UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

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) (Zip code)

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

Date of fiscal year end: September 30, 2021

Date of reporting period: September 30, 2021

Item 1. Reports to Stockholders.

September 30, 2021

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 financial intermediary, you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.

TABLE OF CONTENTS

Letter to Shareholders	1
Management’s Discussion and Analysis of Fund Performance	8
Schedule of Investments	16
Statements of Assets and Liabilities	75
Statements of Operations	77
Statements of Changes in Net Assets	78
Financial Highlights	80
Notes to Financial Statements	82
Report of Independent Registered Public Accounting Firm	100
Trustees and Officers of the Trust	101
Disclosure of Fund Expenses	104
Liquidity Risk Management Program	105
Board of Trustees Considerations in Approving the Advisory Agreement	106
Notice to Shareholders	109

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.

LETTER TO SHAREHOLDERS

September 30, 2021 (Unaudited)

To Our Shareholders:

The fiscal year ending September 30, 2021, saw strong returns for U.S. equities as investors gained exposure to businesses they believed would benefit from the improving economy and a “return to normal” enabled by the widespread availability of COVID-19 vaccines. Financial markets anticipated increased volatility around the U.S. presidential election, but with Joe Biden winning a close election for U.S. president, markets advanced higher and volatility generally declined. Expectations of further, but less expansive, fiscal stimulus from Congress and a less likely reversal of the corporate tax cuts under the Trump administration helped fuel this appreciation. Investor exuberance was also driven by a series of positive vaccine clinical trial results in November; the enthusiasm was sustained by subsequent emergency use authorizations by the FDA.

Work-from-home and mega-cap stocks gave up ground to cyclical and “go-out” names before a slight reversal later in the period. Market observers attributed this to the FOMC deciding to increase its projection for the federal-funds rate in 2023. Meanwhile, for the first time since April this year, the seven-day moving average of new COVID-19 cases reported in the U.S. stopped falling in mid-June after an impressive period of declines that had brought cases to their lowest levels since March 2020.

Tightening supply chain dynamics contributed to higher prices for both consumers and producers; this caused input prices for a wide variety of goods to increase, resulting in higher prices for consumers as well. Intermediate- and long-term interest rates increased from historically low levels due to evidence of rising global inflation. The U.S. Treasury yield curve steepened over the course of the fiscal year, especially as future expectations for a rebound in economic growth increased with the rising inflation expectations. U.S. Treasury yields further out the curve rose considerably as the yield on 10-year Treasurys rose by roughly 80 basis points. Government-bond yields (which had been rising slowly since the fall) began to spike further in February. The specter of a sharp increase in borrowing costs sent chills through markets during the second half of February, leading to selloffs of varying intensity before equity markets resumed their climb again in March.

The Federal Reserve’s (Fed) federal-funds rate target continued to range between 0.0% and 0.25% through the reporting period. Over the course of the third quarter, the Federal Open Market Committee (FOMC) moved incrementally closer to declaring a start date for tapering (reducing) asset purchases. The FOMC currently purchases $80 billion in Treasurys and $40 billion in agency mortgage-backed securities per month; Federal Reserve (Fed) Chairman Jerome Powell indicated that the tapering timeline could be determined at the November FOMC meeting. The central bank noted in its latest quarterly Summary of Economic Projections that the projected timing of the next fed-funds interest-rate hike has moved up to 2022 from 2023 (as projected in June).

Geopolitical events

In the U.S. general election in November, Joe Biden was declared the winner of the presidential race in early November. Most candidates from the Republican Party performed better in their races for state- and national-level offices compared to President Trump’s quest for a second term; in January, a violent security breach of the U.S. Capitol by a mob of protesters delayed—but did not stop—the counting of electoral votes in the U.S. Congress. Trump was impeached by the House of Representatives for inciting an insurrection—the first president in U.S. history to be impeached twice. Two weeks later, Joe Biden was inaugurated as president under heavy security provided by 25,000 National Guard troops.

In September 2020, the millionth victim of the COVID-19 outbreak was claimed globally, a figure that would climb to almost 5 million by the end of the fiscal year. The Delta wave of new COVID-19 cases drove U.S. infection and hospitalization counts to a peak at the beginning of September, just two weeks ahead of the country’s mid-September top in daily deaths. U.K. cases peaked during mid-July, and had a smaller resurgence in early September. Both episodes roughly coincided with high points in the hospitalization rate, while the number of daily deaths crested along with the early September infections surge. There were contrasting takes among global regions on how to approach the pandemic, with Asia broadly taking a zero-tolerance approach, Eastern Europe’s approach closer to Western Europe (to accept and live with it), and Latin America initially being dismissive (particularly in Brazil and Mexico), before moving to a more proactive stance.

  SEI Institutional International Trust / Annual Report / September 30, 2021   1

LETTER TO SHAREHOLDERS (Continued)

September 30, 2021 (Unaudited)

President Joe Biden’s administration proposed a $6 trillion budget for the 2022 fiscal year that would serve as a starting point from which Congress can decide how to appropriate the country’s economic funding. The president incorporated his two major economic initiatives into the budget, infrastructure and families programs.

In August, the U.S. Senate approved a bipartisan infrastructure plan, which awaited approval in the House of Representatives at the end of the reporting period. Formally called the Infrastructure Investment and Jobs Act, the plan includes roughly $1 trillion with $550 billion in new spending over a five-year period. It is projected to add approximately two million jobs per year for a decade as the nation undertakes modernizing roads, railways, ports, public transit, airports and power grids; improving water quality and broadband access; and cleaning abandoned environmentally hazardous sites.

In a push to re-establish tourism ahead of the traditionally busy summer season, the EU approved a proposal made by the European Commission in May to ease travel restrictions within the bloc for vaccinated foreigners. Tensions between the EU and China—which have flared over the last six months as the EU condemned China’s record on human rights and China imposed retaliatory economic sanctions—remained unsettled. In May, the European Parliament suspended ratification of the Comprehensive Agreement on Investment that EU and Chinese leaders had finalized in December 2020. As for U.S.-EU trade relations, friction smoothed as the European Commission delayed an increase to tariffs on the U.S. that had been planned in response to the Trump administration’s tariffs on European metals; existing tariffs will remain as the two sides negotiate a long-term solution.

Finance ministers and central bank leaders from the Group of 20 (G-20), representing the world’s 20 largest economies, unanimously agreed to endorse the major components of a tax plan that would establish a global minimum corporate tax of at least 15%. The agreement was finalized just after the end of the reporting period and was expected to crack down on tax havens used by companies to avoid paying income tax in their countries of residence.

Economic performance

A 4.0% gain in U.S. gross domestic product (GDP) in the fourth quarter of 2020 resulted in a decline of 3.5% for the full year, the worst figure since at least the end of World War II. The U.S. economy expanded at a robust annualized rate of 6.3% in the first quarter of 2021; consumer spending (which accounts for nearly 70% of U.S. economic activity) spiked by 11.3% as Americans put their stimulus payments to work, providing a much-needed boost to restaurants, hotels and airlines. Overall U.S. economic growth measured an annualized 6.7% during the second quarter, just above the first-quarter pace, as service-oriented businesses anticipated saw continued gains from the rise in vaccinations and reopenings. A widely followed tracking estimate from the Federal Reserve Bank of Atlanta put third-quarter growth at 0.5% as supply-chain issues and the Delta variant again challenged economic growth.

After touching a 50-year low of 3.5% early in 2020 and then jumping as high as 14.8% at the beginning of the pandemic (prior to the start of the fiscal year), the U.S. unemployment rate remained over 6.0% through April, with the final figure settling at 4.8% in September 2021, down from 7.8% a year earlier. The labor-force participation rate ended at 61.6%, up from 61.4% a year earlier. Average hourly earnings gained 4.6% over the fiscal year, as the leisure and hospitality industry continued to reopen and looked to boost pay in order to fill vacant positions.

Two off-cycle moves before the start of the fiscal year brought the federal-funds rate to near zero and were designed to bolster the economy in response to the economic threat posed by the coronavirus outbreak; the emergency actions were the first since the global financial crisis. Additionally, the Fed committed to purchasing unlimited amounts of Treasurys and established or renewed multiple facilities designed to support the economy. The FOMC held the federal-funds rate near zero throughout the third quarter and continued its asset purchases apace ($80 billion in Treasurys and $40 billion in agency mortgage-backed securities per month). In its September statement, it indicated that the U.S. economy had made progress toward its employment and price stability goals, and that if progress continues as expected, a moderation in the pace of asset purchases may soon be warranted. Its latest Summary of Economic Projections (SEP), released in mid-September, featured a projected increase in the federal-funds rate to 1.0% in 2023 (up from 0.6% in its June projection). The SEP also depicted higher real gross domestic product (GDP) and inflation projections for 2021, although out-year projections were only modestly higher.

  2   SEI Institutional International Trust / Annual Report / September 30, 2021

Market developments

The S&P 500 Index returned 30.00% during the fiscal year. Large-cap value stocks (as measured by the Russell 1000^® Value Index) gained 35.01% and led large-cap growth stocks (as measured by the Russell 1000^® Growth Index), which rose 27.32%. At the sector level, energy, financials and capital goods stocks led, while utilities, consumer staples and consumer discretionary lagged. Overall, U.S. equities outpaced major developed markets during the fiscal year.

Small-cap stocks, which tend to be value-oriented and sensitive to the success or decline in a local economy, outperformed large caps overall. U.S. large-cap stocks (Russell 1000^® Index) finished the reporting period up 30.96%, while small-cap stocks (Russell 2000^® Index) finished the period ahead 47.68%. The reason for this difference in performance was a shift in investor preference toward companies with smaller market caps and lower valuation ratios. These companies were viewed as able to benefit from the post-pandemic economic recovery and primed for a rebound following a prolonged period of prior underperformance.

Developed markets, as measured by the MSCI World Index (Net), finished up 28.82% for the year, outperforming emerging markets. The MSCI Emerging Markets Index (Net) finished the reporting period up 18.20% in U.S. dollar terms. Emerging-market equities were on a tear in the first quarter of the reporting period (after bottoming early in the pandemic) but gave up some ground over the remainder of the fiscal year. The best-performing region was EM EMEA, which was lifted by strong performance from Russia and the Gulf countries as they benefited from tightness in oil supply and rising oil prices. EM Asia was a relative benchmark laggard as pandemic restrictions continued to disrupt the area’s consumption and services sector.

The MSCI Europe Index (Net) advanced 27.25% in U.S. dollar terms. The MSCI ACWI Index (Net), a proxy for global equities in both developed and emerging markets, rose 27.44% in U.S. dollar terms. The FTSE UK Series All-Share Index recorded a 33.39% gain in U.S. dollar terms over the full reporting period.

U.S. investment-grade corporate debt, as represented by the Bloomberg US Corporate Investment Grade Index, returned 1.74%, while the U.S. high-yield market, as measured by the ICE BofA US High Yield Constrained Index, benefited from a broad reopening of the U.S. economy and was up 11.46% during the reporting period. Within the high-yield market, energy remained the largest sector, and it easily outperformed the broader market. Lower-quality issues also outperformed, as CCC rated securities led, followed by B and BB rated. U.S. asset-backed securities managed a small gain as the health of U.S. consumers improved during the fiscal year; mortgage-backed securities were down slightly, as elevated supply and fast prepayment speeds offset the Fed adding around $40 billion of MBS to its balance sheet each month.

Inflation-sensitive assets, such as commodities and Treasury inflation-protected securities (TIPS), were higher. The Bloomberg Commodity Total Return Index (which represents the broad commodity market) finished up 42.29% over the full one-year period due to increased demand expectations, as well as constrained supply in certain markets; the Bloomberg 1-10 Year US TIPS Index (USD) moved 5.75% higher during the reporting period as it benefited from higher inflation expectations in the U.S.

Global fixed income, as measured by the Bloomberg Global Aggregate Index, was down 0.91%. Emerging-market debt (EMD) delivered positive performance due to an improving growth outlook in the region relative to developed markets. The JP Morgan Global Bond Index-Emerging Markets (GBI-EM) Global Diversified Index, which tracks local-currency-denominated EM bonds, gained 2.63% in U.S. dollar terms. The JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index, which tracks EMD denominated in external currencies (such as the U.S. dollar), was up 4.36%.

After the U.S. dollar initially rebounded from its January low (relative to a trade-weighted basket of foreign currencies), it resumed an overall downward trend and neared its earlier low again in May before recovering some in the final quarter of the fiscal year. After hitting an all-time low in 2020 before the start of the reporting period, the West Texas Intermediate crude-oil price reached a 7-year high in the final month of the fiscal year due to optimistic forecasts for global economic growth and increased demand for crude.

  SEI Institutional International Trust / Annual Report / September 30, 2021   3

LETTER TO SHAREHOLDERS (Continued)

September 30, 2021 (Unaudited)

Our view

In a natural reaction to the prospect of more lockdowns and delayed returns to normal life given the surge in COVID-19 infections that began this past May, investors revisited stocks that benefited the most during 2020—namely the work-at-home, big technology companies and other large-cap stocks that do well when interest rates fall (lower interest rates make future cash flows of these types of stocks more attractive). However, the subsequent bounce-back in growth- and momentum-oriented large-cap stocks at the expense of value and cyclical stocks has already shown signs of deteriorating as rates spiked at the end of the third quarter.

We expect economic growth—in the U.S. and globally—to continue over the next year or two at a pace that meaningfully exceeds the sluggishness of the years that followed the 2007-to-2009 global financial crisis; the recent gloom about flagging economic growth is likely a bit overdone.

Household wealth is at an all-time high, owing to booming stock and home prices. A big decline in the saving rate has helped cushion the blow to consumer spending; still, saving as a percentage of disposable income remains elevated compared to pre-pandemic levels. We think households generally can adjust to a decline in pandemic relief payments without necessitating a sharp contraction in their expenditures.

The impact of COVID-19 on global supply chains has been a more significant impediment. Vendor deliveries have seldom been as slow in the 74-year history of the Institute for Supply Management’s (ISM) survey as they are now, even with the situation having eased slightly since May. Inventories remain exceedingly low relative to demand.

Input costs have been rising rapidly, but companies have been able to compensate by passing along their increased costs to customers. After-tax corporate margins an economy-wide basis hit a new all-time high in the second quarter, rising to 14.9% of sales.

Corporate pricing power is the good news. The bad news is that inflation keeps exceeding consensus expectations. We still expect inflation to run at higher rate for a longer period than has been commonly assumed, not just over the next one or two years, but well into the decade.

Growth in unit labor costs typically plummets when the economy emerges from recession. Now, however, unit labor costs are running near a 2.7% rate—the fastest pace since the peak of the 2002-to-2007 expansion.

While commodity inflation and parts shortages may indeed prove transitory, it isn’t clear whether the labor shortage and resultant pressure on compensation growth will be as quick to revert to lower levels. The tax and regulatory initiatives of the Biden administration will likely add to the cost pressures facing businesses in the years immediately ahead.

Since U.S. demand is expected to remain robust as economic growth normalizes, it would not be surprising to see companies continue passing along their increased costs. Inflation over the long haul could thus be closer to 3% than the 2% or so currently expected by the Fed and most investors.

If that turns out to be the case, the Fed may be forced to raise interest rates higher and faster over the next three years than anticipated.

A concern that is much nearer in timeframe is the fight in Washington over infrastructure spending and the debt limit. We assume President Biden will get about half of what he is seeking, but the devil will be in the details. Investors are probably right not to react too dramatically to every development. The debt-limit drama, however, could elicit a more significant disruption as the deadline for must-pass legislation nears. Although the debt ceiling will be raised, the wrangling over it will almost certainly come down to the wire.

We suggest focusing on longer-term considerations: The latest COVID-19 wave will eventually pass. Economic growth should stay relatively strong in 2022. Households are in solid financial shape and will benefit as employment and wages continue to move higher. Companies are still able to pass along increased costs and maintain high profit margins. Fed policy is still biased toward easing, allowing the economy to run hot at the risk of higher inflation. This should all create a favorable backdrop for risk assets and support a resumption in the coming months of the cyclical/ financial/value trend versus growth/technology.

Other developed countries are broadly on the same path as the U.S., and are reacting to the same catalysts.

  4   SEI Institutional International Trust / Annual Report / September 30, 2021

Purchasing managers’ surveys from recent months show that U.S. economic growth is cooling, yet still strong versus pre-pandemic levels. Activity in Europe, led by Germany, appears to be on the upswing—boosted by a decline in Delta (which has allowed for more travel and tourism in Europe) and an increase in EU fiscal support.

The major outlier is Japan, which has been rather weak so far this year versus its industrial-country peers. Inflation-adjusted GDP fell in the first quarter and posted only a tepid gain in the second quarter. Economists blame COVID-19-related restrictions. The global shortage in the supply of semiconductor chips, meanwhile, has impeded auto production. Citizens nonetheless blamed Prime Minister Yoshihide Suga. In response, he pledged to cede leadership of the Liberal Democratic Party to former foreign minister Fumio Kishida, who is expected to also succeed Suga as prime minister following the November elections.

U.S. inflation may be near a peak, but a further acceleration appears in store for Europe. The immediate concern for households in the region is the cost of energy. Even without energy-production shortages, electricity prices across Europe tend to be much higher than in North America—especially for households, particularly in Germany. The U.K. is in the midst of a petrol crisis due to an inability to make deliveries to gas stations amid a severe truck-driver shortage.

Europe’s energy woes probably won’t cause the region’s governments to deviate from the climate-change agenda they have put in place. The German election underscores this point. Although it will take a couple of months to cobble together a coalition, all political parties are committed to reducing carbon admissions.

Beyond energy, Europe’s reopening should cause the price of services to rise as they have in the U.S., albeit to far less of an extent. The overwhelming assumption is that any pickup in inflation will be short-lived.

China is dominating investor perceptions of emerging markets. The Xi government’s push to enforce “common prosperity” has had far-reaching effects on corporate China. The country’s 20-year boom has exacerbated social inequality. Crackdowns on for-profit tutoring companies, major gig employers, and individuals (notably, Jack Ma) is a brutal but effective way of addressing disparities in wealth and income.

Although some of these moves have hurt foreign equity investors, it’s unclear whether the economy itself will be severely constrained. China is a huge country with tremendous internal capital upon which to draw. Foreign companies probably won’t cut and run, but they will certainly be forced to play by Beijing’s rules if they stay.

We expect diversification of supply chains away from China at the margin, but this has been happening anyway. It is in advanced countries’ interests to be more self-sufficient in producing critical products. But China is too big, too efficient and too important a manufacturer for the world to turn its back on.

China’s economic growth rate should nevertheless slow as a result of the government’s actions. Property development has been the driving force behind its rapid expansion over the past 15 years. Critics of China’s economic model have wondered for years if the bill would ever come due. It might be coming due now.

We are watching the trend in commodity prices for hints that pressure on China’s construction activity is beginning to reverberate beyond its borders. So far, there has been little sign of that occurring. Iron ore prices have plunged, but that appears to have been caused primarily by government-mandated closures of steel plants in an effort to curb pollution.

Even within China itself, investors seem to be taking the Evergrande debacle in stride. The effective yield on the country’s high-yield bonds has been rising sharply since May, but it is nowhere near the 40% yield reached in 2008. It also remains some six percentage points below the high reached in 2011, when the government clamped down on excessive credit growth and rampant speculation in the property and stock markets.

In contrast to high yield, the yield on Chinese investment-grade bonds is currently at its lowest level in the past 20 years—indicating no sign of contagion.

One explanation for the resiliency of the MSCI Emerging Markets Index is the strength of the global economy outside China. The U.S. has been leading the way, but other advanced countries—notably Europe—continue to post improved economic activity.

If history is any guide, however, upside inflation surprises in the G-10 countries suggest that emerging economies will follow suit over the next few months. Unlike advanced countries, where inflation expectations tend to better

  SEI Institutional International Trust / Annual Report / September 30, 2021   5

LETTER TO SHAREHOLDERS (Concluded)

September 30, 2021 (Unaudited)

anchored, central banks in vulnerable emerging economies are forced to raise interest rates sooner than they would prefer in order to dampen inflation pressures and defend their currencies.

Given these concerns, investors might be tempted to avoid emerging-market equities. We believe that would be a mistake. Valuations, particularly relative to the developed world, look especially cheap.

Sincerely,

James Smigiel

Head and Chief Investment Officer of Non-Traditional Asset Management

  6   SEI Institutional International Trust / Annual Report / September 30, 2021

Index Definitions

Bloomberg Global Aggregate Index: is a broad-based benchmark that is considered representative of global investment-grade, fixed-income markets.

Bloomberg US Corporate Investment Grade Index: is a broad-based benchmark that measures the investment-grade, fixed-rate, taxable corporate bond market.

Bloomberg US Aggregate Bond Index: The Bloomberg Barclays U.S. Aggregate Bond Index is a benchmark index composed of U.S. securities in Treasury, government-related, corporate and securitized sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity and have an outstanding par value of at least $250 million.

Dow Jones Industrial Average: The Index measures the stock performance of 30 large companies listed on stock exchanges in the United States.

FTSE UK Series All-Share Index: is a capitalization-weighted index, comprising around 600 of more than 2,000 companies traded on the London Stock Exchange.

ICE BofA US High Yield Constrained Index: tracks the performance of below-investment-grade, U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market; exposure to individual issuers is capped at 2%.

JP Morgan EMBI Global Diversified Index: tracks the performance of external debt instruments (including U.S.-dollar-denominated and other external-currency-denominated Brady bonds, loans, eurobonds and local-market instruments) in emerging markets.

JP Morgan GBI-EM Global Diversified Index: tracks the performance of debt instruments issued in local currencies by emerging-market governments.

MSCI EAFE Index: is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

MSCI Europe Index: is a free float-adjusted market-capitalization-weighted index designed to measure the performance of large- and mid-capitalization stocks across developed-market countries in Europe.

MSCI Emerging Markets Index: is a free float-adjusted market-capitalization-weighted index designed to measure the performance of global emerging-market equities.

MSCI World Index: is a free float-adjusted market-capitalization-weighted index that is designed to measure the equity-market performance of developed markets.

Russell 1000^® Index: includes 1,000 of the largest U.S. stocks based on market cap and current index membership; it is used to measure the activity of the U.S. large-cap equity market.

Russell 2000^® Index: The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

S&P 500 Index: is an unmanaged, market-weighted index that consists of approximately 500 of the largest publicly-traded U.S. companies and is considered representative of the broad U.S. stock market.

  SEI Institutional International Trust / Annual Report / September 30, 2021   7

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2021 (Unaudited)

International Equity Fund

I. Objective

The International Equity Fund (the “Fund”) seeks long-term capital appreciation.

II. Multi-Manager Approach Statement

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (“SIMC”). The Fund utilized the following sub-advisors as of September 30, 2021: Acadian Asset Management LLC (“Acadian”), Causeway Capital Management LLC (“Causeway”), INTECH Investment Management LLC (“INTECH”), JO Hambro Capital Management Limited (“JO Hambro”), Lazard Asset Management LLC (“Lazard”), Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust (“Macquarie”) and WCM Investment Management LLC (“WCM”).

During the period, NWQ Investment Management Company, LLC (NWQ), was removed from the Fund, while Macquarie was added to the Fund.

III. Return vs. Benchmark

For the year ended September 30, 2021, the Fund’s Class F shares outperformed the MSCI EAFE Index (Net)—which tracks the performance of developed-market equities outside North America—returning 26.18% versus the Index return of 25.73%.

IV. Fund Attribution

Markets rose steadily throughout the fiscal year. As noted in the shareholder letter, the announcement of Pfizer’s COVID-19 vaccine led to a strong yearend rally in 2020 that continued for most of the reporting period. U.K. stocks led other regional markets during the 12 months, lifted by strong performance of vaccine progress and a reopening of the economy. Despite Delta variant concerns during the summer of 2021, U.K. equities maintained their lead as a shortage in energy supply lifted many of the region’s energy producers. Europe was also strong and initially lagged the U.K. due to slower vaccination rollouts. However, as the region caught up, and lockdown measures across the continent were lifted, cyclical sectors, such as energy and metals & mining, benefited from a sharp increase in pent-up consumer demand that drove prices higher. Cyclicals helped lift equities in the Pacific ex-Japan region. Japan was the only area to lag the benchmark as

slow vaccination progress and supply chain disruptions weighed on the country’s equity performance.

Cyclical sectors led the market as pent-up consumer and manufacturer demand drove up commodity prices. Energy and materials were the best performers, followed by financials and industrials. Information technology stocks also posted strong gains due to the strong performance of semiconductor stocks as a global semiconductor shortage emerged. Chips became scarce as supply was limited, while demand rose in the form of increased usage among autos and consumer devices. Defensive sectors lagged the market, with utilities and consumer staples posting the biggest losses. Rising rates presented a headwind for these rate-sensitive sectors, while investors preferred sectors offering faster growth.

The information technology sector was the biggest contributor to relative Fund performance due to strong results from the hardware group and an overweight to semiconductors. Consumer staples also contributed due to the Fund’s underweight to the underperforming sector. The Fund was underweight due to the sector’s expensive valuations, and the sector underperformed as higher rates decreased the sector’s appeal. Industrials benefited from positive gains among transportation stocks held by value managers. Materials was helped by positive results across metals & mining stocks, which rallied on higher commodity demand. Consumer discretionary detracted due to weak security selection across the entire sector. Energy was the only other detractor due to the Fund’s underweight. The underweight was driven by a negative outlook on volatile energy prices.

Causeway was the best-performing manager during the period and was helped by tailwinds to its value style, which resulted in strong gains from the industrials and financials sectors. NWQ was terminated from the Fund during the period but also benefited from value tailwinds, in addition to strong gains within the information technology and telecommunication services sectors. Despite headwinds to its quality style, WCM contributed through strong stock selection and bottom-up results from the information technology and health-care sectors, especially from semiconductors, which experienced a strong tailwind from rising demand. Lazard saw strong tailwinds to value offset losses from exposure to Asian consumer names, which failed to experience a strong reopening rally. Acadian outperformed on strong quant model results within the materials and utilities sectors, which offset losses in consumer discretionary and an underweight to energy.

  8   SEI Institutional International Trust / Annual Report / September 30, 2021

JO Hambro was the biggest detractor during the period due to a partial headwind to momentum as momentum stocks suffered during the market rotation into “stay at home” names. JO Hambro lagged the momentum rotation into value and suffered even more losses due to stock specifics. INTECH also detracted due to a similar momentum headwind. Macquarie was added to the Fund during the fiscal year and was the smallest detractor due to headwinds to low-volatility and quality stocks, which lagged the market due to rising rates.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹

	1 Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
International Equity Fund, Class F		26.18%		7.57%		8.67%		7.99%		4.08%
International Equity Fund, Class I		25.91%		7.31%		8.41%		7.71%		3.82%
International Equity Fund, Class Y		26.45%2		7.81%		8.94%		8.16%		4.13%
MSCI EAFE Index (Net)		25.73%		7.62%		8.81%		8.10%		4.79%

Comparison of Change in the Value of a $100,000 Investment in the International Equity Fund, Class F, Class I and Class Y, versus the MSCI EAFE Index (Net)

¹ For the year ended September 30, 2021. Past performance is no indication of future performance. Class F shares were offered beginning December 20, 1989. Class I shares were offered beginning January 4, 2002. The performance of Class I shares prior to January 4, 2002 is calculated using the performance of Class F shares adjusted for the higher expenses of the Class I shares. Returns for Class I shares are substantially similar to those of Class F shares and differ only to the extent that Class I shares have higher total annual fund operating expenses than Class F shares. The Fund’s Class Y shares commenced

operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

²  Total returns disclosed in the Financial Highlights of the Annual Report may reflect adjustments to conform to generally accepted accounting principles.

  SEI Institutional International Trust / Annual Report / September 30, 2021   9

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2021 (Unaudited)

Emerging Market Equity Fund

I. Objective

The Emerging Markets Equity Fund (the “Fund”) seeks capital appreciation.

II. Multi-Manager Approach Statement

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corp. (“SIMC”). The Fund utilized the following sub-advisors as of September 30, 2021: JO Hambro Capital Management Limited (“JO Hambro”), KBI Global Investors (North America) Ltd. (“KBI”), Neuberger Berman Investment Advisers LLC (“Neuberger Berman”), Qtron Investments LLC (“Qtron”), Robeco Institutional Asset Management US Inc. (“Robeco”) and RWC Asset Advisors (US) LLC (“RWC”).

During the period, Lazard Asset Management LLC (“Lazard”) was removed from the Fund, while Robeco was added to the Fund.

III. Return vs. Benchmark

For the year ended September 30, 2021, the Fund’s Class F shares outperformed the MSCI Emerging Markets Index (Net)—which tracks the performance of global emerging market equities—returning 18.63% versus the Index return of 18.20%.

IV. Fund Attribution

As noted in the shareholder letter, emerging markets experienced positive returns during the fiscal year, although gains were concentrated within the first quarter of the reporting period. The announcement of Pfizer’s COVID-19 vaccine led to a strong yearend rally in 2020. Value stocks and smaller emerging-market countries that had lagged during the “stay at home” trade led the rally as the vaccine improved the prospects of an economic recovery in less-developed economies. The rally was short-lived, as the Chinese government’s crackdown on Alibaba’s ANT Financial IPO intensified and spread to other parts of the Chinese economy. What began as a curb on Alibaba’s dominance led to increasing regulatory focus on other dominant Chinese e-commerce and internet companies as the government began a renewed push for social equality and common prosperity. The crackdown spread to other sectors, including private education companies, while the country’s push toward deleveraging and decreasing loan issuance rattled property developers dependent on debt as funding. The default of large real-estate developer,

Evergrande, created major headlines and added to selling pressure that intensified over the summer. As a result of these regulatory pressures, the broader emerging markets fell throughout the rest of the period as the underperformance of the largest companies in China had an outsized effect on the index given their large weight. Outside of China, Taiwan benefited from higher semiconductor prices, while India had a rough time before Delta variant infections stabilized and India rebounded.

EMEA region was the best-performing region throughout the period, led by rising crude and other commodity prices. News of a vaccine, alongside expectations for further fiscal stimulus in the U.S. and pent-up consumer demand, contributed sharply to rising global yields and outperformance for stocks that would benefit most from a reopening of the global economy. This helped commodity stocks as demand for commodities surged. Outperformance continued throughout the rest of the fiscal period despite the effects that the Delta variant had on the global supply chain. Russia and the Gulf countries benefited from tightness in oil supply and rising oil prices, helping to lift the region’s equity prices to new highs. Latin America outperformed Asia but lagged EMEA throughout the period. Brazil led the regional rally in the fourth quarter of 2020, but the country fell in the first and third quarter of 2021 due to growth fears around the Delta variant, as well as concerns around political issues and the economic outlook. Mexico outperformed the region and the benchmark as Mexican consumer and industrial stocks held up better in the face of pressure from the Delta variant.

The best-performing sectors were materials and energy due to strong demand for commodities as pent-up demand from both consumers and industrials drove prices higher. Utilities and financials were also strong as the energy shortage lifted utilities over the summer of 2021 and banks benefited from prospects of an economic rebound from the pandemic lows. Consumer discretionary and real estate were the two biggest laggards. Consumer discretionary was dragged down by the underperformance of large e-commerce heavyweights in China due to government regulatory crackdowns. Real estate suffered from China’s efforts to deleverage, as fears of default and slower loan issuance weighed on the sector.

From a sector perspective, consumer discretionary was the biggest contributor due to bottom-up driven results in China’s e-commerce sector, partially driven by lower exposure to the country’s underperforming e-commerce companies. Materials also contributed due to the Fund’s

  10   SEI Institutional International Trust / Annual Report / September 30, 2021

overweight. Strong bottom-up results in utilities and financials were also beneficial. Industrials and health-care were the only two sector detractors due to poor security selection.

RWC was the biggest contributor as the manager was able to navigate China’s e-commerce stocks, as well as an overweight to the metals & mining sector. JO Hambro benefitted from a tailwind to momentum stocks that lifted companies with positive earnings revisions in both the consumer and information technology spaces. KBI benefited from a tailwind to value stocks that rewarded the manager’s dividend yield investment philosophy. Qtron’s quantitative model-driven bottom-up results in the consumer discretionary, industrials and telecommunication services sectors were also beneficial. Robeco was added to the Fund during the fiscal year, and the Fund benefited from tailwinds to the manager’s value-based philosophy. Prior to its termination from the Fund during the fiscal year, Lazard contributed due to selection within the financials and telecommunication services sectors.

Neuberger Berman was the only detractor as the manager’s quality investment style faced headwinds during the period in the form of rising rates, which resulted in losses across most benchmark sectors.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹

	1 Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Emerging Markets Equity Fund, Class F		18.63%		8.26%		8.05%		5.48%		4.84%
Emerging Markets Equity Fund, Class Y		18.96%		8.52%		8.33%		5.67%		4.91%
MSCI Emerging Markets Index (Net)		18.20%		8.58%		9.23%		6.09%		6.57%

Comparison of Change in the Value of a $100,000 Investment in the Emerging Markets Equity Fund, Class F and Class Y, versus the MSCI Emerging Markets Index (Net)

¹  For the year ended September 30, 2021. Past performance is no indication of future performance. Class F shares were offered beginning January 17, 1995. The Fund’s Class Y shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

  SEI Institutional International Trust / Annual Report / September 30, 2021   11

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2021 (Unaudited)

International Fixed Income Fund

I. Objective

The International Fixed Income Fund (the Fund) seeks capital appreciation and current income.

II. Multi-Manager Approach Statement

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (“SIMC”). The Fund utilized the following sub-advisors as of September 30, 2021: AllianceBernstein L.P. (“AllianceBernstein”), Colchester Global Investors Limited (“Colchester”) and Wellington Management Company LLP (“Wellington”).

No manager changes were made during the Fund’s fiscal year.

III. Return vs. Benchmark

For the year ended September 30, 2021, the Fund’s Class F shares underperformed the Bloomberg Global Aggregate ex-USD Index, Hedged (the “Index”)—which tracks the performance of the global investment-grade fixed-rate debt markets outside of the U.S.—returning -0.83% versus the Index return of -0.54%.

IV. Fund Attribution

Core fixed-income indexes delivered negative returns over the fiscal year against a backdrop of rising government yields and inflation concerns. Long duration assets suffered the largest losses, while the more credit-sensitive sectors of the bond market were able to absorb the adverse rates impact through spread compression and record positive absolute performance. As noted in the shareholder letter, inflation-linked bonds outperformed nominal bonds on rising inflation expectations and falling real yields. High-yield corporates (an out-of-index sector) registered the strongest absolute returns over the period. The local-currency emerging-market debt complex also enjoyed positive performance, led by China, Mexico, South Africa, Indonesia and Russia. In the currency space, the Japanese yen, euro and Swiss franc all lost ground to the U.S. dollar, although most other G10 currencies strengthened against the greenback over the period.

The Fund underperformed during the reporting period and was challenged by its overweights to Australia and Mexican local rates. Short currency positions in the New Zealand dollar and South African rand also detracted. Positive contributors included duration underweights in the U.K., core Europe and South Korea.

An overweight to corporate credit, including off-index USD-denominated securities and high yield, also helped relative performance as spread sectors generated excess returns versus duration-matched government bonds. Positive currency trades included long positions in the Mexican peso, Chinese yuan, Norwegian krone, Swedish krona, Russian ruble and British pound, and a short position in Thai baht.

Wellington detracted during the period and was challenged by its currency positioning, while duration underweights in the UK and South Korea, a short currency position in JPY and out-of-index exposure to corporate credit benefited.

AllianceBernstein outperformed and was helped by its overweight to corporate credit and underweights to government-related and European covered bonds. Off-index exposure to high yield also boosted relative performance. Colchester outperformed and benefited from duration underweights in core Europe and the U.K., as well as an overweight to Indonesian local-currency bonds. Active currency positioning further added value, courtesy of long positons in the Norwegian krone, Mexican peso, British pound and Swedish krona, and a short position in Thai baht.

The Fund used FX forwards, financial futures, interest-rate swaps and over-the-counter options during the reporting period to hedge existing exposures and gain exposure to particular areas of the market. The use of derivatives did not have a material impact on relative performance.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹

	1 Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
International Fixed Income Fund, Class F		-0.83%		2.96%		1.84%		3.14%		4.03%
International Fixed Income Fund, Class Y		-0.54%		3.20%		2.09%		3.28%		4.09%
Bloomberg Global Aggregate ex-USD Index, Hedged		-0.54%		3.93%		2.71%		3.87%		4.81%

  12   SEI Institutional International Trust / Annual Report / September 30, 2021

Comparison of Change in the Value of a $100,000 Investment in the International Fixed Income Fund, Class F and Class Y, versus the Bloomberg Global Aggregate ex-USD Index, Hedged

¹ For the year ended September 30, 2021. Past performance is no indication of future performance. Class F shares were offered beginning September 1, 1993. The Fund’s Class Y shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

  SEI Institutional International Trust / Annual Report / September 30, 2021   13

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2021 (Unaudited)

Emerging Markets Debt Fund

I. Objective

The Emerging Markets Debt Fund (the “Fund”) seeks to maximize total return.

II. Multi-Manager Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corp. (“SIMC”). The Fund utilized the following sub-advisors as of September 30, 2021: Colchester Global Investors Limited (“Colchester”), Marathon Asset Management, L.P. (“Marathon”), Neuberger Berman Investment Advisers LLC (“Neuberger Berman”), Ninety One UK Ltd. (“Ninety One”) and Stone Harbor Investment Partners LP (“Stone Harbor”).

No manager changes were made during the Fund’s fiscal year.

III. Return vs. Benchmark

For the year ended September 30, 2021, the Fund’s Class F shares outperformed a hybrid of 50% JP Morgan EMBI Global Diversified Index (“JPM EMBI GD”) (which tracks the performance of external debt instruments in the emerging markets) and 50% JP Morgan GBI Emerging Markets Global Diversified Index (“JPM GBI-EM GD”) (which tracks the performance of debt instruments issued in domestic currencies by emerging-market governments), returning 4.71% versus the Index return of 3.51%.

IV. Fund Attribution

Emerging markets (EM) began the reporting period strong, with both hard- and local-currency indexes posting positive returns in the fourth quarter of 2020. EM foreign exchange (FX) led the way during the first three months of the period, followed by spreads, the majority of which came through in November 2020. EM FX would go on to have mixed fortunes in the following nine months of the fiscal year as risk markets coped with a series of spikes in COVID-19 cases and repeat lockdowns. As noted in the shareholder letter, there were contrasting takes among regions on how to approach the pandemic, with Asia broadly taking a zero-tolerance approach, Eastern Europe’s approach closer to Western Europe (to accept and live with it), and Latin America initially being dismissive (particularly in Brazil and Mexico), before moving to a more proactive stance. Emerging markets reacted with modest fiscal

support comparatively to the scope and depth of developed markets. Financial conditions were eased through central bank policy rates early in 2020, although the trend began to reverse in 2021, led by the Latin American and Eastern European regions, in comparison to the markets not pricing the first U.S. Federal Reserve policy move until 2023.

Though growth remains vulnerable, higher EM central bank policy rates, positive current account balances and steeper yield curves stemmed the weaker returns of local-currency markets, as measured by the JPM GBI-EM GD Index. While the total return of the local-currency index was 2.63% for the fiscal year, the nine months to September 2021 saw a return of -6.38%, highlighting the contrasting periods.

The hard-currency market, as measured by the JPM EMBI-GD Index, returned 4.36% for the fiscal year, with a milder -1.36% over the nine months to September 2021. The headwind for returns for the hard-currency market did not come from spread compression, but from linkage to the Treasury curve. The first quarter of 2021, and again in September, represented periods when U.S. Treasury rates rose rapidly. Given the high starting level, spread returns have been positive, contributing high single-digit returns that were offset by losses from the move in Treasury prices.

The Fund outperformed its blended benchmark during the fiscal year. An overweight to Mexico (in MXN-issued Pemex bonds) benefited from a recovery in oil prices, while positioning in South Africa (biased long ZAR and short duration) and Zambia (as the ZMW recovered along with copper prices) also added to performance. As the Fund was tilted toward higher-yielding spread names, underweights in the Gulf Cooperation Council countries, where spreads were already perceived to be tight but tightened further, detracted.

