Howden Joinery Group PLC		1,103,780		7,159
HSBC Holdings PLC		734,313		6,866
Imperial Brands PLC ADR		12,508		433
Inchcape PLC		57,618		560
Indivior PLC *		326,107		1,870
InterContinental Hotels Group PLC		17,103		1,024
Intertek Group PLC		30,747		2,015
Investec PLC		407,105		3,153
JD Sports Fashion PLC		95,690		453
Johnson Matthey PLC		21,828		935
Kingfisher PLC		3,183,244		13,106
Legal & General Group PLC		1,144,962		4,157
Lloyds Banking Group PLC		30,696,195		27,883
London Stock Exchange Group PLC		157,444		9,136
Micro Focus International PLC		326,096		4,527
Mondi PLC		75,570		2,035
NEX Group PLC		75,308		1,036
Pagegroup PLC		91,024		688
Pearson PLC		58,705		618
Persimmon PLC		119,562		4,243
Prudential PLC		1,089,803		27,300


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		7

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Equity Fund (Concluded)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
QinetiQ Group PLC		319,745	$	929
Redrow PLC		61,682		516
RELX PLC		776,950		15,996
Rolls-Royce Holdings PLC		813,776		9,986
Royal Bank of Scotland Group PLC *		5,800,199		21,119
Royal Mail PLC		150,459		1,143
RSA Insurance Group PLC		197,746		1,750
Schroders PLC		117,139		5,258
Segro PLC ^‡		191,650		1,620
Smith & Nephew PLC		47,772		894
Smiths Group PLC		3,314		71
Spectris PLC		197,961		7,502
SSE PLC		990,868		17,736
SSP Group Plc		80,717		694
St James’s Place PLC		550,831		8,426
Standard Life Aberdeen PLC		247,004		1,251
Subsea 7 SA *		313,551		4,014
Tate & Lyle PLC		322,683		2,472
Taylor Wimpey PLC		564,507		1,462
Tesco PLC		7,216,209		20,895
Unilever PLC		12,141		672
Vodafone Group PLC		5,365,472		14,660
Weir Group PLC/The		308,749		8,664
William Hill PLC		135,535		630

				610,959


United States — 4.3%
Accenture PLC, CI A		91,256		14,008
Alarm.com Holdings Inc *		53,173		2,007
Axis Capital Holdings Ltd		337,488		19,429
Chubb Ltd		92,796		12,692
Coca-Cola European Partners PLC		7,612		317
Core Laboratories NV (A)		102,788		11,124
Delphi Technologies PLC		60,467		2,881
Delta Air Lines Inc		108,907		5,969
Facebook Inc, Cl A *		48,528		7,754
Flex Ltd *		671,017		10,958
ICON PLC *		202,923		23,973
Luxoft Holding Inc, Cl A *		222,618		9,116
Masonite International Corp *		131,682		8,079
Microsoft Corp		78,931		7,204
ProPetro Holding Corp *(A)		383,474		6,093
Sensata Technologies Holding PLC *		157,900		8,184
STMicroelectronics NV, CI Y (A)		45,199		1,007
TE Connectivity Ltd		52,338		5,229
Tower Semiconductor Ltd *		190,100		5,116
UBS Group AG (A)		1,038,014		18,331



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Univar Inc *		216,606	$	6,011

				185,482


Total Common Stock (Cost $3,415,751) ($ Thousands)				3,997,758


PREFERRED STOCK — 1.7%
Germany — 1.2%
FUCHS PETROLUB SE		1,005		55
Henkel AG & Co KGaA		76,061		10,009
Volkswagen AG		201,270		40,113

				50,177


South Korea — 0.5%
Hyundai Motor Co		99,732		8,092
Samsung Electronics Co Ltd		7,738		14,848

				22,940


Total Preferred Stock (Cost $63,417) ($ Thousands)				73,117


AFFILIATED PARTNERSHIP — 4.2%
SEI Liquidity Fund, L.P.
1.750% **^†(D)		180,665,947		180,654


Total Affiliated Partnership (Cost $180,666) ($ Thousands)				180,654


CASH EQUIVALENT — 3.4%
SEI Daily Income Trust, Government Fund, Cl F
1.430%**^†		145,244,597		145,245


Total Cash Equivalent (Cost $145,245) ($ Thousands)				145,245


Total Investments in Securities— 102.0% (Cost $3,805,079) ($ Thousands)			$	4,396,774


8		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

A list of the open futures contracts held by the Fund at March 31, 2018, is as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation/ (Depreciation) (Thousands)
DJ Euro Stoxx 50 Index		1,476		Jun-2018	$	60,557	$	59,559	$	(532	)
FTSE 100 Index		336		Jun-2018		33,191		32,963		(300	)
Hang Seng Index		38		Apr-2018		7,463		7,275		(186	)
SPI 200 Index		122		Jun-2018		14,276		13,419		(525	)
TOPIX Index		252		Jun-2018		40,490		40,436		49

					$	155,977	$	153,652		$ (1,494	)

Percentages are based on Net Assets of $4,309,844 ($ Thousands).

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of March 31, 2018.

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

^‡	Real Estate Investment Trust.

(A)	Certain securities or partial positions of certain securities are on loan at March 31, 2018 (see Note 9). The total market value of securities on loan at March 31, 2018 was $174,938 ($ Thousands).

(B)

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, 2018, the value of these securities amounted to $49,381 ($ Thousands), representing 1.15% of the Net Assets of the Fund.

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

(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, 2018 was $180,654 ($ Thousands).

ADR — American Depositary Receipt

Cl — Class

DJ— Dow Jones

FTSE — Financial Times and Stock Exchange

L.P. — Limited Partnership

Ltd. — Limited

PLC — Public Limited Company

SPI — Share Price Index

TOPIX — Tokyo Price Index

The following is a list of the level of inputs used as of March 31, 2018, 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	$	3,996,242	$	1,516	$	–^	$	3,997,758
Preferred Stock		73,117		–		–		73,117
Affiliated Partnership		–		180,654		–		180,654
Cash Equivalent		145,245		–		–		145,245

Total Investments in Securities	$	4,214,604	$	182,170	$	–	$	4,396,774


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	49	$	—	$	—	$	49
Unrealized Depreciation		(1,543)		—		—		(1,543)

Total Other Financial Instruments	$	(1,494)	$	—	$	—	$	(1,494)

^One security with market value of $0.

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

For the six months ended March 31, 2018, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded.

For the six months ended March 31, 2018, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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

The following is a summary of the transactions with affiliates for the six months ended March 31, 2018 ($ Thousands):


Security Description	Value at 9/30/2017		Purchases at Cost		Proceeds from Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 3/31/2018		Dividend Income
SEI Liquidity Fund, L.P.		$ 131,091		$ 538,415		$ (488,838)		$ 2		$ (16)		$ 180,654		$ 776
SEI Daily Income Trust, Government Fund, Cl F		106,620		116,811		(78,186)		—		—		145,245		646

Totals		$ 237,711		$ 655,226		$ (567,024)		$ 2		$ (16)		$ 325,899		$ 1,422

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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		9

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

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 — 92.4%
Argentina — 0.5%
Arcos Dorados Holdings Inc, Cl A		226,800	$	2,075
Cresud SACIF y A ADR		84,609		1,705
IRSA Inversiones y Representaciones SA ADR (A)		75,700		1,790
Tenaris ADR		48,700		1,688
YPF SA ADR		88,600		1,916

				9,174

Austria — 0.2%
Erste Group Bank AG		83,444		4,223

Brazil — 6.5%
Ambev SA		298,900		2,177
Ambev SA ADR		441,156		3,207
Atacadao Distribuicao Comercio e Industria Ltda *		950,800		4,320
Azul ADR *		92,173		3,203
B2W Cia Digital *		1,330,384		10,207
B3 - Brasil Bolsa Balcao *		668,200		5,382
Banco Bradesco SA ADR *		963,884		11,451
Banco do Brasil SA *		83,900		1,044
Banco Santander Brasil		69,000		830
Banco Santander Brasil SA ADR		110,800		1,332
BB Seguridade Participacoes SA		62,200		548
BK Brasil Operacao e Assessoria a Restaurantes SA *		698,917		3,354
BRF SA ADR *(A)		265,400		1,837
Centrais Eletricas Brasileiras *		91,800		577
Cia de Saneamento Basico do Estado de Sao Paulo *		43,800		463



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Cia de Saneamento de Minas Gerais *		50,800	$	735
Cielo SA		88,600		552
Cosan SA Industria e Comercio		235,000		2,938
CVC Brasil Operadora e Agencia de Viagens *		96,500		1,760
Duratex *		367,000		1,309
EcoRodovias Infraestrutura e Logistica		105,300		278
EDP - Energias do Brasil SA		265,700		1,067
Energisa SA		587,914		6,083
Engie Brasil Energia SA		112,400		1,323
Estacio Participacoes SA		106,200		1,118
Fleury SA		73,400		601
Hypermarcas SA		536,860		5,823
IRB Brasil Resseguros S/A		102,887		1,301
Kroton Educacional SA		143,100		588
Localiza Rent a Car SA *		149,600		1,284
Magazine Luiza SA		128,100		3,804
MRV Engenharia e Participacoes SA		166,700		817
Petrobras Distribuidora SA *		957,425		6,660
Petroleo Brasileiro SA ADR *		1,271,109		17,974
Porto Seguro SA *		56,900		829
Rumo SA *		2,666,871		10,544
Suzano Papel e Celulose SA		274,000		2,761
Telefonica Brasil SA ADR		267,086		4,102
TIM Participacoes SA ADR		155,452		3,369
Vale SA ADR, Cl B *		332,972		4,235

				131,787

Canada — 0.9%
First Quantum Minerals Ltd		955,840		13,412
Pan American Silver Corp		121,479		1,962
Parex Resources Inc *		166,806		2,344

				17,718

Chile — 0.6%
Banco Santander Chile		14,355,344		1,210
Cencosud SA		510,388		1,563
Cia Cervecerias Unidas SA ADR		71,077		2,090
Embotelladora Andina SA ADR, Cl B		10,559		309
Empresas COPEC SA		124,342		1,953
SACI Falabella		376,290		3,631
Sociedad Quimica y Minera de Chile SA ADR (A)		25,300		1,243

				11,999

China — 19.7%
AAC Technologies Holdings Inc		86,133		1,593
Agile Group Holdings		368,000		773
Agricultural Bank of China Ltd, Cl H		13,009,932		7,490
Air China Ltd, Cl H		1,226,000		1,585
Alibaba Group Holding Ltd ADR *		261,777		48,047
Angang Steel Co Ltd, Cl H (A)		8,660,768		8,396
Anhui Conch Cement Co Ltd, Cl H		813,500		4,487
ANTA Sports Products Ltd		996,069		5,061
Baidu Inc ADR *		134,768		30,079


10		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Bank of China Ltd, Cl H		9,542,105	$	5,197
Beijing Capital International Airport Co Ltd, Cl H		734,000		991
BEST ADR *(A)		47,281		487
Changyou.com Ltd ADR *		98,500		2,747
China Communications Construction, Cl H		584,000		605
China Construction Bank Corp, Cl H		20,181,379		21,020
China Merchants Bank Co Ltd, Cl H		910,576		3,780
China National Building Material Co Ltd, Cl H (A)		9,204,000		10,155
China Oilfield Services, CI H		1,062,000		1,119
China Pacific Insurance Group, CI H		220,000		1,001
China Petroleum & Chemical Corp, Cl H		4,262,000		3,829
China Railway Construction Corp Ltd, Cl H		97,000		98
China Shenhua Energy Co Ltd, Cl H		1,560,500		3,926
China Vanke Co Ltd, Cl H		697,200		3,224
Chongqing Rural Commercial Bank Co Ltd, Cl H		1,874,612		1,451
CITIC Securities Co Ltd, Cl H		3,732,900		8,659
Country Garden Holdings		1,381,000		2,896
Ctrip.com International Ltd ADR *		76,537		3,568
Dongfeng Motor Group Co Ltd, Cl H		696,000		813
Guangzhou R&F Properties Co Ltd		1,400,800		3,541
Industrial & Commercial Bank of China Ltd, Cl H		35,933,868		31,281
JD.com Inc ADR *		96,615		3,912
Jiangsu Expressway Co Ltd, Cl H		352,000		500
Kingdee International Software Group (A)		728,000		743
Kingsoft Corp Ltd		1,069,000		3,455
Longfor Properties Co Ltd		170,500		526
Momo Inc ADR *		120,954		4,521
NetEase Inc ADR		26,885		7,538
PICC Property & Casualty Co Ltd, Cl H		3,253,700		5,767
Ping An Insurance Group Co of China Ltd, Cl H		2,189,857		22,609
Qudian Inc ADR *(A)		53,600		627
SINA Corp/China *		116,706		12,169
Sinopec Engineering Group Co Ltd, Cl H		556,500		557
Sinopec Shanghai Petrochemical Co Ltd, Cl H		6,650,000		4,076
Sinopharm Group Co Ltd, Cl H		552,800		2,784
Sinotrans Ltd, Cl H		696,000		385
Sinotruk Hong Kong Ltd		272,500		327
Sohu.com Inc *		161,700		5,000
Tencent Holdings Ltd		1,342,225		71,656
Tingyi Cayman Islands Holding Corp		2,126,000		4,419
TravelSky Technology Ltd, Cl H		273,000		801
Tsingtao Brewery Co Ltd, Cl H		272,000		1,431
Uni-President China Holdings Ltd		3,727,400		3,246
Vipshop Holdings Ltd ADR *		391,163		6,501
Want Want China Holdings Ltd		1,182,000		952
Weibo Corp ADR *		31,241		3,735
Weichai Power Co Ltd, Cl H		876,000		994



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Zhejiang Expressway Co Ltd, Cl H		1,418,000	$	1,456
Zhuzhou CRRC Times Electric Co Ltd, Cl H		1,061,600		5,187
Zijin Mining Group Co Ltd, Cl H		2,872,000		1,298
ZTO Express Cayman Inc ADR *(A)		316,579		4,746

				399,817


Colombia — 0.1%
Bancolombia SA ADR, Cl R		50,178		2,108
Ecopetrol		524,214		491

				2,599


Czech Republic — 0.2%
CEZ AS		37,324		931
Komercni banka as		68,250		3,118

				4,049


Egypt — 0.3%
Commercial International Bank Egypt SAE GDR		1,049,531		5,332


Greece — 0.4%
Eurobank Ergasias SA *		4,569,650		4,342
National Bank of Greece SA *		9,852,553		3,181

				7,523


Hong Kong — 8.7%
3SBio (B)		577,500		1,318
ASM Pacific Technology Ltd		290,000		4,113
BAIC Motor Corp Ltd, Cl H (B)		483,000		600
Beijing Enterprises Holdings Ltd		474,200		2,508
Beijing Enterprises Water Group Ltd		2,422,000		1,364
Brilliance China Automotive Holdings Ltd		4,253,077		8,993
Chaoda Modern Agriculture Holdings Ltd *		2,056,181		55
China Conch Venture Holdings Ltd		1,602,000		4,928
China Everbright International Ltd		7,701,100		10,894
China Everbright Ltd		732,000		1,549
China Gas Holdings Ltd		1,038,400		3,814
China High Precision Automation Group Ltd *(C)		1,385,624		–
China Huarong Asset Management Co Ltd, Cl H (B)		2,192,000		929
China Medical System Holdings Ltd		5,329,200		12,222
China Mengniu Dairy Co Ltd		1,281,000		4,424
China Mobile Ltd		688,541		6,360
China Mobile Ltd ADR		191,585		8,765
China Overseas Land & Investment Ltd		532,000		1,869
China Resources Cement Holdings		468,000		409
China State Construction International Holdings Ltd		5,093,923		6,276
China Taiping Insurance Holdings Co Ltd		708,591		2,385
China Travel International Investment Hong Kong Ltd		812,000		290
CITIC Ltd		2,777,000		3,906
CNOOC Ltd		5,543,607		8,285
CSPC Pharmaceutical Group Ltd		654,000		1,761


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		11

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

Emerging Market Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Dali Foods Group (B)		297,000	$	246
Far East Horizon		601,000		642
Galaxy Entertainment Group Ltd *		848,548		7,808
Geely Automobile Holdings Ltd		439,000		1,291
Guangzhou Automobile Group Co Ltd, Cl H		2,218,000		4,133
Haier Electronics Group Co Ltd		1,134,100		4,072
Kingboard Chemical Holdings Ltd		89,500		414
Kingboard Laminates Holdings Ltd		227,000		333
Kunlun Energy		562,000		489
Li Ning Co Ltd *		2,948,000		3,046
Logan Property Holdings		296,000		458
Minth Group Ltd		32,350		148
Nine Dragons Paper Holdings Ltd		945,000		1,435
Pacific Basin Shipping *		3,187,000		860
People’s Insurance Co Group of China Ltd/ The, Cl H		4,135,000		1,956
Postal Savings Bank of China, Cl H (B)		577,000		366
Sands China Ltd		1,138,404		6,203
Semiconductor Manufacturing International Corp *(A)		6,130,455		8,143
Shandong Weigao Group Medical Polymer Co Ltd, Cl H		788,000		528
Shimao Property Holdings Ltd		1,308,500		3,766
Sino Biopharmaceutical Ltd		3,254,200		6,493
SMI Holdings Group Ltd (A)		1,759,200		761
Sun Art Retail Group Ltd		1,343,000		1,575
Sunny Optical Technology Group Co Ltd		746,078		14,100
Techtronic Industries Co Ltd		933,500		5,518
Xinyi Glass Holdings Ltd		1,688,000		2,566
Yuexiu Property Co Ltd		2,934,000		700
Yuzhou Properties		440,000		303

				176,370

Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		212,325		2,322
OTP Bank PLC		100,066		4,512

				6,834


India — 8.3%
Adani Ports & Special Economic Zone Ltd		1,155,529		6,323
Ashok Leyland		1,182,650		2,660
Axis Bank Ltd		380,756		3,005
Bajaj Auto Ltd		149,323		6,321
Bharat Forge Ltd		183,882		1,989
Bharti Infratel Ltd		764,942		3,961
Coal India		92,062		402
Cummins India Ltd		231,979		2,502
Cyient		123,356		1,322
Dabur India Ltd		591,637		2,995
Dewan Housing Finance Corp Ltd		380,292		3,009
Escorts Ltd		308,662		3,907
Federal Bank		1,118,395		1,545
HCL Technologies Ltd		526,901		7,853



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
HDFC Bank		122,132	$	3,553
HDFC Bank Ltd ADR		32,359		3,196
Hexaware Technologies Ltd		55,460		323
Hindalco Industries Ltd		415,646		1,382
Hindustan Petroleum Corp Ltd		184,393		981
Hindustan Unilever Ltd		267,159		5,472
Housing Development Finance Corp Ltd		250,431		7,047
ICICI Bank Ltd		1,182,069		5,088
ICICI Bank Ltd ADR		900,962		7,974
Indiabulls Housing Finance Ltd		32,203		617
Indian Oil Corp Ltd		495,365		1,352
Infosys Ltd		404,796		7,067
Infosys Ltd ADR (A)		35,689		637
ITC Ltd		362,200		1,426
JM Financial		526,380		1,055
LIC Housing Finance		50,028		415
Mahindra & Mahindra Financial Services Ltd		127,337		911
Maruti Suzuki India Ltd		4,283		586
Muthoot Finance Ltd		62,459		394
National Aluminium Co Ltd		250,410		259
NCC Ltd/India		1,348,784		2,460
NHPC Ltd		133,346		57
NMDC Ltd		176,884		325
Oil & Natural Gas Corp Ltd		192,343		528
Parag Milk Foods Ltd (B)		20,457		79
Petronet LNG Ltd		117,390		419
Power Grid Corp of India Ltd		1,069,379		3,184
Prestige Estates Projects Ltd		276,256		1,247
Rain Industries		84,180		491
Reliance Industries Ltd		580,338		7,918
Reliance Industries Ltd GDR (B)		718,912		19,524
Rural Electrification Corp Ltd		413,412		797
SH Kelkar & Co Ltd (B)		384,504		1,541
Shriram Transport Finance Co Ltd		199,608		4,441
Sobha Ltd		180,016		1,421
Tata Chemicals Ltd		180,373		1,892
Tata Consultancy Services Ltd		203,519		8,926
Tata Global Beverages Ltd		263,734		1,061
Tata Motors *		129,443		654
Tech Mahindra Ltd		220,358		2,167
United Spirits *		53,939		2,608
Vedanta Ltd		1,272,271		5,487
Wipro		102,239		443
Yes Bank Ltd		391,600		1,849
Zee Entertainment Enterprises Ltd		186,319		1,654

				168,702


Indonesia — 1.6%
Adaro Energy Tbk PT		5,762,500		900
Astra International Tbk PT		4,876,900		2,592
Bank Negara Indonesia Persero Tbk PT		3,751,300		2,380
Bank Rakyat Indonesia Persero Tbk PT		33,750,805		8,831
Indofood Sukses Makmur Tbk PT		2,171,000		1,136


12		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Matahari Department Store Tbk PT		3,574,000	$	2,865
Perusahaan Gas Negara Persero Tbk		10,877,300		1,834
Sumber Alfaria Trijaya Tbk PT		33,071,700		1,462
Surya Citra Media Tbk PT		4,166,900		824
Telekomunikasi Indonesia Persero Tbk PT		19,272,180		5,049
United Tractors Tbk PT		2,015,030		4,706

				32,579


Luxembourg — 0.2%
National Commercial Bank *		271,335		4,687


Malaysia — 0.7%
AirAsia Bhd		946,800		973
Astro Malaysia Holdings		1,197,600		633
CIMB Group Holdings		550,800		1,024
Genting Bhd		136,700		308
Hartalega Holdings Bhd		850,000		1,293
Inari Amertron Bhd		3,322,650		2,414
Malayan Banking Bhd		847,300		2,308
Petronas Dagangan Bhd		156,400		1,004
Sime Darby		716,200		487
Tenaga Nasional Bhd		323,000		1,351
Top Glove Corp Bhd		158,900		402
UEM Sunrise Bhd		2,368,695		614
Westports Holdings Bhd		469,900		429

				13,240

Mexico — 2.8%
Alfa SAB de CV, Cl A		1,243,800		1,587
America Movil SAB de CV, Ser L		1,705,874		1,612
America Movil SAB de CV ADR, Cl L		188,535		3,599
Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santand ADR		328,554		2,356
Cemex SAB de CV ADR *		163,283		1,081
Coca-Cola Femsa SAB de CV ADR		98,475		6,542
Fomento Economico Mexicano SAB de CV		375,600		3,412
Fomento Economico Mexicano SAB de CV ADR		39,887		3,647
Gentera SAB de CV *		3,349,900		2,433
Gruma SAB de CV, Cl B		29,450		336
Grupo Financiero Banorte SAB de CV, Cl O		1,089,901		6,635
Grupo GICSA SA de CV *		1,914,662		1,087
Grupo Mexico SAB de CV, Ser B		662,500		2,198
Grupo Televisa SAB ADR		145,425		2,321
Industrias Bachoco SAB de CV ADR		5,760		357
Infraestructura Energetica Nova SAB de CV		533,700		2,600
Megacable Holdings SAB de CV		125,900		579
Mexichem SAB de CV		1,302,266		3,970
Unifin Financiera SAB de CV SOFOM ENR		516,094		1,763
Wal-Mart de Mexico SAB de CV		3,292,481		8,344

				56,459



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Netherlands — 0.0%
VEON Ltd ADR		208,460	$	550


Panama — 0.2%
Copa Holdings SA, Cl A		26,634		3,426


Peru — 0.7%
Cia de Minas Buenaventura SAA ADR		197,636		3,010
Credicorp Ltd		47,522		10,789

				13,799


Philippines — 0.5%
Ayala Corp		90,400		1,651
BDO Unibank Inc		1,616,666		4,317
Cebu Air Inc		201,950		367
DMCI Holdings Inc		1,750,500		409
Globe Telecom Inc		10,370		323
GT Capital Holdings Inc		66,200		1,489
International Container Terminal Services Inc		133,590		258
Metropolitan Bank & Trust Co		1,174,820		1,939
Pilipinas Shell Petroleum Corp		405,850		424

				11,177


Poland — 0.7%
Dino Polska SA *(B)		221,569		5,654
Energa SA		175,242		495
Grupa Lotos SA		27,952		432
KGHM Polska Miedz SA		19,211		489
PLAY Communications SA *(B)		375,904		3,643
Polski Koncern Naftowy ORLEN SA		18,424		454
Powszechna Kasa Oszczednosci Bank Polski SA*		222,733		2,636

				13,803


Portugal — 0.2%
Galp Energia SGPS SA, Cl B		233,369		4,396


Qatar — 0.0%
Industries Qatar QSC		5,690		165
Ooredoo QPSC		25,934		589

				754


Russia — 4.7%
Detsky Mir PJSC		952,100		1,589
Gazprom PJSC ADR		1,173,390		5,764
LUKOIL PJSC ADR		242,599		16,797
Mail.Ru Group Ltd GDR *		144,040		4,948
Mobile TeleSystems PJSC ADR		297,303		3,386
Novatek PJSC GDR		241		31
Novolipetsk Steel PJSC GDR		101,649		2,540
Rosneft Oil Co PJSC GDR		449,269		2,465
Sberbank of Russia PJSC		981,292		4,316
Sberbank of Russia PJSC ADR		1,772,945		33,093
Surgutneftegas OJSC ADR		73,763		362
Tatneft PAO ADR		15,599		1,002
X5 Retail Group NV GDR *		337,595		11,406


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		13

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

Emerging Market Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Yandex NV, Cl A *		187,623	$	7,402

				95,101


South Africa — 4.5%
African Rainbow Minerals Ltd		43,724		376
AngloGold Ashanti Ltd ADR		58,100		551
AVI Ltd		26,261		246
Barclays Africa Group Ltd		145,854		2,346
Barloworld Ltd		142,406		2,000
Bid Corp Ltd (A)		141,785		3,094
Capitec Bank Holdings Ltd		42,833		3,152
Coronation Fund Managers		49,955		341
Discovery Ltd		124,338		1,796
Exxaro Resources Ltd		217,643		2,011
FirstRand Ltd (A)		1,319,089		7,473
Foschini Group Ltd/The		177,805		3,378
Imperial Holdings Ltd (A)		100,426		1,993
Investec Ltd		17,471		136
JSE Ltd		243,200		3,807
Kumba Iron Ore Ltd (A)		34,076		819
Liberty Holdings Ltd		120,758		1,281
Life Healthcare Group Holdings Ltd		1,582,254		3,702
Massmart Holdings Ltd		89,366		1,226
Mondi Ltd		72,654		1,981
Naspers Ltd, Cl N		65,051		16,090
Novus Holdings Ltd		26,043		10
Petra Diamonds Ltd *		819,391		757
Pick n Pay Stores Ltd		302,256		1,750
RMB Holdings Ltd (A)		389,111		2,537
Sappi Ltd		43,761		282
Sasol Ltd		132,876		4,533
SPAR Group Ltd/The		110,108		1,882
Standard Bank Group Ltd (A)		810,697		14,997
Tiger Brands		31,140		978
Truworths International Ltd		268,739		2,455
Vodacom Group Ltd		99,863		1,292
Wilson Bayly Holmes-Ovcon Ltd		45,758		601
Woolworths Holdings Ltd/South Africa		227,573		1,157

				91,030


South Korea — 12.6%
Celltrion *(A)		2,510		756
CJ O Shopping Co Ltd		2,034		428
Com2uSCorp		26,266		4,641
Coway Co Ltd		85,093		7,009
DB Insurance Co Ltd		19,852		1,231
Dentium		10,263		782
Doosan Bobcat Inc (A)		71,811		2,145
E-MART Inc		9,515		2,422
GS Home Shopping Inc		2,385		422
Hana Financial Group Inc		88,528		3,812
Hana Tour Service Inc		16,658		1,888
Hankook Tire Co Ltd		65,999		3,256



