N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05601

SEI Institutional International Trust

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices)

Timothy D. Barto, Esq.

SEI Investments Co.

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

Date of fiscal year end: September 30, 2021

Date of reporting period: March 31, 2021

Item 1. Reports to Stockholders.

March 31, 2021 SEMI-ANNUAL REPORT SEI Institutional International Trust ? International Equity Fund ? Emerging Markets Equity Fund ? International Fixed Income Fund ? Emerging Markets Debt Fund Paper copies of the Funds’ shareholder reports are no longer sent by mail, unless you specifically request them from the Funds or from your financial intermediary, such as a broker-dealer or bank. Shareholder reports are available online and you will be notified by mail each time a report is posted on the Funds’ website and provided with a link to access the report online. You may elect to receive all future reports in paper free of charge. If you invest through a ?nancial intermediary, you can contact your ?nancial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your ?nancial intermediary.

TABLE OF CONTENTS

Schedule of Investments	1
Statements of Assets and Liabilities	61
Statements of Operations	63
Statements of Changes in Net Assets	64
Financial Highlights	66
Notes to Financial Statements	68
Disclosure of Fund Expenses	86
Liquidity Risk Management Program	87
Board of Trustees Considerations in Approving the Advisory Agreement	88

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, 2021

International Equity Fund

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

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 95.6%
Argentina — 0.2%
MercadoLibre Inc *		5,353	$	7,880
Australia — 2.6%
a2 Milk Co Ltd/The *(A)		797,201		4,754
Australia & New Zealand Banking Group Ltd		382,365		8,207
BlueScope Steel Ltd		896,249		13,209
CSL Ltd		52,223		10,527
CSR Ltd		792,249		3,488
Fortescue Metals Group Ltd		1,702,688		25,924
Harvey Norman Holdings Ltd		298,181		1,301
National Australia Bank Ltd		29,028		575
Nickel Mines Ltd		729,737		681
Orora Ltd		1,270,565		2,942
Rio Tinto Ltd		205,172		17,307
Santos Ltd		578,125		3,126
South32 Ltd		7,692,615		16,464
Westpac Banking Corp		447,956		8,328
				116,833
Austria — 0.2%
ANDRITZ AG		72,724		3,277
Verbund AG, Cl A		58,369		4,253
voestalpine AG		21,087		876
				8,406
Belgium — 0.3%
Ageas SA/NV		94,161		5,706
Etablissements Franz Colruyt NV		96,938		5,795
				11,501
Brazil — 0.1%
Magazine Luiza SA		1,124,100		4,000
Canada — 1.7%
Air Canada, Cl A *		779,800		16,225
Alimentation Couche-Tard Inc, Cl B		471,700		15,207
Canadian Pacific Railway Ltd		33,591		12,741
Cascades Inc		117,200		1,467
Constellation Software Inc/Canada		300		419

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Empire Co Ltd, Cl A		74,800	$	2,332
George Weston Ltd		4,000		354
Intertape Polymer Group Inc		98,500		2,194
Magna International Inc, Cl A		104,900		9,237
Pason Systems Inc		24,395		172
Royal Bank of Canada		129,000		11,893
Stella-Jones Inc		34,909		1,416
Transcontinental Inc, Cl A		54,873		966
Viemed Healthcare Inc *		48,900		497
				75,120
China — 0.4%
Baidu Inc ADR *		13,661		2,972
Beijing Capital International Airport Co Ltd, Cl H *		5,928,000		4,613
Shenzhou International Group Holdings Ltd		254,000		5,263
Tencent Holdings Ltd		91,200		7,156
				20,004
Denmark — 2.6%
Ambu A/S, Cl B		150,825		7,100
AP Moller - Maersk A/S, Cl B		6,827		15,897
Carlsberg AS, Cl B		31,574		4,863
DSV PANALPINA A/S		54,513		10,721
Genmab A/S *		1,211		399
GN Store Nord AS		39,637		3,128
H Lundbeck A/S		91,125		3,121
Novo Nordisk A/S, Cl B		724,708		49,217
Orsted AS		60,720		9,831
Pandora A/S *		44,074		4,733
Vestas Wind Systems A/S		41,190		8,475
				117,485
Finland — 0.9%
Kesko Oyj, Cl B		50,174		1,538
Kone Oyj, Cl B		266,348		21,806
Neste Oyj		146,007		7,767
Orion Oyj, Cl B		248,353		9,974
Wartsila OYJ Abp, Cl B		104,490		1,097
				42,182
France — 12.0%
Air Liquide SA		138,660		22,701
Airbus SE *		166,427		18,883
AXA SA		672,226		18,081
BioMerieux		23,803		3,035
BNP Paribas SA		270,908		16,518
Bollore SA		3,938,473		19,062
Carrefour SA		1,387,355		25,184
Cie Generale des Etablissements Michelin
SCA, Cl B		15,021		2,254
CNP Assurances		30,143		574
Credit Agricole SA		2,027,163		29,412
Criteo SA ADR *(A)		60,571		2,104
Danone SA		582,078		40,021
Engie SA		1,660,201		23,620

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

International Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Eurofins Scientific SE		56,468	$	5,410
Faurecia SE *		3,052		162
Ipsen SA		62,682		5,389
IPSOS		18,645		706
L’Oreal SA		26,153		10,045
LVMH Moet Hennessy Louis Vuitton SE		18,728		12,504
Orange SA		1,091,000		13,470
Pernod Ricard SA		106,245		19,985
Publicis Groupe SA		501,150		30,651
Rexel SA		346,362		6,880
Sanofi		531,690		52,647
Sartorius Stedim Biotech		50,513		20,850
Schneider Electric SE		67,153		10,280
Sodexo SA *		166,500		16,003
Stellantis NV *		1,473,319		26,112
Thales SA		132,578		13,201
TOTAL SE (A)		704,102		32,915
Ubisoft Entertainment SA *		127,727		9,740
Valeo SA		380,528		12,956
Vinci SA		104,076		10,686
Vivendi SE		238,120		7,836
Wendel SE		20,343		2,532
				542,409
Germany — 7.8%
adidas AG		74,417		23,282
BASF SE		403,927		33,630
Bayer AG		153,318		9,723
Bayerische Motoren Werke AG		135,050		14,042
Carl Zeiss Meditec AG		50,735		7,662
Continental AG *		68,095		9,020
Daimler AG		265,318		23,702
Deutsche Bank AG *		1,094,167		13,102
Deutsche Boerse AG		56,709		9,444
Deutsche Post AG		38,384		2,108
Fresenius Medical Care AG & Co KGaA		323,960		23,881
GEA Group AG		34,116		1,401
Hamburger Hafen und Logistik AG		14,977		332
Hella GmbH & Co KGaA *		12,591		708
HelloFresh SE *		8,665		648
Infineon Technologies AG		466,568		19,826
KION Group AG		259,527		25,683
Linde PLC		33,762		9,480
Merck KGaA		59,646		10,221
Rational AG		1,204		937
Rheinmetall AG		42,432		4,309
RWE AG		481,016		18,893
SAP SE		310,834		38,147
Siemens AG		316,470		52,072
zooplus AG *		6,412		1,835
				354,088
Hong Kong — 1.8%
AIA Group Ltd		906,200		10,992

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Chaoda Modern Agriculture Holdings Ltd *		2,440,000	$	28
Hong Kong Exchanges & Clearing Ltd		289,869		17,054
Nine Dragons Paper Holdings Ltd		410,000		600
Sands China Ltd *		1,937,200		9,681
SJM Holdings Ltd *		18,396,340		24,041
Techtronic Industries Co Ltd		475,000		8,126
WH Group Ltd		4,422,000		3,583
Wuxi Biologics Cayman Inc *		451,598		5,655
				79,760
India — 0.2%
HDFC Bank Ltd ADR *		127,814		9,930
Indonesia — 0.1%
Bank Mandiri Persero Tbk PT		6,601,300		2,795
Ireland — 1.1%
Experian PLC		255,301		8,795
ICON PLC *		138,554		27,208
Ryanair Holdings PLC ADR *		117,503		13,513
				49,516
Israel — 0.4%
Bank Hapoalim BM *		99,292		774
Bank Leumi Le-Israel BM *		1,653,944		10,911
Bezeq The Israeli Telecommunication Corp Ltd *		619,676		664
Check Point Software Technologies Ltd *(A)		53,327		5,971
FIBI Holdings Ltd		15,684		493
First International Bank Of Israel Ltd *		48,240		1,347
				20,160
Italy — 2.4%
Assicurazioni Generali SpA		397,365		7,967
Banca Mediolanum SpA		299,871		2,837
Buzzi Unicem SpA		48,769		1,271
CNH Industrial NV		926,438		14,367
De’ Longhi SpA		14,333		580
DiaSorin SpA		20,052		3,224
Enel SpA		2,100,812		20,970
Ferrari NV		41,832		8,769
FinecoBank Banca Fineco SpA *		504,594		8,276
La Doria SpA		11,016		233
Mediaset SpA *(A)		360,579		1,040
Moncler SpA		104,755		6,017
Stellantis NV *		179,252		3,178
Tenaris SA		305,956		3,456
UniCredit SpA		2,676,728		28,355
UnipolSai Assicurazioni SpA		96,751		291
				110,831
Japan — 17.6%
77 Bank Ltd/The		67,964		960
Advantest Corp		140,100		12,273
AEON Financial Service Co Ltd		122,100		1,641
Ajinomoto Co Inc		129,700		2,659
Asahi Group Holdings Ltd		288,200		12,167
ASKUL Corp		50,500		1,933

2 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Bandai Namco Holdings Inc		41,000	$	2,929
Bridgestone Corp		401,900		16,276
Brother Industries Ltd		17,500		388
Canon Inc		63,800		1,445
Canon Marketing Japan Inc		92,900		2,065
Capcom Co Ltd		371,000		12,070
CyberAgent Inc		554,800		10,007
Daikin Industries Ltd		3,500		707
Daito Trust Construction Co Ltd		87,000		10,101
Daiwa House Industry Co Ltd		320,500		9,400
DeNA Co Ltd *(A)		14,900		292
Denso Corp		139,800		9,295
Disco Corp		13,000		4,088
FANUC Corp		88,700		21,019
Fujitsu Ltd		227,000		32,869
Glory Ltd		84,500		1,820
GungHo Online Entertainment Inc *		48,700		963
H.U. Group Holdings Inc		9,800		329
Hakuhodo DY Holdings Inc		117,100		1,955
Hitachi Ltd		644,967		29,207
Idemitsu Kosan Co Ltd		52,500		1,356
Iida Group Holdings Co Ltd		73,600		1,782
ITOCHU Corp (A)		245,400		7,966
Japan Exchange Group Inc		364,400		8,558
Japan Post Holdings Co Ltd		256,600		2,291
Japan Post Insurance Co Ltd		39,600		815
Kajima Corp		40,100		570
Kao Corp		222,300		14,712
KDDI Corp		739,300		22,714
Keyence Corp		17,500		7,961
Kinden Corp		26,600		454
Kirin Holdings Co Ltd		240,000		4,606
Kokuyo Co Ltd		204,900		3,178
Konami Holdings Corp		22,500		1,342
K’s Holdings Corp (A)		252,100		3,470
Lawson Inc		162,900		8,005
Mazda Motor Corp *		57,400		469
Mebuki Financial Group Inc		268,500		634
Mitsubishi Electric Corp		1,023,600		15,623
Mitsubishi Estate Co Ltd		169,900		2,971
Mitsubishi Gas Chemical Co Inc		56,900		1,398
Mitsubishi Heavy Industries Ltd		106,100		3,312
Mixi Inc		114,700		2,875
Mizuno Corp		41,500		817
MS&AD Insurance Group Holdings Inc (A)		178,700		5,254
Murata Manufacturing Co Ltd		335,000		26,806
Nexon Co Ltd		370,025		12,022
Nihon Kohden Corp		11,400		333
Nihon Unisys Ltd		148,700		4,589
Nikon Corp		513,800		4,813
Nintendo Co Ltd		39,100		21,871
Nippon Telegraph & Telephone Corp (A)		585,800		15,067

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Nitori Holdings Co Ltd		84,100	$	16,306
Nitto Denko Corp		61,600		5,274
Nomura Holdings Inc		1,065,800		5,608
Okuwa Co Ltd		54,000		591
Ono Pharmaceutical Co Ltd		40,600		1,062
ORIX Corp (A)		578,600		9,781
Otsuka Corp		83,300		3,905
Panasonic Corp		1,735,500		22,357
PeptiDream Inc *		180,500		8,265
Persol Holdings Co Ltd		132,800		2,601
Rakuten Group Inc *		790,058		9,431
Recruit Holdings Co Ltd		220,900		10,797
Rinnai Corp		5,600		628
Ryohin Keikaku Co Ltd		844,700		20,013
Sankyo Co Ltd		141,700		3,761
Sanwa Holdings Corp		178,600		2,342
SBI Holdings Inc/Japan (A)		304,500		8,267
Secom Co Ltd		133,700		11,268
Seiko Epson Corp		16,100		262
Sekisui House Ltd		187,700		4,033
Seven & i Holdings Co Ltd		437,700		17,678
Sharp Corp/Japan (A)		175,900		3,040
Shimamura Co Ltd		57,400		6,634
Shimano Inc		7,600		1,814
Shin-Etsu Chemical Co Ltd		118,249		19,915
Shiseido Co Ltd		106,600		7,160
SoftBank Group Corp		52,200		4,408
Sompo Holdings Inc		142,800		5,482
Sony Group Corp		92,300		9,685
Sony Group Corp ADR		192,614		20,419
Sumitomo Chemical Co Ltd		126,100		654
Sumitomo Mitsui Financial Group Inc		953,800		34,587
Sumitomo Rubber Industries Ltd		96,700		1,142
Sysmex Corp		62,000		6,691
T&D Holdings Inc		507,800		6,553
Takeda Pharmaceutical Co Ltd		682,800		24,624
TDK Corp		24,500		3,399
Teijin Ltd		138,800		2,395
TIS Inc		160,400		3,834
Tokio Marine Holdings Inc		48,400		2,306
Tokyo Electron Ltd		23,042		9,757
Tomy Co Ltd		133,700		1,216
Toshiba Corp		152,700		5,168
TOTO Ltd		7,900		486
Toyota Industries Corp		222,378		19,843
Universal Entertainment *		396,253		9,675
Yamada Holdings Co Ltd		1,013,900		5,478
YA-MAN Ltd		15,400		219
Z Holdings Corp		1,395,200		6,952

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 3

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

International Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ZOZO Inc		113,700	$	3,365
				798,623
Jordan — 0.1%
Hikma Pharmaceuticals PLC		151,774		4,766
Malta — 0.0%
BGP Holdings *(B)		198,683		–
Mexico — 1.0%
Arca Continental SAB de CV		2,744,250		13,479
Fomento Economico Mexicano SAB de CV ADR		333,370		25,113
Grupo Financiero Banorte SAB de CV, Cl O *		940,583		5,298
				43,890
Netherlands — 6.1%
Adyen NV *		2,993		6,696
Akzo Nobel NV		429,782		48,128
ArcelorMittal SA		186,356		5,395
ASML Holding NV		72,618		44,125
ASR Nederland NV		160,858		7,224
BE Semiconductor Industries NV		19,785		1,661
Galapagos NV *		20,801		1,616
ING Groep NV		1,644,686		20,165
James Hardie Industries PLC *(A)		162,307		4,925
Koninklijke Ahold Delhaize NV		1,619,526		45,206
Koninklijke DSM NV		52,904		8,972
Koninklijke Philips NV		350,306		20,040
NN Group NV		84,718		4,151
PostNL NV		1,207,552		5,868
Prosus NV		86,151		9,599
Randstad NV (A)		209,833		14,792
RELX PLC		184,504		4,645
Wolters Kluwer NV		249,527		21,737
				274,945
New Zealand — 0.1%
Fisher & Paykel Healthcare Corp Ltd		285,213		6,412
Fletcher Building Ltd *		110,759		545
				6,957
Saudi Arabia — 0.1%
Al Rajhi Bank		73,219		1,929
Bank AlBilad *		80,939		760
Najran Cement Co		184,956		1,133
Saudi Basic Industries Corp		20,786		651
Saudi Industrial Investment Group		50,600		438
Saudi Kayan Petrochemical Co *		161,598		687
Tabuk Cement Co *		46,961		248
Yamama Cement Co *		38,899		344
				6,190
Singapore — 0.3%
DBS Group Holdings Ltd		372,800		7,988
Hong Leong Finance Ltd		40,309		74
Jardine Cycle & Carriage Ltd		41,300		692
Oversea-Chinese Banking Corp Ltd		301,900		2,640

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Wilmar International Ltd		834,900	$	3,368
				14,762
South Africa — 0.1%
DataTec Ltd *		100,188		177
Investec PLC		416,323		1,274
MultiChoice Group		112,112		979
				2,430
South Korea — 3.1%
APTC Co Ltd		20,227		424
BNK Financial Group Inc		691,155		4,146
Hana Financial Group Inc		90,133		3,409
Kangwon Land Inc *		968,073		21,641
KIWOOM Securities Co Ltd		8,889		990
Kolon Industries Inc		15,690		829
KT Corp ADR *		100,388		1,249
LG Display Co Ltd *		102,601		2,062
LG Electronics Inc		112,632		14,928
Samsung Electronics Co Ltd		468,367		33,687
SK Hynix Inc		470,181		55,047
				138,412
Spain — 2.6%
Aena SME SA *		85,425		13,885
Amadeus IT Group SA, Cl A *		603,514		42,828
Banco Bilbao Vizcaya Argentaria SA		2,430,062		12,641
Banco Santander SA		4,038,778		13,751
CaixaBank SA		5,385,098		16,702
Cia de Distribucion Integral Logista Holdings SA		57,814		1,149
Iberdrola SA		233,024		3,009
Laboratorios Farmaceuticos Rovi SA		8,379		453
Siemens Gamesa Renewable Energy SA *		362,947		14,077
				118,495
Sweden — 4.4%
Atlas Copco AB, Cl A		138,631		8,455
Axfood AB		66,076		1,583
Betsson AB *		131,332		1,221
Byggmax Group AB		122,242		1,069
Electrolux AB, Cl B (A)		559,602		15,549
Epiroc AB, Cl A		344,630		7,821
Essity AB, Cl B (A)		580,634		18,379
Evolution Gaming Group AB		69,742		10,290
Getinge AB, Cl B		217,298		6,045
H & M Hennes & Mauritz AB, Cl B *		485,580		10,961
Hexagon AB, Cl B		47,279		4,370
Husqvarna AB, Cl B		948,519		13,690
Kinnevik AB *		149,095		7,263
NCC AB, Cl B		45,776		774
Nordnet AB publ		24,991		404
Sandvik AB		572,727		15,678
Securitas AB, Cl B		1,247,440		21,253
SKF AB, Cl B		112,260		3,197
Svenska Cellulosa AB SCA, Cl B		187,863		3,331

4 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Swedish Match AB		203,548	$	15,922
Telefonaktiebolaget LM Ericsson, Cl B (A)		1,483,840		19,671
Volvo AB, Cl B (A)		476,547		12,077
				199,003
Switzerland — 10.6%
ABB Ltd		631,356		19,159
Adecco Group AG		173,578		11,737
Alcon Inc		116,395		8,185
Cie Financiere Richemont SA, Cl A		148,632		14,330
Coca-Cola HBC AG *		940,060		29,961
Credit Suisse Group AG		3,914,942		41,190
dormakaba Holding AG		2,973		2,039
EMS-Chemie Holding AG		5,829		5,227
Geberit AG		11,736		7,502
Kuehne + Nagel International AG		16,342		4,683
Logitech International SA		140,308		14,780
Lonza Group AG		29,622		16,631
Nestle SA		314,242		35,172
Novartis AG		728,586		62,528
Roche Holding AG		246,124		79,879
Schindler Holding AG		42,500		12,536
SFS Group AG		2,834		354
Sika AG		31,328		8,987
Sonova Holding AG *		3,144		836
STMicroelectronics NV		264,141		10,096
Swatch Group AG/The		163,594		47,263
Tecan Group AG		11,017		4,909
UBS Group AG		1,194,621		18,577
Vifor Pharma AG		34,188		4,673
Zurich Insurance Group AG		43,295		18,557
				479,791
Taiwan — 1.8%
Arcadyan Technology Corp		151,000		614
Asustek Computer Inc		803,000		10,483
Chicony Electronics Co Ltd		687,000		2,444
Chipmos Technologies Inc *		953,000		1,478
Compal Electronics Inc		5,851,000		5,475
eGalax_eMPIA Technology Inc		175,000		396
Gigabyte Technology Co Ltd		445,000		1,557
Global Mixed Mode Technology Inc		91,000		662
Hon Hai Precision Industry Co Ltd		3,797,000		16,501
Lite-On Technology Corp		3,430,000		7,549
MediaTek Inc		302,885		10,286
Novatek Microelectronics Corp		233,000		4,695
Quanta Computer Inc		156,000		536
Simplo Technology Co Ltd		207,000		2,692
Sitronix Technology Corp		173,000		1,449
Synnex Technology International Corp		1,083,000		2,069
T3EX Global Holdings Corp		1		–

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Taiwan Semiconductor Manufacturing Co Ltd ADR		118,152	$	13,975
				82,861
Thailand — 0.0%
Krung Thai Bank PCL		1,676,100		654
Turkey — 0.0%
Coca-Cola Icecek AS		116,094		965
United Kingdom — 10.0%
Anglo American PLC		589,833		23,132
Ashtead Group PLC		152,383		9,097
AstraZeneca PLC		15,877		1,587
Aviva PLC		341,648		1,924
B&M European Value Retail SA		1,255,693		9,144
Balfour Beatty PLC		1,188,220		4,839
Barclays PLC		17,306,853		44,394
BP PLC		9,510,021		38,661
BP PLC ADR		185,276		4,511
British American Tobacco PLC		478,024		18,295
Compass Group PLC *		636,312		12,831
Computacenter PLC		62,379		2,040
Diageo PLC		718,750		29,645
Evraz PLC		1,669,026		13,310
Ferguson PLC		65,258		7,804
Ferrexpo PLC		524,939		2,713
GlaxoSmithKline PLC		120,466		2,141
Glencore PLC *		3,810,963		14,946
Hays PLC *		1,779,388		3,670
HSBC Holdings PLC		783,313		4,574
IG Group Holdings PLC		186,542		2,319
Indivior PLC *		285,595		500
International Consolidated Airlines Group SA *		4,076,854		11,154
Investec PLC		732,515		2,215
Kingfisher PLC		1,588,549		6,976
Land Securities Group PLC		285,600		2,719
Legal & General Group PLC		1,373,942		5,291
London Stock Exchange Group PLC		43,024		4,120
M&G PLC		555,976		1,591
Naked Wines PLC *		39,863		413
Next PLC *		79,634		8,642
Ninety One PLC		375,849		1,232
Pagegroup PLC *		97,734		634
Plus500 Ltd		120,450		2,327
Prudential PLC		2,224,443		47,279
QinetiQ Group PLC		196,336		856
Reckitt Benckiser Group PLC		54,094		4,850
RELX PLC		196,033		4,920
Rio Tinto PLC		95,018		7,276
Rio Tinto PLC ADR (A)		79,425		6,167
Rolls-Royce Holdings PLC *		22,142,261		32,169
Royal Mail PLC		729,803		5,081
Smith & Nephew PLC		597,784		11,365

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 5

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

International Equity Fund (Concluded)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Unilever PLC		295,296	$	16,525
Weir Group PLC/The *		348,164		8,536
WH Smith PLC *		360,726		8,944
				453,359
United States — 2.9%
Accenture PLC, Cl A		75,877		20,961
Aon PLC, Cl A		24,031		5,530
Aptiv PLC *		59,138		8,155
ASML Holding NV, Cl G		21,934		13,541
Atlassian Corp PLC, Cl A *		64,239		13,539
GAN Ltd *		35,423		645
GlaxoSmithKline PLC ADR (A)		34,773		1,241
IHS Markit Ltd		107,360		10,390
Inmode Ltd *		12,047		872
Lululemon Athletica Inc *		25,171		7,720
Mettler-Toledo International Inc *		6,366		7,357
Nomad Foods Ltd *		561,950		15,431
ResMed Inc		47,889		9,291
Shopify Inc, Cl A *		8,002		8,855
STERIS PLC		35,273		6,719
				130,247
Total Common Stock (Cost $3,614,058) ($ Thousands)				4,329,250
PREFERRED STOCK — 0.7%
Germany — 0.7%
FUCHS PETROLUB SE (C)		10,128		486
Sartorius AG (C)		4,006		2,002
Schaeffler AG (C)		106,067		945
Volkswagen AG (C)		97,688		27,394
Total Preferred Stock (Cost $19,406) ($ Thousands)				30,827
EXCHANGE TRADED FUND — 0.1%
United States — 0.1%
iShares Trust iShares ESG Aware MSCI EAFE ETF		50,810		3,857
Total Exchange Traded Fund (Cost $3,807) ($ Thousands)				3,857
	Number of Rights
RIGHTS — 0.0%
Taiwan — 0.0%
Simplo Technology Co Ltd *‡‡		5,445		–
Total Rights (Cost $—) ($ Thousands)				–

Description	Shares		Market Value ($ Thousands)
AFFILIATED PARTNERSHIP — 2.8%
SEI Liquidity Fund, L.P. 0.020% **†(D)		130,046,652	$	130,079
Total Affiliated Partnership (Cost $130,070) ($ Thousands)				130,079
CASH EQUIVALENT — 1.8%
SEI Daily Income Trust, Government Fund, Cl F 0.010%**†		81,024,745		81,025
Total Cash Equivalent (Cost $81,025) ($ Thousands)				81,025
Total Investments in Securities — 101.0%     (Cost $3,848,366) ($ Thousands)			$	4,575,038

6 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

A list of the open futures contracts held by the Fund at March 31, 2021, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Euro STOXX 50		740		Jun-2021	$	33,290	$	33,623	$	442
FTSE 100 Index		134		Jun-2021		12,374		12,349		(33)
Hang Seng Index		31		May-2021		5,634		5,646		12
SPI 200 Index		74		Jun-2021		9,582		9,534		(39)
TOPIX Index		153		Jun-2021		27,492		27,055		(228)
					$	88,372	$	88,207	$	154

Percentages are based on Net Assets of $4,529,548 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2021.

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

^‡‡ Expiration date not available.

(A) Certain securities or partial positions of certain securities are on loan at March 31, 2021 (See Note 9). The total market value of securities on loan at March 31, 2021 was $123,127 ($ Thousands).

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

(C) No interest rate available.

(D) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of March 31, 2021 was $130,079 ($ Thousands).

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

ESG — Environmental, Social and Governance

ETF — Exchange-Traded Fund

FTSE— Financial Times Stock Exchange

L.P. — Limited Partnership

Ltd. — Limited

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

SPI — Share Price Index

TOPIX- Tokyo Price Index

The following is a list of the level of inputs used as of March 31, 2021, 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		4,328,476		774		–^		4,329,250
Preferred Stock		30,827		–		–		30,827
Exchange Traded Fund		3,857		–		–		3,857
Rights		–		–		–		–
Affiliated Partnership		–		130,079		–		130,079
Cash Equivalent		81,025		–		–		81,025
Total Investments in Securities		4,444,185		130,853		–		4,575,038

Other Financial Instruments	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		454		–		–		454
Unrealized Depreciation		(300)		–		–		(300)
Total Other Financial Instruments		154		–		–		154

^One security with a market value of $0.

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

For the period ended March 31, 2021, there were no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2021 ($ Thousands):

Security Description	Value 9/30/2020	Purchases at Cost	Proceeds from Sales	Realized Loss	Change in Unrealized Appreciation	Value 3/31/2021	Shares	Income	Capital Gains
SEI Liquidity Fund, L.P.	$94,836	$288,796	$(253,552)	$(1)	$—	$130,079	130,046,652	$206	$—
SEI Daily Income Trust, Government Fund, Cl F	71,397	204,761	(195,133)	—	—	81,025	81,024,745	2	—
Totals	$166,233	$493,557	$(448,685)	$(1)	$—	$211,104		$208	$—

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, 2021 7

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Market Equity Fund

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

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 95.5%
Argentina — 0.1%
Ternium SA ADR		23,178	$	900
Austria — 0.1%
Erste Group Bank AG		68,192		2,318
Brazil — 3.9%
Ambev SA		391,200		1,062
Ambev SA ADR		499,879		1,370
Arezzo Industria e Comercio SA		158,900		1,978
B3 SA - Brasil Bolsa Balcao		509,279		4,934
Banco Bradesco SA ADR *		713,077		3,351
Banco do Brasil SA *		633,013		3,425
Banco Santander Brasil SA		233,600		1,645
Banco Santander Brasil SA ADR (A)		108,700		766
BB Seguridade Participacoes SA		255,493		1,098
CCR SA		288,300		658
Cia de Saneamento Basico do Estado de Sao Paulo ADR *		117,754		863
Cia Energetica de Minas Gerais ADR (A)		366,493		832
Cosan SA		365,400		5,894
CPFL Energia SA		540,800		2,930
CSN Mineracao SA *		4,088,792		6,652
Cyrela Brazil Realty SA Empreendimentos e Participacoes		313,998		1,372
Energisa SA		430,138		3,448
Gerdau SA ADR		752,533		4,018
Hapvida Participacoes e Investimentos SA		278,758		733
Hypera SA *		121,000		688
JBS SA		199,967		1,067
Klabin SA *		173,786		847
Lojas Renner SA		72,200		544
Magazine Luiza SA		162,635		579
Marfrig Global Foods SA		1,105,800		3,437
Petroleo Brasileiro SA		21,549		183

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Petroleo Brasileiro SA ADR		588,973	$	4,995
Porto Seguro SA		107,757		898
Qualicorp Consultoria e Corretora de Seguros SA		132,618		715
Rumo SA *		1,287,837		4,598
SLC Agricola SA		130,921		1,037
TIM SA/Brazil *		1,090,800		2,455
TIM SA/Brazil ADR *		42,119		478
Vale SA ADR, Cl B		424,412		7,376
WEG SA		50,550		671
				77,597
Canada — 1.0%
Endeavour Mining Corp		57,098		1,151
First Quantum Minerals Ltd		616,649		11,750
Ivanhoe Mines Ltd, Cl A *		506,197		2,606
Pan American Silver Corp		55,579		1,669
Parex Resources Inc *		145,350		2,592
				19,768
Chile — 0.5%
Banco de Chile		7,169,086		848
Banco Santander Chile ADR		38,859		965
CAP SA		41,742		678
Empresas CMPC SA		518,376		1,669
Falabella SA		595,123		2,710
Sociedad Quimica y Minera de Chile SA ADR		69,396		3,683
				10,553
China — 23.5%
360 DigiTech Inc ADR *		28,193		733
Agricultural Bank of China Ltd, Cl H		12,095,000		4,838
Alibaba Group Holding Ltd *		959,808		27,160
Alibaba Group Holding Ltd ADR *		146,815		33,287
Anhui Conch Cement Co Ltd, Cl H		1,176,500		7,650
ANTA Sports Products Ltd		68,000		1,109
Baidu Inc ADR *		37,651		8,191
Bank of China Ltd, Cl H		14,556,000		5,542
Beijing Sinnet Technology Co Ltd, Cl A		961,500		2,519
Bilibili Inc ADR *		14,570		1,560
Bosideng International Holdings Ltd		1,668,816		751
BYD Co Ltd, Cl H		34,370		729
China Construction Bank Corp, Cl H		14,140,328		11,895
China Lesso Group Holdings Ltd		2,153,959		4,632
China Longyuan Power Group Corp Ltd, Cl H		1,850,238		2,513
China Merchants Bank Co Ltd, Cl H		1,175,267		8,972
China National Building Material Co Ltd, Cl H		1,084,733		1,565
China National Medicines Corp Ltd, Cl A		230,900		1,192
China Petroleum & Chemical Corp ADR		31,609		1,667
China Shenhua Energy Co Ltd, Cl H		673,500		1,388
China Vanke Co Ltd, Cl H		260,600		1,021
Chongqing Zhifei Biological Products Co Ltd, Cl A		139,000		3,658
Dongfeng Motor Group Co Ltd, Cl H		3,090,647		2,870

8 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ENN Energy Holdings Ltd		444,400	$	7,128
Fosun International Ltd		650,000		910
Fujian Green Pine Co Ltd, Cl A		1,330,800		4,326
Gree Electric Appliances Inc of Zhuhai, Cl A		438,400		4,193
Guangzhou R&F Properties Co Ltd		1,439,200		1,899
Haier Smart Home Co Ltd, Cl A		1,116,561		5,311
Haier Smart Home Co Ltd, Cl H		1,476,526		5,907
Haitian International Holdings Ltd		227,000		905
Hangzhou Robam Appliances Co Ltd, Cl A		515,966		2,874
Huadong Medicine Co Ltd, Cl A		154,100		867
Huazhu Group Ltd ADR *		101,533		5,574
Industrial & Commercial Bank of China Ltd, Cl H		19,157,068		13,750
iQIYI Inc ADR *		124,200		2,064
JD.com Inc ADR *		103,795		8,753
Jiangsu Changshu Rural Commercial Bank Co Ltd, Cl A		2,492,074		2,889
Kweichow Moutai Co Ltd, Cl A		9,400		2,881
KWG Group Holdings Ltd		3,942,303		6,744
Longfor Group Holdings Ltd		110,365		731
Lufax Holding Ltd ADR *(A)		313,670		4,554
Momo Inc ADR *		143,558		2,116
NARI Technology Co Ltd, Cl A		1,422,383		6,757
NetEase Inc ADR		139,206		14,374
New Oriental Education & Technology Group Inc ADR *		301,840		4,226
NIO Inc ADR *		58,872		2,295
Oppein Home Group Inc, Cl A		67,454		1,622
PICC Property & Casualty Co Ltd, Cl H		4,446,000		3,855
Pinduoduo Inc ADR *		43,522		5,827
Ping An Insurance Group Co of China Ltd, Cl A		991,400		11,903
Ping An Insurance Group Co of China Ltd, Cl H		2,152,574		25,625
Poly Developments and Holdings Group Co Ltd, Cl A		1,925,926		4,181
Sangfor Technologies Inc, Cl A		123,391		4,650
Shenzhen Kangtai Biological Products Co Ltd, Cl A		159,400		3,331
Shenzhou International Group Holdings Ltd		46,086		955
Sichuan Kelun Pharmaceutical Co Ltd, Cl A		802,898		2,706
Sinopec Engineering Group Co Ltd, Cl H		1,053,462		581
Sinotruk Hong Kong Ltd		956,903		2,868
Songcheng Performance Development Co Ltd, Cl A		856,100		2,800
Suofeiya Home Collection Co Ltd, Cl A		414,500		2,082
TAL Education Group ADR *		11,049		595
Tencent Holdings Ltd		959,636		75,295
Tingyi Cayman Islands Holding Corp		498,000		915
Trip.com Group Ltd ADR *		102,331		4,055
Tsingtao Brewery Co Ltd, Cl H		234,000		2,074
Tuya Inc ADR *(A)		27,026		571
Uni-President China Holdings Ltd		2,972,000		3,616

