-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Qvp73Ra5UshSC/nv/Yu5C8JuNetM5zSD27aD0T/i4hi1g2TXtbnc/bSqCDU+zt8u 4534mbRPl6tGdY01dADqYg== 0000935069-07-001365.txt : 20070607 0000935069-07-001365.hdr.sgml : 20070607 20070607172322 ACCESSION NUMBER: 0000935069-07-001365 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20070331 FILED AS OF DATE: 20070607 DATE AS OF CHANGE: 20070607 EFFECTIVENESS DATE: 20070607 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEI INSTITUTIONAL INTERNATIONAL TRUST CENTRAL INDEX KEY: 0000835597 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05601 FILM NUMBER: 07907606 BUSINESS ADDRESS: STREET 1: SEI INVESTMENTS ATTN: CAREN ROSCH STREET 2: 1FREEDOM CIRCLE DRIVE CITY: OAKS STATE: PA ZIP: 19456 BUSINESS PHONE: 610 676-3097 MAIL ADDRESS: STREET 1: SEI INVESTMENTS ATTN: CAREN ROSCH STREET 2: 1FREEDOM CIRCLE DRIVE CITY: OAKS STATE: PA ZIP: 19456 FORMER COMPANY: FORMER CONFORMED NAME: SEI INTERNATIONAL TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SEI WEALTH MANAGEMENT TRUST DATE OF NAME CHANGE: 19900129 0000835597 S000006418 SIT INTERNATIONAL EQUITY FUND C000017606 SIT INTERNATIONAL EQUITY FUND - CLASS I C000017607 SIT INTERNATIONAL EQUITY FUND - CLASS A SEITX 0000835597 S000006419 SIT INTERNATIONAL FIXED INCOME FUND C000017608 SIT INTERNATIONAL FIXED INCOME FUND - CLASS A SEFIX 0000835597 S000006420 SIT EMERGING MARKETS EQUITY FUND C000017609 SIT EMERGING MARKETS EQUITY FUND - CLASS A SIEMX 0000835597 S000006421 SIT EMERGING MARKETS DEBT FUND C000017610 SIT EMERGING MARKETS DEBT FUND - CLASS A SITEX N-CSRS 1 siitsarcomb_0307.txt SEI INSTITUTIONAL INTERNATIONAL TRUST SAR 3_07 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------- FORM N-CSRS -------- CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES INVESTMENT COMPANY ACT FILE NUMBER 811-5601 SEI INSTITUTIONAL INTERNATIONAL TRUST (Exact name of registrant as specified in charter) -------- c/o CT Corporation 101 Federal Street Boston, MA 02110 (Address of principal executive offices) (Zip code) SEI Investments One Freedom Valley Drive Oaks, PA 19456 (Name and address of agent for service) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 1-800-342-5734 DATE OF FISCAL YEAR END: SEPTEMBER 30, 2007 DATE OF REPORTING PERIOD: MARCH 31, 2007 ITEM 1. REPORTS TO STOCKHOLDERS. [LOGO] SEI New ways. New answers.(R) - -------------------------------------------------------------------------------- SEI Institutional International Trust - -------------------------------------------------------------------------------- Semi-Annual Report as of March 31, 2007 - -------------------------------------------------------------------------------- International Equity Fund Emerging Markets Equity Fund International Fixed Income Fund Emerging Markets Debt Fund TABLE OF CONTENTS - -------------------------------------------------------------------------------- Schedules of Investments 1 - -------------------------------------------------------------------------------- Statements of Assets and Liabilities 45 - -------------------------------------------------------------------------------- Statements of Operations 46 - -------------------------------------------------------------------------------- Statements of Changes in Net Assets 47 - -------------------------------------------------------------------------------- Financial Highlights 49 - -------------------------------------------------------------------------------- Notes to Financial Statements 50 - -------------------------------------------------------------------------------- Disclosure of Fund Expenses 59 - -------------------------------------------------------------------------------- Board of Trustees Considerations in Approving the Funds' Investment Advisory and Sub-Advisory Agreements 60 - -------------------------------------------------------------------------------- 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 on Form N-Q within sixty days after the end of the period. The Trust's Form N-Q is available on the Commission's website at http://www.sec.gov, and may be reviewed and copied at the Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission's website at http://www.sec.gov. SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund March 31, 2007 - -------------------------------------------------------------------------------- SECTOR WEIGHTINGS+: [THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] Financials 21.2% Short-Term Investments 10.7% Consumer Discretionary 10.0% Industrials 8.1% Basic Materials 7.7% U.S. Government Agency Mortgage-Backed Securities 6.6% Asset-Backed Securities 6.0% Consumer Staples 5.6% Telecommunication Services 4.9% Energy 4.7% Healthcare 4.4% Information Technology 4.4% Utilities 3.8% U.S. Government Agency Obligations 1.0% U.S. Treasury Obligations 0.7% Equity-Linked Warrants 0.2% Exchange Traded Fund 0.0% Rights 0.0% + Percentages based on total investments. Includes Investments held as collateral for securities on loan (see Note 7). - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- COMMON STOCK -- 84.9% AUSTRALIA -- 4.0% ABB Grain 30,342 $ 189 ABC Learning Centres 272,000 1,600 Adelaide Brighton 8,500 24 Amcor 191,383 1,167 AMP 942,500 7,911 Australia & New Zealand Banking Group 229,981 5,518 Australian Stock Exchange 3,700 132 Babcock & Brown 66,949 1,486 BHP Billiton 115,985 2,801 BlueScope Steel 170,764 1,449 Brambles* 202,564 2,227 Caltex Australia 286,400 5,520 Challenger Financial Services Group 845,701 3,259 Cochlear 21,882 1,144 Coles Myer 162,349 2,131 Commonwealth Bank of Australia 66,161 2,686 Computershare 99,861 875 CSL 62,058 4,130 Downer EDI 524,342 2,889 Felix Resources 14,500 59 Foster's Group 551,500 3,052 Goodman Fielder 102,100 201 GPT Group 469,511 1,874 Independence Group 12,800 51 Insurance Australia Group 703,246 3,329 IOOF Holdings 3,800 31 Jabiru Metals* 23,000 23 Jubilee Mines 24,600 348 Leighton Holdings 26,920 729 Lend Lease 85,811 1,386 Macquarie Airports 1,500,986 4,838 Macquarie Bank 32,369 2,164 Macquarie Goodman Group 281,100 1,587 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Macquarie Infrastructure Group 2,079,808 $ 6,452 Minara Resources 68,400 408 Mincor Resources 18,300 45 Mirvac Group 582,576 2,466 Multiplex Group 457,200 1,651 National Australia Bank 212,915 6,949 OneSteel 38,200 159 Origin Energy 314,489 2,289 Pacific Brands 590,940 1,466 Paladin Resources* 231,700 1,821 Perilya 30,387 89 Port Bouvard 11,200 23 Qantas Airways 402,331 1,706 QBE Insurance Group 843,586 21,494 Ridley 10,100 9 Rinker Group 134,210 1,957 Rio Tinto 27,200 1,732 Sally Malay Mining* 33,500 107 Santos 49,518 406 Sims Group 19,100 360 St George Bank 24,800 702 Stockland 43,894 289 Sunland Group 15,500 42 TABCORP Holdings 61,600 821 Telstra 2,147,286 8,084 Toll Holdings 77,442 1,283 West Australian Newspapers Holdings 12,300 155 Westfield Group 325,200 5,404 Westpac Banking 180,428 3,841 Woolworths 440,150 9,668 WorleyParsons 161,883 3,634 Zinifex 189,000 2,409 -------------- 154,731 -------------- AUSTRIA -- 0.6% Andritz 7,400 1,850 Boehler-Uddeholm 1,200 115 Conwert Immobilien Invest* 1,942 43 Erste Bank der Oesterreichischen Sparkassen 17,501 1,358 Immoeast* 104,400 1,557 IMMOFINANZ* 95,900 1,532 Mayr Melnhof Karton 2,520 560 Meinl European Land (B)* 185,100 5,130 OMV 79,300 4,977 Raiffeisen International Bank Holding 7,018 984 Telekom Austria 117,600 2,929 Voestalpine 42,500 3,072 -------------- 24,107 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 1 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- BELGIUM -- 1.2% AGFA-Gevaert 12,901 $ 290 Belgacom 73,928 3,272 Compagnie Maritime Belge 2,231 148 D'ieteren 1,540 635 Delhaize Group* 16,800 1,539 Dexia 116,179 3,455 Fortis 259,866 11,827 Fortis (Netherlands Line) 185,286 8,430 InBev 22,596 1,626 KBC Groep 19,800 2,454 Omega Pharma* 58,800 4,513 Solvay 43,434 6,651 UCB* 23,630 1,371 -------------- 46,211 -------------- BRAZIL -- 0.1% Gerdau ADR 138,375 2,509 Uniao de Bancos Brasileiros ADR 13,800 1,207 -------------- 3,716 -------------- CANADA -- 2.0% Abitibi-Consolidated (B) 38,700 108 Alcan (B) 126,700 6,609 Cameco (B) 118,000 4,838 Canadian Natural Resources 92,900 5,134 EnCana 85,400 4,323 Kinross Gold* 585,850 8,095 LionOre Mining International* 257,400 4,288 Manulife Financial (B) 32,700 1,125 Methanex (B) 51,300 1,144 Nexen (B) 63,052 3,865 Potash Saskatchewan 37,300 5,952 Research In Motion* 46,020 6,281 Rogers Communications, Cl B (B) 260,830 8,544 Suncor Energy (B) 32,100 2,445 Teck Cominco, Cl B 165,700 11,561 TELUS (B) 74,649 3,729 -------------- 78,041 -------------- CHINA -- 0.1% China Petroleum & Chemical, Cl H 2,176,000 1,841 Industrial & Commercial Bank of China, Cl H 1,064,000 596 -------------- 2,437 -------------- DENMARK -- 0.7% Carlsberg, Cl B 60,900 6,604 Danske Bank 150,600 6,982 East Asiatic 116,225 5,565 Jyske Bank* 9,375 752 Novo-Nordisk, Cl B 35,600 3,237 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Sydbank 37,188 $ 1,993 TDC 700 26 Topdanmark* 1,700 328 -------------- 25,487 -------------- FINLAND -- 1.2% Elisa, Cl A 4,450 128 Fortum 359,700 10,453 Kemira 32,000 730 Kesko, Cl B 87,522 4,652 Neste Oil 103,550 3,556 Nokia 330,668 7,584 Nokia ADR 7,500 172 OKO Bank, Cl A 29,700 504 Outokumpu (B) 103,400 3,542 Rautaruukki 23,400 1,087 Sampo, Cl A 174,400 5,275 Stora Enso, Cl R (B) 113,700 1,968 UPM-Kymmene 156,400 3,970 YIT 59,200 2,033 -------------- 45,654 -------------- FRANCE -- 9.8% Accor 22,217 2,116 Air France-KLM 228,722 10,397 Air Liquide 17,191 4,176 Alcatel 100,006 1,173 Assurances Generales de France 89,370 14,915 AXA 154,340 6,521 BNP Paribas 264,249 27,504 Bouygues 132,320 10,190 Business Objects* 9,644 350 Capgemini 215,020 16,312 Carrefour 54,700 3,986 Casino Guichard Perrachon* 64,389 6,478 Christian Dior 18,400 2,229 Cie de Saint-Gobain 66,180 6,446 Cie Generale d'Optique Essilor International 7,300 836 Club Mediterranee* 1,800 105 CNP Assurances 12,658 1,469 Compagnie Generale des Etablissements Michelin, Cl B 141,601 15,583 Credit Agricole 248,805 9,668 Dassault Systemes 16,662 893 Financiere de L'Odet 1,280 584 Fonciere Des Regions+ 497 92 France Telecom 421,506 11,093 Gaz de France 77,980 3,606 Groupe Danone 121,717 19,815 Havas* 12,557 72 L'Oreal 24,525 2,668 Lafarge 61,625 9,654 - -------------------------------------------------------------------------------- 2 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Lagardere S.C.A. 52,900 $ 4,059 Natixis 1,869 45 PagesJaunes Groupe 29,500 642 Peugeot 129,473 9,093 PPR 10,700 1,705 Renault 161,698 18,845 Rhodia* 1,712,800 6,270 Sanofi-Aventis 383,397 33,224 Sanofi-Aventis (Germany Line) 2,125 184 Schneider Electric 41,259 5,219 SCOR* 107,475 298 Societe Generale 140,729 24,235 Sodexho Alliance 1,500 109 Thales 24,800 1,435 Thomson 52,613 1,009 Total 401,204 28,012 Unibail+ 18,300 5,527 Valeo* 102,900 6,015 Vallourec 32,478 8,283 Veolia Environnement 40,250 2,982 Vinci 109,695 16,941 Vivendi 462,283 18,719 -------------- 381,782 -------------- GERMANY -- 5.6% Allianz 84,136 17,215 Altana 35,585 2,303 BASF 109,725 12,310 Bayer 331,342 21,101 Bayerische Motoren Werke (B) 62,241 3,660 Commerzbank 81,824 3,607 Continental 15,500 1,996 DaimlerChrysler 181,713 14,852 Deutsche Bank 103,261 13,861 Deutsche Lufthansa 330,000 8,931 Deutsche Post 56,587 1,707 E.ON (B) 160,572 21,755 Fresenius Medical Care (B) 68,350 9,910 Heidelberger Druckmaschinen 10,780 492 Hypo Real Estate Holding 21,800 1,385 Infineon Technologies* 790,600 12,261 KarstadtQuelle* 719 26 Lanxess 19,800 1,016 MAN 62,189 7,210 Metro 11,800 833 Muenchener Rueckversicherungs 97,085 16,362 Premiere (B)* 7,969 173 RWE 74,977 7,904 Salzgitter 37,200 5,413 SAP (B) 66,424 2,951 SAP ADR 15,900 710 Siemens (B) 78,683 8,381 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Solarworld* 19,700 $ 1,520 Suedzucker (B) 123,220 2,346 ThyssenKrupp (B) 120,497 5,941 Volkswagen (B) 60,761 9,099 Wincor Nixdorf 9,194 854 -------------- 218,085 -------------- GREECE -- 0.2% Coca Cola Hellenic Bottling 16,510 692 Cosmote Mobile Communications* 18,350 548 Hellenic Telecommunications Organization 66,000 1,799 OPAP 72,294 2,764 Titan Cement 7,830 421 -------------- 6,224 -------------- HONG KONG -- 2.2% Bank of East Asia 1,314,000 7,643 BOC Hong Kong Holdings 2,522,800 6,115 Cathay Pacific Airways 1,825,100 4,643 Cheung Kong Holdings 92,000 1,164 China Mobile Hong Kong 1,346,100 12,239 China Netcom Group 575,000 1,501 China Oriental Group* 572,000 189 CLP Holdings 973,000 7,104 Esprit Holdings 25,500 299 Great Eagle Holdings 89,000 302 Guoco Group 32,000 450 Hang Lung Group 132,000 467 Hang Lung Properties 989,000 2,765 Hang Seng Bank 11,300 161 Henderson Land Development 95,000 555 Hong Kong & China Gas 352,000 786 Hong Kong Exchanges and Clearing 42,000 409 HongKong Electric Holdings 33,500 172 Hopewell Holdings 199,000 774 Hopson Development Holdings 42,000 105 Jardine Strategic Holdings 60,000 768 Kerry Properties 88,000 452 Kingboard Chemical Holdings 1,088,300 4,575 Li & Fung 2,080,600 6,537 New World China Land 54,800 33 New World Development 281,000 637 Noble Group* 2,245,700 2,218 Orient Overseas International 987,700 9,176 Pacific Century Premium Developments 267,000 84 PCCW 701,000 421 Sino Land 527,659 1,136 Sun Hung Kai Properties 116,000 1,342 Swire Pacific, Cl A 480,500 5,393 Transport International Holdings 3,600 20 Vtech Holdings 32,000 231 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 3 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Wharf Holdings 371,000 $ 1,377 Wheelock 193,000 433 Wing Hang Bank 129,300 1,592 -------------- 84,268 -------------- HUNGARY -- 0.0% MOL Hungarian Oil & Gas 13,000 1,497 -------------- INDIA -- 0.0% Infosys Technologies ADR 8,900 447 Punjab National Bank 90,000 982 -------------- 1,429 -------------- IRELAND -- 0.4% Allied Irish Banks 112,500 3,324 Bank of Ireland 92,260 1,983 CRH 99,693 4,247 Depfa Bank 179,400 3,193 Experian Group 19,729 226 Fyffes 71,217 108 Kerry Group, Cl A 98,800 2,736 Kingspan Group 61,800 1,633 Total Produce* 71,217 79 -------------- 17,529 -------------- ISRAEL -- 0.0% Teva Pharmaceutical Industries ADR 25,000 936 -------------- ITALY -- 3.2% ACEA 51,000 950 Autostrade 294,200 9,399 Banca Intesa 382,382 2,894 Banca Monte dei Paschi di Siena 706,200 4,409 Banca Popolare di Milano 284,100 4,383 Banche Popolari Unite 80,128 2,363 Banco Popolare di Verona e Novara 92,890 2,875 Benetton Group 8,977 145 Beni Stabili 73,836 123 Buzzi Unicem 49,800 1,509 Capitalia 175,400 1,579 Edison* 26,789 77 Enel 266,775 2,844 ENI 670,907 21,755 Fiat 909,261 22,840 Fiat RNC 185,190 4,400 Finmeccanica 63,200 1,894 Fondiaria-Sai (B) 56,970 2,606 IFIL - Investments 1,036,500 10,093 Immobiliare Lombarda* 541,397 160 Iride* 32,921 111 Italcementi (B) 137,688 4,109 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Pirelli & C 780,000 $ 859 Telecom Italia RNC 1,084,140 2,671 UniCredito Italiano 2,048,848 19,432 -------------- 124,480 -------------- JAPAN -- 18.5% Advantest 24,700 1,094 Aeon 151,000 3,005 Aisan Industry 9,800 111 Aisin Seiki 72,400 2,532 Ajinomoto (B) 380,600 4,371 Alps Electric 500,400 5,848 Amada (B) 127,000 1,449 AOC Holdings* 9,300 152 Aoyama Trading 14,000 443 Asahi Breweries (B) 166,400 2,664 Asahi Diamond Industrial (B) 13,000 95 Asahi Glass 14,000 197 Asahi Kasei (B) 153,000 1,112 Astellas Pharma 11,200 482 Autobacs Seven 7,900 282 Bank of Yokohama 33,000 246 BML 3,900 79 Bosch (B) 81,000 366 Bridgestone 92,000 1,835 Canon (B) 176,498 9,462 Cawachi 4,400 119 Central Glass 787,800 5,318 Chiyoda 15,000 328 Chugoku Electric Power (B)* 26,700 596 Citizen Watch (B) 196,800 1,843 Coca-Cola West Holdings 113,500 2,456 COMSYS Holdings 73,000 782 Cosmo Oil 108,000 452 Cosmos Initia 20,000 145 Dai Nippon Printing (B) 73,000 1,146 Daicel Chemical Industries 74,000 505 Daifuku (B)* 26,920 389 Daiichi Sankyo 164,100 5,017 Dainippon Screen Manufacturing 30,000 226 Dainippon Sumitomo Pharma 75,000 800 Daito Trust Construction 200 9 Daiwa House Industry 75,000 1,228 Daiwa Securities Group 134,000 1,615 Denki Kagaku Kogyo (B) 91,000 425 Denso 117,300 4,351 eAccess (B) 2,600 1,724 EDION (B) 49,400 688 Eighteenth Bank 35,000 163 Elpida Memory (B)* 30,300 1,173 FamilyMart (B) 8,000 222 Fanuc (B) 42,000 3,902 - -------------------------------------------------------------------------------- 4 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Fields 65 $ 105 Fuji Electric Holdings 3,000 14 Fuji Heavy Industries 138,000 715 Fuji Machine Manufacturing 2,200 36 Fuji Television Network 325 751 FUJIFILM Holdings 88,000 3,592 Fujikura (B) 79,000 556 Fujitsu 208,000 1,383 Fukuyama Transporting 7,000 28 Glory 87,000 1,691 Gunma Bank 148,000 1,047 Hakuhodo DY Holdings 7,850 548 Hankyu Holdings (B) 335,000 2,023 Hirose Electric (B) 10,100 1,212 Hitachi (B) 759,000 5,875 Hitachi Cable 72,000 409 Hitachi Capital (B) 250,500 4,996 Hitachi Construction Machinery 27,100 732 Hitachi High-Technologies (B) 83,100 2,266 Hitachi Metals 63,000 699 Hokkaido Electric Power 174,400 4,623 Honda Motor (B) 342,200 11,911 House Foods (B) 9,700 165 Hoya 38,300 1,268 Idemitsu Kosan 11,800 1,373 Iida Home Max (B) 4,900 86 Inpex Holdings 337 2,911 Itochu 256,000 2,532 Japan Airport Terminal 17,800 259 Japan Steel Works 1,073,200 12,879 Japan Tobacco 3,841 18,835 JFE Holdings (B) 308,400 18,205 Joyo Bank (B) 89,000 555 JS Group 138,200 2,991 Kamigumi (B) 66,000 567 Kansai Electric Power (B) 92,800 2,664 Kao (B) 45,000 1,315 Kawasaki Heavy Industries 79,000 334 Kawasaki Kisen Kaisha (B) 107,000 1,013 KDDI (B) 367 2,925 Keyence 3,800 856 Kinden 186,200 1,667 Kirin Brewery 95,000 1,369 KK DaVinci Advisors* 1,300 1,387 Kobe Steel 408,000 1,641 Komatsu 181,000 3,802 Komori 47,000 1,093 Konica Minolta Holdings 95,000 1,246 Kyocera (B) 7,900 743 Kyushu Electric Power (B) 271,500 7,703 Leopalace21 (B) 72,700 2,401 Macnica* 3,100 92 Maeda (B) 33,000 120 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Makita 74,300 $ 2,750 Marubeni 266,000 1,613 Maruichi Steel Tube 5,800 180 Matsushita Electric Industrial (B) 172,000 3,460 Meiji Dairies 205,100 1,607 Millea Holdings 84,400 3,117 Mitsubishi (B) 514,400 11,915 Mitsubishi Chemical Holdings (B) 503,500 4,277 Mitsubishi Electric 531,100 5,461 Mitsubishi Estate 648,800 21,265 Mitsubishi Gas Chemical 167,000 1,598 Mitsubishi Heavy Industries (B) 675,000 4,356 Mitsubishi UFJ Financial Group (B) 1,738 19,574 Mitsubishi UFJ Securities 96,000 1,094 Mitsui (B) 291,000 5,422 Mitsui Chemicals 831,000 7,249 Mitsui Mining & Smelting (B) 121,000 663 Mitsui OSK Lines (B) 969,000 10,734 Mitsui Sumitomo Insurance 272,600 3,415 Mitsui Trust Holdings 52,000 512 Miyazaki Bank 27,000 120 Mizuho Financial Group (B) 1,032 6,634 Murata Manufacturing (B) 20,900 1,522 Nagase 21,000 264 Namco Bandai Holdings 108,900 1,696 Nankai Electric Railway 93,000 313 NEC (B) 259,000 1,386 NGK Spark Plug (B) 89,000 1,662 Nikon (B) 191,000 4,020 Nintendo 44,105 12,794 Nippo 3,000 23 Nippon Electric Glass 288,000 5,037 Nippon Express (B) 111,000 695 Nippon Meat Packers (B) 416,400 5,082 Nippon Mining Holdings 816,900 7,036 Nippon Oil (B) 119,000 964 Nippon Shokubai 58,000 625 Nippon Steel (B) 984,000 6,900 Nippon Telegraph & Telephone 3,379 17,829 Nippon Yusen KK 40,000 320 Nissan Motor (B) 997,200 10,667 Nissan Shatai 28,000 142 Nisshin Seifun Group 300 3 Nitori 34,200 1,697 Nitto Denko (B) 26,500 1,241 Nomura Holdings 67,100 1,395 NSK (B) 164,000 1,561 NTT Data (B) 665 3,374 NTT DoCoMo (B) 639 1,180 NTT Urban Development (B) 905 2,115 Obayashi (B) 489,000 3,148 Odakyu Electric Railway (B) 177,000 1,291 Oiles 5,280 116 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 5 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Okasan Holdings (B) 37,000 $ 288 Oki Electric Industry (B) 878,000 1,688 Ono Pharmaceutical (B) 19,400 1,084 Oriental Land 6,700 398 ORIX (B) 84,780 22,043 Osaka Gas (B) 174,000 673 OSG (B) 95,300 1,442 Otsuka (B)* 16,000 1,529 PanaHome (B) 23,000 153 Ricoh (B) 172,000 3,868 Riso Kagaku* 1,400 28 Rohm 67,700 6,129 Sankyo (B) 18,600 816 Sanwa Shutter (B) 43,000 267 SBI Holdings (B)* 4,000 1,514 Sega Sammy Holdings (B) 28,900 673 Seikagaku 10,500 112 Seiko Epson (B) 114,100 3,353 Seino Transportation (B) 42,000 396 Sekisui Chemical (B) 205,100 1,631 Sekisui House (B) 80,000 1,243 Sharp (B) 303,000 5,825 Shimamura (B) 10,300 1,131 Shin-Etsu Chemical 46,200 2,813 Shinko Securities 37,000 187 Shinsei Bank (B) 241,000 1,153 Shiseido (B) 87,000 1,765 Showa Shell Sekiyu 219,100 2,678 SMC 23,400 3,133 Softbank (B) 501,900 12,880 Sojitz* 143,900 598 Sompo Japan Insurance 174,000 2,165 Sony (B) 75,700 3,840 Stanley Electric 67,800 1,375 Sumco (B) 43,300 1,797 Sumitomo (B) 360,000 6,464 Sumitomo Bakelite (B) 49,000 354 Sumitomo Chemical (B) 320,000 2,412 Sumitomo Heavy Industries 541,000 5,379 Sumitomo Metal Industries (B) 736,000 3,796 Sumitomo Metal Mining (B) 183,000 3,526 Sumitomo Mitsui Financial Group (B) 2,561 23,208 Sumitomo Osaka Cement 1,227,500 3,680 Sumitomo Realty & Development 114,000 4,316 Sumitomo Titanium (B)* 15,000 1,663 Sumitomo Trust & Banking 54,000 562 Suzuki Motor 211,500 5,481 Taiheiyo Cement 228,000 1,006 Taisho Pharmaceutical (B) 58,000 1,061 Takeda Pharmaceutical (B) 181,900 11,908 Takefuji 22,030 883 Tanabe Seiyaku (B) 66,000 896 TDK (B) 53,200 4,605 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Teijin (B) 186,000 $ 1,048 Toho Titanium (B)* 33,700 1,647 Tohoku Electric Power (B) 171,900 4,353 Tokai Rika 13,900 329 Tokuyama (B) 94,000 1,640 Tokyo Electric Power (B) 426,600 14,560 Tokyo Electron 78,800 5,499 Tokyo Gas (B) 415,000 2,309 Tokyo Steel Manufacturing 20,900 307 Tokyu 241,000 1,874 Toppan Printing (B) 108,000 1,125 Topy Industries 39,000 157 Toshiba (B) 1,021,000 6,805 Tosoh* 37,000 190 Towa Real Estate Development (B)* 21,000 113 Toyo Seikan Kaisha 258,200 5,194 Toyo Suisan Kaisha 299,900 5,893 Toyota Auto Body 20,100 377 Toyota Industries 99,800 4,716 Toyota Motor (B) 508,600 32,521 Toyota Tsusho 59,300 1,512 Trend Micro (B) 62,500 1,704 TV Asahi 178 357 UNY 73,000 1,000 Ushio (B) 48,600 936 West Japan Railway (B) 291 1,341 Yahoo! Japan (B) 8,474 2,917 Yamada Denki 33,710 3,135 Yamaha 323,800 7,212 Yamaha Motor 41,600 1,163 Yamato Kogyo 5,400 169 Yamato Transport (B) 165,800 2,668 Yamazaki Baking (B) 527,400 4,802 Yaskawa Electric (B) 210,000 2,476 -------------- 718,687 -------------- LUXEMBOURG -- 0.0% SES Global FDR (Paris Exchange) 74,390 1,406 -------------- MEXICO -- 0.7% America Movil ADR, Ser L 307,750 14,707 Fomento Economico Mexicano ADR 88,435 9,762 Telefonos de Mexico ADR, Ser L 42,500 1,420 -------------- 25,889 -------------- NETHERLANDS -- 4.1% ABN AMRO Holding 199,229 8,545 Aegon 304,934 6,056 Akzo Nobel 227,473 17,214 ASML Holding* 16,357 403 Buhrmann 187,500 2,516 Corio+ 18,100 1,639 - -------------------------------------------------------------------------------- 6 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- CSM 5,919 $ 210 European Aeronautic Defense and Space 244,537 7,558 Fugro 25,730 1,301 Heineken Holding 65,662 2,897 Hunter Douglas 5,200 457 ING Groep 714,218 30,091 Koninklijke Ahold* 155,600 1,812 Koninklijke DSM 46,174 2,061 Koninklijke Philips Electronics 128,400 4,887 Mittal Steel 210,567 11,147 Randstad Holdings 15,704 1,214 Reed Elsevier 120,655 2,126 Royal Dutch Shell, Cl A 499,300 16,550 Royal Dutch Shell, Cl A (GBP) 156,664 5,196 Royal Dutch Shell, Cl B 439,025 14,561 Royal KPN 268,132 4,162 Royal Numico 17,862 918 Unilever 382,265 11,093 Univar 11,100 614 Wolters Kluwer 124,730 3,729 -------------- 158,957 -------------- NEW ZEALAND -- 0.2% Air New Zealand 63,080 105 Fletcher Building 206,900 1,627 Telecom of New Zealand 1,095,403 3,705 Tower* 982,800 1,581 -------------- 7,018 -------------- NORWAY -- 0.5% DET Norske Oljeselskap* 808,700 1,448 DnB 338,400 4,756 Norske Skogindustrier 77,142 1,314 Orkla 64,200 4,507 Tandberg 265,200 5,518 Telenor 120,600 2,134 Yara International 41,600 1,143 -------------- 20,820 -------------- PORTUGAL -- 0.5% Banco BPI 79,147 685 Banco Comercial Portugues 1,865,766 6,731 Banco Espirito Santo (B) 361,056 6,868 Energias de Portugal 918,403 4,915 Sonae Industria* 145,000 1,781 -------------- 20,980 -------------- RUSSIA -- 0.2% OAO Gazprom ADR 214,350 8,981 -------------- - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- SINGAPORE -- 1.5% Allgreen Properties 4,303,300 $ 4,960 CapitaLand 134,000 706 Cerebos Pacific 3,000 7 DBS Group Holdings 788,400 11,112 Flextronics International* 257,000 2,812 Fraser and Neave 60,000 202 Guocoland 102,000 282 Haw Par 8,000 38 Ho Bee Investment 110,000 164 Hotel Plaza 20,000 30 Jardine Cycle & Carriage 576,500 4,518 K1 Ventures 177,000 38 Kim Eng Holdings 12,000 13 Metro Holdings 73,000 41 MobileOne 71,000 102 Neptune Orient Lines 2,716,600 5,797 SembCorp Industries 686,800 2,307 Singapore Airlines 242,145 2,647 Singapore Petroleum 10,000 32 Singapore Press Holdings 123,000 356 Singapore Technologies Engineering 203,000 444 Singapore Telecommunications 1,948,350 4,209 SP Chemicals 69,000 49 STATS ChipPAC* 5,584,900 6,694 United Industrial 126,000 241 United Overseas Bank 115,000 1,590 UOL Group 1,560,100 5,240 Venture* 181,200 1,742 Wheelock Properties S 55,000 117 Wing Tai Holdings 109,000 228 -------------- 56,718 -------------- SOUTH AFRICA -- 0.3% ABSA Group 75,200 1,447 Harmony Gold Mining 269,900 3,768 Sanlam 745,380 2,055 Sasol 76,067 2,539 Standard Bank Group 81,700 1,203 Tiger Brands 43,500 1,062 -------------- 12,074 -------------- SOUTH KOREA -- 0.6% Honam Petrochemical 23,600 2,045 Hyundai Mobis 16,270 1,398 Industrial Bank of Korea 49,730 997 Kookmin Bank 34,520 3,097 POSCO 2,700 1,134 Samsung Electronics GDR 9,218 2,804 Shinhan Financial Group 213,760 12,272 -------------- 23,747 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 7 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- SPAIN -- 3.3% Acciona 3,026 $ 653 Acerinox 224,527 5,694 ACS Actividades Construcciones y Servicios 264,579 16,007 Altadis* 54,028 3,457 Antena 3 de Television (B) 71,831 1,600 Banco Bilbao Vizcaya Argentaria 454,916 11,130 Banco Popular Espanol 168,770 3,469 Banco Santander Central Hispano 1,278,367 22,735 Ebro Puleva 287,046 6,752 Endesa 89,976 4,848 Fomento de Construcciones y Contratas 15,200 1,557 Gas Natural SDG* 229,550 10,740 Iberdrola 83,935 3,954 Inditex 18,130 1,123 Repsol 609,224 20,469 Sol Melia 44,100 1,057 Telefonica 540,192 11,865 -------------- 127,110 -------------- SWEDEN -- 2.1% Assa Abloy, Cl B 61,500 1,407 Atlas Copco, Cl A 391,250 12,937 Axfood 11,900 468 Boliden 130,600 2,867 D Carnegie 14,400 298 Electrolux, Ser B* 251,300 6,340 Eniro 112,200 1,411 Fabege 59,100 1,478 Getinge 211,300 4,789 Hennes & Mauritz, Cl B 35,750 2,048 Investor, Cl B 328,950 7,783 Kungsleden 292,900 5,239 Nordea Bank 101,800 1,618 Scania, Cl B 26,700 2,086 Skandinaviska Enskilda Banken, Cl A 92,600 2,950 Svenska Cellulosa, Cl B 127,100 6,775 Svenska Handelsbanken, Cl A 55,600 1,644 Swedish Match 181,900 3,234 Telefonaktiebolaget LM Ericsson, Cl B 118,820 435 TeliaSonera 546,500 4,693 Trelleborg, Cl B 79,900 2,067 Volvo, Cl