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Hotel Shilla Co Ltd (A)		7,401	$	648
Hyosung Corp		23,000		2,601
Hyundai Development Co-Engineering &
Construction		23,939		855
Hyundai Marine & Fire Insurance Co Ltd		114,324		4,216
Hyundai Mipo Dockyard Co Ltd *(A)		25,446		2,404
Hyundai Motor Co		29,431		3,970
Industrial Bank of Korea		63,593		936
ING Life Insurance Korea Ltd (B)		53,500		2,256
Kangwon Land Inc		57,487		1,472
KB Financial Group Inc		23,179		1,348
KB Financial Group Inc ADR *		57,397		3,326
KCC Corp		5,360		1,672
Korea Aerospace Industries Ltd (A)		126,215		5,957
Korea Electric Power Corp		14,654		458
Korea Investment Holdings		10,494		826
KT&G Corp		24,425		2,295
LG Chem Ltd		18,198		6,656
LG Corp		27,965		2,283
LG Electronics Inc (A)		25,567		2,655
LG Household & Health Care Ltd		2,639		2,958
LG Uplus Corp		188,090		2,185
Lotte Chemical Corp		6,876		2,817
Lotte Chilsung Beverage Co Ltd		1,282		1,839
Lotte Confectionery Co Ltd		4,778		763
Lotte Corp *		29,170		1,741
LS Corp		8,157		566
Mando Corp (A)		15,333		3,327
Meritz Fire & Marine Insurance Co Ltd		15,111		301
NAVER Corp		5,742		4,261
NCSoft Corp (A)		27,965		10,836
Netmarble Games Corp (A)(B)		12,161		1,687
NH Investment & Securities Co Ltd		70,822		941
OCI		7,599		1,137
Orion Corp/Republic of Korea		31,938		3,847
Partron Co Ltd (A)		192,952		1,554
POSCO		19,669		6,272
Samsung Electronics Co Ltd		28,568		66,590
Samsung Engineering Co Ltd *(A)		502,188		8,816
Samsung Life Insurance Co Ltd (A)		25,835		2,809
Samsung SDS Co Ltd		14,131		3,399
SFA Engineering Corp (A)		76,979		2,532
Shinhan Financial Group Co Ltd		4,100		175
SK Holdings Co Ltd		2,848		802
SK Hynix Inc (A)		393,856		30,108
SK Innovation Co Ltd		12,052		2,401
SK Telecom Co Ltd		18,794		4,072
SK Telecom Co Ltd ADR		345,820		8,358
SKCKOLONPI		34,923		1,475
S-Oil Corp		9,123		1,035
SPC Samlip Co Ltd		6,877		804


14		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Woori Bank		40,734	$	553

				256,587


Switzerland — 0.1%
Wizz Air Holdings Plc *(B)		27,820		1,276


Taiwan — 9.8%
Accton Technology Corp		1,268,200		4,191
Acer Inc		1,609,000		1,352
Advanced Ceramic X Corp		118,900		1,123
Advanced Semiconductor Engineering Inc		2,482,745		3,623
Airtac International Group		267,681		4,826
Asustek Computer Inc		106,000		991
AU Optronics Corp		1,319,000		617
Catcher Technology Co Ltd		220,040		2,775
Cathay Financial Holding Co Ltd		2,545,584		4,577
Chailease Holding Co Ltd		675,404		2,351
Chipbond Technology Corp		412,000		983
Chroma ATE		105,000		654
Compal Electronics Inc		2,646,000		1,816
CTBC Financial Holding Co Ltd		2,784,000		2,011
Cub Elecparts Inc		76,000		1,074
Delta Electronics Inc		574,100		2,586
E Ink Holdings		418,000		705
Elite Advanced Laser Corp		616,160		2,390
Elite Material Co Ltd		878,400		2,913
eMemory Technology Inc		163,200		1,976
Epistar Corp		826,000		1,211
Feng TAY Enterprise		256,000		1,171
First Financial Holding Co Ltd		2,346,480		1,637
Formosa Chemicals & Fibre Corp		253,000		953
Foxconn Technology Co Ltd		1,250,000		3,391
HannStar Display Corp		1,511,000		529
Hiwin Technologies Corp		342,312		4,973
Hon Hai Precision Industry Co Ltd		3,468,303		10,843
Hu Lane Associate Inc		207,700		1,036
Inventec Corp		3,537,000		2,839
Kingpak Technology Inc		342,110		2,787
King’s Town Bank Co Ltd		424,000		540
Largan Precision Co Ltd		14,446		1,676
Lite-On Technology Corp		2,427,000		3,416
MediaTek Inc		1,654,079		19,146
Micro-Star International Co Ltd		1,478,000		5,040
Nanya Technology Corp		1,394,000		4,503
Nien Made Enterprise		140,000		1,355
Parade Technologies Ltd		203,600		4,021
Phison Electronics Corp		7,000		74
President Chain Store Corp		408,000		4,127
Radiant Opto-Electronics		163,000		405
Silicon Motion Technology Corp ADR		69,640		3,351
St. Shine Optical		12,000		358
TaiMed Biologics *		172,000		1,449
Taiwan Semiconductor Manufacturing Co Ltd		6,569,717		55,812



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Taiwan Semiconductor Manufacturing Co
Ltd ADR		303,925	$	13,300
Uni-President Enterprises		288,000		678
Walsin Lihwa Corp		427,000		264
Wistron Corp		2,163,000		1,879
Yageo		66,000		1,202
Yuanta Financial Holding Co Ltd		4,163,000		1,920

				199,420


Thailand — 2.1%
Advanced Info Service		282,700		1,869
Bangkok Bank PCL (A)		355,100		2,444
Beauty Community PCL		2,221,700		1,526
CP ALL PCL		1,328,500		3,720
CP ALL PCL NVDR		1,906,510		5,346
Home Product Center		9,007,100		4,028
Kasikornbank PCL		194,000		1,320
Kiatnakin Bank PCL NVDR		260,300		602
Krung Thai Bank PCL NVDR		755,100		461
Land & Houses PCL NVDR		1,087,900		371
Minor International PCL NVDR		2,806,249		3,432
Muangthai Leasing PCL		982,400		1,204
PTT Global Chemical PCL		629,200		1,916
PTT Global Chemical PCL NVDR		596,000		1,816
PTT PCL		308,850		5,492
PTT PCL NVDR		56,200		998
Star Petrolium Refining PLC NVDR		312,800		164
Thai Oil PCL		828,486		2,412
Thai Oil PCL NVDR		479,800		1,397
Thanachart Capital PCL NVDR		397,200		664
Tisco Financial Group PCL		218,723		618
Tisco Financial Group PCL NVDR		5,177		15

				41,815


Turkey — 1.8%
Akbank Turk AS		1,661,607		4,039
Anadolu Efes Biracilik Ve Malt Sanayii AS		181,598		1,244
Arcelik AS		352,301		1,596
Aselsan Elektronik Sanayi Ve Ticaret AS		186,066		1,449
Eregli Demir ve Celik Fabrikalari TAS		1,213,545		3,210
Ford Otomotiv Sanayi AS		60,005		934
Mavi Giyim Sanayi Ve Ticaret AS, Cl B (B)		133,500		1,834
TAV Havalimanlari Holding AS		270,328		1,624
Tofas Turk Otomobil Fabrikasi AS		80,240		539
Tupras Turkiye Petrol Rafinerileri AS		25,023		698
Turk Hava Yollari *		118,851		586
Turk Telekomunikasyon *		180,151		307
Turkcell Iletisim Hizmetleri AS		2,515,427		9,615
Turkcell Iletisim Hizmetleri AS ADR		107,635		1,029
Turkiye Garanti Bankasi AS		1,840,707		5,105
Turkiye Is Bankasi, Cl C		436,578		793
Ulker Biskuvi Sanayi AS		373,314		2,074

				36,676


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		15

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

Emerging Market Equity Fund (Continued)


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
United Arab Emirates — 0.6%
Abu Dhabi Commercial Bank PJSC		298,229	$	535
DAMAC Properties Dubai Co PJSC		1,085,072		882
Dubai Investments PJSC		1,369,222		779
Dubai Islamic Bank PJSC		1,941,791		2,810
Emaar Properties PJSC		3,696,676		5,841
Emirates Telecommunications Group Co PJSC		283,035		1,361

				12,208

United Kingdom — 1.3%
Anglo American PLC (A)		151,735		3,541
Etalon Group GDR		56,800		173
KAZ Minerals PLC *		792,736		9,630
Mail.Ru Group Ltd GDR *		19,209		677
Novatek PJSC GDR		18,778		2,579
RusHydro PJSC ADR		958,703		1,207
Tullow Oil PLC *		3,343,243		9,233

				27,040

United States — 0.4%
America Airports *		201,371		2,485
Globant SA *		78,093		4,025
Pagseguro Digital, Cl A *		19,100		732
Yirendai ADR (A)		15,381		619
YY ADR *		10,165		1,069

				8,930


Vietnam — 0.2%
Vincom Retail JSC *		1,666,000		3,725


Total Common Stock (Cost $1,504,025) ($ Thousands)				1,874,805


PREFERRED STOCK — 3.0%
Brazil — 2.2%
Banco Bradesco SA *		161,172		1,916
Banco do Estado do Rio Grande do Sul SA		171,400		1,045
Cia Brasileira de Distribuicao ADR *		111,300		2,248
Itau Unibanco Holding SA		575,896		8,948
Itau Unibanco Holding SA ADR		339,454		5,296
Itausa - Investimentos Itau SA		1,476,410		6,179
Lojas Americanas*		833,948		4,692
Petroleo Brasileiro SA ADR, Cl A*		650,849		8,455
Randon SA Implementos e Participacoes		679,900		1,761
Telefonica Brasil SA		209,100		3,189
Usinas Siderurgicas de Minas Gerais		188,700		618

				44,347

Colombia — 0.1%
Banco Davivienda SA		45,419		490
Bancolombia SA		40,841		428
Grupo Aval Acciones y Valores		1,466,661		612

				1,530


Description	Shares		Market Value ($ Thousands)

PREFERRED STOCK (continued)
South Korea — 0.7%
Samsung Electronics Co Ltd		7,646	$	14,671

Total Preferred Stock (Cost $51,819) ($ Thousands)				60,548


	Number of Participation Notes

PARTICIPATION NOTES — 1.2%
Luxembourg — 0.2%
Hoa Phat Group JSC, Expires 11/20/2020 *		24,271		64
Mahindra & Mahindra Financial Services, Expires 11/26/2018		475,072		3,380
Savola Group/The, Expires 12/20/2020 *		60,000		704

				4,148

Saudi Arabia — 0.2%
HBSC Bank Savola Group, Expires 01/24/2020		284,680		3,322

Switzerland — 0.5%
Hangzhou Hikvision, Expires 08/22/2018		1,646,489		10,866

United States — 0.1%
Motherson Sumi Systems Ltd, Expires 09/21/2021 *		401,873		1,919

Vietnam — 0.2%
Hoa Phat Group JSC, Expires 07/24/2018 *		1,444,409		3,808


Total Participation Notes (Cost $15,903) ($ Thousands)				24,063



	Shares

EXCHANGE TRADED FUND — 1.1%
United States — 1.1%
iShares MSCI Emerging Markets ETF		479,299		23,140


Total Exchange Traded Fund (Cost $22,630) ($ Thousands)				23,140


	Number of Warrants
WARRANT — 0.1%
United Kingdom — 0.1%
Al Tayyar Travel Group Holding *		236,863		1,813


Total Warrant (Cost $1,823) ($ Thousands)				1,813


16		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018


Description	Number of Rights		Market Value ($ Thousands)
RIGHTS — 0.0%
Philippines — 0.0%
Metropolitan Bank & Trust Co, Expires 04/09/2018*		295,478	$	61


Total Rights (Cost $—) ($ Thousands)				61


	Face Amount (Thousands)
DEBENTURE BOND — 0.0%
Brazil — 0.0%
Vale, Ser 1997
0.000%, 09/30/2049 (D)	BRL	8		–


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


	Shares
AFFILIATED PARTNERSHIP — 4.7%
SEI Liquidity Fund, L.P.
1.750% **^†(E)		94,840,830		94,838


Total Affiliated Partnership (Cost $94,841) ($ Thousands)				94,838


CASH EQUIVALENT — 0.1%
SEI Daily Income Trust, Government Fund, Cl F
1.430%**^†		3,369,561		3,370


Total Cash Equivalent (Cost $3,370) ($ Thousands)				3,370


Total Investments in Securities— 102.6% (Cost $1,694,411) ($ Thousands)			$	2,082,638

Percentages are based on Net Assets of $2,029,703 ($ Thousands).

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of March 31,2018.

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

(A)	Certain securities or partial positions of certain securities are on loan at March 31, 2018 (see Note 9). The total market value of securities on loan at March 31, 2018 was $90,986 ($ Thousands).

(B)

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, 2018, the value of these securities amounted to $40,953 ($ Thousands), representing 2.02% of the Net Assets of the Fund.

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

(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, 2018 was $94,838 ($ Thousands).

ADR — American Depositary Receipt

BRL — Brazilian Real

Cl — Class

CV — Convertible Security

ETF — Exchange-Traded Fund

GDR — Global Depositary Receipt

JSC — Joint-Stock Company

JSE — Johannesburg Stock Exchange

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

Ser — Series

The following is a list of the level of inputs used as of March 31, 2018, in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,872,219	$	2,586	$	–^	$	1,874,805
Preferred Stock		58,787		1,761		–		60,548
Participation Notes		20,255		3,808		–		24,063
Exchange Traded Fund		23,140		–		–		23,140
Warrant		1,813		–		–		1,813
Rights		61		–		–		61
Debenture Bond		–		–		–		–
Affiliated Partnership		–		94,838		–		94,838
Cash Equivalent		3,370		–		–		3,370

Total Investments in Securities	$	1,979,645	$	102,993	$	–	$	2,082,638

^ One security with market value of $0.

For the six months ended March 31, 2018, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		17

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

Emerging Market Equity Fund (Concluded)

The following is a summary of the transactions with affiliates for the six months ended March 31, 2018 ($ Thousands):


Security Description	Value at 9/30/2017		Purchases at Cost		Proceeds from Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 3/31/2018		Dividend Income
SEI Liquidity Fund, L.P.		$154,588		$189,650		$(249,394)		$(3)		$(3)		$94,838		$615
SEI Daily Income Trust, Government Fund, Cl F		7,827		101,879		(106,336)		—		—		3,370		64

Totals		$162,415		$291,529		$(355,730)		$(3)		$(3)		$98,208		$679

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


18		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Fixed Income Fund

LOGO

^†Percentages based on total investments.



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

GLOBAL BONDS — 94.4%
Argentina — 0.3%
Argentina POM Politica Monetaria
27.250%, VAR Argentina Central Bank 7D Repo Ref Rate+0.000%, 06/21/2020	ARS	2,529	$	133
Argentine Bonos del Tesoro
16.000%, 10/17/2023		9,727		469
Argentine Republic Government International Bond
5.000%, 01/15/2027	EUR	115		138
Genneia
8.750%, 01/20/2022 (A)	$	123		132
Provincia de Buenos Aires
9.125%, 03/16/2024		170		189
Rio Energy
6.875%, 02/01/2025 (A)		150		148

				1,209


Australia — 2.7%
Australia & New Zealand Banking Group MTN
5.000%, 08/16/2023	AUD	750		630
3.625%, 07/18/2022	EUR	300		423
Government of Australia
5.500%, 04/21/2023	AUD	1,675		1,477
4.500%, 04/15/2020		540		435
4.500%, 04/21/2033		195		180
4.250%, 04/21/2026		2,200		1,895
3.750%, 04/21/2037		393		335
2.750%, 04/21/2024		1,785		1,393
Government of Australia, Ser 122
5.250%, 03/15/2019		2,000		1,583
Government of Australia, Ser 124
5.750%, 05/15/2021		3,660		3,112



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

GLOBAL BONDS (continued)
National Australia Bank
5.000%, 03/11/2024	AUD	750	$	630
Westpac Banking MTN
1.500%, 03/24/2021	EUR	220		283
1.375%, 04/17/2020		230		292

				12,668


Austria — 1.6%
JAB Holdings BV
1.250%, 05/22/2024		300		371
Republic of Austria
4.150%, 03/15/2037 (A)		406		759
3.650%, 04/20/2022 (A)		290		412
3.150%, 06/20/2044 (A)		475		827
1.950%, 06/18/2019 (A)		1,870		2,370
1.150%, 10/19/2018 (A)		205		254
0.750%, 10/20/2026 (A)		1,592		1,995
Republic of Austria, Ser 97-6
6.250%, 07/15/2027		288		537
Republic of Austria MTN
2.100%, 09/20/2117 (A)		75		104

				7,629


Bahrain — 0.1%
Bahrain Government International Bond
7.000%, 10/12/2028	$	265		255


Belgium — 2.3%
Anheuser-Busch InBev MTN
2.250%, 05/24/2029	GBP	205		274
1.500%, 03/17/2025	EUR	415		529
Kingdom of Belgium
3.750%, 09/28/2020 (A)		2,126		2,889
3.750%, 06/22/2045		233		433
3.000%, 06/22/2034 (A)		620		972
1.600%, 06/22/2047 (A)		310		387
1.000%, 06/22/2031 (A)		1,149		1,415
0.800%, 06/22/2025 (A)		715		906
0.800%, 06/22/2027 (A)		785		979
0.800%, 06/22/2028 (A)		345		426
Kingdom of Belgium, Ser 44
5.000%, 03/28/2035 (A)		64		126
Kingdom of Belgium, Ser 65
4.250%, 09/28/2022		790		1,163

				10,499


Bermuda — 0.0%
XLIT
3.250%, VAR Euribor 3 Month+2.900%, 06/29/2047		161		199


Brazil — 1.1%
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 08/15/2050	BRL	1,490		1,540


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		19

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Fixed Income Fund (Continued)


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

GLOBAL BONDS (continued)
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2021	BRL	5,358	$	1,691
10.000%, 01/01/2027		3,355		1,037
BRF GmbH
4.350%, 09/29/2026	$	200		173
Minerva Luxembourg
6.500%, 09/20/2026 (A)		290		278
Natura Cosmeticos SA
5.375%, 02/01/2023		200		200
Odebrecht Finance
7.125%, 06/26/2042		280		94
4.375%, 04/25/2025		200		63
Petrobras Global Finance
6.250%, 03/17/2024		59		62
5.999%, 01/27/2028 (A)		215		213

				5,351

Canada — 7.0%
Bank of Montreal MTN
0.125%, 04/19/2021	EUR	280		346
Bank of Nova Scotia MTN
0.750%, 09/17/2021		570		718
Bell Canada
3.350%, 06/18/2019	CAD	29		23
Bell Canada MTN
4.700%, 09/11/2023		80		67
3.250%, 06/17/2020		95		75
Canada Housing Trust No. 1
3.800%, 06/15/2021 (A)		2,465		2,011
2.250%, 12/15/2025 (A)		2,235		1,709
1.750%, 06/15/2022 (A)		2,465		1,877
Canadian Imperial Bank of Commerce
0.194%, 07/25/2022	EUR	445		542
Canadian Pacific Railway MTN
6.250%, 06/01/2018	CAD	885		691
CDP Financial
4.400%, 11/25/2019 (A)	$	850		874
Export Development Canada MTN
2.400%, 06/07/2021	AUD	1,259		963
Government of Canada
5.750%, 06/01/2033	CAD	1,205		1,365
2.750%, 12/01/2048		400		346
1.750%, 09/01/2019		1,430		1,110
1.500%, 06/01/2026		5,970		4,431
1.250%, 09/01/2018		740		574
1.000%, 09/01/2022		3,620		2,695
1.000%, 06/01/2027		950		670
0.750%, 09/01/2021		955		712
National Bank of Canada
1.500%, 03/25/2021	EUR	345		444
Province of British Columbia
3.250%, 12/18/2021	CAD	1,150		923


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

GLOBAL BONDS (continued)
Province of Manitoba Canada
3.850%, 12/01/2021	CAD	710	$	581
Province of Ontario Canada
4.700%, 06/02/2037		1,355		1,312
4.650%, 06/02/2041		540		531
2.800%, 06/02/2048		2,200		1,630
2.600%, 06/02/2025		1,614		1,249
2.400%, 06/02/2026		585		444
Province of Quebec Canada
6.250%, 06/01/2032		720		773
Province of Quebec Canada MTN
3.700%, 05/20/2026	AUD	540		426
Rogers Communications
4.000%, 06/06/2022	CAD	165		133
Royal Bank of Canada
1.625%, 08/04/2020	EUR	530		679
0.125%, 03/11/2021		560		692
Toronto-Dominion Bank MTN
0.375%, 01/12/2021		345		430
Yamana Gold
4.950%, 07/15/2024	$	286		294

				32,340

China — 0.1%
Sinopec Group Overseas Development
2.625%, 10/17/2020	EUR	240		312


Colombia — 0.4%
Colombian TES
10.000%, 07/24/2024	COP	1,940,600		835
7.750%, 09/18/2030		2,160,100		842

				1,677


Czech Republic — 0.1%
Czech Republic Government Bond
4.700%, 09/12/2022	CZK	7,470		418
2.500%, 08/25/2028		3,030		156

				574

Denmark — 0.6%
Danske Bank
3.875%, VAR EUR Swap Annual 5 Yr+2.625%, 10/04/2023	EUR	375		470
2.000%, 09/08/2021 (A)	$	360		345
Danske Bank MTN
5.875%, VAR EUR Swap Annual 5 Yr+5.471%, 10/29/2049	EUR	344		473
5.375%, VAR ICE LIBOR GDP 3 Month+1.940%, 09/29/2021	GBP	170		242
Kingdom of Denmark
4.500%, 11/15/2039	DKK	1,625		449
1.500%, 11/15/2023		4,025		719

				2,698


20		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018


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

GLOBAL BONDS (continued)

Egypt — 0.1%
Egypt Government International Bond MTN
7.500%, 01/31/2027 (A)		$	282	$	305


Finland — 0.2%
Government of Finland
2.625%, 07/04/2042 (A)		EUR	135		219
1.500%, 04/15/2023 (A)			235		311
0.500%, 09/15/2027 (A)			290		353

					883

France — 5.9%
BNP Paribas
7.625%, VAR USD Swap Semi 30/360 5 Year Curr+6.314%, 12/29/2049 (A)		$	240		258
4.625%, 03/13/2027 (A)			380		386
BNP Paribas MTN
2.950%, 05/23/2022 (A)			795		779
2.375%, 05/20/2024		EUR	155		209
BPCE
5.250%, 04/16/2029		GBP	200		331
0.394%, VAR ICE LIBOR JPY 3 Month+0.450%, 12/13/2018		JPY	200,000		1,881
BPCE MTN
1.125%, 01/18/2023		EUR	300		374
BPCE SFH
1.750%, 11/29/2019			600		764
BPCE SFH MTN
3.750%, 09/13/2021			200		278
Caisse Francaise de Financement Local MTN
3.000%, 10/02/2028			100		148
Cie de St-Gobain MTN
5.625%, 11/15/2024		GBP	200		337
CNP Assurances
4.500%, VAR Euribor 3 Month+4.600%, 06/10/2047		EUR	200		279
Credit Agricole
6.500%, VAR EUR Swap Annual 5 Yr+5.120%, 12/31/2049			476		656
Credit Agricole MTN
1.875%, 12/20/2026			200		254
1.375%, 05/03/2027			900		1,114
Credit Agricole Assurances 4.750%, VAR EUR Swap Annual 5 Yr+5.350%, 09/27/2048			300		423
Dexia Credit Local MTN
2.000%, 01/22/2021			200		261
0.875%, 09/07/2021		GBP	200		275
0.625%, 01/21/2022		EUR	1,550		1,947
Electricite de France MTN
5.500%, 03/27/2037		GBP	200		352
5.375%, VAR EUR Swap Annual 12 Yr+3.794%, 12/12/2049		EUR	200		269


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

GLOBAL BONDS (continued)
Engie MTN
0.875%, 03/27/2024		EUR	300	$	371
French Republic Government Bond OAT
5.750%, 10/25/2032			403		818
4.000%, 10/25/2038			345		636
3.500%, 04/25/2020			680		906
3.250%, 05/25/2045			1,230		2,113
2.500%, 05/25/2030			885		1,293
2.000%, 05/25/2048 (A)			455		618
1.750%, 05/25/2023			550		737
1.750%, 06/25/2039 (A)			60		80
1.750%, 05/25/2066 (A)			165		205
1.500%, 05/25/2031			285		374
1.250%, 05/25/2036 (A)			760		939
0.050%, 03/25/2023 (B)			485		596
0.000%, 05/25/2020 (B)			373		463
0.000%, 05/25/2021 (B)			930		1,155
0.000%, 05/25/2022 (B)			868		1,074
Groupama
6.000%, 01/23/2027			200		298
La Financiere Atalian
4.000%, 05/15/2024			160		200
Loxam SAS
6.000%, 04/15/2025 (A)			150		198
RCI Banque MTN
1.250%, 06/08/2022			200		253
0.375%, 07/10/2019			450		556
SNCF Reseau
1.125%, 05/25/2030			200		247
SNCF Reseau EPIC
5.500%, 12/01/2021		GBP	205		330
1.125%, 05/19/2027		EUR	300		379
Societe Generale
6.750%, VAR EUR Swap Annual 5 Yr+5.538%, 10/07/2166			397		540
Total Capital International MTN
4.250%, 11/26/2021		AUD	640		514

					27,468

Germany — 3.8%
Allianz
5.625%, VAR Euribor 3 Month+5.000%, 10/17/2042		EUR	200		294
3.099%, VAR Euribor 3 Month+3.350%, 07/06/2047			100		130
Bundesrepublik Deutschland
4.000%, 01/04/2037			1,460		2,752
3.250%, 07/04/2042			1,575		2,852
2.500%, 07/04/2044			177		287
2.500%, 08/15/2046			130		214
0.250%, 02/15/2027			2,160		2,629
0.237%, 08/15/2026			1,532		1,835


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		21

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Fixed Income Fund (Continued)


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

GLOBAL BONDS (continued)
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/2031	EUR	120	$	235
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/2034		95		187
E.ON International Finance MTN
6.000%, 10/30/2019	GBP	300		451
innogy Finance BV MTN
4.750%, 01/31/2034		100		168
1.000%, 04/13/2025	EUR	170		209
Kreditanstalt fuer Wiederaufbau
2.600%, 06/20/2037	JPY	65,000		860
0.500%, 09/15/2027	EUR	510		617
Kreditanstalt fuer Wiederaufbau MTN
3.750%, 05/29/2020	NZD	1,110		821
2.800%, 02/17/2021	AUD	1,230		952
1.125%, 09/15/2032	EUR	500		620
Volkswagen International Finance
2.700%, VAR EUR Swap Annual 5 Yr+2.540%, 12/31/2049		300		373
1.125%, 10/02/2023		600		745
0.500%, 03/30/2021		200		248

				17,479

Guernsey — 0.1%
Credit Suisse Group Funding Guernsey MTN
1.250%, 04/14/2022		570		716


Hungary — 0.1%
Republic of Hungary
3.000%, 06/26/2024	HUF	75,010		318


Indonesia — 0.1%
Republic of Indonesia MTN
2.150%, 07/18/2024 (A)	EUR	200		253


Ireland — 1.7%
Allied Irish Banks MTN
4.125%, VAR EUR Swap Annual 5 Yr+3.950%, 11/26/2025		177		233
Bank of Ireland
7.375%, VAR EUR Swap Annual 5 Yr+6.956%, 12/29/2049		600		816
1.750%, 03/19/2019		450		565
Bank of Ireland MTN
0.375%, 05/07/2022		555		690
Europcar Groupe
4.125%, 11/15/2024 (A)		100		123
Ireland Government Bond
4.500%, 10/18/2018		235		296
4.500%, 04/18/2020		205		278
4.400%, 06/18/2019		600		782
3.400%, 03/18/2024		185		270
2.400%, 05/15/2030		92		130


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

GLOBAL BONDS (continued)
2.000%, 02/18/2045	EUR	265	$	351
1.000%, 05/15/2026		2,405		3,044
0.800%, 03/15/2022		300		383

				7,961

Israel — 0.3%
Israel Electric MTN
4.250%, 08/14/2028 (A)	$	265		260
Israel Government Bond
4.250%, 03/31/2023	ILS	2,521		837
Teva Pharmaceutical Finance Netherlands II
1.125%, 10/15/2024	EUR	220		225

				1,322

Italy — 5.8%
Assicurazioni Generali MTN
7.750%, VAR Euribor 3 Month+7.113%, 12/12/2042		300		463
Buoni Poliennali Del Tesoro
4.000%, 02/01/2037		380		576
Cooperativa Muratori & Cementisti-CMC di Ravenna SC
6.000%, 02/15/2023 (A)		110		129
Enel
5.000%, VAR EUR Swap Annual 5 Yr+3.648%, 01/15/2075		105		139
Enel Finance International MTN
5.750%, 09/14/2040	GBP	145		277
5.625%, 08/14/2024		160		266
1.000%, 09/16/2024	EUR	225		277
FCA Bank MTN
2.625%, 04/17/2019		350		442
Intesa Sanpaolo
7.750%, VAR EUR Swap Annual 5 Yr+7.192%, 07/11/2166		400		601
Intesa Sanpaolo MTN
3.500%, 01/17/2022		200		272
Italy Buoni Poliennali Del Tesoro
5.500%, 11/01/2022		690		1,039
5.000%, 08/01/2034		230		385
5.000%, 09/01/2040		365		623
4.750%, 09/01/2044 (A)		240		403
3.750%, 05/01/2021		386		529
3.750%, 09/01/2024		870		1,247
3.500%, 03/01/2030 (A)		3,285		4,657
3.450%, 03/01/2048 (A)		950		1,312
2.500%, 12/01/2024		430		575
2.050%, 08/01/2027		135		171
2.000%, 12/01/2025		180		231
1.500%, 08/01/2019		740		933
1.350%, 04/15/2022		4,108		5,245
1.250%, 12/01/2026		1,275		1,530
0.950%, 03/01/2023		935		1,166