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Vipshop Holdings Ltd ADR *		273,023	$	8,152
Want Want China Holdings Ltd		1,170,000		877
Weichai Power Co Ltd, Cl H		2,186,000		5,399
Wuhu Sanqi Interactive Entertainment Network Technology Group Co Ltd, Cl A		1,480,100		4,959
WUS Printed Circuit Kunshan Co Ltd, Cl A		1,459,100		3,726
Wuxi Lead Intelligent Equipment Co Ltd, Cl A		128,800		1,552
Xianhe Co Ltd, Cl A		803,373		3,312
Yantai Jereh Oilfield Services Group Co Ltd, Cl A		375,797		2,004
Yanzhou Coal Mining Co Ltd, Cl H		832,000		985
Yifeng Pharmacy Chain Co Ltd, Cl A		171,800		2,325
Yonghui Superstores Co Ltd, Cl A		1,818,060		1,886
Yuan Longping High-tech Agriculture Co Ltd, Cl A *		1,218,200		3,314
Yum China Holdings Inc		22,289		1,320
Yunnan Baiyao Group Co Ltd, Cl A		117,900		2,168
Zhejiang Expressway Co Ltd, Cl H		3,236,000		2,868
Zhejiang Huayou Cobalt Co Ltd, Cl A		289,613		3,037
Zhejiang Juhua Co Ltd, Cl A		2,198,702		3,093
Zhejiang Weixing New Building Materials Co Ltd, Cl A		486,686		1,875
Zhongsheng Group Holdings Ltd		1,027,500		7,243
				467,672
Colombia — 0.0%
Grupo de Inversiones Suramericana SA		97,780		577
Czech Republic — 0.2%
Moneta Money Bank AS		1,151,608		4,296
Egypt — 0.1%
Commercial International Bank Egypt SAE		383,513		1,410
Germany — 0.2%
Delivery Hero SE *		29,826		3,874
Greece — 0.3%
Alpha Bank AE *		1,173,554		1,265
Eurobank Ergasias Services and Holdings SA *		3,942,746		3,360
Hellenic Telecommunications Organization SA		62,188		1,000
OPAP SA		35,671		483
				6,108
Hong Kong — 9.9%
Alibaba Health Information Technology Ltd *		1,468,000		4,154
A-Living Smart City Services Co Ltd, Cl H		1,420,000		6,301
ASM Pacific Technology Ltd		189,600		2,416
Beijing Enterprises Holdings Ltd		731,500		2,583
Bilibili Inc, Cl Z *		21,740		2,315
Chaoda Modern Agriculture Holdings Ltd *		2,056,181		24
China Cinda Asset Management Co Ltd, Cl H		3,753,000		782
China Education Group Holdings Ltd		1,367,000		2,430
China Everbright Bank Co Ltd, Cl H		1,922,470		838
China Gas Holdings Ltd		758,600		3,108

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 9

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
China High Precision Automation Group Ltd *		1,385,624	$	–
China Hongqiao Group Ltd		841,000		1,123
China Medical System Holdings Ltd		2,439,000		4,825
China Meidong Auto Holdings Ltd		1,344,000		6,232
China Merchants Port Holdings Co Ltd		1,016,000		1,558
China Resources Land Ltd		1,956,000		9,472
China Resources Pharmaceutical Group Ltd		1,481,000		924
China Southern Airlines Co Ltd, Cl H *		3,990,000		2,956
China Taiping Insurance Holdings Co Ltd		557,400		1,136
China Yongda Automobiles Services Holdings Ltd		359,000		656
China Yuhua Education Corp Ltd		962,000		754
Chinasoft International Ltd		628,074		675
Country Garden Services Holdings Co Ltd		1,084,801		10,995
CSPC Pharmaceutical Group Ltd		1,112,400		1,345
Dali Foods Group Co Ltd		1,269,000		721
Far East Horizon Ltd		705,884		848
Galaxy Entertainment Group Ltd *		814,800		7,336
Geely Automobile Holdings Ltd		2,754,000		7,007
GF Securities Co Ltd, Cl H		241,013		370
Greentown Management Holdings Co Ltd		3,201,113		1,614
Guangdong Investment Ltd		560,000		912
Guangzhou Automobile Group Co Ltd, Cl H		2,700,000		2,268
Hong Kong Exchanges & Clearing Ltd		105,900		6,231
Huatai Securities Co Ltd, Cl H		992,600		1,522
Huazhu Group Ltd *		13,200		711
Innovent Biologics Inc *		64,656		656
JD Health International Inc *		32,550		467
JD.com Inc, Cl A *		258,900		10,723
JW Cayman Therapeutics Co Ltd *		342,500		1,359
Kaisa Group Holdings Ltd		1,557,000		769
Kingboard Holdings Ltd		296,500		1,602
Kingboard Laminates Holdings Ltd		2,610,000		5,647
Kuaishou Technology, Cl B *		122,200		4,244
Kunlun Energy Co Ltd		7,574,000		7,959
Lenovo Group Ltd		4,002,659		5,694
Li Ning Co Ltd		701,114		4,554
Lonking Holdings Ltd		2,166,000		919
Meituan, Cl B *		271,800		10,425
New Oriental Education & Technology Group Inc *		156,500		2,140
Nine Dragons Paper Holdings Ltd		1,970,896		2,885
Postal Savings Bank of China Co Ltd, Cl H		6,430,000		4,805
Q Technology Group Co Ltd		463,585		943
Sands China Ltd *		516,000		2,579
Seazen Group Ltd		712,000		875
Shanghai Pharmaceuticals Holding Co Ltd, Cl H		1,516,500		2,977
Shenzhen International Holdings Ltd		14,524		24
SITC International Holdings Co Ltd		387,000		1,312
Sunny Optical Technology Group Co Ltd		124,602		2,840

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Tianneng Power International Ltd (A)		514,000	$	970
Topsports International Holdings Ltd		1,616,000		2,407
Vinda International Holdings Ltd (A)		343,000		1,158
WH Group Ltd		5,261,000		4,263
Wuxi Biologics Cayman Inc *		137,726		1,725
Xiaomi Corp, Cl B *		597,951		1,980
Xinyi Glass Holdings Ltd		682,000		2,228
Xinyi Solar Holdings Ltd		4,442,000		7,302
Yadea Group Holdings Ltd		520,000		1,154
Yuexiu Property Co Ltd		2,654,273		601
Zoomlion Heavy Industry Science and Technology Co Ltd		547,754		782
				198,110
Hungary — 1.0%
MOL Hungarian Oil & Gas PLC *		100,460		729
OTP Bank Nyrt *		164,808		7,058
Richter Gedeon Nyrt		419,504		12,393
				20,180
India — 9.5%
Adani Green Energy Ltd *		44,251		669
Ambuja Cements Ltd		793,709		3,353
Apollo Hospitals Enterprise Ltd		70,065		2,782
Apollo Tyres Ltd *		424,689		1,299
Aurobindo Pharma Ltd		83,856		1,011
Axis Bank Ltd *		79,815		761
Bajaj Auto Ltd *		33,363		1,675
Bharat Electronics Ltd		542,788		929
Cipla Ltd/India *		84,040		937
Colgate-Palmolive India Ltd		39,272		838
Container Corp Of India Ltd		226,938		1,856
Divi’s Laboratories Ltd *		13,524		670
EPL Ltd		881,676		2,848
GAIL India Ltd		364,186		675
GMM Pfaudler Ltd		25,956		1,529
Godrej Properties Ltd *		85,618		1,647
Grasim Industries Ltd		46,866		930
HCL Technologies Ltd		841,472		11,309
HDFC Bank Ltd *		391,080		7,989
HDFC Life Insurance Co Ltd *		72,493		690
Hero MotoCorp Ltd		112,758		4,493
Hindalco Industries Ltd		379,893		1,698
Hindustan Petroleum Corp Ltd		283,134		908
Hindustan Unilever Ltd		10,862		361
Housing Development Finance Corp Ltd		551,934		18,858
ICICI Bank Ltd *		1,159,669		9,233
ICICI Bank Ltd ADR *		560,918		8,992
ICICI Lombard General Insurance Co Ltd		125,647		2,463
Indus Towers Ltd		158,583		531
IndusInd Bank Ltd *		463,916		6,056
Infosys Ltd		279,073		5,222
Infosys Ltd ADR		142,764		2,672
InterGlobe Aviation Ltd *		102,918		2,297

10 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ITC Ltd		396,601	$	1,185
JM Financial Ltd		394,379		456
Jubilant Foodworks Ltd *		21,720		865
LIC Housing Finance Ltd		194,234		1,138
Mahindra & Mahindra Ltd		253,143		2,753
Manappuram Finance Ltd		516,889		1,055
Motherson Sumi Systems Ltd *		699,328		1,927
Oil & Natural Gas Corp Ltd		1,027,423		1,435
Petronet LNG Ltd		2,224,617		6,835
Power Grid Corp of India Ltd		343,635		1,014
Reliance Industries Ltd		729,805		17,001
SBI Cards & Payment Services Ltd		239,216		3,037
Spandana Sphoorty Financial Ltd *		115,304		956
State Bank of India *		1,162,456		5,792
Strides Pharma Science Ltd		123,345		1,425
Sun Pharmaceutical Industries Ltd		191,219		1,563
Tata Consultancy Services Ltd		319,427		13,884
Tech Mahindra Ltd		237,879		3,226
Torrent Power Ltd		333,564		1,934
TVS Motor Co Ltd		156,379		1,251
UltraTech Cement Ltd		50,193		4,626
United Breweries Ltd		118,474		2,012
UPL Ltd		128,283		1,126
Vedanta Ltd		599,974		1,877
Wipro Ltd		152,890		866
WNS Holdings Ltd ADR *		17,029		1,234
				188,654
Indonesia — 1.0%
Astra International Tbk PT		7,034,900		2,555
Bank Central Asia Tbk PT		1,663,873		3,560
Bank Mandiri Persero Tbk PT		2,115,387		895
Bank Rakyat Indonesia Persero Tbk PT		28,688,530		8,691
Indofood Sukses Makmur Tbk PT		4,170,200		1,895
Sarana Menara Nusantara Tbk PT		9,335,000		707
Telkom Indonesia Persero Tbk PT		5,535,800		1,303
United Tractors Tbk PT		447,300		681
				20,287
Malaysia — 0.4%
Bursa Malaysia Bhd		730,200		1,576
Frontken Corp Bhd		707,402		867
Genting Bhd		657,900		798
Hong Leong Bank Bhd		174,400		786
Kossan Rubber Industries		750,364		590
Petronas Gas Bhd		110,657		427
Public Bank Bhd		701,000		710
Telekom Malaysia Bhd		451,805		668
VS Industry Bhd		1,027,200		706
				7,128
Mexico — 1.6%
Alfa SAB de CV, Cl A		913,169		529
America Movil SAB de CV ADR, Cl L		103,692		1,408
Cemex SAB de CV ADR *		1,448,137		10,093

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Fomento Economico Mexicano SAB de CV		435,861	$	3,281
Gruma SAB de CV, Cl B		66,510		787
Grupo Bimbo SAB de CV, Ser A		237,189		497
Grupo Financiero Banorte SAB de CV, Cl O *		1,162,800		6,550
Grupo Mexico SAB de CV, Ser B		983,442		5,178
Kimberly-Clark de Mexico SAB de CV, Cl A		453,870		776
Qualitas Controladora SAB de CV		191,603		1,053
Wal-Mart de Mexico SAB de CV		468,100		1,477
				31,629
Netherlands — 0.4%
InPost SA *		182,575		2,997
Prosus NV		43,933		4,895
				7,892
Norway — 0.1%
Yara International ASA		43,109		2,246
Peru — 0.2%
Credicorp Ltd *		28,946		3,953
Philippines — 0.1%
Globe Telecom Inc		31,970		1,238
Poland — 0.7%
Allegro.eu SA *		139,478		1,964
Cyfrowy Polsat SA		128,694		964
Dino Polska SA *		99,059		6,542
Polski Koncern Naftowy ORLEN SA		171,182		2,753
Polskie Gornictwo Naftowe i Gazownictwo SA		557,169		849
Powszechna Kasa Oszczednosci Bank Polski SA *		191,537		1,589
				14,661
Qatar — 0.3%
Commercial Bank PSQC/The		1,569,940		2,091
Masraf Al Rayan QSC		782,506		922
Ooredoo QPSC		672,257		1,306
Qatar Gas Transport Co Ltd		1,069,057		926
				5,245
Russia — 3.5%
Detsky Mir PJSC		1,383,557		2,613
Gazprom PJSC ADR		371,838		2,229
Inter RAO UES PJSC		9,685,000		658
LUKOIL PJSC ADR		253,996		20,522
Magnit GDR *		180,382		2,548
Magnit PJSC GDR		13,117		197
Mobile TeleSystems PJSC ADR		576,648		4,809
Ozon Holdings PLC ADR *(A)		21,378		1,199
Polyus PJSC		9,913		1,836
Rosneft Oil Co PJSC		691,933		5,231
Sberbank of Russia PJSC		500,471		1,924
Sberbank of Russia PJSC ADR		908,718		14,003
Surgutneftegas PJSC ADR		229,937		1,040
X5 Retail Group NV GDR		57,790		1,863

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 11

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Yandex NV, Cl A *		144,462	$	9,254
				69,926
Saudi Arabia — 0.9%
Advanced Petrochemical Co		39,986		779
Al Rajhi Bank		143,916		3,791
Arab National Bank		133,500		743
Riyad Bank		386,790		2,314
Sahara International Petrochemical Co		137,842		812
Saudi Basic Industries Corp		75,727		2,371
Saudi British Bank/The *		89,099		626
SAUDI NATIONAL BANK		270,416		3,829
Saudi Telecom Co		55,549		1,878
				17,143
South Africa — 3.6%
Absa Group Ltd *		148,252		1,266
African Rainbow Minerals Ltd		42,322		797
Anglo American Platinum Ltd		8,555		1,247
Bid Corp Ltd *		151,589		2,936
Capitec Bank Holdings Ltd *		34,264		3,295
Exxaro Resources Ltd		87,967		1,036
FirstRand Ltd (A)		2,057,314		7,192
Gold Fields Ltd		158,441		1,475
Gold Fields Ltd ADR		441,107		4,186
Impala Platinum Holdings Ltd		97,797		1,813
Kumba Iron Ore Ltd		45,492		1,875
Mr Price Group Ltd		304,074		3,987
Naspers Ltd, Cl N		92,995		22,242
Nedbank Group Ltd		285,871		2,710
Old Mutual Ltd		2,028,274		1,735
Sasol Ltd *		45,055		646
Shoprite Holdings Ltd		398,967		4,245
Sibanye Stillwater Ltd		1,618,209		7,123
Vodacom Group Ltd		152,991		1,308
Woolworths Holdings Ltd/South Africa *		327,499		1,097
				72,211
South Korea — 14.2%
Amorepacific Corp		5,009		1,144
Celltrion Healthcare Co Ltd *		6,133		737
Celltrion Inc *		2,731		783
CJ CheilJedang Corp		17,650		6,410
CJ ENM Co Ltd		56,182		7,064
CJ Logistics Corp *		6,037		976
Com2uSCorp		18,575		2,774
Coway Co Ltd		72,615		4,203
DB HiTek Co Ltd		15,206		756
DB Insurance Co Ltd		27,627		1,155
Doosan Bobcat Inc *		27,797		1,034
E-MART Inc		30,904		4,669
Fila Holdings Corp		18,884		720
GS Engineering & Construction Corp		23,818		905
GS Holdings Corp		41,787		1,444
Hana Financial Group Inc		395,617		14,961

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hankook Tire & Technology Co Ltd		68,926	$	2,987
Hansol Chemical Co Ltd		4,517		962
Hyosung TNC Corp		1,925		975
Hyundai Glovis Co Ltd		7,005		1,161
Hyundai Marine & Fire Insurance Co Ltd		28,700		621
Hyundai Mobis Co Ltd		29,553		7,625
Hyundai Motor Co		8,016		1,544
Kakao Corp		12,578		5,535
Kangwon Land Inc *		34,449		770
KB Financial Group Inc		103,315		5,130
Kia Corp		74,303		5,443
Korea Gas Corp *		24,162		719
Korea Investment Holdings Co Ltd		13,803		1,044
Korea Petrochemical Ind Co Ltd		11,844		3,406
Korea Shipbuilding & Offshore Engineering Co Ltd *		8,684		1,024
Korea Zinc Co Ltd		5,301		1,913
Kumho Petrochemical Co Ltd		5,806		1,359
LG Chem Ltd		15,372		10,934
LG Electronics Inc		13,808		1,830
LG Household & Health Care Ltd		573		795
LG Innotek Co Ltd		4,185		760
Lotte Chemical Corp		4,177		1,111
Lotte Shopping Co Ltd		28,469		3,170
Mando Corp *		45,761		2,661
Meritz Fire & Marine Insurance Co Ltd		108,369		1,853
NAVER Corp		22,946		7,644
NCSoft Corp		15,283		11,789
NICE Information Service Co Ltd		33,434		749
Orion Corp/Republic of Korea		31,147		3,605
PI Advanced Materials Co Ltd		47,511		1,919
POSCO		20,611		5,828
POSCO ADR		30,989		2,237
Posco International Corp		47,262		841
Samsung Biologics Co Ltd *		6,787		4,486
Samsung Electro-Mechanics Co Ltd		28,895		4,787
Samsung Electronics Co Ltd		1,188,893		85,510
Samsung SDI Co Ltd		4,416		2,575
Shinhan Financial Group Co Ltd		30,500		1,009
SK Hynix Inc		224,762		26,314
SK Telecom Co Ltd		21,191		5,149
Soulbrain Co Ltd/New		6,528		1,671
WONIK IPS Co Ltd		44,914		2,052
				283,232
Switzerland — 0.1%
Wizz Air Holdings Plc *		25,746		1,713
Taiwan — 13.5%
Accton Technology Corp		297,200		2,875
Acer Inc		882,000		972
ASE Technology Holding Co Ltd		193,552		729
Asia Cement Corp		2,262,000		3,789
Asustek Computer Inc		128,886		1,683

12 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Chailease Holding Co Ltd		1,426,804	$	9,851
Cheng Shin Rubber Industry Co Ltd		502,000		848
Chicony Electronics Co Ltd		244,000		868
Chunghwa Telecom Co Ltd		907,000		3,544
Compal Electronics Inc		1,734,000		1,623
CTBC Financial Holding Co Ltd		8,327,000		6,450
Delta Electronics Inc		661,000		6,672
Eva Airways Corp *		1,552,000		854
Evergreen Marine Corp Taiwan Ltd		520,000		829
Formosa Chemicals & Fibre Corp		635,000		1,949
Formosa Plastics Corp		216,000		765
Fubon Financial Holding Co Ltd		4,440,477		8,839
Hon Hai Precision Industry Co Ltd		1,084,000		4,711
Innolux Corp		3,704,000		2,739
Keystone Microtech Corp		162,000		1,956
Kinsus Interconnect Technology Corp		732,000		2,873
LandMark Optoelectronics Corp		241,000		2,280
Largan Precision Co Ltd		41,000		4,613
Lite-On Technology Corp		684,000		1,505
MediaTek Inc		327,001		11,105
Mega Financial Holding Co Ltd		615,000		688
Merida Industry Co Ltd		229,000		2,801
Micro-Star International Co Ltd		1,558,000		9,501
Nan Ya Plastics Corp		640,000		1,790
Nien Made Enterprise Co Ltd		105,000		1,465
Parade Technologies Ltd		50,600		2,172
Phison Electronics Corp		59,000		1,010
Pou Chen		707,000		818
Powertech Technology Inc		378,250		1,398
Quanta Computer Inc		543,000		1,865
Realtek Semiconductor Corp		67,053		1,161
Silergy Corp		17,790		1,437
Simplo Technology Co Ltd		74,000		962
SinoPac Financial Holdings Co Ltd		2,082,000		938
Synnex Technology International Corp		604,000		1,154
T3EX Global Holdings Corp		444,000		859
Taishin Financial Holding Co Ltd		2,039,000		958
Taiwan Semiconductor Manufacturing
Co Ltd		5,662,278		116,488
Taiwan Semiconductor Manufacturing Co
Ltd ADR		112,208		13,272
Tong Hsing Electronic Industries Ltd		453,313		3,249
Tripod Technology Corp		190,000		936
Uni-President Enterprises Corp		2,662,000		6,811
United Microelectronics Corp		1,146,272		2,017
Wiwynn Corp		186,000		5,495
WPG Holdings Ltd		817,250		1,398
Yageo Corp *		114,000		2,209
Yuanta Financial Holding Co Ltd		2,152,927		1,698
				269,472
Thailand — 1.7%
Airports of Thailand PCL		582,800		1,287

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Airports of Thailand PCL NVDR		449,500	$	993
Bangkok Bank PCL		359,100		1,448
Central Pattana PCL		1,194,800		2,227
Charoen Pokphand Foods PCL NVDR (A)		1,342,100		1,267
Chularat Hospital PCL NVDR		7,040,338		658
CP ALL PCL		1,008,100		2,234
Home Product Center PCL		16,267,354		7,704
Kasikornbank NVDR		230,200		1,068
Kasikornbank PCL		144,600		671
Mega Lifesciences PCL NVDR (A)		500,900		549
PTT Exploration & Production PCL NVDR		334,100		1,219
PTT PCL NVDR		4,330,828		5,682
RS PCL NVDR		932,100		865
Siam Cement PCL/The		158,300		2,021
Sri Trang Agro-Industry PCL NVDR		393,300		588
Thai Beverage PCL		3,986,450		2,196
Thai Union Group PCL, Cl F		3,568,100		1,678
				34,355
Turkey — 0.3%
BIM Birlesik Magazalar AS		71,697		612
Eregli Demir ve Celik Fabrikalari TAS		386,070		712
Ford Otomotiv Sanayi AS		27,679		646
Haci Omer Sabanci Holding AS		629,042		654
KOC Holding AS		300,637		705
Turk Telekomunikasyon AS		642,472		526
Turkcell Iletisim Hizmetleri AS		214,816		388
Turkiye Sise ve Cam Fabrikalari AS		2,449,477		2,155
				6,398
United Arab Emirates — 0.3%
Aldar Properties PJSC		1,774,459		1,817
Dubai Islamic Bank PJSC		599,114		742
Emaar Properties PJSC		3,483,689		3,357
				5,916
United Kingdom — 1.6%
Anglo American PLC		82,161		3,231
Antofagasta PLC		69,922		1,631
Fix Price Group Ltd GDR *		365,888		3,586
Hochschild Mining PLC		648,159		1,750
Kaspi.KZ JSC GDR		64,460		4,580
KAZ Minerals PLC		298,703		3,573
NAC Kazatomprom JSC GDR		51,104		1,257
Network International Holdings PLC		513,058		2,928
Polymetal International PLC		124,961		2,447
Polyus PJSC GDR		10,615		983
Rio Tinto PLC		38,449		2,944
Tullow Oil PLC *(A)		2,543,643		1,657
VTB Bank PJSC GDR		516,412		563
				31,130
United States — 0.4%
Flex Ltd *		110,071		2,015
Pagseguro Digital Ltd, Cl A *		48,179		2,231
Southern Copper Corp		22,231		1,509

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 13

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Star Bulk Carriers Corp *		117,621	$	1,727
Vasta Platform Ltd, Cl A *		98,815		973
				8,455
Vietnam — 0.3%
Hoa Phat Group JSC		1,619,794		3,285
Vincom Retail JSC *		1,724,445		2,444
				5,729
Total Common Stock (Cost $1,342,649) ($ Thousands)				1,901,976
PREFERRED STOCK — 2.1%
Brazil — 0.7%
Banco Bradesco SA *(B)		1,972,477		9,312
Centrais Eletricas Brasileiras SA, 4.880%		88,200		541
Cia Paranaense de Energia, 2.720%		1,495,770		1,892
Itau Unibanco Holding SA (B)		265,983		1,317
Petroleo Brasileiro SA (B)		61,700		265
				13,327
Chile — 0.1%
Embotelladora Andina SA (B)		241,173		641
Sociedad Quimica y Minera de Chile SA, Cl B (B)		48,091		2,578
				3,219
South Korea — 1.3%
Hyundai Motor Co (B)		50,326		4,404
LG Chem Ltd (B)		8,171		2,772
Samsung Electronics Co Ltd (B)		299,551		19,322
				26,498
Total Preferred Stock (Cost $35,053) ($ Thousands)				43,044
	Number of Rights
RIGHTS — 0.0%
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Expires 04/19/2021 *		5,969		18
Hong Kong — 0.0%
China Resources Land *‡‡		11,200		–
KWG Group Holdings Ltd *‡‡		13,207		–
Shimao Group Holdings Ltd *‡‡		3,893		4
Taiwan — 0.0%
Simplo Technology Co Ltd *‡‡		1,414		–
Total Rights (Cost $—) ($ Thousands)				22

Description	Number of Warrants		Market Value ($ Thousands)
WARRANT — 0.0%
Thailand — 0.0%
Minor International PCL, Expires 07/31/2023 *		1	$	–
Total Warrant (Cost $—) ($ Thousands)				–
	Face Amount (Thousands)
DEBENTURE BOND — 0.0%
Brazil — 0.0%
Vale, Ser 1997 0.000% (C)(D)	BRL	8		–
Total Debenture Bond (Cost $—) ($ Thousands)				–
	Shares
AFFILIATED PARTNERSHIP — 0.7%
SEI Liquidity Fund, L.P. 0.020% **†(E)		13,160,287		13,167
Total Affiliated Partnership (Cost $13,162) ($ Thousands)				13,167
CASH EQUIVALENT — 1.4%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**†		27,653,931		27,654
Total Cash Equivalent (Cost $27,654) ($ Thousands)				27,654
Total Investments in Securities — 99.7% (Cost $1,418,518) ($ Thousands)			$	1,985,863

14 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

A list of the open futures contracts held by the Fund at March 31, 2021, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Depreciation (Thousands)
MSCI Emerging Markets		346		Jun-2021	$	22,893	$	22,879	$	(14)

Percentages are based on Net Assets of $1,992,032 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2021.

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

^‡‡ Expiration date not available.

(A) Certain securities or partial positions of certain securities are on loan at March 31, 2021 (See Note 9). The total market value of securities on loan at March 31, 2021 was $12,784 ($ Thousands).

(B) No interest rate available.

(C) Perpetual security with no stated maturity date.

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

(E) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of March 31, 2021 was $13,167 ($ Thousands).

ADR — American Depositary Receipt

BRL — Brazilian Real

Cl — Class

GDR — Global Depositary Receipt

JSC — Joint-Stock Company

L.P. — Limited Partnership

Ltd. — Limited

MSCI —Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

Ser — Series

The following is a list of the level of inputs used as of March 31, 2021, 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		1,896,854		5,122		–		1,901,976
Preferred Stock		43,044		–		–		43,044
Rights		22		–		–		22
Warrant		–		–		–		–
Debenture Bond		–		–		–		–
Affiliated Partnership		–		13,167		–		13,167
Cash Equivalent		27,654		–		–		27,654
Total Investments in Securities		1,967,574		18,289		–		1,985,863

Other Financial Instruments	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(14)		–		–		(14)
Total Other Financial Instruments		(14)		–		–		(14)

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

For the period ended March 31, 2021, there were no transfers in or out of Level 3.

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 15

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Market Equity Fund (Concluded)

The following is a summary of the transactions with affiliates for the period ended March 31, 2021 ($ Thousands):

Security Description	Value 9/30/2020	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Depreciation	Value 3/31/2021	Shares	Income	Capital Gains
SEI Liquidity Fund, L.P.	$20,023	$71,706	$(78,559)	$—	$(3)	$13,167	13,160,287	$149	$—
SEI Daily Income Trust, Government Fund, Cl F	27,199	133,777	(133,322)	—	—	27,654	27,653,931	1	—
Totals	$47,222	$205,483	$(211,881)	$—	$(3)	$40,821		$150	$—

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

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

16 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

International Fixed Income Fund

^†Percentages based on total investments.

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS — 91.2%
Argentina — 0.0%
MercadoLibre Inc
2.375%, 01/14/2026	$		200	$	199
Australia — 2.7%
Australia & New Zealand Banking Group
4.500%, 03/19/2024 (A)			200		220
Australia & New Zealand Banking Group MTN
5.000%, 08/16/2023	AUD		750		632
3.625%, 07/18/2022	EUR		300		371
Australia Government Bond
4.750%, 04/21/2027	AUD		820		762
4.500%, 04/21/2033			195		190
3.750%, 04/21/2037			1,463		1,336
3.250%, 04/21/2025			843		713
3.000%, 03/21/2047			2,513		2,036
2.750%, 04/21/2024			1,230		1,012
2.750%, 06/21/2035			1,243		1,016
2.750%, 05/21/2041			829		654
2.500%, 05/21/2030			923		755
2.250%, 05/21/2028			33		27
1.750%, 06/21/2051			972		592
BHP Billiton Finance
4.750%, VAR EUR Swap Annual 5 Yr+4.363%, 04/22/2076	EUR		101		119
Commonwealth Bank of Australia MTN
3.000%, 05/03/2022			330		403
0.375%, 04/11/2024			455		547
Glencore Finance Europe MTN
1.625%, 01/18/2022			240		285
1.500%, 10/15/2026			120		148
National Australia Bank
5.000%, 03/11/2024	AUD		750		644
National Australia Bank MTN
2.250%, 06/06/2025	EUR		206		268

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Westpac Banking MTN
1.250%, 01/14/2033	EUR		310	$	404
Westpac Banking Corp MTN
0.500%, 05/17/2024			885		1,069
					14,203
Austria — 1.3%
JAB Holdings BV
1.000%, 12/20/2027			400		483
Republic of Austria Government Bond (A)
4.150%, 03/15/2037			326		623
3.650%, 04/20/2022			1,045		1,283
2.400%, 05/23/2034			110		169
2.100%, 09/20/2117			50		102
0.850%, 06/30/2120			9		10
0.750%, 10/20/2026			1,194		1,501
0.750%, 03/20/2051			515		641
0.000%, 02/20/2030 (B)			810		966
Republic of Austria Government Bond, Ser 97-6
6.250%, 07/15/2027			525		880
					6,658
Belgium — 1.9%
Ageas
1.875%, VAR Euribor 3 Month+3.100%, 11/24/2051			200		232
Anheuser-Busch InBev MTN
2.250%, 05/24/2029	GBP		205		293
Anheuser-Busch InBev Worldwide
4.000%, 04/13/2028	$		495		551
Kingdom of Belgium Government Bond
4.250%, 03/28/2041 (A)	EUR		470		946
3.750%, 06/22/2045			259		516
3.000%, 06/22/2034 (A)			346		558
2.600%, 06/22/2024 (A)			243		316
1.700%, 06/22/2050 (A)			321		468
1.600%, 06/22/2047 (A)			351		498
1.000%, 06/22/2026 (A)			370		469
1.000%, 06/22/2031 (A)			490		638
0.900%, 06/22/2029 (A)			533		685
0.800%, 06/22/2025 (A)			263		327
0.500%, 10/22/2024 (A)			267		326
0.200%, 10/22/2023 (A)			1,050		1,261
0.000%, 10/22/2027 (A)(B)			1,425		1,717
Kingdom of Belgium Government Bond, Ser 44
5.000%, 03/28/2035 (A)			64		125
					9,926
Brazil — 0.0%
OEC Finance
7.125%, 12/26/2046	$		152		24

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 17

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
4.375%, 10/25/2029	$		103	$	17
					41
Canada — 7.2%
Bank of Montreal
0.750%, 09/21/2022	EUR		235		281
Bank of Montreal MTN
0.125%, 04/19/2021			280		329
Bank of Nova Scotia MTN
0.750%, 09/17/2021			570		674
Bell Canada MTN
4.700%, 09/11/2023	CAD		80		69
Canada Housing Trust No. 1 (A)
2.250%, 12/15/2025			2,235		1,865
1.750%, 06/15/2022			2,465		1,997
Canadian Government Bond
5.750%, 06/01/2033			1,205		1,386
2.750%, 12/01/2048			400		374
2.750%, 12/01/2048			300		280
2.500%, 06/01/2024			1,546		1,308
2.250%, 06/01/2029			1,314		1,119
1.500%, 06/01/2023			107		87
1.500%, 06/01/2026			7,545		6,150
1.000%, 09/01/2022			525		423
1.000%, 06/01/2027			1,375		1,088
0.750%, 09/01/2021			655		523
0.500%, 09/01/2025			1,874		1,469
Canadian Imperial Bank of Commerce
0.239%, 07/25/2022 (B)	EUR		445		526
Canadian Treasury Bill
0.082%, 06/10/2021 (B)	CAD		3,669		2,919
Canadian When Issued Government Bond
2.000%, 12/01/2051			117		94
Cenovus Energy
5.375%, 07/15/2025	$		35		39
Export Development Canada MTN
2.400%, 06/07/2021	AUD		1,259		963
Government of Canada
3.500%, 12/01/2045	CAD		158		164
Husky Energy
4.400%, 04/15/2029	$		169		180
Ontario Teachers’ Finance Trust
0.500%, 05/06/2025	EUR		1,066		1,294
Province of Alberta Canada MTN
1.000%, 11/15/2021	GBP		650		901
Province of Ontario Canada
4.700%, 06/02/2037	CAD		1,355		1,383
4.650%, 06/02/2041			540		560
2.800%, 06/02/2048			2,200		1,761
2.600%, 06/02/2025			1,614		1,359
2.400%, 06/02/2026			585		488
1.600%, 02/25/2031	$		630		602

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Province of Ontario Canada MTN
0.250%, 12/15/2026	GBP		1,533	$	2,054
Province of Quebec Canada
6.250%, 06/01/2032	CAD		720		796
3.500%, 12/01/2048			520		473
Province of Quebec Canada MTN
3.700%, 05/20/2026	AUD		568		483
Rogers Communications
4.000%, 06/06/2022	CAD		165		136
Suncor Energy MTN
3.100%, 11/26/2021			900		728
Toronto-Dominion Bank
0.000%, 02/09/2024 (B)	EUR		490		583
					37,908
Cayman Islands — 0.0%
Odebrecht Holdco Finance Ltd
2.041%, 09/10/2058 (B)	$		311		8
China — 7.6%
Alibaba Group Holdings LLC
3.400%, 12/06/2027			260		279
China Development Bank
4.880%, 02/09/2028	CNY		10,600		1,746
3.650%, 05/21/2029			18,120		2,767
3.480%, 01/08/2029			23,680		3,575
3.390%, 07/10/2027			9,530		1,441
3.230%, 01/10/2025			11,360		1,727
China Government Bond
3.810%, 09/14/2050			39,450		6,125
3.390%, 03/16/2050			11,370		1,629
3.280%, 12/03/2027			55,350		8,498
3.270%, 11/19/2030			22,180		3,407
3.020%, 10/22/2025			100		15
2.850%, 06/04/2027			12,510		1,871
2.680%, 05/21/2030			9,380		1,366
2.360%, 07/02/2023			18,330		2,767
1.990%, 04/09/2025			12,970		1,899
Prosus
3.680%, 01/21/2030 (A)	$		275		284
Sinopec Group Overseas Development 2018
2.700%, 05/13/2030			280		278
Tencent Holdings Ltd MTN
2.390%, 06/03/2030	CNY		285		275
Weibo
3.500%, 07/05/2024	$		200		211
					40,160
Colombia — 0.5%
Colombian TES
10.000%, 07/24/2024	COP		1,833,400		583
7.750%, 09/18/2030			3,567,200		1,020
7.500%, 08/26/2026			1,100,600		324

