-----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, To7bPFV/nzptwYpDZl59Rq3VIW0hC09Njh10XefKcJwHAug5Ts1FOIJf18HNucEO a09fI5viYWWUvaJmYeBjQA== 0000935069-08-001390.txt : 20080605 0000935069-08-001390.hdr.sgml : 20080605 20080605083431 ACCESSION NUMBER: 0000935069-08-001390 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080605 DATE AS OF CHANGE: 20080605 EFFECTIVENESS DATE: 20080605 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: 08881977 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 sitsarcomb3_08.txt SEI INSTITUTIONAL INTERNATIONAL TRUST SAR COMB 3_08 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, 2008 DATE OF REPORTING PERIOD: MARCH 31, 2008 ITEM 1. REPORTS TO STOCKHOLDERS. [LOGO] SEI New ways. New answers.(R) - -------------------------------------------------------------------------------- SEI Institutional International Trust - -------------------------------------------------------------------------------- Semi-Annual Report as of March 31, 2008 - -------------------------------------------------------------------------------- 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 52 - -------------------------------------------------------------------------------- Statements of Operations 53 - -------------------------------------------------------------------------------- Statements of Changes in Net Assets 54 - -------------------------------------------------------------------------------- Financial Highlights 56 - -------------------------------------------------------------------------------- Notes to Financial Statements 57 - -------------------------------------------------------------------------------- Disclosure of Fund Expenses 66 - -------------------------------------------------------------------------------- Board of Trustees Considerations in Approving the Funds' Investment Advisory and Sub-Advisory Agreements 67 - -------------------------------------------------------------------------------- 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, 2008 - -------------------------------------------------------------------------------- SECTOR WEIGHTINGS+: [THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] Financials 17.0% Mortgage-Backed Securities 12.2% Materials 11.9% Industrials 9.6% Energy 8.3% Consumer Discretionary 7.2% Consumer Staples 6.2% Telecommunication Services 5.8% Short-Term Investments 5.2% Information Technology 4.7% Utilities 4.5% Healthcare 3.8% Commercial Paper 1.7% Asset-Backed Securities 0.8% U.S. Government Agency Securities 0.6% U.S. Treasury Obligations 0.5% Purchased Option 0.0% Exchange Traded Fund 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 -- 86.7% AUSTRALIA -- 3.9% AGL Energy 53,551 $ 540 Amcor 214,383 1,399 Ansell 15,551 165 Australia & New Zealand Banking Group 91,500 1,883 Australian Infrastructure Fund 633,100 1,572 Babcock & Brown 47,234 635 Beach Petroleum 55,100 64 Bendigo and Adelaide Bank 17,084 186 BHP Billiton 609,303 19,918 BlueScope Steel 101,300 913 Brambles 322,422 2,937 Centro Properties Group+ 47,339 13 Challenger Financial Services Group 332,430 552 Coca-Cola Amatil 105,200 816 Commonwealth Bank of Australia 70,300 2,683 Computershare 31,738 253 CSL 53,214 1,793 Dominion Mining 2,000 6 Downer EDI 208,759 1,193 Felix Resources 4,107 46 Flight Centre 190,900 3,691 Fortescue Metals Group* 142,800 849 Foster's Group 471,300 2,203 Goodman Fielder 709,197 1,165 Incitec Pivot 6,300 812 Independence Group 2,500 18 ING Industrial Fund+ 601,551 1,170 Leighton Holdings 120,571 4,711 MacArthur Coal 29,500 352 Macquarie Airports (B) 1,922,995 5,670 Macquarie Group 31,810 1,534 Macquarie Infrastructure Group (B) 1,735,384 4,404 Mincor Resources 23,200 65 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Mirvac Group+ 191,104 $ 701 Mount Gibson Iron* 50,700 133 National Australia Bank 168,721 4,644 Newcrest Mining 343,890 10,475 Nufarm 16,000 250 OneSteel 102,121 596 Orica 28,200 750 Origin Energy 121,000 1,012 Pacific Brands 944,664 1,742 Portman 8,400 95 Qantas Airways 630,979 2,264 QBE Insurance Group 47,153 956 Rio Tinto 41,290 4,617 Sally Malay Mining 37,500 179 Santos 325,000 4,302 Seven Network 189,700 1,645 Sims Group 20,700 561 Telstra - Installment Receipts 1,611,400 4,133 Telstra 810,178 3,254 Toll Holdings 136,213 1,246 Wesfarmers 29,780 1,090 Westfield Group+ 62,300 1,012 Westpac Banking 131,171 2,844 Woodside Petroleum 81,800 4,070 Woolworths 320,571 8,486 WorleyParsons 60,146 1,838 Zinifex 173,395 1,580 -------------- 128,686 -------------- AUSTRIA -- 0.6% Bwin Interactive Entertainment (B)* 35,500 1,172 IMMOFINANZ 21,482 234 OMV 140,000 9,286 Raiffeisen International Bank Holding 12,801 1,752 Schoeller-Bleckmann Oilfield Equipment 6,700 599 Telekom Austria 67,900 1,408 Verbund - Oesterreichische Elektrizitaetswirtschafts, Cl A 4,339 310 Voestalpine 79,375 5,534 Wienerberger 14,500 774 -------------- 21,069 -------------- BELGIUM -- 1.2% Belgacom 31,286 1,390 Delhaize Group* 22,500 1,777 Dexia 110,759 3,168 Fortis 447,215 11,310 Fortis (Netherlands Line) 146,910 3,711 Gimv 24,800 1,876 InBev 21,443 1,894 KBC Groep 23,634 3,076 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 1 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Solvay (B) 15,134 $ 1,938 UCB 6,910 241 Umicore 173,280 9,050 -------------- 39,431 -------------- BERMUDA -- 0.0% SeaDrill 35,083 942 -------------- BRAZIL -- 0.2% Banco do Brasil 312,000 4,125 Gerdau ADR 19,375 592 Uniao de Bancos Brasileiros GDR 13,800 1,610 -------------- 6,327 -------------- CANADA -- 3.0% Barrick Gold 269,800 11,723 Cameco (B) 47,700 1,573 Canadian Imperial Bank of Commerce (B) 32,100 2,068 Canadian Natural Resources 75,400 5,164 Eastern Platinum* 1,146,650 3,621 EnCana 65,200 4,969 EnCana (CAD) 132,750 10,056 Fairfax Financial Holdings (B) 2,700 786 Gildan Activewear 31,000 1,170 HudBay Minerals 49,200 782 Inmet Mining (B) 25,400 1,857 Methanex 76,300 2,008 Nexen 1 -- Petro-Canada 60,600 2,641 Potash Saskatchewan (B) 100,000 15,545 Research In Motion 88,230 9,902 Research In Motion (CAD) 12,000 1,351 Rogers Communications, Cl B 170,930 6,150 Royal Bank of Canada (B) 59,200 2,766 Shoppers Drug Mart (B) 24,500 1,240 Silver Wheaton* 254,400 3,951 Sun Life Financial 40,400 1,889 Suncor Energy 27,000 2,611 Teck Cominco, Cl B 116,500 4,779 -------------- 98,602 -------------- CHINA -- 0.5% Alibaba.com* 121,500 252 Belle International Holdings 80,000 83 China Life Insurance 1,462,900 5,028 China Petroleum & Chemical 2,176,000 1,862 China Shenhua Energy, Cl H 240,000 959 Focus Media Holding ADR* 72,600 2,552 Industrial & Commercial Bank of China, Cl H 794,000 553 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- New World Department Store China 2,681,100 $ 3,118 Tencent Holdings 91,000 518 -------------- 14,925 -------------- CYPRUS -- 0.0% Marfin Popular Bank 118,720 971 -------------- CZECH REPUBLIC -- 0.2% CEZ 82,350 6,315 -------------- DENMARK -- 1.0% A P Moller - Maersk, Cl A 340 3,778 A P Moller - Maersk, Cl B (B) 85 952 Carlsberg, Cl B 19,821 2,544 D/S Norden 7,400 825 Danisco 16,450 1,206 Danske Bank 65,412 2,422 East Asiatic 12,588 1,105 FLSmidth 6,500 646 Jyske Bank* 8,850 596 Novo Nordisk, Cl B (B) 72,750 4,993 Sydbank 5,978 218 Vestas Wind Systems 137,757 15,104 -------------- 34,389 -------------- FINLAND -- 1.5% Konecranes 29,905 1,156 Metso 27,000 1,463 Neste Oil 27,999 982 Nokia 1,010,417 32,085 Nokian Renkaat 3,289 141 OKO Bank, Cl A 89,252 1,687 Outokumpu 47,239 2,157 Rautaruukki 41,582 2,014 Sampo, Cl A 53,100 1,443 Stora Enso, Cl R 165,200 1,914 UPM-Kymmene 160,525 2,862 Wartsila, Cl B 38,141 2,584 -------------- 50,488 -------------- FRANCE -- 7.9% Accor 13,317 976 Air France-KLM (B) 35,770 1,011 Air Liquide 8,122 1,243 Alstom 21,267 4,628 April Group 10,600 531 Arkema 47,266 2,653 Atos Origin* 600 34 AXA 183,427 6,682 BNP Paribas 229,627 23,247 Bouygues 128,657 8,204 - -------------------------------------------------------------------------------- 2 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Cap Gemini 39,556 $ 2,261 Carbone Lorraine 7,600 461 Carrefour 95,800 7,419 Casino Guichard Perrachon 13,699 1,648 Christian Dior 6,400 711 Cie de Saint-Gobain 82,948 6,789 Cie Generale de Geophysique-Veritas* 30,145 7,532 Ciments Francais 7,040 1,176 CNP Assurances (B) 15,423 1,908 Compagnie Generale des Etablissements Michelin, Cl B 89,100 9,335 Credit Agricole (B) 211,472 6,568 Dassault Systemes 19,662 1,146 Electricite de France 12,800 1,118 Eramet 636 515 France Telecom 533,656 18,011 Gaz de France 22,216 1,346 Groupe Danone 51,614 4,632 Haulotte Group 7,366 168 L'Oreal 56,225 7,167 Lafarge 38,094 6,649 Lagardere S.C.A. 68,313 5,127 Natixis 1,869 30 Nexans 4,400 521 PagesJaunes Groupe 29,500 527 Pernod-Ricard 23,500 2,426 Peugeot* 113,648 8,844 PPR 2,943 438 Publicis Groupe 17,797 682 Renault 155,159 17,235 Rhodia 33,900 794 Sanofi-Aventis 262,574 19,771 Sanofi-Aventis (Germany Line) 2,125 159 Schneider Electric 27,153 3,526 SCOR 46,789 1,121 Sequana Capital 334 9 Societe Generale 119,284 11,723 Suez 84,936 5,595 Thales (B) 21,316 1,385 Thomson 55,802 389 Total 445,663 33,219 Valeo* 7,779 310 Vallourec 4,859 1,184 Veolia Environnement 55,726 3,899 Vilmorin & Cie 900 157 Vivendi 110,587 4,337 Wendel* 9,448 1,190 -------------- 260,367 -------------- GERMANY -- 9.2% Allianz 139,331 27,703 Altana (B) 22,800 483 BASF 211,196 28,549 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Bayer 270,896 $ 21,789 Bayerische Motoren Werke 11,648 646 Bilfinger Berger 4,880 422 Commerzbank 187,942 5,897 Continental 20,500 2,098 Daimler 331,027 28,403 Deutsche Bank 124,815 14,181 Deutsche Beteiligungs 53,100 1,356 Deutsche Boerse 41,927 6,778 Deutsche Lufthansa (B) 327,342 8,885 Deutsche Post 57,176 1,753 Deutsche Telekom 313,931 5,248 E.ON 220,979 41,059 Fresenius Medical Care 183,650 9,269 Gildemeister (B) 109,900 2,776 Hannover Rueckversicherung 11,866 621 HeidelbergCement 1,215 210 Heidelberger Druckmaschinen 9,200 248 Henkel 56,759 2,418 Hochtief 14,200 1,305 Hypo Real Estate Holding 75,226 1,962 Infineon Technologies* 435,000 3,067 KarstadtQuelle 10,909 219 KSB 239 162 Lanxess 15,500 625 MAN 17,843 2,379 MTU Aero Engines Holding 1,613 68 Muenchener Rueckversicherungs 112,012 21,987 MVV Energie 1,364 67 Rheinmetall 1,003 71 RWE 143,014 17,644 Salzgitter 22,129 3,864 SAP 17,024 849 SGL Carbon (B)* 102,500 6,497 Siemens 107,515 11,695 Suedzucker (B) 69,900 1,556 ThyssenKrupp 174,377 10,014 Volkswagen 30,359 8,834 Wincor Nixdorf 11,374 914 -------------- 304,571 -------------- GREECE -- 0.3% Agricultural Bank of Greece 10,310 47 Alpha Bank 43,033 1,432 Coca Cola Hellenic Bottling 78,120 3,652 Hellenic Telecommunications Organization 66,000 1,880 Public Power 49,274 2,163 -------------- 9,174 -------------- HONG KONG -- 2.8% Allied Properties 78,000 16 Bank of East Asia 275,600 1,379 BOC Hong Kong Holdings 513,000 1,235 