22		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
0.700%, 05/01/2020	EUR	315	$	395
0.350%, 06/15/2020		1,390		1,730
0.300%, 10/15/2018		480		592
UniCredit
6.625%, VAR EUR Swap Annual 5 Yr+6.387%, 12/03/2166		385		514
Unione di Banche Italiane
1.000%, 01/27/2023		185		234

				26,953

Japan — 18.6%
Development Bank of Japan
2.300%, 03/19/2026	JPY	80,000		884
1.050%, 06/20/2023		90,000		891
Government of Japan 5 Year Bond
0.200%, 06/20/2019		169,000		1,595
0.100%, 12/20/2019		764,750		7,220
0.100%, 03/20/2020		410,800		3,881
Government of Japan 10 Year Bond
0.900%, 06/20/2022		748,750		7,341
0.100%, 06/20/2026		457,750		4,349
0.100%, 03/20/2027		168,150		1,596
0.100%, 06/20/2027		64,800		614
Government of Japan 20 Year Bond
1.900%, 09/20/2022		189,850		1,945
1.700%, 06/20/2033		1,220,450		13,903
1.400%, 09/20/2034		444,650		4,885
1.000%, 12/20/2035		50,000		517
0.700%, 03/20/2037		52,300		512
0.500%, 09/20/2036		459,900		4,361
0.200%, 06/20/2036		169,400		1,526
Government of Japan 20 Year Bond, Ser 106
2.200%, 09/20/2028		46,600		536
Government of Japan 20 Year Bond, Ser 128
1.900%, 06/20/2031		55,000		633
Government of Japan 20 Year Bond, Ser 140
1.700%, 09/20/2032		729,400		8,276
Government of Japan 20 Year Bond, Ser 143
1.600%, 03/20/2033		58,550		658
Government of Japan 20 Year Bond, Ser 144
1.500%, 03/20/2033		111,700		1,240
Government of Japan 30 Year Bond
0.800%, 09/20/2047		208,150		1,990
0.300%, 06/20/2046		134,250		1,129
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/2038		85,400		1,092
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/2039		253,200		3,199
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/2040		127,000		1,545
Government of Japan 30 Year Bond, Ser 38
1.800%, 03/20/2043		259,650		3,092



Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Government of Japan 40 Year Bond
0.400%, 03/20/2056	JPY	304,100	$	2,426
Government of Japan 40 Year Bond, Ser 6
1.900%, 03/20/2053		15,400		192
Government of Japan CPI Linked Bond
0.100%, 03/10/2026		343,053		3,411
Japan Finance Organization for Municipalities
1.900%, 06/22/2018		90,000		850

				86,289

Kazakhstan — 0.1%
Tengizchevroil Finance International
4.000%, 08/15/2026 (A)	$	385		368

Luxembourg — 0.1%
Altice Finco
4.750%, 01/15/2028 (A)	EUR	100		108
Arena Luxembourg Finance Sarl
2.875%, 11/01/2024		165		207
INEOS Finance
2.125%, 11/15/2025 (A)		100		119

				434

Malaysia — 1.1%
Malaysia Government Bond
5.734%, 07/30/2019	MYR	800		214
4.181%, 07/15/2024		3,360		882
4.048%, 09/30/2021		3,380		888
3.955%, 09/15/2025		3,440		889
3.882%, 03/10/2022		780		204
3.795%, 09/30/2022		3,430		889
3.759%, 03/15/2019		602		157
3.654%, 10/31/2019		3,171		824
3.441%, 02/15/2021		787		203

				5,150

Mexico — 2.0%
Mexican Bonos
8.000%, 06/11/2020	MXN	23,696		1,319
7.500%, 06/03/2027		16,264		902
6.500%, 06/09/2022		22,900		1,222
5.750%, 03/05/2026		11,907		592
Mexican Bonos, Ser M
6.500%, 06/10/2021		6,746		362
Mexican Bonos, Ser M20
10.000%, 12/05/2024		43,166		2,713
7.750%, 05/29/2031		28,570		1,601
Mexican Bonos, Ser M30
10.000%, 11/20/2036		11,460		780

				9,491


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		23

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Fixed Income Fund (Continued)


Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Netherlands — 3.0%
ABN AMRO Bank
5.750%, VAR EUR Swap Annual 5 Yr+5.452%, 12/31/2049	EUR		400	$	537
Aegon MTN
6.625%, 12/16/2039	GBP		165		357
Constellium
4.250%, 02/15/2026 (A)	EUR		100		124
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
2.500%, VAR EUR Swap Annual 5 Yr+1.400%, 05/26/2026			260		337
Cooperatieve Rabobank UA
6.625%, VAR EUR Swap Annual 5 Yr+6.697%, 12/29/2049			200		280
Cooperatieve Rabobank UA MTN
5.250%, 09/14/2027	GBP		195		319
4.625%, 05/23/2029			130		205
ING Groep
3.150%, 03/29/2022	$		330		326
Kingdom of Netherlands
4.000%, 01/15/2037 (A)	EUR		855		1,605
3.750%, 01/15/2042 (A)			40		77
2.750%, 01/15/2047 (A)			35		60
2.500%, 01/15/2033 (A)			550		829
2.000%, 07/15/2024 (A)			775		1,064
1.250%, 01/15/2019 (A)			335		418
0.750%, 07/15/2027 (A)			470		590
0.500%, 07/15/2026 (A)			570		707
0.250%, 01/15/2020			3,195		3,992
0.250%, 07/15/2025 (A)			922		1,131
MARB BondCo
7.000%, 03/15/2024 (A)	$		282		265
Shell International Finance
2.000%, 11/15/2018			560		559
Teva Pharmaceutical Finance Netherlands III BV
6.000%, 04/15/2024 (A)			200		194

					13,976

New Zealand — 3.1%
New Zealand Government Bond
5.500%, 04/15/2023	NZD		8,170		6,783
4.500%, 04/15/2027			1,170		963
3.000%, 04/15/2020			5,164		3,808
2.500%, 09/20/2035			1,727		1,403
2.000%, 09/20/2025			610		486
New Zealand Local Government Funding Agency Bond
4.500%, 04/15/2027			1,100		843

					14,286


Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Norway — 0.4%
DNB Bank
6.500%, VAR USD Swap Semi 30/360 5 Year Curr+5.080%, 12/29/2049	$		355	$	369
DNB Boligkreditt MTN
3.875%, 06/16/2021	EUR		390		539
Norway Government Bond
2.000%, 05/24/2023 (A)	NOK		2,680		350
1.750%, 02/17/2027 (A)			6,025		761

					2,019

Poland — 1.5%
Republic of Poland
2.500%, 07/25/2018	PLN		710		208
1.500%, 04/25/2020			1,100		321
0.670%, 11/15/2018	JPY		200,000		1,883
Republic of Poland, Ser 1019
5.500%, 10/25/2019	PLN		1,045		325
Republic of Poland Government Bond
3.250%, 07/25/2025			4,755		1,421
2.500%, 07/25/2026			4,550		1,279
1.750%, 07/25/2021			5,940		1,728

					7,165

Portugal — 0.6%
EDP - Energias de Portugal
5.375%, VAR EUR Swap Annual 5 Yr+5.043%, 09/16/2075	EUR		200		273
EDP Finance MTN
2.000%, 04/22/2025			370		474
Portugal Obrigacoes do Tesouro OT
4.125%, 04/14/2027 (A)			425		641
4.100%, 04/15/2037 (A)			145		227
2.200%, 10/17/2022 (A)			775		1,036

					2,651

Saudi Arabia — 0.1%
Saudi Government International Bond MTN
2.375%, 10/26/2021 (A)	$		275		265


Singapore — 1.8%
Singapore Government Bond
4.000%, 09/01/2018	SGD		340		262
3.500%, 03/01/2027			1,040		869
3.125%, 09/01/2022			2,255		1,799
3.000%, 09/01/2024			2,649		2,118
2.250%, 08/01/2036			250		180
2.000%, 07/01/2020			3,260		2,492
Temasek Financial I MTN
2.375%, 01/23/2023 (A)	$		495		480

					8,200


24		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018


Description		Face Amount (Thousands)	Market Value ($ Thousands)
GLOBAL BONDS (continued)
Slovak Republic — 0.0%
Slovakia Government Bond
3.375%, 11/15/2024	EUR	75	$	110


Slovenia — 0.1%
Slovenia Government Bond
1.250%, 03/22/2027		305		386


South Korea — 0.5%
Hyundai Capital Services MTN
3.500%, 03/30/2022	AUD	680		521
Korea Treasury Bond
3.000%, 09/10/2024	KRW	884,000		851
1.500%, 12/10/2026		994,000		851

				2,223

Spain — 4.1%
Ayt Cedulas Cajas Global
4.750%, 05/25/2027	EUR	400		643
3.750%, 12/14/2022		600		854
Banco Bilbao Vizcaya Argentaria
8.875%, VAR EUR Swap Annual 5 Yr+9.177%, 12/29/2049		200		291
5.875%, VAR EUR Swap Annual 5 Yr+5.779%, 08/24/2166		200		267
Banco de Sabadell
0.875%, 11/12/2021		400		505
Banco Popular Espanol
2.125%, 10/08/2019		100		127
Banco Santander
6.750%, VAR EUR Swap Annual 5 Yr+6.803%, 07/25/2166		200		277
Bankia
0.875%, 01/21/2021		300		378
CaixaBank
6.750%, VAR EUR Swap Annual 5 Yr+6.498%, 12/31/2049		200		278
1.250%, 01/11/2027		500		628
Criteria Caixa SAU MTN
1.500%, 05/10/2023		300		373
Ferrovial Emisiones MTN
3.375%, 06/07/2021		475		643
Gas Natural Fenosa Finance BV
3.375%, VAR EUR Swap Annual 9 Yr+3.079%, 12/29/2049		100		124
Gas Natural Fenosa Finance BV MTN
1.250%, 04/19/2026		300		365
Government of Spain
6.000%, 01/31/2029		320		585
4.900%, 07/30/2040 (A)		415		780
4.700%, 07/30/2041 (A)		319		590
2.900%, 10/31/2046 (A)		625		887
2.750%, 10/31/2024 (A)		406		571


Description		Face Amount (Thousands)	Market Value ($ Thousands)
GLOBAL BONDS (continued)
1.950%, 04/30/2026 (A)	EUR	3,850	$	5,139
1.950%, 07/30/2030 (A)		85		111
1.400%, 01/31/2020		935		1,187
1.300%, 10/31/2026 (A)		474		600
0.400%, 04/30/2022		700		876
Grifols
3.200%, 05/01/2025		110		136
Iberdrola Finanzas MTN
1.000%, 03/07/2025		500		616
Instituto de Credito Oficial MTN
6.000%, 03/08/2021		180		261
Kutxabank
1.250%, 09/22/2025		300		381
Santander Consumer Finance MTN
0.900%, 02/18/2020		300		375
Santander Issuances MTN
3.250%, 04/04/2026		300		402

				19,250

Supra-National — 1.9%
Asian Development Bank MTN
2.350%, 06/21/2027	JPY	70,000		795
European Financial Stability Facility MTN
1.800%, 07/10/2048	EUR	540		711
0.500%, 07/11/2025		695		856
European Investment Bank
1.900%, 01/26/2026	JPY	129,100		1,397
European Investment Bank MTN
6.000%, 08/06/2020	AUD	2,737		2,274
1.250%, 05/12/2025	SEK	7,500		917
International Bank for Reconstruction & Development MTN
3.500%, 01/22/2021	NZD	1,120		827
2.800%, 01/13/2021	AUD	1,230		953

				8,730

Sweden — 1.0%
Intrum Justitia
2.750%, 07/15/2022 (A)	EUR	330		397
Nordea Bank MTN
6.125%, VAR USD Swap Semi 30/360 5 Year Curr+3.388%, 12/31/2049	$	280		290
6.125%, VAR USD Swap Semi 30/360 5 Year Curr+3.388%, 12/31/2049 (A)		483		499
Nordea Hypotek MTN
1.000%, 04/08/2022	SEK	2,600		317
Skandinaviska Enskilda Banken
2.659%, VAR ICE LIBOR USD 3 Month+0.570%, 09/13/2019 (A)	$	200		201
Skandinaviska Enskilda Banken MTN
5.750%, VAR USD Swap Semi 30/360 5 Year Curr+3.850%, 11/29/2049		465		469


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		25

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Fixed Income Fund (Continued)



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

GLOBAL BONDS (continued)
Svenska Handelsbanken
5.250%, VAR USD Swap Semi 30/360 5 Year Curr+3.335%, 12/29/2049	$	325	$	325
Swedbank
6.000%, VAR USD Swap Semi 30/360 5 Year Curr+4.106%, 03/17/2166		200		204
Swedbank Hypotek MTN
1.000%, 06/15/2022	SEK	2,700		328
Sweden Government Bond
3.500%, 06/01/2022		3,040		419
3.500%, 03/30/2039		375		62
1.000%, 11/12/2026		1,725		215
Sweden Government Bond, Ser 1047
5.000%, 12/01/2020		3,370		461
Sweden Government Bond, Ser 1052
4.250%, 03/12/2019		3,630		454
Vattenfall
3.000%, VAR EUR Swap Annual 5 Yr+2.511%, 03/19/2077	EUR	175		214

				4,855


Switzerland — 1.5%
Aquarius & Investments for Swiss Reinsurance
6.375%, VAR USD Swap Semi 30/360 5 Year Curr+5.210%, 09/01/2024	$	340		349
Credit Suisse
0.285%, 12/18/2018	JPY	200,000		1,882
Credit Suisse MTN
0.750%, 09/17/2021	EUR	220		277
Credit Suisse Group
7.500%, VAR USD Swap Semi 30/360 5 Year Curr+4.598%, 12/31/2049 (A)	$	270		292
Government of Switzerland
3.000%, 05/12/2019	CHF	110		120
2.000%, 04/28/2021		735		833
2.000%, 05/25/2022		75		87
1.500%, 04/30/2042		205		260
1.250%, 06/11/2024		405		464
LafargeHolcim Sterling Finance Netherlands BV MTN
3.000%, 05/12/2032	GBP	350		474
Swiss Reinsurance via ELM
2.600%, VAR Euribor 6 Month+3.050%, 09/01/2166	EUR	220		274
UBS MTN
4.750%, VAR EUR Swap Annual 5 Yr+3.400%, 02/12/2026		200		271
UBS Group
5.750%, VAR EUR Swap Annual 5 Yr+5.287%, 12/29/2049		540		740
UBS Group Funding Switzerland
4.125%, 09/24/2025 (A)	$	220		221



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

GLOBAL BONDS (continued)
1.750%, 11/16/2022	EUR	427	$	550

				7,094


Thailand — 0.3%
Thailand Government Bond
4.875%, 06/22/2029	THB	11,215		434
4.675%, 06/29/2044		12,325		491
3.650%, 12/17/2021		11,020		378
3.625%, 06/16/2023		5,375		186

				1,489


Turkey — 0.1%
Coca-Cola Icecek
4.215%, 09/19/2024	$	360		350


United Kingdom — 11.5%
Anglian Water Services Financing
6.875%, 08/21/2023	GBP	230		405
Arqiva Financing MTN
4.040%, 06/30/2020		220		321
Aviva MTN
3.875%, VAR EUR Swap Annual 5 Yr+3.480%, 07/03/2044	EUR	121		162
3.375%, VAR Euribor 3 Month+3.550%, 12/04/2045		515		668
Bank of Scotland MTN
4.750%, 06/08/2022		455		666
Barclays MTN
3.125%, 01/17/2024	GBP	235		334
2.000%, VAR EUR Swap Annual 5 Yr+1.900%, 02/07/2028	EUR	375		457
1.875%, 03/23/2021		575		736
Barclays Bank MTN
10.000%, 05/21/2021	GBP	180		307
BAT International Finance MTN
1.250%, 03/13/2027	EUR	333		392
BG Energy Capital MTN
5.000%, 11/04/2036	GBP	100		187
BP Capital Markets MTN
1.117%, 01/25/2024	EUR	165		207
Canary Wharf Finance II
6.455%, 04/22/2030	GBP	13		23
5.952%, 01/22/2035		20		40
Centrica MTN
4.375%, 03/13/2029		164		262
4.250%, 09/12/2044		100		162
CK Hutchison Finance 16 II
0.875%, 10/03/2024	EUR	400		487
CNH Industrial Finance Europe MTN
2.875%, 05/17/2023		220		294
Coca-Cola European Partners
2.375%, 05/07/2025		400		536


26		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



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

GLOBAL BONDS (continued)
Crh Finance UK MTN
4.125%, 12/02/2029	GBP	250	$	394
Delphi Automotive
1.500%, 03/10/2025	EUR	420		522
DS Smith MTN
1.375%, 07/26/2024		215		264
EC Finance
2.375%, 11/15/2022 (A)		100		123
FCE Bank MTN
1.615%, 05/11/2023		510		641
Gatwick Funding MTN
5.250%, 01/23/2024	GBP	250		404
HBOS Capital Funding
6.461%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+2.850%, 11/29/2049		115		166
Heathrow Funding MTN
6.000%, 03/20/2020		100		152
2.750%, 08/09/2049		160		204
1.875%, 05/23/2022	EUR	750		976
HSBC Holdings
6.750%, 09/11/2028	GBP	350		637
6.000%, VAR EUR Swap Annual 5 Yr+5.338%, 12/29/2049	EUR	345		486
HSBC Holdings MTN
4.750%, VAR EUR Swap Annual 5 Yr+3.844%, 12/31/2049		200		256
Imperial Brands Finance
0.500%, 07/27/2021		150		185
InterContinental Hotels Group MTN
3.750%, 08/14/2025	GBP	174		261
International Game Technology
4.750%, 02/15/2023	EUR	160		215
Lecta
6.500%, 08/01/2023 (A)		113		143
Legal & General Group MTN
5.375%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+4.580%, 10/27/2045	GBP	135		207
Lloyds Banking Group MTN
1.000%, 11/09/2023	EUR	280		343
Nationwide Building Society MTN
4.625%, 02/08/2021		550		767
Next
3.625%, 05/18/2028	GBP	190		268
Northumbrian Water Finance
6.875%, 02/06/2023		190		326
5.625%, 04/29/2033		70		131
Rio Tinto Finance MTN
4.000%, 12/11/2029		124		201
Royal Bank of Scotland MTN
3.875%, 10/19/2020	EUR	123		167



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

GLOBAL BONDS (continued)
Royal Bank of Scotland Group
4.622%, VAR ICE LIBOR USD 3 Month+2.320%, 09/29/2017	$	200	$	201
Royal Bank of Scotland Group MTN
2.500%, 03/22/2023	EUR	465		610
Santander UK
6.222%, VAR ICE LIBOR GDP 3 Month+1.130%, 05/29/2049	GBP	170		236
Santander UK MTN
4.250%, 04/12/2021	EUR	350		486
3.625%, 01/14/2026	GBP	100		149
1.125%, 01/14/2022	EUR	330		417
Severn Trent Utilities Finance MTN
3.625%, 01/16/2026	GBP	175		265
Sky MTN
6.000%, 05/21/2027		50		89
SSE MTN
0.875%, 09/06/2025	EUR	395		479
Standard Chartered
3.277%, VAR ICE LIBOR USD 3 Month+1.510%, 01/29/2049 (A)	$	500		474
Standard Chartered MTN
5.125%, 06/06/2034	GBP	100		151
3.625%, 11/23/2022	EUR	160		216
Stonegate Pub Financing
4.875%, 03/15/2022	GBP	140		194
Thames Water Utilities Cayman Finance MTN
4.625%, 06/04/2046		155		274
TSB Banking Group MTN
5.750%, VAR ICE LIBOR GDP 3 Month+3.430%, 05/06/2026		104		158
United Kingdom Gilt
4.750%, 12/07/2030		115		221
4.500%, 12/07/2042		230		503
4.250%, 12/07/2027		95		168
4.250%, 06/07/2032		1,720		3,225
4.250%, 03/07/2036		435		855
4.250%, 09/07/2039		370		757
4.250%, 12/07/2040		100		207
4.250%, 12/07/2046		320		705
3.750%, 09/07/2021		945		1,454
3.750%, 07/22/2052		80		175
3.500%, 01/22/2045		1,445		2,792
3.250%, 01/22/2044		400		738
2.750%, 09/07/2024		200		309
2.500%, 07/22/2065		1,165		2,187
1.750%, 07/22/2019		1,860		2,643
1.500%, 01/22/2021		600		856
1.250%, 07/22/2027		1,015		1,406
0.750%, 07/22/2023		2,170		2,988
United Kingdom Treasury Bill
0.202%, 04/16/2018 (B)		6,810		9,552


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		27

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Fixed Income Fund (Continued)



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

GLOBAL BONDS (continued)
Virgin Media Finance MTN
4.500%, 01/15/2025	EUR		121	$	151
Wales & West Utilities Finance
6.250%, 11/30/2021	GBP		240		391
Western Power Distribution West Midlands
5.750%, 04/16/2032			100		184
3.875%, 10/17/2024			230		353
Wm Morrison Supermarkets MTN
3.500%, 07/27/2026			225		332
Yorkshire Water Services Odsal Finance
6.588%, 02/21/2023			195		331
Zurich Finance MTN
6.625%, 10/30/2049 (C)			235		377

					53,344


United States — 6.6%
AbbVie
1.375%, 05/17/2024	EUR		220		274
American International Group
2.311%, VAR ICE LIBOR GDP 3 Month+1.705%, 03/15/2067	GBP		150		196
Amgen
1.250%, 02/25/2022	EUR		550		697
Antero Resources
5.125%, 12/01/2022	$		98		99
AT&T
5.000%, 03/01/2021			550		578
3.550%, 09/14/2037	GBP		205		289
1.800%, 09/05/2026	EUR		720		900
Bank of America MTN
2.375%, 06/19/2024			835		1,109
1.625%, 09/14/2022			261		335
1.379%, VAR Euribor 3 Month+1.030%, 02/07/2025			165		206
0.223%, VAR Euribor 3 Month+0.550%, 09/14/2018			375		461
Belden
3.375%, 07/15/2027			100		119
3.375%, 07/15/2027			127		152
Berkshire Hathaway
0.625%, 01/17/2023			265		327
0.500%, 03/13/2020			225		280
Carnival
1.625%, 02/22/2021			180		231
Chubb INA Holdings
1.550%, 03/15/2028			325		400
Citigroup
2.040%, 09/16/2020	JPY		200,000		1,965
Citigroup MTN
0.750%, 10/26/2023	EUR		735		896
Crown European Holdings
2.875%, 02/01/2026 (A)			100		122
2.250%, 02/01/2023 (A)			160		198



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

GLOBAL BONDS (continued)
CVS Health Corp
4.300%, 03/25/2028	$		265	$	266
4.100%, 03/25/2025			265		267
3.125%, 03/09/2020			835		836
Digital Stout Holding MTN
4.250%, 01/17/2025	GBP		305		467
Discovery Communications
2.500%, 09/20/2024			255		351
Dover MTN
2.125%, 12/01/2020	EUR		267		345
FedEx
1.000%, 01/11/2023			560		700
Fidelity National Information Services
0.400%, 01/15/2021			284		350
GE Capital UK Funding Unlimited MTN
6.250%, 05/05/2038	GBP		165		329
General Electric
1.500%, 05/17/2029	EUR		170		204
General Motors Financial MTN
0.955%, 09/07/2023			540		655
Goldman Sachs Group MTN
2.000%, 07/27/2023			900		1,161
1.625%, 07/27/2026			170		210
Hertz Holdings Netherlands BV
5.500%, 03/30/2023 (A)			160		197
Kinder Morgan Energy Partners
4.300%, 05/01/2024	$		330		332
Kraft Heinz Foods
1.500%, 05/24/2024	EUR		220		275
Liberty Mutual Finance Europe
1.750%, 03/27/2024 (A)			163		205
Mastercard
1.100%, 12/01/2022			445		563
McKesson
3.125%, 02/17/2029	GBP		135		191
0.625%, 08/17/2021	EUR		355		441
Metropolitan Life Global Funding I MTN
2.875%, 01/11/2023	GBP		135		198
Moody’s
1.750%, 03/09/2027	EUR		265		335
Morgan Stanley
1.875%, 03/30/2023			490		632
0.557%, 05/22/2018	JPY		300,000		2,823
Morgan Stanley MTN
2.625%, 03/09/2027	GBP		295		409
1.375%, 10/27/2026	EUR		360		433
National Capital Trust I
5.620%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+1.930%, 12/17/2018 (A)	GBP		35		50


28		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



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

GLOBAL BONDS (continued)
5.620%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+1.930%, 09/29/2049	GBP		150	$	215
National Grid North America MTN
1.000%, 07/12/2024	EUR		300		371
Nordea Bank MTN
2.250%, 05/27/2021 (A)	$		425		413
Philip Morris International
0.625%, 11/08/2024	EUR		285		341
Philip Morris International MTN
1.875%, 03/03/2021			300		386
PVH
3.125%, 12/15/2027 (A)			156		189
Quintiles IMS
2.875%, 09/15/2025			220		262
Santander Holdings USA
3.700%, 03/28/2022	$		460		461
Southern
2.750%, 06/15/2020			700		694
US Bancorp MTN
0.850%, 06/07/2024	EUR		701		856
Valeant Pharmaceuticals International
4.500%, 05/15/2023 (A)			170		185
Verizon Communications MTN
4.750%, 02/17/2034	GBP		170		281
4.050%, 02/17/2025	AUD		680		526
Viacom
4.250%, 09/01/2023	$		500		507
Wells Fargo MTN
2.000%, 04/27/2026	EUR		210		271
1.375%, 06/30/2022	GBP		195		266
Wells Fargo Bank MTN
5.250%, 08/01/2023			350		559
Western Digital Corp
4.750%, 02/15/2026	$		328		327
WPC Eurobond BV
2.125%, 04/15/2027	EUR		380		466

					30,635


Uruguay — 0.0%
Republic of Uruguay
9.875%, 06/20/2022 (A)	UYU		3,181		114
8.500%, 03/15/2028 (A)			2,325		76

					190

Total Global Bonds (Cost $419,595) ($ Thousands)					438,019



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

MORTGAGE-BACKED SECURITIES — 1.6%

Agency Mortgage-Backed Obligation — 0.5%
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA1, Cl M2
3.722%, VAR ICE LIBOR USD 1 Month+1.850%, 10/25/2027	$	490	$	500
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, Cl M2
4.472%, VAR ICE LIBOR USD 1 Month+2.600%, 12/25/2027		100		102
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQA2, Cl M2
4.672%, VAR ICE LIBOR USD 1 Month+2.800%, 05/25/2028		165		170
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, Cl M2
4.772%, VAR ICE LIBOR USD 1 Month+2.900%, 07/25/2028		276		283
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-HQA1, Cl M3
8.222%, VAR ICE LIBOR USD 1 Month+6.350%, 09/25/2028		250		309
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA1, Cl M1
3.072%, VAR ICE LIBOR USD 1 Month+1.200%, 07/25/2029		350		353
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA2, Cl M2
5.322%, VAR ICE LIBOR USD 1 Month+3.450%, 10/25/2029		470		511

				2,228


Non-Agency Mortgage-Backed Obligation — 1.1%
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
3.750%, 09/25/2034 (C)		15		15
Citigroup Mortgage Loan Trust, Ser 2005-2,Cl 1A4
3.414%, 05/25/2035 (C)		258		261
COMM Mortgage Trust, Ser 2012-CR4, Cl A3
2.853%, 10/15/2045		130		128
COMM Mortgage Trust, Ser 2012-CR5, Cl A3
2.540%, 12/10/2045		125		122
COMM Mortgage Trust, Ser 2013-CR6, Cl A4
3.101%, 03/10/2046		120		119
COMM Mortgage Trust, Ser 2013-CR8, Cl A4
3.334%, 06/10/2046		120		121

COMM Mortgage Trust, Ser 2014-CCRE14,Cl A3
3.955%, 02/10/2047		70		72
COMM Mortgage Trust, Ser 2014-CR21, Cl A3
3.528%, 12/10/2047		75		76


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		29

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Fixed Income Fund (Continued)