18 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
7.250%, 10/18/2034	COP		164,600	$	44
7.000%, 05/04/2022			312,500		89
7.000%, 06/30/2032			968,800		256
6.000%, 04/28/2028			1,690,100		450
5.750%, 11/03/2027			176,100		47
					2,813
Czech Republic — 0.2%
Czech Republic Government Bond
4.700%, 09/12/2022	CZK		7,470		355
2.500%, 08/25/2028			14,630		691
					1,046
Denmark — 0.4%
Danske Bank MTN
5.875%, VAR EUR Swap Annual 7 Yr+5.471% (C)	EUR		344		420
Kingdom of Denmark
4.500%, 11/15/2039	DKK		2,040		573
1.500%, 11/15/2023			4,025		670
Kommunekredit MTN
0.125%, 09/26/2040	EUR		275		296
Orsted
6.250%, VAR EUR Swap Annual 5 Yr+4.750%, 06/26/2099			210		277
					2,236
Egypt — 0.0%
Egypt Government International Bond MTN
4.750%, 04/11/2025 (A)			170		207
Finland — 0.3%
Finland Government Bond (A)
1.375%, 04/15/2047			130		189
0.000%, 09/15/2030 (B)			409		487
Government of Finland
0.875%, 09/15/2025 (A)			355		445
Nordea Kiinnitysluottopankki MTN
0.250%, 03/18/2026			480		582
					1,703
France — 6.5%
BNP Paribas
6.750%, VAR USD Swap Semi 30/360 5 Yr Curr+4.916% (C)	$		340		353
BNP Paribas MTN
3.375%, 01/23/2026	GBP		490		739
2.875%, 10/01/2026	EUR		160		211
1.250%, 03/19/2025			375		461
BNP Paribas Home Loan SFH
0.375%, 05/07/2025			400		485
BPCE
1.000%, 01/20/2026 (A)	$		950		927

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
BPCE MTN
2.000%, 06/05/2025	AUD		440	$	344
1.125%, 01/18/2023	EUR		300		360
BPCE SFH MTN
3.750%, 09/13/2021			200		239
Bpifrance
0.064%, 11/25/2022 (B)			600		711
Caisse d’Amortissement de la Dette Sociale
1.375%, 01/20/2031 (A)	$		953		903
Caisse Francaise de Financement Local MTN
3.000%, 10/02/2028	EUR		100		145
0.500%, 01/19/2026			500		611
Cie de Financement Foncier
0.375%, 12/11/2024			300		363
Cie de Financement Foncier MTN
5.500%, 01/26/2027	GBP		387		670
CNP Assurances
1.875%, 10/20/2022	EUR		200		242
Credit Agricole
7.875%, VAR USD Swap Semi 30/360 5 Yr Curr+4.898% (C)	$		200		224
Credit Agricole Assurances
4.750%, VAR EUR Swap Annual 5 Yr+5.350%, 09/27/2048	EUR		200		287
Credit Agricole Home Loan SFH MTN
1.250%, 03/24/2031			300		395
0.250%, 02/23/2024			700		840
Dexia Credit Local MTN
0.625%, 02/03/2024			200		242
0.500%, 01/17/2025			300		364
0.000%, 05/29/2024 (B)			1,200		1,428
Electricite de France MTN
5.375%, VAR EUR Swap Annual 12 Yr+3.794% (C)			200		267
4.000%, 11/12/2025			350		487
Elis SA
1.000%, 04/03/2025			100		115
Engie MTN
0.875%, 03/27/2024			300		363
0.375%, 02/28/2023			100		119
French Republic Government Bond OAT
5.750%, 10/25/2032			403		787
4.500%, 04/25/2041			369		769
4.000%, 10/25/2038			99		188
4.000%, 04/25/2055 (A)			195		446
2.750%, 10/25/2027			242		344
2.500%, 05/25/2030			238		347
1.750%, 05/25/2023			2,359		2,916
1.750%, 06/25/2039 (A)			60		87
1.750%, 05/25/2066 (A)			277		427
1.500%, 05/25/2050 (A)			1,035		1,451

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 19

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
0.750%, 05/25/2028	EUR		279	$	353
0.750%, 11/25/2028			277		351
0.500%, 05/25/2029			284		353
0.500%, 06/25/2044 (A)			1,380		1,589
0.000%, 03/25/2025 (B)			1,456		1,750
0.000%, 02/25/2023 (B)			1,007		1,198
0.000%, 02/25/2026 (B)			795		957
0.000%, 11/25/2029 (B)			297		354
0.000%, 11/25/2030 (B)			270		319
Orange MTN
2.500%, 03/01/2023			500		618
SNCF Reseau MTN
2.000%, 02/05/2048			300		425
SNCF Reseau EPIC MTN
5.500%, 12/01/2021	GBP		205		293
4.250%, 10/07/2026	EUR		200		293
2.250%, 12/20/2047			300		451
1.125%, 05/19/2027			300		380
1.125%, 05/25/2030			200		255
Societe Generale
4.250%, 04/14/2025 (A)	$		325		352
Societe Generale MTN
1.125%, 01/23/2025	EUR		100		121
Societe Nationale SNCF
1.000%, 05/25/2040			400		473
SPCM SA
2.000%, 02/01/2026			117		140
Suez
2.875%, VAR EUR Swap Annual 5 Yr+2.504% (C)			300		366
TOTAL MTN (C)
3.369%, VAR EUR Swap Annual 5 Yr+3.350%			260		338
1.750%, VAR EUR Swap Annual 5 Yr+1.765%			115		138
Total Capital International MTN
4.250%, 11/26/2021	AUD		640		499
UNEDIC ASSEO MTN
1.250%, 05/25/2033	EUR		700		925
WEA Finance LLC
2.875%, 01/15/2027 (A)	$		285		283
					34,231
Germany — 4.6%
ADLER Group
3.250%, 08/05/2025	EUR		200		245
Bundesrepublik Deutschland Bundesanleihe
4.000%, 01/04/2037			411		795
3.250%, 07/04/2042			954		1,878
1.250%, 08/15/2048			1,626		2,437
0.500%, 02/15/2026			138		172
0.281%, 08/15/2026 (B)			915		1,112

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
0.250%, 02/15/2027	EUR		2,160	$	2,667
0.000%, 08/15/2030 (B)			1,835		2,236
0.000%, 05/15/2035 (B)			671		795
Cheplapharm Arzneimittel GmbH
3.500%, 02/11/2027 (A)			191		228
Commerzbank MTN
4.000%, VAR EUR Swap Annual 5 Yr+4.350%, 12/05/2030			200		256
Daimler International Finance BV MTN
0.250%, 11/06/2023			430		509
Deutsche Bank NY
2.129%, VAR United States Secured Overnight Financing Rate+1.870%, 11/24/2026	$		415		416
Deutsche Telekom MTN
1.750%, 12/09/2049	EUR		100		121
Deutsche Telekom International Finance BV MTN
0.625%, 04/03/2023			225		269
E.ON MTN
0.000%, 12/18/2023 (B)			550		649
IHO Verwaltungs GmbH
3.625%, 05/15/2025 (A)			175		209
Kreditanstalt fuer Wiederaufbau
2.600%, 06/20/2037	JPY		160,000		2,012
0.500%, 09/15/2027	EUR		510		631
0.125%, 06/07/2023			1,020		1,219
Kreditanstalt fuer Wiederaufbau MTN
0.000%, 09/30/2026 (B)			1,744		2,095
Landwirtschaftliche Rentenbank MTN
0.625%, 05/18/2027			225		280
Merck Financial Services GmbH MTN
0.125%, 07/16/2025			400		474
Siemens Financieringsmaatschappij
1.200%, 03/11/2026 (A)	$		775		766
Vertical Midco GmbH
4.375%, 07/15/2027 (A)	EUR		240		296
Volkswagen International Finance
1.125%, 10/02/2023			400		484
Volkswagen Leasing GmbH MTN
1.125%, 04/04/2024			520		630
WEPA Hygieneprodukte GmbH
2.875%, 12/15/2027			298		350
					24,231
Hungary — 0.2%
Hungary Government Bond
3.000%, 06/26/2024	HUF		297,650		1,013
Indonesia — 0.6%
Indonesia Government International Bond
8.375%, 03/15/2034	IDR		20,797,000		1,566
1.450%, 09/18/2026	EUR		300		363

20 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Indonesia Treasury Bond
7.500%, 06/15/2035	IDR		2,199,000	$	154
7.375%, 05/15/2048			7,641,000		523
7.000%, 09/15/2030			2,246,000		156
6.500%, 06/15/2025			2,408,000		170
6.500%, 02/15/2031			4,719,000		318
					3,250
Ireland — 0.5%
AerCap Ireland Capital DAC
4.500%, 09/15/2023	$		205		220
CRH Funding MTN
1.875%, 01/09/2024	EUR		310		382
Ireland Government Bond
5.400%, 03/13/2025			351		510
1.500%, 05/15/2050			250		351
1.100%, 05/15/2029			670		869
Smurfit Kappa Acquisitions ULC
2.875%, 01/15/2026			265		346
					2,678
Israel — 0.2%
Israel Government Bond
5.500%, 01/31/2042	ILS		276		134
4.250%, 03/31/2023			2,521		817
2.000%, 03/31/2027			925		299
					1,250
Italy — 5.6%
Assicurazioni Generali MTN
5.500%, VAR Euribor 3 Month+5.350%, 10/27/2047	EUR		230		331
Enel Finance International MTN
5.750%, 09/14/2040	GBP		145		293
Eni
4.250%, 05/09/2029 (A)	$		515		575
FCA Bank MTN
1.000%, 11/15/2021	EUR		700		829
Intesa Sanpaolo MTN
3.625%, 12/05/2022			200		251
2.125%, 05/26/2025			330		416
0.750%, 12/04/2024			350		420
Italy Buoni Poliennali Del Tesoro
5.000%, 09/01/2040 (A)			1,285		2,461
3.850%, 09/01/2049 (A)			393		697
3.750%, 05/01/2021 (A)			386		455
3.500%, 03/01/2030 (A)			211		312
3.100%, 03/01/2040 (A)			122		186
3.000%, 08/01/2029			1,609		2,282
2.800%, 03/01/2067 (A)			90		132
2.700%, 03/01/2047 (A)			55		80
2.450%, 09/01/2033 (A)			98		136
2.000%, 02/01/2028			381		500
1.850%, 07/01/2025 (A)			2,274		2,891

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
1.800%, 03/01/2041 (A)	EUR		247	$	312
1.700%, 09/01/2051 (A)			361		429
1.500%, 04/30/2045 (A)			1,183		1,397
1.350%, 04/15/2022			4,630		5,541
0.950%, 03/01/2023			449		541
0.950%, 03/01/2037 (A)			1,549		1,773
0.600%, 08/01/2031 (A)			1,730		2,013
0.500%, 02/01/2026			2,583		3,108
UniCredit MTN
6.572%, 01/14/2022 (A)	$		350		365
4.875%, VAR EUAMDB05+4.739%, 02/20/2029	EUR		220		283
1.250%, VAR Euribor 3 Month+1.600%, 06/16/2026			460		557
					29,566
Japan — 16.4%
Development Bank of Japan
2.300%, 03/19/2026	JPY		220,000		2,211
Government of Japan 10 Year Bond
0.900%, 06/20/2022			859,850		7,877
0.400%, 06/20/2025			64,950		601
0.100%, 06/20/2026			74,300		679
0.100%, 03/20/2027			71,550		654
Government of Japan 20 Year Bond
1.900%, 09/20/2022			406,050		3,783
1.700%, 06/20/2033			1,207,550		12,915
1.400%, 09/20/2034			444,650		4,635
1.000%, 12/20/2035			50,000		498
0.700%, 03/20/2037			38,450		367
0.500%, 09/20/2036			451,400		4,190
0.200%, 06/20/2036			169,400		1,505
Government of Japan 20 Year Bond, Ser 140
1.700%, 09/20/2032			91,350		970
Government of Japan 20 Year Bond, Ser 143
1.600%, 03/20/2033			40,300		426
Government of Japan 20 Year Bond, Ser 144
1.500%, 03/20/2033			87,200		912
Government of Japan 30 Year Bond
0.800%, 09/20/2047			709,500		6,710
0.300%, 06/20/2046			74,600		629
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/2038			119,300		1,442
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/2039			387,700		4,631
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/2040			212,700		2,470
Government of Japan 30 Year Bond, Ser 36
2.000%, 03/20/2042			252,050		2,956
Government of Japan 30 Year Bond, Ser 37
1.900%, 09/20/2042			166,850		1,933

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 21

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Government of Japan 30 Year Bond, Ser 38
1.800%, 03/20/2043	JPY		207,550	$	2,374
Government of Japan 40 Year Bond
0.400%, 03/20/2056			331,950		2,740
Government of Japan 40 Year Bond, Ser 6
1.900%, 03/20/2053			38,700		472
Japan Government Ten Year Bond
0.100%, 09/20/2027			297,250		2,715
0.100%, 03/20/2029			35,900		327
Japan Government Thirty Year Bond
0.600%, 09/20/2050			79,100		703
Japan Treasury Discount Bill
0.000%, 05/17/2021 (B)			1,273,650		11,528
Mitsubishi UFJ Financial Group
0.339%, 07/19/2024	EUR		250		297
Mizuho Financial Group MTN
0.956%, 10/16/2024			385		467
Mizuho Financial Group Cayman 3
4.600%, 03/27/2024 (A)	$		450		492
Nissan Motor
2.652%, 03/17/2026	EUR		165		210
NTT Finance
1.162%, 04/03/2026 (A)	$		345		340
Takeda Pharmaceutical
1.125%, 11/21/2022 (A)	EUR		430		516
0.750%, 07/09/2027			125		151
					86,326
Luxembourg — 0.1%
Prologis International Funding II
2.375%, 11/14/2030			200		273
Malaysia — 1.3%
Malaysia Government Bond
4.232%, 06/30/2031	MYR		635		161
4.181%, 07/15/2024			3,360		855
4.048%, 09/30/2021			3,380		824
3.955%, 09/15/2025			3,440		874
3.885%, 08/15/2029			2,032		510
3.882%, 03/10/2022			568		140
3.828%, 07/05/2034			2,337		559
3.795%, 09/30/2022			3,430		849
3.502%, 05/31/2027			7,477		1,860
					6,632
Mexico — 1.7%
Mexican Bonos
8.000%, 11/07/2047	MXN		15,967		800
7.750%, 11/23/2034			3,714		191
7.750%, 11/13/2042			25,845		1,275
7.500%, 06/03/2027			6,124		319
5.750%, 03/05/2026			14,711		713

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Mexican Bonos, Ser M
6.500%, 06/10/2021	MXN		5,356	$	263
Mexican Bonos, Ser M20
10.000%, 12/05/2024			38,190		2,132
8.500%, 05/31/2029			8,114		445
7.750%, 05/29/2031			19,502		1,016
Mexican Bonos, Ser M30
10.000%, 11/20/2036			17,044		1,040
8.500%, 11/18/2038			2,546		137
Mexico Government International Bond
2.875%, 04/08/2039	EUR		280		335
					8,666
Netherlands — 2.3%
ABN AMRO Bank
4.750%, 07/28/2025	$		305		341
ABN AMRO Bank MTN
1.250%, 01/10/2033	EUR		300		398
ASR Nederland
3.375%, VAR EUR Swap Annual 5 Yr+4.000%, 05/02/2049			255		335
BNG Bank MTN
0.250%, 02/22/2023			1,260		1,503
Cooperatieve Rabobank
3.250%, VAR EUR Swap Annual 5 Yr+3.702% (C)			200		240
Cooperatieve Rabobank UA MTN
5.250%, 09/14/2027	GBP		195		323
4.625%, 05/23/2029			130		211
1.250%, 05/31/2032	EUR		300		397
Heineken MTN
1.000%, 05/04/2026			335		412
ING Groep
5.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.342% (C)	$		200		218
Intertrust Group BV
3.375%, 11/15/2025 (A)	EUR		180		217
Lincoln Financing SARL
3.625%, 04/01/2024 (A)			170		202
Nederlandse Waterschapsbank MTN
1.250%, 05/27/2036			281		371
0.625%, 01/18/2027			225		279
Netherlands Government Bond (A)
4.000%, 01/15/2037			166		316
2.500%, 01/15/2033			550		846
2.000%, 07/15/2024			345		441
0.500%, 07/15/2026			570		708
0.500%, 01/15/2040			382		477
0.250%, 07/15/2025			922		1,126
0.000%, 01/15/2022 (B)			914		1,079
0.000%, 07/15/2031 (B)			1,014		1,211
0.000%, 01/15/2052 (B)			330		350

22 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Q-Park Holding
2.000%, 03/01/2027	EUR		122	$	137
					12,138
New Zealand — 0.9%
New Zealand Government Bond
5.500%, 04/15/2023	NZD		1,997		1,546
3.000%, 04/20/2029			345		269
2.750%, 04/15/2025			1,289		975
2.750%, 04/15/2037			80		59
1.750%, 05/15/2041			437		263
1.500%, 05/15/2031			1,643		1,116
New Zealand Local Government Funding Agency Bond
4.500%, 04/15/2027			479		390
					4,618
Norway — 0.8%
DNB Bank
6.500%, VAR USD Swap Semi 30/360 5 Yr Curr+5.080% (C)	$		355		368
Norway Government Bond (A)
3.000%, 03/14/2024	NOK		2,516		314
2.000%, 05/24/2023			5,358		647
2.000%, 04/26/2028			1,654		203
1.750%, 02/17/2027			5,565		673
1.750%, 09/06/2029			3,600		434
1.500%, 02/19/2026			3,843		459
1.375%, 08/19/2030			1,474		171
1.250%, 09/17/2031			6,520		742
					4,011
Oman — 0.0%
Oman Government International Bond
6.250%, 01/25/2031 (A)	$		200		209
Peru — 0.0%
Volcan Cia Minera SAA
4.375%, 02/11/2026 (A)			21		22
Poland — 0.2%
Republic of Poland Government Bond
2.750%, 10/25/2029	PLN		1,493		419
2.500%, 07/25/2027			1,860		511
					930
Portugal — 0.5%
Portugal Obrigacoes do Tesouro OT (A)
4.100%, 04/15/2037	EUR		277		495
2.200%, 10/17/2022			775		951
1.950%, 06/15/2029			199		270
0.700%, 10/15/2027			735		910
					2,626

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Romania — 0.1%
Romania Government Bond
3.650%, 07/28/2025	RON		1,540	$	384
Romanian Government International Bond MTN
1.375%, 12/02/2029	EUR		287		335
					719
Saudi Arabia — 0.1%
Saudi Government International Bond MTN
2.375%, 10/26/2021 (A)	$		275		278
Singapore — 1.9%
Singapore Government Bond
3.500%, 03/01/2027	SGD		1,341		1,125
3.375%, 09/01/2033			112		96
3.125%, 09/01/2022			3,592		2,773
3.000%, 09/01/2024			4,204		3,367
2.875%, 07/01/2029			136		111
2.750%, 07/01/2023			1,013		790
2.750%, 04/01/2042			114		94
2.750%, 03/01/2046			200		166
2.250%, 08/01/2036			162		124
2.125%, 06/01/2026			1,259		986
Temasek Financial I MTN
2.375%, 01/23/2023 (A)	$		495		513
					10,145
Slovak Republic — 0.0%
Slovakia Government Bond
3.375%, 11/15/2024	EUR		75		101
Slovenia — 0.1%
Slovenia Government Bond
1.250%, 03/22/2027			556		717
South Africa — 0.1%
Anglo American Capital MTN
1.625%, 09/18/2025			220		274
South Korea — 0.9%
Hyundai Capital Services MTN
3.500%, 03/30/2022	AUD		680		530
Korea Treasury Bond
3.000%, 09/10/2024	KRW		1,206,590		1,125
2.625%, 09/10/2035			240,610		225
1.875%, 06/10/2029			401,030		353
1.500%, 12/10/2026			994,000		868
1.500%, 12/10/2030			1,178,530		994
1.125%, 09/10/2025			665,210		577
SK Hynix
1.500%, 01/19/2026 (A)	$		285		280
					4,952

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 23

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Spain — 4.0%
AYT Cedulas Cajas Global FTA
3.750%, 12/14/2022	EUR		600	$	755
Banco Bilbao Vizcaya Argentaria
2.250%, 06/12/2024			200		255
Banco de Sabadell
0.625%, VAR EUSA1+0.970%, 11/07/2025			400		472
Banco Santander
5.179%, 11/19/2025	$		400		455
2.749%, 12/03/2030			200		190
1.000%, 03/03/2022	EUR		400		476
CaixaBank
1.250%, 01/11/2027			500		636
1.125%, 11/12/2026			300		362
CaixaBank MTN
1.375%, 06/19/2026			300		367
Gas Natural Fenosa Finance BV MTN
1.250%, 04/19/2026			300		371
Naturgy Finance BV
4.125%, VAR EUR Swap Annual 8 Yr+3.353% (C)			200		247
Spain Government Bond
6.000%, 01/31/2029			80		138
4.700%, 07/30/2041 (A)			478		950
3.450%, 07/30/2066 (A)			272		511
2.700%, 10/31/2048 (A)			419		666
2.350%, 07/30/2033 (A)			523		749
1.950%, 07/30/2030 (A)			104		142
1.850%, 07/30/2035 (A)			135		184
1.600%, 04/30/2025 (A)			209		265
1.500%, 04/30/2027 (A)			393		509
1.400%, 04/30/2028 (A)			635		821
1.250%, 10/31/2030 (A)			1,575		2,022
1.200%, 10/31/2040 (A)			1,140		1,394
1.000%, 10/31/2050 (A)			221		243
0.800%, 07/30/2027 (A)			3,099		3,850
0.800%, 07/30/2027 (A)			353		439
0.600%, 10/31/2029 (A)			116		142
0.500%, 04/30/2030 (A)			188		227
0.000%, 05/31/2024 (B)			1,355		1,613
0.000%, 01/31/2025 (B)			973		1,160
Telefonica Europe BV (C)
4.375%, VAR EUR Swap Annual 6 Yr+4.107%			300		383
3.750%, VAR EUR Swap Annual 5 Yr+3.858%			100		121
					21,115
Supra-National — 1.5%
Asian Development Bank MTN
2.350%, 06/21/2027	JPY		290,000		3,032

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
European Financial Stability Facility MTN
0.500%, 07/11/2025	EUR		695	$	852
European Investment Bank
1.900%, 01/26/2026	JPY		50,000		496
European Investment Bank MTN
1.250%, 05/12/2025	SEK		13,180		1,573
0.250%, 10/14/2024	EUR		156		189
European Stability Mechanism MTN
1.000%, 09/23/2025			570		714
International Finance MTN
2.375%, 07/19/2023	CAD		1,000		830
					7,686
Sweden — 0.6%
Kommunivest I Sverige AB MTN
1.000%, 10/02/2024	SEK		5,830		688
Nordea Bank Abp MTN
6.125%, VAR USD Swap Semi 30/360 5 Yr Curr+3.388% (C)	$		200		217
Skandinaviska Enskilda Banken MTN
0.250%, 06/20/2024	EUR		460		553
Stadshypotek MTN
0.375%, 02/22/2023			485		579
Swedbank
5.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.134% (C)	$		200		214
Swedbank Hypotek
0.375%, 03/11/2022	EUR		360		427
Sweden Government Bond
0.125%, 05/12/2031 (A)	SEK		4,810		536
					3,214
Switzerland — 0.7%
Credit Suisse Group (C)
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+4.600%	$		286		302
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+4.600% (A)			200		212
Credit Suisse Group Funding Guernsey MTN
1.250%, 04/14/2022	EUR		295		351
Government of Switzerland
2.000%, 04/28/2021	CHF		735		782
2.000%, 05/25/2022			75		82
1.500%, 04/30/2042			408		573
1.250%, 06/11/2024			405		458
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		227
Tyco Electronics Group
0.113%, 02/16/2029	CHF		308		349

24 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
UBS Group Funding Switzerland
1.750%, 11/16/2022	EUR		427	$	518
					3,854
Thailand — 0.4%
Thailand Government Bond
4.875%, 06/22/2029	THB		16,455		654
4.675%, 06/29/2044			17,119		724
3.650%, 12/17/2021			11,020		361
3.625%, 06/16/2023			5,375		184
3.300%, 06/17/2038			3,522		123
2.125%, 12/17/2026			7,336		246
					2,292
Turkey — 0.1%
Turkiye Vakiflar Bankasi TAO
2.375%, 05/04/2021	EUR		265		310
United Arab Emirates — 0.1%
DP World Crescent MTN
4.848%, 09/26/2028	$		265		296
United Kingdom — 6.9%
Barclays MTN
4.000%, 06/26/2029	AUD		500		405
Barclays Bank MTN
10.000%, 05/21/2021	GBP		180		251
BAT Capital
4.906%, 04/02/2030	$		105		120
BAT International Finance MTN
2.250%, 09/09/2052	GBP		100		100
1.250%, 03/13/2027	EUR		333		403
BG Energy Capital MTN
2.250%, 11/21/2029			400		540
BP Capital Markets (C)
4.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.036%	$		470		497
3.250%, VAR EUR Swap Annual 5 Yr+3.880%	EUR		110		138
BP Capital Markets MTN
1.117%, 01/25/2024			165		201
0.831%, 11/08/2027			130		158
Cadent Finance MTN
2.750%, 09/22/2046	GBP		100		140
2.625%, 09/22/2038			100		140
Centrica MTN
4.375%, 03/13/2029			164		268
CK Hutchison Finance 16 II
0.875%, 10/03/2024	EUR		212		256
CK Hutchison Group Telecom Finance
1.500%, 10/17/2031			330		406

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
CNH Industrial Finance Europe MTN
2.875%, 05/17/2023	EUR		220	$	274
1.750%, 09/12/2025			130		163
CPUK Finance
3.588%, 08/28/2025	GBP		215		318
DS Smith MTN
1.375%, 07/26/2024	EUR		430		525
Gatwick Funding MTN
5.250%, 01/23/2024	GBP		250		381
Heathrow Funding MTN
2.750%, 08/09/2049			160		210
1.875%, 05/23/2022	EUR		235		282
HSBC Holdings
6.375%, VAR USD ICE Swap 11:00 NY 5 Yr+4.368% (C)	$		200		220
6.000%, VAR EUR Swap Annual 5 Yr+5.338% (C)	EUR		200		256
3.000%, VAR BPSW1+1.650%, 07/22/2028	GBP		167		247
HSBC Holdings MTN
6.000%, 03/29/2040			70		134
Imperial Brands Finance
0.500%, 07/27/2021	EUR		150		177
INEOS Quattro Finance 2
2.500%, 01/15/2026 (A)			235		276
Natwest Group
2.523%, VAR ICE LIBOR USD 3 Month+2.320% (C)	$		200		195
Northumbrian Water Finance
6.875%, 02/06/2023	GBP		190		291
Rolls-Royce MTN
0.875%, 05/09/2024	EUR		140		158
Santander UK Group Holdings PLC MTN
3.625%, 01/14/2026	GBP		100		151
Santander UK PLC MTN
4.250%, 04/12/2021	EUR		350		412
Sky PLC MTN
2.250%, 11/17/2025			275		357
Standard Chartered (A)
1.722%, VAR ICE LIBOR USD 3 Month+1.510% (C)	$		500		467
1.456%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.000%, 01/14/2027			355		347
Thames Water Utilities Finance MTN
4.625%, 06/04/2046	GBP		155		293
United Kingdom Gilt
5.000%, 03/07/2025			43		70
4.500%, 12/07/2042			279		613
4.250%, 03/07/2036			56		110
4.250%, 09/07/2039			53		109
4.250%, 12/07/2040			1,266		2,641
4.250%, 12/07/2046			476		1,063

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 25

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
4.250%, 12/07/2049	GBP		108	$	251
3.750%, 07/22/2052			80		178
3.500%, 01/22/2045			902		1,781
3.250%, 01/22/2044			457		862
2.750%, 09/07/2024			806		1,209
2.500%, 07/22/2065			1,197		2,336
2.250%, 09/07/2023			19		28
1.750%, 09/07/2022			2,090		2,954
1.750%, 09/07/2037			74		110
1.500%, 07/22/2047			194		274
1.250%, 10/22/2041			79		107
1.000%, 04/22/2024			52		74
0.750%, 07/22/2023			3,010		4,215
0.625%, 06/07/2025			52		73
0.625%, 10/22/2050			770		867
0.500%, 10/22/2061			828		860
0.125%, 01/30/2026			1,858		2,532
0.125%, 01/31/2028			460		614
United Kingdom Gilt - Inflation Linked
1.250%, 11/22/2027			266		478
United Kingdom Treasury
4.750%, 12/07/2038			51		110
Vodafone Group MTN
4.200%, 12/13/2027	AUD		490		412
Western Power Distribution West Midlands PLC
3.875%, 10/17/2024	GBP		230		348
Wm Morrison Supermarkets MTN
3.500%, 07/27/2026			225		345
Zurich Finance PLC MTN
6.625%, 10/30/2049 (D)			235		349
					36,130
United States — 9.2%
AbbVie
2.300%, 11/21/2022	$		800		823
Air Lease
3.625%, 04/01/2027			21		22
Air Lease MTN
2.875%, 01/15/2026			113		117
Aircastle
5.250%, 08/11/2025 (A)			261		284
5.000%, 04/01/2023			4		4
4.400%, 09/25/2023			50		53
4.250%, 06/15/2026			4		4
4.125%, 05/01/2024			22		23
Alleghany
3.625%, 05/15/2030			336		362
Altria Group
3.125%, 06/15/2031	EUR		310		419
2.200%, 06/15/2027			330		418

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
American Express (C)
3.622%, VAR ICE LIBOR USD 3 Month+3.428%	$		14	$	14
3.469%, VAR ICE LIBOR USD 3 Month+3.285%			29		29
American Honda Finance
1.950%, 10/18/2024	EUR		159		200
0.350%, 08/26/2022			375		444
American Tower
1.300%, 09/15/2025	$		535		533
Apple
0.700%, 02/08/2026			880		863
Ardagh Metal Packaging Finance USA
2.000%, 09/01/2028 (A)	EUR		250		294
AT&T
2.875%, VAR EUAMDB05+3.140% (C)			200		234
1.800%, 09/05/2026			365		463
1.650%, 02/01/2028	$		870		841
1.600%, 05/19/2028	EUR		170		213
Aviation Capital Group
1.950%, 01/30/2026 (A)	$		51		50
Aviation Capital Group LLC (A)
5.500%, 12/15/2024			80		89
4.375%, 01/30/2024			27		29
3.875%, 05/01/2023			12		13
3.500%, 11/01/2027			8		8
Axalta Coating Systems LLC
3.375%, 02/15/2029 (A)			210		205
Bank of America
6.500%, VAR ICE LIBOR USD 3 Month+4.174% (C)			67		75
Bank of America MTN
2.375%, 06/19/2024	EUR		835		1,057
Becton Dickinson
1.213%, 02/12/2036	$		129		151
0.632%, 06/04/2023			200		238
Berkshire Hathaway
0.625%, 01/17/2023	EUR		265		316
0.500%, 01/15/2041			170		178
Berkshire Hathaway Finance
2.625%, 06/19/2059	GBP		144		222
Boardwalk Pipelines
4.800%, 05/03/2029	$		119		131
Booking Holdings
4.625%, 04/13/2030			80		93
2.375%, 09/23/2024			355		450
0.500%, 03/08/2028			110		130
Boston Properties LP
2.900%, 03/15/2030			195		197
Bristol-Myers Squibb
0.537%, 11/13/2023			950		950

26 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Broadcom
5.000%, 04/15/2030	$		185	$	210
Capital One Financial
1.650%, 06/12/2029	EUR		300		375
0.800%, 06/12/2024			291		350
Carnival
1.000%, 10/28/2029			316		285
Charles Schwab
5.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.971% (C)	$		395		438
0.750%, 03/18/2024			420		422
Chubb INA Holdings
1.550%, 03/15/2028	EUR		325		410
0.875%, 06/15/2027			115		140
0.300%, 12/15/2024			190		225
Citigroup
4.289%, VAR ICE LIBOR USD 3 Month+4.095% (C)	$		210		209
4.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.597% (C)			71		72
2.666%, VAR United States Secured Overnight Financing Rate+1.146%, 01/29/2031			215		216
Citigroup MTN
0.750%, 10/26/2023	EUR		115		138
Comcast
2.650%, 02/01/2030	$		220		225
CyrusOne
1.450%, 01/22/2027	EUR		154		182
Delta Airlines Inc
4.500%, 10/20/2025 (A)	$		125		133
DH Europe Finance II
1.800%, 09/18/2049	EUR		105		131
Digital Dutch Finco BV
0.625%, 07/15/2025			350		420
Digital Euro Finco
1.125%, 04/09/2028			510		617
Discover Bank
4.682%, VAR USD Swap Semi 30/360 5 Yr Curr+1.730%, 08/09/2028	$		400		427
Emerson Electric
0.375%, 05/22/2024	EUR		350		418
Enable Midstream Partners
4.950%, 05/15/2028	$		39		43
4.400%, 03/15/2027			214		231
Exxon Mobil
0.835%, 06/26/2032	EUR		600		701
FedEx
0.700%, 05/13/2022			108		128
Fidelity National Information Services
0.625%, 12/03/2025			185		222

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
0.125%, 12/03/2022	EUR		500	$	591
Fifth Third Bancorp
4.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.215% (C)	$		65		69
GE Capital UK Funding Unlimited MTN
6.250%, 05/05/2038	GBP		165		331
5.875%, 01/18/2033			160		298
General Motors Financial
0.850%, 02/26/2026	EUR		125		149
General Motors Financial MTN
0.955%, 09/07/2023			275		329
Gilead Sciences Inc
0.750%, 09/29/2023	$		725		726
Goldman Sachs Group
0.627%, VAR United States Secured Overnight Financing Rate+0.538%, 11/17/2023			715		715
Goldman Sachs Group MTN
2.125%, 09/30/2024	EUR		885		1,112
1.625%, 07/27/2026			170		213
Harley-Davidson Financial Services
3.875%, 05/19/2023			110		139
0.900%, 11/19/2024			335		400
Hilton Domestic Operating
3.625%, 02/15/2032 (A)	$		215		209
Host Hotels & Resorts
3.500%, 09/15/2030			200		200
Intercontinental Exchange
0.700%, 06/15/2023			535		537
International Business Machines
3.500%, 05/15/2029			275		299
2.850%, 05/13/2022			990		1,018
International Flavors & Fragrances
1.800%, 09/25/2026	EUR		100		126
Interpublic Group of Cos Inc/The
2.400%, 03/01/2031	$		101		99
IQVIA
2.875%, 06/15/2028 (A)	EUR		180		217
Johnson Controls International PLC
1.375%, 02/25/2025			395		487
JPMorgan Chase (C)
7.900%, VAR ICE LIBOR USD 3 Month+3.470%	$		91		91
4.005%, VAR ICE LIBOR USD 3 Month+3.800%			78		78
3.522%, VAR ICE LIBOR USD 3 Month+3.320%			46		46
JPMorgan Chase MTN
1.090%, VAR Euribor 3 Month+0.760%, 03/11/2027	EUR		660		808
Las Vegas Sands
3.900%, 08/08/2029	$		245		252

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 27

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Lear
4.250%, 05/15/2029	$		35	$	39
3.500%, 05/30/2030			42		44
Level 3 Financing
3.750%, 07/15/2029 (A)			150		147
Levi Strauss & Co
3.500%, 03/01/2031 (A)			47		45
Liberty Mutual Group
3.625%, VAR EUR Swap Annual 5 Yr+3.700%, 05/23/2059	EUR		300		359
Marriott International
4.650%, 12/01/2028	$		120		134
MassMutual Global Funding II MTN
0.850%, 06/09/2023 (A)			998		1,006
Mattel Inc (A)
3.750%, 04/01/2029			138		140
3.375%, 04/01/2026			138		142
Medtronic Global Holdings SCA
1.375%, 10/15/2040	EUR		110		131
1.125%, 03/07/2027			400		495
0.250%, 07/02/2025			115		137
Metropolitan Life Global Funding I MTN
1.950%, 01/13/2023 (A)	$		1,000		1,027
Mondelez International
0.250%, 03/17/2028	EUR		470		549
Moody’s
1.750%, 03/09/2027			375		480
Morgan Stanley
4.051%, VAR ICE LIBOR USD 3 Month+3.810% (C)	$		192		192
3.851%, VAR ICE LIBOR USD 3 Month+3.610% (C)			23		23
1.875%, 03/30/2023	EUR		330		404
Morgan Stanley MTN
1.375%, 10/27/2026			360		449
0.529%, VAR United States Secured Overnight Financing Rate+0.455%, 01/25/2024	$		1,000		998
0.141%, VAR Euribor 3 Month+0.400%, 05/21/2021	EUR		850		1,000
National Grid North America MTN
1.000%, 07/12/2024			300		364
National Oil Well
3.600%, 12/01/2029	$		205		206
Netflix Inc
3.625%, 05/15/2027			200		269
Newell Brands Inc
4.700%, 04/01/2026			140		155
ONEOK
6.350%, 01/15/2031			89		111
Oracle
3.650%, 03/25/2041			370		374