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 3 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Cheung Kong Holdings 137,000 $ 1,945 China Mobile 923,400 13,739 China Netcom Group 575,000 1,655 China Overseas Land & Investment 246,000 454 CLP Holdings 207,000 1,704 Emperor International Holdings 133,000 53 Esprit Holdings 138,600 1,663 Great Eagle Holdings 492,400 1,335 Guoco Group 155,300 1,520 Hang Lung Group 116,100 548 Hang Lung Properties 137,000 485 Hang Seng Bank 85,200 1,542 Henderson Land Development 99,000 703 HKR International 256,000 174 Hong Kong & China Gas 387,200 1,164 Hong Kong Exchanges and Clearing 210,600 3,615 Hongkong & Shanghai Hotels 836,400 1,373 HongKong Electric Holdings 379,700 2,398 Hongkong Land Holdings 1,902,500 7,857 Hopewell Holdings 775,300 2,944 Hutchison Telecommunications International 478,500 682 Hutchison Whampoa 68,000 644 Jardine Matheson Holdings 48,000 1,516 Jardine Strategic Holdings 94,300 1,586 Kowloon Development 3,000 6 Li & Fung 308,000 1,142 Miramar Hotel & Investment 6,000 9 New World China Land 854,800 543 New World Development 1,228,200 2,976 Orient Overseas International 938,600 5,493 Pacific Century Premium Developments 540,000 196 SEA Holdings 38,000 25 Shun Tak Holdings 3,430,700 4,540 Singamas Container Holdings 3,501,800 972 Sino Land 68,200 147 Sinolink Worldwide Holdings 1,140,000 173 Solomon Systech International 7,507,800 434 SRE Group 782,000 138 Sun Hung Kai 1,650,800 1,565 Sun Hung Kai Properties 468,500 7,308 Swire Pacific, Cl A 153,500 1,732 Tian An China Investment 2,223,700 1,952 Transport International Holdings 10,400 51 Truly International Holdings 16,000 19 Wharf Holdings 1,655,700 7,797 Wheelock 198,200 555 Wing Hang Bank 13,500 205 Wing On International 22,000 37 -------------- 91,944 -------------- - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- INDIA -- 0.2% Reliance Industries GDR (F) 55,770 $ 6,333 -------------- IRELAND -- 0.3% Allied Irish Banks 59,500 1,273 Anglo Irish Bank 73,498 990 CRH 160,010 6,105 Dragon Oil 34,191 304 Irish Life & Permanent 79,500 1,560 Total Produce 67,294 65 -------------- 10,297 -------------- ISRAEL -- 0.4% Teva Pharmaceutical Industries Sponsored ADR 247,470 11,431 -------------- ITALY -- 2.1% A2A 617,852 2,279 Banco Popolare Scarl 18,559 309 Buzzi Unicem 82,580 2,062 Danieli 40,500 1,467 Edison 2,424 6 Enel 652,077 6,943 ENI 783,046 26,801 Fiat 319,708 7,422 Fondiaria-Sai 13,500 561 IFIL - Investments 116,582 944 Intesa Sanpaolo 519,991 3,679 Iride 32,921 105 Italcementi 117,192 2,301 MARR 56,200 635 Saipem 67,500 2,742 Telecom Italia 1,866,541 3,919 Telecom Italia RNC 1,400,598 2,328 UniCredito Italiano 598,421 4,020 -------------- 68,523 -------------- JAPAN -- 15.9% 77 Bank 46,000 258 Acom 7,290 194 Aeon 429,500 5,126 Aichi 6,500 48 Aichi Bank 1,200 88 Aida Engineering 6,000 38 Aioi Insurance 90,000 498 Aisin Seiki 137,300 5,131 Ajinomoto 75,000 761 Akita Bank 18,000 82 Alps Electric 11,400 112 Amada 168,400 1,276 AOC Holdings 106,800 967 - -------------------------------------------------------------------------------- 4 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Aoyama Trading 59,700 $ 1,290 Aozora Bank 38,000 113 Asahi Breweries 53,600 1,107 Asahi Glass 87,000 961 Asahi Kasei 118,000 616 Astellas Pharma 50,900 1,974 Atsugi 1,400,700 1,646 Autobacs Seven (B) 50,700 1,388 Bank of Ikeda 2,300 62 Bank of Kyoto 204,100 2,485 Bank of Nagoya 27,000 165 Bank of Okinawa 1,900 69 Bank of the Ryukyus (B) 106,200 947 Belluna 5,200 44 Benesse 6,400 302 Bosch 41,000 167 Bridgestone 76,000 1,296 Canon 105,048 4,844 Cawachi 3,000 78 Central Glass 17,000 66 Central Japan Railway 247 2,556 Chiba Kogyo Bank* 4,300 59 Chudenko 1,800 28 Circle K Sunkus 14,200 242 Citizen Holdings (B) 139,000 1,177 CKD 5,700 38 CMK 71,800 726 Coca-Cola West Holdings 39,800 960 COMSYS Holdings 17,000 148 Corona 1,200 13 Cosmo Oil (B) 873,400 2,747 Credit Saison 67,200 1,877 Dai Nippon Printing 22,000 351 Daihen 12,000 43 Dainippon Ink and Chemicals 268,000 835 Dainippon Screen Manufacturing 25,000 105 Dainippon Sumitomo Pharma 19,000 174 Daishi Bank 46,000 178 Daiwa House Industry 148,000 1,468 Denki Kagaku Kogyo 103,000 325 Denso 17,900 579 Dowa Mining 4,000 24 East Japan Railway 193 1,607 Eighteenth Bank 19,000 70 Eizo Nanao 800 15 Elpida Memory* 65,500 2,185 FamilyMart 11,700 420 Fanuc 39,000 3,714 Fast Retailing 20,900 1,846 FCC 900 11 Fuji Electric Holdings 96,000 391 Fuji Heavy Industries (B) 91,000 381 Fuji Machine Manufacturing 2,400 50 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- FUJIFILM Holdings 100,600 $ 3,568 Fujitsu 600,000 3,930 Fukuda Denshi 300 7 Fukuoka Financial Group 83,000 433 Fukuyama Transporting (B) 218,000 802 Futaba 800 14 Futaba Industrial 3,600 81 Gunma Bank (B) 471,500 3,377 Gunze 263,700 1,113 Hachijuni Bank 47,000 299 Hankyu Hanshin Holdings 172,000 745 Heiwa 17,000 162 HI-LEX 1,600 22 Higashi-Nippon Bank 19,000 65 Higo Bank 21,000 121 Hitachi 1,018,000 6,044 Hitachi Cable 54,000 201 Hitachi Chemical 4,200 79 Hitachi Construction Machinery 20,500 514 Hitachi Koki 10,200 130 Hitachi Maxell 11,100 115 Hitachi Metals 48,000 708 Hokkaido Electric Power 23,300 542 Hokuetsu Bank 18,000 42 Honda Motor 316,100 9,035 HOYA 120,900 2,842 Hyakugo Bank 29,000 172 Hyakujushi Bank 27,000 143 Idemitsu Kosan 15,200 1,177 Inpex Holdings 386 4,305 Isetan 11,100 129 Isuzu Motors 546,000 2,732 ITOCHU 714,000 7,059 Japan Aviation Electronics Industry 6,000 44 Japan Petroleum Exploration 7,600 504 Japan Steel Works 680,450 11,615 Japan Tobacco 2,034 10,197 JFE Holdings 182,400 8,100 JGC 72,000 1,101 Joshin Denki (B) 86,500 894 JS Group 24,300 365 Kagawa Bank 8,000 50 Kagoshima Bank 3,000 22 Kamigumi* 23,000 182 Kaneka 39,000 244 Kansai Electric Power 167,300 4,168 Kansai Paint 24,000 156 Kanto Tsukuba Bank 94,400 511 Kawasaki Heavy Industries (B) 175,000 390 Kawasaki Kisen Kaisha (B) 190,000 1,850 KDDI 28 171 Keisei Electric Railway 40,000 215 Keyence 13,200 3,040 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 5 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Kirin Holdings 80,000 $ 1,515 KK DaVinci Advisors* 804 616 Kobe Steel 437,000 1,247 Komatsu 36,100 1,003 Komori 44,300 921 Kubota 65,000 404 Kuraray 56,000 668 Kyoei Steel 3,000 81 Kyorin 9,000 117 Kyowa Hakko Kogyo 39,000 373 Kyushu Electric Power 172,900 4,230 Leopalace21 29,300 474 Mabuchi Motor 3,300 159 Maeda 2,000 6 Makita 26,200 824 Marubeni 385,000 2,808 Matsushita Electric Industrial 498,700 10,822 Mazda Motor 149,000 528 Millea Holdings 152,400 5,635 Minato Bank 4,000 8 Minebea 18,000 105 Mitsubishi 713,500 21,577 Mitsubishi Chemical Holdings 375,500 2,486 Mitsubishi Electric 212,000 1,836 Mitsubishi Gas Chemical 285,000 2,030 Mitsubishi Heavy Industries 340,000 1,455 Mitsubishi Materials 371,400 1,616 Mitsubishi Paper Mills 874,200 1,871 Mitsubishi Rayon 69,000 221 Mitsubishi Tanabe Pharma 42,000 490 Mitsubishi UFJ Financial Group (I) 1,941,920 16,779 Mitsui 622,000 12,623 Mitsui Chemicals 719,000 4,768 Mitsui Mining & Smelting 68,000 213 Mitsui OSK Lines 728,000 8,813 Mitsui Sumitomo Insurance 183,700 1,859 Mitsui Trust Holdings 223,000 1,351 Miyazaki Bank 13,000 54 Mizuho Financial Group (B) 901 3,304 Mori Seiki X 8,200 147 Murata Manufacturing 42,500 2,114 N E Chemcat 1,000 18 Nafco 4,200 59 Namco Bandai Holdings 155,700 2,112 Nanto Bank 17,000 80 NEC 264,000 1,008 NGK Spark Plug 11,000 143 NHK Spring 24,000 170 Nichicon (B) 87,500 687 Nidec (B) 12,400 764 Nikon (B) 75,000 2,001 Nintendo (B) 53,575 27,666 Nippo 210,200 1,191 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Nippon Beet Sugar Manufacturing 403,000 $ 883 Nippon Electric Glass 75,500 1,169 Nippon Konpo Unyu Soko 163,200 2,241 Nippon Light Metal (B) 57,000 86 Nippon Metal Industry 16,000 51 Nippon Mining Holdings 138,500 735 Nippon Oil 387,000 2,418 Nippon Sheet Glass 199,000 882 Nippon Shokubai 82,000 545 Nippon Soda* 14,000 45 Nippon Steel 1,493,500 7,577 Nippon Telegraph & Telephone 2,865 12,377 Nippon Thompson 7,000 43 Nippon Yusen 364,000 3,423 Nishi-Nippon City Bank 75,000 197 Nishimatsu Construction Ltd 24,000 52 Nissan Motor 978,300 8,099 Nissay Dowa General Insurance 34,000 175 Nisshin Oillio Group 22,000 86 Nisshin Steel 286,000 991 Nisshinbo Industries (B) 164,500 1,530 Nitto Kogyo 4,100 51 NOK 6,500 133 Nomura Holdings 310,500 4,648 NSK 23,000 174 NTT Data 58 254 NTT DoCoMo 2,089 3,169 Oiles 900 19 Oki Electric Industry 878,000 1,694 Okinawa Cellular Telephone 10 19 Okinawa Electric Power 200 8 Omron 58,200 1,196 ORIX 70,200 9,592 Osaka Gas 429,000 1,715 Pacific Metals 17,000 165 Plenus 4,200 54 Ricoh 116,000 1,909 Riso Kagaku 1,400 17 Rohm 14,700 911 Roland 2,200 43 Saizeriya 4,500 43 Sakai Chemical Industry 6,000 21 San-In Godo Bank 18,000 144 Sankyo 7,100 422 Sanwa Holdings 133,000 579 Sapporo Hokuyo Holdings 47 328 Seiko Epson 23,600 637 Seino Holdings (B) 56,000 365 Sekisui House 61,000 565 Senshukai 3,900 32 SFCG 10,730 1,147 Sharp (B) 311,000 5,293 Shiga Bank 2,000 14 - -------------------------------------------------------------------------------- 6 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Shin-Etsu Chemical 18,600 $ 962 Shin-Etsu Polymer 1,400 8 Shinsei Bank 68,000 225 Showa 7,600 68 Showa Denko 115,000 388 Showa Shell Sekiyu 150,000 1,519 Sintokogio 4,200 35 Sky Perfect Jsat 34 14 SMC (B) 28,200 2,978 Softbank (B) 616,800 11,198 Sojitz 168,700 559 Sompo Japan Insurance 83,000 734 Sony 43,900 1,751 Sony Financial Holdings 230 931 Sumitomo 415,200 5,477 Sumitomo Chemical 738,200 4,732 Sumitomo Electric Industries 121,180 1,536 Sumitomo Heavy Industries 45,000 291 Sumitomo Metal Industries 279,000 1,060 Sumitomo Metal Mining (B) 128,000 2,385 Sumitomo Mitsui Financial Group 2,658 17,518 Sumitomo Rubber Industries 28,000 215 Suzuken 19,300 795 Suzuki Motor (B) 125,500 3,171 T&D Holdings 22,400 1,175 Taisho Pharmaceutical 62,000 1,231 Takata 6,500 144 Takeda Pharmaceutical 52,000 2,607 Takefuji 52,230 1,107 Takeuchi Manufacturing 1,400 29 Teijin 111,000 468 Terumo 6,800 355 Toagosei 391,200 1,607 Tochigi Bank 8,000 49 Toda (B) 219,000 902 Tokai Rika 43,400 1,136 Tokuyama 32,000 232 Tokyo Electric Power 235,900 6,316 Tokyo Electron 20,500 1,248 Tokyo Gas 227,000 919 Tokyo Style 1,000 10 Tokyu Land 26,000 163 Toppan Printing 182,000 2,114 Topre 4,600 41 Topy Industries 27,000 76 Toshiba 1,437,000 9,615 Toshiba TEC 15,000 91 Tosoh 135,000 465 Toyo Seikan Kaisha 124,800 2,374 Toyoda Gosei 29,100 1,096 Toyota Boshoku 10,100 303 Toyota Industries 49,900 1,775 Toyota Motor 345,400 17,247 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Toyota Tsusho 29,000 $ 616 Trend Micro 91,500 3,594 TV Asahi 11 16 Unicharm 24,300 1,780 UNY 95,000 911 West Japan Railway 160 704 Yachiyo Bank 15 63 Yahoo! Japan 8,432 4,388 Yakult Honsha 17,800 553 Yamada Denki (B) 25,370 2,192 Yamaguchi Financial Group 6,000 68 Yamaha 10,400 