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

MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust, Ser 2014-UBS2, Cl A5
3.961%, 03/10/2047	$	60	$	62
COMM Mortgage Trust, Ser 2014-UBS4, Cl A5
3.694%, 08/10/2047		180		183
COMM Mortgage Trust, Ser 2015-DC1, Cl A5
3.350%, 02/10/2048		155		154
COMM Mortgage Trust, Ser 2015-PC1, Cl A4
3.620%, 07/10/2050		50		51
COMM Mortgage Trust, Ser 2016-DC2, Cl A5
3.765%, 02/10/2049		140		143
Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, Cl AMFX
4.877%, 04/15/2037		16		15
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl A3
3.447%, 08/15/2048		85		85
CSAIL Commercial Mortgage Trust, Ser 2016-C7, Cl A5
3.502%, 11/15/2049		80		79
FNMA Connecticut Avenue Securities, Ser 2013-C01, Cl M1
3.872%, VAR ICE LIBOR USD 1 Month+2.000%, 10/25/2023		15		15
FNMA Connecticut Avenue Securities, Ser 2014-C01, Cl M1
3.472%, VAR ICE LIBOR USD 1 Month+1.600%, 01/25/2024		169		171
FNMA Connecticut Avenue Securities, Ser 2014-C04, Cl 2M2
6.872%, VAR ICE LIBOR USD 1 Month+5.000%, 11/25/2024		402		452
FNMA Connecticut Avenue Securities, Ser 2016-C02, Cl 1M1
4.022%, VAR ICE LIBOR USD 1 Month+2.150%, 09/25/2028		153		154
FNMA Connecticut Avenue Securities, Ser 2016-C04, Cl 1M2
6.122%, VAR ICE LIBOR USD 1 Month+4.250%, 01/25/2029		95		107
FNMA Connecticut Avenue Securities, Ser 2016-C05, Cl 2M1
3.222%, VAR ICE LIBOR USD 1 Month+1.350%, 01/25/2029		75		75
FNMA Connecticut Avenue Securities, Ser 2016-C06, Cl 1M1
3.172%, VAR ICE LIBOR USD 1 Month+1.300%, 04/25/2029		524		529
FNMA Connecticut Avenue Securities, Ser 2016-C07, Cl 2M2
6.222%, VAR ICE LIBOR USD 1 Month+4.350%, 05/25/2029		153		170



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

MORTGAGE-BACKED SECURITIES (continued)
FNMA Connecticut Avenue Securities, Ser 2017-C01, Cl 1M1
3.172%, VAR ICE LIBOR USD 1 Month+1.300%, 07/25/2029	$	199	$	201
GS Mortgage Securities Trust, Ser 2014-GC20, Cl D
4.859%, 04/10/2047 (A)(C)		80		53
GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1
3.089%, 01/25/2035 (C)		58		56
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl A3A1
3.538%, 09/15/2047		185		187
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, Cl A3
2.829%, 10/15/2045		129		127
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1
3.357%, 12/25/2034 (C)		60		60
LB-UBS Commercial Mortgage Trust, Ser 2008-C1, Cl A2
6.319%, 04/15/2041 (C)		1		1
LSTAR Commercial Mortgage Trust, Ser 2016-4, Cl A2
2.579%, 03/10/2049 (A)		159		154
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl E
5.282%, 10/12/2052 (A)(C)		10		1
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl D
5.282%, 10/12/2052 (A)(C)		15		2
Morgan Stanley Capital I Trust, Ser 2016-UB12, Cl A3
3.337%, 12/15/2049		155		153
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1
3.872%, 01/05/2043 (A)(C)		135		134
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4
3.185%, 03/10/2046		100		100
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C6, Cl A3
2.971%, 04/10/2046		70		69
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl A3
3.290%, 05/15/2048		120		119
Wells Fargo Commercial Mortgage Trust, Ser 2015-C30, Cl A3
3.411%, 09/15/2058		80		80
Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl A4
3.560%, 01/15/2059		140		140


30		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



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

MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust, Ser 2017-C38, Cl A5
3.453%, 07/15/2050	$	205	$	202
WFRBS Commercial Mortgage Trust, Ser 2012-C10, Cl A3
2.875%, 12/15/2045		125		123

				5,321

Total Mortgage-Backed Securities (Cost $7,495) ($ Thousands)				7,549


CORPORATE OBLIGATIONS — 0.9%
United States — 0.9%
Altria Group
4.750%, 05/05/2021		180		188
Anthem
2.300%, 07/15/2018		150		150
Charter Communications Operating
4.908%, 07/23/2025		375		383
Community Health Systems
6.250%, 03/31/2023		175		161
Dell International
5.450%, 06/15/2023 (A)		240		254
Goldman Sachs Group
2.625%, 04/25/2021		425		416
Hess
4.300%, 04/01/2027		333		326
Mallinckrodt International Finance
5.750%, 08/01/2022 (A)		37		32
4.875%, 04/15/2020 (A)		137		130
PNC Funding
3.300%, 03/08/2022		150		151
QEP Resources
5.250%, 05/01/2023		108		104
Seagate HDD Cayman
4.875%, 03/01/2024 (A)		85		85
4.750%, 06/01/2023		17		17
4.750%, 01/01/2025		123		120
Sigma Finance Netherlands BV
4.875%, 03/27/2028 (A)		200		200
Societe Generale MTN
2.500%, 04/08/2021 (A)		500		488
Sprint Spectrum
4.738%, 03/20/2025 (A)		265		266
Tenet Healthcare
4.375%, 10/01/2021		110		108
Terraform Global Operating
6.125%, 03/01/2026 (A)		55		55
Uniti Group
6.000%, 04/15/2023 (A)		162		156



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

CORPORATE OBLIGATIONS (continued)
Verizon Communications
3.500%, 11/01/2021	$	590	$	595


Total Corporate Obligations (Cost $4,451) ($ Thousands)				4,385


U.S. TREASURY OBLIGATIONS — 0.5%
U.S. Treasury Bond STRIPS
2.995%, 08/15/2045 (B)		1,070		472
2.885%, 11/15/2045 (B)		1,030		451
U.S. Treasury Inflation Protected Securities
1.250%, 07/15/2020		1,150		1,181


Total U.S. Treasury Obligations (Cost $2,123) ($ Thousands)				2,104


Total Investments in Securities— 97.4% (Cost $433,664) ($ Thousands)			$	452,057


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		31

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Fixed Income Fund (Continued)

A list of the open futures contracts held by the Fund at March 31, 2018, is as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ (Depreciation) (Thousands)
Australian 10-Year Bond		(8)		Jun-2018	$	(800	)	$	(795	)	$	(15	)
Australian 10-Year Bond		(30)		Jun-2018		(2,976	)		(2,983	)		(14	)
Australian 3-Year Bond		42		Jun-2018		3,671			3,582			8
Canadian 10-Year Bond		33		Jun-2018		3,406			3,411			62
Canadian 10-Year Bond		(24)		Jun-2018		(2,454	)		(2,481	)		(23	)
Euro		(240)		Jun-2018		(37,267	)		(37,076	)		192
Euro-Bob		(32)		Jun-2018		(5,167	)		(5,165	)		(28	)
Euro-BTP		(13)		Jun-2018		(2,182	)		(2,219	)		(44	)
Euro-Bund		(91)		Jun-2018		(17,653	)		(17,843	)		(238	)
Euro-Buxl 30 Year Bond		31		Jun-2018		6,162			6,305			187
Euro-OAT		59		Jun-2018		11,106			11,217			142
Euro-OAT		(4)		Jun-2018		(747	)		(760	)		(14	)
Euro-Schatz		7		Jun-2018		963			964			2
Euro-Schatz		(82)		Jun-2018		(11,329	)		(11,292	)		(6	)
Japanese 10-Year Bond		12		Jun-2018		17,048			17,021			15
Japanese 10-Year Bond E-MINI		(34)		Jun-2018		(4,835	)		(4,823	)		(5	)
Japanese 10-Year Bond E-MINI		1		Jun-2018		142			142			–
Long Gilt 10-Year Bond		(32)		Jun-2018		(5,416	)		(5,513	)		(82	)
U.S. 2-Year Treasury Note		140		Jun-2018		29,765			29,765			–
U.S. 5-Year Treasury Note		(192)		Jun-2018		(21,901	)		(21,977	)		(76	)
U.S. 5-Year Treasury Note		5		Jun-2018		570			572			2
U.S. 10-Year Treasury Note		(51)		Jun-2018		(6,130	)		(6,178	)		(49	)
U.S. Long Treasury Bond		11		Jun-2018		1,575			1,613			38
U.S. Ultra Long Treasury Bond		(22)		Jun-2018		(3,425	)		(3,530	)		(106	)
U.S. Ultra Long Treasury Bond		8		Jun-2018		1,261			1,284			23
Ultra 10-Year U.S. Treasury Note		(11)		Jun-2018		(1,411	)		(1,429	)		(17	)

					$	(48,024	)	$	(48,188	)	$	(46	)

A list of the open forward foreign currency contracts held by the Fund at March 31, 2018, is as follows:

Counterparty

Settlement Date

Currency to Deliver

(Thousands)

Currency to Receive

(Thousands)

Unrealized Appreciation

(Depreciation)

(Thousands)

ANZ

06/07/18

NZD

4,228

USD

3,057

Bank of America

04/13/18

GBP

1,285

USD

1,813

Bank of America

04/05/18

GBP

133

USD

185

(2)

Barclays PLC

04/03/18

USD

1,603

BRL

5,294

(10)

Barclays PLC

04/05/18

USD

CAD

–

Barclays PLC

04/05/18

CAD

129

USD

(1)

Barclays PLC

05/02/18

USD

NOK

474

Barclays PLC

04/05/18

USD

NOK

578

–

Barclays PLC

04/05/18

USD

135

AUD

175

(1)

Barclays PLC

04/05/18

USD

NZD

–

Barclays PLC

04/05/18

USD

123

NZD

169

(1)

Barclays PLC

04/05/18 - 05/02/18

EUR

160

USD

198

–

Barclays PLC

04/05/18

USD

EUR

–

Barclays PLC

04/05/18

USD

124

EUR

100

(1)

Barclays PLC

04/05/18

NZD

290

USD

211

Barclays PLC

04/05/18

USD

469

HUF

117,758

(5)

Barclays PLC

04/05/18 - 05/02/18

NOK

2,196

USD

282

Barclays PLC

04/05/18

USD

3,614

MXN

66,427


32		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC		04/05/18	PLN		6,318	USD		1,848	$	4
Barclays PLC		04/05/18	JPY		6,550	USD		63		1
Barclays PLC		05/02/18	GBP		27,852	USD		39,451		339
Barclays PLC		04/05/18 - 04/13/18	GBP		600	USD		834		(7)
Barclays PLC		04/05/18	USD		29,759	GBP		21,043		(238)
Barclays PLC		04/05/18 - 05/02/18	MXN		132,854	USD		7,128		(134)
Barclays PLC		04/17/18	USD		678	RUB		38,777		(4)
Barclays PLC		05/02/18	HUF		117,758	USD		470		5
Barclays PLC		05/03/18	BRL		5,294	USD		1,598		9
BNP Paribas		04/05/18	NZD		1,481	USD		1,069		1
BNP Paribas		04/13/18	GBP		946	USD		1,347		19
BNP Paribas		04/05/18 - 04/13/18	GBP		1,113	USD		1,546		(15)
BNP Paribas		04/05/18 - 04/09/18	ARS		9,168	USD		469		15
BNP Paribas		04/09/18	USD		177	ARS		3,655		4
Brown Brothers Harriman		04/13/18	GBP		276	USD		384		(4)
Brown Brothers Harriman		04/13/18	ZAR		508	USD		42		(1)
Brown Brothers Harriman		04/13/18	USD		904	GBP		642		(3)
Brown Brothers Harriman		05/30/18	EUR		161	USD		199		–
Brown Brothers Harriman		05/30/18	USD		1,647	EUR		1,322		(15)
BT Brokerage		04/05/18	USD		73	EUR		59		–
BT Brokerage		04/05/18	AUD		160	USD		123		1
BT Brokerage		04/05/18	USD		204	DKK		1,220		(3)
BT Brokerage		04/05/18	EUR		593	USD		726		(3)
BT Brokerage		04/05/18	USD		719	NZD		996		–
BT Brokerage		04/05/18	GBP		18,190	USD		25,140		(379)
BT Brokerage		04/05/18	JPY		105,822	USD		998		2
BT Brokerage		04/05/18	JPY		45,000	USD		423		–
BT Brokerage		05/02/18	DKK		1,220	USD		205		3
CIBC		05/02/18	GBP		310	USD		435		–
CIBC		05/02/18	EUR		1,105	USD		1,362		–
Citigroup		04/05/18	USD		62	EUR		50		(1)
Citigroup		04/05/18	USD		74	SEK		607		(1)
Citigroup		04/05/18	NZD		84	USD		62		1
Citigroup		04/05/18	USD		98	GBP		71		1
Citigroup		04/05/18	GBP		274	USD		380		(5)
Citigroup		04/05/18	SEK		301	USD		37		1
Citigroup		04/05/18	USD		310	NZD		427		(2)
Citigroup		04/05/18	USD		284	NOK		2,233		–
Citigroup		04/05/18	USD		61	NOK		474		(1)
Citigroup		04/05/18	USD		1,088	SGD		1,424		(2)
Citigroup		04/05/18	NOK		963	USD		125		2
Citigroup		04/05/18	NOK		8,932	USD		1,137		(1)
Citigroup		04/05/18 - 06/07/18	AUD		10,858	USD		8,402		74
Citigroup		04/05/18 - 05/30/18	EUR		19,970	USD		24,703		109
Citigroup		04/05/18	EUR		20,257	USD		24,865		(52)
Citigroup		04/05/18	HUF		117,758	USD		459		(5)
Citigroup		04/19/18	USD		428	ARS		8,746		3
Citigroup		04/26/18	USD		1,324	KRW		1,416,222		8
Citigroup		04/26/18	USD		1,549	JPY		167,923		32
Citigroup		05/02/18	SGD		1,424	USD		1,089		2


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		33

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Fixed Income Fund (Continued)


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		05/16/18	USD		498	PLN		1,702	$	–
Credit Suisse First Boston		04/03/18	BRL		5,294	USD		1,631		38
Credit Suisse First Boston		04/05/18	CHF		1,713	USD		1,821		32
Credit Suisse First Boston		04/05/18	NOK		1,725	USD		223		3
Credit Suisse First Boston		04/13/18	EUR		2,771	GBP		2,451		30
Credit Suisse First Boston		06/07/18	AUD		2,147	CAD		2,132		10
Deutsche Bank		05/25/18	SEK		13,078	USD		1,599		31
Goldman Sachs		04/12/18	CAD		2,730	USD		2,118		–
Goldman Sachs		04/13/18	GBP		10,323	USD		14,651		165
Goldman Sachs		04/13/18	GBP		1,089	USD		1,524		(4)
HSBC		04/05/18	USD		60	AUD		78		–
HSBC		04/05/18	NZD		84	USD		61		–
HSBC		04/05/18	USD		119	CAD		154		1
HSBC		04/05/18	USD		331	NOK		2,565		(4)
HSBC		04/05/18	USD		612	CZK		12,494		(7)
HSBC		04/05/18	USD		867	ILS		3,023		(6)
HSBC		04/05/18	USD		208	GBP		151		4
HSBC		05/02/18	USD		935	GBP		665		(1)
HSBC		04/05/18	NOK		1,709	USD		221		3
HSBC		04/05/18	GBP		1,954	USD		2,700		(41)
HSBC		04/05/18	USD		544	EUR		445		3
HSBC		05/02/18	USD		9,394	EUR		7,555		(84)
HSBC		04/05/18 - 05/02/18	JPY		164,272	USD		1,547		1
HSBC		04/12/18	CAD		17,410	USD		14,031		524
HSBC		05/02/18	ILS		3,023	USD		868		5
HSBC		05/02/18	CZK		12,494	USD		613		6
HSBC		05/11/18	USD		631	MXN		11,831		13
HSBC		05/25/18	USD		1,327	NOK		10,200		(25)
HSBC		05/30/18	EUR		13,216	USD		16,428		110
JPMorgan Chase Bank		04/05/18	USD		170	AUD		220		(2)
JPMorgan Chase Bank		04/05/18	USD		186	CHF		176		(2)
JPMorgan Chase Bank		04/05/18	USD		226	CAD		294		2
JPMorgan Chase Bank		04/05/18	USD		59	CAD		76		–
JPMorgan Chase Bank		04/05/18	CAD		218	USD		169		–
JPMorgan Chase Bank		04/05/18 - 05/02/18	CAD		135	USD		104		–
JPMorgan Chase Bank		04/05/18	USD		183	NZD		255		1
JPMorgan Chase Bank		04/05/18	USD		306	NZD		421		(2)
JPMorgan Chase Bank		04/05/18 - 05/02/18	USD		158	NOK		1,249		1
JPMorgan Chase Bank		04/05/18 - 05/02/18	USD		417	NOK		3,259		(3)
JPMorgan Chase Bank		04/05/18 - 05/02/18	AUD		745	USD		576		4
JPMorgan Chase Bank		04/05/18	USD		828	SEK		6,826		(13)
JPMorgan Chase Bank		04/05/18	NZD		757	USD		552		5
JPMorgan Chase Bank		04/05/18	NZD		85	USD		61		–
JPMorgan Chase Bank		04/05/18	SEK		990	USD		121		2
JPMorgan Chase Bank		05/02/18	GBP		44	USD		63		1
JPMorgan Chase Bank		04/05/18 - 05/02/18	GBP		1,118	USD		1,553		(16)
JPMorgan Chase Bank		04/05/18	USD		964	EUR		789		7
JPMorgan Chase Bank		05/02/18	USD		239	EUR		193		(2)
JPMorgan Chase Bank		04/05/18	SGD		1,424	USD		1,077		(9)
JPMorgan Chase Bank		04/05/18	USD		1,526	THB		47,594		(4)
JPMorgan Chase Bank		04/05/18 - 05/30/18	USD		1,839	EUR		1,485		(10)


34		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		04/05/18	USD		1,869	PLN		6,318	$	(25)
JPMorgan Chase Bank		04/05/18 - 05/02/18	USD		1,259	GBP		908		15
JPMorgan Chase Bank		04/05/18 - 05/02/18	USD		2,229	GBP		1,586		(2)
JPMorgan Chase Bank		04/05/18	NOK		3,346	USD		433		7
JPMorgan Chase Bank		04/05/18	NOK		475	USD		60		–
JPMorgan Chase Bank		04/05/18 - 04/20/18	EUR		13,185	USD		16,399		166
JPMorgan Chase Bank		04/05/18	EUR		84	USD		103		–
JPMorgan Chase Bank		04/05/18	JPY		39,225	USD		371		2
JPMorgan Chase Bank		04/05/18	JPY		97,000	USD		909		(4)
JPMorgan Chase Bank		04/12/18	CAD		1,508	EUR		985		42
JPMorgan Chase Bank		04/20/18	USD		382	CAD		493		–
JPMorgan Chase Bank		04/20/18	USD		1,159	COP		3,289,707		19
JPMorgan Chase Bank		04/20/18	USD		1,933	CLP		1,149,590		(28)
JPMorgan Chase Bank		04/20/18	USD		2,686	SEK		21,981		(58)
JPMorgan Chase Bank		04/20/18	CHF		2,986	USD		3,201		78
JPMorgan Chase Bank		04/20/18	USD		4,045	GBP		2,902		29
JPMorgan Chase Bank		04/20/18	USD		4,452	NOK		34,513		(53)
JPMorgan Chase Bank		04/20/18	PLN		5,392	USD		1,602		27
JPMorgan Chase Bank		04/20/18	SGD		8,786	USD		6,680		(24)
JPMorgan Chase Bank		04/20/18	BRL		8,851	USD		2,734		75
JPMorgan Chase Bank		04/20/18	AUD		12,794	USD		10,006		193
JPMorgan Chase Bank		04/20/18	NZD		20,160	USD		14,704		164
JPMorgan Chase Bank		04/20/18	MXN		30,512	USD		1,621		(46)
JPMorgan Chase Bank		04/20/18	TWD		71,746	USD		2,464		(3)
JPMorgan Chase Bank		04/20/18	THB		114,930	USD		3,669		(9)
JPMorgan Chase Bank		04/20/18	HUF		993,394	USD		3,947		28
JPMorgan Chase Bank		04/20/18	KRW		1,835,000	USD		1,717		(8)
JPMorgan Chase Bank		04/20/18	JPY		2,486,616	USD		23,502		93
JPMorgan Chase Bank		05/02/18	USD		61	JPY		6,475		–
JPMorgan Chase Bank		05/02/18	USD		124	JPY		13,000		(1)
JPMorgan Chase Bank		05/02/18	PLN		6,318	USD		1,870		24
JPMorgan Chase Bank		05/02/18 - 05/30/18	EUR		18,542	USD		23,018		124
JPMorgan Chase Bank		05/02/18	THB		47,594	USD		1,530		6
Merrill Lynch		04/05/18 - 05/02/18	USD		11,435	CAD		14,696		(36)
Merrill Lynch		04/05/18 - 05/02/18	CAD		14,696	USD		11,440		34
Montgomery/Bank of America		04/05/18	NZD		8,087	USD		5,831		(3)
Morgan Stanley		04/05/18 - 05/02/18	USD		1,064	NOK		8,169		(23)
Morgan Stanley		04/05/18	DKK		1,220	USD		201		(1)
Morgan Stanley		04/13/18	GBP		907	USD		1,275		1
Morgan Stanley		04/05/18	GBP		431	USD		595		(10)
Morgan Stanley		04/05/18 - 05/02/18	CHF		1,889	USD		2,003		25
Morgan Stanley		04/05/18 - 05/02/18	USD		1,999	CHF		1,889		(26)
Morgan Stanley		04/05/18	USD		6,226	NZD		8,566		(47)
Morgan Stanley		04/05/18 - 05/02/18	NOK		8,169	USD		1,064		23
Morgan Stanley		04/05/18 - 05/02/18	USD		8,977	SEK		73,391		(197)
Morgan Stanley		04/05/18	CZK		12,494	USD		602		(3)
Morgan Stanley		04/05/18	USD		26,101	EUR		21,007		(262)
Morgan Stanley		05/02/18	EUR		21,007	USD		26,152		267
Morgan Stanley		04/05/18 - 05/02/18	EUR		28,432	USD		34,814		(160)
Morgan Stanley		04/05/18 - 05/02/18	SEK		73,391	USD		8,966		198
Morgan Stanley		04/05/18	JPY		7,255,132	USD		67,962		(267)


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		35

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Fixed Income Fund (Continued)


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Morgan Stanley		05/02/18	NZD		8,566	USD		6,225	$	48
Morgan Stanley		05/03/18	USD		327	BRL		1,087		(1)
National Australia Capital Markets		04/05/18	USD		959	JPY		100,514		(14)
National Bank of Australia		04/05/18	JPY		200,681	USD		1,888		1
RBC		04/05/18	USD		470	CAD		603		(2)
RBC		04/05/18 - 05/02/18	USD		5,706	AUD		7,396		(33)
RBC		04/05/18 - 05/02/18	AUD		7,396	USD		5,706		35
RBC		04/05/18	CAD		13,950	USD		10,876		55
RBC		04/26/18	JPY		536,046	USD		4,912		(137)
RBS		04/05/18	USD		225	ARS		4,584		2
RBS		04/13/18	GBP		410	USD		581		6
RBS		05/16/18	PLN		1,746	USD		518		7
RBS		06/07/18	USD		606	AUD		770		(15)
Standard Bank		05/03/18	USD		330	BRL		1,103		1
Standard Chartered		04/05/18 - 05/02/18	USD		64,968	EUR		52,246		(683)
Standard Chartered		05/17/18	USD		1,295	INR		84,931		3
Standard New York		05/02/18	EUR		42,653	USD		53,087		529
State Street		04/05/18	USD		423	AUD		542		(8)
State Street		04/05/18	AUD		7,012	USD		5,477		99
State Street		04/05/18	EUR		1,447	USD		1,787		8
State Street		04/05/18	EUR		13,572	USD		16,626		(68)
State Street		04/05/18	USD		73,182	JPY		7,745,896		(337)
State Street		05/02/18	JPY		7,745,896	USD		73,308		325
TD Securities		04/05/18	USD		328	NOK		2,548		(3)
TD Securities		04/05/18	ILS		3,023	USD		871		10
UBS		04/05/18	EUR		207	USD		253		(1)
UBS		04/05/18	USD		6,461	SEK		53,197		(108)
UBS		04/05/18	SEK		14,052	USD		1,707		29
UBS		04/05/18	THB		47,594	USD		1,513		(9)
UBS		05/02/18	USD		110	EUR		89		–

									$	635

A list of the open OTC swap agreements held by the Fund at March 31, 2018, 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 Appreciation (Depreciation) (Thousands)
Credit Suisse		CMBX.NA.BB.6		Sell		5.00%		Monthly		05/11/2063		$(370)		$(89	)	$	(62)	$	(27)
Credit Suisse		CMBX.NA.BB.6		Sell		5.00%		Monthly		05/11/2063		(130)		(30	)		(16)		(14)
Credit Suisse		CMBX.NA.BB.6		Sell		5.00%		Monthly		05/11/2063		(240)		(57	)		(30)		(27)
Credit Suisse		CMBX.NA.BBB-.6		Sell		3.00%		Monthly		05/11/2063		(373)		(55	)		(27)		(28)
Credit Suisse		CMBX.NA.BBB-.6		Sell		3.00%		Monthly		05/11/2063		(134)		(20	)		(8)		(11)
Credit Suisse		CMBX.NA.BBB-.6		Sell		3.00%		Monthly		05/11/2063		(127)		(19	)		(9)		(9)
Deutsche Bank		CMBX.NA.BBB-.6		Sell		3.00%		Monthly		05/11/2063		(406)		(60	)		(30)		(30)
Credit Suisse		CMBX.NA.BBB-.6		Sell		3.00%		Monthly		05/11/2063		(460)		(68	)		(35)		(33)

														$(398	)	$	(217)	$	(179)


36		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

A list of the open centrally cleared swap agreements held by the Fund at March 31, 2018, is as follows:

Interest Rate Swap

Fund Pays

Fund Receives

Payment
Frequency

Termination Date

Currency

Notional
Amount
(Thousands)

Value
(Thousands)

Upfront
Payments/
Receipts
(Thousands)

Net Unrealized
Appreciation
(Depreciation)
(Thousands)

6M EURIBOR

0.90%

Semi-Annual

10/30/2027

EUR

$11,600

$ (25)

$ —

$ (26)

Credit Default Swap

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 28

Sell

1.00%

Quarterly

12/20/2022

(5,360

)

$ 152

$ 151

$ 1

For the six months ended March 31, 2018, the total amount of all swap agreements, as presented in the table above, are representative of the volume of activity for the derivative type during the year

Percentages are based on Net Assets of $463,958 ($ 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, 2018, the value of these securities amounted to $60,403 ($ Thousands), representing 13.02% of the Net Assets of the Fund.

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

(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.

ARS — Argentine Peso

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

Cl — Class

CLP — Chilean Peso

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

INR — Indian Rupee

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

PLN — Polish Zloty

RON — Romanian Leu

RUB — Russian Ruble

SGD — Singapore Dollar

SEK — Swedish Krona

Ser — Series

STRIPS — Separately Traded Registered Interest and Principal Securities

THB — Thai Bhat

TWD — Taiwan Dollar

USD — United States Dollar

VAR — Variable Rate

ZAR — South African Rand

The following is a list of the level of inputs used as of March 31, 2018, 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	$	—	$	438,019	$	—	$	438,019
Mortgage-Backed Securities		—		7,549		—		7,549
Corporate Obligations		—		4,385		—		4,385
U.S. Treasury Obligations		—		2,104		—		2,104

Total Investments in Securities	$	—	$	452,057	$	—	$	452,057


Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	671		$	—		$	—	$	671
Unrealized Depreciation		(717	)		—			—		(717	)
Forwards Contracts *
Unrealized Appreciation		—			4,482			—		4,482
Unrealized Depreciation		—			(3,847	)		—		(3,847	)
OTC Swaps
Credit Default Swaps *
Unrealized Depreciation		—			(179	)		—		(179	)
Centrally Cleared Swaps
Interest Rate Swap *
Unrealized Depreciation		—			(26	)		—		(26	)
Credit Default Swap *
Unrealized Appreciation		—			1			—		1

Total Other Financial Instruments	$	(46	)	$	431		$	—	$	385

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

For the six months ended March 31, 2018, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2018, there were no transfers between Level 2 and Level 3 assets and liabilities.


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		37

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

International Fixed Income Fund (Concluded)

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.


