SEC Info - Sei Institutional International Trust

Sei Institutional International Trust – ‘N-CSRS’ for 3/31/19

Sei Institutional International Trust – ‘N-CSRS’ for 3/31/19

On: Friday, 6/7/19, at 2:19pm ET · Effective: 6/7/19 · For: 3/31/19 · Accession #: 1193125-19-168009 · 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
Document Table of Contents

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On: Friday, 6/7/19, at 2:19pm ET · Effective: 6/7/19 · For: 3/31/19 · Accession #: 1193125-19-168009 · File #: 811-05601

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

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

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

 6/07/19  Sei Institutional Int’l Trust     N-CSRS      3/31/19    3:4.6M                                   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   2.74M 
 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)

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

Date of fiscal year end: September 30, 2019

Date of reporting period: March 31, 2019

Item 1.

Reports to Stockholders.

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 quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT reports are available on the Commission’s website at http://www.sec.gov.

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

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Equity Fund

LOGO

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



Description	Shares		Market Value ($ Thousands)

COMMON STOCK – 94.2%
Argentina – 0.0%
Ternium SA ADR		25,885	$	705

Australia – 2.4%
Alumina Ltd		397,740		684
Aristocrat Leisure Ltd		678,086		11,806
ASX Ltd		31,001		1,538
Avita Medical *		16,482,316		3,337
BlueScope Steel Ltd		539,374		5,345
Coca-Cola Amatil		96,571		593
Cochlear Ltd		75,690		9,317
Computershare Ltd		74,891		909
CSL Ltd		130,187		18,028
Downer EDI Ltd		147,742		806
Evolution Mining		73,185		190
Fortescue Metals Group Ltd		1,405,171		7,097
Goodman Group ^‡		114,723		1,088
Insurance Australia Group Ltd		1,253,315		6,837
LendLease Group		117,612		1,034
Macquarie Group Ltd		14,933		1,373
Mount Gibson Iron		236,847		156
Orora Ltd		275,440		585
OZ Minerals Ltd		289,519		2,180
Qantas Airways Ltd		2,343,806		9,423
Rio Tinto Ltd		21,922		1,525
Santos Ltd		538,807		2,614
SEEK Ltd		39,185		488
South32 Ltd		3,439,266		9,113
Treasury Wine Estates Ltd		116,514		1,236
Woodside Petroleum		7,453		183

				97,485

Austria – 0.6%
Avita Medical ADR *		593,206		2,503
BAWAG Group AG (A)		224,602		9,922
CA Immobilien Anlagen AG		15,115		547
Erste Group Bank AG		56,659		2,084



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
OMV AG		153,671	$	8,346
Raiffeisen Bank International AG		51,376		1,154
Verbund - Oesterreichische Elektrizitaetswirtschafts, Cl A		13,474		647

				25,203

Belgium – 1.2%
Ageas		385,812		18,628
AGFA-Gevaert NV *		99,647		415
Colruyt SA		16,384		1,212
Groupe Bruxelles Lambert SA		115,033		11,188
KBC Group NV		122,592		8,573
Proximus SADP		13,129		379
UCB SA		108,176		9,300
Umicore SA		16,711		743

				50,438

Brazil – 0.3%
Banco do Brasil SA *		66,800		832
Cia de Saneamento Basico do Estado de Sao Paulo *		211,700		2,266
Cosan SA		36,700		400
IRB Brasil Resseguros S/A		245,400		5,738
Porto Seguro SA		19,272		266
TOTVS SA		127,100		1,288

				10,790

Canada – 3.6%
Alimentation Couche-Tard Inc, Cl B		141,261		8,324
Bank of Montreal		70,800		5,299
Canadian Imperial Bank of Commerce (B)		186,010		14,703
Canadian Natural Resources Ltd		519,856		14,296
Canadian Pacific Railway Ltd		74,714		15,393
Cogeco Communications Inc		4,070		260
Constellation Software Inc/Canada		600		509
Dollarama Inc		176,667		4,714
Encana Corp		2,546,590		18,452
Gildan Activewear Inc		423,753		15,241
Manulife Financial Corp		1,065,818		18,030
Royal Bank of Canada		149,493		11,282
Suncor Energy Inc		230,130		7,461
Toronto-Dominion Bank/The		187,186		10,161

				144,125

Chile – 0.0%
Enel Americas SA ADR		10,000		89

China – 1.5%
Alibaba Group Holding Ltd ADR *		72,580		13,242
Baidu Inc ADR *		138,824		22,885
Bosideng International Holdings		15,170,000		3,711
China Railway Group Ltd, Cl H		487,000		444
Industrial & Commercial Bank of China Ltd, Cl H		1,339,000		981
Sinotruk Hong Kong Ltd (B)		153,254		326


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
STMicroelectronics NV		198,813	$	2,939
Tencent Holdings Ltd		320,700		14,748

				59,276

Denmark – 2.2%
Ambu, Cl B		45,941		1,217
Chr Hansen Holding A/S		131,157		13,308
Coloplast A/S, Cl B		13,253		1,456
Demant *		22,406		663
DSV A/S		91,215		7,551
GN Store Nord A/S		61,118		2,840
H Lundbeck A/S (B)		177,657		7,696
ISS A/S		549,289		16,730
Novo Nordisk A/S, Cl B		378,431		19,830
Orsted A/S (A)		36,597		2,776
Rockwool International A/S, Cl B		1,695		397
Scandinavian Tobacco Group A/S (A)		1,043,814		13,031
Tryg A/S (B)		23,381		642

				88,137

Finland – 0.8%
Elisa OYJ, Cl A		27,749		1,253
Fortum OYJ (B)		80,898		1,656
Kesko, Cl B		5,808		354
Neste Oyj		163,949		17,488
Orion Oyj, Cl B (B)		103,112		3,869
Stora Enso OYJ, Cl R		102,724		1,257
UPM-Kymmene OYJ		107,750		3,146
Valmet OYJ		57,986		1,469

				30,492

France – 7.2%
Aeroports de Paris		6,078		1,177
Air Liquide SA		69,685		8,869
Airbus SE		29,849		3,952
Alstom SA *		12,938		561
Arkema SA		39,547		3,768
Atos SE		13,175		1,272
BNP Paribas SA		356,138		17,039
Boiron SA		1,900		112
Carrefour SA		1,297,859		24,264
Casino Guichard Perrachon (B)		3,844		167
Christian Dior SE		338		161
CNP Assurances		36,439		803
Covivio ^‡		7,765		825
Criteo ADR *		33,726		676
Danone		46,518		3,588
Dassault Aviation SA		458		676
Dassault Systemes SE		10,865		1,620
Edenred		38,354		1,747
Eiffage SA		15,499		1,491
Electricite de France SA		185,064		2,533
Engie SA		408,753		6,095
Eramet		1,022		57



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
EssilorLuxottica		110,728	$	12,107
Gaztransport Et Technigaz		5,621		512
Gecina SA ^‡		6,489		960
Hermes International		6,416		4,237
Iliad		2,073		208
Ingenico Group		41,243		2,946
Ipsen SA		58,112		7,974
IPSOS		18,645		467
Kering SA		20,665		11,862
Korian		12,028		487
L’Oreal SA		44,324		11,935
LVMH Moet Hennessy Louis Vuitton SE		51,512		18,966
Neopost		25,812		618
Pernod Ricard SA		129,556		23,276
Peugeot SA		467,710		11,417
Publicis Groupe SA		253,514		13,587
Remy Cointreau SA		1,993		266
Safran SA		46,051		6,321
Sanofi		222,022		19,630
Sartorius Stedim Biotech		9,958		1,262
Schneider Electric SE		94,473		7,419
SCOR SE		33,377		1,423
SES, Cl A		77,811		1,211
Societe BIC		934		83
SPIE SA (B)		261,185		4,622
Suez		13,032		173
TechnipFMC PLC		141,390		3,309
Teleperformance		5,473		984
Thales SA		93,968		11,263
TOTAL SA		439,752		24,452
Ubisoft Entertainment SA *		37,738		3,363
Valeo SA		91,558		2,658

				291,451

Germany – 7.7%
adidas AG		52,143		12,682
Allianz SE		59,676		13,286
AURELIUS Equity Opportunities SE & Co
KGaA (B)		250,264		11,403
Axel Springer SE		3,167		164
BASF SE		361,560		26,604
Bayer AG		329,384		21,303
Brenntag AG		116,584		6,009
Continental AG		29,452		4,438
CTS Eventim AG & Co KGaA		181,573		8,612
Delivery Hero *(A)		4,623		167
Deutsche Boerse AG		86,003		11,038
Deutsche Lufthansa AG		372,047		8,173
Deutsche Post AG		800,470		26,065
Deutsche Telekom		367,517		6,105
Deutsche Wohnen AG		26,841		1,303
Gerresheimer AG		96,442		7,255
Hamburger Hafen und Logistik AG		21,501		492


2		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Hannover Rueck SE		7,332	$	1,054
HOCHTIEF AG		32,980		4,777
Infineon Technologies AG		943,400		18,734
Innogy SE (A)		15,291		708
KION Group AG		52,079		2,724
Kloeckner & Co SE		96,437		710
Linde		170,655		29,893
MTU Aero Engines Holding		8,910		2,019
QIAGEN *		5,213		212
RWE AG		31,336		841
SAP SE		357,791		41,380
SAP SE ADR		81,828		9,448
Scout24 AG (A)(B)		105,326		5,459
Siemens AG		178,683		19,249
TUI AG		417,764		4,006
Uniper SE		43,887		1,325
Vonovia SE		41,336		2,145
Wirecard AG (B)		21,526		2,700

				312,483

Greece – 0.0%
Aegean Airlines SA		12,601		117

Hong Kong – 2.4%
AIA Group Ltd		2,424,400		24,136
Chaoda Modern Agriculture Holdings Ltd *		2,440,000		32
China Merchants Port Holdings Co Ltd		2,107,720		4,489
China Mobile Ltd		2,490,740		25,383
CLP Holdings Ltd		81,500		945
Dairy Farm International Holdings		40,800		342
Galaxy Entertainment Group Ltd *		1,326,000		9,029
Hang Seng Bank Ltd		81,200		2,004
HK Electric Investments & HK Electric Investments Ltd		472,000		482
HKT Trust & HKT Ltd		686,000		1,103
Hong Kong & China Gas		693,000		1,661
Hysan Development Co Ltd		53,000		284
Link REIT ^‡		93,000		1,088
Logan Property Holdings		214,000		354
NagaCorp		764,000		1,069
Poly Property Group		230,000		90
Samsonite International SA (A)		3,237,511		10,372
Swire Pacific, Cl A		87,500		1,126
Techtronic Industries Co Ltd		1,982,000		13,319
Wharf Real Estate Investment Co Ltd		116,000		864

				98,172

Hungary – 0.0%
MOL Hungarian Oil & Gas PLC		128,857		1,475

India – 0.4%
HDFC Bank Ltd ADR		125,247		14,517

Indonesia – 0.0%
Bukit Asam Tbk PT		2,402,400		709



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Ireland – 1.5%
AIB Group PLC		2,719,550	$	12,220
Experian PLC		624,677		16,923
ICON PLC *		108,273		14,788
Kerry Group PLC, Cl A		100,541		11,233
Ryanair Holdings PLC ADR *		89,727		6,724

				61,888

Israel – 1.5%
Bank Hapoalim BM		878,266		5,823
Bank Leumi Le-Israel BM		2,546,791		16,635
Check Point Software Technologies Ltd *		166,536		21,065
First International Bank Of Israel Ltd		57,640		1,359
International Flavors & Fragrances		0		–
Israel Chemicals		133,589		696
Israel Discount Bank Ltd, Cl A		574,044		1,985
Mizrahi Tefahot Bank Ltd		54,493		1,121
Nice Ltd ADR *(B)		69,338		8,495
NICE Systems *		26,205		3,108

				60,287

Italy – 2.3%
Davide Campari-Milano		25,681		252
Eni SpA		51,489		911
ERG SpA		85,176		1,613
EXOR NV		127,560		8,293
Ferrari NV		11,807		1,584
Fiat Chrysler Automobiles NV		562,058		8,376
Hera SpA		739,313		2,676
Italgas		49,281		305
Maire Tecnimont SpA		189,106		721
Mediobanca Banca di Credito Finanziario SpA		22,541		234
Moncler		36,141		1,458
Piaggio & C		140,715		344
Poste Italiane SpA (A)		89,045		867
Recordati SpA		221,109		8,618
Saras SpA		692,920		1,285
Societa Iniziative Autostradali e Servizi SpA		122,640		2,126
Telecom Italia *		399,617		249
Telecom Italia RNC		566,364		322
Tenaris SA		1,435,361		20,170
UniCredit SpA		2,411,011		30,938

				91,342

Japan – 15.8%
77 Bank Ltd/The		71,900		1,005
Aeon Co Ltd		120,700		2,526
AGC		158,000		5,539
Alfresa Holdings Corp		29,100		828
Arcland Sakamoto Co Ltd		42,900		581
Asahi Group Holdings Ltd		34,800		1,550
Asahi Kasei Corp		10,400		107
Asics		30,500		409


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		3

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Astellas Pharma		31,600	$	474
Bandai Namco Holdings Inc		266,800		12,510
Bridgestone Corp		194,800		7,508
Canon Marketing Japan Inc		144,800		2,848
Capcom Co Ltd		174,900		3,919
Casio Computer		32,400		423
Chubu Electric Power		50,300		786
Chugoku Electric Power		51,900		648
CyberAgent Inc		18,300		746
Dai Nippon Printing Co Ltd		486,500		11,635
Daiichi Sankyo Co Ltd		191,400		8,819
Daikin Industries Ltd		91,200		10,687
Daito Trust Construction Co Ltd		63,600		8,866
Daiwa House Industry Co Ltd		230,100		7,316
East Japan Railway Co		187,400		18,082
Eisai Co Ltd		26,100		1,465
Electric Power Development		7,000		171
FamilyMart UNY Holdings Co Ltd		50,800		1,295
FANUC Corp		88,700		15,130
Fast Retailing		2,600		1,222
FUJIFILM Holdings Corp		254,100		11,557
Fujitsu Ltd		177,700		12,821
Goldcrest Co Ltd		19,294		260
Hakuhodo DY Holdings Inc		117,500		1,887
Haseko Corp		515,300		6,481
Hikari Tsushin Inc		2,700		512
Hoya Corp		100,400		6,630
Idemitsu Kosan Co Ltd		44,656		1,495
IHI Corp		24,600		591
Iida Group Holdings Co Ltd		12,500		226
ITOCHU Corp		239,400		4,331
Japan Airlines Co Ltd		316,000		11,131
Japan Post Bank		92,700		1,013
Japan Post Holdings Co Ltd		313,900		3,675
Japan Post Insurance		9,600		208
Japan Prime Realty Investment, Cl A ^‡		113		466
Japan Real Estate Investment, Cl A ^‡		86		507
JXTG Holdings Inc		611,400		2,798
Kansai Paint Co Ltd		8,900		170
Kao Corp		94,500		7,443
KDDI Corp		890,200		19,182
Keihan Holdings		18,600		782
Keio		15,700		1,014
Keisei Electric Railway Co Ltd		7,100		258
Keyence Corp		51,200		31,904
Kikkoman Corp		28,700		1,408
Kirin Holdings Co Ltd		112,300		2,681
Kobayashi Pharmaceutical Co Ltd		2,400		203
Kohnan Shoji Co Ltd		33,900		841
Kokuyo Co Ltd		68,700		1,008
Konami Holdings Corp		112,600		4,888
Kose Corp		58,600		10,763



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
K’s Holdings Corp		154,800	$	1,373
Kura Corp		7,000		321
Kyushu Electric Power		24,100		285
Mabuchi Motor Co Ltd		406,500		14,139
Marubeni Corp		516,400		3,569
Marui Group (B)		38,400		775
McDonald’s Holdings Co Japan Ltd		10,600		490
Medipal Holdings Corp		24,100		573
Mitsubishi Chemical Holdings Corp		34,500		243
Mitsubishi Corp		55,600		1,544
Mitsubishi UFJ Financial Group		776,100		3,856
Mitsui & Co Ltd		35,900		557
Mixi Inc		141,600		3,272
Mizuho Financial Group		1,864,800		2,886
Mizuno Corp		23,400		542
Mochida Pharmaceutical Co Ltd		17,400		893
MS&AD Insurance Group Holdings Inc		572,800		17,440
NET One Systems		692,700		17,442
NGK Spark Plug		26,800		497
Nidec Corp		12,300		1,559
Nihon Unisys Ltd		79,000		2,093
Nikon Corp		363,400		5,125
Nippon Building Fund Inc, Cl A		183		1,240
Nippon Telegraph & Telephone Corp		144,900		6,157
Nippon Telegraph & Telephone Corp ADR		486,568		20,786
Nissan Chemical Corp		26,500		1,214
Nisshin Seifun Group Inc		34,500		792
Nomura Real Estate Master Fund Inc ^‡		140		206
North Pacific Bank Ltd		232,900		583
NTT Data Corp		310,900		3,430
Obic Co Ltd		11,700		1,180
Oji Holdings Corp		70,300		436
Oriental Land Co Ltd/Japan		41,100		4,668
Otsuka Corp		39,400		1,472
Pan Pacific International Holdings		17,200		1,139
Panasonic Corp		815,200		7,028
Park24		17,100		371
Recruit Holdings Co Ltd		141,300		4,035
Resona Holdings Inc		158,600		687
Rohm Co Ltd		207,100		12,910
Rohto Pharmaceutical Co Ltd		12,200		313
Ryohin Keikaku Co Ltd		1,200		304
Saizeriya Co Ltd		30,000		578
Sanwa Shutter		485,200		5,773
SBI Holdings Inc/Japan		44,800		998
Seiko Holdings Corp		28,400		676
Sekisui House Ltd		743,400		12,304
Seven & i Holdings Co Ltd		263,600		9,945
SG Holdings		8,700		254
Shimadzu		1,100		32
Shinsei Bank *		21,500		306
Shionogi & Co Ltd		137,600		8,518


4		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Shiseido Co Ltd		37,800	$	2,728
Shizuoka Bank		33,100		252
Showa Corp		45,600		582
SMC Corp/Japan		16,200		6,078
Sojitz Corp		184,500		650
Sompo Holdings Inc		367,200		13,595
Sony Corp		140,000		5,875
Sony Financial Holdings Inc		31,700		598
SUMCO Corp		14,200		158
Sumitomo Corp		216,700		2,997
Sumitomo Dainippon Pharma Co Ltd		90,100		2,228
Sumitomo Mitsui Financial Group Inc		375,700		13,156
Sumitomo Mitsui Trust Holdings Inc		432,322		15,530
Suzuken Co Ltd/Aichi Japan		55,100		3,191
T&D Holdings Inc		73,200		770
Taisho Pharmaceutical Holdings		7,500		715
Takeda Pharmaceutical ADR (B)		83,793		1,707
Takeda Pharmaceutical Co Ltd		1,176,200		48,043
Takuma		24,500		292
TDK		3,600		282
Terumo Corp		37,200		1,136
TIS Inc		69,000		3,267
Tochigi Bank Ltd/The		65,000		138
Toho Gas Co Ltd		15,100		678
Tohoku Electric Power		18,500		236
Tokio Marine Holdings		4,200		203
Tokyo Electric Power Co Holdings Inc *		1,223,500		7,738
Tokyu		25,200		440
Tomy		55,500		573
Towa Pharmaceutical		9,900		261
Toyo Seikan Group Holdings		27,000		553
Toyota Motor Corp		107,600		6,306
Toyota Motor Corp ADR		148,433		17,518
Ube Industries Ltd		151,100		3,106
United Urban Investment Corp		298		471
Wacoal Holdings Corp		418,852		10,414
Yamaha Corp		27,400		1,369
Yamato Holdings Co Ltd		39,000		1,007
Yokogawa Electric Corp		13,500		279

				639,158


Jordan – 0.0%
Hikma Pharmaceuticals PLC		40,046		935


Malaysia – 0.0%
Tenaga Nasional Bhd		119,431		370


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


Mexico – 0.3%
Alfa SAB de CV, Cl A		458,438		486
Mexichem SAB de CV		445,540		1,066



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Wal-Mart de Mexico SAB de CV		3,487,100	$	9,328

				10,880


Netherlands – 6.8%
ABN AMRO Group NV		81,140		1,831
Aegon NV		1,061,970		5,108
AerCap Holdings NV *		202,847		9,441
Akzo Nobel		248,090		22,004
ASML Holding NV		93,449		17,544
ASR Nederland NV		213,849		8,908
Basic-Fit *(A)		227,348		7,658
Heineken Holding NV		97,131		9,739
Heineken NV		102,406		10,818
ING Groep NV		2,417,370		29,272
Koninklijke Ahold Delhaize NV		645,799		17,204
Koninklijke DSM NV		134,489		14,672
Koninklijke KPN		641,411		2,035
Koninklijke Philips NV		290,160		11,832
Koninklijke Volkerwessels NV		31,666		654
NN Group NV		179,025		7,444
NXP Semiconductors NV		137,290		12,135
RELX PLC		79,579		1,702
Royal Dutch Shell PLC, Cl A		617,080		19,387
Royal Dutch Shell PLC, Cl B		773,655		24,477
Royal Dutch Shell PLC ADR, Cl B (B)		278,352		17,801
Unilever NV		22,255		1,294
Wolters Kluwer NV		289,376		19,723

				272,683


New Zealand – 0.1%
Air New Zealand Ltd		708,250		1,225
Fisher & Paykel Healthcare Corp Ltd		86,583		927
Ryman Healthcare		22,276		186
Spark New Zealand Ltd		145,489		377

				2,715


Norway – 2.0%
Aker BP ASA		16,306		581
Atlantic Sapphire *		2,144,435		22,536
Equinor ASA		59,156		1,297
Magseis Fairfield *(B)		6,139,234		10,516
Mowi		1,161,116		25,955
Northern Drilling Ltd *		596,449		3,754
Salmar ASA		35,717		1,716
Telenor ASA		631,330		12,661

				79,016


Portugal – 0.2%
Altri SGPS SA		55,465		435
CTT Correios de Portugal		99,092		287
Energias de Portugal		52,507		206
Galp Energia SGPS SA, Cl B		401,083		6,431
NOS SGPS		8,704		56

				7,415


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		5

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Russia – 0.2%
Novolipetsk Steel PJSC GDR		40,708	$	1,045
Severstal PJSC GDR		63,347		988
Tatneft PJSC ADR		73,492		5,086

				7,119


Singapore – 1.2%
CapitaLand Commercial Trust ^‡		114,000		163
City Developments Ltd		1,961,900		13,108
ComfortDelgro		113,600		216
DBS Group Holdings Ltd		1,138,200		21,201
Genting Singapore Ltd		466,300		358
Hong Leong Finance Ltd		108,881		219
Oversea-Chinese Banking Corp Ltd		1,035,000		8,444
Singapore Airlines Ltd		123,800		883
Singapore Exchange Ltd		381,600		2,059
Singapore Technologies Engineering Ltd		75,100		207
United Overseas Bank Ltd		9,500		177

				47,035


South Africa – 0.1%
Investec PLC		416,323		2,407
Reunert Ltd		92,931		458
Telkom SA SOC Ltd		141,818		717

				3,582


South Korea – 1.9%
BNK Financial Group Inc		233,297		1,373
Daelim Industrial Co Ltd		13,393		1,137
Korea Electric Power Corp *		7,396		195
KT Corp ADR *		490,614		6,103
LG Display Co Ltd *		58,764		1,010
LG Electronics Inc		45,439		3,006
Meritz Securities		156,827		675
Samsung Electronics Co Ltd		471,239		18,537
SK Hynix Inc		33,934		2,218
SK Innovation Co Ltd		23,209		3,670
SK Telecom Co Ltd		86,872		19,248
SK Telecom Co Ltd ADR		742,654		18,188

				75,360


Spain – 1.4%
ACS Actividades de Construccion y Servicios SA		238,811		10,501
Amadeus IT Group SA, Cl A		134,072		10,749
Applus Services		49,105		587
Bankinter SA		85,520		652
CaixaBank SA		2,035,083		6,362
Cia de Distribucion Integral Logista Holdings SA		22,645		534
Enagas		10,045		293
Ence Energia y Celulosa SA		168,673		939
Endesa SA		15,314		391
Industria de Diseno Textil SA		126,549		3,723
Mapfre SA		90,080		248



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Naturgy Energy Group		63,264	$	1,771
Red Electrica Corp SA		23,009		491
Repsol SA		173,695		2,976
Telefonica		300,419		2,519
Unicaja Banco SA (A)		11,477,455		12,346

				55,082


Sweden – 1.5%
Assa Abloy AB, Cl B		113,514		2,456
Atlas Copco AB, Cl A		254,654		6,854
Axfood		48,823		911
Betsson (B)		203,606		1,548
Epiroc AB, Cl A		62,006		628
Epiroc AB, Cl B		49,755		477
Getinge, Cl B		13,986		163
Hexagon AB, Cl B		174,430		9,121
ICA Gruppen (B)		90,647		3,645
Lundin Petroleum AB		32,570		1,105
Millicom International Cellular SA		231,497		14,089
Oriflame Holding AG (B)		25,811		497
Sandvik AB		213,668		3,479
Securitas, Cl B		26,073		422
Swedbank AB, Cl A (B)		254,151		3,599
Swedish Match AB		118,489		6,054
Swedish Orphan Biovitrum AB *		132,051		3,105
Telefonaktiebolaget LM Ericsson, Cl B		49,205		453
Telia		395,885		1,791

				60,397


Switzerland – 7.5%
ABB Ltd		1,334,589		25,073
Adecco Group AG		218,395		11,649
Aryzta AG *		3,264,295		4,468
Baloise Holding AG		10,010		1,653
Barry Callebaut AG		371		670
Chocoladefabriken Lindt & Sprungli		233		2,870
Cie Financiere Richemont SA		165,694		12,069
Dufry		2,222		233
Geberit AG		18,435		7,534
Givaudan SA		5,022		12,829
Julius Baer Group Ltd		187,575		7,577
Lonza Group AG		41,479		12,861
Nestle SA		153,854		14,661
Novartis AG		301,358		28,983
Partners Group Holding AG		13,703		9,962
Roche Holding AG		208,583		57,460
Schindler Holding AG		2,525		523
SGS SA		3,261		8,114
SIG Combibloc Group *		514,972		5,274
Sika AG (B)		81,540		11,389
Sonova Holding AG		52,468		10,379
Straumann Holding AG		824		672
Swiss Life Holding AG		38,672		17,027
Swiss Re AG		44,382		4,335


6		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Swisscom AG (B)		2,642	$	1,292
Tecan Group AG		3,617		853
Temenos Group		55,025		8,111
UBS Group AG		1,745,018		21,138
Vifor Pharma AG		9,178		1,241
Zurich Insurance Group AG		9,098		3,011

				303,911


Taiwan – 0.6%
China Development Financial Holding Corp		3,016,000		1,008
L.M. Development Co Ltd		12,000		16
MediaTek Inc		787,000		7,214
Simplo Technology Co Ltd		158,000		1,395
Taiwan Semiconductor Manufacturing Co Ltd ADR		316,585		12,967

				22,600


Thailand – 0.0%
Bangchak Corp PCL		989,000		1,005
PTT Exploration & Production PCL		302,000		1,194

				2,199


Turkey – 0.1%
Akbank T.A.S. *		2,676,315		2,994
Turkiye Halk Bankasi (B)		1,180,311		1,333

				4,327


United Kingdom – 14.8%
3i Group PLC		236,385		3,033
Abcam PLC		60,000		887
Admiral Group PLC		22,763		644
Anglo American PLC		101,255		2,709
Aon PLC		52,200		8,911
Ashtead Group PLC		53,582		1,293
AstraZeneca PLC		264,400		21,137
Auto Trader Group (A)		67,028		456
Aviva PLC		3,089,858		16,604
Balfour Beatty PLC		2,483,272		8,481
Bank of Ireland Group PLC		1,743,248		10,374
Barclays PLC		11,089,590		22,352
Berkeley Group Holdings PLC		7,276		350
BHP Group		68,297		1,645
BP PLC		3,403,736		24,771
BP PLC ADR		181,995		7,957
British American Tobacco PLC		661,970		27,551
British Land		25,721		197
BT Group, Cl A		585,288		1,700
Bunzl PLC		403,663		13,318
Burberry Group PLC		68,495		1,744
Burford Capital		355,972		7,820
Carnival PLC		184,963		9,074
Centrica		118,482		176
Cobham PLC *		8,845,252		12,713
Compass Group PLC		1,406,828		33,080
Computacenter PLC		62,379		899



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
CRH PLC		188,190	$	5,824
Croda International PLC		26,496		1,739
DCC PLC		63,735		5,510
Evraz PLC		828,529		6,698
Ferguson PLC		336,285		21,402
Ferrexpo		524,939		1,694
Fevertree Drinks		126,186		4,964
Games Workshop Group PLC		7,754		318
GlaxoSmithKline PLC		537,883		11,192
Greggs		9,804		235
Hargreaves Lansdown PLC		48,139		1,169
Hays PLC		1,583,408		3,095
HSBC Holdings PLC		96,353		783
Inchcape PLC		122,789		914
Indivior PLC *		568,551		712
InterContinental Hotels Group		17,544		1,055
International Consolidated Airlines Group		656,208		4,378
Intertek Group PLC		30,747		1,946
Investec PLC		407,105		2,346
J Sainsbury		313,791		964
Johnson Matthey PLC		185,836		7,608
Kingfisher PLC		3,183,244		9,739
Legal & General Group PLC		1,171,749		4,203
Lloyds Banking Group PLC		28,036,965		22,702
London Stock Exchange Group PLC		190,968		11,822
Meggitt		32,942		216
Micro Focus International PLC		551,985		14,360
Mondi PLC		85,886		1,900
NMC Health PLC		17,596		524
Pagegroup PLC		128,208		785
Pearson PLC		293,912		3,202
Persimmon PLC		52,847		1,494
Prudential PLC		1,828,298		36,629
QinetiQ Group PLC		319,745		1,255
Reckitt Benckiser Group PLC		143,849		11,963
RELX PLC		1,013,803		21,685
Rentokil Initial		2,168,115		9,981
Rolls-Royce Holdings PLC		1,651,229		19,434
Royal Bank of Scotland Group PLC		5,800,199		18,668
Royal Mail PLC		150,459		467
RSA Insurance Group PLC		197,746		1,308
Schroders PLC		93,884		3,306
Segro PLC ^‡		191,650		1,682
Spectris PLC		137,856		4,509
SSE PLC		1,328,733		20,552
SSP Group PLC		137,139		1,237
St James’s Place PLC		734,571		9,840
Stagecoach Group		137,645		275
Tate & Lyle PLC		322,683		3,052
Taylor Wimpey PLC		86,891		199
Tesco PLC		5,346,142		16,169
Vodafone Group PLC		9,120,525		16,615


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		7

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Equity Fund (Concluded)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Wm Morrison Supermarkets PLC		343,356	$	1,018

				595,213


United States – 4.1%
Accenture PLC, Cl A		93,566		16,469
ASML Holding, Cl G		40,170		7,554
Atlassian, Cl A *		17,637		1,982
Axis Capital Holdings Ltd		337,488		18,488
Chubb Ltd		95,146		13,328
Coca-Cola European Partners PLC		24,591		1,272
Core Laboratories NV		99,749		6,876
Flex Ltd *		1,066,873		10,669
Guidewire Software *		47,590		4,624
IQVIA Holdings *		36,566		5,260
Mettler-Toledo International Inc *		20,000		14,460
Microsoft Corp		95,570		11,272
Nomad Foods Ltd *		298,265		6,100
Norwegian Cruise Line Holdings *		48,204		2,649
ResMed		105,233		10,941
Sensata Technologies Holding PLC *		215,213		9,689
Shopify Inc, Cl A *		85,235		17,611
Visa, Cl A		52,886		8,260

				167,504


Total Common Stock (Cost $3,591,532) ($ Thousands)				3,796,682


PREFERRED STOCK – 1.5%

Brazil – 0.0%
Telefonica Brasil SA (D)		104,900		1,280



Germany – 1.0%
Henkel AG & Co KGaA (D)		28,288		2,890
Sartorius (D)		6,052		1,039
Volkswagen AG (D)		218,901		34,490

				38,419


South Korea – 0.5%
Hyundai Motor Co (D)		111,832		6,818
Samsung Electronics Co Ltd (D)		398,400		12,723

				19,541


Total Preferred Stock (Cost $63,428) ($ Thousands)				59,240


AFFILIATED PARTNERSHIP – 2.3%
SEI Liquidity Fund, L.P. 2.480% ^**†(E)		92,650,961		92,654


Total Affiliated Partnership (Cost $92,651) ($ Thousands)				92,654



Description	Shares		Market Value ($ Thousands)

CASH EQUIVALENT – 1.4%
SEI Daily Income Trust, Government Fund, Cl F 2.220%^**†		57,943,459	$	57,943

Total Cash Equivalent (Cost $57,943) ($ Thousands)				57,943


Total Investments in Securities — 99.4% (Cost $3,805,554) ($ Thousands)			$	4,006,519


8		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019

A list of the open futures contracts held by the Fund at March 31, 2019, is as follows:


Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation/ (Depreciation) (Thousands)
DJ Euro Stoxx 50 Index		661		Jun-2019	$	23,908	$	24,285	$	411
FTSE 100 Index		141		Jun-2019		13,056		13,250		287
Hang Seng Index		9		Apr-2019		1,646		1,667		21
SPI 200 Index		58		Jun-2019		6,367		6,356		(9)
TOPIX Index		116		Jun-2019		16,600		16,684		(34)

					$	61,577	$	62,242	$	676

Percentages are based on Net Assets of $4,031,231 ($ Thousands).