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Philip Morris International
1.450%, 08/01/2039	EUR		115	$	129
0.625%, 11/08/2024			285		341
Philip Morris International MTN
2.875%, 03/03/2026			170		226
Pioneer Natural Resources
2.150%, 01/15/2031	$		196		184
Plains All American Pipeline
4.500%, 12/15/2026			204		224
3.550%, 12/15/2029			79		79
PNC Financial Services Group
6.750%, VAR ICE LIBOR USD 3 Month+3.678% (C)			27		27
2.200%, 11/01/2024			885		930
PNC Funding
3.300%, 03/08/2022			150		154
Principal Life Global Funding II
1.250%, 06/23/2025 (A)			315		314
Prudential Financial
5.875%, VAR ICE LIBOR USD 3 Month+4.175%, 09/15/2042			199		210
Ross Stores
4.700%, 04/15/2027			265		301
Schlumberger Finance France SAS
1.000%, 02/18/2026	EUR		305		375
Simon International Finance SCA
1.250%, 05/13/2025			134		165
SLM
4.200%, 10/29/2025	$		165		173
Spirit Realty LP
2.100%, 03/15/2028			355		345
Starbucks Corp
1.300%, 05/07/2022			350		354
T-Mobile USA
3.375%, 04/15/2029			138		139
2.875%, 02/15/2031			77		74
2.625%, 04/15/2026			131		133
Toyota Motor Credit MTN
0.625%, 11/21/2024	EUR		465		561
UnitedHealth Group
1.250%, 01/15/2026	$		175		175
US Bancorp
3.727%, VAR ICE LIBOR USD 3 Month+3.486% (C)			136		136
US Bancorp MTN
0.850%, 06/07/2024	EUR		226		273
Verizon Communications
4.016%, 12/03/2029	$		391		437
2.100%, 03/22/2028			445		447
0.875%, 04/08/2027	EUR		175		214
Verizon Communications MTN
4.750%, 02/17/2034	GBP		170		302

28 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
4.050%, 02/17/2025	AUD		680	$	573
ViacomCBS
3.700%, 06/01/2028	$		180		195
Wells Fargo
3.900%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.453% (C)			132		133
Wells Fargo MTN
2.125%, 12/20/2023	GBP		345		491
2.000%, 04/27/2026	EUR		210		268
1.375%, 06/30/2022	GBP		195		271
0.500%, 04/26/2024	EUR		500		596
Welltower Inc
4.500%, 12/01/2034	GBP		140		230
Western Union
2.750%, 03/15/2031	$		355		339
WPC Eurobond BV
1.350%, 04/15/2028	EUR		405		491
					48,575
Total Global Bonds (Cost $465,612) ($ Thousands)					480,436
U.S. TREASURY OBLIGATIONS — 4.7%
U.S. Treasury Bill
0.223%, 04/20/2021 (B)	$		14,556		14,556
U.S. Treasury Bond
1.921%, 11/15/2050 (B)			1,229		590
U.S. Treasury Notes
0.500%, 03/31/2025			94		93
0.375%, 03/31/2022			1,081		1,084
0.125%, 11/30/2022			8,322		8,320
Total U.S. Treasury Obligations (Cost $24,758) ($ Thousands)					24,643
MORTGAGE-BACKED SECURITIES — 0.2%
Agency Mortgage-Backed Obligation — 0.2%
FHLMC Structured Agency Credit Risk Debt
Notes, Ser 2016-HQA1, Cl M3 6.459%, VAR ICE LIBOR USD 1 Month+6.350%, 09/25/2028			192		205
FHLMC Structured Agency Credit Risk Debt
Notes, Ser 2017-DNA2, Cl M2 3.559%, VAR ICE LIBOR USD 1 Month+3.450%, 10/25/2029			470		487

Description		Face Amount (Thousands)			Market Value   ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA Connecticut Avenue Securities, Ser 2014-C04, Cl 2M2
5.109%, VAR ICE LIBOR USD 1 Month+5.000%, 11/25/2024	$		135		$	136
FNMA Connecticut Avenue Securities, Ser 2016-C04, Cl 1M2
4.359%, VAR ICE LIBOR USD 1 Month+4.250%, 01/25/2029			62			64
FNMA Connecticut Avenue Securities, Ser 2016-C07, Cl 2M2
4.459%, VAR ICE LIBOR USD 1 Month+4.350%, 05/25/2029			85			88
						980
Non-Agency Mortgage-Backed Obligation — 0.0%
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
2.636%, 09/25/2034 (D)			9			8
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1
2.444%, 12/25/2034 (D)			25			26
LSTAR Commercial Mortgage Trust, Ser 2016-4, Cl A2
2.579%, 03/10/2049 (A)			139			142
						176
Total Mortgage-Backed Securities (Cost $1,141) ($ Thousands)						1,156
Total Investments in Securities — 96.1% (Cost $491,511) ($ Thousands)					$	506,235
		Contracts
PURCHASED SWAPTION* — 0.0%
Total Purchased Swaption (E) (Cost $18) ($ Thousands)			2,000,000		$	–
WRITTEN SWAPTION* — 0.0%
Total Written Swaption (E) (Premiums Received $4) ($ Thousands)			(2,000,000	)	$	–

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 29

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

International Fixed Income Fund (Continued)

A list of the OTC swaptions contracts held by the Fund at March 31, 2021, is as follows:

		Number of Contracts/							Value
Description	Counterparty	Notional Amount			Exercise Price		Expiration Date		(Thousands)
PURCHASED SWAPTION — 0.0%
Put Swaptions
Swaption*	Bank of America Merill Lynch	$	2,000,000			$0.03		04/17/2021	$	—
WRITTEN SWAPTION — 0.0%
Put Swaptions
Swaption *	Bank of America Merill Lynch		(2,000,000	)		$0.04		04/17/2021	$	—

A list of the open futures contracts held by the Fund at March 31, 2021, is as follows:

Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount (Thousands)			Value             (Thousands)			Unrealized Appreciation   (Depreciation) (Thousands)
Australian 3-Year Bond		12		Jun-2021	$	1,082		$	1,070		$	1
Australian 3-Year Bond		(17)		Jun-2021		(1,534	)		(1,515	)		(1	)
Australian 10-Year Bond		(16)		Jun-2021		(1,707	)		(1,683	)		(6	)
Australian 10-Year Bond		6		Jun-2021		642			631			(3	)
Canadian 5-Year Bond		(18)		Jun-2021		(1,819	)		(1,803	)		21
Canadian 10-Year Bond		(36)		Jun-2021		(4,064	)		(3,975	)		99
Canadian 10-Year Bond		17		Jun-2021		1,898			1,877			(23	)
Euro		(240)		Jun-2021		(36,240	)		(35,226	)		1,014
Euro-Bob		31		Jun-2021		5,016			4,922			3
Euro-BTP		(4)		Jun-2021		(715	)		(702	)		(6	)
Euro-Bund		4		Jun-2021		811			805			1
Euro-Bund		68		Jun-2021		13,966			13,689			8
Euro-Buxl		(5)		Jun-2021		(1,233	)		(1,211	)		6
Euro-Buxl		4		Jun-2021		994			969			(5	)
Euro-OAT		51		Jun-2021		9,902			9,707			14
Euro-Schatz		(59)		Jun-2021		(7,938	)		(7,773	)		(1	)
Japanese 10-Year Bond		23		Jun-2021		31,847			31,463			37
Japanese 10-Year Government Bond E-MINI		8		Jun-2021		1,109			1,093			1
Long Gilt 10-Year Bond		3		Jul-2021		544			528			(7	)
Long Gilt 10-Year Bond		(8)		Jul-2021		(1,414	)		(1,408	)		4
Short-Term Euro-BTP		24		Jun-2021		3,275			3,192			5
U.S. 2-Year Treasury Note		(77)		Jul-2021		(17,007	)		(16,996	)		11
U.S. 5-Year Treasury Note		(123)		Jul-2021		(15,317	)		(15,178	)		139
U.S. 10-Year Treasury Note		(30)		Jun-2021		(3,946	)		(3,928	)		18
U.S. 10-Year Treasury Note		26		Jun-2021		3,490			3,404			(86	)
U.S. Long Treasury Bond		(6)		Jun-2021		(927	)		(928	)		–
U.S. Long Treasury Bond		25		Jun-2021		3,912			3,865			(47	)
U.S. Ultra Long Treasury Bond		(16)		Jun-2021		(2,963	)		(2,900	)		63
Ultra 10-Year U.S. Treasury Note		(100)		Jun-2021		(14,705	)		(14,369	)		337
					$	(33,041	)	$	(32,380	)	$	1,597

A list of the open forward foreign currency contracts held by the Fund at March 31, 2021, is as follows:

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation            (Depreciation) (Thousands)
Bank of America		04/07/21	USD		16	CHF		15	$	—
Bank of America		04/07/21	SEK		140	USD		17		1
Bank of America		04/07/21	USD		290	MXN		6,040		5

30 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation            (Depreciation) (Thousands)
Bank of America		04/07/21	EUR		1,180	USD		1,425	$	38
Bank of America		04/07/21	USD		1,194	EUR		980		(42	)
Bank of America		04/15/21	IDR		8,093,212	USD		573		17
Bank of America		04/22/21	CNH		1,757	USD		267		—
Bank of America		05/06/21	GBP		1,413	USD		1,941		(9	)
Bank of America		05/20/21	USD		542	JPY		59,761		(1	)
Barclays PLC		04/05/21	USD		825	BRL		4,487		(30	)
Barclays PLC		04/07/21	USD		14	NOK		120		—
Barclays PLC		04/07/21	USD		19	NOK		160		—
Barclays PLC		04/07/21	USD		36	JPY		3,900		(1	)
Barclays PLC		04/07/21	AUD		55	USD		43		1
Barclays PLC		04/07/21	USD		58	NZD		80		(2	)
Barclays PLC		05/06/21	USD		16	CHF		15		—
Barclays PLC		04/07/21	USD		44	CHF		40		(1	)
Barclays PLC		04/07/21	SGD		25	USD		19		—
Barclays PLC		04/07/21	SGD		50	USD		37		—
Barclays PLC		04/07/21	CNY		110	USD		17		—
Barclays PLC		04/07/21	USD		120	AUD		155		(2	)
Barclays PLC		04/07/21	USD		154	EUR		128		(3	)
Barclays PLC		04/07/21	CAD		85	USD		68		1
Barclays PLC		04/07/21	CAD		85	USD		67		(1	)
Barclays PLC		04/07/21	USD		286	ZAR		4,380		10
Barclays PLC		04/07/21	NZD		296	USD		217		10
Barclays PLC		04/07/21	NZD		25	USD		17		—
Barclays PLC		04/07/21	EUR		527	USD		627		8
Barclays PLC		04/07/21	USD		682	CAD		860		2
Barclays PLC		04/07/21	USD		20	CAD		25		—
Barclays PLC		04/07/21 - 05/06/21	USD		626	SEK		5,459		1
Barclays PLC		04/07/21	USD		105	SEK		894		(2	)
Barclays PLC		04/07/21	USD		896	PLN		3,559		6
Barclays PLC		04/07/21	USD		1,242	DKK		7,862		—
Barclays PLC		04/07/21	NOK		713	USD		84		1
Barclays PLC		04/07/21 - 05/06/21	NOK		560	USD		65		—
Barclays PLC		04/07/21	USD		1,333	ILS		4,438		(2	)
Barclays PLC		04/07/21	ZAR		2,190	USD		146		(3	)
Barclays PLC		04/07/21	CHF		2,525	USD		2,777		93
Barclays PLC		04/07/21	SEK		340	USD		40		1
Barclays PLC		04/07/21 - 05/06/21	SEK		5,459	USD		626		(1	)
Barclays PLC		04/07/21 - 05/06/21	ILS		8,876	USD		2,678		15
Barclays PLC		04/07/21	GBP		12	USD		17		—
Barclays PLC		05/06/21	GBP		16,641	USD		22,928		(31	)
Barclays PLC		04/07/21	USD		22,983	GBP		16,683		34
Barclays PLC		04/07/21	USD		100	GBP		72		(1	)
Barclays PLC		04/07/21	CZK		25,007	USD		1,162		37
Barclays PLC		04/07/21 - 05/17/21	JPY		1,282,850	USD		12,166		549
Barclays PLC		05/06/21	USD		68	TRY		580		—
Barclays PLC		05/06/21	PLN		3,559	USD		897		(6	)
Barclays PLC		05/06/21	DKK		7,862	USD		1,243		—
BMO Capital		05/06/21	USD		360	JPY		39,500		(3	)
BNP Paribas		04/07/21	USD		422	AUD		545		(7	)

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 31

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

International Fixed Income Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation            (Depreciation) (Thousands)
BNP Paribas		05/06/21	USD		161	GBP		117	$	—
BNP Paribas		04/07/21	USD		1,432	GBP		1,024		(19	)
BNP Paribas		04/07/21	USD		2,099	MYR		8,712		3
BNP Paribas		04/07/21	USD		2,115	EUR		1,741		(69	)
BNP Paribas		04/07/21 - 04/16/21	MXN		17,305	USD		830		(15	)
BNP Paribas		04/07/21	MYR		8,712	USD		2,150		48
BNP Paribas		05/06/21	MYR		8,712	USD		2,097		(8	)
BNP Paribas		04/07/21 - 06/11/21	EUR		20,486	USD		24,497		389
BNP Paribas		04/07/21	HUF		314,649	USD		1,045		24
BNP Paribas		04/09/21	GBP		7,811	USD		10,642		(134	)
BNP Paribas		04/15/21	SEK		4,673	USD		567		31
BNP Paribas		04/15/21	NOK		4,906	USD		568		(7	)
BNP Paribas		04/22/21	CAD		14,791	USD		11,654		(116	)
BNP Paribas		04/22/21	CNH		78,943	USD		12,171		157
BNP Paribas		05/20/21	JPY		124,390	USD		1,144		18
BNP Paribas		05/06/21	JPY		85,700	USD		776		—
BNP Paribas		06/04/21	AUD		11,338	USD		8,649		13
BNP Paribas		06/24/21	PLN		4,456	USD		1,137		7
Brown Brothers Harriman		04/08/21	USD		684	ZAR		10,346		16
Brown Brothers Harriman		04/08/21	USD		1,560	CNY		10,235		1
Brown Brothers Harriman		04/08/21	ZAR		5,081	USD		349		5
Brown Brothers Harriman		04/08/21	ZAR		5,235	USD		343		(11	)
Brown Brothers Harriman		04/09/21	USD		184	GBP		135		2
Brown Brothers Harriman		04/09/21	USD		663	GBP		476		(6	)
Brown Brothers Harriman		04/15/21	NOK		121	USD		14		—
Brown Brothers Harriman		04/22/21	CNY		1,390	USD		212		—
Brown Brothers Harriman		05/06/21	CHF		375	USD		423		23
Brown Brothers Harriman		05/06/21	USD		403	CHF		376		(4	)
Brown Brothers Harriman		05/20/21	USD		447	JPY		48,036		(12	)
Brown Brothers Harriman		05/21/21	SGD		38	USD		28		—
Brown Brothers Harriman		05/27/21	USD		456	NZD		636		(10	)
Brown Brothers Harriman		05/27/21	USD		703	EUR		588		(10	)
Brown Brothers Harriman		05/27/21	EUR		1,097	USD		1,313		22
CIBC		04/07/21	USD		637	JPY		67,800		(23	)
CIBC		04/07/21	USD		1,568	CAD		1,980		7
Citi		04/15/21	USD		863	IDR		12,116,865		(30	)
Citi		04/22/21	USD		867	KRW		952,958		(22	)
Citi		05/20/21	USD		548	COP		2,032,163		5
Citigroup		04/05/21	BRL		4,316	USD		773		8
Citigroup		04/07/21	USD		14	NOK		120		—
Citigroup		04/07/21	USD		34	NOK		290		—
Citigroup		04/07/21	NZD		80	USD		58		2
Citigroup		04/07/21	NZD		25	USD		17		—
Citigroup		04/07/21	USD		145	CNY		947		(1	)
Citigroup		04/07/21	USD		38	NZD		55		—
Citigroup		04/07/21	USD		110	NZD		155		(2	)
Citigroup		04/07/21	CHF		150	USD		164		5
Citigroup		04/07/21	GBP		105	USD		146		1
Citigroup		04/07/21	GBP		50	USD		69		—

32 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation            (Depreciation) (Thousands)
Citigroup		04/07/21	USD		178	CHF		165	$	(3	)
Citigroup		04/07/21	USD		204	AUD		262		(4	)
Citigroup		04/07/21	USD		226	JPY		24,600		(4	)
Citigroup		04/07/21	USD		231	SEK		1,970		(5	)
Citigroup		04/07/21	USD		290	MXN		6,265		16
Citigroup		04/07/21	USD		573	ZAR		8,680		14
Citigroup		04/07/21	USD		21	GBP		15		—
Citigroup		04/07/21 - 04/09/21	USD		624	GBP		449		(4	)
Citigroup		04/07/21 - 05/06/21	AUD		666	USD		512		5
Citigroup		04/07/21	AUD		40	USD		30		—
Citigroup		04/07/21 - 05/06/21	USD		867	CAD		1,091		1
Citigroup		04/07/21	USD		93	CAD		116		—
Citigroup		04/07/21	SEK		1,020	USD		121		4
Citigroup		04/07/21	EUR		153	USD		183		3
Citigroup		05/06/21	EUR		1,171	USD		1,376		(2	)
Citigroup		04/07/21	NOK		920	USD		109		1
Citigroup		04/07/21	NOK		440	USD		51		—
Citigroup		04/07/21	USD		1,553	EUR		1,284		(44	)
Citigroup		04/07/21	USD		2,237	SGD		3,013		5
Citigroup		04/07/21	USD		15	SGD		20		—
Citigroup		04/07/21	PLN		3,559	USD		951		49
Citigroup		04/07/21	DKK		7,862	USD		1,282		40
Citigroup		04/07/21	CNY		2,256	USD		346		2
Citigroup		05/06/21	CNY		10,229	USD		1,554		(2	)
Citigroup		04/07/21	CAD		178	USD		142		1
Citigroup		04/07/21 - 05/06/21	CAD		16,274	USD		12,948		(3	)
Citigroup		05/06/21	MXN		44,332	USD		2,162		2
Citigroup		04/07/21	MXN		50,372	USD		2,433		(27	)
Citigroup		04/07/21	JPY		5,952,531	USD		55,810		1,936
Citigroup		04/08/21	ZAR		8,394	USD		567		(1	)
Citigroup		05/06/21	SGD		2,963	USD		2,200		(6	)
Citigroup		05/20/21	COP		2,035,348	USD		576		22
Credit Agricole		05/06/21	USD		281	EUR		238		(1	)
Deutsche Bank		04/15/21	USD		705	INR		52,399		10
Goldman Sachs		04/07/21	USD		280	MXN		6,040		15
Goldman Sachs		04/07/21	USD		34	TRY		290		1
Goldman Sachs		04/07/21	USD		260	TRY		2,100		(7	)
Goldman Sachs		04/07/21 - 05/06/21	TRY		2,680	USD		317		(6	)
Goldman Sachs		05/25/21	USD		985	RUB		73,505		(18	)
HSBC		04/07/21	SGD		5,426	USD		4,089		51
HSBC		04/15/21	INR		31,438	USD		425		(4	)
HSBC		04/15/21	IDR		8,067,571	USD		568		14
HSBC		05/05/21	EUR		13,438	USD		16,174		371
JPMorgan Chase Bank		04/07/21	NZD		80	USD		57		1
JPMorgan Chase Bank		04/07/21	CHF		95	USD		103		2
JPMorgan Chase Bank		05/06/21	USD		28	SEK		240		—
JPMorgan Chase Bank		04/07/21	USD		124	SEK		1,060		(2	)
JPMorgan Chase Bank		04/07/21	USD		30	AUD		40		—
JPMorgan Chase Bank		04/07/21	USD		166	AUD		215		(2	)
JPMorgan Chase Bank		04/07/21	GBP		208	USD		289		2

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 33

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

International Fixed Income Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation            (Depreciation) (Thousands)
JPMorgan Chase Bank		04/07/21	GBP		34	USD		47	$	—
JPMorgan Chase Bank		04/07/21	USD		17	NZD		25		—
JPMorgan Chase Bank		04/07/21	USD		225	NZD		315		(4	)
JPMorgan Chase Bank		04/07/21	USD		249	CAD		315		2
JPMorgan Chase Bank		04/07/21	SGD		275	USD		207		2
JPMorgan Chase Bank		04/07/21 - 05/06/21	USD		234	SGD		315		—
JPMorgan Chase Bank		04/07/21	USD		52	SGD		70		—
JPMorgan Chase Bank		04/07/21	AUD		269	USD		209		4
JPMorgan Chase Bank		04/07/21 - 05/06/21	AUD		31	USD		24		—
JPMorgan Chase Bank		04/07/21	USD		311	CHF		285		(8	)
JPMorgan Chase Bank		04/07/21	USD		70	GBP		51		1
JPMorgan Chase Bank		04/07/21	USD		291	GBP		209		(3	)
JPMorgan Chase Bank		04/07/21	USD		374	RON		1,562		(1	)
JPMorgan Chase Bank		04/07/21	EUR		374	USD		450		10
JPMorgan Chase Bank		04/07/21 - 05/06/21	CAD		343	USD		273		—
JPMorgan Chase Bank		04/07/21	CAD		205	USD		162		(1	)
JPMorgan Chase Bank		04/07/21	USD		747	NOK		6,444		8
JPMorgan Chase Bank		04/07/21	USD		41	NOK		350		—
JPMorgan Chase Bank		04/07/21	USD		851	EUR		710		(16	)
JPMorgan Chase Bank		04/07/21	USD		2,143	CNY		13,919		(20	)
JPMorgan Chase Bank		04/07/21 - 05/06/21	RON		3,124	USD		761		15
JPMorgan Chase Bank		04/07/21	SEK		3,231	USD		383		13
JPMorgan Chase Bank		04/07/21	NOK		2,213	USD		261		1
JPMorgan Chase Bank		04/07/21	NOK		9,906	USD		1,148		(13	)
JPMorgan Chase Bank		05/06/21	USD		14	JPY		1,500		—
JPMorgan Chase Bank		04/07/21	USD		53,796	JPY		5,931,148		(116	)
JPMorgan Chase Bank		04/07/21	THB		79,079	USD		2,611		80
JPMorgan Chase Bank		04/07/21	CNY		145,047	USD		22,363		244
JPMorgan Chase Bank		04/07/21 - 05/06/21	JPY		5,929,848	USD		53,804		111
JPMorgan Chase Bank		04/08/21	ZAR		8,356	USD		563		(2	)
JPMorgan Chase Bank		04/09/21	USD		1,078	GBP		793		15
JPMorgan Chase Bank		04/12/21 - 04/22/21	THB		134,214	USD		4,383		88
JPMorgan Chase Bank		04/14/21	CAD		1,201	USD		945		(10	)
JPMorgan Chase Bank		04/14/21	USD		2,091	GBP		1,513		(3	)
JPMorgan Chase Bank		04/14/21 - 04/15/21	USD		2,172	NOK		18,413		(15	)
JPMorgan Chase Bank		04/14/21	AUD		4,645	USD		3,581		44
JPMorgan Chase Bank		04/14/21	USD		5,047	SEK		42,576		(162	)
JPMorgan Chase Bank		04/14/21	CHF		6,809	USD		7,331		93
JPMorgan Chase Bank		04/14/21	SGD		10,183	USD		7,601		21
JPMorgan Chase Bank		04/14/21	SGD		476	USD		353		(1	)
JPMorgan Chase Bank		04/14/21	NZD		14,317	USD		10,265		240
JPMorgan Chase Bank		04/14/21	EUR		20,253	USD		24,174		365
JPMorgan Chase Bank		04/14/21	CNY		27,310	USD		4,202		39
JPMorgan Chase Bank		04/15/21	USD		569	SEK		4,771		(22	)
JPMorgan Chase Bank		04/15/21	IDR		3,945,381	USD		277		6
JPMorgan Chase Bank		04/19/21	KRW		2,030,693	USD		1,787		(12	)
JPMorgan Chase Bank		04/21/21	USD		1,671	RUB		123,160		(44	)
JPMorgan Chase Bank		04/21/21	MXN		76,399	USD		3,665		(61	)
JPMorgan Chase Bank		04/21/21	JPY		2,083,088	USD		19,111		254
JPMorgan Chase Bank		04/22/21	USD		546	COP		1,957,761		(13	)

34 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation            (Depreciation) (Thousands)
JPMorgan Chase Bank		04/22/21	USD		673	CAD		840	$	(5	)
JPMorgan Chase Bank		04/22/21	COP		969,355	USD		261		(2	)
JPMorgan Chase Bank		04/22/21	IDR		37,900,065	USD		2,614		13
JPMorgan Chase Bank		04/26/21	ILS		7,208	USD		2,191		28
JPMorgan Chase Bank		05/06/21	USD		228	THB		7,140		—
Morgan Stanley		04/07/21	USD		15	SGD		20		—
Morgan Stanley		04/07/21	USD		35	GBP		25		—
Morgan Stanley		04/07/21	GBP		40	USD		56		1
Morgan Stanley		04/07/21	CHF		60	USD		64		1
Morgan Stanley		04/07/21	SGD		80	USD		59		—
Morgan Stanley		04/07/21	USD		87	SEK		740		(2	)
Morgan Stanley		04/07/21	USD		16	CHF		15		—
Morgan Stanley		04/07/21	USD		97	CHF		90		(1	)
Morgan Stanley		04/07/21	USD		122	EUR		103		(1	)
Morgan Stanley		05/06/21	USD		15	JPY		1,700		—
Morgan Stanley		04/07/21 - 05/06/21	USD		235	JPY		25,600		(3	)
Morgan Stanley		04/07/21	USD		28	NZD		40		—
Morgan Stanley		04/07/21	USD		436	NZD		608		(10	)
Morgan Stanley		04/07/21 - 05/06/21	USD		364	AUD		479		1
Morgan Stanley		04/07/21	USD		457	AUD		589		(9	)
Morgan Stanley		04/07/21	USD		1,018	HUF		314,649		3
Morgan Stanley		04/07/21	USD		1,124	CZK		25,007		1
Morgan Stanley		04/07/21	USD		1,218	CAD		1,543		10
Morgan Stanley		04/07/21	USD		108	CAD		135		(1	)
Morgan Stanley		04/07/21 - 05/06/21	USD		1,344	NOK		11,504		5
Morgan Stanley		04/07/21 - 05/27/21	NZD		2,471	USD		1,792		62
Morgan Stanley		04/07/21	AUD		6,416	USD		4,976		89
Morgan Stanley		05/06/21	AUD		5,872	USD		4,462		(10	)
Morgan Stanley		04/07/21	NOK		760	USD		90		1
Morgan Stanley		04/07/21 - 05/06/21	NOK		11,914	USD		1,391		(5	)
Morgan Stanley		04/07/21	CAD		175	USD		140		1
Morgan Stanley		04/07/21 - 05/06/21	CAD		17,397	USD		13,731		(111	)
Morgan Stanley		04/07/21 - 05/06/21	USD		21,179	CNY		139,307		63
Morgan Stanley		04/07/21 - 04/22/21	EUR		21,213	USD		25,726		786
Morgan Stanley		04/07/21 - 04/15/21	SEK		21,690	USD		2,598		109
Morgan Stanley		04/07/21	ZAR		22,598	USD		1,512		(17	)
Morgan Stanley		04/07/21 - 05/06/21	CNY		139,307	USD		21,136		(64	)
Morgan Stanley		04/07/21 - 05/20/21	JPY		148,381	USD		1,397		53
Morgan Stanley		04/15/21	INR		20,655	USD		279		(3	)
Morgan Stanley		04/27/21	USD		42	TWD		1,164		(1	)
Morgan Stanley		05/06/21	CZK		25,007	USD		1,124		(2	)
Morgan Stanley		05/06/21	HUF		314,649	USD		1,017		(4	)
RBC		04/07/21	USD		200	EUR		165		(6	)
RBC		04/07/21	MXN		225	USD		11		—
RBC		04/07/21	USD		267	GBP		191		(4	)
RBC		04/07/21 - 05/06/21	CAD		4,013	USD		3,180		(13	)
RBC		05/06/21	JPY		143,833	USD		1,298		(5	)
RBS		04/22/21	USD		241	CNH		1,588		—
RBS		04/22/21	USD		407	CNH		2,616		(8	)
Societe Generale		05/27/21	EUR		9,954	USD		11,899		187

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 35

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

International Fixed Income Fund (Concluded)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation            (Depreciation) (Thousands)
Standard Chartered		04/07/21	USD		431	CNY		2,808	$	(3	)
Standard Chartered		04/07/21 - 05/06/21	USD		3,717	EUR		3,133		(35	)
Standard Chartered		04/15/21	USD		556	IDR		7,927,068		(12	)
Standard Chartered		04/22/21	KRW		949,834	USD		850		9
Standard Chartered		04/22/21	KRW		643,565	USD		565		(5	)
Standard Chartered		05/06/21	THB		79,079	USD		2,528		(2	)
State Street		04/07/21	EUR		747	USD		898		20
State Street		04/07/21 - 05/06/21	GBP		1,180	USD		1,634		6
State Street		04/07/21	SEK		2,350	USD		278		9
State Street		04/07/21	JPY		23,417	USD		220		8
TD Securities		04/07/21	CAD		1,847	USD		1,460		(9	)
TD Securities		04/07/21	GBP		16,382	USD		22,833		231
TD Securities		05/06/21	USD		732	NZD		1,048		2
TD Securities		05/06/21	NZD		1,323	USD		924		(2	)
UBS		04/07/21	USD		932	ZAR		13,918		11
UBS		04/07/21	USD		2,360	CHF		2,220		(1	)
UBS		04/07/21	MXN		6,040	USD		285		(10	)
UBS		04/07/21 - 05/06/21	ZAR		16,108	USD		1,074		(12	)
UBS		04/07/21	USD		55,855	EUR		47,581		71
UBS		04/07/21	EUR		49,057	USD		59,588		1,926
UBS		05/06/21	EUR		47,581	USD		55,890		(66	)
UBS		04/16/21	USD		548	MXN		11,328		5
UBS		05/06/21	CHF		2,220	USD		2,362		1
Westpac Banking		04/07/21	GBP		746	USD		1,041		12
Westpac Banking		05/06/21	NZD		355	USD		247		(2	)
									$	7,801

A list of the open OTC swap agreements held by the Fund at March 31, 2021, is as follows:

Interest Rate Swaps
Counterparty	Fund Pays		Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)		Upfront Payments (Thousands)		Net Unrealized Appreciation (Thousands)
Deutsche Bank		China 7-Day Reverse Repo Rate		2.985%		Quarterly		06/03/2024		CNY		23,220	$	46	$	–	$	46
Deutsche Bank		China 7-Day Reverse Repo Rate		2.755%		Quarterly		09/09/2024		CNY		31,000		25		–		25
													$	71	$	–	$	71

A list of the open centrally cleared swap agreements held by the Fund at March 31, 2021, 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)
BRL/CDI/1D/T247/0.00000	4.915%	Annually	01/02/2023	BRL		9,678	$	(39	)	$	–	$	(39	)
BRL/CDI/1D/T247/0.00000	4.94%	Annually	01/02/2023	BRL		5,658		(22	)		–		(22	)
BRL/CDI/1D/T247/0.00000	4.945%	Annually	01/02/2023	BRL		5,062		(20	)		–		(20	)
6-MONTH GBP - LIBOR	5.635%	Semi-Annually	02/28/2025	GBP		1,230		1			–		1
1.6460%	6-MONTH GBP - LIBOR	Semi-Annually	10/03/2047	GBP		460		(62	)		–		(62	)
6-MONTH GBP - LIBOR	.385%	Semi-Annually	07/20/2050	GBP		900		(249	)		–		(249	)
							$	(391	)	$	–	$	(391	)

36 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Percentages are based on Net Assets of $527,040 ($ Thousands).

* Non-income producing security.

(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, 2021, the value of these securities amounted to $77,066 ($ Thousands), representing 14.6% 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) Perpetual security with no stated maturity date.

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

(E) Refer to table below for details on Swaption Contracts.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

CNH — Chinese Yuan Offshore

CNY — Chinese Yuan Onshore

COP — Colombian Peso

CZK — Czech Koruna

DAC — Designated Activity Company

DKK — Danish Krone

EUR — Euro

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GBP — British Pound Sterling

HUF — Hungarian Forint

ICE— Intercontinental Exchange

IDR — Indonesian Rupiah

ILS — Israeli New Sheckels

INR — Indian Rupee

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Company

L.P — Limited Partnership

Ltd. — Limited

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLC — Public Limited Company

PLN — Polish Zloty

RON — Romanian Leu

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

Ser — Series

THB — Thai Bhat

TRY — Turkish Lira

TWD — Taiwan Dollar

ULC — Unlimited Liability Company

USD — U.S. Dollar

VAR — Variable Rate

ZAR — South African Rand

The following is a list of the level of inputs used as of March 31, 2021, 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		–			480,436			–		480,436
U.S. Treasury Obligations		–			24,643			–		24,643
Mortgage-Backed Securities		–			1,156			–		1,156
Total Investments in Securities		–			506,235			–		506,235
Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Purchased Swaption		–			–			–		–
Written Swaption		–			–			–		–
Futures Contracts*
Unrealized Appreciation		1,782			–			–		1,782
Unrealized Depreciation		(185	)		–			–		(185	)
Forwards Contracts*
Unrealized Appreciation		–			9,566			–		9,566
Unrealized Depreciation		–			(1,765	)		–		(1,765	)
OTC Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			71			–		71
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			1			–		1
Unrealized Depreciation		–			(392	)		–		(392	)
Total Other Financial Instruments		1,597			7,481			–		9,078

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

For the period ended March 31, 2021, there were no transfers in or out of Level 3.