B 113,100 9,479 Wihlborgs Fastigheter* 6,669 143 -------------- 82,189 -------------- SWITZERLAND -- 5.0% ABB 177,063 3,017 Banque Cantonale Vaudoise 1,409 668 Bucher Industries 5,200 699 Ciba Specialty Chemicals 12,600 826 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Clariant* 64,000 $ 1,093 Compagnie Financiere Richemont, Cl A 145,667 8,108 Credit Suisse Group 333,698 23,836 Energiedienst Holding* 42 21 Forbo Holding* 1,552 684 Geberit 303 464 Helvetia Holding 1,171 499 Holcim 101,931 10,161 Nestle 36,815 14,272 Nobel Biocare Holding* 4,700 1,706 Novartis 435,493 24,864 OC Oerlikon 8,700 5,259 Petroplus Holdings* 12,587 892 Phonak Holding 5,907 450 Rieter Holding 357 177 Roche Holding 141,641 24,945 STMicroelectronics 91,100 1,747 Swatch Group 14,266 759 Swiss Life Holding 5,760 1,439 Swiss Reinsurance 164,512 14,958 Swisscom 14,782 5,319 UBS 300,123 17,750 Xstrata 244,901 12,546 Zurich Financial Services 54,806 15,746 -------------- 192,905 -------------- TAIWAN -- 0.3% AU Optronics 940,000 1,344 Compal Electronics 1,284,362 1,087 HON HAI Precision Industry GDR 79,952 1,082 Siliconware Precision Industries 336,000 629 Taiwan Semiconductor Manufacturing 1,023,086 2,099 Taiwan Semiconductor Manufacturing ADR 416,280 4,475 United Microelectronics 2,334,000 1,347 -------------- 12,063 -------------- THAILAND -- 0.0% PTT 199,200 1,184 Total Access Communications* 4,000 18 -------------- 1,202 -------------- TURKEY -- 0.0% Ford Otomotiv Sanayi -- -- -------------- UNITED KINGDOM -- 15.8% 3i Group 39,075 871 Acergy 456,600 9,706 Amec 123,180 1,280 Anglo American 316,261 16,605 Antofagasta 159,000 1,615 ARM Holdings 191,111 502 - -------------------------------------------------------------------------------- 8 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- AstraZeneca 376,191 $ 20,173 AstraZeneca (SEK) 68,136 3,647 Aviva 1,324,672 19,447 BAE Systems 1,641,700 14,812 Balfour Beatty 42,630 399 Barclays 1,597,016 22,584 Barratt Developments 178,030 3,858 Bellway 198,261 6,183 BHP Billiton 114,532 2,545 Bovis Homes Group 250,429 5,658 BP 1,754,856 18,999 Brit Insurance Holdings 88,000 557 British Airways* 581,384 5,542 British American Tobacco 90,822 2,831 British Energy Group* 379,574 3,627 British Land+ 49,821 1,493 BT Group 1,383,422 8,242 Burberry Group 594,300 7,612 Cable & Wireless 1,440,800 4,708 Cadbury Schweppes 234,967 3,005 Carnival 67,617 3,248 Carphone Warehouse Group 254,500 1,381 Centrica 409,921 3,107 Compass Group 666,200 4,443 Cookson Group 433,314 5,282 Daily Mail & General Trust 33,015 526 Diageo 594,250 11,999 Emap 30,450 452 Enterprise Inns 75,791 994 Firstgroup 26,592 347 Friends Provident 1,547,271 5,842 GKN 186,000 1,392 GlaxoSmithKline 830,169 22,747 Great Portland Estates+ 112,100 1,706 Greene King 122,500 2,650 Hammerson+ 155,400 5,282 Hanson 49,095 787 Hays 189,156 582 HBOS 1,110,708 22,809 Home Retail Group* 104,186 907 HSBC Holdings 1,328,811 23,183 Imperial Tobacco Group 118,722 5,298 Intercontinental Hotels Group 1 -- International Power 738,770 5,745 Investec 77,111 995 ITV 2,194,200 4,691 J Sainsbury 1,426,370 15,373 Kazakhmys 72,400 1,663 Kesa Electricals 231,600 1,540 Kingfisher 256,900 1,402 Land Securities Group+ 10,623 446 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Legal & General Group 1,733,278 $ 5,405 Liberty International+ 61,700 1,509 Lloyds TSB Group 407,603 4,477 LogicaCMG 54,722 191 Man Group 149,700 1,630 Marks & Spencer Group 840,050 11,146 Michael Page International 91,149 957 Millennium & Copthorne Hotels 73,000 974 Mitchells & Butlers 246,790 3,809 National Grid 390,523 6,109 Next 33,997 1,500 Old Mutual 1,184,167 3,811 Pearson 356,969 6,105 Provident Financial 160,100 2,525 Prudential 384,000 5,404 Punch Taverns 404,539 9,894 Rank Group 256,320 1,027 Reckitt Benckiser 38,738 2,010 Reed Elsevier 422,814 5,038 Reuters Group 140,000 1,280 Rexam 445,700 4,808 Rio Tinto 89,448 5,091 Royal & Sun Alliance Insurance Group 1,381,994 4,391 Royal Bank of Scotland Group 1,056,588 41,115 SABMiller 307,786 6,731 Scottish & Newcastle 730,146 8,614 Scottish & Southern Energy 95,683 2,892 Scottish Power 780,165 12,241 Severn Trent 56,100 1,578 Signet Group* 1,968,000 4,844 Smith & Nephew 595,850 7,550 Smiths Group 62,385 1,258 Stagecoach Group 74,945 265 Standard Chartered 160,422 4,606 Tate & Lyle 113,858 1,284 Taylor Woodrow 401,998 3,860 Tesco 301,200 2,624 Travis Perkins 37,200 1,468 Trinity Mirror 53,045 554 Unilever 216,720 6,508 United Utilities 59,591 883 Vodafone Group 20,448,706 54,345 Whitbread 189,453 7,012 William Hill 84,600 1,055 Wimpey George 675,390 8,418 WPP Group 6,387 96 Yell Group 255,100 2,992 -------------- 615,204 -------------- Total Common Stock (Cost $2,573,566) ($ Thousands) 3,302,564 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 9 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS -- 7.7% FHLMC 6.000%, 07/01/21 to 02/01/22 5,866 $ 5,964 FHLMC (D) 5.815%, 02/01/36 1,285 1,293 FHLMC 15 Year TBA 6.000%, 04/01/16 to 11/01/21 22,605 22,980 FNMA 6.500%, 04/30/37 19,000 19,380 5.500%, 12/01/20 to 03/01/21 26,428 26,500 FNMA 15 Year TBA 5.500%, 12/01/20 to 04/30/22 24,759 24,815 5.000%, 04/30/20 139,000 137,045 FNMA 30 Year TBA 6.000%, 04/30/37 12,000 12,086 5.500%, 04/30/35 18,000 17,809 GNMA (D) 5.625%, 02/20/34 1,831 1,849 5.500%, 06/20/34 4,318 4,355 5.375%, 04/20/23 1,465 1,480 5.250%, 01/20/30 541 546 5.000%, 02/20/33 847 853 4.500%, 07/20/34 to 06/20/36 4,304 4,302 4.000%, 07/20/35 1,218 1,224 3.750%, 02/20/34 7,719 7,681 GNMA (D) (I) 5.000%, 02/20/35 266 268 4.500%, 08/20/34 to 03/20/36 2,345 2,359 4.375%, 06/20/33 1,917 1,933 4.000%, 02/20/36 1,212 1,215 3.000%, 04/20/35 4,706 4,691 -------------- Total U.S. Government Agency Mortgage-Backed Obligations (Cost $299,558) ($ Thousands) 300,628 -------------- ASSET-BACKED SECURITIES -- 6.9% ACE Securities, Ser 2003-NC1, Cl M (D) 6.100%, 04/25/07 2,100 2,109 ACE Securities, Ser 2003-OP1, Cl M1 (D) 6.020%, 04/26/07 800 803 Aames Mortgage Investment Trust, Ser 2005-4, Cl B2 (D) 8.070%, 04/12/07 360 307 Adjustable Rate Mortgage Trust, Ser 2005-5, Cl 1A1 (D) 4.946%, 09/25/35 1,815 1,821 Aegis Asset Backed Securities Trust, Ser 2003-3, Cl M1 (D) 6.020%, 04/25/07 193 194 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- American Home Mortgage Investment Trust, Ser 2004-3, Cl 3A (D) 3.710%, 04/01/07 2,729 $ 2,729 American Home Mortgage Investment Trust, Ser 2005-1, Cl 4A1 (D) 4.992%, 04/01/07 626 627 American Home Mortgage Investment Trust, Ser 2005-1, Cl 6A (D) (J) 5.294%, 04/25/07 18,062 18,076 American Home Mortgage Investment Trust, Ser 2005-4, Cl 5A (D) (J) 5.350%, 04/25/07 9,685 9,719 American Home Mortgage Investment Trust, Ser 2006-1, Cl 2A3 (D) 5.100%, 04/25/07 4,789 4,744 Ameriquest Mortgage Securities, Ser 2003-2, Cl M1 (D) 6.220%, 04/25/07 1,424 1,424 Argent Securities, Ser 2003-W5, Cl M1 (D) 6.020%, 04/25/07 600 605 Argent Securities, Ser 2003-W9, Cl M1 (D) 6.010%, 04/26/07 1,201 1,206 Asset-Backed Securities Home Equity Loan Trust, Ser 2003-HE5, Cl M1 (D) 6.070%, 04/15/07 1,642 1,646 Banc of America Commercial Mortgage, Ser 2006-2, Cl A1 5.611%, 05/10/45 2,579 2,606 Banc of America Funding, Ser 2006-A, Cl 2A2 (D) 5.485%, 04/01/07 533 547 Basic Asset Backed Securities Trust, Ser 2006-1, Cl A1 (D) (J) 5.400%, 04/25/07 6,260 6,260 Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-7, Cl 1A1 (D) 4.876%, 04/01/07 1,285 1,302 Bear Stearns Alt-A Trust, Ser 2004-12, Cl 2A2 (D) 4.955%, 01/25/35 3,698 3,729 Bear Stearns NIM Trust, Ser 2005-AQ2N, Cl A1 (F) 5.500%, 09/25/35 -- -- Carrington Mortgage Loan Trust, Ser 2005-NC4, Cl A1 (D) 5.470%, 04/26/07 544 544 Chase Funding Mortgage Loan, Ser 2003-1, Cl 1A4 4.119%, 02/25/29 509 507 Countrywide Alternative Loan Trust, Ser 2004-33, Cl 1A1 (D) 4.989%, 04/01/07 2,573 2,610 - -------------------------------------------------------------------------------- 10 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Countrywide Alternative Loan Trust, Ser 2005-69, Cl M3 (D) 6.470%, 04/27/07 800 $ 810 Countrywide Alternative Loan Trust, Ser 2005-IM1, Cl M3 (D) 7.320%, 04/27/07 1,221 1,132 Countrywide Alternative Loan Trust, Ser 2006-0A11, Cl M3 (D) 5.750%, 04/30/07 1,700 1,704 Countrywide Asset-Backed Certificates, Ser 2003-5, Cl MV2 (D) 6.920%, 01/25/34 993 999 Countrywide Asset-Backed Certificates, Ser 2004-11, Cl A2 (D) 5.700%, 03/25/33 652 652 Countrywide Asset-Backed Certificates, Ser 2005-15, Cl 1AF1 (D) 5.460%, 04/25/07 1,805 1,805 Countrywide Asset-Backed Certificates, Ser 2006-IM1, Cl A1 (D) 5.410%, 04/27/07 1,885 1,885 Countrywide Home Equity Loan Trust, Ser 2006-D, Cl 2A (D) 5.520%, 04/30/07 7,792 7,787 Countrywide Home Loans, Ser 2004-22, Cl A1 (D) 5.090%, 04/01/07 2,040 2,031 Countrywide Home Loans, Ser 2006-HYB2, Cl 1A1 (D) 5.152%, 04/20/07 6,256 6,253 Countrywide Home Loans, Ser 2007-HYB1, Cl 1A1 (D) 5.616%, 03/25/37 2,453 2,463 Credit Suisse Asset-Backed Mortgage Trust, Ser 2006-1, Cl A1B (D) 5.540%, 04/26/07 2,114 2,114 DLSA Mortgage Loan Trust, Ser 2006-AR1, Cl M4 (D) 6.060%, 04/19/07 760 762 DSLA Mortgage Loan Trust, Ser 2004-AR4, Cl B1 (D) 5.920%, 04/19/07 1,211 1,221 DSLA Mortgage Loan Trust, Ser 2006-AR1, Cl M5 (D) 6.130%, 04/19/07 490 492 DSLA Mortgage Loan Trust, Ser 2006-AR1, Cl M7 (D) 7.070%, 04/19/07 490 492 Deutsche Alternatives Securities Mortgage Loan Trust, Ser 2006-AB3, Cl A1 (D) 6.250%, 06/30/36 4,609 4,615 First Franklin Mortgage Loan Asset, Ser 2004-FF10, Cl A2 (D) 5.720%, 04/26/07 458 459 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- First Franklin Mortgage Loan Asset, Ser 2005-FF4, Cl 2A3 (D) 5.540%, 04/25/07 6,000 $ 6,002 First Horizon Alternative Mortgage Trust, Ser 2005-AA3, Cl 3A1 (D) 5.354%, 04/01/07 1,090 1,092 First Horizon Alternative Mortgage Trust, Ser 2006-AA6, Cl 2A1 (D) 5.706%, 04/01/07 14,030 14,121 First Horizon Mortgage Pass-Through Trust, Ser 2006-AR3, Cl 1A1 (D) 5.702%, 04/01/07 3,261 3,282 GMAC Mortgage Loan Trust, Ser 2006-HE1, Cl A (D) (J) 5.530%, 04/25/07 17,300 17,282 GSAA Home Equity NIM Trust, Ser 2006-2, Cl 2A1 (D) (J) 5.420%, 04/27/07 9,226 9,221 GSAA Home Equity NIM Trust, Ser 2006-3N, Cl N1 (F) 5.750%, 03/25/36 35 34 GSAA Home Equity NIM Trust, Ser 2006-HE3N, Cl N1 (F) 5.500%, 05/25/36 222 216 Greenpoint Mortgage Funding Trust, Ser 2006-AR1, Cl M3 (D) 5.890%, 04/27/07 1,246 1,238 Home Equity Asset NIM Trust, Ser 2003-4, Cl M2 (D) 7.220%, 04/25/07 1,265 1,266 Home Equity Asset NIM Trust, Ser 2006-1N, Cl A (F) 6.500%, 05/27/36 250 187 Indymac Mortgage Loan Trust, Ser 2004-AR11, Cl 4A1 (D) 5.817%, 04/01/07 5,744 5,779 Indymac Mortgage Loan Trust, Ser 2004-AR6, Cl 1A (D) 5.469%, 04/01/07 878 903 Lehman Mortgage Trust, Ser 2006-4, Cl 4A1 6.000%, 08/25/21 10,372 10,525 Lehman XS Trust, Ser 2005-5N, Cl M4 (D) 7.070%, 04/30/07 1,850 1,756 Lehman XS Trust, Ser 2005-7N, Cl M71 (D) 7.070%, 04/27/07 1,075 1,025 MLCC Mortgage Investors, Ser 2006-1, Cl 1A1 (D) 5.350%, 02/25/36 6,756 6,862 Master Adjustable Rate Mortgages, Ser 2005-2, Cl 3A1 (D) 4.770%, 04/01/07 3,604 3,629 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 11 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Master Asset Backed Securities Trust, Ser 2003-WMC2, Cl M1 (D) 6.020%, 04/27/07 712 $ 712 Master Asset Backed Securities Trust, Ser 2006-AB1, Cl A1 (D) (J) 5.460%, 04/27/07 8,719 8,720 Merill Lynch Mortgage Investors Trust, Ser 2005-A4, Cl 1A (D) 4.762%, 04/01/07 678 684 Merrill Lynch Mortgage Investors Trust, Ser 2003-HE1, Cl M2 (D) 6.970%, 04/25/07 520 520 Merrill Lynch Mortgage Investors Trust, Ser 2005-HE2, Cl A2A (D) 5.430%, 04/27/07 1,148 1,148 Morgan Stanley Capital I, Cl 2003-NC8, Cl M1 (D) 6.020%, 04/27/07 2,000 2,002 New Century Home Equity Loan Trust, Ser 2004-A, Cl AII3 (D) 4.450%, 04/01/07 2,245 2,234 New Century Home Equity Loan Trust, Ser 2005-B, Cl A2A (D) (J) 4.940%, 04/25/07 767 767 Nomura Asset Acceptance, Ser 2004-R1, Cl A1 (F) 6.500%, 03/25/34 1,645 1,683 Nomura Asset Acceptance, Ser 2004-R2, Cl A1 (D) (F) 6.500%, 10/25/34 1,930 1,971 Option One Mortgage Loan Trust, Ser 2003-5, Cl M1 (D) 5.970%, 04/23/07 1,250 1,253 Option One Mortgage Loan Trust, Ser 2006-1, Cl M10 (D) (F) 7.820%, 04/27/07 230 203 Option One Mortgage Loan Trust, Ser 2006-1, Cl M11 (D) (F) 7.820%, 04/27/07 500 414 Residential Accredit Loans, Ser 2005-Q05, Cl M3 (D) 6.120%, 04/25/07 1,296 1,315 Residential Accredit Loans, Ser 2005-QA3, Cl NB2 (D) 5.267%, 04/25/07 5,443 5,466 Residential Accredit Loans, Ser 2006-Q01, Cl 2A3 (D) 5.720%, 04/27/07 737 742 Residential Asset Mortgage Products, Ser 2003-RS11, Cl MII1 (D) 6.050%, 04/25/07 188 189 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Residential Asset Securities, Ser 2006-EMX2, Cl A1 (D) 5.400%, 04/27/07 4,138 $ 4,139 Residential Asset Securities, Ser 2006-KS2, Cl A1 (D) (J) 5.390%, 04/27/07 6,140 6,141 Residential Asset Securitization Trust, Ser 2004-IP2, Cl 3A1 (D) 5.274%, 04/25/07 5,675 5,703 Resmae Mortgage Loan Trust, Ser 2006-1, Cl A2A (D) (F) 5.420%, 04/25/07 4,297 4,296 Resmae Mortgage Loan Trust, Ser 2006-1, Cl A2B (D) (F) 5.470%, 04/25/07 5,355 5,354 SB Finance NIM Trust, Ser 2006-KS4N, Cl N1 (F) 7.500%, 06/25/36 296 295 Sharps SP I LLC NIM Trust, Ser 2005-HE3N, Cl N (F) 5.000%, 05/25/35 460 460 Structured Adjustable Rate Mortgage Loan, Ser 2005-16 XS, Cl M2 (D) 6.220%, 04/25/07 775 780 Structured Asset Investment Loan Trust, Ser 2005-1, Cl A4 (D) (F) 5.550%, 04/25/07 1,134 1,135 Structured Asset Investment Loan Trust, Ser 2005-8, Cl A2 (D) 5.450%, 04/25/07 930 930 Structured Asset Securities, Ser 2005-NC1, Cl A2 (G) 3.920%, 02/25/35 166 166 Terwin Mortgage Trust, Ser 2006-5, Cl 1A2A (D) (F) (J) 5.410%, 04/26/07 12,598 12,595 Terwin Mortgage Trust, Ser 2006-6, Cl 2A1 (D) 4.500%, 06/25/36 1,725 1,712 Washington Mutual Mortgage Pass-Through Certificates, Ser 2007-HY4, Cl 1A1 (D) 5.575%, 04/01/07 8,000 8,010 Wells Fargo Mortgage Backed Securities Trust, Ser 2004-I, Cl B1 (D) 3.365%, 04/01/07 634 638 -------------- Total Asset-Backed Securities (Cost $267,692) ($ Thousands) 268,588 -------------- - -------------------------------------------------------------------------------- 12 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- CORPORATE OBLIGATIONS -- 1.2% UNITED STATES -- 1.2% Aetna 5.750%, 06/15/11 1,520 $ 1,552 Bear Stearns 5.350%, 02/01/12 1,290 1,293 Cit Group 5.000%, 02/13/14 2,030 1,973 Comcast 5.300%, 01/15/14 1,035 1,021 Cox Communications 4.625%, 06/01/13 1,520 1,454 Credit Suisse First Boston USA 6.500%, 01/15/12 1,015 1,067 Dominion Resources 4.750%, 12/15/10 1,015 1,001 Exelon Generation 6.950%, 06/15/11 1,520 1,593 Genworth Financial 5.750%, 06/15/14 1,520 1,550 Goldman Sachs 5.500%, 11/15/14 3,045 3,036 HSBC Finance 6.375%, 10/15/11 1,520 1,584 Istar Financial+ 5.875%, 03/15/16 1,015 1,008 JPMorgan Chase 5.125%, 09/15/14 1,520 1,496 Kinder Morgan Energy Partners 5.000%, 12/15/13 1,520 1,471 Lehman Brothers Holdings MTN 5.750%, 05/17/13 510 521 5.500%, 04/04/16 1,010 1,004 Lincoln National (D) 6.050%, 04/20/67 760 743 Merrill Lynch 6.050%, 05/16/16 1,520 1,559 Morgan Stanley 4.750%, 04/01/14 1,520 1,444 Morgan Stanley MTN, Ser G (D) 5.660%, 04/04/07 1,380 1,378 Residential Capital 6.875%, 06/30/15 265 267 6.500%, 04/17/13 3,990 3,952 6.000%, 02/22/11 700 690 Shinsei Finance Cayman (D) (F) 6.418%, 01/29/49 1,740 1,758 Simon Property Group+ 5.750%, 12/01/15 1,015 1,029 5.600%, 09/01/11 795 807 Teva Pharmaceutical 5.550%, 02/01/16 1,520 1,492 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Time Warner 6.875%, 05/01/12 1,520 $ 1,620 Vodafone Group 5.625%, 02/27/17 745 739 5.350%, 02/27/12 255 256 Wachovia 5.300%, 10/15/11 2,485 2,499 4.875%, 02/15/14 1,015 984 Washington Mutual Preferred Funding (D) (F) 6.534%, 03/15/49 1,900 1,869 Wellpoint 6.800%, 08/01/12 1,015 1,082 -------------- Total Corporate Obligations (Cost $45,862) ($ Thousands) 46,792 -------------- U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.1% FHLMC (H) 6.050%, 04/18/07 50 50 5.249%, 11/09/07 18,300 17,728 5.213%, 07/02/07 1,000 987 5.200%, 04/17/07 375 374 FHLMC CMO STRIPS, Ser 232, Cl IO, IO (E) 5.000%, 08/01/35 19,423 4,559 FHLMC CMO STRIPS, Ser 233, Cl 12, IO (E) 5.000%, 09/15/35 4,955 1,167 FHLMC CMO STRIPS, Ser 233, Cl 4, IO (E) 4.500%, 09/15/35 1,653 386 FNMA (A) (H) 5.255%, 06/01/07 200 198 FNMA (H) 5.235%, 07/02/07 475 469 5.213%, 08/01/07 150 147 5.204%, 06/27/07 1,575 1,555 5.150%, 04/18/07 550 549 FNMA CMO STRIPS, Ser 10, Cl FD (D) 5.670%, 03/25/36 6,022 6,040 FNMA CMO STRIPS, Ser 359, Cl 6, IO (E) 5.000%, 11/01/35 2,008 466 FNMA CMO STRIPS, Ser 360, Cl 2, IO (E) 5.000%, 08/01/35 30,624 7,189 FNMA CMO STRIPS, Ser 365, Cl 2, IO (E) 5.000%, 03/01/36 1,814 430 FNMA CMO STRIPS, Ser 377, Cl 2, IO (E) 5.000%, 10/01/36 4,254 1,023 -------------- Total U.S. Government Agency Obligations (Cost $43,210) ($ Thousands) 43,317 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 13 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- PREFERRED STOCK -- 0.4% AUSTRALIA -- 0.0% News 44,855 $ 1,035 -------------- BRAZIL -- 0.1% Petroleo Brasileiro 65,000 1,466 Usinas Siderurgicas de Minas Gerais, Cl A 54,200 2,643 -------------- 4,109 -------------- GERMANY -- 0.3% Porsche 5,751 8,747 Volkswagen 8,361 857 -------------- 9,604 -------------- SOUTH KOREA -- 0.0% Samsung Electronics 2,900 1,364 -------------- Total Preferred Stock (Cost $10,922) ($ Thousands) 16,112 -------------- CASH EQUIVALENTS (K) -- 12.4% SEI Daily Income Trust, Prime Obligation Fund, Cl A, 5.210%** 32,821,224 32,821 SEI Liquidity Fund, L.P, 5.520%. (C)** 450,120,478 450,120 -------------- Total Cash Equivalents (Cost $482,941) ($ Thousands) 482,941 -------------- U.S. TREASURY OBLIGATIONS -- 0.8% U.S. Treasury Bills (A) 5.242%, 05/10/07 9,640 9,590 5.089%, 05/24/07 4,729 4,696 5.022%, 06/14/07 275 272 2.209%, 04/19/07 1,960 1,955 U.S. Treasury Inflationary Index Notes 2.375%, 04/15/11 12,874 13,041 -------------- Total U.S. Treasury Obligations (Cost $29,371) ($ Thousands) 29,554 -------------- - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- EQUITY LINKED WARRANTS -- 0.3% Number of Warrants --------- TAIWAN -- 0.3% HON HAI Precision Industry* 1,545 $ 10,376 -------------- Total Equity Linked Warrants (Cost $7,182) ($ Thousands) 10,376 -------------- EXCHANGE TRADED FUND -- 0.0% UNITED STATES -- 0.0% iShares MSCI EAFE Index Fund* 100 8 -------------- Total Exchange Traded Fund (Cost $7) ($ Thousands) 8 -------------- Number of Rights --------- RIGHTS -- 0.0% AUSTRIA -- 0.0% Conwert Immobilien Invest, Expires 04/09/07* 2 -- -------------- HONG KONG -- 0.0% Henderson Land Development, Expires 12/21/06* 54 -- -------------- SWEDEN -- 0.0% Fabege, Expires 04/27/07* 59 -- -------------- Total Rights (Cost $0) ($ Thousands) -- -------------- Total Investments -- 115.7% (Cost $3,760,311) ($ Thousands) $ 4,500,880 ============== - -------------------------------------------------------------------------------- 14 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 Forward Foreign Currency Contracts -- A summary of the outstanding forward foreign currency contracts held by the Fund at March 31, 2007, is as follows (see Note 2 in Notes to Financial Statements): - ----------------------------------------------------------------------- UNREALIZED CURRENCY CURRENCY APPRECIATION MATURITY TO DELIVER TO RECEIVE (DEPRECIATION) DATE (THOUSANDS) (THOUSANDS) ($ THOUSANDS) - ----------------------------------------------------------------------- 4/23/07 USD 2,808 DKK 15,707 $ 1 4/23/07 USD 126,399 EUR 95,022 181 4/23/07 USD 6,484 HKD 50,598 (5) 4/23/07 USD 556 NZD 791 9 4/23/07 USD 3,603 SGD 5,488 16 4/23/07-4/24/07 USD 57,317 AUD 71,871 696 4/23/07-4/24/07 USD 12,397 NOK 75,916 51 4/23/07-4/24/07 USD 11,893 SEK 83,031 (43) 4/23/07-7/12/07 USD 220,907 GBP 113,385 1,452 4/23/07-8/21/07 USD 220,663 JPY 25,734,191 (1,373) 4/23/07-8/21/07 JPY 17,626,500 USD 151,117 706 4/24/07 AUD 15,486 GBP 6,286 (173) 4/24/07 AUD 12,674 USD 9,949 (281) 4/24/07 CAD 116,222 USD 99,190 (1,631) 4/24/07 EUR 11,098 SEK 103,170 (60) 4/24/07 EUR 6,926 USD 9,220 (7) 4/24/07 GBP 1,472 AUD 3,663 71 4/24/07 GBP 8,689 USD 16,898 (143) 4/24/07 HKD 232,003 USD 29,731 20 4/24/07 MXP 259,707 USD 23,231 (334) 4/24/07 NZD 3,271 USD 2,286 (49) 4/24/07 SEK 39,920 EUR 4,307 40 4/24/07 SGD 38,666 USD 25,383 (120) 4/24/07 USD 9,466 CAD 11,120 181 4/24/07 ZAR 101,339 USD 13,576 (373) 4/24/07-7/20/07 GBP 39,199 JPY 9,042,000 308 4/24/07-8/21/07 JPY 15,430,000 NZD 192,780 5,375 4/24/07-8/21/07 NZD 150,008 JPY 11,792,000 (6,201) 4/24/07-8/21/07 USD 108,299 CHF 131,714 110 4/24/07-9/21/07 CHF 150,700 GBP 63,861 942 4/24/07-9/21/07 CHF 84,700 USD 69,399 (577) 4/24/07-9/21/07 GBP 52,086 CHF 122,600 (1,060) 4/24/07-9/21/07 JPY 10,842,000 GBP 47,253 (26) 9/21/07 CHF 4,600 NZD 5,534 85 9/21/07 JPY 446,000 AUD 4,870 48 ---------- $ (2,164) ========== Futures -- A summary of the open futures contracts held by the Fund at March 31, 2007, is as follows (see Note 2 in Notes to Financial Statements): - ----------------------------------------------------------------------- UNREALIZED APPRECIATION TYPE OF NUMBER OF EXPIRATION (DEPRECIATION) CONTRACT CONTRACTS DATE ($ THOUSANDS) - ----------------------------------------------------------------------- U.S. Long Treasury Bond (29) Jun-2007 $ 26 U.S. 5-Year Note (224) Jun-2007 (59) U.S. 2-Year Note 13 Jun-2007 8 U.S. 10-Year Note (82) Jun-2007 (3) Amsterdam Exchange Index 149 Apr-2007 1,007 CAC40 10 Euro 535 Apr-2007 1,377 DAX Index 150 Jun-2007 1,075 DJ Euro Stoxx 50 Index 657 Jun-2007 911 FTSE 100 Index 972 Jun-2007 1,501 Hang Seng Index 73 Apr-2007 77 IBEX 35 Index 84 Apr-2007 667 MSCI Singapore Index 80 Apr-2007 (1) Nikkei 225 Index 30 Jun-2007 78 OMX Index 1,269 Apr-2007 431 S&P/MIB Index 76 Jun-2007 664 SPI 200 Index 250 Jun-2007 493 Topix Index 418 Jun-2007 1,394 90-Day Euro$ (174) Mar-2008 (127) 90-Day Euro$ (130) Mar-2009 (128) 90-Day Euro$ (129) Mar-2010 (96) 90-Day Euro$ (85) Mar-2011 (91) 90-Day Euro$ 10 Mar-2012 (2) 90-Day Euro$ (141) Jun-2007 33 90-Day Euro$ (49) Jun-2008 (47) 90-Day Euro$ (130) Jun-2009 (120) 90-Day Euro$ (152) Jun-2010 (121) 90-Day Euro$ 38 Jun-2011 (12) 90-Day Euro$ (174) Sep-2007 (6) 90-Day Euro$ (174) Sep-2008 (175) 90-Day Euro$ (130) Sep-2009 (113) 90-Day Euro$ (149) Sep-2010 (112) 90-Day Euro$ 44 Sep-2011 (10) 90-Day Euro$ (102) Dec-2007 (62) 90-Day Euro$ (426) Dec-2008 (370) 90-Day Euro$ (130) Dec-2009 (115) 90-Day Euro$ (132) Dec-2010 (111) 90-Day Euro$ 10 Dec-2011 (2) ---------- $ 7,859 ========== - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 15 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2007 Swaps -- A summary of outstanding swap agreements held by the Fund at March 31, 2007, is as follows (see Note 2 in Notes to Financial Statements): - -------------------------------------------------------------------------------- TOTAL RETURN SWAPS - -------------------------------------------------------------------------------- UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- Delivers payment on the quarterly reset spread from MSCI EAFE Index minus 20 basis points. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Bear Stearns) 03/23/08 52,640 $ 856 Delivers payment on the quarterly reset spread from Swiss Market Index plus 23 basis points. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Bear Stearns) 01/24/08 35,600 (603) Receive payment on the monthly reset spread from Banc of America - CMBS AAA10Yr Index plus 5 basis points times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Bank of America) 08/31/07 16,000 (24) Receive payment on the monthly reset spread from Banc of America - CMBS AAA10Yr Index plus 8 basis points times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Bank of America) 07/31/07 85,000 (74) Receive payment on the monthly reset spread from Banc of America - CMBS AAA10Yr Index plus 8 basis points times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Bank of America) 09/28/07 60,000 (53) Receive payment on the monthly reset spread from Banc of America - CMBS AAA10Yr Index plus 12.5 basis points times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Bank of America) 07/01/07 5,000 (4) Receive payment on the monthly reset spread from Banc of America - CMBS IG 10Yr Index plus 22.5 basis points times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Bank of America) 05/01/07 15,000 (26) Receive payment on the monthly reset spread from Banc of America - CMBS AAA10Yr Index plus 15 basis points times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Wachovia) 08/31/07 39,000 (16) Receive payment on the monthly reset spread from Lehman Brothers - CMBS AAA 8.5 Plus Index minus 5 basis points times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Wachovia) 06/30/07 8,000 (6) Receive payment on the monthly reset spread from Lehman Brothers - CMBS AAA10YR Index plus 5 basis points times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Wachovia) 08/31/07 50,000 (11) --------- $ 39 ========= - -------------------------------------------------------------------------------- CREDIT DEFAULT SWAPS - -------------------------------------------------------------------------------- UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- Fund receives monthly payment of 0.5400% (6.480% per annum) times the notional amount of the ABX.HE.A 06-1 Index. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Bank of America) 07/25/45 21,500 $ (689) Fund receives monthly payment of 0.5400% (6.480% per annum) times the notional amount of the ABX.HE.A 06-1 Index. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Bank of America) 07/25/45 23,500 (785) Fund receives monthly payment of 0.4400% (5.280% per annum) times the notional amount of the ABX.HE.A 06-2 Index. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Bank of America) 05/24/46 14,000 (751) Fund receives monthly payment of 0.6400% (7.680% per annum) times the notional amount of the ABX.HE.A 07-1 Index. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Bank of America) 08/25/37 2,000 28 Fund receives monthly payment of 0.6400% (7.680% per annum) times the notional amount of the ABX.HE.A 07-1 Index. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Bank of America) 07/25/45 2,250 (32) Fund pays quarterly payment of 0.3200% (1.280% per annum) times the notional amount of Alcan, Inc., 4.875%, 09/15/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 03/20/14 2,150 2 Fund pays quarterly payment of 0.3500% (1.4000% per annum) times the notional amount of Alcan, Inc., 4.875%, 09/15/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/13 2,500 (11) Fund pays quarterly payment of 0.1100% (0.440% per annum) times the notional amount of Autozone, Inc., 5.875%, 10/15/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 (18) Fund pays quarterly payment of 0.5500% (2.2000% per annum) times the notional amount of Black & Decker Corp., 7.125%, 06/01/11. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 13 Fund pays quarterly payment of 0.4000% (1.600% per annum) times the notional amount of CDX.NA.IG. Index. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/11 45,900 283 Fund pays quarterly payment of 0.4000% (1.600% per annum) times the notional amount of CDX.NA.IG. Index. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 (7) Fund pays quarterly payment of 0.4450% (1.780% per annum) times the notional amount of Darden Restaurants, Inc.., 7.125%, 02/01/16. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 (5) Fund pays quarterly payment of 0.3900% (1.560% per annum) times the notional amount of Darden Restaurants, Inc.., 7.125%, 02/01/16. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/13 2,500 (14) - -------------------------------------------------------------------------------- 16 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- Fund pays quarterly payment of 0.4250% (1.700% per annum) times the notional amount of Eastman Chemical Co., 7.600%, 02/01/27. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 $ (5) Fund pays quarterly payment of 1.1800% (4.720% per annum) times the notional amount of Gap, Inc., 8.800%, 12/15/08. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 3 Fund pays quarterly payment of 0.0975% (0.390% per annum) times the notional amount of Johnson Controls, Inc., 7.125%, 07/15/17. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/13 2,500 (9) Fund pays quarterly payment of 0.4750% (1.900% per annum) times the notional amount of Ltd. Brands, Inc., 6.125%, 12/01/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 2/20/11 2,500 (15) Fund pays quarterly payment of 0.7300% (2.920% per annum) times the notional amount of Masco Corp., 5.875%, 07/15/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/13 2,500 33 Fund pays quarterly payment of 0.47500% (1.900% per annum) times the notional amount of MeadWestvaco, 6.850%, 04/01/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 (15) Fund pays quarterly payment of 0.3500% (1.400% per annum) times the notional amount of MGIC Investment Corp., 6.000%, 11/01/15. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/13 2,500 78 Fund pays quarterly payment of 0.2200% (0.880% per annum) times the notional amount of Nucor Corp., 4.875%, 10/01/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 15 Fund pays quarterly payment of 0.0350% (0.140% per annum) times the notional amount of Pitney Bowes, Inc., 4.625%, 10/01/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/11 5,200 (5) Fund pays quarterly payment of 0.3500% (1.400% per annum) times the notional amount of PMI Group, Inc., 6.000%, 09/15/16. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 2/20/13 2,500 38 Fund pays quarterly payment of 0.3500% (1.400% per annum) times the notional amount of Radian Group, Inc., 7.750%, 06/01/11. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/13 2,500 69 Fund pays quarterly payment of 0.1900% (0.760% per annum) times the notional amount of TJX Cos, Inc., 7.450%, 12/15/09. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 (13) Fund pays quarterly payment of 0.4500% (1.800% per annum) times the notional amount of Weyerhaeuser, Co., 6.750%, 03/15/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 4 - -------------------------------------------------------------------------------- UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- Fund receives monthly payment of 0.6400% (7.680% per annum) times the notional amount of the ABX.HE.A 07-1 Index. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: JPMorgan Chase) 08/25/37 3,000 $ (49) Fund pays quarterly payment of 0.3400% (1.360% per annum) times the notional amount of Agrium, Inc., 8.250%, 02/15/11. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 69 Fund pays quarterly payment of 0.4600% (1.840% per annum) times the notional amount of Autozone, Inc., 5.875%, 10/15/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 (2) Fund pays quarterly payment of 0.5500% (2.200% per annum) times the notional amount of Black & Decker Corp., 7.125%, 06/01/11. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 (17) Fund pays quarterly payment of 0.2600% (1.040% per annum) times the notional amount of Dow Chemical Co., 6.000%, 10/01/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/13 2,500 3 Fund pays quarterly payment of 1.1800% (4.720% per annum) times the notional amount of Gap, Inc., 8.800%, 12/15/08. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 1 Fund pays quarterly payment of 0.3900% (1.560% per annum) times the notional amount of Hasbro, Inc., 2.750%, 12/01/21. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 (17) Fund pays quarterly payment of 0.7700% (3.080% per annum) times the notional amount of Jones Apparel Group, Inc., 5.125%, 11/15/14. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 (26) Fund pays quarterly payment of 0.4500% (1.800% per annum) times the notional amount of Lubrizol Corp., 7.250%, 06/15/25. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 2 Fund pays quarterly payment of 0.3500% (1.400% per annum) times the notional amount of MGIC Investment Corp., 6.000%, 11/01/15. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/13 2,500 73 Fund pays quarterly payment of 0.2800% (1.120% per annum) times the notional amount of Nordstrom, Inc., 6.950%, 03/15/28. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/13 2,500 (11) Fund pays quarterly payment of 0.2200% (0.880% per annum) times the notional amount of Nucor Corp., 4.875%, 10/01/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 3 Fund pays quarterly payment of 0.3500% (1.400% per annum) times the notional amount of PMI Group, Inc., 6.000%, 09/15/16. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/13 2,500 (4) - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 17 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Concluded) March 31, 2007 - -------------------------------------------------------------------------------- UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- Fund pays quarterly payment of 0.2000% (0.800% per annum) times the notional amount of PPG Industries, Inc., 7.050%, 08/15/09. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 $ (13) Fund pays quarterly payment of 0.3900% (1.560% per annum) times the notional amount of Radian Group, Inc., 7.750%, 06/01/11. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/13 2,500 (5) Fund pays quarterly payment of 0.2700% (1.080% per annum) times the notional amount of Southwest Airlines Co., 6.500%, 03/01/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 (5) Fund pays quarterly payment of 0.3200% (1.280% per annum) times the notional amount of Washington Mutual, Co., 5.250%, 09/15/17. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: JPMorgan Chase) 03/20/12 2,300 18 Fund receives monthly payment of 0.6400% (7.680% per annum) times the notional amount of the ABX.HE.A 07-1 Index. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Merrill Lynch) 07/25/45 1,500 (37) Fund receives monthly payment of 0.6400% (7.680% per annum) times the notional amount of the ABX.HE.A 07-1 Index. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Merrill Lynch) 07/25/45 4,500 (70) Fund receives monthly payment of 0.6400% (7.680% per annum) times the notional amount of the ABX.HE.A 07-1 Index. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Merrill Lynch) 07/25/45 2,000 (13) Fund pays quarterly payment of 0.4000% (1.600% per annum) times the notional amount of CDX.NA.IG. Index. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Merrill Lynch) 12/20/11 45,900 250 Fund pays quarterly payment of 0.4000% (1.600% per annum) times the notional amount of CDX.NA.IG. Index. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Merrill Lynch) 12/20/11 12,700 81 Fund pays quarterly payment of 0.4000% (1.600% per annum) times the notional amount of CDX.NA.IG. Index. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Merrill Lynch) 12/20/11 2,150 59 Fund pays quarterly payment of 0.0625% (0.250% per annum) times the notional amount of Dow Chemical Co., 6.000%, 10/01/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Merrill Lynch) 12/20/13 2,500 17 Fund pays quarterly payment of 0.1300% (0.520% per annum) times the notional amount of Lowe's Cos., 8.250%, 06/01/10. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Merrill Lynch) 12/20/11 2,500 (2) - -------------------------------------------------------------------------------- UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- Fund pays quarterly payment of 0.2800% (1.120% per annum) times the notional amount of Nordstrom, Inc., 6.950%, 03/15/28. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Merrill Lynch) 12/20/13 2,500 $ 24 Fund pays quarterly payment of 0.4500% (1.800% per annum) times the notional amount of Lubrizol Corp., 7.250%, 06/15/25. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Merrill Lynch) 12/20/11 2,500 (20) Fund pays quarterly payment of 0.9000% (3.600% per annum) times the notional amount of MDC Holdings, Inc., 5.500%, 05/15/13. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Merrill Lynch) 12/20/11 2,500 (26) Fund pays quarterly payment of 0.6900% (2.760% per annum) times the notional amount of RR Donnelly & Sons Co., 4.950%, 04/01/14. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty:Merrill Lynch) 12/20/11 2,500 15 Fund pays quarterly payment of 0.2700% (1.080% per annum) times the notional amount of Southwest Airlines Co., 6.500%, 03/01/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Merrill Lynch) 12/20/11 2,500 (5) Fund pays quarterly payment of 0.4500% (1.800% per annum) times the notional amount of Weyerhaeuser Co., 6.750%, 03/15/12. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Merrill Lynch) 03/20/12 2,500 8 Fund pays quarterly payment of 0.3380% (1.352% per annum) times the notional amount of Whirlpool Corp., 7.750%, 07/15/16. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Merrill Lynch) 12/20/11 2,500 38 -------------- $ (1,469) ============== Percentages are based on Net Assets of $3,889,099 ($ Thousands). * Non-Income Producing Security ** Rate shown is the 7-day effective yield as of March 31, 2007. + Real Estate Investments Trust (1) In U.S. dollars unless otherwise indicated. (A) Security, or portion thereof, has been pledged as collateral on open future contracts. (B) This security or a partial position of this security is on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 was $427,005 ($ Thousands) (see Note 7). (C) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2007 was $450,120 ($ Thousands) (see Note 7). (D) Variable Rate Security -- The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2007. (E) The rate reported is the effective yield at time of purchase. (F) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. (G) Step Bonds -- The rate reflected on the Schedule of Investments is the effective yield on March 31, 2007. The coupon and step bond changes on a specific date. (H) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. (I) Security, or portion of this security, has been pledged as collateral on open swap contracts. The rate reported on the Schedule of Investments is the effective yield at time of purchase. (J) Security, or a poriton of this security, has been pledged as collateral on reverse repurchase agreements. (K) Investment in Affiliated Registered Investment Company (see Note 3). - -------------------------------------------------------------------------------- 18 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Description - -------------------------------------------------------------------------------- ADR -- American Depositary Receipt AUD -- Australian Dollar CAD -- Canadian Dollar CHF -- Swiss Franc Cl -- Class CMBS -- Commercial Mortgage-Backed Securities CMO -- Collateralized Mortgage Obligation DKK -- Danish Krone EUR -- Euro FDR -- Fiduciary Depositary Receipt FHLMC-- Federal Home Loan Mortgage Corporation FNMA -- Federal National Mortgage Association GBP -- British Pound Sterling GDR -- Global Depositary Receipt GNMA --Government National Mortgage Association HKD -- Hong Kong Dollar IO -- Interest Only -- face amount represents notional amount JPY -- Japanese Yen LLC -- Limited Liability Company MTN -- Medium Term Note MXP -- Mexican Peso NIM -- Net Interest Margin NOK -- Norwegian Krone NZD -- New Zealand Dollar REIT -- Real Estate Investment Trust RNC -- Non-Convertible Savings Shares SEK -- Swedish Krona Ser -- Series SGD -- Singapore Dollar STRIPS -- Separately Traded Registered Interest and Principal Securities TBA -- To Be Announced USD -- U.S. Dollar ZAR -- South African Rand Amounts designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 19 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Equity Fund March 31, 2007 - -------------------------------------------------------------------------------- SECTOR WEIGHTINGS+: [THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] Financials 21.0% Energy 14.2% Information Technology 12.5% Telecommunication Services 11.2% Basic Materials 9.5% Consumer Discretionary 8.4% Industrials 7.2% Consumer Staples 5.3% Utilities 5.2% Short-Term Investments 3.9% Healthcare 1.3% Exchange Traded Funds 0.3% Debenture Bond 0.0% + Percentages based on total investments. Includes Investments held as collateral for securities on loan (see Note 7). - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- COMMON STOCK -- 91.9% ARGENTINA -- 0.2% IRSA Inversiones y Representaciones GDR* 68,900 $ 1,318 MetroGas ADR* 10,600 47 Petrobas Energia Participaciones ADR* 55,800 580 Telecom Argentina, Ser B ADR* 38,900 830 Telefonica de Argentina* 3,225 61 -------------- 2,836 -------------- AUSTRALIA -- 0.1% Investcorp Bank GDR (A)* 38,813 1,009 -------------- BERMUDA -- 0.1% Credicorp 25,000 1,218 -------------- BRAZIL -- 7.7% All America Latina Logistica 98,800 1,206 Aracruz Celulose ADR 12,043 631 Arcelor Brasil 77,867 1,834 Banco Bradesco ADR 52,800 2,135 Banco do Brasil 40,700 1,327 Banco Itau Holding Financeira ADR 29,280 1,020 Banco Nossa Caixa 38,100 546 Banestes-Banco do Estado do Espirito Santo* 709,900 243 Brasil Ecodiesel Industria e Comercio de Biocombus* 108,200 484 Brasil Telecom Participacoes ADR 36,760 1,658 Braskem ADR 10,000 147 Centrais Eletricas Brasileiras 25,450,900 571 Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR 209,510 6,053 Cia de Bebidas das Americas ADR 2,000 110 Cia de Concessoes Rodoviarias 17,000 228 Cia de Saneamento Basico do Estado de Sao Paulo 13,908,700 1,880 Cia Energetica de Minas Gerais ADR* 44,500 2,165 Cia Paranaense de Energia 23,000 267 Cia Vale do Rio Doce ADR 165,100 6,107 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Cia Vale do Rio Doce Sponsored ADR 459,438 $ 14,371 CPFL Energia* 64,300 913 CPFL Energia ADR 14,900 630 Cyrela Brazil Realty 200,000 1,869 Empresa Brasileira de Aeronautica ADR 34,750 1,594 Gafisa ADR* 43,200 1,102 Gol Linhas Aereas Inteligentes ADR 4,500 137 Grendene 132,500 1,710 Localiza Rent A CAR 67,800 2,089 Lojas Renner 99,900 1,304 Petroleo Brasileiro ADR 136,537 13,587 Petroleo Brasileiro Sponsored ADR 159,970 14,293 Positivo Informatica 17,900 251 Rossi Residencial 100,000 1,149 Santos-Brasil 115,281 1,437 Souza Cruz* 75,600 1,533 Submarino 76,000 2,578 Tele Norte Leste Participacoes ADR 296,820 4,108 Tim Participacoes ADR 172,200 5,593 Uniao de Bancos Brasileiros 202,800 1,803 Uniao de Bancos Brasileiros ADR 163,850 14,330 Votorantim Celulose e Papel ADR 58,270 1,066 -------------- 116,059 -------------- CHILE -- 1.3% A.F.P. Provida ADR 11,600 298 Banco de Chile ADR 18,900 933 Banco Santander Chile ADR 30,400 1,516 Centros Comerciales Sudamericanos 666,459 2,281 Cervecerias Unidas ADR 27,700 870 Cia Cervecerias Unidas ADR 7,477 235 CorpBanca 343,022,800 1,859 Embotelladora Andina* 6,000 117 Empresa Nacional de Electricidad ADR 136,600 5,483 Empresas CMPC 19,900 642 Empresas COPEC 112,224 1,489 Enersis ADR 69,222 1,128 Lan Airlines ADR 18,100 1,247 United Breweries 267,560 1,673 -------------- 19,771 -------------- CHINA -- 5.8% Bank of China* 2,350,000 1,170 China Construction Bank 13,069,000 7,476 China International Marine Containers 328,300 720 China Life Insurance 1,216,000 3,494 China Petroleum & Chemical, Cl H 15,402,000 13,028 China Shenhua Energy 1,240,000 2,999 China Shipping Development* 3,698,000 5,641 China Telecom 15,372,000 7,554 China Vanke 542,600 1,124 China Yurun Food Group 3,486,000 3,796 - -------------------------------------------------------------------------------- 20 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Ctrip.com International ADR 4,700 $ 315 Focus Media Holding* 3,900 306 Great Wall Motor 481,500 710 Great Wall Technology 644,000 199 Huadian Power International 4,539,400 1,627 Huaneng Power International 2,244,800 1,953 Industrial & Commercial Bank of China, Cl H 10,691,820 5,993 Jiangxi Copper 45,000 55 Lenovo Group 1,290,000 472 Livzon Pharmaceutical* 415,400 372 Mindray Medical International ADR 32,300 769 PetroChina, Cl H 12,390,000 14,698 PICC Property & Casualty 186,000 107 Shanghai Forte Land 292,000 122 Sinotrans 4,839,000 1,938 Weiqiao Textile 2,293,900 3,317 Yanzhou Coal Mining 6,746,900 6,458 -------------- 86,413 -------------- COLOMBIA -- 0.3% BanColombia ADR 169,301 4,688 -------------- CZECH REPUBLIC -- 0.8% CEZ 184,385 8,240 Komercni Banka 17,420 3,016 Telefonica O2 Czech Republic 13,000 339 Unipetrol* 50,401 564 -------------- 12,159 -------------- EGYPT -- 0.8% Commercial International Bank 60,000 585 Commercial International Bank GDR 229,650 2,232 Eastern Tobacco 4,400 310 Egyptian International Pharmaceutical Industrial 27,000 123 El Ezz Steel* 20,884 185 Mobinil-Egyptian Mobile Services 22,500 623 Orascom Construction Industries 51,344 2,568 Orascom Construction Industries GDR (A) (B) 9,283 932 Orascom Telecom Holding 29,217 2,019 Orascom Telecom Holding GDR 16,734 1,138 Telecom Egypt 300,000 851 -------------- 11,566 -------------- HONG KONG -- 4.5% AAC Acoustic Technology Holdings* 1,832,000 1,737 ASM Pacific Technology 280,500 1,655 Brilliance China Automotive Holdings 2,909,000 711 China Mengniu Dairy 2,234,000 6,390 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- China Merchants Bank 464,395 $ 937 China Mobile Hong Kong 2,282,500 20,753 China Overseas Land & Investment 4,042,000 5,079 CNOOC 6,549,500 5,741 Cosco Pacific 1,874,000 4,643 Denway Motors 6,478,000 2,827 Digital China Holdings 913,000 359 Giordano International 20,000 10 Global Bio-Chem Technology Group 5,441,500 1,393 GOME Electrical Appliances Holdings 3,816,000 4,244 Industrial and Commercial Bank of China Asia 402,000 880 Johnson Electric Holdings 1,083,000 719 Samson Holding 1,773,000 1,016 Shanghai Industrial Holdings 1,207,000 2,786 Texwinca Holdings 2,000,600 1,349 TPV Technology 3,174,000 2,027 Yue Yuen Industrial Holdings 596,500 2,023 -------------- 67,279 -------------- HUNGARY -- 0.6% Danubius Hotel and Spa* 4,715 209 Gedeon Richter 345 62 Magyar Telekom 519,315 2,619 MOL Hungarian Oil & Gas 8,716 1,004 OTP Bank 105,515 4,827 -------------- 8,721 -------------- INDIA -- 6.2% Andhra Bank 248,433 435 Bharat Electronics 17,789 615 Bharat Heavy Electricals 66,272 3,448 Bharat Petroleum 316,793 2,207 Bharti Televentures* 903,924 15,886 CESC 56,000 486 Federal Bank 60,268 300 GAIL India 373,928 2,276 GAIL India GDR (A) 6,590 241 Grasim Industries 18,599 895 Gujarat Narmada Valley Fertilizers 147,448 315 Gujarat State Fertilisers 33,800 136 Hero Honda Motors 71,981 1,141 Hindalco Industries 461,021 1,382 Hindalco Industries GDR (A) 554,900 1,665 Hindustan Lever 392,000 1,851 Hindustan Petroleum 405,880 2,314 Hindustan Zinc 84,292 1,092 Housing Development Finance 66,858 2,338 ICICI Bank 117,543 2,308 ICICI Bank ADR 37,000 1,360 Infosys Technologies 165,224 7,673 Infosys Technologies ADR 30,300 1,523 ITC 1,147,970 3,992 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 21 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Equity Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Jet Airways India 42,360 $ 617 JSW Steel 69,171 784 Mahanagar Telephone Nigam 460,180 1,554 Mahanagar Telephone Nigam ADR 23,050 154 Mahindra & Mahindra 61,290 1,100 National Aluminium 87,460 470 NTPC 122,400 423 Oil & Natural Gas 145,450 2,947 Ranbaxy Laboratories 381,191 3,086 Reliance Communication Ventures* 114,421 1,108 Reliance Energy 65,430 744 Reliance Industries 40,874 1,289 Reliance Industries GDR (A)* 24,500 1,539 Satyam Computer Services 225,041 2,435 Siemens India 175,531 4,405 State Bank of India GDR (A) 52,500 3,202 Steel Authority of India 709,477 1,866 Sterlite Industries India 119,660 1,292 Tata Motors 393,839 6,598 Tata Steel 65,080 673 UCO Bank* 19,800 10 -------------- 92,175 -------------- INDONESIA -- 2.5% Astra International* 1,300,000 1,881 Bank Central Asia 5,776,500 3,228 Bank Mandiri Persero 28,273,000 7,746 Bank Rakyat Indonesia 2,339,000 1,294 Gudang Garam 1,546,600 1,797 HM Sampoerna 1,014,000 1,456 Indosat 1,293,900 886 International Nickel Indonesia* 141,000 840 Medco Energi Internasional 5,837,000 2,287 Telekomunikasi Indonesia 14,991,000 16,182 Unilever Indonesia* 250,500 156 -------------- 37,753 -------------- ISRAEL -- 2.2% Bank Hapoalim 1,897,438 9,098 Bank Leumi Le-Israel 485,352 1,743 Bezeq Israeli Telecommunication 3,097,761 4,771 Check Point Software Technologies* 53,740 1,197 Clal Industries and Investments* 34,720 207 Clal Insurance* 24,164 686 Delek Group* 500 98 First International Bank of Israel* 51,020 630 Harel Insurance Investments & Finances* 6,000 335 Makhteshim-Agan Industries 117,365 740 Mizrahi Tefahot Bank* 92,264 683 Taro Pharmaceuticals Industries (B) 63,500 479 Teva Pharmaceutical Industries 41,325 1,546 Teva Pharmaceutical Industries ADR 272,606 10,203 -------------- 32,416 -------------- - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- JERSEY -- 0.1% Kazakhgold GDR* 60,556 $ 1,429 -------------- KAZAKHSTAN -- 0.1% Kazkommertsbank* 74,012 1,436 -------------- LUXEMBOURG -- 0.3% Tenaris ADR* 69,300 3,181 Ternium ADR* 54,900 1,534 -------------- 4,715 -------------- MALAYSIA -- 3.5% AMMB Holdings 1,330,700 1,447 Berjaya Sports Toto 576,300 777 Boustead Holdings* 657,100 433 Commerce Asset Holdings 1,248,100 3,592 EON Capital* 331,300 642 Gamuda 468,800 1,085 Genting 123,000 1,414 Hong Leong Bank 439,700 763 Hong Leong Financial Group* 250,700 417 IOI 862,400 5,512 Kuala Lumpur Kepong 386,700 1,342 Malayan Banking 2,223,900 8,233 Malaysia International Shipping (Foreign Market) 373,600 994 MMC* 913,800 1,586 Mulpha International* 994,200 538 Padiberas Nasional* 30,000 17 PLUS Expressways 530,200 463 Proton Holdings 216,300 416 Public Bank (Foreign Market) 647,100 1,685 Resorts World 1,622,000 8,069 RHB Capital BHD 603,900 835 Sime Darby 1,769,300 4,145 Sunway City* 418,800 460 Tenaga Nasional 2,348,000 7,742 -------------- 52,607 -------------- MEXICO -- 5.9% Alfa 178,400 1,305 America Movil ADR, Ser L 331,486 15,842 America Movil, Ser L 1,529,500 3,660 Cemex* 1,880,872 6,190 Coca-Cola Femsa ADR 81,830 2,956 Consorcio* 2,863,600 4,941 Controladora Comercial Mexicana 1,978,300 5,569 Embotelladoras Arca 354,350 1,318 Fomento Economico Mexicano ADR 31,982 3,530 Gruma* 255,000 806 Grupo Aeroportuario del Sureste ADR 6,890 325 Grupo Bimbo, Ser A 95,500 482 Grupo Carso, Ser A1 212,400 785 - -------------------------------------------------------------------------------- 22 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Grupo Continental 912,300 $ 1,976 Grupo Financiero Banorte 1,802,864 8,563 Grupo Mexicano de Desarrollo* 38,300 118 Grupo Mexico, Ser B 403,400 1,868 Grupo Simec ADR* 30,794 380 Grupo Televisa 41,800 250 Grupo Televisa ADR 309,020 9,208 Industrias, Ser B* 132,600 561 Kimberly-Clark de Mexico, Ser A 221,000 999 Organizacion Soriana* 402,600 1,194 Telefonos de Mexico* 1,712,200 2,869 Telefonos de Mexico ADR, Ser L 94,810 3,167 TV Azteca 3,952,100 3,697 Urbi Desarrollos Urbanos* 957,200 3,968 Wal-Mart de Mexico, Ser V 448,018 1,918 -------------- 88,445 -------------- PANAMA -- 0.0% Copa Holdings, Cl A 5,100 263 -------------- PHILIPPINES -- 0.8% ABS-CBN Broadcasting PDR (D) 1,275,900 688 Ayala Land 10,125,400 3,463 Bank of the Philippine Islands (D) 1,724,126 2,341 First Philippine Holdings (D) 453,600 667 JG Summit Holdings* 1,326,000 350 Manila Electric (D) 558,700 799 Metropolitan Bank & Trust (D) 901,200 1,167 Philippine National Bank* 504,800 481 SM Investments (D) 223,290 1,643 SM Prime Holdings (D) 2,324,400 554 -------------- 12,153 -------------- POLAND -- 1.1% Bank Handlowy w Warszawie* 56,573 1,886 Echo Investment* 5,600 220 Globe Trade Centre* 44,000 781 Grupa Lotos* 40,303 597 ING Bank Slaski* 600 157 KGHM Polska Miedz* 79,457 2,683 Multimedia Polska* 16,105 73 Orbis* 25,981 784 Polish Oil & Gas* 85,000 124 Polski Koncern Naftowy Orlen* 125,941 2,085 Powszechna Kasa Oszczednosci Bank Polski* 63,000 1,048 Telekomunikacja Polska* 660,576 5,442 -------------- 15,880 -------------- RUSSIA -- 10.1% Chelyabinsk Zink Plant GDR (A)* 62,000 843 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Cherkizovo Group GDR* 79,406 $ 1,048 CTC Media* 20,500 527 Integra Group Holdings* 102,848 1,980 LUKOIL ADR* 329,644 28,481 LUKOIL Sponsored ADR* 45,400 3,927 Mechel Steel Group OAO ADR 16,100 535 MMC Norilsk Nickel ADR* 72,457 13,768 Mobile Telesystems ADR* 119,600 6,693 Novolipetsk Steel GDR* 110,449 3,195 OAO Gazprom ADR 955,847 40,050 Open Investments GDR* 99,000 3,230 Polyus Gold ADR* 45,301 2,188 Rosneft Oil GDR (A)* 429,237 3,584 Rostlecom ADR* 27,300 1,417 Sberbank GDR* 6,742 2,898 Sberbank GDR (EUR) (B)* 13,239 5,657 Severstal GDR (A)* 89,192 1,230 Sistema-Hals GDR (A)* 24,500 300 Sitronics GDR (A)* 156,500 1,604 Surgutneftegaz ADR* 90,650 5,721 TMK OAO GDR* 2,600 87 TMK OAO Registered GDR (A)* 15,000 495 Unified Energy System GDR* 133,000 18,119 Vimpel-Communications ADR 35,000 3,320 Wimm-Bill-Dann Foods OJSC ADR* 12,560 1,003 -------------- 151,900 -------------- SINGAPORE -- 0.0% Goodpack 528,000 525 -------------- SOUTH AFRICA -- 6.2% ABSA Group (B) 101,626 1,955 Aeci 15,000 151 African Rainbow Minerals* 55,298 785 Alexander Forbes 749,361 1,712 Anglo Platinum 2,315 365 AngloGold Ashanti 65,124 2,918 Aspen Pharmacare Holdings 420,070 2,143 Assore 8,062 229 Aveng (B) 104,909 665 Barloworld (B) 87,499 2,184 Bidvest Group 80,211 1,526 DataTec* 86,758 469 Delta Electrical Industries* 57,254 142 Distell Group 13,842 99 Ellerine Holdings* 90,800 1,027 FirstRand 1,283,266 4,353 Foschini 49,348 470 Gold Fields (B) 148,801 2,759 Gold Fields ADR 134,901 2,493 Harmony Gold Mining 117,139 1,635 Impala Platinum Holdings 115,451 3,630 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 23 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Equity Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Imperial Holdings 136,277 $ 2,847 Johnnic Communications 2,000 25 Johnnic Holdings 24,500 39 Kumba Iron Ore (B) 94,062 1,932 Lewis Group 27,000 255 Liberty Group 82,555 937 Merafe Resources* 5,425,405 1,025 Metropolitan Holdings 192,000 393 Mittal Steel South Africa 92,991 1,513 MTN Group (B) 303,505 4,122 Murray & Roberts Holdings 105,065 811 Nampak (B) 902,512 2,764 Naspers (B) 191,316 4,630 Nedbank Group (B) 339,577 6,602 Sanlam (B) 2,938,191 8,102 Sappi (B) 449,505 6,818 Sasol 243,739 8,135 Standard Bank