38		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

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 — 95.4%
Angola — 0.1%
Republic of Angola Via Avenir II BV MTN
9.344%, VAR ICE LIBOR USD 6 Month+7.500%, 07/01/2023	$		1,942	$	2,059


Argentina — 4.5%
Adecoagro
6.000%, 09/21/2027 (A)			785		736
Agua y Saneamientos Argentinos
6.625%, 02/01/2023			1,230		1,198
Argentina Treasury Bill
0.000%, 09/14/2018 (B)	ARS		34,180		1,732
Argentina Treasury Bond
2.500%, 07/22/2021			6,000		417
Argentine Bonos del Tesoro
21.200%, 09/19/2018			27,802		1,362
18.200%, 10/03/2021			21,053		1,047
Argentine Republic Government International Bond
8.280%, 12/31/2033	$		1,262		1,353
7.820%, 12/31/2033	EUR		8,049		11,063
7.820%, 12/31/2033			8,310		11,523
7.625%, 04/22/2046	$		350		348
7.500%, 04/22/2026			5,549		5,921
6.875%, 01/11/2048			1,214		1,108
6.625%, 07/06/2028			203		201
5.875%, 01/11/2028			2,319		2,181
5.000%, 01/15/2027	EUR		2,585		3,091
3.380%, 03/31/2019 (C)			18,390		15,628
Autonomous City of Buenos Aires Argentina
26.200%, VAR 30-35d Argentina BADLAR Private Banks+3.250%, 03/29/2024	ARS		14,952		742
26.200%, VAR 30-35d Argentina BADLAR Private Banks+3.250%, 03/29/2024			48,886		2,428
Bonos de la Nacion Argentina con Ajuste por CER
4.000%, 03/06/2020			35,000		1,832
3.750%, 02/08/2019			33,185		1,746



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

GLOBAL BONDS (continued)
Pampa Energia
7.500%, 01/24/2027 (A)	$		343	$	354
7.375%, 07/21/2023 (A)			270		284
Provincia de Buenos Aires
7.875%, 06/15/2027			2,762		2,866
Provincia de Cordoba
7.125%, 06/10/2021 (A)			531		558
Provincia del Chaco Argentina
9.375%, 08/18/2024			654		651
Republic of Argentina
8.280%, 12/31/2033			1,655		1,812
3.380%, 03/31/2019 (C)	EUR		564		479
Rio Energy
6.875%, 02/01/2025 (A)	$		1,471		1,451
YPF MTN
27.125%, VAR 30-35d Argentina BADLAR Private Banks+4.000%, 07/07/2020			368		293

					74,405


Armenia — 0.0%
Republic of Armenia
7.150%, 03/26/2025 (A)			400		442


Azerbaijan — 1.3%
Republic of Azerbaijan
4.750%, 03/18/2024 (A)			834		839
Southern Gas Corridor
6.875%, 03/24/2026			9,309		10,260
6.875%, 03/24/2026 (A)			1,437		1,584
State Oil of the Azerbaijan Republic
6.950%, 03/18/2030			292		317
6.950%, 03/18/2030			2,953		3,200
State Oil of the Azerbaijan Republic MTN
4.750%, 03/13/2023			3,347		3,334
4.750%, 03/13/2023			1,500		1,494

					21,028


Bahrain — 0.2%
Bahrain Government International Bond
7.000%, 10/12/2028 (A)			641		618
7.000%, 10/12/2028			679		654
6.750%, 09/20/2029			1,276		1,192
Oil and Gas Holding BSCC
7.500%, 10/25/2027 (A)			554		548

					3,012


Belarus — 0.1%
Republic of Belarus International Bond
6.200%, 02/28/2030			839		829


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		39

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

Emerging Markets Debt Fund (Continued)



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

GLOBAL BONDS (continued)
Belize — 0.1%
Belize Government International Bond
7.811%, 02/20/2034 (C)	$		2,637	$	1,566


Bermuda — 0.2%
Government of Bermuda
4.854%, 02/06/2024			2,580		2,716
3.717%, 01/25/2027			1,321		1,288

					4,004


Brazil — 8.4%
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/2019 (A)			660		682
4.750%, 05/09/2024 (A)			848		846
Brazil Letras do Tesouro Nacional (B)
0.000%, 01/01/2019	BRL		41,355		11,891
0.000%, 07/01/2019			41,504		11,555
0.000%, 01/01/2020			27,000		7,213
0.000%, 07/01/2020			27,974		7,153
Brazil Loan Trust 1
5.477%, 07/24/2023	$		300		313
5.477%, 07/24/2023 (A)			1,775		1,852
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/2028 (A)			224		224
5.333%, 02/15/2028			4,581		4,574
5.333%, 02/15/2028			1,176		1,174
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2021	BRL		72,629		22,916
10.000%, 01/01/2023			71,076		22,295
10.000%, 01/01/2025			47,810		14,876
10.000%, 01/01/2027			6,000		1,855
10.000%, 01/01/2029			11,032		3,481
Brazilian Government International Bond
4.625%, 01/13/2028	$		791		775
Cosan Luxembourg
7.000%, 01/20/2027 (A)			253		269
CSN Resources
6.500%, 07/21/2020			780		756
ESAL GmbH
6.250%, 02/05/2023 (A)			104		99
Federal Republic of Brazil
8.250%, 01/20/2034			1,528		1,924
5.625%, 02/21/2047			679		658
5.000%, 01/27/2045			1,885		1,694
Gol Finance
7.000%, 01/31/2025 (A)			1,128		1,110
JBS Investments GmbH
7.750%, 10/28/2020			720		742
7.250%, 04/03/2024			750		745
Klabin Finance
5.250%, 07/16/2024			790		803



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

GLOBAL BONDS (continued)
Marfrig Holdings Europe BV
8.000%, 06/08/2023	$		1,100	$	1,107
Minerva Luxembourg
6.500%, 09/20/2026			1,401		1,345
6.500%, 09/20/2026 (A)			2,293		2,201
Nexa Resources
5.375%, 05/04/2027 (A)			2,891		2,960
Petrobras Global Finance
8.750%, 05/23/2026			2,189		2,573
7.375%, 01/17/2027			2,396		2,596
6.250%, 03/17/2024			2,199		2,321
5.999%, 01/27/2028 (A)			448		443
Rumo Luxembourg
7.375%, 02/09/2024 (A)			898		961
Vrio Finco 1
6.250%, 04/04/2023 (A)			270		273

					139,255


Cameroon — 0.2%
Republic of Cameroon International Bond
9.500%, 11/19/2025 (A)			2,961		3,394


Chile — 0.8%
Banco de Credito e Inversiones
3.500%, 10/12/2027 (A)			1,256		1,174
Bonos de la Tesoreria de la Republica en pesos
6.000%, 01/01/2020	CLP		80,000		141
6.000%, 01/01/2043			1,190,000		2,236
5.000%, 03/01/2035			155,000		259
4.500%, 02/28/2021			350,000		597
Celulosa Arauco y Constitucion
5.500%, 11/02/2047 (A)	$		249		254
Cencosud
4.375%, 07/17/2027 (A)			1,819		1,758
Empresa de Transporte de Pasajeros Metro
5.000%, 01/25/2047 (A)			2,000		2,060
Empresa Electrica Angamos
4.875%, 05/25/2029 (A)			1,323		1,299
Empresa Nacional del Petroleo
4.500%, 09/14/2047 (A)			332		309
4.375%, 10/30/2024			200		204
3.750%, 08/05/2026			2,090		2,012
3.750%, 08/05/2026 (A)			387		372
Geopark
6.500%, 09/21/2024 (A)			492		494
Republic of Chile
5.500%, 08/05/2020	CLP		323,000		557

					13,726


China — 1.1%
Alibaba Group Holding
4.200%, 12/06/2047	$		310		297


40		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



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

GLOBAL BONDS (continued)
Charming Light Investments MTN
4.375%, 12/21/2027	$		1,600		$ 1,525
China Evergrande Group
8.750%, 06/28/2025			700		698
China Minmetals
4.450%, VAR US Treas Yield Curve Rate T Note Const Mat 3 Yr+6.070%, 05/13/2021			640		636
3.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.717%, 05/13/2166			1,797		1,717
Chinalco Capital Holdings
4.250%, 04/21/2022			740		723
CNAC HK Finbridge
4.625%, 03/14/2023			294		295
3.500%, 07/19/2022			780		754
Country Garden Holdings
4.750%, 07/25/2022			1,220		1,215
Dianjian International Finance
4.600%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.933%, 09/13/2166			303		301
HeSteel Hong Kong
4.250%, 04/07/2020			684		677
Huarong Finance
4.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.773%, 12/29/2049			1,588		1,557
Huarong Finance MTN
4.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.983%, 05/07/2166			1,463		1,406
Industrial & Commercial Bank of China
6.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.382%, 12/29/2049			1,270		1,296
Leader Goal International Ltd
4.250%, 07/19/2166			212		208
Sinopec Group Overseas Development
4.375%, 10/17/2023			1,103		1,132
4.375%, 04/10/2024 (A)			1,033		1,056
3.250%, 09/13/2027 (A)			1,388		1,301
Tsinghua Unic
5.375%, 01/31/2023			1,530		1,493

					18,287


Colombia — 5.6%
Bogota Distrito Capital
9.750%, 07/26/2028	COP		370,000		142
9.750%, 07/26/2028 (A)			7,785,000		2,994
Colombian TES
11.000%, 07/24/2020			5,128,900		2,066
10.000%, 07/24/2024			28,641,600		12,316



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

GLOBAL BONDS (continued)
7.750%, 09/18/2030	COP		1,040,700		$ 406
7.500%, 08/26/2026			40,007,000		15,363
7.000%, 09/11/2019			3,623,300		1,338
7.000%, 05/04/2022			44,182,900		16,599
7.000%, 06/30/2032			8,422,500		3,044
Ecopetrol
7.375%, 09/18/2043	$		280		328
5.875%, 05/28/2045			3,890		3,836
Emgesa ESP
8.750%, 01/25/2021	COP		870,000		325
Empresas Publicas de Medellin ESP
8.375%, 02/01/2021			3,962,000		1,466
8.375%, 11/08/2027 (A)			1,760,000		643
7.625%, 09/10/2024 (A)			3,116,000		1,125
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/2024			884,000		321
7.875%, 08/12/2024 (A)			1,127,000		409
Republic of Colombia
11.750%, 02/25/2020	$		322		373
9.850%, 06/28/2027	COP		1,257,000		566
9.850%, 06/28/2027			3,803,000		1,712
8.125%, 05/21/2024	$		550		672
7.750%, 04/14/2021	COP		3,331,000		1,252
7.375%, 09/18/2037	$		1,570		2,010
6.125%, 01/18/2041			3,194		3,681
6.000%, 04/28/2028	COP		18,360,000		6,336
5.000%, 06/15/2045 (D)	$		5,571		5,648
4.500%, 01/28/2026			1,636		1,691
4.375%, 07/12/2021			3,240		3,353
4.375%, 03/21/2023	COP		1,089,000		365
4.375%, 03/21/2023			1,782,000		597
3.875%, 04/25/2027	$		1,634		1,613

					92,590


Costa Rica — 1.3%
Banco Nacional de Costa Rica
6.250%, 11/01/2023 (A)			753		778
5.875%, 04/25/2021 (A)			597		617
Costa Rica Government International Bond
7.000%, 04/04/2044			2,108		2,175
Instituto Costarricense de Electricidad
6.950%, 11/10/2021			400		425
6.375%, 05/15/2043			250		221
Republic of Costa Rica
7.158%, 03/12/2045 (A)			1,237		1,289
7.158%, 03/12/2045			3,436		3,580
7.158%, 03/12/2045			5,881		6,128
7.000%, 04/04/2044 (A)			956		987
7.000%, 04/04/2044			2,387		2,463
5.625%, 04/30/2043			510		459
5.625%, 04/30/2043 (A)			130		117


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		41

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

Emerging Markets Debt Fund (Continued)



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

GLOBAL BONDS (continued)
4.375%, 04/30/2025	$		1,720		$ 1,617

					20,856


Croatia — 0.7%
Croatia Government International Bond
6.000%, 01/26/2024			1,528		1,687
6.000%, 01/26/2024 (A)			200		221
3.000%, 03/11/2025	EUR		4,700		6,199
3.000%, 03/20/2027			1,020		1,324
2.750%, 01/27/2030			2,169		2,682

					12,113


Czech Republic — 0.2%
Czech Republic Government Bond
0.239%, 07/17/2019	CZK		70,000		3,368


Dominican Republic — 1.4%
Dominican Republic International Bond
8.625%, 04/20/2027	$		1,332		1,572
7.500%, 05/06/2021			1,709		1,817
7.450%, 04/30/2044 (A)			1,395		1,576
7.450%, 04/30/2044			1,900		2,147
6.875%, 01/29/2026			443		491
6.875%, 01/29/2026			2,000		2,217
6.850%, 01/27/2045 (A)			2,488		2,681
6.850%, 01/27/2045			400		431
6.850%, 01/27/2045			200		215
6.600%, 01/28/2024			656		713
6.500%, 02/15/2048			4,631		4,793
5.950%, 01/25/2027			2,613		2,731
5.875%, 04/18/2024 (A)			71		75
5.500%, 01/27/2025			249		256
5.500%, 01/27/2025			690		710

					22,425


Ecuador — 1.4%
Ecuador Government International Bond
10.750%, 03/28/2022 (A)			2,618		2,864
10.500%, 03/24/2020			273		292
9.650%, 12/13/2026 (A)			2,849		3,006
9.625%, 06/02/2027			777		832
8.875%, 10/23/2027			4,850		4,936
8.750%, 06/02/2023			660		677
7.950%, 06/20/2024			4,875		4,838
7.875%, 01/23/2028 (A)			3,860		3,716
Petroamazonas EP
4.625%, 02/16/2020 (A)			380		370
4.625%, 11/06/2020 (A)			1,055		1,013

					22,544


Egypt — 1.9%
Egypt Government International Bond
14.800%, 01/30/2023	EGP		73,250		4,132
7.903%, 02/21/2048 (A)	$		950		999



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

GLOBAL BONDS (continued)
6.588%, 02/21/2028 (A)	$		4,084		$ 4,146
5.577%, 02/21/2023 (A)			2,017		2,045
Egypt Government International Bond MTN
8.500%, 01/31/2047			9,055		10,092
8.500%, 01/31/2047 (A)			865		964
7.500%, 01/31/2027 (A)			249		270
7.500%, 01/31/2027			1,863		2,016
6.125%, 01/31/2022 (A)			1,194		1,235
Egypt Treasury Bills (B)
20.273%, 07/10/2018	EGP		12,000		650
17.840%, 07/24/2018			4,575		246
17.755%, 08/14/2018			53,100		2,829
16.364%, 06/19/2018			40,475		2,212

					31,836


El Salvador — 0.5%
Republic of El Salvador
8.625%, 02/28/2029	$		1,232		1,414
8.250%, 04/10/2032 (A)			126		141
7.750%, 01/24/2023			883		961
7.650%, 06/15/2035			126		133
7.650%, 06/15/2035			896		945
7.625%, 02/01/2041 (D)			1,412		1,490
7.375%, 12/01/2019			643		669
6.375%, 01/18/2027			25		25
6.375%, 01/18/2027 (A)			1,121		1,104
6.375%, 01/18/2027			393		387
5.875%, 01/30/2025			200		196
5.875%, 01/30/2025			210		206
5.875%, 01/30/2025 (A)			1,039		1,018

					8,689


Gabon — 0.2%
Gabonese Republic
6.950%, 06/16/2025 (A)			877		889
6.375%, 12/12/2024			1,315		1,305
6.375%, 12/12/2024 (A)			1,087		1,079

					3,273

Georgia — 0.0%
Republic of Georgia
6.875%, 04/12/2021 (A)			421		454


Ghana — 0.8%
Ghana Government Bond
24.750%, 07/19/2021	GHS		3,864		1,065
24.500%, 04/22/2019			1,926		470
24.000%, 09/09/2019			963		239
16.500%, 03/22/2021			2,900		659
10.750%, 10/14/2030 (A)	$		562		734
10.750%, 10/14/2030			7,255		9,479


42		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



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

GLOBAL BONDS (continued)
Tullow Oil
7.000%, 03/01/2025 (A)	$		1,094	$	1,094

					13,740


Guatemala — 0.0%
Comunicaciones Celulares Via Comcel Trust
6.875%, 02/06/2024 (A)			390		407


Honduras — 0.0%
Honduras Government International Bond
6.250%, 01/19/2027 (A)			185		195
6.250%, 01/19/2027			326		345

					540


Hungary — 1.1%
Republic of Hungary
7.625%, 03/29/2041			4,608		6,648
5.500%, 06/24/2025	HUF		138,870		677
3.000%, 06/26/2024			1,087,410		4,611
3.000%, 10/27/2027			253,120		1,047
2.750%, 12/22/2026			162,000		662
1.750%, 10/26/2022			991,740		3,997

					17,642


India — 0.1%
Vedanta Resources
8.250%, 06/07/2021	$		820		891


Indonesia — 7.2%
Eterna Capital Pte
6.000%, 12/11/2022			499		540
Indika Energy Capital II
6.875%, 04/10/2022			45		46
Indika Energy Capital III
5.875%, 11/09/2024			236		222
5.875%, 11/09/2024			330		311
Indo Energy Finance II
6.375%, 01/24/2023			1,101		1,096
Indonesia Treasury Bond
8.750%, 05/15/2031	IDR		73,496,000		6,025
8.375%, 03/15/2034			95,294,000		7,510
8.250%, 07/15/2021			10,611,000		823
8.250%, 05/15/2036			60,334,000		4,722
7.500%, 08/15/2032			30,578,000		2,279
7.500%, 05/15/2038			112,401,000		8,262
Pertamina Persero
6.500%, 05/27/2041 (A)	$		380		430
6.000%, 05/03/2042			340		364
6.000%, 05/03/2042 (A)			935		1,000
5.250%, 05/23/2021 (A)			921		960
4.875%, 05/03/2022 (A)			220		227
Pertamina Persero MTN
6.450%, 05/30/2044			239		270
5.625%, 05/20/2043 (A)			1,434		1,471



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

GLOBAL BONDS (continued)
Perusahaan Penerbit SBSN Indonesia III
4.400%, 03/01/2028	$		573	$	577
Republic of Indonesia
12.800%, 06/15/2021	IDR		210,000		18
11.000%, 09/15/2025			3,200,000		290
9.000%, 03/15/2029			136,154,000		11,317
8.500%, 10/12/2035	$		1,179		1,674
8.500%, 10/12/2035			525		745
8.375%, 03/15/2024	IDR		134,617,000		10,683
8.375%, 09/15/2026			31,281,000		2,508
8.250%, 06/15/2032			17,369,000		1,377
7.750%, 01/17/2038	$		1,797		2,433
7.000%, 05/15/2022	IDR		152,359,000		11,466
7.000%, 05/15/2027			63,300,000		4,674
6.625%, 05/15/2033			39,221,000		2,778
6.625%, 02/17/2037	$		308		373
6.125%, 05/15/2028	IDR		26,020,000		1,819
5.625%, 05/15/2023			5,607,000		401
4.350%, 01/08/2027 (A)	$		240		244
4.350%, 01/11/2048 (A)			1,429		1,362
Republic of Indonesia MTN
11.625%, 03/04/2019			80		87
11.625%, 03/04/2019 (A)			975		1,055
11.625%, 03/04/2019			2,324		2,514
6.750%, 01/15/2044 (A)			183		230
5.875%, 01/15/2024			6,050		6,648
5.875%, 01/15/2024			2,876		3,160
5.375%, 10/17/2023			418		449
5.250%, 01/17/2042			2,132		2,242
5.125%, 01/15/2045 (A)			1,567		1,632
4.750%, 01/08/2026			1,044		1,090
4.125%, 01/15/2025			1,331		1,341
4.125%, 01/15/2025			1,541		1,552
3.850%, 07/18/2027 (A)			1,098		1,076
3.750%, 06/14/2028	EUR		2,145		2,985
3.375%, 04/15/2023 (A)	$		1,939		1,898

					119,256


Iraq — 0.8%
Iraq International Bond
6.752%, 03/09/2023 (A)			2,334		2,367
5.800%, 01/15/2028			11,157		10,666

					13,033


Israel — 0.0%
Israel Electric MTN
4.250%, 08/14/2028 (A)			697		683


Ivory Coast — 1.3%
Ivory Coast Government International Bond
6.625%, 03/22/2048	EUR		556		687
6.375%, 03/03/2028 (A)	$		5,502		5,558
6.125%, 06/15/2033 (A)			2,192		2,083


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		43

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

Emerging Markets Debt Fund (Continued)



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

GLOBAL BONDS (continued)
5.750%, 12/31/2032	$		2,094	$	2,012
5.750%, 12/31/2032			3,413		3,279
5.750%, 12/31/2032			3,033		2,915
5.375%, 07/23/2024			657		644
5.250%, 03/22/2030	EUR		1,298		1,596
5.125%, 06/15/2025 (A)			930		1,197
5.125%, 06/15/2025			1,101		1,417

					21,388


Jamaica — 0.1%
Digicel
6.000%, 04/15/2021	$		780		732
Digicel Group
7.125%, 04/01/2022 (A)			337		263
Government of Jamaica
6.750%, 04/28/2028			200		222

					1,217


Jordan — 0.5%
Jordan Government International Bond
7.375%, 10/10/2047			2,684		2,711
7.375%, 10/10/2047 (A)			1,601		1,617
6.125%, 01/29/2026			1,102		1,108
5.750%, 01/31/2027			2,200		2,140

					7,576


Kazakhstan — 1.1%
Development Bank of Kazakhstan
4.125%, 12/10/2022			770		767
KazAgro National Management Holding JSC MTN
4.625%, 05/24/2023 (A)			349		347
4.625%, 05/24/2023			2,885		2,869
KazMunayGas National MTN
6.375%, 04/09/2021 (A)			1,660		1,787
6.375%, 04/09/2021			1,960		2,109
KazMunayGas National JSC
5.750%, 04/19/2047			263		259
5.750%, 04/19/2047 (A)			2,652		2,606
KazTransGas JSC
4.375%, 09/26/2027 (A)			1,216		1,167
Nostrum Oil & Gas Finance BV
7.000%, 02/16/2025 (A)			441		429
Republic of Kazakhstan MTN
6.500%, 07/21/2045			4,350		5,252

					17,592


Kenya — 0.4%
Kenya Government International Bond
8.250%, 02/28/2048			2,483		2,658
7.250%, 02/28/2028 (A)			2,265		2,367
6.875%, 06/24/2024			473		494
6.875%, 06/24/2024 (A)			543		567



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

GLOBAL BONDS (continued)
5.875%, 06/24/2019 (A)	$		805	$	826

					6,912


Lithuania — 0.1%
Lithuania Government International Bond
6.625%, 02/01/2022			1,850		2,079


Luxembourg — 0.1%
Rede D’Or Finance S.A.R.L.
4.950%, 01/17/2028			2,328		2,212


Malaysia — 3.8%
1MDB Energy
5.990%, 05/11/2022			1,000		1,058
1MDB Global Investments
4.400%, 03/09/2023			9,600		9,149
Malaysia Government Bond
5.248%, 09/15/2028	MYR		1,050		294
4.935%, 09/30/2043			2,200		578
4.392%, 04/15/2026			7,081		1,873
4.378%, 11/29/2019			5,218		1,372
4.254%, 05/31/2035			1,827		454
4.232%, 06/30/2031			9,200		2,349
4.181%, 07/15/2024			4,186		1,099
4.160%, 07/15/2021			20		5
4.059%, 09/30/2024			8,000		2,088
3.955%, 09/15/2025			7,520		1,944
3.892%, 03/15/2027			1,369		348
3.800%, 08/17/2023			23,695		6,121
3.795%, 09/30/2022			3,500		908
3.759%, 03/15/2019			32,541		8,462
3.659%, 10/15/2020			1,419		369
3.654%, 10/31/2019			4,500		1,170
3.620%, 11/30/2021			7,443		1,935
3.580%, 09/28/2018			10,330		2,676
3.502%, 05/31/2027			1,050		257
3.492%, 03/31/2020			26,554		6,872
3.480%, 03/15/2023			2,858		729
3.418%, 08/15/2022			4,289		1,096
Malaysia Government Investment Issue
4.070%, 09/30/2026			11,606		2,968
Malaysia Treasury Bill
3.052%, 05/25/2018 (B)			24,745		6,368

					62,542


Mauritius — 0.1%
Liquid Telecommunications Financing
8.500%, 07/13/2022 (A)	$		1,286		1,350


Mexico — 9.2%
Alfa
6.875%, 03/25/2044			1,750		1,824


44		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



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

GLOBAL BONDS (continued)
America Movil
7.125%, 12/09/2024	MXN		18,110	$	926
6.000%, 06/09/2019			12,420		658
Axtel
6.375%, 11/14/2024 (A)	$		480		487
Banco Inbursa Institucion de Banca Multiple
4.375%, 04/11/2027 (A)			573		553
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			536		525
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026 (A)			1,852		1,815
Cemex
7.750%, 04/16/2026			670		740
Comision Federal de Electricidad
7.350%, 11/25/2025	MXN		39,785		1,988
5.750%, 02/14/2042 (A)	$		500		514
4.750%, 02/23/2027 (A)			658		660
Elementia
5.500%, 01/15/2025			670		675
Mexican Bonos
7.750%, 11/23/2034	MXN		29,588		1,655
7.750%, 11/13/2042			53,190		2,958
7.500%, 06/03/2027			212,170		11,766
6.500%, 06/09/2022			115,609		6,169
5.750%, 03/05/2026			87,650		4,360
5.000%, 12/11/2019			127,973		6,749
Mexican Bonos, Ser M
6.500%, 06/10/2021			132,097		7,088
Mexican Bonos, Ser M10
8.500%, 12/13/2018			16,689		919
Mexican Bonos, Ser M20
10.000%, 12/05/2024			589,855		37,071
8.500%, 05/31/2029			12,938		769
8.000%, 12/07/2023			11,575		657
7.750%, 05/29/2031			23,066		1,293
Mexican Bonos, Ser M30
8.500%, 11/18/2038			39,401		2,358
Mexico City Airport Trust
5.500%, 07/31/2047 (A)	$		2,551		2,328
Mexico Government International Bond
4.600%, 02/10/2048			520		494
Petroleos Mexicanos
9.500%, 09/15/2027			169		221
7.470%, 11/12/2026	MXN		133,879		6,470
7.190%, 09/12/2024			163,872		8,094
6.625%, 06/15/2035	$		4,931		5,095
6.625%, 06/15/2038			2,088		2,104
6.500%, 03/13/2027 (A)			992		1,059
6.500%, 03/13/2027			1,076		1,149



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

GLOBAL BONDS (continued)
6.375%, 01/23/2045	$		807	$	784
5.625%, 01/23/2046			489		436
5.350%, 02/12/2028 (A)			7,069		6,973
4.875%, 01/24/2022			1,341		1,374
4.500%, 01/23/2026			643		623
4.250%, 01/15/2025			450		435
Petroleos Mexicanos MTN
6.750%, 09/21/2047			1,102		1,115
6.750%, 09/21/2047 (A)			73		74
6.750%, 09/21/2047			3,002		3,038
6.500%, 03/13/2027 (A)			330		352
6.375%, 01/23/2045 (A)			806		783
5.625%, 01/23/2046 (A)			800		713
4.875%, 02/21/2028	EUR		3,822		5,066
4.625%, 09/21/2023 (A)	$		1,185		1,188
4.250%, 01/15/2025			2,450		2,368
United Mexican States MTN
5.750%, 10/12/2110			3,818		3,885

					151,398

Mongolia — 0.6%
Mongolia Government International Bond
5.625%, 05/01/2023			3,595		3,547
Mongolia Government International Bond MTN
10.875%, 04/06/2021 (A)			1,205		1,386
8.750%, 03/09/2024			3,150		3,538
Trade & Development Bank of Mongolia MTN
9.375%, 05/19/2020			350		376
9.375%, 05/19/2020 (A)			355		382

					9,229

Montenegro — 0.0%
Montenegro Government International Bond
5.750%, 03/10/2021 (A)	EUR		551		744

Morocco — 0.2%
OCP
6.875%, 04/25/2044	$		1,325		1,477
5.625%, 04/25/2024 (A)			1,900		2,005

					3,482

Netherlands — 0.1%
IHS Netherlands Holdco BV
9.500%, 10/27/2021 (A)			406		426
Marfrig Holdings Europe BV
8.000%, 06/08/2023 (A)			470		473
VTR Finance BV
6.875%, 01/15/2024			400		416

					1,315

Nigeria — 1.7%
Nigeria Government International Bond
7.875%, 02/16/2032 (A)			488		531


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		45

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

Emerging Markets Debt Fund (Continued)