Stone Harbor’s hard-currency mandate outperformed the blended benchmark and benefited from overweights to Venezuela, Ghana and Brazil; exposure to Panama and Argentina and an underweight to Bahrain detracted. Ninety One’s local-currency mandate also outperformed the blended benchmark; South Africa was a notable detractor from performance, but it was more than offset by longs in Mexico, Zambia, Egypt and Ukraine, as well as underweight to Thailand. Neuberger Berman outperformed thanks to an overweight to Ukraine in USD bonds and Mexico in MXN-issued bonds; a Czech Republic overweight and underweight to Hungary both detracted from performance. Colchester outperformed due to its exposure to Mexico and South

  14   SEI Institutional International Trust / Annual Report / September 30, 2021

African currency; underweights in Thailand and Chile also benefited contributed strongly. An underweight to Chinese yuan and long exposure in South Korean won both detracted. Marathon underperformed its hard-currency benchmark but outperformed the blended benchmark; performance was held back by exposure to long duration investment-grade assets in Israel and exposure in Peru. Underweights to Mexico and Oman and longs in Dominican Republic and Venezuela partially offset the detractors.

Currency forwards and swap contracts were used in the Fund for the one-year period ending September 30, 2021, as a way to either hedge particular positions or gain exposure to additional areas of the market. Currency forwards had a material impact on the Fund during the period as 50% of the Index is directly affected by foreign currencies. Positive and negative impacts differed on a country-to-country basis, depending on whether the forward increased or decreased currency exposure and whether the currency strengthened or weakened relative to the U.S. dollar.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹

	1 Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Emerging Markets Debt Fund, Class F		4.71%		4.16%		2.40%		2.66%		7.06%
Emerging Markets Debt Fund, Class Y		4.98%		4.43%		2.66%		2.84%		7.13%
JP Morgan EMBI Global Diversified Index		4.36%		5.65%		3.89%		5.80%		5.17%
JP Morgan GBI-EM Global Diversified Index		2.63%		3.66%		2.06%		1.05%		1.50%
50/50 Hybrid of the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI-EM Global Diversified Index		3.51%		4.70%		3.02%		3.67%		6.85%

Comparison of Change in the Value of a $100,000 Investment in the Emerging Markets Debt Fund, Class F and Class Y, versus a 50/50 Hybrid of the Following Indexes: the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI-EM Global Diversified Index

¹ For the year ended September 30, 2021. Past performance is no indication of future performance. Class F shares were offered beginning June 26, 1997. The Fund’s Class Y shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

  SEI Institutional International Trust / Annual Report / September 30, 2021   15

SCHEDULE OF INVESTMENTS

September 30, 2021

International Equity Fund

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK — 96.5%
Argentina — 0.2%
MercadoLibre Inc *		6,127	$	10,290
Ternium SA ADR		16,990		718
				11,008
Australia — 2.2%
Australia & New Zealand Banking Group Ltd		382,365		7,682
BHP Group Ltd (A)		219,271		5,938
BlueScope Steel Ltd		896,249		13,207
Champion Iron Ltd *		598,702		2,070
CSL Ltd		49,712		10,439
CSR Ltd		807,866		3,228
Fortescue Metals Group Ltd		636,358		6,845
IGO Ltd		306,173		1,964
James Hardie Industries PLC ADR *(A)		15,047		537
Lynas Rare Earths Ltd *		137,584		656
Orora Ltd		1,270,565		2,814
OZ Minerals Ltd		398,158		6,444
South32 Ltd		8,526,015		21,608
Westpac Banking Corp		447,956		8,310
Whitehaven Coal Ltd *		3,132,371		7,255
WiseTech Global Ltd		46,419		1,768
				100,765
Austria — 0.5%
ANDRITZ AG		72,724		3,982
OMV AG		119,948		7,252
Verbund AG, Cl A		58,369		5,917
voestalpine AG		111,336		4,180
				21,331
Belgium — 0.0%
Ackermans & van Haaren NV		3,554		612
Umicore SA		19,349		1,144
				1,756
Brazil — 0.2%
JBS SA		670,000		4,547

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Magazine Luiza SA *		1,292,000	$	3,405
				7,952
Canada — 2.3%
Advantage Energy Ltd *		224,783		1,136
Air Canada, Cl A *		781,200		14,263
Alimentation Couche-Tard Inc, Cl B		462,400		17,688
Birchcliff Energy Ltd		269,560		1,492
BRP Inc		19,300		1,786
Canadian Pacific Railway Ltd (A)		159,857		10,402
Canfor Corp *		120,381		2,644
Cascades Inc		149,184		1,845
CI Financial Corp		167,200		3,393
Empire Co Ltd, Cl A		210,700		6,420
Fairfax Financial Holdings Ltd		3,700		1,493
George Weston Ltd		10,000		1,078
Intertape Polymer Group Inc		98,500		2,142
Magna International Inc, Cl A		212,234		15,969
MEG Energy Corp *		225,200		1,758
Onex Corp		206,460		14,592
Russel Metals Inc		31,084		745
Stelco Holdings Inc		44,300		1,298
Stella-Jones Inc		26,800		902
Tourmaline Oil Corp		85,100		2,973
Transcontinental Inc, Cl A		45,473		722
Viemed Healthcare Inc *		43,126		240
				104,981
China — 0.4%
Beijing Capital International Airport Co Ltd, Cl H *		7,930,000		4,653
Shenzhou International Group Holdings Ltd		291,400		6,180
STMicroelectronics NV		169,785		7,424
				18,257
Denmark — 3.0%
Ambu A/S, Cl B		150,825		4,459
AP Moller - Maersk A/S, Cl B		7,452		20,136
Carlsberg AS, Cl B		31,574		5,159
Demant A/S *		79,944		4,026
DSV A/S		109,462		26,234
Genmab A/S *		7,943		3,478
GN Store Nord AS		48,367		3,344
H Lundbeck A/S		5,011		136
Novo Nordisk A/S, Cl B		438,998		42,388
Novozymes A/S, Cl B		4,874		334
Orsted AS		67,697		8,975
Pandora A/S *		82,175		9,949
ROCKWOOL International A/S, Cl B		4,004		1,716
Vestas Wind Systems A/S		263,222		10,558
				140,892
Finland — 0.9%
Fortum Oyj		24,474		744
Kesko Oyj, Cl B		417,376		14,409
Kone Oyj, Cl B		92,018		6,464

  16   SEI Institutional International Trust / Annual Report / September 30, 2021

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Neste Oyj		146,007	$	8,274
Nokia Oyj *		151,574		835
Orion Oyj, Cl B		248,353		9,858
				40,584
France — 12.0%
Air Liquide SA		136,420		21,889
Airbus SE *		105,981		14,011
Alstom SA		354,590		13,463
AXA SA		1,687,339		46,867
BNP Paribas SA (A)		36,165		2,310
Bollore SA		3,938,473		22,829
Carrefour SA		1,423,771		25,603
Cie de Saint-Gobain		47,788		3,220
Cie Generale des Etablissements Michelin SCA, Cl B		13,356		2,048
Criteo SA ADR *		60,571		2,220
Danone SA		535,335		36,577
Engie SA		1,863,765		24,476
Eurazeo SE		21,824		2,052
Eurofins Scientific SE		166,682		21,392
Ipsen SA		62,682		5,995
IPSOS		18,645		849
L’Oreal SA		20,274		8,370
LVMH Moet Hennessy Louis Vuitton SE		13,414		9,589
Orange SA		1,073,500		11,616
Orpea SA		4,250		495
Pernod Ricard SA		72,365		15,967
Publicis Groupe SA		505,882		34,032
Rexel SA *		312,272		6,035
Sanofi		612,204		58,878
Sartorius Stedim Biotech		43,901		24,605
Schneider Electric SE		59,545		9,905
Societe Generale SA		486,175		15,234
Sodexo SA *		166,500		14,564
Stellantis NV		1,250,527		23,787
Thales SA		247,999		24,100
TotalEnergies SE (A)		577,822		27,584
Valeo		268,474		7,507
Vinci SA		104,076		10,818
Vivendi SE (A)		238,120		2,994
Wendel SE		19,831		2,740
				554,621
Germany — 8.2%
adidas AG		71,242		22,386
Aroundtown SA		58,392		403
BASF SE		335,315		25,516
Bayer AG		153,318		8,333
Bayerische Motoren Werke AG		11,915		1,148
BioNTech SE ADR *		57,825		15,786
Carl Zeiss Meditec AG		76,144		14,587
Continental AG *		61,690		6,734
Daimler AG		100,123		8,856

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Deutsche Bank AG *		1,051,721	$	13,369
Deutsche Boerse AG		56,709		9,210
Deutsche Post AG		387,445		24,377
E.ON SE		60,242		738
Fresenius Medical Care AG & Co KGaA		326,130		22,937
GEA Group AG		88,914		4,063
Hannover Rueck SE		3,886		678
HeidelbergCement AG		31,040		2,319
Infineon Technologies AG		286,237		11,753
KION Group AG		208,559		19,466
Knorr-Bremse AG		68,500		7,340
Linde PLC		33,762		9,969
Merck KGaA		139,181		30,222
Rheinmetall AG		42,432		4,149
RTL Group SA		20,818		1,249
RWE AG		701,152		24,780
SAP SE		331,362		44,872
Scout24 AG		4,824		335
Siemens AG		261,713		42,806
Vitesco Technologies Group AG *		12,338		729
Wacker Chemie AG		9,909		1,853
				380,963
Hong Kong — 2.0%
AIA Group Ltd		863,800		9,981
ASM Pacific Technology Ltd		49,000		538
Chaoda Modern Agriculture Holdings Ltd *		2,440,000		15
Chow Tai Fook Jewellery Group Ltd		991,400		1,899
CK Asset Holdings Ltd		273,500		1,577
Hong Kong & China Gas Co Ltd		1,068,650		1,616
Hong Kong Exchanges & Clearing Ltd		272,694		16,775
Li Ning Co Ltd		568,500		6,619
Link REIT ‡		143,600		1,229
Orient Overseas International Ltd		68,500		1,194
Sands China Ltd *		4,841,600		9,898
SJM Holdings Ltd *		24,807,340		16,881
Techtronic Industries Co Ltd		502,500		9,882
WH Group Ltd		6,457,333		4,584
Wuxi Biologics Cayman Inc *		518,598		8,487
				91,175
India — 0.1%
HDFC Bank Ltd ADR		61,127		4,468
Indonesia — 0.1%
Bank Mandiri Persero Tbk PT		13,318,100		5,703
Ireland — 1.8%
Accenture PLC, Cl A		59,985		19,190
Experian PLC		242,829		10,197
ICON PLC *		148,054		38,793
Ryanair Holdings PLC ADR *		138,759		15,272
				83,452
Israel — 1.4%
Bank Hapoalim BM		2,378,928		20,902
Bank Leumi Le-Israel BM		2,855,202		24,329

  SEI Institutional International Trust / Annual Report / September 30, 2021   17

SCHEDULE OF INVESTMENTS

September 30, 2021

International Equity Fund (Continued)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Check Point Software Technologies Ltd *		53,327	$	6,028
FIBI Holdings Ltd		17,608		744
First International Bank Of Israel Ltd/The		50,557		1,846
ICL Group Ltd		175,057		1,272
Isracard Ltd		–		–
Israel Discount Bank Ltd, Cl A *		882,543		4,684
Mizrahi Tefahot Bank Ltd		198,719		6,714
				66,519
Italy — 4.0%
Assicurazioni Generali SpA		397,365		8,430
Azimut Holding SpA		141,983		3,895
Banca Mediolanum SpA		299,871		3,235
CNH Industrial NV		1,622,525		27,214
Davide Campari-Milano NV		99,767		1,404
DiaSorin SpA		34,057		7,140
Enel SpA		3,043,494		23,364
Eni SpA		856,773		11,400
EXOR NV		128,476		10,798
Ferrari NV		39,811		8,316
FinecoBank Banca Fineco SpA		570,224		10,325
La Doria SpA		11,734		229
Mediaset NV *		360,579		1,034
Moncler SpA		57,521		3,516
Nexi SpA *		443,631		8,282
Stellantis NV		218,617		4,185
UniCredit SpA		4,142,965		54,894
				187,661
Japan — 16.8%
77 Bank Ltd/The		86,064		981
Advantest Corp		172,800		15,448
AEON Financial Service Co Ltd		223,700		2,818
AGC Inc		16,400		844
Ajinomoto Co Inc		129,700		3,819
Asahi Group Holdings Ltd		205,800		9,900
ASKUL Corp		101,000		1,478
Bandai Namco Holdings Inc		149,902		11,207
BayCurrent Consulting Inc		9,800		4,920
Bridgestone Corp		495,654		23,347
Brother Industries Ltd		62,600		1,376
Canon Inc		313,500		7,652
Canon Marketing Japan Inc		94,900		2,199
Capcom Co Ltd		371,000		10,172
Credit Saison Co Ltd		55,000		722
CyberAgent Inc		474,500		9,116
Dai-ichi Life Holdings Inc		114,200		2,510
Daito Trust Construction Co Ltd (A)		62,100		7,192
Daiwa House Industry Co Ltd		110,100		3,668
DeNA Co Ltd *		24,000		444
Disco Corp		18,100		5,043
FANUC Corp		102,000		22,220
FUJIFILM Holdings Corp		11,300		972
Fujitsu Ltd		224,005		40,528

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Glory Ltd		93,100	$	2,074
GungHo Online Entertainment Inc *		63,600		1,167
H.U. Group Holdings Inc (A)		34,300		932
Hakuhodo DY Holdings Inc		117,100		2,011
Hitachi Ltd		497,267		29,333
Ibiden Co Ltd		14,000		770
Iida Group Holdings Co Ltd (A)		92,600		2,375
Inpex Corp		153,200		1,195
Isuzu Motors Ltd		105,300		1,374
ITOCHU Corp (A)		245,400		7,137
Japan Exchange Group Inc		412,542		10,211
Japan Post Insurance Co Ltd (A)		113,300		2,054
Japan Tobacco Inc		78,300		1,532
Kao Corp		260,000		15,448
Kawasaki Heavy Industries Ltd		15,700		361
KDDI Corp (A)		428,700		14,110
Keyence Corp		16,700		9,948
Kirin Holdings Co Ltd		240,000		4,433
Kokuyo Co Ltd		221,300		3,736
Konami Holdings Corp		6,800		425
Konica Minolta Inc (A)		417,800		2,245
K’s Holdings Corp (A)		171,240		1,770
Lasertec Corp		52,600		12,010
Lawson Inc		183,700		8,991
Lixil Corp		11,100		320
Mazda Motor Corp		467,500		4,027
Mitsubishi Chemical Holdings Corp		36,500		332
Mitsubishi Electric Corp		1,332,500		18,482
Mixi Inc (A)		127,100		2,854
Mizuno Corp		41,500		991
MS&AD Insurance Group Holdings Inc (A)		67,500		2,251
Murata Manufacturing Co Ltd		244,500		21,743
Nihon Kohden Corp		11,400		387
Nihon Unisys Ltd		156,700		4,046
Nikon Corp (A)		609,700		6,773
Nippon Steel Corp		150,600		2,727
Nippon Telegraph & Telephone Corp (A)		433,100		11,939
Nissan Motor Co Ltd *		207,800		1,032
Nitto Denko Corp		57,100		4,048
Nomura Holdings Inc		1,685,000		8,236
Okuwa Co Ltd		63,100		668
Olympus Corp		118,100		2,585
ORIX Corp		546,266		10,153
Otsuka Corp		83,300		4,261
Panasonic Corp		1,659,200		20,532
PeptiDream Inc *		101,400		3,279
Persol Holdings Co Ltd		168,100		4,181
Recruit Holdings Co Ltd		362,193		21,994
Rinnai Corp		5,600		612
Ryohin Keikaku Co Ltd		1,036,900		23,082
Sankyo Co Ltd (A)		129,500		3,221
Sanwa Holdings Corp		186,100		2,410

  18   SEI Institutional International Trust / Annual Report / September 30, 2021

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
SBI Holdings Inc/Japan		390,931	$	9,555
Seiko Epson Corp (A)		46,900		942
Seven & i Holdings Co Ltd		431,200		19,541
Shimamura Co Ltd		67,900		6,365
Shimano Inc		2,500		733
Shiseido Co Ltd		44,600		2,995
SoftBank Group Corp		20,300		1,168
Sompo Holdings Inc		183,100		7,924
Sony Group Corp		92,300		10,216
Sony Group Corp ADR		284,298		31,438
Sumitomo Dainippon Pharma Co Ltd (A)		118,900		2,119
Sumitomo Mitsui Financial Group Inc		1,184,200		41,488
Sumitomo Rubber Industries Ltd		221,200		2,797
Sundrug Co Ltd		18,400		556
Sysmex Corp		44,000		5,435
T&D Holdings Inc		387,200		5,324
Takeda Pharmaceutical Co Ltd		810,500		26,784
Teijin Ltd		45,100		639
Terumo Corp		45,100		2,121
TIS Inc		144,900		3,939
Tokio Marine Holdings Inc		29,500		1,577
Tokyo Electron Ltd		44,353		19,671
Tokyo Seimitsu Co Ltd		10,600		435
Tomy Co Ltd		122,200		1,245
Toshiba Corp		216,700		9,116
Toyota Industries Corp		277,978		22,708
Toyota Tsusho Corp		12,100		510
Universal Entertainment *		396,253		8,921
Yamada Holdings Co Ltd		944,200		3,967
Yamaha Motor Co Ltd		133,300		3,709
Z Holdings Corp		2,012,019		12,822
ZOZO Inc		44,700		1,668
				779,812
Jordan — 0.0%
Hikma Pharmaceuticals PLC		58,461		1,926
Luxembourg — 0.0%
APERAM SA		6,874		379
Malta — 0.0%
BGP Holdings *(B)		198,683		–
Mexico — 0.9%
Arca Continental SAB de CV		2,744,250		16,788
Fomento Economico Mexicano SAB de CV ADR		243,604		21,125
Grupo Financiero Banorte SAB de CV, Cl O		665,083		4,283
				42,196
Netherlands — 6.0%
Aalberts NV		34,907		2,013
Adyen NV *		6,175		17,245
Akzo Nobel NV		388,645		42,458
ArcelorMittal SA		302,237		9,169
ASM International NV		3,375		1,320
ASML Holding NV		70,069		52,346

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
ASML Holding NV, Cl G		16,391	$	12,213
ASR Nederland NV		183,203		8,362
BE Semiconductor Industries NV		19,785		1,568
ING Groep NV		599,157		8,705
James Hardie Industries PLC *		128,283		4,606
Koninklijke Ahold Delhaize NV		962,986		32,043
Koninklijke DSM NV		51,437		10,289
PostNL NV		1,207,552		5,793
Prosus NV *		93,488		7,449
Randstad NV (A)		209,833		14,061
RELX PLC		123,754		3,575
Royal Dutch Shell PLC, Cl A		411,839		9,228
Universal Music Group NV (A)		238,120		6,379
Wolters Kluwer NV		280,809		29,779
				278,601
New Zealand — 0.0%
Fletcher Building Ltd		252,706		1,240
Mainfreight Ltd		6,678		446
				1,686
Norway — 0.2%
Equinor ASA		181,760		4,623
Norsk Hydro ASA		463,387		3,483
				8,106
Peru — 0.1%
Credicorp Ltd		53,982		5,989
Russia — 0.0%
Novolipetsk Steel PJSC GDR		10,654		317
Saudi Arabia — 0.8%
Arabian Cement Co/Saudi Arabia		103,554		1,139
National Industrialization Co *		370,508		2,316
Rabigh Refining & Petrochemical Co *		86,388		644
Saudi Basic Industries Corp		640,397		21,709
Saudi Industrial Investment Group		575,730		6,271
Saudi Kayan Petrochemical Co *		891,200		4,864
Zamil Industrial Investment Co *		31,862		335
				37,278
Singapore — 0.2%
DBS Group Holdings Ltd		372,800		8,251
Golden Agri-Resources		2,198,400		379
Oversea-Chinese Banking Corp Ltd		301,900		2,535
				11,165
South Africa — 0.0%
DataTec Ltd		100,188		256
Investec PLC		505,716		2,162
				2,418
South Korea — 2.3%
BNK Financial Group Inc		691,155		5,124
Hana Financial Group Inc		90,133		3,498
Kangwon Land Inc *		761,631		18,286
Kolon Industries Inc		15,690		1,308
KT Corp ADR		100,388		1,367
LG Electronics Inc		112,632		11,928

  SEI Institutional International Trust / Annual Report / September 30, 2021   19

SCHEDULE OF INVESTMENTS

September 30, 2021

International Equity Fund (Continued)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
POSCO		3,860	$	1,069
Samsung Electronics Co Ltd		408,127		25,233
SK Hynix Inc		182,338		15,571
SK Telecom Co Ltd		84,160		22,905
				106,289
Spain — 2.6%
Aena SME SA *		91,663		15,801
Amadeus IT Group SA, Cl A *		755,942		49,599
Banco Bilbao Vizcaya Argentaria SA		1,582,762		10,416
Banco Santander SA		4,318,851		15,601
CaixaBank SA		5,063,673		15,709
Cellnex Telecom SA *		6,570		405
Cia de Distribucion Integral Logista Holdings SA		57,814		1,221
Laboratorios Farmaceuticos Rovi SA		10,054		659
Repsol SA		142,426		1,859
Siemens Gamesa Renewable Energy SA *		305,351		7,754
				119,024
Sweden — 3.2%
Alfa Laval AB		14,712		550
Atlas Copco AB, Cl A		131,951		7,986
Atlas Copco AB, Cl B		801		41
Betsson AB, Cl B		131,332		1,090
Byggmax Group AB		122,242		1,047
Electrolux AB, Cl B (A)		154,415		3,567
Essity AB, Cl B		685,294		21,279
Evolution AB		93,684		14,258
Getinge AB, Cl B		217,298		8,657
H & M Hennes & Mauritz AB, Cl B		485,580		9,828
Hexagon AB, Cl B		229,850		3,556
Husqvarna AB, Cl B		814,153		9,742
Kinnevik AB, Cl B *(A)		237,795		8,380
Lundin Energy AB		38,418		1,432
Securitas AB, Cl B		1,411,130		22,316
Svenska Cellulosa AB SCA, Cl B		190,278		2,957
Swedbank AB, Cl A		437,089		8,821
Swedish Match AB		2,309,607		20,240
Telefonaktiebolaget LM Ericsson, Cl B		102,138		1,152
				146,899
Switzerland — 8.5%
ABB Ltd		263,988		8,830
Adecco Group AG		139,851		7,019
Alcon Inc		122,035		9,893
Cie Financiere Richemont SA, Cl A		127,045		13,174
Coca-Cola HBC AG		497,982		16,090
Credit Suisse Group AG		1,036,239		10,291
dormakaba Holding AG		2,973		2,161
Geberit AG		17,579		12,921
Georg Fischer AG		450		667
Kuehne + Nagel International AG		56,478		19,315
Logitech International SA		109,196		9,690
Lonza Group AG		24,959		18,719

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Nestle SA		308,270	$	37,140
Novartis AG		323,381		26,458
Roche Holding AG		232,200		84,811
SFS Group AG		2,834		386
Sika AG		29,824		9,463
Sonova Holding AG		52,883		20,022
STMicroelectronics NV		250,597		10,952
Straumann Holding AG		7,102		12,761
Swatch Group AG/The		136,582		35,761
Swiss Prime Site AG		12,169		1,191
Tecan Group AG		11,170		6,358
Vifor Pharma AG		34,188		4,427
Zurich Insurance Group AG		41,452		16,963
				395,463
Taiwan — 1.2%
Asustek Computer Inc		880,000		10,247
Compal Electronics Inc		3,110,000		2,622
Evergreen Marine Corp Taiwan Ltd		252,000		1,123
Global Mixed Mode Technology Inc		91,000		753
Hon Hai Precision Industry Co Ltd		2,300,000		8,587
Lite-On Technology Corp		1,577,000		3,509
MediaTek Inc		267,987		8,696
Novatek Microelectronics Corp		317,000		4,633
Sea Ltd ADR *		1,454		463
Sitronix Technology Corp		173,000		1,497
Taiwan Semiconductor Manufacturing Co Ltd ADR		108,541		12,119
				54,249
United Kingdom — 12.5%
3i Group PLC		981,413		16,873
Anglo American PLC		651,700		22,966
Aon PLC, Cl A		22,895		6,543
Aptiv PLC *		67,044		9,988
Ashtead Group PLC		131,365		9,982
AstraZeneca PLC		179,555		21,652
Atlassian Corp PLC, Cl A *		71,978		28,174
B&M European Value Retail SA		1,255,693		9,984
Balfour Beatty PLC		991,355		3,598
Barclays PLC		18,782,585		47,646
BHP Group PLC		39,371		996
BP PLC		12,310,263		56,243
BP PLC ADR		748,386		20,453
British American Tobacco PLC		457,480		16,001
Compass Group PLC *		992,938		20,276
Computacenter PLC		62,379		2,282
Diageo PLC		721,090		34,921
Evraz PLC		1,669,026		13,297
Ferguson PLC		60,781		8,451
Ferrexpo PLC		524,939		2,311
Glencore PLC		3,022,391		14,285
Hays PLC		1,728,162		3,753
Howden Joinery Group PLC		99,204		1,197

  20   SEI Institutional International Trust / Annual Report / September 30, 2021

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
IG Group Holdings PLC		186,542	$	2,022
Indivior PLC *		204,652		594
Investec PLC		732,515		3,131
Kingfisher PLC		2,365,536		10,692
Land Securities Group PLC ‡		511,152		4,780
London Stock Exchange Group PLC		26,628		2,664
M&G PLC		555,976		1,523
Man Group PLC/Jersey		746,872		2,052
Next PLC *		68,244		7,519
Ninety One PLC (A)		375,849		1,301
Pagegroup PLC		97,734		813
Plus500 Ltd		133,218		2,497
Prudential PLC		2,385,408		46,427
QinetiQ Group PLC		196,336		857
Reckitt Benckiser Group PLC		54,094		4,254
RELX PLC		230,860		6,659
Rio Tinto PLC		387		25
Rio Tinto PLC ADR (A)		21,453		1,434
Rolls-Royce Holdings PLC *		22,570,573		42,363
Royal Mail PLC		885,075		5,013
Schroders PLC		46,684		2,251
Smith & Nephew PLC		1,070,990		18,420
THG PLC *		629,490		4,319
Travis Perkins PLC		33,960		702
Unilever PLC		389,376		21,048
Vodafone Group PLC		356,692		543
WH Smith PLC *		471,900		10,890
Wise PLC *		68,178		1,002
				577,667
United States — 1.9%
EPAM Systems Inc *		14,226		8,116
IHS Markit Ltd		87,290		10,180
Inmode Ltd *		12,047		1,921
Jackson Financial Inc, Cl A *		34,237		890
Lululemon Athletica Inc *		23,952		9,693
Mettler-Toledo International Inc *		6,059		8,345
Nomad Foods Ltd *		429,994		11,851
ResMed Inc		45,572		12,011
Shopify Inc, Cl A *		7,623		10,335
STERIS PLC		33,581		6,860
Wix.com Ltd *		4,034		790
ZIM Integrated Shipping Services Ltd *		112,619		5,710
				86,702
Total Common Stock (Cost $3,816,599) ($ Thousands)				4,478,254
PREFERRED STOCK — 0.4%
Brazil — 0.0%
Braskem SA*(C)		65,200		710

Description	Shares		Market Value   ($ Thousands)
PREFERRED STOCK (continued)
Germany — 0.4%
Porsche Automobil Holding SE, 2.530%		50,721	$	5,037
Sartorius AG, 0.120%		3,305		2,088
Schaeffler AG, 3.600%		106,067		816
Volkswagen AG, 2.590%		43,784		9,751
				17,692
Total Preferred Stock (Cost $17,972) ($ Thousands)				18,402
EXCHANGE TRADED FUND — 0.2%
United States — 0.2%
iShares Trust iShares ESG Aware MSCI EAFE ETF		130,120		10,199
Total Exchange Traded Fund (Cost $10,138) ($ Thousands)				10,199
	Face Amount       (Thousands)
CONVERTIBLE BONDS — 0.1%
Credit Suisse Group Guernsey VII CV to 115.607
3.000%, 11/12/2021	CHF	381		437
Credit Suisse Group Guernsey VII CV to 23,121.387
3.000%, 11/12/2021 (D)		2,200		2,501
Total Convertible Bonds (Cost $2,819) ($ Thousands)				2,938
	Shares
AFFILIATED PARTNERSHIP — 3.5%
SEI Liquidity Fund, L.P.
0.010% **†(E)		161,604,517		161,647
Total Affiliated Partnership (Cost $161,634) ($ Thousands)				161,647
CASH EQUIVALENT — 1.0%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**†		48,038,824		48,039
Total Cash Equivalent (Cost $48,039) ($ Thousands)				48,039
Total Investments in Securities — 101.7% (Cost $4,057,201) ($ Thousands)			$	4,719,479

  SEI Institutional International Trust / Annual Report / September 30, 2021   21

SCHEDULE OF INVESTMENTS

September 30, 2021

International Equity Fund (Concluded)

A list of the open futures contracts held by the Fund at September 30, 2021, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation/ (Depreciation) (Thousands)
Long Contracts
Euro STOXX 50		443		Dec-2021	$	21,744	$	20,783	$	(571)
FTSE 100 Index		99		Dec-2021		9,634		9,442		46
Hang Seng Index		10		Oct-2021		1,553		1,575		23
SPI 200 Index		42		Dec-2021		5,665		5,532		(60)
TOPIX Index		81		Dec-2021		15,076		14,741		(173)
					$	53,672	$	52,073	$	(735)

Percentages are based on Net Assets of $4,638,425 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of September 30, 2021.

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

^‡  Real Estate Investment Trust.

(A) Certain securities or partial positions of certain securities are on loan at September 30, 2021 (see Note 9). The total market value of securities on loan at September 30, 2021 was $153,788 ($ Thousands).

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

(C) There is currently no rate available.

(D) 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 September 30, 2021, the value of these securities amounted to $2,501 ($ Thousands), representing 0.1% of the Net Assets of the Fund.

(E) This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2021 was $161,647 ($ Thousands).

ADR — American Depositary Receipt

Cl — Class

CV — Conversion Ratio

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

FTSE — Financial Times Stock Exchange

GDR — Global Depositary Receipt

L.P. — Limited Partnership

Ltd. — Limited

MSCI — Morgan Stanley Capital International

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

REIT — Real Estate investment Trust

SPI — Share Price Index

TOPIX- Tokyo Price Index

The following is a list of the level of inputs used as of September 30, 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		532,684		3,945,570		–^		4,478,254
Preferred Stock		710		17,692		–		18,402
Exchange Traded Fund		10,199		–		–		10,199
Convertible Bonds		–		2,938		–		2,938
Affiliated Partnership		–		161,647		–		161,647
Cash Equivalent		48,039		–		–		48,039
Total Investments in Securities		591,632		4,127,847		–		4,719,479
Other Financial Instruments	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		69		–		–		69
Unrealized Depreciation		(804)		–		–		(804)
Total Other Financial Instruments		(735)		–		–		(735)

^One security with a market value of $0.

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

For the year ended September 30, 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 year ended September 30, 2021 ($ Thousands):

Security Description	Value 9/30/2020	Purchases at Cost	Proceeds from Sales	Realized Loss	Change in Unrealized Appreciation	Value 9/30/2021	Shares	Income	Capital Gains
SEI Liquidity Fund, L.P.	$ 94,836	$ 768,970	$ (702,153)	$ (10)	$ 4	$ 161,647	161,604,517	$ 743	$ —
SEI Daily Income Trust, Government Fund, Cl F	71,397	250,857	(274,215)	—	—	48,039	48,038,824	5	—
Totals	$ 166,233	$ 1,019,827	$ (976,368)	$ (10)	$ 4	$ 209,686		$ 748	$ —

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

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

  22   SEI Institutional International Trust / Annual Report / September 30, 2021

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Market Equity Fund

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK — 93.1%
Argentina — 0.0%
Ternium SA ADR		23,178	$	980
Austria — 0.2%
Erste Group Bank AG		99,708		4,397
Brazil — 3.1%
Ambev SA		429,100		1,207
Ambev SA ADR		620,074		1,712
Arezzo Industria e Comercio SA		110,900		1,682
B3 SA - Brasil Bolsa Balcao		1,417,877		3,326
Banco Bradesco SA ADR		793,268		3,038
Banco do Brasil SA		642,600		3,420
Banco Santander Brasil SA		294,100		1,915
Banco Santander Brasil SA ADR		108,700		711
CCR SA		288,300		621
Cia Energetica de Minas Gerais ADR		412,639		1,040
Cosan SA		1,063,200		4,443
CPFL Energia SA		487,000		2,411
CSN Mineracao SA		3,837,315		4,458
Diagnosticos da America SA		134,400		1,048
Equatorial Energia SA		229,293		1,067
Gerdau SA ADR		514,659		2,532
Hapvida Participacoes e Investimentos SA		935,800		2,334
JBS SA		307,077		2,084
Multiplan Empreendimentos Imobiliarios SA		227,300		791
Natura & Co Holding SA *		267,244		2,237
Notre Dame Intermedica Participacoes SA		26,300		359
Petrobras Distribuidora SA		881,402		3,782
Petroleo Brasileiro SA		21,549		223
Petroleo Brasileiro SA ADR		318,522		3,294
Porto Seguro SA		107,757		982
Rumo SA *		909,437		2,809
SLC Agricola SA		72,121		606

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
TIM SA/Brazil		610,500	$	1,313
TIM SA/Brazil ADR		42,119		452
Ultrapar Participacoes SA		229,900		623
Vale SA ADR, Cl B		177,295		2,473
WEG SA		205,436		1,489
				60,482
Canada — 1.2%
Autohome Inc ADR		56,319		2,643
Endeavour Mining PLC		57,098		1,285
First Quantum Minerals Ltd		541,144		10,017
Ivanhoe Mines Ltd, Cl A *		505,751		3,234
Pan American Silver Corp		65,646		1,528
Parex Resources Inc		253,841		4,616
				23,323
Chile — 0.5%
Banco Santander Chile ADR		65,723		1,300
CAP SA		41,742		443
Falabella SA		388,107		1,357
Sociedad Quimica y Minera de Chile SA ADR		140,190		7,531
				10,631
China — 19.6%
360 DigiTech Inc ADR *		28,193		573
AECC Aviation Power Co Ltd, Cl A		113,200		931
Agricultural Bank of China Ltd, Cl H		10,931,000		3,763
Alibaba Group Holding Ltd *		1,005,776		18,579
Alibaba Group Holding Ltd ADR *		123,467		18,279
Angang Steel Co Ltd, Cl H		1,340,000		824
Anhui Conch Cement Co Ltd, Cl H		892,500		4,815
ANTA Sports Products Ltd		68,000		1,285
Baidu Inc ADR *		40,579		6,239
Bank of China Ltd, Cl H		13,394,106		4,740
Bank of Communications Co Ltd, Cl H		2,166,000		1,282
Bank of Nanjing Co Ltd, Cl A		602,834		841
BeiGene Ltd ADR *		1,672		607
Beijing Sinnet Technology Co Ltd, Cl A		709,589		1,409
Bilibili Inc ADR *(A)		39,997		2,647
Bosideng International Holdings Ltd		3,405,597		2,425
BYD Co Ltd, Cl H		52,370		1,633
China CITIC Bank Corp Ltd, Cl H		2,543,000		1,148
China Communications Services Corp Ltd, Cl H		1,348,111		745
China Construction Bank Corp, Cl H		14,884,050		10,600
China Jushi Co Ltd, Cl A		1,009,077		2,726
China Lesso Group Holdings Ltd		2,082,000		3,329
China Longyuan Power Group Corp Ltd, Cl H		2,957,238		7,266
China Merchants Bank Co Ltd, Cl H		968,062		7,697
China National Building Material Co Ltd, Cl H		1,084,733		1,465
China Pacific Insurance Group Co Ltd, Cl H		232,400		691
China Petroleum & Chemical Corp ADR		31,609		1,554
China Petroleum & Chemical Corp, Cl H		3,216,000		1,581

  SEI Institutional International Trust / Annual Report / September 30, 2021   23

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
China Resources Sanjiu Medical & Pharmaceutical Co Ltd, Cl A		203,500	$	889
China Shenhua Energy Co Ltd, Cl H		673,500		1,573
Chongqing Zhifei Biological Products Co Ltd, Cl A		94,500		2,314
Contemporary Amperex Technology Co Ltd, Cl A		8,084		654
COSCO SHIPPING Holdings Co Ltd, Cl H *(A)		835,250		1,278
Dongfeng Motor Group Co Ltd, Cl H		3,728,000		3,336
Fangda Carbon New Material Co Ltd, Cl A		950,181		1,482
Fujian Green Pine Co Ltd, Cl A		1,242,700		2,686
Ginlong Technologies Co Ltd, Cl A		71,220		2,641
Haier Smart Home Co Ltd, Cl A		1,116,561		4,497
Haier Smart Home Co Ltd, Cl H		778,156		2,723
Hangzhou Robam Appliances Co Ltd, Cl A		364,266		1,901
Hengli Petrochemical Co Ltd, Cl A		695,000		2,775
Huazhu Group Ltd ADR *		101,014		4,633
Industrial & Commercial Bank of China Ltd, Cl H		17,263,208		9,569
JD.com Inc ADR *		79,490		5,742
Jiangsu Changshu Rural Commercial Bank Co Ltd, Cl A		3,800,274		3,762
Kweichow Moutai Co Ltd, Cl A		8,900		2,515
KWG Group Holdings Ltd		3,545,303		3,477
Longfor Group Holdings Ltd		237,000		1,081
LONGi Green Energy Technology Co Ltd, Cl A		747,500		9,473
Lufax Holding Ltd ADR *		379,619		2,650
Luxshare Precision Industry Co Ltd, Cl A		967,300		5,291
Montage Technology Co Ltd, Cl A		314,348		2,869
NARI Technology Co Ltd, Cl A		562,380		3,105
NetEase Inc ADR		143,238		12,233
NIO Inc ADR *		58,872		2,098
PetroChina Co Ltd, Cl H		3,856,000		1,809
PICC Property & Casualty Co Ltd, Cl H		4,820,000		4,684
Pinduoduo Inc ADR *		16,055		1,456
Ping An Insurance Group Co of China Ltd, Cl A		1,051,700		7,843
Ping An Insurance Group Co of China Ltd, Cl H		1,688,965		11,507
Poly Developments and Holdings Group Co Ltd, Cl A		775,626		1,679
QuakeSafe Technologies Co Ltd, Cl A		64,800		1,093
Raytron Technology Co Ltd, Cl A		180,497		2,451
Sangfor Technologies Inc, Cl A		123,991		4,481
Seazen Holdings Co Ltd, Cl A		115,800		667
Shenzhen Kangtai Biological Products Co Ltd, Cl A		160,300		2,728
Sichuan Kelun Pharmaceutical Co Ltd, Cl A		747,398		2,075
Sinopec Engineering Group Co Ltd, Cl H		844,323		427
Sinotrans Ltd, Cl H		2,322,309		907
Sinotruk Hong Kong Ltd		905,500		1,345
Songcheng Performance Development Co Ltd, Cl A		1,144,800		2,481

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Tencent Holdings Ltd		1,068,390	$	64,353
Tingyi Cayman Islands Holding Corp		450,754		837
Trip.com Group Ltd ADR *		73,451		2,259
Tsingtao Brewery Co Ltd, Cl H		353,000		2,765
Uni-President China Holdings Ltd		884,000		845
Vipshop Holdings Ltd ADR *		227,127		2,530
Want Want China Holdings Ltd		1,170,000		884
Weichai Power Co Ltd, Cl H		2,676,000		5,548
Wingtech Technology Co Ltd, Cl A		464,900		6,666
Wuhu Sanqi Interactive Entertainment
Network Technology Group Co Ltd, Cl A *		1,106,200		3,580
WUS Printed Circuit Kunshan Co Ltd, Cl A		1,404,080		2,421
Wuxi Lead Intelligent Equipment Co Ltd, Cl A		237,980		2,541
Xianhe Co Ltd, Cl A		702,779		3,529
XPeng Inc ADR, Cl A *		40,792		1,450
Xtep International Holdings Ltd (A)		957,500		1,346
Yantai Jereh Oilfield Services Group Co Ltd, Cl A		420,297		3,123
Yifeng Pharmacy Chain Co Ltd, Cl A		452,600		3,633
Yuan Longping High-tech Agriculture Co Ltd, Cl A		1,318,200		4,367
Yum China Holdings Inc		22,528		1,309
Zai Lab Ltd ADR *		4,164		439
Zhejiang Expressway Co Ltd, Cl H		1,800,000		1,484
Zhejiang Juhua Co Ltd, Cl A		1,286,713		2,953
Zhongsheng Group Holdings Ltd		693,000		5,588
ZTE Corp, Cl H		298,000		979
ZTO Express Cayman Inc ADR		21,204		650
				380,633
Colombia — 0.1%
Grupo de Inversiones Suramericana SA		208,753		1,172
Czech Republic — 0.1%
CEZ AS		60,830		1,984
Moneta Money Bank AS *		223,429		901
				2,885
Germany — 0.3%
Delivery Hero SE *		39,303		5,021
Greece — 0.4%
Alpha Services and Holdings SA *		2,794,280		3,545
Eurobank Ergasias Services and Holdings SA *		3,294,549		3,082
Hellenic Telecommunications Organization SA		62,188		1,168
				7,795
Hong Kong — 9.4%
A-Living Smart City Services Co Ltd, Cl H		1,324,750		4,733
ASM Pacific Technology Ltd		232,000		2,550
Beijing Enterprises Holdings Ltd		1,046,500		4,175
Bilibili Inc, Cl Z *		34,540		2,323
Chaoda Modern Agriculture Holdings Ltd *		2,056,181		12
China Conch Venture Holdings Ltd		389,000		1,811