^*	Non-income producing security.

^**	Rate shown is the 7-day effective yield as of March 31, 2019.

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

^‡	Real Estate Investment Trust.

(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, 2019, the value of these securities amounted to $65,594 ($ Thousands), representing 1.6% of the Net Assets of the Fund.

(B)	Certain securities or partial positions of certain securities are on loan at March 31, 2019. The total market value of securities on loan at March 31, 2019 was $88,396 ($ Thousands).

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

(D)	There is currently no rate available.

(E)	This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of March 31, 2019 was $92,654 ($ Thousands).

ADR – American Depositary Receipt

Cl – Class

DJ – Dow Jones

FTSE– Financial Times and Stock Exchange

GDR – Global Depositary Receipt

L.P. – Limited Partnership

Ltd. – Limited

PJSC – Public Joint-Stock Company

PLC – Public Limited Company

REIT – Real Estate investment Trust

SPI – Share Price Index

TOPIX – Tokyo Price Index

The following is a list of the level of inputs used as of March 31, 2019, 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	$	3,796,682	$	–	$	–^	$	3,796,682
Preferred Stock		59,240		–		–		59,240
Affiliated Partnership		–		92,654		–		92,654
Cash Equivalent		57,943		–		–		57,943

Total Investments in Securities	$	3,913,865	$	92,654	$	–	$	4,006,519



Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	719	$	–	$	–	$	719
Unrealized Depreciation		(43)		–		–		(43)

Total Other Financial Instruments	$	676	$	–	$	–	$	676

^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, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2019, 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, 2019 ($ Thousands):


Security Description	Value at 9/30/2018	Purchases at Cost	Proceeds from Sales	Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Value 3/31/2019	Income
SEI Liquidity Fund, L.P.	$ 248,878	$ 526,575	$ (682,911)	$ 95	$ 17	$ 92,654	$ 972
SEI Daily Income Trust, Government Fund, Cl F	153,816	59,895	(155,768)	—	—	57,943	1,040

Totals	$ 402,694	$ 586,470	$ (838,679)	$ 95	$ 17	$ 150,597	$ 2,012

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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		9

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

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 – 92.1%

Argentina – 0.3%
Arcos Dorados Holdings Inc, Cl A		202,100	$	1,449
Banco Macro SA ADR		20,639		944
Cresud SACIF y A ADR *		78,626		911
IRSA Inversiones y Representaciones SA ADR *		67,500		736
IRSA Propiedades Comerciales SA ADR		1,831		38
Ternium SA ADR		37,900		1,032

				5,110


Austria – 0.1%
Erste Group Bank AG		34,599		1,273
OMV AG		16,360		888

				2,161


Brazil – 6.3%
Ambev SA		570,200		2,466
Atacadao Distribuicao Comercio e Industria Ltda *		908,000		4,687
Azul SA ADR *		30,096		879
B2W Cia Digital *		870,584		9,389
B3 SA - Brasil Bolsa Balcao *		632,468		5,181
Banco Bradesco SA ADR		965,654		10,535
Banco do Brasil SA *		152,619		1,901
Banco Santander Brasil SA		146,800		1,646
Banco Santander Brasil SA ADR		209,700		2,355
BK Brasil Operacao e Assessoria a Restaurantes SA *		599,965		3,404
BRF SA ADR *		348,200		2,027
CCR SA		646,800		1,946
Cia Siderurgica Nacional SA		374,400		1,559



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cosan SA		299,400	$	3,260
CVC Brasil Operadora e Agencia de Viagens SA		106,200		1,494
Cyrela Brazil Realty SA Empreendimentos e Participacoes		568,857		2,362
Duratex SA		687,800		1,925
Energisa SA		549,129		5,674
Eneva SA *		165,200		785
Engie Brasil Energia SA		78,750		869
Estacio Participacoes SA		99,400		679
Hapvida Participacoes e Investimentos SA *(A)		485,967		3,847
Hypera SA *		92,060		613
IRB Brasil Resseguros S/A		49,700		1,162
JBS SA		367,500		1,524
Kroton Educacional SA		551,800		1,486
Linx SA		146,100		1,386
Localiza Rent a Car SA *		167,000		1,404
Lojas Renner SA		130,061		1,455
Magazine Luiza SA		24,945		1,101
Natura Cosmeticos SA		40,713		470
Notre Dame Intermedica Participacoes SA		534,700		4,489
Petrobras Distribuidora SA		323,260		1,922
Petroleo Brasileiro SA		21,549		343
Petroleo Brasileiro SA ADR *		603,915		9,614
Porto Seguro SA		115,091		1,590
Rumo SA *		1,058,873		5,175
Sao Martinho SA		59,752		281
Smiles Fidelidade SA		40,900		498
Suzano Papel e Celulose SA		–		–
Telefonica Brasil SA ADR		138,400		1,670
TIM Participacoes SA ADR		109,500		1,651
Transmissora Alianca de Energia Eletrica SA		106,700		681
Ultrapar Participacoes SA ADR		28,129		336
Vale SA ADR, Cl B *		303,545		3,964

				111,685

Canada – 1.3%
Autohome Inc ADR *(B)		33,900		3,564
First Quantum Minerals Ltd		1,345,445		15,258
Parex Resources Inc *		126,260		1,977
Yamana Gold Inc		735,058		1,918

				22,717

Chile – 0.4%
Banco Santander Chile ADR		9,802		291
CAP SA		18,939		225
Cervecerias Unidas ADR		11,598		342
Cia Cervecerias Unidas SA ADR		48,791		1,437
Colbun SA		1,715,597		388
Enel Americas SA ADR		181,975		1,625
Inversiones La Construccion SA		21,481		373


10		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Sociedad Quimica y Minera de Chile SA ADR (B)		63,364	$	2,436

				7,117


China – 21.0%
Agricultural Bank of China Ltd, Cl H		10,111,932		4,663
Air China Ltd, Cl H		674,000		829
Alibaba Group Holding Ltd ADR *		251,353		45,859
Angang Steel Co Ltd, Cl H (B)		2,595,113		1,898
Anhui Conch Cement Co Ltd, Cl H		538,000		3,286
ANTA Sports Products Ltd		424,069		2,885
Baidu Inc ADR *		107,199		17,672
Bank of China Ltd, Cl H		8,614,000		3,907
Bank of Communications Co Ltd, Cl H		1,907,000		1,562
Baozun Inc ADR *(B)		43,548		1,809
BeiGene Ltd ADR *		5,146		679
Bilibili Inc ADR *		150,870		2,859
CGN Power Co Ltd, Cl H (A)		3,949,000		1,102
Changyou.com Ltd ADR *(B)		80,917		1,384
China Coal Energy Co Ltd, Cl H		2,723,000		1,127
China Communications Construction Co Ltd, Cl H		588,000		608
China Communications Services Corp Ltd, Cl H		2,073,266		1,849
China Construction Bank Corp, Cl H		18,165,000		15,573
China Everbright Bank Co Ltd, Cl A		2,772,900		1,692
China Longyuan Power Group Corp Ltd, Cl H		803,000		559
China Merchants Bank Co Ltd, Cl H		368,576		1,791
China Molybdenum Co Ltd, Cl H		3,804,000		1,589
China National Building Material Co Ltd, Cl H		6,120,357		4,826
China Petroleum & Chemical Corp, Cl H		3,796,000		2,993
China Telecom Corp Ltd, Cl H		2,180,000		1,211
China Vanke Co Ltd, Cl H		552,500		2,323
China Yangtze Power Co Ltd, Cl A		355,100		891
Chinese Universe Publishing and Media Group Co Ltd, Cl A		873,668		1,975
CITIC Securities Co Ltd, Cl H		1,600,000		3,726
Country Garden Holdings Co Ltd		990,000		1,546
CRRC Corp Ltd		4,934,408		4,652
Ctrip.com International Ltd ADR *		204,087		8,917
Daqin Railway Co Ltd, Cl A		1,026,600		1,274
Dongyue Group Ltd		1,135,000		788
Great Wall Motor Co Ltd, Cl H (B)		981,500		736
Guangzhou R&F Properties Co Ltd		1,236,800		2,675
Hangzhou Hikvision Digital Technology Co Ltd, Cl A		492,300		2,569
Hangzhou Robam Appliances Co Ltd, Cl A		1,241,566		5,949
Han’s Laser Technology Industry Group Co Ltd, Cl A		323,200		2,030
Industrial & Commercial Bank of China Ltd, Cl H		35,329,419		25,878
JD.com Inc ADR *		147,600		4,450
Jiangxi Copper Co Ltd, Cl H		771,000		1,023



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Kweichow Moutai Co Ltd, Cl A		16,700	$	2,122
Maanshan Iron & Steel Co Ltd, Cl H (B)		1,420,000		695
Momo Inc ADR *		89,706		3,430
NetEase Inc ADR		26,899		6,495
New Oriental Education & Technology Group Inc ADR *		50,140		4,517
Offshore Oil Engineering		4,338,839		4,152
Ping An Insurance Group Co of China Ltd, Cl H		2,156,357		24,146
Shanghai Oriental Pearl Group Co Ltd, Cl A		935,858		1,720
SINA Corp/China *		92,500		5,480
Sinopec Shanghai Petrochemical Co Ltd, Cl H		1,566,000		746
Sinopharm Group Co Ltd, Cl H		565,200		2,354
Sinotruk Hong Kong Ltd (B)		2,003,000		4,261
Sohu.com Ltd ADR *(B)		135,900		2,253
Tencent Holdings Ltd		1,480,490		68,084
Tencent Music Entertainment Group ADR *		82		1
Tingyi Cayman Islands Holding Corp		1,892,000		3,119
Tsingtao Brewery Co Ltd, Cl H		312,000		1,471
Uni-President China Holdings Ltd		3,320,400		3,257
Vipshop Holdings Ltd ADR *		286,279		2,299
Weibo Corp ADR *(B)		101,050		6,264
Weichai Power Co Ltd, Cl H		1,016,000		1,623
Wuliangye Yibin Co Ltd, Cl A		127,100		1,797
Yum China Holdings Inc		29,439		1,322
Zhejiang Expressway Co Ltd, Cl H		2,416,000		2,770
Zhejiang Huace Film & TV Co Ltd, Cl A		2,422,029		2,883
Zhengzhou Yutong Bus Co Ltd, Cl A		559,200		1,118
Zhongsheng Group Holdings Ltd		2,055,000		5,100
Zhuzhou CRRC Times Electric Co Ltd, Cl H		1,018,847		6,022
ZTO Express Cayman Inc ADR *		288,705		5,278

				370,393


Colombia – 0.5%
Bancolombia SA ADR, Cl R		127,853		6,528
Ecopetrol SA		1,276,987		1,369
Ecopetrol SA ADR		55,668		1,194
Grupo Aval Acciones y Valores SA ADR		17,844		139

				9,230


Czech Republic – 0.3%
CEZ AS		46,501		1,093
Komercni banka as		69,835		2,853
Moneta Money Bank AS (A)		277,748		959

				4,905


Egypt – 0.2%
Commercial International Bank Egypt SAE		760,308		2,994


Greece – 0.4%
Eurobank Ergasias SA *		4,794,361		3,822
Motor Oil Hellas Corinth Refineries SA		59,400		1,381
National Bank of Greece SA *		1,207,102		2,109

				7,312


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		11

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

Emerging Market Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Hong Kong – 9.1%
3SBio Inc (A)(B)		2,758,500	$	5,426
A-Living Services Co Ltd, Cl H (A)(B)		1,068,000		1,823
ASM Pacific Technology Ltd		304,200		3,393
Beijing Enterprises Water Group Ltd		10,812,000		6,680
Brilliance China Automotive Holdings Ltd		4,731,203		4,689
Chaoda Modern Agriculture Holdings Ltd *		2,056,181		27
China Conch Venture Holdings Ltd		631,500		2,261
China Everbright Bank Co Ltd, Cl H		1,633,000		772
China Everbright International Ltd		5,568,100		5,660
China Everbright Ltd		1,320,000		2,616
China Gas Holdings Ltd		1,737,000		6,107
China High Precision Automation Group Ltd *(C)		1,385,624		–
China Hongqiao Group Ltd		794,000		598
China Medical System Holdings Ltd		3,202,000		3,104
China Mengniu Dairy Co Ltd		2,298,459		8,550
China Mobile Ltd		1,586,800		16,171
China Mobile Ltd ADR		162,885		8,305
China Resources Gas Group Ltd		296,000		1,395
China Resources Pharmaceutical Group Ltd (A)		334,407		473
China SCE Group Holdings Ltd		1,736,000		904
China State Construction International Holdings Ltd		3,525,123		3,301
China Taiping Insurance Holdings Co Ltd		2,012,591		5,999
China Traditional Chinese Medicine Holdings Co Ltd		1,692,000		1,007
CIFI Holdings Group Co Ltd		1,664,000		1,261
CIMC Enric Holdings Ltd		1,484,000		1,522
CITIC Ltd		1,171,000		1,748
CNOOC Ltd		8,602,200		16,109
Geely Automobile Holdings Ltd		416,000		795
Genscript Biotech Corp *(B)		538,000		1,016
Greentown Service Group Co Ltd		30,000		27
Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd, Cl H		154,000		679
Haier Electronics Group Co Ltd		1,692,100		4,915
Hisense Home Appliances Group Co Ltd, Cl H		580,000		816
Hua Hong Semiconductor Ltd (A)		513,000		1,202
Huatai Securities Co Ltd, Cl H (A)		2,490,400		4,981
Kingboard Laminates Holdings Ltd		1,767,500		1,858
Kunlun Energy Co Ltd		1,036,000		1,082
Lee & Man Paper Manufacturing Ltd		1,452,000		1,237
Li Ning Co Ltd		1,951,500		3,063
Link REIT ^‡		147,488		1,725
Metallurgical Corp of China Ltd, Cl H		2,085,525		616
Shandong Weigao Group Medical Polymer Co Ltd, Cl H		1,004,000		959
Shanghai Pharmaceuticals Holding Co Ltd, Cl H		279,300		608
Shenzhen Investment Ltd		3,832,000		1,464
Shimao Property Holdings Ltd		602,000		1,883



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Shui On Land Ltd		2,382,080	$	589
Sino Biopharmaceutical Ltd		2,337,301		2,132
SJM Holdings Ltd		1,759,000		2,008
Sunac China Holdings Ltd		483,000		2,406
Sunny Optical Technology Group Co Ltd		710,978		8,491
Techtronic Industries Co Ltd		635,000		4,267
Tianneng Power International Ltd		344,000		309
Times China Holdings Ltd		540,000		1,120

				160,149


Hungary – 0.5%
MOL Hungarian Oil & Gas PLC		353,832		4,049
OTP Bank Nyrt		126,402		5,560

				9,609


India – 8.5%
ACC Ltd		47,100		1,133
Apollo Hospitals Enterprise Ltd		43,965		779
APS Holdings Corp *		1		–
Aurobindo Pharma Ltd		118,054		1,336
Axis Bank Ltd *		382,319		4,290
Bajaj Auto Ltd		114,982		4,832
Balrampur Chini Mills Ltd		518,896		1,027
Cipla Ltd/India		331,567		2,531
CreditAccess Grameen Ltd *		171,093		1,245
Cummins India Ltd		237,354		2,556
Dabur India Ltd		251,018		1,481
Dr Reddy’s Laboratories Ltd		49,429		1,984
Dr Reddy’s Laboratories Ltd ADR		20,928		848
GAIL India Ltd		496,159		2,490
Glenmark Pharmaceuticals Ltd		80,187		749
Gujarat Narmada Valley Fertilizers & Chemicals Ltd		114,641		506
HCL Technologies Ltd		164,867		2,588
HDFC Bank Ltd		157,951		5,287
HDFC Bank Ltd ADR		48,281		5,596
Hero MotoCorp Ltd		67,832		2,500
Hindustan Unilever Ltd		167,103		4,117
Housing Development Finance Corp Ltd		364,924		10,368
ICICI Bank Ltd		1,473,296		8,518
ICICI Bank Ltd ADR		560,382		6,422
ICICI Lombard General Insurance Co Ltd (A)		118,917		1,774
Infosys Ltd		692,608		7,437
Infosys Ltd ADR		181,002		1,978
ITC Ltd		310,686		1,333
JM Financial Ltd		528,780		718
Larsen & Toubro Ltd		100,562		2,011
Mahindra & Mahindra Ltd		157,169		1,529
Manappuram Finance Ltd		669,455		1,211
Motherson Sumi Systems Ltd		1,668,081		3,605
Muthoot Finance Ltd *		135,441		1,204
Power Finance Corp Ltd		380,369		676
Power Grid Corp of India Ltd		1,107,963		3,165


12		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
REC Ltd		772,779	$	1,706
Reliance Industries Ltd		645,515		12,703
Reliance Industries Ltd GDR (A)		599,709		24,048
SH Kelkar & Co Ltd (A)		23,445		52
Shriram Transport Finance Co Ltd		195,647		3,608
Tata Chemicals Ltd		160,741		1,366
Tata Motors Ltd *		115,353		290
Tech Mahindra Ltd		89,337		1,001
United Spirits Ltd *		248,306		1,985
UPL Ltd		172,820		2,392

				148,975


Indonesia – 1.5%
Astra International Tbk PT		10,150,800		5,221
Bank Negara Indonesia Persero Tbk PT		1,809,900		1,195
Bank Rakyat Indonesia Persero Tbk PT		42,889,505		12,409
Bank Tabungan Pensiunan Nasional Syariah Tbk PT *		4,418,500		686
Bukit Asam Tbk PT		3,965,700		1,170
Indofood CBP Sukses Makmur Tbk PT		999,400		654
Mitra Adiperkasa Tbk PT		4,749,700		324
Perusahaan Gas Negara Persero Tbk		5,254,600		867
Semen Indonesia Persero Tbk PT		1,742,300		1,707
Surya Citra Media Tbk PT		7,271,000		845
Telekomunikasi Indonesia Persero Tbk PT		6,519,800		1,808

				26,886


Malaysia – 0.5%
AirAsia Group Bhd		1,512,700		985
AMMB Holdings Bhd		946,300		1,057
Hong Leong Financial Group Bhd		147,300		692
Inari Amertron Bhd		5,122,075		1,970
Malayan Banking Bhd		893,100		2,028
Malaysia Building Society Bhd		1,546,000		362
RHB Bank Bhd		462,500		646
Syarikat Takaful Malaysia Keluarga Bhd		385,428		470
UEM Sunrise Bhd		2,109,395		424

				8,634


Mexico – 2.3%
Alfa SAB de CV, Cl A		895,490		950
America Movil SAB de CV ADR, Cl L		83,235		1,189
Arca Continental SAB de CV		99,500		554
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		928,044		1,268
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand ADR (B)		376,078		2,546
Cemex SAB de CV ADR *		158,083		734
Coca-Cola Femsa SAB de CV ADR (B)		59,380		3,919
Fomento Economico Mexicano SAB de CV		435,868		4,020
Fomento Economico Mexicano SAB de CV ADR		20,155		1,860
Gruma SAB de CV, Cl B		66,555		682



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Grupo Financiero Banorte SAB de CV, Cl O		1,542,253	$	8,384
Grupo Mexico SAB de CV, Ser B		696,400		1,908
Grupo Televisa SAB ADR		224,325		2,481
Infraestructura Energetica Nova SAB de CV		626,919		2,521
Mexichem SAB de CV		920,881		2,203
Qualitas Controladora SAB de CV		166,700		410
Wal-Mart de Mexico SAB de CV		1,952,224		5,222

				40,851


Netherlands – 0.2%
SBM Offshore NV		110,057		2,095
VEON Ltd ADR		307,960		644

				2,739


Pakistan – 0.0%
Oil & Gas Development Co Ltd		505,300		530


Panama – 0.2%
Copa Holdings SA, Cl A		46,718		3,766


Peru – 0.8%
Cia de Minas Buenaventura SAA ADR		141,400		2,443
Credicorp Ltd		49,765		11,941

				14,384


Philippines – 0.7%
Ayala Corp		63,640		1,139
BDO Unibank Inc		1,202,325		3,064
First Gen Corp		282,754		118
Globe Telecom Inc		40,640		1,500
GT Capital Holdings Inc		93,160		1,653
Manila Electric Co		82,520		597
Megaworld Corp		6,367,403		703
Metropolitan Bank & Trust Co		2,247,820		3,420

				12,194


Poland – 1.0%
Dino Polska SA *(A)		184,558		5,825
Grupa Lotos SA		47,070		1,024
Jastrzebska Spolka Weglowa SA		25,728		409
Polski Koncern Naftowy ORLEN SA		31,322		798
Polskie Gornictwo Naftowe i Gazownictwo SA		568,736		928
Powszechna Kasa Oszczednosci Bank Polski SA		138,829		1,397
Powszechny Zaklad Ubezpieczen SA		597,334		6,310
Warsaw Stock Exchange		35,803		364

				17,055


Portugal – 0.3%
Galp Energia SGPS SA, Cl B		330,862		5,305


Qatar – 0.1%
Barwa Real Estate Co		98,382		988
Commercial Bank PQSC/The		27,840		343
Qatar International Islamic Bank QSC		34,720		698


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		13

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

Emerging Market Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Qatar Islamic Bank SAQ		12,495	$	521

				2,550


Russia – 4.9%
Detsky Mir PJSC		952,100		1,288
Gazprom PJSC		504,140		1,148
Gazprom PJSC ADR		924,692		4,177
Inter RAO UES PJSC		7,360,000		419
LUKOIL PJSC ADR		198,261		17,736
Mail.Ru Group Ltd GDR *		127,056		3,189
Mobile TeleSystems PJSC ADR		113,175		855
Novatek PJSC GDR		1,830		315
Rosneft Oil Co PJSC GDR		720,705		3,267
Sberbank of Russia PJSC		802,304		2,618
Sberbank of Russia PJSC ADR		1,774,933		23,421
Tatneft PJSC ADR		10,300		713
X5 Retail Group NV GDR		264,571		6,593
Yandex NV, Cl A *		600,231		20,612

				86,351


Singapore – 0.1%
Japfa Ltd		782,500		376
Yangzijiang Shipbuilding Holdings Ltd		896,200		992
Yanlord Land Group Ltd		634,800		637

				2,005


South Africa – 3.6%
African Rainbow Minerals Ltd		50,812		598
AngloGold Ashanti Ltd		164,957		2,191
AngloGold Ashanti Ltd ADR		51,800		679
Barloworld Ltd		149,879		1,320
Bid Corp Ltd		145,070		2,998
Bidvest Group Ltd/The		95,514		1,282
Capitec Bank Holdings Ltd (B)		61,037		5,714
FirstRand Ltd		861,920		3,763
Foschini Group Ltd/The		88,678		1,002
Harmony Gold Mining Co Ltd *		290,859		545
Impala Platinum Holdings Ltd *		238,219		1,008
JSE Ltd		241,237		2,210
Kumba Iron Ore Ltd		25,167		751
Motus Holdings Ltd		55,313		314
MultiChoice Group Ltd *		13,452		113
Naspers Ltd, Cl N		67,488		15,594
Nedbank Group Ltd		49,948		870
Netcare Ltd		401,459		650
Old Mutual Ltd		667,815		1,013
Petra Diamonds Ltd *(B)		1,502,054		376
RMB Holdings Ltd		408,723		2,153
Sanlam Ltd		69,151		354
Sasol Ltd		138,807		4,331
SPAR Group Ltd/The		148,624		1,977
Standard Bank Group Ltd		555,666		7,137
Telkom SA SOC Ltd		188,088		951
Truworths International Ltd		606,972		2,920



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Vodacom Group Ltd		88,994	$	688

				63,502


South Korea – 12.4%
Cheil Worldwide Inc		133,282		2,842
CJ Logistics Corp *		13,633		1,988
Com2uSCorp (B)		29,015		2,669
Coway Co Ltd (B)		63,245		5,265
Daelim Industrial Co Ltd		13,582		1,153
Daesang Corp		29,171		729
DB Insurance Co Ltd (B)		48,769		2,952
DGB Financial Group Inc		91,009		655
Doosan Bobcat Inc		58,063		1,581
Fila Korea Ltd		17,087		1,174
Hana Financial Group Inc		27,619		886
Hanmi Semiconductor Co Ltd		41,974		296
Hanon Systems		66,800		668
Hanwha Corp		22,796		611
Hotel Shilla Co Ltd		12,410		1,043
Hyosung Advanced Materials Corp *		1		–
Hyosung TNC Co Ltd		2		–
Hyundai Engineering & Construction Co Ltd		77,726		3,657
Hyundai Marine & Fire Insurance Co Ltd		115,458		3,855
Hyundai Mipo Dockyard Co Ltd		16,515		856
Hyundai Motor Co		19,306		2,032
Innocean Worldwide Inc		10,448		643
IS Dongseo Co Ltd		10,615		294
JB Financial Group Co Ltd		119,892		588
Kangwon Land Inc		58,036		1,636
KB Financial Group Inc		68,301		2,518
KB Financial Group Inc ADR *		11,197		415
KCC Corp		4,777		1,340
Kia Motors Corp		74,079		2,307
KIWOOM Securities Co Ltd (B)		12,666		905
Korean Air Lines Co Ltd		40,262		1,130
KT Corp ADR *		44,598		555
KT&G Corp		31,658		2,887
Kumho Petrochemical Co Ltd		13,500		1,132
LG Chem Ltd		16,609		5,355
LG Corp		48,282		3,296
LG Household & Health Care Ltd		2,509		3,132
LG Uplus Corp		123,248		1,678
Lotte Chemical Corp (B)		18,553		4,748
Lotte Chilsung Beverage Co Ltd (B)		1,142		1,782
Lotte Confectionery Co Ltd (B)		4,258		694
Lotte Corp (B)		25,996		1,131
Lotte Shopping Co Ltd		9,998		1,568
Medy-Tox Inc		3,607		1,855
NAVER Corp (B)		17,661		1,929
NCSoft Corp (B)		27,194		11,883
Netmarble Corp (A)(B)		14,712		1,620
Orion Corp/Republic of Korea (B)		45,284		3,989
Partron Co Ltd (B)		168,118		1,970


14		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
POSCO		6,767	$	1,508
Samsung Biologics Co Ltd *(A)(B)		3,290		926
Samsung Electro-Mechanics Co Ltd		5,704		525
Samsung Electronics Co Ltd		1,681,126		66,128
Samsung Fire & Marine Insurance Co Ltd		4,683		1,242
Samsung Life Insurance Co Ltd (B)		23,024		1,706
SFA Engineering Corp		6,967		266
SK Hynix Inc		329,894		21,565
SK Innovation Co Ltd		21,972		3,475
SK Telecom Co Ltd		64,229		14,231
SK Telecom Co Ltd ADR		274,320		6,718
S-Oil Corp		16,902		1,334
Woori Financial Group Inc		67,583		819
Youngone Corp		26,855		771

				219,106


Switzerland – 0.1%
Wizz Air Holdings Plc *(A)		29,070		1,140


Taiwan – 8.6%
Accton Technology Corp		635,200		2,566
Airtac International Group		207,681		2,689
ASE Technology Holding Co Ltd		951,372		2,084
ASMedia Technology Inc		53,000		972
AU Optronics Corp		1,339,000		493
Catcher Technology Co Ltd		584,040		4,491
Cathay Financial Holding Co Ltd		3,950,584		5,762
Chailease Holding Co Ltd		169,000		691
China Development Financial Holding Corp		3,341,000		1,117
Chlitina Holding Ltd		142,000		1,357
Coretronic Corp		613,329		967
Cub Elecparts Inc		3		–
Delta Electronics Inc		532,000		2,744
Elite Advanced Laser Corp		561,776		1,243
Elite Material Co Ltd		680,400		2,351
eMemory Technology Inc		167,200		1,747
Fubon Financial Holding Co Ltd		1,581,000		2,360
Globalwafers Co Ltd		343,000		3,372
Grand Pacific Petrochemical		690,000		536
Highwealth Construction Corp		388,000		639
Hiwin Technologies Corp		349,721		2,950
Hon Hai Precision Industry Co Ltd		1,927,003		4,595
Hota Industrial Manufacturing Co Ltd		1		–
Innolux Corp		1,473,000		478
Inventec Corp		3,986,000		3,033
Largan Precision Co Ltd		17,446		2,604
Lite-On Technology Corp		710,000		1,033
Makalot Industrial Co Ltd		90,000		631
MediaTek Inc		1,811,568		16,605
Merida Industry Co Ltd		426,000		2,377
Nanya Technology Corp		421,000		839
Novatek Microelectronics Corp		173,000		1,111
Parade Technologies Ltd		185,600		3,113



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Radiant Opto-Electronics Corp		182,000	$	582
Silicon Motion Technology Corp ADR		83,110		3,294
Sino-American Silicon Products Inc		250,000		547
SinoPac Financial Holdings Co Ltd		3,308,000		1,224
Taiwan Business Bank		2,673,000		1,041
Taiwan Semiconductor Manufacturing Co Ltd		6,273,276		49,970
Taiwan Semiconductor Manufacturing Co Ltd ADR		237,240		9,717
Taiwan Styrene Monomer		710,000		561
Tripod Technology Corp		327,000		1,056
Unimicron Technology Corp		724,000		695
Uni-President Enterprises Corp		193,000		468
Win Semiconductors Corp		272,035		1,920
Yuanta Financial Holding Co Ltd		2,151,000		1,225
Zhen Ding Technology Holding Ltd		316,000		981

				150,831


Thailand – 2.2%
Advanced Info Service PCL		323,700		1,877
AP Thailand PCL NVDR		1,956,113		434
Bangkok Bank PCL		921,400		6,010
Bangkok Bank PCL NVDR		97,000		633
CP ALL PCL		2,236,000		5,267
CP ALL PCL NVDR		665,263		1,567
Home Product Center PCL		13,360,000		6,441
Minor International PCL NVDR		3,258,947		4,005
PTT Global Chemical PCL NVDR		495,600		1,050
PTT PCL		1,014,600		1,535
Quality Houses PCL NVDR		4,101,000		382
Robinson PCL (B)		836,600		1,549
Siam Cement PCL/The		361,700		5,493
Sri Trang Agro-Industry PCL NVDR		1,576,200		636
Thai Union Group PCL NVDR		1,751,100		1,065
Thanachart Capital PCL NVDR		568,300		976

				38,920


Turkey – 0.9%
Akbank T.A.S. *		1,677,939		1,877
Anadolu Efes Biracilik Ve Malt Sanayii AS		161,832		502
Arcelik AS *		182,868		547
Coca-Cola Icecek AS		48,583		261
Eregli Demir ve Celik Fabrikalari TAS		962,189		1,553
Ford Otomotiv Sanayi AS		116,513		1,006
Mavi Giyim Sanayi Ve Ticaret AS, Cl B (A)		168,906		1,153
Sok Marketler Ticaret AS *		1,098,866		1,758
TAV Havalimanlari Holding AS		91,805		379
Tekfen Holding AS		269,111		1,074
Turk Hava Yollari AO *		157,409		360
Turkcell Iletisim Hizmetleri AS		1,993,891		4,267
Turkcell Iletisim Hizmetleri AS ADR		54,935		295
Turkiye Sise ve Cam Fabrikalari AS		321,192		331

				15,363


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		15

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

Emerging Market Equity Fund (Continued)


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
United Arab Emirates – 0.3%
Emaar Properties PJSC		3,570,565	$	4,559


United Kingdom – 1.8%
Anglo American PLC		94,883		2,539
Etalon Group PLC GDR		56,800		102
KAZ Minerals PLC		799,630		6,808
Magnitogorsk Iron & Steel Works PJSC GDR		135,608		1,215
Mail.Ru Group Ltd GDR *		14,949		370
NMC Health PLC		69,231		2,060
Novatek PJSC GDR		15,339		2,629
Polyus PJSC GDR (B)		19,343		795
Rio Tinto PLC		79,300		4,610
Tullow Oil PLC		2,833,483		8,883
Vivo Energy PLC (A)		558,611		934

				30,945


United States – 0.6%
Bizlink Holding Inc		430,000		2,951
Corp America Airports SA *		130,847		1,082
Liberty Latin America Ltd, Cl C *		133,869		2,604
Pagseguro Digital Ltd, Cl A *(B)		131,300		3,919

				10,556


Vietnam – 0.1%
Vincom Retail JSC *		1,314,375		1,960


Total Common Stock (Cost $1,400,543) ($ Thousands)				1,622,489


PREFERRED STOCK – 2.4%
Brazil – 1.9%
Banco Bradesco SA * (D)		345,389		3,799
Banco do Estado do Rio Grande do Sul SA (D)		143,600		893
Braskem SA (D)		107,200		1,392
Cia Brasileira de Distribuicao * (D)		18,600		435
Cia Brasileira de Distribuicao ADR * (D)		175,050		4,075
Cia de Transmissao de Energia Eletrica Paulista (D)		46,200		917
Cia Paranaense de Energia (D)		104,100		976
Itau Unibanco Holding SA (D)		936,501		8,232
Itau Unibanco Holding SA ADR (D)		354,181		3,120
Itausa - Investimentos Itau SA (D)		468,011		1,437
Lojas Americanas SA * (D)		361,536		1,547
Petroleo Brasileiro SA (D)		466,373		3,335
Petroleo Brasileiro SA ADR, Cl A * (D)		127,094		1,818
Telefonica Brasil SA (D)		99,400		1,213

				33,189


Colombia – 0.0%
Grupo Aval Acciones y Valores SA (D)		1,797,174		697


South Korea – 0.5%
Samsung Electronics Co Ltd (D)		278,466		8,893


Description	Shares		Market Value ($ Thousands)

PREFERRED STOCK (continued)

Total Preferred Stock (Cost $38,290) ($ Thousands)			$	42,779


	Number of Participation Notes

PARTICIPATION NOTES – 1.3%
China – 0.4%
Oppein Home, Expires 05/03/2024 *		75,580		1,189
Ping An Insurance, Expires 09/23/2019 *		417,100		4,779
SZ Sunway, Expires 05/03/2024 *		228,556		1,007

				6,975


India – 0.0%
Motherson Sumi Systems Ltd, Expires 09/21/2021 *		232,500		502


Luxembourg – 0.1%
Hoa Phat Group JSC, Expires 11/20/2020 *		1,346,817		1,846


Switzerland – 0.8%
Hangzhou Kikvi, Expires 08/12/2019 *		1,557,989		8,141
Han’s Laser, Expires 03/27/2020 *		815,350		5,126
Maanshan Iron, Expires 09/18/2019 *		1,420,740		821

				14,088


Total Participation Notes (Cost $21,217) ($ Thousands)				23,411


	Face Amount (Thousands)

DEBENTURE BOND – 0.0%
Brazil – 0.0%
Vale, Ser 1997 0.000%, 09/30/2049 (E)		BRL 8		–


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


	Shares

AFFILIATED PARTNERSHIP – 3.0%
SEI Liquidity Fund, L.P. 2.480% ^**†(F)		52,581,884		52,585


Total Affiliated Partnership (Cost $52,582) ($ Thousands)				52,585


16		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019



Description	Shares		Market Value ($ Thousands)

CASH EQUIVALENT – 1.7%
SEI Daily Income Trust, Government Fund, Cl F
2.220%^**†		29,573,189	$	29,573

Total Cash Equivalent (Cost $29,573) ($ Thousands)				29,573


Total Investments in Securities – 100.5% (Cost $1,542,205) ($ Thousands)			$	1,770,837

A list of the open futures contracts held by the Fund at March 31, 2019, is as follows:


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

MSCI Emerging Markets		639		Jun-2019	$	32,861	$	33,784	$	923

Percentages are based on Net Assets of $1,761,501 ($ Thousands).