Group 451,168 6,644 Steinhoff International Holdings (B) 447,099 1,439 Telkom 91,875 2,103 -------------- 92,846 -------------- SOUTH KOREA -- 14.4% Amorepacific 463 255 Daegu Bank 138,910 2,525 Daelim Industrial 53,127 5,089 Daewoo Heavy Industries & Machinery 30,790 786 Daewoo Shipbuilding & Marine Engineering 173,800 6,384 Doosan* 6,633 543 E1 7,390 438 Hanil Cement Manufacturing 5,122 457 Hankook Tire 48,650 807 Hanwha Chemical 105,150 1,638 Hynix Semiconductor* 125,700 4,330 Hyundai Department Store 23,923 2,009 Hyundai Development 72,208 3,984 Hyundai Heavy Industries 23,583 4,714 Hyundai Mipo Dockyard 6,800 1,254 Hyundai Mobis 61,408 5,275 Hyundai Motor 160,092 11,250 INI Steel 22,840 869 Kangwon Land 57,040 1,070 KISWIRE 11,420 362 Kookmin Bank 240,484 21,579 Kookmin Bank ADR 72,714 6,555 Korea Electric Power 176,310 7,039 Korea Exchange Bank 28,720 464 Korea Iron & Steel 4,920 202 Korea Kumho Petrochemical 19,140 668 Korean Air Lines 24,200 946 Korean Reinsurance 90,156 1,184 KT 13,340 598 KT ADR 120,320 2,694 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- KT&G 30,440 $ 1,990 Kumho Tire 210,890 2,690 LG Chem 32,530 1,638 LG Electronics 57,030 3,893 LG Philips LCD* 57,170 2,000 Lotte Confectionery 641 821 Lotte Shopping 23,771 8,365 LS Cable 19,010 832 Nong Shim Holdings 4,632 384 Pacific 1,370 201 POSCO 28,101 11,801 POSCO ADR 15,830 1,646 Pusan Bank 74,110 1,103 S-Oil 53,580 3,691 Samsung Electronics 66,561 39,840 Samsung Fire & Marine Insurance 35,422 5,931 Samsung Heavy Industries 28,950 773 Samsung SDI 13,432 858 Samsung Securities 31,751 1,728 Samwhan 11,900 299 Samyang Genex 922 92 SFA Engineering 9,910 369 Shinhan Financial Group 108,700 6,240 Shinsegae 12,335 7,082 Shinyoung Securities 7,670 387 SK 37,839 3,717 SK Telecom 11,861 2,415 SK Telecom ADR 94,670 2,217 STX Pan Ocean 2,244,000 1,892 Woori Finance Holdings 112,000 2,709 Woori Investment & Securities 71,980 1,511 -------------- 215,083 -------------- TAIWAN -- 11.7% Acer 821,000 1,575 Advanced Semiconductor Engineering* 5,474,907 6,494 Asustek Computer 834,000 1,966 AU Optronics 1,697,830 2,427 Benq 4,328,300 1,726 Capital Securities 1,205,000 592 Catcher Technology 492,954 3,873 Cathay Financial Holding 1,913,213 3,972 China Development Financial Holding 3,469,000 1,546 China Motor 2,523,836 2,219 Chinatrust Financial Holding 15,830,587 12,366 Chunghwa Telecom 3,569,500 6,914 Chunghwa Telecom ADR 192,232 3,829 Compal Electronics 9,829,865 8,317 CTCI 550,000 484 Delta Electronics 748,550 2,420 Eastern Media International 1,270,000 360 Eva Airways 13,948 6 Far Eastern Textile 397,463 342 Far EasTone Telecommunications 945,000 1,074 - -------------------------------------------------------------------------------- 24 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- First Financial Holding 4,849,208 $ 3,400 Formosa Taffeta 819,000 707 Foxconn Technology 115,430 1,310 Fubon Financial Holding 1,469,000 1,323 Grand Pacific Petrochemical* 739,000 251 High Tech Computer 328,798 5,067 HON HAI Precision Industry 3,111,401 20,873 Hung Sheng Construction* 568,000 419 InnoLux Display* 47,000 111 Inventec 985,000 786 KYE Systems 275,000 334 Lite-On Technology 1,010,000 1,305 MediaTek 391,000 4,490 Mega Financial Holding 2,155,000 1,407 Nan Ya Plastic 1,700,000 3,185 Nan Ya Printed Circuit Board 180,000 1,191 Nanya Technology 1,153,000 962 Nien Hsing Textile 1,327,000 842 Nien Made Enterprises 708,240 661 Novatek Microelectronics 598,398 2,586 Optimax Technology* 1,058,533 504 Powerchip Semiconductor 3,286,000 1,966 President Securities 644,000 333 ProMOS Technologies* 2,141,000 831 Quanta Computer 3,277,956 5,002 Radiant Opto-Electronics 1,177,150 1,832 Richtek Technology 53,000 524 Shih Wei Navigation 149,000 178 Siliconware Precision Industries 2,979,098 5,582 Silitech Technology 246,000 1,201 Sincere Navigation 430,000 611 SinoPac Financial Holdings 8,049,230 3,697 Taiwan Cement 592,854 500 Taiwan Fertilizer 644,000 1,070 Taiwan Mobile 362,000 388 Taiwan Navigation 454,000 562 Taiwan Semiconductor Manufacturing 6,892,214 14,142 Taiwan Semiconductor Manufacturing ADR 723,064 7,773 Tripod Technology 193,000 793 Tung Ho Steel Enterprise 604,000 670 United Microelectronics 14,702,026 8,486 Walsin Lihwa* 1,672,000 856 Winbond Electronics* 2,182,000 775 Wistron 549,000 833 Ya Hsin Industrial 836,000 579 Yageo* 5,368,440 2,190 -------------- 175,590 -------------- THAILAND -- 1.9% Bangkok Bank 501,200 1,618 Bangkok Bank NVDR* 423,000 1,305 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Bangkok Land NVDR* 134,000,000 $ 2,718 Charoen Pokphand Foods 10,931,000 1,455 CP Seven Eleven 3,951,200 677 Delta Electronics Thai 1,000,600 437 Italian-Thai Development 3,189,800 446 Kasikornbank NVDR (Foreign) 2,276,600 4,357 Kasikornbank NVDR 781,500 1,451 Krung Thai Bank 4,612,900 1,594 Krung Thai Bank NVDR* 2,368,900 819 Land and Houses* 4,409,400 932 PTT 767,300 4,559 PTT (Foreign) 224,900 1,336 Siam Commercial Bank 575,400 1,109 Siam Commercial Bank (Public)* 1,452,700 2,822 Thai Airways International 452,200 565 Thai Airways International NVDR* 525,800 657 Thai Union Frozen Products* 332,000 212 -------------- 29,069 -------------- TURKEY -- 2.2% Akbank -- -- Akcansa Cimento* 8,000 50 Eczacibasi Ilac Sanayi* 135,206 629 Ford Otomotiv Sanayi 91,269 803 GSD Holding* 915,001 838 Haci Omer Sabanci Holding* 962,760 3,955 KOC Holding* 228,156 1,036 Petkim Petrokimya Holding* 15,000 77 Petrol Ofisi* 364,462 1,563 TAV Havalimanlari Holding* 73,812 612 Tupras Turkiye Petrol Rafine 296,268 6,619 Turk Hava Yollari* 62,115 313 Turk Sise ve Cam Fabrikalari 70,000 267 Turkcell Iletisim Hizmet 402,651 2,060 Turkiye Garanti Bankasi* 607,647 2,737 Turkiye Is Bankasi 2,197,276 10,610 Vestel Elektronik Sanayi* 322,261 822 -------------- 32,991 -------------- UNITED KINGDOM -- 0.4% Anglo American 87,839 4,612 BHP Billiton 40,694 912 JKX Oil & Gas 85,230 507 -------------- 6,031 -------------- UNITED STATES -- 0.1% Caspian Services* 79,500 294 Central European Distribution* 25,500 742 -------------- 1,036 -------------- Total Common Stock (Cost $1,047,097) ($ Thousands) 1,376,062 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 25 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Equity Fund (Concluded) March 31, 2007 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- PREFERRED STOCK -- 4.8% BRAZIL -- 4.5% Banco Bradesco 174,600 $ 3,584 Banco Itau Holding Financeira 21,900 769 Bombril* 21,900 135 Brasil Telecom 3,261,004 17 Braskem, Cl A 232,600 1,729 Centrais Eletricas Brasileiras, Cl B 140,097,100 3,068 Centrais Eletricas de Santa Catarina 20,500 339 Cia de Bebidas das Americas ADR 38,100 2,094 Cia de Tecidos do Norte de Minas - Coteminas 15,559,600 2,342 Cia Energetica de Minas Gerais 112,933,793 5,575 Cia Paranaense de Energia 166,034,500 1,948 Cia Paranaense de Energia ADR 236,200 2,745 Cia Vale do Rio Doce, Cl A 158,300 4,983 Duratex 87,000 1,728 Eletropaulo Metropolitana de Sao Paulo 11,534,100 541 Gerdau 42,200 779 Investimentos Itau 1,058,933 5,952 Klabin 306,500 854 Magnesita 22,800,000 255 Mangels Industrial 5,100 37 NET Servicos de Comunicacao* 250,900 3,419 Petroleo Brasileiro 377,500 8,513 Tam 188,385 5,035 Tele Norte Leste Participacoes 36,300 506 Telecomunicacoes de Sao Paulo 30,976 771 Telemar Norte Leste 306,266 6,332 Telemig Celular Participacoes 788,963,610 1,500 Usinas Siderurgicas de Minas Gerais, Cl A 40,700 1,985 -------------- 67,535 -------------- SOUTH KOREA -- 0.3% Hyundai Motor 67,540 2,535 Hyundai Motor (Second Preferred) 53,940 2,116 -------------- 4,651 -------------- Total Preferred Stock (Cost $54,127) ($ Thousands) 72,186 -------------- CASH EQUIVALENTS (E) -- 3.9% UNITED STATES -- 3.9% SEI Daily Income Trust, Prime Obligation Fund, Cl A, 5.210%** 10,004,641 10,005 SEI Liquidity Fund, L.P., 5.520% (C)** 48,404,799 48,405 -------------- Total Cash Equivalents (Cost $58,409) ($ Thousands) 58,410 -------------- - -------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- DEBENTURE BOND -- 0.0% BRAZIL -- 0.0% Companhia Vale do Rio Doce 0.000%, 09/30/49 8 $ -- -------------- Total Debenture Bond (Cost $0) ($ Thousands) -- -------------- EXCHANGE TRADED FUNDS -- 0.3% UNITED STATES -- 0.3% iShares FTSE/Xinhua China 25 Index Fund 20,000 2,049 iShares MSCI Taiwan Index Fund* 180,000 2,509 -------------- Total Exchange Traded Funds (Cost $3,940) ($ Thousands) 4,558 -------------- Total Investments -- 100.9% (Cost $1,163,573) ($ Thousands) $ 1,511,216 ============== Percentages are based on Net Assets of $1,497,712 ($ Thousands). * Non-Income Producing Security ** Rate shown is the 7-day effective yield as of March 31, 2007. (1) In U.S. dollars unless otherwise indicated. (A) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. (B) This security or a partial position of this security is on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 was $46,286 ($ Thousands) (see Note 7). (C) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2007 was $48,405 ($ Thousands) (see Note 7). (D) Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total value of such securities as of March 31, 2007 was $7,859 ($ Thousands). (E) Investment in Affiliated Registered Investment Company (see Note 3). ADR -- American Depositary Receipt Cl -- Class EUR -- Euro GDR -- Global Depositary Receipt MTN -- Medium Term Note NVDR -- Non-Voting Depositary Receipt PDR -- Philippine Depositary Receipt Ser -- Series Amounts designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 26 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 International Fixed Income Fund March 31, 2007 - -------------------------------------------------------------------------------- SECTOR WEIGHTINGS+: [THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] Government 47.8% Financials 17.8% Asset-Backed Securities 12.0% Time Deposits 9.0% U.S. Treasury Obligations 3.2% Loan Participations 2.3% Consumer Discretionary 1.9% Telecommunication Services 1.2% U.S. Government Agency Mortgage-Backed Obligations 0.8% Utilities 0.8% U.S. Government Agency Obligations 0.8% Industrials 0.7% Energy 0.5% Basic Materials 0.5% Consumer Staples 0.4% Healthcare 0.2% Information Technology 0.1% + Percentages based on total investments. - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- GLOBAL BONDS -- 60.4% AUSTRALIA -- 2.7% FMG Finance 9.750%, 09/01/13 350 $ 532 Government of Australia 8.750%, 08/15/08 1,900 1,584 6.500%, 05/15/13 7,909 6,542 5.250%, 08/15/10 11,872 9,330 Macquarie Bank MTN, Ser E (A) 0.000%, 09/19/07 GBP 336 648 New S Wales Treasury 7.000%, 12/01/10 4,950 4,083 -------------- 22,719 -------------- AUSTRIA -- 0.4% Kommunalkredit Austria 4.125%, 02/07/14 1,650 2,187 Telekom Finanzmanagement 5.000%, 07/22/13 601 814 Wienerberger (A) 6.500%, 02/09/17 300 407 -------------- 3,408 -------------- BELGIUM -- 1.3% Kingdom of Belgium, Ser 31 5.500%, 03/28/28 4,622 7,174 Kingdom of Belgium, Ser 41 4.250%, 09/28/13 2,600 3,497 -------------- 10,671 -------------- BRAZIL -- 0.3% Federal Republic of Brazil 8.250%, 01/20/34 1,847 2,318 -------------- - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- CANADA -- 1.5% Bell Canada MTN 5.000%, 02/15/17 432 $ 371 Government of Canada 5.000%, 06/01/37 2,000 1,983 4.500%, 06/01/15 190 169 4.000%, 06/01/16 6,600 5,675 Province of Ontario 4.700%, 06/02/37 1,800 1,584 Province of Ontario MTN, Ser E 1.875%, 01/25/10 JPY 95,000 825 Suncor Energy MTN 6.700%, 08/22/11 1,212 1,146 YPG Holdings MTN 5.250%, 02/15/16 838 713 -------------- 12,466 -------------- CAYMAN ISLANDS -- 0.5% MUFG Capital Finance 2 (A) 4.850%, 07/25/16 1,000 1,299 Mizuho Capital Investments (A) 5.020%, 06/30/11 1,000 1,334 Resona Preferred Global Securities (A) (B) 7.191%, 07/30/49 443 468 Vale Overseas 6.875%, 11/21/36 301 311 Yorkshire Power Finance 7.250%, 08/04/28 GBP 408 950 -------------- 4,362 -------------- CZECH REPUBLIC -- 0.2% Czech Republic Bond 6.550%, 10/05/11 25,000 1,342 -------------- DENMARK -- 1.8% Danica Pension 4.350%, 10/29/49 1,980 2,615 Danske Bank MTN, Ser E (A) 5.875%, 03/26/15 540 764 FS Funding (A) 10.439%, 05/15/16 400 543 Nykredit 4.158%, 10/01/38 (A) DKK 42,000 7,398 Nykredit 4.000%, 01/01/08 DKK 22,000 3,921 -------------- 15,241 -------------- FINLAND -- 1.0% Government of Finland 4.250%, 07/04/15 150 202 3.875%, 09/15/17 6,000 7,834 -------------- 8,036 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 27 SCHEDULE OF INVESTMENTS (Unaudited) International Fixed Income Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- FRANCE -- 3.9% AXA (A) 5.777%, 07/29/49 1,100 $ 1,516 Caisse Nationale des Autoroutes 4.500%, 03/28/18 813 1,099 Caisse Refinancement de l'Habitat 4.250%, 10/25/14 332 441 Compagnie De St Gobain 4.875%, 05/31/16 600 805 France Telecom 4.375%, 02/21/12 150 198 Government of France 5.750%, 10/25/32 10,330 16,801 3.500%, 04/25/15 2,074 2,654 3.250%, 04/25/16 3,550 4,429 PPR MTN, Ser E 4.000%, 01/29/13 1,000 1,278 Renault MTN, Ser E 4.625%, 05/28/10 1,000 1,336 Veolia Environnement 5.875%, 06/27/08 1,740 2,358 -------------- 32,915 -------------- GERMANY -- 9.3% Bayer (A) 5.000%, 07/29/05 718 907 Bayerische Landesbank MTN, Ser E (A) 4.500%, 02/07/19 1,000 1,323 Bundesobligation 3.500%, 10/14/11 8,310 10,828 Cognis Holding PIK 12.876%, 01/15/15 150 205 Commerzbank MTN, Ser E (A) 4.125%, 09/12/16 1,350 1,771 Deutsche Bundesrepublik 5.000%, 01/04/12 4,925 6,872 4.750%, 07/04/34 8,819 12,654 4.250%, 01/04/14 1,350 1,819 4.250%, 07/04/39 425 568 3.750%, 07/04/13 3,630 4,758 3.750%, 01/04/15 9,965 13,007 3.750%, 01/04/17 5,000 6,488 3.750%, 01/04/17 1,325 1,720 3.500%, 01/04/16 3,192 4,088 3.250%, 07/04/15 1,000 1,258 Deutsche Pfandbriefbank 4.500%, 01/15/18 1,338 1,804 Henkel Kgaa (A) 5.375%, 11/25/04 221 287 KFW 4.700%, 06/02/37 3,000 2,617 1.350%, 01/20/14 JPY 615,000 5,190 -------------- 78,164 -------------- - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- IRELAND -- 0.4% GE Capital UK Funding MTN, Ser E 5.125%, 03/03/15 1,875 $ 3,547 -------------- ITALY -- 2.5% Banca Pop Verona Novara MTN, Ser E (A) 4.134%, 02/08/17 1,350 1,348 Buoni Poliennali Del Tesoro 5.750%, 02/01/33 4,170 6,559 4.000%, 02/01/37 6,600 8,005 Sanpaolo IMI MTN, Ser E 6.375%, 04/06/10 2,150 3,027 Unicredito Italiano MTN, Ser E (A) 4.500%, 09/22/19 1,300 1,731 -------------- 20,670 -------------- JAPAN -- 15.5% Abbott Japan 1.050%, 11/06/08 67,000 567 Development Bank of Japan 2.300%, 03/19/26 110,000 954 1.600%, 06/20/14 470,000 4,012 East Japan Railway MTN, Ser E 4.750%, 12/08/31 GBP 1,000 1,864 Fukoku Mutual Life Insurance (A) 4.500%, 09/28/25 EUR 500 636 Government of Japan 10 Year Bond, Ser 252 1.000%, 06/20/13 1,854,300 15,414 Government of Japan 10 Year Bond, Ser 256 1.400%, 12/20/13 2,283,000 19,378 Government of Japan 10 Year Bond, Ser 257 1.300%, 12/20/13 2,229,250 18,801 Government of Japan 10 Year Bond, Ser 268 1.500%, 03/20/15 124,600 1,056 Government of Japan 15 Year Bond, Ser 35 (A) 1.030%, 07/20/20 450,000 3,574 Government of Japan 15 Year Bond, Ser 39 1.270%, 03/20/21 450,000 3,814 Government of Japan 15 Year Bond, Ser 40 (A) 1.350%, 05/20/21 956,600 8,162 Government of Japan 20 Year Bond, Ser 48 2.500%, 12/21/20 298,000 2,720 Government of Japan 20 Year Bond, Ser 82 2.100%, 09/20/25 719,000 6,146 - -------------------------------------------------------------------------------- 28 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Government of Japan 30 Year Bond, Ser 20 2.500%, 09/20/35 14,000 $ 123 Government of Japan 30 Year Bond, Ser 22 2.500%, 03/20/36 287,000 2,520 Government of Japan CPI Linked Bond, Ser 10 1.100%, 12/10/16 1,650,000 13,859 Government of Japan CPI Linked Bond, Ser 5 0.800%, 09/10/15 1,532,337 12,651 Japan Finance for Municipal Enterprises 1.350%, 11/26/13 1,334,000 11,260 Resona Bank (A) 4.125%, 09/27/12 EUR 1,000 1,292 Sumitomo Mitsui Banking 5.625%, 10/15/15 (A) (B) 228 225 4.375%, 10/27/14 (A) EUR 830 1,102 -------------- 130,130 -------------- LUXEMBOURG -- 0.8% Basell AF SCA Registered 8.375%, 08/15/15 173 249 Gazprom OAO 9.625%, 03/01/13 470 556 Glencore Finance 6.500%, 02/27/19 200 384 5.375%, 09/30/11 450 610 Signum (D) 0.000%, 01/28/15 300 401 Telecom Italia MTN, Ser E 7.000%, 04/20/11 2,050 2,998 Tyco International Group 6.000%, 11/15/13 331 348 Tyco International Group 6.500%, 11/21/31 GBP 415 925 -------------- 6,471 -------------- MEXICO -- 1.5% Mexican Bonos, Ser MI10 9.500%, 12/18/14 11,240 1,135 9.000%, 12/20/12 118,540 11,517 -------------- 12,652 -------------- NETHERLANDS -- 3.3% Adecco International Financial Services 4.500%, 04/25/13 1,200 1,581 Allianz Finance II (A) 6.125%, 05/31/22 1,000 1,428 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Asset Repackaging Trust MTN, Ser E PIK 11.246%, 12/21/11 250 $ 344 BMW Finance MTN 5.000%, 08/06/18 383 528 Bank Nederlandse Gemeenten MTN, Ser E 4.000%, 03/02/09 4,000 5,314 4.000%, 02/15/12 3,500 4,624 Eureko (A) 5.125%, 06/24/15 450 595 Generali Finance (A) 5.479%, 02/28/49 425 570 Government of Netherlands 7.500%, 01/15/23 443 810 ING Bank MTN, Ser E 5.500%, 01/04/12 556 776 ING Groep MTN, Ser E (A) 4.176%, 06/29/49 382 482 ING Verzekeringen (A) 6.250%, 06/21/21 1,000 1,421 Iberdrola International MTN, Ser E 4.875%, 02/18/13 750 1,015 Kazkommerts International 8.000%, 11/03/15 700 708 Koninklijke Philips Electronic 5.750%, 05/16/08 513 693 Linde Finance (A) 8.125%, 07/14/66 590 1,261 Rabobank Nederland MTN, Ser E (E) 4.125%, 04/04/12 4,000 5,300 -------------- 27,450 -------------- NEW ZEALAND -- 1.3% Government of New Zealand 6.000%, 07/15/08 10,033 7,075 Westpac New Zealand 7.750%, 03/08/10 4,975 3,529 -------------- 10,604 -------------- NORWAY -- 0.0% Sinvest (A) (B) 10.000%, 12/22/09 1,000 172 -------------- PANAMA -- 0.1% Republic of Panama 9.375%, 04/01/29 879 1,171 -------------- PERU -- 0.1% Republic of Peru 7.350%, 07/21/25 509 579 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 29 SCHEDULE OF INVESTMENTS (Unaudited) International Fixed Income Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- POLAND -- 0.9% Government of Poland 5.000%, 10/24/13 10,199 $ 3,491 4.750%, 04/25/12 8,000 2,721 Republic of Poland 6.250%, 10/24/15 3,900 1,442 -------------- 7,654 -------------- RUSSIA -- 0.3% Ministry Finance of Russia, Ser V 3.000%, 05/14/08 1,162 1,128 Russian Federation Registered (C) 5.000%, 03/31/30 1,180 1,339 -------------- 2,467 -------------- SINGAPORE -- 0.2% Government of Singapore 3.750%, 09/01/16 1,748 1,232 Petrorig III PTE (A) (B) 10.160%, 02/20/14 NOK 2,500 416 -------------- 1,648 -------------- SOUTH AFRICA -- 0.5% Foodcorp Registered 8.875%, 06/15/12 240 340 Republic of South Africa 13.000%, 08/31/10 25,000 3,929 -------------- 4,269 -------------- SPAIN -- 0.1% Bbva Intl Pref Uniperson (A) 3.798%, 09/29/49 1,000 1,219 -------------- SUPRA-NATIONAL -- 0.2% European Investment Bank 5.375%, 10/15/12 EUR 551 778 3.125%, 10/15/15 EUR 554 684 Ras Laffan III (B) 5.838%, 09/30/27 524 501 -------------- 1,963 -------------- SWEDEN -- 0.5% Kingdom of Sweden, Ser 1045 5.250%, 03/15/11 8,565 1,279 Kingdom of Sweden, Ser 1046 5.500%, 10/08/12 9,550 1,464 Svenska Handelsbanken MTN, Ser E (A) 4.194%, 12/29/49 467 590 Swedbank MTN, Ser E (A) 5.750%, 03/17/16 GBP 420 808 -------------- 4,141 -------------- - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- SWITZERLAND -- 0.1% Bombardier 7.250%, 11/15/16 400 $ 552 -------------- UNITED KINGDOM -- 5.5% AIB UK 1 (A) 4.781%, 12/17/49 EUR 194 245 Abbey National Treasury Services 5.375%, 12/30/09 389 756 Anglian Water Services Financial MTN, Ser E 5.250%, 10/30/15 280 532 4.625%, 10/07/13 1,450 1,946 Anglian Water Services Financial, Ser A5 6.293%, 07/30/30 500 1,089 Aviva (A) 5.700%, 09/29/49 EUR 1,000 1,378 Barclays Bank MTN, Ser E 5.750%, 09/14/26 274 555 British Telecommunications 5.750%, 12/07/28 111 209 Brixton+ 5.250%, 10/21/15 280 521 Chester Asset Receivables 6.125%, 10/15/10 EUR 2,160 3,047 FCE Bank (A) 4.722%, 09/30/09 500 650 Friends Provident (A) 6.875%, 11/21/19 413 835 HBOS MTN, Ser E (A) 4.875%, 03/29/49 1,000 1,341 HBOS MTN, Ser E (A) 5.125%, 10/29/49 EUR 386 522 Halifax MTN, Ser E 6.375%, 04/03/08 267 526 Hammerson+ 5.250%, 12/15/16 280 518 Ineo's Group Holdings 7.875%, 02/15/16 EUR 211 265 Lloyds TSB Bank (A) 6.350%, 10/29/49 EUR 391 564 Lloyds TSB Bank MTN, Ser E 6.625%, 03/30/15 214 444 MBNA Europe Funding MTN, Ser E 4.500%, 01/23/09 EUR 558 746 Marks & Spencer MTN, Ser E 5.625%, 03/24/14 268 508 National Westminster Bank 6.500%, 09/07/21 220 470 Northumbrian Water Finance 6.000%, 10/11/17 500 995 OTE MTN, Ser G 4.625%, 05/20/16 300 391 - -------------------------------------------------------------------------------- 30 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Old Mutual MTN, Ser E (A) 4.500%, 01/18/17 450 $ 593 Old Mutual MTN, Ser E (A) 5.000%, 11/29/49 EUR 1,150 1,483 Standard Chartered Bank MTN, Ser E (A) 3.625%, 02/03/17 400 512 United Kingdom Treasury 8.750%, 08/25/17 2,000 5,124 8.000%, 12/07/15 829 1,962 5.000%, 03/07/12 825 1,603 5.000%, 03/07/25 570 1,158 4.750%, 09/07/15 390 751 4.750%, 12/07/38 1,000 2,079 4.250%, 03/07/36 960 1,829 4.000%, 03/07/09 830 1,586 4.000%, 09/07/16 3,000 5,464 Vodafone Group MTN, Ser E 5.900%, 11/26/32 500 989 Vodafone Group MTN, Ser E 4.250%, 05/27/09 EUR 994 1,322 Zurich Finance MTN, Ser E (A) 6.625%, 10/30/49 260 525 -------------- 46,033 -------------- UNITED STATES -- 3.7% ASIF III Jersey 0.950%, 07/15/09 JPY 56,000 473 American Express Credit MTN, Ser E 5.625%, 08/18/09 GBP 437 852 BNP Paribas Capital Trust III (A) 6.625%, 12/29/49 1,000 1,440 CIT Group MTN (A) 5.580%, 05/18/07 427 427 CIT Group MTN, Ser E 5.500%, 12/15/08 GBP 416 810 Cablevision Systems, Ser B 8.000%, 04/15/12 235 239 Chesapeake Energy 6.250%, 01/15/17 EUR 400 548 Citigroup 5.000%, 09/15/14 5 5 Citigroup (A) 4.750%, 02/10/19 1,000 1,344 Citigroup MTN, Ser E (A) 4.250%, 02/25/30 EUR 250 302 Commerzbank Cap Fund Trust (A) 5.012%, 03/29/49 EUR 1,000 1,308 DaimlerChrysler MTN, Ser E 4.375%, 03/16/10 EUR 400 531 Directv Holdings 6.375%, 06/15/15 232 220 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Dubai Islamic Bank 0.000%, 03/22/12 1,050 $ 1,051 Electronic Data Systems, Ser B 6.500%, 08/01/13 790 807 General Electric Capital MTN, Ser E 0.750%, 02/05/09 JPY 39,000 329 General Motors 8.375%, 07/05/33 200 251 Genworth Financial (A) 6.150%, 11/15/66 177 174 Genworth Financial 1.600%, 06/20/11 JPY 89,000 747 Golden Sachs Group 3.750%, 02/04/13 1,000 1,278 Goldman Sachs Group 5.125%, 01/15/15 312 304 HSBC Bank USA (B) 5.000%, 09/10/16 6,435 6,386 HSBC Finance MTN, Ser E 6.125%, 01/22/10 GBP 334 658 ILFC E-Capital Trust I (A) (B) 5.900%, 06/21/07 150 152 JPMorgan Chase MTN, Ser E 4.375%, 11/12/19 1,000 1,311 Liberty Mutual Group (B) 7.800%, 03/15/37 315 307 Morgan Stanley MTN, Ser E 5.450%, 01/09/17 800 787 3.750%, 03/01/13 1,000 1,275 Motorola 7.500%, 05/15/25 85 93 6.500%, 09/01/25 531 524 Pfizer 1.800%, 02/22/16 JPY 110,000 922 0.800%, 03/18/08 JPY 13,000 110 Qwest Communications International 7.500%, 02/15/14 335 345 Toyota Motor Credit 0.750%, 06/09/08 JPY 101,000 856 Tyson Foods 8.250%, 10/01/11 991 1,085 Unicredito Ital Cap Trust 4.028%, 10/27/15 EUR 800 985 Wal-Mart Stores 4.875%, 01/19/39 GBP 238 436 Washington Mutual Bank 4.500%, 01/17/17 1,000 1,269 -------------- 30,941 -------------- Total Global Bonds (Cost $500,556) ($ Thousands) 505,975 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 31 SCHEDULE OF INVESTMENTS (Unaudited) International Fixed Income Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- ASSET-BACKED SECURITIES -- 10.4% BELGIUM -- 0.4% B-Arena, Ser 2006-1, Cl A (A) 3.854%, 04/22/44 2,500 $ 3,328 ------------- NETHERLANDS -- 1.1% Beluga Master Issuer, Ser 2006-1, Cl A2 (A) 3.899%, 04/28/99 2,500 3,333 Saecure, Ser 5, Cl A (A) 3.353%, 05/25/42 1,672 2,225 Shield, Ser 1, Cl A (A) 3.924%, 01/20/14 2,500 3,338 ------------- 8,896 ------------- UNITED KINGDOM -- 0.4% Permanent Master Issuer, Ser 2007-1, Cl 3A (A) 3.870%, 10/15/33 2,500 3,328 ------------- UNITED STATES -- 8.5% BCAP Trust, Ser 2007-AA1, Cl 1A1 (A) 5.420%, 02/25/47 2,950 2,950 Bear Stearns Commercial Mortgage Securities, Ser 2006-PW14, Cl A4 5.201%, 12/11/38 2,775 2,736 Chase Manhattan Auto Owner Trust, Ser 2005-B, Cl A4 4.880%, 06/15/12 3,230 3,223 Citibank Credit Card Issurance Trust, Ser A4, Cl A4 5.375%, 04/10/13 EUR 6,800 9,397 Countrywide Alternative Loan Trust, Ser 2006-43CB, Cl 1A7 (A) 6.000%, 01/31/37 4,720 4,747 Countrywide Alternative Loan Trust, Ser 2006-OC8, Cl 2A1A (A) 5.410%, 11/25/36 3,589 3,590 Countrywide Asset-Backed Certificates, Ser 2007-2, Cl 2A1 5.370%, 03/14/37 3,300 3,298 Credit Suisse First Boston Mortgage Securities, Ser 2002-CKS4, Cl A2 5.183%, 11/15/36 2,810 2,807 Credit Suisse First Boston Mortgage Securities, Ser CKS4, Cl A1 4.485%, 11/15/36 2,465 2,424 Deutsche Alt-A Securities, Ser 2007-BAR1, Cl A1 (A) 5.400%, 03/25/37 3,000 3,000 Ford Credit Auto Owner Trust, Ser 2006-B, Cl A2B (A) 5.340%, 07/15/09 2,775 2,775 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Ser 2006-C, Cl A3 5.160%, 11/15/10 2,215 $ 2,220 Keybank, Ser 2000-CA, Cl A2 7.727%, 05/17/32 2,643 2,792 LB-UBS Commercial Mortgage Trust, Ser 2007-C1, Cl A4 5.424%, 02/15/40 1,449 1,452 LB-UBS Commercial Mortgage Trust, Ser 2007-C7, Cl A1A 4.475%, 10/15/29 2,940 2,856 Morgan Stanley Capital I, Ser 2006-IQ12, Cl A4 5.319%, 12/15/43 2,560 2,548 Morgan Stanley Capital I, Ser 2007-T25, Cl A3 (A) 5.514%, 11/12/49 784 792 Peco Energy Transition Trust, Ser A, Cl A1 6.520%, 12/31/10 2,600 2,717 SLM Student Loan Trust, Ser 2, Cl A5 (A) 3.304%, 04/22/07 EUR 1,000 1,337 Salomon Brothers Mortgage Securities, Ser 2000-C1, Cl A2 7.520%, 12/18/09 2,475 2,598 Soundview Home Loan Equity Trust, Ser 2007-NS1, Cl A1 (A) 5.440%, 01/25/37 2,675 2,675 Structured Asset Investment Loan Trust, Ser 2006-BNC3, Cl A2 (A) 5.360%, 09/25/36 2,595 2,593 USAA Auto Owner Trust, Ser 2006-4, Cl A3 5.010%, 06/15/11 3,105 3,107 Wells Fargo Home Equity, Ser 2006-2, Cl A1 (A) 5.390%, 07/25/36 2,723 2,722 ------------- 71,356 ------------- Total Asset-Backed Securities (Cost $85,694) ($ Thousands) 86,908 ------------- LOAN PARTICIPATIONS -- 2.0% UNITED STATES -- 2.0% Amsted Industries Term Loan 7.370%, 03/28/13 247 247 Aramark Term Loan 7.715%, 01/26/14 300 300 Beverly Enterprises Term Loan 8.124%, 07/24/11 372 374 Boston Generating Term Loan 7.615%, 12/22/13 750 756 - -------------------------------------------------------------------------------- 32 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Cablevision, Ser B Term Loan 7.122%, 03/14/13 496 $ 497 Cebridge Connections (Cequel) Term Loan 7.620%, 10/01/13 1,500 1,501 Chapter Communications Term Loan 8.005%, 04/28/13 962 959 Eastman Kodak Term Loan 7.639%, 10/18/12 270 271 Education Management Term Loan 7.875%, 05/26/13 746 749 Ferro Term Loan 8.570%, 06/06/12 556 554 Ford Motor Company Term Loan 8.360%, 11/29/13 750 753 Hexion Specialty Term Loan 7.875%, 05/04/13 817 822 7.870%, 05/04/13 142 143 Jean Coutu Group Term Loan 7.938%, 07/30/11 650 650 Lear Term Loan 7.867%, 04/25/12 823 823 London Arena & Waterfront Term Loan 8.853%, 01/31/12 1,191 1,198 N.E.W. Holding Term Loan 8.070%, 