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

GLOBAL BONDS (continued)
7.875%, 02/16/2032	$		5,382	$	5,859
7.696%, 02/23/2038			301		317
7.143%, 02/23/2030 (A)			2,525		2,620
7.143%, 02/23/2030			811		841
5.625%, 06/27/2022			1,200		1,224
Nigeria Government International Bond MTN
7.625%, 11/28/2047 (A)			686		710
6.500%, 11/28/2027 (A)			3,570		3,617
6.500%, 11/28/2027			2,150		2,178
Nigeria OMO Bill (B)
17.450%, 06/07/2018	NGN		109,380		296
16.118%, 08/23/2018			523,379		1,375
Nigeria Treasury Bill (B)
21.326%, 04/05/2018			494,646		1,373
20.658%, 08/02/2018			1,495,300		3,963
18.902%, 04/12/2018			875,814		2,427
15.308%, 09/13/2018			350,000		913
15.213%, 08/30/2018			248,000		650

					28,894

Oman — 1.2%
Oman Government International Bond
6.750%, 01/17/2048	$		3,119		2,993
6.500%, 03/08/2047 (A)			2,100		1,985
6.500%, 03/08/2047			1,556		1,470
5.625%, 01/17/2028 (A)			555		541
5.625%, 01/17/2028			9,544		9,305
5.375%, 03/08/2027 (A)			690		673
4.750%, 06/15/2026 (A)			237		223
4.125%, 01/17/2023 (A)			555		534
3.875%, 03/08/2022			1,066		1,036
3.625%, 06/15/2021			1,326		1,292

					20,052

Pakistan — 0.1%
Pakistan Government International Bond
8.250%, 09/30/2025			1,000		1,040

Panama — 0.1%
Republic of Panama
9.375%, 04/01/2029			630		918
8.125%, 04/28/2034			478		653

					1,571

Paraguay — 0.2%
Paraguay Government International Bond
6.100%, 08/11/2044 (A)			221		238
6.100%, 08/11/2044			1,440		1,548
5.600%, 03/13/2048			531		540
Telefonica Celular del Paraguay
6.750%, 12/13/2022			200		204
6.750%, 12/13/2022			200		204

					2,734



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

GLOBAL BONDS (continued)
Peru — 1.5%
Abengoa Transmision Sur
6.875%, 04/30/2043 (A)	$		273	$	297
Cerro del Aguila
4.125%, 08/16/2027 (A)			723		689
Fondo MIVIVIENDA
7.000%, 02/14/2024 (A)	PEN		3,704		1,261
Peru Enhanced Pass-Through Finance (B)
4.112%, 05/31/2018	$		13		13
3.936%, 05/31/2018 (A)			36		36
Peru LNG Srl
5.375%, 03/22/2030 (A)			754		756
Petroleos del Peru
5.625%, 06/19/2047 (A)			366		365
4.750%, 06/19/2032 (A)			613		598
Republic of Peru
8.200%, 08/12/2026	PEN		16,008		6,182
6.950%, 08/12/2031			1,675		611
6.950%, 08/12/2031			4,795		1,749
6.900%, 08/12/2037			2,094		747
6.900%, 08/12/2037			4,723		1,685
6.850%, 02/12/2042			613		215
6.350%, 08/12/2028			1,570		546
6.350%, 08/12/2028			2,407		836
6.350%, 08/12/2028 (A)			1,465		509
6.150%, 08/12/2032 (A)			12,024		4,094
5.700%, 08/12/2024 (A)			5,999		2,023
5.700%, 08/12/2024			285		96
3.750%, 03/01/2030	EUR		1,463		2,146

					25,454

Philippines — 0.1%
Republic of Philippines
3.900%, 11/26/2022	PHP		45,000		842

Poland — 3.3%
Republic of Poland Government Bond
4.000%, 10/25/2023	PLN		1,875		589
3.250%, 07/25/2025			21,204		6,338
2.750%, 08/25/2023			6,622		2,156
2.750%, 04/25/2028			1,772		497
2.500%, 01/25/2023			9,284		2,729
2.500%, 07/25/2026			39,516		11,104
2.500%, 07/25/2027			41,232		11,452
2.250%, 04/25/2022			7,430		2,180
1.789%, 10/25/2018 (B)			2,161		626
1.750%, 07/25/2021			19,610		5,705
1.741%, 04/25/2019 (B)			962		277
1.545%, 07/25/2020 (B)			2,709		763


46		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



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

GLOBAL BONDS (continued)
Republic of Poland Government Bond, Ser 0922
5.750%, 09/23/2022	PLN		29,152	$	9,777

					54,193


Qatar — 0.0%
Ooredoo International Finance MTN
3.750%, 06/22/2026	$		750		721


Romania — 0.4%
Romanian Government International Bond
5.800%, 07/26/2027	RON		14,080		4,065
Romanian Government International Bond MTN
3.875%, 10/29/2035	EUR		1,430		1,892
2.500%, 02/08/2030			935		1,140

					7,097


Russia — 6.4%
Credit Bank of Moscow Via CBOM Finance
5.875%, 11/07/2021 (A)	$		1,116		1,139
Gazprom OAO Via Gaz Capital
4.250%, 04/06/2024	GBP		1,660		2,414
GTH Finance BV
6.250%, 04/26/2020	$		580		601
GTLK Europe DAC
5.950%, 07/19/2021			470		482
Petropavlovsk
8.125%, 11/14/2022 (A)			730		702
Ritekro (E)
16.207%, 11/07/2022 (B)			914		543
Rusal Capital DAC
5.125%, 02/02/2022			860		848
Russian Federal Bond - OFZ
8.150%, 02/03/2027	RUB		665,794		12,563
7.750%, 09/16/2026			847,871		15,586
7.700%, 03/23/2033			1,154,082		20,954
7.600%, 07/20/2022			152,998		2,780
7.050%, 01/19/2028			723,700		12,681
7.000%, 01/25/2023			31,303		558
7.000%, 08/16/2023			300,364		5,346
6.800%, 12/11/2019			98,998		1,738
6.700%, 05/15/2019			361,124		6,317
6.500%, 11/24/2021 (C)			22,770		396
Russian Foreign Bond - Eurobond
5.625%, 04/04/2042	$		2,200		2,363
5.250%, 06/23/2047			3,800		3,796
5.000%, 04/29/2020			5,600		5,781
4.875%, 09/16/2023			1,400		1,473
Russian Railways Via RZD Capital
7.487%, 03/25/2031	GBP		1,300		2,309



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

GLOBAL BONDS (continued)
Sberbank of Russia Via SB Capital
5.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.023%, 02/26/2024 (A)	$		2,292	$	2,309
SCF Capital Designated Activity
5.375%, 06/16/2023 (A)			729		741
Vnesheconombank Via VEB Finance
6.902%, 07/09/2020			1,310		1,390
6.800%, 11/22/2025 (A)			150		168
6.800%, 11/22/2025			580		650

					106,628


Senegal — 0.1%
Senegal Government International Bond
6.750%, 03/13/2048			539		528
6.250%, 05/23/2033 (A)			910		896
4.750%, 03/13/2028	EUR		248		305

					1,729


Serbia — 0.6%
Republic of Serbia
7.250%, 09/28/2021 (A)	$		200		222
7.250%, 09/28/2021			8,125		9,035
4.875%, 02/25/2020			200		205

					9,462


South Africa — 7.2%
Eskom Holdings SOC
7.125%, 02/11/2025 (A)			951		971
7.125%, 02/11/2025			1,750		1,786
Eskom Holdings SOC MTN
7.500%, 09/15/2033	ZAR		35,200		2,394
Republic of South Africa
10.500%, 12/21/2026			307,836		30,033
9.000%, 01/31/2040			142,236		12,137
8.875%, 02/28/2035			105,220		9,005
8.750%, 01/31/2044			47,197		3,916
8.750%, 02/28/2048			162,474		13,556
8.500%, 01/31/2037			102,252		8,394
8.250%, 03/31/2032			59,721		4,947
8.000%, 01/31/2030			80,170		6,582
7.250%, 01/15/2020			20,500		1,743
7.000%, 02/28/2031			114,021		8,544
6.500%, 02/28/2041			39,901		2,601
6.250%, 03/31/2036			91,976		6,039
5.875%, 09/16/2025 (D)	$		1,413		1,505
5.650%, 09/27/2047			3,156		3,117
4.875%, 04/14/2026			334		333
Stillwater Mining
7.125%, 06/27/2025 (A)			636		641
Transnet SOC MTN
9.500%, 05/13/2021 (A)	ZAR		13,360		1,123

					119,367


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		47

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

Emerging Markets Debt Fund (Continued)



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

GLOBAL BONDS (continued)
South Korea — 0.1%
Korea Housing Finance
3.000%, 10/31/2022 (A)	$		908	$	889


Sri Lanka — 0.6%
Republic of Sri Lanka
6.825%, 07/18/2026 (A)			909		935
6.250%, 07/27/2021			853		884
5.875%, 07/25/2022 (A)			1,755		1,781
Sri Lanka Government Bonds
11.750%, 06/15/2027	LKR		236,000		1,599
11.500%, 12/15/2021			242,000		1,627
11.500%, 08/01/2026			6,000		40
Sri Lanka Government International Bond
6.850%, 11/03/2025	$		1,469		1,520
6.825%, 07/18/2026			500		514
5.875%, 07/25/2022			989		1,004

					9,904


Supra-National — 0.6%
Banque Ouest Africaine de Developpement
5.000%, 07/27/2027 (A)			865		861
European Investment Bank MTN
8.500%, 09/17/2024	ZAR		9,200		796
7.200%, 07/09/2019	IDR		31,560,000		2,325
Inter-American Development Bank MTN
7.875%, 03/14/2023			50,880,000		3,990
7.350%, 09/12/2018			20,140,000		1,472

					9,444


Thailand — 1.4%
Bank of Thailand Bill (B)
1.266%, 12/06/2018	THB		61,000		1,934
1.194%, 08/30/2018			94,000		2,991
1.084%, 04/05/2018			30,000		959
1.059%, 06/14/2018			100,000		3,191
PTTEP Treasury Center
4.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.177%, 12/18/2166 (A)	$		652		655
Thailand Government Bond
5.670%, 03/13/2028	THB		3,000		122
4.875%, 06/22/2029			22,000		851
3.875%, 06/13/2019			68,000		2,242
3.650%, 06/20/2031			67,500		2,328
3.625%, 06/16/2023			55,000		1,908
3.400%, 06/17/2036			58,500		1,923
2.550%, 06/26/2020			40,000		1,310
2.000%, 12/17/2022			40,000		1,289
1.875%, 06/17/2022			57,000		1,834

					23,537



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

GLOBAL BONDS (continued)
Tunisia — 0.1%
Banque Centrale de Tunisie
5.625%, 02/17/2024	EUR		1,850	$	2,325


Turkey — 6.7%

Export Credit Bank of Turkey
5.875%, 04/24/2019 (A)	$		200		203
5.375%, 10/24/2023 (A)			1,033		1,017
5.000%, 09/23/2021 (A)			538		533
Export Credit Bank of Turkey MTN
5.375%, 02/08/2021 (A)			896		900
Hazine Mustesarligi Varlik Kiralama
5.004%, 04/06/2023			1,221		1,230
Republic of Turkey
7.375%, 02/05/2025			5,525		6,123
6.875%, 03/17/2036			4,570		4,750
6.750%, 04/03/2018			1,374		1,374
6.750%, 05/30/2040			1,480		1,511
6.625%, 02/17/2045			848		839
6.000%, 03/25/2027			5,151		5,216
5.750%, 03/22/2024			333		341
5.125%, 03/25/2022			573		584
4.875%, 10/09/2026			310		292
4.875%, 04/16/2043			2,030		1,639
4.250%, 04/14/2026			1,521		1,385
TC Ziraat Bankasi
4.250%, 07/03/2019 (A)			940		938
TC Ziraat Bankasi MTN
5.125%, 05/03/2022 (A)			1,063		1,041
5.125%, 09/29/2023 (A)			655		632
4.750%, 04/29/2021 (A)			561		551
Turk Telekomunikasyon
4.875%, 06/19/2024			1,750		1,708
Turkey Government Bond
12.200%, 01/18/2023	TRY		47,537		11,628
11.000%, 03/02/2022			15,840		3,711
11.000%, 02/24/2027			20,169		4,689
10.700%, 02/17/2021			9,044		2,123
10.600%, 02/11/2026			13,409		3,065
10.500%, 08/11/2027			60,016		13,658
10.400%, 03/20/2024			2,250		515
9.500%, 01/12/2022			8,610		1,926
9.400%, 07/08/2020			22,531		5,221
9.200%, 09/22/2021			9,387		2,090
9.000%, 07/24/2024			9,803		2,106
8.500%, 09/14/2022			8,234		1,762
8.300%, 06/20/2018			2,011		502
7.400%, 02/05/2020			10,971		2,494
7.100%, 03/08/2023			6,560		1,310
7.000%, 06/05/2020	$		2,190		2,320
3.000%, 08/02/2023	TRY		7,943		2,029


48		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018



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

GLOBAL BONDS (continued)
Turkey Government International Bond
11.875%, 01/15/2030	$	1,600	$	2,383
7.000%, 03/11/2019		784		810
5.750%, 05/11/2047		4,494		3,993
5.125%, 02/17/2028		6,134		5,792
Turkiye Garanti Bankasi
6.125%, VAR USD Swap Semi 30/360 5 Year Curr+4.220%, 05/24/2027 (A)		1,808		1,758
Turkiye Is Bankasi
7.000%, VAR USD Swap Semi 30/360 5 Year Curr+5.117%, 06/29/2028 (A)		270		265
Turkiye Is Bankasi MTN
6.125%, 04/25/2024		2,080		2,022
Yapi ve Kredi Bankasi MTN
5.850%, 06/21/2024 (A)		429		413

				111,392


Ukraine — 3.3%
Ukraine Government International Bond
7.750%, 09/01/2020 (A)		1,397		1,463
7.750%, 09/01/2021 (A)		4,220		4,418
7.750%, 09/01/2022 (A)		730		761
7.750%, 09/01/2023 (A)		287		297
7.750%, 09/01/2024 (A)		730		752
7.750%, 09/01/2024		2,633		2,711
7.750%, 09/01/2025 (D)		1,567		1,604
7.750%, 09/01/2025 (A)		5,516		5,648
7.750%, 09/01/2026 (A)		5,860		5,995
7.750%, 09/01/2026		5,151		5,269
7.750%, 09/01/2027 (A)		5,333		5,451
7.750%, 09/01/2027		1,910		1,952
7.375%, 09/25/2032 (A)		9,816		9,463
0.000%, 05/31/2040 (F)		106		74
0.000%, 05/31/2040 (A)(F)		8,845		6,159
Ukreximbank Via Biz Finance
9.625%, 04/27/2022 (A)		1,711		1,804

				53,821


United Arab Emirates — 0.2%
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/2047 (A)		1,248		1,213
3.650%, 11/02/2029 (A)		1,247		1,190
MAF Global Securities
5.500%, VAR USD Swap Semi 30/360 5 Year Curr+3.476%, 12/29/2049		870		865

				3,268


United Kingdom — 0.0%
MARB BondCo
6.875%, 01/19/2025 (A)		269		246
Vedanta Resources
6.125%, 08/09/2024 (A)		488		477

				723



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

GLOBAL BONDS (continued)
Uruguay — 0.8%
Republic of Uruguay
9.875%, 06/20/2022 (A)	UYU	31,830	$	1,140
8.500%, 03/15/2028 (A)		168,327		5,471
5.100%, 06/18/2050	$	1,264		1,296
4.375%, 12/15/2028	UYU	27,172		1,032
4.125%, 11/20/2045	$	346		323
Uruguay Government International Bond
9.875%, 06/20/2022	UYU	8,520		305
4.375%, 10/27/2027	$	2,738		2,818
Uruguay Monetary Regulation Bill (B)
10.132%, 02/08/2019	UYU	17,100		556
9.591%, 09/21/2018		10,054		340

				13,281


Venezuela — 0.7%
Petroleos de Venezuela
9.750%, 05/17/2035 (G)	$	1,000		312
6.000%, 05/16/2024 (G)		8,092		2,205
6.000%, 05/16/2024 (G)		7,785		2,122
6.000%, 11/15/2026 (D)(G)		10,066		2,705
5.500%, 04/12/2037 (G)		740		213
5.375%, 04/12/2027 (G)		4,364		1,195
Republic of Venezuela
9.250%, 09/15/2027		2,300		740
8.250%, 10/13/2024 (G)		1,404		415
7.750%, 10/13/2019 (G)		6,270		1,865

				11,772


Zambia — 0.2%
Republic of Zambia
8.970%, 07/30/2027		1,080		1,138
8.500%, 04/14/2024 (A)		869		908
5.375%, 09/20/2022 (A)		105		100
5.375%, 09/20/2022		642		610

				2,756

Total Global Bonds (Cost $1,550,366) ($ Thousands)				1,578,279


	Shares

AFFILIATED PARTNERSHIP — 0.3%
SEI Liquidity Fund, L.P.
1.750% **†(H)		5,333,870		5,333


Total Affiliated Partnership (Cost $5,334) ($ Thousands)				5,333


Total Investments in Securities— 95.7% (Cost $1,555,700) ($ Thousands)			$	1,583,612


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		49

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

Emerging Markets Debt Fund (Continued)

A list of the open futures contracts held by the Fund at March 31, 2018, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ (Depreciation) (Thousands)
Euro-Bund		(19	)		Jun-2018	$	(3,697	)	$	(3,725	)	$	(60	)
Euro-Bund		(176	)		Jun-2018		(34,067	)		(34,509	)		(499	)
Euro-Buxl 30 Year Bond		(35	)		Jun-2018		(6,946	)		(7,119	)		(188	)
JSE Bond Future R209		(310	)		May-2018		(2,061	)		(2,046	)		3
Long Gilt 10-Year Bond		(21	)		Jun-2018		(3,548	)		(3,618	)		(56	)
U.S. 5-Year Treasury Note		(279	)		Jun-2018		(31,798	)		(31,935	)		(137	)
U.S. 5-Year Treasury Note		8			Jun-2018		912			916			5
U.S. 10-Year Treasury Note		194			Jun-2018		23,253			23,501			248
U.S. Ultra Long Treasury Bond		(24	)		Jun-2018		(3,701	)		(3,851	)		(149	)

						$	(61,653	)	$	(62,386	)	$	(833	)

A list of the open forward foreign currency contracts held by the Fund at March 31, 2018, is as follows:


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		04/03/18	ARS		18,021	USD		888	$	(7	)
Citigroup		04/05/18 - 06/14/18	EUR		9,014	PLN		37,939		(46	)
Citigroup		04/06/18 - 06/20/18	ZAR		88,579	USD		7,606		139
Citigroup		06/20/18	ZAR		294,198	USD		24,420		(154	)
Citigroup		04/09/18 - 05/07/18	EUR		3,226	CZK		82,226		16
Citigroup		04/09/18 - 05/07/18	EUR		10,932	CZK		276,093		(68	)
Citigroup		04/12/18 - 04/16/18	USD		6,388	MXP		119,676		159
Citigroup		04/03/19	USD		1,741	MXP		33,537		(2	)
Citigroup		04/12/18 - 06/20/18	MXP		464,430	USD		24,602		(628	)
Citigroup		04/13/18	USD		1,025	RON		3,850		(9	)
Citigroup		04/13/18 - 06/20/18	USD		14,528	PLN		49,085		(187	)
Citigroup		04/13/18	PLN		17,141	USD		5,020		15
Citigroup		04/16/18	USD		1,698	PEI		5,557		25
Citigroup		04/16/18	USD		3,224	RUB		187,673		36
Citigroup		04/18/18 - 06/20/18	USD		9,006	EGP		176,125		900
Citigroup		06/20/18	USD		5,220	CLP		3,151,090		6
Citigroup		04/19/18 - 06/20/18	USD		18,352	CLP		11,047,738		(33	)
Citigroup		04/20/18 - 06/20/18	USD		15,444	CZK		317,467		(11	)
Citigroup		04/23/18 - 06/20/18	EUR		7,990	USD		9,928		74
Citigroup		04/24/18	USD		3,239	BRL		10,683		(30	)
Citigroup		06/20/18	USD		8,016	IDR		111,738,205		74
Citigroup		04/30/18	USD		927	IDR		12,443,827		(22	)
Citigroup		05/02/18	EUR		3,908	HUF		1,228,771		36
Citigroup		05/09/18	EUR		2,801	HUF		873,686		(2	)
Citigroup		05/02/18 - 03/07/19	EUR		11,985	RON		57,201		69
Citigroup		05/02/18 - 05/07/18	RON		39,983	EUR		8,553		(19	)
Citigroup		05/02/18	CLP		163,724	USD		275		4
Citigroup		05/08/18	RUB		306,251	USD		5,357		51
Citigroup		05/29/18	RUB		357,452	USD		6,161		(17	)
Citigroup		05/09/18	IDR		91,227,339	USD		6,592		(37	)
Citigroup		05/10/18	USD		3,104	COP		8,900,000		82
Citigroup		06/20/18	USD		14,307	THB		447,112		35
Citigroup		05/11/18	USD		10,075	THB		313,477		(33	)
Citigroup		06/04/18	BRL		12,010	USD		3,659		64


50		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		06/18/18	USD		3,499	TRY		14,244	$	16
Citigroup		06/20/18 - 09/19/18	USD		15,929	TRY		60,813		(1,176	)
Citigroup		06/18/18 - 06/20/18	TRY		114,044	USD		28,822		685
Citigroup		06/20/18	SGD		8,380	USD		6,404		—
Citigroup		06/20/18	USD		11,518	KRW		12,294,190		70
Citigroup		06/20/18	USD		11,665	ILS		39,900		(242	)
Citigroup		06/20/18	PLN		18,020	EUR		4,248		(16	)
Citigroup		06/20/18	TWD		27,414	USD		943		(6	)
Citigroup		06/20/18	RON		52,987	USD		14,009		6
Citigroup		06/20/18	PEI		72,734	USD		22,243		(273	)
Citigroup		06/20/18	PHP		198,134	USD		3,761		(1	)
Citigroup		06/20/18	COP		22,176,130	USD		7,708		(216	)
Citigroup		09/27/18	CZK		75,516	EUR		2,942		(30	)
Goldman Sachs		04/05/18	USD		3,786	EUR		3,070		(10	)
Goldman Sachs		04/09/18 - 06/20/18	USD		8,527	IDR		117,951,390		33
Goldman Sachs		04/09/18 - 06/04/18	BRL		46,889	USD		14,359		300
Goldman Sachs		06/04/18	BRL		11,870	USD		3,533		(19	)
Goldman Sachs		04/09/18 - 04/20/18	KRW		5,428,119	USD		5,086		(12	)
Goldman Sachs		04/30/18	IDR		40,028,813	USD		2,982		72
Goldman Sachs		04/09/18	IDR		21,963,031	USD		1,590		(5	)
Goldman Sachs		06/01/18	USD		507	BRL		1,693		—
Goldman Sachs		04/16/18 - 06/04/18	USD		5,187	BRL		16,929		(113	)
Goldman Sachs		04/16/18 - 06/20/18	USD		10,453	COP		29,637,051		141
Goldman Sachs		04/16/18 - 06/13/18	RUB		577,039	USD		10,063		84
Goldman Sachs		05/29/18 - 06/13/18	RUB		406,842	USD		6,995		(30	)
Goldman Sachs		04/16/18	COP		1,397,342	USD		495		(6	)
Goldman Sachs		04/19/18	THB		108,300	USD		3,452		(14	)
Goldman Sachs		04/20/18	USD		3,440	JPY		364,044		(13	)
Goldman Sachs		04/23/18	USD		3,461	CAD		4,484		18
Goldman Sachs		04/23/18	PHP		176,091	USD		3,345		(20	)
Goldman Sachs		05/02/18	CLP		2,035,507	USD		3,385		10
Goldman Sachs		05/03/18	EUR		2,797	USD		3,453		6
Goldman Sachs		05/07/18	USD		601	MXP		11,251		13
Goldman Sachs		06/20/18	USD		4,781	MXP		88,330		—
Goldman Sachs		05/22/18	USD		3,480	ILS		12,124		(15	)
Goldman Sachs		06/05/18	USD		3,248	SGD		4,300		38
Goldman Sachs		06/13/18	USD		238	RUB		13,807		—
Goldman Sachs		06/20/18	USD		10,288	RUB		591,580		(87	)
Goldman Sachs		06/18/18	TRY		7,520	USD		1,872		16
Goldman Sachs		06/18/18	USD		3,500	TRY		14,244		15
Goldman Sachs		09/19/18	USD		11,365	TRY		42,911		(1,070	)
Goldman Sachs		06/20/18	USD		2,416	CZK		54,000		213
Goldman Sachs		06/20/18	GBP		3,250	USD		4,510		(64	)
Goldman Sachs		06/20/18	USD		6,206	HUF		1,582,220		63
Goldman Sachs		06/20/18	USD		6,427	ZAR		76,700		(21	)
Goldman Sachs		06/20/18	USD		6,872	CNY		43,800		67
Goldman Sachs		06/20/18 - 01/16/19	USD		7,224	EGP		133,901		86
Goldman Sachs		06/20/18 - 12/20/18	EUR		15,263	CZK		406,065		878
Goldman Sachs		06/20/18	INR		19,005	USD		289		(1	)
Goldman Sachs		06/20/18	TWD		50,140	USD		1,728		(8	)
Goldman Sachs		06/20/18	ZAR		80,960	USD		6,852		89


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		51

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

Emerging Markets Debt Fund (Continued)


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Goldman Sachs		12/20/18	CZK		152,011	EUR		5,834	$	(184	)
JPMorgan Chase Bank		05/29/18	USD		6,888	CLP		4,188,217		58
JPMorgan Chase Bank		04/02/18 - 05/02/18	USD		8,910	CLP		5,367,977		(14	)
JPMorgan Chase Bank		05/02/18	CLP		56,985	USD		96		1
JPMorgan Chase Bank		04/02/18	CLP		4,127,430	USD		6,789		(50	)
JPMorgan Chase Bank		04/03/18 - 04/16/18	USD		3,551	ARS		71,942		11
JPMorgan Chase Bank		04/24/18	USD		3,221	ARS		64,375		(58	)
JPMorgan Chase Bank		04/03/18 - 06/04/18	BRL		75,503	USD		23,117		448
JPMorgan Chase Bank		05/03/18	BRL		44,383	USD		13,319		(6	)
JPMorgan Chase Bank		04/03/18 - 05/31/18	ARS		131,598	USD		6,409		(74	)
JPMorgan Chase Bank		04/04/18	USD		2,272	EUR		1,858		13
JPMorgan Chase Bank		04/04/18 - 04/23/18	USD		17,160	EUR		13,846		(122	)
JPMorgan Chase Bank		04/05/18	PLN		1,652	EUR		394		2
JPMorgan Chase Bank		06/14/18	PLN		1,587	EUR		375		—
JPMorgan Chase Bank		04/05/18 - 07/05/18	EUR		8,215	PLN		34,458		(60	)
JPMorgan Chase Bank		04/05/18 - 05/03/18	EUR		22,943	USD		28,604		338
JPMorgan Chase Bank		04/05/18 - 04/09/18	EUR		36,255	USD		44,365		(235	)
JPMorgan Chase Bank		04/06/18	ZAR		15,784	USD		1,359		27
JPMorgan Chase Bank		05/16/18	ZAR		6,992	USD		587		—
JPMorgan Chase Bank		04/09/18	EUR		282	CZK		7,167		1
JPMorgan Chase Bank		04/09/18	EUR		137	CZK		3,459		(1	)
JPMorgan Chase Bank		04/09/18 - 04/20/18	USD		1,720	KRW		1,864,888		33
JPMorgan Chase Bank		04/30/18	USD		515	IDR		7,123,200		3
JPMorgan Chase Bank		04/09/18	USD		1,603	IDR		21,963,031		(8	)
JPMorgan Chase Bank		04/09/18 - 05/07/18	USD		12,588	BRL		41,119		(223	)
JPMorgan Chase Bank		04/13/18	USD		2,646	RON		9,942		(22	)
JPMorgan Chase Bank		04/13/18 - 06/20/18	USD		23,686	PLN		80,594		(123	)
JPMorgan Chase Bank		04/16/18	RON		2,207	EUR		473		—
JPMorgan Chase Bank		04/16/18	EUR		4,674	RON		21,844		12
JPMorgan Chase Bank		04/16/18	MXP		31,029	USD		1,579		(117	)
JPMorgan Chase Bank		04/17/18	USD		6,859	TRY		26,796		(122	)
JPMorgan Chase Bank		04/17/18	TRY		24,027	USD		6,084		43
JPMorgan Chase Bank		04/19/18 - 05/07/18	USD		4,330	THB		136,175		32
JPMorgan Chase Bank		04/19/18 - 06/13/18	USD		647	THB		20,178		(1	)
JPMorgan Chase Bank		04/19/18	USD		5,148	CLP		3,100,400		(8	)
JPMorgan Chase Bank		12/19/18	USD		2,284	CZK		53,938		382
JPMorgan Chase Bank		04/20/18	USD		9,236	CZK		190,263		(8	)
JPMorgan Chase Bank		04/20/18	CZK		106,988	USD		5,234		45
JPMorgan Chase Bank		04/25/18	USD		2,114	ARS		43,859		40
JPMorgan Chase Bank		04/30/18	IDR		7,954,598	USD		578		—
JPMorgan Chase Bank		05/02/18 - 06/08/18	EUR		3,065	HUF		959,448		12
JPMorgan Chase Bank		05/07/18	PEI		439	USD		134		(2	)
JPMorgan Chase Bank		05/07/18	USD		1,689	PEI		5,510		18
JPMorgan Chase Bank		05/07/18	USD		1,800	MXP		33,908		49
JPMorgan Chase Bank		05/07/18	THB		2,009	USD		64		(1	)
JPMorgan Chase Bank		05/09/18	IDR		64,843,732	USD		4,689		(23	)
JPMorgan Chase Bank		06/20/18	USD		3,595	THB		112,094		1
JPMorgan Chase Bank		05/11/18	USD		273	THB		8,497		(1	)
JPMorgan Chase Bank		05/14/18	USD		6,532	CZK		133,477		(47	)
JPMorgan Chase Bank		05/29/18	USD		4,501	RUB		268,484		139
JPMorgan Chase Bank		05/29/18	USD		8,276	RUB		476,659		(37	)
JPMorgan Chase Bank		05/29/18	RUB		561,292	USD		9,787		86