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of March 31, 2019.

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

^‡	Real Estate Investment Trust.

(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, 2019, the value of these securities amounted to $57,285 ($ Thousands), representing 3.3% of the Net Assets of the Fund.

(B)	Certain securities or partial positions of certain securities are on loan at March 31, 2019. The total market value of securities on loan at March 31, 2019 was $50,868 ($ Thousands).

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

(D)	There is currently no rate available.

(E)	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.

(F)	This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of March 31, 2019 was $52,585 ($ Thousands).

ADR – American Depositary Receipt

BRL – Brazilian Real

Cl – Class

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

REIT – Real Estate investment Trust

The following is a list of the level of inputs used as of March 31, 2019, 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	$	1,622,489	$	–	$	–^	$	1,622,489
Preferred Stock		42,779		–		–		42,779
Participation Notes		–		23,411		–		23,411
Debenture Bond		–		–		–		–
Affiliated Partnership		–		52,585		–		52,585
Cash Equivalent		29,573		–		–		29,573

Total Investments in Securities	$	1,694,841	$	75,996	$	–	$	1,770,837



Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	923	$	–	$	–	$	923

Total Other Financial Instruments	$	923	$	–	$	–	$	923

^ One security with market value of $0.

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

For the six months ended March 31, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2019, 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, 2019		17

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

Emerging Market Equity Fund (Concluded)

The following is a summary of the transactions with affiliates for the six months ended March 31, 2019 ($ Thousands):


Security Description	Value at 9/30/2018	Purchases at Cost	Proceeds from Sales	Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Value 3/31/2019	Income
SEI Liquidity Fund, L.P.	$ 66,697	$ 123,427	$ (137,574)	$ 32	$ 3	$ 52,585	$ 231
SEI Daily Income Trust, Government Fund, Cl F	12,932	151,986	(135,345)	–	–	29,573	267

Totals	$ 79,629	$ 275,413	$ (272,919)	$ 32	$ 3	$ 82,158	$ 498

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


18		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Fixed Income Fund

LOGO

^†Percentages based on total investments.



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

GLOBAL BONDS — 90.1%
Argentina — 0.0%
Argentine Bonos del Tesoro
16.000%, 10/17/2023	ARS		5,419	$	92


Australia — 2.1%
Australia & New Zealand Banking Group MTN
5.000%, 08/16/2023	AUD		750		593
3.625%, 07/18/2022	EUR		300		378
Australia Government Bond
4.750%, 04/21/2027	AUD		820		717
4.500%, 04/15/2020			540		395
4.500%, 04/21/2033			195		182
4.250%, 04/21/2026			1,425		1,189
3.750%, 04/21/2037			393		347
3.000%, 03/21/2047			795		632
2.750%, 04/21/2024			1,230		929
Australia Government Bond, Ser 124
5.750%, 05/15/2021			2,758		2,134
BHP Billiton Finance
4.750%, VAR EUR Swap Annual 5 Yr+4.363%, 04/22/2076	EUR		101		122
Commonwealth Bank of Australia MTN
3.000%, 05/03/2022			330		406
0.375%, 04/11/2024			455		516
National Australia Bank
5.000%, 03/11/2024	AUD		750		599
National Australia Bank MTN
2.250%, 06/06/2025	EUR		206		260
Westpac Banking Corp MTN
1.500%, 03/24/2021			220		255
0.500%, 05/17/2024			455		520

					10,174



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

GLOBAL BONDS (continued)
Austria — 1.1%
JAB Holdings BV
1.250%, 05/22/2024	EUR		400	$	454
Republic of Austria Government Bond
4.150%, 03/15/2037 (A)			406		720
3.650%, 04/20/2022 (A)			290		367
3.150%, 06/20/2044 (A)			475		798
2.100%, 09/20/2117 (A)			75		111
1.500%, 02/20/2047 (A)			95		118
0.750%, 10/20/2026 (A)			749		891
0.500%, 02/20/2029 (A)			885		1,020
0.083%, 07/15/2023 (A)(B)			360		411
Republic of Austria Government Bond, Ser 97-6
6.250%, 07/15/2027			288		491

					5,381


Belgium — 2.1%
Anheuser-Busch InBev MTN
2.250%, 05/24/2029	GBP		205		259
1.500%, 03/17/2025	EUR		415		490
Anheuser-Busch InBev Finance
2.600%, 05/15/2024	CAD		550		406
Kingdom of Belgium Government Bond
4.250%, 03/28/2041 (A)	EUR		266		477
3.750%, 09/28/2020 (A)			2,126		2,541
3.750%, 06/22/2045			229		398
3.000%, 06/22/2034 (A)			586		865
1.700%, 06/22/2050 (A)			320		381
1.600%, 06/22/2047 (A)			310		367
1.000%, 06/22/2031 (A)			1,149		1,351
0.800%, 06/22/2025 (A)			3		4
0.800%, 06/22/2027 (A)			785		927
0.800%, 06/22/2028 (A)			340		399
0.500%, 10/22/2024 (A)			1,100		1,281
Kingdom of Belgium Government Bond, Ser 44
5.000%, 03/28/2035 (A)			64		116

					10,262


Brazil — 0.3%
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 08/15/2050	BRL		1,041		1,051
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2021			3		1
Minerva Luxembourg
6.500%, 09/20/2026 (A)	$		290		288
Odebrecht Finance
7.125%, 06/26/2042			280		41
4.375%, 04/25/2025			200		30

					1,411


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		19

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Fixed Income Fund (Continued)



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

GLOBAL BONDS (continued)
Canada — 7.6%
Bank of Montreal
0.750%, 09/21/2022	EUR		235	$	271
Bank of Montreal MTN
0.125%, 04/19/2021			280		317
Bank of Nova Scotia MTN
0.750%, 09/17/2021			570		655
Bell Canada MTN
4.700%, 09/11/2023	CAD		80		65
Canada Housing Trust No. 1
3.800%, 06/15/2021 (A)			1,305		1,020
2.250%, 12/15/2025 (A)			2,235		1,700
1.750%, 06/15/2022 (A)			2,465		1,844
Canadian Government Bond
2.750%, 12/01/2048			150		133
1.000%, 06/01/2027			1,375		981
Canadian Imperial Bank of Commerce
0.239%, 07/25/2022 (B)	EUR		445		501
CDP Financial
4.400%, 11/25/2019 (A)	$		850		860
Enbridge MTN
2.705%, VAR CDOR03+0.590%, 05/24/2019	CAD		1,100		824
Export Development Canada MTN
2.400%, 06/07/2021	AUD		1,259		906
Government of Canada
5.750%, 06/01/2033	CAD		1,205		1,351
5.000%, 06/01/2037			816		905
2.750%, 12/01/2048			400		356
2.500%, 06/01/2024			1,043		818
1.750%, 09/01/2019			6,755		5,056
1.500%, 06/01/2026			7,545		5,613
1.000%, 09/01/2022			1,455		1,069
0.750%, 09/01/2021			910		668
National Bank of Canada
1.500%, 03/25/2021	EUR		345		400
Province of British Columbia Canada
3.250%, 12/18/2021	CAD		1,150		894
Province of Manitoba Canada
3.850%, 12/01/2021			710		559
Province of Ontario Canada
4.700%, 06/02/2037			1,355		1,298
4.650%, 06/02/2041			540		529
2.800%, 06/02/2048			2,200		1,653
2.600%, 06/02/2025			1,614		1,238
2.400%, 06/02/2026			585		442
Province of Ontario Canada MTN
1.650%, 06/08/2020	JPY		100,000		921
Province of Quebec Canada
6.250%, 06/01/2032	CAD		720		761
3.500%, 12/01/2048			520		450



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

GLOBAL BONDS (continued)
Rogers Communications
4.000%, 06/06/2022	CAD		165	$	129
Royal Bank of Canada
1.625%, 08/04/2020	EUR		530		610
0.125%, 03/11/2021			560		633
Toronto-Dominion Bank MTN
0.375%, 01/12/2021			345		392

					36,822


Colombia — 0.4%
Colombian TES
10.000%, 07/24/2024	COP		1,833,400		685
7.750%, 09/18/2030			2,160,100		737
7.500%, 08/26/2026			1,100,600		373

					1,795


Czech Republic — 0.1%
Czech Republic Government Bond
4.700%, 09/12/2022	CZK		7,470		357
2.500%, 08/25/2028			6,710		308

					665


Denmark — 0.4%
Danske Bank
3.875%, 09/12/2023 (A)	$		270		265
Danske Bank MTN
5.875%, VAR EUR Swap Annual 7 Yr+5.471%, 10/29/2049	EUR		344		393
Kingdom of Denmark
4.500%, 11/15/2039	DKK		2,040		561
1.500%, 11/15/2023			4,025		662
Orsted
6.250%, VAR EUR Swap Annual 5 Yr+4.750%, 06/26/3013	EUR		210		275

					2,156


Finland — 0.1%
Finland Government Bond
0.500%, 09/15/2029 (A)			445		511
Finland Government Bond MTN
1.375%, 04/15/2047 (A)			130		164

					675


France — 8.9%
BNP Paribas MTN
3.375%, 01/23/2026	GBP		240		327
BPCE
0.550%, 07/10/2019	JPY		200,000		1,809
BPCE MTN
1.125%, 01/18/2023	EUR		300		343
BPCE SFH
1.750%, 11/29/2019			600		683
BPCE SFH MTN
3.750%, 09/13/2021			200		246


20		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019



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

GLOBAL BONDS (continued)
Bpifrance Financement
0.064%, 11/25/2022 (B)	EUR		600	$	676
Caisse Francaise de Financement Local MTN
3.000%, 10/02/2028			100		138
0.500%, 01/19/2026			500		572
Caisse Nationale de Reassurance Mutuelle Agricole Groupama
6.000%, 01/23/2027			400		536
Cie de Financement Foncier
0.375%, 12/11/2024			300		342
Cie de Financement Foncier MTN
5.500%, 01/26/2027	GBP		387		648
CNP Assurances
4.500%, VAR Euribor 3 Month+4.600%, 06/10/2047	EUR		200		251
1.875%, 10/20/2022			200		232
Credit Agricole Assurances
4.750%, VAR EUR Swap Annual 5 Yr+5.350%, 09/27/2048			300		374
Credit Agricole Home Loan SFH MTN
1.250%, 03/24/2031			300		357
0.375%, 10/21/2021			240		274
Danone MTN
2.250%, 11/15/2021			100		119
Dexia Credit Local MTN
2.000%, 01/22/2021			200		234
0.625%, 01/21/2022			1,550		1,775
0.625%, 02/03/2024			50		58
0.500%, 01/17/2025			300		343
Electricite de France MTN
5.500%, 03/27/2037	GBP		200		347
5.375%, VAR EUR Swap Annual 12 Yr+3.794%, 12/12/2049	EUR		200		244
4.000%, 11/12/2025			350		478
2.250%, 04/27/2021			100		118
Elis SA
2.875%, 02/15/2026	$		100		115
Engie MTN
0.875%, 03/27/2024	EUR		300		348
0.375%, 02/28/2023			100		113
French Republic Government Bond OAT
5.750%, 10/25/2032			403		761
4.000%, 10/25/2038			345		603
4.000%, 04/25/2055			56		109
3.250%, 05/25/2045			2,061		3,386
1.750%, 05/25/2023			2,690		3,289
1.750%, 06/25/2039 (A)			60		77
1.750%, 05/25/2066 (A)			165		197
1.250%, 05/25/2036 (A)			960		1,146
0.750%, 05/25/2028			6,001		7,077
0.142%, 03/25/2024			1,270		1,444
0.000%, 02/25/2020 (B)			1,990		2,245



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

GLOBAL BONDS (continued)
0.000%, 02/25/2021 (B)	EUR		2,055	$	2,331
0.000%, 05/25/2021 (B)			1,685		1,913
0.000%, 05/25/2022 (B)			868		989
Loxam SAS
6.000%, 04/15/2025 (A)			150		177
Nexans SA
3.750%, 08/08/2023			100		118
Orange MTN
2.500%, 03/01/2023			500		612
RCI Banque MTN
0.375%, 07/10/2019			450		506
SNCF Reseau
1.125%, 05/25/2030			200		235
SNCF Reseau EPIC
5.500%, 12/01/2021	GBP		205		298
4.250%, 10/07/2026	$		200		291
2.250%, 12/20/2047	EUR		300		381
1.125%, 05/19/2027			300		356
Societe Generale
0.552%, 06/13/2019	JPY		100,000		904
Total Capital International MTN
4.250%, 11/26/2021	AUD		640		479
UNEDIC ASSEO MTN
0.300%, 11/04/2021	EUR		600		684

					42,708


Germany — 4.9%
Allianz
2.241%, VAR Euribor 3 Month+2.650%, 07/07/2045			200		232
BMW Finance MTN
0.875%, 11/17/2020			585		668
0.454%, 01/29/2021	JPY		200,000		1,810
Bundesrepublik Deutschland
4.000%, 01/04/2037	EUR		611		1,128
3.250%, 07/04/2042			2,025		3,689
0.281%, 08/15/2026 (B)			1,882		2,160
0.250%, 02/15/2027			2,160		2,524
Bundesrepublik Deutschland Bundesanleihe
2.500%, 07/04/2044			552		913
2.500%, 08/15/2046			130		219
0.500%, 02/15/2026			863		1,025
Bundesrepublik Deutschland Bundesanleihe, Ser 03
4.750%, 07/04/2034			95		180
Deutsche Telekom International Finance BV MTN
0.625%, 04/03/2023			330		377
Gemeinsame Deutsche Bundeslaender
3.500%, 10/07/2019			650		745
innogy Finance BV MTN
1.000%, 04/13/2025			170		196


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		21

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Fixed Income Fund (Continued)



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

GLOBAL BONDS (continued)
Kreditanstalt fuer Wiederaufbau
2.600%, 06/20/2037	JPY		65,000	$	849
0.500%, 09/15/2027	EUR		510		589
0.125%, 06/07/2023			1,695		1,933
Kreditanstalt fuer Wiederaufbau MTN
3.750%, 05/29/2020	NZD		1,110		773
2.800%, 02/17/2021	AUD		1,230		890
1.125%, 09/15/2032	EUR		500		599
1.125%, 05/09/2033			220		263
Landwirtschaftliche Rentenbank MTN
0.625%, 05/18/2027			225		262
ProGroup
3.000%, 03/31/2026			125		144
Volkswagen Bank GmbH MTN
0.625%, 09/08/2021			200		226
Volkswagen International Finance
1.875%, 03/30/2027			500		553
1.125%, 10/02/2023			600		675

					23,622


Ghana — 0.0%
Kosmos Energy
7.125%, 04/04/2026 (A)	$		200		198


Guernsey — 0.1%
Credit Suisse Group Funding Guernsey MTN
1.250%, 04/14/2022	EUR		295		340


Hungary — 0.1%
Republic of Hungary
3.000%, 06/26/2024	HUF		75,010		278


Indonesia — 0.1%
Republic of Indonesia MTN
2.150%, 07/18/2024 (A)	EUR		200		236


Ireland — 0.6%
Allied Irish Banks MTN
4.125%, VAR EUR Swap Annual 5 Yr+3.950%, 11/26/2025			177		207
Bank of Ireland MTN
0.375%, 05/07/2022			555		632
CRH Finance DAC MTN
1.375%, 10/18/2028			170		193
CRH Funding MTN
1.875%, 01/09/2024			310		371
Europcar Mobility Group
4.125%, 11/15/2024 (A)			100		112
Ireland Government Bond
4.500%, 04/18/2020			205		242
3.400%, 03/18/2024			125		165
2.000%, 02/18/2045			180		231



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

GLOBAL BONDS (continued)
0.900%, 05/15/2028	EUR		685	$	803

					2,956


Israel — 0.2%
Israel Government Bond - Fixed
4.250%, 03/31/2023	ILS		2,521		786
2.000%, 03/31/2027			925		262

					1,048


Italy — 3.8%
Assicurazioni Generali MTN
5.500%, VAR Euribor 3 Month+5.350%, 10/27/2047	EUR		330		405
Buoni Poliennali Del Tesoro
4.000%, 02/01/2037 (A)			130		163
Enel
5.000%, VAR EUR Swap Annual 5 Yr+3.648%, 01/15/2075			105		122
Enel Finance International MTN
5.625%, 08/14/2024	GBP		160		242
FCA Bank MTN
2.625%, 04/17/2019	EUR		350		393
Intesa Sanpaolo MTN
3.625%, 12/05/2022			200		254
Italy Buoni Poliennali Del Tesoro
5.000%, 08/01/2039 (A)			430		601
5.000%, 09/01/2040 (A)			1,510		2,105
3.850%, 09/01/2049 (A)			140		165
3.750%, 05/01/2021 (A)			386		462
3.500%, 03/01/2030 (A)			831		1,005
3.450%, 03/01/2048 (A)			750		843
3.350%, 03/01/2035 (A)			367		426
2.950%, 09/01/2038 (A)			365		394
2.800%, 03/01/2067 (A)			90		86
2.500%, 11/15/2025			2,255		2,603
2.450%, 09/01/2033 (A)			552		589
2.000%, 02/01/2028			1,095		1,201
1.850%, 05/15/2024			470		532
0.950%, 03/01/2023			1,530		1,695
0.900%, 08/01/2022			3,210		3,580
Unione di Banche Italiane
1.000%, 01/27/2023			185		214

					18,080


Japan — 18.3%
Development Bank of Japan
2.300%, 03/19/2026	JPY		220,000		2,306
1.050%, 06/20/2023			90,000		851
Government of Japan 5 Year Bond
0.100%, 12/20/2019			128,000		1,159
0.100%, 03/20/2020			410,800		3,721
Government of Japan 10 Year Bond
0.900%, 06/20/2022			859,850		8,042
0.100%, 06/20/2026			39,650		366


22		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019



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

GLOBAL BONDS (continued)
0.100%, 03/20/2027	JPY		114,350	$	1,058
0.100%, 06/20/2027			142,600		1,318
Government of Japan 20 Year Bond
1.900%, 09/20/2022			583,400		5,655
1.700%, 06/20/2033			1,207,550		13,356
1.400%, 09/20/2034			444,650		4,773
1.000%, 12/20/2035			50,000		510
0.700%, 03/20/2037			92,700		901
0.500%, 09/20/2036			451,400		4,254
0.200%, 06/20/2036			169,400		1,520
Government of Japan 20 Year Bond, Ser 106
2.200%, 09/20/2028			14,550		161
Government of Japan 20 Year Bond, Ser 128
1.900%, 06/20/2031			17,150		191
Government of Japan 20 Year Bond, Ser 140
1.700%, 09/20/2032			729,400		8,026
Government of Japan 20 Year Bond, Ser 143
1.600%, 03/20/2033			58,550		639
Government of Japan 20 Year Bond, Ser 144
1.500%, 03/20/2033			149,750		1,616
Government of Japan 30 Year Bond
0.800%, 09/20/2047			445,300		4,349
0.300%, 06/20/2046			134,250		1,158
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/2038			119,300		1,498
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/2039			332,900		4,141
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/2040			175,600		2,116
Government of Japan 30 Year Bond, Ser 36
2.000%, 03/20/2042			80,550		981
Government of Japan 30 Year Bond, Ser 37
1.900%, 09/20/2042			62,100		747
Government of Japan 30 Year Bond, Ser 38
1.800%, 03/20/2043			259,650		3,076
Government of Japan 40 Year Bond
0.400%, 03/20/2056			304,100		2,601
Government of Japan 40 Year Bond, Ser 6
1.900%, 03/20/2053			38,700		497
Government of Japan CPI Linked Bond
0.100%, 03/10/2026			345,684		3,244
Japan Government Two Year Bond
0.100%, 11/01/2020			259,050		2,351
Mizuho Financial Group MTN
0.956%, 10/16/2024	EUR		385		440
Takeda Pharmaceutical
1.125%, 11/21/2022 (A)			430		495

					88,117


Luxembourg — 0.1%
Arena Luxembourg Finance
2.875%, 11/01/2024	$		165		190



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

GLOBAL BONDS (continued)
Enel Finance International MTN
5.750%, 09/14/2040	GBP		145	$	245
Samsonite Finco SARL
3.500%, 05/15/2026	EUR		100		112

					547


Malaysia — 1.0%
Malaysia Government Bond
5.734%, 07/30/2019	MYR		2,233		551
4.181%, 07/15/2024			3,360		843
4.048%, 09/30/2021			3,380		840
3.955%, 09/15/2025			3,440		855
3.882%, 03/10/2022			780		194
3.795%, 09/30/2022			3,430		848
3.654%, 10/31/2019			1,771		435
3.480%, 03/15/2023			1,135		277
3.441%, 02/15/2021			491		120

					4,963


Mexico — 1.7%
Alfa
5.250%, 03/25/2024 (A)	$		205		215
Mexican Bonos
8.000%, 06/11/2020	MXN		11,090		573
7.750%, 11/13/2042			2,983		143
7.500%, 06/03/2027			2,435		122
6.500%, 06/09/2022			22,900		1,137
5.750%, 03/05/2026			11,907		542
Mexican Bonos, Ser M
6.500%, 06/10/2021			6,746		339
Mexican Bonos, Ser M20
10.000%, 12/05/2024			46,790		2,648
7.750%, 05/29/2031			28,570		1,423
Mexican Bonos, Ser M30
10.000%, 11/20/2036			11,460		680
Petroleos Mexicanos
6.500%, 01/23/2029	$		180		178

					8,000


Netherlands — 2.9%
ABN AMRO Bank
5.750%, VAR EUR Swap Annual 5 Yr+5.452%, 12/31/2049	EUR		400		465
ABN AMRO Bank MTN
1.250%, 01/10/2033			300		354
Akzo Nobel Sweden Finance MTN
2.625%, 07/27/2022			340		414
BNG Bank MTN
0.500%, 04/16/2025			225		259
Constellium
4.250%, 02/15/2026 (A)			100		114
Cooperatieve Rabobank UA MTN
5.250%, 09/14/2027	GBP		195		297
4.625%, 05/23/2029			130		192


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		23

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Fixed Income Fund (Continued)



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

GLOBAL BONDS (continued)
1.250%, 05/31/2032	EUR		300	$	355
ING Bank
5.800%, 09/25/2023 (A)	$		315		340
Intertrust Group BV
3.375%, 11/15/2025 (A)	EUR		180		207
Kingdom of Netherlands
4.000%, 01/15/2037 (A)			824		1,494
3.750%, 01/15/2042 (A)			40		76
2.750%, 01/15/2047 (A)			190		329
2.500%, 01/15/2033 (A)			550		801
2.000%, 07/15/2024 (A)			345		436
0.500%, 07/15/2026 (A)			570		672
0.250%, 01/15/2020 (A)			3,195		3,612
0.250%, 07/15/2025 (A)			922		1,069
Lincoln Financing SARL
3.625%, 04/01/2024 (A)			170		193
MARB BondCo PLC
7.000%, 03/15/2024 (A)	$		282		279
Minejesa Capital BV
4.625%, 08/10/2030			300		291
Nederlandse Waterschapsbank MTN
1.250%, 05/27/2036	EUR		281		329
0.625%, 01/18/2027			225		260
Netherlands Government Bond
0.750%, 07/15/2028 (A)			474		568
0.080%, 01/15/2024 (A)(B)			500		571

					13,977


New Zealand — 1.8%
New Zealand Government Bond
5.500%, 04/15/2023	NZD		5,749		4,540
3.000%, 04/15/2020			2,357		1,632
3.000%, 04/20/2029			1,380		1,043
2.750%, 04/15/2025			461		336
New Zealand Government Inflation Linked Bond
2.000%, 09/20/2025			610		487
New Zealand Local Government Funding Agency Bond
4.500%, 04/15/2027			1,100		858

					8,896


Norway — 0.7%
DNB Bank
6.500%, VAR USD Swap Semi 30/360 5 Yr Curr+5.080%, 12/29/2049	$		355		365
DNB Boligkreditt MTN
3.875%, 06/16/2021	EUR		390		477
Equinor MTN
5.625%, 03/11/2021			216		269
2.000%, 09/10/2020			285		330
Norway Government Bond
3.000%, 03/14/2024 (A)	NOK		1,972		247



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

GLOBAL BONDS (continued)
2.000%, 05/24/2023 (A)	NOK		4,771	$	569
2.000%, 04/26/2028 (A)			2,106		254
1.750%, 02/17/2027 (A)			2,135		253
1.750%, 09/06/2029 (A)			1,625		191
1.500%, 02/19/2026 (A)			2,163		252

					3,207


Poland — 0.8%
Republic of Poland Government Bond
4.000%, 10/25/2023	PLN		1,401		395
3.250%, 07/25/2025			1,890		518
2.750%, 04/25/2028			2,820		735
2.500%, 07/25/2026			1,560		406
2.000%, 04/25/2021			4,961		1,302
1.500%, 04/25/2020			1,100		287
Republic of Poland Government Bond, Ser 1019
5.500%, 10/25/2019			1,045		279

					3,922


Portugal — 0.6%
EDP - Energias de Portugal
5.375%, VAR EUR Swap Annual 5 Yr+5.043%, 09/16/2075	EUR		200		241
EDP Finance MTN
2.000%, 04/22/2025			370		441
Portugal Obrigacoes do Tesouro OT
4.125%, 04/14/2027 (A)			640		895
4.100%, 04/15/2037 (A)			277		410
2.200%, 10/17/2022 (A)			775		943

					2,930


Qatar — 0.2%
Qatar Government International Bond
3.375%, 03/14/2024 (A)	$		1,100		1,111


Saudi Arabia — 0.1%
SABIC Capital II BV
4.000%, 10/10/2023 (A)			345		352
Saudi Government International Bond MTN
2.375%, 10/26/2021 (A)			275		270

					622


Singapore — 1.6%
Singapore Government Bond
3.500%, 03/01/2027	SGD		1,040		849
3.125%, 09/01/2022			2,088		1,602
3.000%, 09/01/2024			2,649		2,059
2.750%, 03/01/2046			200		153
2.250%, 08/01/2036			250		181
2.000%, 07/01/2020			3,260		2,409
Temasek Financial I MTN
2.375%, 01/23/2023 (A)	$		495		490

					7,743


24		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019



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

GLOBAL BONDS (continued)
Slovak Republic — 0.0%
Slovakia Government Bond
3.375%, 11/15/2024	EUR		75	$	100


Slovenia — 0.1%
Slovenia Government Bond
1.250%, 03/22/2027			305		366


South Africa — 0.0%
Sappi Papier Holding GmbH
3.125%, 04/15/2026 (A)			100		113


South Korea — 0.5%
Hyundai Capital Services MTN
3.500%, 03/30/2022	AUD		680		493
Korea Treasury Bond
3.000%, 09/10/2024	KRW		884,000		827
1.500%, 12/10/2026			994,000		853

					2,173


Spain — 4.3%
Ayt Cedulas Cajas Global
3.750%, 12/14/2022	EUR		600		765
Banco Bilbao Vizcaya Argentaria
5.875%, VAR EUR Swap Annual 5 Yr+5.660%, 12/24/2167			200		218
2.250%, 06/12/2024			200		250
Banco de Sabadell
0.875%, 11/12/2021			400		461
Banco Santander
1.000%, 03/03/2022			400		464
Bankia
0.875%, 01/21/2021			300		343
CaixaBank
1.250%, 01/11/2027			500		593
Gas Natural Fenosa Finance BV
3.375%, VAR EUR Swap Annual 9 Yr+3.079%, 12/29/2049			100		113
Gas Natural Fenosa Finance BV MTN
1.250%, 04/19/2026			300		346
Government of Spain
6.000%, 01/31/2029			104		171
4.900%, 07/30/2040 (A)			810		1,383
4.700%, 07/30/2041 (A)			301		505
4.200%, 01/31/2037 (A)			113		175
3.450%, 07/30/2066 (A)			169		236
2.900%, 10/31/2046 (A)			365		471
1.950%, 04/30/2026 (A)			3,850		4,721
1.950%, 07/30/2030 (A)			141		170
1.600%, 04/30/2025 (A)			168		202
1.500%, 04/30/2027 (A)			915		1,083
1.400%, 04/30/2028 (A)			508		594
0.450%, 10/31/2022			175		201



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

GLOBAL BONDS (continued)
Iberdrola Finanzas MTN
1.000%, 03/07/2025	EUR		500	$	580
Instituto de Credito Oficial MTN
6.000%, 03/08/2021			180		226
Kutxabank
1.250%, 09/22/2025			300		356
Spain Government Bond
5.750%, 07/30/2032			102		176
2.350%, 07/30/2033 (A)			507		628
1.450%, 04/30/2029 (A)			1,401		1,625
0.050%, 10/31/2021			2,742		3,100
Telefonica Emisiones SAU MTN
1.528%, 01/17/2025			500		588

					20,744


Supra-National — 4.3%
Asian Development Bank MTN
2.350%, 06/21/2027	JPY		140,000		1,521
European Financial Stability Facility MTN
1.800%, 07/10/2048	EUR		540		681
1.700%, 02/13/2043			340		425
0.500%, 07/11/2025			695		804
0.400%, 02/17/2025			1,695		1,951
0.200%, 04/28/2025			600		682
0.125%, 10/17/2023			449		511
European Investment Bank
1.900%, 01/26/2026	JPY		318,500		3,295
European Investment Bank MTN
6.000%, 08/06/2020	AUD		2,652		1,989
1.250%, 05/12/2025	SEK		13,180		1,483
1.000%, 03/14/2031	EUR		405		477
0.250%, 10/14/2024			1,725		1,980
0.250%, 09/14/2029			745		823
European Stability Mechanism MTN
1.000%, 09/23/2025			570		681
European Union MTN
2.875%, 04/04/2028			575		795
International Bank for Reconstruction & Development MTN
3.500%, 01/22/2021	NZD		1,120		786
2.800%, 01/13/2021	AUD		1,230		889
International Finance MTN
2.375%, 07/19/2023	CAD		1,000		763