  24   SEI Institutional International Trust / Annual Report / September 30, 2021

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
China Everbright Bank Co Ltd, Cl H		4,691,000	$	1,649
China Feihe Ltd		1,611,000		2,731
China High Precision Automation Group Ltd *(F)		1,385,624		–
China Hongqiao Group Ltd		841,000		1,076
China International Marine Containers Group Co Ltd, Cl H		556,079		1,175
China Medical System Holdings Ltd		2,680,870		4,894
China Meidong Auto Holdings Ltd		725,830		3,653
China Mengniu Dairy Co Ltd		311,000		2,004
China Merchants Port Holdings Co Ltd		1,608,000		2,756
China Resources Gas Group Ltd		116,421		611
China Resources Land Ltd		3,046,000		12,842
China Resources Pharmaceutical Group Ltd		4,233,500		2,087
China Southern Airlines Co Ltd, Cl H		4,012,000		2,262
China Yongda Automobiles Services Holdings Ltd		512,000		745
China Yuhua Education Corp Ltd		3,418,000		1,661
Chinasoft International Ltd		1,322		2
CIFI Holdings Group Co Ltd		2,520,000		1,708
CITIC Ltd		1,172,000		1,237
Country Garden Services Holdings Co Ltd		78,130		615
CSPC Pharmaceutical Group Ltd		1,026,247		1,222
Far East Horizon Ltd		910,884		924
Galaxy Entertainment Group Ltd		244,200		1,250
Geely Automobile Holdings Ltd		2,470,542		7,090
GF Securities Co Ltd, Cl H		241,013		419
Greentown Management Holdings Co Ltd		3,201,113		1,330
Guangzhou Automobile Group Co Ltd, Cl H		4,448,000		3,925
Hong Kong Exchanges & Clearing Ltd		118,600		7,296
Hopson Development Holdings Ltd		662,214		2,361
Huazhu Group Ltd *		133,000		616
Innovent Biologics Inc *		64,656		626
JD.com Inc, Cl A *		315,506		11,540
Kingboard Holdings Ltd		177,271		804
Kingboard Laminates Holdings Ltd		2,399,182		3,950
Kuaishou Technology, Cl B *		108,100		1,162
Kunlun Energy Co Ltd		6,622,020		6,922
Lenovo Group Ltd		4,524,659		4,986
Li Ning Co Ltd		471,988		5,495
Meituan, Cl B *		602,200		19,191
Nine Dragons Paper Holdings Ltd		1,712,000		2,092
People’s Insurance Co Group of China Ltd/ The, Cl H		3,080,407		956
Postal Savings Bank of China Co Ltd, Cl H		4,461,000		3,078
Q Technology Group Co Ltd		817,585		1,177
Shanghai Pharmaceuticals Holding Co Ltd, Cl H		2,254,209		4,370
Shenzhen International Holdings Ltd		15,751		20
Sino Biopharmaceutical Ltd		787,000		655
SITC International Holdings Co Ltd		233,013		835
Smoore International Holdings Ltd		117,000		546

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Sunny Optical Technology Group Co Ltd		115,002	$	3,012
Topsports International Holdings Ltd		705,000		799
Vinda International Holdings Ltd		612,000		1,807
WH Group Ltd		3,632,250		2,579
WuXi AppTec Co Ltd, Cl H		28,100		656
Wuxi Biologics Cayman Inc *		154,955		2,536
Xiaomi Corp, Cl B *		916,005		2,541
Xinyi Solar Holdings Ltd		4,086,458		8,357
Yadea Group Holdings Ltd		2,698,000		4,442
Yuexiu Property Co Ltd		712,025		669
				181,548
Hungary — 1.1%
MOL Hungarian Oil & Gas PLC		100,460		836
OTP Bank Nyrt *		175,056		10,281
Richter Gedeon Nyrt		384,308		10,521
				21,638
India — 12.1%
ACC Ltd		22,041		668
Ambuja Cements Ltd		452,902		2,438
Apollo Hospitals Enterprise Ltd		55,484		3,347
Aptus Value Housing Finance India Ltd *		466,060		1,975
AU Small Finance Bank Ltd *		131,378		2,055
Avenue Supermarts Ltd *		10,954		627
Axis Bank Ltd		79,815		818
Bajaj Auto Ltd		22,769		1,174
Bajaj Finance Ltd		14,024		1,442
Bajaj Finserv Ltd		2,723		651
Bharat Electronics Ltd		542,788		1,480
Bharat Petroleum Corp Ltd		119,040		692
Bharti Airtel Ltd *		317,845		2,940
Cartrade Tech Ltd *		45,709		757
Cipla Ltd/India		115,846		1,534
Container Corp Of India Ltd		285,039		2,702
Divi’s Laboratories Ltd		26,862		1,735
DLF Ltd		198,122		1,108
EPL Ltd		820,573		2,642
GAIL India Ltd		1,693,417		3,620
GMM Pfaudler Ltd		24,158		1,437
Godrej Properties Ltd *		105,523		3,286
HCL Technologies Ltd		714,925		12,293
HDFC Bank Ltd		294,409		6,310
HDFC Life Insurance Co Ltd		72,493		704
Hero MotoCorp Ltd		89,931		3,428
Hindalco Industries Ltd		226,263		1,485
Hindustan Unilever Ltd		108,361		3,939
Housing Development Finance Corp Ltd		504,165		18,606
ICICI Bank Ltd		993,182		9,310
ICICI Bank Ltd ADR		537,561		10,144
ICICI Lombard General Insurance Co Ltd		126,290		2,698
Indian Hotels Co Ltd/The		119,229		290
Indian Oil Corp Ltd		930,878		1,565
IndusInd Bank Ltd		310,653		4,625

  SEI Institutional International Trust / Annual Report / September 30, 2021   25

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Infosys Ltd		231,498	$	5,202
Infosys Ltd ADR		516,915		11,501
InterGlobe Aviation Ltd		151,528		4,123
IRB Infrastructure Developers Ltd *		1,207,411		3,307
ITC Ltd		198,131		628
JM Financial Ltd		367,047		457
Jubilant Foodworks Ltd		21,720		1,182
Kotak Mahindra Bank Ltd		27,976		753
Larsen & Toubro Ltd		84,662		1,933
LIC Housing Finance Ltd		194,234		1,115
Manappuram Finance Ltd		396,940		902
Marico Ltd		92,161		681
NTPC Ltd		896,628		1,710
Oil & Natural Gas Corp Ltd		602,509		1,166
Page Industries Ltd		2,259		963
Persistent Systems Ltd		17,807		892
Petronet LNG Ltd		2,166,737		6,960
Piramal Enterprises Ltd		30,522		1,064
Power Grid Corp of India Ltd		458,180		1,173
REC Ltd		461,906		978
Reliance Industries Ltd		825,460		26,060
SBI Cards & Payment Services Ltd *		329,831		4,562
SBI Life Insurance Co Ltd		89,865		1,469
Sona Blw Precision Forgings Ltd *		298,373		2,241
Spandana Sphoorty Financial Ltd *		83,720		644
State Bank of India		1,058,946		6,416
Sun Pharmaceutical Industries Ltd		91,442		1,007
Tata Consultancy Services Ltd		258,972		13,141
Tata Consumer Products Ltd		75,375		826
Tata Power Co Ltd/The		586,907		1,253
Tata Steel Ltd		34,389		596
Tech Mahindra Ltd		48,422		897
Titan Co Ltd		50,075		1,455
Torrent Power Ltd		496,141		3,376
UltraTech Cement Ltd		42,122		4,190
United Breweries Ltd		110,264		2,336
UPL Ltd		68,235		648
Vedanta Ltd		225,314		869
Wipro Ltd		127,637		1,087
WNS Holdings Ltd ADR *		17,029		1,393
				235,681
Indonesia — 1.3%
Adaro Energy Tbk PT		12,383,200		1,517
Astra International Tbk PT		7,688,600		2,943
Bank Central Asia Tbk PT		1,094,308		2,670
Bank Mandiri Persero Tbk PT		3,080,500		1,319
Bank Rakyat Indonesia Persero Tbk PT		28,380,693		7,592
Bukalapak.com PT Tbk *		29,961,700		1,793
Indofood Sukses Makmur Tbk PT		4,282,700		1,899
Sarana Menara Nusantara Tbk PT		11,303,055		1,042

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Telkom Indonesia Persero Tbk PT		14,423,700	$	3,702
				24,477
Jordan — 0.0%
Hikma Pharmaceuticals PLC		21,959		723
Malaysia — 0.3%
CIMB Group Holdings Bhd		1,107,174		1,260
Frontken Corp Bhd		1,198,490		1,024
Hong Leong Bank Bhd		186,787		843
IHH Healthcare Bhd		631,800		1,007
Sime Darby Bhd		790,070		428
Telekom Malaysia Bhd		451,805		615
				5,177
Mexico — 1.9%
Alfa SAB de CV, Cl A		3,458,751		2,412
America Movil SAB de CV ADR, Cl L		94,646		1,672
Cemex SAB de CV ADR *		1,068,331		7,660
Coca-Cola Femsa SAB de CV		293,063		1,662
Fomento Economico Mexicano SAB de CV		405,654		3,536
Grupo Bimbo SAB de CV, Ser A		277,646		784
Grupo Financiero Banorte SAB de CV, Cl O		1,566,722		10,088
Grupo Mexico SAB de CV, Ser B		728,559		2,911
Kimberly-Clark de Mexico SAB de CV, Cl A		269,526		445
Megacable Holdings SAB de CV		84,738		259
Promotora y Operadora de Infraestructura SAB de CV		130,600		907
Qualitas Controladora SAB de CV		55,343		256
Wal-Mart de Mexico SAB de CV		1,021,993		3,480
				36,072
Netherlands — 0.2%
InPost SA *		123,913		2,054
Prosus NV		22,475		1,791
				3,845
Norway — 0.1%
Yara International ASA		38,393		1,907
Peru — 0.1%
Credicorp Ltd		14,124		1,567
Philippines — 0.1%
BDO Unibank Inc		283,782		613
International Container Terminal Services Inc		115,339		440
Monde Nissin Corp *		4,924,200		1,810
				2,863
Poland — 1.1%
Allegro.eu SA *		224,011		3,263
Cyfrowy Polsat SA		106,626		957
Dino Polska SA *		96,253		8,033
PGE Polska Grupa Energetyczna SA *		38,327		86
Polski Koncern Naftowy ORLEN SA		167,600		3,449
Polskie Gornictwo Naftowe i Gazownictwo SA		557,169		905
Powszechna Kasa Oszczednosci Bank Polski SA *		108,752		1,152

  26   SEI Institutional International Trust / Annual Report / September 30, 2021

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Powszechny Zaklad Ubezpieczen SA		338,054	$	3,098
				20,943
Qatar — 0.1%
Industries Qatar QSC		181,359		769
Ooredoo QPSC		343,423		692
Qatar National Bank QPSC		128,814		677
				2,138
Russia — 4.7%
Alrosa PJSC		530,920		970
Detsky Mir PJSC		1,287,672		2,307
Gazprom PJSC		720,642		3,580
Gazprom PJSC ADR (A)		622,630		6,189
LUKOIL PJSC ADR		256,787		24,326
Magnit GDR *		131,843		2,204
Magnit PJSC GDR		13,117		222
Mobile TeleSystems PJSC ADR		592,157		5,708
Polyus PJSC		9,893		1,626
Rosneft Oil Co PJSC		532,065		4,503
Sberbank of Russia PJSC		841,978		3,942
Sberbank of Russia PJSC ADR		1,067,796		20,021
Surgutneftegas PJSC ADR		467,787		2,320
X5 Retail Group NV GDR		59,483		1,930
Yandex NV, Cl A *		140,362		11,186
				91,034
Saudi Arabia — 1.4%
Al Hammadi Co for Development and Investment		78,349		803
Al Rajhi Bank		121,794		3,981
Alinma Bank		190,843		1,219
Banque Saudi Fransi		61,163		680
Dr Sulaiman Al Habib Medical Services Group Co		11,821		548
Riyad Bank		495,103		3,550
SABIC Agri-Nutrients Co		33,183		1,530
Sahara International Petrochemical Co		137,842		1,612
Saudi Arabian Mining Co *		63,520		1,418
Saudi Basic Industries Corp		26,927		913
Saudi British Bank/The		76,206		673
Saudi Electricity Co		93,738		672
Saudi Industrial Investment Group		118,275		1,288
Saudi National Bank/The		387,908		6,347
Saudi Telecom Co		30,741		1,038
United Electronics Co		22,631		862
				27,134
Singapore — 0.0%
Yangzijiang Shipbuilding Holdings Ltd		741,483		751
South Africa — 3.6%
Absa Group Ltd		204,064		2,064
African Rainbow Minerals Ltd (A)		42,322		533
Aspen Pharmacare Holdings Ltd		109,719		1,972
Bid Corp Ltd		179,498		3,875
Capitec Bank Holdings Ltd		31,890		3,858

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Cie Financiere Richemont SA (A)		139,419	$	1,437
Exxaro Resources Ltd (A)		71,260		765
FirstRand Ltd		1,024,512		4,389
Gold Fields Ltd		73,411		600
Gold Fields Ltd ADR		556,101		4,515
Kumba Iron Ore Ltd		77,874		2,554
Mr Price Group Ltd		320,348		4,293
MTN Group Ltd		225,329		2,113
Naspers Ltd, Cl N		79,252		13,209
Nedbank Group Ltd (A)		342,000		3,970
Old Mutual Ltd		2,730,859		2,996
Remgro Ltd		120,792		1,091
Sasol Ltd		100,810		1,907
Shoprite Holdings Ltd		361,436		4,294
Sibanye Stillwater Ltd		1,406,698		4,335
SPAR Group Ltd/The		51,118		666
Standard Bank Group Ltd		76,086		723
Vodacom Group Ltd		152,991		1,465
Woolworths Holdings Ltd/South Africa		327,499		1,282
				68,906
South Korea — 11.8%
BGF retail Co Ltd		2,824		404
Celltrion Inc *		2,772		604
Cheil Worldwide Inc		101,103		1,934
CJ CheilJedang Corp		16,531		5,694
CJ ENM Co Ltd		37,966		4,818
Coway Co Ltd		72,615		4,537
DB HiTek Co Ltd		25,545		1,160
DB Insurance Co Ltd		27,627		1,477
Doosan Fuel Cell Co Ltd *(A)		37,445		1,618
E-MART Inc		6,871		947
Fila Holdings Corp		18,884		674
GS Engineering & Construction Corp		23,818		851
GS Holdings Corp		46,789		1,754
Hana Financial Group Inc		356,593		13,837
Hankook Tire & Technology Co Ltd		70,683		2,556
Hyundai Mobis Co Ltd		28,675		6,068
Hyundai Motor Co		3,637		607
Kakao Corp		27,885		2,753
KakaoBank Corp *(A)		27,346		1,543
KB Financial Group Inc		66,131		3,084
KH Vatec Co Ltd *(A)		74,954		1,478
Kia Corp		116,741		7,886
Korea Gas Corp		24,162		988
Korea Petrochemical Ind Co Ltd		12,072		2,168
Krafton Inc *(A)		1,398		596
Kumho Petrochemical Co Ltd		6,048		956
LG Chem Ltd		7,029		4,557
LG Electronics Inc		50,585		5,357
LG Innotek Co Ltd		6,777		1,178
LG Uplus Corp		80,472		1,013
Lotte Chemical Corp		4,177		843

  SEI Institutional International Trust / Annual Report / September 30, 2021   27

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
LOTTE Fine Chemical Co Ltd		8,643	$	662
Mando Corp		37,880		1,801
NAVER Corp		19,216		6,255
NCSoft Corp		15,493		7,871
NICE Information Service Co Ltd		38,248		655
Orion Corp/Republic of Korea		28,645		2,838
Pan Ocean Co Ltd		347,279		2,188
PI Advanced Materials Co Ltd		41,834		1,943
POSCO		16,799		4,654
POSCO ADR		23,007		1,587
Samsung Biologics Co Ltd *		6,161		4,528
Samsung Electro-Mechanics Co Ltd		29,006		4,297
Samsung Electronics Co Ltd		1,109,546		68,598
Samsung Engineering Co Ltd *		32,392		691
Samsung Fire & Marine Insurance Co Ltd		3,331		659
Samsung SDI Co Ltd		4,897		2,944
Shinhan Financial Group Co Ltd		30,500		1,032
Shinsegae Inc		3,442		761
SK Hynix Inc		145,339		12,411
SK Innovation Co Ltd		2,894		639
SK Telecom Co Ltd		40,955		11,146
SK Telecom Co Ltd ADR		21,617		651
S-Oil Corp		17,443		1,603
Solus Advanced Materials Co Ltd		31,776		1,899
Soulbrain Co Ltd/New (A)		8,815		2,015
				228,268
Switzerland — 0.1%
Wizz Air Holdings Plc *		33,015		2,224
Taiwan — 13.1%
Accton Technology Corp		151,200		1,425
ASE Technology Holding Co Ltd		207,992		803
Asia Vital Components Co Ltd		305,000		858
ASPEED Technology Inc		11,000		909
Cathay Financial Holding Co Ltd		446,503		927
Chailease Holding Co Ltd		779,445		6,842
China Steel Corp		373,000		484
ChipMOS Technologies Inc		460,737		781
Chunghwa Telecom Co Ltd		844,000		3,350
CTBC Financial Holding Co Ltd		9,694,000		7,946
Delta Electronics Inc		665,000		5,975
E.Sun Financial Holding Co Ltd		1,313,807		1,236
Elite Material Co Ltd		44,000		342
eMemory Technology Inc		13,000		915
Formosa Chemicals & Fibre Corp		635,000		1,902
Formosa Plastics Corp		216,000		876
Formosa Sumco Technology Corp		209,000		1,201
Fubon Financial Holding Co Ltd		4,008,531		10,956
Gigabyte Technology Co Ltd		264,000		820
Global Unichip Corp		49,000		871
Hon Hai Precision Industry Co Ltd		854,000		3,189
Keystone Microtech Corp		155,000		1,709
LandMark Optoelectronics Corp		191,000		1,535

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Largan Precision Co Ltd		35,000	$	2,729
Lite-On Technology Corp		684,000		1,522
MediaTek Inc		427,628		13,877
Merida Industry Co Ltd		174,000		1,816
Micro-Star International Co Ltd		1,093,000		5,031
Nan Ya Plastics Corp		640,000		2,092
Nan Ya Printed Circuit Board Corp		65,000		1,002
Nien Made Enterprise Co Ltd		133,079		1,885
Parade Technologies Ltd		22,600		1,333
Pou Chen		1,024,000		1,235
Powertech Technology Inc		378,250		1,410
Realtek Semiconductor Corp		34,003		603
RichWave Technology Corp		325,400		2,736
Silergy Corp		15,790		2,304
SinoPac Financial Holdings Co Ltd		1,517,729		754
Taishin Financial Holding Co Ltd		2,131,624		1,380
Taiwan Cement Corp		2,512,000		4,582
Taiwan Paiho Ltd		815,000		2,363
Taiwan Semiconductor Manufacturing Co Ltd		5,382,278		111,087
Taiwan Semiconductor Manufacturing Co Ltd ADR		111,806		12,483
Tong Hsing Electronic Industries Ltd		387,313		3,101
Unimicron Technology Corp		644,000		3,038
Uni-President Enterprises Corp		2,523,000		6,158
United Microelectronics Corp		2,247,272		5,108
Vanguard International Semiconductor Corp		225,000		1,219
Wiwynn Corp *		164,000		5,098
Yageo Corp		71,000		1,112
Yuanta Financial Holding Co Ltd		742,084		655
				253,565
Thailand — 1.7%
Advanced Info Service PCL (F)		520,300		3,003
Bangkok Dusit Medical Services PCL NVDR		2,049,516		1,374
Central Pattana PCL		1,642,300		2,555
Global Power Synergy PCL NVDR		375,930		834
Home Product Center PCL (F)		15,743,354		6,287
Indorama Ventures PCL NVDR		951,700		1,239
Kasikornbank PCL		347,800		1,354
Land & Houses PCL NVDR		3,313,616		775
Ngern Tid Lor PCL *		2,253,400		2,214
PTT PCL NVDR		5,513,400		6,306
Siam Cement PCL/The (F)		180,700		2,138
Siam Cement PCL/The NVDR		54,000		639
Thai Beverage PCL		3,710,150		1,783
Thai Union Group PCL, Cl F (F)		2,725,000		1,744
				32,245
Turkey — 0.8%
Akbank TAS		3,272,524		1,963
Haci Omer Sabanci Holding AS		629,042		693
KOC Holding AS		300,637		764

  28   SEI Institutional International Trust / Annual Report / September 30, 2021

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Turk Hava Yollari AO *		573,876	$	899
Turkcell Iletisim Hizmetleri AS (A)		752,830		1,296
Turkiye Garanti Bankasi AS		7,248,429		7,527
Turkiye Sise ve Cam Fabrikalari AS		2,404,367		2,216
				15,358
United Arab Emirates — 0.6%
Abu Dhabi Commercial Bank PJSC		644,794		1,314
Aldar Properties PJSC		1,132,702		1,255
Emaar Properties PJSC		5,378,620		5,952
Emirates NBD Bank PJSC		314,840		1,211
Emirates Telecommunications Group Co PJSC		98,516		644
First Abu Dhabi Bank PJSC		312,486		1,510
				11,886
United Kingdom — 1.4%
Anglo American PLC		114,797		4,053
Antofagasta PLC		67,381		1,226
Endeavour Mining PLC		10,400		240
Fix Price Group Ltd GDR		534,482		4,822
Hochschild Mining PLC		248,671		445
Kaspi.KZ JSC GDR		50,986		5,790
NAC Kazatomprom JSC GDR		42,749		1,539
Network International Holdings PLC *		477,501		2,330
Novatek PJSC GDR		2,864		754
Polymetal International PLC		158,514		2,690
Polyus PJSC GDR		9,560		785
Tullow Oil PLC *(A)		3,098,101		2,127
				26,801
United States — 0.3%
Livent Corp *		50,380		1,164
Pagseguro Digital Ltd, Cl A *		69,904		3,615
Southern Copper Corp		10,510		590
Vasta Platform Ltd, Cl A *		88,700		405
				5,774
Vietnam — 0.3%
Hoa Phat Group JSC		1,561,821		3,654
Vincom Retail JSC *		2,421,545		3,081
				6,735
Total Common Stock (Cost $1,436,794) ($ Thousands)				1,806,579
PREFERRED STOCK — 1.9%
Brazil — 0.8%
Banco Bradesco SA (B)		1,451,270		5,540
Bradespar SA (B)		137,369		1,311
Centrais Eletricas Brasileiras SA (B)		130,796		931
Cia Energetica de Minas Gerais (B)		864,400		2,221
Cia Paranaense de Energia (B)		516,770		693
Itau Unibanco Holding SA, 4.160%		275,396		1,463
Itausa SA, 3.240%		663,351		1,362

Description	Shares		Market Value     ($ Thousands)
PREFERRED STOCK (continued)
Petroleo Brasileiro SA (B)		219,700	$	1,097
Usinas Siderurgicas de Minas Gerais SA Usiminas(B)		328,686		973
				15,591
Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Cl B(B)		62,415		3,363
South Korea — 0.9%
Hyundai Motor Co (B)		50,326		4,032
LG Chem Ltd (B)		8,499		2,664
LG Electronics *(B)		21,377		1,170
Samsung Electronics Co Ltd(B)		170,678		9,964
				17,830
Total Preferred Stock (Cost $34,872) ($ Thousands)				36,784
	Number of Rights
RIGHTS — 0.0%
India — 0.0%
Bharti Airtel Ltd, Expires 10/28/2021 *		24,682		51
South Korea — 0.0%
Hyundai Engineering & Construction Co Ltd *‡‡		256		17
Taiwan — 0.0%
Fubon Financial, Expires 10/25/2021 *		209,816		84
Total Rights (Cost $—) ($ Thousands)				152
	Face Amount
	(Thousands)
DEBENTURE BOND — 0.0%
Brazil — 0.0%
Vale, Ser 1997
0.000% (C)(D)	BRL	8		–
Total Debenture Bond (Cost $—) ($ Thousands)				–
	Number of
	Warrants
WARRANT — 0.0%
Thailand — 0.0%
RS PCL, Expires 12/31/2024 *		186,420		–
Total Warrant (Cost $—) ($ Thousands)				–

  SEI Institutional International Trust / Annual Report / September 30, 2021   29

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Market Equity Fund (Concluded)

Description	Shares		Market Value     ($ Thousands)
AFFILIATED PARTNERSHIP — 1.0%
SEI Liquidity Fund, L.P.
0.010% **†(E)		17,851,952	$	17,858
Total Affiliated Partnership (Cost $17,855) ($ Thousands)				17,858
CASH EQUIVALENT — 3.1%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**†		60,831,741		60,832
Total Cash Equivalent (Cost $60,832) ($ Thousands)				60,832
Total Investments in Securities — 99.1% (Cost $1,550,353) ($ Thousands)			$	1,922,205

A list of the open futures contracts held by the Fund at September 30, 2021, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation/ (Depreciation) (Thousands)
Long Contracts
MSCI Emerging Markets		1,188		Dec-2021	$	76,188	$	73,988	$	(2,200)

Percentages are based on Net Assets of $1,940,282 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of September 30, 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 September 30, 2021 (see Note 9). The total market value of securities on loan at September 30, 2021 was $16,962 ($ Thousands).

(B) There is currently no rate available.

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

(D) Perpetual security with no stated maturity date.

(E) This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2021 was $17,858 ($ Thousands).

(F) Securities considered illiquid. The total value of such securities as of September 30, 2021 was $13,172 ($ Thousands) and represented 0.7% of the Net Assets of the Fund.

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 September 30, 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		361,126		1,445,453		–		1,806,579
Preferred Stock		18,954		17,830		–		36,784
Rights		152		–		–		152
Debenture Bond		–		–		–		–
Warrant		–		–		–		–
Affiliated Partnership		–		17,858		–		17,858
Cash Equivalent		60,832		–		–		60,832
Total Investments in Securities		441,064		1,481,141		–		1,922,205
Other Financial Instruments	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(2,200)		–		–		(2,200)
Total Other Financial Instruments		(2,200)		–		–		(2,200)

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

For the year ended September 30, 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.

  30   SEI Institutional International Trust / Annual Report / September 30, 2021

The following is a summary of the transactions with affiliates for the year ended September 30, 2021 ($ Thousands):

Security Description	Value 9/30/2020	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Depreciation	Value 9/30/2021	Shares	Income	Capital Gains
SEI Liquidity Fund, L.P.	$ 20,023	$ 162,185	$ (164,347)	$ 2	$ (5)	$ 17,858	17,851,952	$ 302	$ —
SEI Daily Income Trust, Government Fund, Cl F	27,199	225,034	(191,401)	—	—	60,832	60,831,741	2	—
Totals	$ 47,222	$ 387,219	$ (355,748)	$ 2	$ (5)	$ 78,690		$ 304	$ —

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 / Annual Report / September 30, 2021   31

SCHEDULE OF INVESTMENTS

September 30, 2021

International Fixed Income Fund

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS — 91.1%
Australia — 2.5%
Australia & New Zealand Banking Group MTN
5.000%, 08/16/2023	AUD		750	$	588
Australia Government Bond
4.750%, 04/21/2027			918		802
4.500%, 04/21/2033			640		607
3.750%, 04/21/2037			1,463		1,316
3.250%, 04/21/2025			843		669
3.000%, 03/21/2047			2,628		2,137
2.750%, 06/21/2035			1,243		1,005
2.750%, 05/21/2041			949		745
2.500%, 05/21/2030			1,154		912
2.250%, 05/21/2028			33		26
1.750%, 06/21/2051			831		520
0.500%, 09/21/2026			682		486
Commonwealth Bank of Australia MTN
3.000%, 05/03/2022	EUR		330		390
0.375%, 04/11/2024			455		537
Glencore Capital Finance DAC MTN
0.750%, 03/01/2029			450		514
Glencore Finance Europe MTN
1.500%, 10/15/2026			120		146
National Australia Bank
5.000%, 03/11/2024	AUD		750		600
2.990%, 05/21/2031 (A)	$		520		526
National Australia Bank MTN
2.250%, 06/06/2025	EUR		206		261
Westpac Banking MTN
1.250%, 01/14/2033			310		395
Westpac Banking Corp MTN
0.500%, 05/17/2024			505		598
					13,780

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Austria — 1.4%
JAB Holdings BV
1.000%, 12/20/2027	EUR		400	$	474
Raiffeisen Bank International
2.875%, 06/18/2032			400		506
Republic of Austria Government Bond (A)
4.150%, 03/15/2037			403		741
2.400%, 05/23/2034			110		163
2.100%, 09/20/2117			50		92
0.850%, 06/30/2120			214		219
0.750%, 10/20/2026			1,784		2,195
0.750%, 03/20/2051			454		540
0.023%, 02/20/2031 (B)			730		843
0.000%, 04/20/2025 (B)			647		765
Republic of Austria Government Bond, Ser 97-6
6.250%, 07/15/2027			649		1,046
					7,584
Belgium — 1.7%
Ageas
1.875%, VAR Euribor 3 Month + 3.100%, 11/24/2051			200		234
Anheuser-Busch InBev MTN
2.250%, 05/24/2029	GBP		205		286
1.150%, 01/22/2027	EUR		230		280
Kingdom of Belgium Government Bond
4.250%, 03/28/2041 (A)			470		907
3.750%, 06/22/2045			331		633
3.000%, 06/22/2034 (A)			445		691
2.600%, 06/22/2024 (A)			301		380
1.700%, 06/22/2050 (A)			321		447
1.600%, 06/22/2047 (A)			351		478
1.000%, 06/22/2026 (A)			370		459
1.000%, 06/22/2031 (A)			490		620
0.900%, 06/22/2029 (A)			832		1,043
0.800%, 06/22/2025 (A)			325		396
0.500%, 10/22/2024 (A)			330		396
0.200%, 10/22/2023 (A)			860		1,015
0.000%, 10/22/2027 (A)(B)			1,133		1,340
Kingdom of Belgium Government Bond, Ser 44
5.000%, 03/28/2035 (A)			64		121
					9,726
Brazil — 0.0%
OEC Finance
7.125%, 12/26/2046	$		159		14
4.375%, 10/25/2029			104		8
					22
Canada — 7.3%
1011778 BC ULC
3.875%, 01/15/2028 (A)			143		144

  32   SEI Institutional International Trust / Annual Report / September 30, 2021

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Bank of Nova Scotia
0.010%, 03/18/2025	EUR		645	$	755
Bell Canada MTN
4.700%, 09/11/2023	CAD		80		67
Canada Housing Trust No. 1 (A)
2.250%, 12/15/2025			2,235		1,842
1.750%, 06/15/2022			2,465		1,966
Canadian Government Bond
5.750%, 06/01/2033			1,205		1,365
2.750%, 12/01/2048			400		368
2.750%, 12/01/2048			300		276
2.500%, 06/01/2024			1,990		1,646
2.250%, 06/01/2029			2,076		1,751
1.500%, 06/01/2026 (E)			8,081		6,509
1.500%, 06/01/2031			268		211
1.000%, 09/01/2022			525		417
1.000%, 06/01/2027			1,375		1,076
0.500%, 09/01/2025			1,874		1,453
Canadian When Issued Government Bond
2.000%, 12/01/2051			487		386
Cenovus Energy
4.400%, 04/15/2029	$		146		164
CPPIB Capital MTN
0.250%, 04/06/2027	EUR		1,765		2,084
Government of Canada
3.500%, 12/01/2045	CAD		158		162
Ontario Teachers’ Finance Trust
2.000%, 04/16/2031 (A)	$		1,914		1,929
0.500%, 05/06/2025	EUR		1,066		1,267
Province of Alberta Canada
0.625%, 04/18/2025			1,301		1,553
Province of Alberta Canada MTN
1.000%, 11/15/2021	GBP		650		877
Province of British Columbia Canada
2.950%, 12/18/2028	CAD		1,653		1,414
Province of Ontario Canada
4.700%, 06/02/2037			1,355		1,374
4.650%, 06/02/2041			540		557
2.800%, 06/02/2048			2,200		1,751
2.600%, 06/02/2025			1,614		1,341
2.400%, 06/02/2026			585		484
Province of Ontario Canada MTN
0.250%, 12/15/2026	GBP		2,337		3,030
Province of Quebec Canada
6.250%, 06/01/2032	CAD		720		787
3.500%, 12/01/2048			520		472
Province of Quebec Canada MTN
3.700%, 05/20/2026	AUD		568		455
Rogers Communications
4.000%, 06/06/2022	CAD		165		133
Toronto-Dominion Bank
0.000%, 02/09/2024 (B)	EUR		490		573

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Yamana
2.630%, 08/15/2031 (A)	$		221	$	216
					40,855
Cayman Islands — 0.0%
Odebrecht Holdco Finance Ltd
2.041%, 09/10/2058 (B)			311		5
China — 8.4%
China Development Bank
4.880%, 02/09/2028	CNY		10,600		1,790
3.700%, 10/20/2030			16,740		2,668
3.660%, 03/01/2031			4,680		743
3.650%, 05/21/2029			18,120		2,870
3.480%, 01/08/2029			23,680		3,704
3.390%, 07/10/2027			16,630		2,609
3.230%, 01/10/2025			11,360		1,777
China Government Bond
3.810%, 09/14/2050			55,020		9,035
3.720%, 04/12/2051			4,460		729
3.270%, 11/19/2030			24,370		3,871
3.030%, 03/11/2026			10,320		1,618
3.020%, 10/22/2025			100		16
3.010%, 05/13/2028			52,640		8,223
2.850%, 06/04/2027			15,400		2,385
2.840%, 04/08/2024			13,310		2,075
2.680%, 05/21/2030			9,380		1,417
2.570%, 05/20/2023			6,780		1,051
Prosus NV
2.031%, 08/03/2032	EUR		245		283
1.985%, 07/13/2033			320		362
Weibo
3.500%, 07/05/2024	$		200		208
					47,434
Colombia — 0.6%
Colombian TES
10.000%, 07/24/2024	COP		2,268,100		664
7.750%, 09/18/2030			4,413,000		1,181
7.500%, 08/26/2026			1,361,500		370
7.250%, 10/18/2034			950,600		236
7.000%, 06/30/2032			1,379,900		342
6.000%, 04/28/2028			2,090,800		516
5.750%, 11/03/2027			279,700		69
					3,378
Czech Republic — 0.2%
Czech Republic Government Bond
4.700%, 09/12/2022	CZK		7,470		351
2.500%, 08/25/2028			14,630		687
					1,038

  SEI Institutional International Trust / Annual Report / September 30, 2021   33

SCHEDULE OF INVESTMENTS

September 30, 2021

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Denmark — 0.4%
Danske Bank MTN
5.875%, VAR EUR Swap Annual 7 Yr + 5.471% (C)	EUR		344	$	408
Denmark Government Bond
4.500%, 11/15/2039	DKK		2,040		554
0.000%, 11/15/2031 (A)(B)			2,049		316
Kommunekredit MTN
0.125%, 09/26/2040	EUR		275		289
Orsted
6.250%, VAR EUR Swap Annual 5 Yr + 4.750%, 06/26/2099			210		268
1.750%, VAR EUAMDB05 + 1.952%, 12/09/3019			250		299
					2,134
Egypt — 0.0%
Egypt Government International Bond MTN
4.750%, 04/11/2025 (A)			170		201
Finland — 0.4%
Finland Government Bond (A)
0.875%, 09/15/2025			355		435
0.125%, 04/15/2052			135		136
0.000%, 09/15/2030 (B)			680		792
Nordea Bank Abp MTN
6.125%, VAR USD Swap Semi 30/360 5 Yr Curr + 3.388% (C)	$		200		219
Nordea Kiinnitysluottopankki MTN
0.250%, 03/18/2026	EUR		480		569
					2,151
France — 5.9%
BNP Paribas
6.750%, VAR USD Swap Semi 30/360 5 Yr Curr + 4.916% (C)	$		340		345
4.625%, 03/13/2027 (A)			340		382
BNP Paribas MTN
3.375%, 01/23/2026	GBP		490		712
1.250%, 03/19/2025	EUR		375		453
0.500%, VAR Euribor 3 Month + 0.730%, 02/19/2028			200		232
BNP Paribas Home Loan SFH
0.375%, 05/07/2025			400		475
BPCE
1.000%, 01/20/2026 (A)	$		950		935
BPCE MTN
2.000%, 06/05/2025	AUD		440		327
1.125%, 01/18/2023	EUR		300		354
Caisse Francaise de Financement Local MTN
3.000%, 10/02/2028			100		141
0.500%, 01/19/2026			500		598

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Cie de Financement Foncier
0.375%, 12/11/2024	EUR		300	$	356
Cie de Financement Foncier MTN
5.500%, 01/26/2027	GBP		387		640
CNP Assurances MTN
2.500%, VAR Euribor 3 Month + 3.650%, 06/30/2051	EUR		200		249
Credit Agricole
7.875%, VAR USD Swap Semi 30/360 5 Yr Curr + 4.898% (C)	$		200		223
Credit Agricole Assurances
4.750%, VAR EUR Swap Annual 5 Yr + 5.350%, 09/27/2048	EUR		200		284
Credit Agricole Home Loan SFH MTN
1.250%, 03/24/2031			300		384
0.250%, 02/23/2024			700		824
Dexia Credit Local MTN
0.625%, 02/03/2024			200		237
0.500%, 01/17/2025			300		356
0.000%, 05/29/2024 (B)			1,200		1,403
Electricite de France
5.625%, VAR USD Swap Semi 30/360 10 Yr Curr + 3.041% (A)(C)	$		200		213
Electricite de France MTN
5.375%, VAR EUR Swap Annual 12 Yr +3.794% (C)	EUR		200		258
4.000%, 11/12/2025			350		473
Engie MTN
2.375%, 05/19/2026			100		129
0.875%, 03/27/2024			300		356
French Republic Government Bond OAT
5.750%, 10/25/2032			236		442
4.500%, 04/25/2041			511		1,020
4.000%, 10/25/2038			99		181
4.000%, 04/25/2055 (A)			139		303
2.750%, 10/25/2027			299		412
2.500%, 05/25/2030			294		415
1.750%, 05/25/2023			2,359		2,843
1.750%, 06/25/2039 (A)			283		397
1.500%, 05/25/2050 (A)			1,465		1,965
0.750%, 05/25/2028			345		426
0.500%, 05/25/2029			264		320
0.500%, 06/25/2044 (A)			1,380		1,525
0.000%, 03/25/2025 (B)			1,456		1,720
0.000%, 02/25/2023 (B)			1,007		1,178
0.000%, 02/25/2024 (B)			2,048		2,409
0.000%, 11/25/2029 (B)			367		427
SNCF Reseau MTN
5.500%, 12/01/2021	GBP		205		279
4.250%, 10/07/2026	EUR		200		283
2.250%, 12/20/2047			300		435
2.000%, 02/05/2048			300		411