52		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018


Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		06/07/18		COP	5,891,859		USD	2,058	$	(48	)
JPMorgan Chase Bank		06/18/18		USD	1,099		TRY	4,457		1
JPMorgan Chase Bank		06/20/18		USD	1,109		EGP	19,949		6
JPMorgan Chase Bank		06/20/18		TWD	29,023		USD	998		(7	)
JPMorgan Chase Bank		07/31/18 - 08/06/18		USD	1,728		KZT	564,909		19
JPMorgan Chase Bank		09/27/18		CZK	26,087		EUR	978		(58	)
JPMorgan Chase Bank		12/19/18		EUR	7,585		CZK	200,890		400
Standard Bank		04/04/18 - 04/05/18		EUR	28,857		USD	35,651		159
Standard Bank		04/04/18		USD	19,794		EUR	16,135		52
Standard Bank		04/05/18 - 05/03/18		USD	32,646		EUR	26,364		(158	)
Standard Bank		04/06/18		ARS	13,799		USD	683		(2	)
Standard Bank		04/09/18		USD	3,258		KRW	3,520,603		47
Standard Bank		04/30/18		USD	770		IDR	10,657,731		4
Standard Bank		04/30/18		USD	499		IDR	6,814,050		(4	)
Standard Bank		05/07/18		USD	968		PEI	3,158		11
Standard Bank		05/07/18		USD	8,097		MXP	154,561		327
Standard Bank		05/07/18 - 06/20/18		USD	11,840		THB	370,651		43
Standard Bank		05/08/18 - 06/20/18		PHP	548,613		USD	10,449		16
Standard Bank		05/16/18		ZAR	15,178		USD	1,279		5
Standard Bank		05/29/18		USD	930		RUB	53,963		2
Standard Bank		05/29/18		RUB	10,561		USD	186		3
Standard Bank		05/29/18		RUB	40,757		USD	704		–
Standard Bank		06/01/18		USD	2,868		BRL	9,391		(57	)
Standard Bank		06/05/18		MYR	13,300		USD	3,389		(52	)
Standard Bank		06/08/18		EUR	2,799		HUF	876,404		10
Standard Bank		06/18/18		TRY	2,021		USD	497		(2	)
Standard Bank		06/20/18		USD	6,103		MYR	23,920		85
Standard Bank		06/20/18		SGD	6,781		USD	5,188		6
Standard Bank		06/20/18		TWD	94,512		USD	3,257		(15	)
Standard Bank		06/20/18		INR	699,775		USD	10,621		(34	)
Standard Bank		06/20/18		HUF	1,628,628		USD	6,472		19
Standard Bank		06/27/18		USD	3,683		SGD	4,834		12
Standard Bank		09/19/18		USD	2,888		TRY	10,912		(270	)

									$	698

A list of the open OTC swap agreements held by the Fund at March 31, 2018, 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

0.845%

6-Month HUF - BUBOR

Semi-Annual

10/10/2019

HUF

$3,000,000

(123

)

–

(168

)

Goldman Sachs

3-Month KRW - KWCDC

2.15%

Quarterly

11/09/2019

KRW

35,250,000

–

Standard Chartered

3-Month KRW - KWCDC

2.14%

Quarterly

11/09/2019

KRW

35,250,000

–

Goldman Sachs

1-Day BRL - CETIP

8.22%

Annual

01/02/2020

BRL

4,194

–

JPMorgan Chase

1-Day BRL - CETIP

11.46%

Annual

01/02/2020

BRL

3,649

–

JPMorgan Chase

1-Day BRL - CETIP

12.130%

Annual

01/02/2020

BRL

3,480

–

JPMorgan Chase

1-Day BRL - CETIP

12.130%

Annual

01/02/2020

BRL

5,738

160

–

160

Goldman Sachs

0.52%

3-Month HUF - BUBOR

Annual

01/18/2020

HUF

9,000,000

–

JPMorgan Chase

0.5375%

6-Month CZK - PRIBOR

Semi-Annual

02/16/2020

CZK

250,000

166

–

166

Goldman Sachs

3-Month Moscow Prime Offered Rate - RUB

6.78%

Annual

02/22/2020

RUB

1,080,956

–


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		53

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

Emerging Markets Debt Fund (Continued)



Counterparty	Fund Pays		Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
Goldman Sachs		0.585%		6-Month CZK - PRIBOR		Semi-Annual		03/13/2020		CZK	$	25,000	$	16		$	–	$	16
Goldman Sachs		3-Month Moscow Prime Offered Rate - RUB		6.53%		Annual		03/27/2020		RUB		1,400,000		(28	)		–		(28	)
JPMorgan Chase		0.6925%		6-Month HUF - BUBOR		Semi-Annual		04/20/2020		HUF		1,750,000		(59	)		–		(96	)
Goldman Sachs		1-Day BRL - CETIP		12.725%		Annual		01/04/2021		BRL		10,608		567			–		567
Goldman Sachs		1-Day BRL - CETIP		10.89%		Annual		01/04/2021		BRL		170		3			–		3
Goldman Sachs		1-Day BRL - CETIP		10.04%		Annual		01/04/2021		BRL		3,557		62			–		62
Goldman Sachs		1-Day BRL - CETIP		9.09%		Annual		01/04/2021		BRL		3,401		31			–		31
JPMorgan Chase		1-Day BRL - CETIP		9.11% BRL		Annual		01/04/2021		BRL		3,303		19			–		19
JPMorgan Chase		1-Day BRL - CETIP		9.61%		Annual		01/04/2021		BRL		4,626		63			–		63
JPMorgan Chase		1-Day BRL - CETIP		9.275%		Annual		01/04/2021		BRL		5,815		63			–		63
JPMorgan Chase		1-Day BRL - CETIP		8.87%		Annual		01/04/2021		BRL		8,089		60			–		60
JPMorgan Chase		1-Day BRL - CETIP		9.18%		Annual		01/04/2021		BRL		3,419		34			–		33
JPMorgan Chase		1-Day BRL - CETIP		8.655%		Annual		01/04/2021		BRL		3,575		33			–		33
Goldman Sachs		28-Day MXN - TIIE		5.37%		Monthly		03/17/2021		MXN		46,500		(142	)		–		(147	)
JPMorgan Chase		1.3775%		6-Month HUF - BUBOR		Semi-Annual		06/17/2021		HUF		654,998		(68	)		–		(94	)
JPMorgan Chase		6-Month PZL - WIBOR		2.42%		Annual		12/12/2021		PLN		3,300		8			–		10
Citibank		6-Month PZL - WIBOR		2.431%		Annual		12/14/2021		PLN		11,000		28			–		35
Goldman Sachs		6-Month HUF - BUBOR		1.265%		Semi-Annual		01/10/2022		HUF		1,537,322		(128	)		–		(142	)
Goldman Sachs		0.8725%		6-Month CZK - PRIBOR		Semi-Annual		03/09/2022		CZK		25,000		33			–		32
JPMorgan Chase		1-Day - CLP - Sinacofi Chile Interbank Rate Avg		3.430%		Semi-Annual		05/10/2022		CLP		420,527		2			–		2
JPMorgan Chase		0.955%		6-Month CZK - PRIBOR		Semi-Annual		05/17/2022		CZK		28,773		35			–		25
JPMorgan Chase		1-Day - CLP - Sinacofi Chile Interbank Rate Avg		3.410%		Semi-Annual		07/11/2022		CLP		900,000		1			–		1
Goldman Sachs		1-Day COP - Columbia IBR Overnight Interbank		5.443%		Quarterly		09/07/2022		COP		2,205,023		10			–		–
Citibank		1.165%		6-Month CZK - PRIBOR		Semi-Annual		09/08/2022		CZK		43,406		40			–		27
Goldman Sachs		28-Day MXN - TIIE		5.900%		Monthly		09/12/2022		MXN		75,956		(238	)		–		(243	)
JPMorgan Chase		1-Day COP - Columbia IBR Overnight Interbank		5.30%		Quarterly		09/19/2022		COP		9,500,000		22			–		(20	)
Goldman Sachs		6-Month HUF - BUBOR		0.8385%		Annual		09/21/2022		HUF		1,390,000		(9	)		–		15
JPMorgan Chase		1-Day COP - Columbia IBR Overnight Interbank		5.38%		Quarterly		09/25/2022		COP		5,391,885		19			–		19
JPMorgan Chase		1-Day - CLP - Sinacofi Chile Interbank Rate Avg		3.43%		Semi-Annual		10/25/2022		CLP		1,562,364		5			–		5
Standard Chartered		3.985%		China 7-Day Repo Rate - CNY		Quarterly		11/08/2022		CNY		23,000		(56	)		–		(60	)
Goldman Sachs		2.16%		3-Month KRW -KWCDC		Quarterly		11/09/2022		KRW		7,250,000		11			–		4
Standard Chartered		2.14%		3-Month KRW - KWCDC		Quarterly		11/09/2022		KRW		7,250,000		17			–		10
Goldman Sachs		1-Day BRL - CETIP		11.985%		Annual		01/02/2023		BRL		3,000		169			–		169
JPMorgan Chase		1-Day BRL - CETIP		10.04%		Annual		01/03/2023		BRL		5,012		187			–		187
Goldman Sachs		28-Day MXN - TIIE		6.355%		Monthly		05/21/2025		MXN		23,145		(82	)		–		(83	)
Goldman Sachs		28-Day MXN - TIIE		6.205%		Monthly		12/08/2025		MXN		16,624		(73	)		–		(73	)
Goldman Sachs		28-Day MXN - TIIE		6.165%		Monthly		03/05/2026		MXN		47,200		(220	)		–		(222	)
JPMorgan Chase		28-Day MXN - TIIE		6.13%		Monthly		06/18/2026		MXN		40,000		(199	)		–		(201	)
Goldman Sachs		28-Day MXN - TIIE		6.381%		Monthly		09/16/2026		MXN		26,000		(111	)		–		(111	)
Goldman Sachs		1-Day - CLP - Sinacofi Chile Interbank Rate Avg		3.45%		Semi-Annual		06/02/2027		CLP		937,139		2			–		2
Goldman Sachs		1.18%		6-Month CZK - PRIBOR		Semi-Annual		06/30/2027		CZK		65,000		172			–		147

													$	881		$	–	$	655


54		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

A list of the open centrally cleared swap agreements held by the Fund at March 31, 2018, 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)
28-Day MXN - TIIE	7.815%	Monthly	02/20/2025	MXN		$ 25,000		$ 24		$ –		$ 24
28-Day MXN - TIIE	7.72%	Monthly	12/03/2026	MXN		8,000		3		–		3
28-Day MXN - TIIE	7.35%	Monthly	10/25/2024	MXN		22,000		(8)		–		(8)
1.73%	6-Month CZK - PRIBOR	Semi-Annual	03/26/2023	CZK		19,260		(5)		–		(5)
28-Day MXN - TIIE	7.605%	Monthly	03/07/2024	MXN		53,000		24		–		24
28-Day MXN - TIIE	7.915%	Monthly	01/22/2027	MXN		41,115		46		–		46
1.70%	6-Month HUF - BUBOR	Semi-Annual	01/22/2028	HUF		455,025		47		–		47
1.94%	6-Month CZK - PRIBOR	Semi-Annual	02/26/2028	CZK		14,000		(9)		–		(10)
3.01%	6-Month PLN - WIBOR	Semi-Annual	10/26/2027	PLN		15,000		(67)		–		(67)
28-Day MXN - TIIE	7.51%	Monthly	04/20/2027	MXN		8,110		(3)		–		(3)
2.76%	6-Month PZL - WIBOR	Semi-Annual	07/03/2027	PLN		1,700		2		–		2
1-Day BRL - CETIP	8.98%	Annual	01/04/2021	BRL		13,259		108		–		108
1-Day BRL - CETIP	9.18%	Annual	01/04/2021	BRL		7,647		42		–		42
1-Day BRL - CETIP	9.15%	Annual	01/04/2021	BRL		5,523		44		–		44
0.5275%	3-Month HUF - BUBOR	Annual	02/05/2020	HUF		1,000,000		7		–		7
3-Month PLN - WIBOR	2.024%	Annual	03/12/2020	PLN		120,000		34		–		34
1-Day BRL - CETIP	8.22%	Annual	01/04/2021	BRL		4,247		9		–		9
28-Day MXN - TIIE	6.71%	Monthly	07/07/2022	MXN		130,137		(181)		–		(181)
1.94%	6-Month CZK - PRIBOR	Semi-Annual	03/13/2023	CZK		150,000		(13)		–		(13)
28-Day MXN - TIIE	6.745%	Monthly	06/23/2022	MXN		26,758		(35)		–		(35)
6-Month PZL - WIBOR	2.505%	Annual	01/10/2022	PLN		22,509		74		–		74
28-Day MXN - TIIE	7.575%	Monthly	01/28/2022	MXN		67,966		23		–		22

								$ 166		$ –		$ 164

For the six months ended March 31, 2018 the total amount of all open swap agreements, as presented in the table above, are representative of the volume of activity for the derivative type during the year.

Percentages are based on Net Assets of $1,654,997 ($ Thousands).

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of March 31, 2018.

^†	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, 2018, the value of these securities amounted to $229,952 ($ Thousands), representing 13.89% of the Net Assets of the Fund.

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

(C)	Step Bonds – The rate reflected on the Schedule of Investments is the effective yield on March 31, 2018. The coupon on a step bond changes on a specified date.

(D)	Certain securities or partial positions of certain securities are on loan at March 31, 2018 (see Note 9). The total market value of securities on loan at March 31, 2018 was $5,042 ($ Thousands).

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

(F)	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.

(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, 2018 was $5,333 ($ Thousands).

ARS — Argentine Peso

BRL — Brazilian Real

CAD — Canadian Dollar

CLP — Chilean Peso

CNY — Chinese Yuan Onshore

COP — Colombian Peso

CZK — Czech Koruna

EGP — Egyptian Pound

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

ICE— Intercontinental Exchange

IDR — Indonesian Rupiah

INR — Indian Rupee

ILS — Israeli New Sheckels

JPY — Japanese Yen

JSC — Joint-Stock Company

KRW — Korean Won

L.P. — Limited Partnership

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

PEN — Peruvian Nuevo Sol

PHP— Philippine Peso

PLN — Polish Zloty

RON — Romanian Leu

RUB — Russian Ruble

SGD — Singapore Dollar

Ser — Series

THB — Thai Bhat

TRY — Turkish Lira

TWD — Taiwan Dollar

USD — United States Dollar


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		55

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2018

Emerging Markets Debt Fund (Concluded)

VAR — Variable Rate

ZAR — South African Rand

The following is a list of the level of inputs used as of March 31, 2018, 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
Global Bonds	$	–	$	1,577,736	$	543	$	1,578,279
Affiliated Partnership		–		5,333		–		5,333

Total Investments in Securities	$	–	$	1,583,069	$	543	$	1,583,612


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	256	$	—	$	—	$	256
Unrealized Depreciation		(1,089)		—		—		(1,089)
Forwards Contracts *
Unrealized Appreciation		—		7,724		—		7,724
Unrealized Depreciation		—		(7,026)		—		(7,026)
OTC Swaps
Interest Rate Swaps *
Unrealized Appreciation		—		2,344		—		2,344
Unrealized Depreciation		—		(1,689)		—		(1,689)
Centrally Cleared Swaps
Interest Rate Swaps *
Unrealized Appreciation		—		486		—		486
Unrealized Depreciation		—		(322)		—		(322)

Total Other Financial Instruments	$	(833)	$	1,517	$	—	$	684

(1) Of the $543 ($ Thousands) in Level 3 securities as of March 31, 2018, $543 ($ Thousands) or 0.03% as a percent of net assets are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs are required for those Level 3 securities that are not valued by third party pricing vendors or broker quotes. A reconciliation of Level 3 investments is presented when the Fund has significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.

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

For the six months ended March 31, 2018, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2018, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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

The following is a summary of the transactions with affiliates for the six months ended March 31, 2018 ($ Thousands):


Security Description	Value at 9/30/2017		Purchases at Cost		Proceeds from Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 3/31/2018		Dividend Income
SEI Liquidity Fund, L.P.		$14,597		$16,999		$(26,261)		$1		$(3)		$5,333		$72

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


56		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

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

March 31, 2018


	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund		Emerging Markets Debt Fund
Assets:
Investments, at value ^†		$ 4,070,875	*		$ 1,984,430	*		$ 452,057		$ 1,578,279	*
Affiliated investments, at value ^††		325,899			98,208			–		5,333
Cash		66,529			48,708			5,572		40,237
Cash pledged as collateral for forward foreign currency contracts		–			–			–		4,190
Cash pledged as collateral for futures contracts		8,326			–			1,872		2,361
Cash pledged as collateral for swap contracts		–			–			–		955
Foreign currency, at value ^†††		1,857			5,583			142		5,055
Receivable for fund shares sold		1,231			897			79		530
Receivable for investment securities sold		18,069			9,785			3,039		11,040
Dividends and interest receivable		11,877			5,258			3,571		24,569
Unrealized gain on forward foreign currency contracts		–			–			4,482		7,724
Unrealized gain on foreign spot currency contracts		15			23			1		9
Due from broker		–			–			–		182
Swap contracts, at value ^††††		–			–			–		2,344
Foreign tax reclaim receivable		7,882			143			–		–
Receivable for variation margin		1,185			–			129		103
Prepaid expenses		239			78			18		61
Total Assets		4,513,984			2,153,113			470,962		1,682,972
Liabilities:
Payable upon return on securities loaned		180,667			94,840			–		5,337
Payable for investment securities purchased		18,786			24,231			2,144		11,528
Payable for fund shares redeemed		64			2			–		55
Swap contracts, at value ^††††		–			–			397		1,689
Payable for variation margin		70			–			124		96
Administration fees payable		1,089			749			176		617
Unrealized loss on foreign currency spot contracts		29			17			2		35
Unrealized loss on forward foreign currency contracts		–			–			3,847		7,026
Chief compliance officer fees payable		9			4			1		3
Shareholder servicing fees payable		849			412			89		325
Investment advisory fees payable		1,854			1,548			96		854
Accrued expense payable		723			1,154			128		410
Accrued foreign capital gains tax on appreciated securities		–			453			–		–
Total Liabilities		204,140			123,410			7,004		27,975
Net Assets		$ 4,309,844			$ 2,029,703			$ 463,958		$ 1,654,997
^† Cost of investments		$ 3,479,168			$ 1,596,200			$ 433,664		$ 1,550,366
^†† Cost of affiliated investments		325,911			98,211			–		5,334
^††† Cost of foreign currency		1,850			5,581			136		4,994
^†††† Cost (premiums paid)		–			–			217		–
* Includes market value of securities on loan		174,938			90,986			–		5,042


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		57

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

March 31, 2018


	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)		$ 4,315,962			$ 1,659,428			$ 479,196			$ 1,660,960
Undistributed (distributions in excess of) net investment income		(75	)		(18,750	)		(24,206	)		(19,108	)
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency contracts and swap contracts		(596,543	)		1,236			(9,033	)		(15,672	)
Net unrealized appreciation on investments		591,695			388,227			18,393			27,912
Net unrealized depreciation on futures contracts		(1,494	)		–			(46	)		(833	)
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		299			15			(142	)		919
Net unrealized appreciation (depreciation) on swap contracts		–			–			(204	)		819
Accumulated foreign capital gains tax on appreciated securities		–			(453	)		–			–
Net Assets		$ 4,309,844			$ 2,029,703			$ 463,958			$ 1,654,997
Net Asset Value, Offering and Redemption Price Per Share — Class F		$ 11.48			$ 13.10			$ 10.30			$ 10.51
		($3,975,566,817	÷		($1,897,119,438	÷		($421,419,988	÷		($1,537,459,397	÷
		346,277,287 shares	)		144,853,799 shares	)		40,933,043 shares	)		146,300,234 shares	)
Net Asset Value, Offering and Redemption Price Per Share — Class I		$ 11.49			N/A			N/A			N/A
		($2,889,174	÷
		251,513 shares	)
Net Asset Value, Offering and Redemption Price Per Share — Class Y		$ 11.49			$ 13.11			$ 10.30			$ 10.49
		($331,387,521	÷		($132,584,055	÷		($42,538,185	÷		($117,537,404	÷
		28,841,582 shares	)		10,112,732 shares	)		4,131,294 shares	)		11,199,711 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.


58		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)

For the six months ended March 31, 2018


	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Investment Income:
Dividends		$ 36,756			$ 16,160			$ –			$ –
Dividends from affiliated investments⁽¹⁾		646			64			–			–
Interest Income		936			188			3,941			51,856
Security lending income — net ⁽¹⁾⁽²⁾		776			615			–			72
Less: foreign taxes withheld		(3,722	)		(1,701	)		6			(461	)
Total Investment Income		35,392			15,326			3,947			51,467
Expenses:
Investment advisory fees		10,816			10,744			683			6,797
Administration fees		6,374			4,362			1,024			3,557
Shareholder servicing fees — Class F		4,939			2,396			519			1,860
Shareholder servicing fees — Class I		4			–			–			–
Administrative servicing fees — Class I		4			–			–			–
Printing fees		268			128			28			99
Custodian/wire agent fees		214			438			58			271
Professional fees		119			56			12			44
Registration fees		36			18			5			18
Trustees’ fees		27			13			3			10
Chief compliance officer fees		9			4			1			3
Other expenses		42			44			64			68
Total Expenses		22,852			18,203			2,397			12,727
Less:
Waiver of investment advisory fees		–			(921	)		(125	)		(1,976	)
Waiver of administration fees		–			–			–			(6	)
Fees paid indirectly		–			(5	)		–			–
Net Expenses		22,852			17,277			2,272			10,745
Net Investment Income (Loss)		12,540			(1,951	)		1,675			40,722
Net Realized Gain (Loss) on:
Investments		108,478			54,727			794			12,624
Affiliated investments		2			(3	)		–			1
Futures contracts		678			–			915			1,066
Swap contracts		–			–			155			1,921
Foreign currency transactions		676			(386	)		(7,283	)		(810	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		6,623			96,322			13,499			(7,501	)
Affiliated investments		(16	)		(3	)		–			(3	)
Futures contracts		(4,139	)		–			(467	)		(1,462	)
Swap contracts		–			–			(21	)		(1,428	)
Foreign capital gains tax on appreciated securities		–			147			–			–
Foreign currency translation of other assets and liabilities denominated in foreign currencies		133			17			(1,903	)		2,627
Net Increase in Net Assets Resulting from Operations		$ 124,975			$ 148,870			$ 7,364			$ 47,757

(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, 2018		59

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the six months ended March 31, 2018 (Unaudited) and the year ended September 30, 2017


	International Equity Fund				Emerging Markets Equity Fund
	2018		2017		2018		2017
Operations:
Net investment income (loss)	$	12,540	$	46,422	$	(1,951)	$	10,064
Net realized gain on investments and futures contracts		109,158		116,693		54,724		120,195
Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions		676		(411)		(386)		(396)
Net change in unrealized appreciation on investments and futures contracts		2,468		512,512		96,319		241,499
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		133		413		17		(16)
Net change in unrealized appreciation on foreign capital tax gains on appreciated securities		–		–		147		667
Net Increase in Net Assets Resulting from Operations		124,975		675,629		148,870		372,013
Dividends and Distributions to Shareholders:
Net investment income:
Class F		(51,106)		(35,403)		(24,002)		(11,400)
Class I		(29)		(34)		N/A		N/A
Class Y		(4,988)		(3,118)		(1,959)		(816)
Total Dividends and Distributions		(56,123)		(38,555)		(25,961)		(12,216)
Capital Share Transactions:
Class F:
Proceeds from shares issued		378,715		1,137,139		157,860		332,975
Reinvestment of dividends & distributions		47,452		32,564		22,506		10,641
Cost of shares redeemed		(309,963)		(694,561)		(219,320)		(395,178)
Net Increase (Decrease) from Class F Transactions		116,204		475,142		(38,954)		(51,562)
Class I:
Proceeds from shares issued		196		585		N/A		N/A
Reinvestment of dividends & distributions		17		16		N/A		N/A
Cost of shares redeemed		(331)		(2,586)		N/A		N/A
Net Decrease from Class I Transactions		(118)		(1,985)		N/A		N/A
Class Y:
Proceeds from shares issued		29,567		152,319		11,776		56,280
Reinvestment of dividends & distributions		4,708		3,059		1,812		788
Cost of shares redeemed		(27,870)		(49,930)		(14,249)		(24,072)
Net Increase (Decrease) from Class Y Transactions		6,405		105,448		(661)		32,996
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		122,491		578,605		(39,615)		(18,566)
Net Increase in Net Assets		191,343		1,215,679		83,294		341,231
Net Assets:
Beginning of Period		4,118,501		2,902,822		1,946,409		1,605,178
End of Period	$	4,309,844	$	4,118,501	$	2,029,703	$	1,946,409
Undistributed (Distributions in Excess of) Net Investment Income Included in Net Assets at End of Period	$	(75)	$	43,508	$	(18,750)	$	9,162
Capital Share Transactions:
Class F:
Shares issued		32,567		116,607		12,096		31,049
Reinvestment of distributions		4,098		3,517		1,764		1,136
Shares redeemed		(26,694)		(68,912)		(16,775)		(36,420)
Total Class F Transactions		9,971		51,212		(2,915)		(4,235)
Class I:
Shares issued		16		60		N/A		N/A
Reinvestment of distributions		2		2		N/A		N/A
Shares redeemed		(28)		(254)		N/A		N/A
Total Class I Transactions		(10)		(192)		N/A		N/A
Class Y:
Shares issued		2,547		15,234		904		5,141
Reinvestment of distributions		407		330		142		84
Shares redeemed		(2,384)		(4,883)		(1,088)		(2,216)
Total Class Y Transactions		570		10,681		(42)		3,009
Net Increase (Decrease) in Shares Outstanding from Share Transactions		10,531		61,701		(2,957)		(1,226)

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.