					20,536


Sweden — 1.3%
Dometic Group AB
3.000%, 09/13/2023	EUR		130		146
Kommunivest I Sverige AB
1.000%, 10/02/2024	SEK		5,830		647
Nordea Bank Abp
0.425%, 05/28/2019	JPY		100,000		904


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		25

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Fixed Income Fund (Continued)


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

GLOBAL BONDS (continued)
Skandinaviska Enskilda Banken
3.178%, VAR ICE LIBOR USD 3 Month+0.570%, 09/13/2019 (A)	$		200	$	200
Skandinaviska Enskilda Banken MTN
5.750%, VAR USD Swap Semi 30/360 5 Yr Curr+3.850%, 11/29/2049			465		459
Stadshypotek MTN
0.625%, 11/10/2021	EUR		530		608
Svenska Handelsbanken
5.250%, VAR USD Swap Semi 30/360 5 Yr Curr+3.335%, 12/29/2049	$		325		322
Swedbank
6.000%, VAR USD Swap Semi 30/360 5 Yr Curr+4.106%, 03/17/2166			200		191
Swedbank Hypotek
0.375%, 03/11/2022	EUR		360		410
Sweden Government Bond
3.500%, 06/01/2022	SEK		3,040		368
3.500%, 03/30/2039			1,205		195
1.000%, 11/12/2026			1,725		199
0.750%, 11/12/2029			5,800		654
Sweden Government Bond, Ser 1047
5.000%, 12/01/2020			3,370		397
Vattenfall
3.000%, VAR EUR Swap Annual 5 Yr+2.511%, 03/19/2077	EUR		175		195
Vattenfall MTN
6.250%, 03/17/2021			213		269

					6,164


Switzerland — 0.9%
Aquarius & Investments for Swiss Reinsurance
6.375%, VAR USD Swap Semi 30/360 5 Yr Curr+5.210%, 09/01/2024	$		340		343
Credit Suisse MTN
0.750%, 09/17/2021	EUR		220		252
Credit Suisse Group
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+4.598%, 12/31/2049 (A)	$		270		285
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+4.600%, 01/17/2167 (A)			200		206
2.125%, VAR BPSW1+1.230%, 09/12/2025	GBP		250		318
Dufry One
2.500%, 10/15/2024	EUR		125		143
Government of Switzerland
3.000%, 05/12/2019	CHF		110		111
2.000%, 04/28/2021			735		781
2.000%, 05/25/2022			75		82
1.500%, 04/30/2042			305		402
1.250%, 06/11/2024			405		448


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

GLOBAL BONDS (continued)
Swiss Re Finance Luxembourg
5.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.582%, 04/02/2049 (A)	$		200	$	203
UBS MTN
4.750%, VAR EUR Swap Annual 5 Yr+3.400%, 02/12/2026	EUR		200		239
UBS Group Funding Switzerland
1.750%, 11/16/2022			427		502

					4,315


Thailand — 0.4%
Thailand Government Bond
4.875%, 06/22/2029	THB		11,215		426
4.675%, 06/29/2044			20,805		815
3.650%, 12/17/2021			11,020		364
3.625%, 06/16/2023			5,375		180

					1,785


Turkey — 0.1%
Turkiye Vakiflar Bankasi TAO
2.375%, 05/04/2021	EUR		265		287


United Arab Emirates — 0.1%
DP World
2.375%, 09/25/2026 (A)			295		344


United Kingdom — 9.6%
Anglian Water Services Financing
6.875%, 08/21/2023	GBP		230		368
Anglo American Capital MTN
1.625%, 09/18/2025	EUR		220		250
Arqiva Financing MTN
4.040%, 06/30/2020	GBP		220		294
Barclays MTN
2.000%, VAR EUR Swap Annual 5 Yr+1.900%, 02/07/2028	EUR		500		538
1.500%, 04/01/2022			300		345
Barclays Bank MTN
10.000%, 05/21/2021	GBP		180		272
BAT International Finance MTN
1.250%, 03/13/2027	EUR		333		356
BP Capital Markets MTN
1.526%, 09/26/2022			350		413
1.117%, 01/25/2024			165		192
Centrica MTN
4.375%, 03/13/2029	GBP		164		245
4.250%, 09/12/2044			100		149
CK Hutchison Finance 16 II
0.875%, 10/03/2024	EUR		212		238
CNH Industrial Finance Europe MTN
2.875%, 05/17/2023			220		267


26		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


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

GLOBAL BONDS (continued)
Coca-Cola European Partners
2.375%, 05/07/2025	EUR		400	$	493
Delphi Automotive
1.500%, 03/10/2025			420		478
Diageo Finance MTN
0.250%, 10/22/2021			240		271
DS Smith MTN
1.375%, 07/26/2024			430		487
EC Finance
2.375%, 11/15/2022 (A)			100		114
Gatwick Funding MTN
5.250%, 01/23/2024	GBP		250		373
GlaxoSmithKline Capital
0.000%, 09/12/2020 (B)	EUR		595		669
Heathrow Funding MTN
2.750%, 08/09/2049	GBP		160		200
1.875%, 05/23/2022	EUR		235		277
HSBC Holdings
3.000%, VAR BPSW1+1.650%, 07/22/2028	GBP		167		224
Imperial Brands Finance
0.500%, 07/27/2021	EUR		150		169
InterContinental Hotels Group MTN
3.750%, 08/14/2025	GBP		174		240
International Game Technology
4.750%, 02/15/2023	EUR		160		195
Lecta
6.500%, 08/01/2023 (A)			113		118
Lloyds Banking Group MTN
1.750%, VAR EUR Swap Annual 5 Yr+1.300%, 09/07/2028			605		668
1.000%, 11/09/2023			280		314
National Westminster Bank MTN
3.875%, 10/19/2020			123		147
Nationwide Building Society MTN
4.625%, 02/08/2021			550		673
2.000%, VAR EUR Swap Annual 5 Yr+1.500%, 07/25/2029			605		668
0.500%, 02/23/2024			225		257
Next Group
3.625%, 05/18/2028	GBP		190		252
Northumbrian Water Finance
6.875%, 02/06/2023			190		296
5.625%, 04/29/2033			70		123
Rio Tinto Finance MTN
2.875%, 12/11/2024	EUR		290		369
Royal Bank of Scotland Group
4.921%, VAR ICE LIBOR USD 3 Month+2.320%, 09/29/2017	$		200		186
Royal Bank of Scotland Group MTN
2.500%, 03/22/2023	EUR		465		546


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

GLOBAL BONDS (continued)
Santander UK Group Holdings PLC MTN
3.625%, 01/14/2026	GBP		100	$	137
Santander UK PLC
6.222%, VAR ICE LIBOR GBP 3 Month+1.130%, 05/24/2167			130		167
Santander UK PLC MTN
4.250%, 04/12/2021	EUR		350		428
1.125%, 01/14/2022			330		379
Severn Trent Utilities Finance MTN
3.625%, 01/16/2026	GBP		175		249
Sky PLC MTN
6.000%, 05/21/2027			50		85
2.250%, 11/17/2025	EUR		275		340
SSE PLC MTN
0.875%, 09/06/2025			395		442
Standard Chartered
4.261%, VAR ICE LIBOR USD 3 Month+1.510%, 01/29/2049 (A)	$		500		400
Standard Chartered MTN
3.625%, 11/23/2022	EUR		160		196
Thames Water Utilities Finance MTN
4.625%, 06/04/2046	GBP		155		251
Unilever NV
0.375%, 02/14/2023	EUR		220		251
United Kingdom Gilt
4.750%, 12/07/2030	GBP		115		209
4.500%, 12/07/2042			230		476
4.250%, 06/07/2032			1,720		3,062
4.250%, 03/07/2036			435		809
4.250%, 12/07/2040			470		921
4.250%, 12/07/2046			980		2,045
3.750%, 09/07/2020			631		858
3.750%, 09/07/2021			945		1,324
3.750%, 07/22/2052			80		166
3.500%, 01/22/2045			1,445		2,651
3.250%, 01/22/2044			400		700
2.750%, 09/07/2024			200		288
2.500%, 07/22/2065			1,521		2,684
1.750%, 07/22/2019			1,860		2,431
1.625%, 10/22/2028			329		453
1.500%, 01/22/2021			1,450		1,918
1.500%, 07/22/2047			630		810
1.250%, 07/22/2027			1,015		1,359
1.000%, 04/22/2024			1,771		2,335
0.750%, 07/22/2023			2,170		2,832
Vodafone Group MTN
1.000%, 09/11/2020	EUR		355		403
Wales & West Utilities Finance PLC
6.250%, 11/30/2021	GBP		240		353
Western Power Distribution West Midlands PLC
5.750%, 04/16/2032			100		174


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		27

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Fixed Income Fund (Continued)


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

GLOBAL BONDS (continued)
3.875%, 10/17/2024	GBP		230	$	329
Wm Morrison Supermarkets MTN
3.500%, 07/27/2026			225		313
Zurich Finance PLC MTN
6.625%, 10/30/2049 (C)			235		339

					46,301


United States — 5.8%
AbbVie
1.375%, 05/17/2024	EUR		220		255
Altria Group
1.000%, 02/15/2023			213		241
American International Group
2.550%, VAR ICE LIBOR GBP 3 Month+1.705%, 03/15/2067	GBP		100		115
AT&T
1.800%, 09/05/2026	EUR		720		843
Bank of America MTN
2.375%, 06/19/2024			835		1,024
1.625%, 09/14/2022			261		307
1.379%, VAR Euribor 3 Month+1.030%, 02/07/2025			165		192
Belden
3.375%, 07/15/2027			127		143
3.375%, 07/15/2027			100		113
Berkshire Hathaway
0.625%, 01/17/2023			265		304
BWAY Holding Co
4.750%, 04/15/2024 (A)			175		200
Carnival
1.625%, 02/22/2021			180		208
Chubb INA Holdings
1.550%, 03/15/2028			325		381
Citigroup
2.040%, 09/16/2020	JPY		200,000		1,855
Citigroup MTN
0.750%, 10/26/2023	EUR		365		415
Comcast
3.450%, 10/01/2021	$		965		984
CVS Health Corp
3.125%, 03/09/2020			835		837
DH Europe Finance
1.700%, 01/04/2022	EUR		350		410
Digital Euro Finco
2.625%, 04/15/2024			175		209
Dover MTN
2.125%, 12/01/2020			267		310
FedEx
0.700%, 05/13/2022			108		123
Fidelity National Information Services
0.400%, 01/15/2021			284		320
Ford Motor Credit MTN
3.021%, 03/06/2024			170		193


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

GLOBAL BONDS (continued)
0.122%, VAR Euribor 3 Month+0.430%, 05/14/2021	EUR		750	$	813
GE Capital UK Funding Unlimited MTN
6.250%, 05/05/2038	GBP		165		279
General Electric
1.500%, 05/17/2029	EUR		170		183
General Motors Financial MTN
0.955%, 09/07/2023			540		598
Goldman Sachs Group
2.625%, 04/25/2021	$		425		423
Goldman Sachs Group MTN
2.000%, 07/27/2023	EUR		900		1,064
1.625%, 07/27/2026			170		196
Halfmoon Parent
4.125%, 11/15/2025 (A)	$		136		141
IHS Markit
4.125%, 08/01/2023			326		332
4.000%, 03/01/2026 (A)			85		85
International Business Machines MTN
0.875%, 01/31/2025	EUR		593		678
Iron Mountain
3.000%, 01/15/2025			130		147
Kraft Heinz Foods
4.000%, 06/15/2023	$		255		262
Mastercard
1.100%, 12/01/2022	EUR		445		517
McKesson
3.125%, 02/17/2029	GBP		135		178
0.625%, 08/17/2021	EUR		355		403
Medtronic Global Holdings SCA
1.125%, 03/07/2027			400		462
Merck
1.125%, 10/15/2021			355		410
Micron Technology
4.640%, 02/06/2024	$		258		265
Moody’s
1.750%, 03/09/2027	EUR		265		314
Morgan Stanley
1.875%, 03/30/2023			490		580
Morgan Stanley MTN
1.375%, 10/27/2026			360		412
0.092%, VAR Euribor 3 Month+0.400%, 05/21/2021			850		955
National Grid North America MTN
1.000%, 07/12/2024			300		344
Panther BF Aggregator 2
4.375%, 05/15/2026 (A)			106		121
Philip Morris International
0.625%, 11/08/2024			285		320
Philip Morris International MTN
1.875%, 03/03/2021			300		349


28		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


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

GLOBAL BONDS (continued)
PNC Funding
3.300%, 03/08/2022	$		150	$	152
Priceline Group
2.375%, 09/23/2024			355		437
Procter & Gamble
2.000%, 11/05/2021	EUR		345		409
Prologis MTN
3.000%, 01/18/2022			115		139
Santander Holdings USA
3.700%, 03/28/2022	$		460		465
Seagate HDD Cayman
4.875%, 03/01/2024			85		84
4.750%, 06/01/2023			17		17
4.750%, 01/01/2025			123		120
Southern Co/The
2.750%, 06/15/2020			700		700
Sprint Spectrum
4.738%, 03/20/2025 (A)			265		268
Terraform Global Operating
6.125%, 03/01/2026 (A)			55		54
Toyota Motor Credit MTN
1.800%, 07/23/2020	EUR		115		133
0.625%, 11/21/2024			465		532
United Technologies Corp
1.250%, 05/22/2023			225		261
1.150%, 05/18/2024			164		189
US Bancorp MTN
0.850%, 06/07/2024			226		258
Verizon Communications
4.016%, 12/03/2029 (A)	$		601		618
Verizon Communications MTN
4.750%, 02/17/2034	GBP		170		272
4.050%, 02/17/2025	AUD		680		509
Wells Fargo & Co MTN
2.000%, 04/27/2026	EUR		210		253
1.375%, 06/30/2022	GBP		195		251
Western Digital Corp
4.750%, 02/15/2026	$		328		313
WPC Eurobond BV
2.125%, 04/15/2027	EUR		380		428
XPO Logisitics Inc
6.750%, 08/15/2024 (A)	$		194		198

					27,873


Uruguay — 0.0%
Republic of Uruguay
8.500%, 03/15/2028 (A)	UYU		2,325		61


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

GLOBAL BONDS (continued)
Uruguay Government International Bond
9.875%, 06/20/2022 (A)	UYU		3,181	$	94

					155


Total Global Bonds (Cost $434,756) ($ Thousands)					434,190


U.S. TREASURY OBLIGATIONS — 6.3%
U.S. Treasury Bills
2.416%, 05/21/2019 (B)	$		28,303		28,212
U.S. Treasury Inflation Protected Securities
1.250%, 07/15/2020			1,168		1,186
U.S. Treasury Notes
2.000%, 02/28/2021			1,190		1,183


Total U.S. Treasury Obligations (Cost $30,563) ($ Thousands)					30,581


MORTGAGE-BACKED SECURITIES — 0.8%

Agency Mortgage-Backed Obligation — 0.6%
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA1, Cl M2
4.336%, VAR ICE LIBOR USD 1 Month+1.850%, 10/25/2027			363		367
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, Cl M2
5.086%, VAR ICE LIBOR USD 1 Month+2.600%, 12/25/2027			56		57
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQA2, Cl M2
5.286%, VAR ICE LIBOR USD 1 Month+2.800%, 05/25/2028			102		104
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, Cl M2
5.386%, VAR ICE LIBOR USD 1 Month+2.900%, 07/25/2028			179		182
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-HQA1, Cl M3
8.836%, VAR ICE LIBOR USD 1 Month+6.350%, 09/25/2028			250		298
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA1, Cl M1
3.686%, VAR ICE LIBOR USD 1 Month+1.200%, 07/25/2029			255		256
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA2, Cl M2
5.936%, VAR ICE LIBOR USD 1 Month+3.450%, 10/25/2029			470		508


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		29

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Fixed Income Fund (Continued)


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

MORTGAGE-BACKED SECURITIES (continued)
FNMA Connecticut Avenue Securities, Ser 2014-C01, Cl M1
4.086%, VAR ICE LIBOR USD 1 Month+1.600%, 01/25/2024	$	55	$	56
FNMA Connecticut Avenue Securities, Ser 2014-C04, Cl 2M2
7.486%, VAR ICE LIBOR USD 1 Month+5.000%, 11/25/2024		327		365
FNMA Connecticut Avenue Securities, Ser 2016-C04, Cl 1M2
6.736%, VAR ICE LIBOR USD 1 Month+4.250%, 01/25/2029		95		104
FNMA Connecticut Avenue Securities, Ser 2016-C05, Cl 2M1
3.836%, VAR ICE LIBOR USD 1 Month+1.350%, 01/25/2029		12		12
FNMA Connecticut Avenue Securities, Ser 2016-C06, Cl 1M1
3.786%, VAR ICE LIBOR USD 1 Month+1.300%, 04/25/2029		305		306
FNMA Connecticut Avenue Securities, Ser 2016-C07, Cl 2M2
6.836%, VAR ICE LIBOR USD 1 Month+4.350%, 05/25/2029		153		168
FNMA Connecticut Avenue Securities, Ser 2017-C01, Cl 1M1
3.786%, VAR ICE LIBOR USD 1 Month+1.300%, 07/25/2029		111		111

				2,894


Non-Agency Mortgage-Backed Obligation — 0.2%
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
4.750%, 09/25/2034 (C)		12		12
COMM Mortgage Trust, Ser 2013-CR8, Cl A4
3.334%, 06/10/2046		76		78
COMM Mortgage Trust, Ser 2014-CCRE14, Cl A3
3.955%, 02/10/2047		70		73
Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, Cl AMFX
4.877%, 04/15/2037		2		2
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, Cl A3
2.829%, 10/15/2045		111		111
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1
4.371%, 12/25/2034 (C)		45		46
LSTAR Commercial Mortgage Trust, Ser 2016-4, Cl A2
2.579%, 03/10/2049 (A)		159		156


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

MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl D
5.266%, 10/12/2052 (A)(C)	$	15	$	1
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl E
5.266%, 10/12/2052 (A)(C)		10		–
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4
3.185%, 03/10/2046		100		101
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl A3
3.290%, 05/15/2048		120		122
Wells Fargo Commercial Mortgage Trust, Ser 2015-C30, Cl A3
3.411%, 09/15/2058		80		81

				783


Total Mortgage-Backed Securities (Cost $3,593) ($ Thousands)				3,677


Total Investments in Securities — 97.2% (Cost $468,912) ($ Thousands)			$	468,448


30		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019

A list of the open futures contracts held by the Fund at March 31, 2019, is as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ (Depreciation) (Thousands)
Australian 3-Year Bond		113		Jun-2019	$	9,051		$	9,122		$	48
Australian 10-Year Bond		32		Jun-2019		3,086			3,150			55
Australian 10-Year Bond		(3)		Jun-2019		(288	)		(295	)		(9	)
Canadian 10-Year Bond		(2)		Jun-2019		(207	)		(208	)		(1	)
Canadian 10-Year Bond		14		Jun-2019		1,451			1,457			22
Euro		(240)		Jun-2019		(34,142	)		(33,866	)		277
Euro-Bob		(53)		Jun-2019		(7,965	)		(7,923	)		(69	)
Euro-Bob		20		Jun-2019		2,990			2,990			20
Euro-BTP		43		Jun-2019		6,202			6,251			88
Euro-Bund		27		Jun-2019		4,986			5,043			83
Euro-Bund		(2)		Jun-2019		(372	)		(374	)		(5	)
Euro-Buxl 30 Year Bond		(7)		Jun-2019		(1,466	)		(1,506	)		(50	)
Euro-Buxl 30 Year Bond		6		Jun-2019		1,244			1,291			55
Euro-OAT		(11)		Jun-2019		(1,971	)		(2,009	)		(55	)
Euro-Schatz		29		Jun-2019		3,646			3,646			–
Euro-Schatz		(59)		Jun-2019		(7,493	)		(7,418	)		(13	)
Japanese 10-Year Bond		19		Jun-2019		26,056			26,312			93
Japanese 10-Year Bond E-MINI		31		Jun-2019		4,257			4,293			13
Japanese 10-Year Bond E-MINI		(30)		Jun-2019		(4,104	)		(4,154	)		(19	)
Long Gilt 10-Year Bond		(28)		Jun-2019		(4,696	)		(4,720	)		(67	)
U.S. 2-Year Treasury Note		7		Jul-2019		1,492			1,492			–
U.S. 2-Year Treasury Note		28		Jul-2019		5,942			5,967			25
U.S. 5-Year Treasury Note		(49)		Jul-2019		(5,616	)		(5,676	)		(60	)
U.S. 5-Year Treasury Note		150		Jul-2019		17,255			17,374			119
U.S. 10-Year Treasury Note		5		Jun-2019		613			621			8
U.S. 10-Year Treasury Note		(37)		Jun-2019		(4,572	)		(4,596	)		(24	)
U.S. Ultra Long Treasury Bond		2		Jun-2019		324			336			12
U.S. Ultra Long Treasury Bond		(26)		Jun-2019		(4,200	)		(4,368	)		(167	)
Ultra 10-Year U.S. Treasury Note		(8)		Jun-2019		(1,039	)		(1,063	)		(22	)
Ultra 10-Year U.S. Treasury Note		(37)		Jun-2019		(4,805	)		(4,914	)		(107	)

					$	5,659		$	6,255		$	250

A list of the open forward foreign currency contracts held by the Fund at March 31, 2019, is as follows:


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
ANZ		04/03/19	EUR		20,305	USD		23,219	$	417
ANZ		04/23/19	AUD		8,379	USD		5,969		15
Bank of America		04/04/19	USD		13	NOK		112		—
Bank of America		04/04/19	AUD		18	USD		13		—
Bank of America		04/04/19	EUR		674	USD		766		9
Bank of America		04/04/19 - 04/10/19	USD		2,314	EUR		2,036		(27	)
Bank of America		04/04/19	JPY		55,660	USD		500		(3	)
Bank of America		04/09/19	GBP		661	USD		869		7
Barclays PLC		04/02/19	USD		703	BRL		2,628		(28	)
Barclays PLC		04/04/19	USD		27	AUD		38		—
Barclays PLC		04/04/19	USD		29	CHF		29		—
Barclays PLC		04/04/19	USD		13	CHF		13		—
Barclays PLC		04/04/19	USD		13	NZD		19		—
Barclays PLC		04/04/19	USD		34	NZD		50		—


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		31

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Fixed Income Fund (Continued)


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC		04/04/19	USD		57	NOK		495	$	—
Barclays PLC		04/04/19	USD		60	NOK		518		—
Barclays PLC		04/04/19	USD		116	SEK		1,078		—
Barclays PLC		04/04/19	USD		26	SEK		242		—
Barclays PLC		04/04/19	USD		86	JPY		9,641		1
Barclays PLC		04/04/19	USD		58	JPY		6,428		—
Barclays PLC		04/04/19	USD		145	CAD		194		—
Barclays PLC		04/04/19	USD		58	CAD		77		—
Barclays PLC		04/04/19	NZD		125	USD		86		1
Barclays PLC		04/04/19	NZD		87	USD		59		—
Barclays PLC		04/04/19	EUR		492	USD		559		7
Barclays PLC		04/04/19	NOK		654	USD		77		1
Barclays PLC		04/04/19	NOK		452	USD		52		—
Barclays PLC		04/04/19	CAD		1,183	USD		886		1
Barclays PLC		04/04/19	CAD		77	USD		57		—
Barclays PLC		04/04/19	SEK		1,168	USD		127		1
Barclays PLC		04/04/19	SEK		244	USD		26		—
Barclays PLC		04/04/19	CHF		2,234	USD		2,236		(8	)
Barclays PLC		04/04/19	USD		13	EUR		12		—
Barclays PLC		04/04/19 - 04/11/19	USD		2,233	EUR		1,976		(14	)
Barclays PLC		04/04/19	AUD		59	USD		42		—
Barclays PLC		04/04/19 - 04/30/19	AUD		7,727	USD		5,476		(15	)
Barclays PLC		04/04/19	JPY		7,314	USD		66		—
Barclays PLC		04/04/19	JPY		4,675	USD		42		—
Barclays PLC		04/04/19	HUF		74,958	USD		269		8
Barclays PLC		04/11/19	GBP		390	USD		516		8
Barclays PLC		04/16/19	ILS		4,746	USD		1,298		(12	)
Barclays PLC		06/10/19	USD		1,029	TWD		31,732		2
Barclays PLC		06/13/19	USD		627	MXN		11,933		(19	)
BMO Capital		04/26/19	USD		293	JPY		32,402		—
BMO Capital		04/26/19	JPY		7,680,314	USD		69,426		(123	)
BNP Paribas		04/11/19	USD		1,036	GBP		781		(18	)
BNP Paribas		04/16/19 - 04/30/19	EUR		11,400	USD		12,911		94
BNP Paribas		04/26/19	JPY		97,200	USD		880		—
BNP Paribas		04/30/19	USD		103	NZD		152		—
BNP Paribas		04/30/19	USD		239	EUR		212		—
BNP Paribas		04/30/19	AUD		405	USD		288		—
BNP Paribas		04/30/19	GBP		544	USD		710		—
BNP Paribas		05/09/19	CAD		18,237	USD		13,685		19
BNP Paribas		04/30/19 - 05/09/19	CAD		1,335	USD		997		(3	)
BNP Paribas		06/13/19	MXN		11,867	USD		616		11
Brown Brothers Harriman		04/09/19	USD		426	GBP		327		—
Brown Brothers Harriman		04/09/19	GBP		652	USD		862		12
Brown Brothers Harriman		04/10/19	USD		616	EUR		548		—
Brown Brothers Harriman		04/10/19	USD		1,973	EUR		1,727		(32	)
Brown Brothers Harriman		04/10/19	EUR		4,337	USD		4,935		62
Brown Brothers Harriman		04/12/19	SEK		3,025	EUR		291		—
Brown Brothers Harriman		04/12/19	SEK		1,509	USD		169		6
Brown Brothers Harriman		04/12/19	SEK		10,766	USD		1,161		—


32		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Brown Brothers Harriman		04/23/19	USD		244	AUD		344	$	—
Brown Brothers Harriman		05/09/19	USD		87	CAD		116		—
Brown Brothers Harriman		05/09/19	CAD		539	USD		404		—
Brown Brothers Harriman		06/13/19	MXN		6,370	USD		326		1
BT Brokerage		04/04/19	USD		1,690	NZD		2,487		6
BT Brokerage		04/30/19	USD		75	EUR		67		—
BT Brokerage		04/04/19	USD		8,140	EUR		7,216		(36	)
BT Brokerage		04/11/19	GBP		23	USD		30		—
Citi		04/02/19	BRL		2,768	USD		714		3
Citi		04/09/19	GBP		7,114	USD		9,389		116
Citi		04/11/19	JPY		849,297	USD		7,701		21
Citi		04/12/19	SEK		3,386	USD		367		1
Citi		05/16/19	KRW		1,449,746	USD		1,277		—
Citi		05/23/19	CLP		422,326	USD		633		12
Citi		06/12/19	USD		1,299	CNH		8,722		(1	)
Citi		06/13/19	USD		658	MXN		12,638		(14	)
Citigroup		04/04/19	USD		14	EUR		12		—
Citigroup		04/04/19	NZD		42	USD		29		—
Citigroup		04/04/19	USD		69	NOK		608		2
Citigroup		04/04/19	ILS		3,960	USD		1,093		2
Citigroup		04/04/19 - 05/15/19	EUR		10,855	USD		12,416		184
Citigroup		04/04/19	CZK		16,323	USD		726		17
Citigroup		04/26/19	JPY		76,669	USD		694		—
Credit Suisse First Boston		04/11/19	USD		2,041	GBP		1,547		(24	)
Goldman Sachs		04/08/19	USD		630	PLN		2,364		(14	)
Goldman Sachs		04/10/19	EUR		6,600	USD		7,628		212
Goldman Sachs		04/11/19	USD		1,619	JPY		179,171		1
Goldman Sachs		04/12/19	USD		663	NOK		5,642		(8	)
HSBC		04/04/19 - 04/10/19	EUR		2,879	USD		3,261		26
HSBC		04/11/19	USD		2,531	GBP		1,914		(36	)
HSBC		05/03/19	BRL		2,455	USD		618		(12	)
HSBC		05/16/19	USD		644	KRW		721,030		(9	)
JPMorgan Chase Bank		04/04/19	USD		91	CHF		91		1
JPMorgan Chase Bank		04/04/19	USD		35	CHF		35		—
JPMorgan Chase Bank		04/04/19	CHF		106	USD		107		—
JPMorgan Chase Bank		04/04/19	CHF		58	USD		58		—
JPMorgan Chase Bank		04/04/19	USD		163	AUD		231		2
JPMorgan Chase Bank		04/04/19	USD		16	AUD		22		—
JPMorgan Chase Bank		04/04/19	USD		202	NOK		1,759		2
JPMorgan Chase Bank		04/04/19	USD		145	NOK		1,239		(1	)
JPMorgan Chase Bank		04/04/19	CAD		317	USD		238		1
JPMorgan Chase Bank		04/04/19	CAD		61	USD		45		—
JPMorgan Chase Bank		04/04/19	USD		244	NZD		359		1
JPMorgan Chase Bank		04/04/19	USD		179	NZD		260		(1	)
JPMorgan Chase Bank		04/04/19	AUD		214	USD		153		1
JPMorgan Chase Bank		04/04/19	AUD		237	USD		168		(1	)
JPMorgan Chase Bank		04/04/19	USD		284	CAD		381		1
JPMorgan Chase Bank		04/04/19	USD		236	CAD		315		(1	)
JPMorgan Chase Bank		04/04/19	USD		518	SEK		4,870		7


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		33

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Fixed Income Fund (Continued)


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		04/04/19	USD		77	SEK		705	$	(1	)
JPMorgan Chase Bank		04/04/19	NZD		329	USD		226		2
JPMorgan Chase Bank		04/04/19	NZD		269	USD		183		(1	)
JPMorgan Chase Bank		04/04/19	USD		632	JPY		70,501		5
JPMorgan Chase Bank		04/04/19	USD		58	JPY		6,424		—
JPMorgan Chase Bank		04/04/19	SGD		1,281	USD		946		1
JPMorgan Chase Bank		04/04/19 - 04/11/19	USD		2,480	EUR		2,196		(14	)
JPMorgan Chase Bank		04/04/19 - 04/11/19	EUR		2,941	USD		3,327		24
JPMorgan Chase Bank		04/04/19	NOK		3,345	USD		393		4
JPMorgan Chase Bank		04/04/19	NOK		678	USD		78		(1	)
JPMorgan Chase Bank		04/04/19	SEK		4,302	USD		467		3
JPMorgan Chase Bank		04/04/19	SEK		387	USD		41		(1	)
JPMorgan Chase Bank		04/04/19	THB		57,993	USD		1,819		(8	)
JPMorgan Chase Bank		04/04/19	JPY		52,236	USD		474		2
JPMorgan Chase Bank		04/04/19	JPY		234,952	USD		2,120		(3	)
JPMorgan Chase Bank		04/08/19	USD		650	PLN		2,438		(14	)
JPMorgan Chase Bank		04/11/19	GBP		855	USD		1,130		16
JPMorgan Chase Bank		04/11/19	USD		1,179	GBP		888		(21	)
JPMorgan Chase Bank		04/24/19	USD		808	EUR		713		(6	)
JPMorgan Chase Bank		04/24/19	CAD		2,069	USD		1,554		4
JPMorgan Chase Bank		04/24/19	PLN		2,395	USD		629		4
JPMorgan Chase Bank		04/24/19	USD		2,568	SEK		23,865		10
JPMorgan Chase Bank		04/24/19	USD		2,715	NOK		23,282		(8	)
JPMorgan Chase Bank		04/24/19	CHF		3,755	USD		3,752		(27	)
JPMorgan Chase Bank		04/24/19	USD		5,788	GBP		4,355		(108	)
JPMorgan Chase Bank		04/24/19	SGD		8,463	USD		6,246		(6	)
JPMorgan Chase Bank		04/24/19	AUD		9,345	USD		6,594		(46	)
JPMorgan Chase Bank		04/24/19	EUR		15,792	USD		17,904		141
JPMorgan Chase Bank		04/24/19	NZD		16,572	USD		11,301		(3	)
JPMorgan Chase Bank		04/24/19	HUF		983,744	USD		3,547		105
JPMorgan Chase Bank		04/26/19	JPY		2,577,492	USD		23,308		(32	)
JPMorgan Chase Bank		04/30/19	USD		781	COP		2,411,944		(25	)
JPMorgan Chase Bank		04/30/19	BRL		3,773	USD		986		18
JPMorgan Chase Bank		04/30/19	MXN		23,298	USD		1,228		32
JPMorgan Chase Bank		04/30/19	THB		222,627	USD		7,009		(12	)
JPMorgan Chase Bank		04/30/19	KRW		1,835,000	USD		1,627		12
JPMorgan Chase Bank		06/13/19	CHF		1,586	USD		1,585		(19	)
Morgan Stanley		04/02/19	USD		647	BRL		2,455		(16	)
Morgan Stanley		04/04/19	USD		27	SEK		248		—
Morgan Stanley		04/04/19	USD		143	AUD		202		—
Morgan Stanley		04/04/19	USD		250	NOK		2,145		—
Morgan Stanley		04/04/19	USD		403	MXN		7,721		(5	)
Morgan Stanley		04/04/19	USD		494	EUR		439		(1	)
Morgan Stanley		04/04/19	USD		814	NZD		1,198		3
Morgan Stanley		04/04/19	USD		13	NZD		19		—
Morgan Stanley		04/04/19 - 04/11/19	USD		3,042	JPY		336,946		5
Morgan Stanley		04/04/19	AUD		7,372	USD		5,237		—
Morgan Stanley		04/04/19 - 04/12/19	NOK		7,708	USD		897		3
Morgan Stanley		04/04/19	DKK		7,862	USD		1,198		16