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

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 37

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Markets Debt Fund

^†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 — 94.6%
Angola — 0.9%
Angolan Government International Bond
9.375%, 05/08/2048	$		2,800	$	2,634
8.250%, 05/09/2028			1,085		1,039
Angolan Government International Bond MTN
9.125%, 11/26/2049 (A)			670		622
9.125%, 11/26/2049			409		380
8.000%, 11/26/2029			2,005		1,879
8.000%, 11/26/2029 (A)			1,357		1,271
Republic of Angola Via Avenir II BV MTN
7.867%, VAR ICE LIBOR USD 6 Month+7.500%, 07/01/2023			3,457		3,344
4.757%, VAR ICE LIBOR USD 6 Month+4.500%, 12/07/2023			–		–
Republic of Angola Via Avenir Issuer II Ireland DAC
6.927%, 02/19/2027			2,819		2,536
					13,705
Argentina — 1.2%
Adecoagro
6.000%, 09/21/2027 (A)(B)			506		527
Argentine Republic Government International Bond
0.125%, 2.500%, 07/09/2021, 07/09/2041 (C)			5,587		1,926
0.125%, 2.000%, 07/09/2021, 01/09/2038 (C)			3,706		1,356
0.125%, 1.125%, 07/09/2021, 07/09/2035 (C)			1,093		326
0.125%, 1.125%, 07/09/2021, 07/09/2046 (C)			4,726		1,456
1.000%, 07/09/2029			9,003		3,238
0.500%, 07/09/2029	EUR		13		5
0.125%, 0.500%, 07/09/2021, 07/09/2030 (C)	$		23,489		7,863
0.125%, 07/09/2030 (B)	EUR		403		154

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Mercadolibre Inc
3.125%, 01/14/2031	$		651	$	620
Provincia de Buenos Aires
7.875%, 06/15/2027			350		134
5.375%, 01/20/2023	EUR		620		251
Provincia de Cordoba
3.000%, 12/10/2025 (A)	$		531		363
Rio Energy
6.875%, 02/01/2025 (A)(B)			285		192
					18,411
Armenia — 0.1%
Republic of Armenia International Bond
3.950%, 09/26/2029			758		716
3.600%, 02/02/2031 (A)			1,019		932
3.600%, 02/02/2031			435		398
					2,046
Azerbaijan — 0.9%
Republic of Azerbaijan International Bond
5.125%, 09/01/2029			1,711		1,886
Southern Gas Corridor CJSC
6.875%, 03/24/2026 (A)			1,437		1,699
6.875%, 03/24/2026			4,525		5,351
6.875%, 03/24/2026 (A)			235		278
State Oil of the Azerbaijan Republic
6.950%, 03/18/2030			697		859
6.950%, 03/18/2030			2,380		2,935
					13,008
Bahamas — 0.0%
Bahamas Government International Bond
8.950%, 10/15/2032 (A)			527		561
Bahrain — 0.9%
Bahrain Government International Bond
6.750%, 09/20/2029			200		218
6.125%, 08/01/2023			520		560
5.625%, 09/30/2031 (A)			741		731
5.625%, 09/30/2031			462		456
5.450%, 09/16/2032			773		746
5.450%, 09/16/2032 (A)			3,592		3,466
Bahrain Government International Bond MTN (A)
6.250%, 01/25/2051			1,141		1,058
5.250%, 01/25/2033			2,284		2,170
4.250%, 01/25/2028			597		592
CBB International Sukuk Programme WLL
3.950%, 09/16/2027 (A)			679		686
Oil and Gas Holding BSCC (A)
8.375%, 11/07/2028			560		647
7.625%, 11/07/2024			1,798		2,000
					13,330

38 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Belarus — 0.4%
Republic of Belarus International Bond
7.625%, 06/29/2027	$		1,754	$	1,796
6.200%, 02/28/2030			1,234		1,143
6.200%, 02/28/2030 (A)			89		83
Republic of Belarus Ministry of Finance
6.378%, 02/24/2031 (A)			604		558
5.875%, 02/24/2026			1,432		1,371
5.875%, 02/24/2026 (A)			410		393
					5,344
Belize — 0.0%
Belize Government International Bond
5.000%, 02/20/2038			1,117		438
Benin — 0.0%
Benin Government International Bond
6.875%, 01/19/2052	EUR		158		186
Bermuda — 0.2%
Bermuda Government International Bond
4.750%, 02/15/2029	$		1,204		1,393
3.717%, 01/25/2027			1,521		1,650
2.375%, 08/20/2030			221		216
					3,259
Brazil — 5.4%
Brazil Letras do Tesouro Nacional (D)
6.283%, 01/01/2024	BRL		43,000		6,199
3.369%, 01/01/2022			34,000		5,824
2.575%, 07/01/2021			28,238		4,964
Brazil Loan Trust 1
5.477%, 07/24/2023 (A)	$		873		906
5.477%, 07/24/2023			194		201
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/2028			1,855		2,012
5.333%, 02/15/2028			1,176		1,276
5.333%, 02/15/2028 (A)			157		170
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 08/15/2026	BRL		1,000		698
6.000%, 05/15/2045			818		622
6.000%, 08/15/2050			1,670		1,286
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2023			76,741		14,320
10.000%, 01/01/2025			32,832		6,138
10.000%, 01/01/2027			41,223		7,667
10.000%, 01/01/2029			25,306		4,681
10.000%, 01/01/2031			4,682		863
Brazilian Government International Bond
5.625%, 01/07/2041	$		1,107		1,147
5.625%, 02/21/2047			709		720
5.000%, 01/27/2045			2,338		2,213
4.625%, 01/13/2028			618		653

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
3.875%, 06/12/2030	$		8,833	$	8,561
Centrais Eletricas Brasileiras
4.625%, 02/04/2030 (A)			226		226
CSN Islands XI
6.750%, 01/28/2028 (A)			592		627
CSN Resources
7.625%, 04/17/2026 (A)			530		563
Gol Finance
7.000%, 01/31/2025 (A)(B)			998		816
Guara Norte Sarl
5.198%, 06/15/2034			550		539
JBS Investments II GmbH
5.750%, 01/15/2028 (A)			466		491
MV24 Capital BV
6.748%, 06/01/2034 (A)			659		684
Nexa Resources
5.375%, 05/04/2027 (A)			2,591		2,824
Petrobras Global Finance BV
6.900%, 03/19/2049			841		921
5.093%, 01/15/2030			256		266
Suzano Austria GmbH (A)
7.000%, 03/16/2047			399		514
6.000%, 01/15/2029			288		339
5.000%, 01/15/2030			494		547
					80,478
Cameroon — 0.0%
Republic of Cameroon International Bond
9.500%, 11/19/2025 (A)			250		271
9.500%, 11/19/2025			220		239
					510
Cayman Islands — 0.2%
Bioceanico Sovereign Certificate Ltd
2.471%, 06/05/2034 (D)			1,983		1,483
Neon Capital MTN
2.015%, 01/06/2028 (E)	JPY		286,072		2,100
					3,583
Chile — 1.2%
Banco de Credito e Inversiones
3.500%, 10/12/2027 (A)	$		1,046		1,118
Bonos de la Tesoreria de la Republica en pesos
2.800%, 10/01/2033 (A)	CLP		990,000		1,225
Cencosud
4.375%, 07/17/2027 (A)	$		1,819		2,008
Chile Government International Bond
3.500%, 01/25/2050			1,274		1,294
2.550%, 01/27/2032			2,209		2,225
2.450%, 01/31/2031			2,777		2,784
Empresa de Transporte de Pasajeros Metro
3.650%, 05/07/2030 (A)			217		235

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 39

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Empresa Nacional del Petroleo
3.750%, 08/05/2026	$		749	$	787
Geopark
6.500%, 09/21/2024 (A)			492		509
Nacional del Cobre de Chile
5.625%, 10/18/2043			442		568
4.375%, 02/05/2049 (A)			506		559
3.750%, 01/15/2031 (A)			234		252
3.700%, 01/30/2050 (A)			1,216		1,216
3.150%, 01/14/2030			500		518
3.150%, 01/14/2030 (A)			297		308
3.000%, 09/30/2029			1,204		1,237
3.000%, 09/30/2029 (A)			442		454
					17,297
China — 4.4%
Blossom Joy
3.100%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.799% (F)			202		204
Charming Light Investments MTN
4.375%, 12/21/2027			1,341		1,506
China Government Bond
3.810%, 09/14/2050	CNY		6,840		1,062
3.390%, 03/16/2050			8,350		1,196
3.280%, 12/03/2027			55,590		8,535
3.270%, 11/19/2030			22,100		3,394
3.130%, 11/21/2029			6,500		983
3.120%, 12/05/2026			9,040		1,381
3.020%, 10/22/2025			43,500		6,638
2.880%, 11/05/2023			25,000		3,818
2.850%, 06/04/2027			41,980		6,278
2.680%, 05/21/2030			44,390		6,464
1.990%, 04/09/2025			60,830		8,904
China Government International Bond
3.250%, 10/19/2023	$		1,192		1,277
0.550%, 10/21/2025 (A)			1,150		1,122
0.400%, 10/21/2023 (A)			2,410		2,408
China Minmetals (F)
4.450%, VAR US Treas Yield Curve Rate T Note Const Mat 3 Yr+6.070%			640		642
3.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.717%			2,047		2,088
Chinalco Capital Holdings
4.250%, 04/21/2022 (B)			740		753
4.100%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.788% (F)			224		233
Country Garden Holdings
4.800%, 08/06/2030			407		426

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Dianjian Haiyu
4.300% (F)	$		204	$	213
Dianjian International Finance
4.600%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.933% (F)			303		315
Huarong Finance 2017
4.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.773% (F)			1,378		1,385
Leader Goal International Ltd MTN
4.250% (E)(F)			212		218
Meituan
3.050%, 10/28/2030			204		198
Minmetals Bounteous Finance BVI
3.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.209% (F)			805		824
Powerchina Roadbridge Group British Virgin Islands
3.080%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.256% (F)			285		286
Shimao Group Holdings
5.600%, 07/15/2026			400		431
Sinopec Group Overseas Development 2018
2.300%, 01/08/2031 (A)			996		952
Tencent Holdings LTD MTN
3.240%, 06/03/2050 (A)	THB		450		413
Wanda Properties International
7.250%, 01/29/2024 (B)	$		600		586
					65,133
Colombia — 5.2%
Colombia Government International Bond
3.875%, 02/15/2061			516		462
3.125%, 04/15/2031			7,927		7,753
3.000%, 01/30/2030			736		720
Colombian TES
10.000%, 07/24/2024	COP		24,024,400		6,370
7.750%, 09/18/2030			13,747,500		3,933
7.500%, 08/26/2026			29,334,900		8,626
7.250%, 10/18/2034			17,328,500		4,610
7.000%, 05/04/2022			4,935,100		1,408
7.000%, 06/30/2032			8,322,100		2,204
6.250%, 11/26/2025			28,867,400		8,157
6.000%, 04/28/2028			29,249,400		7,782
5.750%, 11/03/2027			34,702,000		9,200
3.000%, 03/25/2033			1,507,400		1,106
Ecopetrol
6.875%, 04/29/2030	$		492		599
Empresas Publicas de Medellin ESP (A)
8.375%, 11/08/2027	COP		2,351,000		651

40 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
7.625%, 09/10/2024	COP		3,116,000	$	872
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/2024 (A)			1,127,000		327
7.875%, 08/12/2024			884,000		257
Grupo Aval
4.375%, 02/04/2030 (A)	$		812		819
Republic of Colombia
9.850%, 06/28/2027	COP		5,060,000		1,701
8.125%, 05/21/2024	$		908		1,082
7.750%, 04/14/2021	COP		3,331,000		909
7.375%, 09/18/2037	$		749		989
6.125%, 01/18/2041			2,014		2,385
5.625%, 02/26/2044			132		150
5.000%, 06/15/2045			1,184		1,259
4.500%, 01/28/2026			581		637
4.500%, 03/15/2029			1,506		1,642
4.375%, 03/21/2023	COP		2,871,000		798
					77,408
Costa Rica — 0.5%
Costa Rica Government International Bond
7.158%, 03/12/2045	$		500		485
7.158%, 03/12/2045			3,473		3,367
7.158%, 03/12/2045 (A)			387		375
7.000%, 04/04/2044			1,208		1,166
7.000%, 04/04/2044			230		222
6.125%, 02/19/2031			1,299		1,308
4.375%, 04/30/2025 (B)			393		389
Instituto Costarricense de Electricidad
6.375%, 05/15/2043			250		211
					7,523
Croatia — 0.1%
Croatia Government International Bond
2.750%, 01/27/2030	EUR		200		274
1.500%, 06/17/2031			650		804
1.125%, 03/04/2033			452		531
					1,609
Czech Republic — 1.0%
Czech Republic Government Bond
2.750%, 07/23/2029	CZK		46,300		2,231
2.500%, 08/25/2028			18,330		866
2.400%, 09/17/2025			99,550		4,656
2.000%, 10/13/2033			8,000		355
1.200%, 03/13/2031			61,360		2,556
1.000%, 06/26/2026			16,430		717
0.950%, 05/15/2030			68,410		2,835
					14,216
Dominican Republic — 1.6%
Dominican Republic International Bond
11.250%, 02/05/2027	DOP		14,500		297
8.900%, 02/15/2023 (A)			4,600		84

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
7.450%, 04/30/2044 (A)	$		687	$	809
6.850%, 01/27/2045			2,091		2,311
6.600%, 01/28/2024			656		738
6.500%, 02/15/2048			3,121		3,297
6.400%, 06/05/2049			806		843
5.950%, 01/25/2027			259		291
5.875%, 04/18/2024 (A)			71		76
5.875%, 01/30/2060 (A)			1,065		1,019
5.875%, 01/30/2060			2,782		2,661
5.500%, 01/27/2025			949		1,041
5.300%, 01/21/2041 (A)			3,704		3,639
4.875%, 09/23/2032 (A)			641		654
4.875%, 09/23/2032			424		432
4.500%, 01/30/2030 (A)			3,754		3,792
4.500%, 01/30/2030			1,663		1,680
					23,664
Ecuador — 0.6%
Ecuador Government International Bond
8.587%, 07/31/2030 (D)			1,273		509
6.435%, 07/31/2030 (A)(D)			1,916		767
0.500%, 5.000%, 07/31/2021,
07/31/2030 (A)(C)			4,407		2,567
0.500%, 5.000%, 07/31/2021,
07/31/2030 (C)			53		31
0.500%, 5.000%, 07/31/2021,
07/31/2035 (C)			2,701		1,229
0.500%, 5.000%, 07/31/2021,
07/31/2035 (A)(C)			8,667		3,943
0.500%, 5.000%, 07/31/2021,
07/31/2040 (A)(C)			1,332		576
					9,622
Egypt — 3.5%
Egypt Government Bond
14.664%, 10/06/2030	EGP		4,750		300
14.556%, 10/13/2027			11,537		734
14.406%, 07/07/2027			17,842		1,129
14.382%, 01/12/2031			9,502		592
14.292%, 01/05/2028			19,000		1,194
14.196%, 07/07/2023			21,779		1,386
14.060%, 01/12/2026			44,207		2,768
Egypt Government International Bond
18.000%, 11/06/2028			30,307		2,220
17.700%, 08/07/2025			29,457		2,063
16.300%, 04/09/2024			15,034		1,003
16.100%, 05/07/2029			14,920		1,011
15.900%, 07/02/2024			20,628		1,365
8.875%, 05/29/2050 (A)	$		2,241		2,285
8.875%, 05/29/2050			300		306
8.700%, 03/01/2049 (A)			816		817
8.700%, 03/01/2049			600		601
7.903%, 02/21/2048 (A)			1,061		997

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 41

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
7.903%, 02/21/2048	$		400	$	376
7.625%, 05/29/2032 (A)			6,161		6,301
7.625%, 05/29/2032			363		371
Egypt Government International Bond MTN
8.500%, 01/31/2047			3,680		3,657
8.150%, 11/20/2059 (A)			1,019		971
8.150%, 11/20/2059			277		264
7.500%, 02/16/2061 (A)			1,930		1,744
7.500%, 02/16/2061			565		511
7.053%, 01/15/2032 (A)			547		539
6.375%, 04/11/2031	EUR		1,080		1,300
6.125%, 01/31/2022 (A)	$		385		395
5.875%, 02/16/2031 (A)			990		927
5.625%, 04/16/2030	EUR		1,205		1,407
5.625%, 04/16/2030 (A)			111		130
4.750%, 04/11/2025			457		556
4.750%, 04/16/2026			670		812
Egypt Treasury Bills (D)
13.528%, 04/06/2021	EGP		87,225		5,546
12.499%, 07/06/2021			88,125		5,426
					52,004
El Salvador — 0.5%
El Salvador Government International Bond
9.500%, 07/15/2052	$		1,729		1,837
8.250%, 04/10/2032 (A)			200		207
Republic of El Salvador
8.625%, 02/28/2029			41		44
8.250%, 04/10/2032			1,467		1,517
7.750%, 01/24/2023			2,000		2,090
7.625%, 02/01/2041			527		507
7.125%, 01/20/2050			640		571
5.875%, 01/30/2025			1,110		1,108
					7,881
Ethiopia — 0.0%
Federal Democratic Republic of Ethiopia
6.625%, 12/11/2024 (A)			296		272
Gabon — 0.2%
Gabon Government International Bond
6.625%, 02/06/2031 (A)			1,569		1,514
Gabonese Republic
6.375%, 12/12/2024			1,615		1,673
					3,187
Georgia — 0.0%
Republic of Georgia
6.875%, 04/12/2021 (A)			66		66
Ghana — 1.3%
Ghana Government International Bond
24.750%, 07/19/2021	GHS		–		–
19.750%, 03/25/2024			5,311		962

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
19.000%, 11/02/2026	GHS		11,055	$	1,923
10.750%, 10/14/2030	$		2,104		2,618
8.950%, 03/26/2051 (A)(B)			3,056		2,890
8.875%, 05/07/2042			436		419
8.750%, 03/11/2061			693		642
8.750%, 03/11/2061 (A)			364		337
8.627%, 06/16/2049 (A)			593		548
8.625%, 04/07/2034 (A)			1,175		1,149
8.625%, 04/07/2034			292		287
7.875%, 03/26/2027 (A)			653		664
7.875%, 02/11/2035			1,114		1,035
7.750%, 04/07/2029			380		376
7.625%, 05/16/2029			995		977
7.625%, 05/16/2029 (A)			1,470		1,443
6.375%, 02/11/2027 (A)			1,467		1,416
Kosmos Energy
7.125%, 04/04/2026 (A)			182		176
Republic of Ghana
8.125%, 01/18/2026 (A)			83		88
Republic of Ghana Government Bonds
20.750%, 03/06/2023	GHS		1,920		352
19.250%, 12/18/2023			5,450		977
Tullow Oil
7.000%, 03/01/2025 (A)	$		783		662
					19,941
Guatemala — 0.3%
Banco Industrial
4.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.442%, 01/29/2031 (A)			610		628
Guatemala Government Bond
6.125%, 06/01/2050			962		1,114
5.375%, 04/24/2032			281		318
4.900%, 06/01/2030			1,164		1,275
4.500%, 05/03/2026			1,038		1,117
					4,452
Honduras — 0.1%
Honduras Government International Bond
6.250%, 01/19/2027			326		356
5.625%, 06/24/2030 (A)			736		769
5.625%, 06/24/2030			299		313
					1,438
Hong Kong — 0.1%
NWD
4.125%, 07/18/2029			757		770
Hungary — 1.6%
Hungary Government Bond
6.750%, 10/22/2028	HUF		489,630		2,082
5.500%, 06/24/2025			500,750		1,877
3.250%, 10/22/2031			1,044,790		3,587

42 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
3.000%, 06/26/2024	HUF		413,620	$	1,408
3.000%, 10/27/2027			984,150		3,365
3.000%, 08/21/2030			727,940		2,470
2.750%, 12/22/2026			910,960		3,073
2.500%, 10/24/2024			374,170		1,257
2.250%, 04/20/2033			771,990		2,374
1.500%, 04/22/2026			188,890		601
Hungary Government International Bond
5.750%, 11/22/2023	$		66		75
1.750%, 06/05/2035	EUR		265		332
1.500%, 11/17/2050			255		283
Republic of Hungary
5.375%, 02/21/2023	$		406		443
					23,227
India — 0.2%
Adani Electricity Mumbai
3.949%, 02/12/2030 (A)			540		544
Export-Import Bank of India MTN (A)
3.250%, 01/15/2030			1,060		1,054
2.250%, 01/13/2031			415		378
Network i2i
5.650%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.277% (A)(F)			275		291
Power Finance MTN
3.950%, 04/23/2030 (A)			569		582
Vedanta Resources
7.125%, 05/31/2023			200		178
6.375%, 07/30/2022			350		332
Vedanta Resources Finance II
13.875%, 01/21/2024 (A)			286		308
					3,667
Indonesia — 7.2%
Indonesia Asahan Aluminium Persero
6.757%, 11/15/2048			257		320
6.757%, 11/15/2048 (A)			212		264
5.800%, 05/15/2050 (A)(B)			1,165		1,328
5.710%, 11/15/2023 (A)			618		681
4.750%, 05/15/2025 (A)			240		261
Indonesia Government International Bond
9.000%, 03/15/2029	IDR		42,750,000		3,346
8.750%, 05/15/2031			60,779,000		4,728
8.500%, 10/12/2035	$		1,969		3,077
8.375%, 03/15/2024	IDR		20,173,000		1,495
8.375%, 03/15/2034			121,065,000		9,117
8.375%, 04/15/2039			72,056,000		5,293
8.250%, 05/15/2029			68,743,000		5,159
8.250%, 06/15/2032			12,030,000		896
8.250%, 05/15/2036			66,108,000		4,878
8.125%, 05/15/2024			76,235,000		5,632
7.750%, 01/17/2038	$		1,797		2,646

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
7.500%, 08/15/2032	IDR		26,770,000	$	1,886
7.500%, 05/15/2038			58,662,000		4,056
7.000%, 05/15/2022			40,233,000		2,867
7.000%, 05/15/2027			63,129,000		4,514
6.625%, 05/15/2033			24,323,000		1,626
6.125%, 05/15/2028			9,066,000		605
5.625%, 05/15/2023			1,885,000		132
5.250%, 01/08/2047 (A)	$		170		205
4.750%, 02/11/2029			525		603
4.350%, 01/08/2027 (A)			206		231
3.500%, 01/11/2028			2,300		2,464
2.850%, 02/14/2030			1,797		1,829
1.850%, 03/12/2031			884		848
1.400%, 10/30/2031	EUR		495		584
1.100%, 03/12/2033			380		432
0.900%, 02/14/2027			428		505
Indonesia Government International Bond MTN
5.250%, 01/17/2042	$		2,985		3,567
5.125%, 01/15/2045			210		249
4.625%, 04/15/2043			1,080		1,196
3.850%, 07/18/2027			400		439
3.750%, 06/14/2028	EUR		307		428
Indonesia Treasury Bond
7.500%, 06/15/2035	IDR		18,373,000		1,290
7.500%, 04/15/2040			43,939,000		3,022
7.000%, 09/15/2030			74,210,000		5,167
6.500%, 06/15/2025			58,731,000		4,136
6.500%, 02/15/2031			18,708,000		1,261
5.500%, 04/15/2026			63,000,000		4,257
Medco Bell Pte
6.375%, 01/30/2027 (A)	$		466		467
Pertamina Persero (A)
2.300%, 02/09/2031 (B)			1,375		1,272
1.400%, 02/09/2026			916		891
Pertamina Persero MTN
6.450%, 05/30/2044			529		655
3.650%, 07/30/2029 (A)			1,035		1,082
Perusahaan Listrik Negara
1.875%, 11/05/2031 (A)	EUR		691		804
Perusahaan Listrik Negara MTN
6.150%, 05/21/2048 (A)	$		657		799
6.150%, 05/21/2048			250		304
4.375%, 02/05/2050 (A)			265		266
Perusahaan Penerbit SBSN Indonesia III
4.325%, 05/28/2025			2,135		2,373
Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN
3.000%, 06/30/2030			565		555
					106,988

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 43

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Iraq — 0.1%
Iraq International Bond
5.800%, 01/15/2028	$		1,662	$	1,569
Israel — 0.9%
Bank Leumi Le-Israel
3.275%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+1.631%, 01/29/2031 (A)			431		439
Bank of Israel Bill—Makam
0.000%, 06/02/2021 (D)	ILS		17,184		5,153
Israel Treasury Bills MOF
0.000%, 08/31/2021 (D)			1,925		577
Leviathan Bond (A)
6.750%, 06/30/2030	$		394		432
6.500%, 06/30/2027			959		1,048
State of Israel
4.500%, 04/03/2120			4,323		5,149
					12,798
Ivory Coast — 0.8%
Ivory Coast Government International Bond
6.875%, 10/17/2040	EUR		1,169		1,439
6.625%, 03/22/2048			2,469		2,926
6.625%, 03/22/2048			481		570
5.875%, 10/17/2031			1,929		2,392
5.875%, 10/17/2031 (A)			630		781
5.750%, 12/31/2032	$		990		988
5.250%, 03/22/2030	EUR		299		363
4.875%, 01/30/2032 (A)			1,500		1,717
4.875%, 01/30/2032			939		1,075
					12,251
Jordan — 0.2%
Jordan Government International Bond
7.375%, 10/10/2047 (A)	$		228		233
7.375%, 10/10/2047			141		144
5.850%, 07/07/2030 (A)			1,498		1,524
4.950%, 07/07/2025 (A)			1,030		1,057
					2,958
Kazakhstan — 1.4%
Development Bank of Kazakhstan
4.125%, 12/10/2022			770		800
Kazakhstan Government International Bond
4.875%, 10/14/2044			910		1,097
4.875%, 10/14/2044 (A)			318		383
KazMunayGas National JSC
6.375%, 10/24/2048 (A)			1,587		2,026
5.750%, 04/19/2047 (A)			2,052		2,432
5.750%, 04/19/2047			63		75
5.375%, 04/24/2030 (A)			984		1,164
5.375%, 04/24/2030			3,728		4,411
4.750%, 04/24/2025 (A)			732		822

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
3.500%, 04/14/2033 (A)	$		2,472	$	2,529
KazTransGas JSC
4.375%, 09/26/2027			1,205		1,343
4.375%, 09/26/2027 (A)			932		1,039
Tengizchevroil Finance International (A)
3.250%, 08/15/2030			450		448
2.625%, 08/15/2025			1,590		1,605
					20,174
Kenya — 0.3%
Kenya Government International Bond
8.250%, 02/28/2048			1,154		1,189
8.250%, 02/28/2048 (A)			654		673
8.000%, 05/22/2032			1,007		1,068
7.000%, 05/22/2027			1,394		1,479
					4,409
Kuwait — 0.1%
Meglobal Canada ULC MTN
5.875%, 05/18/2030 (A)			222		267
NBK Tier 1 Financing 2 4.500%, VAR USD Swap Semi 30/360 6 Yr Curr+2.832% (A)(F)			513		533
					800
Lebanon — 0.2%
Lebanon Government International Bond
8.250%, 05/17/2034 (G)			4,532		508
8.200%, 05/17/2033 (G)			2,700		303
6.650%, 04/22/2024 (G)			2,250		266
6.000%, 01/27/2023 (G)			560		65
Lebanon Government International Bond MTN
8.250%, 04/12/2021 (G)			1,073		123
7.000%, 03/20/2028 (G)			1,850		204
6.850%, 05/25/2029 (G)			387		45
6.650%, 02/26/2030 (G)			1,225		140
6.600%, 11/27/2026 (G)			2,201		254
6.400%, 05/26/2023 (G)			1,555		180
6.100%, 10/04/2022 (G)			1,573		180
6.100%, 10/04/2022 (G)			569		65
					2,333
Luxembourg — 0.0%
Millicom International Cellular
6.250%, 03/25/2029 (A)			403		448
Macau — 0.0%
Studio City Finance (A)
6.500%, 01/15/2028			371		397
6.000%, 07/15/2025			142		150
					547

44 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Macedonia — 0.0%
North Macedonia Government International Bond
1.625%, 03/10/2028	EUR		296	$	339
Malaysia — 5.9%
1MDB Energy
5.990%, 05/11/2022	$		2,000		2,081
1MDB Global Investments
4.400%, 03/09/2023			4,000		4,016
4.400%, 03/09/2023			7,400		7,429
Malaysia Government Bond
5.248%, 09/15/2028	MYR		1,050		288
4.935%, 09/30/2043			2,200		565
4.921%, 07/06/2048			1,768		450
4.893%, 06/08/2038			800		207
4.642%, 11/07/2033			500		128
4.392%, 04/15/2026			3,480		904
4.232%, 06/30/2031			1,200		304
4.181%, 07/15/2024			4,186		1,065
4.160%, 07/15/2021			20		5
4.065%, 06/15/2050			1,019		231
4.059%, 09/30/2024			8,576		2,178
3.955%, 09/15/2025			30,212		7,675
3.906%, 07/15/2026			16,152		4,106
3.899%, 11/16/2027			3,026		769
3.885%, 08/15/2029			27,330		6,866
3.882%, 03/10/2022			4,459		1,095
3.828%, 07/05/2034			26,509		6,346
3.800%, 08/17/2023			31,953		7,986
3.795%, 09/30/2022			3,200		792
3.757%, 04/20/2023			14,611		3,639
3.757%, 05/22/2040			10,132		2,287
3.733%, 06/15/2028			12,719		3,190
3.620%, 11/30/2021			18,334		4,477
3.502%, 05/31/2027			7,185		1,787
3.480%, 03/15/2023			9,914		2,452
3.478%, 06/14/2024			6,160		1,537
3.418%, 08/15/2022			10,450		2,569
2.632%, 04/15/2031			5,059		1,152
Malaysia Government Investment Issue
4.369%, 10/31/2028			1,200		311
4.119%, 11/30/2034			5,564		1,340
4.070%, 09/30/2026			6,500		1,665
Petronas Capital MTN
4.550%, 04/21/2050	$		1,497		1,771
4.550%, 04/21/2050 (A)			563		666
3.500%, 04/21/2030 (A)			2,200		2,353
Petronas Energy Canada MTN
2.112%, 03/23/2028 (A)			1,696		1,673
					88,355

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Mauritius — 0.0%
Liquid Telecommunications Financing
8.500%, 07/13/2022 (A)	$		496	$	504
Mexico — 8.1%
America Movil
7.125%, 12/09/2024	MXN		18,110		900
Axtel
6.375%, 11/14/2024 (A)	$		713		741
Banco Mercantil del Norte (A)(F)
7.500%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr+5.470%			476		521
6.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.967%			609		635
Banco Nacional de Comercio Exterior SNC
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026 (A)			1,015		1,012
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026			844		842
Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santand
5.375%, 04/17/2025 (A)			414		465
Cemex (A)
5.450%, 11/19/2029			750		822
3.875%, 07/11/2031			572		558
Cometa Energia
6.375%, 04/24/2035 (A)			221		247
Comision Federal de Electricidad
7.350%, 11/25/2025	MXN		39,785		1,823
5.750%, 02/14/2042 (A)	$		500		543
4.750%, 02/23/2027 (A)			458		502
4.677%, 02/09/2051 (A)			1,180		1,105
3.348%, 02/09/2031 (A)(B)			1,885		1,812
FEL Energy VI Sarl
5.750%, 12/01/2040 (A)			191		196
Grupo Televisa
6.625%, 01/15/2040			511		655
Industrias Penoles
5.650%, 09/12/2049 (A)			359		416
Mexican Bonos
8.000%, 11/07/2047	MXN		67,289		3,373
7.750%, 11/23/2034			40,670		2,088
7.750%, 11/13/2042			94,377		4,656
7.500%, 06/03/2027			111,231		5,790
6.500%, 06/09/2022			8,698		434
5.750%, 03/05/2026			87,650		4,247
Mexican Bonos, Ser M20
10.000%, 12/05/2024			275,127		15,362

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 45

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
8.500%, 05/31/2029	MXN		46,705	$	2,562
8.000%, 12/07/2023			30,252		1,576
7.750%, 05/29/2031			95,213		4,958
Mexican Bonos, Ser M30
8.500%, 11/18/2038			139,050		7,467
Mexico Cetes (D)
4.003%, 05/20/2021			548,578		2,666
3.960%, 07/01/2021			349,787		1,692
Mexico City Airport Trust
5.500%, 07/31/2047 (A)	$		715		710
Mexico Government International Bond
5.000%, 04/27/2051			1,632		1,761
4.750%, 04/27/2032			508		566
3.771%, 05/24/2061			2,608		2,295
2.659%, 05/24/2031			4,188		3,947
Mexico Government International Bond MTN
5.750%, 10/12/2110			1,706		1,888
4.750%, 03/08/2044			386		405
3.750%, 04/19/2071			1,112		965
Minera Mexico
4.500%, 01/26/2050 (A)			627		645
Petroleos Mexicanos
9.500%, 09/15/2027			169		202
7.690%, 01/23/2050 (A)			1,996		1,861
7.690%, 01/23/2050			491		458
7.470%, 11/12/2026	MXN		175,079		7,499
7.190%, 09/12/2024			108,672		4,974
6.950%, 01/28/2060	$		350		302
6.950%, 01/28/2060 (A)			1,337		1,153
6.875%, 10/16/2025 (A)			1,478		1,603
6.875%, 10/16/2025			435		472
6.840%, 01/23/2030			2,693		2,733
6.625%, 06/15/2035			4,363		4,145
6.500%, 01/23/2029 (A)			785		793
6.490%, 01/23/2027			847		885
6.350%, 02/12/2048 (A)			430		358
6.350%, 02/12/2048			678		565
5.950%, 01/28/2031			1,948		1,870
5.950%, 01/28/2031 (A)			979		940
5.950%, 01/28/2031			1,490		1,430
5.625%, 01/23/2046			253		201
5.350%, 02/12/2028 (A)			779		757
Petroleos Mexicanos MTN
6.875%, 08/04/2026			713		763
6.750%, 09/21/2047			1,609		1,380
6.750%, 09/21/2047			553		474
4.875%, 02/21/2028	EUR		755		880
					120,546
Mongolia — 0.3%
Development Bank of Mongolia
7.250%, 10/23/2023 (A)	$		784		849

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Mongolia Government International Bond
5.125%, 04/07/2026	$		381	$	407
Mongolia Government International Bond MTN
8.750%, 03/09/2024			1,951		2,243
5.125%, 12/05/2022			500		515
					4,014
Morocco — 0.2%
Morocco Government International Bond
4.000%, 12/15/2050 (A)			1,575		1,394
3.000%, 12/15/2032 (A)			933		875
3.000%, 12/15/2032			336		315
2.375%, 12/15/2027 (A)			745		721
					3,305
Mozambique — 0.2%
Mozambique International Bond
9.000%, 09/15/2023 (A)			2,703		2,222
Netherlands — 0.0%
VEON Holdings BV
3.375%, 11/25/2027 (A)			549		542
Nigeria — 0.8%
IHS Netherlands Holdco
8.000%, 09/18/2027 (A)			299		321
Nigeria Government International Bond
9.248%, 01/21/2049			322		353
8.747%, 01/21/2031			957		1,051
8.747%, 01/21/2031 (A)			535		588
7.875%, 02/16/2032 (A)			1,110		1,142
7.875%, 02/16/2032			2,291		2,356
7.696%, 02/23/2038			3,163		3,100
7.696%, 02/23/2038 (A)			601		589
7.143%, 02/23/2030			682		695
Nigeria Government International Bond MTN
7.625%, 11/28/2047			263		255
6.500%, 11/28/2027 (A)			929		958
6.500%, 11/28/2027			130		134
					11,542
Oman — 1.0%
Oman Government International Bond
7.375%, 10/28/2032 (A)			1,682		1,865
7.000%, 01/25/2051 (A)			448		441
7.000%, 01/25/2051			200		197
6.750%, 10/28/2027 (A)			3,535		3,899
6.750%, 01/17/2048			2,879		2,742
6.750%, 01/17/2048 (A)			1,059		1,009
6.250%, 01/25/2031 (A)			1,747		1,826
6.250%, 01/25/2031			242		253
4.750%, 06/15/2026			900		923