08/08/13 888 892 North Las Vegas Term Loans 12.367%, 03/31/13 100 100 8.117%, 03/31/13 79 80 Peach Holding Term Loan 9.110%, 11/21/13 1,000 1,005 Solo Cup Term Loan 11.374%, 03/31/12 750 766 Spectrum Brand Term Loan 8.620%, 02/07/12 500 501 TP Generation Holdings Term Loan 9.616%, 12/15/14 500 503 Talecris Biotherapeutics Holdings Term Loan 10.500%, 12/01/13 500 502 Targus Group Term Loan 8.870%, 11/22/12 497 500 United Subcontractors Term Loan 8.120%, 12/27/12 748 741 Wimar Opco Term Loan 7.870%, 01/03/11 500 505 ------------- Total Loan Participations (Cost $16,658) ($ Thousands) 16,692 ------------- - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- CORPORATE OBLIGATIONS -- 1.5% UNITED STATES -- 1.5% AK Steel 7.875%, 02/15/09 327 $ 327 Altria Group 7.750%, 01/15/27 705 843 Autonation (A) (B) 7.374%, 04/15/07 44 45 Embarq 7.082%, 06/01/16 372 379 Ford Motor Credit 6.625%, 06/16/08 365 364 4.950%, 01/15/08 119 118 Hertz (B) 8.875%, 01/01/14 221 237 JPMorgan Chase MTN (A) 5.437%, 12/22/08 4,000 4,001 MGM Mirage 8.375%, 02/01/11 211 222 Momentive Performance 0.000%, 12/04/13 1,000 1,004 NRG Energy 7.375%, 02/01/16 225 231 Sara Lee 6.250%, 09/15/11 448 462 Starwood Hotels & Resorts 7.375%, 11/15/15 855 891 Time Warner Entertainment 8.375%, 03/15/23 423 500 Union Carbide 7.750%, 10/01/96 910 970 Wachovia Capital Trust III (A) 5.800%, 03/15/11 385 390 Western Union (B) 5.930%, 10/01/16 1,538 1,541 Williams 7.875%, 09/01/21 207 228 ------------- Total Corporate Obligations (Cost $12,590) ($ Thousands) 12,753 ------------- U.S. GOVERNMENT AGENCY OBLIGATIONS -- 0.7% FFCB (D) 5.185%, 04/02/07 1,000 1,000 FHLMC CMO, Ser 2945, Cl BD 5.500%, 10/15/34 2,226 2,244 FHLMC 4.750%, 01/15/13 EUR 557 762 FNMA 5.875%, 06/05/13 1,890 1,891 ------------- Total U.S. Government Agency Obligations (Cost $5,916) ($ Thousands) 5,897 ------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 33 SCHEDULE OF INVESTMENTS (Unaudited) International Fixed Income Fund (Concluded) March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS -- 0.7% FHLMC 7.000%, 02/01/37 3,255 $ 3,356 FHLMC ARM 5.805%, 02/01/36 2,229 2,256 ------------- Total U.S. Government Agency Mortgage-Backed Obligations (Cost $5,583) ($ Thousands) 5,612 ------------- TIME DEPOSITS -- 7.8% UNITED STATES -- 7.8% Lloyds TSB London 5.260%, 05/15/07 16,210 16,210 Royal Bank of Canada 5.260%, 05/15/07 16,210 16,210 5.270%, 06/19/07 16,286 16,286 UBS London 5.250%, 04/30/07 16,170 16,170 ------------- Total Time Deposits (Cost $64,876) ($ Thousands) 64,876 ------------- U.S. TREASURY OBLIGATIONS -- 2.8% U.S. Treasury Bills 4.625%, 02/15/17 7,000 6,986 3.043%, 04/12/07 (D) 7,168 7,158 2.819%, 04/26/07 (D) 1,121 1,117 U.S. Treasury Bonds 6.000%, 02/15/26 2,775 3,136 U.S. Treasury Inflationary Index Notes 3.375%, 04/15/32 -- -- 2.500%, 07/15/16 1,870 1,919 2.375%, 01/15/25 -- -- 2.000%, 01/15/26 3,246 3,085 U.S. Treasury Notes 4.250%, 11/15/14 90 88 ------------- Total U.S. Treasury Obligations (Cost $23,495) ($ Thousands) 23,489 ------------- Total Investments -- 86.3% (Cost $715,368) ($ Thousands) $ 722,202 ============= Forward Foreign Currency Contracts -- A summary of the outstanding forward foreign currency contracts held by the Fund at March 31, 2007, is as follows (see Note 2 in Notes to Financial Statements): - -------------------------------------------------------------------------------- UNREALIZED CURRENCY CURRENCY APPRECIATION MATURITY TO DELIVER TO RECEIVE (DEPRECIATION) DATE (THOUSANDS) (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- 4/11/07-4/30/07 USD 101,979 EUR 77,346 $ 1,050 4/12/07 KRW 11,373,028 USD 12,182 85 4/12/07 USD 5,714 KRW 5,371,555 -- 4/12/07-7/11/07 USD 105,907 JPY 12,485,017 214 4/12/07-9/12/07 JPY 29,468 USD 250,749 (14) 4/13/07 AUD 2,884 GBP 1,171 (33) 4/13/07 GBP 192 AUD 477 9 4/13/07 SEK 8,830 EUR 953 10 4/13/07-4/18/07 USD 15,254 PLZ 44,407 69 4/13/07-4/20/07 EUR 5,693 SEK 52,098 (149) 4/13/07-5/22/07 USD 13,370 AUD 16,654 61 4/13/07-6/14/07 AUD 36,757 USD 29,164 (484) 4/13/07-6/14/07 CAD 78,158 USD 66,200 (1,580) 4/13/07-6/14/07 GBP 46,199 USD 89,519 (1,076) 4/13/07-6/14/07 PLZ 67,347 USD 22,535 (711) 4/13/07-6/14/07 USD 49,255 CAD 57,528 631 4/13/07-6/14/07 USD 48,324 GBP 24,764 238 4/16/07-4/18/07 ZAR 67,515 USD 9,270 (27) 4/18/07 DKK 94,059 USD 16,651 (162) 4/18/07 USD 3,053 DKK 17,430 62 4/18/07 USD 4,922 ZAR 36,380 88 4/18/07-4/19/07 NZD 11,374 USD 7,969 (154) 4/18/07-4/20/07 USD 15,534 SGD 23,707 96 4/18/07-4/23/07 SGD 31,930 USD 20,913 (141) 4/18/07-6/14/07 EUR 255,882 USD 338,749 (2,346) 4/18/07-6/14/07 NOK 87,584 USD 14,146 (225) 4/18/07-6/14/07 SEK 27,815 USD 3,996 20 4/18/07-9/12/07 CHF 31,923 USD 26,169 (169) 4/19/07 USD 4,484 NZD 6,312 23 4/20/07 EUR 2,630 CHF 4,222 (39) 4/20/07 EUR 3,500 JPY 535,789 (112) 4/20/07 EUR 3,500 NOK 28,947 84 4/24/07-6/14/07 MXP 116,298 USD 10,551 3 5/14/07 USD 5,043 NOK 30,701 (5) 5/14/07-8/10/07 USD 15,759 CHF 19,169 54 5/23/07 USD 1,018 SEK 7,085 (5) 6/12/07-8/10/07 GBP 4,809 CHF 11,500 76 6/12/07-8/10/07 JPY 1,414,000 NZD 17,033 (15) 6/12/07-8/10/07 NZD 14,112 JPY 1,131,000 (326) 6/12/07-9/12/07 CHF 17,100 GBP 7,148 (138) 6/12/07-9/12/07 GBP 11,036 JPY 2,526,000 54 6/12/07-9/12/07 JPY 3,071,000 GBP 13,356 (215) 6/14/07 CZK 28,858 USD 1,383 4 9/12/07 CHF 1,400 NZD 1,703 41 9/12/07 JPY 136,000 AUD 1,528 51 ------------ $ (5,103) ============ - -------------------------------------------------------------------------------- 34 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 Futures -- A summary of the open futures contracts held by the Fund at March 31, 2007, is as follows (see Note 2 in Notes to Financial Statements): - -------------------------------------------------------------------------------- UNREALIZED APPRECIATION TYPE OF NUMBER OF EXPIRATION (DEPRECIATION) CONTRACT CONTRACTS DATE ($ THOUSANDS) - -------------------------------------------------------------------------------- U.S. Long Treasury Bond (260) Jun-2007 $ 205 U.S. 5-Year Note (53) Jun-2007 8 U.S. 2-Year Note (124) Jun-2007 (30) U.S. 10-Year Note (260) Jun-2007 73 Australian 3-Year Bond 209 Jun-2007 (102) Japan 10-Year Bond (2) Jun-2007 (3) Euro-Bobl (5) Jun-2007 5 Euro-Bund 134 Jun-2007 (219) ------------ $ (63) ============ Swaps -- A summary of outstanding swap agreements held by the Fund at March 31, 2007, is as follows (see Note 2 in Notes to Financial Statements): - -------------------------------------------------------------------------------- TOTAL RETURN SWAPS - -------------------------------------------------------------------------------- UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- Receive payment on the monthly reset spread from Lehman Global Aggregate Ex USD RBI Basket Series 1 Index plus 11 basis points times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Lehman Brothers) 02/01/08 84,030 $ (505) ============= - -------------------------------------------------------------------------------- INTEREST RATE SWAPS - -------------------------------------------------------------------------------- The Fund pays a fixed rate of 4.269% and receives a floating rate based on the 3 Month Canadian LIBOR quarterly. (Counterparty: J.P. Morgan) 03/22/12 15,000 $ 22 The Fund pays a fixed rate of 4.196% and receives a floating rate based on the 6 Month Euribor semi-annually. (Counterparty: J.P. Morgan) 03/30/12 9,000 (19) The Fund receives a fixed rate of 5.499% and pays a floating rate based on the 6 Month GBP LIBOR semi-annually. (Counterparty: Deutsche Bank) 03/22/12 6,000 (52) The Fund receives a fixed rate of 1.285% and pays a floating rate based on the 6 Month Yen LIBOR semi-annually. (Counterparty: J.P. Morgan) 03/26/12 2,600,000 (124) The Fund receives a fixed rate of 2.218% and pays a floating rate based on the 6 Month Yen LIBOR semi-annually. (Counterparty: J.P. Morgan) 03/26/12 1,000,000 (39) The Fund receives a fixed rate of 7.661% and pays a floating rate based on the 3 Month New Zealand LIBOR semi-annually. (Counterparty: Deutsche Bank) 03/26/12 31,000 21 ------------ $ (191) ============ - -------------------------------------------------------------------------------- Description - -------------------------------------------------------------------------------- Percentages are based on Net Assets of $837,250 ($ Thousands). + Real Estate Investments Trust (1) In local currency unless otherwise indicated. (A) Variable Rate Security -- The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2007. (B) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. (C) Step Bonds -- The rate reflected on the Schedule of Investments is the current or effective yield on March 31, 2007. The coupon on a step bond changes on a specified date. (D) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. (E) Security purchased on a when-issued basis. ARM -- Adjustable Rate Mortgage AUD -- Australian Dollar CAD -- Canadian Dollar CHF -- Swiss Franc Cl -- Class CMO -- Collateralized Mortgage Obligation CPI -- Consumer Price Index CZK -- Czech Koruna DKK -- Danish Krone EUR -- Euro FFCB -- Federal Farm Credit Bank FHLB -- Federal Home Loan Bank FHLMC -- Federal Home Loan Mortgage Corporation FNMA -- Federal National Mortgage Association GBP -- British Pound Sterling JPY -- Japanese Yen KRW -- South Korean Won MTN -- Medium Term Note MXP -- Mexican Peso NOK -- Norwegian Krone NZD -- New Zealand Dollar PIK -- Payment-in-Kind PLZ -- Polish Zloty SEK -- Swedish Krona Ser -- Series SGD -- Singapore Dollar USD -- U.S. Dollar ZAR -- South African Rand Amounts designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 35 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Debt Fund March 31, 2007 - -------------------------------------------------------------------------------- SECTOR WEIGHTINGS+: [THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] Government 75.2% Deposits with Counterparty as Collateral for Swap Contracts 5.9% Financials 5.0% Loan Participations 3.9% U.S. Treasury Obligations 2.5% Commercial Paper 2.3% Short-Term Investments 1.7% Telecommunication Services 1.2% Energy 1.0% Utilities 0.7% Basic Materials 0.3% Certificates of Deposit 0.2% Asset-Backed Securities 0.1% Master Notes 0.0% Industrials 0.0% Warrants 0.0% + Percentages based on total investments. Includes Investments held as collateral for securities on loan (see Note 7). - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- GLOBAL BONDS -- 82.0% ARGENTINA -- 6.5% Cia Transporte Energia Registered (A) 8.875%, 12/15/16 470 $ 469 Province Del Neuquen (A) 8.656%, 10/18/14 250 257 Province of Buenos Aires Registered 9.375%, 09/14/18 470 472 Province of Buenos Aires Registered 2.000%, 05/15/35 (H) 1,200 588 Province of Mendoza Registered 5.500%, 09/04/18 128 109 Republic of Argentina 12.000%, 09/19/16 (I) EUR 1,000 225 11.750%, 05/20/11 (I) EUR 2,500 585 9.000%, 05/29/09 (I) EUR 2,650 1,159 9.000%, 06/20/49 EUR 1,125 500 8.678%, 12/15/35 (B) 2,400 305 8.500%, 07/01/04 (I) EUR 775 335 8.280%, 12/31/33 9,984 11,601 8.125%, 04/21/08 (I) EUR 4,200 1,851 8.000%, 02/25/02 (I) EUR 675 298 8.000%, 02/26/08 (I) EUR 1,000 448 7.820%, 12/31/33 EUR 249 340 7.625%, 03/31/05 (I) 1,120 314 7.625%, 08/11/07 (I) EUR 2,325,000 517 7.271%, 12/15/35 (B) 15,410 2,127 7.000%, 03/18/04 (I) EUR 1,475,000 334 5.475%, 08/03/12 (B) (I) 11,405 8,194 2.761%, 12/31/33 (B) 31,948 15,239 1.330%, 12/31/38 (H) 16,080 8,321 Republic of Argentina MTN, Ser E (I) 10.000%, 01/03/07 EUR 3,000,000 707 9.000%, 05/24/49 EUR 1,400 629 8.750%, 02/04/49 EUR 1,375 604 8.500%, 07/30/10 EUR 2,000 871 7.625%, 08/11/07 ITL 2,255,000 484 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Transportadora Gas Norte (A) (H) 7.500%, 12/31/12 260 $ 247 6.500%, 12/31/12 40 37 Transportadora Gas Norte Registered (H) 7.500%, 12/31/12 130 124 6.500%, 12/31/12 216 208 -------------- 58,499 -------------- BERMUDA -- 0.1% Digicell Group (A) 8.875%, 01/15/15 550 534 -------------- BOSNIA-HERZEGOVINA -- 0.1% Republic of Bosnia & Herzegovina, Ser B (L) 9.581%, 12/11/17 EUR 2,300 1,111 -------------- BRAZIL -- 12.8% Banco Votorantim 10.625%, 04/10/14 2,750 1,329 Cesp-Comp Ener Sao Paulo (A) 9.750%, 01/15/15 BRL 1,375 708 Federal Republic of Brazil 12.500%, 01/05/22 (C) BRL 25,432 14,506 11.000%, 08/17/40 26,562 35,832 10.500%, 07/14/14 505 649 10.250%, 01/10/28 BRL 1,585 773 10.125%, 05/15/27 6,080 8,831 8.875%, 04/15/24 3,700 4,810 8.750%, 02/04/25 13,565 17,431 8.250%, 01/20/34 2,500 3,138 8.000%, 01/15/18 5,150 5,817 7.125%, 01/20/37 (C) 13,410 14,831 6.000%, 01/17/17 6,285 6,348 -------------- 115,003 -------------- CAYMAN ISLANDS -- 0.4% Banco Safra 10.875%, 04/03/17 BRL 2,800 1,351 Blue City Investments 13.750%, 11/07/13 750 750 Earls Eight (A) (H) 7.500%, 12/31/12 420 406 Peru Enhanced Pass-Thru (A) (L) 5.759%, 05/31/25 320 116 3.874%, 05/31/18 1,495 972 Vale Overseas 6.875%, 11/21/36 220 227 6.250%, 01/23/17 85 87 -------------- 3,909 -------------- - -------------------------------------------------------------------------------- 36 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- CHILE -- 0.4% Codelco 5.500%, 10/15/13 1,875 $ 1,891 Republic of Chile 5.500%, 01/15/13 1,525 1,550 -------------- 3,441 -------------- COLOMBIA -- 4.8% Republic of Colombia 12.000%, 10/22/15 COP 6,017,000 3,151 11.750%, 03/01/10 COP 7,627,000 3,686 11.750%, 02/25/20 11,611 17,068 10.750%, 01/15/13 (C) 1,527 1,893 10.375%, 01/28/33 1,700 2,460 8.250%, 12/22/14 6,025 6,841 8.125%, 05/21/24 (C) 4,050 4,718 7.375%, 01/27/17 1,785 1,943 7.375%, 09/18/37 1,035 1,127 -------------- 42,887 -------------- CYPRUS -- 0.2% Springvale Holdings (B) 11.389%, 09/07/07 1,000 1,000 Teorema Holding 9.000%, 10/27/08 1,000 1,005 -------------- 2,005 -------------- DOMINICAN REPUBLIC -- 0.2% Republic of Dominican Republic 8.625%, 04/20/27 1,325 1,528 -------------- ECUADOR -- 1.0% Republic of Ecuador Registered 12.000%, 11/15/12 122 59 12.000%, 11/15/12 (A) 122 118 10.000%, 08/15/07 (H) 2,655 2,348 9.375%, 12/15/15 6,305 6,028 -------------- 8,553 -------------- EL SALVADOR -- 2.1% Republic of El Salvador 8.250%, 04/10/32 5,485 6,623 7.750%, 01/24/23 3,790 4,359 7.650%, 06/15/35 6,816 7,787 -------------- 18,769 -------------- HUNGARY -- 0.4% Republic of Hungary 6.500%, 08/12/09 616,450 3,245 -------------- - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- INDONESIA -- 2.5% Garuda Indonesia (B) (J) (K) 5.850%, 06/30/07 1,183 $ 686 Indosat Finance 7.125%, 06/22/12 1,050 1,055 Republic of Indonesia 10.250%, 07/15/27 IDR 47,131,920 5,066 8.500%, 10/12/35 4,250 5,228 7.500%, 01/15/16 240 263 7.500%, 01/15/16 (A) 1,760 1,938 7.250%, 04/20/15 2,595 2,787 7.250%, 04/20/15 (A) (C) 155 166 6.875%, 03/09/17 1,500 1,579 6.750%, 03/10/14 2,600 2,711 6.625%, 02/17/37 (A) 800 788 -------------- 22,267 -------------- IRAQ -- 0.8% Republic of Iraq (C) 5.800%, 01/15/28 11,200 7,300 -------------- IRELAND -- 0.1% Dal Capital (Vneshtorgbk) 7.000%, 04/13/09 RUB 19,000 738 -------------- JERSEY -- 0.2% Aldar Funding 5.767%, 11/10/11 700 739 UBS Jersey Branch (A) (B) 0.783%, 11/01/13 1,320 1,336 -------------- 2,075 -------------- LEBANON -- 0.1% Lebanese Republic Registered 8.250%, 04/12/21 1,330 1,283 -------------- LUXEMBOURG -- 1.0% Alfa Dividend Payment Rights Finance (A) (B) 7.255%, 06/15/07 560 560 Gaz Capital for Gazprom Registered 9.625%, 03/01/13 1,500 1,774 8.625%, 04/28/34 3,340 4,295 Kuznetski (Bank of Moscow) (H) 7.500%, 11/25/15 1,200 1,238 RSHB Captl 7.175%, 05/16/13 400 420 UBS (Vimpelcom) 8.250%, 05/23/16 335 357 8.250%, 05/23/16 235 250 -------------- 8,894 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 37 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Debt Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- MALAYSIA -- 0.7% Government of Malaysia 7.500%, 07/15/11 3,910 $ 4,251 Petronas Capital 7.875%, 05/22/22 1,775 2,191 -------------- 6,442 -------------- MEXICO -- 5.2% Controladora Com Mexican (A) 8.700%, 03/30/27 MXP 15,400 1,408 Cornhill, Ser 39 (I) (J) (K) 0.000%, 01/30/00 1,650 578 Cornhill, Ser 46 (I) (J) (K) 8.626%, 03/02/00 150 53 Mexican Bonos, Ser M20 8.000%, 12/07/23 MXP 129,774 12,193 Pemex Project Funding Master Trust 8.625%, 02/01/22 650 809 7.375%, 12/15/14 500 552 United Mexican States 8.125%, 12/30/19 9,355 11,483 7.500%, 04/08/33 1,760 2,094 6.625%, 03/03/15 5,605 6,053 5.625%, 01/15/17 800 806 United Mexican States MTN 8.300%, 08/15/31 4,355 5,612 United Mexican States MTN, Ser A 6.750%, 09/27/34 4,348 4,742 United Mexican States MTN, Ser E 0.006%, 05/08/17 EUR 5,000 5 -------------- 46,388 -------------- NETHERLANDS -- 0.5% ATF Capital (A) 9.250%, 02/21/14 720 703 Kazkommerts International (A) 7.500%, 11/29/16 450 436 Kazkommerts International Registered 7.500%, 11/29/16 900 875 Majapahti Holding (A) 7.750%, 10/17/16 260 272 White Nights Belagroprom Bank (B) 0.000%, 06/15/07 1,390 1,848 -------------- 4,134 -------------- PAKISTAN -- 0.0% Republic of Pakistan 7.875%, 03/31/36 330 350 -------------- - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- PANAMA -- 1.7% Republic of Panama 9.375%, 04/01/29 2,215 $ 2,952 8.875%, 09/30/27 3,125 3,981 7.250%, 03/15/15 (C) 7,090 7,679 6.700%, 01/26/36 580 602 6.700%, 01/26/36 (C) 220 228 -------------- 15,442 -------------- PERU -- 2.5% Republic of Peru 8.750%, 11/21/33 880 1,157 8.375%, 05/03/16 (C) 3,545 4,210 7.350%, 07/21/25 6,850 7,795 Republic of Peru FLIRB, Ser 20YR (B) 6.143%, 09/07/07 6,876 6,859 Republic of Peru, Ser 20YR (B) (C) 5.000%, 09/07/07 2,785 2,778 -------------- 22,799 -------------- PHILIPPINES -- 7.7% DMCI Water 0.000%, 12/31/09 1,989 1,989 National Power 9.625%, 05/15/28 1,400 1,766 6.875%, 11/02/16 (A) 965 983 Republic of Philippines 10.625%, 03/16/25 13,020 18,456 9.875%, 01/15/19 500 644 9.500%, 02/02/30 6,940 9,213 9.375%, 01/18/17 5,595 6,896 9.000%, 02/15/13 600 691 8.875%, 03/17/15 200 235 8.250%, 01/15/14 905 1,016 8.000%, 01/15/16 3,300 3,717 7.750%, 01/14/31 (C) 7,688 8,668 7.500%, 09/25/24 (C) 12,509 13,744 6.375%, 01/15/32 (C) 1,025 995 -------------- 69,013 -------------- POLAND -- 0.3% Government of Poland 5.250%, 01/15/14 3,015 3,031 -------------- RUSSIA -- 9.5% Kazan Orgsintez 9.250%, 10/30/11 505 510 - -------------------------------------------------------------------------------- 38 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Russian Federation Registered 12.750%, 06/24/28 5,570 $ 10,107 11.000%, 07/24/18 9,585 13,829 8.625%, 05/05/11 440 436 7.500%, 03/31/30 (H) 49,277 55,925 5.000%, 09/30/07 (H) 500 567 5.000%, 03/31/30 (H) 3,000 3,405 -------------- 84,779 -------------- SOUTH AFRICA -- 0.8% Republic of South Africa 6.500%, 06/02/14 6,405 6,821 -------------- SUPRA-NATIONAL -- 0.3% European Investment Bank 10.000%, 01/28/11 TRY 3,770 2,330 -------------- THAILAND -- 0.9% Bangkok Land (J) (K) 4.500%, 10/13/03 11,643 6,462 True Move (A) 10.750%, 12/16/13 1,250 1,281 -------------- 7,743 -------------- TUNISIA -- 0.2% Banque Centrale de Tunisie 8.250%, 09/19/27 1,095 1,337 7.375%, 04/25/12 465 505 -------------- 1,842 -------------- TURKEY -- 4.6% Republic of Turkey 20.929%, 07/16/08 (B) TRY 8,900 5,064 11.875%, 01/15/30 8,680 13,324 10.000%, 02/15/12 TRY 360 262 8.000%, 02/14/34 2,800 3,049 7.375%, 02/05/25 4,500 4,620 7.250%, 03/15/15 2,375 2,464 7.000%, 09/26/16 2,190 2,228 7.000%, 06/05/20 890 896 6.875%, 03/17/36 5,200 4,972 2.400%, 01/19/11 (B) TRY 6,975 4,618 -------------- 41,497 -------------- UKRAINE -- 2.4% Government of Ukraine Registered 8.903%, 08/07/07 (B) 900 956 7.650%, 06/11/13 (C) 4,865 5,271 6.875%, 03/04/11 1,000 1,034 6.875%, 03/04/11 (A) 4,475 4,628 6.580%, 11/21/16 1,600 1,620 6.580%, 11/21/16 (A) 6,735 6,826 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Naftogaz Ukrainy 8.125%, 09/30/09 700 $ 706 -------------- 21,041 -------------- UNITED KINGDOM -- 0.3% Credit Suisse First Boston International (Export/Import - Ukraine) 6.800%, 10/04/12 600 586 Credit Suisse First Boston for the City of Kiev 8.000%, 11/06/15 750 798 Standard Bank MTN, Ser E (B) 0.000%, 07/20/09 658 658 UK Private Bank (A) 8.000%, 02/06/12 1,000 1,003 -------------- 3,045 -------------- URUGUAY -- 4.1% Republic of Uruguay 9.250%, 05/17/17 4,625 5,666 8.000%, 11/18/22 19,330 21,940 7.625%, 03/21/36 1,100 1,213 7.500%, 03/15/15 (C) 1,225 1,323 5.000%, 09/14/18 UYU 72,610 3,422 Republic of Uruguay PIK 7.875%, 01/15/33 3,019 3,419 -------------- 36,983 -------------- VENEZUELA -- 6.6% Government of Venezuela 13.625%, 08/15/18 1,200 1,776 10.750%, 09/19/13 8,815 10,763 9.375%, 01/13/34 2,400 3,095 9.250%, 09/15/27 20,075 25,244 8.500%, 10/08/14 7,213 8,032 7.650%, 04/21/25 370 393 6.000%, 12/09/20 2,100 1,932 5.750%, 02/26/16 6,500 6,113 Government of Venezuela Registered 7.000%, 12/01/18 400 407 5.375%, 08/07/10 (C) 1,850 1,809 -------------- 59,564 -------------- Total Global Bonds (Cost $666,257) ($ Thousands) 735,285 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 39 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Debt Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- DEPOSIT WITH COUNTERPARTY AS COLLATERAL FOR SWAP CONTRACTS (G) -- 6.0% UNITED STATES -- 6.0% Deposits with Citibank as Collateral for Swap Contracts Outstanding 580,581 $ 581 Deposits with Citibank as Collateral for Swap Contracts Outstanding 1,810,000 1,810 Deposits with Citibank as Collateral for Swap Contracts Outstanding 647,785 648 Deposits with Credit Suisse First Boston as Collateral for Swap Contracts Outstanding 750,000 750 Deposits with Credit Suisse First Boston as Collateral for Swap Contracts Outstanding 8,550,000 8,550 Deposits with Credit Suisse First Boston as Collateral for Swap Contracts Outstanding 11,270,000 11,270 Deposits with Credit Suisse First Boston as Collateral for Swap Contracts Outstanding 1,000,000 1,000 Deposits with Credit Suisse First Boston as Collateral for Swap Contracts Outstanding 1,400,000 1,400 Deposits with Credit Suisse First Boston as Collateral for Swap Contracts Outstanding 1,400,000 1,400 Deposits with Credit Suisse First Boston as Collateral for Swap Contracts Outstanding 3,600,000 3,600 Deposits with Deutsche Bank as Collateral for Swap Contracts Outstanding 877,046 877 Deposits with Deutsche Bank as Collateral for Swap Contracts Outstanding 6,300,000 6,300 Deposits with JPMorgan Chase as Collateral for Swap Contracts Outstanding 7,812,521 7,812 Deposits with JPMorgan Chase as Collateral for Swap Contracts Outstanding 248,559 248 Deposits with JPMorgan Chase as Collateral for Swap Contracts Outstanding 2,797,988 2,798 Deposits with Merrill Lynch as Collateral for Swap Contracts Outstanding 862,849 863 Deposits with Standard Bank as Collateral for Swap Contracts Outstanding 1,270,000 1,270 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Deposits with Standard Bank as Collateral for Swap Contracts Outstanding 419,715 $ 420 Deposits with Standard Bank as Collateral for Swap Contracts Outstanding 238,579 239 Deposits with Standard Bank as Collateral for Swap Contracts Outstanding 351,612 352 Deposits with Standard Bank as Collateral for Swap Contracts Outstanding 438,247 438 Deposits with Standard Chartered Bank as Collateral for Swap Contracts Outstanding 1,135,955 1,136 Deposits with Standard Chartered Bank as Collateral for Swap Contracts Outstanding 201,373 201 -------------- Total Deposit with Counterparty as Collateral for Swap Contracts (Cost $53,963) ($ Thousands) 53,963 -------------- LOAN PARTICIPATIONS -- 3.9% BRAZIL -- 0.6% Global Village Telecom Loan, Senior Secured Note (Counterparty: Deutsche Bank) (J) (K) 12.000%, 06/30/11 4,899 5,365 -------------- INDONESIA -- 0.9% Indonesia Standby Loan 94 (Counterparty: Deutsche Bank) (B) (J) (K) 4.000%, 06/29/07 5,594 5,496 PKN Tranche Loan A (Counterparty: Citigroup Global Markets) (I) (J) (K) 0.000%, 06/30/11 1,533 1,457 PKN Tranche Loan D Secured Short Term, Ser 1 (Counterparty: Citibank) (I) (J) (K) 4.000%, 02/09/07 451 449 PKN Tranche Loan D Secured Short Term, Ser 2 (Counterparty: Citibank) (I) (J) (K) 4.000%, 02/09/07 819 815 -------------- 8,217 -------------- - -------------------------------------------------------------------------------- 40 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- MEXICO -- 1.4% Altos Hornos, Promissory Note # 5 (I) (J) (K) 0.000%, 04/29/99 2,500 $ 1,750 Altos Hornos, Promissory Note # 6 (I) (J) (K) 0.000%, 04/29/99 2,500 1,750 Altos Hornos, Promissory Note (Counterparty: Deutche Bank) (I) (J) (K) 0.000%, 12/31/49 4,500 3,150 Altos Hornos, Tranche A (Counterparty: Banc of America) (I) (J) (K) 0.000%, 04/11/04 6,540 4,578 Grupo Accerco Del Norte (Counterparty: Deutsche Bank) (I) (J) (K) 0.000%, 12/31/49 7,750 1,007 -------------- 12,235 -------------- NIGERIA -- 0.0% PPMC GTEE Note (I) (J) (K) 0.000%, 04/15/07 280 280 -------------- SINGAPORE -- 1.0% C2C Loan (Counterparty: Deutsche Bank) (B) (E) (J) (K) 0.000%, 12/31/10 10,800 6,264 C2C Loan, (Counterparty: Direct Bank) (J) (K) 0.000%, 12/31/49 2,494 2,494 -------------- 8,758 -------------- UNITED STATES -- 0.0% Baja Ferries 5.100%, 01/26/17 430 430 -------------- Total Loan Participations (Cost $22,389) ($ Thousands) 35,285 -------------- CORPORATE OBLIGATIONS (D) -- 1.8% UNITED STATES -- 1.8% American General Finance (A) (B) 5.370%, 04/16/07 1,277 1,277 Bear Stearns EXL (B) 5.360%, 04/16/07 1,567 1,567 Countrywide Financial Services MTN (B) 5.428%, 06/27/07 528 528 Countrywide Financial Services MTN, Ser A (B) 5.440%, 05/07/07 1,321 1,321 - -------------------------------------------------------------------------------- Face Amount Market Value ($ Thousands) (1)/Shares ($ Thousands) - -------------------------------------------------------------------------------- Glitnir Bank (A) (B) 5.369%, 04/09/07 1,321 $ 1,321 Irish Life & Permanent MTN, Ser X (A) (B) 5.360%, 04/23/07 1,171 1,171 Jackson National Life Funding (A) (B) 5.320%, 04/02/07 1,937 1,937 Morgan Stanley EXL (B) 5.380%, 04/04/07 308 308 Morgan Stanley EXL, Ser S (B) 5.340%, 04/03/07 440 440 Nationwide Building Society (A) (B) 5.410%, 06/28/07 484 484 5.349%, 04/09/07 881 881 Northern Rock (A) (B) 5.360%, 04/03/07 907 907 Premium Asset Trust, Ser 2004-10 (A) (B) 5.380%, 04/16/07 1,233 1,233 SLM EXL, Ser S (A) (B) 5.320%, 04/16/07 969 969 Skandinav Enskilda Bank (A) (B) 5.320%, 04/18/07 969 969 Stanfield Victoria MTN (A) (B) 5.445%, 06/11/07 881 881 -------------- Total Corporate Obligations (Cost $16,194) ($ Thousands) 16,194 -------------- ASSET-BACKED SECURITIES (A) (B) (D) -- 0.1% UNITED STATES -- 0.1% Duke Funding, Ser 2004-6B, Cl A1S1 5.430%, 04/09/07 661 661 Newcastle CDO Limited, Ser 2005-6A, Cl IM1 5.340%, 04/24/07 176 176 -------------- Total Asset-Backed Securities (Cost $836) ($ Thousands) 837 -------------- COMMON STOCK -- 0.9% BRAZIL -- 0.8% GVT Holding* 632,000 7,355 -------------- INDONESIA -- 0.1% PKN Tranche C Equity* 247,000 355 -------------- THAILAND -- 0.0% TPI Polene Public* 595,000 207 -------------- Total Common Stock (Cost $3,249) ($ Thousands) 7,917 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 41 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Debt Fund (Continued) March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Number of Warrants --------- WARRANTS -- 0.0% CYPRUS -- 0.0% Teorema Holding, Expires 10/27/09* -- $ -- -------------- MEXICO -- 0.0% United Mexcian States, Expires 09/24/2007* 174,000 125 -------------- NIGERIA -- 0.0% Central Bank of Nigeria, Expires 11/15/20 (K)* 2,000 -- -------------- Total Warrants (Cost $109) ($ Thousands) 125 -------------- MASTER NOTES (B) (D) -- 0.0% Bear Stearns 5.558%, 03/31/07 264 264 -------------- Total Master Notes (Cost $264) ($ Thousands) 264 -------------- U.S. TREASURY OBLIGATIONS (E) -- 2.5% U.S. Treasury Bills 5.055%, 08/23/07 14,625 14,341 4.625%, 02/15/17 8,100 8,084 -------------- Total U.S. Treasury Obligations (Cost $22,463) ($ Thousands) 22,425 -------------- COMMERCIAL PAPER (D) (E) -- 2.3% UNITED STATES -- 2.3% Adirondack, Ser 2005-2 5.319%, 04/24/07 881 877 Brahms Funding 5.314%, 05/14/07 1,088 1,081 5.313%, 04/16/07 793 791 Buckingham CDO I LLC 5.320%, 04/25/07 814 811 Buckingham CDO II LLC 5.318%, 04/23/07 1,013 1,009 Buckingham CDO III LLC 5.320%, 04/26/07 904 901 Citius I Funding LLC 5.320%, 04/26/07 352 351 Citius II Funding LLC 5.292%, 04/02/07 881 880 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) (1)/Shares ($ Thousands) - -------------------------------------------------------------------------------- Davis Square Funding 5.310%, 04/13/07 1,937 $ 1,934 Elysian Funding 5.353%, 04/23/07 317 316 Georgetown Funding 5.316%, 04/20/07 2,140 2,134 KKR Pacific Funding Trust 5.341%, 04/27/07 881 877 Mica Funding LLC 5.316%, 04/20/07 918 916 5.313%, 04/16/07 440 439 5.310%, 04/19/07 285 284 5.294%, 04/05/07 951 950 Rhineland Funding Capital 5.354%, 04/30/07 85 84 5.332%, 06/06/07 324 320 5.315%, 05/15/07 939 933 5.314%, 05/14/07 375 372 Thornburg Mortgage Capital Resource 5.313%, 04/16/07 224 224 5.310%, 04/13/07 211 211 5.309%, 04/11/07 109 109 5.309%, 04/12/07 440 440 5.298%, 04/10/07 850 848 Valour Bay Capital LLC 5.326%, 05/16/07 1,101 1,093 5.324%, 04/18/07 377 376 5.319%, 04/12/07 440 440 Zane Funding 5.369%, 04/24/07 831 828 5.364%, 04/17/07 27 27 -------------- Total Commercial Paper (Cost $20,856) ($ Thousands) 20,856 -------------- CASH EQUIVALENT (D) (M) -- 0.7% UNITED STATES -- 0.7% SEI Liquidity Fund, L.P., 5.520%** 6,164,000 6,164 -------------- Total Cash Equivalent (Cost $6,164) ($ Thousands) 6,164 -------------- CERTIFICATES OF DEPOSIT (D) (E) -- 0.2% UNITED STATES -- 0.2% Barclays Bank 5.440%, 06/11/07 440 440 CC USA (A) 5.520%, 06/18/07 881 881 -------------- Total Certificates of Deposit (Cost $1,321) ($ Thousands) 1,321 -------------- - -------------------------------------------------------------------------------- 42 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS (D) (F) -- 1.0% Barclays 5.340%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $420,855 (collateralized by a U.S. Government Obligation, par value $417,498, 5.600%, 10/17/13, total market value $429,090) 421 $ 421 Deutsche Bank 5.350%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $3,653,900 (collateralized by various U.S. Government Obligations, ranging in par value $24,084- $1,339,618, 0.000%-6.110%, 05/16/07-10/15/19, total market value $3,725,317) 3,652 3,652 Lehman Brothers 5.350%, dated 03/30/07, to be repurchased on 04/021/07, repurchase price $5,285,804 (collateralized by various U.S. Government Obligations, ranging in par value $382,390- $644,229, 2.625%-10.350%, 05/15/07-08/03/18, total market value $5,389,154) 5,283 5,283 -------------- Total Repurchase Agreements (Cost $9,356) ($ Thousands) 9,356 -------------- Total Investments -- 101.4% (Cost $823,421) ($ Thousands) $ 909,992 ============== Forward Foreign Currency Contracts -- A summary of the outstanding forward foreign currency contracts held by the Fund at March 31, 2007, is as follows (see Note 2 in Notes to Financial Statements): - -------------------------------------------------------------------------------- UNREALIZED CURRENCY CURRENCY APPRECIATION MATURITY TO DELIVER TO RECEIVE (DEPRECIATION) DATE (THOUSANDS) (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- 4/3/07-5/3/07 BRL 11,083 USD 5,243 $ (173) 4/3/07 USD 4,250 BRL 8,895 97 7/10/07 USD 443 NGN 57,816 9 4/9/07-4/18/07 MXP 124,657 USD 11,323 8 4/25/07 RUB 85,886 USD 3,300 -- 4/25/07 USD 10,242 RUB 271,209 178 4/9/07-4/18/07 USD 11,306 MXP 124,657 10 4/23/07 USD 2,234 EUR 1,708 40 4/23/07-6/29/07 EUR 12,897 USD 16,833 (352) 4/23/07-6/28/07 USD 7,461 PLZ 21,804 78 4/25/07 USD 1,873 ZAR 13,469 (19) 4/25/07 ZAR 13,469 USD 1,872 19 -------- $ (105) ======== Futures -- A summary of the open futures contracts held by the Fund at March 31, 2007, is as follows (see Note 2 in Notes to Financial Statements): - ------------------------------------------------------------------------------- UNREALIZED APPRECIATION TYPE OF NUMBER OF EXPIRATION (DEPRECIATION) CONTRACT CONTRACTS DATE ($ THOUSANDS) - ------------------------------------------------------------------------------- U.S. Long Treasury Bond (61) Jun-2007 $ 54 ========= Swaps -- A summary of outstanding swap agreements held by the Fund at March 31, 2007, is as follows (see Note 2 in Notes to Financial Statements):
- ------------------------------------------------------------------------------------------------ TOTAL RETURN SWAPS - ------------------------------------------------------------------------------------------------ UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) $ THOUSANDS) - ------------------------------------------------------------------------------------------------ Fund receives payment at maturity on the Brazilian CDI Index times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreci- ates over the payment period. (Counterparty: Deutsche Bank) 08/15/10 1,400 $ 187 Fund receives payment at maturity on the Brazilian CDI Index times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreci- ates over the payment period. (Counterparty: JPMorgan Chase) 08/15/10 12,000 823 Fund receives payment at maturity on the Brazilian CDI Index times the notional amount. Fund receives payment if the return on the spread appreciates over the return on the pay- ment period and pays if the return on the spread depreciates over the payment period. (Counterparty: JPMorgan Chase) 05/15/11 4,214 311 Fund receives payment at maturity on the Brazilian CDI Index times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreci- ates over the payment period. (Counterparty: Merrill Lynch) 08/15/10 1,400 109 Fund receives payment at maturity on the Nigerian NGN Index times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Citigroup) 05/08/07 251,470 134 Fund receives payment at maturity on the Nigerian NGN Index times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Citigroup) 04/03/09 82,011 31 Fund receives payment at maturity on the Nigerian NGN Index times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Standard Bank) 05/04/07 176,342 99 Fund receives payment at maturity on the Nigerian NGN Index times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Standard Bank) 01/04/08 33,633 8 Fund receives payment at maturity on the Nigerian NGN Index times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Standard Bank) 12/20/08 45,003 37 Fund receives payment at maturity on the Nigerian NGN Index times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Standard Bank) 02/26/09 55,618 18
- -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 43 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Debt Fund (Concluded) March 31, 2007
- ------------------------------------------------------------------------------------------------ UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - ------------------------------------------------------------------------------------------------ Fund receives payment at maturity on the Nigerian NGN Index times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Standard Charter Bank) 05/04/07 158,728 $ 100 Fund receives payment at maturity on the Nigerian NGN Index times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Standard Charter Bank) 05/15/07 28,424 20 Fund receives payment at maturity on the Zambia CPI Index times the notional amount. Fund receives payment if the return on the spread appreciates over the payment period and pays if the return on the spread depreciates over the payment period. (Counterparty: Citigroup) 04/06/07 2,401,182 (18) -------------- $ 1,859 ============== - ----------------------------------------------------------------------------------------------- CREDIT DEFAULT SWAPS - ----------------------------------------------------------------------------------------------- Fund receives semi-annual payment of 1.6150% (3.230% per annum) times the notional amount of Republic of Turkey, 11.875%, 01/15/30. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Citigroup) 03/20/12 4,750 $ 8 Fund receives semi-annual payment of 1.6200% (3.240% per annum) times the notional amount of Republic of Turkey, 11.875%, 01/15/30. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: JPMorgan Chase) 02/12/12 5,500 19 Fund receives semi-annual payment of 1.9200% (3.840% per annum) times the notional amount of Republic of Turkey, 11.875%, 01/15/30. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: JPMorgan Chase) 03/20/12 4,400 60 Fund receives quarterly payment of 0.9225% (3.690% per annum) on a termination date. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: JPMorgan Chase) 10/20/15 4,500 807 Fund receives quarterly payment of 0.4000% (1.600% per annum) times the notional amount of JSC Gazprom, 8.625%, 04/28/34. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Credit Suisse First Boston) 01/20/16 8,550 350 Fund receives quarterly payment of 0.3425% (1.370% per annum) times the notional amount of JSC Gazprom, 8.625%, 04/28/34. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Credit Suisse First Boston) 08/20/16 1,000 23 Fund receives semi-annual payment of 2.8750% (5.750% per annum) times the notional amount of Naftogaz Ukrainy, 8.125%, 09/30/09. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Credit Suisse First Boston) 12/20/07 1,400 63 Fund receives semi-annual payment of 2.875% (5.750% per annum) times the notional amount of Naftogaz Ukrainy, 8.125%, 09/30/09. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Credit Suisse First Boston) 12/20/08 1,400 96 Fund receives semi-annual payment of 2.875% (5.750% per annum) times the notional amount of Naftogaz Ukrainy, 8.125%, 09/30/09. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Credit Suisse First Boston) 12/20/09 3,600 297 - ----------------------------------------------------------------------------------------------- UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - ----------------------------------------------------------------------------------------------- Fund receives semi-annual payment of 2.875% (5.750% per annum) times the notional amount of Naftogaz Ukrainy, 8.125%, 09/30/09. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Credit Suisse First Boston) 02/20/12 750 $ 49 Fund receives quarterly payment of 0.1588% (0.635% per annum) times the notional amount of Russian Federation Registered, 5.000%, 03/31/30. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Credit Suisse First Boston) 03/20/16 11,270 38 Fund receives quarterly payment of 0.1775% (0.710% per annum) times the notional amount of Russian Federation Registered, 5.000%, 03/31/30. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined deliverable obligation. (Counterparty: Deutsche Bank) 01/20/16 6,300 70 -------------- $ 1,880 ==============
Percentages are based on Net Assets of $897,200 ($ Thousands). * Non-Income Producing Security ** Rate shown is the 7-day effective yield as of March 31, 2007. (1) In U.S. dollars unless otherwise indicated. (A) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. (B) Variable Rate Security -- The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2007. (C) This security or a partial position of this security is on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 was $53,022 ($ Thousands) (see Note 7). (D) This security was purchased with cash collateral held from securities on loan (see Note 7). The total value of such securities as of March 31, 2007 was $54,992 ($ Thousands). (E) The rate reported is the effective yield at time of purchase. (F) Tri-Party Repurchase Agreement. (G) Cash on loan to swap counterparty as collateral for outstanding swap contracts. (H) Step Bonds -- The rate reflected on the Schedule of Investments is the current or effective yield on March 31, 2007. The coupon on a step bond changes on a specified date. (I) Security in default on interest payments. (J) Securities considered illiquid. The total value of such securities as of March 31, 2007 was $42,635 ($ Thousands) and represented 4.75% of Net Assets. (K) Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total value of such securities as of March 31, 2007 was $44,623 and represented 4.97%. (L) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. (M) Investment in Affiliated Registered Investment Company (see Note 3). BRL -- Brazilian Real CDO -- Collateralized Debt Obligation Cl -- Class COP -- Chilean Peso EUR -- Euro EXL -- Extendable Maturity FLIRB -- Front Loaded Interest Reduction Bond IDR -- Indonesian Rupiah ITL -- Italian Lira LLC -- Limited Liability Company MTN -- Medium Term Note MXP -- Mexican Peso NGN -- Nigerian Naira PIK -- Payment-in-Kind PLZ -- Polish Zloty RUB -- Russian Ruble Ser -- Series USD -- U.S. Dollar UYU -- Uruguay Peso TRY -- New Turkish Lira ZAR -- South African Rand Amounts designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 44 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 Statements of Assets and Liabilities ($ Thousands) March 31, 2007 (Unaudited)
- ----------------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EMERGING MARKETS INTERNATIONAL FIXED EMERGING MARKETS EQUITY FUND EQUITY FUND INCOME FUND DEBT FUND - ----------------------------------------------------------------------------------------------------------------------------------- ASSETS: Investments, at value (Cost $3,277,370, $1,105,163, $715,368 and $817,257, respectively)(1) $ 4,017,939 $ 1,452,806 $ 722,202 $ 903,828 Affiliated investments, at value (Cost $482,941, $58,410 and $6,164, respectively) 482,941 58,410 -- 6,164 Cash 97,737 21,780 128,043 22,755 Foreign currency, at value (Cost $17,054, $16,233, $10,486 and $0, respectively) 17,393 16,245 10,429 -- Receivable for investment securities sold 66,827 7,970 11,710 12,636 Dividends and interest receivable 16,454 2,681 8,172 9,320 Unrealized gain on forward foreign currency contracts 14,426 -- 4,368 470 Receivable for capital shares sold 2,057 2,539 1,164 1,101 Foreign tax reclaim receivable 748 148 -- 164 Variation margin receivable 655 -- 251 19 Unrealized gain on foreign spot currency contracts 4 -- 22 5 Swap Contracts, at value (Premium given $0) -- -- -- 3,739 Deposits with brokers for forward foreign currency contracts -- -- -- 6,344 - ----------------------------------------------------------------------------------------------------------------------------------- Total Assets 4,717,181 1,562,579 886,361 966,545 - ----------------------------------------------------------------------------------------------------------------------------------- LIABILITIES: Payable upon return of securities on loan 450,120 48,405 -- 54,992 Payable for investment securities purchased 282,956 9,859 35,711 11,529 Reverse repurchase agreements 64,488 -- -- -- Unrealized loss on forward foreign currency contracts 16,590 -- 9,471 575 Payable for capital shares redeemed 5,871 3,074 2,365 939 Swap contracts, at value (Premiums received $1,331, and 0, respectively) 2,761 -- 696 -- Variation margin payable 556 -- 41 -- Unrealized loss on foreign spot currency contracts 11 -- 15 -- Foreign currency overdraft, at value (Premium $270) -- -- -- 256 Investment advisory fees payable 1,628 1,141 99 263 Administration fees payable 1,450 799 430 488 Shareholder servicing fees payable 806 307 167 188 Trustees' fees 11 5 3 3 Administration servicing fees payable 3 -- -- -- Accrued expenses 765 572 113 112 Accrued foreign capital gains tax on appreciated securities 66 705 -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Total Liabilities 828,082 64,867 49,111 69,345 - ----------------------------------------------------------------------------------------------------------------------------------- Net Assets $ 3,889,099 $ 1,497,712 $ 837,250 $ 897,200 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSETS: Paid in Capital (unlimited authorization -- no par value) $ 2,959,994 $ 990,803 $ 854,117 $ 799,317 Distributions in excess of net investment income (25,447) (3,700) (15,894) (5,695) Accumulated net realized gain (loss) on investments, futures contracts, written options, foreign currency contracts and swap contracts 209,393 163,630 (2,017) 13,148 Net unrealized appreciation on investments 740,569 347,643 6,834 86,571 Net unrealized appreciation (depreciation) on futures contracts 7,859 -- (63) 54 Net unrealized appreciation (depreciation) on swap contracts (1,430) -- (696) 3,739 Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies (1,773) 41 (5,031) 66 Accumulated foreign capital gains tax on appreciated securities (66) (705) -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Net Assets $ 3,889,099 $ 1,497,712 $ 837,250 $ 897,200 - ----------------------------------------------------------------------------------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share -- Class A ($3,872,429,240 / 257,603,576 shares, $1,497,712,061 / 87,755,005 shares, $837,250,350 / 77,494,819 shares, $897,199,840 / 81,493,946 shares) $ 15.03 $ 17.07 $ 10.80 $ 11.01 Net Asset Value, Offering and Redemption Price Per Share -- Class I ($16,669,280 / 1,110,452 shares) $ 15.01 -- -- -- - -----------------------------------------------------------------------------------------------------------------------------------
(1) Included in "Investments, at value" is the market value of securities on loan in the amounts of $427,005, $46,286 and $53,022, ($ Thousands), respectively. Amounts designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 45 Statements of Operations ($ Thousands) For the six month period ended March 31, 2007 (Unaudited)
- ---------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EMERGING INTERNATIONAL EMERGING EQUITY MARKETS EQUITY FIXED INCOME MARKETS DEBT FUND FUND FUND FUND - ---------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME: Dividends $ 28,749 $ 11,596 $ -- $ 316 Dividends from Affiliated Investment Companies 1,332 106 -- -- Interest 14,386 270 16,791 28,718 Security Lending Income -- Net 1,642 322 39 68 Less: Foreign Taxes Withheld (1,832) (962) (109) (78) - ---------------------------------------------------------------------------------------------------------------------------- Total Investment Income 44,277 11,332 16,721 29,024 - ---------------------------------------------------------------------------------------------------------------------------- EXPENSES: Investment Advisory Fees 9,341 7,574 628 3,692 Administration Fees 8,324 4,689 2,514 2,824 Shareholder Servicing Fees -- Class A 4,605 1,803 1,047 1,086 Shareholder Servicing Fees -- Class I 19 -- -- -- Administrative Servicing Fees -- Class I 19 -- -- -- Trustees' Fees 23 9 5 5 Interest Expense on Reverse Repurchase Agreements 2,683 -- -- -- Custodian/Wire Agent Fees 408 497 61 54 Printing Fees 106 42 24 25 Overdraft Fees 102 87 32 71 Professional Fees 92 36 21 22 Registration Fees 20 8 5 5 Other Expenses 59 23 16 14 - ---------------------------------------------------------------------------------------------------------------------------- Total Expenses 25,801 14,768 4,353 7,798 - ---------------------------------------------------------------------------------------------------------------------------- Less: Waiver of Investment Advisory Fees -- (542) -- (1,816) Waiver of Shareholder Servicing Fees -- Class A -- -- (89) -- Fees Paid Indirectly(1) (37) (1) -- -- - ---------------------------------------------------------------------------------------------------------------------------- Net Expenses 25,764 14,225 4,264 5,982 - ---------------------------------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) 18,513 (2,893) 12,457 23,042 - ---------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, WRITTEN OPTIONS, SWAP CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS: Net Realized Gain (Loss) from: Investments 300,352 186,478 4,181 17,666 Futures Contracts 28,826 -- (1,590) (39) Written Options 232 -- -- -- Swap Contracts 3,667 -- 504 2,370 Foreign Currency Transactions 21,743 75 16,325 1,909 Net Change in Unrealized Appreciation (Depreciation) on: Investments 130,321 47,636 (12,912) 21,083 Futures Contracts 6,317 -- (4) 116 Written Options (44) -- -- -- Swap Contracts (4,473) -- (696) 2,101 Foreign Capital Gains Tax on Appreciated Securities -- (5) -- -- Foreign Currency Transactions 2,767 550 (7,098) (212) - ---------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, WRITTEN OPTIONS, SWAP CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS 489,708 234,734 (1,290) 44,994 - ---------------------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 508,221 $ 231,841 $ 11,167 $ 68,036 ============================================================================================================================
(1) See Note 3 in Notes to Financial Statements. Amounts designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 46 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 Statements of Changes in Net Assets ($ Thousands) For the six month period ended March 31, 2007 (Unaudited) and the year ended September 30, 2006
- ----------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EMERGING MARKETS EQUITY FUND EQUITY FUND - ----------------------------------------------------------------------------------------------------------------------------- 2007 2006 2007 2006 - ----------------------------------------------------------------------------------------------------------------------------- OPERATIONS: Net Investment Income (Loss) $ 18,513 $ 61,937 $ (2,893) $ 8,727 Net Realized Gain from Investments, Futures Contracts, Written Options and Swap Contracts 333,077 463,179 186,478 247,672 Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions 21,743 8,160 75 (1,381) Net Change in Unrealized Appreciation (Depreciation) on Investments,Futures Contracts, Written Options and Swap Contracts 132,121 43,648 47,636 (49,422) Net Change in Accrued Foreign Capital Tax Gains on Appreciated Securities -- -- (5) 415 Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies 2,767 (4,521) 550 (506) - ----------------------------------------------------------------------------------------------------------------------------- Net Increase in Net Assets Resulting from Operations 508,221 572,403 231,841 205,505 - ----------------------------------------------------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS FROM: Net Investment Income: Class A (118,781) (71,852) (6,714) (8,389) Class I (456) (182) -- -- Net Realized Gains: Class A (144,096) -- (188,558) (127,622) Class I (580) -- -- -- - ----------------------------------------------------------------------------------------------------------------------------- Total Dividends and Distributions (263,913) (72,034) (195,272) (136,011) - ----------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from Shares Issued 379,571 701,740 151,959 314,335 Reinvestment of Dividends & Distributions 250,708 68,952 188,043 130,923 Cost of Shares Redeemed (492,131) (1,005,774) (215,433) (532,680) - ----------------------------------------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets Derived from Class A Transactions 138,148 (235,082) 124,569 (87,422) - ----------------------------------------------------------------------------------------------------------------------------- CLASS I: Proceeds from Shares Issued 5,146 6,914 -- -- Reinvestment of Dividends & Distributions 1,027 178 -- -- Cost of Shares Redeemed (3,938) (3,181) -- -- - ----------------------------------------------------------------------------------------------------------------------------- Increase in Net Assets Derived from Class I Transactions 2,235 3,911 -- -- - ----------------------------------------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets Derived from Capital Share Transactions 140,383 (231,171) 124,569 (87,422) - ----------------------------------------------------------------------------------------------------------------------------- Net Increase (Decrease) in Net Assets 384,691 269,198 161,138 (17,928) - ----------------------------------------------------------------------------------------------------------------------------- NET ASSETS: BEGINNING OF PERIOD 3,504,408 3,235,210 1,336,574 1,354,502 - ----------------------------------------------------------------------------------------------------------------------------- END OF PERIOD $ 3,889,099 $ 3,504,408 $ 1,497,712 $ 1,336,574 ============================================================================================================================= UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD $ (25,447) $ 53,534 $ (3,700) $ 5,832 ============================================================================================================================= SHARE TRANSACTIONS: CLASS A: Shares Issued 25,983 53,743 8,973 19,358 Reinvestment of Distributions 17,226 5,583 11,346 8,739 Shares Redeemed (33,797) (77,049) (12,765) (32,895) - ----------------------------------------------------------------------------------------------------------------------------- Total Class A Transactions 9,412 (17,723) 7,554 (4,798) - ----------------------------------------------------------------------------------------------------------------------------- CLASS I: Shares Issued 353 523 -- -- Reinvestment of Distributions 71 14 -- -- Shares Redeemed (268) (239) -- -- - ----------------------------------------------------------------------------------------------------------------------------- Total Class I Transactions 156 298 -- -- - ----------------------------------------------------------------------------------------------------------------------------- Net Increase (Decrease) in Shares Outstanding from Share Transactions 9,568 (17,425) 7,554 (4,798) =============================================================================================================================
Amounts designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 47 Statements of Changes in Net Assets ($ Thousands) For the six month period ended March 31, 2007 (Unaudited) and the year ended September 30, 2006