34		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Morgan Stanley		04/04/19	SEK		15,253	USD		1,646	$	1
Morgan Stanley		04/04/19 - 04/26/19	NZD		12,721	USD		8,694		18
Morgan Stanley		04/30/19	NZD		6,734	USD		4,575		(19	)
Morgan Stanley		04/04/19	JPY		46,208	USD		419		2
Morgan Stanley		04/04/19	JPY		55,660	USD		500		(3	)
Morgan Stanley		05/23/19	USD		632	CLP		422,343		(10	)
Morgan Stanley		06/10/19	TWD		31,883	USD		1,040		4
National Bank of Australia		04/04/19	USD		8,129	JPY		907,624		73
National Bank of Australia		04/04/19	JPY		7,683,714	USD		68,818		(616	)
RBC		04/04/19	CAD		18,017	USD		13,536		49
RBC		04/30/19	CAD		19,369	USD		14,465		(46	)
RBC		04/30/19	MXN		39,531	USD		2,030		1
RBC		04/04/19	MXN		47,252	USD		2,434		(1	)
RBC		04/30/19	USD		467	CAD		625		2
RBS		04/10/19	EUR		19,508	USD		22,033		115
RBS		05/03/19	USD		597	BRL		2,315		(3	)
Standard Chartered		04/11/19	USD		2,003	GBP		1,513		(30	)
Standard Chartered		05/16/19	USD		977	KRW		1,090,899		(16	)
State Street		04/04/19	EUR		58,879	USD		66,958		835
State Street		04/11/19	USD		2,058	GBP		1,556		(30	)
TD Securities		04/11/19	GBP		170	USD		221		—
TD Securities		04/30/19	SEK		6,080	USD		657		—
UBS		04/04/19	USD		315	JPY		34,700		(2	)
UBS		04/04/19	PLN		5,635	USD		1,487		17
UBS		04/11/19	GBP		27,460	USD		36,467		672
UBS		04/26/19	USD		648	NZD		951		1

									$	1,888

A list of the open OTC swap agreements held by the Fund at March 31, 2019, is as follows:


Credit Default Swaps
Counterparty	Reference Entity/Obligation		Buy/Sell Protection		(Pays)/Receives Rate		Payment Frequency		Termination Date		Notional Amount (Thousands)		Value (Thousands)		Upfront Payments/ Receipts (Thousands)			Net Unrealized Depreciation (Thousands)
Goldman Sachs		CMBX.NA.BBB		Sell		3.00%		Quarterly		05/11/2063		$(1,345)		$(170)	$	(166	)	$	(4	)
Credit Suisse		CMBX.NA.BBB.6		Sell		3.00%		Monthly		05/11/2063		(127)		(16)		(9	)		(7	)
Credit Suisse		CMBX.NA.BBB.6		Sell		3.00%		Monthly		05/11/2063		(134)		(17)		(8	)		(9	)
Deutsche Bank		CMBX.NA.BBB.6		Sell		3.00%		Monthly		05/11/2063		(406)		(51)		(28	)		(23	)

														$(254)	$	(211	)	$	(43	)

A list of the open centrally cleared swap agreements held by the Fund at March 31, 2019, 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)
6-MONTH EUR - LIBOR		0.2005%		Semi-Annually		01/15/2024		EUR		4,500	$	50		$	–	$	50
1.6460%		6-MONTH GBP - LIBOR		Semi-Annually		10/03/2047		GBP		460		(44	)		–		(44	)

											$	6		$	–	$	6


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		35

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

International Fixed Income Fund (Concluded)


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 Depreciation (Thousands)
ITRAXX Europe Series 28		Sell		1.00%		Semi-Annually		06/20/2024		$(2,340)	$	43	$	44	$	(1	)

											$	43	$	44	$	(1	)

Percentages are based on Net Assets of $481,892 ($ 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, 2019, the value of these securities amounted to $62,261 ($ Thousands), representing 12.9% 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

CHF — Swiss Franc

Cl — Class

CLP — Chilean Peso

CNH — Chinese Yuan Offshore

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

ILS — Israeli New Sheckels

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

L.P. — Limited Partnership

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLC — Public Limited Company

PLN — Polish Zloty

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Bhat

TWD — Taiwan Dollar

USD — United States Dollar

UYU — Uruguayan Peso

VAR — Variable Rate

The following is a list of the level of inputs used as of March 31, 2019, 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	$	–		$	434,190		$	–	$	434,190
U.S. Treasury Obligations		–			30,581			–		30,581
Mortgage-Backed Securities		–			3,677			–		3,677

Total Investments in Securities	$	–		$	468,448		$	–	$	468,448


Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	918		$	–		$	–	$	918
Unrealized Depreciation		(668	)		–			–		(668	)
Forwards Contracts*
Unrealized Appreciation		–			3,502			–		3,502
Unrealized Depreciation		–			(1,614	)		–		(1,614	)
OTC Swaps
Credit Default Swaps*
Unrealized Depreciation		–			(43	)		–		(43	)
Centrally Cleared Swaps
Credit Default Swaps*
Unrealized Depreciation		–			(1	)		–		(1	)
Interest Rate Swaps*
Unrealized Appreciation		–			50			–		50
Unrealized Depreciation		–			(44	)		–		(44	)

Total Other Financial Instruments	$	250		$	1,850		$	–	$	2,100

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

For the six months ended March 31, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2019, 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 accompanying notes are an integral part of the financial statements.


36		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

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 — 95.6%
Albania — 0.0%
Albania Government International Bond
3.500%, 10/09/2025	EUR		403	$	471


Angola — 0.6%
Angolan Government International Bond
9.500%, 11/12/2025	$		310		352
9.375%, 05/08/2048			3,527		3,810
9.375%, 05/08/2048 (A)			515		557
8.250%, 05/09/2028 (B)			530		552
Republic of Angola Via Avenir II BV MTN
10.373%, VAR ICE LIBOR USD 6 Month+7.500%, 07/01/2023			3,849		4,233
7.391%, VAR ICE LIBOR USD 6 Month+4.500%, 12/11/2023			690		658

					10,162


Argentina — 3.2%
Adecoagro
6.000%, 09/21/2027 (A)			785		738
Agua y Saneamientos Argentinos
6.625%, 02/01/2023			1,230		932
Argentina Treasury Bond
2.500%, 07/22/2021	ARS		6,000		254
Argentine Bonos del Tesoro
18.200%, 10/03/2021			15,777		254
Argentine Republic Government International Bond
8.280%, 12/31/2033	$		1,262		1,022
7.820%, 12/31/2033	EUR		5,747		5,547
7.820%, 12/31/2033			15,228		14,792
7.125%, 07/06/2036	$		1,679		1,289
6.875%, 04/22/2021			145		132
6.875%, 01/11/2048			855		629
5.875%, 01/11/2028			4,230		3,244
5.000%, 01/15/2027	EUR		2,065		1,717
4.740%, 03/31/2029			11,362		7,206
4.740%, 03/31/2029			564		358
3.375%, 01/15/2023			680		612


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

GLOBAL BONDS (continued)
Autonomous City of Buenos Aires Argentina
51.128%, VAR 30-35d Argentina BADLAR Private Banks+3.250%, 03/29/2024	ARS		48,886	$	995
45.268%, VAR 30-35d Argentina BADLAR Private Banks+3.750%, 02/22/2028			30,497		647
42.415%, VAR 30-35d Argentina
BADLAR Private Banks+3.250%, 03/29/2024			17,544		357
Bonos De La Nacion Argentina
4.500%, 06/21/2019	$		1,463		1,492
Bonos de la Nacion Argentina con Ajuste por CER
4.000%, 03/06/2020	ARS		30,957		1,045
4.000%, 03/06/2020			333		11
Bonos de la Nacion Argentina En Moneda Dua
4.500%, 02/13/2020	$		2,599		2,477
Provincia de Buenos Aires
7.875%, 06/15/2027			2,762		2,010
5.375%, 01/20/2023	EUR		620		562
Provincia de Cordoba
7.125%, 06/10/2021 (A)	$		531		460
Provincia del Chaco Argentina
9.375%, 08/18/2024			654		471
Rio Energy
6.875%, 02/01/2025 (A)			1,571		1,188
Transportadora de Gas del Sur
6.750%, 05/02/2025 (A)			238		224
YPF MTN
51.729%, VAR 30-35d Argentina
BADLAR Private Banks+4.000%, 07/07/2020			368		148

					50,813


Austria — 0.0%
Klabin Austria GmbH
5.750%, 04/03/2029 (A)			489		486

Azerbaijan — 1.0%
Republic of Azerbaijan International Bond
5.125%, 09/01/2029			1,711		1,690
4.750%, 03/18/2024			400		415
Southern Gas Corridor
6.875%, 03/24/2026 (A)			1,437		1,610
6.875%, 03/24/2026			3,895		4,365
Southern Gas Corridor CJSC
6.875%, 03/24/2026 (A)			1,216		1,363
State Oil of the Azerbaijan Republic
6.950%, 03/18/2030			2,310		2,596
6.950%, 03/18/2030			611		687


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		37

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

Emerging Markets Debt Fund (Continued)


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

GLOBAL BONDS (continued)
State Oil of the Azerbaijan Republic MTN
4.750%, 03/13/2023	$		2,353	$	2,409
4.750%, 03/13/2023			1,300		1,331

					16,466


Bahrain — 0.4%
Bahrain Government International Bond
7.500%, 09/20/2047 (A)			1,371		1,460
7.000%, 01/26/2026 (A)			295		317
7.000%, 10/12/2028 (A)			1,154		1,237
6.750%, 09/20/2029 (A)			1,655		1,739
6.750%, 09/20/2029			200		210
6.000%, 09/19/2044			200		186
Oil and Gas Holding BSCC
8.375%, 11/07/2028 (A)			1,381		1,546
7.625%, 11/07/2024 (A)			220		240

					6,935


Belarus — 0.2%
Republic of Belarus International Bond
7.625%, 06/29/2027			2,040		2,190
6.875%, 02/28/2023 (A)			492		515
6.200%, 02/28/2030			358		350

					3,055


Belize — 0.1%
Belize Government International Bond
0.000%, 02/20/2034			2,637		1,582


Benin — 0.1%
Benin Government International Bond
5.750%, 03/26/2026 (A)	EUR		1,231		1,372


Bermuda — 0.2%
Bermuda Government International Bond
4.854%, 02/06/2024	$		868		918
4.750%, 02/15/2029			1,204		1,270
Government of Bermuda
3.717%, 01/25/2027			1,521		1,500

					3,688


Bolivia — 0.1%
Bolivian Government International Bond
4.500%, 03/20/2028			1,881		1,753


Brazil — 6.5%
Brazil Letras do Tesouro Nacional (C)
11.295%, 01/01/2020	BRL		14,000		3,429
11.064%, 07/01/2021			5,000		1,093
10.726%, 01/01/2022			8,000		1,675
8.523%, 07/01/2020			17,181		4,071
8.172%, 04/01/2020			8,000		1,928
Brazil Loan Trust 1
5.477%, 07/24/2023 (A)	$		1,533		1,575


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

GLOBAL BONDS (continued)
5.477%, 07/24/2023	$		217	$	223
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/2028 (B)			2,561		2,628
5.333%, 02/15/2028			1,176		1,206
5.333%, 02/15/2028 (A)			224		230
Brazil Notas do Tesouro Nacional Serie B
6.000%, 08/15/2020	BRL		2,318		1,982
6.000%, 05/15/2045			250		254
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2021			82,656		22,162
10.000%, 01/01/2023			64,278		17,433
10.000%, 01/01/2025			22,277		6,066
10.000%, 01/01/2027			24,002		6,531
10.000%, 01/01/2029			8,032		2,252
Brazilian Government International Bond
4.625%, 01/13/2028	$		2,679		2,700
4.500%, 05/30/2029			4,866		4,776
CSN Resources
6.500%, 07/21/2020			1,000		997
Federal Republic of Brazil
8.250%, 01/20/2034			748		954
6.000%, 04/07/2026			1,238		1,373
5.625%, 01/07/2041			347		348
5.625%, 02/21/2047			864		857
5.000%, 01/27/2045			2,484		2,288
Gol Finance
7.000%, 01/31/2025 (A)			1,720		1,593
JBS Investments GmbH
7.250%, 04/03/2024			1,034		1,068
6.250%, 02/05/2023 (A)			517		524
Klabin Finance
5.250%, 07/16/2024			790		809
Minerva Luxembourg
6.500%, 09/20/2026 (A)			2,132		2,116
Nexa Resources
5.375%, 05/04/2027 (A)			2,891		2,970
Petrobras Global Finance BV
7.375%, 01/17/2027			1,498		1,648
6.900%, 03/19/2049			321		318
5.999%, 01/27/2028			209		212
Rumo Luxembourg
7.375%, 02/09/2024 (A)			898		955
Suzano Austria GmbH
7.000%, 03/16/2047 (A)			399		445
6.000%, 01/15/2029 (A)			688		733

					102,422


Cameroon — 0.2%
Republic of Cameroon International Bond
9.500%, 11/19/2025 (A)			3,090		3,292


38		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


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

GLOBAL BONDS (continued)
Chile — 1.9%
Banco de Credito e Inversiones
3.500%, 10/12/2027 (A)	$		1,046	$	1,020
Bonos de la Tesoreria de la Republica
6.000%, 01/01/2020	CLP		80,000		122
6.000%, 01/01/2043			3,025,000		5,547
5.000%, 03/01/2035			2,920,000		4,626
4.700%, 09/01/2030 (A)			435,000		671
4.500%, 02/28/2021			350,000		527
Bonos de la Tesoreria de la Republica en pesos
4.500%, 03/01/2021			680,000		1,024
4.500%, 03/01/2026			670,000		1,022
4.000%, 03/01/2023 (A)			120,000		179
Cencosud
4.375%, 07/17/2027 (A)	$		1,819		1,731
Empresa Electrica Angamos
4.875%, 05/25/2029 (A)			1,300		1,310
Empresa Nacional del Petroleo
5.250%, 11/06/2029 (A)			391		420
4.750%, 12/06/2021			1,635		1,682
Geopark
6.500%, 09/21/2024 (A)			492		494
Nacional del Cobre de Chile
5.625%, 10/18/2043			442		530
4.500%, 09/16/2025 (A)			2,281		2,417
4.375%, 02/05/2049 (A)			4,186		4,240
3.625%, 08/01/2027			353		353
Republic of Chile
5.500%, 08/05/2020	CLP		323,000		487
3.250%, 09/14/2021	$		1,073		1,091

					29,493


China — 1.6%
Alibaba Group Holding
4.200%, 12/06/2047			310		303
Charming Light Investments MTN
4.375%, 12/21/2027			1,600		1,623
China Government International Bond
3.250%, 10/19/2023			3,466		3,567
China Minmetals
4.450%, VAR US Treas Yield Curve Rate T Note Const Mat 3 Yr+6.070%, 05/13/2021			640		644
3.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.717%, 05/13/2166			2,047		1,997
Chinalco Capital Holdings
4.250%, 04/21/2022			740		732
CNAC HK Finbridge
5.125%, 03/14/2028			4,649		5,002
4.625%, 03/14/2023			1,770		1,837


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

GLOBAL BONDS (continued)
Country Garden Holdings Co Ltd
4.750%, 07/25/2022	$		210	$	205
Dianjian International Finance
4.600%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.933%, 09/13/2166			303		305
HBIS Group Hong Kong
4.250%, 04/07/2020			684		681
Huarong Finance
4.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.773%, 12/29/2049			1,378		1,371
Huarong Finance 2017
4.750%, 04/27/2027			977		1,003
Leader Goal International Ltd
4.250%, 07/19/2166			212		211
Sinopec Group Overseas Development 2017
3.625%, 04/12/2027			2,458		2,473
Sinopec Group Overseas Development 2018
4.250%, 09/12/2028			2,672		2,825

					24,779


Colombia — 5.6%
Colombia Government International Bond
5.200%, 05/15/2049			4,236		4,557
4.500%, 03/15/2029			5,927		6,259
Colombian TES
10.000%, 07/24/2024	COP		37,680,600		14,086
7.750%, 09/18/2030			2,982,500		1,018
7.500%, 08/26/2026			30,754,200		10,412
7.250%, 10/18/2034			11,834,100		3,827
7.000%, 05/04/2022			31,001,800		10,200
7.000%, 06/30/2032			8,741,700		2,792
6.250%, 11/26/2025			31,502,600		9,996
4.750%, 04/04/2035			1,951,000		1,894
Emgesa ESP
8.750%, 01/25/2021			870,000		285
Empresas Publicas de Medellin ESP
8.375%, 02/01/2021			3,962,000		1,260
8.375%, 11/08/2027 (A)			1,760,000		559
7.625%, 09/10/2024 (A)			3,116,000		981
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/2024 (A)			1,127,000		365
7.875%, 08/12/2024			884,000		287
Republic of Colombia
9.850%, 06/28/2027			5,060,000		1,962
8.125%, 05/21/2024	$		1,127		1,362
7.750%, 04/14/2021	COP		3,331,000		1,093
7.375%, 09/18/2037	$		1,091		1,427
6.125%, 01/18/2041			1,584		1,872
6.000%, 04/28/2028	COP		19,610,000		5,985
5.000%, 06/15/2045	$		3,930		4,123
4.500%, 01/28/2026			1,303		1,373


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		39

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

Emerging Markets Debt Fund (Continued)


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

GLOBAL BONDS (continued)
4.375%, 03/21/2023	COP		2,871,000	$	867

					88,842


Costa Rica — 0.5%
Banco Nacional de Costa Rica
6.250%, 11/01/2023 (A)	$		753		757
5.875%, 04/25/2021 (A)			259		260
Costa Rica Government International Bond
4.250%, 01/26/2023			870		823
Instituto Costarricense de Electricidad
6.950%, 11/10/2021			400		397
6.375%, 05/15/2043			250		198
Republic of Costa Rica
7.158%, 03/12/2045			1,643		1,586
7.158%, 03/12/2045 (A)			1,237		1,194
7.158%, 03/12/2045			1,171		1,130
7.000%, 04/04/2044			1,208		1,152
7.000%, 04/04/2044			230		219

					7,716

Croatia — 0.5%
Croatia Government International Bond
6.625%, 07/14/2020			2,180		2,278
3.000%, 03/20/2027	EUR		1,860		2,355
2.750%, 01/27/2030			2,169		2,678

					7,311

Czech Republic — 0.8%
Czech Republic Government Bond
4.200%, 12/04/2036	CZK		28,000		1,509
2.750%, 07/23/2029			72,450		3,390
2.500%, 08/25/2028			41,920		1,925
2.400%, 09/17/2025			93,910		4,246
2.000%, 10/13/2033			18,820		784
0.950%, 05/15/2030			18,920		743

					12,597


Dominican Republic — 0.9%
Dominican Republic International Bond
11.250%, 02/05/2027	DOP		14,500		306
7.450%, 04/30/2044 (A)	$		687		775
6.875%, 01/29/2026			2,000		2,195
6.850%, 01/27/2045			830		888
6.850%, 01/27/2045 (A)			479		512
6.850%, 01/27/2045			400		428
6.600%, 01/28/2024			656		708
6.500%, 02/15/2048			2,171		2,236
6.000%, 07/19/2028 (A)			1,817		1,906
6.000%, 07/19/2028			1,741		1,826
5.950%, 01/25/2027			1,663		1,744
5.875%, 04/18/2024 (A)			71		74
5.500%, 01/27/2025			428		440

					14,038


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

GLOBAL BONDS (continued)
Ecuador — 0.9%
Ecuador Government International Bond
10.750%, 01/31/2029	$		373	$	411
10.500%, 03/24/2020			1,744		1,830
9.650%, 12/13/2026 (A)			660		691
9.625%, 06/02/2027			777		808
8.875%, 10/23/2027			3,828		3,828
8.875%, 10/23/2027 (A)			245		245
8.750%, 06/02/2023			700		733
7.950%, 06/20/2024 (B)			1,545		1,537
7.875%, 01/23/2028 (A)			1,206		1,147
7.875%, 01/23/2028 (B)			3,137		2,983
Petroamazonas EP
4.625%, 02/16/2020 (A)			348		347

					14,560

Egypt — 3.4%
Egypt Government International Bond
18.000%, 11/06/2028	EGP		30,307		1,899
17.700%, 08/07/2025			29,457		1,803
14.800%, 01/30/2023			73,250		4,063
8.700%, 03/01/2049 (A)	$		736		765
7.903%, 02/21/2048 (A)			2,945		2,853
6.588%, 02/21/2028 (A)			688		674
5.577%, 02/21/2023 (A)			741		735
Egypt Government International Bond MTN
8.500%, 01/31/2047			5,659		5,770
8.500%, 01/31/2047 (A)			934		952
7.600%, 03/01/2029 (A)			4,558		4,679
7.500%, 01/31/2027 (A)			1,204		1,260
7.500%, 01/31/2027			913		956
6.125%, 01/31/2022 (A)			865		875
5.625%, 04/16/2030	EUR		3,322		3,582
5.625%, 04/16/2030 (A)			2,714		2,926
4.750%, 04/16/2026			2,311		2,554
Egypt Treasury Bills (C)
19.791%, 11/26/2019	EGP		78,700		4,089
19.690%, 08/13/2019			75,650		4,111
19.527%, 05/07/2019			75,450		4,288
18.701%, 04/30/2019			29,100		1,655
17.675%, 03/03/2020			13,000		649
17.074%, 05/20/2019			28,850		1,645

					52,783


El Salvador — 0.4%
Republic of El Salvador
8.250%, 04/10/2032	$		700		754
8.250%, 04/10/2032 (A)			326		351
7.750%, 01/24/2023			1,690		1,781
7.650%, 06/15/2035			512		533
7.375%, 12/01/2019			1,492		1,507
5.875%, 01/30/2025 (B)			2,141		2,080

					7,006


40		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


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

GLOBAL BONDS (continued)
Gabon — 0.0%
Gabonese Republic
6.950%, 06/16/2025 (A)	$		465	$	448


Georgia — 0.0%
Republic of Georgia
6.875%, 04/12/2021 (A)			421		444


Ghana — 1.1%
Ghana Government International Bond
10.750%, 10/14/2030			4,683		5,699
10.750%, 10/14/2030 (A)			244		297
8.950%, 03/26/2051 (A)			1,189		1,191
8.950%, 03/26/2051			211		211
8.627%, 06/16/2049			1,858		1,812
8.125%, 01/18/2026			233		239
8.125%, 03/26/2032 (A)			1,628		1,620
7.875%, 03/26/2027 (A)			1,352		1,364
7.875%, 03/26/2027			307		310
7.625%, 05/16/2029 (B)			712		696
Republic of Ghana Government Bonds
19.750%, 03/25/2024	GHS		5,311		1,006
19.000%, 11/02/2026			11,055		2,082
Tullow Oil
7.000%, 03/01/2025 (A)	$		660		664

					17,191


Guatemala — 0.0%
Comunicaciones Celulares Via Comcel Trust
6.875%, 02/06/2024 (A)			390		405
Industrial Senior Trust
5.500%, 11/01/2022			399		404

					809


Honduras — 0.0%
Honduras Government International Bond
6.250%, 01/19/2027			326		344


Hong Kong — 0.0%
Chinalco Capital Holdings
4.000%, 08/25/2021			515		512


Hungary — 2.1%
Hungary Government Bond
2.500%, 10/24/2024	HUF		1,699,350		6,109
Republic of Hungary
7.625%, 03/29/2041	$		1,600		2,375
6.375%, 03/29/2021			3,324		3,540
5.500%, 06/24/2025	HUF		300,750		1,260
5.375%, 03/25/2024 (B)	$		2,008		2,200
3.000%, 06/26/2024	HUF		884,280		3,283
3.000%, 10/27/2027			3,041,400		11,065


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

GLOBAL BONDS (continued)
2.750%, 12/22/2026	HUF		1,072,960	$	3,820

					33,652


India — 0.1%
State Bank of India
4.000%, 01/24/2022 (A)	$		822		834
Vedanta Resources
8.250%, 06/07/2021			820		851

					1,685


Indonesia — 6.9%
Eterna Capital Pte
8.000%, 12/11/2022			130		118
7.500%, 12/11/2022 (B)			607		604
Indika Energy Capital III
5.875%, 11/09/2024			330		313
5.875%, 11/09/2024			236		224
Indo Energy Finance II
6.375%, 01/24/2023			1,313		1,311
Indonesia Asahan Aluminium Persero
6.757%, 11/15/2048			1,530		1,762
6.757%, 11/15/2048 (A)			1,145		1,319
6.530%, 11/15/2028 (A)			705		805
5.710%, 11/15/2023 (A)			618		666
Indonesia Government International Bond
5.350%, 02/11/2049			800		887
5.250%, 01/08/2047 (A)			170		184
4.750%, 02/11/2029			2,117		2,267
4.450%, 02/11/2024			1,741		1,814
Indonesia Government International Bond MTN
5.125%, 01/15/2045			410		436
3.850%, 07/18/2027			3,978		3,976
Indonesia Treasury Bond
8.750%, 05/15/2031	IDR		60,779,000		4,554
8.375%, 03/15/2034			85,494,000		6,161
8.375%, 04/15/2039			45,246,000		3,253
8.250%, 05/15/2029			71,055,000		5,212
8.250%, 05/15/2036			64,856,000		4,632
8.125%, 05/15/2024			36,073,000		2,642
7.500%, 08/15/2032			26,770,000		1,796
7.500%, 05/15/2038			76,662,000		5,056
Perusahaan Listrik Negara
6.250%, 01/25/2049	$		686		767
Perusahaan Listrik Negara MTN
6.150%, 05/21/2048 (A)			857		952
6.150%, 05/21/2048			250		278
5.450%, 05/21/2028 (A)			462		493
Perusahaan Penerbit SBSN Indonesia III
4.400%, 03/01/2028			573		589
Perusahaan Penerbit SBSN Indonesia III MTN
4.450%, 02/20/2029 (A)			1,958		2,014


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		41

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

Emerging Markets Debt Fund (Continued)


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

GLOBAL BONDS (continued)
Republic of Indonesia
9.000%, 03/15/2029	IDR		61,750,000	$	4,707
8.500%, 10/12/2035	$		1,704		2,426
8.375%, 03/15/2024	IDR		60,173,000		4,425
8.375%, 09/15/2026			31,281,000		2,299
8.250%, 06/15/2032			12,030,000		857
7.750%, 01/17/2038	$		1,797		2,443
7.000%, 05/15/2022	IDR		40,233,000		2,825
7.000%, 05/15/2027			78,640,000		5,316
6.625%, 05/15/2033			64,339,000		3,954
6.125%, 05/15/2028			68,570,000		4,359
5.625%, 05/15/2023			90,318,000		6,025
4.350%, 01/08/2027 (A)	$		3,994		4,127
Republic of Indonesia MTN
5.375%, 10/17/2023			875		947
5.250%, 01/17/2042			2,366		2,541
4.750%, 01/08/2026			2,159		2,280
3.750%, 06/14/2028	EUR		2,104		2,735
Star Energy Geothermal Wayang Windu
6.750%, 04/24/2033	$		1,077		1,080

					108,431


Iraq — 0.1%
Iraq International Bond
5.800%, 01/15/2028			1,901		1,821


Ireland — 0.0%
C&W Senior Financing DAC
6.875%, 09/15/2027 (A)			489		490


Ivory Coast — 1.0%
Ivory Coast Government International Bond
6.625%, 03/22/2048	EUR		1,035		1,106
6.625%, 03/22/2048			171		183
6.375%, 03/03/2028 (A)	$		1,131		1,102
6.125%, 06/15/2033 (A)			1,805		1,661
6.125%, 06/15/2033			920		847
5.750%, 12/31/2032			3,975		3,764
5.750%, 12/31/2032			3,413		3,231
5.250%, 03/22/2030	EUR		2,503		2,683
5.125%, 06/15/2025			1,371		1,571

					16,148


Jamaica — 0.1%
Government of Jamaica 7.875%, 07/28/2045	$		1,419		1,699


Jordan — 0.2%
Jordan Government International Bond
7.375%, 10/10/2047 (A)			1,629		1,600
7.375%, 10/10/2047			1,002		985

					2,585


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

GLOBAL BONDS (continued)
Kazakhstan — 1.4%
Development Bank of Kazakhstan
4.125%, 12/10/2022	$		770	$	774
Kazakhstan Government International Bond MTN
2.375%, 11/09/2028	EUR		556		646
1.550%, 11/09/2023			473		548
KazMunayGas National JSC
6.375%, 10/24/2048 (A)	$		2,613		2,855
5.750%, 04/19/2047 (A)			2,652		2,764
5.750%, 04/19/2047			63		66
5.375%, 04/24/2030 (A)			1,834		1,921
5.375%, 04/24/2030			2,971		3,113
4.750%, 04/24/2025 (A)			2,068		2,136
4.750%, 04/19/2027 (A)			1,703		1,747
3.875%, 04/19/2022			2,577		2,599
KazTransGas JSC
4.375%, 09/26/2027			1,322		1,282
4.375%, 09/26/2027 (A)			932		903
Nostrum Oil & Gas Finance BV
7.000%, 02/16/2025 (A)			441		268
Republic of Kazakhstan MTN
6.500%, 07/21/2045			330		423

					22,045


Kenya — 0.3%
Kenya Government International Bond
8.250%, 02/28/2048			916		927
7.250%, 02/28/2028 (A)			1,418		1,432
7.250%, 02/28/2028 (B)			17		17
6.875%, 06/24/2024 (A)			1,223		1,255
6.875%, 06/24/2024			473		486

					4,117


Lebanon — 0.8%
Lebanon Government International Bond
7.250%, 03/23/2037			472		363
6.850%, 03/23/2027			515		414
6.000%, 01/27/2023			864		736
Lebanon Government International Bond MTN
8.250%, 04/12/2021			4,532		4,240
6.650%, 11/03/2028			2,298		1,800
6.600%, 11/27/2026			93		74
6.250%, 05/27/2022			245		213
6.150%, 06/19/2020			1,356		1,286
6.100%, 10/04/2022			995		862
5.450%, 11/28/2019			232		226
Republic of Lebanon MTN
8.250%, 04/12/2021			1,828		1,710

					11,924


42		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


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

GLOBAL BONDS (continued)
Lithuania — 0.1%
Lithuania Government International Bond
7.375%, 02/11/2020		$		1,219	$	1,265

Luxembourg — 0.1%
Millicom International Cellular
6.250%, 03/25/2029 (A)				1,028		1,046

Malaysia — 4.9%
1MDB Energy
5.990%, 05/11/2022				1,000		1,023
1MDB Global Investments
4.400%, 03/09/2023				1,000		937
4.400%, 03/09/2023				8,600		8,060
Malaysia Government Bond
5.248%, 09/15/2028		MYR		1,050		286
4.935%, 09/30/2043				2,200		568
4.642%, 11/07/2033				10,000		2,589
4.392%, 04/15/2026				7,081		1,802
4.254%, 05/31/2035				1,827		446
4.232%, 06/30/2031				6,200		1,548
4.181%, 07/15/2024				4,186		1,050
4.160%, 07/15/2021				12,113		3,014
4.059%, 09/30/2024				8,000		1,990
3.955%, 09/15/2025				19,922		4,954
3.899%, 11/16/2027				2,500		615
3.892%, 03/15/2027				1,369		337
3.889%, 07/31/2020				7,629		1,881
3.885%, 08/15/2029				1,500		370
3.882%, 03/10/2022				4,000		993
3.800%, 08/17/2023				30,074		7,420
3.795%, 09/30/2022				3,200		791
3.757%, 04/20/2023				13,915		3,433
3.733%, 06/15/2028				17,867		4,346
3.659%, 10/15/2020				1,419		349
3.654%, 10/31/2019				31,500		7,729
3.620%, 11/30/2021				21,660		5,328
3.502%, 05/31/2027				1,050		251
3.492%, 03/31/2020				25,134		6,163
3.480%, 03/15/2023				2,858		697
3.418%, 08/15/2022				10,450		2,554
Malaysia Government Investment Issue
4.369%, 10/31/2028				1,200		306
4.070%, 09/30/2026				11,606		2,894
Malaysia Sukuk Global
3.179%, 04/27/2026	$			2,368		2,379