199 Yamaha Motor 38,800 715 Yamanashi Chuo Bank 17,000 103 Yamato Holdings 229,800 3,371 Yamato Kogyo 22,000 889 Yodogawa Steel Works 10,000 49 Yokogawa Bridge Holdings 139,700 591 Yokogawa Electric 28,900 290 Yokohama Rubber (B) 218,600 1,048 Zeon 26,000 117 -------------- 522,787 -------------- JERSEY -- 0.0% Meinl European Land* 2,504 29 -------------- LUXEMBOURG -- 1.0% ArcelorMittal (B) 386,820 31,804 Oriflame Cosmetics SDR 9,083 604 SES Global FDR (Paris Exchange) 74,390 1,592 -------------- 34,000 -------------- MEXICO -- 0.5% America Movil ADR, Ser L 246,000 15,668 Cemex ADR* 33,400 872 Telefonos de Mexico ADR, Ser L 14,600 549 Wal-Mart de Mexico, Ser V 108,600 457 -------------- 17,546 -------------- NETHERLANDS -- 4.6% Aegon 164,353 2,427 Akzo Nobel 163,712 13,183 Boskalis Westminster 11,507 665 Corporate Express 148,500 1,734 CSM* 1,593 55 European Aeronautic Defense and Space (B)* 86,958 2,068 Heineken 40,631 2,369 Heineken Holding 22,062 1,113 ING Groep 716,400 26,926 Koninklijke Ahold 367,411 5,473 Koninklijke BAM Groep 22,933 543 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 7 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Koninklijke DSM 98,392 $ 4,763 Koninklijke Philips Electronics 41,071 1,577 Nutreco Holding 6,000 463 Royal Dutch Shell, Cl A 552,295 19,131 Royal Dutch Shell, Cl A (GBP) 369,283 12,749 Royal Dutch Shell, Cl B 788,842 26,591 Royal KPN 202,132 3,427 Smit Internationale 15,600 1,594 SNS Reaal 18,850 384 TNT 5,600 209 TomTom* 11,705 486 Unilever 576,213 19,420 Vedior 171,600 5,003 -------------- 152,353 -------------- NEW ZEALAND -- 0.1% Air New Zealand 1,047,300 1,062 Fletcher Building 209,300 1,381 Infratil 344,700 577 Telecom of New Zealand 169,552 498 Warehouse Group 12,100 56 -------------- 3,574 -------------- NORWAY -- 1.1% Aker Kvaerner ASA 31,875 728 DnB 499,564 7,599 Fred Olsen Energy ASA 383 22 Norsk Hydro 567,200 8,282 Orkla 183,500 2,329 Petroleum Geo-Services 50,446 1,251 StatoilHydro 346,500 10,405 Telenor 162,800 3,123 Yara International 25,807 1,495 -------------- 35,234 -------------- PAPUA NEW GUINEA -- 0.0% Oil Search 17,800 79 -------------- POLAND -- 0.0% Polski Koncern Naftowy Orlen 59,300 1,057 -------------- PORTUGAL -- 0.3% Banco Espirito Santo 19,616 342 Energias de Portugal 402,600 2,450 Jeronimo Martins 481,200 3,881 Portugal Telecom 128,570 1,499 Sonae* 347,035 641 Sonae Industria* 28,740 200 -------------- 9,013 -------------- - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- RUSSIA -- 0.4% Gazprom OAO ADR 215,560 $ 10,994 LUKOIL Sponsored ADR 14,250 1,218 Uralkali GDR* 16,500 676 -------------- 12,888 -------------- SINGAPORE -- 0.9% Allgreen Properties 37,000 33 DBS Group Holdings 124,000 1,620 Fraser and Neave 13,000 46 Ho Bee Investment 197,000 133 Hong Leong Finance 326,100 906 Hotel Plaza 12,000 16 Jardine Cycle & Carriage 159,349 2,259 K1 Ventures 162,000 23 Keppel 146,000 1,049 Kim Eng Holdings 853,500 1,263 Mapletree Logistics Trust+ 1,573,700 1,136 Metro Holdings 104,000 53 NatSteel 36,000 40 Neptune Orient Lines 177,000 417 SembCorp Industries 47,000 139 Singapore Airlines 177,140 2,005 Singapore Land 8,000 39 Singapore Petroleum 1,231,400 6,040 Singapore Press Holdings 116,000 387 Singapore Technologies Engineering 284,000 697 Singapore Telecommunications 2,072,750 5,881 SP Chemicals 202,500 75 Straits Trading* 2,000 10 United Industrial 10,000 20 United Overseas Bank 62,000 861 UOB-Kay Hian Holdings 140,000 199 Venture 2,000 15 Wheelock Properties S 1,211,400 1,740 Wilmar International 834,000 2,530 Yanlord Land Group 223,000 345 -------------- 29,977 -------------- SOUTH AFRICA -- 0.4% Sanlam 745,380 1,752 Sasol 201,867 9,652 Standard Bank Group 72,623 788 -------------- 12,192 -------------- SOUTH KOREA -- 0.5% Daelim Industrial 35,280 4,507 Honam Petrochemical 23,600 1,923 Hynix Semiconductor* 32,400 911 Hyundai Mobis 16,270 1,268 Industrial Bank of Korea 49,730 733 - -------------------------------------------------------------------------------- 8 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Kookmin Bank 18,900 $ 1,057 POSCO 2,700 1,298 Samsung Electronics 3,157 1,986 Samsung Electronics GDR 9,218 2,878 -------------- 16,561 -------------- SPAIN -- 3.0% Acciona 1,051 283 Acerinox 8,421 234 ACS Actividades Construccion y Servicios 27,850 1,592 Banco Bilbao Vizcaya Argentaria 464,903 10,276 Banco Santander 1,182,322 23,643 Cementos Portland Valderrivas 4,280 417 Fomento de Construcciones y Contratas 12,000 793 Gas Natural SDG 173,550 10,775 Gestevision Telecinco (B) 37,018 756 Iberdrola 578,956 9,009 Iberdrola Renovables* 173,911 1,215 Iberia Lineas Aereas de Espana 94,643 414 Inditex (B) 28,630 1,596 Mapfre (B) 205,577 1,036 Obrascon Huarte Lain 12,080 450 Repsol 513,281 17,779 Sol Melia 34,000 480 Telefonica (B) 570,054 16,440 Union Fenosa 30,734 2,073 -------------- 99,261 -------------- SWEDEN -- 1.4% Alfa Laval 9,911 603 Assa Abloy, Cl B 96,500 1,753 Atlas Copco, Cl A 60,600 1,037 Boliden 62,031 662 Electrolux, Ser B (B) 137,200 2,256 Hennes & Mauritz, Cl B 8,000 492 Hexagon 16,780 342 Investor, Cl B 71,000 1,601 NCC 3,610 105 Skandinaviska Enskilda Banken, Cl A 96,046 2,519 SKF, Cl B 18,457 372 Ssab Svenskt Stal, Cl B 23,237 598 Ssab Svenskt Stal, Ser A (B) 22,251 627 Svenska Cellulosa 8,821 162 Svenska Cellulosa, Cl B 235,840 4,305 Svenska Handelsbanken, Cl A 29,388 857 Swedbank, Cl A 62,857 1,765 Swedish Match 305,035 6,661 Tele2, Cl B 224,330 4,246 Telefonaktiebolaget LM Ericsson ADR 3,600 71 Telefonaktiebolaget LM Ericsson, Cl B 831,000 1,634 TeliaSonera (B) 282,400 2,272 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Trelleborg, Cl B 41,026 $ 820 Volvo, Cl B 381,400 5,789 Vostok Gas* 61,900 4,494 Wihlborgs Fastigheter 12,528 287 -------------- 46,330 -------------- SWITZERLAND -- 6.8% ABB 568,632 15,328 Adecco 30,300 1,757 Baloise Holding 7,782 777 BKW FMB Energie 610 78 Bobst Group 1,843 143 Bucher Industries 2,362 642 Ciba Specialty Chemicals (B) 22,381 820 Clariant* 42,000 360 Compagnie Financiere Richemont, Cl A 208,584 11,747 Credit Suisse Group (B) 319,437 16,326 Elektrizitaets-Gesellschaft Laufenburg 39 51 Forbo Holding (B) 102 54 Givaudan (B) 855 849 Helvetia Holding 957 362 Holcim 89,341 9,421 Inficon Holding 9,400 1,502 Kuoni Reisen Holding 253 141 Lindt & Spruengli 116 387 Lonza Group (B) 3,210 427 Nestle 87,918 44,112 Nobel Biocare Holding (B) 6,863 1,603 Novartis 331,450 17,058 Rieter Holding 1,156 444 Roche Holding 128,777 24,335 Schweizerische National-Versicherungs-Gesellschaft 246 203 STMicroelectronics 62,038 661 STMicroelectronics (Foreign) 41,653 445 Swatch Group 23,823 1,228 Swiss Life Holding 9,394 2,622 Swiss Reinsurance 225,631 19,790 Swisscom 8,178 2,813 Syngenta 50,924 14,983 UBS 159,510 4,654 Xstrata 190,939 13,385 Zurich Financial Services (B) 41,357 13,078 -------------- 222,586 -------------- TAIWAN -- 0.3% Asustek Computer 114,000 334 AU Optronics 714 1 Compal Electronics 1,290,783 1,238 High Tech Computer GDR* 24,050 2,163 Siliconware Precision Industries 342,628 575 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 9 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Taiwan Semiconductor Manufacturing* 1,028,200 $ 2,136 Taiwan Semiconductor Manufacturing ADR* 328,313 3,372 United Microelectronics (I) 1,627,186 1,002 -------------- 10,821 -------------- THAILAND -- 0.1% PTT (Foreign) 199,200 1,999 Total Access Communication 16,000 20 -------------- 2,019 -------------- UNITED KINGDOM -- 14.0% 3i Group 99,494 1,641 Alliance & Leicester 207,534 2,139 Amec 685,200 9,853 Anglo American 255,668 15,387 Antofagasta 76,638 1,068 ARM Holdings 132,800 232 Associated British Foods 251,900 4,381 AstraZeneca 220,345 8,251 Atkins WS 5,158 108 Autonomy* 302,680 5,526 Aviva 912,828 11,203 BAE Systems 3,294,184 31,771 Balfour Beatty 34,352 322 Barclays 1,335,220 12,022 Barratt Developments 123,767 1,017 BG Group* 189,413 4,393 BHP Billiton 755,466 22,447 BP 2,681,916 27,291 British Airways* 62,598 291 British American Tobacco 396,605 14,906 British Energy Group 408,424 5,297 British Land+ 198,218 3,615 BT Group 443,036 1,913 Cairn Energy* 15,400 867 Centrica 1,110,528 6,583 Charter 64,232 1,085 Chaucer Holdings 583,000 1,162 Cookson Group 48,673 642 Daily Mail & General Trust 46,144 396 Dana Petroleum* 6,586 165 Diageo 555,865 11,225 Enterprise Inns 63,596 507 Firstgroup 8,261 93 Friends Provident 164,297 404 GlaxoSmithKline 876,883 18,578 Hays 187,816 426 HBOS 1,071,302 11,924 Hiscox 13,478 64 Home Retail Group 517,684 2,688 HSBC Holdings 1,277,445 21,073 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- IMI 76,000 $ 687 Imperial Tobacco Group 162,544 7,489 Investec 43,903 295 ITV 791,460 996 Kazakhmys 62,160 1,973 Legal & General Group 846,960 2,128 Lloyds TSB Group 225,038 2,017 LogicaCMG 163,053 343 London Stock Exchange Group 206,860 4,967 Man Group 56,901 627 Marks & Spencer Group 97,400 750 Mitchells & Butlers (B) 246,790 1,682 Mondi 122,704 1,019 National Grid 553,440 7,606 Next 48,462 1,097 Old Mutual 1,640,932 3,604 Premier Foods 366,400 817 Prudential 290,740 3,846 Punch Taverns 266,800 2,858 QinetiQ 55,007 211 Reckitt Benckiser Group 59,762 3,315 Reuters Group 101,100 1,165 Rio Tinto 211,825 22,031 Royal & Sun Alliance Insurance Group 1,463,268 3,743 Royal Bank of Scotland Group 2,812,860 18,854 SABMiller 384,500 8,437 Scottish & Southern Energy 95,542 2,666 Severn Trent 47,100 1,328 Smith & Nephew 851,650 11,282 St. Ives Group 121,100 585 Stagecoach Group 156,650 753 Standard Chartered 111,622 3,820 Standard Life 18,628 91 Stolt-Nielsen 4,700 98 Tate & Lyle 10,881 117 Taylor Wimpey 1,077,022 4,014 Tesco 879,663 6,626 Thomas Cook Group 102,295 590 Trinity Mirror 263,400 1,544 TUI Travel 84,265 432 Unilever 75,348 2,544 United Utilities 234,036 3,212 Vedanta Resources 14,700 612 Vodafone Group 18,279,068 54,822 Yell Group 347,356 1,063 -------------- 461,712 -------------- UNITED STATES -- 0.1% Lenovo Group 6,068,000 3,898 -------------- Total Common Stock (Cost $2,603,305) ($ Thousands) 2,858,702 -------------- - -------------------------------------------------------------------------------- 10 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- MORTGAGE-BACKED SECURITIES -- 13.4% UNITED STATES -- 13.4% Adjustable Rate Mortgage Trust, Ser 2005-5, Cl 1A1 (D) 5.108%, 04/01/08 1,399 $ 1,311 American Home Mortgage Investment Trust, Ser 2004-3, Cl 3A (D) 6.595%, 04/01/08 1,487 1,424 American Home Mortgage Investment Trust, Ser 2005-1, Cl 4A1 (D) 4.992%, 04/01/08 403 291 American Home Mortgage Investment Trust, Ser 2005-1, Cl 6A (D) 5.294%, 04/25/08 12,763 9,903 American Home Mortgage Investment Trust, Ser 2005-4, Cl 5A (D) 5.350%, 04/25/08 8,864 7,528 American Home Mortgage Investment Trust, Ser 2006-1, Cl 2A3 (D) 5.100%, 04/25/08 4,469 3,756 Banc of America Commercial Mortgage, Ser 2006-2, Cl A1 (D) 5.611%, 05/10/45 2,191 2,212 Banc of America