- ----------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EMERGING MARKETS FIXED INCOME FUND DEBT FUND - ----------------------------------------------------------------------------------------------------------------------------- 2007 2006 2007 2006 - ----------------------------------------------------------------------------------------------------------------------------- OPERATIONS: Net Investment Income $ 12,457 $ 21,939 $ 23,042 $ 44,825 Net Realized Gain (Loss) from Investments, Futures Contracts and Swap Contracts 3,095 (2,137) 19,997 59,027 Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions 16,325 (55,296) 1,909 6,595 Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts and Swap Contracts (13,612) 13,924 23,300 (34,926) Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies (7,098) 6,913 (212) (2,928) - ----------------------------------------------------------------------------------------------------------------------------- Net Increase (Decrease) in Net Assets Resulting from Operations 11,167 (14,657) 68,036 72,593 - ----------------------------------------------------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS FROM: Net Investment Income: Class A (15,311) (26,270) (38,659) (72,844) Net Realized Gains: Class A -- (22,930) (49,606) (60,041) - ----------------------------------------------------------------------------------------------------------------------------- Total Dividends and Distributions (15,311) (49,200) (88,265) (132,885) - ----------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from Shares Issued 100,571 260,279 142,254 415,908 Reinvestment of Dividends & Distributions 14,446 46,434 83,566 126,564 Cost of Shares Redeemed (115,526) (281,876) (136,734) (797,682) - ----------------------------------------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets Derived from Capital Share Transactions (509) 24,837 89,086 (255,210) - ----------------------------------------------------------------------------------------------------------------------------- Net Increase (Decrease) in Net Assets (4,653) (39,020) 68,857 (315,502) - ----------------------------------------------------------------------------------------------------------------------------- NET ASSETS: BEGINNING OF PERIOD 841,903 880,923 828,343 1,143,845 - ----------------------------------------------------------------------------------------------------------------------------- END OF PERIOD $ 837,250 $ 841,903 $ 897,200 $ 828,343 ============================================================================================================================= UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD $ (15,894) $ (29,365) $ (5,695) $ 8,013 ============================================================================================================================= SHARE TRANSACTIONS: CLASS A: Shares Issued 9,293 24,116 12,803 37,501 Reinvestment of Dividends & Distributions 1,344 4,294 7,617 11,643 Shares Redeemed (10,659) (26,076) (12,346) (72,592) - ----------------------------------------------------------------------------------------------------------------------------- Total Class A Transactions (22) 2,334 8,074 (23,448) =============================================================================================================================
The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 48 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 Financial Highlights For the six month period ended March 31, 2007 (Unaudited) and the years ended September 30, (unless otherwise indicated) For a Share Outstanding Throughout Each Period
- ----------------------------------------------------------------------------------------------------------------------------------- Net Realized and Distributions Net Asset Net Unrealized Dividends from Total Value, Investment Gains Total from Net Realized Dividends Beginning Income (Losses) from Investment Capital and of Period (Loss) on Securities Operations Income Gains Distributions - ----------------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND CLASS A 2007* $ 14.07 $ 0.07(1) $ 1.95(1) $ 2.02 $ (0.47) $ (0.59) $ (1.06) 2006 12.14 0.24(1) 1.97(1) 2.21 (0.28) -- (0.28) 2005 9.81 0.16(1) 2.40(1) 2.56 (0.23) -- (0.23) 2004 8.20 0.10(1) 1.60(1) 1.70 (0.09) -- (0.09) 2003 6.93 0.08(1) 1.23(1) 1.31 (0.04) -- (0.04) 2002 8.25 0.04 (1.34) (1.30) (0.02) -- (0.02) CLASS I 2007* $ 14.04 $ 0.06(1) $ 1.95(1) $ 2.01 $ (0.45) $ (0.59) $ (1.04) 2006 12.12 0.23(1) 1.94(1) 2.17 (0.25) -- (0.25) 2005 9.81 0.14(1) 2.38(1) 2.52 (0.21) -- (0.21) 2004 8.20 0.10(1) 1.58(1) 1.68 (0.07) -- (0.07) 2003 6.93 0.09(1) 1.20(1) 1.29 (0.02) -- (0.02) 2002(2) 8.97 0.03 (2.07) (2.04) -- -- -- EMERGING MARKETS EQUITY FUND CLASS A 2007* $ 16.67 $ (0.03)(1) $ 2.91(1) $ 2.88 $ (0.08) $ (2.40) $ (2.48) 2006 15.94 0.11(1) 2.32(1) 2.43 (0.10) (1.60) (1.70) 2005 11.10 0.14(1) 4.80(1) 4.94 (0.10) -- (0.10) 2004 9.00 0.09(1) 2.03(1) 2.12 (0.02) -- (0.02) 2003 6.53 0.05(1) 2.42(1) 2.47 -- -- -- 2002 6.08 0.01 0.47 0.48 (0.03) -- (0.03) INTERNATIONAL FIXED INCOME FUND CLASS A 2007* $ 10.86 $ 0.16(1) $ (0.02)(1) $ 0.14 $ (0.20) $ -- $ (0.20) 2006 11.72 0.28(1) (0.49)(1) (0.21) (0.34) (0.31) (0.65) 2005 12.22 0.28(1) 0.15(1) 0.43 (0.89) (0.04) (0.93) 2004 12.45 0.28(1) 0.63(1) 0.91 (0.92) (0.22) (1.14) 2003 11.00 0.30(1) 1.53(1) 1.83 (0.33) (0.05) (0.38) 2002 10.12 0.55 0.33 0.88 -- -- -- EMERGING MARKETS DEBT FUND CLASS A 2007* $ 11.28 $ 0.29(1) $ 0.60(1) $ 0.89 $ (0.50) $ (0.66) $ (1.16) 2006 11.81 0.56(1) 0.34(1) 0.90 (0.80) (0.63) (1.43) 2005 10.74 0.66(1) 1.31(1) 1.97 (0.63) (0.27) (0.90) 2004 11.15 0.61(1) 0.77(1) 1.38 (0.66) (1.13) (1.79) 2003 8.12 0.78(1) 3.01(1) 3.79 (0.76) -- (0.76) 2002 9.03 0.82 (0.56) 0.26 (0.99) (0.18) (1.17) - ------------------------------------------------------------------------------------------------------------------------- Ratio of Expenses to Average Net Ratio of Assets Net Asset Net Assets Expenses (Excluding Value, End Total End of Period to Average Fees Paid of Period Return+ ($ Thousands) Net Assets** Indirectly)*** - ------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND CLASS A 2007* $ 15.03 14.78% $ 3,872,429 1.39%(3)(4)(5) 1.39%(3)(4)(5) 2006 14.07 18.50 3,491,007 1.32(4) 1.33(4) 2005 12.14 26.33 3,227,258 1.24 1.24 2004 9.81 20.74 2,705,544 1.26 1.26 2003 8.20 18.91 2,258,034 1.28 1.28 2002 6.93 (15.79) 1,952,763 1.28 1.28 CLASS I 2007* $ 15.01 14.69% $ 16,670 1.64%(3)(4)(5) 1.64%(3)(4)(5) 2006 14.04 18.20 13,401 1.59(4) 1.59(4) 2005 12.12 25.86 7,952 1.49 1.49 2004 9.81 20.54 5,757 1.51 1.51 2003 8.20 18.65 2,061 1.53 1.53 2002(2) 6.93 (22.74) 639 1.53(3) 1.53(3) EMERGING MARKETS EQUITY FUND CLASS A 2007* $ 17.07 17.77% $ 1,497,712 1.97%(3)(5) 1.97%(3)(5) 2006 16.67 16.46 1,336,574 1.96 1.97 2005 15.94 44.68 1,354,502 1.95 1.96 2004 11.10 23.61 1,039,735 1.95 1.95 2003 9.00 37.83 936,560 1.95 1.95 2002 6.53 7.78 739,880 1.95 1.95 INTERNATIONAL FIXED INCOME FUND CLASS A 2007* $ 10.80 1.30% $ 837,250 1.02%(3)(5) 1.02%(3)(5) 2006 10.86 (1.64) 841,903 1.01 1.01 2005 11.72 3.01 880,923 1.00 1.00 2004 12.22 7.43 907,633 1.00 1.00 2003 12.45 17.05 865,698 1.00 1.00 2002 11.00 8.70 878,082 1.00 1.00 EMERGING MARKETS DEBT FUND CLASS A 2007* $ 11.01 8.23% $ 897,200 1.38%(3)(5) 1.38%(3)(5) 2006 11.28 8.68 828,343 1.36 1.36 2005 11.81 19.34 1,143,845 1.35 1.35 2004 10.74 13.97 765,483 1.35 1.35 2003 11.15 49.15 565,237 1.35 1.35 2002 8.12 2.15 422,130 1.35 1.35 - ----------------------------------------------------------------------------------- Ratio of Expenses to Average Ratio of Net Net Assets Investment (Excluding Income Waivers and (Loss) Portfolio Fees Paid to Average Turnover Indirectly)*** Net Assets Rate+ - ----------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND CLASS A 2007* 1.39%(3)(4) 1.00%(3) 89% 2006 1.33(4) 1.85 118 2005 1.24 1.50 80 2004 1.26 1.06 44 2003 1.32 1.12 87 2002 1.29 0.51 70 CLASS I 2007* 1.64%(3)(4) 0.77%(3) 89% 2006 1.59(4) 1.77 118 2005 1.49 1.28 80 2004 1.51 1.06 44 2003 1.57 1.15 87 2002(2) 1.54(3) 0.61(3) 70 EMERGING MARKETS EQUITY FUND CLASS A 2007* 2.05%(3) (0.40)%(3) 41% 2006 2.06 0.65 65 2005 2.05 1.05 69 2004 2.12 0.84 88 2003 2.14 0.71 69 2002 2.14 0.08 109 INTERNATIONAL FIXED INCOME FUND CLASS A 2007* 1.04%(3) 2.97%(3) 148% 2006 1.03 2.61 194 2005 1.04 2.24 145 2004 1.04 2.27 224 2003 1.06 2.60 216 2002 1.07 2.72 339 EMERGING MARKETS DEBT FUND CLASS A 2007* 1.80%(3) 5.31%(3) 46% 2006 1.78 5.03 108 2005 1.79 6.03 85 2004 1.79 5.91 77 2003 1.80 7.98 127 2002 1.79 8.80 140
* For the six month period ended March 31, 2007 (Unaudited). ** Includes Fees Paid Indirectly. *** See Note 3 in Notes to Financial Statements. + 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. (1) Per share net investment income (loss) and net realized and unrealized gains/(losses) calculated using average shares. (2) The International Equity Fund Class I shares were offered beginning January 4, 2002. (3) Annualized. (4) The expense ratio includes interest expense on reverse repurchase agreements. Had this expense been excluded, the ratios for Class A and I shares would have been 1.25% and 1.50%, respectively. (5) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.39%, 1.64%, 1.96%, 1.01%, and 1.36% for the International Equity Fund Class A, the International Equity Fund Class I, the Emerging Markets Equity Fund, the International Fixed Income Fund, and the Emerging Markets Debt Fund, respectively. Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 49 NOTES TO FINANCIAL STATEMENTS (Unaudited) Notes to Financial Statements March 31, 2007 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 operations of the Trust commenced on December 20, 1989. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with five funds: the International Equity Fund, the Tax-Managed International Equity Fund, the Emerging Markets Equity Fund, the International Fixed Income Fund and the Emerging Markets Debt Fund (together the "Funds"). The Trust's prospectuses provide a description of each Fund's investment objectives, policies, and strategies. The Trust is registered to offer Class A shares of each of the Funds and the International Equity Fund is registered to offer Class I shares. As of March 31, 2007, the Tax-Managed International Equity Fund had not yet commenced operations. 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently followed by the Funds. USE OF ESTIMATES -- The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. SECURITY VALUATION -- Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. 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. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker. Securities for which market prices are not "readily available" are valued in accordance with Fair Value Procedures established by the Trust's Board of Trustees (the "Board"). The Trust's Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open; or 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. For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the adviser or sub-adviser of a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it may request that a Committee Meeting be called. In addition, the Funds' administrator monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the administrator, the administrator notifies the adviser or sub-adviser for any Fund holding the relevant securities that such limits have been exceeded. In such event, the adviser or sub-adviser makes the determination whether a Committee Meeting should be called based on the information provided. - -------------------------------------------------------------------------------- 50 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 The International Equity Fund and Emerging Markets Equity Fund also use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by these Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a "confidence interval" which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the International Equity Fund and Emerging Markets Equity Fund will value the non-U.S. securities in their portfolios that exceed the applicable "confidence interval" based upon the adjusted prices provided by the fair valuation vendor. REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase agreements are held by the custodian bank until maturity of the repurchase agreements. Provisions of the repurchase agreements and the Trust's policies require that the market value of the collateral, including accrued interest thereon, is sufficient to cover principal and interest in the event of default by the counterparty. The Funds may also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker's custodian bank in a segregated account until maturity of the repurchase agreement. Tri-party repurchase agreements purchased as collateral for securities on loan are maintained by the applicable securities lending agent (see Note 7). Provisions of the agreements require that the market value of the collateral, including accrued interest thereon, is sufficient to cover principal and interest in the event of default by the counterparty to the repurchase agreement. If the counterparty defaults and the value of the collateral declines, or if the counterparty enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. REVERSE REPURCHASE AGREEMENTS -- The International Equity and Emerging Markets Equity Funds may issue reverse repurchase agreements. A reverse repurchase agreement involves the sale of portfolio assets together with an agreement to repurchase the same assets later at a fixed price. Additional assets are maintained in an account with the broker. The segregated assets may consist of cash, U.S. Government securities, or other liquid securities at least equal in value to the obligations under the reverse repurchase agreements. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund's use of the proceeds under the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the obligation to repurchase the securities. During the six months ended March 31, 2007, the average borrowings outstanding for reverse repurchase agreements was $113,003,896 with a weighted average interest rate of 5.38%. Reverse repurchase agreements outstanding as of March 31, 2007 were as follows: Principal Counterparty, Amount Rate and Value Fund ($ Thousands) Maturity Date ($ Thousands) - -------------------------------------------------------------------------------- International Bear Stearns Equity Fund $64,488 5.39%, Due 10/23/06 $64,488 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 equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity 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 -- The Funds may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions 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 Funds realize 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 Funds 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. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 51 NOTES TO FINANCIAL STATEMENTS (Continued) FUTURES CONTRACTS -- The International Equity Fund, the International Fixed Income Fund and the Emerging Markets Debt Fund utilized futures contracts during the six month period ended March 31, 2007. The Funds' investment in these futures contracts is designed to enable the Funds to more closely approximate the performance of their benchmark indices. Initial margin deposits of cash or securities are made upon entering into futures contracts. 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 related to futures contracts include the possibility that there may not be a liquid market for the contracts, that the changes in the value of the contract may not directly correlate with changes in the value of the underlying securities, and that the counterparty to a contract may default on its obligation to perform. The notional amount presented in the Schedule of Investments in the International Equity Fund, the International Fixed Income Fund and the Emerging Markets Debt Fund represents the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets. Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. EQUITY-LINKED WARRANTS -- The International Equity and Emerging Markets Equity Funds each may invest in equity-linked warrants. The Fund purchases the equity-linked warrants from a broker, who in turn purchases shares in the local market and issues a call warrant hedged on the underlying holding. If the Fund exercises its call and closes its position, the shares are sold and the warrant redeemed with the proceeds. Each warrant represents one share of the underlying stocks, therefore the price, performance and liquidity of the warrant are all directly linked to the underlying stock. The warrants can be redeemed for 100% of the value of the underlying stock, less transaction costs. In addition to the market risk of the underlying holding, the Fund bears additional counterparty risk to the issuing broker. There is currently no active trading market for equity-linked warrants. SWAP AGREEMENTS -- 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. 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 periodic payments by the Fund or counterparty 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, and also take possession of the instrument. Total return swaps allow an investor to benefit from the cash flow without 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 assets versus the accrued income payment based on LIBOR or some other form of indices on the notional amount. In connection with swap agreements, securities 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, to protect the Fund's value from changes in interest rates, or to 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 an unrealized gain or loss in the Statement of Operations. Net payments of interest are recorded as realized gains or losses. Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on 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. In connection with outstanding credit-default swaps as of March 31, 2007, the Emerging Markets Debt Fund has deposits in the amount of $53,962,808 with the counterparty as collateral. - -------------------------------------------------------------------------------- 52 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 STRUCTURED NOTE -- The Emerging Markets Debt Fund (the "Fund") has entered into an agreement with JP Morgan Chase (the "Counterparty") which increases the Fund's exposure to the Brazilian debt and currency markets. The Fund paid to the Counterparty an amount equal to the U.S. Dollar equivalent of the market value of certain Brazilian Government Securities of a par amount disclosed on the Schedule of Investments under the heading "Structured Note" on the effective date of the agreement. In return, the Fund is entitled to receive from the Counterparty an amount in U.S. Dollars determined by the exchange rate between the U.S. Dollar and Brazilian Real on the termination date of the agreement, or, alternatively, under accelerated or early termination provisions (available to the Fund at any time prior to the termination date), either, at the option of the fund: a) specified Brazilian Government Securities of an equal aggregate par amount; or b) an amount of Brazilian Reals determined by the exchange rate and current market value of the reference Brazilian Government Securities (or under limited conditions, an equivalent amount in U.S. Dollars as determined by the exchange rate on the optional termination date). The risks involved with this type of transaction include the risk that the Counterparty will not perform under the terms of the agreement, the risk that a liquid market will not exist for this type of instrument, in which case the value that the Fund would receive in the event of the sale of this instrument could significantly differ from that disclosed on the Schedule of Investments, and risks normally associated with investments made in foreign securities markets as disclosed further in Note 6. OPTIONS WRITTEN/PURCHASED -- The Funds may invest in financial options contracts to add return or to hedge their existing portfolio securities, or securities that the Funds intend to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. When the Fund writes or purchases an option, 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 written or purchased. Premiums received or paid from purchasing or writing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option 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 is that the Funds give up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Funds pay a premium whether or not the option 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 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 could exceed amounts disclosed on the Statement of Assets and Liabilities. Written options transactions entered into during the six month period ended March 31, 2007, are summarized as follows: - -------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND - -------------------------------------------------------------------------------- Number of Premium Contracts ($ Thousands) - -------------------------------------------------------------------------------- Balance at the beginning of year 442 $ 232 Expired (442) (232) - -------------------------------------------------------------------------------- Balance at the end of year -- $ -- - -------------------------------------------------------------------------------- DELAYED DELIVERY TRANSACTIONS -- Funds 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. COLLATERALIZED DEBT OBLIGATIONS -- The Funds may invest in collateralized debt obligations ("CDOs"), which include collateralized loan obligations ("CLOs") and other similarly structured securities. CLOs are a type of asset-backed securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 53 NOTES TO FINANCIAL STATEMENTS (Continued) and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses. For CDOs, the cashflows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CDO trust typically has a higher rating and lower yield than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CDO securities as a class. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Funds as illiquid securities, however an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities (e.g., interest rate risk and default risk), CDOs carry additional risks including, but are not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Funds may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. LOAN PARTICIPATIONS AND BRADY BONDS -- The Emerging Markets Debt Fund (the "Fund") invests 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 ("Assignments"). Participations typically result in the Fund having a contractual relationship only with the Lender, not with the sovereign borrower. 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. ILLIQUID SECURITIES -- A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of the Funds. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed. 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. EXPENSES -- Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Trust are prorated to the Funds on the basis of relative daily net assets. 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. SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are accounted for on the trade date of the security purchase or sale. Costs used in determining net realized capital gains and losses - -------------------------------------------------------------------------------- 54 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 on the sale of investment securities are those of the specific securities sold. Purchase discounts and premiums on securities held by the Funds are accreted and amortized to maturity using the scientific-interest method, which approximates the effective interest method. Dividend income is recognized on the ex-dividend date and interest income is recognized using the accrual method. 3. ADMINISTRATION, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES The Trust and SEI Investments Global Funds Services (formerly SEI Investments Fund Management) (the "Administrator") are parties to an amended and restated Administration and Transfer Agency Agreement dated December 10, 2003 under which the Administrator provides administrative and transfer agency services to the Funds for annual fees, based on the average daily net assets of the respective funds, as presented below: International Equity Fund 0.45% Emerging Markets Equity Fund 0.65% International Fixed Income Fund 0.60% Emerging Markets Debt Fund 0.65% However, the Administrator has voluntarily agreed to waive its fee so that the total annual expenses of each Fund will not exceed certain expense limitations adopted by the Administrator as presented below. In the event that the total annual expenses of a Fund, after reflecting a waiver of all fees by the Administrator, exceed the specific limitation, the Administrator has agreed to bear such excess. Any such waiver is voluntary and may be terminated at any time at the Administrator's sole discretion. At March 31, 2007, there were no such waivers in each Fund. - -------------------------------------------------------------------------------- International Emerging International Emerging Equity Markets Equity Fixed Income Markets Debt Fund Fund Fund Fund - -------------------------------------------------------------------------------- Class A 1.28%* 1.96% 1.01% 1.36% Class I 1.53%* -- -- -- * Effective June 23, 2006 the expense cap excludes interest expense on reverse repurchase agreements. SEI Investments Management Corporation ("SIMC") acts as the Investment Adviser for the Funds under an amended and restated Investment Advisory Agreement dated December 17, 2002 under which SIMC receives annual fees, based on the average daily net assets of the respective funds, as presented below: International Equity Fund 0.505% Emerging Markets Equity Fund 1.050% International Fixed Income Fund 0.150% Emerging Markets Debt Fund 0.850% However, SIMC has also voluntarily agreed to waive its fee so that the total annual expenses of each Fund will not exceed certain expense limitations adopted by the Adviser as presented above. As of May 9, 2007, SIMC has entered into Investment Sub-Advisory Agreements with the following parties: - -------------------------------------------------------------------------------- Investment Sub-Adviser - -------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND AllianceBernstein L.P. AXA Rosenberg Investment Management LLC Capital Guardian Trust Company Fuller & Thaler Asset Management, Inc. McKinley Capital Management, Inc. Quantitative Management Associates LLC Record Currency Management Limited Smith Breeden Associates, Inc. EMERGING MARKETS EQUITY FUND AllianceBernstein L.P. AXA Rosenberg Investment Management LLC Emerging Markets Management, LLC Rexiter Capital Management Limited The Boston Company Asset Management LLC INTERNATIONAL FIXED INCOME FUND AllianceBernstein L.P. BlackRock Financial Management, Inc. Fidelity International Investment Advisors (UK) Limited Record Currency Management Limited EMERGING MARKETS DEBT FUND Ashmore Investment Management Limited ING Investment Management Company Stone Harbor Investment Partners LP Under the investment sub-advisory agreements, each party receives an annual fee, paid by SIMC. SEI Investments Distribution Co. (the "Distributor"), a wholly owned subsidiary of SEI Investments Company ("SEI") and a registered broker-dealer, acts as the Distributor of the shares of the Trust under an amended and restated Distribution Agreement dated September 16, 2002. The Trust has adopted plans under which firms, including - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 55 NOTES TO FINANCIAL STATEMENTS (Continued) the Distributor, that provide shareholder and administrative services may receive compensation therefrom. Such plans provide fees payable to the Distributor equal to the following amounts, calculated as a percentage of the average daily net assets attributable to each particular class of each respective fund. - -------------------------------------------------------------------------------- Shareholder Administrative Servicing Fees Servicing Fees - -------------------------------------------------------------------------------- International Equity Fund Class A 0.25% -- Class I 0.25% 0.25% Emerging Markets Equity Fund Class A 0.25% -- International Fixed Income Fund Class A 0.25% -- Emerging Markets Debt Fund Class A 0.25% -- The Distribution Agreement between the Distributor and the Trust provides that 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. For the six months ended March 31, 2007, the Distributor received no brokerage commissions. Under both the Shareholder Servicing Plans and Administrative Service Plan, the Distributor may retain as profit any difference between the fee it receives and the amount it pays to third parties. However, the Distributor has also voluntarily agreed to waive its fee so that the total annual expenses of each Fund will not exceed certain expense limitations adopted by the Distributor as presented above. For the six months ended March 31, 2007, the Distributor retained 100% of both Shareholder Servicing fees, less the waiver, and Administration Servicing fees. Certain Officers and/or Trustees of the Trust are also Officers and/or Directors of SIMC or the Administrator. Compensation of affiliated Officers and Trustees is paid by SIMC or the Administrator. INVESTMENT IN AFFILIATED REGISTERED INVESTMENT COMPANIES -- For cash management purposes, the Funds may invest in the SEI money market funds. The Funds may also invest the cash collateral from the securities lending program in the SEI Liquidity Fund LP. FEES PAID INDIRECTLY -- The Funds may direct certain fund trades to the Distributor who pays a portion of the Fund's expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, and the effect on the Fund's expense ratio, as a percentage of the Fund's average daily net assets for the six months ended March 31, 2007, can be found on the Statement of Operations and Financial Highlights, respectively. 