						77,103

Mauritius — 0.1%
Liquid Telecommunications Financing
8.500%, 07/13/2022 (A)				1,286		1,321


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

GLOBAL BONDS (continued)
Mexico — 7.1%
America Movil
7.125%, 12/09/2024	MXN		18,110	$	850
Axtel
6.375%, 11/14/2024 (A)	$		480		480
Banco Inbursa Institucion De Banca Multiple Grupo Financiero Inbursa
4.375%, 04/11/2027 (A)			573		554
Banco Nacional de Comercio Exterior SNC
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026 (A)			1,852		1,810
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026			2,836		2,772
Cemex
7.750%, 04/16/2026			670		730
Cometa Energia
6.375%, 04/24/2035 (A)			1,156		1,130
Comision Federal de Electricidad
7.350%, 11/25/2025	MXN		39,785		1,846
5.750%, 02/14/2042 (A)	$		500		505
4.750%, 02/23/2027 (A)			458		462
Elementia
5.500%, 01/15/2025			670		654
Mexican Bonos
7.750%, 11/13/2042	MXN		93,748		4,489
7.500%, 06/03/2027			278,641		13,909
5.750%, 03/05/2026			37,179		1,693
5.750%, 03/05/2026			87,650		3,991
Mexican Bonos, Ser M20
10.000%, 12/05/2024			363,663		20,581
8.500%, 05/31/2029			20,000		1,060
8.000%, 12/07/2023			67,343		3,495
7.750%, 05/29/2031			86,603		4,314
Mexican Bonos, Ser M30
8.500%, 11/18/2038			28,699		1,490
Mexico City Airport Trust
5.500%, 07/31/2047 (A)	$		715		658
5.500%, 07/31/2047			466		428
Mexico Government International Bond
4.500%, 04/22/2029			2,523		2,613
4.350%, 01/15/2047			1,441		1,349
4.150%, 03/28/2027			1,346		1,368
3.750%, 01/11/2028			1,793		1,771
Petroleos Mexicanos
9.500%, 09/15/2027			169		200
7.470%, 11/12/2026	MXN		175,079		7,243
7.190%, 09/12/2024			108,672		4,692
6.625%, 06/15/2035	$		3,100		2,922
6.500%, 01/23/2029 (A)			785		778
6.500%, 01/23/2029			2,863		2,837


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		43

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

Emerging Markets Debt Fund (Continued)


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

GLOBAL BONDS (continued)
6.350%, 02/12/2048	$		878	$	774
6.350%, 02/12/2048 (A)			742		654
5.625%, 01/23/2046			65		54
5.350%, 02/12/2028 (A)			3,465		3,216
4.500%, 01/23/2026			2,443		2,271
Petroleos Mexicanos MTN
6.750%, 09/21/2047			553		508
6.375%, 01/23/2045 (A)			806		712
4.875%, 02/21/2028	EUR		3,822		4,361
4.625%, 09/21/2023	$		605		596
United Mexican States MTN
5.750%, 10/12/2110			3,776		3,861
4.750%, 03/08/2044			386		379

					111,060


Mongolia — 0.4%
Development Bank of Mongolia
7.250%, 10/23/2023 (A)			784		813
Mongolia Government International Bond
5.625%, 05/01/2023			2,887		2,916
Mongolia Government International Bond MTN
8.750%, 03/09/2024			1,951		2,190
Trade & Development Bank of Mongolia MTN
9.375%, 05/19/2020 (A)			355		370
9.375%, 05/19/2020			350		364

					6,653


Montenegro — 0.0%
Montenegro Government International Bond
3.375%, 04/21/2025	EUR		563		647

Morocco — 0.1%
OCP
6.875%, 04/25/2044 (A)	$		995		1,083


Namibia — 0.0%
Namibia International Bonds
5.250%, 10/29/2025			379		363


Netherlands — 0.0%
Minejesa Capital BV
5.625%, 08/10/2037 (A)			96		95
4.625%, 08/10/2030 (A)			599		581

					676


Nigeria — 2.3%
Nigeria Government International Bond
13.980%, 02/23/2028	NGN		773,531		2,125
9.248%, 01/21/2049	$		282		312
8.747%, 01/21/2031			781		860
8.747%, 01/21/2031 (A)			2,503		2,758
7.875%, 02/16/2032			3,714		3,857
7.696%, 02/23/2038			3,863		3,833


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

GLOBAL BONDS (continued)
7.625%, 11/21/2025	$		364	$	388
7.143%, 02/23/2030 (A)			1,146		1,146
7.143%, 02/23/2030 (B)			1,011		1,011
Nigeria Government International Bond MTN
7.625%, 11/28/2047 (A)			1,686		1,640
6.500%, 11/28/2027 (B)			680		672
6.500%, 11/28/2027 (A)			6,296		6,220
Nigeria OMO Bill (C)
17.096%, 12/19/2019	NGN		541,020		1,358
17.044%, 12/12/2019			541,021		1,362
16.860%, 12/05/2019			1,637,936		4,131
16.665%, 01/30/2020			751,213		1,855
16.549%, 12/26/2019			540,940		1,357
Nigeria Treasury Bill
15.986%, 02/27/2020 (C)			229,138		561

					35,446


Oman — 1.2%
Oman Government International Bond
6.750%, 01/17/2048 (A)	$		1,773		1,573
6.750%, 01/17/2048			2,799		2,483
6.500%, 03/08/2047 (A)			1,391		1,215
6.500%, 03/08/2047			3,154		2,756
5.625%, 01/17/2028 (B)			2,360		2,212
5.625%, 01/17/2028 (A)			5,731		5,372
5.375%, 03/08/2027 (A)			471		438
4.750%, 06/15/2026 (A)			237		217
4.125%, 01/17/2023 (A)			911		871
3.625%, 06/15/2021			1,326		1,287

					18,424


Pakistan — 0.3%
Pakistan Government International Bond
8.250%, 04/15/2024			200		214
8.250%, 09/30/2025 (A)			714		764
8.250%, 09/30/2025			1,000		1,070
7.875%, 03/31/2036			200		196
6.875%, 12/05/2027 (B)			1,854		1,826
6.875%, 12/05/2027 (A)			1,438		1,416

					5,486


Panama — 0.4%
Aeropuerto Internacional de Tocumen
6.000%, 11/18/2048			2,924		3,212
6.000%, 11/18/2048 (A)			413		454
Republic of Panama
9.375%, 04/01/2029			550		802
8.125%, 04/28/2034			478		665
3.750%, 03/16/2025			1,435		1,480

					6,613


44		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


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

GLOBAL BONDS (continued)
Papua New Guinea — 0.1%
Papua New Guinea Government International Bond
8.375%, 10/04/2028 (A)	$		1,287	$	1,390
8.375%, 10/04/2028			282		305

					1,695


Paraguay — 0.3%
Paraguay Government International Bond
6.100%, 08/11/2044			1,010		1,144
6.100%, 08/11/2044 (A)			530		600
5.600%, 03/13/2048			1,383		1,478
5.400%, 03/30/2050 (A)			693		726
5.400%, 03/30/2050			367		384
Telefonica Celular del Paraguay
6.750%, 12/13/2022			200		205
6.750%, 12/13/2022			200		204

					4,741


Peru — 2.5%
Abengoa Transmision Sur
6.875%, 04/30/2043 (A)			273		304
Financiera de Desarrollo
3.250%, 07/15/2019			3,296		3,290
Fondo MIVIVIENDA
7.000%, 02/14/2024 (A)	PEN		3,704		1,201
Inkia Energy
5.875%, 11/09/2027 (A)	$		242		236
Kallpa Generacion
4.125%, 08/16/2027 (A)			723		714
Peru Government Bond
8.200%, 08/12/2026	PEN		963		348
5.940%, 02/12/2029 (A)			3,863		1,224
Peru LNG Srl
5.375%, 03/22/2030 (A)	$		754		784
Peruvian Government International Bond
8.200%, 08/12/2026	PEN		4,380		1,584
8.200%, 08/12/2026			13,466		4,872
6.950%, 08/12/2031			2,240		762
6.350%, 08/12/2028			5,940		1,939
6.350%, 08/12/2028 (A)			1,465		478
5.700%, 08/12/2024 (A)			4,932		1,570
5.625%, 11/18/2050	$		823		1,056
Petroleos del Peru
5.625%, 06/19/2047			1,166		1,242
5.625%, 06/19/2047 (A)			366		390
4.750%, 06/19/2032 (A)			613		629
Republic of Peru
6.950%, 08/12/2031	PEN		10,713		3,644
6.900%, 08/12/2037			10,179		3,435
6.900%, 08/12/2037			13,289		4,485
6.850%, 02/12/2042			613		205
6.550%, 03/14/2037	$		520		700


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

GLOBAL BONDS (continued)
6.350%, 08/12/2028	PEN		1,570	$	513
6.350%, 08/12/2028			346		113
6.150%, 08/12/2032 (A)			13,992		4,430

					40,148


Philippines — 0.4%
Philippine Government International Bond
4.000%, 01/15/2021	$		2,606		2,657
3.750%, 01/14/2029			2,151		2,248
Republic of Philippines
3.900%, 11/26/2022	PHP		45,000		827

					5,732


Poland — 3.3%
Republic of Poland
6.375%, 07/15/2019	$		3,449		3,484
Republic of Poland Government Bond
3.250%, 07/25/2025	PLN		21,841		5,985
2.750%, 04/25/2028			35,007		9,131
2.500%, 01/25/2023			41,804		11,110
2.500%, 04/25/2024			19,767		5,227
2.500%, 07/25/2026			24,565		6,392
2.500%, 07/25/2027			8,045		2,072
2.250%, 04/25/2022			13,062		3,443
2.000%, 04/25/2021			912		239
1.750%, 07/25/2021			5,000		1,305
1.554%, 07/25/2020 (C)			10,140		2,592

Republic of Poland Government Bond, Ser 0922
5.750%, 09/23/2022			1,883		554

					51,534


Qatar — 0.9%
Qatar Government International Bond
5.103%, 04/23/2048 (A)	$		720		788
5.103%, 04/23/2048			2,330		2,551
4.817%, 03/14/2049			2,237		2,352
4.817%, 03/14/2049 (A)			3,529		3,711
4.500%, 04/23/2028 (A)			650		695
4.000%, 03/14/2029 (A)			2,636		2,717
State of Qatar
5.750%, 01/20/2042 (A)			574		686

					13,500


Romania — 1.4%
Government of Romania MTN
6.750%, 02/07/2022			1,706		1,864
Romanian Government International Bond
5.800%, 07/26/2027	RON		4,050		1,024
5.125%, 06/15/2048	$		1,410		1,404
4.850%, 04/22/2026	RON		4,785		1,145
4.250%, 06/28/2023			20,305		4,772
4.000%, 10/27/2021			10,545		2,485
3.500%, 12/19/2022			1,220		281


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		45

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

Emerging Markets Debt Fund (Continued)


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

GLOBAL BONDS (continued)
3.400%, 03/08/2022	RON		14,000	$	3,237
3.250%, 04/29/2024			3,720		833
Romanian Government International Bond MTN
4.625%, 04/03/2049 (A)	EUR		922		1,074
4.625%, 04/03/2049			528		613
4.125%, 03/11/2039			776		903
3.875%, 10/29/2035			1,430		1,664
3.375%, 02/08/2038			973		1,060

					22,359


Russia — 5.6%
Credit Bank of Moscow Via CBOM Finance
5.875%, 11/07/2021 (A)	$		1,116		1,102
Gazprom OAO Via Gaz Capital
5.150%, 02/11/2026 (A)			1,623		1,649
GTH Finance BV
7.250%, 04/26/2023			406		433
6.250%, 04/26/2020			580		590
GTLK Europe DAC
5.950%, 07/19/2021			470		473
Ritekro (D)
10.490%, 11/07/2022 (C)(E)			914		674
Rusal Capital DAC
5.125%, 02/02/2022			860		837
Russian Federal Bond - OFZ
8.500%, 09/17/2031	RUB		108,459		1,679
8.150%, 02/03/2027			755,066		11,556
7.950%, 10/07/2026			297,599		4,483
7.750%, 09/16/2026			68,909		1,028
7.700%, 03/23/2033			300,952		4,359
7.500%, 08/18/2021			21,285		323
7.250%, 05/10/2034			124,595		1,720
7.100%, 10/16/2024			124,175		1,818
7.050%, 01/19/2028			1,041,377		14,789
7.000%, 08/16/2023			534,084		7,870
6.900%, 05/23/2029			332,827		4,601
Russian Foreign Bond - Eurobond
7.500%, 03/31/2030	$		3		3
5.875%, 09/16/2043 (B)			2,200		2,458
5.625%, 04/04/2042			800		865
5.250%, 06/23/2047			6,400		6,436
5.100%, 03/28/2035 (A)			2,800		2,842
5.100%, 03/28/2035			600		608
4.750%, 05/27/2026			6,800		7,004
4.250%, 06/23/2027			4,800		4,785
SCF Capital Designated Activity
5.375%, 06/16/2023 (A)			729		735
Vnesheconombank Via VEB Finance
6.902%, 07/09/2020			1,310		1,343
6.800%, 11/22/2025			580		616


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

GLOBAL BONDS (continued)
6.800%, 11/22/2025 (A)	$		150	$	160

					87,839


Saudi Arabia — 0.9%
Acwa Power Management And Investments One
5.950%, 12/15/2039 (A)			1,524		1,536
Saudi Government International Bond
5.250%, 01/16/2050 (A)			2,055		2,191
4.375%, 04/16/2029 (A)			4,066		4,235
Saudi Government International Bond MTN
5.000%, 04/17/2049			2,920		3,022
4.500%, 04/17/2030			2,123		2,229
4.500%, 10/26/2046			447		437

					13,650


Senegal — 0.3%
Senegal Government International Bond
6.750%, 03/13/2048			943		870
6.250%, 05/23/2033 (A)			151		145
4.750%, 03/13/2028	EUR		2,723		3,020

					4,035


Serbia — 0.8%
Republic of Serbia
7.250%, 09/28/2021	$		2,897		3,145
7.250%, 09/28/2021 (A)			200		217
Serbia Treasury Bonds
5.875%, 02/08/2028	RSD		435,640		4,447
4.500%, 01/11/2026			211,800		2,011
3.750%, 01/17/2022			350,070		3,337

					13,157


South Africa — 3.9%
Eskom Holdings SOC
7.125%, 02/11/2025 (A)	$		1,941		1,917
7.125%, 02/11/2025			1,430		1,412
5.750%, 01/26/2021 (A)			659		650
Eskom Holdings SOC MTN
7.500%, 09/15/2033	ZAR		35,200		1,854
6.750%, 08/06/2023	$		1,556		1,535
6.350%, 08/10/2028 (A)			322		331
Republic of South Africa
10.500%, 12/21/2026	ZAR		115,455		8,830
9.000%, 01/31/2040			108,606		7,002
8.875%, 02/28/2035			50,134		3,273
8.750%, 01/31/2044			42,248		2,651
8.750%, 02/28/2048			120,631		7,554
8.500%, 01/31/2037			42,699		2,655
8.250%, 03/31/2032			22,265		1,414
8.000%, 01/31/2030			26,105		1,668
7.000%, 02/28/2031			37,572		2,185
6.300%, 06/22/2048	$		320		325
6.250%, 03/31/2036	ZAR		75,201		3,785


46		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


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

GLOBAL BONDS (continued)
5.875%, 09/16/2025	$		4,330	$	4,567
5.875%, 06/22/2030			2,041		2,091
5.650%, 09/27/2047			386		368
4.875%, 04/14/2026			3,468		3,434
4.300%, 10/12/2028			381		356
SASOL Financing USA
6.500%, 09/27/2028			687		749
5.875%, 03/27/2024			442		469
Transnet SOC MTN
9.500%, 05/13/2021 (A)	ZAR		13,360		932

					62,007


South Korea — 0.1%
Export-Import Bank of Korea MTN
8.400%, 11/30/2021	IDR		22,400,000		1,573
7.250%, 12/07/2024			700,000		47

					1,620


Spain — 0.1%
AI Candelaria Spain SLU
7.500%, 12/15/2028 (A)	$		1,269		1,323


Sri Lanka — 1.5%
Republic of Sri Lanka
6.825%, 07/18/2026 (A)			909		909
6.200%, 05/11/2027			730		701
5.875%, 07/25/2022 (A)			1,755		1,754
Sri Lanka Government International Bond
11.750%, 06/15/2027	LKR		236,000		1,371
11.500%, 12/15/2021			200,000		1,162
11.500%, 08/01/2026			6,000		35
7.850%, 03/14/2029	$		878		916
6.850%, 03/14/2024 (A)			1,515		1,545
6.850%, 03/14/2024			1,212		1,236
6.850%, 11/03/2025			1,339		1,348
6.825%, 07/18/2026			500		500
6.750%, 04/18/2028 (A)			5,224		5,145
6.750%, 04/18/2028			321		316
6.250%, 07/27/2021			1,834		1,857
5.875%, 07/25/2022			989		989
5.750%, 04/18/2023 (A)			2,108		2,079
5.750%, 04/18/2023			1,252		1,235

					23,098


Supra-National — 0.4%
Banque Ouest Africaine de Developpement
5.000%, 07/27/2027 (A)			865		861
European Bank for Reconstruction & Development MTN
9.250%, 12/02/2020	IDR		9,210,000		661
European Investment Bank MTN
8.500%, 09/17/2024	ZAR		9,200		657
Inter-American Development Bank MTN
7.875%, 03/14/2023	IDR		50,880,000		3,632


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

GLOBAL BONDS (continued)
International Bank for Reconstruction & Development MTN
7.450%, 08/20/2021	IDR		10,914,700	$	766

					6,577


Suriname — 0.0%
Suriname Government International Bond
9.250%, 10/26/2026 (A)	$		347		341


Thailand — 3.2%
PTTEP Treasury Center
4.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.177%, 12/18/2166 (A)			652		649
Thailand Government Bond
5.670%, 03/13/2028	THB		3,000		119
4.875%, 06/22/2029			22,000		835
3.775%, 06/25/2032			290,700		10,198
3.650%, 06/20/2031			84,500		2,941
3.625%, 06/16/2023			55,000		1,843
3.400%, 06/17/2036			234,056		7,916
3.300%, 06/17/2038			37,500		1,237
2.875%, 12/17/2028			366,836		11,973
2.875%, 06/17/2046			3,431		101
2.550%, 06/26/2020			40,000		1,272
2.400%, 12/17/2023			115,566		3,691
2.125%, 12/17/2026			183,776		5,701
2.000%, 12/17/2022			8,461		267
1.875%, 06/17/2022			57,000		1,795

					50,538


Tunisia — 0.3%
Banque Centrale de Tunisie International Bond
5.750%, 01/30/2025	$		2,501		2,177
5.625%, 02/17/2024 (B)	EUR		1,850		1,914

					4,091


Turkey — 4.7%
Export Credit Bank of Turkey
8.250%, 01/24/2024 (A)	$		423		412
6.125%, 05/03/2024 (A)			547		487
5.875%, 04/24/2019 (A)			200		200
5.375%, 10/24/2023 (A)			1,033		915
5.000%, 09/23/2021 (A)			538		499
Export Credit Bank of Turkey MTN
5.375%, 02/08/2021 (A)			896		855
Hazine Mustesarligi Varlik Kiralama
5.800%, 02/21/2022 (A)			4,299		4,221
QNB Finansbank
6.875%, 09/07/2024 (A)			613		588
Republic of Turkey
7.375%, 02/05/2025			655		657
6.875%, 03/17/2036			1,587		1,443


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		47

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

Emerging Markets Debt Fund (Continued)


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

GLOBAL BONDS (continued)
6.000%, 03/25/2027	$		2,670	$	2,439
6.000%, 01/14/2041			2,398		1,968
5.750%, 03/22/2024			683		646
5.125%, 03/25/2022			573		552
4.875%, 10/09/2026			1,327		1,145
4.250%, 04/14/2026			338		284
TC Ziraat Bankasi
4.250%, 07/03/2019 (A)			940		931
TC Ziraat Bankasi MTN
5.125%, 05/03/2022 (A)			1,063		963
5.125%, 09/29/2023 (A)			655		568
4.750%, 04/29/2021 (A)			561		522
Turkey Government Bond
16.200%, 06/14/2023	TRY		20,814		3,163
12.200%, 01/18/2023			22,055		2,994
11.000%, 03/02/2022			34,649		4,753
10.700%, 02/17/2021			6,560		958
10.700%, 08/17/2022			26,936		3,528
10.600%, 02/11/2026			5,900		716
10.500%, 08/11/2027			9,242		1,063
10.400%, 03/20/2024			2,250		280
9.500%, 01/12/2022			13,693		1,794
9.400%, 07/08/2020			22,531		3,390
9.200%, 09/22/2021			9,387		1,266
9.000%, 07/24/2024			2,381		278
8.500%, 09/14/2022			4,534		561
7.400%, 02/05/2020			10,971		1,719
7.100%, 03/08/2023			64,043		7,227
3.000%, 08/02/2023			9,560		1,646
Turkey Government International Bond
7.625%, 04/26/2029	$		4,362		4,318
7.250%, 12/23/2023			2,782		2,801
6.125%, 10/24/2028			2,534		2,303
5.200%, 02/16/2026	EUR		1,502		1,663
5.125%, 02/17/2028	$		5,636		4,826
4.625%, 03/31/2025 (B)	EUR		699		762
Turkiye Garanti Bankasi
6.125%, VAR USD Swap Semi 30/360 5 Yr Curr+4.220%, 05/24/2027 (A)	$		1,170		984
Turkiye Sise ve Cam Fabrikalari
6.950%, 03/14/2026			500		482
Yapi ve Kredi Bankasi MTN
5.850%, 06/21/2024 (A)			429		369

					74,139


Ukraine — 1.7%
Ukraine Government International Bond
15.700%, 01/20/2021 (A)	UAH		48,000		1,640
9.750%, 11/01/2028 (A)	$		5,496		5,661
9.750%, 11/01/2028			442		455
8.994%, 02/01/2024			256		257
7.750%, 09/01/2020 (A)			474		472
7.750%, 09/01/2021 (A)			350		347


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

GLOBAL BONDS (continued)
7.750%, 09/01/2022	$		830	$	819
7.750%, 09/01/2025 (A)			1,796		1,709
7.750%, 09/01/2026			5,066		4,760
7.750%, 09/01/2026 (A)			249		234
7.750%, 09/01/2027 (A)			523		488
7.750%, 09/01/2027			2,739		2,554
7.375%, 09/25/2032			2,206		1,965
3.082%, 05/31/2040 (A)(F)			5,098		3,250
3.009%, 05/31/2040 (F)			26		17
Ukreximbank Via Biz Finance
9.625%, 04/27/2022 (A)			1,711		1,725

					26,353


United Arab Emirates — 0.6%
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/2047			2,210		2,280
4.600%, 11/02/2047 (A)			2,793		2,881
3.650%, 11/02/2029 (A)			1,037		1,028
Abu Dhabi Government International Bond
3.125%, 10/11/2027			1,039		1,031
Emirate of Dubai Government International Bonds MTN
5.250%, 01/30/2043			945		990
MDC-GMTN BV MTN
4.500%, 11/07/2028 (A)			548		585

					8,795


United Kingdom — 0.3%
Standard Chartered Bank MTN
8.375%, 10/18/2039 (A)	IDR		20,797,000		1,495
8.250%, 05/17/2029 (A)			40,930,000		3,003

					4,498


United States — 0.1%
JBS Investments II GmbH
7.000%, 01/15/2026 (A)	$		473		486
Klabin Austria GmbH
7.000%, 04/03/2049 (A)			652		650

					1,136


Uruguay — 0.7%
Republic of Uruguay
5.100%, 06/18/2050			724		773
4.125%, 11/20/2045 (B)			346		337
Uruguay Government International Bond
4.375%, 10/27/2027			4,623		4,863
4.375%, 01/23/2031			4,253		4,453

					10,426


Uzbekistan — 0.1%
Republic of Uzbekistan Bond MTN
5.375%, 02/20/2029			213		211
4.750%, 02/20/2024			632		629

					840


48		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


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

GLOBAL BONDS (continued)
Venezuela — 0.9%
Petroleos de Venezuela
9.750%, 05/17/2035 (G)	$	1,000	$	277
9.000%, 11/17/2021 (B)(G)		4,300		1,139
6.000%, 05/16/2024 (G)		10,192		2,278
6.000%, 05/16/2024 (G)		7,785		1,740
6.000%, 11/15/2026 (G)		13,215		2,940
5.500%, 04/12/2037 (G)		1,740		394
5.375%, 04/12/2027 (G)		4,563		1,034
Republic of Venezuela
9.250%, 09/15/2027 (G)		2,300		719
8.250%, 10/13/2024 (G)		3,304		966
7.750%, 10/13/2019 (G)		3,976		1,123
Venezuela Government International Bond
9.250%, 05/07/2028 (G)		2,941		853

				13,463


Zambia — 0.3%
Republic of Zambia
8.970%, 07/30/2027		2,533		1,849
8.500%, 04/14/2024 (A)		2,204		1,615
5.375%, 09/20/2022 (A)		105		75
Zambia Government International Bond
5.375%, 09/20/2022 (B)		1,495		1,069

				4,608

Total Global Bonds (Cost $1,550,688) ($ Thousands)				1,505,396


	Shares

AFFILIATED PARTNERSHIP — 2.4%
SEI Liquidity Fund, L.P.
2.480% **^†(H)		37,173,690		37,170


Total Affiliated Partnership (Cost $37,174) ($ Thousands)				37,170


Total Investments in Securities — 98.0% (Cost $1,587,862) ($ Thousands)			$	1,542,566


A list of the open futures contracts held by the Fund at March 31, 2019, is as follows:
Type of Contract	Number of Contracts Long (Short)			Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ (Depreciation) (Thousands)
Euro-Bund		(159	)		Jun-2019	$	(29,354	)	$	(29,697	)	$	(592	)
Euro-Buxl 30 Year Bond		(20	)		Jun-2019		(4,136	)		(4,304	)		(204	)
R023 Bond Future		568			May-2019		4,124			4,001			46
R186 Bond Future		1,285			May-2019		10,456			10,185			161
R2032 Bond Future		490			May-2019		3,205			3,136			66
R2035 Bond Future		164			May-2019		1,115			1,088			20


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		49

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

Emerging Markets Debt Fund (Continued)


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation/ (Depreciation) (Thousands)
R2040 Bond Future		767		May-2019	$	5,206	$	5,072	$	84
R208 Bond Future		112		May-2019		774		780		2
R209 Bond Future		359		May-2019		1,864		1,823		37
R213 Bond Future		791		May-2019		4,596		4,665		46
U.S. 10-Year Treasury Note		197		Jun-2019		24,079		24,471		392
U.S. Ultra Long Treasury Bond		47		Jun-2019		7,601		7,896		295

					$	29,530	$	29,116	$	353

A list of the open forward foreign currency contracts held by the Fund at March 31, 2019, is as follows:


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC		06/19/19	USD		14,671	HUF		4,073,552	$	(359	)
Barclays PLC		06/19/19	TWD		99,053	USD		3,211		(9	)
Citigroup		04/03/19 - 06/19/19	EUR		11,696	USD		13,278		72
Citigroup		04/03/19	USD		3,334	MXN		70,007		274
Citigroup		04/03/19 - 07/03/19	USD		23,372	MXN		449,830		(399	)
Citigroup		04/03/19	MXN		333,701	USD		17,518		318
Citigroup		04/03/19 - 07/03/19	MXN		245,986	USD		12,356		(292	)
Citigroup		04/08/19	USD		1,372	AUD		1,899		(23	)
Citigroup		04/12/19	USD		1,354	INR		94,023		1
Citigroup		04/15/19	USD		99	KRW		110,100		(2	)
Citigroup		04/15/19 - 06/19/19	USD		28,961	BRL		110,108		(732	)
Citigroup		04/18/19	USD		4,020	CLP		2,714,442		(29	)
Citigroup		04/18/19 - 06/19/19	CLP		6,978,853	USD		10,498		234
Citigroup		04/30/19	EUR		1,171	HUF		373,239		(11	)
Citigroup		04/30/19	THB		87,374	USD		2,780		25
Citigroup		04/30/19	THB		170,095	USD		5,352		(12	)
Citigroup		04/30/19	HUF		1,499,816	EUR		4,780		130
Citigroup		05/02/19	USD		42	PEN		138		—
Citigroup		05/07/19	PLN		2,013	EUR		467		—
Citigroup		05/07/19	EUR		4,152	PLN		18,062		42
Citigroup		05/07/19	EUR		2,221	PLN		9,559		(4	)
Citigroup		05/21/19	RUB		159,489	USD		2,449		39
Citigroup		06/07/19	USD		1,351	ZAR		19,765		9
Citigroup		06/07/19	USD		661	ZAR		9,600		—
Citigroup		06/07/19	RON		2,938	EUR		609		(1	)
Citigroup		06/07/19	ZAR		4,229	USD		301		10
Citigroup		06/19/19	USD		344	TRY		1,950		(21	)
Citigroup		06/19/19	TRY		2,110	USD		347		(2	)
Citigroup		06/19/19	RON		3,798	USD		889		(1	)
Citigroup		06/19/19	USD		4,964	ILS		17,823		(24	)
Citigroup		06/19/19	USD		5,521	CZK		125,016		(72	)
Citigroup		06/19/19	USD		7,097	RUB		469,670		(28	)
Citigroup		06/19/19	USD		8,670	COP		27,244,833		(146	)
Citigroup		06/19/19	USD		9,024	THB		284,979		(24	)
Citigroup		06/19/19	BRL		9,997	USD		2,531		(24	)
Citigroup		10/18/19	USD		511	CNY		3,586		22
Citigroup		06/19/19	USD		9,983	CNY		67,049		(11	)
Citigroup		06/21/19	EUR		296	CZK		7,671		—


50		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		08/07/19 - 10/09/19	USD		1,285	GHS		7,398	$	106
Citigroup		08/21/19 - 02/03/20	USD		7,458	NGN		2,822,324		105
Citigroup		09/13/19	USD		398	UYU		13,787		(1	)
Citigroup		12/19/19	NGN		1,520,033	USD		3,923		(110	)
Goldman Sachs		05/03/19	USD		2,096	EUR		1,863		1
Goldman Sachs		04/03/19 - 06/19/19	USD		9,497	EUR		8,338		(94	)
Goldman Sachs		04/03/19	USD		9,047	MXN		185,118		495
Goldman Sachs		04/03/19	USD		14,205	MXN		274,248		(69	)
Goldman Sachs		04/03/19 - 06/19/19	MXN		91,604	USD		4,764		74
Goldman Sachs		04/03/19	MXN		209,820	USD		10,435		(381	)
Goldman Sachs		04/08/19	AUD		1,899	USD		1,348		(1	)
Goldman Sachs		04/12/19 - 04/15/19	INR		281,432	USD		3,968		(86	)
Goldman Sachs		04/15/19 - 06/19/19	USD		1,688	BRL		6,523		(18	)
Goldman Sachs		04/15/19	CNY		18,032	USD		2,678		(6	)
Goldman Sachs		04/15/19 - 06/19/19	BRL		21,877	USD		5,782		172
Goldman Sachs		06/13/19	IDR		79,217,312	USD		5,501		8
Goldman Sachs		04/15/19	IDR		13,370,393	USD		935		(2	)
Goldman Sachs		04/17/19	ARS		95,173	USD		2,190		41
Goldman Sachs		04/18/19	CLP		1,145,002	USD		1,728		45
Goldman Sachs		04/30/19	EUR		456	HUF		145,000		(6	)
Goldman Sachs		04/30/19	HUF		1,052,355	EUR		3,290		20
Goldman Sachs		05/02/19	PEN		10,145	USD		3,078		26
Goldman Sachs		05/06/19 - 12/18/19	TRY		29,972	USD		4,585		(39	)
Goldman Sachs		05/07/19	EUR		2,731	PLN		11,880		28
Goldman Sachs		05/15/19	USD		1,264	COP		3,920,849		(35	)
Goldman Sachs		05/15/19 - 06/12/19	USD		3,265	ARS		146,560		(136	)
Goldman Sachs		05/15/19 - 06/19/19	COP		35,325,260	USD		11,273		215
Goldman Sachs		05/21/19	USD		9,491	RUB		629,452		20
Goldman Sachs		05/31/19	MYR		2,437	USD		599		—
Goldman Sachs		06/07/19	EUR		347	RON		1,671		—
Goldman Sachs		06/07/19	ZAR		4,583	USD		326		11
Goldman Sachs		06/07/19	ZAR		36,464	USD		2,484		(25	)
Goldman Sachs		06/11/19	USD		2,910	THB		92,699		17
Goldman Sachs		06/11/19	USD		4,643	THB		147,036		—
Goldman Sachs		06/19/19	USD		1,319	IDR		19,074,713		2
Goldman Sachs		06/13/19	USD		5,501	IDR		79,217,312		(8	)
Goldman Sachs		06/19/19	USD		14,772	ZAR		215,797		55
Goldman Sachs		06/19/19	ILS		17,823	USD		4,964		23
Goldman Sachs		08/06/19	USD		645	KZT		250,000		6
Goldman Sachs		08/21/19 - 11/20/19	NGN		1,019,033	USD		2,590		(153	)
Goldman Sachs		10/18/19	USD		2,742	CNY		19,055		86
Goldman Sachs		11/20/19	USD		4,062	NGN		1,531,242		25
JPMorgan Chase Bank		04/01/19 - 06/07/19	USD		700	ZAR		9,973		(14	)
JPMorgan Chase Bank		04/01/19 - 04/26/19	USD		1,853	HUF		515,198		(53	)
JPMorgan Chase Bank		04/03/19	USD		9,070	MXN		180,044		211
JPMorgan Chase Bank		04/01/19 - 04/03/19	USD		2,805	MXN		53,512		(47	)
JPMorgan Chase Bank		04/01/19 - 05/02/19	USD		12,327	TRY		69,703		(184	)
JPMorgan Chase Bank		04/01/19 - 04/25/19	USD		17,694	RON		74,492		(196	)
JPMorgan Chase Bank		04/01/19	TRY		2,051	USD		374		10
JPMorgan Chase Bank		05/02/19	TRY		20,533	USD		3,514		(2	)
JPMorgan Chase Bank		04/01/19 - 04/26/19	USD		30,797	PLN		116,566		(378	)