Funding, Ser 2006-A, Cl 2A2 (D) 5.622%, 04/01/08 446 425 Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-7, Cl 1A1 (D) 6.447%, 04/01/08 684 631 Bear Stearns Alt-A Trust, Ser 2004-12, Cl 2A2 (D) 6.957%, 04/01/08 1,774 1,637 Countrywide Alternative Loan Trust, Ser 2004-33, Cl 1A1 (D) 6.742%, 04/01/08 1,083 997 Countrywide Alternative Loan Trust, Ser 2005-69, Cl M3 (D) 3.748%, 04/27/08 800 296 Countrywide Alternative Loan Trust, Ser 2005-IM1, Cl M3 (D) (J) 4.598%, 04/27/08 1,221 183 Countrywide Alternative Loan Trust, Ser 2006-0A11, Cl M3 (D) 3.028%, 04/30/08 1,700 644 Countrywide Home Loans, Ser 2004-22, Cl A1 (D) 5.093%, 04/01/08 1,735 1,639 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Countrywide Home Loans, Ser 2006-HYB2, Cl 1A1 (D) 4.994%, 04/20/08 4,807 $ 4,205 Countrywide Home Loans, Ser 2007-HYB1, Cl 1A1 (D) 5.563%, 04/01/08 2,045 1,930 DLSA Mortgage Loan Trust, Ser 2006-AR1, Cl M4 (D) 3.298%, 04/19/08 760 504 DSLA Mortgage Loan Trust, Ser 2004-AR4, Cl B1 (D) 3.158%, 04/19/08 937 865 DSLA Mortgage Loan Trust, Ser 2006-AR1, Cl M5 (D) 3.368%, 04/19/08 490 245 DSLA Mortgage Loan Trust, Ser 2006-AR1, Cl M7 (D) 4.308%, 04/19/08 490 157 Deutsche Alternatives Securities Mortgage Loan Trust, Ser 2006-AB3, Cl A1 (D) 6.250%, 06/30/36 2,706 2,739 FHLMC 6.000%, 07/01/21 to 10/01/21 58 60 FHLMC 15 Year TBA 6.000%, 04/01/16 to 07/01/21 29,010 29,836 FHLMC ARM 5.804%, 01/01/37 20,955 21,309 FHLMC CMO STRIPS, Ser 232, Cl IO, IO (E) 5.000%, 08/01/35 24,486 5,320 FHLMC CMO STRIPS, Ser 233, Cl 12, IO (E) 5.000%, 09/15/35 4,492 926 FHLMC CMO STRIPS, Ser 233, Cl 4, IO (E) 4.500%, 09/15/35 1,516 369 FHLMC CMO STRIPS, Ser 245, Cl IO, IO 5.000%, 05/15/37 2,861 640 FNMA 6.500%, 04/30/37 31,000 32,104 4.343%, 04/01/08 (E) 2,700 2,671 FNMA 15 Year TBA 6.000%, 04/30/20 150,000 156,399 5.500%, 04/30/22 9,000 9,186 5.000%, 04/30/20 56,000 56,525 FNMA 30 Year TBA 6.000%, 04/30/37 1,000 1,024 FNMA CMO STRIPS, Ser 10, Cl FD (E) 2.948%, 04/25/08 4,160 4,157 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 11 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- FNMA CMO STRIPS, Ser 359, Cl 6, IO (E) 5.000%, 11/01/35 2,144 $ 446 FNMA CMO STRIPS, Ser 360, Cl 2, IO (E) 5.000%, 08/01/35 24,077 5,231 FNMA CMO STRIPS, Ser 365, Cl 2, IO (E) 5.000%, 03/01/36 1,656 373 First Horizon Alternative Mortgage Trust, Ser 2005-AA3, Cl 3A1 (D) 5.348%, 04/01/08 909 919 First Horizon Alternative Mortgage Trust, Ser 2006-AA6, Cl 2A1 (D) 5.633%, 04/01/08 10,727 8,135 First Horizon Mortgage Pass-Through Trust, Ser 2006-AR3, Cl 1A1 (D) 5.672%, 04/01/08 2,687 2,564 GNMA ARM 6.500%, 04/30/08 1,215 1,241 6.375%, 04/01/08 1,183 1,210 5.500%, 06/20/34 748 760 5.250%, 01/20/30 342 349 5.000%, 02/20/33 637 649 4.500%, 07/20/34 807 815 4.000%, 07/20/35 647 650 3.750%, 02/20/34 5,860 5,870 GNMA ARM (H) 6.375%, 06/20/33 154 157 6.000%, 02/20/35 146 149 5.625%, 08/20/34 743 746 5.500%, 03/20/36 689 698 5.000%, 04/20/35 to 02/20/36 4,070 4,084 4.375%, 06/20/33 1,029 1,048 GS Mortgage Securities, Ser 2007-GG10, Cl A4 (D) 5.799%, 04/01/08 500 499 Greenpoint Mortgage Funding Trust, Ser 2006-AR1, Cl M3 (D) 3.705%, 04/27/08 1,246 311 Indymac Mortgage Loan Trust, Ser 2004-AR11, Cl 4A1 (D) 5.782%, 04/01/08 5,049 3,741 Indymac Mortgage Loan Trust, Ser 2004-AR6, Cl 1A (D) 7.407%, 04/01/08 172 174 JPMorgan Chase Commercial Mortgage, Ser 2006-CB17, Cl A4 5.429%, 12/12/43 700 686 Lehman Mortgage Trust, Ser 2006-4, Cl 4A1 6.000%, 08/25/21 8,788 8,167 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Trust, Ser 2003-HE1, Cl M2 (D) 4.249%, 04/25/08 156 $ 99 Merrill Lynch Mortgage Investors Trust, Ser 2005-A4, Cl 1A (D) 5.765%, 04/01/08 403 395 MLCC Mortgage Investors, Ser 2006-1, Cl 1A1 (D) 5.299%, 04/01/08 5,158 4,987 Master Adjustable Rate Mortgages, Ser 2005-2, Cl 3A1 (D) 6.220%, 04/01/08 1,959 1,834 Nomura Asset Acceptance, Ser 2004-R1, Cl A1 (F) 6.500%, 03/25/34 1,365 1,386 Nomura Asset Acceptance, Ser 2004-R2, Cl A1 (D) (F) 6.500%, 10/25/34 1,475 1,527 Residential Accredit Loans, Ser 2005-Q05, Cl M3 (D) 3.398%, 04/25/08 1,292 607 Residential Accredit Loans, Ser 2005-QA3, Cl NB2 (D) 5.238%, 04/25/08 4,617 4,671 Residential Accredit Loans, Ser 2006-Q01, Cl 2A3 (D) 2.998%, 04/27/08 527 260 Residential Asset Securitization Trust, Ser 2004-IP2, Cl 3A1 (D) 5.246%, 04/25/08 4,079 4,119 Structured Adjustable Rate Mortgage Loan, Ser 2005-16 XS, Cl M2 (D) 3.498%, 04/25/08 775 257 Washington Mutual Mortgage Pass-Through Certificates, Ser 2007-HY2, Cl 1A1 (D) 5.776%, 04/25/37 894 640 Washington Mutual Mortgage Pass-Through Certificates, Ser 2007-HY4, Cl 1A1 (D) 5.550%, 04/01/08 6,981 6,584 Washington Mutual Mortgage Pass-Through Certificates, Ser 2007-HY6, Cl HY6 (D) 5.707%, 06/25/37 2,669 2,521 Wells Fargo Mortgage Backed Securities Trust, Ser 2004-I, Cl B1 (D) 6.526%, 04/01/08 231 231 -------------- Total Mortgage-Backed Securities (Cost $459,302) ($ Thousands) 443,838 -------------- - -------------------------------------------------------------------------------- 12 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- ASSET-BACKED SECURITIES -- 0.9% UNITED STATES -- 0.9% ACE Securities, Ser 2003-NC1, Cl M (D) 3.379%, 04/25/08 2,100 $ 1,410 ACE Securities, Ser 2003-OP1, Cl M1 (D) 3.299%, 04/26/08 800 599 Aames Mortgage Investment Trust, Ser 2005-4, Cl B2 (D) (J) 5.349%, 04/12/08 360 38 Aegis Asset Backed Securities Trust, Ser 2003-3, Cl M1 (D) 3.299%, 04/25/08 105 84 Ameriquest Mortgage Securities, Ser 2003-2, Cl M1 (D) 3.949%, 04/25/08 1,402 1,226 Argent Securities, Ser 2003-W5, Cl M1 (D) 3.299%, 04/25/08 600 500 Argent Securities, Ser 2003-W9, Cl M1 (D) 3.289%, 04/26/08 1,201 936 Asset-Backed Securities Home Equity Loan Trust, Ser 2003-HE5, Cl M1 (D) 3.871%, 04/15/08 1,642 1,392 Countrywide Asset-Backed Certificates, Ser 2003-5, Cl MV2 (D) 4.199%, 04/25/08 899 699 Countrywide Asset-Backed Certificates, Ser 2005-15, Cl 1AF1 (D) 2.739%, 04/25/08 435 435 Credit Suisse Asset-Backed Mortgage Trust, Ser 2006-1, Cl A1B (D) 3.596%, 04/26/08 869 856 GSAA Home Equity NIM Trust, Ser 2006-2, Cl 2A1 (D) 3.235%, 04/27/08 3,005 2,950 GSAA Home Equity NIM Trust, Ser 2006-HE3N, Cl N1 (F) (J) 5.500%, 05/25/36 220 2 Heat Equity Asset Trust NIM, Ser 2006-1N, Cl A (F) (J) 6.500%, 05/27/36 216 7 Home Equity Asset Trust, Ser 2003-4, Cl M2 (D) 4.999%, 04/25/08 1,060 819 Lehman XS Trust, Ser 2005-5N, Cl M4 (D) (J) 4.349%, 04/30/08 1,850 370 Lehman XS Trust, Ser 2005-7N, Cl M71 (D) (J) 4.349%, 04/27/08 1,075 215 Master Asset-Backed Securities Trust, Ser 2003-WMC2, Cl M1 (D) 3.649%, 04/27/08 482 406 - -------------------------------------------------------------------------------- Face Amount Market Value Description ($ Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Master Asset-Backed Securities Trust, Ser 2006-AB1, Cl A1 (D) 2.739%, 04/27/08 3,664 $ 3,584 Morgan Stanley Capital I, Ser 2003-NC8, Cl M1 (D) 3.649%, 04/27/08 2,000 1,512 Option One Mortgage Loan Trust, Ser 2003-5, Cl M1 (D) 3.249%, 04/23/08 584 470 Option One Mortgage Loan Trust, Ser 2006-1, Cl M11 (D) (F) (J) 5.099%, 04/27/08 500 22 Residential Asset Mortgage Products, Ser 2003-RS11, Cl MII1 (D) 3.694%, 04/25/08 188 175 Resmae Mortgage Loan Trust, Ser 2006-1, Cl A2A (D) (F) 2.699%, 04/25/08 2,004 1,939 Resmae Mortgage Loan Trust, Ser 2006-1, Cl A2B (D) (F) 2.749%, 04/25/08 5,355 4,673 SB Finance NIM Trust, Ser 2006-KS4N, Cl N1 (F) (J) 7.500%, 06/25/36 225 97 Structured Asset Investment Loan Trust, Ser 2003-BC4, Cl M2 (D) 5.599%, 04/25/08 641 483 Structured Asset Investment Loan Trust, Ser 2005-1, Cl A4 (D) (F) 2.829%, 04/25/08 55 54 Terwin Mortgage Trust, Ser 2006-5, Cl 1A2A (D) (F) 2.689%, 04/26/08 5,561 3,893 Terwin Mortgage Trust, Ser 2006-6, Cl 2A1 (D) (J) 4.500%, 06/25/36 1,050 96 -------------- Total Asset-Backed Securities (Cost $39,923) ($ Thousands) 29,942 -------------- U.S. GOVERNMENT AGENCY OBLIGATIONS -- 0.7% FHLMC (G) 2.214%, 06/27/08 1,925 1,915 2.094%, 07/11/08 300 298 1.808%, 06/13/08 175 174 FNMA (G) 4.392%, 04/16/08 400 400 4.281%, 05/09/08 2,225 2,220 2.950%, 05/07/08 18,275 18,242 2.080%, 09/24/08 125 124 -------------- Total U.S. Government Agency Obligations (Cost $23,324) ($ Thousands) 23,373 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 13 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands)(1)/Contracts ($ Thousands) - -------------------------------------------------------------------------------- PREFERRED STOCK -- 0.4% AUSTRALIA -- 0.0% News* 44,855 $ 824 -------------- BRAZIL -- 0.2% Banco Bradesco 153,400 4,277 Usinas Siderurgicas de Minas Gerais, Cl A 49,200 2,764 -------------- 7,041 -------------- GERMANY -- 0.0% Porsche* 5,620 1,035 Volkswagen* 1,344 224 -------------- 1,259 -------------- ITALY -- 0.1% Istituto Finanziario Industriale* 47,881 1,323 -------------- SOUTH KOREA -- 0.1% Samsung Electronics* 2,900 1,306 -------------- Total Preferred Stock (Cost $10,534) ($ Thousands) 11,753 -------------- CORPORATE OBLIGATIONS -- 0.1% UNITED STATES -- 0.1% Discover Financial Services (F) 6.450%, 06/12/17 335 289 Shinsei Finance Cayman (D) (F) 6.418%, 01/29/49 1,740 1,153 Washington Mutual Preferred Funding (D) (F) 6.534%, 03/29/49 1,900 1,001 -------------- Total Corporate Obligations (Cost $3,974) ($ Thousands) 2,443 -------------- PURCHASED OPTION -- 0.0% UNITED STATES -- 0.0% July 2008 U.S. Ten Year Treasury Call, Expires 06/16/08, Strike Price $95* 93 635 -------------- Total Purchased Option (Cost $39) ($ Thousands) 635 -------------- EXCHANGE TRADED FUND -- 0.0% UNITED STATES -- 0.0% iShares MSCI EAFE Index Fund* 600 43 -------------- Total Exchange Traded Fund (Cost $42) ($ Thousands) 43 -------------- - -------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- CASH EQUIVALENTS**++ -- 5.8% SEI Daily Income Trust, Prime Obligation Fund, Cl A, 3.190% 1,431,606 $ 1,432 SEI Liquidity Fund, LP, 3.200% (C) 189,720,693 189,721 -------------- Total Cash Equivalents (Cost $191,153) ($ Thousands) 191,153 -------------- COMMERCIAL PAPER -- 1.8% UNITED STATES -- 1.8% AIG 2.851%, 04/03/08 9,225 9,223 American Express 2.445%, 04/17/08 9,000 8,990 Mitsubishi Funding 2.323%, 04/15/08 5,000 4,995 Mitsubishi International 2.530%, 04/11/08 8,000 7,994 Prudential 2.363%, 04/08/08 10,000 9,995 Rabobank USA 2.490%, 04/01/08 8,000 7,999 Sumitomo Corporation of America 2.575%, 04/22/08 11,775 11,756 -------------- Total Commercial Paper (Cost $60,952) ($ Thousands) 60,952 -------------- U.S. TREASURY OBLIGATIONS (E) -- 0.5% U.S. Treasury Bills (A) 1.127%, 05/22/08 5,409 5,399 0.731%, 06/19/08 675 673 U.S. Treasury Inflationary Index Notes 3.000%, 07/15/12 2,816 3,156 2.375%, 04/15/11 6,782 7,286 -------------- Total U.S. Treasury Obligations (Cost $16,228) ($ Thousands) 16,514 -------------- Total Investments -- 110.3% (Cost $3,408,776) ($ Thousands) $ 3,639,348 ============== - -------------------------------------------------------------------------------- 14 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 