4. INVESTMENT TRANSACTIONS The cost of security purchases and the proceeds from the sale and maturity of securities, other than short-term investments, during the six months ended March 31, 2007, were as follows: - ------------------------------------------------------------------------------- Purchases Sales ($ Thousands) ($ Thousands) - ------------------------------------------------------------------------------- International Equity Fund US Government $1,404,178 $1,523,464 Other 1,867,061 1,952,764 Emerging Markets Equity Fund US Government -- -- Other 585,536 672,367 International Fixed Income Fund US Government 48,170 21,407 Other 928,298 1,031,503 Emerging Markets Debt Fund US Government 8,127 -- Other 363,618 357,289 5. 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 accounting principles generally accepted in the United States of America. These differences, which may result in distribution reclassifications, are primarily due to foreign currency gains and losses, passive foreign investment companies gains and losses, equalization, and prior year adjustments. These book/tax - -------------------------------------------------------------------------------- 56 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, undistributed net investment income or accumulated net realized gain, as appropriate, in the period that the differences arise. The tax character of dividends and distributions declared during the last two fiscal years was as follows:
- -------------------------------------------------------------------------------------------------- Long-Term Ordinary Income Capital Gain Totals ($ Thousands) ($ Thousands) ($ Thousands) - -------------------------------------------------------------------------------------------------- International Equity Fund 2006 $ 72,034 $ -- $ 72,034 2005 62,889 -- 62,889 Emerging Markets Equity Fund 2006 17,376 118,635 136,011 2005 8,705 -- 8,705 International Fixed Income Fund 2006 36,979 12,221 49,200 2005 70,687 898 71,585 Emerging Markets Debt Fund 2006 89,598 43,287 132,885 2005 51,738 12,766 64,504
As of September 30, 2006, the components of Distributable Earnings/(Accumulated Losses) were as follows:
- -------------------------------------------------------------------------------------------------- Post- Undistributed Undistributed Post- October/ Ordinary Long-Term October Currency Income Capital Gain Losses Losses ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) - -------------------------------------------------------------------------------------------------- International Equity Fund $ 94,736 $ 41,011 $ -- $ -- Emerging Markets Equity Fund 42,544 140,221 -- (808) International Fixed Income Fund 15,309 -- (5,203) (42,556) Emerging Markets Debt Fund 22,930 33,412 -- --
- -------------------------------------------------------------------------------------------------- Total Distributable Other Earnings Unrealized Temporary (Accumulated Appreciation Differences Losses) ($ Thousands) ($ Thousands) ($ Thousands) - -------------------------------------------------------------------------------------------------- International Equity Fund $ 545,148 $ 3,902 $ 684,797 Emerging Markets Equity Fund 288,384 (1) 470,340 International Fixed Income Fund 21,563 (1,836) (12,723) Emerging Markets Debt Fund 62,504 (734) 118,112
Post-October losses represent losses realized on investment or foreign currency transactions from November 1, 2005 through September 30, 2006 that, in accordance with Federal income tax regulations, the Funds defer and treat as having arisen in the following fiscal year. During the year ended September 30, 2006, the International Equity Fund utilized $380,448 ($ Thousands) of capital loss carryforwards to offset realized capital gains. The Federal tax cost, aggregate gross unrealized appreciation and depreciation on total investments at March 31, 2007 for each Fund is as follows:
- -------------------------------------------------------------------------------------------------- Aggregate Aggregate Gross Gross Net Federal Unrealized Unrealized Unrealized Tax Cost Appreciation Depreciation Appreciation ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) - -------------------------------------------------------------------------------------------------- International Equity Fund $ 3,760,311 $ 762,399 $ (21,830) $ 740,569 Emerging Markets Equity Fund 1,163,573 364,635 (16,992) 347,643 International Fixed Income Fund 715,368 10,535 (3,701) 6,834 Emerging Markets Debt Fund 823,421 89,645 (3,074) 86,571
6. CONCENTRATION/RISKS Each Fund invests in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. The International Fixed Income Fund and Emerging Markets Debt Fund invest in debt securities, the market value of which may change in response to interest rate changes. Also, the ability of the issuers of debt securities held by the International Fixed Income Fund and Emerging Markets Debt Fund to meet their obligations may be affected by economic and political developments in a specific country, industry or region. Certain securities held by the Funds are valued on the basis of a price provided by a principal market maker. The prices provided by the principal market makers may differ from the value that would be realized if the securities were sold. At March 31, 2007, the total value of these securities represented approximately 6% of the net assets of the Emerging Markets Debt Fund. Forward foreign currency contracts, futures contracts, and swap agreement contracts involve risk of loss in excess of the amounts recognized in the Statement of Assets and Liabilities to the extent of the contract amounts. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 57 NOTES TO FINANCIAL STATEMENTS (Continued) In the normal course of business, the Funds enter into contracts that provide general indemnifications by the Fund to the counterparty to the contract. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote. 7. SECURITIES LENDING Each 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 Board. These loans may not exceed 331/3% of the total asset value of the Fund (including the loan collateral). No Fund will lend portfolio securities to its investment 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, corporate obligations, asset-backed securities, repurchase agreements or master notes. The value of the collateral is at least equal to the market value of the securities loaned. However, due to market fluctuations, 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 the Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities. Cash collateral received in connection with securities lending is invested in short-term investments by the lending agent. These investments may include repurchase agreements, which are collateralized by United States Treasury and Government Agency securities, high-quality, short-term instruments, such as floating rate notes, commercial paper, and private placements with an average weighted maturity not to exceed 60 days and a maturity date not to exceed 397 days and the SEI Liquidity Fund, L.P. 8. NEW ACCOUNTING PRONOUNCEMENTS In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB interpretation 48 ("FIN 48"), "ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES." This standard defines the threshold for recognizing the benefits of tax-return positions in the financial statements as "more-likely-than-not" to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50 percent likely to be realized. FIN 48 is effective as of the beginning of the first fiscal year beginning after December 15, 2006. At adoption, companies must adjust their financial statements to reflect only those tax positions that are more-likely-than-not to be sustained as of the adoption date. The Fund will not be required to adopt FIN 48 until March 31, 2008. As of March 31, 2007, management is currently evaluating the impact from adopting FIN 48. In September 2006, the Financial Accounting Standards Board (FASB) issued STATEMENT ON FINANCIAL ACCOUNTING STANDARDS (SFAS) NO. 157, "FAIR VALUE MEASUREMENTS." This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of March 31, 2007, the Funds do not believe the adoption of SFAS No. 157 will impact the amounts reported in the financial statements, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements reported in the financial statements for a fiscal period. - -------------------------------------------------------------------------------- 58 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 Disclosure of Fund Expenses (Unaudited) All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. Operating expenses such as these are deducted from the fund's gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund's average net assets; this percentage is known as the fund's expense ratio. The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The table on this page illustrates your fund's costs in two ways: ACTUAL FUND RETURN. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The "Expenses Paid During Period" column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the "Ending Account Value" number is derived from deducting that expense cost from the Fund's gross investment return. You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under "Expenses Paid During Period." HYPOTHETICAL 5% RETURN. This section helps you compare your Fund's costs with those of other mutual funds. It assumes that the fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund's comparative cost by comparing the hypothetical result for your Fund in the "Expense Paid During Period" column with those that appear in the same charts in the shareholder reports for other funds. NOTE: Because the return is set at 5% for comparison purposes -- NOT your Fund's actual return -- the account values shown may not apply to your specific investment.
BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT ANNUALIZED PAID VALUE VALUE EXPENSE DURING 10/1/06 3/31/07 RATIOS PERIOD* - -------------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND - -------------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $1,000.00 $1,147.80 1.39% $ 7.44 Class I $1,000.00 $1,146.90 1.64% $ 8.78 HYPOTHETICAL 5% RETURN Class A $1,000.00 $1,018.00 1.39% $ 6.99 Class I $1,000.00 $1,016.75 1.64% $ 8.25 - -------------------------------------------------------------------------------------- EMERGING MARKETS EQUITY FUND - -------------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $1,000.00 $1,177.70 1.97% $10.70 HYPOTHETICAL 5% RETURN Class A $1,000.00 $1,015.11 1.97% $ 9.90 - --------------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT ANNUALIZED PAID VALUE VALUE EXPENSE DURING 10/1/06 3/31/07 RATIOS PERIOD* - -------------------------------------------------------------------------------------- INTERNATIONAL FIXED INCOME FUND - -------------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $1,000.00 $1,013.00 1.02% $5.12 HYPOTHETICAL 5% RETURN Class A $1,000.00 $1,019.85 1.02% $5.14 - -------------------------------------------------------------------------------------- EMERGING MARKETS DEBT FUND - -------------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $1,000.00 $1,082.30 1.38% $7.16 HYPOTHETICAL 5% RETURN Class A $1,000.00 $1,018.05 1.38% $6.94 - --------------------------------------------------------------------------------------
* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY 182/365 (TO REFLECT THE ONE-HALF YEAR PERIOD SHOWN). - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 59 Board of Trustees Considerations in Approving the Funds' Investment Advisory and Sub-Advisory Agreements (Unaudited) The SEI Institutional International Trust (the "Trust") and SEI Investments Management Corporation ("SIMC") have entered into an investment advisory agreement (the "Advisory Agreement"). Pursuant to the Advisory Agreement, SIMC oversees the investment advisory services provided to the series of the Trust (the "Funds") and may manage the cash portion of the Funds' assets. Pursuant to separate sub-advisory agreements (the "Sub-Advisory Agreements" and, together with the Advisory Agreement, the "Investment Advisory Agreements") with SIMC, and under the supervision of SIMC and the Trust's Board of Trustees (the "Board"), the Sub-Advisers are responsible for the day-to-day investment management of all or a discrete portion of the assets of the Funds. The Sub-Advisers also are responsible for managing their employees who provide services to these Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers' skills and investment results in managing assets for specific asset classes, investment styles and strategies. The Investment Company Act of 1940, as amended (the "1940 Act") requires that the initial approval of, as well as the continuation of, the Funds' Investment Advisory Agreements must be specifically approved: (i) by the vote of the Board of Trustees or by a vote of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or "interested persons" of any party (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval. In connection with their consideration of such approvals, 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 ("SEC") 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 Trust's Board of Trustees calls and holds meetings each year that are dedicated to considering whether to renew the 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. The Board also receives extensive data provided by third parties. This information is 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 Fund counsel and independent counsel to the Independent Trustees 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 session outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers. Specifically, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (a) the quality of SIMC's and the Sub-Advisers' investment management and other services; (b) SIMC's and the Sub-Advisers' investment management personnel; (c) SIMC's and the Sub-Advisers' operations and financial condition; (d) SIMC's and the Sub-Advisers' brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that SIMC and the Sub-Advisers charge the Funds compared with the fees each charge to comparable mutual funds; (f) the Funds' overall fees and operating expenses compared with similar mutual funds; (g) the level of SIMC's and the Sub-Advisers' prof- - -------------------------------------------------------------------------------- 60 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 itability from their Fund-related operations; (h) SIMC's and the Sub-Advisers' compliance systems; (i) SIMC's and the Sub-Advisers' policies on and compliance procedures for personal securities transactions; (j) SIMC's and the Sub-Advisers' reputation, expertise and resources in domestic and/or international financial markets; and (k) the Funds' performance compared with similar mutual funds. At the June 22, 2006, September 20, 2006, December 8, 2006 and March 14, 2007 meetings of the Board of Trustees, the Trustees, including a majority of the Independent Trustees, approved the Investment Advisory Agreements and approved the selection of SIMC and the Sub-Advisers to act in their respective capacities for the Funds. The Board's approval was based on its consideration and evaluation of a variety of specific factors discussed at the meetings and at prior meetings, including: o the nature, extent and quality of the services provided to the Funds under the Investment Advisory Agreements, including the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds; o the Funds' investment performance and how it compared to that of other comparable mutual funds; o the Funds' expenses under each Investment Advisory Agreement and how those expenses compared to those of other comparable mutual funds; o the profitability of SIMC and the Sub-Advisers and their affiliates with respect to the Funds, including both direct and indirect benefits accruing to SIMC and the Sub-Advisers and their affiliates; and o the extent to which economies of scale would be realized as the Funds grow and whether fee levels in the Investment Advisory Agreements reflect those economies of scale for the benefit of Fund investors. NATURE, EXTENT AND QUALITY OF SERVICES. The Board of Trustees 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 the Sub-Advisers' 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 supported renewal of the Investment Advisory Agreements. FUND PERFORMANCE. The Board of Trustees considered Fund performance in determining whether to renew the Investment Advisory Agreements. Specifically, the Trustees considered the Funds' performance relative to their peer groups and appropriate indices/benchmarks, in light of total return, yield and market trends. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In evaluating performance, the Trustees considered both market risk and shareholder risk expectations for the Funds. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds supported renewal of the Investment Advisory Agreements. FUND EXPENSES. With respect to the Funds' expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds' net operating expense ratio in comparison to those of other comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in the Funds' respective peer groups. Finally, the Trustees considered the effects of SIMC's voluntary waiver of management and other fees and the Sub-Advisers' fees to prevent total Fund expenses from exceeding a specified cap and that SIMC and the Sub-Advisers, through waivers, have maintained the Funds' net operating expenses at competitive levels for their respective distribution channels. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 61 Board of Trustees Considerations in Approving the Funds' Investment Advisory and Sub-Advisory Agreements (Unaudited) PROFITABILITY. With regard to profitability, the Trustees considered all compensation flowing to SIMC and the Sub-Adviser and their affiliates, directly or indirectly. The Trustees considered whether the varied levels of compensation and profitability under the Investment Advisory Agreements and other service agreements were reasonable and justified in light of the quality of all services rendered to the Funds by SIMC and the Sub-Advisers and their affiliates. When considering the profitability of the Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC, and not by the Funds directly, and such compensation with respect to any Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of SIMC and the Sub-Advisers are reasonable and supported renewal of the Investment Advisory Agreements. ECONOMIES OF SCALE. The Trustees considered the existence of any economies of scale and whether those 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. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, unanimously approved the continuation 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 their deliberations, the Trustees did not identify any particular information that was all-important or controlling. - -------------------------------------------------------------------------------- 62 SEI Institutional International Trust / Semi-Annual Report / March 31, 2007 Notes Notes Notes Notes Notes Notes SEI INSTITUTIONAL INTERNATIONAL TRUST SEMI-ANNUAL REPORT MARCH 31, 2007 Robert A. Nesher, CHAIRMAN TRUSTEES William M. Doran F. Wendell Gooch James M. Storey George J. Sullivan, Jr. Rosemarie B. Greco Nina Lesavoy James M. Williams OFFICERS Robert A. Nesher PRESIDENT AND CHIEF EXECUTIVE OFFICER Stephen F. Panner CONTROLLER AND CHIEF FINANCIAL OFFICER Russell Emery CHIEF COMPLIANCE OFFICER Timothy D. Barto VICE PRESIDENT, SECRETARY Sofia A. Rosala VICE PRESIDENT, ASSISTANT SECRETARY James Ndiaye VICE PRESIDENT, ASSISTANT SECRETARY Michael T. Pang VICE PRESIDENT, ASSISTANT SECRETARY John J. McCue VICE PRESIDENT Nicole Welch ANTI-MONEY LAUNDERING COMPLIANCE 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 KMPG 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 SEI Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal. FOR MORE INFORMATION CALL 1 800 DIAL SEI (1 800 342 5734) [LOGO] SEI New ways. New answers.(R) SEI Investments Distribution Co. Oaks, PA 19456 1.800.DIAL.SEI (1.800.342.5734) SEI-F-031 (3/07) ITEM 2. CODE OF ETHICS. Not applicable for semi-annual report. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable for semi-annual report. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable for semi-annual report. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to open-end management investment companies. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to open-end management investment companies. 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 to open-end management investment companies. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. The Trust has a standing Nominating Committee (the "Committee") currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Trust's Board of Trustees (the "Board"). Pursuant to the Committee's Charter, adopted on June 18, 2004, 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 Trust's office. ITEM 11. CONTROLS AND PROCEDURES. (a) The certifying officers, whose certifications are included herewith, have evaluated the registrant's disclosure controls and procedures within 90 days of the filing date of this report. Based on their evaluation, the certifying officers have concluded that the registrant's disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. (b) There were no significant changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. ITEMS 12. EXHIBITS. (a)(1) Not applicable for semi-annual report. (a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith. (b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit. - -------------------------------------------------------------------------------- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) SEI Institutional International Trust By (Signature and Title)* /s/ Robert A. Nesher ------------------------------------- Robert A Nesher, President & CEO Date: June 4, 2007 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 (Signature and Title)* /s/ Robert A. Nesher ------------------------------------- Robert A Nesher, President & CEO Date: June 4, 2007 By (Signature and Title)* /s/ Stephen F. Panner ------------------------------------- Stephen F Panner, Controller & CFO Date: June 4, 2007 * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 sitsar302cert_rn.txt SIT SAR 302 CERT_RN CERTIFICATION Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Robert A. Nesher, certify that: 1. I have reviewed this report on Form N-CSR of SEI Institutional International Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 4, 2007 /s/ Robert A. Nesher - ------------------------------ Robert A. Nesher President & CEO EX-99.CERT 3 sitsar302cert_sp.txt SIT SAR 302 CERT_SP CERTIFICATION Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Stephen F. Panner, certify that: 1. I have reviewed this report on Form N-CSR of SEI Institutional International Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 4, 2007 /s/ Stephen F. Panner - -------------------------------- Stephen F. Panner Controller & CFO EX-99.906CERT 4 sitsar906cert_rn.txt SIT SAR 906 CERT_RN CERTIFICATION Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 The undersigned, the Chief Executive Officer of SEI Institutional International Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended March 31, 2007 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge: 1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund. Dated: June 4, 2007 /s/ Robert A. Nesher ---------------------------------- Robert A. Nesher EX-99.906CERT 5 sitsar906cert_sp.txt SIT SAR 906 CERT_SP CERTIFICATION Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 The undersigned, the Controller & CFO of SEI Institutional International Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended March 31, 2007 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge: 1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund. Dated: June 4, 2007 /s/ Stephen F. Panner ---------------------------------- Stephen F. Panner -----END PRIVACY-ENHANCED MESSAGE-----