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		51

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

Emerging Markets Debt Fund (Continued)


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		04/01/19	ZAR		18,635	USD		1,351	$	59
JPMorgan Chase Bank		04/01/19 - 06/07/19	ZAR		122,378	USD		8,399		(72	)
JPMorgan Chase Bank		04/01/19 - 04/26/19	MXN		48,927	USD		2,539		20
JPMorgan Chase Bank		04/03/19	MXN		212,867	USD		10,644		(328	)
JPMorgan Chase Bank		04/01/19	HUF		353,088	USD		1,274		41
JPMorgan Chase Bank		04/03/19 - 05/15/19	USD		24,030	EUR		21,160		(214	)
JPMorgan Chase Bank		04/03/19 - 05/15/19	EUR		74,164	USD		84,862		1,369
JPMorgan Chase Bank		04/05/19 - 07/05/19	USD		6,261	THB		196,932		(47	)
JPMorgan Chase Bank		04/05/19 - 04/30/19	THB		150,013	USD		4,758		29
JPMorgan Chase Bank		06/11/19	THB		70,112	USD		2,201		(13	)
JPMorgan Chase Bank		04/15/19	USD		2,700	CNY		18,219		12
JPMorgan Chase Bank		04/15/19	USD		312	IDR		4,453,580		—
JPMorgan Chase Bank		04/15/19	USD		3,841	IDR		54,411,987		(30	)
JPMorgan Chase Bank		04/15/19	CNY		1,574	USD		235		—
JPMorgan Chase Bank		10/18/19	CNY		21,085	USD		3,012		(117	)
JPMorgan Chase Bank		04/15/19	KRW		3,097,702	USD		2,788		60
JPMorgan Chase Bank		04/15/19	IDR		42,292,142	USD		2,995		33
JPMorgan Chase Bank		04/15/19	IDR		17,589,033	USD		1,227		(5	)
JPMorgan Chase Bank		04/18/19	USD		5,433	CLP		3,668,594		(39	)
JPMorgan Chase Bank		04/24/19	USD		141	CLP		94,064		(3	)
JPMorgan Chase Bank		04/24/19	USD		248	COP		781,650		(2	)
JPMorgan Chase Bank		04/24/19	USD		2,308	PHP		122,174		9
JPMorgan Chase Bank		04/24/19	USD		3,681	IDR		52,722,433		5
JPMorgan Chase Bank		04/24/19	USD		151	IDR		2,151,315		(1	)
JPMorgan Chase Bank		04/24/19 - 05/22/19	USD		5,357	ARS		225,450		(392	)
JPMorgan Chase Bank		04/24/19 - 04/25/19	PEN		15,488	USD		4,692		30
JPMorgan Chase Bank		04/24/19 - 04/26/19	BRL		46,236	USD		12,055		188
JPMorgan Chase Bank		04/24/19	RUB		185,456	USD		2,818		5
JPMorgan Chase Bank		04/24/19 - 04/25/19	THB		204,655	USD		6,466		13
JPMorgan Chase Bank		04/24/19	CLP		1,380,119	USD		2,059		30
JPMorgan Chase Bank		04/24/19	COP		8,918,786	USD		2,824		26
JPMorgan Chase Bank		04/24/19	IDR		22,894,706	USD		1,602		1
JPMorgan Chase Bank		04/26/19	USD		91	BRL		354		—
JPMorgan Chase Bank		04/30/19	EUR		1,577	HUF		502,376		(16	)
JPMorgan Chase Bank		05/02/19	USD		3,724	CZK		85,462		(4	)
JPMorgan Chase Bank		05/06/19	TRY		56,863	USD		10,185		478
JPMorgan Chase Bank		05/07/19	EUR		1,193	PLN		5,188		12
JPMorgan Chase Bank		06/19/19	BRL		1,342	USD		348		5
JPMorgan Chase Bank		06/19/19	TWD		201,108	USD		6,542		4
JPMorgan Chase Bank		06/19/19	PHP		480,428	USD		8,999		(62	)
JPMorgan Chase Bank		06/21/19	EUR		7,547	CZK		194,598		(48	)
JPMorgan Chase Bank		07/31/19 - 08/06/19	USD		2,147	KZT		839,909		40
JPMorgan Chase Bank		12/19/19	USD		525	NGN		198,374		1
JPMorgan Chase Bank		02/03/20	NGN		681,434	USD		1,767		(23	)
JPMorgan Chase Bank		10/19/20	USD		208	UYU		7,800		8
Merrill Lynch		06/19/19	EUR		2,848	USD		3,258		39
Merrill Lynch		06/19/19	USD		5,590	PLN		21,256		(30	)
Merrill Lynch		06/19/19	PHP		316,214	USD		5,921		(43	)
Merrill Lynch		12/19/19	USD		1,251	NGN		471,799		1
Merrill Lynch		12/19/19	USD		607	NGN		228,698		—


52		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Standard Bank		04/03/19 - 06/19/19	EUR		1,846	USD		2,091	$	11
Standard Bank		05/03/19	EUR		474	USD		534		(1	)
Standard Bank		04/03/19	USD		2,756	MXN		51,788		(86	)
Standard Bank		04/03/19	MXN		29,222	USD		1,493		(13	)
Standard Bank		04/12/19	USD		2,395	IDR		34,490,867		23
Standard Bank		04/15/19	USD		980	IDR		13,852,933		(9	)
Standard Bank		04/15/19 - 06/19/19	IDR		7,060,830	USD		490		—
Standard Bank		04/12/19 - 06/19/19	IDR		72,692,359	USD		5,076		(9	)
Standard Bank		04/15/19	USD		2,697	INR		187,806		8
Standard Bank		04/15/19	USD		2,722	KRW		3,090,195		—
Standard Bank		04/15/19 - 06/04/19	USD		9,400	BRL		35,301		(341	)
Standard Bank		04/30/19	USD		1,626	THB		50,849		(23	)
Standard Bank		04/30/19	EUR		3,582	HUF		1,131,133		(72	)
Standard Bank		04/30/19	THB		1,718	USD		55		1
Standard Bank		07/05/19	THB		89,574	USD		2,818		(13	)
Standard Bank		05/02/19	USD		3,450	PEN		11,445		(7	)
Standard Bank		05/07/19	PLN		1,653	EUR		383		(1	)
Standard Bank		05/21/19	RUB		205,084	USD		3,147		48
Standard Bank		05/31/19 - 06/11/19	MYR		43,060	USD		10,547		(19	)
Standard Bank		06/07/19 - 06/19/19	USD		8,109	ZAR		118,329		23
Standard Bank		06/19/19	USD		379	ZAR		5,490		(2	)
Standard Bank		06/13/19	INR		192,977	USD		2,740		(16	)
Standard Bank		06/19/19	USD		4,898	TRY		28,184		(237	)
Standard Bank		07/17/19	UGX		20,462,779	USD		5,360		(43	)
Standard Bank		08/07/19 - 09/11/19	USD		2,848	GHS		16,267		210
Standard Bank		08/21/19 - 11/20/19	NGN		2,032,073	USD		5,224		(246	)
State Street		04/03/19	USD		4,382	MXN		89,725		243
State Street		04/03/19 - 05/03/19	USD		5,592	EUR		4,925		(55	)
State Street		04/03/19	EUR		17,189	USD		19,630		327
State Street		04/03/19	MXN		29,892	USD		1,435		(108	)

									$	(667	)

A list of the open OTC swap agreements held by the Fund at March 31, 2019, 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)
JPMorgan Chase	Argentina	Sell		5.00%	Quarterly		06/20/2023		$(1,895)		$(175)	$	132		$	(307	)
Credit Suisse	Ecuador	Sell		5.00%	Quarterly		12/20/2019		(2,100)		4		(25	)		29

											$(171)	$	107		$	(278	)

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-Annually

10/10/2019

HUF

3,000,000

(74

)

–

(74

)

Goldman Sachs

1-DAY BRL - CETIP

8.22%

Annually

01/02/2020

BRL

4,194

–

JPMorgan Chase

1-DAY BRL - CETIP

11.46%

Annually

01/02/2020

BRL

3,649

–

JPMorgan Chase

1-DAY BRL - CETIP

12.130%

Annually

01/02/2020

BRL

3,480

–

JPMorgan Chase

1-DAY BRL - CETIP

12.130%

Annually

01/02/2020

BRL

5,738

–


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		53

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

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)
JPMorgan Chase		0.6925%		6-MONTH HUF - BUBOR		Semi-Annually		04/20/2020		HUF		1,750,000	$	(58	)	$	–	$	(58	)
Goldman Sachs		1-DAY BRL - CETIP		12.725%		Annually		01/04/2021		BRL		10,608		402			–		402
JPMorgan Chase		1-DAY BRL - CETIP		9.11%		Annually		01/04/2021		BRL		3,303		24			–		24
JPMorgan Chase		1-DAY BRL - CETIP		9.61%		Annually		01/04/2021		BRL		4,626		56			–		56
JPMorgan Chase		1-DAY BRL - CETIP		10.89%		Annually		01/04/2021		BRL		170		3			–		3
JPMorgan Chase		1-DAY BRL - CETIP		10.04%		Annually		01/04/2021		BRL		3,557		51			–		51
JPMorgan Chase		1-DAY BRL - CETIP		9.275%		Annually		01/04/2021		BRL		5,815		60			–		60
JPMorgan Chase		1-DAY BRL - CETIP		8.87%		Annually		01/04/2021		BRL		8,089		67			–		67
JPMorgan Chase		1-DAY BRL - CETIP		9.18%		Annually		01/04/2021		BRL		3,419		33			–		33
Goldman Sachs		3M MOSPRIME		9.005% FIXED		Annually		02/21/2021		RUB		1,080,956		124			–		124
Goldman Sachs		28-DAY MXN - TIIE		5.37%		Monthly		03/17/2021		MXN		46,500		(154	)		–		(154	)
JPMorgan Chase		1.3775%		6-MONTH HUF - BUBOR		Semi-Annually		06/17/2021		HUF		654,998		(60	)		–		(60	)
Goldman Sachs		6-MONTH PZL - WIBOR		2.208%		Annually		11/16/2021		PEN		6,842		22			–		22
Citibank		6-MONTH PLN - WIBOR		2.431%		Annually		12/14/2021		PEN		11,000		68			–		68
Goldman Sachs		6-MONTH HUF - BUBOR		1.265%		Semi-Annually		01/10/2022		HUF		1,537,322		(86	)		–		(86	)
		3-MONTH MOSCOW PRIME
Goldman Sachs		OFFERED RATE - RUB		8.11%		Quarterly		03/23/2022		RUB		715,570		(12	)		–		(12	)
		1-DAY-CLP - SINACOFI CHILE
JPMorgan Chase		INTERBANK RATE AVG		3.430%		Semi-Annually		05/10/2022		CLP		420,527		5			–		5
Goldman Sachs		28-DAY MXN - TIIE		5.900%		Monthly		09/12/2022		MXN		75,956		(279	)		–		(279	)
		1-DAY COP - COLUMBIA
		IBR OVERNIGHT
JPMorgan Chase		INTERBANK		5.30%		Quarterly		09/19/2022		COP		9,500,000		54			–		54
Goldman Sachs		6-MONTH HUF - BUBOR		0.8385%		Annually		09/21/2022		HUF		1,390,000		7			–		7
Goldman Sachs		1-DAY BRL - CETIP		11.985%		Annually		01/02/2023		BRL		3,000		159			–		159
Goldman Sachs		1-DAY BRL - CETIP		10.04%		Annually		01/03/2023		BRL		5,012		194			–		194
Goldman Sachs		7D CNRR007		2.77%		Quarterly		01/09/2024		CNY		20,000		(15	)		–		(15	)
Goldman Sachs		7D CNRR007		2.86%		Quarterly		03/11/2024		CNY		20,000		–			–		–
Goldman Sachs		28-DAY MXN - TIIE		6.355%		Monthly		05/21/2025		MXN		23,145		(101	)		–		(101	)
Goldman Sachs		28-DAY MXN - TIIE		6.205%		Monthly		12/08/2025		MXN		16,624		(86	)		–		(86	)
Goldman Sachs		28-DAY MXN - TIIE		6.165%		Monthly		03/05/2026		MXN		47,200		(257	)		–		(257	)
JPMorgan Chase		28-DAY MXN - TIIE		6.13%		Monthly		06/18/2026		MXN		40,000		(232	)		–		(232	)
Goldman Sachs		28-DAY MXN - TIIE		6.381%		Monthly		09/16/2026		MXN		26,000		(134	)		–		(134	)
Goldman Sachs		8.024%		3-MONTH ZAR - JIBAR		Quarterly		05/18/2028		ZAR		51,000		94			–		94

													$	61		$	–	$	61

A list of the open centrally cleared swap agreements held by the Fund at March 31, 2019, 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)
7.45%	1-DAY BRL - CETIP	Annually	01/02/2020	BRL		67,046		$ (111)			$ –	$	(111	)
2.439%	3-MONTH HUF - BUBOR	Semi-Annually	06/08/2028	HUF		220,205		(36)			–		(36	)
2.379%	3-MONTH HUF - BUBOR	Semi-Annually	06/07/2028	HUF		279,795		(41)			–		(41	)
28-DAY MXN - TIIE	7.51%	Monthly	04/20/2027	MXN		8,110		(12)			–		(12	)
28-DAY MXN - TIIE	7.915%	Monthly	01/22/2027	MXN		41,115		(6)			–		(6	)
28-DAY MXN - TIIE	7.72%	Monthly	12/03/2026	MXN		8,000		(6)			–		(6	)
28-DAY MXN - TIIE	7.815%	Monthly	02/20/2025	MXN		25,000		(1)			–		(1	)
1-DAY BRL - CETIP	12.34%	Annually	01/02/2025	BRL		5,215		162			–		162
1.9992%	6-MONTH PLN - WIBOR	Semi-Annually	03/25/2024	PEN		19,000		(13	)		–		(13	)
1.9865%	6-MONTH PLN - WIBOR	Semi-Annually	03/25/2024	PEN		22,000		(13	)		–		(13	)
7D CNRR007	2.76%	Quarterly	01/09/2024	CNY		20,000		(20	)		–		(20	)
1-DAY BRL - CETIP	9.255%	Annually	01/02/2023	BRL		2,368		19			–		19
1-DAY BRL - CETIP	11.475%	Annually	01/02/2023	BRL		3,524		78			–		78
28-DAY MXN - TIIE	6.71%	Monthly	07/07/2022	MXN		130,137		(223	)		–		(223	)


54		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


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		6.745%		Monthly		06/23/2022		MXN		26,758	$	(44	)	$	–	$	(44	)
28-DAY MXN - TIIE		7.575%		Monthly		01/28/2022		MXN		67,966		(27	)		–		(27	)
1-DAY BRL - CETIP		9.46%		Annually		01/03/2022		BRL		13,267		128			–		128
6-MONTH PLN - WIBOR		2.263%		Annually		11/12/2021		PEN		7,000		22			–		22
1.785%		6-MONTH PLN - WIBOR		Semi-Annually		03/25/2021		PEN		52,500		10			–		10
8.145%		28D MXIBOR		Monthly		01/28/2021		MXN		136,359		(25	)		–		(25	)
8.125%		28D MXIBOR		Monthly		01/28/2021		MXN		60,000		(10	)		–		(10	)
8.09%		28D MXIBOR		Monthly		01/28/2021		MXN		133,260		(21	)		–		(21	)
7.2875%		3-MONTH ZAR - JIBAR		Quarterly		01/07/2021		ZAR		242,639		(44	)		–		(44	)
1-DAY BRL - CETIP		7.06%		Annually		01/04/2021		BRL		15,395		2			–		2
1-DAY BRL - CETIP		7.065%		Annually		01/04/2021		BRL		30,771		(5	)		–		(5	)
7.8875%		1-DAY BRL - CETIP		Annually		01/04/2021		BRL		12,602		38			–		38
2.70%		3-MONTH HUF - BUBOR		Semi-Annually		06/13/2028		HUF		453,115		(110	)		–		(110	)
2.969%		6-MONTH HUF - BUBOR		Semi-Annually		02/08/2029		HUF		900,000		(20	)		–		(20	)

											$	(329	)	$	–	$	(329	)

Percentages are based on Net Assets of $1,574,223 ($ Thousands).

**	Rate shown is the 7-day effective yield as of March 31, 2019.

^†	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, 2019, the value of these securities amounted to $243,616 ($ Thousands), representing 15.5% of the Net Assets of the Fund.

(B)	Certain securities or partial positions of certain securities are on loan at March 31, 2019. The total market value of securities on loan at March 31, 2019 was $36,117 ($ Thousands).

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

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

(E)	Securities considered illiquid. The total value of such securities as of March 31, 2019 was $675 ($ Thousands) and represented 0.0% of the Net Assets of the Fund.

(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. The total market value of such securities as of March 31, 2019 was $37,170 ($ Thousands).

ARS — Argentine Peso

AUD — Australian Dollar

BADLAR— Buenos Aires Deposits of Large Amount Rate

BRL — Brazilian Real

BUBOR— Budapest Interbank Offered Rate

CETIP— Central of Custody and Financial Settlement of Securities

Cl — Class

CLP — Chilean Peso

CNY — Chinese Yuan Onshore

COP — Colombian Peso

CZK — Czech Koruna

DOP — Dominican Peso

EUR — Euro

GHS — Ghanaian Cedi

HUF — Hungarian Forint

ICE— Intercontinental Exchange

IDR — Indonesian Rupiah

INR — Indian Rupee

ILS — Israeli New Sheckels

JIBAR— Johannesburg Interbank Agreed Rate

JSC — Joint-Stock Company

KRW — Korean Won

KZT—Kazakhstani Tenge

LIBOR— London Interbank Offered Rate

LKR — Sri Lankan Rupee

L.P. — Limited Partnership

Ltd. — Limited

MosPrime— Moscow Prime Offered Rate

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NGN — Nigerian Naira

PEN — Peruvian Nuevo Sol

PHP— Philippine Peso

PLN — Polish Zloty

RON — Romanian Leu

RUB — Russian Ruble

THB — Thai Bhat

TIIE — Interbank Equilibrium Interest Rate

TRY — Turkish Lira

TWD — Taiwan Dollar

UAH — Ukraine Hryvnia

UGX — Ugandan Shilling

USD — United States Dollar

UYU — Uruguayan Peso

WIBOR— Warsaw Interbank Offered Rate

VAR — Variable Rate

ZAR — South African Rand

The following is a list of the level of inputs used as of March 31, 2019, 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	$	–	$	1,504,721	$	675	$	1,505,396
Affiliated Partnership		–		37,170		–		37,170

Total Investments in Securities	$	–	$	1,541,891	$	675	$	1,542,566


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		55

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2019

Emerging Markets Debt Fund (Concluded)


Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	1,149		$	–		$	–	$	1,149
Unrealized Depreciation		(796	)		–			–		(796	)
Forwards Contracts*
Unrealized Appreciation		–			6,390			–		6,390
Unrealized Depreciation		–			(7,057	)		–		(7,057	)
OTC Swaps
Credit Default Swaps*
Unrealized Appreciation		–			29			–		29
Unrealized Depreciation		–			(307	)		–		(307	)
Interest Rate Swaps*
Unrealized Appreciation		–			1,609			–		1,609
Unrealized Depreciation		–			(1,548	)		–		(1,548	)
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			459			–		459
Unrealized Depreciation		–			(788	)		–		(788	)

Total Other Financial Instruments	$	353		$	(1,213	)	$	–	$	(860	)

(1) Of the $675 ($ Thousands) in Level 3 securities as of March 31, 2019, $675 ($ Thousands) or 0.04% 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, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2019, 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, 2019 ($ Thousands):


Security Description	Value at 9/30/2018	Purchases at Cost	Proceeds from Sales	Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Value 3/31/2019	Income
SEI Liquidity Fund, L.P.	$30,585	$91,697	$(85,124)	$11	$1	$37,170	$30

Totals	$30,585	$91,697	$(85,124)	$11	$1	$37,170	$30

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


56		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019

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

March 31, 2019



	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Assets:
Investments, at value ^†	$	3,855,922*	$	1,688,679*	$	468,448	$	1,505,396*
Affiliated investments, at value ^††		150,597		82,158		–		37,170
Cash		84,432		34,110		9,610		36,780
Cash pledged as collateral for forward foreign currency contracts		–		–		60		240
Cash pledged as collateral for futures contracts		3,232		1,742		198		2,060
Cash pledged as collateral for swap contracts		–		–		188		1,044
Foreign currency, at value ^†††		6,893		1,861		1,176		11,314
Receivable for fund shares sold		2,272		2,935		335		853
Receivable for investment securities sold		9,313		10,306		4,023		12,149
Dividends and interest receivable		15,533		5,320		2,956		24,098
Unrealized gain on forward foreign currency contracts		–		–		3,502		6,390
Unrealized gain on foreign spot currency contracts		4		5		196		200
Due from broker		–		–		–		863
Swap contracts, at value ^††††		–		–		–		1,638
Foreign tax reclaim receivable		9,095		146		–		–
Receivable for variation margin		439		303		101		311
Prepaid expenses		–		25		–		25
Total Assets		4,137,732		1,827,590		490,793		1,640,531
Liabilities:
Payable upon return on securities loaned		92,652		52,581		–		37,177
Payable for investment securities purchased		7,688		8,608		6,137		16,571
Payable for fund shares redeemed		2,497		1,127		358		1,481
Swap contracts, at value ^††††		–		–		254		1,856
Payable for variation margin		–		–		94		151
Administration fees payable		1,057		653		184		578
Unrealized loss on foreign currency spot contracts		6		10		10		62
Unrealized loss on forward foreign currency contracts		–		–		1,614		7,057
Trustees fees payable		17		7		2		6
Chief compliance officer fees payable		5		2		1		2
Administrative servicing fees payable		4		–		–		–
Shareholder servicing fees payable		621		341		90		308
Investment advisory fees payable		1,729		1,415		92		830
Accrued expense payable		225		385		65		229
Accrued foreign capital gains tax on appreciated securities		–		960		–		–
Total Liabilities		106,501		66,089		8,901		66,308
Net Assets	$	4,031,231	$	1,761,501	$	481,892	$	1,574,223
^† Cost of investments	$	3,654,960	$	1,460,050	$	468,912	$	1,550,688
^†† Cost of affiliated investments		150,594		82,155		–		37,174
^††† Cost of foreign currency		6,917		1,853		1,173		11,325
^†††† Cost (premiums paid (received))		–		–		(167)		107
* Includes market value of securities on loan		88,396		50,868		–		36,117


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		57

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

March 31, 2019

International Equity
Fund

Emerging Markets
Equity Fund

International Fixed
Income Fund

Emerging Markets
Debt Fund

Net Assets:

Paid-in capital — (unlimited authorization — no par value)

$ 3,917,210

$ 1,632,557

$ 498,166

$ 1,708,767

Total distributable earnings/(loss)

114,021

128,944

(16,274)

(134,544)

Net Assets

$ 4,031,231

$ 1,761,501

$ 481,892

$ 1,574,223

Net Asset Value, Offering and Redemption Price Per Share — Class F

$ 10.51

$ 11.54

$ 10.22

$ 9.71

($3,659,631,810 ÷

($1,613,137,917 ÷

($426,350,604 ÷

($1,449,402,505 ÷

348,052,509 shares)

139,827,212 shares)

41,702,204 shares)

149,274,759 shares)

Net Asset Value, Offering and Redemption Price Per Share — Class I

$ 10.53

N/A

($2,181,393 ÷

207,095 shares)

Net Asset Value, Offering and Redemption Price Per Share — Class Y

$ 10.50

$ 11.53

$ 10.22

$ 9.70

($369,417,481 ÷

($148,363,195 ÷

($55,541,516 ÷

($124,820,280 ÷

35,173,528 shares)

12,865,204 shares)

5,432,112 shares)

12,866,469 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, 2019

STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)

For the six months ended March 31, 2019


	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Investment Income:

Dividends	$	45,980	$	14,026	$	–	$	–

Income from affiliated investments⁽¹⁾		1,040		267		–		–

Interest Income		638		307		3,631		51,059

Security lending income — net ⁽¹⁾⁽²⁾		972		231		–		30

Less: foreign taxes withheld		(4,116)		(1,672)		–		(799)
Total Investment Income		44,514		13,159		3,631		50,290
Expenses:

Investment advisory fees		9,942		8,946		715		6,544

Administration fees		6,149		3,751		1,073		3,447

Shareholder servicing fees — Class F		4,502		1,971		536		1,781

Shareholder servicing fees — Class I		3		–		–		–

Administrative servicing fees — Class I		3		–		–		–

Custodian/wire agent fees		198		383		37		239

Printing fees		195		86		24		79

Professional fees		98		43		12		39

Registration fees		40		17		4		16

Trustees’ fees		35		15		4		14

Overdraft fees		32		20		3		20

Chief compliance officer fees		10		4		1		4

Other expenses		102		49		68		83
Total Expenses		21,309		15,285		2,477		12,266

Less:

Waiver of investment advisory fees		–		(983)		(109)		(1,783)

Waiver of administration fees		–		–		–		(118)

Waiver of shareholder servicing fees — Class F		(36)		–		–		–
Fees paid indirectly		–		(4)		–		–
Net Expenses		21,273		14,298		2,368		10,365
Net Investment Income (Loss)		23,241		(1,139)		1,263		39,925
Net Realized Gain (Loss) on:

Investments		(69,716)		(54,008)		(680)		(25,043)

Affiliated investments		95		32		–		11

Futures contracts		(7,242)		(599)		1,724		(261)

Swap contracts		–		–		(23)		(71)

Foreign currency transactions		(1,072)		(1,008)		(2,459)		(29,812)

Forward foreign currency contracts		–		–		8,627		(2,914)
Net Change in Unrealized Appreciation (Depreciation) on:

Investments		(212,342)		75,323		11,076		82,460

Affiliated investments		17		3		–		1

Futures contracts		(4,412)		923		126		161

Swap contracts		–		–		78		1,654

Foreign capital gains tax on appreciated securities		–		(538)		–		–

Foreign currency translation of other assets and liabilities denominated in foreign currencies		(280)		24		(7)		17

Forward foreign currency contracts		–		–		(434)		73
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(271,711)	$	19,013	$	19,291	$	66,201

(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, 2019		59

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the six months ended March 31, 2019 (Unaudited) and the year ended September 30, 2018


	International Equity Fund				Emerging Markets Equity Fund
	2019		2018		2019		2018
Operations:
Net investment income (loss)	$	23,241	$	59,195	$	(1,139)	$	12,301
Net realized gain (loss) on investments and futures contracts		(76,863)		198,895		(54,575)		26,796
Net realized loss on forward foreign currency contracts and foreign currency transactions		(1,072)		(1,351)		(1,008)		(1,413)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(216,737)		(169,355)		76,249		(138,602)
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(280)		(177)		24		(12)
Net change in unrealized appreciation (depreciation) on foreign capital tax gains on appreciated securities		–		–		(538)		178
Net Increase (Decrease) in Net Assets Resulting from Operations		(271,711)		87,207		19,013		(100,752)
Dividends:⁽¹⁾
Class F		(53,543)		(51,106)		(9,542)		(24,002)
Class I		(25)		(29)		N/A		N/A
Class Y		(5,551)		(5,482)		(1,045)		(2,093)
Total Dividends		(59,119)		(56,617)		(10,587)		(26,095)
Capital Share Transactions:
Class F:
Proceeds from shares issued		318,439		756,783		138,263		339,824
Reinvestment of dividends & distributions		49,614		47,452		8,884		22,506
Cost of shares redeemed		(426,823)		(603,276)		(209,946)		(396,610)
Net Increase (Decrease) from Class F Transactions		(58,770)		200,959		(62,799)		(34,280)
Class I:
Proceeds from shares issued		345		445		N/A		N/A
Reinvestment of dividends & distributions		15		17		N/A		N/A
Cost of shares redeemed		(624)		(787)		N/A		N/A
Net Decrease from Class I Transactions		(264)		(325)		N/A		N/A
Class Y:
Proceeds from shares issued		84,933		63,040		38,845		27,272
Reinvestment of dividends & distributions		5,135		5,170		971		1,938
Cost of shares redeemed		(41,599)		(45,309)		(18,496)		(19,938)
Net Increase from Class Y Transactions		48,469		22,901		21,320		9,272
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		(10,565)		223,535		(41,479)		(25,008)
Net Increase (Decrease) in Net Assets		(341,395)		254,125		(33,053)		(151,855)
Net Assets:
Beginning of Period		4,372,626		4,118,501		1,794,554		1,946,409
End of Period⁽²⁾	$	4,031,231	$	4,372,626	$	1,761,501	$	1,794,554
Capital Share Transactions:
Class F:
Shares issued		30,994		65,585		12,621		27,336
Reinvestment of distributions		5,278		4,098		859		1,764
Shares redeemed		(41,873)		(52,335)		(19,140)		(31,382)
Total Class F Transactions		(5,601)		17,348		(5,660)		(2,282)
Class I:
Shares issued		33		38		N/A		N/A
Reinvestment of distributions		2		2		N/A		N/A
Shares redeemed		(62)		(68)		N/A		N/A
Total Class I Transactions		(27)		(28)		N/A		N/A
Class Y:
Shares issued		8,393		5,473		3,521		2,190
Reinvestment of distributions		547		447		94		152
Shares redeemed		(4,061)		(3,898)		(1,685)		(1,562)
Total Class Y Transactions		4,879		2,022		1,930		780
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(749)		19,342		(3,730)		(1,502)

⁽¹⁾	Current year presentation of distributions conform with S-X Disclosure Simplification. Prior year distributions have been consolidated to conform with S-X Disclosure Simplification (see Note 11).

⁽²⁾	Includes undistributed net investment income of $48,291 and $1,589, respectively, in 2018. The SEC eliminated the requirement to disclose undistributed net investment income in 2018.