A summary of the outstanding forward foreign currency contracts held by the Fund at March 31, 2008, is as follows: - -------------------------------------------------------------------------------- UNREALIZED CURRENCY CURRENCY APPRECIATION MATURITY TO DELIVER TO RECEIVE (DEPRECIATION) DATE (THOUSANDS) (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- 4/21/08 AUD 20,301 GBP 9,367 $ 105 4/21/08 CAD 109,831 USD 111,092 4,071 4/21/08 EUR 7,300 SEK 68,940 58 4/21/08 EUR 8,934 USD 14,059 (87) 4/21/08 GBP 11,468 AUD 24,995 (3) 4/21/08 HKD 502,887 USD 64,730 70 4/21/08 MXP 172,605 USD 16,068 (74) 4/21/08 NOK 14,644 USD 2,859 (19) 4/21/08 NZD 754 USD 611 20 4/21/08 SEK 89,570 EUR 9,518 (22) 4/21/08 USD 73,152 AUD 79,515 (754) 4/21/08 USD 12,461 CAD 12,450 (329) 4/21/08 USD 3,310 DKK 15,707 25 4/21/08 USD 8,301 HKD 64,418 (18) 4/21/08 USD 3,942 NOK 20,243 36 4/21/08 USD 629 NZD 791 (9) 4/21/08 USD 34,563 SEK 207,785 450 4/21/08 USD 4,968 SGD 6,852 9 4/21/08 ZAR 101,635 USD 12,549 97 4/21/08-5/22/08 CHF 26,100 USD 22,958 (3,441) 4/21/08-5/22/08 USD 73,716 CHF 76,141 3,294 4/21/08-5/22/08 USD 115,523 JPY 11,532,801 545 4/21/08-8/21/08 AUD 40,925 JPY 3,817,000 1,514 4/21/08-8/21/08 CHF 48,000 NZD 56,488 (4,601) 4/21/08-8/21/08 GBP 35,632 JPY 7,574,000 6,081 4/21/08-8/21/08 NZD 58,006 CHF 48,000 3,421 4/21/08-9/19/08 JPY 4,192,000 AUD 43,800 (2,770) 4/21/08-9/19/08 JPY 8,324,000 GBP 38,874 (7,335) 4/21/08-9/19/08 USD 158,539 EUR 100,819 1,035 4/21/08-9/19/08 USD 250,361 GBP 125,087 (2,204) 5/22/08 JPY 2,535,000 USD 23,309 (2,241) 5/22/08-8/21/08 CHF 50,900 GBP 23,927 (4,295) 5/22/08-8/21/08 GBP 24,179 CHF 50,900 3,798 6/20/08-7/21/08 CHF 68,400 EUR 42,552 (2,060) 6/20/08-7/21/08 EUR 42,808 CHF 68,400 1,657 6/20/08-8/21/08 EUR 37,606 JPY 5,796,000 (630) 6/20/08-9/19/08 JPY 8,190,000 EUR 52,510 (149) 9/19/08 GBP 3,863 USD 7,600 30 --------- $ (4,725) ========= A summary of the open futures contracts held by the Fund at March 31, 2008, is as follows: - -------------------------------------------------------------------------------- UNREALIZED NUMBER OF APPRECIATION TYPE OF CONTRACTS EXPIRATION (DEPRECIATION) CONTRACT LONG (SHORT) DATE ($ THOUSANDS) - -------------------------------------------------------------------------------- 10-Year Swap (471) Jun-2008 $ (1,808) 90-Day Euro$ 278 Jun-2008 882 90-Day Euro$ 169 Sep-2008 117 90-Day Euro$ 35 Dec-2008 13 90-Day Euro$ (239) Dec-2008 (1,683) 90-Day Euro$ 201 Mar-2009 137 90-Day Euro$ 302 Jun-2009 425 90-Day Euro$ 153 Jun-2009 938 90-Day Euro$ 475 Sep-2009 1,449 90-Day Euro$ 150 Dec-2009 (26) 90-Day Euro$ (45) Mar-2010 (223) 90-Day Euro$ (289) Jun-2010 (1,209) 90-Day Euro$ (128) Jun-2010 (618) 90-Day Euro$ (110) Sep-2010 (475) 90-Day Euro$ (2) Dec-2010 (3) 90-Day Euro$ (91) Dec-2010 (359) 90-Day Euro$ (2) Mar-2011 (3) 90-Day Euro$ (44) Mar-2011 (166) 90-Day Euro$ 62 Jun-2011 152 90-Day Euro$ 16 Jun-2011 44 90-Day Euro$ 66 Sep-2011 156 90-Day Euro$ 19 Sep-2011 40 90-Day Euro$ 30 Dec-2011 72 90-Day Euro$ 30 Mar-2012 69 90-Day Euro$ 17 Jun-2012 35 90-Day Euro$ 38 Sep-2012 82 Amsterdam Index 109 Apr-2008 788 CAC40 10 Euro 432 Apr-2008 958 - -------------------------------------------------------------------------------- UNREALIZED NUMBER OF APPRECIATION TYPE OF CONTRACTS EXPIRATION (DEPRECIATION) CONTRACT LONG (SHORT) DATE ($ THOUSANDS) - -------------------------------------------------------------------------------- Dax Index 170 Jun-2008 $ 2,044 DJ Euro Stoxx 50 Index 456 Jun-2008 876 FTSE 100 Index 679 Jun-2008 2,042 Hang Seng Index 69 Apr-2008 124 IBEX Index 87 Apr-2008 338 MSCI Sing Index 140 Apr-2008 1 Nikkei 225 Index 19 Jun-2008 (2) OMX Index 798 Apr-2008 285 S&P/MIB Index 56 Jun-2008 239 SPI 200 Index 185 Jun-2008 1,023 Topix Index 217 Jun-2008 (240) U.S. 10-Year Treasury Note 12 Jun-2008 (11) U.S. 2-Year Treasury Note 75 Jul-2008 92 U.S. 5-Year Treasury Note (24) Jun-2008 -- --------- $ 6,595 ========= A summary of outstanding swap agreements held by the Fund at March 31, 2008, is as follows: - -------------------------------------------------------------------------------- TOTAL RETURN SWAPS - --------------------------------------------------------------------------------
UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------------------------------------------------- Receive payment on the monthly reset spread from Bank of America - CMBS AAA 10Yr Index minus 10 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: Bank of America) 04/01/08 73,000 $ 1,659 Receive payment on the monthly reset spread from Bank of America - CMBS AAA 10Yr Index minus 145 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: JPMorgan Chase) 04/01/08 5,000 114 Receive payment on the monthly reset spread from Bank of America - CMBS AAA 10Yr Index minus 65 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: Wachovia) 08/01/08 45,000 1,025 Receive payment on the monthly reset spread from Bank of America - CMBS AAA 10Yr Index minus 35 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: Bank of America) 08/01/08 56,000 1,275 Receive payment on the monthly reset spread from Bank of America - CMBS AAA 10Yr Index minus 20 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: Bank of America) 08/30/08 18,000 (408) Receive payment on the monthly reset spread from Bank of America - CMBS AAA 10Yr Index plus 29 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: Bank of America) 10/01/08 45,000 --
- -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 15 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2008
- -------------------------------------------------------------------------------------------------------------------------- NET UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------------------------------------------------- Receive payment on the monthly reset spread from Bank of America - CMBS AAA 10Yr Index minus 50 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: Barclays) 10/01/08 25,000 $ -- Receive payment on the monthly reset spread from Bank of America - CMBS AAA 10Yr Index minus 50 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: JPMorgan Chase) 10/01/08 25,000 -- Receive payment on the monthly reset spread from Bank of America - CMBS AAA 10Yr Index plus 25 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: Bank of America) 10/01/08 10,000 -- Receive payment on the monthly reset spread from Bank of America - CMBS AAA 10Yr Index minus 0 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: JPMorgan Chase) 10/01/08 20,000 -- Receive payment on the monthly reset spread from Bank of America - CMBS AAA 10Yr Index minus 0 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: Bank of America) 10/01/08 41,000 -- Receive payment on the monthly reset spread from Bank of America - CMBS IG 10Yr Index plus 35 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: Bank of America) 05/01/08 15,000 209 Receive payment on the monthly reset spread from Bank of America - CMBS AAA 10Yr Index plus 40 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: Bank of America) 04/30/08 13,000 296 Receive payment on the monthly reset spread from Bank of America - CMBS AAA 10Yr Index minus 50 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: Goldman Sachs) 04/01/08 22,000 500 Receive payment on the quarterly reset spread from MSCI EAFE Index minus 42 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: JPMorgan Chase) 03/20/09 52,640 1,772 - -------------------------------------------------------------------------------------------------------------------------- NET UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------------------------------------------------- Receive payment on the monthly reset spread from Bank of America - CMBS AAA 10Yr Index minus 80 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: JPMorgan Chase) 04/01/08 66,000 $ 1,500 Receive payment on the quarterly reset spread from MSCI Japan Net Index plus 20 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: Goldman Sachs) 04/01/08 45,658 (3,566) Receive payment on the quarterly reset spread from Swiss Market Index plus 47 basis points times the notional amount. Fund receives payment if the return on the capital spread appreciates over the payment period and pays if the return depreciates of the payment period. (Counterparty: JPMorgan Chase) 01/21/09 CHF 30,001 (446) --------- $ 3,930 ========= - -------------------------------------------------------------------------------------------------------------------------- CREDIT DEFAULT SWAPS - -------------------------------------------------------------------------------------------------------------------------- Fund receives monthly payment of 0.0150% (0.180% per annum) times the notional amount of ABX.HE.AAA 06-1 Index. Upon a defined credit event Fund will pay the notional amount and take receipt of the defined obligation. (Counterparty: Barclays) 07/25/45 (1,850) (83) Fund receives monthly payment of 0.0150% (0.180% per annum) times the notional amount of ABX.HE.AAA 06-1 Index. Upon a defined credit event Fund will pay the notional amount and take receipt of the defined obligation. (Counterparty: Barclays) 07/25/45 (3,800) (174) Fund receives monthly payment of 0.0075% (0.090% per annum) times the notional amount of ABX.HE.AAA 07-1 Index. Upon a defined credit event Fund will pay the notional amount and take receipt of the defined obligation. (Counterparty: Bank of America) 08/25/37 (6,000) (303) Fund receives monthly payment of 0.0517% (0.620% per annum) times the notional amount of CMBX.NA.A 3. Upon a defined credit event Fund will pay the notional amount and take receipt of the defined obligation. (Counterparty: Goldman Sachs) 12/25/49 2,000 61 Fund receives monthly payment of 0.0517% (0.620% per annum) times the notional amount of CMBX.NA.A 3. Upon a defined credit event Fund will pay the notional amount and take receipt of the defined obligation. (Counterparty: Goldman Sachs) 12/25/49 1,000 162 Fund receives monthly payment of 0.0517% (0.620% per annum) times the notional amount of CMBX.NA.A 3. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Goldman Sachs) 12/25/49 1,000 164 Fund receives monthly payment of 0.0517% (0.620% per annum) times the notional amount of CMBX.NA.A 3. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Goldman Sachs) 12/25/49 1,000 166
- -------------------------------------------------------------------------------- 16 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008