46 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
3.625%, 06/15/2021 (B)	$		1,326	$	1,328
Oman Government International Bond MTN
4.875%, 02/01/2025 (A)			717		747
Oryx Funding Ltd
5.800%, 02/03/2031 (A)			204		211
					15,441
Pakistan — 0.5%
Pakistan Government International Bond
8.250%, 09/30/2025 (B)			1,000		1,106
7.875%, 03/31/2036			200		207
6.875%, 12/05/2027			656		684
Pakistan Government International Bond MTN (A)
8.875%, 04/08/2051			231		240
7.375%, 04/08/2031			1,094		1,116
6.000%, 04/08/2026			2,690		2,734
Third Pakistan International Sukuk
5.500%, 10/13/2021			737		744
					6,831
Panama — 1.1%
Aeropuerto Internacional de Tocumen
6.000%, 11/18/2048 (A)(B)			935		985
5.625%, 05/18/2036			555		587
AES Panama Generation Holdings SRL
4.375%, 05/31/2030 (A)			307		318
Banco Nacional de Panama
2.500%, 08/11/2030 (A)			791		734
Cable Onda
4.500%, 01/30/2030 (A)			208		221
Empresa de Transmision Electrica
5.125%, 05/02/2049 (A)			635		700
Panama Government International Bond
4.500%, 04/16/2050			1		1
2.252%, 09/29/2032			912		867
Republic of Panama
9.375%, 04/01/2029			804		1,175
8.125%, 04/28/2034			478		676
4.500%, 04/01/2056			2,482		2,708
3.870%, 07/23/2060			3,711		3,660
3.750%, 03/16/2025			1,109		1,208
3.160%, 01/23/2030			1,816		1,888
					15,728
Papua New Guinea — 0.1%
Papua New Guinea Government International Bond
8.375%, 10/04/2028 (A)			1,826		1,876
8.375%, 10/04/2028			306		315
					2,191

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Paraguay — 0.3%
Paraguay Government International Bond
6.100%, 08/11/2044		$	1,010	$	1,212
5.400%, 03/30/2050			571		644
5.400%, 03/30/2050 (A)			467		526
4.950%, 04/28/2031			940		1,062
2.739%, 01/29/2033 (A)			474		455
					3,899
Peru — 2.6%
Abengoa Transmision Sur
6.875%, 04/30/2043 (A)			265		354
Fondo MIVIVIENDA
7.000%, 02/14/2024 (A)	PEN		3,704		1,100
Inkia Energy
5.875%, 11/09/2027 (A)	$		359		377
Kallpa Generacion
4.125%, 08/16/2027 (A)			723		770
Peru Government Bond
5.350%, 08/12/2040	PEN		708		170
Peruvian Government International Bond
8.200%, 08/12/2026			15		5
8.200%, 08/12/2026			3,397		1,180
6.950%, 08/12/2031			154		47
6.950%, 08/12/2031			13,115		4,039
6.900%, 08/12/2037			7,121		2,036
6.850%, 02/12/2042			613		173
6.550%, 03/14/2037	$		309		418
6.350%, 08/12/2028	PEN		5,940		1,843
6.350%, 08/12/2028			1,570		487
6.350%, 08/12/2028 (A)			1,465		455
6.350%, 08/12/2028			346		107
6.150%, 08/12/2032			17,952		5,169
5.940%, 02/12/2029			367		111
5.700%, 08/12/2024 (A)			4,932		1,493
5.625%, 11/18/2050	$		1,230		1,622
5.400%, 08/12/2034	PEN		4,002		1,036
3.550%, 03/10/2051	$		878		853
2.783%, 01/23/2031			3,597		3,593
2.780%, 12/01/2060			330		271
1.250%, 03/11/2033	EUR		518		601
Petroleos del Peru
5.625%, 06/19/2047	$		1,993		2,092
5.625%, 06/19/2047 (A)			4,053		4,255
4.750%, 06/19/2032			1,843		1,950
4.750%, 06/19/2032 (A)			1,201		1,271
Republic of Peru
3.750%, 03/01/2030	EUR		200		289
					38,167
Philippines — 0.8%
Philippine Government International Bond
5.000%, 01/13/2037	$		180		221

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 47

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
3.900%, 11/26/2022	PHP		45,000	$	941
3.750%, 01/14/2029	$		1,245		1,380
3.700%, 03/01/2041			1,340		1,399
3.000%, 02/01/2028			262		277
2.950%, 05/05/2045			2,123		1,984
2.650%, 12/10/2045			980		879
2.457%, 05/05/2030			915		924
1.648%, 06/10/2031			3,440		3,249
					11,254
Poland — 2.2%
Republic of Poland Government Bond
5.000%, 03/23/2022			2,281		2,381
3.250%, 07/25/2025	PLN		6,568		1,846
2.750%, 04/25/2028			15,785		4,407
2.750%, 10/25/2029			18,945		5,313
2.500%, 01/25/2023			2,361		625
2.500%, 04/25/2024			3,089		834
2.500%, 07/25/2026			33,606		9,223
2.500%, 07/25/2027			9,388		2,581
2.250%, 04/25/2022			4,106		1,065
1.250%, 10/25/2030			15,616		3,846
0.750%, 04/25/2025			3,311		844
					32,965
Qatar — 1.3%
Ooredoo International Finance MTN
2.625%, 04/08/2031 (A)	$		363		359
Qatar Government International Bond
5.103%, 04/23/2048 (A)			782		988
5.103%, 04/23/2048			567		717
4.817%, 03/14/2049 (A)			1,036		1,268
4.817%, 03/14/2049			3,337		4,084
4.400%, 04/16/2050 (A)			662		768
4.000%, 03/14/2029 (A)			1,602		1,818
4.000%, 03/14/2029			848		963
3.750%, 04/16/2030 (A)			5,248		5,865
3.750%, 04/16/2030			367		410
3.400%, 04/16/2025			654		710
State of Qatar
6.400%, 01/20/2040 (A)			547		780
					18,730
Romania — 1.7%
Government of Romania
5.850%, 04/26/2023	RON		1,720		440
Government of Romania MTN
6.125%, 01/22/2044	$		398		504
Romania Government Bond
4.850%, 04/22/2026	RON		1,945		512
4.750%, 10/11/2034			870		223
4.400%, 09/25/2023			790		198
4.150%, 01/26/2028			9,880		2,543
4.000%, 10/25/2023			3,430		852

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
3.650%, 07/28/2025	RON		17,295	$	4,311
3.650%, 09/24/2031			5,510		1,346
3.250%, 06/24/2026			2,360		578
Romanian Government International Bond
5.000%, 02/12/2029			8,095		2,202
4.250%, 06/28/2023			2,730		679
4.000%, 02/14/2051 (A)	$		314		303
3.000%, 02/14/2031 (A)			1,224		1,223
3.000%, 02/14/2031			114		114
Romanian Government International Bond MTN
6.750%, 02/07/2022			278		293
6.125%, 01/22/2044 (A)			468		593
4.625%, 04/03/2049	EUR		1,568		2,265
4.625%, 04/03/2049 (A)			350		507
4.125%, 03/11/2039			822		1,126
3.875%, 10/29/2035			330		448
3.375%, 02/08/2038 (A)			241		306
3.375%, 01/28/2050			2,100		2,579
2.500%, 02/08/2030 (A)			657		821
2.124%, 07/16/2031			158		190
2.000%, 01/28/2032			600		707
					25,863
Russia — 5.6%
Gazprom OAO Via Gaz Capital (A)
5.150%, 02/11/2026	$		2,673		2,925
4.950%, 02/06/2028			640		697
Gazprom PJSC via Gaz Finance
4.599%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.264% (A)(F)			574		578
Gtlk Europe Capital DAC
4.650%, 03/10/2027			596		604
GTLK Europe Capital DAC
4.949%, 02/18/2026			968		1,018
Rusal Capital DAC
5.125%, 02/02/2022			860		866
Russian Federal Bond - OFZ
8.500%, 09/17/2031	RUB		176,982		2,609
8.150%, 02/03/2027			821,910		11,656
7.950%, 10/07/2026			267,449		3,747
7.700%, 03/23/2033			345,745		4,829
7.700%, 03/16/2039			54,617		769
7.650%, 04/10/2030			1,125		16
7.250%, 05/10/2034			518,574		6,995
7.100%, 10/16/2024			151,477		2,063
7.050%, 01/19/2028			904,777		12,128
7.000%, 08/16/2023			219,831		2,986
6.900%, 05/23/2029			297,669		3,936
6.000%, 10/06/2027			16,284		207
Russian Federal Inflation Linked Bond
2.500%, 07/17/2030			510,149		6,637

48 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Russian Foreign Bond - Eurobond
7.500%, 03/31/2030	$		2	$	2
5.875%, 09/16/2043			3,000		3,796
5.250%, 06/23/2047 (B)			1,000		1,186
5.100%, 03/28/2035			5,200		5,984
4.750%, 05/27/2026 (B)			1,600		1,792
4.375%, 03/21/2029 (B)			3,800		4,152
SCF Capital Designated Activity
5.375%, 06/16/2023 (A)			529		560
Vnesheconombank Via VEB Finance
6.800%, 11/22/2025			580		680
6.800%, 11/22/2025 (A)			150		176
					83,594
Saudi Arabia — 1.2%
Saudi Arabian Oil
3.500%, 11/24/2070 (A)			3,963		3,504
3.500%, 11/24/2070			466		412
Saudi Arabian Oil MTN
4.250%, 04/16/2039 (A)			1,397		1,504
4.250%, 04/16/2039			2,150		2,314
Saudi Government International Bond
5.250%, 01/16/2050			680		833
5.250%, 01/16/2050 (A)			652		799
4.375%, 04/16/2029 (A)			639		729
Saudi Government International Bond MTN
5.000%, 04/17/2049 (A)			200		236
4.500%, 04/17/2030 (A)			463		534
4.500%, 10/26/2046			580		637
3.250%, 10/26/2026 (A)			1,884		2,026
3.250%, 10/22/2030 (B)			1,834		1,930
3.250%, 10/22/2030 (A)			762		802
2.250%, 02/02/2033 (A)			899		846
					17,106
Senegal — 0.1%
Senegal Government International Bond
6.750%, 03/13/2048			1,463		1,390
6.250%, 07/30/2024			677		729
					2,119
Serbia — 0.7%
Serbia International Bond
3.125%, 05/15/2027	EUR		320		416
2.125%, 12/01/2030	$		517		476
1.650%, 03/03/2033			270		308
1.500%, 06/26/2029	EUR		2,644		3,110
Serbia Treasury Bonds
5.875%, 02/08/2028	RSD		155,320		1,883
4.500%, 01/11/2026			211,800		2,326
4.500%, 08/20/2032			199,460		2,205
3.750%, 01/17/2022			28,610		292
					11,016

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
South Africa — 4.5%
Eskom Holdings SOC
7.125%, 02/11/2025	$		1,430	$	1,473
7.125%, 02/11/2025 (A)			3,766		3,880
Eskom Holdings SOC MTN
8.450%, 08/10/2028 (A)			471		511
7.500%, 09/15/2033	ZAR		35,200		1,696
6.750%, 08/06/2023	$		1,556		1,605
6.750%, 08/06/2023 (A)			1,329		1,371
6.350%, 08/10/2028 (A)			322		340
Republic of South Africa
10.500%, 12/21/2026	ZAR		76,143		5,855
9.000%, 01/31/2040			79,651		4,404
8.875%, 02/28/2035			46,669		2,682
8.750%, 01/31/2044			110,123		5,846
8.750%, 02/28/2048			158,717		8,423
8.500%, 01/31/2037			117,491		6,341
8.250%, 03/31/2032			27,309		1,598
8.000%, 01/31/2030			52,950		3,269
7.750%, 02/28/2023			7,161		506
7.000%, 02/28/2031			51,041		2,823
6.500%, 02/28/2041			16,423		692
6.300%, 06/22/2048	$		964		944
6.250%, 03/31/2036	ZAR		68,414		3,047
5.875%, 09/16/2025	$		790		871
5.750%, 09/30/2049			4,550		4,187
5.650%, 09/27/2047			386		355
5.000%, 10/12/2046			357		307
4.850%, 09/27/2027			420		433
4.850%, 09/30/2029			1,696		1,705
Sasol Financing USA
4.375%, 09/18/2026			351		358
SASOL Financing USA
5.875%, 03/27/2024			442		469
Transnet SOC MTN
9.500%, 05/13/2021 (A)	ZAR		6,760		457
					66,448
South Korea — 0.2%
Export-Import Bank of Korea MTN
8.400%, 11/30/2021	IDR		22,400,000		1,567
7.250%, 12/07/2024			700,000		51
Korea International Bond
1.000%, 09/16/2030	$		791		726
					2,344
Spain — 0.1%
AI Candelaria Spain SLU
7.500%, 12/15/2028 (A)			975		1,099
Sri Lanka — 0.7%
Sri Lanka Government International Bond
7.850%, 03/14/2029			1,598		972

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 49

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
7.550%, 03/28/2030	$		3,079	$	1,873
6.850%, 03/14/2024			512		326
6.850%, 11/03/2025			1,339		835
6.825%, 07/18/2026 (A)			909		553
6.825%, 07/18/2026			500		304
6.750%, 04/18/2028			1,624		986
6.750%, 04/18/2028 (A)			4,437		2,693
6.350%, 06/28/2024 (A)			1,294		823
6.200%, 05/11/2027			1,186		720
5.875%, 07/25/2022 (A)			308		239
5.750%, 04/18/2023 (A)			1,031		699
5.750%, 04/18/2023			64		43
					11,066
Supra-National — 0.5%
African Export-Import Bank MTN
3.994%, 09/21/2029 (A)			363		381
Banque Ouest Africaine de Developpement (A)
5.000%, 07/27/2027			865		955
4.700%, 10/22/2031			683		728
2.750%, 01/22/2033	EUR		204		247
European Bank for Reconstruction & Development MTN
6.450%, 12/13/2022	IDR		9,486,000		667
Inter-American Development Bank MTN
7.875%, 03/14/2023			44,650,000		3,223
International Bank for Reconstruction & Development MTN
7.450%, 08/20/2021			10,914,700		755
					6,956
Tanzania — 0.0%
AngloGold Ashanti Holdings
3.750%, 10/01/2030	$		229		231
Thailand — 2.2%
Thailand Government Bond
5.670%, 03/13/2028	THB		3,000		122
3.775%, 06/25/2032			181,773		6,802
3.650%, 06/20/2031			78,000		2,890
3.625%, 06/16/2023			30,000		1,027
3.400%, 06/17/2036			207,584		7,362
3.300%, 06/17/2038			79,072		2,768
2.875%, 12/17/2028			62,796		2,187
2.875%, 06/17/2046			3,431		110
2.400%, 12/17/2023			88,000		2,953
2.125%, 12/17/2026			15,000		504
1.875%, 06/17/2022			20,000		651
1.600%, 12/17/2029			7,000		221
1.600%, 06/17/2035			27,023		784
1.585%, 12/17/2035			20,515		588
1.450%, 12/17/2024			85,200		2,793

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
1.250%, 03/12/2028	THB		395	$	12
0.950%, 06/17/2025			31,000		995
					32,769
Trinidad & Tobago — 0.1%
Trinidad & Tobago Government International Bond
4.375%, 01/16/2024	$		1,287		1,348
Tunisia — 0.2%
Banque Centrale de Tunisie
8.250%, 09/19/2027			337		310
5.750%, 01/30/2025 (A)			493		429
Banque Centrale de Tunisie International Bond
6.375%, 07/15/2026	EUR		939		969
5.625%, 02/17/2024			1,563		1,619
					3,327
Turkey — 1.8%
Export Credit Bank of Turkey (A)
6.125%, 05/03/2024	$		247		244
5.375%, 10/24/2023			1,033		1,011
5.000%, 09/23/2021			538		538
Hazine Mustesarligi Varlik Kiralama
5.800%, 02/21/2022 (A)(B)			1,479		1,486
QNB Finansbank
6.875%, 09/07/2024 (A)			613		632
TC Ziraat Bankasi MTN
5.125%, 05/03/2022 (A)			1,063		1,058
Turkey Government Bond
12.600%, 10/01/2025	TRY		6,928		690
11.700%, 11/13/2030			17,306		1,467
9.000%, 05/04/2022			3,294		363
Turkey Government International Bond
10.600%, 02/11/2026			13,916		1,264
7.250%, 12/23/2023	$		1,061		1,093
6.875%, 03/17/2036			2,482		2,350
6.375%, 10/14/2025			200		198
6.350%, 08/10/2024			294		294
6.000%, 01/14/2041			308		260
5.950%, 01/15/2031			4,026		3,645
5.875%, 06/26/2031			1,552		1,401
5.750%, 03/22/2024			200		198
5.750%, 05/11/2047			883		715
5.125%, 03/25/2022			375		376
5.125%, 02/17/2028			442		399
4.875%, 10/09/2026			1,017		936
4.750%, 01/26/2026			4,162		3,870
Turkiye Sise ve Cam Fabrikalari
6.950%, 03/14/2026 (A)			500		534
Turkiye Vakiflar Bankasi TAO
6.500%, 01/08/2026 (A)			379		363

50 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Ulker Biskuvi Sanayi
6.950%, 10/30/2025 (A)	$		871	$	913
Yapi ve Kredi Bankasi MTN
5.850%, 06/21/2024 (A)			429		417
					26,715
Ukraine — 2.4%
NAK Naftogaz Ukraine via Kondor Finance
7.625%, 11/08/2026 (A)			990		1,005
7.125%, 07/19/2024	EUR		720		870
Ukraine Government International Bond
17.000%, 05/11/2022	UAH		71,848		2,733
16.000%, 08/11/2021			148,624		5,450
15.840%, 02/26/2025			66,553		2,612
9.750%, 11/01/2028 (A)	$		375		437
9.750%, 11/01/2028			897		1,044
8.994%, 02/01/2024			1,128		1,251
7.750%, 09/01/2021			596		607
7.750%, 09/01/2022			222		234
7.750%, 09/01/2026			1,942		2,105
7.750%, 09/01/2026 (A)			169		183
7.750%, 09/01/2027 (A)			223		238
7.750%, 09/01/2027			2,052		2,193
7.375%, 09/25/2032			5,155		5,181
7.253%, 03/15/2033			2,823		2,808
7.253%, 03/15/2033 (A)			1,087		1,081
6.750%, 06/20/2026	EUR		1,299		1,638
4.375%, 01/27/2030 (A)			961		1,034
3.000%, 05/31/2040 (A)(E)	$		2,206		2,272
					34,976
United Arab Emirates — 1.6%
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/2047 (A)			3,268		3,685
4.600%, 11/02/2047			330		372
3.650%, 11/02/2029 (A)			537		592
Abu Dhabi Government International Bond (A)
4.125%, 10/11/2047			824		929
3.125%, 09/30/2049			1,436		1,368
Abu Dhabi Government International Bond MTN
3.875%, 04/16/2050			460		499
3.125%, 04/16/2030			300		321
DAE Funding LLC
3.375%, 03/20/2028 (A)			550		546
DP World MTN (A)
6.850%, 07/02/2037			210		271
5.625%, 09/25/2048			439		514
4.700%, 09/30/2049			134		140
DP World Crescent MTN
4.848%, 09/26/2028			475		530

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
DP World Salaam
6.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.750% (F)	$		877	$	943
Emirate of Dubai Government International Bonds MTN
5.250%, 01/30/2043			490		529
Finance Department Government of Sharjah MTN (A)
4.000%, 07/28/2050			1,165		1,024
3.625%, 03/10/2033			660		651
Galaxy Pipeline Assets Bidco (A)
2.940%, 09/30/2040			4,215		4,064
2.625%, 03/31/2036			1,630		1,559
2.160%, 03/31/2034			1,970		1,908
MDC-GMTN BV MTN
4.500%, 11/07/2028 (A)			1,346		1,558
MDGH - GMTN BV MTN
3.950%, 05/21/2050			200		213
3.700%, 11/07/2049 (A)			711		726
Sharjah Sukuk Program MTN
3.854%, 04/03/2026			359		383
					23,325
United Kingdom — 0.2%
Standard Chartered Bank MTN (A)
8.375%, 10/18/2039	IDR		20,797,000		1,528
8.250%, 05/18/2029			14,336,000		1,076
					2,604
United States — 0.5%
JPMorgan Chase Bank MTN (A)
7.500%, 06/15/2035			41,500,000		2,913
7.000%, 09/18/2030 (E)			57,637,000		4,013
					6,926
Uruguay — 0.7%
Republic of Uruguay
4.375%, 12/15/2028	UYU		9,246		247
Uruguay Government International Bond
9.875%, 06/20/2022			53,504		1,252
4.975%, 04/20/2055	$		661		807
4.375%, 10/27/2027			2,310		2,620
4.375%, 01/23/2031			4,567		5,287
					10,213
Uzbekistan — 0.1%
Republic of Uzbekistan Bond MTN
5.375%, 02/20/2029			833		910
4.750%, 02/20/2024			232		244
3.700%, 11/25/2030 (A)			524		509
3.700%, 11/25/2030			232		225
					1,888

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 51

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Venezuela — 0.2%
Petroleos de Venezuela
9.750%, 05/17/2035	$	1,000	$	43
9.000%, 11/17/2021 (B)		4,300		187
6.000%, 05/16/2024		10,192		443
6.000%, 05/16/2024		7,785		339
6.000%, 11/15/2026		13,215		575
5.500%, 04/12/2037		1,740		76
5.375%, 04/12/2027		4,563		199
Venezuela Government International Bond
9.250%, 09/15/2027		2,300		236
9.250%, 05/07/2028		2,941		301
8.250%, 10/13/2024		3,304		335
7.750%, 10/13/2019		3,976		388
				3,122
Vietnam — 0.0%
Mong Duong Finance Holdings BV
5.125%, 05/07/2029 (A)		535		538

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Zambia — 0.1%
First Quantum Minerals (A)
7.500%, 04/01/2025	$	404	$	417
6.875%, 03/01/2026		403		417
Zambia Government International Bond
5.375%, 09/20/2022		2,282		1,267
				2,101
Total Global Bonds (Cost $1,458,334) ($ Thousands)				1,407,780
	Shares
AFFILIATED PARTNERSHIP — 2.2%
SEI Liquidity Fund, L.P.
0.020% **†(H)		32,648,024		32,656
Total Affiliated Partnership (Cost $32,653) ($ Thousands)				32,656
Total Investments in Securities — 96.8% (Cost $1,490,987) ($ Thousands)			$	1,440,436

A list of the open futures contracts held by the Fund at March 31, 2021, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Notional Amount (Thousands)			Value         (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Euro-Bob		(18	)		Jun-2021	$	(2,880	)	$	(2,858	)	$	5
Euro-Bund		(75	)		Jun-2021		(15,544	)		(15,098	)		48
Euro-Buxl		(31	)		Jun-2021		(7,837	)		(7,507	)		142
Korea 10-Year Bond		(25	)		Jun-2021		(2,787	)		(2,785	)		9
R186 Bond Future		1,632			May-2021		13,093			12,979			(379	)
R2030 Bond Future		362			May-2021		2,298			2,284			(82	)
R2032 Bond Future		812			May-2021		4,855			4,791			(159	)
R2035 Bond Future		631			May-2021		3,695			3,687			(114	)
R2037 Bond Future		328			May-2021		1,822			1,815			(59	)
R2040 Bond Future		229			May-2021		1,321			1,300			(45	)
R213 Bond Future		837			May-2021		4,777			4,699			(173	)
U.S. 2-Year Treasury Note		18			Jul-2021		3,977			3,973			(4	)
U.S. 5-Year Treasury Note		(22	)		Jul-2021		(2,721	)		(2,715	)		6
U.S. 10-Year Treasury Note		86			Jun-2021		11,394			11,261			(133	)
U.S. Long Treasury Bond		(1	)		Jun-2021		(158	)		(155	)		3
U.S. Ultra Long Treasury Bond		51			Jun-2021		9,696			9,242			(454	)
						$	25,001		$	24,913		$	(1,389	)

A list of the open forward foreign currency contracts held by the Fund at March 31, 2021, is as follows:

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation         (Depreciation) (Thousands)
Barclays PLC		04/07/21	USD		1,251	TRY		9,513	$	(104	)

52 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation         (Depreciation) (Thousands)
Barclays PLC		04/07/21 - 06/22/21	TRY		36,420	USD		4,469	$	143
Barclays PLC		06/16/21	USD		8,941	PLN		34,213		(265	)
Barclays PLC		06/16/21 - 06/22/21	USD		16,559	TRY		126,719		(1,966	)
Barclays PLC		06/16/21	RUB		236,491	USD		3,077		(25	)
Citi		04/22/21	USD		2,210	KRW		2,482,418		(10	)
Citigroup		04/30/21 - 06/16/21	USD		9,959	KRW		11,281,316		53
Citigroup		04/05/21	USD		2,622	KRW		2,941,854		(22	)
Citigroup		04/06/21 - 06/30/21	USD		2,811	EUR		2,359		(39	)
Citigroup		04/06/21 - 06/16/21	EUR		13,437	USD		16,122		310
Citigroup		04/08/21	CNY		4,257	USD		649		(1	)
Citigroup		04/08/21	USD		2,453	INR		181,373		25
Citigroup		05/25/21	USD		2,687	INR		197,196		(14	)
Citigroup		04/09/21 - 05/10/21	USD		9,229	TWD		256,651		(206	)
Citigroup		04/16/21 - 06/16/21	USD		11,753	RUB		874,347		(274	)
Citigroup		06/16/21	RUB		44,250	USD		594		13
Citigroup		04/16/21 - 06/16/21	RUB		153,362	USD		2,000		(17	)
Citigroup		04/19/21	USD		1,673	CNY		10,988		1
Citigroup		04/19/21	USD		19,706	CNY		128,268		(163	)
Citigroup		05/05/21 - 06/17/21	USD		6,690	ZAR		100,895		77
Citigroup		05/05/21	USD		1,352	ZAR		19,905		(10	)
Citigroup		05/05/21	ZAR		40,416	USD		2,728		2
Citigroup		05/05/21 - 06/17/21	ZAR		61,441	USD		4,056		(83	)
Citigroup		05/10/21	ILS		1,175	USD		357		4
Citigroup		05/10/21	USD		2,705	ILS		8,858		(47	)
Citigroup		05/20/21 - 07/15/21	EGP		57,459	USD		3,530		(78	)
Citigroup		05/28/21	USD		512	VND		11,779,137		(2	)
Citigroup		05/28/21 - 06/16/21	THB		125,342	USD		4,136		125
Citigroup		06/02/21	USD		1,054	BRL		5,884		(15	)
Citigroup		06/16/21	USD		9,662	MXN		203,093		183
Citigroup		06/04/21	USD		9,704	MXN		196,812		(151	)
Citigroup		06/16/21	EUR		325	CZK		8,506		—
Citigroup		06/16/21	USD		1,079	RON		4,447		(21	)
Citigroup		06/16/21	EUR		5,551	PLN		24,964		(204	)
Citigroup		06/16/21	USD		5,896	TRY		45,886		(608	)
Citigroup		06/16/21	PEN		12,575	USD		3,380		35
Citigroup		06/16/21	USD		6,426	CLP		4,749,575		192
Citigroup		06/16/21	USD		8,979	CLP		6,421,025		(32	)
Citigroup		06/16/21	USD		17,007	CZK		372,773		(222	)
Citigroup		06/16/21	HUF		781,067	EUR		2,115		(42	)
Citigroup		06/16/21	CLP		956,463	USD		1,318		(15	)
Citigroup		06/16/21	COP		23,314,064	USD		6,512		173
Citigroup		06/30/21	RON		2,125	EUR		432		3
Citigroup		06/30/21	JPY		234,131	USD		2,145		24
Citigroup		07/06/21	PLN		1,008	EUR		217		(1	)
Citigroup		10/06/21	EUR		580	RON		2,891		—
Goldman Sachs		06/02/21 - 06/11/21	USD		3,059	BRL		17,435		17
Goldman Sachs		04/05/21	USD		10,340	BRL		55,716		(468	)
Goldman Sachs		04/06/21	USD		2,026	EUR		1,701		(27	)
Goldman Sachs		04/06/21	USD		2,567	AUD		3,298		(55	)
Goldman Sachs		04/07/21 - 06/22/21	USD		4,603	TRY		34,813		(467	)
Goldman Sachs		04/09/21	USD		5,526	TWD		154,118		(118	)

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 53

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Markets Debt Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation         (Depreciation) (Thousands)
Goldman Sachs		04/16/21	USD		3,759	PEN		13,576	$	(149	)
Goldman Sachs		04/16/21 - 06/11/21	USD		5,209	RUB		388,213		(96	)
Goldman Sachs		04/16/21 - 06/16/21	PEN		49,960	USD		13,507		220
Goldman Sachs		04/16/21	RUB		520,128	USD		6,995		120
Goldman Sachs		06/16/21	RUB		94,207	USD		1,231		(4	)
Goldman Sachs		04/19/21	CNY		73,105	USD		11,216		77
Goldman Sachs		06/16/21	CNY		4,454	USD		675		—
Goldman Sachs		05/05/21	ZAR		32,557	USD		2,113		(82	)
Goldman Sachs		05/10/21	USD		2,704	ILS		8,858		(45	)
Goldman Sachs		05/10/21	ILS		19,113	USD		5,802		65
Goldman Sachs		05/28/21 - 06/16/21	TRY		14,218	USD		1,649		3
Goldman Sachs		06/16/21	TRY		16,407	USD		1,889		(2	)
Goldman Sachs		06/01/21	USD		2,531	PHP		123,507		6
Goldman Sachs		06/03/21	EUR		5,202	USD		6,283		161
Goldman Sachs		06/04/21	MXN		54,149	USD		2,656		27
Goldman Sachs		06/04/21 - 06/16/21	MXN		92,662	USD		4,381		(115	)
Goldman Sachs		06/11/21	USD		1,753	KRW		1,971,690		(3	)
Goldman Sachs		06/11/21	KRW		150,001	USD		133		—
Goldman Sachs		06/16/21	USD		578	CZK		12,840		—
Goldman Sachs		06/16/21	USD		636	RON		2,628		(11	)
Goldman Sachs		06/16/21	EUR		1,185	CZK		31,053		3
Goldman Sachs		06/16/21	USD		1,349	THB		42,210		1
Goldman Sachs		06/16/21	USD		1,730	MXN		35,973		13
Goldman Sachs		06/16/21	USD		5,531	CNY		36,175		(44	)
Goldman Sachs		06/16/21	SGD		15,817	USD		11,786		16
Goldman Sachs		06/16/21 - 07/15/21	EGP		27,573	USD		1,690		(21	)
Goldman Sachs		06/16/21	RON		44,589	USD		10,879		267
Goldman Sachs		06/16/21	PHP		357,250	USD		7,311		(12	)
Goldman Sachs		06/16/21	COP		21,542,305	USD		5,997		140
Goldman Sachs		06/22/21	USD		1,237	UAH		35,674		433
Goldman Sachs		06/30/21	EUR		1,707	RON		8,407		(11	)
Goldman Sachs		07/06/21	PLN		1,299	EUR		282		3
Goldman Sachs		07/06/21	EUR		2,955	PLN		13,353		(93	)
Goldman Sachs		07/14/21 - 09/24/21	USD		1,965	KZT		852,398		(19	)
JPMorgan Chase Bank		04/05/21	BRL		4,475	USD		834		42
JPMorgan Chase Bank		05/04/21	USD		8,574	BRL		49,516		185
JPMorgan Chase Bank		04/05/21	USD		412	BRL		2,268		(10	)
JPMorgan Chase Bank		06/30/21	USD		512	EUR		436		1
JPMorgan Chase Bank		04/06/21 - 06/03/21	USD		6,445	EUR		5,381		(120	)
JPMorgan Chase Bank		04/06/21 - 06/30/21	EUR		14,613	USD		17,470		276
JPMorgan Chase Bank		04/07/21	TRY		17,336	USD		2,273		184
JPMorgan Chase Bank		04/08/21 - 04/19/21	USD		6,367	CNY		41,348		(62	)
JPMorgan Chase Bank		04/12/21	USD		145	CNY		952		1
JPMorgan Chase Bank		04/09/21 - 04/12/21	USD		17,176	CNY		111,497		(177	)
JPMorgan Chase Bank		04/12/21 - 04/22/21	PEN		11,616	USD		3,150		61
JPMorgan Chase Bank		04/14/21	USD		5,716	CLP		4,137,060		44
JPMorgan Chase Bank		04/14/21 - 04/22/21	BRL		35,589	USD		6,351		49
JPMorgan Chase Bank		04/22/21	BRL		1,270	USD		220		(5	)
JPMorgan Chase Bank		04/14/21 - 04/30/21	IDR		277,507,918	USD		19,176		121
JPMorgan Chase Bank		04/16/21	USD		2,815	RUB		211,106		(25	)
JPMorgan Chase Bank		04/16/21	PEN		4,896	USD		1,351		49

54 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation         (Depreciation) (Thousands)
JPMorgan Chase Bank		04/16/21	RUB		145,837	USD		1,943	$	16
JPMorgan Chase Bank		04/19/21 - 04/21/21	USD		1,603	TRY		12,294		(133	)
JPMorgan Chase Bank		04/20/21 - 05/18/21	USD		8,332	ZAR		125,579		128
JPMorgan Chase Bank		05/05/21	USD		2,649	ZAR		39,066		(14	)
JPMorgan Chase Bank		04/20/21 - 05/18/21	ZAR		221,025	USD		14,248		(683	)
JPMorgan Chase Bank		04/21/21	USD		180	PEN		668		(3	)
JPMorgan Chase Bank		04/21/21	USD		507	PHP		24,673		2
JPMorgan Chase Bank		04/22/21	USD		141	RUB		10,767		1
JPMorgan Chase Bank		04/21/21	USD		935	RUB		68,933		(25	)
JPMorgan Chase Bank		04/21/21	USD		1,654	THB		50,939		(24	)
JPMorgan Chase Bank		04/21/21	CLP		1,915,492	USD		2,677		10
JPMorgan Chase Bank		04/22/21	USD		149	COP		557,427		3
JPMorgan Chase Bank		04/22/21	USD		3,328	KRW		3,767,159		11
JPMorgan Chase Bank		04/22/21	USD		141	BRL		809		2
JPMorgan Chase Bank		04/22/21	USD		5,560	BRL		30,973		(77	)
JPMorgan Chase Bank		04/22/21	RUB		173,203	USD		2,356		69
JPMorgan Chase Bank		04/22/21	COP		4,414,484	USD		1,231		29
JPMorgan Chase Bank		04/22/21	COP		987,851	USD		267		(2	)
JPMorgan Chase Bank		04/26/21 - 06/14/21	THB		87,750	USD		2,830		22
JPMorgan Chase Bank		04/30/21	USD		98	IDR		1,423,969		—
JPMorgan Chase Bank		05/04/21	USD		1,739	MYR		7,037		(39	)
JPMorgan Chase Bank		05/10/21	USD		2,675	TWD		74,035		(64	)
JPMorgan Chase Bank		05/19/21	USD		90	PLN		359		1
JPMorgan Chase Bank		05/19/21	USD		3,211	PLN		11,923		(188	)
JPMorgan Chase Bank		05/19/21	USD		4,974	RON		20,097		(183	)
JPMorgan Chase Bank		05/19/21 - 06/04/21	USD		3,000	MXN		62,856		55
JPMorgan Chase Bank		06/04/21	USD		2,263	MXN		46,464		(8	)
JPMorgan Chase Bank		05/19/21	PLN		6,668	USD		1,790		99
JPMorgan Chase Bank		05/19/21	PLN		463	USD		116		(1	)
JPMorgan Chase Bank		05/19/21	MXN		18,563	USD		913		11
JPMorgan Chase Bank		05/19/21	MXN		61,939	USD		2,994		(18	)
JPMorgan Chase Bank		05/24/21	USD		833	IDR		12,242,894		4
JPMorgan Chase Bank		05/24/21	IDR		35,378,308	USD		2,480		62
JPMorgan Chase Bank		05/28/21	USD		818	VND		18,816,024		(3	)
JPMorgan Chase Bank		06/14/21	USD		1,824	THB		56,208		(25	)
JPMorgan Chase Bank		06/15/21	USD		112	CZK		2,461		(1	)
JPMorgan Chase Bank		06/15/21	USD		4,161	HUF		1,283,476		—
JPMorgan Chase Bank		06/16/21	USD		311	COP		1,142,543		—
JPMorgan Chase Bank		06/16/21	COP		1,326,392	USD		362		2
JPMorgan Chase Bank		07/06/21	EUR		412	PLN		1,871		(10	)
JPMorgan Chase Bank		07/14/21	USD		686	KZT		295,404		(2	)
JPMorgan Chase Bank		07/22/21	USD		1,321	UAH		38,652		485
JPMorgan Chase Bank		10/06/21	EUR		516	RON		2,575		—
Merrill Lynch		06/16/21	USD		3,597	MXN		75,135		45
Merrill Lynch		06/16/21	USD		8,947	PLN		34,213		(271	)
Merrill Lynch		06/16/21	COP		41,457,060	USD		11,554		282
Morgan Stanley		04/05/21	BRL		7,256	USD		1,276		(10	)
Morgan Stanley		04/06/21	EUR		2,219	USD		2,652		44
Morgan Stanley		04/06/21	USD		2,983	EUR		2,453		(99	)
Morgan Stanley		04/16/21	RUB		326,676	USD		4,364		47