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, 2019


	International Fixed Income Fund				Emerging Markets Debt Fund
	2019		2018		2019		2018
Operations:
Net investment income	$	1,263	$	3,170	$	39,925	$	80,893
Net realized gain (loss) on investments, futures contracts and swap contracts		1,021		4,132		(25,364)		101
Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions		6,168		15,798		(32,726)		(23,921)
Net change in unrealized appreciation (depreciation) on investments, futures contracts and swap contracts		11,280		(16,664)		84,276		(168,057)
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(441)		(91)		90		605
Net Increase (Decrease) in Net Assets Resulting from Operations		19,291		6,345		66,201		(110,379)
Dividends:⁽¹⁾
Class F		(19,279)		—		—		(82,188)
Class Y		(2,040)		—		—		(6,903)
Total Dividends		(21,319)		—		—		(89,091)
Capital Share Transactions:
Class F:
Proceeds from shares issued		37,694		86,729		119,657		336,208
Reinvestment of dividends & distributions		17,932		—		—		74,710
Cost of shares redeemed		(66,119)		(69,108)		(182,454)		(233,447)
Net Increase (Decrease) from Class F Transactions		(10,493)		17,621		(62,797)		177,471
Class Y:
Proceeds from shares issued		14,104		10,342		24,416		28,991
Reinvestment of dividends & distributions		1,813		—		—		6,442
Cost of shares redeemed		(3,415)		(5,961)		(18,597)		(15,406)
Net Increase from Class Y Transactions		12,502		4,381		5,819		20,027
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		2,009		22,002		(56,978)		197,498
Net Increase (Decrease) in Net Assets		(19)		28,347		9,223		(1,972)
Net Assets:
Beginning of Period		481,911		453,564		1,565,000		1,566,972
End of Period⁽²⁾	$	481,892	$	481,911	$	1,574,223	$	1,565,000
Capital Share Transactions:
Class F:
Shares issued		3,707		8,460		12,705		33,864
Reinvestment of distributions		1,798		—		—		7,328
Shares redeemed		(6,532)		(6,748)		(19,491)		(23,439)
Total Class F Transactions		(1,027)		1,712		(6,786)		17,753
Class Y:
Shares issued		1,405		1,010		2,584		2,913
Reinvestment of distributions		182		—		—		633
Shares redeemed		(335)		(582)		(1,989)		(1,528)
Total Class Y Transactions		1,252		428		595		2,018
Net Increase (Decrease) in Shares Outstanding from Share Transactions		225		2,140		(6,191)		19,771

⁽¹⁾	Current year presentation of distributions conform with S-X Disclosure Simplification. Prior year distributions have been consolidated to conform with S-X Disclosure Simplification (see Note 11).

⁽²⁾	Includes distributions in excess of net investment income of $(4,667) and $(40,703), respectively, in 2018. The SEC eliminated the requirement to disclose undistributed net investment income in 2018.

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, 2019		61

FINANCIAL HIGHLIGHTS

For the six months ended March 31, 2019 (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⁾
2019^@		$11.38	$0.06	$(0.78)	$(0.72)	$(0.15)	$–	$(0.15)		$10.51		(6.06)	%		$3,659,632	1.10%⁽³⁾	1.10%⁽³⁾	1.10%⁽³⁾	1.15%	33%
2018		11.29	0.16	0.08	0.24	(0.15)	–	(0.15)		11.38		2.11			4,024,987	1.09⁽³⁾	1.09⁽³⁾	1.09⁽³⁾	1.35	40
2017		9.58	0.13	1.69	1.82	(0.11)	–	(0.11)		11.29		19.23			3,795,858	1.15⁽³⁾	1.15⁽³⁾	1.15⁽³⁾	1.27	57
2016		9.16	0.13	0.39	0.52	(0.10)	–	(0.10)		9.58		5.63			2,729,762	1.27⁽³⁾⁽⁴⁾	1.27⁽³⁾⁽⁴⁾	1.28⁽³⁾⁽⁴⁾	1.36	45
2015		9.94	0.10	(0.69)	(0.59)	(0.19)	–	(0.19)		9.16		(5.98)			2,568,634	1.24⁽³⁾	1.24⁽³⁾	1.24⁽³⁾	1.04	68
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
Class I
2019^@		$11.37	$0.04	$(0.76)	$(0.72)	$(0.12)	$–	$(0.12)		$10.53		(6.24)	%		$2,181	1.35%⁽⁵⁾	1.35%⁽⁵⁾	1.35%⁽⁵⁾	0.86%	33%
2018		11.27	0.12	0.09	0.21	(0.11)	–	(0.11)		11.37		1.86			2,662	1.34⁽⁵⁾	1.34⁽⁵⁾	1.34⁽⁵⁾	1.06	40
2017		9.55	0.10	1.70	1.80	(0.08)	–	(0.08)		11.27		19.00			2,954	1.40⁽⁵⁾	1.40⁽⁵⁾	1.40⁽⁵⁾	0.96	57
2016		9.15	0.10	0.38	0.48	(0.08)	–	(0.08)		9.55		5.27			4,341	1.52⁽⁴⁾⁽⁵⁾	1.52⁽⁴⁾⁽⁵⁾	1.52⁽⁴⁾⁽⁵⁾	1.09	45
2015		9.92	0.08	(0.69)	(0.61)	(0.16)	–	(0.16)		9.15		(6.18)			4,956	1.49⁽⁵⁾	1.49⁽⁵⁾	1.49⁽⁵⁾	0.76	68
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
Class Y
2019^@		$11.39	$0.08	$(0.79)	$(0.71)	$(0.18)	$–	$(0.18)		$10.50		(6.04)	%		$369,418	0.85%⁽⁶⁾	0.85%⁽⁶⁾	0.85%⁽⁶⁾	1.48%	33%
2018		11.31	0.18	0.09	0.27	(0.19)	–	(0.19)		11.39		2.40			344,977	0.84⁽⁶⁾	0.84⁽⁶⁾	0.84⁽⁶⁾	1.60	40
2017		9.59	0.16	1.69	1.85	(0.13)	–	(0.13)		11.31		19.59			319,689	0.90⁽⁶⁾	0.90⁽⁶⁾	0.90⁽⁶⁾	1.53	57
2016		9.18	0.16	0.37	0.53	(0.12)	–	(0.12)		9.59		5.77			168,719	1.02⁽⁴⁾⁽⁶⁾	1.02⁽⁴⁾⁽⁶⁾	1.03⁽⁴⁾⁽⁶⁾	1.70	45
2015⁽⁷⁾		9.39	0.13	(0.34)	(0.21)	–	–	–		9.18		(2.24)			130,379	1.00⁽⁶⁾	1.00⁽⁶⁾	1.00⁽⁶⁾	1.72	68
Emerging Markets Equity Fund
Class F⁽²⁾
2019^@		$11.47	$(0.01)	$0.15	$0.14	$(0.07)	$–	$(0.07)		$11.54		1.25	%		$1,613,138	1.70%⁽⁸⁾	1.70%⁽⁸⁾	1.81%⁽⁹⁾	(0.15)%	48%
2018		12.32	0.08	(0.77)	(0.69)	(0.16)	–	(0.16)		11.47		(5.71)			1,668,960	1.69⁽⁸⁾	1.69⁽⁸⁾	1.80⁽⁹⁾	0.61	70
2017		10.09	0.07	2.24	2.31	(0.08)	–	(0.08)		12.32		23.10			1,821,009	1.74⁽⁸⁾	1.74⁽⁸⁾	1.82⁽⁹⁾	0.65	66
2016		8.43	0.05	1.68	1.73	(0.07)	–	(0.07)		10.09		20.66			1,532,960	1.76⁽⁴⁾⁽⁸⁾	1.76⁽⁴⁾⁽⁸⁾	1.86⁽⁴⁾⁽⁹⁾	0.59	79
2015		10.76	0.07	(2.29)	(2.22)	(0.11)	–	(0.11)		8.43		(20.78)			1,342,618	1.72⁽⁸⁾	1.72⁽⁸⁾	1.82⁽⁹⁾	0.67	67
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
Class Y
2019^@		$11.49	$–	$0.14	$0.14	$(0.10)	$–	$(0.10)		$11.53		1.28	%		$148,363	1.45%⁽¹⁰⁾	1.45%⁽¹⁰⁾	1.56%⁽¹¹⁾	0.07%	48%
2018		12.35	0.11	(0.76)	(0.65)	(0.21)	–	(0.21)		11.49		(5.46)			125,594	1.44⁽¹⁰⁾	1.44⁽¹⁰⁾	1.55⁽¹¹⁾	0.89	70
2017		10.11	0.10	2.24	2.34	(0.10)	–	(0.10)		12.35		23.46			125,400	1.49⁽¹⁰⁾	1.49⁽¹⁰⁾	1.57⁽¹¹⁾	0.93	66
2016		8.45	0.09	1.66	1.75	(0.09)	–	(0.09)		10.11		20.95			72,218	1.52^(4)(10)	1.52^(4)(10)	1.62^(4)(11)	0.96	79
2015⁽⁷⁾		10.08	0.10	(1.73)	(1.63)	–	–	–		8.45		(16.17)			44,012	1.47⁽¹⁰⁾	1.47⁽¹⁰⁾	1.57⁽¹¹⁾	1.33	67
International Fixed Income Fund
Class F⁽²⁾
2019^@		$10.27	$0.03	$0.38	$0.41	$(0.40)	$(0.06)	$(0.46)		$10.22		4.09	%		$426,351	1.02%⁽¹²⁾	1.02%⁽¹²⁾	1.06%⁽¹³⁾	0.51%	27%
2018		10.13	0.07	0.07	0.14	–	–	–		10.27		1.38			438,908	1.02⁽¹²⁾	1.02⁽¹²⁾	1.07⁽¹³⁾	0.66	71
2017		10.51	0.07	(0.18)	(0.11)	(0.17)	(0.10)	(0.27)		10.13		(1.03)			415,582	1.02⁽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
Class Y
2019^@		$10.29	$0.04	$0.38	$0.42	$(0.43)	$(0.06)	$(0.49)		$10.22		4.14	%		$55,541	0.77%⁽¹⁴⁾	0.77%⁽¹⁴⁾	0.81%⁽¹⁵⁾	0.75%	27%
2018		10.12	0.09	0.08	0.17	–	–	–		10.29		1.68			43,003	0.77⁽¹⁴⁾	0.77⁽¹⁴⁾	0.82⁽¹⁵⁾	0.91	71
2017		10.50	0.09	(0.17)	(0.08)	(0.20)	(0.10)	(0.30)		10.12		(0.76)			37,982	0.77⁽¹⁴⁾	0.77⁽¹⁴⁾	0.83⁽¹⁵⁾	0.94	113
2016⁽¹⁶⁾		10.45	0.12	0.55	0.67	(0.60)	(0.02)	(0.62)		10.50		6.79			12,901	0.80^(4)(14)	0.80^(4)(14)	0.87^(4)(15)	1.23	106


62		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019

FINANCIAL HIGHLIGHTS

For the six months ended March 31, 2019 (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^†
Emerging Markets Debt Fund
Class F⁽²⁾
2019^@		$9.30	$0.24	$0.17	$0.41	$—	$—	$—		$9.71		4.41	%		$1,449,403	1.36%⁽¹⁷⁾	1.36%⁽¹⁷⁾	1.61%⁽¹⁸⁾	5.17%	62%
2018		10.55	0.51	(1.19)	(0.68)	(0.57)	—	(0.57)		9.30		(6.81)			1,451,128	1.36⁽¹⁷⁾	1.36⁽¹⁷⁾	1.61⁽¹⁸⁾	5.08	80
2017		10.08	0.51	0.17	0.68	(0.21)	—	(0.21)		10.55		6.93			1,458,611	1.36⁽¹⁷⁾	1.36⁽¹⁷⁾	1.63⁽¹⁸⁾	5.06	79
2016		8.66	0.49	0.93	1.42	—	—	—		10.08		16.40			1,453,586	1.39^(4)(17)	1.39^(4)(17)	1.65^(4)(18)	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⁽¹⁷⁾	1.36⁽¹⁷⁾	1.61⁽¹⁸⁾	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⁽¹⁷⁾	1.36⁽¹⁷⁾	1.80⁽¹⁸⁾	4.73	92
Class Y
2019^@		$9.28	$0.25	$0.17	$0.42	$—	$—	$—		$9.70		4.53	%		$124,820	1.11%⁽¹⁹⁾	1.11%⁽¹⁹⁾	1.36%⁽²⁰⁾	5.41%	62%
2018		10.57	0.53	(1.18)	(0.65)	(0.64)	—	(0.64)		9.28		(6.57)			113,872	1.11⁽¹⁹⁾	1.11⁽¹⁹⁾	1.36⁽²⁰⁾	5.34	80
2017		10.12	0.53	0.17	0.70	(0.25)	—	(0.25)		10.57		7.18			108,361	1.11⁽¹⁹⁾	1.11⁽¹⁹⁾	1.38⁽²⁰⁾	5.31	79
2016		8.67	0.52	0.93	1.45	—	—	—		10.12		16.72			100,566	1.14^(4)(19)	1.14^(4)(19)	1.40^(4)(20)	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⁽¹⁹⁾	1.11⁽¹⁹⁾	1.36⁽²⁰⁾	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, 2019. 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 1.10%, 1.09%, 1.15%, 1.27%, 1.24% and 1.24% for 2019, 2018, 2017, 2016, 2015 and 2014.

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

(5)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.35%, 1.34%, 1.40%, 1.52%, 1.49% and 1.49% for 2019, 2018, 2017, 2016, 2015 and 2014.

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

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

(8)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.70%, 1.69%, 1.74%, 1.76%, 1.71% and 1.96% for 2019, 2018, 2017, 2016, 2015 and 2014.

(9)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.81%, 1.80%, 1.82%, 1.86%, 1.71% and 2.02% for 2019, 2018, 2017, 2016, 2015 and 2014.

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

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

(12)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.02%, 1.02%, 1.02%, 1.05%, 1.02% and 1.02% for 2019, 2018, 2017, 2016, 2015 and 2014.

(13)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.06%, 1.07%, 1.08%, 1.11%, 1.07% and 1.20% for 2019, 2018, 2017, 2016, 2015 and 2014.

(14)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.81%, 0.77%, 0.77% and 0.80% for 2019, 2018, 2017 and 2016.

(15)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.81%, 0.82%, 0.83% and 0.87% for 2019, 2018, 2017 and 2016.

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

(17)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.36%, 1.36%, 1.36%, 1.39%, 1.36%, and 1.36% for 2019, 2018, 2017, 2016, 2015 and 2014.

(18)	The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.61%, 1.61%, 1.63%, 1.65%, 1.61% and 1.80% for 2019, 2018, 2017, 2016, 2015 and 2014.

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

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

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

The accompanying notes are an integral part of the financial statements


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		63

NOTES TO FINANCIAL STATEMENTS

March 31, 2019 (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 and Class Y shares of each of the Funds and Class I shares of the International Equity Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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


64		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019

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 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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		65

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019 (Unaudited)

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

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

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

Level 1 — quoted prices in active markets for identical investments

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

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

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

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

The valuation techniques used by the Funds to measure fair value during the six months ended March 31, 2019 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the six months ended March 31, 2019, 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.


66		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019

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

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open forward foreign currency contracts as of March 31, 2019, 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, 2019, 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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		67

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019 (Unaudited)

Investments for details regarding open option/swaption contracts as of March 31, 2019, if applicable.

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

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

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

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

Counterparty risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. Refer to each Fund’s Schedule of Investments for details regarding open swap contracts as of March 31, 2019, 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-


68		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019

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

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

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

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

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

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

3. CREDIT DERIVATIVES

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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		69

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019 (Unaudited)

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 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, 2019, the International Fixed Income Fund and the Emerging Markets Debt Fund are the sellers (“providing protection”) on a total notional amount of $2.0 million and $4.0 million, respectively. The notional amounts of the swaps are not recorded in the financial statements; however the notional amounts approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund was the seller of protection and a credit event were to occur. Those credit default swaps (“CDS”) for which the Funds are providing protection at balance sheet date are summarized as follows:


International Fixed Income Fund

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

Fair value of written credit derivatives	$	—	$	—	$	(255,469)	$	42,327	$	(213,142)

Maximum potential amount of future payments		—		—		2,012,000		2,340,000		4,352,000

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	$	—	$	—	$	—	$	2,340,000	$	—	$	2,340,000

>101		—		—		—		—		2,012,000		2,012,000
Total	$	—	$	—	$	—	$	2,340,000	$	2,012,000	$	4,352,000

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.


70		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


Emerging Markets Debt Fund
Written Credit Derivative Contracts	Single Name CDS							CDS Index
Reference Asset			Corp US$			Sovereign US$				ABS US$			Corp US$			Total
Fair value of written credit derivatives		$		—	$		(177,552)		$		—	$		—	$		(177,552)
Maximum potential amount of future payments				—			3,994,629				—			—			3,994,629
Recourse provisions with the third parties any amounts paid under the credit derivative (including any purchased credit protection)				—			—				—			—			—
Collateral held by the Partnership or other third parties which the Partnership can obtain upon occurrence of triggering event				—			—				—			—			—


Maximum Potential Amount of Future Payments by Contract Term
		0-6 Months			6-12 Months			1-5 Years			5-10 Years			>10 Years			Total
Current credit spread* on underlying (in basis points)(1)
0-100	$		—	$		—	$		—	$		—	$		—	$		—
>101			—			2,100,000			1,894,629			—			—			3,994,629
Total	$		—	$		2,100,000	$		1,894,629	$		—	$		—	$		3,994,629

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

4. DERIVATIVE CONTRACTS

The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the year. For Funds that held derivatives throughout the year with only one type of risk exposure, additional information can be found on the Schedules of Investments and the Statements of Operations. The fair value of derivative instruments as of March 31, 2019 was as follows:

Asset Derivatives

Liability Derivatives

Six months ended March 31, 2019

($ Thousands)

Six months ended March 31, 2019

($ 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

918*

Net Assets — Unrealized depreciation on futures contracts

668*

Net Assets — Unrealized appreciation on swap contracts

50^†

Net Assets — Unrealized depreciation on swap contracts

44^†

Credit contracts

Net Assets — Unrealized appreciation on swap contracts

—†

Net Assets — Unrealized depreciation on swap contracts

44^†

Foreign exchange contracts

Unrealized gain on forward foreign currency contracts

3,502

Unrealized loss on forward foreign currency contracts

1,614

Total derivatives not accounted for as hedging instruments

4,470

2,370


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		71

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019 (Unaudited)

Asset Derivatives

Liability Derivatives

Six months ended March 31, 2019
($ 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

1,149

Net Assets — Unrealized depreciation on futures contracts

796

Net Assets — Unrealized appreciation on swap contracts

2,068

^†

Net Assets — Unrealized depreciation on swap contracts

2,336

^†

Credit contracts

Net Assets — Unrealized appreciation on swap contracts

^†

Net Assets — Unrealized depreciation on swap contracts

307

^†

Foreign exchange contracts

Unrealized gain on forward foreign currency contracts

6,390

Unrealized loss on forward foreign currency contracts

7,057

Total derivatives not accounted for as hedging instruments

9,636

10,496

*	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, 2019. 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	$	184	$	—	$	—	$	184
Foreign exchange contracts		1,540		8,627		—		10,167
Credit contracts		—		—		(23)		(23)
Equity contracts		—		—		—		—
Total	$	1,724	$	8,627	$	(23)	$	10,328

Derivatives Not Accounted for as Hedging Instruments	Futures		Forward Currency Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	(261)	$	—	$	77	$	(184)
Foreign exchange contracts		—		(2,914)		(236)		(3,150)
Credit contracts		—		—		88		88
Equity contracts		—		—		—		—
Total	$	(261)	$	(2,914)	$	(71)	$	(3,246)
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	$	126	$	—	$	6	$	132
Foreign exchange contracts		—		(434)		—		(434)
Credit contracts		—		—		72		72
Total	$	126	$	(434)	$	78	$	(230)


72		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


Derivatives Not Accounted for as Hedging Instruments	Futures		Forward Currency Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	161	$	—	$	1,728	$	1,889
Foreign exchange contracts		—		73		8		81
Credit contracts		—		—		(82)		(82)
Total	$	161	$	73	$	1,654	$	1,888

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

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

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

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

The following is a summary of the market value and variation margin of exchange-traded or centrally cleared financial derivative instruments of the Funds as of March 31, 2019, ($ 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	$	439	$	—	$	439	$	—	$	—	$	—
Emerging Markets Equity Fund		303		—		303		—		—		—
International Fixed Income Fund		96		5		101		92		2		94
Emerging Markets Debt Fund		219		92		311		73		78		151

Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2019 amounted to $3,232 ($ Thousands) for the International Equity Fund. Cash pledged as collateral

for exchange-traded and centrally cleared derivative instruments as of March 31, 2019 amounted to $1,742 ($ Thousands) for the Emerging Markets Equity Fund. Cash pledged as collateral for exchange-traded and centrally


SEI Institutional International Trust / Semi-Annual Report /March 31, 2019		73

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019 (Unaudited)

cleared derivative instruments as of March 31, 2019 amounted to $386 ($ Thousands) for the International Fixed Income Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2019 amounted to $3,104 ($ 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, 2019 ($ 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	$	433	$	—	$	433	$	—	$	—	$	—	$	433		$	—	$	433
Bank of America		17		—		17		29		—		29		(12	)		—		(12	)
Barclays		30		—		30		96		—		96		(66	)		—		(66	)
BMO Capital Markets		1		—		1		123		—		123		(122	)		—		(122	)
BNP Paribas		125		—		125		21		—		21		124			—		124
Brown Brothers Harriman		82		—		82		33		—		33		49			—		—
BT Brokerage		7		—		7		36		—		36		(29	)		—		—
Citigroup		359		—		359		15		—		15		344			188		532
Credit Suisse		—		—		—		24		33		57		(57	)		—		(57	)
Deutsche Bank		—		—		—		—		51		51		(51	)		—		(51	)
Goldman Sachs		213		—		213		21		170		191		22			—		22
HSBC		26		—		26		57		—		57		(31	)		—		(31	)
JPMorgan Chase Bank		397		—		397		359		—		359		38			—		38
Morgan Stanley		49		—		49		55		—		55		(6	)		—		(6	)
National Bank of Australia		73		—		73		615		—		615		(542	)		—		(542	)
RBC		51		—		51		47		—		47		4			—		4
Royal Bank of Scotland		115		—		115		3		—		3		112			—		112
Standard Chartered		—		—		—		46		—		46		46			—		46
State Street		835		—		835		30		—		30		805			—		805
TD Securities		—		—		—		—		—		—		—			—		—
UBS		689		—		689		2		—		2		687			—		687

		Financial Derivative Assets						Financial Derivative Liabilities
Emerging Markets Debt Fund	Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged		Net Exposures*
Barclays	$	—	$	—	$	—	$	368	$	—	$	368	$	(368	)	$	—	$	(368	)
Citigroup		1,388		69		1,457		1,969		—		1,969		(512	)		—		(512	)
Credit Suisse		—		29		29		—		—		—		29			—		29
Goldman Sachs		1,368		1,031		2,399		1,059		1,125		2,184		215			1,044		1,259
JPMorgan Chase Bank		2,700		509		3,209		2,289		731		3,020		189			—		189
Merrill Lynch		40		—		40		74		—		74		(34	)		—		(34	)
Standard Chartered		324		—		324		1,137		—		1,137		(813	)		—		(813	)
State Street		570		—		570		160		—		160		410			—		410

^	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.


74		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019

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, 2019.

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, 2019 ($ Thousands):


	International Fixed Income Fund		Emerging Markets Debt Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Short	$	44,888	$	28,430
Ending Notional Balance Short		–		26,743
Interest Contracts
Average Notional Balance Short		110,188		67,103
Ending Notional Balance Short		171,531		69,765
Forward Foreign Currency Contracts:
Average Notional Balance Long		631,033		896,050
Average Notional Balance Short		630,685		896,246
Ending Notional Balance Long		731,708		906,717
Ending Notional Balance Short		729,632		907,315
Swaps:
Credit Contracts
Average Notional Balance Short		6,360		3,995
Ending Notional Balance Short		4,352		3,995
Interest Contracts
Average Notional Balance Long		5,652		270,912
Average Notional Balance Short		–		181,636
Ending Notional Balance Long		11,304		281,016
Ending Notional Balance Short		–		176,768
Foreign Exchange Contracts
Average Notional Balance Short		–		18,397

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 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 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.


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		75

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019 (Unaudited)

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, 2019, 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, 2020 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.

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


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

Investment Sub-Advisory Agreements — As of March 31, 2019, 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

Qtron Investments LLC

RWC Asset Advisors (US) LLC

International Fixed Income Fund

AllianceBernstein L.P.

Wellington Management Company, LLP

Colchester Global Investors Ltd.

Emerging Markets Debt Fund

Colchester Global Investors Ltd.

Investec Asset Management Ltd.

Marathon Asset Management, L.P.

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.

Such commissions for the six month period ended March 31, 2019 were as follows ($ Thousands):


Emerging Markets Equity Fund		$	132

Fees Paid Indirectly — The Funds may direct certain fund trades to the Distributor who pays a portion of the Fund’s expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, and the effect on the Fund’s expense ratio, as a percentage of


76		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019

the Fund’s average daily net assets for the six months ended March 31, 2019 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, 2019, the Trust has not participated in the Program.

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments and futures, during the six months ended March 31, 2019, 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		$—		$—		$6,886		$51,036
Other		1,297,323		821,734		106,442		865,513
Sales
U.S. Government		—		—		5,299		44,014
Other		1,440,397		916,548		113,423		792,121

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.


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		77

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019 (Unaudited)

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	2018	$	56,617	$	—	$	56,617
	2017		38,555		—		38,555
Emerging Markets Equity Fund	2018		26,095		—		26,095
	2017		12,216		—		12,216
International Fixed Income Fund	2018		—		—		—
	2017		11,706		954		12,660
Emerging Markets Debt Fund	2018		89,091		—		89,091
	2017		30,136		—		30,136

As of September 30, 2018, the components of Distributable Earnings (Accumulated Losses) were as follows:


	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($Thousands)			Post October Losses ($Thousands)			Late Year Ordinary Losses ($ Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
International Equity Fund	$	58,980	$	—	$	—		$	—		$	—		$	385,869		$	2		$	444,851
Emerging Markets Equity Fund		9,156		—		—			(6,818	)		—			118,182			(2	)		120,518
International Fixed Income Fund		—		1,868		—			—			—			(14,094	)		(2,020	)		(14,246	)
Emerging Markets Debt Fund		—		—		(18,571	)		—			(30,026	)		(140,851	)		(11,297	)		(200,745	)

Post-October losses represent losses realized on investment transactions from November 1, 2017 through September 30, 2018 that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. For the year ended September 30, 2018, the Funds did not have any capital losses eligible to be carried forward.

During the year ended September 30, 2018, the International Equity Fund, the Emerging Markets Equity Fund and the Emerging Markets Debt Fund utilized capital loss carryforwards to offset capital gains of $195,360, $32,097 and $4,970 ($ Thousands), respectively. The International Equity Fund had expired capital losses in the amount of $489,231 ($ Thousands) for the year ended September 30, 2018.

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
9/30/2018*

($ Thousands)

Emerging Markets Debt Fund

$3,829

$14,742

$18,571

* 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, 2018, 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, 2019, was as follows:


	Federal Tax Cost		Appreciated Securities		Depreciated Securities			Net Unrealized Appreciation/ (Depreciation)
	($ Thousands)		($ Thousands)		($ Thousands)			($ Thousands)
International Equity Fund	$	3,805,554	$	463,514	$	(262,549	)	$	200,965
Emerging Markets Equity Fund		1,542,205		309,023		(80,391	)		228,632
International Fixed Income Fund		468,912		9,769		(10,233	)		(464	)


78		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019


	Federal Tax Cost		Appreciated Securities		Depreciated Securities			Net Unrealized Appreciation/ (Depreciation)
	($ Thousands)		($ Thousands)		($ Thousands)			($ Thousands)
Emerging Markets Debt Fund	$	1,587,862	$	36,760	$	(82,056	)	$	(45,296	)

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, 2019, 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 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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		79

NOTES TO FINANCIAL STATEMENTS (Concluded)

March 31, 2019 (Unaudited)

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, 2019 ($ Thousands):


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

International Equity Fund	$	88,396	$	88,396	$	—

Emerging Markets Equity Fund		50,868		50,868		—

Emerging Markets Debt Fund		36,117		36,117		—

(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, 2019, SPTC held of record the following:


Fund	Class F		Class I		Class Y

International Equity Fund		96.81%		40.47%		44.58%

Emerging Markets Equity Fund		94.12%		—%		62.84%

International Fixed Income Fund		96.75%		—%		99.53%

Emerging Markets Debt Fund		98.03%		—%		47.92%

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

11. REGULATORY MATTERS

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

12. NEW ACCOUNTING PRONOUNCEMENTS

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

13. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosure and/or adjustments were required to the financial statements as of March 31, 2019.


80		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019

DISCLOSURE OF FUND EXPENSES (Unaudited)

March 31, 2019

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 10/1/18		Ending Account Value 3/31/19		Annualized Expense Ratios			Expenses Paid During Period *
International Equity Fund
Actual Fund Return
Class F	$	1,000.00	$	939.40		1.10	%		$5.32
Class I		1,000.00		937.60		1.35			6.52
Class Y		1,000.00		939.60		0.85			4.11
Hypothetical 5% Return
Class F	$	1,000.00	$	1,019.40		1.10	%		$5.54
Class I		1,000.00		1,018.20		1.35			6.79
Class Y		1,000.00		1,020.70		0.85			4.28
Emerging Markets Equity Fund
Actual Fund Return
Class F	$	1,000.00	$	1,012.50		1.70	%		$8.53
Class Y		1,000.00		1,012.80		1.45			7.28
Hypothetical 5% Return
Class F	$	1,000.00	$	1,016.50		1.70	%		$8.55
Class Y		1,000.00		1,017.70		1.45			7.29


	Beginning Account Value 10/1/18		Ending Account Value 3/31/19		Annualized Expense Ratios			Expenses Paid During Period *
International Fixed Income Fund
Actual Fund Return
Class F	$	1,000.00	$	1,040.90		1.02	%		$5.19
Class Y		1,000.00		1,041.40		0.77			3.92
Hypothetical 5% Return
Class F	$	1,000.00	$	1,019.80		1.02	%		$5.14
Class Y		1,000.00		1,021.10		0.77			3.88
Emerging Markets Debt Fund
Actual Fund Return
Class F	$	1,000.00	$	1,044.10		1.36	%		$6.93
Class Y		1,000.00		1,045.30		1.11			5.66
Hypothetical 5% Return
Class F	$	1,000.00	$	1,018.20		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, 2019		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 December 4-5, 2018 meeting of the Board, 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 by the Trustees, including a majority of the Independent Trustees. In addition, the Board approved a brief extension of the Advisory Agreement and certain Sub-Advisory Agreements already in effect (unless operating under an initial


82		SEI Institutional International Trust / Semi-Annual Report / March 31, 2019

two-year term) to accommodate a revised Spring meeting schedule. Typically, the Trustees renew the Advisory Agreement and certain Sub-Advisory Agreements at the first quarterly in-person meeting of the calendar year in March. Agreements regularly renewed at the March meeting expire on April 1 of the following year. Because the first quarterly in-person meeting of the Board in calendar year 2019 was held on April 2-3, the Advisory Agreement and certain Sub-Advisory Agreements would have expired prior to the meeting, without the extension. Accordingly, the Board voted in-person at the December 4-5, 2018 meeting to extend the Advisory Agreement and certain Sub-Advisory Agreements until the April 2-3, 2019 meeting. In evaluating whether to approve the extension of the Advisory Agreement and certain Sub-Advisory Agreements, the Board considered the information made available to it throughout the course of the year by representatives of the SEI investment and compliance teams. At the April 2-3, 2019 meeting, the Board evaluated the Advisory Agreement and the applicable Sub-Advisory Agreements in accordance with the renewal process that it typically applies during the annual contract renewal each Spring. Although outside the scope of the period covered by this report, the Board’s renewal of the Advisory Agreement and the applicable Sub-Advisory Agreements at the April 2-3, 2019 meeting of the Board is discussed herein, consistent with prior shareholder reports of the Funds. The Board’s approvals were based on its consideration and evaluation of the factors described above, as discussed at the meeting and at prior meetings, such as the December 4-5, 2018 meeting. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Advisory Agreement and the applicable Sub-Advisory Agreements.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and each Sub-Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support the renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or its affiliates.

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered a report compiled by Broadridge, an independent third-party that was engaged to prepare an assessment of the Funds in connection with the renewal of the Advisory Agreement (the “Broadridge Report”). The Broadridge Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the 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 meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC’s 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


SEI Institutional International Trust / Semi-Annual Report / March 31, 2019		83

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

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.

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, 2019

SEI INSTITUTIONAL INTERNATIONAL TRUST / SEMI-ANNUAL REPORT / MARCH 31, 2019

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Susan C. Cote

Hubert L. Harris, Jr.

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

1 Freedom Valley Drive, P.O. Box 1100, Oaks, PA 19456

SEI-F-031 (3/19)

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.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s Charter, adopted on June 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Items 13.

Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: June 7, 2019

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 7, 2019

By						/s/ *James J. Hoffmayer*
						James J. Hoffmayer, Controller & CFO

Date: June 7, 2019

This ‘N-CSRS’ Filing	Date	Other Filings

	1/31/20
	12/15/19
	9/30/19
Filed on / Effective on:	6/7/19
For Period End:	3/31/19
	1/31/19	485BPOS, 497K
	11/5/18
	9/30/18	24F-2NT, N-CEN, N-CSR
	8/17/18
	11/1/17
	1/31/17	485BPOS, 497K
	10/30/15
	12/31/14	N-Q
	12/22/10
	6/18/04
		List all Filings

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Filing Submission 0001193125-19-168009 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

SEI Institutional International Trust

/s/ Robert A. Nesher

Robert A. Nesher, President & CEO