- -------------------------------------------------------------------------------------------------------------------------- NET UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------------------------------------------------- Fund pays quarterly payment of 0.2750% (1.100% per annum) times the notional amount of Century Telephone 6.00%, 04/01/17. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Goldman Sachs) 03/20/13 3,250 $ 63 Fund pays quarterly payment of 0.1600% (0.640% per annum) times the notional amount of Kroger Co., 5.500%, 02/01/13. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Merrill Lynch) 03/20/13 3,500 4 Fund pays quarterly payment of 0.1475% (0.590% per annum) times the notional amount of Safeway Inc., 5.800%, 08/15/12. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Bank of America) 03/20/13 2,750 4 Fund pays quarterly payment of 0.1650% (0.660% per annum) times the notional amount of Borgwarner Inc., 6.500% 02/15/09. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Goldman Sachs) 03/20/13 3,000 31 Fund pays quarterly payment of 0.2375% (0.950% per annum) times the notional amount of Lowes Co. Inc., 8.250%, 06/01/10. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Bank of America) 03/20/13 1,250 3 Fund pays quarterly payment of 0.2000% (0.800% per annum) times the notional amount of Borgwarner Inc., 6.500% 02/15/09. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Goldman Sachs) 03/20/13 1,750 7 Fund pays monthly payment of 0.0500% (0.600% per annum) times the notional amount of CMBX.NA.BBB 2. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Goldman Sachs) 03/14/49 8,000 938 Fund pays quarterly payment of 0.1190% (0.476% per annum) times the notional amount of Meadwestavaco Corp., 6.850% 04/01/2012. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 92 Fund pays quarterly payment of 0.0330% (0.132% per annum) times the notional amount of Lowes Co. Inc., 8.250%, 06/01/10. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Merrill Lynch) 12/20/11 2,500 61 Fund pays quarterly payment of 0.0680% (0.272% 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 delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 195 Fund pays monthly payment of 0.0458% (0.550% 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 delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 67 - -------------------------------------------------------------------------------------------------------------------------- NET UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------------------------------------------------- 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 delivers the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 $ 46 Fund pays quarterly payment of 0.2950% (1.180% 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 delivers the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 60 Fund pays quarterly payment of 0.0550% (0.220% 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 delivers the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 51 Fund pays quarterly payment of 0.1380% (0.552% 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 delivers the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 115 Fund pays quarterly payment of 0.1190% (0.476% per annum) times the notional amount of Limited Inc., 6.125%, 12/01/12. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 240 Fund pays quarterly payment of 0.1730% (0.692% per annum) times the notional amount of RR Donnelley & Sons, 4.950%, 04/10/14. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Merrill Lynch) 12/20/11 2,500 90 Fund pays quarterly payment of 0.2250% (0.900% 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 delivers the defined obligation. (Counterparty: Merrill Lynch) 12/20/11 2,500 72 Fund pays quarterly payment of 0.1130% (0.452% 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 delivers the defined obligation. (Counterparty: Merrill Lynch) 12/20/11 2,500 36 Fund pays quarterly payment of 0.0980% (0.392% 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 delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 71 Fund pays quarterly payment of 0.1130% (0.452% per annum) times the notional amount of Lubrizol Corp., 7.250%, 06/15/35. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 35 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 delivers the defined obligation. (Counterparty: Bank of America) 12/20/11 5,200 82
- -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 17 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Continued) March 31, 2008
- -------------------------------------------------------------------------------------------------------------------------- NET UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------------------------------------------------- Fund pays quarterly payment of 0.1110% (0.444% 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 delivers the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 $ 97 Fund pays quarterly payment of 0.1150% (0.460% 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 delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 43 Fund pays quarterly payment of 0.0480% (0.192% per annum) times the notional amount of TJX Companies Inc., 7.450%, 12/15/09. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Bank of America) 12/20/11 2,500 32 Fund pays quarterly payment of 0.1930% (0.772% per annum) times the notional amount of Jones Apparel Group, 5.125%, 11/15/14. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 206 Fund pays quarterly payment of 0.2950% (1.180% 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 delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 55 Fund pays quarterly payment of 0.0500% (0.200% 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 delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 51 Fund pays quarterly payment of 0.0550% (0.220% 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 delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 24 Fund pays quarterly payment of 0.0680% (0.272% 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 delivers the defined obligation. (Counterparty: Merrill Lynch) 12/20/11 2,500 195 Fund pays quarterly payment of 0.0700% (0.280% 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 delivers the defined obligation. (Counterparty: Merrill Lynch) 12/20/13 2,500 64 Fund pays quarterly payment of 0.0980% (0.392% 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 delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/13 2,500 717 Fund pays quarterly payment of 0.0980% (0.392% 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 delivers the defined obligation. (Counterparty: Bank of America) 12/20/13 2,500 76 - -------------------------------------------------------------------------------------------------------------------------- NET UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------------------------------------------------- Fund pays quarterly payment of 0.1825% (0.730% per annum) times the notional amount of MGIC Investment Corp., 6.000%, 03/15/07. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Bank of America) 12/20/13 2,500 $ 514 Fund pays quarterly payment of 0.0880% (0.352% 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 delivers the defined obligation. (Counterparty: Bank of America) 12/20/13 2,500 553 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 delivers the defined obligation. (Counterparty: Bank of America) 12/20/13 2,500 33 Fund pays quarterly payment of 0.0700% (0.280% 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 delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/13 2,500 64 Fund pays quarterly payment of 0.0850% (0.340% 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 delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/11 2,500 92 Fund pays quarterly payment of 0.1825% (0.250% per annum) times the notional amount of Dow Chemical Inc., 6.000%, 10/01/12. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Merrill Lynch) 12/20/13 2,500 80 Fund pays quarterly payment of 0.1825% (0.730% 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 delivers the defined obligation. (Counterparty: Bank of America) 12/20/13 2,500 175 Fund pays quarterly payment of 0.0980% (0.392% 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 delivers the defined obligation. (Counterparty: Bank of America) 12/20/13 2,500 790 Fund pays quarterly payment of 0.0650% (0.260% per annum) times the notional amount of Dow Chemical Inc., 6.000%, 10/01/12. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/13 2,500 44 Fund pays quarterly payment of 0.0880% (0.352% 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 delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/13 2,500 553 Fund pays quarterly payment of 0.0880% (0.352% per annum) times the notional amount of MGIC Investment Corp., 6.000%, 03/15/07. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: JPMorgan Chase) 12/20/13 2,500 510
- -------------------------------------------------------------------------------- 18 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008
- -------------------------------------------------------------------------------------------------------------------------- NET UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------------------------------------------------- Fund pays quarterly payment of 0.0540% (0.216% per annum) times the notional amount of Carnival Corp., 6.650%, 01/15/28. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: JPMorgan Chase) 06/20/12 2,000 $ 79 Fund pays quarterly payment of 0.0500% (0.200% per annum) times the notional amount of Campbell Soup Co., 4.875%, 10/01/13. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Bank of America) 06/20/14 3,500 42 Fund pays quarterly payment of 0.0800% (0.320% 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 delivers the defined obligation. (Counterparty: JPMorgan Chase) 03/20/12 2,300 370 Fund pays quarterly payment of 0.1130% (0.452% 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 delivers the defined obligation. (Counterparty: Merrill Lynch) 03/20/12 2,500 113 Fund pays quarterly payment of 0.0800% (0.320% 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 delivers the defined obligation. (Counterparty: Bank of America) 03/20/14 2,150 35 Fund pays quarterly payment of 0.0880% (0.352% 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 delivers the defined obligation. (Counterparty: Bank of America) 12/20/13 2,500 11 Fund pays quarterly payment of 0.0517% (0.620% per annum) times the notional amount of CMBX.NA.A 3. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: JPMorgan Chase) 02/13/49 3,000 285 Fund pays quarterly payment of 0.1500% (0.600% per annum) times the notional amount of CDX.NA.IG9 Index. Upon a defined credit event Fund receives the notional amount and delivers receipt of the defined obligation. (Counterparty: Goldman Sachs) 12/20/12 7,500 147 Fund pays monthly payment of 0.0208% (0.250% per annum) times the notional amount of CMBX.NA.A 2. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: Merrill Lynch) 03/15/49 1,000 7 Fund pays monthly payment of 0.0208% (0.250% per annum) times the notional amount of CMBX.NA.A 2. Upon a defined credit event Fund will receive the notional amount and delivers the defined obligation. (Counterparty: JPMorgan Chase) 03/15/49 2,000 11 Fund receives quarterly payment of 0.1500% (0.600% per annum) times the notional amount of CDX.NA.IG9 Index. Upon a defined credit event Fund pays the notional amount and takes receipt of the defined obligation. (Counterparty: Goldman Sachs) 12/20/12 (12,425) (278) - -------------------------------------------------------------------------------------------------------------------------- NET UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------------------------------------------------- Fund pays quarterly payment of 0.1125% (0.450% per annum) times the notional amount of ITRAXX Europe Senior Financials 5 Yr Series 8. Upon a defined credit event Fund pays the notional amount and takes receipt of the defined obligation. (Counterparty: Bank of America) 12/20/12 EUR 3,750 $ 127 Fund pays quarterly payment of 0.1125% (0.450% per annum) times the notional amount of ITRAXX Europe Senior Financials 5 Yr Series 8. Upon a defined credit event Fund pays the notional amount and takes receipt of the defined obligation. (Counterparty: Goldman Sachs) 12/20/12 EUR 6,250 229 -------------- $ 8,502 ==============