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 55

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Markets Debt Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation         (Depreciation) (Thousands)
Morgan Stanley		04/19/21	USD		411	CNY		2,667	$	(5	)
Morgan Stanley		04/19/21	CNY		48,654	USD		7,460		47
Morgan Stanley		04/19/21	CNY		2,367	USD		360		—
Morgan Stanley		05/05/21	USD		1,218	ZAR		18,463		27
Morgan Stanley		06/14/21	USD		618	THB		19,342		1
Morgan Stanley		05/28/21 - 06/14/21	USD		844	THB		25,890		(15	)
Morgan Stanley		06/04/21	USD		245	MXN		5,133		4
Morgan Stanley		06/04/21	MXN		54,682	USD		2,647		(7	)
Morgan Stanley		06/11/21	INR		123,884	USD		1,683		9
Morgan Stanley		06/16/21	CZK		9,572	EUR		365		(2	)
Morgan Stanley		07/06/21	PLN		12,507	EUR		2,764		83
Morgan Stanley		09/10/21	PHP		17,839	USD		362		(1	)
Standard Bank		04/06/21	EUR		580	USD		700		17
Standard Bank		04/09/21	TWD		265,264	USD		9,301		(8	)
Standard Bank		05/05/21	USD		1,284	ZAR		19,517		32
Standard Bank		05/05/21	ZAR		15,944	USD		1,055		(21	)
Standard Bank		06/02/21	USD		2,576	BRL		14,027		(101	)
Standard Bank		06/16/21	USD		622	MXN		12,896		3
Standard Bank		06/04/21	USD		1,004	MXN		20,660		(2	)
Standard Bank		06/16/21	USD		3,184	MYR		13,136		(16	)
Standard Bank		06/16/21	CNY		4,520	USD		685		(1	)
Standard Bank		06/16/21	USD		8,772	HUF		2,697,005		(27	)
Standard Bank		06/16/21	USD		9,357	TWD		265,264		39
Standard Bank		06/16/21	IDR		12,488,518	USD		858		6
Standard Bank		07/15/21	EGP		41,916	USD		2,572		(22	)
Standard Chartered		04/05/21	USD		364	BRL		1,979		(13	)
Standard Chartered		04/05/21	BRL		4,975	USD		882		—
Standard Chartered		04/08/21	INR		186,796	USD		2,543		(10	)
Standard Chartered		04/16/21	USD		280	PEN		1,023		(9	)
Standard Chartered		04/16/21	USD		3,625	RUB		270,939		(44	)
Standard Chartered		04/16/21	RUB		26,196	USD		344		(2	)
Standard Chartered		04/19/21	USD		3,924	CNY		25,497		(40	)
Standard Chartered		04/19/21	USD		4,547	MYR		18,750		(20	)
Standard Chartered		04/19/21	CNY		36,406	USD		5,580		33
Standard Chartered		04/26/21 - 05/24/21	IDR		101,779,216	USD		7,106		130
Standard Chartered		05/04/21	MYR		2,039	USD		496		3
Standard Chartered		05/10/21	TWD		148,826	USD		5,383		134
Standard Chartered		05/28/21	THB		3,055	USD		99		1
Standard Chartered		06/01/21	PHP		135,047	USD		2,739		(36	)
Standard Chartered		06/11/21	USD		1,740	CLP		1,266,028		24
Standard Chartered		06/16/21	EUR		814	HUF		300,593		17
State Street		04/06/21 - 05/05/21	USD		1,994	EUR		1,692		(6	)
State Street		04/06/21	AUD		3,298	USD		2,529		17
State Street		04/06/21 - 06/03/21	EUR		6,457	USD		7,683		90
State Street		04/07/21	EUR		13,800	USD		17,003		783
State Street		04/08/21	CNY		16,571	USD		2,541		15
State Street		04/16/21	USD		8,352	RUB		629,013		(38	)
State Street		04/16/21	PEN		9,589	USD		2,605		56
State Street		05/05/21	ZAR		11,487	USD		751		(23	)

56 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation         (Depreciation) (Thousands)
State Street		06/04/21	MXN		26,373	USD		1,275	$	(6	)
State Street		06/11/21	USD		1,681	INR		124,042		(4	)
State Street		06/11/21	BRL		9,204	USD		1,649		26
									$	(2,265	)

A list of the open OTC swap agreements held by the Fund at March 31, 2021, is as follows:

Interest Rate Swaps
Counterparty	Fund Pays		Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
Goldman Sachs		3-MONTH MOSCOW PRIME OFFERED RATE - RUB		7.515%		Annually		06/10/2021		RUB		1,020,770	$	688		$	–	$	688
JPMorgan Chase		1.3775%		6-MONTH HUF -BUBOR		Semi- Annually		06/17/2021		HUF		654,998		(26	)		–		(26	)
Goldman Sachs		6-MONTH PLN - WIBOR		2.208%		Annually		11/16/2021		PLN		6,842		35			–		35
Citibank		6-MONTH PLN - WIBOR		2.431%		Annually		12/14/2021		PLN		11,000		62			–		62
Goldman Sachs		3-MONTH MOSCOW PRIME OFFERED RATE - RUB		6.29%		Annually		12/14/2021		RUB		535,000		153			–		153
Goldman Sachs		6-MONTH HUF - BUBOR		1.265%		Semi- Annually		01/10/2022		HUF		1,537,322		(25	)		–		(25	)
JPMorgan Chase		1-DAY-CLP - Sinacofi Chile Interbank Rate Avg		3.430%		Semi- Annually		05/10/2022		CLP		420,527		26			–		26
Goldman Sachs		28-DAY MXN - TIIE		5.900%		Monthly		09/12/2022		MXN		75,956		58			–		58
Goldman Sachs		1-DAY BRL - CETIP		11.985%		Annually		01/02/2023		BRL		3,000		278			–		278
Goldman Sachs		1-DAY BRL - CETIP		10.04%		Annually		01/03/2023		BRL		5,012		350			–		350
Goldman Sachs		3-MONTH MOSCOW PRIME OFFERED RATE - RUB		7.072%		Annually		04/02/2023		RUB		715,570		88			–		88
Goldman Sachs		28-DAY MXN - TIIE		6.355%		Monthly		05/21/2025		MXN		23,145		21			–		21
Goldman Sachs		28-DAY MXN - TIIE		6.205%		Monthly		12/08/2025		MXN		16,624		7			–		7
Goldman Sachs		28-DAY MXN - TIIE		6.165%		Monthly		03/05/2026		MXN		47,200		13			–		13
JPMorgan Chase		28-DAY MXN - TIIE		6.13%		Monthly		06/18/2026		MXN		40,000		3			–		3
Goldman Sachs		28-DAY MXN - TIIE		6.381%		Monthly		09/16/2026		MXN		26,000		14			–		14
													$	1,745		$	–	$	1,745

Credit Default Swap

Counterparty

Reference Entity/ Obligation

Buy/Sell Protection

(Pays)/ Receives Rate

Payment Frequency

Termination Date

Notional Amount (Thousands)

Value (Thousands)

Upfront Payments/ Receipts (Thousands)

Net Unrealized Appreciation (Thousands)

Goldman Sachs

Republic of Turkey

Buy

1.00%

Quarterly

12/20/2025

$

2,142

$

327

$

219

$

108

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 57

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Markets Debt Fund (Continued)

A list of the open centrally cleared swap agreements held by the Fund at March 31, 2021, 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 CZK - PRIBOR	2.1%	Annually	09/30/2021	CZK		150,349	$	56		$	–	$	56
5.915%	1-DAY COP-COLUMBIA IBR	Quarterly	05/15/2029	COP		3,600,000		(45	)		–		(45	)
2.969%	6-MONTH HUF - BUBOR	Semi-Annually	02/08/2029	HUF		200,000		–			–		–
28-DAY MXN - TIIE	7.51%	Monthly	04/20/2027	MXN		8,110		26			–		26
7.4325% FIXED	1-DAY BRL - CETIP	Annually	01/04/2027	BRL		6,304		42			–		42
28-DAY MXN - TIIE	7.72%	Monthly	12/03/2026	MXN		8,000		29			–		29
1.13 %	6-MONTH PLN - WIBOR	Semi-Annually	03/16/2026	PLN		10,662		15			–		15
1-DAY-CLP – Sinacofi Chile Interbank Rate Avg	.26%	Semi-Annually	03/16/2026	CLP		1,623,158		(32	)		–		(32	)
1.1%	6-MONTH THB BIBOR	Semi-Annually	03/10/2026	THB		95,000		34			–		34
0.995%	6-MONTH THB BIBOR	Semi-Annually	03/01/2026	THB		91,000		49			–		49
1.32% FIXED	6-MONTH CZK-PRIBOR	Semi-Annually	02/10/2026	CZK		57,984		39			–		39
1-DAY-CLP – Sinacofi Chile Interbank Rate Avg	.6325%	Semi-Annually	01/12/2026	CLP		597,888		(34	)		–		(34	)
28-DAY MXN - TIIE	4.85 FIXED	Monthly	07/25/2025	MXN		6,144		(12	)		–		(12	)
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	1.16%	Semi-Annually	06/23/2025	CLP		2,335,691		(158	)		–		(158	)
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	.36%	Semi-Annually	06/17/2025	CLP		1,931,133		(107	)		–		(107	)
0.644 FIXED	6-MONTH PLN - WIBOR	Semi-Annually	06/09/2025	PLN		11,248		53			–		53
28-DAY MXN - TIIE	.45% FIXED	Monthly	04/01/2025	MXN		27,064		31			–		31
6-MONTH HUF - BUBOR	.725%	Annually	03/25/2025	HUF		598,334		(90	)		–		(90	)
5.37	1-DAY COP- COLUMBIA IBR	Quarterly	06/21/2029	COP		1,800,000		(3	)		–		(3	)
1-DAY BRL - CETIP	.455%	Annually	01/02/2025	BRL		3,591		(20	)		–		(20	)
6.9225%	28-DAY MXN - TIIE	Monthly	08/31/2029	MXN		42,602		(39	)		–		(39	)
1.4925%	6-MONTH CZK - PRIBOR	Semi-Annually	11/18/2029	CZK		33,000		(36	)		–		(36	)
4.88 %	1-DAY COP – COLUMBIA IBR	Quarterly	03/16/2031	COP		4,263,045		56			–		56
.42%	6-MONTH HUF - BUBOR	Semi-Annually	03/16/2031	HUF		219,577		19			–		19
2.325% FIXED	6-MONTH HUF - BUBOR	Semi-Annually	02/24/2031	HUF		393,310		44			–		44
1.495% FIXED	3-MONTH KRW - KWDC	Quarterly	02/19/2031	KRW		1,600,000		28			–		28
1.3965%	3-MONTH KRW - KWDC	Quarterly	02/05/2031	KRW		1,600,000		40			–		40
.605%	6-MONTH HUF - BUBOR	Semi-Annually	01/08/2031	HUF		85,022		25			–		25
6-MONTH CZK-PRIBOR	1.38 %	Annually	11/13/2030	CZK		62,479		(83	)		–		(83	)
6-MONTH CZK-PRIBOR	.395%	Annually	11/12/2030	CZK		62,500		(81	)		–		(81	)
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	.145%	Semi-Annually	08/24/2030	CLP		444,725		(66	)		–		(66	)
.21%	1-DAY COP- COLUMBIA IBR	Quarterly	07/08/2030	COP		1,318,748		33			–		33
%	6-MONTH PLN - WIBOR	Semi-Annually	06/12/2030	PLN		8,141		142			–		142
.33%	1-DAY-CLP - Sinacofi Chile	Semi-Annually	06/05/2030	CLP
	Interbank Rate Avg					830,041		25			–		25
1-DAY COP - COLUMBIA IBR	5.45%	Quarterly	03/12/2030	COP		1,338,006		(2	)		–		(2	)
1-DAY COP - COLUMBIA IBR	5.47%	Quarterly	03/11/2030	COP		879,919		(2	)		–		(2	)
6-MONTH PLN - WIBOR	1.75%	Annually	02/26/2030	PLN		11,700		(3	)		–		(3	)
1.61%	6-MONTH HUF - BUBOR	Semi-Annually	01/17/2030	HUF		135,000		35			–		35
1.81%	6-MONTH CZK - PRIBOR	Semi-Annually	01/17/2030	CZK		10,000		(1	)		–		(1	)
6.82%	28-DAY MXN - TIIE	Monthly	09/10/2029	MXN		33,993		(19	)		–		(19	)
2.48 %	6-MONTH HUF-BUBOR	Semi-Annually	03/17/2031	HUF		464,204		33			–		33
1-DAY BRL - CETIP	6.82%	Annually	01/02/2025	BRL		3,362		(18	)		–		(18	)
1-DAY BRL - CETIP	.77 FIXED	Annually	01/02/2025	BRL		4,102		(24	)		–		(24	)
1.28%	6-MONTH HUF-BUBOR	Annually	02/18/2023	HUF		2,000,000		(15	)		–		(15	)
1-DAY BRL - CETIP	.23 FIXED	Annually	01/02/2023	BRL		5,579		(2	)		–		(2	)
1-DAY BRL - CETIP	.77 FIXED	Annually	01/02/2023	BRL		6,361		7			–		7

58 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

Fund Pays	Fund Receives	Payment Frequency	Termination Date	Currency	Notional Amount     (Thousands)		Value     (Thousands)		Upfront Payments/ Receipts (Thousands)		Net Unrealized Appreciation (Depreciation)     (Thousands)
1-DAY BRL - CETIP	9.255%	Annually	01/02/2023	BRL		2,368	$	18	$	–	$	18
1-DAY BRL - CETIP	5.655	Annually	01/02/2023	BRL		2,705		(5)		–		(5)
1-DAY BRL - CETIP	6.61%	Annually	01/02/2023	BRL		4,693		3		–		3
6.23% FIXED	1-DAY BRL - CETIP	Annually	01/02/2023	BRL		41,890		19		–		19
1-DAY BRL - CETIP	5.25%	Annually	01/02/2023	BRL		11,519		(35)		–		(35)
1-DAY BRL - CETIP	.43%	Annually	01/02/2023	BRL		12,558		67		–		67
28-DAY MXN - TIIE	6.71%	Monthly	07/07/2022	MXN		37,637		46		–		46
28-DAY MXN - TIIE	6.745%	Monthly	06/23/2022	MXN		26,758		32		–		32
1-DAY BRL - CETIP	.885 FIXED	Annually	01/03/2022	BRL		15,625		(34)		–		(34)
1-DAY BRL - CETIP	2.99%	Annually	01/03/2022	BRL		20,697		(42)		–		(42)
1-DAY BRL - CETIP	5.89%	Annually	01/03/2022	BRL		27,057		44		–		44
1.960%	1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	Semi- Annually	12/12/2021	CLP		2,569,905		(36)		–		(36)
6-MONTH PLN - WIBOR	2.263%	Annually	11/12/2021	PLN		7,000		22		–		22
6-MONTH CZK - PRIBOR	2.07%	Annually	09/30/2021	CZK		121,000		45		–		45
3-MONTH CZK - PRIBOR	1.3825%	Annually	03/22/2023	CZK		134,546		–		–		0
1-DAY BRL - CETIP	.65%	Annually	01/02/2025	BRL		12,389		(142)		–		(142)
3-MONTH HUF - BUBOR	1.623% FIXED	Annually	03/22/2023	HUF		1,997,566		(11)		–		(11)
28-DAY MXN - TIIE	.01%	Monthly	11/22/2023	MXN		148,276		(74)		–		(74)
6-MONTH HUF - BUBOR	0.81%	Annually	09/12/2024	HUF		75,000		(8)		–		(8)
1.675%	6-MONTH CZK - PRIBOR	Semi- Annually	07/17/2024	CZK		21,146		(10)		–		(10)
1.64	6-MONTH CZK - PRIBOR	Semi- Annually	06/21/2024	CZK		14,000		(6)		–		(6)
28-DAY MXN - TIIE	.47%	Monthly	06/19/2024	MXN		95,833		(44)		–		(44)
1.7	6-MONTH CZK - PRIBOR	Semi- Annually	06/18/2024	CZK		140,000		(71)		–		(71)
6-MONTH PLN - WIBOR	.65 FIXED	Annually	03/26/2024	PLN		2,804		(3)		–		(3)
6-MONTH PLN - WIBOR	.63 FIXED	Annually	03/26/2024	PLN		3,196		(3)		–		(3)
1.9865%	6-MONTH PLN - WIBOR	Semi- Annually	03/25/2024	PLN		14,396		(132)		–		(132)
28-DAY MXN - TIIE	.1525%	Monthly	02/22/2024	MXN		123,473		(63)		–		(63)
0.65%	6-MONTH HUF - WIBOR	Semi- Annually	02/18/2024	PLN		17,365		8		–		8
1-DAY BRL - CETIP	.99%	Annually	01/02/2024	BRL		6,670		(65)		–		(65)
1-DAY BRL - CETIP	4.835%	Annually	01/02/2024	BRL		21,544		(223)		–		(223)
1-DAY BRL - CETIP	5.715%	Annually	01/02/2024	BRL		3,999		(27)		–		(27)
1-DAY BRL - CETIP	.5 FIXED	Annually	01/02/2024	BRL		4,808		(17)		–		(17)
1-DAY BRL - CETIP	5.9725%	Annually	01/02/2024	BRL		5,677		(33)		–		(33)
1-DAY BRL - CETIP	5.56%	Annually	01/02/2024	BRL		18,819		(138)		–		(138)
1-DAY BRL - CETIP	.76%	Annually	01/02/2024	BRL		8,953		(58)		–		(58)
28-DAY MXN - TIIE	.55% FIXED	Monthly	04/13/2023	MXN		52,615		23		–		23
6-MONTH PLN - WIBOR	.663%	Annually	03/25/2031	PLN		5,085		(23)		–		(23)
							$	(1,007)	$	–	$	(1,007)

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)
CDX.EM.34.V1		Buy		1.00	%		Quarterly		12/20/2025		10,731	$	522	$	650	$	(128	)

Percentages are based on Net Assets of $1,488,780 ($ Thousands).   **  The rate reported is the 7-day effective yield as of March 31, 2021.   ^†   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, 2021, the value of these securities amounted to $278,428 ($ Thousands), representing 18.7% of the Net Assets of the Fund.   (B)  Certain securities or partial positions of certain securities are on loan at March 31, 2021 (See Note 9). The total market value of securities on loan at March 31, 2021 was $31,476 ($ Thousands). (C)  Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.   (D)  Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase.   (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)  Perpetual security with no stated maturity date.   (G) Security is in default on interest payment.   (H)  This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of March 31, 2021 was $32,656 ($ Thousands).

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 59

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Emerging Markets Debt Fund (Concluded)

AUD — Australian Dollar

BIBOR — Bangkok Interbank Offered Rate

BRL — Brazilian Real

BUBOR— Budapest Interbank Offered Rate

CETIP— Central of Custody and Financial Settlement of Securities

CLP — Chilean Peso

CNY — Chinese Yuan Onshore

COP — Colombian Peso

CZK — Czech Koruna

DAC — Designated Activity Company

DOP — Dominican Peso

EGP — Egyptian Pound

EUR — Euro

GHS — Ghanaian Cedi

HUF — Hungarian Forint

IBR — Interbank Rate

ICE— Intercontinental Exchange

IDR — Indonesian Rupiah

ILS — Israeli New Sheckels

INR — Indian Rupee

JPY — Japanese Yen

JSC — Joint-Stock Company

KRW — Korean Won

KZT — Kazakhstani Tenge

LIBOR— London Interbank Offered Rate

L.P. — Limited Partnership

LLC — Limited Liability Company

Ltd. — Limited

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

PEN — Peruvian Nuevo Sol

PHP— Philippine Peso

PLC — Public Limited Company

PLN — Polish Zloty

PRIBOR— Prague Interbank Offered Rate

RON — Romanian Leu

RSD — Serbian Dinar

RUB — Russian Ruble

SGD — Singapore Dollar

Ser — Series

THB — Thai Bhat

TIIE — Interbank Equilibrium Interest Rate

TRY — Turkish Lira

TWD — Taiwan Dollar

UAH — Ukrainian Hryvnia

ULC — Unlimited Liability Company

USD — U.S. Dollar

UYU — Uruguayan Peso

WIBOR— Warsaw Interbank Offered Rate

VAR — Variable Rate

VND — Vietnamese Dong

ZAR — South African Rand

Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Global Bonds		–		1,407,780		–		1,407,780
Affiliated Partnership		–		32,656		–		32,656
Total Investments in Securities		–		1,440,436		–		1,440,436

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		213			–			–		213
Unrealized Depreciation		(1,602	)		–			–		(1,602	)
Forwards Contracts*
Unrealized Appreciation		–			6,975			–		6,975
Unrealized Depreciation		–			(9,240	)		–		(9,240	)
OTC Swaps
Credit Default Swaps*
Unrealized Appreciation		–			108			–		108
Interest Rate Swaps*
Unrealized Appreciation		–			1,796			–		1,796
Unrealized Depreciation		–			(51	)		–		(51	)
Centrally Cleared Swaps
Credit Default Swaps*
Unrealized Depreciation		–			(128	)		–		(128	)
Interest Rate Swaps*
Unrealized Appreciation		–			1,188			–		1,188
Unrealized Depreciation		–			(2,195	)		–		(2,195	)
Total Other Financial Instruments		(1,389	)		(1,547	)		–		(2,936	)

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

For the period ended March 31, 2021, there were no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2021 ($ Thousands):

Security Description	Value 9/30/2020	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value 3/31/2021	Shares	Income	Capital Gains
SEI Liquidity Fund, L.P.	$15,318	$56,516	$(39,178)	$—	$—	$32,656	32,648,024	$27	$—

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, 2021

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

March 31, 2021

	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Assets:
Investments, at value †	$	4,363,934*	$	1,945,042*	$	506,235	$	1,407,780*
Affiliated investments, at value ††		211,104		40,821		–		32,656
Cash		54,656		23,910		12,727		65,531
Cash pledged as collateral for futures contracts		6,745		2,182		561		4,872
Cash pledged as collateral for swap contracts		–		–		142		–
Foreign currency, at value †††		5,492		3,893		1,022		2,829
Receivable for fund shares sold		3,586		3,922		417		1,449
Receivable for investment securities sold		2,336		8,126		1,266		9,396
Dividends and interest receivable		16,100		6,244		3,008		20,497
Unrealized gain on forward foreign currency contracts		–		–		9,566		6,975
Unrealized gain on foreign spot currency contracts		–		–		20		112
Swap contracts, at value ††††		–		–		71		2,123
Swaptions purchased, at value †††††		–		–		–		–
Foreign tax reclaim receivable		14,219		86		–		–
Receivable for variation margin		76		192		146		258
Prepaid expenses		68		62		9		26
Total Assets		4,678,316		2,034,480		535,190		1,554,504
Liabilities:
Payable upon return on securities loaned		130,059		13,160		–		32,648
Payable for investment securities purchased		9,388		9,839		5,660		20,382
Payable for fund shares redeemed		4,787		11,155		241		973
Swap contracts, at value ††††		–		–		–		51
Swaptions written, at value †††††		–		–		–		–
Payable for variation margin		519		–		71		293
Administration fees payable		1,117		734		131		540
Unrealized loss on foreign currency spot contracts		1		9		6		293
Unrealized loss on forward foreign currency contracts		–		–		1,765		9,240
Trustees fees payable		5		2		1		2
Chief compliance officer fees payable		6		3		1		2
Administrative servicing fees payable		4		–		–		–
Shareholder servicing fees payable		584		394		96		295
Investment advisory fees payable		1,962		1,627		101		786
Accrued expense payable		336		217		77		219
Accrued foreign capital gains tax on appreciated securities		–		5,308		–		–
Total Liabilities		148,768		42,448		8,150		65,724
Net Assets	$	4,529,548	$	1,992,032	$	527,040	$	1,488,780
† Cost of investments	$	3,637,271	$	1,377,702	$	491,511	$	1,458,334
†† Cost of affiliated investments		211,095		40,816		–		32,653
††† Cost of foreign currency		5,483		3,878		1,040		2,815
†††† Cost (premiums received)		–		–		–		219
††††† Cost (premiums received)		–		–		14		–
* Includes market value of securities on loan		123,127		12,784		–		31,476

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 61

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

March 31, 2021

	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)		$       3,484,399		$     1,403,056		$        527,064		$        1,579,610
Total distributable earnings/(loss)		1,045,149		588,976		(24)		(90,830)
Net Assets		$       4,529,548		$     1,992,032		$        527,040		$        1,488,780
Net Asset Value, Offering and Redemption Price Per Share — Class F		$              13.19		$            14.92		$            10.37		$               10.03
		($4,144,621,899 ÷		($1,834,393,567 ÷		($457,825,886 ÷		($1,384,220,439 ÷
		314,132,568 shares)		122,984,089 shares)		44,170,283 shares)		138,021,411 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class I		$             13.23		N/A		N/A		N/A
		($1,558,373 ÷
		117,806 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class Y		$             13.18		$             14.92		$            10.39		$             10.00
		($383,367,498 ÷		($157,638,071 ÷		($69,214,437 ÷		($104,559,772 ÷
		29,076,421 shares)		10,567,552 shares)		6,660,245 shares)		10,457,100 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.

62 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)

For the six months ended March 31, 2021

	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Investment Income:
Dividends	$	46,254	$	15,947	$	–	$	–
Income from affiliated investments(1)		2		1		–		–
Interest Income		2		2		3,524		40,314
Security lending income — net(1)(2)		206		149		–		27
Less: foreign taxes withheld		(5,044)		(3,426)		–		(487)
Total Investment Income		41,420		12,673		3,524		39,854
Expenses:
Investment advisory fees		10,920		10,079		778		6,471
Administration fees		6,396		4,138		1,167		3,413
Shareholder servicing fees — Class F		4,944		2,208		562		1,772
Shareholder servicing fees — Class I		2		–		–		–
Administrative servicing fees — Class I		2		–		–		–
Printing fees		275		122		33		97
Custodian/wire agent fees		239		374		60		223
Professional fees		102		45		12		36
Registration fees		52		22		7		21
Trustees’ fees		46		21		6		17
Chief compliance officer fees		11		5		1		4
Other expenses		72		43		68		85
Total Expenses		23,061		17,057		2,694		12,139
Less:
Waiver of investment advisory fees		–		(960)		(115)		(1,750)
Waiver of administration fees		–		–		(15)		(154)
Waiver of shareholder servicing fees — Class F		(40)		–		–		–
Net Expenses		23,021		16,097		2,564		10,235
Net Investment Income (Loss)		18,399		(3,424)		960		29,619
Net Realized Gain (Loss) on:
Investments		392,320		202,642		4,891		13,183
Affiliated investments		(1)		–		–		–
Futures contracts		5,637		2,700		(139)		1,036
Swap contracts		–		–		8		1,542
Foreign currency transactions		(689)		(490)		5,886		(4,222)
Forward foreign currency contracts		(146)		–		(7,533)		4,127
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		451,568		204,370		(13,192)		(5,778)
Affiliated investments		–		(3)		–		–
Futures contracts		1,129		(480)		1,224		(988)
Swaption contracts		–		–		(14)		–
Swap contracts		–		–		(42)		(2,482)
Foreign capital gains tax on appreciated securities		–		(2,673)		–		–
Foreign currency translation of other assets and liabilities denominated in foreign currencies		(235)		(165)		(991)		(688)
Forward foreign currency contracts		–		–		4,573		4,102
Net Increase (Decrease) in Net Assets Resulting from Operations	$	867,982	$	402,477	$	(4,369)	$	39,451

(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, 2021 63

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the six months ended March 31, 2021 (Unaudited) and the year ended September 30, 2020

	International Equity Fund				Emerging Markets Equity Fund
	2021		2020		2021		2020
Operations:
Net investment income (loss)	$	18,399	$	37,587	$	(3,424)	$	7,595
Net realized gain (loss) on investments and futures contracts		397,956		33,628		205,342		(48,977)
Net realized loss on forward foreign currency contracts and foreign currency transactions		(835)		(39)		(490)		(944)
Net change in unrealized appreciation on investments and futures contracts		452,697		47,305		203,887		183,373
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(235)		892		(165)		80
Net change in unrealized depreciation on foreign capital tax gains on appreciated securities		–		–		(2,673)		(2,067)
Net Increase in Net Assets Resulting from Operations		867,982		119,373		402,477		139,060
Distributions:
Class F		(39,497)		(67,877)		(9,485)		(18,642)
Class I		(11)		(25)		N/A		N/A
Class Y		(4,488)		(7,618)		(1,168)		(2,039)
Total Dividends		(43,996)		(75,520)		(10,653)		(20,681)
Capital Share Transactions:
Class F:
Proceeds from shares issued		256,527		568,725		148,706		259,125
Reinvestment of dividends & distributions		36,357		62,626		8,760		17,191
Cost of shares redeemed		(470,442)		(794,429)		(226,049)		(408,775)
Net Decrease from Class F Transactions		(177,558)		(163,078)		(68,583)		(132,459)
Class I:
Proceeds from shares issued		56		491		N/A		N/A
Reinvestment of dividends & distributions		7		13		N/A		N/A
Cost of shares redeemed		(149)		(1,060)		N/A		N/A
Net Decrease from Class I Transactions		(86)		(556)		N/A		N/A
Class Y:
Proceeds from shares issued		18,821		72,880		13,291		30,639
Reinvestment of dividends & distributions		4,147		7,068		1,082		1,901
Cost of shares redeemed		(39,554)		(118,964)		(22,815)		(51,350)
Net Decrease from Class Y Transactions		(16,586)		(39,016)		(8,442)		(18,810)
Net Decrease in Net Assets Derived from Capital Share Transactions		(194,230)		(202,650)		(77,025)		(151,269)
Net Increase (Decrease) in Net Assets		629,756		(158,797)		314,799		(32,890)
Net Assets:
Beginning of Period		3,899,792		4,058,589		1,677,233		1,710,123
End of Period	$	4,529,548	$	3,899,792	$	1,992,032	$	1,677,233
Capital Share Transactions:
Class F:
Shares issued		20,569		56,479		10,325		23,437
Reinvestment of distributions		2,874		5,441		620		1,385
Shares redeemed		(38,038)		(78,402)		(15,902)		(36,491)
Total Class F Transactions		(14,595)		(16,482)		(4,957)		(11,669)
Class I:
Shares issued		5		51		N/A		N/A
Reinvestment of distributions		1		1		N/A		N/A
Shares redeemed		(12)		(109)		N/A		N/A
Total Class I Transactions		(6)		(57)		N/A		N/A
Class Y:
Shares issued		1,505		7,463		914		2,869
Reinvestment of distributions		328		615		77		153
Shares redeemed		(3,156)		(12,369)		(1,582)		(4,844)
Total Class Y Transactions		(1,323)		(4,291)		(591)		(1,822)
Net Decrease in Shares Outstanding from Share Transactions		(15,924)		(20,830)		(5,548)		(13,491)

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.