60		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018


	International Fixed Income Fund				Emerging Markets Debt Fund
	2018		2017		2018		2017
Operations:
Net investment income	$	1,675	$	3,187	$	40,722	$	74,480
Net realized gain (loss) on investments, futures contracts and swap contracts		1,864		(1,868)		15,612		14,403
Net realized loss on forward foreign currency contracts and foreign currency transactions		(7,283)		(4,226)		(810)		(26,694)
Net change in unrealized appreciation (depreciation) on investments, futures contracts and swap contracts		13,011		(5,820)		(10,394)		39,359
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(1,903)		3,023		2,627		(996)
Net Increase (Decrease) in Net Assets Resulting from Operations		7,364		(5,704)		47,757		100,552
Dividends and Distributions to Shareholders:
Net investment income:
Class F		–		(7,649)		(48,352)		(27,727)
Class Y		–		(502)		(4,093)		(2,409)
Net realized gains:
Class F		–		(4,277)		–		–
Class Y		–		(232)		–		–
Total Dividends and Distributions		–		(12,660)		(52,445)		(30,136)
Capital Share Transactions:
Class F:
Proceeds from shares issued		36,023		63,281		151,256		339,041
Reinvestment of dividends & distributions		–		10,886		43,922		25,042
Cost of shares redeemed		(36,860)		(137,899)		(112,217)		(423,845)
Net Increase (Decrease) from Class F Transactions		(837)		(63,732)		82,961		(59,762)
Class Y:
Proceeds from shares issued		6,710		26,673		15,363		39,682
Reinvestment of dividends & distributions		–		715		3,810		2,335
Cost of shares redeemed		(2,843)		(1,786)		(9,421)		(39,851)
Net Increase from Class Y Transactions		3,867		25,602		9,752		2,166
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		3,030		(38,130)		92,713		(57,596)
Net Increase (Decrease) in Net Assets		10,394		(56,494)		88,025		12,820
Net Assets:
Beginning of Period		453,564		510,058		1,566,972		1,554,152
End of Period	$	463,958	$	453,564	$	1,654,997	$	1,566,972
Distributions in Excess of Net Investment Income Included in Net Assets at End of Period	$	(24,206)	$	(25,881)	$	(19,108)	$	(7,385)
Capital Share Transactions:
Class F:
Shares issued		3,527		6,257		14,498		34,114
Reinvestment of distributions		–		1,084		4,251		2,623
Shares redeemed		(3,611)		(13,617)		(10,756)		(42,597)
Total Class F Transactions		(84)		(6,276)		7,993		(5,860)
Class Y:
Shares issued		657		2,630		1,482		4,007
Reinvestment of distributions		–		71		369		244
Shares redeemed		(279)		(176)		(904)		(3,932)
Total Class Y Transactions		378		2,525		947		319
Net Increase (Decrease) in Shares Outstanding from Share Transactions		294		(3,751)		8,940		(5,541)

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, 2018		61

FINANCIAL HIGHLIGHTS

For the six months ended March 31, 2018 (Unaudited) and the years 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⁾
2018^@		$11.29	$0.03	$0.31	$0.34	$(0.15)	$–	$(0.15)		$11.48		3.01	%		$3,975,567		1.09	%⁽³⁾		1.09	%⁽³⁾		1.09	%⁽³⁾		0.57	%		20	%
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
2014		9.71	0.18	0.18	0.36	(0.13)	–	(0.13)		9.94		3.66			2,682,482		1.24	⁽³⁾		1.24	⁽³⁾		1.24	⁽³⁾		1.78			60
2013		8.19	0.13	1.53	1.66	(0.14)	–	(0.14)		9.71		20.47			2,350,201		1.25	⁽³⁾		1.25	⁽³⁾		1.25	⁽³⁾		1.50			47
Class I
2018^@		$11.27	$0.02	$0.31	$0.33	$(0.11)	$–	$(0.11)		$11.49		2.93	%		$2,889		1.34	%⁽⁵⁾		1.34	%⁽⁵⁾		1.34	%⁽⁵⁾		0.29	%		20	%
2017		9.55	0.10	1.70	1.80	(0.08)	–	(0.08)		11.27		19.00			2,954		1.41	⁽⁵⁾		1.41	⁽⁵⁾		1.41	⁽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
2014		9.70	0.15	0.17	0.32	(0.10)	–	(0.10)		9.92		3.33			5,342		1.49	⁽⁵⁾		1.49	⁽⁵⁾		1.49	⁽⁵⁾		1.48			60
2013		8.18	0.11	1.52	1.63	(0.11)	–	(0.11)		9.70		20.19			5,953		1.50	⁽⁵⁾		1.50	⁽⁵⁾		1.50	⁽⁵⁾		1.21			47
Class Y
2018^@		$11.31	$0.05	$0.31	$0.36	$(0.18)	$–	$(0.18)		$11.49		3.15	%		$331,388		0.84	%⁽⁶⁾		0.84	%⁽⁶⁾		0.84	%⁽⁶⁾		0.82	%		20	%
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⁾
2018^@		$12.32	$(0.01)	$0.95	$0.94	$(0.16)	$–	$(0.16)		$13.10		7.69	%		$1,897,119		1.70	%⁽⁸⁾		1.70	%⁽⁸⁾		1.80	%⁽⁹⁾		(0.21	)%		34	%
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
2014		10.53	0.06	0.22	0.28	(0.05)	–	(0.05)		10.76		2.68			1,958,078		1.96	⁽⁸⁾		1.96	⁽⁸⁾		2.02	⁽⁹⁾		0.58			59
2013		10.25	0.06	0.28	0.34	(0.06)	–	(0.06)		10.53		3.29			1,413,683		1.96	⁽⁸⁾		1.96	⁽⁸⁾		2.04	⁽⁹⁾		0.52			78
Class Y
2018^@		$12.35	$–	$0.95	$0.95	$(0.19)	$–	$(0.19)		$13.11		7.76	%		$132,584		1.45	%⁽¹⁰⁾		1.45	%⁽¹⁰⁾		1.55	%⁽¹¹⁾		0.05	%		34	%
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⁾		1.58	⁽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
International Fixed Income Fund
Class F⁽²⁾
2018^@		$10.13	$0.04	$0.13	$0.17	$–	$–	$–		$10.30		1.68	%		$421,420		1.02	%⁽¹²⁾		1.02	%⁽¹²⁾		1.07	%⁽¹³⁾		0.71	%		48	%
2017		10.51	0.07	(0.18)	(0.11)	(0.17)	(0.10)	(0.27)		10.13		(1.03	)		415,582		1.02	⁽¹²⁾		1.02	⁽¹²⁾		1.08	⁽¹³⁾		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	^(4)(12)		1.05	^(4)(12)		1.11	^(4)(13)		0.98			106
2015		10.98	0.11	0.11	0.22	(0.82)	–	(0.82)		10.38		2.02			495,957		1.02	⁽¹²⁾		1.02	⁽¹²⁾		1.07	⁽¹³⁾		1.00			78
2014		10.42	0.14	0.48	0.62	(0.06)	–	(0.06)		10.98		5.96			523,784		1.02	⁽¹²⁾		1.02	⁽¹²⁾		1.20	⁽¹³⁾		1.32			104
2013		10.82	0.14	(0.06)	0.08	(0.48)⁽¹⁴⁾	–	(0.48)		10.42		0.77			473,382		1.02	⁽¹²⁾		1.02	⁽¹²⁾		1.20	⁽¹³⁾		1.37			86
Class Y
2018^@		$10.12	$0.05	$0.13	$0.18	$–	$–	$–		$10.30		1.78	%		$42,538		0.77	%⁽¹⁵⁾		0.77	%⁽¹⁵⁾		0.82	%⁽¹⁶⁾		0.97	%		48	%
2017		10.50	0.09	(0.17)	(0.08)	(0.20)	(0.10)	(0.30)		10.12		(0.76	)		37,982		0.77	⁽¹⁵⁾		0.77	⁽¹⁵⁾		0.83	⁽¹⁶⁾		0.94			113
2016⁽¹⁷⁾		10.45	0.12	0.55	0.67	(0.60)	(0.02)	(0.62)		10.50		6.79			12,901		0.80	^(4)(15)		0.80	^(4)(15)		0.87	^(4)(16)		1.23			106


62		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018


	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^†
Emerging Markets Debt Fund
Class F⁽²⁾
2018^@		$10.55		$0.26		$0.04			$0.30			$(0.34	)		$–			$(0.34	)		$10.51		2.96	%		$1,537,459		1.36	%⁽¹⁸⁾		1.36	%⁽¹⁸⁾		1.61	%⁽¹⁹⁾		5.08	%		42	%
2017		10.08		0.51		0.17			0.68			(0.21	)		–			(0.21	)		10.55		6.83			1,458,611		1.36	⁽¹⁸⁾		1.36	⁽¹⁸⁾		1.63	⁽¹⁹⁾		5.06			79
2016		8.66		0.49		0.93			1.42			–			–			–			10.08		16.40			1,453,586		1.39	^(4)(18)		1.39	^(4)(18)		1.65	^(4)(19)		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	⁽¹⁸⁾		1.36	⁽¹⁸⁾		1.61	⁽¹⁹⁾		4.91			71
2014		10.38		0.49		(0.29	)		0.20			(0.31	)		(0.07	)		(0.38	)		10.20		1.90			1,345,731		1.36	⁽¹⁸⁾		1.36	⁽¹⁸⁾		1.80	⁽¹⁹⁾		4.73			92
2013		12.07		0.47		(1.02	)		(0.55	)		(0.68	)		(0.46	)		(1.14	)		10.38		(5.19	)		1,182,296		1.36	⁽¹⁸⁾		1.36	⁽¹⁸⁾		1.81	⁽¹⁹⁾		4.20			90
Class Y
2018^@		$10.57		$0.28		$0.03			$0.31			$(0.39	)		$–			$(0.39	)		$10.49		3.06	%		$117,538		1.11	%⁽²⁰⁾		1.11	%⁽²⁰⁾		1.36	%⁽²¹⁾		5.33	%		42	%
2017		10.12		0.53		0.17			0.70			(0.25	)		–			(0.25	)		10.57		7.18			108,361		1.11	⁽²⁰⁾		1.11	⁽²⁰⁾		1.38	⁽²¹⁾		5.31			79
2016		8.67		0.52		0.93			1.45			–			–			–			10.12		16.72			100,566		1.14	^(4)(20)		1.14	^(4)(20)		1.40	^(4)(21)		5.55			86
2015⁽⁷⁾		9.63		0.37		(1.28	)		(0.91	)		(0.05	)		–			(0.05	)		8.67		(9.48	)		78,383		1.11	⁽²⁰⁾		1.11	⁽²⁰⁾		1.36	⁽²¹⁾		5.24			71

^†	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.

@	For the six-month period ended March 31, 2018. All ratios for the period have been annualized.

(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 were renamed as Class F Shares.

(3)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.09%, 1.15%, 1.27%, 1.24%, 1.24% and 1.25% for 2018, 2017, 2016, 2015, 2014 and 2013.

(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 1.34%, 1.40%, 1.52%, 1.49%, 1.49% and 1.50% for 2018, 2017, 2016, 2015, 2014 and 2013.

(6)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.84%, 0.90%, 1.02% and 0.99% for 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%, 1.74%, 1.76%, 1.71%, 1.96% and 1.96% for 2018, 2017, 2016, 2015, 2014 and 2013.

(9)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.80%, 1.82%, 1.86%, 1.71%, 2.02% and 2.04% for 2018, 2017, 2016, 2015, 2014 and 2013.

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

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

(12)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.02%, 1.02%, 1.05%, 1.02%, 1.02% and 1.02% for 2018, 2017, 2016, 2015, 2014 and 2013.

(13)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.07%, 1.08%, 1.11%, 1.07%, 1.20% and 1.20% for 2018, 2017, 2016, 2015, 2014 and 2013.

(14)	Includes a return of capital of $0.09 per share.

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

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

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

(18)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.36%, 1.36%, 1.39%, 1.36%, 1.36% and 1.36% for 2018, 2017, 2016, 2015, 2014 and 2013.

(19)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.61%, 1.63%, 1.65%, 1.61%, 1.80% and 1.81% for 2018, 2017, 2016, 2015, 2014 and 2013.

(20)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.10%, 1.11%, 1.14% and 1.11% for 2018, 2017, 2016 and 2015.

(21)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.36%, 1.38%, 1.40% and 1.36% for 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, 2018		63

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (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 is a summary of significant accounting policies consistently followed by the Funds.

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 time a Fund calculates its 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


64		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

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 the current day’s spot rate, and the thirty, sixty, ninety and one-hundred eighty day 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 Net Asset Value (“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 methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		65

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2018 (Unaudited)

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, 2018 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the six months ended March 31, 2018, 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.

The Funds report certain foreign-currency-related transactions as components of realized gains for


66		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

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, 2018, 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, 2018, 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 Investments for details regarding open option/swaption contracts as of March 31, 2018, if applicable.


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		67

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2018 (Unaudited)

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, 2018, 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-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


68		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

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.

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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		69

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2018 (Unaudited)

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, 2018, the International Fixed Income Fund is the seller (“providing protection”) on a total notional amount of $2.2 million. 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 Fund is 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	$	—	$	—	$	(398,009)	$	151,666	$	(246,343)

Maximum potential amount of future payments		—		—		2,240,000		6,591,974		8,831,974

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		—		—		—		—		—

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.


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	$	—	$	—	$	6,591,974	$	—	$	—	$	6,591,974

>101		—		—		—		—		2,240,000		2,240,000
Total	$	—	$	—	$	6,591,974	$	—	$	2,240,000	$	8,831,974

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.

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.


70		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

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 March 31, 2018 was as follows:

Asset Derivatives

Liability Derivatives

Six months ended March 31, 2018
($ Thousands)

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 futures contracts

671

Net Assets — Unrealized depreciation on futures contracts

717

Net Assets — Unrealized appreciation on swap contracts

—

^†

Net Assets — Unrealized depreciation on swap contracts

^†

Credit contracts

Net Assets — Unrealized appreciation on swap contracts

^†

Net Assets — Unrealized depreciation on swap contracts

179

^†

Foreign exchange contracts

Unrealized gain on forward foreign currency contracts

4,482

Unrealized loss on forward foreign currency contracts

3,847

Total derivatives not accounted for as hedging instruments

5,154

4,769

Asset Derivatives

Liability Derivatives

Six months ended March 31, 2018
($ Thousands)

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

256

Net Assets — Unrealized depreciation on futures contracts

1,089

Net Assets — Unrealized appreciation on swap contracts

2,830

^†

Net Assets — Unrealized depreciation on swap contracts

2,011

^†

Foreign exchange contracts

Unrealized gain on forward foreign currency contracts

7,724

Unrealized loss on forward foreign currency contracts

7,026

Total derivatives not accounted for as hedging instruments

10,810

10,126

*	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, 2018.

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	$	408		$	—		$	69	$	477
Foreign exchange contracts		553			(8,797	)		—		(8,244	)
Credit contracts		—			—			86		86
Equity contracts		(46	)		—			—		(46	)
Total	$	915		$	(8,797	)	$	155	$	(7,727	)


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		71

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2018 (Unaudited)


Derivatives Not Accounted for as Hedging Instruments	Futures			Forward Currency Contracts			Swaps			Total
Emerging Markets Debt Fund
Interest rate contracts	$	1,038		$	—		$	1,871		$	2,909
Foreign exchange contracts		—			1,775			—			1,775
Credit contracts		—			—			50			50
Equity contracts		28			—			—			28
Total	$	1,066		$	1,775		$	1,921		$	4,762
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	$	(467	)	$	—		$	(26	)	$	(493	)
Foreign exchange contracts		—			(1,717	)		—			(1,717	)
Credit contracts		—			—			5			5
Total	$	(467	)	$	(1,717	)	$	(21	)	$	(2,205	)

Derivatives Not Accounted for as Hedging Instruments	Futures			Forward Currency Contracts			Swaps			Total
Emerging Markets Debt Fund
Interest rate contracts	$	(1,462	)	$	—		$	(1,488	)	$	(2,950	)
Foreign exchange contracts		—			2,353			97			2,450
Credit contracts		—			—			(37	)		(37	)
Total	$	(1,462	)	$	2,353		$	(1,428	)	$	(537	)

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


72		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

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, 2018, ($ 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	$	1,185	$	—	$	1,185	$	70	$	—	$	70
International Fixed Income Fund		117		12		129		124		—		124
Emerging Markets Debt Fund		77		26		103		92		4		96

Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2018 amounted to $8,326 ($ Thousands) for the International Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2018 amounted to $1,872 ($ Thousands) for the International Fixed Income Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2018 amounted to $3,317 ($ Thousands) for the Emerging Markets Debt Fund.

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, 2018 ($ 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^
ANZ	$	8	$	—	$	8	$	—	$	—	$	—	$	8		$	—	$	8
Bank of America		10		—		10		2		—		2		8			—		8
Barclays		386		—		386		403		—		403		(17	)		—		(17	)
BNP Paribas		38		—		38		16		—		16		12			—		12
Brown Brothers Harriman		—		—		—		23		—		23		(23	)		—		(23	)
BT Brokerage		6		—		6		385		—		385		(379	)		—		(379	)
CIBC		—		—		—		—		—		—		—			—		—
Citigroup		234		—		234		69		—		69		165			—		165
Credit Suisse		112		—		112		—		149		149		(37	)		—		(37	)
Deutsche Bank		31		—		31		—		30		30		1			—		1
Goldman Sachs		165		—		165		4		—		4		161			—		161
HSBC		671		—		671		169		—		169		502			—		502
JPMorgan Chase Bank		1,116		—		1,116		322		—		322		794			—		794
Merrill Lynch		34		—		34		36		—		36		(2	)		—		(2	)
Montgomery/Bank of America		—		—		—		3		—		3		(3	)		—		(3	)
Morgan Stanley		562		—		562		996		—		996		(434	)		—		(434	)
National Bank of Australia		1		—		1		14		—		14		(13	)		—		(13	)
RBC		89		—		89		172		—		172		(83	)		—		(83	)
Royal Bank of Scotland		15		—		15		15		—		15		—			—		—
Standard Chartered		533		—		533		683		—		683		(150	)		—		(150	)
State Street		432		—		432		413		—		413		19			—		19


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		73

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2018 (Unaudited)


		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^
TD Securities	$	10	$	—	$	10	$	3	$	—	$	3	$	7		$	—	$	7
UBS		29		—		29		119		—		119		(90	)		—		(90	)

		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^
Citibank	$	—	$	62	$	62	$	—	$	—	$	—	$	62		$	—	$	62
Citigroup		2,560		—		2,560		3,264		—		3,264		(704	)		—		(704	)
Goldman Sachs		2,143		1,214		3,357		1,693		1,050		2,743		614			—		614
JPMorgan Chase Bank		2,219		1,036		3,255		1,474		579		2,053		1,202			—		1,202
Standard Bank		802		—		802		595		—		595		207			—		207
Standard Chartered		—		31		31		—		60		60		(29	)		—		(29	)

^	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.

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, 2018.

The following table discloses the volume of the Fund’s futures contracts, forward foreign currency contracts and swap activity during the period ended March 31, 2018 ($ Thousands):


	International Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long	$	132,244	$	3,129	$	1,785
Average Notional Balance Short		–		6,962		–
Ending Notional Balance Long		155,977		4,118		911
Ending Notional Balance Short		–		9,471		–
Interest Contracts
Average Notional Balance Long		–		57,673		24,847
Average Notional Balance Short		–		103,048		110,341
Ending Notional Balance Long		–		71,551		23,253
Ending Notional Balance Short		–		114,221		85,818
Currency Contracts
Average Notional Balance Short		–		9,034		–
Forward Foreign Currency Contracts:
Average Notional Balance Long		–		992,517		1,243,920
Average Notional Balance Short		–		991,882		1,243,259
Ending Notional Balance Long		–		723,546		1,150,436
Ending Notional Balance Short		–		725,339		1,149,765
Swaps:
Credit Contracts
Average Notional Balance Long		–		264		–
Average Notional Balance Short		–		8,792		400
Ending Notional Balance Short		–		8,832		–
Interest Contracts
Average Notional Balance Long		–		14,023		317,173
Average Notional Balance Short		–		14,023		317,173
Ending Notional Balance Long		–		14,266		360,531
Ending Notional Balance Short		–		14,266		360,531
Foreign Exchange Contracts
Average Notional Balance Long		–		–		19,287
Average Notional Balance Short		–		–		19,451


74		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

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 service fees, respectively, on Class F (formerly Class A) and Class I Shares will be paid to Distributor, which may then be used by 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 limitation for each Fund will be as follows:


	Advisory Fee		Shareholder Servicing Fee		Administrative Servicing Fee		Voluntary Expense Limitations
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, 2018, 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, 2019 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.

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

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	%


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		75

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2018 (Unaudited)

Investment Sub-Advisory Agreements — As of March 31, 2018, 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

Neuberger Berman Investment Advisers LLC

NWQ Investment Management Company, LLC

WCM Investment Management

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

PanAgora Asset Management, Inc.

RWC Asset Advisors (US) LLC

International Fixed Income Fund

AllianceBernstein L.P.

Wellington Management Company, LLP

Colchester Global Investors Ltd.

Emerging Markets Debt Fund

Investec Asset Management Ltd.

Neuberger Berman Investment Advisers LLC

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. There were no such commissions for the six months ended March 31, 2018.

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, 2018 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 period ended March 31, 2018, the Trust has not participated in the Program.


76		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments and futures, during the six months ended March 31, 2018, were as follows:


	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
	($ Thousands)		($ Thousands)		($ Thousands)		($ Thousands)
Purchases
U.S. Government		$—		$—		$73,410		$236,415
Other		853,985		681,036		130,616		394,758
Sales
U.S. Government		—		—		49,889		223,387
Other		807,616		751,661		158,621		330,628

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.

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, undistributed net investment income or accumulated net realized gain, 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	2017	$	38,555	$	—	$	38,555
	2016		29,284		—		29,284
Emerging Markets Equity Fund	2017		12,216		—		12,216
	2016		11,476		—		11,476
International Fixed Income Fund	2017		11,706		954		12,660
	2016		27,843		41		27,884
Emerging Markets Debt Fund	2017		30,136		—		30,136
	2016		—		—		—

As of September 30, 2017, the components of Distributable Earnings (Accumulated Losses) were as follows:


	Undistributed Ordinary Income ($ 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	$	56,139	$	(684,329	)	$	—		$	—		$	553,217	$	3		$	(74,970	)
Emerging Markets Equity Fund		25,946		(32,097	)		—			—			253,520		(3	)		247,366
International Fixed Income Fund		—		—			(2,227	)		(19,091	)		2,983		(4,267	)		(22,602	)
Emerging Markets Debt Fund		34,666		(23,541	)		—			—			31,616		(44,016	)		(1,275	)

Post-October losses represent losses realized on investment transactions from November 1, 2016 through

September 30, 2017 that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		77

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2018 (Unaudited)

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains as follows:


	Expires 2019		Expires 2018		Total Capital Loss Carryforward 9/30/2017
	($ Thousands)		($ Thousands)		($ Thousands)
International Equity Fund		$ —		$ 684,329		$ 684,329
Emerging Markets Equity Fund		—		10,206		10,206

During the year ended September 30, 2017, the International Equity Fund and the Emerging Markets Debt Fund utilized capital loss carryforwards to offset capital gains of $22,516 and $14,355 ($ Thousands), respectively.

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 9/30/2017*
	($ Thousands)		($ Thousands)		($ Thousands)
Emerging Market Equity Fund		$ —		$21,891		$21,891
Emerging Markets Debt Fund		2,309		21,232		23,541

* 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, 2017, 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 partnerships, 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, 2018, was as follows:


	Federal Tax Cost		Appreciated Securities		Depreciated Securities			Net Unrealized Appreciation/ (Depreciation)
	($ Thousands)		($ Thousands)		($ Thousands)			($ Thousands)
International Equity Fund	$	3,805,079	$	678,558	$	(86,863	)	$	591,695


	Federal Tax Cost		Appreciated Securities		Depreciated Securities			Net Unrealized Appreciation/ (Depreciation)
	($ Thousands)		($ Thousands)		($ Thousands)			($ Thousands)
Emerging Markets Equity Fund	$	1,694,411	$	449,662	$	(61,435	)	$	388,227
International Fixed Income Fund		433,664		23,268		(4,875	)		18,393
Emerging Markets Debt Fund		1,555,700		78,664		(50,752	)		27,912

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, 2018, 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.

The following descriptions provide additional information about some of the risks of investing in the Funds:

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, and asset-backed securities may not have the benefit of any security interest in the related assets.

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 — To the extent a Fund takes positions in currencies, it will be subject to the risk that 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.

Fixed Income Market Risk — The prices of a Fund’s 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 Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In the case of foreign securities, price fluctuations will


78		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar.

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 Fund invests. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. 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.

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

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, 2018 ($ Thousands):


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

International Equity Fund	$	174,938	$	174,938	$	—

Emerging Markets Equity Fund		90,986		90,986		—

Emerging Markets Debt Fund		5,042		5,042		—

(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, 2018, SPTC held of record the following:


Fund	Class F		Class I		Class Y

International Equity Fund		96.95%		42.89%		38.04%

Emerging Markets Equity Fund		92.84%		—%		58.71%

International Fixed Income Fund		96.94%		—%		94.79%

Emerging Markets Debt Fund		97.60%		—%		38.95%

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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		79

NOTES TO FINANCIAL STATEMENTS (Concluded)

March 31, 2018 (Unaudited

and other financial advisers. SPTC maintains omnibus accounts at the Fund’s transfer agent.

11. 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, 2018.


80		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

DISCLOSURE OF FUND EXPENSES (Unaudited)

March 31, 2018

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.

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 10/1/17		Ending Account Value 3/31/18		Annualized Expense Ratios			Expenses Paid During Period *
International Equity Fund
Actual Fund Return
Class F	$	1,000.00	$	1,030.10		1.09	%		$5.52
Class I		1,000.00		1,029.30		1.34			6.78
Class Y		1,000.00		1,031.50		0.84			4.25
Hypothetical 5% Return
Class F	$	1,000.00	$	1,019.50		1.09	%		$5.49
Class I		1,000.00		1,018.25		1.34			6.74
Class Y		1,000.00		1,020.74		0.84			4.23
Emerging Markets Equity Fund
Actual Fund Return
Class F	$	1,000.00	$	1,076.90		1.70	%		$8.80
Class Y		1,000.00		1,077.60		1.45			7.51
Hypothetical 5% Return
Class F	$	1,000.00	$	1,016.45		1.70	%		$8.55
Class Y		1,000.00		1,017.70		1.45			7.29


	Beginning Account Value 10/1/17		Ending Account Value 3/31/18		Annualized Expense Ratios			Expenses Paid During Period *
International Fixed Income Fund
Actual Fund Return
Class F	$	1,000.00	$	1,016.80		1.02	%		$5.13
Class Y		1,000.00		1,017.80		0.77			3.87
Hypothetical 5% Return
Class F	$	1,000.00	$	1,019.85		1.02	%		$5.14
Class Y		1,000.00		1,021.09		0.77			3.88
Emerging Markets Debt Fund
Actual Fund Return
Class F	$	1,000.00	$	1,029.60		1.36	%		$6.88
Class Y		1,000.00		1,030.60		1.11			5.62
Hypothetical 5% Return
Class F	$	1,000.00	$	1,018.15		1.36	%		$6.84
Class Y		1,000.00		1,019.40		1.11			5.59

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown).


SEI Institutional International Trust / Semi-Annual Report / March 31, 2018		81

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 the Advisory Agreement, SIMC is responsible for the investment advisory services provided 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 (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, as well as the continuation of, the Funds’ Investment Advisory Agreements be specifically approved: (i) by the vote of the Board or by a vote of the shareholders of the Funds; and (ii) by 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 the purpose of voting on such approval(s). In connection with their consideration of such approval(s), 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 of the 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 27-28, 2018 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 either initially approved or, if the Sub-Advisory Agreement was already in effect (unless operating under an initial two-year term), renewed at a meeting of the Board held during the course of the Trust’s fiscal year on December 5-6, 2017. In each


82		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

case, the Board’s approval (or 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 meeting, 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 approval or 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 approval or 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 ratio 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 meeting, 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 contractual waiver of its management fee with respect to the Emerging Markets Equity Fund and its voluntary waiver of management and other fees to prevent total Fund operating expenses from exceeding a specified cap 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, 2018		83

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 approval or 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 approval or 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.


84		SEI Institutional International Trust / Semi-Annual Report / March 31, 2018

SEI INSTITUTIONAL INTERNATIONAL TRUST SEMI-ANNUAL REPORT MARCH 31, 2018

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Susan Cote

Hubert L. Harris, Jr.

Joan A. Binstock

James B. Taylor

Officers

Robert A. Nesher

President and Chief Executive Officer

James J. Hoffmayer

Controller and Chief Financial Officer

Glenn Kurdziel

Assistant Controller

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

David F. McCann

Vice President, Assistant Secretary

Aaron Buser

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Bridget E. Sudall

Anti-Money Laundering Compliance Officer

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

SEI-F-031 (3/18)

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.

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.

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 Registrant’s Board of Trustees (the “Board”). Pursuant to the Committee’s Charter, adopted on June 18, 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 Act (17 CFR 270.30a-3(c))) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b)

under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)) 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 Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of 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.

Items 12.

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 Act (17 CFR 270.30a-2(a)), as amended, are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), also accompany this filing as an exhibit.

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.

Date: June 8, 2018

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, 2018

Date: June 8, 2018

This ‘N-CSRS’ Filing	Date	Other Filings

	1/31/19
	9/30/18
Filed on / Effective on:	6/8/18
For Period End:	3/31/18	NSAR-A
	1/31/18	485BPOS, 497K
	9/30/17	24F-2NT, N-CSR, NSAR-B
	1/31/17	485BPOS, 497K
	11/1/16
	10/30/15
	12/31/14	N-Q
	12/22/10
	6/18/04
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Filing Submission 0001193125-18-187928 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

SEI Institutional International Trust

/s/ Robert A. Nesher

Robert A. Nesher, President & CEO