  34   SEI Institutional International Trust / Annual Report / September 30, 2021

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
1.125%, 05/19/2027	EUR		300	$	371
1.125%, 05/25/2030			200		249
Societe Generale
4.250%, 04/14/2025 (A)	$		325		351
Societe Generale MTN
1.125%, 01/23/2025	EUR		100		120
Societe Nationale SNCF
1.000%, 05/25/2040			700		802
Societe Nationale SNCF MTN
0.625%, 04/17/2030			100		119
TotalEnergies MTN (C)
3.369%, VAR EUR Swap Annual 5 Yr +3.350%			260		333
1.750%, VAR EUR Swap Annual 5 Yr +1.765%			115		136
1.625%, VAR EUR Swap Annual 5 Yr +1.993%			125		145
TotalEnergies Capital International MTN
4.250%, 11/26/2021	AUD		640		465
UNEDIC ASSEO MTN
1.250%, 05/25/2033	EUR		700		896
Westfield America Management
2.625%, 03/30/2029	GBP		155		212
2.125%, 03/30/2025			210		288
					33,217
Germany — 5.7%
ADLER Group
3.250%, 08/05/2025	EUR		200		204
Bundesobligation
0.000%, 10/09/2026 (B)			1,942		2,314
Bundesrepublik Deutschland Bundesanleihe
4.000%, 01/04/2037			234		439
3.250%, 07/04/2042			954		1,825
1.500%, 05/15/2023			8,623		10,355
1.250%, 08/15/2048			1,013		1,482
1.000%, 08/15/2024			328		399
0.500%, 02/15/2026			171		208
0.170%, 08/15/2050 (B)			355		384
0.000%, 08/15/2031 (B)			1,965		2,321
0.000%, 05/15/2035 (B)			671		777
Cheplapharm Arzneimittel GmbH
3.500%, 02/11/2027 (A)			191		224
Daimler International Finance BV MTN
0.250%, 11/06/2023			430		503
Deutsche Bank MTN
1.000%, VAR Euribor 3 Month + 1.600%, 11/19/2025			400		474
Deutsche Telekom MTN
1.750%, 12/09/2049			100		120

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Deutsche Telekom International Finance BV MTN
0.625%, 04/03/2023	EUR		225	$	264
E.ON MTN
0.000%, 12/18/2023 (B)			550		641
HeidelbergCement Finance Luxembourg MTN
1.750%, 04/24/2028			120		151
1.625%, 04/07/2026			400		493
HOCHTIEF MTN
1.750%, 07/03/2025			400		489
Kreditanstalt fuer Wiederaufbau
2.600%, 06/20/2037	JPY		198,000		2,442
0.500%, 09/15/2027	EUR		510		618
0.125%, 06/07/2023			1,020		1,196
Landwirtschaftliche Rentenbank MTN
0.625%, 05/18/2027			225		274
Merck Financial Services GmbH MTN
0.125%, 07/16/2025			400		468
Siemens Financieringsmaatschappij
1.200%, 03/11/2026 (A)	$		775		772
TK Elevator Midco GmbH
4.375%, 07/15/2027 (A)	EUR		240		290
Volkswagen International Finance
3.875%, VAR EUR Swap Annual 9 Yr + 3.958% (C)			300		385
1.125%, 10/02/2023			400		475
Volkswagen Leasing GmbH MTN
1.125%, 04/04/2024			520		619
WEPA Hygieneprodukte GmbH
2.875%, 12/15/2027			298		337
					31,943
Hungary — 0.2%
Hungary Government Bond
3.000%, 06/26/2024	HUF		297,650		981
Indonesia — 0.9%
Indonesia Treasury Bond
8.750%, 05/15/2031	IDR		3,974,000		325
8.375%, 03/15/2034			26,186,000		2,070
7.500%, 06/15/2035			2,199,000		163
7.375%, 05/15/2048			9,453,000		679
7.000%, 09/15/2030			2,959,000		217
6.500%, 06/15/2025			4,846,000		355
6.500%, 02/15/2031			14,264,000		1,007
5.500%, 04/15/2026			1,557,000		110
					4,926
Ireland — 0.8%
AerCap Ireland Capital DAC
4.500%, 09/15/2023	$		205		218

  SEI Institutional International Trust / Annual Report / September 30, 2021   35

SCHEDULE OF INVESTMENTS

September 30, 2021

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
CRH Funding MTN
1.875%, 01/09/2024	EUR		310	$	374
Ireland Government Bond
5.400%, 03/13/2025			351		491
1.500%, 05/15/2050			250		333
1.100%, 05/15/2029			670		847
0.113%, 10/18/2031 (B)			1,691		1,923
Smurfit Kappa Acquisitions ULC
2.875%, 01/15/2026			265		340
					4,526
Israel — 0.1%
Israel Government Bond - Fixed
5.500%, 01/31/2042	ILS		675		327
2.000%, 03/31/2027			925		307
1.000%, 03/31/2030			593		182
					816
Italy — 5.5%
Assicurazioni Generali MTN
5.500%, VAR Euribor 3 Month + 5.350%, 10/27/2047	EUR		230		328
Enel
1.875%, VAR EUR Swap Annual 5 Yr + 2.011% (C)			385		441
Enel Finance International MTN
5.750%, 09/14/2040	GBP		145		288
0.116%, 06/17/2027 (B)	EUR		195		223
Eni
3.375%, VAR EUR Swap Annual 5 Yr + 3.641% (C)			135		167
Eni MTN
0.375%, 06/14/2028			130		151
FCA Bank MTN
1.000%, 11/15/2021			700		813
Intesa Sanpaolo MTN
2.125%, 05/26/2025			330		410
0.750%, 12/04/2024			350		416
Italy Buoni Poliennali Del Tesoro
5.000%, 09/01/2040 (A)			1,455		2,663
3.850%, 09/01/2049 (A)			298		503
3.500%, 03/01/2030 (A)			272		389
3.100%, 03/01/2040 (A)			122		178
3.000%, 08/01/2029			1,609		2,210
2.800%, 03/01/2067 (A)			150		204
2.700%, 03/01/2047 (A)			55		76
2.450%, 09/01/2033 (A)			98		131
2.150%, 03/01/2072 (A)			76		86
2.000%, 02/01/2028			471		602
1.850%, 07/01/2025 (A)			2,274		2,824
1.800%, 03/01/2041 (A)			247		299
1.700%, 09/01/2051 (A)			311		352
1.500%, 04/30/2045 (A)			412		464

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
0.950%, 03/01/2023	EUR		3,272	$	3,866
0.950%, 12/01/2031 (A)			2,794		3,251
0.950%, 03/01/2037 (A)			1,549		1,705
0.019%, 04/01/2026 (B)			4,173		4,819
0.000%, 04/15/2024 (B)			1,429		1,667
Societa Cattolica Di Assicurazione SPA
4.250%, VAR Euribor 3 Month + 4.455%, 12/14/2047			200		267
UniCredit MTN
4.875%, 02/20/2029			220		277
1.250%, VAR Euribor 3 Month + 1.600%, 06/16/2026			460		551
					30,621
Japan — 14.1%
Development Bank of Japan
2.300%, 03/19/2026	JPY		160,000		1,574
Development Bank of Japan MTN
0.875%, 10/10/2025	EUR		1,145		1,380
Government of Japan 10 Year Bond
0.600%, 03/20/2023	JPY		875,850		7,931
0.400%, 06/20/2025			64,950		593
0.100%, 06/20/2026			74,300		672
0.100%, 03/20/2027			71,550		647
Government of Japan 20 Year Bond
1.900%, 09/20/2022			406,050		3,709
1.700%, 06/20/2033			1,241,150		13,130
1.400%, 09/20/2034			477,550		4,941
1.000%, 12/20/2035			50,000		496
0.700%, 03/20/2037			38,450		366
0.500%, 09/20/2036			487,850		4,519
0.200%, 06/20/2036			185,200		1,645
Government of Japan 20 Year Bond, Ser 140
1.700%, 09/20/2032			33,600		353
Government of Japan 20 Year Bond, Ser 143
1.600%, 03/20/2033			40,300		421
Government of Japan 20 Year Bond, Ser 144
1.500%, 03/20/2033			98,300		1,018
Government of Japan 30 Year Bond
0.800%, 09/20/2047			709,500		6,680
0.300%, 06/20/2046			74,600		629
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/2038			133,650		1,603
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/2039			418,950		4,966
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/2040			253,100		2,920
Government of Japan 30 Year Bond, Ser 36
2.000%, 03/20/2042			311,800		3,629
Government of Japan 30 Year Bond, Ser 37
1.900%, 09/20/2042			166,850		1,917

  36   SEI Institutional International Trust / Annual Report / September 30, 2021

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	$	2,354
Government of Japan 40 Year Bond
0.400%, 03/20/2056			331,950		2,688
Government of Japan 40 Year Bond, Ser 6
1.900%, 03/20/2053			38,700		464
Japan Finance Organization for Municipalities MTN
0.050%, 02/12/2027	EUR		440		513
Japan Government Ten Year Bond
0.100%, 09/20/2027	JPY		367,750		3,329
0.100%, 03/20/2029			35,900		325
Japan Government Thirty Year Bond
0.600%, 09/20/2050			79,100		697
0.400%, 12/20/2049			79,000		663
0.300%, 06/20/2046			85,800		723
Mitsubishi UFJ Financial Group
0.339%, 07/19/2024	EUR		250		293
Mizuho Financial Group Cayman 3
4.600%, 03/27/2024 (A)	$		450		487
Nippon Life Insurance
2.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.653%, 01/21/2051 (A)			540		529
Nissan Motor
2.652%, 03/17/2026	EUR		165		207
NTT Finance
1.162%, 04/03/2026 (A)	$		345		343
					79,354
Kuwait — 0.1%
Equate Petrochemical MTN
2.625%, 04/28/2028 (A)			297		299
Luxembourg — 0.0%
Prologis International Funding II
2.375%, 11/14/2030	EUR		200		266
Malaysia — 1.6%
Malaysia Government Bond
4.392%, 04/15/2026	MYR		1,972		500
4.232%, 06/30/2031			635		161
4.181%, 07/15/2024			4,862		1,212
3.955%, 09/15/2025			6,366		1,592
3.885%, 08/15/2029			2,514		621
3.828%, 07/05/2034			3,332		789
3.795%, 09/30/2022			4,243		1,034
3.733%, 06/15/2028			2,014		493
3.502%, 05/31/2027			7,477		1,822
3.478%, 06/14/2024			1,305		320
2.632%, 04/15/2031			1,040		233
					8,777

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Mexico — 1.7%
Mexican Bonos
8.000%, 11/07/2047	MXN		19,753	$	968
7.750%, 11/23/2034			3,714		184
7.750%, 11/13/2042			30,018		1,444
7.500%, 06/03/2027			15,749		779
5.750%, 03/05/2026			14,711		683
Mexican Bonos, Ser M20
10.000%, 12/05/2024			37,590		2,006
8.500%, 05/31/2029			10,038		522
7.750%, 05/29/2031			24,546		1,225
Mexican Bonos, Ser M30
10.000%, 11/20/2036			21,727		1,281
8.500%, 11/18/2038			2,546		132
Mexico Government International Bond
2.875%, 04/08/2039	EUR		280		331
					9,555
Netherlands — 1.9%
ABN AMRO Bank
4.750%, 07/28/2025	$		305		338
ASR Nederland
3.375%, VAR EUR Swap Annual 5 Yr + 4.000%, 05/02/2049	EUR		255		332
BNG Bank MTN
0.250%, 02/22/2023			1,260		1,476
Cooperatieve Rabobank UA
4.375%, VAR EUR Swap Annual 5 Yr + 4.679% (C)			200		257
0.250%, 10/30/2026			200		234
Cooperatieve Rabobank UA MTN
5.250%, 09/14/2027	GBP		195		311
4.625%, 05/23/2029			130		205
1.250%, 05/31/2032	EUR		300		385
Heineken MTN
1.000%, 05/04/2026			335		406
Intertrust Group BV
3.375%, 11/15/2025 (A)			180		212
Nederlandse Waterschapsbank MTN
1.250%, 05/27/2036			281		361
0.625%, 01/18/2027			225		272
Netherlands Government Bond (A)
4.000%, 01/15/2037			205		377
2.500%, 01/15/2033			671		999
2.000%, 07/15/2024			427		532
0.500%, 07/15/2026			613		746
0.314%, 01/15/2038 (B)			596		666
0.118%, 01/15/2052 (B)			421		437
0.000%, 01/15/2027 (B)			685		813
0.000%, 07/15/2031 (B)			1,014		1,183

  SEI Institutional International Trust / Annual Report / September 30, 2021   37

SCHEDULE OF INVESTMENTS

September 30, 2021

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Q-Park Holding
2.000%, 03/01/2027	EUR		122	$	135
					10,677
New Zealand — 0.7%
New Zealand Government Bond
5.500%, 04/15/2023	NZD		2,049		1,510
3.000%, 04/20/2029			345		257
2.750%, 04/15/2025			1,460		1,055
2.750%, 04/15/2037			80		58
2.000%, 05/15/2032			225		154
1.750%, 05/15/2041			124		74
1.500%, 05/15/2031			447		295
New Zealand Local Government Funding Agency Bond
4.500%, 04/15/2027			593		458
					3,861
Norway — 1.2%
Equinor MTN
6.875%, 03/11/2031	GBP		185		360
Norway Government Bond (A)
3.000%, 03/14/2024	NOK		4,693		562
2.000%, 05/24/2023			5,993		700
2.000%, 04/26/2028			3,667		433
1.750%, 03/13/2025			1,213		141
1.750%, 02/17/2027			7,612		886
1.750%, 09/06/2029			5,628		654
1.500%, 02/19/2026			10,376		1,195
1.375%, 08/19/2030			8,181		922
1.250%, 09/17/2031			5,564		617
					6,470
Oman — 0.0%
Oman Government International Bond
6.250%, 01/25/2031 (A)	$		200		214
Peru — 0.0%
Volcan Cia Minera SAA
4.375%, 02/11/2026 (A)			21		20
Poland — 0.2%
Republic of Poland Government Bond
2.750%, 10/25/2029	PLN		1,493		398
2.500%, 07/25/2027			1,860		492
					890
Portugal — 0.6%
EDP Finance BV MTN
0.375%, 09/16/2026	EUR		440		515
Portugal Obrigacoes do Tesouro OT (A)
4.100%, 04/15/2037			277		482
2.200%, 10/17/2022			775		925
1.950%, 06/15/2029			492		656

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
0.700%, 10/15/2027	EUR		735	$	898
					3,476
Qatar — 0.1%
Qatar Petroleum
2.250%, 07/12/2031 (A)	$		300		297
Romania — 0.1%
Romania Government Bond
3.650%, 07/28/2025	RON		1,540		362
Romanian Government International Bond MTN
1.375%, 12/02/2029	EUR		287		326
					688
Saudi Arabia — 0.0%
Saudi Government International Bond MTN
2.375%, 10/26/2021 (A)	$		275		275
Singapore — 2.2%
Singapore Government Bond
3.500%, 03/01/2027	SGD		1,659		1,374
3.375%, 09/01/2033			162		139
3.125%, 09/01/2022			4,399		3,319
3.000%, 09/01/2024			5,575		4,384
2.875%, 07/01/2029			200		163
2.750%, 07/01/2023			1,253		959
2.750%, 04/01/2042			166		138
2.750%, 03/01/2046			200		168
2.250%, 08/01/2036			162		125
2.125%, 06/01/2026			1,557		1,208
Temasek Financial I MTN
2.375%, 01/23/2023 (A)	$		495		507
					12,484
Slovak Republic — 0.0%
Slovakia Government Bond
3.375%, 11/15/2024	EUR		75		98
Slovenia — 0.1%
Slovenia Government Bond
1.250%, 03/22/2027			556		697
South Africa — 0.3%
Anglo American Capital MTN
1.625%, 09/18/2025			220		269
1.625%, 03/11/2026			230		280
Bidvest Group UK PLC
3.625%, 09/23/2026 (A)	$		230		230
Republic of South Africa
7.000%, 02/28/2031	ZAR		20,710		1,158
					1,937

  38   SEI Institutional International Trust / Annual Report / September 30, 2021

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
South Korea — 1.0%
Hyundai Capital Services MTN
3.500%, 03/30/2022	AUD		680	$	498
Korea Housing Finance
0.010%, 06/29/2026 (A)	EUR		150		174
Korea Treasury Bond
3.000%, 09/10/2024	KRW		1,492,660		1,309
2.625%, 09/10/2035			368,500		324
2.000%, 06/10/2031			100,190		83
1.875%, 06/10/2029			496,110		409
1.500%, 12/10/2026			1,229,670		1,011
1.500%, 12/10/2030			1,473,440		1,164
1.250%, 03/10/2026			101,780		83
1.125%, 09/10/2025			822,930		676
					5,731
Spain — 3.5%
Banco Bilbao Vizcaya Argentaria
2.250%, 06/12/2024	EUR		200		248
Banco de Sabadell
0.625%, 11/07/2025			400		468
Banco Santander
2.749%, 12/03/2030	$		200		199
CaixaBank
1.250%, 01/11/2027	EUR		500		621
1.125%, 11/12/2026			300		359
CaixaBank MTN
1.375%, 06/19/2026			300		364
Grifols Escrow Issuer SA
3.875%, 10/15/2028			100		117
Spain Government Bond
6.000%, 01/31/2029			80		133
4.700%, 07/30/2041 (A)			577		1,114
3.450%, 07/30/2066 (A)			272		483
2.700%, 10/31/2048 (A)			604		931
2.350%, 07/30/2033 (A)			585		815
1.950%, 07/30/2030 (A)			124		165
1.850%, 07/30/2035 (A)			862		1,145
1.600%, 04/30/2025 (A)			259		322
1.500%, 04/30/2027 (A)			393		498
1.400%, 04/30/2028 (A)			786		995
1.000%, 07/30/2042 (A)			536		613
0.600%, 10/31/2029 (A)			174		209
0.500%, 04/30/2030 (A)			254		301
0.500%, 10/31/2031 (A)			1,503		1,749
0.054%, 01/31/2028 (B)			3,295		3,821
0.000%, 05/31/2024 (B)			2,802		3,287
0.000%, 01/31/2026 (B)			770		903
					19,860
Supra-National — 2.1%
Asian Development Bank MTN
2.350%, 06/21/2027	JPY		360,000		3,685

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
European Financial Stability Facility MTN
0.500%, 07/11/2025	EUR		1,420	$	1,703
European Investment Bank
1.900%, 01/26/2026	JPY		50,000		487
European Investment Bank MTN
1.250%, 05/12/2025	SEK		13,180		1,554
0.250%, 10/14/2024	EUR		156		185
European Stability Mechanism MTN
1.000%, 09/23/2025			570		697
European Union MTN
0.700%, 07/06/2051			80		95
0.000%, 03/04/2026 (B)			1,976		2,333
International Finance MTN
2.375%, 07/19/2023	CAD		1,000		815
					11,554
Sweden — 0.6%
Balder Finland MTN
1.375%, 05/24/2030	EUR		380		443
Kommunivest I Sverige AB MTN
1.000%, 10/02/2024	SEK		5,830		681
Skandinaviska Enskilda Banken MTN
0.250%, 06/20/2024	EUR		460		542
Stadshypotek
0.500%, 07/11/2025			505		603
Swedbank (C)
6.000%, VAR USD Swap Semi 30/360 5 Yr Curr + 4.106%	$		200		204
5.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.134%			200		216
Swedbank Hypotek MTN
0.050%, 05/28/2025	EUR		195		229
Sweden Government Bond
0.125%, 05/12/2031 (A)	SEK		5,545		616
					3,534
Switzerland — 0.4%
Credit Suisse Group (C)
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr + 4.600%	$		286		306
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr + 4.600% (A)			200		214
Credit Suisse Group Funding Guernsey MTN
1.250%, 04/14/2022	EUR		295		344
Government of Switzerland
1.500%, 04/30/2042	CHF		408		570
1.250%, 06/11/2024			405		457
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		229
					2,120

  SEI Institutional International Trust / Annual Report / September 30, 2021   39

SCHEDULE OF INVESTMENTS

September 30, 2021

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Thailand — 0.3%
Thailand Government Bond
4.875%, 06/22/2029	THB		16,455	$	596
4.675%, 06/29/2044			17,119		682
3.300%, 06/17/2038			3,522		116
2.125%, 12/17/2026			7,336		228
1.875%, 06/17/2049			3,746		93
					1,715
United Arab Emirates — 0.1%
DP World Crescent MTN
4.848%, 09/26/2028	$		265		302
United Kingdom — 6.5%
Aviva
6.125%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield + 2.850%, 11/14/2036	GBP		220		355
Barclays MTN
4.000%, 06/26/2029	AUD		500		391
BAT Capital
4.906%, 04/02/2030	$		105		120
BAT International Finance MTN
2.250%, 09/09/2052	GBP		100		93
1.250%, 03/13/2027	EUR		333		397
BAT Netherlands Finance BV MTN
3.125%, 04/07/2028			160		210
BG Energy Capital MTN
2.250%, 11/21/2029			400		525
BP Capital Markets (C)
3.625%, VAR EUR Swap Annual 5 Yr + 4.120%			495		621
3.250%, VAR EUR Swap Annual 5 Yr + 3.880%			400		495
BP Capital Markets MTN
0.831%, 11/08/2027			130		155
Cadent Finance MTN
2.750%, 09/22/2046	GBP		100		135
2.625%, 09/22/2038			100		136
Centrica MTN
4.375%, 03/13/2029			164		258
CK Hutchison Finance 16 II
0.875%, 10/03/2024	EUR		212		252
CK Hutchison Group Telecom Finance
1.500%, 10/17/2031			330		399
CNH Industrial Finance Europe MTN
2.875%, 05/17/2023			220		267
1.750%, 09/12/2025			130		159
CPUK Finance
3.690%, 08/28/2028	GBP		100		149
3.588%, 08/28/2025			215		313
DS Smith MTN
1.375%, 07/26/2024	EUR		430		515

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Gatwick Funding MTN
5.250%, 01/23/2024	GBP		250	$	367
Heathrow Funding MTN
2.750%, 08/09/2049			315		406
1.875%, 05/23/2022	EUR		235		276
HSBC Holdings
6.000%, VAR EUR Swap Annual 5 Yr + 5.338% (C)			200		250
3.000%, 07/22/2028	GBP		167		238
HSBC Holdings MTN
6.000%, 03/29/2040			70		129
INEOS Quattro Finance 2
2.500%, 01/15/2026 (A)	EUR		235		275
Natwest Group
3.622%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield + 3.550%, 08/14/2030	GBP		245		349
2.452%, VAR ICE LIBOR USD 3 Month + 2.320% (C)	$		200		199
Northumbrian Water Finance
6.875%, 02/06/2023	GBP		190		277
Santander UK MTN
1.250%, 09/18/2024	EUR		500		606
Santander UK Group Holdings PLC MTN
3.625%, 01/14/2026	GBP		100		146
Sky PLC MTN
2.250%, 11/17/2025	EUR		275		348
Standard Chartered (A)
1.639%, VAR ICE LIBOR USD 3 Month + 1.510% (C)	$		500		485
1.456%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.000%, 01/14/2027			355		349
Thames Water Utilities Finance MTN
4.625%, 06/04/2046	GBP		155		286
United Kingdom Gilt
5.000%, 03/07/2025			43		67
4.500%, 12/07/2042			311		661
4.250%, 03/07/2036			56		106
4.250%, 09/07/2039			53		105
4.250%, 12/07/2040			1,418		2,851
4.250%, 12/07/2046			476		1,029
4.250%, 12/07/2049			134		302
3.500%, 01/22/2045			1,001		1,914
3.250%, 01/22/2044			457		835
2.750%, 09/07/2024			806		1,160
2.500%, 07/22/2065			1,101		2,095
2.250%, 09/07/2023			19		27
1.750%, 09/07/2022			2,090		2,859
1.750%, 09/07/2037			110		158
1.500%, 07/22/2047			194		267
1.250%, 10/22/2041			79		104
1.250%, 07/31/2051			211		274

  40   SEI Institutional International Trust / Annual Report / September 30, 2021

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
1.000%, 04/22/2024	GBP		77	$	105
0.875%, 10/22/2029			1,668		2,249
0.750%, 07/22/2023			948		1,289
0.625%, 06/07/2025			78		106
0.625%, 07/31/2035			200		248
0.625%, 10/22/2050			904		997
0.500%, 10/22/2061			828		843
0.375%, 10/22/2026			1,163		1,547
0.250%, 07/31/2031			296		370
0.125%, 01/31/2024			908		1,216
United Kingdom Gilt - Inflation Linked
1.250%, 11/22/2027			340		597
United Kingdom Treasury
4.750%, 12/07/2038			76		157
Vodafone Group MTN
4.200%, 12/13/2027	AUD		490		394
Western Power Distribution West Midlands PLC
3.875%, 10/17/2024	GBP		230		334
Wm Morrison Supermarkets MTN
3.500%, 07/27/2026			100		135
Zurich Finance PLC MTN
6.625%, 10/30/2049 (D)			235		334
					36,666
United States — 9.7%
AbbVie
2.300%, 11/21/2022	$		800		816
Air Lease
2.100%, 09/01/2028			186		180
1.875%, 08/15/2026			110		110
Air Lease MTN
2.875%, 01/15/2026			40		42
Aircastle
5.250%, 08/11/2025 (A)			261		292
4.250%, 06/15/2026			4		4
4.125%, 05/01/2024			22		23
Alleghany
3.625%, 05/15/2030			174		191
Ally Financial
4.700% (C)			116		121
Altria Group
3.125%, 06/15/2031	EUR		310		411
2.200%, 06/15/2027			330		412
American Express
3.553%, VAR ICE LIBOR USD 3 Month + 3.428% (C)	$		14		14
American Honda Finance
1.950%, 10/18/2024	EUR		159		196
0.300%, 07/07/2028			320		368
American Tower
1.300%, 09/15/2025	$		535		535
0.875%, 05/21/2029	EUR		420		489

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Apple
0.700%, 02/08/2026	$		880	$	871
Ardagh Metal Packaging Finance USA
2.000%, 09/01/2028 (A)	EUR		250		292
AT&T
2.875% (C)			200		234
1.800%, 09/05/2026			185		230
1.650%, 02/01/2028	$		870		863
1.600%, 05/19/2028	EUR		170		211
Aviation Capital Group
1.950%, 09/20/2026 (A)	$		231		229
Aviation Capital Group LLC (A)
5.500%, 12/15/2024			80		90
3.500%, 11/01/2027			8		8
1.950%, 01/30/2026			108		108
Axalta Coating Systems LLC
3.375%, 02/15/2029 (A)			210		204
Bank of America MTN
2.375%, 06/19/2024	EUR		835		1,034
Becton Dickinson
1.336%, 08/13/2041			300		334
1.213%, 02/12/2036			129		148
0.632%, 06/04/2023			200		235
Berkshire Hathaway
0.500%, 01/15/2041			170		173
Berkshire Hathaway Finance
2.625%, 06/19/2059	GBP		144		213
Block Financial
2.500%, 07/15/2028	$		300		304
Booking Holdings
2.375%, 09/23/2024	EUR		355		439
0.500%, 03/08/2028			110		128
Bristol-Myers Squibb
0.537%, 11/13/2023	$		950		950
Broadcom
3.187%, 11/15/2036 (A)			185		184
Capital One Financial
1.650%, 06/12/2029	EUR		300		368
0.800%, 06/12/2024			291		344
Carnival
1.000%, 10/28/2029			316		284
CCO Holdings
4.500%, 06/01/2033 (A)	$		127		129
Centene
2.625%, 08/01/2031			128		127
Charles Schwab
5.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.971% (C)			395		439
0.750%, 03/18/2024			420		422
Charter Communications Operating
3.900%, 06/01/2052			225		224

  SEI Institutional International Trust / Annual Report / September 30, 2021   41

SCHEDULE OF INVESTMENTS

September 30, 2021

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Chubb INA Holdings
1.550%, 03/15/2028	EUR		325	$	404
0.875%, 06/15/2027			115		138
0.300%, 12/15/2024			190		222
Citigroup
4.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.597% (C)	$		71		74
Citigroup MTN
0.750%, 10/26/2023	EUR		115		136
0.500%, VAR Euribor 3 Month + 0.957%, 10/08/2027			505		590
Comcast
0.250%, 05/20/2027			190		221
0.064%, 09/14/2026 (B)			550		634
CyrusOne
1.450%, 01/22/2027			254		296
Delta Airlines
4.500%, 10/20/2025 (A)	$		480		513
DH Europe Finance II
1.800%, 09/18/2049	EUR		105		128
Digital Dutch Finco BV
0.625%, 07/15/2025			350		413
Digital Euro Finco
1.125%, 04/09/2028			510		608
Discovery Communications
5.300%, 05/15/2049	$		18		23
5.200%, 09/20/2047			36		45
4.650%, 05/15/2050			14		16
Eli Lilly
1.375%, 09/14/2061	EUR		195		211
Emerson Electric
0.375%, 05/22/2024			350		411
Enable Midstream Partners
4.950%, 05/15/2028	$		39		44
Essential Properties
2.950%, 07/15/2031			215		216
Expedia Group
4.625%, 08/01/2027			157		178
Exxon Mobil
0.835%, 06/26/2032	EUR		600		689
FedEx
0.450%, 05/04/2029			327		376
Fidelity National Information Services
0.625%, 12/03/2025			185		219
0.125%, 12/03/2022			500		582
GE Capital Canada Funding MTN
4.600%, 01/26/2022	CAD		1,169		934
GE Capital UK Funding Unlimited MTN
6.250%, 05/05/2038	GBP		165		328
5.875%, 01/18/2033			160		290

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
General Motors Financial MTN
0.955%, 09/07/2023	EUR		275	$	324
Gilead Sciences
0.750%, 09/29/2023	$		725		725
Goldman Sachs Group
5.500%, 10/12/2021	GBP		1,100		1,485
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		1,091
1.625%, 07/27/2026			170		210
Goodyear Europe BV
2.750%, 08/15/2028 (A)			200		234
Harley-Davidson Financial Services
3.875%, 05/19/2023			110		136
0.900%, 11/19/2024			335		397
Hilton Domestic Operating
3.625%, 02/15/2032 (A)	$		215		212
Host Hotels & Resorts
3.500%, 09/15/2030			200		208
IHS Markit
4.750%, 08/01/2028			17		20
4.250%, 05/01/2029			72		82
Intercontinental Exchange
0.700%, 06/15/2023			535		537
International Business Machines
0.300%, 02/11/2028	EUR		240		279
IQVIA
2.875%, 06/15/2028 (A)			180		214
Jazz Securities DAC
4.375%, 01/15/2029 (A)	$		290		301
Johnson Controls International PLC
1.375%, 02/25/2025	EUR		395		478
JPMorgan Chase (C)
7.900%, VAR ICE LIBOR USD 3 Month + 3.470%	$		91		91
3.926%, VAR ICE LIBOR USD 3 Month + 3.800%			78		78
3.451%, 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		795
Kraft Heinz Foods
2.250%, 05/25/2028			175		221
Las Vegas Sands
3.900%, 08/08/2029	$		275		280
Liberty Mutual Group
3.625%, VAR EUR Swap Annual 5 Yr + 3.700%, 05/23/2059	EUR		300		363
Marriott International
4.650%, 12/01/2028	$		120		137

  42   SEI Institutional International Trust / Annual Report / September 30, 2021

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
MassMutual Global Funding II MTN
0.850%, 06/09/2023 (A)	$		998	$	1,007
Mattel
3.750%, 04/01/2029 (A)			138		144
Medtronic Global Holdings SCA
1.375%, 10/15/2040	EUR		110		129
1.125%, 03/07/2027			400		487
0.250%, 07/02/2025			115		135
Metropolitan Life Global Funding I MTN
1.950%, 01/13/2023 (A)	$		1,000		1,020
Mileage Plus Holdings LLC
6.500%, 06/20/2027 (A)			350		381
Mondelez International
0.250%, 03/17/2028	EUR		470		538
Mondelez International Holdings Netherlands BV
0.625%, 09/09/2032 (A)			450		508
Moody’s
1.750%, 03/09/2027			375		470
Morgan Stanley
3.736%, VAR ICE LIBOR USD 3 Month + 3.610% (C)	$		23		23
0.406%, VAR Euribor 3 Month + 0.698%, 10/29/2027	EUR		745		868
Morgan Stanley MTN
0.529%, VAR United States Secured Overnight Financing Rate + 0.455%, 01/25/2024	$		1,000		1,001
Mozart Debt Merger Sub
3.875%, 04/01/2029 (A)			230		230
National Grid North America MTN
1.000%, 07/12/2024	EUR		300		357
Netflix
3.625%, 05/15/2027			200		268
Newell Brands
4.700%, 04/01/2026	$		140		154
NOV
3.600%, 12/01/2029			205		215
Office Properties Income Trust
4.500%, 02/01/2025			270		289
Olympus Water US Holding
3.875%, 10/01/2028 (A)	EUR		100		116
ONEOK
6.350%, 01/15/2031	$		89		114
Oracle
3.650%, 03/25/2041			160		165
Organon
4.125%, 04/30/2028 (A)			290		296
Paysafe Finance
3.000%, 06/15/2029 (A)	EUR		245		274
Philip Morris International
1.450%, 08/01/2039			115		126

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
0.625%, 11/08/2024	EUR		285	$	336
Philip Morris International MTN
2.875%, 03/03/2026			170		221
Plains All American Pipeline
3.550%, 12/15/2029	$		79		83
PNC Financial Services Group
3.300%, 03/08/2022			150		152
2.200%, 11/01/2024			885		927
Principal Life Global Funding II
1.250%, 06/23/2025 (A)			315		315
Prudential Financial
5.875%, VAR ICE LIBOR USD 3 Month + 4.175%, 09/15/2042			199		207
Public Storage
0.500%, 09/09/2030	EUR		260		295
PVH Corp
3.125%, 12/15/2027			215		284
Realty Income Corp
1.125%, 07/13/2027	GBP		385		511
Sabra Health Care LP
3.900%, 10/15/2029	$		280		295
Schlumberger Finance France SAS
1.000%, 02/18/2026	EUR		305		367
Sealed Air
1.573%, 10/15/2026 (A)	$		380		378
Southern
1.875%, VAR EUR Swap Annual 5 Yr + 2.108%, 09/15/2081	EUR		200		231
Starbucks Corp
1.300%, 05/07/2022	$		350		352
Time Warner Cable
5.750%, 06/02/2031	GBP		295		503
T-Mobile USA
3.375%, 04/15/2029 (A)	$		52		54
2.875%, 02/15/2031			77		78
2.625%, 02/15/2029			87		88
Toyota Motor Credit MTN
0.625%, 11/21/2024	EUR		465		552
Tyco Electronics Group
0.113%, 02/16/2029 (B)			308		346
UnitedHealth Group
1.250%, 01/15/2026	$		175		176
US Bancorp MTN
0.850%, 06/07/2024	EUR		226		269
Venture Global Calcasieu Pass
3.875%, 08/15/2029 (A)	$		125		129
Verizon Communications
4.016%, 12/03/2029			391		443
2.100%, 03/22/2028			445		452
0.875%, 04/08/2027	EUR		175		210
Verizon Communications MTN
4.750%, 02/17/2034	GBP		170		292

  SEI Institutional International Trust / Annual Report / September 30, 2021   43

SCHEDULE OF INVESTMENTS

September 30, 2021

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
4.050%, 02/17/2025	AUD		680	$	536
Vornado Realty
3.400%, 06/01/2031	$		334		346
Wells Fargo
3.900%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.453% (C)			132		136
Wells Fargo MTN
2.125%, 12/20/2023	GBP		345		477
2.000%, 04/27/2026	EUR		210		263
1.375%, 06/30/2022	GBP		195		265
0.500%, 04/26/2024	EUR		500		588
Welltower
4.500%, 12/01/2034	GBP		140		229
Western Union
2.750%, 03/15/2031	$		355		356
WPC Eurobond BV
1.350%, 04/15/2028	EUR		530		636
					54,314
Total Global Bonds (Cost $505,973) ($ Thousands)					511,469
U.S. TREASURY OBLIGATIONS — 4.0%
U.S. Treasury Bill
0.044%, 10/26/2021 (B)	$		12,107		12,106
U.S. Treasury Bond
2.169%, 11/15/2050 (B)			1,346		725
U.S. Treasury Notes
0.500%, 03/31/2025			94		93
0.375%, 01/31/2026			1,505		1,473
0.125%, 11/30/2022			8,322		8,321
Total U.S. Treasury Obligations (Cost $22,759) ($ Thousands)					22,718
MORTGAGE-BACKED SECURITIES — 0.2%
Agency Mortgage-Backed Obligation — 0.2%
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-HQA1, Cl M3
6.436%, VAR ICE LIBOR USD 1 Month + 6.350%, 09/25/2028			176		186
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA2, Cl M2
3.536%, 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
5.086%, VAR ICE LIBOR USD 1 Month + 5.000%, 11/25/2024	$		74	$	75
FNMA Connecticut Avenue Securities, Ser 2016-C04, Cl 1M2
4.336%, VAR ICE LIBOR USD 1 Month + 4.250%, 01/25/2029			60		63
FNMA Connecticut Avenue Securities, Ser 2016-C07, Cl 2M2
4.436%, VAR ICE LIBOR USD 1 Month + 4.350%, 05/25/2029			83		86
					897
Non-Agency Mortgage-Backed Obligation — 0.0%
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
2.106%, 09/25/2034 (D)			9		8
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1
2.454%, 12/25/2034 (D)			24		25
LSTAR Commercial Mortgage Trust, Ser 2016-4, Cl A2
2.579%, 03/10/2049 (A)			137		139
					172
Total Mortgage-Backed Securities (Cost $1,051) ($ Thousands)					1,069
Total Investments in Securities — 95.3% (Cost $529,783) ($ Thousands)				$	535,256

  44   SEI Institutional International Trust / Annual Report / September 30, 2021

A list of the open futures contracts held by the Fund at September 30, 2021, is as follows:

Type of Contract	Number of Contracts	Expiration Date		Notional Amount (Thousands)			Value   (Thousands)			Unrealized Appreciation/ (Depreciation) (Thousands)
Long Contracts
Australian 10-Year Bond	24		Dec-2021	$	2,543		$	2,453		$	(49	)
Australian 3-Year Bond	12		Dec-2021		1,027			1,009			(3	)
Canadian 10-Year Bond	7		Dec-2021		808			791			(15	)
Euro-BTP	9		Dec-2021		1,626			1,585			(18	)
Euro-Bund	70		Dec-2021		14,305			13,777			(194	)
Euro-Buxl	9		Dec-2021		2,179			2,121			(30	)
Euro-OAT	30		Dec-2021		5,770			5,770			–
Japanese 10-Year Bond	23		Dec-2021		31,652			31,203			(97	)
Japanese 10-Year Government Bond E-MINI	8		Dec-2021		1,103			1,086			(3	)
Long Gilt 10-Year Bond	13		Jan-2022		2,201			2,194			(9	)
U.S. 10-Year Treasury Note	27		Dec-2021		3,591			3,553			(38	)
U.S. Long Treasury Bond	25		Dec-2021		4,063			3,980			(82	)
U.S. Ultra Long Treasury Bond	8		Dec-2021		1,577			1,529			(49	)
					72,445			71,051			(587	)
Short Contracts
Australian 3-Year Bond	(17)		Dec-2021	$	(1,463	)	$	(1,430	)	$	3
Canadian 5-Year Bond	(22)		Dec-2021		(2,202	)		(2,163	)		24
Canadian 10-Year Bond	(14)		Dec-2021		(1,625	)		(1,582	)		36
Euro	(240)		Dec-2021		(35,623	)		(34,800	)		823
Euro-Bob	(34)		Dec-2021		(5,379	)		(5,317	)		7
Euro-Bund	(26)		Dec-2021		(5,218	)		(5,117	)		34
Euro-Schatz	(107)		Dec-2021		(14,259	)		(13,914	)		11
Long Gilt 10-Year Bond	(23)		Jan-2022		(4,074	)		(3,881	)		96
U.S. 2-Year Treasury Note	(53)		Jan-2022		(11,671	)		(11,663	)		8
U.S. 5-Year Treasury Note	(151)		Jan-2022		(18,605	)		(18,534	)		71
U.S. 10-Year Treasury Note	(125)		Dec-2021		(16,443	)		(16,451	)		(8	)
U.S. Ultra Long Treasury Bond	(9)		Dec-2021		(1,768	)		(1,720	)		49
Ultra 10-Year U.S. Treasury Note	(90)		Dec-2021		(13,263	)		(13,073	)		190
					(131,593	)		(129,645	)		1,344
				$	(59,148	)	$	(58,594	)	$	757

A list of the open forward foreign currency contracts held by the Fund at September 30, 2021, is as follows:

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation              (Depreciation) (Thousands)
Bank of America		10/06/21	USD		38	EUR		32	$	(1)
Bank of America		10/06/21	USD		87	ZAR		1,290		(1)
Bank of America		10/06/21	USD		134	NZD		189		(3)
Bank of America		10/06/21	EUR		946	USD		1,119		23
Bank of America		10/06/21	NZD		1,835	USD		1,299		33
Bank of America		10/06/21	ZAR		4,400	USD		302		9
Bank of America		10/08/21	USD		1,033	INR		77,912		16
Barclays PLC		10/06/21	USD		150	JPY		16,700		—
Barclays PLC		10/06/21	USD		152	SGD		205		(2)
Barclays PLC		10/06/21	USD		296	MXN		6,030		(3)
Barclays PLC		10/06/21	USD		440	AUD		601		(6)
Barclays PLC		10/06/21 -11/04/21	USD		589	EUR		502		(7)
Barclays PLC		10/06/21	SEK		1,310	USD		150		—
Barclays PLC		10/06/21	NOK		1,898	USD		219		1
Barclays PLC		10/06/21	AUD		6,972	USD		5,100		63

  SEI Institutional International Trust / Annual Report / September 30, 2021   45

SCHEDULE OF INVESTMENTS

September 30, 2021

International Fixed Income Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation              (Depreciation) (Thousands)
Barclays PLC		10/06/21	PLN		3,559	USD		927	$	31
Barclays PLC		11/04/21	PLN		3,559	USD		892		(4)
Barclays PLC		10/06/21 - 11/04/21	TRY		17,250	USD		2,033		95
Barclays PLC		11/04/21	TRY		7,186	USD		796		—
Barclays PLC		10/06/21	CAD		28,091	USD		22,262		88
Barclays PLC		10/06/21	GBP		19,796	USD		27,273		582
Barclays PLC		11/04/21	GBP		20,978	USD		28,204		(77)
Barclays PLC		10/08/21	USD		406	CNY		2,622		(1)
Barclays PLC		10/08/21	USD		1,059	INR		77,896		(9)
Barclays PLC		11/04/21	ILS		2,941	USD		915		3
Barclays PLC		11/04/21	CZK		25,007	USD		1,137		(6)
Barclays PLC		11/04/21	EUR		68,741	USD		79,824		119
Barclays PLC		11/04/21	EUR		246	USD		285		—
BNP Paribas		10/06/21	USD		32	AUD		44		—
BNP Paribas		10/06/21	GBP		1,160	USD		1,606		42
BNP Paribas		10/06/21	USD		9,153	CAD		11,571		(19)
BNP Paribas		10/06/21	MYR		8,712	USD		2,098		17
BNP Paribas		11/03/21	MYR		8,712	USD		2,078		(3)
BNP Paribas		10/06/21	EUR		70,539	USD		83,581		1,827
BNP Paribas		10/13/21	NOK		8,584	USD		983		—
BNP Paribas		10/15/21	USD		1,064	NZD		1,530		(9)
BNP Paribas		10/15/21	NZD		1,529	USD		1,073		18
BNP Paribas		11/04/21	NZD		225	USD		155		—
BNP Paribas		11/04/21	HUF		314,649	USD		1,013		(1)
BNP Paribas		11/19/21	CAD		1,135	USD		898		2
BNP Paribas		12/09/21	CNH		111,164	USD		17,122		(13)
Brown Brothers Harriman		10/15/21 - 11/08/21	EUR		26,210	USD		30,861		479
Brown Brothers Harriman		10/28/21	MXN		104	USD		5		—
Brown Brothers Harriman		10/28/21	CHF		981	USD		1,088		36
Brown Brothers Harriman		11/08/21	USD		1,103	EUR		942		(11)
Citi		10/04/21 - 11/03/21	USD		1,152	BRL		6,250		(10)
Citi		11/08/21	EUR		706	USD		838		19
Citi		11/08/21	USD		711	EUR		605		(10)
Citi		11/09/21	AUD		10,290	USD		7,416		(17)
Citi		11/17/21	USD		1,067	JPY		118,219		(7)
Citi		11/17/21	JPY		314,501	USD		2,873		53
Citigroup		10/06/21	GBP		110	USD		151		3
Citigroup		10/06/21	EUR		129	USD		151		2
Citigroup		10/06/21	USD		150	CAD		190		—
Citigroup		10/06/21	USD		151	GBP		111		(2)
Citigroup		10/06/21	USD		302	SEK		2,600		(5)
Citigroup		10/06/21	USD		304	EUR		257		(6)
Citigroup		10/06/21	USD		348	ZAR		5,150		(6)
Citigroup		11/04/21	USD		150	NOK		1,310		1
Citigroup		10/06/21	USD		219	NOK		1,898		(2)
Citigroup		11/04/21	USD		42	AUD		59		—
Citigroup		10/06/21	USD		464	AUD		630		(9)
Citigroup		10/06/21	SEK		1,300	USD		151		2
Citigroup		10/06/21	ZAR		2,170	USD		152		8

  46   SEI Institutional International Trust / Annual Report / September 30, 2021

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation              (Depreciation) (Thousands)
Citigroup		10/06/21	CHF		2,221	USD		2,425	$	44
Citigroup		10/06/21	DKK		5,649	USD		899		18
Citigroup		10/06/21	NOK		8,559	USD		989		8
Citigroup		10/06/21	JPY		6,186,433	USD		56,327		879
Citigroup		11/04/21	JPY		36,750	USD		329		(1)
Citigroup		10/08/21 - 11/04/21	USD		25,158	CNY		162,756		25
Citigroup		10/08/21 - 11/04/21	CNY		163,740	USD		25,259		(58)
Citigroup		11/04/21	CAD		190	USD		149		(1)
Credit Agricole		11/04/21	USD		1,043	AUD		1,448		3
Deutsche Bank		11/03/21	USD		147	BRL		790		(2)
Goldman Sachs		10/06/21	USD		1,136	TRY		10,064		(5)
Goldman Sachs		10/06/21	USD		284	ZAR		4,300		1
Goldman Sachs		10/06/21 - 11/24/21	USD		1,532	ZAR		23,077		(6)
Goldman Sachs		10/06/21	TRY		1,280	USD		145		1
Goldman Sachs		11/04/21	TRY		8,784	USD		973		—
Goldman Sachs		10/06/21 - 11/24/21	ZAR		20,579	USD		1,431		72
Goldman Sachs		10/06/21	HUF		314,649	USD		1,064		49
Goldman Sachs		11/04/21	USD		195	AUD		270		—
Goldman Sachs		11/04/21	USD		1,013	GBP		751		—
Goldman Sachs		11/04/21	USD		1,028	MXN		21,200		(1)
Goldman Sachs		11/04/21	USD		1,091	EUR		941		—
Goldman Sachs		11/04/21	MXN		38,804	USD		1,882		2
Goldman Sachs		11/10/21	GBP		8,311	USD		11,415		211
HSBC		10/06/21	THB		3,335	USD		103		4
HSBC		11/04/21	USD		107	AUD		149		1
HSBC		11/08/21	EUR		18,064	USD		21,228		281
HSBC		11/17/21	USD		1,071	JPY		117,534		(17)
JPMorgan Chase Bank		10/06/21	CHF		140	USD		151		1
JPMorgan Chase Bank		10/06/21	USD		151	JPY		16,600		(3)
JPMorgan Chase Bank		10/06/21	SGD		205	USD		151		1
JPMorgan Chase Bank		10/06/21	EUR		257	USD		304		6
JPMorgan Chase Bank		10/06/21	USD		304	CHF		280		(4)
JPMorgan Chase Bank		10/06/21	USD		306	SEK		2,620		(6)
JPMorgan Chase Bank		10/06/21	NZD		435	USD		305		5
JPMorgan Chase Bank		10/06/21	USD		481	AUD		655		(8)
JPMorgan Chase Bank		10/06/21	USD		605	EUR		513		(11)
JPMorgan Chase Bank		10/06/21	NOK		1,310	USD		151		—
JPMorgan Chase Bank		10/06/21	SEK		2,606	USD		303		5
JPMorgan Chase Bank		10/06/21 - 11/04/21	RON		3,124	USD		739		8
JPMorgan Chase Bank		10/07/21	PEN		6,598	USD		1,616		19
JPMorgan Chase Bank		11/08/21	PEN		6,598	USD		1,594		(6)
JPMorgan Chase Bank		10/08/21	USD		1,055	CNY		6,819		—
JPMorgan Chase Bank		10/08/21	USD		1,519	CNY		9,824		1
JPMorgan Chase Bank		10/08/21	CNY		169,324	USD		26,142		(57)
JPMorgan Chase Bank		10/13/21	EUR		22,833	USD		27,015		549
JPMorgan Chase Bank		10/21/21	USD		1,464	JPY		163,759		4
JPMorgan Chase Bank		10/21/21	USD		73	JPY		8,049		—
JPMorgan Chase Bank		10/21/21	JPY		1,698,767	USD		15,433		205
JPMorgan Chase Bank		10/21/21	JPY		556,206	USD		4,972		(14)
JPMorgan Chase Bank		10/25/21	USD		793	COP		3,043,145		5

  SEI Institutional International Trust / Annual Report / September 30, 2021   47

SCHEDULE OF INVESTMENTS

September 30, 2021

International Fixed Income Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation              (Depreciation) (Thousands)
JPMorgan Chase Bank		10/25/21	COP		2,462,826	USD		643	$	(2)
JPMorgan Chase Bank		10/26/21 - 11/01/21	IDR		49,478,879	USD		3,455		2
JPMorgan Chase Bank		11/01/21	USD		167	IDR		2,390,882		—
JPMorgan Chase Bank		11/01/21	USD		84	IDR		1,209,491		—
JPMorgan Chase Bank		11/01/21 - 12/08/21	USD		1,260	KRW		1,492,880		1
JPMorgan Chase Bank		11/04/21	AUD		673	USD		488		2
JPMorgan Chase Bank		11/22/21	ILS		7,131	USD		2,218		7
JPMorgan Chase Bank		11/22/21 - 12/08/21	THB		134,214	USD		4,073		107
JPMorgan Chase Bank		12/08/21	THB		31,450	USD		928		(2)
JPMorgan Chase Bank		11/22/21	CLP		824,004	USD		1,054		43
JPMorgan Chase Bank		12/08/21 - 12/13/21	CNY		34,434	USD		5,294		(13)
JPMorgan Chase Bank		12/09/21	CNH		8,001	USD		1,226		(7)
JPMorgan Chase Bank		12/13/21	USD		86	SGD		117		—
JPMorgan Chase Bank		12/13/21	USD		264	NZD		371		(8)
JPMorgan Chase Bank		12/13/21	USD		402	CAD		513		2
JPMorgan Chase Bank		12/13/21	GBP		96	USD		131		2
JPMorgan Chase Bank		12/13/21	GBP		427	USD		574		(2)
JPMorgan Chase Bank		12/13/21	USD		848	NOK		7,410		1
JPMorgan Chase Bank		12/13/21	USD		756	GBP		563		3
JPMorgan Chase Bank		12/13/21	USD		909	GBP		657		(23)
JPMorgan Chase Bank		12/13/21	CAD		2,553	USD		2,034		19
JPMorgan Chase Bank		12/13/21	CAD		1,111	USD		873		(4)
JPMorgan Chase Bank		12/13/21	USD		1,063	SEK		9,323		4
JPMorgan Chase Bank		12/13/21	USD		4,542	SEK		38,890		(93)
JPMorgan Chase Bank		12/13/21	AUD		5,224	USD		3,882		108
JPMorgan Chase Bank		12/13/21	AUD		1,220	USD		878		(3)
JPMorgan Chase Bank		12/13/21	CHF		6,159	USD		6,747		132
JPMorgan Chase Bank		12/13/21	CHF		1,478	USD		1,586		(2)
JPMorgan Chase Bank		12/13/21	SGD		10,628	USD		7,900		71
JPMorgan Chase Bank		12/13/21	SGD		2,486	USD		1,827		(5)
JPMorgan Chase Bank		12/13/21	NOK		6,485	USD		749		6
JPMorgan Chase Bank		12/13/21	NOK		8,781	USD		996		(10)
JPMorgan Chase Bank		12/13/21	NZD		13,012	USD		9,279		312
JPMorgan Chase Bank		12/13/21	NZD		2,961	USD		2,034		(7)
JPMorgan Chase Bank		12/17/21	USD		630	KRW		746,440		—
JPMorgan Chase Bank		12/17/21	KRW		1,738,389	USD		1,482		14
JPMorgan Chase Bank		12/20/21	USD		740	MXN		15,297		(3)
JPMorgan Chase Bank		12/20/21	USD		2,047	RUB		151,604		5
JPMorgan Chase Bank		12/20/21	MXN		94,266	USD		4,641		104
Morgan Stanley		10/04/21	USD		1,063	BRL		5,666		(23)
Morgan Stanley		10/06/21	USD		39	AUD		53		—
Morgan Stanley		10/06/21	USD		212	GBP		154		(5)
Morgan Stanley		10/06/21	SGD		2,354	USD		1,752		18
Morgan Stanley		10/06/21	ILS		2,941	USD		917		5
Morgan Stanley		10/06/21 - 11/08/21	USD		3,584	EUR		3,037		(63)
Morgan Stanley		10/06/21	SEK		5,036	USD		586		10
Morgan Stanley		11/04/21	SEK		5,408	USD		616		(3)
Morgan Stanley		10/06/21 - 11/30/21	EUR		24,890	USD		29,434		560
Morgan Stanley		10/06/21	CZK		25,007	USD		1,158		15
Morgan Stanley		10/06/21	ZAR		26,948	USD		1,845		54

  48   SEI Institutional International Trust / Annual Report / September 30, 2021

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation              (Depreciation) (Thousands)
Morgan Stanley		11/04/21	ZAR		12,028	USD		791	$	(6)
Morgan Stanley		10/06/21	THB		54,735	USD		1,697		80
Morgan Stanley		10/08/21	INR		77,161	USD		1,028		(11)
Morgan Stanley		10/13/21	USD		966	NOK		8,452		2
Morgan Stanley		11/04/21	USD		0	SEK		4		—
Morgan Stanley		11/04/21	USD		147	JPY		16,400		1
Morgan Stanley		11/04/21	CHF		1,801	USD		1,930		(2)
Morgan Stanley		11/04/21	NOK		9,869	USD		1,122		(8)
Morgan Stanley		11/04/21	JPY		6,190,489	USD		55,357		(145)
Morgan Stanley		11/19/21	CAD		14,551	USD		11,370		(117)
RBC		10/06/21	MXN		38,804	USD		1,924		36
Societe Generale		10/13/21	SEK		19,757	USD		2,296		37
Standard Chartered		10/04/21	BRL		5,317	USD		1,019		43
Standard Chartered		10/06/21	GBP		176	USD		242		4
Standard Chartered		10/06/21	USD		851	EUR		718		(19)
Standard Chartered		10/06/21	MYR		707	USD		170		1
Standard Chartered		11/03/21	MYR		707	USD		169		—
Standard Chartered		10/15/21	IDR		15,250,289	USD		1,070		5
Standard Chartered		10/21/21	USD		1,070	TWD		29,671		(3)
State Street		10/06/21	GBP		111	USD		153		3
State Street		10/06/21	USD		149	GBP		110		—
State Street		10/06/21	USD		151	JPY		16,700		(1)
State Street		10/06/21	USD		297	MXN		6,030		(4)
State Street		10/06/21	USD		302	AUD		410		(6)
State Street		10/06/21	USD		360	EUR		305		(7)
State Street		10/06/21	NZD		433	USD		304		5
State Street		10/06/21	USD		305	CAD		390		3
State Street		10/06/21	USD		151	CAD		190		(1)
State Street		10/06/21	CAD		190	USD		150		—
State Street		10/06/21 - 11/04/21	CAD		356	USD		280		(1)
State Street		10/06/21	USD		588	SEK		5,059		(9)
State Street		10/06/21	SGD		860	USD		640		6
State Street		10/06/21	JPY		37,656	USD		343		6
UBS		10/06/21	USD		60	EUR		51		—
UBS		10/06/21	USD		60	AUD		83		—
UBS		10/06/21	SEK		5,431	USD		622		1
UBS		11/04/21	USD		205	CAD		260		—
UBS		11/04/21	USD		550	JPY		61,400		—
UBS		11/04/21	CNY		1,326	USD		205		—
Westpac Banking		11/04/21	USD		9,181	EUR		7,927		10
									$	6,762

  SEI Institutional International Trust / Annual Report / September 30, 2021   49

SCHEDULE OF INVESTMENTS

September 30, 2021

International Fixed Income Fund (Concluded)

A list of the open OTC swap agreements held by the Fund at September 30, 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)
Deutsche Bank		China 7-Day Reverse Repo Rate		2.985%		Quarterly		06/03/2024		CNY		23,220	$	70	$	–	$	70
Deutsche Bank		China 7-Day Reverse Repo Rate		2.755%		Quarterly		09/09/2024		CNY		31,000		64		–		64
													$	134	$	–	$	134

A list of the open centrally cleared swap agreements held by the Fund at September 30, 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	4.94%		Annually		01/02/2023		BRL		5,658	$	(52)	$	–	$	(52)
BRL/CDI/1D/T247/0.00000	4.945%		Annually		01/02/2023		BRL		5,062		(47)		–		(47)
BRL/CDI/1D/T247/0.00000	4.915%		Annually		01/02/2023		BRL		9,678		(90)		–		(90)
			Annually		02/28/2025		GBP		1,230		(16)		2		(18)
.8%	NY/REPO/1W/CNRR007/0.00000		Quarterly		04/02/2026		CNY		12,090		24		–		24
			Annually		10/03/2047		GBP		460		(53)		(96)		43
			Annually		07/20/2050		GBP		675		(190)		(139)		(51)
0.5475% FIXED	GBP/SONIA/1D/SONIA/0.00000		Annually		08/04/2051		GBP		170		27		–		27
										$	(397)	$	(233)	$	(164)

Percentages are based on Net Assets of $561,559 ($ Thousands).

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2021, the value of these securities amounted to $80,756 ($ Thousands), representing 14.4% 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) Security, or portion thereof, has been pledged as collateral on open futures contracts.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

CLP — Chilean Peso

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

OTC — Over The Counter

PEN — Peruvian Nuevo Sol

PLC — Public Limited Company

PLN — Polish Zloty

RON — Romanian Leu

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

Ser — Series

THB — Thai Baht

TRY — Turkish Lira

TWD — Taiwan Dollar

ULC — Unlimited Liability Company

USD — U.S. Dollar

VAR — Variable Rate

ZAR — South African Rand

  50   SEI Institutional International Trust / Annual Report / September 30, 2021

The following is a list of the level of inputs used as of September 30, 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		–			511,469			–		511,469
U.S. Treasury Obligations		–			22,718			–		22,718
Mortgage-Backed Securities		–			1,069			–		1,069
Total Investments in Securities		–			535,256			–		535,256
Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		1,352			–			–		1,352
Unrealized Depreciation		(595	)		–			–		(595	)
Forwards Contracts*
Unrealized Appreciation		–			7,830			–		7,830
Unrealized Depreciation		–			(1,068	)		–		(1,068	)
OTC Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			134			–		134
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			94			–		94
Unrealized Depreciation		–			(258	)		–		(258	)
Total Other Financial Instruments		757			6,732			–		7,489

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

For the year ended September 30, 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 / Annual Report / September 30, 2021   51

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Markets Debt Fund

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS — 94.4%
Angola — 0.9%
Angolan Government International Bond
9.375%, 05/08/2048	$	2,800	$	2,886
8.250%, 05/09/2028		1,085		1,123
Angolan Government International Bond MTN
9.125%, 11/26/2049 (A)		670		680
9.125%, 11/26/2049		409		415
8.000%, 11/26/2029		2,097		2,145
8.000%, 11/26/2029 (A)		731		748
Republic of Angola Via Avenir II BV MTN
7.867%, VAR ICE LIBOR USD 6 Month + 7.500%, 07/01/2023		2,941		2,896
Republic of Angola Via Avenir Issuer II
Ireland DAC 6.927%, 02/19/2027		2,538		2,386
				13,279
Argentina — 1.0%
Argentine Republic Government International Bond
2.500%, 07/09/2041		5,587		2,052
2.000%, 3.875%, 07/09/2022, 01/09/2038 (B)		3,404		1,320
1.125%, 07/09/2035		1,959		641
1.125%, 1.500%, 07/09/2022, 07/09/2046 (B)		1,056		351
1.000%, 07/09/2029		7,383		2,806
0.500%, 07/09/2029	EUR	13		6
0.500%, 07/09/2030	$	19,036		6,981
0.125%, 07/09/2030 (C)	EUR	403		167
Mercadolibre
3.125%, 01/14/2031	$	651		628
MSU Energy
6.875%, 02/01/2025 (A)		285		234
Provincia de Buenos Aires MTN
2.000%, 3.000%, 09/01/2022, 09/01/2037 (B)	EUR	666		250

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Provincia de Cordoba
5.000%, 12/10/2025 (A)(C)	$	540	$	408
				15,844
Armenia — 0.1%
Republic of Armenia International Bond
3.600%, 02/02/2031		1,005		947
3.600%, 02/02/2031 (A)		449		423
				1,370
Azerbaijan — 0.7%
Republic of Azerbaijan International Bond
5.125%, 09/01/2029		1,711		1,903
Southern Gas Corridor CJSC
6.875%, 03/24/2026 (A)		1,437		1,691
6.875%, 03/24/2026		4,125		4,853
State Oil of the Azerbaijan Republic
6.950%, 03/18/2030		2,380		2,929
				11,376
Bahamas — 0.0%
Bahamas Government International Bond
8.950%, 10/15/2032 (A)		510		479
6.000%, 11/21/2028		200		172
				651
Bahrain — 0.8%
Bahrain Government International Bond
7.000%, 01/26/2026 (A)		1,165		1,289
7.000%, 10/12/2028 (A)		507		554
6.750%, 09/20/2029 (A)		721		773
6.750%, 09/20/2029		200		214
6.125%, 08/01/2023		520		551
6.000%, 09/19/2044		297		273
5.625%, 09/30/2031 (A)		1,146		1,134
5.625%, 09/30/2031		528		523
5.450%, 09/16/2032 (C)		3,479		3,375
Bahrain Government International Bond MTN
6.250%, 01/25/2051		541		496
5.250%, 01/25/2033 (A)		1,640		1,557
4.250%, 01/25/2028		597		588
Oil and Gas Holding BSCC (A)
8.375%, 11/07/2028		560		645
7.625%, 11/07/2024		794		870
				12,842
Belarus — 0.3%
Development Bank of the Republic of Belarus JSC
6.750%, 05/02/2024		972		913
Republic of Belarus International Bond
6.378%, 02/24/2031 (A)		899		791
6.378%, 02/24/2031		372		328
6.200%, 02/28/2030		1,240		1,091

  52   SEI Institutional International Trust / Annual Report / September 30, 2021

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
6.200%, 02/28/2030 (A)	$	89	$	78
5.875%, 02/24/2026		1,842		1,725
				4,926
Belize — 0.0%
Belize Government International Bond
5.000%, 02/20/2038		1,173		575
Benin — 0.0%
Benin Government International Bond
6.875%, 01/19/2052	EUR	158		188
4.950%, 01/22/2035		389		439
4.875%, 01/19/2032		102		118
				745
Bermuda — 0.2%
Bermuda Government International Bond
4.750%, 02/15/2029	$	1,204		1,396
3.717%, 01/25/2027		631		691
2.375%, 08/20/2030		221		219
				2,306
Brazil — 6.1%
B3 - Brasil Bolsa Balcao
4.125%, 09/20/2031 (A)		437		428
Brazil Letras do Tesouro Nacional (D)
7.296%, 07/01/2023	BRL	14,000		2,190
7.252%, 01/01/2024		58,000		8,592
5.227%, 01/01/2022		77,000		13,886
Brazil Loan Trust 1
5.477%, 07/24/2023 (A)	$	108		111
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/2028		1,905		2,039
5.333%, 02/15/2028		1,176		1,259
5.333%, 02/15/2028 (A)		157		168
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 08/15/2026	BRL	1,000		717
6.000%, 05/15/2045		818		626
6.000%, 08/15/2050		1,809		1,397
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2023		77,155		14,279
10.000%, 01/01/2025		46,744		8,519
10.000%, 01/01/2027		46,182		8,263
10.000%, 01/01/2029		25,306		4,442
10.000%, 01/01/2031		7,579		1,303
Brazilian Government International Bond
5.625%, 01/07/2041	$	517		522
5.625%, 02/21/2047		709		710
5.000%, 01/27/2045		2,338		2,180
4.750%, 01/14/2050		754		668
3.875%, 06/12/2030		1,053		1,021
3.750%, 09/12/2031 (C)		6,586		6,247
Centrais Eletricas Brasileiras
4.625%, 02/04/2030 (A)		226		225

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
CSN Islands XI
6.750%, 01/28/2028 (A)	$	592	$	631
CSN Resources
4.625%, 06/10/2031 (A)		315		311
Gol Finance
7.000%, 01/31/2025 (A)		998		940
Iochpe-Maxion Austria GmbH
5.000%, 05/07/2028 (A)		581		580
JBS USA Food
5.750%, 01/15/2028 (A)		466		489
MC Brazil Downstream Trading SARL
7.250%, 06/30/2031 (A)		3,213		3,231
Minerva Luxembourg
4.375%, 03/18/2031 (A)		1,189		1,149
MV24 Capital BV
6.748%, 06/01/2034 (A)		650		686
Nexa Resources
5.375%, 05/04/2027 (A)		2,591		2,721
Petrobras Global Finance BV
5.500%, 06/10/2051		457		426
StoneCo
3.950%, 06/16/2028 (C)		1,270		1,228
Suzano Austria GmbH (A)
7.000%, 03/16/2047		399		523
6.000%, 01/15/2029		288		338
5.000%, 01/15/2030		494		548
				93,593
Cameroon — 0.1%
Republic of Cameroon International Bond
5.950%, 07/07/2032	EUR	543		615
5.950%, 07/07/2032 (A)		250		284
				899
Cayman Islands — 0.1%
Neon Capital MTN
2.015%, 01/06/2028 (E)	JPY	265,619		1,981
Chile — 1.6%
Alfa Desarrollo SpA
4.550%, 09/27/2051 (A)	$	2,047		1,997
ATP Tower Holdings LLC
4.050%, 04/27/2026 (A)		255		256
Banco de Credito e Inversiones
3.500%, 10/12/2027 (A)		1,046		1,119
Bonos de la Tesoreria de la Republica (I)
2.000%, 03/01/2035	CLP	1,393,429		1,633
1.900%, 09/01/2030		1,901,188		2,307
1.500%, 03/01/2026		636,931		784
Bonos de la Tesoreria de la Republica en pesos
4.500%, 03/01/2026		625,000		754
2.800%, 10/01/2033 (A)		1,290,000		1,214

  SEI Institutional International Trust / Annual Report / September 30, 2021   53

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Cencosud
4.375%, 07/17/2027 (A)	$	1,819	$	1,976
Chile Government International Bond
3.250%, 09/21/2071		1,615		1,459
3.100%, 05/07/2041		212		204
2.550%, 07/27/2033		6,983		6,807
Empresa de Transporte de Pasajeros Metro
3.650%, 05/07/2030 (A)		217		235
Empresa Nacional del Petroleo
3.750%, 08/05/2026		749		786
3.450%, 09/16/2031 (A)		331		325
Nacional del Cobre de Chile
5.625%, 10/18/2043		442		574
3.750%, 01/15/2031 (A)		234		252
3.150%, 01/14/2030		800		826
3.000%, 09/30/2029		224		229
Sociedad Quimica y Minera de Chile
3.500%, 09/10/2051 (A)		1,495		1,441
				25,178
China — 5.1%
Blossom Joy
3.100%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.799% (F)		202		207
China Government Bond
3.810%, 09/14/2050	CNY	9,340		1,534
3.720%, 04/12/2051		20,100		3,286
3.390%, 03/16/2050		8,350		1,267
3.280%, 12/03/2027		50,290		8,017
3.270%, 11/19/2030		34,600		5,496
3.130%, 11/21/2029		6,500		1,019
3.120%, 12/05/2026		9,040		1,424
3.020%, 10/22/2025		43,500		6,815
3.020%, 05/27/2031		1,500		235
3.010%, 05/13/2028		12,540		1,959
2.880%, 11/05/2023		25,000		3,893
2.850%, 06/04/2027		41,980		6,503
2.680%, 05/21/2030		51,050		7,710
1.990%, 04/09/2025		60,830		9,195
China Government International Bond
3.250%, 10/19/2023	$	1,192		1,262
0.550%, 10/21/2025		1,150		1,128
0.400%, 10/21/2023		2,410		2,411
China Minmetals
3.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.717% (F)		2,047		2,080
Chinalco Capital Holdings
4.250%, 04/21/2022		740		751
4.100%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.788% (F)		224		235

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
2.125%, 06/03/2026	$	413	$	409
CNAC HK Finbridge
5.125%, 03/14/2028		246		281
4.125%, 07/19/2027		713		777
3.875%, 06/19/2029		1,156		1,236
3.000%, 09/22/2030		561		562
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		313
ENN Clean Energy International Investment
3.375%, 05/12/2026 (A)		647		652
Huarong Finance II MTN
5.500%, 01/16/2025		640		632
Leader Goal International Ltd MTN
4.250% (E)(F)		212		217
Meituan
3.050%, 10/28/2030		204		189
Minmetals Bounteous Finance BVI
3.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.209% (F)		805		833
Powerchina Roadbridge Group British Virgin Islands
3.080%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.256% (F)		285		285
Shimao Group Holdings
5.600%, 07/15/2026		200		198
Sinopec Group Overseas Development 2018
2.700%, 05/13/2030		548		560
2.300%, 01/08/2031		2,858		2,829
Sunac China Holdings
7.000%, 07/09/2025		214		172
6.500%, 01/26/2026		206		165
Tencent Holdings Ltd MTN
3.240%, 06/03/2050 (A)		450		423
Wanda Properties International
7.250%, 01/29/2024		600		580
Wanda Properties Overseas
6.950%, 12/05/2022		200		195
6.875%, 07/23/2023		232		224
				78,372
Colombia — 5.3%
Colombia Government International Bond
9.850%, 06/28/2027 (C)	COP	5,060,000		1,550
7.375%, 09/18/2037	$	1,009		1,239
6.125%, 01/18/2041		2,378		2,612
5.625%, 02/26/2044		132		138
5.200%, 05/15/2049		1,060		1,056

  54   SEI Institutional International Trust / Annual Report / September 30, 2021

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
5.000%, 06/15/2045	$	4,204	$	4,097
4.500%, 03/15/2029		721		760
4.375%, 03/21/2023	COP	2,871,000		754
4.125%, 02/22/2042	$	8,131		7,310
3.875%, 04/25/2027		1,466		1,519
3.875%, 02/15/2061		2,327		1,874
3.250%, 04/22/2032		269		251
3.125%, 04/15/2031		1,537		1,439
3.000%, 01/30/2030		1,457		1,377
Colombian TES
10.000%, 07/24/2024	COP	20,024,400		5,862
7.750%, 09/18/2030		12,738,000		3,408
7.500%, 08/26/2026		29,694,400		8,068
7.250%, 10/18/2034		18,842,900		4,687
7.000%, 03/26/2031		17,065,600		4,278
7.000%, 06/30/2032		7,329,100		1,819
6.250%, 11/26/2025		25,567,200		6,717
6.250%, 07/09/2036		5,769,500		1,277
6.000%, 04/28/2028		25,503,900		6,293
5.750%, 11/03/2027		30,168,700		7,444
3.000%, 03/25/2033		1,380,300		975
2.250%, 04/18/2029		181,900		130
Ecopetrol
6.875%, 04/29/2030	$	492		576
Empresas Publicas de Medellin ESP (A)
8.375%, 11/08/2027	COP	2,351,000		583
7.625%, 09/10/2024		3,116,000		825
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/2024 (A)		1,127,000		307
7.875%, 08/12/2024		884,000		241
Geopark
5.500%, 01/17/2027 (A)	$	974		960
Gran Tierra Energy
7.750%, 05/23/2027 (A)		293		254
Grupo Aval
4.375%, 02/04/2030 (A)		812		802
SierraCol Energy Andina
6.000%, 06/15/2028 (A)		672		657
				82,139
Costa Rica — 0.6%
Costa Rica Government International Bond
7.158%, 03/12/2045 (A)		665		664
7.158%, 03/12/2045		2,407		2,404
7.158%, 03/12/2045		500		499
7.000%, 04/04/2044		2,052		2,021
7.000%, 04/04/2044 (A)		563		555
7.000%, 04/04/2044		230		227
6.125%, 02/19/2031 (C)		1,921		1,969
4.375%, 04/30/2025		393		399

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Instituto Costarricense de Electricidad
6.375%, 05/15/2043	$	250	$	217
				8,955
Croatia — 0.1%
Croatia Government International Bond
1.500%, 06/17/2031	EUR	650		787
1.125%, 03/04/2033		452		521
				1,308
Czech Republic — 1.5%
Czech Republic Government Bond
2.750%, 07/23/2029	CZK	55,670		2,665
2.500%, 08/25/2028		84,640		3,974
2.400%, 09/17/2025		165,160		7,644
2.000%, 10/13/2033		46,630		2,104
1.250%, 02/14/2025		48,060		2,139
1.200%, 03/13/2031		29,710		1,254
1.000%, 06/26/2026		35,200		1,530
0.950%, 05/15/2030		5,530		231
0.250%, 02/10/2027		10,460		434
0.050%, 11/29/2029		31,030		1,204
				23,179
Dominican Republic — 1.2%
Dominican Republic International Bond
7.450%, 04/30/2044 (A)	$	687		819
7.450%, 04/30/2044		228		272
6.850%, 01/27/2045		1,386		1,546
6.600%, 01/28/2024 (C)		656		723
6.500%, 02/15/2048		2,472		2,641
6.400%, 06/05/2049		1,026		1,086
5.950%, 01/25/2027		625		703
5.875%, 04/18/2024 (A)		71		75
5.875%, 01/30/2060		1,862		1,822
5.875%, 01/30/2060 (A)		75		73
5.500%, 01/27/2025		949		1,037
5.300%, 01/21/2041		2,694		2,664
4.875%, 09/23/2032		259		264
4.500%, 01/30/2030 (A)		755		768
4.500%, 01/30/2030		3,319		3,377
				17,870
Ecuador — 0.8%
Ecuador Government International Bond
9.365%, 07/31/2030 (D)		292		156
6.699%, 07/31/2030 (A)(D)		1,613		861
5.000%, 07/31/2030 (A)		2,448		2,056
1.000%, 2.500%, 07/31/2022, 07/31/2035 (A)(B)		5,391		3,552
1.000%, 2.500%, 07/31/2022, 07/31/2035 (B)		3,982		2,623
0.500%, 07/31/2040 (A)		2,887		1,678

  SEI Institutional International Trust / Annual Report / September 30, 2021   55

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
0.500%, 1.500%, 07/31/2022, 07/31/2040 (B)	$	1,611	$	937
				11,863
Egypt — 3.3%
Egypt Government Bond
14.664%, 10/06/2030	EGP	4,750		301
14.556%, 10/13/2027		11,537		734
14.483%, 04/06/2026		31,272		1,986
14.406%, 07/07/2027		17,842		1,128
14.382%, 01/12/2031		9,502		594
14.292%, 01/05/2028		19,000		1,196
14.196%, 07/07/2023		21,779		1,380
14.060%, 01/12/2026		44,207		2,768
Egypt Government International Bond
18.000%, 11/06/2028		30,307		2,212
17.700%, 08/07/2025		29,457		2,042
16.300%, 04/09/2024		15,034		991
16.100%, 05/07/2029		14,920		1,013
15.900%, 07/02/2024		20,628		1,350
8.875%, 05/29/2050 (A)	$	1,737		1,718
8.875%, 05/29/2050		300		297
8.700%, 03/01/2049 (A)		816		792
8.700%, 03/01/2049		600		582
7.903%, 02/21/2048 (A)		1,510		1,378
7.903%, 02/21/2048		762		695
7.625%, 05/29/2032		4,332		4,317
7.625%, 05/29/2032 (A)		4,120		4,106
Egypt Government International Bond MTN
8.750%, 09/30/2051 (A)		839		818
8.500%, 01/31/2047		2,970		2,866
8.150%, 11/20/2059 (A)		1,019		939
8.150%, 11/20/2059		277		255
7.600%, 03/01/2029		200		207
7.500%, 02/16/2061		1,119		980
7.300%, 09/30/2033 (A)		1,611		1,564
7.053%, 01/15/2032 (A)		547		530
6.375%, 04/11/2031	EUR	900		1,023
6.375%, 04/11/2031 (A)		232		264
6.125%, 01/31/2022 (A)	$	385		388
5.625%, 04/16/2030	EUR	732		810
4.750%, 04/11/2025		457		539
4.750%, 04/11/2025 (A)		443		522
4.750%, 04/16/2026		670		780
Egypt Treasury Bills (D)
13.412%, 10/05/2021	EGP	95,375		6,061
13.346%, 01/11/2022		21,625		1,332
				51,458
El Salvador — 0.5%
El Salvador Government International Bond
9.500%, 07/15/2052	$	3,093		2,405
8.625%, 02/28/2029		41		31

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
8.250%, 04/10/2032	$	1,661	$	1,238
8.250%, 04/10/2032 (A)		404		301
7.750%, 01/24/2023		1,630		1,373
7.650%, 06/15/2035 (A)		149		107
7.625%, 02/01/2041 (A)		545		383
7.625%, 02/01/2041		527		370
7.125%, 01/20/2050		640		440
6.375%, 01/18/2027 (A)		256		190
5.875%, 01/30/2025		1,606		1,225
5.875%, 01/30/2025 (A)		93		71
				8,134
Ethiopia — 0.0%
Federal Democratic Republic of Ethiopia
6.625%, 12/11/2024 (A)		296		256
Gabon — 0.1%
Gabon Government International Bond
6.625%, 02/06/2031 (A)		613		603
6.375%, 12/12/2024		1,084		1,152
				1,755
Georgia — 0.1%
Georgia Government International Bond
2.750%, 04/22/2026 (A)		499		505
2.750%, 04/22/2026		480		485
				990
Ghana — 1.4%
Ghana Government International Bond
19.750%, 03/25/2024	GHS	5,311		919
19.000%, 11/02/2026		11,055		1,822
10.750%, 10/14/2030	$	2,404		2,903
8.950%, 03/26/2051 (A)		1,014		924
8.875%, 05/07/2042 (C)		1,286		1,196
8.875%, 05/07/2042 (A)		426		396
8.750%, 03/11/2061		693		619
8.750%, 03/11/2061 (A)		77		69
8.627%, 06/16/2049 (A)		593		531
8.625%, 04/07/2034		2,907		2,763
7.875%, 03/26/2027 (A)		653		637
7.875%, 02/11/2035		1,114		1,001
7.750%, 04/07/2029 (A)		413		393
7.750%, 04/07/2029		870		829
7.625%, 05/16/2029		995		945
7.625%, 05/16/2029 (A)		908		863
6.375%, 02/11/2027		1,016		955
6.375%, 02/11/2027 (A)		451		424
Republic of Ghana
8.125%, 01/18/2026 (A)		420		424
Republic of Ghana Government Bonds
20.750%, 03/06/2023	GHS	1,920		337
19.250%, 12/18/2023		5,450		933

  56   SEI Institutional International Trust / Annual Report / September 30, 2021

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Tullow Oil (A)
10.250%, 05/15/2026	$	810	$	846
7.000%, 03/01/2025		783		679
				21,408
Guatemala — 0.3%
Guatemala Government Bond
6.125%, 06/01/2050		168		193
5.375%, 04/24/2032		498		565
4.900%, 06/01/2030 (C)		964		1,046
4.650%, 10/07/2041 (A)		845		824
4.650%, 10/07/2041		210		205
4.500%, 05/03/2026		649		694
3.700%, 10/07/2033 (A)		1,141		1,114
3.700%, 10/07/2033		500		488
				5,129
Honduras — 0.1%
Honduras Government International Bond
6.250%, 01/19/2027		326		353
5.625%, 06/24/2030 (A)		736		765
5.625%, 06/24/2030		299		311
				1,429
Hong Kong — 0.0%
NWD
4.125%, 07/18/2029		757		755
Hungary — 1.3%
Hungary Government Bond
6.750%, 10/22/2028 (C)	HUF	489,630		1,963
5.500%, 06/24/2025		338,870		1,210
4.000%, 04/28/2051		124,570		424
3.250%, 10/22/2031		794,110		2,588
3.000%, 10/27/2027		354,300		1,155
3.000%, 08/21/2030		326,430		1,046
3.000%, 10/27/2038		138,140		406
2.750%, 12/22/2026		910,960		2,938
2.250%, 04/20/2033		36,320		105
1.500%, 04/22/2026		188,890		580
Hungary Government International Bond
5.375%, 02/21/2023	$	694		740
3.125%, 09/21/2051 (A)		1,983		1,953
2.125%, 09/22/2031 (A)		3,882		3,819
1.750%, 06/05/2035	EUR	265		322
1.500%, 11/17/2050		255		275
				19,524
India — 0.3%
Adani Electricity Mumbai
3.949%, 02/12/2030 (A)	$	540		539
Export-Import Bank of India MTN
3.250%, 01/15/2030		1,060		1,075
2.250%, 01/13/2031		615		571