Percentages are based on Net Assets of $3,298,366 ($ Thousands). * Non-Income Producing Security ** Rate shown is the 7-day effective yield as of March 31, 2008. + Real Estate Investments Trust ++ Affiliated security (1) In U.S. dollars unless otherwise indicated. (A) Security, or portion thereof, has been pledged as collateral on open future contracts and written options. (B) This security or a partial position of this security is on loan at March 31, 2008. The total value of securities on loan at March 31, 2008 was $165,142 ($ 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, 2008 was $189,721 ($ 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, 2008. (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) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. (H) 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. (I) 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, 2008 was $17,781 ($ Thousands), representing 0.54% of net assets. (J) Securities considered illiquid. The total value of such securities as of March 31, 2008 was $1,030 ($ Thousands) and represented 0.03% of Net Assets. ADR -- American Depositary Receipt ARM -- Adjustable Rate Mortgage AUD -- Australian Dollar CAD -- Canadian Dollar CHF -- Swiss Franc Cl -- Class CMBS -- Commercial Mortgage-Backed Security 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 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 19 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Concluded) March 31, 2008 - -------------------------------------------------------------------------------- Description - -------------------------------------------------------------------------------- HKD -- Hong Kong Dollar IO -- Interest Only -- face amount represents notional amount JPY -- Japanese Yen LLC -- Limited Liability Company LP -- Limited Partnership MTN -- Medium Term Note MXP -- Mexican Peso NIM -- Net Interest Margin NOK -- Norwegian Krone NZD -- New Zealand Dollar SDR -- Swedish Depositary Receipt 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 $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 20 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 Emerging Markets Equity Fund March 31, 2008 - -------------------------------------------------------------------------------- SECTOR WEIGHTINGS+: [THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] Financials 17.3% Energy 16.7% Materials 16.0% Telecommunication Services 12.2% Information Technology 11.3% Industrials 9.5% Consumer Discretionary 5.7% Consumer Staples 4.4% Utilities 4.0% Short-Term Investments 1.4% Healthcare 1.3% Equity-Linked Warrants 0.2% + Percentages based on total investments. Includes Investments held as collateral for securities on loan (see Note 7). - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- COMMON STOCK -- 91.9% ARGENTINA -- 0.1% IRSA Inversiones y Representaciones Sponsored GDR* 34,900 $ 490 Petrobas Energia Participaciones Sponsored ADR 79,200 899 Telecom Argentina Sponsored ADR* 38,900 824 -------------- 2,213 -------------- BAHRAIN -- 0.1% Investcorp Bank GDR (A)* 37,794 969 -------------- BRAZIL -- 8.6% Acos Villares* 1,020,000 507 Aracruz Celulose Sponsored ADR 14,100 962 Banco Bradesco Sponsored ADR 153,048 4,249 Banco do Brasil 177,187 2,343 Banco Itau Holding Financeira ADR 40,150 914 Banco Nossa Caixa 84,500 1,028 Banco Pine 17,902 108 Bolsa de Mercadorias e Futuros 51,500 466 BR Malls Participacoes* 62,900 561 Brasil Telecom Participacoes ADR 63,100 4,131 Centrais Eletricas Brasileiras* 47,280 720 Cia Brasileira de Distribuicao Grupo Pao de Acucar Sponsored ADR 63,440 2,597 Cia de Concessoes Rodoviarias 29,886 444 Cia de Gas de Sao Paulo 26,000 652 Cia de Saneamento Basico do Estado de Sao Paulo 85,969 1,918 Cia de Saneamento Basico do Estado de Sao Paulo ADR 1,360 60 Cia de Transmissao de Energia Eletrica Paulista 53,881 1,253 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Cia Energetica de Minas Gerais Sponsored ADR 173,920 $ 3,137 Cia Vale do Rio Doce ADR 187,700 6,502 Cia Vale do Rio Doce Sponsored ADR 585,628 17,071 CPFL Energia 73,785 1,490 EDP - Energias do Brasil 83,909 1,247 Empresa Brasileira de Aeronautica ADR 9,510 376 Fertilizantes Heringer 900 10 Gafisa ADR 41,300 1,378 Gerdau Sponsored ADR 62,151 1,900 Grendene 151,707 1,562 GVT Holding 81,600 1,539 Light 26,219 330 Localiza Rent A Car 242,100 2,312 Lojas Renner 170,800 3,188 Marfrig Frigorificos e Comercio de Alimentos 96,300 986 Natura Cosmeticos 35,800 372 Petroleo Brasileiro ADR 49,312 5,035 Petroleo Brasileiro Sponsored ADR 246,115 20,844 Porto Seguro 4,320 44 Santos Brasil Participacoes 89,881 1,388 Souza Cruz 54,348 1,408 Tam Sponsored ADR 45,421 872 Tele Norte Leste Participacoes ADR 159,560 4,235 Tim Participacoes ADR* 121,800 3,933 Uniao de Bancos Brasileiros 228,900 2,674 Uniao de Bancos Brasileiros ADR 87,961 10,260 Usinas Siderurgicas de Minas Gerais 51,900 3,033 Votorantim Celulose e Papel Sponsored ADR 29,140 831 -------------- 120,870 -------------- CHILE -- 1.1% Administradora de Fondos de Pensiones Provida Sponsored ADR 7,200 267 Banco de Chile ADR 400 21 Banco Santander Chile ADR 65,328 3,414 Centros Comerciales Sudamericanos 223,383 961 Cia Cervecerias Unidas 145,670 1,040 Cia Cervecerias Unidas ADR 16,595 587 CorpBanca 127,283,530 889 Embotelladora Andina ADR 32,078 674 Empresas CMPC 12,200 515 Enersis Sponsored ADR 265,969 4,702 La Polar 113,438 682 Lan Airlines Sponsored ADR 79,400 1,121 Multiexport Foods 340,536 118 -------------- 14,991 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 21 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Equity Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- CHINA -- 7.2% Aluminum Corp of China 760,922 $ 1,230 Anhui Conch Cement 726,882 4,992 Anhui Expressway 722,000 519 Bank of China 4,498,000 1,919 Bengang Steel Plates, Cl B 732,907 666 Bosideng International Holdings* 3,608,000 677 BYD Electronic International 1,867,000 2,377 China Communications Construction 1,900,000 4,199 China Construction Bank 2,189,000 1,634 China COSCO Holdings 919,000 2,229 China Digital TV Holding ADR 11,559 215 China High Speed Transmission Equipment Group Co., Ltd 120,000 175 China International Marine Containers 566,280 968 China Life Insurance 1,015,584 3,491 China Medical Technologies Sponsored ADR 27,400 1,126 China Merchants Bank 181,500 629 China Oilfield Services 180,000 295 China Petroleum & Chemical 4,333,130 3,708 China Shenhua Energy, Cl H 379,000 1,515 China Shipping Container Lines 1,737,000 658 China Shipping Development 2,288,000 7,188 China Telecom 1,996,000 1,252 China Yurun Food Group 3,771,000 4,763 Ctrip.com International ADR 7,123 378 Dongfeng Motor Group 1,782,000 801 First Tractor 248,000 135 Focus Media Holding ADR* 35,500 1,248 Great Wall Motor 2,060,500 1,988 Great Wall Technology 1,320,000 302 Greentown China Holdings 530,000 496 Guangdong Electric Power Development 462,500 259 Harbin Power Equipment 1,358,000 2,411 Huadian Power International 420,000 105 Huaneng Power International 1,796,800 1,364 Industrial & Commercial Bank of China, Cl H 15,983,820 11,131 Jiangxi Copper 199,000 375 Jingwei Textile Machinery 100,000 29 Mindray Medical International ADR 35,500 1,027 Perfect World ADR* 11,000 250 PetroChina 1,960 246 PetroChina, Cl H 14,468,677 18,070 Qingling Motors 1,020,000 168 Shanghai Electric Group 1,068,000 652 Simcere Pharmaceutical Group ADR 111,100 1,162 Sino-Ocean Land Holdings 1,915,000 1,882 Sinopec Shanghai Petrochemical 1,944,000 669 Sinotrans 1,841,000 532 Tencent Holdings 133,000 758 Weiqiao Textile 1,594,400 2,049 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Yanzhou Coal Mining 3,484,000 $ 4,933 Zhejiang Expressway 1,002,000 870 -------------- 100,715 -------------- COLOMBIA -- 0.1% BanColombia Sponsored ADR 50,900 1,805 -------------- CYPRUS -- 0.0% AFI Development GDR* 59,200 488 -------------- CZECH REPUBLIC -- 1.1% CEZ* 162,235 12,441 Komercni Banka* 8,500 2,041 Unipetrol* 82,000 1,342 -------------- 15,824 -------------- EGYPT -- 0.5% Commercial International Bank GDR 107,250 1,716 Egyptian International Pharmaceutical Industrial (D) 42,300 270 El Ezz Steel (D) 30,000 500 Orascom Construction Industries GDR (A) 15,142 2,284 Orascom Construction Industries GDR 3,149 472 Telecom Egypt (D) 462,000 1,720 -------------- 6,962 -------------- HONG KONG -- 5.3% AAC Acoustic Technology Holdings 2,846,000 2,296 ASM Pacific Technology 155,500 1,122 Brilliance China Automotive Holdings 4,015,000 665 China Mengniu Dairy 434,000 1,266 China Mobile 2,501,917 37,226 China Mobile ADR 6,020 452 China Netcom Group 328,000 944 China Power International Development 4,468,200 1,435 China Resources Enterprise 486,000 1,561 China Resources Logic 12,600 15 China State Construction International Holdings 521,000 853 China Unicom 711,085 1,497 CITIC International Financial Holdings 505,000 258 CNOOC 5,194,948 7,676 Cosco Pacific 2,118,000 4,131 Denway Motors 4,268,646 1,810 Digital China Holdings 905,000 593 Global Bio-Chem Technology Group 2,963,500 1,138 Hopson Development Holdings 388,000 598 Industrial and Commercial Bank of China Asia 526,000 1,303 NWS Holdings 141,199 479 - -------------------------------------------------------------------------------- 22 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Parkson Retail Group 16,500 $ 139 Samson Holding 2,020,000 488 Shanghai Industrial Holdings 222,000 839 Shenzhen Investment 1,286,000 542 Shenzhou International Group Holdings 575,000 162 Texwinca Holdings 1,662,600 1,194 TPV Technology 2,918,000 1,721 United Laboratories 752,000 287 Yue Yuen Industrial Holdings 430,500 1,350 -------------- 