64 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

	International Fixed Income Fund				Emerging Markets Debt Fund
	2021		2020		2021		2020
Operations:
Net investment income	$	960	$	1,679	$	29,619	$	62,597
Net realized gain (loss) on investments, futures contracts and swap contracts		4,760		(346)		15,761		(5,032)
Net realized loss on forward foreign currency contracts and foreign currency transactions		(1,647)		(14,396)		(95)		(47,383)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, swaption contracts and swap contracts		(12,024)		17,705		(9,248)		(23,423)
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		3,582		(1,446)		3,414		(2,066)
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,369)		3,196		39,451		(15,307)
Distributions:
Class F		(129)		(14,461)		(3,698)		(11,445)
Class Y		(20)		(2,410)		(594)		(1,066)
Total Dividends		(149)		(16,871)		(4,292)		(12,511)
Capital Share Transactions:
Class F:
Proceeds from shares issued		53,441		80,130		113,552		207,358
Reinvestment of dividends & distributions		119		13,322		3,340		10,357
Cost of shares redeemed		(37,595)		(87,928)		(140,346)		(300,839)
Net Increase (Decrease) from Class F Transactions		15,965		5,524		(23,454)		(83,124)
Class Y:
Proceeds from shares issued		7,309		16,132		9,968		23,514
Reinvestment of dividends & distributions		18		2,180		552		985
Cost of shares redeemed		(6,262)		(17,464)		(6,880)		(35,537)
Net Increase (Decrease) from Class Y Transactions		1,065		848		3,640		(11,038)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		17,030		6,372		(19,814)		(94,162)
Net Increase (Decrease) in Net Assets		12,512		(7,303)		15,345		(121,980)
Net Assets:
Beginning of Period		514,528		521,831		1,473,435		1,595,415
End of Period	$	527,040	$	514,528	$	1,488,780	$	1,473,435
Capital Share Transactions:
Class F:
Shares issued		5,105		7,694		11,051		21,356
Reinvestment of distributions		11		1,290		327		1,060
Shares redeemed		(3,588)		(8,463)		(13,638)		(31,470)
Total Class F Transactions		1,528		521		(2,260)		(9,054)
Class Y:
Shares issued		697		1,551		972		2,528
Reinvestment of distributions		2		211		55		102
Shares redeemed		(597)		(1,687)		(670)		(3,816)
Total Class Y Transactions		102		75		357		(1,186)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,630		596		(1,903)		(10,240)

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, 2021 65

FINANCIAL HIGHLIGHTS

For the six months ended March 31, 2021 (Unaudited) and the years or period ended September 30

For a Share Outstanding Throughout Each Year or Period

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)	Net  Realized and Unrealized Gains (Losses) on Investments(1)	Total from Operations	Dividends from Net Investment Income	Distributions from Net Realized Gains	Total Dividends and Distributions	Net Asset Value, End of Period		Total Return†			Net Assets End of Period ($ Thousands)		Ratio of Net Expenses to Average Net Assets*	Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Including Waivers)**	Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Waivers)**	Ratio of Net Investment Income (Loss) to Average Net Assets	Portfolio Turnover Rate†
International Equity Fund
Class F(2)
2021@		$10.86	$0.05	$2.40	$2.45	$(0.12)	$–	$(0.12)		$13.19		22.64	%		$4,144,622	1.08%	1.08%	1.08%	0.83%	62%
2020		10.68	0.10	0.28	0.38	(0.20)	–	(0.20)		10.86		3.44			3,568,373	1.11	1.11	1.11	0.94	102
2019		11.38	0.20	(0.75)	(0.55)	(0.15)	–	(0.15)		10.68		(4.63)			3,686,195	1.10(3)	1.10(3)	1.10(3)	1.92	73
2018		11.29	0.16	0.08	0.24	(0.15)	–	(0.15)		11.38		2.11			4,024,987	1.09(3)	1.09(3)	1.09(3)	1.35	40
2017		9.58	0.13	1.69	1.82	(0.11)	–	(0.11)		11.29		19.23			3,795,858	1.15(3)	1.15(3)	1.15(3)	1.27	57
2016		9.16	0.13	0.39	0.52	(0.10)	–	(0.10)		9.58		5.63			2,729,762	1.27(3)(4)	1.27(3)(4)	1.28(3)(4)	1.36	45
Class I
2021@		$10.87	$0.03	$2.42	$2.45	$(0.09)	$–	$(0.09)		$13.23		22.58	%		$1,558	1.33%	1.33%	1.33%	0.56%	62%
2020		10.68	0.07	0.28	0.35	(0.16)	–	(0.16)		10.87		3.19			1,350	1.36	1.36	1.36	0.63	102
2019		11.37	0.17	(0.74)	(0.57)	(0.12)	–	(0.12)		10.68		(4.90)			1,932	1.35(5)	1.35(5)	1.35(5)	1.61	73
2018		11.27	0.12	0.09	0.21	(0.11)	–	(0.11)		11.37		1.86			2,662	1.34(5)	1.34(5)	1.34(5)	1.06	40
2017		9.55	0.10	1.70	1.80	(0.08)	–	(0.08)		11.27		19.00			2,954	1.40(5)	1.40(5)	1.40(5)	0.96	57
2016		9.15	0.10	0.38	0.48	(0.08)	–	(0.08)		9.55		5.27			4,341	1.52(4)(5)	1.52(4)(5)	1.52(4)(5)	1.09	45
Class Y
2021@		$10.86	$0.07	$2.40	$2.47	$(0.15)	$–	$(0.15)		$13.18		22.82	%		$383,368	0.83%	0.83%	0.83%	1.08%	62%
2020		10.68	0.12	0.29	0.41	(0.23)	–	(0.23)		10.86		3.68			330,069	0.86	0.86	0.86	1.16	102
2019		11.39	0.23	(0.76)	(0.53)	(0.18)	–	(0.18)		10.68		(4.43)			370,462	0.85(6)	0.85(6)	0.85(6)	2.24	73
2018		11.31	0.18	0.09	0.27	(0.19)	–	(0.19)		11.39		2.40			344,977	0.84(6)	0.84(6)	0.84(6)	1.60	40
2017		9.59	0.16	1.69	1.85	(0.13)	–	(0.13)		11.31		19.59			319,689	0.90(6)	0.90(6)	0.90(6)	1.53	57
2016		9.18	0.16	0.37	0.53	(0.12)	–	(0.12)		9.59		5.77			168,719	1.02(4)(6)	1.02(4)(6)	1.03(4)(6)	1.70	45
Emerging Markets Equity Fund
Class F(2)
2021@		$12.06	$(0.03)	$2.97	$2.94	$(0.08)	$–	$(0.08)		$14.92		24.38	%		$1,834,394	1.69%(7)	1.69%(7)	1.79%(8)	(0.38)%	56%
2020		11.21	0.05	0.93	0.98	(0.13)	–	(0.13)		12.06		8.75			1,542,551	1.71(7)	1.71(7)	1.81(8)	0.43	90
2019		11.47	0.10	(0.29)	(0.19)	(0.07)	–	(0.07)		11.21		(1.64)			1,564,523	1.70(7)	1.70(7)	1.81(8)	0.92	89
2018		12.32	0.08	(0.77)	(0.69)	(0.16)	–	(0.16)		11.47		(5.71)			1,668,960	1.69(7)	1.69(7)	1.80(8)	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(7)	1.74(7)	1.82(8)	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)(7)	1.76(4)(7)	1.86(4),(8)	0.59	79
Class Y
2021@		$12.07	$(0.01)	$2.97	$2.96	$(0.11)	$–	$(0.11)		$14.92		24.55	%		$157,638	1.44%(9)	1.44%(9)	1.54%(10)	(0.12)%	56%
2020		11.22	0.08	0.93	1.01	(0.16)	–	(0.16)		12.07		8.99			134,682	1.46(9)	1.46(9)	1.56(10)	0.66	90
2019		11.49	0.14	(0.31)	(0.17)	(0.10)	–	(0.10)		11.22		(1.44)			145,600	1.45(9)	1.45(9)	1.56(10)	1.25	89
2018		12.35	0.11	(0.76)	(0.65)	(0.21)	–	(0.21)		11.49		(5.46)			125,594	1.44(9)	1.44(9)	1.55(10)	0.89	70
2017		10.11	0.10	2.24	2.34	(0.10)	–	(0.10)		12.35		23.46			125,400	1.49(9)	1.49(9)	1.57(10)	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)(9)	1.52(4)(9)	1.62(4)(10)	0.96	79

@ For the six-month period ended March 31, 2021. All ratios for the period have been annualized.

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

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

** See Note 5 in Notes to Financial Statements.

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

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

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

(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% and 1.52% for 2019, 2018, 2017 and 2016.

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

(7) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.69%, 1.71%, 1.70%, 1.69%, 1.74%, and 1.76% for 2021, 2020, 2019, 2018, 2017 and 2016.

(8) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.79%, 1.81%, 1.81%, 1.80%, 1.82%, and 1.86% for 2021, 2020, 2019, 2018, 2017 and 2016.

(9) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.44%, 1.46%, 1.45%, 1.44%, 1.49% and 1.52% for 2021, 2020, 2019, 2018, 2017 and 2016.

(10) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.54%, 1.56% 1.56%, 1.55%, 1.58% and 1.62% for 2021, 2020, 2019, 2018, 2017 and 2016.

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

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

66 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

FINANCIAL HIGHLIGHTS

For the six months ended March 31, 2021 (Unaudited) and the years or period ended September 30

For a Share Outstanding Throughout Each Year or Period

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)	Net  Realized and Unrealized Gains (Losses) on Investments(1)	Total from Operations	Dividends from Net Investment Income	Distributions from Net Realized Gains	Total Dividends and Distributions	Net Asset Value, End of Period		Total Return†			Net Assets End of Period ($ Thousands)		Ratio of Net Expenses to Average Net Assets*	Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Including Waivers)**	Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Waivers)**	Ratio of Net Investment Income (Loss) to Average Net Assets	Portfolio Turnover Rate†
International Fixed Income Fund
Class F(2)
2021@		$10.46	$0.02	$(0.11)	$(0.09)	$–	$–^	$–		$10.37		(0.83)	%		$457,826	1.02%	1.02%	1.07%	0.34%	35%
2020		10.73	0.03	0.04	0.07	(0.26)	(0.08)	(0.34)		10.46		0.73			445,864	1.02	1.02	1.08	0.29	64
2019		10.27	0.04	0.88	0.92	(0.40)	(0.06)	(0.46)		10.73		9.28			452,150	1.02(3)	1.02(3)	1.07(4)	0.42	58
2018		10.13	0.07	0.07	0.14	–	–	–		10.27		1.38			438,908	1.02(3)	1.02(3)	1.07(4)	0.66	71
2017		10.51	0.07	(0.18)	(0.11)	(0.17)	(0.10)	(0.27)		10.13		(1.03)			415,582	1.02(3)	1.02(3)	1.08(4)	0.66	113
2016		10.38	0.10	0.62	0.72	(0.57)	(0.02)	(0.59)		10.51		7.32			497,157	1.05(3)(5)	1.05(3)(5)	1.11(4)(5)	0.98	106
Class Y
2021@		$10.47	$0.03	$(0.11)	$(0.08)	$–	$–^	$–		$10.39		(0.74)	%		$69,214	0.77%	0.77%	0.82%	0.59%	35%
2020		10.75	0.06	0.03	0.09	(0.29)	(0.08)	(0.37)		10.47		0.88			68,664	0.77	0.77	0.83	0.54	64
2019		10.29	0.07	0.88	0.95	(0.43)	(0.06)	(0.49)		10.75		9.54			69,681	0.77(6)	0.77(6)	0.82(7)	0.66	58
2018		10.12	0.09	0.08	0.17	–	–	–		10.29		1.68			43,003	0.77(6)	0.77(6)	0.82(7)	0.91	71
2017		10.50	0.09	(0.17)	(0.08)	(0.20)	(0.10)	(0.30)		10.12		(0.76)			37,982	0.77(6)	0.77(6)	0.83(7)	0.94	113
2016(8)		10.45	0.12	0.55	0.67	(0.60)	(0.02)	(0.62)		10.50		6.79			12,901	0.80(5)(6)	0.80(5)(6)	0.87(5)(7)	1.23	106
Emerging Markets Debt Fund
Class F(2)
2021@		$9.80	$0.20	$0.06	$0.26	$(0.03)	$–	$(0.03)		$10.03		2.61	%		$1,384,220	1.36%	1.36%	1.61%	3.87%	40%
2020		9.93	0.40	(0.45)	(0.05)	(0.08)	–	(0.08)		9.80		(0.53)			1,374,566	1.36	1.36	1.61	4.07	95
2019		9.30	0.47	0.32	0.79	(0.16)	–	(0.16)		9.93		8.51			1,483,467	1.36(9)	1.36(9)	1.62(10)	4.93	114
2018		10.55	0.51	(1.19)	(0.68)	(0.57)	–	(0.57)		9.30		(6.81)			1,451,128	1.36(9)	1.36(9)	1.61(10)	5.08	80
2017		10.08	0.51	0.17	0.68	(0.21)	–	(0.21)		10.55		6.93			1,458,611	1.36(9)	1.36(9)	1.63(10)	5.06	79
2016		8.66	0.49	0.93	1.42	–	–	–		10.08		16.40			1,453,586	1.39(5)(9)	1.39(5)(9)	1.65(5)(10)	5.30	86
Class Y
2021@		$9.79	$0.21	$0.06	$0.27	$(0.06)	$–	$(0.06)		$10.00		2.74	%		$104,560	1.11%	1.11%	1.36%	4.12%	40%
2020		9.92	0.42	(0.45)	(0.03)	(0.10)	–	(0.10)		9.79		(0.33)			98,869	1.11	1.11	1.36	4.33	95
2019		9.28	0.50	0.32	0.82	(0.18)	–	(0.18)		9.92		8.84			111,948	1.11(11)	1.11(11)	1.37(12)	5.18	114
2018		10.57	0.53	(1.18)	(0.65)	(0.64)	–	(0.64)		9.28		(6.57)			113,872	1.11(11)	1.11(11)	1.36(12)	5.34	80
2017		10.12	0.53	0.17	0.70	(0.25)	–	(0.25)		10.57		7.18			108,361	1.11(11)	1.11(11)	1.38(12)	5.31	79
2016		8.67	0.52	0.93	1.45	–	–	–		10.12		16.72			100,566	1.14(5)(11)	1.14(5)(11)	1.40(5)(12)	5.55	86

@ For the six-month period ended March 31, 2021. All ratios for the period have been annualized.

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

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

** See Note 5 in Notes to Financial Statements.

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

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

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

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

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

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

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

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

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

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

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

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

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, 2021 67

NOTES TO FINANCIAL STATEMENTS

March 31, 2021 (Unaudited)

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Security Valuation — When valuing portfolio securities, a Fund values 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. A Fund values 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 (“NAV”) per share, with the exception of ETFs, which are priced as equity securities. These open-end investment companies’ shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company’s NAV is determined. 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, a Fund will value the securities using a bid price from at least one independent broker.

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 Pricing Policies and Procedures (“Fair Value Procedures”) until an independent source can be secured. Debt securities held by a Fund with remaining maturities of 60 days or less will 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 the Fund would receive if it sold the instrument, and 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.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price. 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

68 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time the Fund calculates its NAV, the settlement price may not be available at the time at which a Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.

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

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

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

Securities for which market prices are not “readily available” are determined to be unreliable or cannot be valued using the methodologies described above are valued in accordance with 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 one member 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.

The International Equity and Emerging Markets Equity Funds use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by the International Equity and Emerging Markets Equity Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the 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 and Emerging Markets Equity Funds shall value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the vendor. Additionally, if a local market in which the International Equity or Emerging Markets Equity Funds own securities is closed for one or more days (scheduled or unscheduled) while the Fund is open, and if such securities in a Fund’s portfolio exceed the predetermined confidence interval discussed above, then such Fund shall value such securities based on the fair value prices provided by the vendor.

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 69

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2021 (Unaudited)

at which a Fund calculates its NAV. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a “Significant Event”), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security’s last close and the time that a Fund calculates 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 a Fund calculates NAV, it may request that a Committee meeting be called. In addition, with respect to certain securities, the Funds’ administrator performs price comparisons and price movement review (among other processes), to monitor the pricing data supplied by various sources. Any identified discrepancies are researched and subject to the procedures described above.

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, 2021 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the six months ended March 31, 2021, 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.

Cash and Cash Equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash and cash equivalents on the Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other

70 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

operating expenses of the Trust are prorated to the Funds on the basis of relative daily net assets.

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

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

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

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

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

The Funds report certain foreign-currency-related transactions as components of realized gains for 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, 2021, 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, 2021, 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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 71

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2021 (Unaudited)

realized gain or loss. If an option/swaption is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

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

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open option/swaption contracts as of March 31, 2021, 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.

72 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

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, 2021, if applicable.

Delayed Delivery Transactions — A Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Fund will set aside liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not 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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 73

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2021 (Unaudited)

or instrument. However, the holder of a participation note does not receive voting rights as it would if it directly owned the underlying security or instrument. P-Notes are generally traded over-the-counter. P-Notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them and the counterparty. There is also counterparty risk associated with these investments because the Fund is relying on the creditworthiness of such counterparty and has no rights under a participation note against the issuer of the underlying security.

3. CREDIT DERIVATIVES

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

The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment 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.

74 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

4. DERIVATIVE CONTRACTS

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

	Asset Derivatives			Liability Derivatives
	Period Ended March 31, 2021			Period Ended March 31, 2021
	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
International Fixed Income Fund
Interest rate contracts	Net Assets — Unrealized appreciation on swaps contracts	$	72†	Net Assets — Unrealized depreciation on swaps contracts	$	392†
	Net Assets — Unrealized appreciation on futures contracts		1,782*	Net Assets — Unrealized depreciation on futures contracts		185*
	Swaptions purchased, at value		—	Swaptions written, at value		—
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		9,566	Unrealized loss on forward foreign currency contracts		1,765
Total derivatives not accounted for as hedging instruments		$	11,420		$	2,342

	Asset Derivatives				Liability Derivatives
	Period Ended March 31, 2021				Period Ended March 31, 2021
	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	$	213*		Net Assets — Unrealized depreciation on futures contracts	$	1,602*
	Net Assets — Unrealized appreciation on swaps contracts		2,984	†	Net Assets — Unrealized depreciation on swaps contracts		2,246	†
Credit Contracts	Net Assets — Unrealized appreciation on swaps contracts		108	†	Net Assets — Unrealized depreciation on futures contracts		128	†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		6,975		Unrealized loss on forward foreign currency contracts		9,240
Total derivatives not accounted for as hedging instruments		$	10,280			$	13,216

* 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, 2021.

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	$	406		$	—		$	108		$	514
Foreign exchange contracts		(545	)		(7,533	)		—			(8,078	)
Credit contracts		—			—			(100	)		(100	)
Total	$	(139	)	$	(7,533	)	$	8		$	(7,664	)

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 75

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2021 (Unaudited)

Derivatives Not Accounted for as Hedging Instruments	Futures		Forward Currency Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	1,036	$	—	$	1,632	$	2,668
Foreign exchange contracts		—		4,127		270		4,397
Credit contracts		—		—		(360)		(360)
Total	$	1,036	$	4,127	$	1,542	$	6,705

Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($ Thousands):

Derivatives Not Accounted for as Hedging Instruments	Swaptions		Futures		Forward Currency Contracts		Swaps		Total
International Fixed Income Fund
Interest rate contracts	$	(14)	$	1,224	$	—	$	(231)	$	979
Foreign exchange contracts		—		—		4,573		—		4,573
Credit contracts		—		—		—		189		189
Total	$	(14)	$	1,224	$	4,573	$	(42)	$	5,741

Derivatives Not Accounted for as Hedging Instruments	Futures		Forward Currency Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	(988)	$	—	$	(2,302)	$	(3,290)
Credit contracts		—		—		52		52
Foreign exchange contracts		—		4,102		(232)		3,870
Total	$	(988)	$	4,102	$	(2,482)	$	632

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

76 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

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, 2021 ($ 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		$      76		$      —		$      76		$      519		$      —		$      519
Emerging Markets Equity Fund		192		—		192		—		—		—
International Fixed Income Fund		142		4		146		69		2		71
Emerging Markets Debt Fund		139		119		258		143		150		293

Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2021 amounted to $6,745 ($ Thousands) for the International Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2021 amounted to $2,182 ($ Thousands) for the Emerging Markets Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2021 amounted to $774 ($ Thousands) for the International Fixed Income Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2021 amounted to $6,776 ($ 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, 2021 ($ Thousands):

		Financial Derivative Assets						Financial Derivative Liabilities
International Fixed Income Fund	Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral (Received)/ Pledged*		Net Exposures^
Bank of America	$	61	$	—	$	61	$	52	$	—	$	52	$	9	$	—	$	9
Barclays PLC		769		—		769		86		—		86		683		—		683
BMO Capital		—		—		—		3		—		3		(3)		—		(3)
BNP Paribas		690		—		690		375		—		375		315		—		315
Brown Brothers Harriman		69		—		69		53		—		53		16		—		16
CIBC		7		—		7		23		—		23		(16)		—		(16)
Citi		5		—		5		52		—		52		(47)		—		(47)
Citigroup		2,117		—		2,117		108		—		108		2,009		—		2,009
Credit Agricole		—		—		—		1		—		1		(1)		—		(1)
Deutsche Bank		10		71		81		—		—		—		81		—		81
Goldman Sachs		16		—		16		31		—		31		(15)		—		(15)
HSBC		436		—		436		4		—		4		432		—		432
JPMorgan Chase Bank		1,702		—		1,702		538		—		538		1,164		—		1,164
Morgan Stanley		1,186		—		1,186		244		—		244		942		—		942
RBC		—		—		—		28		—		28		(28)		—		(28)
RBS		—		—		—		8		—		8		(8)		—		(8)

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 77

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2021 (Unaudited)

		Financial Derivative Assets						Financial Derivative Liabilities
International Fixed Income Fund	Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral (Received)/ Pledged*		Net Exposures^
Societe Generale	$	187	$	—	$	187	$	—	$	—	$	—	$	187	$	—	$	187
Standard Chartered		9		—		9		57		—		57		(48)		—		(48)
State Street		43		—		43		—		—		—		43		—		43
TD Securities		233		—		233		11		—		11		222		—		222
UBS		2,014		—		2,014		89		—		89		1,925		—		1,925
Westpac Banking		12		—		12		2		—		2		10		—		10

		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 PLC	$	143	$	—	$	143	$	2,360	$	—	$	2,360	$	(2,217)	$	—	$	(2,217)
Citi		—		—		—		10		—		10		(10)		—		(10)
Citibank		—		62		62		—		—		—		62		—		62
Citigroup		1,220		—		1,220		2,267		—		2,267		(1,047)		—		(1,047)
Goldman Sachs		1,572		1,813		3,385		1,842		25		1,867		1,518		—		1,518
JPMorgan Chase Bank		2,025		29		2,054		1,902		26		1,928		126		—		126
Merrill Lynch		327		—		327		271		—		271		56		—		56
Morgan Stanley		262		—		262		139		—		139		123		—		123
Standard Bank		97		—		97		198		—		198		(101)		—		(101)
Standard Chartered		342		—		342		174		—		174		168		—		168
State Street		987		—		987		77		—		77		910		—		910

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

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

No securities have been pledged or have been received as collateral for OTC financial derivative instruments as governed by ISDA Master Agreements as of March 31, 2021.

The following table discloses the volume of the Funds’ futures contracts, forward foreign currency contracts and swap activity during the six months ended March 31, 2021 ($ Thousands):

	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long	$	45,652	$	25,719	$	–	$	–
Ending Notional Balance Long		88,372		22,893		–		–
Interest Contracts
Average Notional Balance Long		–		–		77,349		54,105
Average Notional Balance Short		–		–		67,080		28,939
Ending Notional Balance Long		–		–		78,489		56,928
Ending Notional Balance Short		–		–		75,291		31,927
Currency Contracts
Average Notional Balance Short		–		–		36,339		–
Ending Notional Balance Short		–		–		36,240		–
Forward Foreign Currency Contracts:
Average Notional Balance Long		–		–		756,261		706,428
Average Notional Balance Short		–		–		756,787		709,329
Ending Notional Balance Long		–		–		915,834		791,747
Ending Notional Balance Short		–		–		908,023		794,193

78 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Swaps:
Credit Contracts
Average Notional Balance Long	$	–	$	–	$	–	$	11,802
Average Notional Balance Short		–		–		441		–
Ending Notional Balance Long		–		–		–		12,873
Ending Notional Balance Short		–		–		882		–
Interest Contracts
Average Notional Balance		–		–		13,645		243,642
Ending Notional Balance		–		–		15,460		235,562
Foreign Exchange Contracts
Average Notional Balance Long		–		–		–		1,114
Options/Swaptions:
Interest
Average Notional Balance Long†		–		–		9		–
Average Notional Balance Short†		–		–		2		–
Ending Notional Balance Long†		–		–		18		–
Ending Notional Balance Short†		–		–		4		–

^†  Represents cost.

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

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

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

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

Shares that allows such Shares to pay service providers a fee, based on average daily net assets of the Class I Shares, in connection with ongoing administrative services for shareholder accounts owning such Shares.

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

The Adviser, Administrator and/or Distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, Trustees fees and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at a specified level. The voluntary waivers by the Funds’ Adviser, Administrator and/or Distributor are limited to the Funds’ direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (AFFE). The waivers are voluntary and the Funds’ Adviser, Administrator and/or Distributor may discontinue all or part of any of these waivers at any time.

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

	Advisory Fee	Shareholder Servicing Fee	Administrative Servicing Fee	Voluntary Expense Limitation
International Equity Fund
Class F	0.51%	0.25%	—		1.15%
Class I	0.51%	0.25%	0.25%		1.40%
Class Y	0.51%	—	—		0.90%

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 79

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2021 (Unaudited)

	Advisory Fee		Shareholder Servicing Fee		Administrative Servicing Fee		Voluntary Expense Limitation
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, 2021, 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, 2022 and, unless earlier terminated, shall be automatically renewed for successive one-year periods thereafter. The agreement may be amended or terminated only with the consent of the Board of Trustees.

N/A — Not applicable.

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

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

Investment Sub-Advisory Agreements — As of March 31, 2021, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:

Investment Sub-Adviser

International Equity Fund

Acadian Asset Management LLC

Causeway Capital Management LLC

Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust INTECH Investment Management LLC

JO Hambro Capital Management Limited Lazard Asset Management LLC

WCM Investment Management LLC

Emerging Markets Equity Fund

JO Hambro Capital Management Limited KBI Global Investors (North America) Ltd.

Neuberger Berman Investment Advisers LLC Qtron Investments LLC

Robeco Institutional Asset Management US Inc. RWC Asset Advisors (US) LLC

International Fixed Income Fund

AllianceBernstein L.P.

Colchester Global Investors Ltd.

Wellington Management Company, LLP

Emerging Markets Debt Fund

Colchester Global Investors Ltd.

Marathon Asset Management, L.P.

Neuberger Berman Investment Advisers LLC

Ninety One UK Ltd.

Stone Harbor Investment Partners LP

Under the investment sub-advisory agreements, each sub-adviser receives a fee, paid by SIMC.

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

There were no such commissions for the six months ended March 31, 2021.

Fees Paid Indirectly — The Funds may direct certain fund trades to the Distributor who pays a portion of the Fund’s expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, and the effect on the Fund’s expense ratio, as a percentage of the Fund’s average daily net assets for the six months ended March 31, 2021 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.

80 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

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

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“The Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in The Program is voluntary for

both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. As of and during the six months ended March 31, 2021, the Trust has not participated in the Program.

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments, during the six months ended March 31, 2021, 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		$—		$—		$12,020		$—
Other		2,611,548		1,044,346		166,546		519,398
Sales
U.S. Government		—		—		4,075		1,679
Other		2,805,697		1,132,914		163,956		560,186

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 and distributable earnings, as appropriate, in the period that the differences arise.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 81

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2021 (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	2020	$	75,520	$	—	$	75,520
	2019		59,119		—		59,119
Emerging Markets Equity Fund	2020		20,681		—		20,681
	2019		10,587		—		10,587
International Fixed Income Fund	2020		16,125		746		16,871
	2019		18,958		2,360		21,318
Emerging Markets Debt Fund	2020		12,511		—		12,511
	2019		26,300		—		26,300

As of September 30, 2020, 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	$	43,972	$	—	$	(29,194)	$	—	$	—	$	206,384	$	1	$	221,163
Emerging Markets Equity Fund		10,009		—		(83,070)		(44,681)		—		314,897		(3)		197,152
International Fixed Income Fund		—		—		(418)		(388)		(7,367)		26,026		(13,359)		4,494
Emerging Markets Debt Fund		—		—		(23,012)		(6,212)		(16,663)		(60,729)		(19,373)		(125,989)

Post-October losses represent losses realized on investment transactions from November 1, 2019 through September 30, 2020 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 the year ended September 30, 2020, the International Equity Fund and Emerging Markets Debt Fund utilized capital loss carryforwards to offset capital gains of $52,104 and $2,327 ($ Thousands), respectively.

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

The Funds have capital losses carried forward as follows:

	Short-Term		Long-Term		Total Capital Loss Carryforwards
	($ Thousands)		($ Thousands)		($ Thousands)
International Equity Fund		$(29,194)		$—		$(29,194)
Emerging Markets Equity Fund		(73,672)		(9,398)		(83,070)
International Fixed Income Fund		(2)		(416)		(418)
Emerging Markets Debt Fund		—		(23,012)		(23,012)

For Federal income tax purposes, the cost of securities owned at September 30, 2020, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in derivatives, passive foreign investment companies and wash sales which cannot be used for Federal income tax purposes in the

current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at March 31, 2021, was as follows:

	Federal Tax Cost		Appreciated Securities		Depreciated Securities			Net Unrealized Appreciation/ (Depreciation)
	($ Thousands)		($ Thousands)		($ Thousands)			($ Thousands)
International Equity Fund	$	3,848,366	$	774,281	$	(47,609	)	$	726,672
Emerging Markets Equity Fund		1,418,518		593,846		(26,501	)		567,345
International Fixed Income Fund		491,511		21,248		(6,524	)		14,724
Emerging Markets Debt Fund		1,490,987		42,469		(93,020	)		(50,551	)

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, 2021, 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,

82 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

management believes that, based on experience, the risk of loss from such claims is considered remote.

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

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

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

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

Economic Risks of Global Health Events — Global health events and pandemics, such as COVID-19, have the ability to affect—quickly, drastically and substantially the economies of many nations, states, individual companies and the markets in general and can cause disruptions that cannot necessarily be foreseen. The spread of COVID-19 around the world in 2020 resulted in a substantial number of nations implementing social distancing measures, quarantines, and the shutdown of non-essential businesses and governmental services. Further, it has caused significant volatility in U.S. and international markets. The impact of the outbreak may be short term or may last for an extended period of time.

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, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

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

Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. The prices of the 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 a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 83

NOTES TO FINANCIAL STATEMENTS (Concluded)

March 31, 2021 (Unaudited)

volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.

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

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

9. SECURITIES LENDING

A Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust’s Board of Trustees. These loans may not exceed 33 1/3% of the total asset value of a Fund

(including the loan collateral). No Fund will lend portfolio securities to its Adviser, sub-adviser or their affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash. Collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral between 102% and 105% of the market value of borrowed securities for domestic and foreign securities, respectively. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that a Fund may be delayed or restricted from recovering the loaned securities or disposing of the collateral for the loan which could give rise to loss because of adverse market actions expenses and/or delays in connection with the disposition of the underlying securities.

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

The following is a summary of securities lending agreements held by certain Funds which would be subject to offset as of March 31, 2021 ($ Thousands):

	Securities Loaned at Value		Cash Collateral Received(1)		Net Amount
International Equity Fund	$	123,127	$	123,127	$	—
Emerging Markets Equity Fund		12,784		12,784		—
Emerging Markets Debt Fund		31,476		31,476		—

(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.

84 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

10. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of March 31, 2021, SPTC held of record the following:

Fund	Class F			Class I			Class Y
International Equity Fund		96.44	%		37.56	%		46.81	%
Emerging Markets Equity Fund		94.48	%		—	%		63.15	%
International Fixed Income Fund		96.85	%		—	%		99.43	%
Emerging Markets Debt Fund		98.02	%		—	%		52.37	%

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 July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling or inducing banks to submit London Inter-Bank Offered Rate (LIBOR) rates after 2021. On March 5, 2021, the ICE Benchmark Administration clarified that the publication of LIBOR on a representative basis will cease for the one-week and two-month U.S. dollar LIBOR settings immediately after December 31, 2021, and for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. The elimination of the LIBOR may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate (SOFR), which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for a Fund. The effect of any changes to, or discontinuation of, LIBOR on a Fund will vary depending on, among other things, (1) existing fallback or termination

provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on a Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

12. 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, 2021.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 85

DISCLOSURE OF FUND EXPENSES (Unaudited)

March 31, 2021

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period October 1, 2020 to March 31, 2021.

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 10/1/20		Ending Account Value 3/31/21		Annualized Expense Ratios			Expenses Paid During Period *
International Equity Fund
Actual Fund Return
Class F		$1,000.00		$1,226.40		1.08	%		$5.99
Class I		1,000.00		1,225.80		1.33			7.38
Class Y		1,000.00		1,228.20		0.83			4.61
Hypothetical 5% Return
Class F		$1,000.00		$1,019.55		1.08	%		$5.44
Class I		1,000.00		1,018.30		1.33			6.69
Class Y		1,000.00		1,020.79		0.83			4.18
Emerging Markets Equity Fund
Actual Fund Return
Class F		$1,000.00		$1,243.80		1.69	%		$9.45
Class Y		1,000.00		1,245.50		1.44			8.06
Hypothetical 5% Return
Class F		$1,000.00		$1,016.51		1.69	%		$8.50
Class Y		1,000.00		1,017.75		1.44			7.24

	Beginning Account Value 10/1/20		Ending Account Value 3/31/21		Annualized Expense Ratios			Expenses Paid During Period *
International Fixed Income Fund
Actual Fund Return
Class F	$	1,000.00	$	991.70		1.02	%	$	5.06
Class Y		1,000.00		992.60		0.77			3.83
Hypothetical 5% Return
Class F	$	1,000.00	$	1,019.85		1.02	%	$	5.14
Class Y		1,000.00		1,021.09		0.77			3.88
Emerging Markets Debt Fund
Actual Fund Return
Class F	$	1,000.00	$	1,026.10		1.36	%	$	6.87
Class Y		1,000.00		1,027.40		1.11			5.61
Hypothetical 5% Return
Class F	$	1,000.00	$	1,018.15		1.36	%	$	6.84
Class Y		1,000.00		1,019.40		1.11			5.59

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

86 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

March 31, 2021

Pursuant to Rule 22e-4 under the 1940 Act, the Trust, on behalf of the Funds, has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Program is overseen by the SIMC Liquidity Risk Oversight Committee, and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund.

At a meeting of the Board held on March 23, 2021, the Trustees received a report from the SIMC Liquidity Risk Oversight Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation. The SIMC Liquidity Risk Oversight Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since the Program was implemented on December 1, 2018. The SIMC Liquidity Risk Oversight Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The SIMC Liquidity Risk Oversight Committee further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 87

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

SEI Institutional International Trust (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (each member, a “Trustee” and, collectively, the “Trustees” or the “Board”), the sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers’ skills and investment results in managing assets for specific asset classes, investment styles and strategies.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of a Fund’s Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”) cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In the case of the initial approval of a Sub-Advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required, pursuant to an exemptive order that has been granted to the Trust by the Securities and Exchange Commission. In connection with their consideration of such initial approvals and renewals, the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an investment advisory agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, during the first half of the Trust’s fiscal year, the Board requested and received written materials from SIMC and certain Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Advisers, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data; (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Advisers’ expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indexes.

88 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

At the March 22-24, 2021 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, certain Sub-Advisory Agreements were either initially approved or, if the Sub-Advisory Agreement was already in effect (unless operating under an initial two-year term), renewed at a meeting of the Board held during the first half of the Trust’s fiscal year on December 8-9, 2020. In each case, the Board’s approval (or renewal) was based on its consideration and evaluation of the factors described above, as discussed at the meeting and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

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

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered a report compiled by Broadridge, an independent third-party that was engaged to prepare an assessment of the Funds in connection with the renewal of the Advisory Agreement (the “Broadridge Report”). The Broadridge Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the 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 ratios in comparison to those of the Funds’ respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various asset levels, actual management fees (including transfer agent expenses), and actual total expenses for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC’s and its affiliates’ voluntary waivers of management and other fees to prevent total Fund operating expenses from exceeding any applicable cap, as well as SIMC’s contractual waiver of its management fee with respect to the Emerging Markets Equity Fund to prevent the management fee from exceeding a specified cap, and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for its distribution channels. In determining the appropriateness of fees, the Board also took into consideration the impact of fees incurred indirectly by the Funds as a result of investments into underlying funds, including funds from which SIMC or its affiliates earn fees. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are

SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 89

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

(Unaudited) (Concluded)

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.

90 SEI Institutional International Trust / Semi-Annual Report / March 31, 2021

SEI INSTITUTIONAL INTERNATIONAL TRUST / SEMI-ANNUAL REPORT / MARCH 31, 2021

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Christine Reynolds

Officers

Robert A. Nesher

President and Chief Executive Officer

Peter A. Rodriguez

Controller and Chief Financial Officer

Glenn R. Kurdziel

Assistant Controller

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President and Secretary

David F. McCann

Vice President and Assistant Secretary

Aaron Buser

Vice President and Assistant Secretary

Stephen G. MacRae

Vice President

Bridget E. Sudall

Anti-Money Laundering Compliance Officer

and Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

For more information call

1 800 DIAL SEI

(1 800 342 5734)

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

SEI-F-031 (3/21)

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 18th 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

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

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

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

SIGNATURES

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

	SEI Institutional International Trust
By	/s/ Robert A. Nesher
	Robert A. Nesher, President & CEO

Date: June 8, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By	/s/ Robert A. Nesher
	Robert A. Nesher, President & CEO
Date: June 8, 2021
By	/s/ Peter A. Rodriguez
	Peter A. Rodriguez, Controller & CFO

Date: June 8, 2021

EX-99.CERT

CERTIFICATION

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Robert A. Nesher, certify that:

1. I have reviewed this report on Form N-CSRS of SEI Institutional International Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: June 8, 2021

/s/ Robert A. Nesher

Robert A. Nesher

President & CEO

CERTIFICATION

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Peter A. Rodriguez, certify that:

1. I have reviewed this report on Form N-CSRS of SEI Institutional International Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: June 8, 2021

/s/ Peter A. Rodriguez

Peter A. Rodriguez

Controller & CFO

EX-99.906CERT

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the President and Chief Executive Officer of SEI Institutional International Trust (the “Trust”), with respect to the Trust’s Report on Form N-CSRS for the period ended March 31, 2021 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Dated: June 8, 2021

/s/ Robert A. Nesher

Robert A. Nesher

President & CEO

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the Controller and Chief Financial Officer of SEI Institutional International Trust (the “Trust”), with respect to the Trust’s Report on Form N-CSRS for the period ended March 31, 2021 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Dated: June 8, 2021

/s/ Peter A. Rodriguez

Peter A. Rodriguez

Controller & CFO