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Network i2i
5.650%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.277% (A)(F)	$	275	$	293
Power Finance MTN
3.950%, 04/23/2030 (A)		569		581
Vedanta Resources
7.125%, 05/31/2023		200		191
6.375%, 07/30/2022		350		349
Vedanta Resources Finance II
13.875%, 01/21/2024 (A)		286		309
				3,908
Indonesia — 7.2%
Indonesia Asahan Aluminium Persero
6.757%, 11/15/2048		257		330
5.800%, 05/15/2050 (A)(C)		1,165		1,362
5.710%, 11/15/2023 (A)		618		675
4.750%, 05/15/2025 (A)		240		261
Indonesia Government International Bond
9.000%, 03/15/2029	IDR	42,750,000		3,487
8.500%, 10/12/2035	$	1,359		2,122
8.375%, 03/15/2024	IDR	20,173,000		1,538
8.375%, 04/15/2039		72,056,000		5,659
8.250%, 05/15/2029		68,743,000		5,408
8.250%, 06/15/2032		12,030,000		948
8.250%, 05/15/2036		70,055,000		5,467
8.125%, 05/15/2024		77,129,000		5,877
7.750%, 01/17/2038	$	1,797		2,673
7.500%, 08/15/2032	IDR	26,770,000		2,000
7.500%, 05/15/2038		58,662,000		4,267
7.000%, 05/15/2022		40,233,000		2,876
7.000%, 05/15/2027		66,663,000		4,988
6.625%, 05/15/2033		24,323,000		1,705
6.125%, 05/15/2028		11,097,000		791
5.625%, 05/15/2023		1,885,000		135
5.250%, 01/08/2047 (A)	$	170		212
3.500%, 01/11/2028		1,659		1,798
3.200%, 09/23/2061		873		812
3.050%, 03/12/2051 (C)		2,378		2,246
2.850%, 02/14/2030		3,196		3,299
2.150%, 07/28/2031		660		644
1.300%, 03/23/2034	EUR	514		581
1.100%, 03/12/2033		690		774
Indonesia Government International Bond MTN
5.250%, 01/17/2042	$	2,985		3,623
5.125%, 01/15/2045		210		254
4.625%, 04/15/2043		605		685
3.750%, 06/14/2028	EUR	307		420
Indonesia Treasury Bond
8.750%, 05/15/2031	IDR	62,105,000		5,077
8.375%, 03/15/2034		117,065,000		9,255

  SEI Institutional International Trust / Annual Report / September 30, 2021   57

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
7.500%, 06/15/2035	IDR	12,896,000	$	953
7.500%, 04/15/2040		56,606,000		4,137
7.125%, 06/15/2042		1,189,000		84
7.000%, 09/15/2030		32,210,000		2,360
6.500%, 06/15/2025		58,731,000		4,309
6.500%, 02/15/2031		43,827,000		3,094
5.500%, 04/15/2026		60,500,000		4,273
Medco Bell Pte
6.375%, 01/30/2027 (A)	$	466		470
Pertamina Persero
2.300%, 02/09/2031 (A)		1,375		1,310
Pertamina Persero MTN
6.450%, 05/30/2044		959		1,249
3.650%, 07/30/2029 (A)		1,035		1,106
Perusahaan Listrik Negara
1.875%, 11/05/2031 (A)	EUR	691		779
Perusahaan Listrik Negara MTN
6.150%, 05/21/2048 (A)	$	657		812
6.150%, 05/21/2048		250		309
4.375%, 02/05/2050 (A)		265		266
Perusahaan Penerbit SBSN Indonesia III
4.325%, 05/28/2025		1,673		1,854
Perusahaan Perseroan Persero Perusahaan
Listrik Negara MTN
3.000%, 06/30/2030		565		564
				110,178
Iraq — 0.1%
Iraq International Bond
5.800%, 01/15/2028		1,340		1,291
Israel — 0.4%
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		441
Leviathan Bond (A)
6.750%, 06/30/2030		394		435
6.500%, 06/30/2027 (C)		959		1,052
State of Israel
4.500%, 04/03/2120		3,121		3,918
2.500%, 01/15/2030		203		212
				6,058
Ivory Coast — 0.4%
Ivory Coast Government International Bond
6.875%, 10/17/2040	EUR	1,169		1,445
6.625%, 03/22/2048		2,469		2,872
6.625%, 03/22/2048		481		560
5.875%, 10/17/2031 (A)		205		248
5.750%, 12/31/2032	$	850		850
5.250%, 03/22/2030	EUR	139		167
				6,142

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Jamaica — 0.1%
Digicel International Finance (A)
8.750%, 05/25/2024	$	530	$	549
8.750%, 05/25/2024		435		450
				999
Jordan — 0.2%
Jordan Government International Bond
7.375%, 10/10/2047		342		354
7.375%, 10/10/2047 (A)		228		236
5.850%, 07/07/2030 (A)		1,227		1,270
4.950%, 07/07/2025		1,100		1,147
				3,007
Kazakhstan — 1.3%
Development Bank of Kazakhstan JSC
4.125%, 12/10/2022		770		797
2.950%, 05/06/2031		530		533
2.950%, 05/06/2031 (A)		465		467
Kazakhstan Government International Bond
4.875%, 10/14/2044		510		625
4.875%, 10/14/2044 (A)		318		390
KazMunayGas National JSC
6.375%, 10/24/2048 (A)		1,166		1,498
5.750%, 04/19/2047 (A)		1,852		2,222
5.750%, 04/19/2047		63		75
5.375%, 04/24/2030 (A)		984		1,160
5.375%, 04/24/2030		3,728		4,394
3.500%, 04/14/2033		1,832		1,886
KazTransGas JSC
4.375%, 09/26/2027		1,205		1,326
4.375%, 09/26/2027 (A)		165		182
National Bank of Kazakhstan Notes (D)
9.259%, 03/25/2022	KZT	600,000		1,350
8.811%, 10/15/2021		415,221		972
Tengizchevroil Finance International
3.250%, 08/15/2030 (A)	$	450		456
2.625%, 08/15/2025		1,071		1,092
				19,425
Kenya — 0.3%
Kenya Government International Bond
8.250%, 02/28/2048		1,154		1,246
8.250%, 02/28/2048 (A)		780		843
8.000%, 05/22/2032		639		706
7.000%, 05/22/2027		1,394		1,505
6.300%, 01/23/2034 (A)		854		842
				5,142
Kuwait — 0.1%
Meglobal Canada ULC MTN
5.875%, 05/18/2030 (A)		222		273

  58   SEI Institutional International Trust / Annual Report / September 30, 2021

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
NBK SPC
1.625%, VAR United States Secured Overnight Financing Rate + 1.050%, 09/15/2027 (A)	$	680	$	671
NBK Tier 1 Financing 2
4.500%, VAR USD Swap Semi 30/360 6 Yr Curr + 2.832% (A)(F)		513		529
				1,473
Lebanon — 0.3%
Lebanon Government International Bond
8.250%, 05/17/2034 (G)		7,412		1,199
8.200%, 05/17/2033 (G)		2,700		439
6.650%, 04/22/2024 (G)		2,250		369
6.000%, 01/27/2023 (G)		560		92
Lebanon Government International Bond MTN
8.250%, 04/12/2021 (G)		1,073		183
7.000%, 03/20/2028 (G)		2,048		328
6.850%, 05/25/2029 (G)		387		63
6.650%, 02/26/2030 (G)		1,925		317
6.600%, 11/27/2026 (G)		1,896		313
6.400%, 05/26/2023 (G)		1,555		256
6.375%, 10/31/2021 (G)		2,750		454
6.100%, 10/04/2022 (G)		2,290		378
6.100%, 10/04/2022 (G)		569		94
				4,485
Luxembourg — 0.0%
Millicom International Cellular
6.250%, 03/25/2029 (A)		403		441
Macau — 0.0%
Studio City Finance (A)
6.500%, 01/15/2028		371		364
6.000%, 07/15/2025		87		86
				450
Macedonia — 0.0%
North Macedonia Government International Bond
1.625%, 03/10/2028	EUR	296		334
Malaysia — 6.0%
1MDB Energy
5.990%, 05/11/2022	$	1,000		1,023
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		282
4.935%, 09/30/2043		2,200		576
4.921%, 07/06/2048		1,768		464
4.642%, 11/07/2033		500		128

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
4.392%, 04/15/2026	MYR	3,480	$	883
4.254%, 05/31/2035		8,927		2,210
4.232%, 06/30/2031		1,200		304
4.181%, 07/15/2024		20,513		5,113
4.065%, 06/15/2050		3,119		717
4.059%, 09/30/2024		8,576		2,134
3.955%, 09/15/2025		30,757		7,690
3.906%, 07/15/2026		16,854		4,210
3.900%, 11/30/2026		2,006		501
3.899%, 11/16/2027		3,026		751
3.885%, 08/15/2029		24,960		6,168
3.882%, 03/10/2022 (C)		4,459		1,075
3.828%, 07/05/2034		33,019		7,814
3.800%, 08/17/2023		31,953		7,886
3.795%, 09/30/2022		3,200		780
3.757%, 04/20/2023		14,611		3,584
3.757%, 05/22/2040		11,882		2,712
3.733%, 06/15/2028		19,541		4,787
3.502%, 05/31/2027		7,185		1,751
3.480%, 03/15/2023		9,914		2,419
3.478%, 06/14/2024		6,671		1,635
3.418%, 08/15/2022		10,450		2,533
2.632%, 04/15/2031		13,166		2,950
Malaysia Government Investment Issue
4.369%, 10/31/2028		1,200		306
4.119%, 11/30/2034		5,564		1,357
4.070%, 09/30/2026		6,500		1,639
Malaysia Wakala Sukuk
2.070%, 04/28/2031 (C)	$	1,230		1,219
Petronas Capital MTN
4.550%, 04/21/2050		1,401		1,714
3.500%, 04/21/2030		819		886
2.480%, 01/28/2032		1,266		1,259
				92,905
Mexico — 6.5%
America Movil
7.125%, 12/09/2024	MXN	18,110		867
Banco Mercantil del Norte (A)(F)
7.500%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr + 5.470%	$	476		530
6.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.967%		609		642
Banco Nacional de Comercio Exterior SNC
2.720%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.000%, 08/11/2031 (A)		1,833		1,840
Cemex (A)
5.450%, 11/19/2029		750		813

  SEI Institutional International Trust / Annual Report / September 30, 2021   59

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
5.125%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.534% (F)	$	200	$	204
3.875%, 07/11/2031		572		572
Comision Federal de Electricidad
7.350%, 11/25/2025	MXN	39,785		1,868
5.750%, 02/14/2042 (A)	$	500		546
4.750%, 02/23/2027 (A)		258		289
3.348%, 02/09/2031 (A)(C)		391		384
FEL Energy VI Sarl
5.750%, 12/01/2040 (A)		191		200
Industrias Penoles
5.650%, 09/12/2049 (A)		359		444
Mexican Bonos
8.000%, 11/07/2047	MXN	61,317		3,005
7.750%, 11/13/2042		76,027		3,658
7.500%, 06/03/2027		139,959		6,921
6.500%, 06/09/2022		8,698		426
5.750%, 03/05/2026		87,650		4,068
Mexican Bonos, Ser M20
10.000%, 12/05/2024 (C)		165,575		8,835
8.500%, 05/31/2029		81,760		4,257
8.000%, 12/07/2023		30,252		1,524
Mexican Bonos, Ser M30
8.500%, 11/18/2038		163,217		8,445
Mexican Udibonos
4.500%, 12/04/2025		31,312		1,662
3.500%, 11/16/2023		66,254		3,331
2.000%, 06/09/2022		34,395		1,678
Mexico City Airport Trust
5.500%, 07/31/2047 (A)	$	715		730
Mexico Government International Bond
5.000%, 04/27/2051 (C)		1,632		1,790
4.750%, 04/27/2032		1,222		1,374
4.600%, 02/10/2048		394		406
4.280%, 08/14/2041		1,402		1,430
3.771%, 05/24/2061		434		385
2.659%, 05/24/2031		1,940		1,872
Mexico Government International Bond MTN
5.750%, 10/12/2110		1,716		1,952
4.750%, 03/08/2044		386		411
Minera Mexico
4.500%, 01/26/2050 (A)		627		694
Petroleos Mexicanos
9.500%, 09/15/2027		280		323
9.500%, 09/15/2027		169		195
7.690%, 01/23/2050		680		644
7.690%, 01/23/2050 (A)		427		404
7.470%, 11/12/2026	MXN	15,660		683
7.190%, 09/12/2024		45,182		2,091
6.950%, 01/28/2060	$	574		502

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
6.950%, 01/28/2060 (A)	$	864	$	755
6.840%, 01/23/2030		2,693		2,782
6.625%, 06/15/2035		3,945		3,743
6.500%, 01/23/2029 (A)		785		807
6.500%, 06/02/2041		201		178
6.350%, 02/12/2048		981		829
6.350%, 02/12/2048		678		573
6.350%, 02/12/2048 (A)		430		363
5.950%, 01/28/2031		2,673		2,591
5.950%, 01/28/2031 (A)		540		523
5.950%, 01/28/2031		1,490		1,444
5.625%, 01/23/2046		253		203
5.350%, 02/12/2028		908		895
5.350%, 02/12/2028 (A)		279		275
Petroleos Mexicanos MTN
6.875%, 08/04/2026		713		775
6.750%, 09/21/2047		6,432		5,610
6.750%, 09/21/2047		553		482
4.875%, 02/21/2028	EUR	755		884
Poinsettia Finance
6.625%, 06/17/2031	$	4,196		4,138
				100,745
Mongolia — 0.3%
Development Bank of Mongolia
7.250%, 10/23/2023 (A)		784		837
Mongolia Government International Bond
5.125%, 04/07/2026		381		400
3.500%, 07/07/2027		1,130		1,097
Mongolia Government International Bond MTN
8.750%, 03/09/2024		2,351		2,666
				5,000
Morocco — 0.3%
Morocco Government International Bond
5.500%, 12/11/2042		401		451
4.000%, 12/15/2050		1,049		957
3.000%, 12/15/2032		2,235		2,124
2.375%, 12/15/2027		745		729
OCP
3.750%, 06/23/2031 (A)		202		201
				4,462
Mozambique — 0.1%
Mozambique International Bond
5.000%, 9.000%, 09/15/2023, 09/15/2031 (A)(B)		1,839		1,582
5.000%, 09/15/2031		200		172
				1,754
Netherlands — 0.1%
Minejesa Capital BV (A)
5.625%, 08/10/2037		297		314

  60   SEI Institutional International Trust / Annual Report / September 30, 2021

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
4.625%, 08/10/2030	$	386	$	397
VEON Holdings BV
3.375%, 11/25/2027 (A)		549		556
				1,267
Nigeria — 0.8%
IHS Netherlands Holdco
8.000%, 09/18/2027 (A)		299		319
Nigeria Government International Bond
9.248%, 01/21/2049		322		350
8.747%, 01/21/2031		628		688
8.747%, 01/21/2031 (A)		535		586
7.875%, 02/16/2032 (A)		723		751
7.875%, 02/16/2032 (C)		3,315		3,444
7.696%, 02/23/2038		2,619		2,590
7.696%, 02/23/2038 (A)		601		594
Nigeria Government International Bond MTN
8.250%, 09/28/2051 (A)		970		977
7.375%, 09/28/2033		616		621
7.375%, 09/28/2033 (A)		271		273
6.500%, 11/28/2027 (A)		667		691
6.500%, 11/28/2027		130		135
6.125%, 09/28/2028 (A)		665		667
				12,686
Oman — 1.0%
Oman Government International Bond
7.375%, 10/28/2032 (A)		701		798
7.000%, 01/25/2051 (A)		448		454
7.000%, 01/25/2051		200		203
6.750%, 10/28/2027		3,535		3,929
6.750%, 01/17/2048		3,429		3,390
6.750%, 01/17/2048 (A)		1,089		1,077
6.250%, 01/25/2031 (A)		954		1,020
6.250%, 01/25/2031		793		847
4.750%, 06/15/2026		900		922
Oman Government International Bond MTN
6.000%, 08/01/2029 (A)		1,051		1,105
6.000%, 08/01/2029		392		412
4.875%, 02/01/2025 (A)		717		745
OQ SAOC MTN
5.125%, 05/06/2028 (A)		273		276
Oryx Funding Ltd
5.800%, 02/03/2031 (A)		204		216
				15,394
Pakistan — 0.4%
Pakistan Government International Bond
8.250%, 09/30/2025		1,000		1,084
7.875%, 03/31/2036		200		196
6.875%, 12/05/2027		749		753

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Pakistan Government International Bond MTN
8.875%, 04/08/2051	$	396	$	398
6.000%, 04/08/2026 (A)		462		459
6.000%, 04/08/2026		2,441		2,426
Third Pakistan International Sukuk
5.500%, 10/13/2021		737		736
				6,052
Panama — 1.3%
Aeropuerto Internacional de Tocumen
5.125%, 08/11/2061 (A)		311		326
AES Panama Generation Holdings SRL
4.375%, 05/31/2030 (A)		492		507
Banco Nacional de Panama
2.500%, 08/11/2030 (A)		791		759
C&W Senior Financing DAC
7.500%, 10/15/2026 (A)		677		702
Cable Onda
4.500%, 01/30/2030 (A)		208		218
Empresa de Transmision Electrica
5.125%, 05/02/2049 (A)		635		710
Panama Bonos del Tesoro
3.362%, 06/30/2031		1,453		1,464
Panama Government International Bond
4.500%, 04/16/2050		1,825		1,986
2.252%, 09/29/2032		7,345		6,910
Republic of Panama
9.375%, 04/01/2029		804		1,169
8.125%, 04/28/2034		478		691
4.500%, 04/01/2056		444		483
3.870%, 07/23/2060		1,290		1,261
3.750%, 03/16/2025		1,109		1,190
3.160%, 01/23/2030		1,762		1,814
				20,190
Papua New Guinea — 0.0%
Papua New Guinea Government International Bond
8.375%, 10/04/2028		282		284
8.375%, 10/04/2028 (A)		275		276
				560
Paraguay — 0.3%
Bioceanico Sovereign Certificate Ltd
2.471%, 06/05/2034 (D)		1,666		1,254
Paraguay Government International Bond
6.100%, 08/11/2044		1,010		1,230
5.400%, 03/30/2050		571		655
4.950%, 04/28/2031 (C)		880		992
2.739%, 01/29/2033		674		647
				4,778

  SEI Institutional International Trust / Annual Report / September 30, 2021   61

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Peru — 2.5%
Abengoa Transmision Sur
6.875%, 04/30/2043 (A)	$	263	$	340
Fondo MIVIVIENDA
7.000%, 02/14/2024 (A)	PEN	3,704		916
Inkia Energy
5.875%, 11/09/2027 (A)	$	359		374
Kallpa Generacion (A)
4.875%, 05/24/2026		263		281
4.125%, 08/16/2027		936		976
Peru Government Bond
6.950%, 08/12/2031	PEN	1,700		426
5.350%, 08/12/2040		708		136
5.200%, 09/12/2023		800		200
Peruvian Government International Bond
8.200%, 08/12/2026		15		4
8.200%, 08/12/2026		3,397		925
6.950%, 08/12/2031		154		39
6.950%, 08/12/2031		18,487		4,635
6.900%, 08/12/2037		1,944		450
6.850%, 02/12/2042		613		139
6.350%, 08/12/2028		5,940		1,484
6.350%, 08/12/2028		1,513		378
6.150%, 08/12/2032		16,603		3,892
5.940%, 02/12/2029		1,918		466
5.700%, 08/12/2024 (A)		4,932		1,235
5.400%, 08/12/2034		1,243		259
5.400%, 08/12/2034		9,985		2,083
3.300%, 03/11/2041	$	568		550
3.230%, 07/28/2121		2,706		2,242
2.844%, 06/20/2030		173		174
2.783%, 01/23/2031		2,887		2,857
1.862%, 12/01/2032		1,585		1,439
1.250%, 03/11/2033	EUR	2,088		2,331
Petroleos del Peru
5.625%, 06/19/2047 (A)	$	917		916
5.625%, 06/19/2047		4,678		4,673
4.750%, 06/19/2032 (A)		1,201		1,237
4.750%, 06/19/2032		754		777
Republic of Peru
8.750%, 11/21/2033		490		757
3.750%, 03/01/2030	EUR	200		275
				37,866
Philippines — 0.8%
Philippine Government International Bond
5.000%, 01/13/2037	$	519		640
3.900%, 11/26/2022	PHP	45,000		887
3.700%, 03/01/2041	$	714		754
3.200%, 07/06/2046		1,971		1,936
3.000%, 02/01/2028		262		279
2.950%, 05/05/2045		309		294
2.650%, 12/10/2045		1,071		978

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
1.950%, 01/06/2032	$	3,849	$	3,715
1.750%, 04/28/2041	EUR	402		464
1.648%, 06/10/2031 (C)	$	1,928		1,833
				11,780
Poland — 1.4%
Republic of Poland Government Bond
5.000%, 03/23/2022		1,871		1,911
3.250%, 07/25/2025	PLN	9,426		2,554
2.750%, 04/25/2028		1,358		364
2.750%, 10/25/2029		9,711		2,590
2.500%, 04/25/2024		8,185		2,145
2.500%, 07/25/2026		11,319		2,996
2.500%, 07/25/2027		4,898		1,296
1.250%, 10/25/2030		25,552		6,010
0.250%, 10/25/2026		10,120		2,392
				22,258
Qatar — 1.3%
Ooredoo International Finance MTN
2.625%, 04/08/2031 (A)	$	363		370
Qatar Government International Bond
5.103%, 04/23/2048 (A)		1,353		1,794
5.103%, 04/23/2048		567		752
4.817%, 03/14/2049 (A)		1,036		1,331
4.817%, 03/14/2049 (C)		2,837		3,644
4.400%, 04/16/2050 (A)		2,071		2,524
4.000%, 03/14/2029 (A)		985		1,119
4.000%, 03/14/2029		267		303
3.750%, 04/16/2030		1,557		1,753
Qatar Petroleum
3.300%, 07/12/2051 (A)		1,635		1,651
3.125%, 07/12/2041 (A)		912		912
3.125%, 07/12/2041		474		474
2.250%, 07/12/2031 (A)		3,226		3,195
State of Qatar
6.400%, 01/20/2040 (A)		547		800
				20,622
Romania — 1.6%
Romania Government Bond
5.850%, 04/26/2023	RON	1,720		420
4.850%, 04/22/2026		1,945		477
4.750%, 10/11/2034		870		207
4.400%, 09/25/2023		790		190
4.150%, 01/26/2028		8,360		1,995
4.150%, 10/24/2030		670		157
4.000%, 10/25/2023		3,430		818
3.650%, 07/28/2025		13,645		3,207
3.650%, 09/24/2031		5,510		1,208
3.250%, 06/24/2026		2,360		544
Romanian Government International Bond
5.000%, 02/12/2029		8,095		1,989
4.250%, 06/28/2023		2,730		652

  62   SEI Institutional International Trust / Annual Report / September 30, 2021

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
4.000%, 02/14/2051	$	438	$	436
3.000%, 02/14/2031 (C)		1,210		1,234
2.750%, 04/14/2041 (A)	EUR	623		670
Romanian Government International Bond MTN
6.750%, 02/07/2022	$	988		1,008
6.125%, 01/22/2044 (A)		468		612
4.625%, 04/03/2049	EUR	1,419		1,923
4.125%, 03/11/2039		613		792
3.875%, 10/29/2035		550		714
3.375%, 02/08/2038 (A)		241		290
3.375%, 01/28/2050		2,100		2,392
2.875%, 04/13/2042		297		321
2.500%, 02/08/2030 (A)		657		796
2.124%, 07/16/2031		158		183
2.000%, 01/28/2032		40		45
2.000%, 04/14/2033		530		586
				23,866
Russia — 5.5%
Gazprom OAO Via Gaz Capital (A)
5.150%, 02/11/2026	$	2,673		2,978
4.950%, 02/06/2028		640		707
Gazprom PJSC via Gaz Finance
4.599%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.264% (A)(F)		774		805
Gtlk Europe Capital DAC
4.650%, 03/10/2027		596		623
GTLK Europe Capital DAC
4.949%, 02/18/2026		718		764
Rusal Capital DAC
5.125%, 02/02/2022		860		864
Russian Federal Bond - OFZ
8.500%, 09/17/2031	RUB	128,684		1,931
8.150%, 02/03/2027		821,910		11,790
7.950%, 10/07/2026		267,449		3,798
7.700%, 03/23/2033		151,607		2,151
7.700%, 03/16/2039		54,617		775
7.650%, 04/10/2030		7,375		105
7.250%, 05/10/2034		100,213		1,365
7.100%, 10/16/2024		107,422		1,476
7.050%, 01/19/2028		508,555		6,951
7.000%, 08/16/2023		219,831		3,016
7.000%, 07/30/2036		86,250		1,136
6.900%, 05/23/2029		403,763		5,467
6.900%, 07/23/2031		551,191		7,362
6.000%, 10/06/2027		16,284		212
4.500%, 07/16/2025		914,186		11,470
Russian Federal Inflation Linked Bond
2.500%, 07/17/2030		312,397		4,144
Russian Foreign Bond - Eurobond
7.500%, 03/31/2030	$	1		1

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
5.250%, 06/23/2047 (C)	$	1,000	$	1,266
5.100%, 03/28/2035		4,000		4,786
4.375%, 03/21/2029 (C)		6,800		7,700
Vnesheconombank Via VEB Finance
6.800%, 11/22/2025		580		681
6.800%, 11/22/2025 (A)		150		176
				84,500
Saudi Arabia — 1.2%
Global Sukuk
1.602%, 06/17/2026		1,680		1,670
Saudi Arabian Oil MTN
4.250%, 04/16/2039 (A)		920		1,032
4.250%, 04/16/2039		160		179
Saudi Government International Bond
5.250%, 01/16/2050 (A)		869		1,124
5.250%, 01/16/2050		680		880
4.375%, 04/16/2029 (A)		1,514		1,743
Saudi Government International Bond MTN
5.000%, 04/17/2049 (A)		200		249
4.625%, 10/04/2047 (A)		390		458
4.500%, 04/17/2030 (A)		463		542
4.500%, 10/26/2046		580		669
4.500%, 10/26/2046 (A)		663		765
4.000%, 04/17/2025		2,038		2,229
3.250%, 10/26/2026 (A)		1,884		2,030
3.250%, 10/22/2030		1,567		1,677
3.250%, 10/22/2030 (A)		1,286		1,376
2.250%, 02/02/2033 (A)		1,199		1,166
				17,789
Senegal — 0.1%
Senegal Government International Bond
6.750%, 03/13/2048		1,622		1,637
5.375%, 06/08/2037	EUR	268		306
5.375%, 06/08/2037 (A)		152		174
4.750%, 03/13/2028 (A)		113		136
				2,253
Serbia — 0.3%
Serbia International Bond
3.125%, 05/15/2027		320		407
2.125%, 12/01/2030	$	917		858
1.650%, 03/03/2033	EUR	270		297
1.500%, 06/26/2029		903		1,032
Serbia International Bond MTN
2.050%, 09/23/2036		491		534
Serbia Treasury Bonds
5.875%, 02/08/2028	RSD	38,770		448
4.500%, 01/11/2026		27,640		293
				3,869

  SEI Institutional International Trust / Annual Report / September 30, 2021   63

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
South Africa — 5.7%
Bidvest Group UK PLC
3.625%, 09/23/2026 (A)	$	344	$	344
Eskom Holdings SOC
7.125%, 02/11/2025 (A)		2,948		3,065
4.314%, 07/23/2027		253		248
Eskom Holdings SOC MTN
8.450%, 08/10/2028 (A)		353		390
7.500%, 09/15/2033	ZAR	35,200		1,739
6.750%, 08/06/2023 (A)	$	1,063		1,096
6.750%, 08/06/2023		846		872
Republic of South Africa
10.500%, 12/21/2026	ZAR	157,533		11,756
9.000%, 01/31/2040		62,829		3,568
8.875%, 02/28/2035		161,894		9,560
8.750%, 01/31/2044		126,009		6,907
8.750%, 02/28/2048		163,191		8,925
8.500%, 01/31/2037		232,316		12,934
8.250%, 03/31/2032		86,525		5,142
8.000%, 01/31/2030		40,088		2,476
7.000%, 02/28/2031		51,041		2,855
6.500%, 02/28/2041		23,055		1,000
6.300%, 06/22/2048	$	1,464		1,508
6.250%, 03/31/2036	ZAR	70,195		3,224
5.875%, 09/16/2025	$	790		885
5.750%, 09/30/2049		3,793		3,613
5.650%, 09/27/2047		946		900
5.000%, 10/12/2046		357		316
4.850%, 09/27/2027		682		714
4.850%, 09/30/2029		2,362		2,427
Sasol Financing USA
6.500%, 09/27/2028		360		397
4.375%, 09/18/2026		351		356
SASOL Financing USA
5.875%, 03/27/2024		442		466
				87,683
South Korea — 0.2%
Export-Import Bank of Korea MTN
8.400%, 11/30/2021	IDR	22,400,000		1,573
7.250%, 12/07/2024		700,000		52
Korea International Bond
1.000%, 09/16/2030	$	791		746
				2,371
Spain — 0.1%
AI Candelaria Spain SLU
7.500%, 12/15/2028 (A)		975		1,058
Sri Lanka — 0.7%
Sri Lanka Government International Bond
7.850%, 03/14/2029		1,598		968
7.550%, 03/28/2030		3,079		1,865

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
6.850%, 03/14/2024	$	512	$	324
6.850%, 11/03/2025		1,339		835
6.825%, 07/18/2026 (A)		909		567
6.825%, 07/18/2026		500		312
6.750%, 04/18/2028		3,312		2,005
6.750%, 04/18/2028 (A)		5,097		3,086
6.350%, 06/28/2024 (A)		864		548
6.200%, 05/11/2027		1,186		718
				11,228
Supra-National — 0.6%
Africa Finance
2.875%, 04/28/2028 (A)		1,679		1,689
African Export-Import Bank
3.798%, 05/17/2031 (A)		200		207
African Export-Import Bank MTN
3.994%, 09/21/2029 (A)		363		383
Banque Ouest Africaine de Developpement
5.000%, 07/27/2027 (A)		865		969
4.700%, 10/22/2031 (A)		683		750
4.700%, 10/22/2031		280		307
European Bank for Reconstruction & Development MTN
6.450%, 12/13/2022	IDR	9,486,000		678
5.200%, 05/28/2024		11,593,600		817
Inter-American Development Bank MTN
7.875%, 03/14/2023		44,650,000		3,264
				9,064
Tanzania — 0.0%
AngloGold Ashanti Holdings
3.750%, 10/01/2030	$	229		235
Thailand — 2.2%
Thailand Government Bond
5.670%, 03/13/2028	THB	3,000		112
3.775%, 06/25/2032		181,773		6,295
3.650%, 06/20/2031		78,000		2,668
3.625%, 06/16/2023		30,000		932
3.400%, 06/17/2036		193,984		6,449
3.300%, 06/17/2038		92,472		3,034
2.875%, 12/17/2028		62,796		2,025
2.875%, 06/17/2046		3,431		105
2.400%, 12/17/2023		88,000		2,704
2.125%, 12/17/2026		15,000		467
2.000%, 12/17/2031		66,700		1,985
1.875%, 06/17/2022		20,000		597
1.600%, 12/17/2029		7,000		205
1.600%, 06/17/2035		27,023		737
1.450%, 12/17/2024		85,200		2,573
1.250%, 03/12/2028		59,042		1,725
0.950%, 06/17/2025		67,000		1,990
				34,603

  64   SEI Institutional International Trust / Annual Report / September 30, 2021

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Trinidad & Tobago — 0.0%
Trinidad & Tobago Government International Bond
4.500%, 08/04/2026	$	482	$	507
Tunisia — 0.3%
Banque Centrale de Tunisie
5.750%, 01/30/2025 (A)		786		664
Banque Centrale de Tunisie International Bond
6.375%, 07/15/2026 (A)	EUR	1,448		1,401
6.375%, 07/15/2026		622		602
5.750%, 01/30/2025	$	200		169
5.625%, 02/17/2024	EUR	1,105		1,082
				3,918
Turkey — 2.0%
Aydem Yenilenebilir Enerji
7.750%, 02/02/2027 (A)	$	655		638
Export Credit Bank of Turkey (A)
6.125%, 05/03/2024		247		253
5.375%, 10/24/2023		1,033		1,055
Hazine Mustesarligi Varlik Kiralama (A)
5.800%, 02/21/2022		1,479		1,498
5.125%, 06/22/2026		855		845
QNB Finansbank
6.875%, 09/07/2024 (A)		613		662
TC Ziraat Bankasi MTN
5.125%, 05/03/2022 (A)		1,063		1,076
Turkey Government Bond
12.600%, 10/01/2025	TRY	34,229		3,283
11.700%, 11/13/2030		4,073		334
9.000%, 05/04/2022		3,294		354
Turkey Government International Bond
10.600%, 02/11/2026		13,916		1,229
7.250%, 12/23/2023	$	1,061		1,128
6.875%, 03/17/2036		2,482		2,408
6.500%, 09/20/2033		3,685		3,534
6.375%, 10/14/2025		200		205
6.350%, 08/10/2024		294		304
6.000%, 01/14/2041		558		483
5.950%, 01/15/2031		2,756		2,606
5.875%, 06/26/2031		1,788		1,678
5.750%, 03/22/2024		200		204
5.750%, 05/11/2047		69		57
5.125%, 02/17/2028		242		229
4.875%, 10/09/2026		1,017		974
4.750%, 01/26/2026		3,813		3,682
Turkiye Sise ve Cam Fabrikalari
6.950%, 03/14/2026 (A)		500		548
Turkiye Vakiflar Bankasi TAO
6.500%, 01/08/2026 (A)		379		385

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Ulker Biskuvi Sanayi
6.950%, 10/30/2025	$	871	$	923
Yapi ve Kredi Bankasi MTN
5.850%, 06/21/2024 (A)(C)		429		438
				31,013
Uganda — 0.4%
Republic of Uganda Government Bonds
17.000%, 01/16/2025	UGX	440,400		145
17.000%, 04/03/2031		8,683,400		2,926
16.375%, 03/04/2032		1,427,900		465
16.250%, 11/08/2035		1,123,900		360
16.000%, 05/06/2027		2,226,000		739
14.250%, 06/22/2034		5,311,800		1,548
10.000%, 09/07/2023		1,112,600		313
				6,496
Ukraine — 1.9%
NAK Naftogaz Ukraine via Kondor Finance
7.625%, 11/08/2026 (A)	$	990		985
7.125%, 07/19/2024	EUR	720		842
State Agency of Roads of Ukraine
6.250%, 06/24/2028 (A)	$	2,131		2,108
Ukraine Government International Bond
17.000%, 05/11/2022	UAH	71,848		2,789
15.840%, 02/26/2025		66,553		2,659
9.750%, 11/01/2028	$	751		881
7.750%, 09/01/2024 (A)		131		142
7.750%, 09/01/2025 (A)		2,103		2,285
7.750%, 09/01/2026		1,905		2,066
7.750%, 09/01/2026 (A)		169		183
7.750%, 09/01/2027 (A)		223		242
7.750%, 09/01/2027		1,804		1,954
7.375%, 09/25/2032		3,520		3,604
7.253%, 03/15/2033		724		733
7.253%, 03/15/2033 (A)		297		301
6.876%, 05/21/2029 (A)		281		285
6.876%, 05/21/2029		3,069		3,110
6.750%, 06/20/2026	EUR	1,299		1,633
3.000%, 05/31/2040 (A)	$	2,206		2,406
1.258%, 05/31/2040		410		447
Ukreximbank Via Biz Finance
9.750%, 01/22/2025		238		256
				29,911
United Arab Emirates — 1.5%
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/2047 (A)		3,507		4,135
4.600%, 11/02/2047		330		389
3.650%, 11/02/2029 (A)		207		230
Abu Dhabi Government International Bond
4.125%, 10/11/2047 (A)		591		698

  SEI Institutional International Trust / Annual Report / September 30, 2021   65

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Abu Dhabi Government International Bond MTN
3.875%, 04/16/2050	$	260	$	297
3.000%, 09/15/2051 (A)		1,576		1,545
3.000%, 09/15/2051		720		706
1.875%, 09/15/2031 (A)		941		918
1.625%, 06/02/2028		1,152		1,142
DAE Funding LLC
3.375%, 03/20/2028 (A)		550		567
DP World MTN (A)
6.850%, 07/02/2037		210		280
5.625%, 09/25/2048		439		541
4.700%, 09/30/2049		134		147
DP World Crescent MTN
4.848%, 09/26/2028		475		541
DP World Salaam
6.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.750% (F)		877		960
Emirate of Dubai Government International Bonds MTN
5.250%, 01/30/2043		490		557
Finance Department Government of Sharjah MTN
4.000%, 07/28/2050 (A)		1,627		1,447
Galaxy Pipeline Assets Bidco
2.940%, 09/30/2040 (A)		593		592
2.940%, 09/30/2040		3,622		3,615
2.625%, 03/31/2036 (A)		580		571
2.160%, 03/31/2034		1,660		1,629
MDC-GMTN BV MTN
4.500%, 11/07/2028 (A)		548		639
MDGH - GMTN BV MTN
3.950%, 05/21/2050		200		227
Sharjah Sukuk Program MTN
3.854%, 04/03/2026		359		382
				22,755
United Kingdom — 0.2%
Standard Chartered Bank MTN (A)
8.375%, 10/18/2039	IDR	20,797,000		1,633
8.250%, 05/18/2029		14,336,000		1,128
				2,761
United States — 0.5%
JPMorgan Chase Bank MTN (A)
7.500%, 06/15/2035		41,500,000		3,068
7.000%, 09/18/2030 (E)		57,637,000		4,222
Sagicor Financial
5.300%, 05/13/2028 (A)	$	520		545
				7,835

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Uruguay — 0.6%
Republic of Uruguay
5.100%, 06/18/2050	$	350	$	445
Uruguay Government International Bond
9.875%, 06/20/2022	UYU	13,061		310
4.975%, 04/20/2055	$	446		558
4.375%, 10/27/2027		1,819		2,085
4.375%, 01/23/2031 (C)		4,405		5,093
				8,491
Uzbekistan — 0.2%
Republic of Uzbekistan Bond MTN
5.375%, 02/20/2029		833		906
3.700%, 11/25/2030 (A)		205		198
Republic of Uzbekistan International Bond
3.900%, 10/19/2031 (A)		1,363		1,326
Uzauto Motors AJ
4.850%, 05/04/2026 (A)		727		720
				3,150
Venezuela — 0.2%
Petroleos de Venezuela (G)
9.750%, 05/17/2035		1,000		58
9.000%, 11/17/2021 (C)		4,300		247
6.000%, 05/16/2024		10,192		586
6.000%, 05/16/2024		7,785		448
6.000%, 11/15/2026		13,215		760
5.500%, 04/12/2037		1,740		97
5.375%, 04/12/2027		4,563		262
Venezuela Government International Bond(G)
9.250%, 09/15/2027		2,300		244
9.250%, 05/07/2028		2,941		313
8.250%, 10/13/2024		3,304		350
7.750%, 10/13/2019		3,976		408
				3,773
Vietnam — 0.1%
Mong Duong Finance Holdings BV
5.125%, 05/07/2029 (A)		1,111		1,106
Zambia — 0.9%
First Quantum Minerals (A)
7.500%, 04/01/2025		404		414
6.875%, 03/01/2026		403		419
6.875%, 10/15/2027		529		559
Zambia Government Bond
13.000%, 08/29/2026	ZMW	1,375		61
13.000%, 12/18/2027		5,630		228
13.000%, 01/25/2031		30,744		1,032
11.000%, 01/25/2026		18,620		790
11.000%, 06/28/2026		78,885		3,242
10.000%, 06/28/2024		66,325		3,105

  66   SEI Institutional International Trust / Annual Report / September 30, 2021

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Zambia Government International Bond
8.970%, 07/30/2027	$	1,821	$	1,405
5.375%, 09/20/2022 (G)		3,087		2,313
5.375%, 09/20/2022 (A)		299		224
				13,792
Total Global Bonds
(Cost $1,504,278) ($ Thousands)				1,455,768

Description	Shares		Market Value   ($ Thousands)
AFFILIATED PARTNERSHIP — 3.3%
SEI Liquidity Fund, L.P.
0.010% **†(H)		51,011,398	$	51,021
Total Affiliated Partnership (Cost $51,020) ($ Thousands)				51,021
Total Investments in Securities — 97.7% (Cost $1,555,298) ($ Thousands)			$	1,506,789

A list of the open futures contracts held by the Fund at September 30, 2021, is as follows:

Type of Contract	Number of Contracts			Expiration Date		Notional Amount (Thousands)			Value     (Thousands)			Unrealized Appreciation/     (Depreciation) (Thousands)
Long Contracts
R2040 Bond Future		229			Nov-2021	$	1,336		$	1,333		$	19
R213 Bond Future		837			Nov-2021		4,843			4,741			(23	)
U.S. 2-Year Treasury Note		14			Jan-2022		3,083			3,081			(2	)
U.S. 5-Year Treasury Note		93			Jan-2022		11,470			11,415			(55	)
U.S. 10-Year Treasury Note		22			Dec-2021		2,924			2,895			(29	)
U.S. Ultra Long Treasury Bond		55			Dec-2021		10,888			10,508			(380	)
							34,544			33,973			(470	)
Short Contracts
Euro-Bob		(38	)		Dec-2021	$	(6,110	)	$	(5,942	)	$	36
Euro-Bund		(63	)		Dec-2021		(12,896	)		(12,399	)		201
Euro-Buxl		(37	)		Dec-2021		(9,207	)		(8,719	)		279
Korea 10-Year Bond		(14	)		Dec-2021		(1,508	)		(1,469	)		23
							(29,721	)		(28,529	)		539
						$	4,823		$	5,444		$	69

A list of the open forward foreign currency contracts held by the Fund at September 30, 2021, is as follows:

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC		10/04/21	USD		622	EUR		526	$	(12	)
Barclays PLC		10/04/21 - 12/15/21	EUR		4,800	USD		5,672		104
Barclays PLC		10/20/21 - 12/22/21	USD		14,260	TRY		126,845		(446	)
Barclays PLC		12/15/21	USD		2,950	HUF		873,710		(137	)
Barclays PLC		12/15/21	USD		3,232	CLP		2,554,245		(106	)
Barclays PLC		12/15/21	USD		10,503	RUB		780,448		75
Barclays PLC		12/15/21	USD		10,595	PLN		40,788		(324	)
Barclays PLC		12/22/21	TRY		21,114	USD		2,331		48
Barclays PLC		12/15/21 - 12/22/21	TRY		43,773	USD		4,724		(20	)
Brown Brothers Harriman		10/08/21	USD		1,984	CNY		12,826		1
Citi		11/03/21	USD		7,907	BRL		41,826		(266	)
Citigroup		12/15/21	USD		495	ZAR		7,542		1
Citigroup		10/01/21 - 12/15/21	USD		2,957	ZAR		43,329		(81	)
Citigroup		10/01/21 - 10/27/21	USD		4,437	KRW		5,207,792		(38	)
Citigroup		10/01/21	KRW		2,783,176	USD		2,357		6
Citigroup		10/12/21	KRW		1,401,713	USD		1,181		(3	)
Citigroup		10/04/21 - 12/15/21	USD		2,205	EUR		1,878		(27	)
Citigroup		10/04/21 - 12/03/21	EUR		14,693	USD		17,431		387

  SEI Institutional International Trust / Annual Report / September 30, 2021   67

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Markets Debt Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		10/06/21	EUR		580	RON		2,891	$	5
Citigroup		06/30/22	EUR		348	RON		1,762		–
Citigroup		10/06/21 - 01/13/22	EGP		145,398	USD		9,026		(117	)
Citigroup		12/15/21	CNY		101,279	USD		15,607		6
Citigroup		10/08/21	CNY		3,282	USD		505		(3	)
Citigroup		10/15/21	USD		1,190	THB		40,279		–
Citigroup		12/15/21 - 12/28/21	USD		3,727	THB		122,355		(111	)
Citigroup		10/15/21 - 12/15/21	USD		7,248	IDR		103,932,148		(17	)
Citigroup		10/15/21 - 10/25/21	THB		80,975	USD		2,442		49
Citigroup		10/25/21	USD		2,443	SGD		3,304		(9	)
Citigroup		11/15/21 - 12/03/21	IDR		26,446,390	USD		1,828		(11	)
Citigroup		12/09/21	USD		1,372	UAH		38,652		59
Citigroup		12/13/21	USD		996	INR		73,914		(7	)
Citigroup		12/15/21	EUR		1,014	CZK		25,951		8
Citigroup		12/15/21	USD		588	RUB		43,468		1
Citigroup		12/15/21	USD		661	RUB		48,694		(1	)
Citigroup		12/15/21	USD		1,280	MXN		25,897		(34	)
Citigroup		12/15/21	EUR		506	HUF		182,921		1
Citigroup		12/15/21	EUR		1,309	HUF		456,706		(49	)
Citigroup		12/15/21	USD		1,994	CLP		1,585,130		(54	)
Citigroup		12/15/21	RON		3,116	USD		742		15
Citigroup		12/15/21	EUR		6,136	PLN		27,794		(122	)
Citigroup		12/15/21	USD		6,826	PEN		28,096		(22	)
Citigroup		12/15/21	PEN		878	USD		213		–
Citigroup		12/15/21	PEN		11,854	USD		2,862		(8	)
Citigroup		12/15/21	USD		14,012	PLN		53,794		(465	)
Citigroup		12/15/21	ZAR		63,682	USD		4,437		246
Citigroup		12/15/21	CLP		927,675	USD		1,167		32
Citigroup		12/15/21	COP		34,097,344	USD		8,845		(62	)
Deutsche Bank		10/04/21	EUR		458	USD		542		11
Deutsche Bank		10/04/21	USD		611	EUR		521		(7	)
Deutsche Bank		12/28/21	USD		326	THB		11,006		(1	)
Goldman Sachs		10/01/21	USD		1,681	ZAR		24,795		(34	)
Goldman Sachs		10/01/21	ZAR		61,090	USD		4,242		181
Goldman Sachs		10/04/21	USD		496	EUR		418		(11	)
Goldman Sachs		10/06/21	EUR		2,111	RON		10,507		14
Goldman Sachs		04/06/22	EUR		4,311	RON		21,656		(1	)
Goldman Sachs		10/20/21	PHP		61,710	USD		1,233		26
Goldman Sachs		10/21/21	THB		47,055	USD		1,415		24
Goldman Sachs		10/25/21	CNY		5,083	USD		787		1
Goldman Sachs		11/03/21	USD		6,028	BRL		31,225		(323	)
Goldman Sachs		11/03/21 - 12/02/21	BRL		77,880	USD		14,639		477
Goldman Sachs		11/03/21	BRL		1,759	USD		320		(1	)
Goldman Sachs		11/15/21	IDR		20,311,979	USD		1,396		(18	)
Goldman Sachs		12/03/21	USD		241	IDR		3,468,446		–
Goldman Sachs		12/15/21	EUR		879	USD		1,020		–
Goldman Sachs		12/15/21	USD		1,288	RUB		94,743		(4	)
Goldman Sachs		12/15/21	USD		1,503	PEN		6,181		(6	)
Goldman Sachs		12/15/21	EUR		2,097	CZK		53,514		8
Goldman Sachs		12/15/21	EUR		1,719	CZK		43,660		(2	)

  68   SEI Institutional International Trust / Annual Report / September 30, 2021

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Goldman Sachs		12/15/21	USD		6,265	PLN		24,119	$	(191	)
Goldman Sachs		12/15/21	USD		9,644	TWD		265,264		(70	)
Goldman Sachs		12/15/21	USD		9,732	CZK		209,627		(164	)
Goldman Sachs		12/15/21	USD		15,909	SGD		21,330		(196	)
Goldman Sachs		12/15/21	USD		16,874	MXN		339,895		(506	)
Goldman Sachs		12/15/21	MXN		29,723	USD		1,472		41
Goldman Sachs		12/15/21	RUB		335,474	USD		4,499		(48	)
Goldman Sachs		12/15/21	CLP		858,459	USD		1,080		30
Goldman Sachs		12/16/21 - 02/16/22	USD		2,505	UAH		70,529		80
Goldman Sachs		12/22/21	TRY		10,826	USD		1,176		6
Goldman Sachs		01/21/22	EUR		2,541	PLN		11,770		12
Goldman Sachs		06/30/22	RON		3,350	EUR		663		1
Goldman Sachs		06/30/22	RON		708	EUR		140		–
JPMorgan Chase Bank		11/15/21	USD		57	ZAR		865		1
JPMorgan Chase Bank		10/01/21 - 12/15/21	USD		7,827	ZAR		115,665		(180	)
JPMorgan Chase Bank		10/01/21 - 10/18/21	ZAR		327,300	USD		22,620		901
JPMorgan Chase Bank		10/01/21 - 11/15/21	ZAR		39,621	USD		2,600		(33	)
JPMorgan Chase Bank		10/14/21 - 12/01/21	USD		4,095	MYR		17,200		12
JPMorgan Chase Bank		10/04/21	USD		2,237	MYR		9,347		(4	)
JPMorgan Chase Bank		10/04/21 - 01/28/22	EUR		13,216	USD		15,557		217
JPMorgan Chase Bank		11/03/21	EUR		307	USD		356		–
JPMorgan Chase Bank		10/04/21 - 01/28/22	USD		20,018	EUR		16,985		(332	)
JPMorgan Chase Bank		10/22/21 - 11/03/21	IDR		221,725,534	USD		15,502		29
JPMorgan Chase Bank		10/04/21 - 11/08/21	IDR		84,342,373	USD		5,876		(13	)
JPMorgan Chase Bank		10/06/21 - 06/30/22	EUR		2,897	RON		14,539		14
JPMorgan Chase Bank		10/08/21 - 12/08/21	USD		21,459	CNY		139,534		60
JPMorgan Chase Bank		10/25/21	CNY		224	USD		35		–
JPMorgan Chase Bank		10/08/21 - 10/29/21	CNY		40,968	USD		6,317		(21	)
JPMorgan Chase Bank		10/12/21	USD		1,226	KRW		1,431,906		(17	)
JPMorgan Chase Bank		10/13/21	USD		56	PEN		231		(1	)
JPMorgan Chase Bank		10/13/21 - 10/26/21	PEN		7,435	USD		1,808		6
JPMorgan Chase Bank		10/26/21	PEN		218	USD		53		–
JPMorgan Chase Bank		11/03/21	USD		91	IDR		1,304,496		–
JPMorgan Chase Bank		10/15/21 - 12/15/21	USD		1,828	IDR		26,210,284		(7	)
JPMorgan Chase Bank		10/15/21	IDR		34,874,913	USD		2,436		1
JPMorgan Chase Bank		11/15/21 - 12/03/21	IDR		62,761,515	USD		4,332		(36	)
JPMorgan Chase Bank		10/25/21	USD		110	COP		423,575		1
JPMorgan Chase Bank		10/25/21	PHP		58,940	USD		1,170		17
JPMorgan Chase Bank		10/25/21	COP		11,906,467	USD		3,111		(9	)
JPMorgan Chase Bank		10/26/21	TRY		941	USD		104		(1	)
JPMorgan Chase Bank		10/26/21	USD		1,500	TRY		13,117		(40	)
JPMorgan Chase Bank		10/26/21	USD		2,613	IDR		38,273,994		58
JPMorgan Chase Bank		11/15/21	USD		1,042	IDR		14,966,061		–
JPMorgan Chase Bank		11/03/21	USD		1,093	BRL		5,987		1
JPMorgan Chase Bank		11/03/21	USD		1,239	BRL		6,584		(36	)
JPMorgan Chase Bank		11/03/21	BRL		11,899	USD		2,252		78
JPMorgan Chase Bank		11/15/21	USD		88	PLN		350		–
JPMorgan Chase Bank		11/15/21	USD		2,725	PLN		10,584		(60	)
JPMorgan Chase Bank		11/15/21 - 12/15/21	PLN		4,160	USD		1,076		28
JPMorgan Chase Bank		11/15/21	PLN		982	USD		246		(1	)
JPMorgan Chase Bank		11/15/21	USD		6,587	RON		27,641		(128	)

  SEI Institutional International Trust / Annual Report / September 30, 2021   69

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Markets Debt Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		12/15/21	USD		563	MXN		11,699	$	–
JPMorgan Chase Bank		11/16/21 - 12/15/21	USD		4,891	MXN		99,753		(76	)
JPMorgan Chase Bank		11/19/21	USD		1,335	VND		30,595,162		8
JPMorgan Chase Bank		11/22/21 - 12/13/21	USD		3,535	BRL		18,798		(114	)
JPMorgan Chase Bank		11/22/21	USD		75	KRW		88,899		–
JPMorgan Chase Bank		11/22/21	USD		10,437	KRW		12,291,637		(55	)
JPMorgan Chase Bank		12/02/21 - 12/13/21	BRL		55,078	USD		10,433		434
JPMorgan Chase Bank		12/13/21	USD		115	CZK		2,461		(2	)
JPMorgan Chase Bank		12/13/21 - 12/15/21	USD		10,451	HUF		3,086,951		(513	)
JPMorgan Chase Bank		12/13/21	CLP		1,345,499	USD		1,741		94
JPMorgan Chase Bank		12/14/21	USD		2,651	INR		197,196		(13	)
JPMorgan Chase Bank		12/15/21	EUR		3,102	HUF		1,104,261		(46	)
JPMorgan Chase Bank		12/15/21	PLN		4,754	EUR		1,038		7
JPMorgan Chase Bank		01/21/22	PLN		1,779	EUR		385		(1	)
JPMorgan Chase Bank		12/15/21	CZK		52,939	EUR		2,085		4
JPMorgan Chase Bank		12/15/21	CZK		26,438	EUR		1,037		(4	)
JPMorgan Chase Bank		12/15/21	COP		14,241,654	USD		3,709		(11	)
JPMorgan Chase Bank		12/20/21	USD		188	RUB		13,872		–
JPMorgan Chase Bank		12/20/21	USD		491	PHP		24,673		(11	)
JPMorgan Chase Bank		12/20/21	USD		1,546	THB		50,939		(41	)
JPMorgan Chase Bank		12/20/21	RUB		240,132	USD		3,242		(8	)
JPMorgan Chase Bank		12/28/21	USD		428	THB		14,432		(1	)
JPMorgan Chase Bank		01/28/22	JPY		224,738	USD		2,054		37
JPMorgan Chase Bank		02/16/22	USD		173	UAH		4,808		2
JPMorgan Chase Bank		06/30/22	RON		1,566	EUR		309		(1	)
Merrill Lynch		12/15/21	USD		3,008	HUF		892,395		(135	)
Merrill Lynch		12/15/21	RON		31,943	USD		7,609		158
Morgan Stanley		10/01/21	USD		1,321	ZAR		19,785		(6	)
Morgan Stanley		10/01/21	ZAR		23,225	USD		1,586		42
Morgan Stanley		10/08/21	USD		4,675	CNY		30,408		30
Morgan Stanley		10/18/21	CNY		16,526	USD		2,559		2
Morgan Stanley		10/08/21	CNY		4,602	USD		705		(7	)
Morgan Stanley		10/27/21	EGP		11,531	USD		728		(2	)
Morgan Stanley		11/03/21	USD		594	EUR		508		(5	)
Morgan Stanley		12/15/21	USD		1,228	RUB		91,054		6
Morgan Stanley		12/22/21	USD		362	TRY		3,211		(15	)
Morgan Stanley		01/21/22	PLN		2,041	EUR		439		(4	)
Standard Bank		10/01/21	USD		3,527	ZAR		52,168		(60	)
Standard Bank		10/04/21 - 11/03/21	USD		10,567	EUR		9,027		(100	)
Standard Bank		10/05/21	EUR		10,865	USD		12,916		324
Standard Bank		12/02/21	USD		1,079	BRL		5,921		(3	)
Standard Bank		12/15/21	USD		475	PHP		23,878		(11	)
Standard Bank		12/15/21	USD		627	IDR		9,007,366		(1	)
Standard Bank		12/15/21	USD		759	MXN		15,575		(9	)
Standard Bank		12/15/21	MYR		2,790	USD		664		(1	)
Standard Bank		12/15/21	ZAR		1,140	USD		76		1
Standard Bank		12/15/21	ZAR		1,670	USD		109		–
Standard Bank		12/15/21	USD		3,157	MYR		13,157		(16	)
Standard Bank		12/15/21	USD		6,556	CLP		5,060,152		(364	)
Standard Bank		12/15/21	COP		22,214,649	USD		5,831		28

  70   SEI Institutional International Trust / Annual Report / September 30, 2021

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Standard Bank		02/16/22	USD		404	UAH		11,220	$	4
Standard Bank		02/16/22	USD		1,121	ZMW		21,243		62
Standard Chartered		10/14/21	USD		1,027	MYR		4,354		13
Standard Chartered		10/14/21	MYR		2,843	USD		672		(7	)
Standard Chartered		10/15/21	THB		42,230	USD		1,289		41
Standard Chartered		10/25/21	CNY		7,932	USD		1,220		(7	)
Standard Chartered		11/03/21	USD		5,703	BRL		30,307		(166	)
Standard Chartered		11/15/21	USD		2,038	IDR		29,157,932		(7	)
Standard Chartered		11/15/21	IDR		27,557,779	USD		1,893		(26	)
Standard Chartered		12/07/21	PHP		29,379	USD		584		13
Standard Chartered		12/15/21	EUR		1,040	HUF		365,603		(30	)
Standard Chartered		12/15/21	USD		1,220	RUB		90,447		6
Standard Chartered		12/15/21	RUB		75,845	USD		1,015		(13	)
State Street		10/01/21	USD		2,075	ZAR		30,367		(57	)
State Street		10/04/21 - 10/06/21	EUR		2,470	USD		2,893		31
State Street		10/08/21	USD		354	CNY		2,289		–
State Street		10/18/21	CNY		4,279	USD		663		1
State Street		10/08/21	CNY		23,246	USD		3,572		(25	)
State Street		11/03/21	USD		2,405	EUR		2,056		(22	)
State Street		11/03/21	BRL		24,560	USD		4,519		32
State Street		12/15/21	MXN		24,442	USD		1,198		21
State Street		12/15/21	HUF		364,915	EUR		1,043		36
State Street		12/28/21	THB		21,873	USD		650		4
									$	(2,229)

A list of the open OTC swap agreements held by the Fund at September 30, 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 ROB - MosPrime	6.29%		Annually		12/14/2021		RUB		535,000	$	346		$	–	$	346
JPMorgan Chase	1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	3.430%		Semi-Annually		05/10/2022		CLP		420,527		11			–		11
Goldman Sachs	28-DAY MXN - TIIE	5.900%		Monthly		09/12/2022		MXN		75,956		3			–		3
Goldman Sachs	1-DAY BRL - CETIP	11.985%		Annually		01/02/2023		BRL		3,000		270			–		270
Goldman Sachs	1-DAY BRL - CETIP	10.04%		Annually		01/03/2023		BRL		5,012		330			–		330
Goldman Sachs	3-MONTH ROB - MosPrime	7.072%		Annually		04/02/2023		RUB		715,570		217			–		217
Goldman Sachs	28-DAY MXN - TIIE	6.355%		Monthly		05/21/2025		MXN		23,145		(19	)		–		(19	)
Goldman Sachs	28-DAY MXN - TIIE	6.205%		Monthly		12/08/2025		MXN		16,624		(23	)		–		(23	)
Goldman Sachs	28-DAY MXN - TIIE	6.165%		Monthly		03/05/2026		MXN		47,200		(73	)		–		(73	)
JPMorgan Chase	28-DAY MXN - TIIE	6.13%		Monthly		06/18/2026		MXN		40,000		(71	)		–		(71	)
Citibank	1.8775 % FIXED	PRIBOR CZK 7/9/2026		Annually		07/09/2026		CZK		39,645		(58	)		–		(58	)
Citibank	1.822 % FIXED	PRIBOR CZK 7/12/2026		Annually		07/12/2026		CZK		65,750		(105	)		–		(105	)
Citibank	1.8282% FIXED	PRIBOR CZK 7/12/2026 CZECH INTERBANK		Annually		07/12/2026		CZK		70,763		(112	)		–		(112	)
Goldman Sachs	2.158 % FIXED	OFFERED(CZK-PRIBOR)		Annually		08/30/2026		CZK		89,310		(89	)		–		(89	)
Goldman Sachs	28-DAY MXN - TIIE	6.381%		Monthly		09/16/2026		MXN		26,000		(36	)		–		(36	)
											$	591		$	–	$	591

  SEI Institutional International Trust / Annual Report / September 30, 2021   71

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Markets Debt Fund (Continued)

A list of the open centrally cleared swap agreements held by the Fund at September 30, 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)
1.960%	1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	Semi-Annually	12/12/2021	CLP		2,569,905	$	2		$	–	$	2
1-DAY BRL - CETIP	.455%	Annually	01/02/2025	BRL		3,591		(71	)		–		(71	)
28-DAY MXN - TIIE	.45% FIXED	Monthly	04/01/2025	MXN		27,064		(17	)		–		(17	)
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	.36%	Semi-Annually	06/17/2025	CLP		1,931,133		(276	)		–		(276	)
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	1.16%	Semi-Annually	06/23/2025	CLP		2,335,691		(356	)		–		(356	)
28-DAY MXN - TIIE	4.85% FIXED	Monthly	07/25/2025	MXN		6,144		(21	)		–		(21	)
0.995%	6-MONTH THB - BKIBOR	Semi-Annually	03/01/2026	THB		91,000		26			–		26
1.1%	6-MONTH THB - BKIBOR	Semi-Annually	03/10/2026	THB		95,000		15			–		15
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	.26%	Semi-Annually	03/16/2026	CLP		1,623,158		(211	)		–		(211	)
28-DAY MXN - TIIE	.815%	Monthly	04/06/2026	MXN		27,590		(63	)		–		(63	)
5.145% FIXED	1-DAY FBIL - MIBOR	Semi-Annually	08/27/2026	INR		200,000		12			–		12
5.148% FIXED	1-DAY FBIL - MIBOR	Semi-Annually	09/02/2026	INR		200,000		12			–		12
0.733% FIXED	3-MONTH TWD - TAIBOR	Quarterly	09/30/2026	TWD		67,400		(8	)		–		(8	)
28-DAY MXN - TIIE	7.72%	Monthly	12/03/2026	MXN		8,000		11			–		11
1-DAY BRL - CETIP	6.82%	Annually	01/02/2025	BRL		3,362		(66	)		–		(66	)
10.29% FIXED	1-DAY BRL - CETIP	Annually	01/04/2027	BRL		2,660		6			–		6
5.37%	1-DAY COP- COLUMBIA IBR	Quarterly	06/21/2029	COP		1,800,000		28			–		28
6.9225%	28-DAY MXN - TIIE	Monthly	08/31/2029	MXN		42,602		52			–		52
6.82%	28-DAY MXN - TIIE	Monthly	09/10/2029	MXN		33,993		52			–		52
6-MONTH PLN - WIBOR	1.75%	Annually	02/26/2030	PLN		4,531		(34	)		–		(34	)
1-DAY COP - COLUMBIA IBR	5.47%	Quarterly	03/11/2030	COP		879,919		14			–		14
.33%	1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	Semi-Annually	06/05/2030	CLP		830,041		157			–		157
.21%	1-DAY COP - COLUMBIA IBR	Quarterly	07/08/2030	COP		266,911		(11	)		–		(11	)
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	.145%	Semi-Annually	08/24/2030	CLP		444,725		(129	)		–		(129	)
1.3965%	3-MONTH KRW - KWCDC	Quarterly	02/05/2031	KRW		1,600,000		60			–		60
1.495% FIXED	3-MONTH KRW - KWCDC	Quarterly	02/19/2031	KRW		1,600,000		49			–		49
4.88%	1-DAY COP – COLOMBIA IBR	Quarterly	03/16/2031	COP		1,954,438		(62	)		–		(62	)
6-MONTH PLN - WIBOR	1.905%	Annually	05/18/2031	PLN		2,145		(14	)		–		(14	)
6.69% FIXED	28-DAY MXN - TIIE	Monthly	05/27/2031	MXN		7,233		(19	)		–		(19	)
28-DAY MXN - TIIE	7.51%	Monthly	04/20/2027	MXN		8,110		7			–		7
2.7% FIXED	6-MONTH BUDAPEST - BUBOR	Annually	08/06/2031	HUF		459,111		(73	)		–		(73	)
1-DAY BRL - CETIP	.65%	Annually	01/02/2025	BRL		12,389		(320	)		–		(320	)
1-DAY BRL - CETIP	.77% FIXED	Annually	01/02/2025	BRL		4,102		(82	)		–		(82	)
1-DAY BRL - CETIP	5.89%	Annually	01/03/2022	BRL		27,057		(17	)		–		(17	)
1-DAY BRL - CETIP	2.99%	Annually	01/03/2022	BRL		20,697		(40	)		–		(40	)
1-DAY BRL - CETIP	.885% FIXED	Annually	01/03/2022	BRL		15,625		(31	)		–		(31	)
28-DAY MXN - TIIE	6.745%	Monthly	06/23/2022	MXN		26,758		10			–		10
28-DAY MXN - TIIE	6.71%	Monthly	07/07/2022	MXN		37,637		14			–		14
1-DAY BRL - CETIP	.43%	Annually	01/02/2023	BRL		12,558		130			–		130
1-DAY BRL - CETIP	5.25%	Annually	01/02/2023	BRL		11,519		(103	)		–		(103	)
6.23% FIXED	1-DAY BRL - CETIP	Annually	01/02/2023	BRL		41,890		270			–		270
1-DAY BRL - CETIP	6.61%	Annually	01/02/2023	BRL		4,693		(28	)		–		(28	)
1-DAY BRL - CETIP	5.655%	Annually	01/02/2023	BRL		2,705		(22	)		–		(22	)
1-DAY BRL - CETIP	9.255%	Annually	01/02/2023	BRL		2,368		1			–		1
1-DAY BRL - CETIP	.77% FIXED	Annually	01/02/2023	BRL		6,361		(35	)		–		(35	)
1-DAY BRL - CETIP	.23% FIXED	Annually	01/02/2023	BRL		5,579		(38	)		–		(38	)
7.7325% FIXED	1-DAY BRL - CETIP	Annually	01/02/2025	BRL		10,902		(151	)		–		(151	)

  72   SEI Institutional International Trust / Annual Report / September 30, 2021

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount (Thousands)

Value (Thousands)

Upfront Payments/ Receipts (Thousands)

Net Unrealized Appreciation (Depreciation) (Thousands)

28-DAY MXN - TIIE

.55% FIXED

Monthly

04/13/2023

MXN

52,615

$

(24)

$

–

$

(24)

28-DAY MXN - TIIE

.01%

Monthly

11/22/2023

MXN

148,276

(135)

–

(135)

.45% FIXED

1-DAY BRL - CETIP

Annually

01/02/2024

BRL

9,407

(89)

–

(89)

1-DAY BRL - CETIP

.76%

Annually

01/02/2024

BRL

8,953

(149)

–

(149)

1-DAY BRL - CETIP

5.56%

Annually

01/02/2024

BRL

18,819

(325)

–

(325)

1-DAY BRL - CETIP

5.9725%

Annually

01/02/2024

BRL

5,677

(87)

–

(87)

1-DAY BRL - CETIP

.5% FIXED

Annually

01/02/2024

BRL

4,808

(67)

–

(67)

1-DAY BRL - CETIP

5.715%

Annually

01/02/2024

BRL

3,999

(65)

–

(65)

1-DAY BRL - CETIP

4.835%

Annually

01/02/2024

BRL

21,544

(424)

–

(424)

1-DAY BRL - CETIP

.99%

Annually

01/02/2024

BRL

6,670

(126)

–

(126)

28-DAY MXN - TIIE

.1525%

Monthly

02/22/2024

MXN

123,473

(111)

–

(111)

1.9865%

6-MONTH PLN - WIBOR

Semi-Annually

03/25/2024

PLN

12,430

(44)

–

(44)

28-DAY MXN - TIIE

.47%

Monthly

06/19/2024

MXN

95,833

(79)

–

(79)

2.465% FXIED

6-MONTH CZK - PRIBOR

Annually

09/21/2024

CZK

89,830

(26)

–

(26)

7.192 % FIXED

3-MONTH RUB - MosPrime

Annually

07/27/2023

RUB

1,287,604

(99)

–

(99)

3.305% FIXED

6-MONTH HUF - BUBOR

Annually

10/04/2031

HUF

424,147

–

–

–

$

(3,220)

$

–

$

(3,220)

Percentages are based on Net Assets of $1,541,141 ($ Thousands).

** The rate reported is the 7-day effective yield as of September 30, 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 September 30, 2021, the value of these securities amounted to $230,588 ($ Thousands), representing 15.0% of the Net Assets of the Fund.

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

(C) Certain securities or partial positions of certain securities are on loan at September 30, 2021 (see Note 9). The total market value of securities on loan at September 30, 2021 was $40,260 ($ Thousands).

(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 (see Note 9). The total market value of such securities as of September 30, 2021 was $51,021 ($ Thousands).

(I) Securities considered illiquid. The total value of such securities as of September 30, 2021 was $4,724 ($ Thousands) and represented 0.3% of the Net Assets of the Fund.

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

EGP — Egyptian Pound

EUR — Euro

FBIL — Financial Benchmarks India Ltd

GHS — Ghanaian Cedi

HUF — Hungarian Forint

ICE — Intercontinental Exchange

IDR — Indonesian Rupiah

INR — Indian Rupee

JPY — Japanese Yen

JSC — Joint-Stock Company

KRW — Korean Won

KWCDC — South Korean Won 3 Month Certificate of Deposit

KZT — Kazakhstani Tenge

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Company

L.P. — Limited Partnership

Ltd. — Limited

MIBOR — Mumbai InterBank Overnight Rate

MosPrime — Moscow Prime Offered Rate

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

OTC — Over The Counter

PEN — Peruvian Nuevo Sol

PHP — Philippine Peso

PJSC — Public Joint-Stock Company

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

TAIBOR — Taipei Interbank Offered Rate

THB — Thai Baht

TIIE — Interbank Equilibrium Interest Rate

TRY — Turkish Lira

TWD — Taiwan Dollar

UAH — Ukrainian Hryvnia

UGX — Ugandan Shilling

ULC — Unlimited Liability Company

USD — U.S. Dollar

UYU — Uruguayan Peso

WIBOR — Warsaw Interbank Offered Rate

VAR — Variable Rate

VND — Vietnamese Dong

  SEI Institutional International Trust / Annual Report / September 30, 2021   73

SCHEDULE OF INVESTMENTS

September 30, 2021

Emerging Markets Debt Fund (Concluded)

ZAR — South African Rand

ZMW — Zambian Kwacha

Investments in Securities	Level 1   ($)		Level 2   ($)		Level 3   ($)		Total ($)
Global Bonds		–		1,455,768		–		1,455,768
Affiliated Partnership		–		51,021		–		51,021
Total Investments in Securities		–		1,506,789		–		1,506,789

Other Financial Instruments	Level 1   ($)			Level 2   ($)			Level 3   ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		558			–			–		558
Unrealized Depreciation		(489	)		–			–		(489	)
Forwards Contracts*
Unrealized Appreciation		–			4,821			–		4,821
Unrealized Depreciation		–			(7,050	)		–		(7,050	)

Other Financial Instruments	Level 1   ($)		Level 2   ($)		Level 3   ($)		Total ($)
OTC Swaps
Interest Rate Swaps*
Unrealized Appreciation		–		1,177		–		1,177
Unrealized Depreciation		–		(586)		–		(586)
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation		–		928		–		928
Unrealized Depreciation		–		(4,148)		–		(4,148)
Total Other Financial Instruments		69		(4,858)		–		(4,789)

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

For the year ended September 30, 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 year ended September 30, 2021 ($ Thousands):

Security Description	Value 9/30/2020	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value 9/30/2021	Shares	Income	Capital Gains
SEI Liquidity Fund, L.P.	$  15,318	$  180,410	$  (144,706)	$  1	$    (2)	$  51,021	5  1,011,398	$  96	$  –

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

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

  74   SEI Institutional International Trust / Annual Report / September 30, 2021

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

September 30, 2021

	International Equity Fund				Emerging Markets Equity Fund				International Fixed Income Fund			Emerging Markets Debt Fund
Assets:
Investments, at value †		$	4,509,793	*		$	1,843,515	*		$	535,256		$	1,455,768	*
Affiliated investments, at value ††			209,686				78,690				–			51,021
Cash			50,223				22,889				26,334			69,122
Cash pledged as collateral for forward foreign currency contracts			–				–				–			2,027
Cash pledged as collateral for futures contracts			3,647				4,251				513			2,065
Cash pledged as collateral for swap contracts			–				–				101			590
Foreign currency, at value †††			6,657				12,662				8,165			4,043
Receivable for fund shares sold			1,675				8,705				392			967
Receivable for investment securities sold			92,711				9,657				4,408			13,275
Dividends and interest receivable			9,429				3,877				2,953			21,025
Unrealized gain on forward foreign currency contracts			–				–				7,830			4,821
Unrealized gain on foreign spot currency contracts			–				–				305			108
Due from broker			–				–				–			1,079
Swap contracts, at value ††††			–				–				134			1,177
Foreign tax reclaim receivable			15,542				94				–			–
Receivable for variation margin			89				518				106			741
Prepaid expenses			60				26				7			19
Total Assets			4,899,512				1,984,884				586,504			1,627,848
Liabilities:
Payable upon return on securities loaned			161,632				17,853				–			51,014
Payable for investment securities purchased			92,772				16,046				22,910			24,627
Payable for fund shares redeemed			2,420				772				252			800
Swap contracts, at value ††††			–				–				–			586
Payable for variation margin			145				–				145			695
Administration fees payable			1,105				700				103			554
Unrealized loss on foreign currency spot contracts			17				–				160			7
Unrealized loss on forward foreign currency contracts			–				–				1,068			7,050
Trustees fees payable			2				1				–			1
Chief compliance officer fees payable			6				2				1			2
Administrative servicing fees payable			4				–				–			–
Shareholder servicing fees payable			556				374				97			299
Investment advisory fees payable			1,995				1,546				103			798
Accrued expense payable			433				396				106			274
Accrued foreign capital gains tax on appreciated securities			–				6,912				–			–
Total Liabilities			261,087				44,602				24,945			86,707
Net Assets		$	4,638,425			$	1,940,282			$	561,559		$	1,541,141
† Cost of investments		$	3,847,528			$	1,471,666			$	529,783		$	1,504,278
†† Cost of affiliated investments			209,673				78,687				–			51,020
††† Cost of foreign currency			6,687				12,659				8,168			4,042
†††† Cost (premiums received)			–				–				–			–
* Includes market value of securities on loan			153,788				16,962				–			40,260

  SEI Institutional International Trust / Annual Report / September 30, 2021   75

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

September 30, 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)			$	3,463,686			$	1,443,973			$	561,481			$	1,627,110
Total distributable earnings/(loss)				1,174,739				496,309				78				(85,969)
Net Assets			$	4,638,425			$	1,940,282			$	561,559			$	1,541,141
Net Asset Value, Offering and Redemption Price Per Share — Class F			$	13.57			$	14.23			$	10.37			$	10.06
		($4,242,910,889 ÷ 312,726,352 shares)				($1,786,492,955 ÷ 125,577,286 shares)				($485,178,045 ÷ 46,805,756 shares)				($1,433,738,769 ÷ 142,455,262 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class I			$	13.59				N/A				N/A				N/A
		($1,610,692 ÷ 118,558 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class Y			$	13.58			$	14.25			$	10.41			$	10.03
		($393,902,937 ÷ 29,016,556 shares)				($153,788,772 ÷ 10,795,537 shares)				($76,380,797 ÷ 7,340,110 shares)				($107,402,155 ÷ 10,704,225 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.

  76   SEI Institutional International Trust / Annual Report / September 30, 2021

STATEMENTS OF OPERATIONS ($ Thousands)

For the year ended September 30, 2021

	International Equity Fund				Emerging Markets Equity Fund				International Fixed Income Fund				Emerging Markets Debt Fund
Investment Income:
Dividends		$	116,467			$	54,080			$	–			$	–
Income from affiliated investments(1)			5				2				–				–
Interest Income			49				1				7,164				81,599
Security lending income — net(2)(3)			743				302				–				96
Less: foreign taxes withheld			(14,128	)			(6,414	)			(51	)			(1,211	)
Total Investment Income			103,136				47,971				7,113				80,484
Expenses:
Investment advisory fees			22,949				20,683				1,588				13,065
Administration fees			13,103				8,465				2,382				6,884
Shareholder servicing fees — Class F			10,390				4,531				1,147				3,576
Shareholder servicing fees — Class I			4				–				–				–
Administrative servicing fees — Class I			4				–				–				–
Printing fees			559				244				64				186
Custodian/wire agent fees			509				873				123				443
Professional fees			215				92				24				70
Registration fees			133				57				17				50
Trustees’ fees			89				39				11				30
Chief compliance officer fees			22				10				3				7
Other expenses			146				97				150				195
Total Expenses			48,123				35,091				5,509				24,506
Less:
Waiver of investment advisory fees			–				(1,970	)			(234	)			(3,534	)
Waiver of administration fees			–				–				(47	)			(252	)
Waiver of shareholder servicing fees — Class F			(83	)			–				–				–
Net Expenses			48,040				33,121				5,228				20,720
Net Investment Income			55,096				14,850				1,885				59,764
Net Realized Gain (Loss) on:
Investments			546,836				289,956				6,314				17,126
Affiliated investments			(10	)			2				–				1
Futures contracts			10,958				3,385				963				1,497
Swap contracts			–				–				(103	)			3,863
Swaption contracts			–				–				(14	)			–
Foreign currency transactions			(2,060	)			(260	)			6,996				(9,329	)
Forward foreign currency contracts			(173	)			–				(1,148	)			2,824
Net Change in Unrealized Appreciation (Depreciation) on:
Investments			387,170				8,879				(22,443	)			(3,734	)
Affiliated investments			4				(5	)			–				(2	)
Futures contracts			240				(2,666	)			384				470
Swap contracts			–				–				248				(5,829	)
Foreign capital gains tax on appreciated securities			–				(4,277	)			–				–
Foreign currency translation of other assets and liabilities denominated in foreign currencies			(489	)			(71	)			(883	)			(222	)
Forward foreign currency contracts			–				–				3,534				4,138
Net Increase (Decrease) in Net Assets Resulting from Operations		$	997,572			$	309,793			$	(4,267)			$	70,567

(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.

(3) See Note 9 in the Notes to Financial Statements for additional information.

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 / Annual Report / September 30, 2021   77

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the years ended September 30,

	International Equity Fund						Emerging Markets Equity Fund
	2021			2020			2021			2020
Operations:
Net investment income	$	55,096		$	37,587		$	14,850		$	7,595
Net realized gain (loss) on investments and futures contracts		557,784			33,628			293,343			(48,977	)
Net realized loss on forward foreign currency contracts and foreign currency transactions		(2,233	)		(39	)		(260	)		(944	)
Net change in unrealized appreciation on investments and futures contracts		387,414			47,305			6,208			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		(489	)		892			(71	)		80
Net change in unrealized depreciation on foreign capital tax gains on appreciated securities		–			–			(4,277	)		(2,067	)
Net Increase in Net Assets Resulting from Operations		997,572			119,373			309,793			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		531,002			568,725			306,949			259,125
Reinvestment of dividends & distributions		36,357			62,626			8,760			17,191
Cost of shares redeemed		(764,767)			(794,429)			(346,741)			(408,775)
Net Decrease from Class F Transactions		(197,408	)		(163,078	)		(31,032	)		(132,459	)
Class I:
Proceeds from shares issued		114			491			N/A			N/A
Reinvestment of dividends & distributions		7			13			N/A			N/A
Cost of shares redeemed		(195	)		(1,060	)		N/A			N/A
Net Decrease from Class I Transactions		(74	)		(556	)		N/A			N/A
Class Y:
Proceeds from shares issued		43,805			72,880			25,446			30,639
Reinvestment of dividends & distributions		4,147			7,068			1,082			1,901
Cost of shares redeemed		(65,413	)		(118,964	)		(31,587	)		(51,350	)
Net Decrease from Class Y Transactions		(17,461	)		(39,016	)		(5,059	)		(18,810	)
Net Decrease in Net Assets Derived from Capital Share Transactions		(214,943	)		(202,650	)		(36,091	)		(151,269	)
Net Increase (Decrease) in Net Assets		738,633			(158,797	)		263,049			(32,890	)
Net Assets:
Beginning of Year		3,899,792			4,058,589			1,677,233			1,710,123
End of Year	$	4,638,425		$	3,899,792		$	1,940,282		$	1,677,233
Capital Share Transactions:
Class F:
Shares issued		40,400			56,479			20,901			23,437
Reinvestment of distributions		2,874			5,441			620			1,385
Shares redeemed		(59,276	)		(78,402	)		(23,885	)		(36,491	)
Total Class F Transactions		(16,002	)		(16,482	)		(2,364	)		(11,669	)
Class I:
Shares issued		9			51			N/A			N/A
Reinvestment of distributions		1			1			N/A			N/A
Shares redeemed		(15	)		(109	)		N/A			N/A
Total Class I Transactions		(5	)		(57	)		N/A			N/A
Class Y:
Shares issued		3,311			7,463			1,723			2,869
Reinvestment of distributions		328			615			77			153
Shares redeemed		(5,021	)		(12,369	)		(2,163	)		(4,844	)
Total Class Y Transactions		(1,382	)		(4,291	)		(363	)		(1,822	)
Net Decrease in Shares Outstanding from Share Transactions		(17,389	)		(20,830	)		(2,727	)		(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.

  78   SEI Institutional International Trust / Annual Report / September 30, 2021

	International Fixed Income Fund				Emerging Markets Debt Fund
	2021		2020		2021		2020
Operations:
Net investment income	$	1,885	$	1,679	$	59,764	$	62,597
Net realized gain (loss) on investments, futures contracts and swap contracts		7,160		(346)		22,487		(5,032)
Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions		5,848		(14,396)		(6,505)		(47,383)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, option contracts and swap contracts		(21,811)		17,705		(9,095)		(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		2,651		(1,446)		3,916		(2,066)
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,267)		3,196		70,567		(15,307)
Distributions:
Class F		(129)		(14,461)		(27,983)		(11,445)
Class Y		(20)		(2,410)		(2,564)		(1,066)
Total Dividends		(149)		(16,871)		(30,547)		(12,511)
Capital Share Transactions:
Class F:
Proceeds from shares issued		119,835		80,130		234,390		207,358
Reinvestment of dividends & distributions		119		13,322		25,224		10,357
Cost of shares redeemed		(76,680)		(87,928)		(238,050)		(300,839)
Net Increase (Decrease) from Class F Transactions		43,274		5,524		21,564		(83,124)
Class Y:
Proceeds from shares issued		18,226		16,132		18,734		23,514
Reinvestment of dividends & distributions		18		2,180		2,391		985
Cost of shares redeemed		(10,071)		(17,464)		(15,003)		(35,537)
Net Increase (Decrease) from Class Y Transactions		8,173		848		6,122		(11,038)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		51,447		6,372		27,686		(94,162)
Net Increase (Decrease) in Net Assets		47,031		(7,303)		67,706		(121,980)
Net Assets:
Beginning of Year		514,528		521,831		1,473,435		1,595,415
End of Year	$	561,559	$	514,528	$	1,541,141	$	1,473,435
Capital Share Transactions:
Class F:
Shares issued		11,494		7,694		22,842		21,356
Reinvestment of distributions		11		1,290		2,489		1,060
Shares redeemed		(7,341)		(8,463)		(23,157)		(31,470)
Total Class F Transactions		4,164		521		2,174		(9,054)
Class Y:
Shares issued		1,742		1,551		1,830		2,528
Reinvestment of distributions		2		211		237		102
Shares redeemed		(962)		(1,687)		(1,463)		(3,816)
Total Class Y Transactions		782		75		604		(1,186)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		4,946		596		2,778		(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 / Annual Report / September 30, 2021   79

FINANCIAL HIGHLIGHTS

For the years ended September 30

For a Share Outstanding Throughout Each Year

	Net Asset Value, Beginning of Year		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 Year		Total Return†			Net Assets End of Year ($ 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		$0.16	$	2.67		$	2.83		$	(0.12	)		$—	$	(0.12	)	$	13.57		26.18	%		$4,242,911	1.08%	1.08%	1.08%		1.19%		105%
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
Class I
2021		$10.87		$0.12	$	2.69		$	2.81		$	(0.09	)		$—	$	(0.09	)	$	13.59		25.91	%		$1,611	1.33%	1.33%	1.33%		0.93%		105%
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(4)	1.35(4)	1.35(4)		1.61		73
2018		11.27		0.12		0.09			0.21			(0.11	)		—		(0.11	)		11.37		1.86			2,662	1.34(4)	1.34(4)	1.34(4)		1.06		40
2017		9.55		0.10		1.70			1.80			(0.08	)		—		(0.08	)		11.27		19.00			2,954	1.40(4)	1.40(4)	1.40(4)		0.96		57
Class Y
2021		$10.86		$0.19	$	2.68		$	2.87		$	(0.15	)		$—	$	(0.15	)	$	13.58		26.55	%		$393,903	0.83%	0.83%	0.83%		1.44%		105%
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(5)	0.85(5)	0.85(5)		2.24		73
2018		11.31		0.18		0.09			0.27			(0.19	)		—		(0.19	)		11.39		2.40			344,977	0.84(5)	0.84(5)	0.84(5)		1.60		40
2017		9.59		0.16		1.69			1.85			(0.13	)		—		(0.13	)		11.31		19.59			319,689	0.90(5)	0.90(5)	0.90(5)		1.53		57
Emerging Markets Equity Fund
Class F(2)
2021		$12.06		$0.11	$	2.14		$	2.25		$	(0.08	)		$—	$	(0.08	)	$	14.23		18.63	%		$1,786,493	1.70%(6)	1.70%(6)	1.80%(7)		0.73%		100%
2020		11.21		0.05		0.93			0.98			(0.13	)		—		(0.13	)		12.06		8.75			1,542,551	1.71(6)	1.71(6)	1.81(7)		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(6)	1.70(6)	1.81(7)		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(6)	1.69(6)	1.80(7)		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(6)	1.74(6)	1.82(7)		0.65		66
Class Y
2021		$12.07		$0.14	$	2.15		$	2.29		$	(0.11	)		$—	$	(0.11	)	$	14.25		18.96	%		$153,789	1.45%(8)	1.45%(8)	1.55%(9)		0.98%		100%
2020		11.22		0.08		0.93			1.01			(0.16	)		—		(0.16	)		12.07		8.99			134,682	1.46(8)	1.46(8)	1.56(9)		0.66		90
2019		11.49		0.14		(0.31	)		(0.17	)		(0.10	)		—		(0.10	)		11.22		(1.44	)		145,600	1.45(8)	1.45(8)	1.56(9)		1.25		89
2018		12.35		0.11		(0.76	)		(0.65	)		(0.21	)		—		(0.21	)		11.49		(5.46	)		125,594	1.44(8)	1.44(8)	1.55(9)		0.89		70
2017		10.11		0.10		2.24			2.34			(0.10	)		—		(0.10	)		12.35		23.46			125,400	1.49(8)	1.49(8)	1.57(9)		0.93		66

^†  Returns and portfolio turnover rates are for the period indicated and have not 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% and 1.15% for 2019, 2018 and 2017.

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

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

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

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

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

(9) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.55%, 1.56%, 1.56%, 1.55% and 1.57% for 2021, 2020, 2019, 2018 and 2017.

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

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

  80   SEI Institutional International Trust / Annual Report / September 30, 2021

FINANCIAL HIGHLIGHTS

For the years ended September 30

For a Share Outstanding Throughout Each Year

	Net Asset Value, Beginning of Year		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 Year		Total Return†			Net Assets End of Year ($ 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	$	0.03	$	(0.12	)	$	(0.09	)	$	—		$	—^		$	—		$	10.37		(0.83	)%		$485,178	1.02%	1.02%	1.07%		0.32%		65%
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
Class Y
2021		$10.47	$	0.06	$	(0.12	)	$	(0.06	)	$	—		$	—^		$	—		$	10.41		(0.54	)%		$76,381	0.77%	0.77%	0.82%		0.57%		65%
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(5)	0.77(5)	0.82(6)		0.66		58
2018		10.12		0.09		0.08			0.17			—			—			—			10.29		1.68			43,003	0.77(5)	0.77(5)	0.82(6)		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(5)	0.77(5)	0.83(6)		0.94		113
Emerging Markets Debt Fund
Class F(2)
2021		$9.80	$	0.40	$	0.06		$	0.46		$	(0.20	)	$	—		$	(0.20	)	$	10.06		4.71	%		$1,433,739	1.36%	1.36%	1.61%		3.87%		91%
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(7)	1.36(7)	1.62(8)		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(7)	1.36(7)	1.61(8)		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(7)	1.36(7)	1.63(8)		5.06		79
Class Y
2021		$9.79	$	0.42	$	0.07		$	0.49		$	(0.25	)	$	—		$	(0.25	)	$	10.03		4.98	%		$107,402	1.11%	1.11%	1.36%		4.12%		91%
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(9)	1.11(9)	1.37(10)		5.18		114
2018		10.57		0.53		(1.18	)		(0.65	)		(0.64	)		—			(0.64	)		9.28		(6.57	)		113,872	1.11(9)	1.11(9)	1.36(10)		5.34		80
2017		10.12		0.53		0.17			0.70			(0.25	)		—			(0.25	)		10.57		7.18			108,361	1.11(9)	1.11(9)	1.38(10)		5.31		79

^†  Returns and portfolio turnover rates are for the period indicated and have not 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.

^ Amount represents less than $0.005.

(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% and 1.02% for 2019, 2018 and 2017.

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

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

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

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

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

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

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

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 / Annual Report / September 30, 2021   81

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

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

  82   SEI Institutional International Trust / Annual Report / September 30, 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 / Annual Report / September 30, 2021   83

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2021

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 year ended September 30, 2021 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended September 30, 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

  84   SEI Institutional International Trust / Annual Report / September 30, 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 September 30, 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 September 30, 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 / Annual Report / September 30, 2021   85

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2021

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 September 30, 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.

86   SEI Institutional International Trust / Annual Report / September 30, 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 September 30, 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 / Annual Report / September 30, 2021   87

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2021

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.

  88   SEI Institutional International Trust / Annual Report / September 30, 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
	Year Ended September 30, 2021			Year Ended September 30, 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 Net Assets — Unrealized appreciation	$	228†	Net Assets — Unrealized depreciation on swaps contracts Net Assets — Unrealized depreciation	$	258†
	on futures contracts		1,352*	on futures contracts		595*
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		7,830	Unrealized loss on forward foreign currency contracts		1,068
Total derivatives not accounted for as hedging instruments		$	9,410		$	1,921
	Asset Derivatives			Liability Derivatives
	Year Ended September 30, 2021			Year Ended September 30, 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	$	558*	Net Assets — Unrealized depreciation on futures contracts	$	489  *
	Net Assets — Unrealized appreciation			Net Assets — Unrealized depreciation
	on swaps contracts		2,105†	on swaps contracts		4,734 †
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		4,821	Unrealized loss on forward foreign currency contracts		7,050
Total derivatives not accounted for as hedging instruments		$	7,484		$	12,273

* 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 year ended September 30, 2021.

Amount of realized gain or (loss) 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)	$	765	$	—	$	(103)	$	648
Foreign exchange contracts		—		198		(1,148)		—		(950)
Credit contracts		—		—		—		—		—
Total	$	(14)	$	963	$	(1,148)	$	(103)	$	(302)

  SEI Institutional International Trust / Annual Report / September 30, 2021   89

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2021

Derivatives Not Accounted for as Hedging Instruments	Futures		Forward Currency Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	1,483	$	—	$	3,863	$	5,346
Foreign exchange contracts		14		2,824		—		2,838
Credit contracts		—		—		—		—
Total	$	1,497	$	2,824	$	3,863	$	8,184

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

Derivatives Not Accounted for as Hedging Instruments	Futures		Forward              Currency             Contracts		Swaps		Total
International Fixed Income Fund
Interest rate contracts	$	384	$	—	$	(75)	$	309
Foreign exchange contracts		—		3,534		—		3,534
Credit contracts		—		—		323		323
Total	$	384	$	3,534	$	248	$	4,166
Derivatives Not Accounted for as Hedging Instruments	Futures		Forward              Currency             Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	470	$	—	$	(5,669)	$	(5,199)
Credit contracts		—		—		72		72
Foreign exchange contracts		—		4,138		(232)		3,906
Total	$	470	$	4,138	$	(5,829)	$	(1,221)

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

  90   SEI Institutional International Trust / Annual Report / September 30, 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 September 30, 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	$	89	$	—	$	89	$	145	$	—	$	145
Emerging Markets Equity Fund		518		—		518		—		—		—
International Fixed Income Fund		94		12		106		128		17		145
Emerging Markets Debt Fund		123		618		741		9		686		695

Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2021 amounted to $3,647 ($ Thousands) for the International Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2021 amounted to $4,251 ($ Thousands) for the Emerging Markets Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2021 amounted to $614 ($ Thousands) for the International Fixed Income Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2021 amounted to $4,682 ($ 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 September 30, 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	$	81	$	—	$	81	$         5	$	—	$	5	$	76	$	—	$	76
Barclays PLC		982		—		982	115		—		115		867		—		867
BNP Paribas		1,906		—		1,906	45		—		45		1,861		—		1,861
Brown Brothers Harriman		515		—		515	11		—		11		504		—		504
Citi		72		—		72	44		—		44		28		—		28
Citigroup		990		—		990	90		—		90		900		—		900
Credit Agricole		3		—		3	—		—		—		3		—		3
Deutsche Bank		—		134		134	2		—		2		132		—		132
Goldman Sachs		336		—		336	12		—		12		324		—		324
HSBC		286		—		286	17		—		17		269		—		269
JPMorgan Chase Bank		1,754		—		1,754	293		—		293		1,461		—		1,461
Morgan Stanley		745		—		745	383		—		383		362		—		362
RBC		36		—		36	—		—		—		36		—		36
Societe Generale		37		—		37	—		—		—		37		—		37
Standard Chartered		53		—		53	22		—		22		31		—		31
State Street		23		—		23	29		—		29		(6)		—		(6)

  SEI Institutional International Trust / Annual Report / September 30, 2021   91

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2021

	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^
UBS	$	1	$	—	$	1	$	—	$	—	$	—	$	1	$	—	$	1
Westpac Banking		10		—		10		—		—		—		10		—		10
Total Over the Counter		7,830		134		7,964		1,068		—		1,068

	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	$	227	$	—	$	227	$	1,045	$	—	$	1,045	$	(818)	$	—	$	(818)
Brown Brothers Harriman		1		—		1		—		—		—		1		—		1
Citi		—		—		—		266		—		266		(266)		—		(266)
Citibank		—		—		—		—		275		275		(275)		—		(275)
Citigroup		816		—		816		1,241		—		1,241		(425)		—		(425)
Deutsche Bank		11		—		11		8		—		8		3		—		3
Goldman Sachs		901		1,166		2,067		1,575		240		1,815		252		—		252
JPMorgan Chase Bank		2,010		11		2,021		1,816		71		1,887		134		—		134
Merrill Lynch		158		—		158		135		—		135		23		—		23
Morgan Stanley		80		—		80		39		—		39		41		—		41
Standard Bank		419		—		419		565		—		565		(146)		—		(146)
Standard Chartered		73		—		73		256		—		256		(183)		—		(183)
State Street		125		—		125		104		—		104		21		—		21
Total Over the Counter		4,821		1,177		5,998		7,050		586		7,636

^ 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 September 30, 2021.

The following table discloses the volume of the Funds’ futures contracts, forward foreign currency contracts and swap activity during the year ended September 30, 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	$	53,032	$	35,286	$	–	$	–
Ending Notional Balance Long		53,672		76,188		–		–
Interest Contracts
Average Notional Balance Long		–		–		74,290		45,968
Average Notional Balance Short		–		–		74,621		35,483
Ending Notional Balance Long		–		–		72,445		34,544
Ending Notional Balance Short		–		–		95,970		29,721
Currency Contracts
Average Notional Balance Short		–		–		36,231		–
Ending Notional Balance Short		–		–		35,623		–
Forward Foreign Currency Contracts:
Average Notional Balance Long		–		–		873,688		700,116
Average Notional Balance Short		–		–		870,145		701,784
Ending Notional Balance Long		–		–		998,213		679,953
Ending Notional Balance Short		–		–		991,315		682,082

  92   SEI Institutional International Trust / Annual Report / September 30, 2021

	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Swaps:
Credit Contracts
Average Notional Balance Long	$	–	$	–	$	–	$	5,901
Average Notional Balance Short		–		–		221		–
Interest Contracts
Average Notional Balance		–		–		15,422		214,099
Ending Notional Balance		–		–		17,423		181,775
Foreign Exchange Contracts
Average Notional Balance Long		–		–		–		557
Options/Swaptions:
Interest
Average Notional Balance Long†		–		–		5		–
Average Notional Balance Short†		–		–		1		–

^† 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.

  SEI Institutional International Trust / Annual Report / September 30, 2021   93

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2021

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%
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 September 30, 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

INTECH Investment Management LLC

JO Hambro Capital Management Limited

Lazard Asset Management LLC

Delaware Investments Fund Advisers, a series of

Macquarie Investment Management Business Trust

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.

Such commissions for the year ended September 30, 2021 were as follows ($ Thousands):

International Equity Fund	$	325
Emerging Markets Equity Fund		160

  94   SEI Institutional International Trust / Annual Report / September 30, 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 year ended September 30, 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.

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 year ended September 30, 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 year ended September 30, 2021, were as follows:

	International Equity Fund ($ Thousands)		Emerging Markets Equity Fund ($ Thousands)		International Fixed Income Fund ($ Thousands)		Emerging Markets Debt Fund ($ Thousands)
Purchases
U.S. Government		$—		$—		$13,620		$—
Other		4,622,493		1,914,416		369,081		1,383,443
Sales
U.S. Government		—		—		5,308		1,679
Other		4,723,393		1,994,706		314,169		1,293,589

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.

Accordingly, the following permanent differences, primarily attributable to different treatment for gains and losses on paydowns of mortgage and asset-backed securities for tax purposes, investments in swaps, investments in passive foreign investment companies, distribution reclassification, REIT income reclassification and foreign currency transactions. The permanent difference that is credited or charged to Paid in Capital

  SEI Institutional International Trust / Annual Report / September 30, 2021   95

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2021

and Distributable Earnings as of September 30, 2021 is primarily related to nondeductible excise tax paid during the year.

	Paid-in Capital ($ Thousands)		Distributable Earning (Accumulated Losses)
Emerging Markets Equity Fund	$	(17)		$              17

These reclassifications have no impact on net assets of the net asset value per share.

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

		Ordinary Income ($Thousands)		Long-term Capital Gain ($  Thousands)		Total ($Thousands)
International Equity Fund	2021	$	43,996	$	—	$	43,996
	2020		75,520		—		75,520
Emerging Markets Equity Fund	2021		10,653		—		10,653
	2020		20,681		—		20,681
International Fixed Income Fund	2021		—		149		149
	2020		16,125		746		16,871
Emerging Markets Debt Fund	2021		30,547		—		30,547
	2020		12,511		—		12,511

As of September 30, 2021, 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	$	258,794	$	315,458	$	—		$	—	$	—	$	600,485		$	2		$	1,174,739
Emerging Markets Equity Fund		15,702		144,053		—			—		—		336,556			(2	)		496,309
International Fixed Income Fund		469		4,994		—			—		—		3,712			(9,097	)		78
Emerging Markets Debt Fund		3,052		—		(9,725	)		—		—		(65,043	)		(14,253	)		(85,969	)

Post-October losses represent losses realized on investment transactions from November 1, 2020 through September 30, 2021 that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

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

The Funds have capital losses carried forward as follows:

	Short-Term ($ Thousands)		Long-Term ($ Thousands)		Total Capital Loss Carryforwards ($ Thousands)
Emerging Markets Debt Fund		$—		$9,725		$9,725

For fiscal year ended September 30, 2021, the following Funds utilized capital loss carryforward from prior year to offset current year realized gain:

	Amount Utilized ($ Thousands)
International Equity Fund		$29,195
Emerging Markets Equity Fund		83,049
International Fixed Income Fund		419
Emerging Markets Debt Fund		13,287

For Federal income tax purposes, the cost of securities owned at September 30, 2021, 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 September 30, 2021, was as follows:

  96   SEI Institutional International Trust / Annual Report / September 30, 2021

	Federal Tax Cost ($ Thousands)		Appreciated     Securities ($ Thousands)		Depreciated     Securities ($ Thousands)			Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
International Equity Fund	$	4,118,845	$	768,004	$	(167,519	)	$  600,485
Emerging Markets Equity Fund		1,578,732		452,795		(116,239	)	336,556
International Fixed Income Fund		530,858		14,681		(10,969	)	3,712
Emerging Markets Debt Fund		1,567,424		41,792		(106,835	)	(65,043)

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of September 30, 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, 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

  SEI Institutional International Trust / Annual Report / September 30, 2021   97

NOTES TO FINANCIAL STATEMENTS (Concluded)

September 30, 2021

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 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

  98   SEI Institutional International Trust / Annual Report / September 30, 2021

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 September 30, 2021

($ Thousands):

		Securities Loaned at Value			Cash Collateral Received(1)		Net Amount
International Equity Fund	$		153,788	$		153,788		$	—
Emerging Markets Equity Fund			16,962			16,962			—
Emerging Markets Debt Fund			40,260			40,260			—

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

10. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of September 30, 2021, SPTC held of record the following:

Fund	Class F		Class I		Class Y
International Equity Fund		96.39%		—%		47.12%
Emerging Markets Equity Fund		94.73%		—%		61.18%
International Fixed Income Fund		97.36%		—%		98.89%
Emerging Markets Debt Fund		98.15%		—%		53.67%

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 September 30, 2021.

SEI Institutional International Trust / Annual Report / September 30, 2021   99

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Trustees

SEI Institutional International Trust:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of SEI Institutional International Trust, comprised of the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund, and Emerging Markets Debt Fund (collectively, the Funds), including the schedules of investments, as of September 30, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of September 30, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian, transfer agent, and brokers or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more SEI Funds investment companies since 2005.

Philadelphia, Pennsylvania

November 29, 2021

  100   SEI Institutional International Trust / Annual Report / September 30, 2021

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited)

The following chart lists Trustees and Officers as of September 30, 2021.

Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of positions in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-800-342-5794.

Name, Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee2	Other Directorships Held by Trustee
INTERESTED TRUSTEES
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 75 yrs. old	Chairman of the Board of Trustees*	since 1989	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	93	President and Director of SEI Structured Credit Fund, LP. Director of SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Multi-Strategy Funds PLC, SEI Global Nominee Ltd and SEI Investments—Unit Trust Management (UK) Limited. President, Director and Chief Executive Officer of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 1989 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Vice Chairman of O’Connor EQUUS (closed-end investment company) from 2014 to 2016. Vice Chairman of Winton Series Trust from 2014 to 2017. Vice Chairman of The Advisors’ Inner Circle Fund III and Winton Diversified Opportunities Fund (closed-end investment company) from 2014 to 2018. Vice Chairman of Gallery Trust, Schroder Series Trust and Schroder Global Series Trust from 2015 to 2018. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, and the KP Funds. President, Chief Executive Officer and Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, The New Covenant Funds and SEI Catholic Values Trust.
William M. Doran One Freedom Valley Drive Oaks, PA 19456 81 yrs. old	Trustee*	since 1982	Self-employed consultant since 2003.Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003, counsel to the Trust, SEI, SIMC, the Administrator and the Distributor.	93	Director of SEI since 1974; Secretary of SEI since 1978. Director of SEI Investments Distribution Co. since 2003. Director of SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Investments (Asia) Limited, SEI Global Nominee Ltd. and SEI Investments—Unit Trust Management (UK) Limited. Trustee of SEI Liquid Asset Trust from 1982 to 2016. Trustee of O’Connor EQUUS from 2014 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of Winton Series Trust from 2014 to 2017. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds from 1991 to 2018. Trustee of The KP Funds from 2013 to 2018. Trustee of Winton Diversified Opportunities Fund from 2014 to 2018. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, Schroder Series Trust, Schroder Global Series Trust and SEI Catholic Values Trust.
TRUSTEES
George J. Sullivan Jr.3 One Freedom Valley Drive, Oaks, PA 19456 78 yrs. old	Trustee	since 1996	Retired since January 2012. Self-Employed Consultant, Newfound Consultants Inc. April 1997-December 2011.	93	Member of the independent review committee for SEI’s Canadian-registered mutual funds from 2011 to 2017. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 1996 to 2016. Trustee/Director of State Street Navigator Securities Lending Trust from 1996 to 2017. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee/Director of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, The KP Funds and SEI Catholic Values Trust.

* Messrs. Nesher and Doran are Trustees who may be deemed as “interested” persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with SIMC and the Trust’s Distributor.

1 Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust

2 The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, SEI Catholic Values Trust and New Covenant Funds.

3 George J. Sullivan, Jr. passed away on October 13, 2021.

  SEI Institutional International Trust / Annual Report / September 30, 2021   101

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) (Concluded)

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by  Trustee2	Other Directorships Held by Trustee
TRUSTEES (continued)
Nina Lesavoy One Freedom Valley Drive, Oaks, PA 19456 64 yrs. old	Trustee	since 2003	Founder and Managing Director, Avec Capital (strategic fundraising firm) since 2008. Managing Director, Cue Capital (strategic fundraising firm) from March 2002-March 2008.	93	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2003 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee/Director of SEI Structured Credit Fund, L.P., SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
James M. Williams One Freedom Valley Drive, Oaks, PA 19456 73 yrs. old	Trustee	since 2004	Vice President and Chief Investment Officer, J. Paul Getty Trust, Non-Profit Foundation for Visual Arts, since December 2002. President, Harbor Capital Advisors and Harbor Mutual Funds, 2000-2002. Manager, Pension Asset Management, Ford Motor Company, 1997-1999.	93	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013, Trustee of SEI Liquid Asset Trust from 2004 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee/Director of Ariel Mutual Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
Mitchell A. Johnson One Freedom Valley Drive, Oaks, PA 19456 79 yrs. old	Trustee	since 2007	Retired Private Investor since 1994.	93	Director, Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2007 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of the Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, The KP Funds, New Covenant Funds and SEI Catholic Values Trust.
Hubert L. Harris, Jr. One Freedom Valley Drive, Oaks, PA 19456 78 yrs. old	Trustee	since 2008	Retired since December 2005. Owner of Harris Plantation, Inc. since 1995. Chief Executive Officer of Harris CAPM, a consulting asset and property management entity. Chief Executive Officer, INVESCO North America, August 2003-December 2005. Chief Executive Officer and Chair of the Board of Directors, AMVESCAP Retirement, Inc., January 1998- August 2003.	93	Director of AMVESCAP PLC from 1993-2004. Served as a director of a bank holding company, 2003-2009. Director, Aaron’s Inc., 2012-present. President and CEO of Oasis Ornamentals LLC since 2011. Member of the Board of Councilors of the Carter Center (nonprofit corporation) and served on the board of other non-profit organizations. Director of SEI Alpha Strategy Portfolios, LP from 2008 to 2013. Trustee of SEI Liquid Asset Trust from 2008 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
Susan C. Cote One Freedom Valley Drive Oaks, PA 19456 66 years old	Trustee	since 2016	Retired since July 2015. Americas Director of Asset Management, Ernst & Young LLP from 2006-2013. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006- 2015. Partner Ernst & Young LLP from 1997-2015. Prudential, 1983-1997.Member of the Ernst & Young LLP Retirement Investment Committee, Treasurer and Chair of Finance, Investment and Audit Committee of the New York Women’s Foundation.	93	Trustee of SEI Insurance Products Trust from 2016 to 2020. Trustee of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
James B. Taylor One Freedom Valley Drive Oaks, PA 19456 70 years old	Trustee	since 2018	Retired since December 2017. Chief Investment Officer at Georgia Tech Foundation from 2008 to 2017. Chief Investment Officer at Delta Air Lines from 1983 to 2007. Member of the Investment Committee at the Institute of Electrical and Electronic Engineers from 1999 to 2004. President, Vice President and Treasurer at Southern Benefits Conference from 1998 to 2000.	93	Trustee of SEI Insurance Products Trust from 2018 to 2020. Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds and SEI Catholic Values Trust.
Christine Reynolds One Freedom Valley Drive Oaks, PA 19456 62 years old	Trustee	since 2019	Retired since December 2016. Executive Vice President, Fidelity Investments from 2014-2016. President, Fidelity Pricing and Cash Management Services and Chief Financial Officer of Fidelity Funds from 2008-2014. Chief Operating Officer, Fidelity Pricing and Cash Management Services from 2007-2008. President and Treasurer, Fidelity Funds from 2004-2007. Anti-Money Laundering Officer, Fidelity Funds in 2004. Executive Vice President, Fidelity Funds from 2002-2004. Audit Partner, PricewaterhouseCoopers from 1992-2002.	93	Trustee of SEI Insurance Products Trust from 2019 to 2020. Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds and SEI Catholic Values Trust.
Thomas Melendez One Freedom Valley Drive Oaks, PA 19456 61 years old	Trustee	since 2021	Retired since 2019. Investment Officer and Institutional Equity Portfolio Manager at MFS Investment Management from 2002 to 2019. Director of Emerging Markets Group, General Manager of Operations in Argentina and Portfolio Manager for Latin America at Schroders Investment Management from 1994 to 2002.	84	Trustee of Boston Children’s Hospital, The Partnership Inc. and Brae Burn Country Club (non-profit organizations). Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust and SEI Asset Allocation Trust. Independent Consultant of Adviser Managed Trust, New Covenant Funds and SEI Catholic Values Trust.

1 Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.

2 The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, SEI Catholic Values Trust and New Covenant Funds.

  102   SEI Institutional International Trust / Annual Report / September 30, 2021

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by  Trustee2	Other Directorships Held by Trustee
OFFICERS
Robert A. Nesher One Freedom Valley Drive, Oaks, PA 19456 75 yrs. Old	President and CEO	since 2005	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	N/A	N/A
Peter A. Rodriguez One Freedom Valley Drive Oaks, PA 19456 59 yrs. old	Controller and Chief Financial Officer	since 2020	Director, Fund Accounting, SEI Investments Global Funds Services since April 2020 and previously from March 2011 to March 2015; Director, Financial Reporting from June 2017 to March 2020. Director, Centralized Operations from March 2015 to June 2017.	N/A	N/A
Glenn R. Kurdziel One Freedom Valley Drive Oaks, PA 19456 47 yrs. old	Assistant Controller	since 2017	Assistant Controller, Funds Accounting, SEI Investments Global Funds Services (March 2017); Senior Manager, Funds Accounting, SEI Investments Global Funds Services since 2005.	N/A	N/A
Russell Emery One Freedom Valley Drive Oaks, PA 19456 58 yrs. old	Chief Compliance Officer	since 2006	Chief Compliance Officer of SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Tax Exempt Trust, The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds since March 2006. Chief Compliance Officer of SEI Liquid Asset Trust from 2006 to 2016. Chief Compliance Officer of SEI Structured Credit Fund, LP since June 2007. Chief Compliance Officer of Adviser Managed Trust since December 2010. Chief Compliance Officer of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Chief Compliance Officer of New Covenant Funds since February 2012. Chief Compliance Officer of SEI Insurance Products Trust from 2013 to 2020. Chief Compliance Officer of The KP Funds from 2013 to 2020. Chief Compliance Officer of O’Connor EQUUS from 2014 to 2016. Chief Compliance Officer of The Advisors’ Inner Circle Fund III since 2014. Chief Compliance Officer of Winton Series Trust from 2014 to 2017. Chief Compliance Officer of Winton Diversified Opportunities Fund from 2014 to 2018. Chief Compliance Officer of SEI Catholic Values Trust and Gallery Trust since 2015. Chief Compliance Officer of Schroder Series Trust and Schroder Global Series Trust since 2017.	N/A	N/A
Timothy D Barto One Freedom Valley Drive Oaks, PA 19456 53 yrs. old	Vice President and Secretary	since 2002	Vice President and Secretary of SEI Institutional Transfer Agent, Inc. since 2009. General Counsel and Secretary of SIMC and the Administrator since 2004. Vice President of SIMC and the Administrator since 1999. Vice President and Assistant Secretary of SEI since 2001.	N/A	N/A
Aaron Buser One Freedom Valley Drive, Oaks, PA 19456 50 yrs. old	Vice President and Assistant Secretary	since 2008	Vice President and Assistant Secretary of SEI Institutional Transfer Agent, Inc. since 2009. Vice President and Assistant Secretary of SIMC since 2007. Attorney Stark & Stark (law firm), March 2004-July 2007.	N/A	N/A
David F. McCann One Freedom Valley Drive, Oaks, PA 19456 45 yrs. old	Vice President and Assistant Secretary	since 2009	Vice President and Assistant Secretary of SEI Institutional Transfer Agent, Inc. since 2009. Vice President and Assistant Secretary of SIMC since 2008. Attorney, Drinker Biddle & Reath, LLP (law firm), May 2005 - October 2008.	N/A	N/A
Stephen G. MacRae One Freedom Valley Drive, Oaks, PA 19456 53 yrs. old	Vice President	since 2012	Director of Global Investment Product Management since January 2004.	N/A	N/A
Bridget E. Sudall One Freedom Valley Drive Oaks, PA 19456 40 yrs. old	Anti-Money Laundering Compliance Officer and Privacy Officer	since 2015	Anti-Money Laundering Compliance Officer and Privacy Officer (since 2015), Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, April 2011-March 2015, Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, July 2007-April 2011.	N/A	N/A

1 Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.

2 The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, SEI Catholic Values Trust and New Covenant Funds.

  SEI Institutional International Trust / Annual Report / September 30, 2021   103

DISCLOSURE OF FUND EXPENSES (Unaudited)

September 30, 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 April 1, 2021 to September 30, 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 4/1/21		Ending Account Value 9/30/21		Annualized Expense Ratios		Expenses Paid During Period *
International Equity Fund
Actual Fund Return
Class F		$1,000.00		$1,028.80		1.07%		$5.44
Class I		1,000.00		1,027.20		1.32		6.71
Class Y		1,000.00		1,029.60		0.82		4.17
Hypothetical 5% Return
Class F		$1,000.00		$1,019.70		1.07%		$5.42
Class I		1,000.00		1,018.45		1.32		6.68
Class Y		1,000.00		1,020.96		0.82		4.15
Emerging Markets Equity Fund
Actual Fund Return
Class F		$1,000.00		$953.80		1.71%		$8.38
Class Y		1,000.00		955.10		1.46		7.16
Hypothetical 5% Return
Class F		$1,000.00		$1,016.50		1.71%		$8.64
Class Y		1,000.00		1,017.75		1.46		7.38

	Beginning Account Value 4/1/21		Ending Account Value 9/30/21		Annualized Expense Ratios		Expenses Paid During Period *
International Fixed Income Fund
Actual Fund Return
Class F		$1,000.00		$1,000.00		1.02%		$5.11
Class Y		1,000.00		1,001.90		0.77		3.86
Hypothetical 5% Return
Class F		$1,000.00		$1,019.96		1.02%		$5.16
Class Y		1,000.00		1,021.21		0.77		3.90
Emerging Markets Debt Fund
Actual Fund Return
Class F		$1,000.00		$1,020.40		1.36%		$6.94
Class Y		1,000.00		1,021.70		1.11		5.68
Hypothetical 5% Return
Class F		$1,000.00		$1,018.20		1.36%		$6.93
Class Y		1,000.00		1,019.45		1.11		5.67

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

  104   SEI Institutional International Trust / Annual Report / September 30, 2021

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

September 30, 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 / Annual Report / September 30, 2021   105

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

  106   SEI Institutional International Trust / Annual Report / September 30, 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, each Sub-Advisory Agreement was either initially approved or, if the Sub-Advisory Agreement was already in effect (unless operating under an initial two-year term), renewed at meetings of the Board held during the course of the Trust’s fiscal year on December 8-9, 2020, June 22-23, 2021 and September 14-15, 2021. 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 meetings 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

  SEI Institutional International Trust / Annual Report / September 30, 2021   107

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

(Unaudited) (Concluded)

evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the approval or renewal of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC’s advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of SIMC and the Sub-Advisers is reasonable and supported renewal of the Investment Advisory Agreements.

Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the approval or renewal, as applicable, of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

  108   SEI Institutional International Trust / Annual Report / September 30, 2021

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders who do not have a September 30, 2021, taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2021, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended September 30, 2021, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

	(A) Return of Capital	(B) Long Term Capital Gains Distributions (Tax Basis)	(C) Ordinary Income Distributions (Tax Basis)	(D) Total Distributions (Tax Basis)	(E) Dividends Qualifying for Corporate Dividends Rec. Deduction(1)	(F) Qualifying Dividend Income (15% Tax Rate for QDI)(2)	(G) U.S. Government Interest(3)	(H) Interest Related Dividends(4)	(I) Short-Term Capital Gain Dividends(5)
International Equity Fund	0.00%	0.00%	100.00%	100.00%	0.00%	89.82%	0.00%	0.00%	0.00%
Emerging Markets Equity Fund	0.00%	0.00%	100.00%	100.00%	0.00%	100.00%	0.00%	0.00%	0.00%
International Fixed Income Fund	0.00%	100.00%	0.00%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Emerging Markets Debt Fund	0.00%	0.00%	100.00%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2021, the amount of foreign source income and foreign tax credit are as follows (Thousands):

Fund	Foreign Source Income		Foreign Tax Credit Pass Through
International Equity	$	104,171		$7,876
Emerging Markets Equity		23,570		9,255

(1) “Dividends Received Deduction” represent dividends which qualify for the corporate dividends received deduction.

(2) “Qualifying Dividend Income” represent qualifying dividends as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. It is the intention of the Fund to designate the max amount permitted by law.

(3) “U.S. Government Interest” represent the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut or New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

(4) The percentage in this column represents the amount of “Interest Related Dividend” is reflected as a percentage of ordinary income distribution. Interest related dividends is exempted from U.S. withholding tax when paid to foreign investors.

(5) The percentage of this column represents the amount of “Short Term Capital Gain Dividend” is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.

Items (A), (B), (C) and (D) are based on the percentage of each fund’s total distribution.

Items (E) and (F) are based on the percentage of “Ordinary Income Distributions.”

Item (G) is based on the percentage of gross income of each Fund.

Item (H) is based on the percentage of net investment income distributions.

Item (I) is based on the percentage of short-term capital gains distributions.

Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.

  SEI Institutional International Trust / Annual Report / September 30, 2021   109

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SEI INSTITUTIONAL INTERNATIONAL TRUST / ANNUAL REPORT / SEPTEMBER 30, 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

Thomas Melendez

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-018 (9/21)

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has two audit committee financial experts serving on the audit committee.

(a) (2) The audit committee financial experts are Susan C. Cote and Hubert L. Harris, Jr.    Ms. Cote and Mr. Harris are independent as defined in Form N-CSR Item 3 (a) (2).

Item 4. Principal Accountant Fees and Services.

Fees billed by KPMG LLP (“KPMG”) related to the Registrant.

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:

		Fiscal Year 2021			Fiscal Year 2020
		All fees and services to the Registrant that were pre- approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre- approval	All fees and services to the Registrant that were pre- approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre- approval
(a)	Audit Fees(1)	$211,080	$0	N/A	$208,580	$0	N/A
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees	$0	$0	$0	$0	$0	$0
(d)	All Other Fees(2)	$0	$331,000	$0	$0	$534,502	$0

Notes:

(1) Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(2) See Item 4(g) for a description of the services comprising the fees disclosed in this category.

(e)(1) The Registrant’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules on auditor independence and whether the provision of such services would compromise the auditor’s independence.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services: (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.

The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees (or the manner of their determination) to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	Fiscal     2021	Fiscal     2020
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not Applicable.

(g)(1) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2021 and 2020 were $331,000 and $534,502, respectively. Non-audit fees consist of SSAE No. 16 review of fund accounting and administration operations, and an attestation report in accordance with Rule 17Ad-13.

(h) During the past fiscal year, the Registrant’s principal accountant provided certain non-audit services to the Registrant’s investment adviser or to entities controlling, controlled by, or under common control with the Registrant’s investment adviser that provide ongoing services to the Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of the Registrant’s Board of Trustees reviewed and considered these non-audit services provided by the Registrant’s principal accountant to the Registrant’s affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund, and 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) Code of Ethics attached hereto.

(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: December 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: December 8, 2021

By:	/s/ Peter A. Rodriguez
	Peter A. Rodriguez
	Controller & CFO

Date: December 8, 2021