74,040 -------------- HUNGARY -- 0.6% Egis 1,013 110 Magyar Telekom* 474,279 2,338 MOL Hungarian Oil & Gas 14,710 1,927 OTP Bank 79,675 3,278 Raba Automotive Holding* 10,000 104 Tiszai Vegyi Kombinat* 12,600 389 -------------- 8,146 -------------- INDIA -- 6.7% Allahabad Bank 123,700 236 Andhra Bank 375,268 688 Bank of India 313,493 1,976 Bharat Electronics 20,344 541 Bharat Heavy Electricals 50,044 2,571 Bharat Petroleum 139,023 1,425 Bharti Airtel 246,191 5,070 Birla 73,137 354 Cairn India 464,249 2,593 CESC 56,900 584 Corp Bank 8,200 58 Dena Bank 13,584 17 Dr. Reddy's Laboratories 93,470 1,377 Federal Bank 120,536 651 Grasim Industries 29,360 1,885 Gujarat Alkalies & Chemicals 17,120 64 Gujarat Narmada Valley Fertilizers 162,389 546 Gujarat State Fertilisers 105,529 449 Hero Honda Motors 51,015 883 Hindalco Industries 497,741 2,048 Hindalco Industries GDR (A) 37,490 147 Hindustan Petroleum 217,490 1,390 Hindustan Zinc 86,080 1,127 Housing Development Finance 85,861 5,102 ICICI Bank 111,342 2,137 ICICI Bank ADR 13,150 502 India Cements 168,090 783 Indian Bank 176,623 722 Indian Overseas Bank 54,084 182 ITC 365,217 1,878 Jet Airways India 15,710 218 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- JSW Steel 47,290 $ 966 Larsen & Toubro 39,802 3,012 Mahanagar Telephone Nigam 255,890 616 Mahindra & Mahindra 43,140 750 Maruti Suzuki India 26,727 551 National Aluminium 171,439 1,931 Oil & Natural Gas 237,544 5,806 Phoenix Mills 162,540 1,530 Ranbaxy Laboratories 240,607 2,629 Reliance Industries 90,809 5,129 Satyam Computer Services 326,398 3,225 Siemens India 178,492 2,746 State Bank of India GDR (A) 23,130 2,047 Steel Authority of India 1,012,856 4,678 Sterlite Industries India 232,373 4,138 Sterlite Industries India ADS* 9,920 177 Syndicate Bank 98,447 184 Tata Consultancy Services 41,240 834 Tata Motors 37,648 584 Tata Steel 439,495 7,606 Unitech 528,891 3,641 Zee Entertainment Enterprises 584,149 3,583 -------------- 94,567 -------------- INDONESIA -- 2.0% Apexindo Pratama Duta 20,000 4 Astra International 632,625 1,667 Bank Central Asia 6,366,000 2,248 Bank Mandiri Persero 273,000 93 Bank Negara Indonesia Persero 1,075,500 162 Bank Rakyat Indonesia 3,928,000 2,688 Global Mediacom 14,374,500 1,156 Gudang Garam 1,116,600 928 HM Sampoerna 1,008,500 1,424 Indo Tambangraya Megah 276,000 615 Indonesia Air Transport 989,635 7 International Nickel Indonesia 2,881,030 2,191 Kalbe Farma 3,942,900 420 Telekomunikasi Indonesia 12,088,100 12,672 Telekomunikasi Indonesia Sponsored ADR 40,500 1,698 -------------- 27,973 -------------- ISRAEL -- 2.0% Bank Hapoalim 1,490,223 5,739 Bank Leumi Le-Israel 532,259 2,276 Bezeq Israeli Telecommunication 2,795,375 5,224 Delek Automotive Systems 22,700 -- Delek Group 5,300 795 Elbit Systems 15,313 838 Electra Real Estate* 1,555 24 First International Bank of Israel* 51,020 646 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 23 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Equity Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Israel Chemicals 154,467 $ 2,156 Israel Discount Bank* 515,054 1,247 Makhteshim-Agan Industries 70,369 513 Partner Communications 41,206 910 Teva Pharmaceutical Industries 22,200 1,025 Teva Pharmaceutical Industries Sponsored ADR 145,556 6,723 Union Bank of Israel 21,090 101 -------------- 28,217 -------------- JERSEY -- 0.1% Kazakhgold GDR* 39,129 963 -------------- LUXEMBOURG -- 0.6% Evraz Group GDR 39,564 3,414 Tenaris ADR 110,800 5,524 -------------- 8,938 -------------- MALAYSIA -- 2.4% Alliance Financial Group 318,800 267 AMMB Holdings 1,040,287 1,119 Berjaya Sports Toto 435,300 701 Commerce Asset Holdings 369,100 1,148 Digi.Com 64,700 494 Gamuda 1,409,400 1,454 Hong Leong Bank 484,809 879 Hong Leong Industries 14,000 17 IOI Properties 82,184 306 KLCC Property Holdings 765,200 699 KNM Group 183,600 304 Lion Industries 179,000 101 Magnum 835,300 877 Malayan Banking 1,184,250 3,129 Malaysia Airports Holdings 39,000 36 Malaysian Bulk Carriers 681,314 912 MMC 1,687,400 1,688 Multi-purpose Holdings 63,000 37 Oriental Holdings 10,000 18 Padiberas Nasional 174,000 97 Petronas Dagangan 28,200 71 Public Bank* 249,796 820 Public Bank (Foreign Market) 234,000 797 Ranhill 598,500 301 Resorts World 5,175,200 5,566 Sime Darby 824,600 2,410 Tenaga Nasional 2,941,475 6,759 Titan Chemicals 24,000 10 UMW Holdings 663,551 1,255 YTL Corp 381,540 883 -------------- 33,155 -------------- - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- MEXICO -- 5.2% Alfa 203,400 $ 1,348 America Movil ADR, Ser L 290,386 18,495 America Movil, Ser L 1,510,280 4,798 Axtel* 169,900 366 Carso Global Telecom, Ser A1 199,954 1,069 Cemex* 2,901,956 7,588 Cemex ADR* 225,600 5,893 Cia Minera Autlan SAB de CV 93,200 194 Coca-Cola Femsa, Ser L 144,100 813 Consorcio 2,882,200 2,934 Controladora Comercial Mexicana 418,700 1,178 Corporacion GEO, Ser B* 340,800 1,086 Cydsa* 69,400 65 Embotelladoras Arca* 233,150 898 Empresas ICA* 153,500 908 Empresas ICA Sociedad Controladora ADR* 22,200 525 Financiera Independencia SAB de CV 460,600 751 Fomento Economico Mexicano ADR 35,646 1,489 Gruma 520,968 1,242 Grupo Bimbo, Ser A 117,600 706 Grupo Carso, Ser A1 155,826 657 Grupo Casa Saba ADR 4,500 150 Grupo Continental 787,000 1,900 Grupo Financiero Banorte 1,148,364 4,979 Grupo Mexico, Ser B 804,813 5,334 Grupo Modelo, Ser C 349,800 1,529 Industrias, Ser B* 135,100 535 Kimberly-Clark de Mexico, Ser A 121,000 536 Megacable Holdings SAB de CV* 113,100 302 Mexichem SAB de CV 220,800 1,134 Telefonos de Mexico ADR, Ser L 31,620 1,189 Urbi Desarrollos Urbanos* 333,600 1,085 Wal-Mart de Mexico, Ser V 214,038 901 -------------- 72,577 -------------- NETHERLANDS -- 0.1% Vimetco GDR* 116,239 959 -------------- PANAMA -- 0.1% Copa Holdings, Cl A* 51,600 1,966 -------------- PERU -- 0.2% Cia de Minas Buenaventura ADR 33,100 2,267 -------------- PHILIPPINES -- 0.6% ABS-CBN Broadcasting PDR 491,900 294 Alliance Global Group* 2,950,000 276 Ayala Land 6,601,940 1,699 Bank of the Philippine Islands 556,326 706 - -------------------------------------------------------------------------------- 24 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- First Philippine Holdings 1,088,400 $ 1,068 Globe Telecom 28,390 1,023 JG Summit Holdings 3,229,000 742 Manila Electric 199,560 382 Metropolitan Bank & Trust 99,600 95 Petron 330,000 45 Philex Mining 122,200 20 Philippine Long Distance Telephone 13,830 932 SM Investments 140,324 941 Union Bank of Philippines 472,600 396 -------------- 8,619 -------------- POLAND -- 1.1% Bank Handlowy w Warszawie 17,012 680 Bank Pekao 19,341 1,720 Bank Przemyslowo-Handlowy 19,752 801 Boryszew 14,000 51 Ciech 9,100 341 Grupa Lotos 40,303 636 KGHM Polska Miedz 74,841 3,454 Polish Oil & Gas 576,000 1,269 Polski Koncern Naftowy Orlen 184,940 3,296 Telekomunikacja Polska 376,656 3,751 -------------- 15,999 -------------- RUSSIA -- 10.4% Gazprom OAO ADR 1,210,420 61,731 LUKOIL Sponsored ADR 200,894 17,176 Mechel ADR 51,500 5,860 MMC Norilsk Nickel ADR 485,490 13,691 Mobile Telesystems ADR 108,300 8,215 Novolipetsk Steel GDR 118,819 5,103 Novorossiysk Sea Trade Port GDR 139,250 2,089 Open Investments GDR* 99,000 2,735 Polyus Gold Sponsored ADR 41,734 2,233 Rosneft Oil GDR 191,400 1,724 Rosneft Oil GDR (A) 376,795 3,410 Sberbank GDR (EUR) 14,943 5,138 Sberbank GDR* 2,742 941 Severstal GDR 56,044 1,267 Severstal Sponsored GDR (A) 23,900 541 Surgutneftegaz ADR 33,800 1,690 Tatneft GDR 28,950 3,729 Uralkali GDR* 72,625 2,978 Vimpel-Communications Sponsored ADR 158,600 4,740 VTB Bank Sponsored GDR (A) 68,000 492 Wimm-Bill-Dann Foods ADR 10,857 1,113 -------------- 146,596 -------------- SINGAPORE -- 0.0% Goodpack 270,000 312 -------------- - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- SOUTH AFRICA -- 6.0% Aeci 36,000 $ 283 African Bank Investments 412,371 1,352 African Rainbow Minerals 33,000 914 AngloGold Ashanti (B) 48,658 1,629 AngloGold Ashanti Sponsored ADR 62,620 2,126 ArcelorMittal Steel South Africa 44,000 1,067 Aspen Pharmacare Holdings (B) 324,100 1,272 Assore 8,062 612 Barloworld 91,333 1,212 Bidvest Group 53,671 740 Combined Motor Holdings 7,292 10 DataTec 86,758 292 FirstRand 1,430,218 2,816 Gold Fields Sponsored ADR 134,881 1,865 Harmony Gold Mining (B)* 230,068 2,753 Harmony Gold Mining Sponsored ADR 190,300 2,253 Impala Platinum Holdings (B) 205,026 7,897 JD Group (B) 127,450 573 Kumba Iron Ore 15,014 572 Kumba Resources 30,000 407 Liberty Group (B) 189,973 1,716 Liberty Holdings 21,600 505 Metropolitan Holdings 351,000 579 MTN Group 360,765 5,460 Murray & Roberts Holdings (B) 228,636 2,687 Mvelaphanda Resources* 22,000 170 Nampak (B) 561,712 1,134 Naspers (B) 67,700 1,175 Nedbank Group (B) 260,799 3,748 Omnia Holdings 17,350 152 Palabora Mining 4,000 57 Remgro 69,714 1,681 RMB Holdings 177,727 536 Sanlam 1,970,231 4,631 Sappi (B) 342,848 3,878 Sasol 393,209 18,801 Shoprite Holdings 172,123 801 Standard Bank Group 423,590 4,597 Steinhoff International Holdings 381,289 849 Telkom 55,870 902 -------------- 84,704 -------------- SOUTH KOREA -- 13.6% Amorepacific 332 179 Daegu Bank 55,320 743 Daelim Industrial 17,196 2,196 Daewoo Shipbuilding & Marine Engineering 109,121 4,159 Daishin Securities 640 15 Daou Technology 40,120 344 Dongbu Insurance 27,070 1,039 Doosan* 5,500 1,061 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 25 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Equity Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- GS Engineering & Construction 43,265 $ 3,263 Hana Financial Group 26,783 1,095 Handsome 13,738 148 Hanjin Heavy Industries & Construction 20,430 1,289 Hanwha Chemical 58,660 992 Hynix Semiconductor* 21,412 602 Hyundai Development 53,964 3,683 Hyundai Heavy Industries 28,262 10,573 Hyundai Marine & Fire Insurance 10,010 211 Hyundai Mipo Dockyard 10,142 2,279 Hyundai Mobis 51,364 4,004 Hyundai Motor 23,040 1,836 Kangwon Land 21,890 451 KCC Engineering & Construction 3,100 165 KISWIRE 7,830 314 Kookmin Bank 109,990 6,153 Kookmin Bank Sponsored ADR 72,900 4,086 Korea Development Financing 3,050 115 Korea Electric Power 192,696 5,847 Korea Fine Chemical 3,474 237 Korea Iron & Steel 4,920 363 Korea Kumho Petrochemical 13,680 791 Korea Zinc 5,691 687 Korean Petrochemical 3,890 146 Korean Reinsurance 56,830 580 KT 14,100 668 KT Sponsored ADR 62,470 1,484 KT&G 96,793 7,584 Kumho Tire 105,430 1,118 Kyeryong Construction Industrial 8,130 278 LG Chem 24,957 1,865 LG Electronics 75,888 9,732 LG Engineering & Construction 21,751 3,185 LG.Philips LCD 186,582 8,374 Lotte Shopping 13,894 4,209 LS Cable 13,109 1,185 Nong Shim 6,134 1,118 Nong Shim Holdings 4,632 339 Pacific 1,580 192 POSCO 21,415 10,293 POSCO ADR 4,040 481 Pusan Bank 85,095 1,065 S-Oil 26,281 1,674 S1 Corp/Korea 16,499 856 Samho International 15,450 216 Samsung 28,855 2,022 Samsung Card 15,300 723 Samsung Electronics 59,208 37,246 Samsung Fire & Marine Insurance 27,215 5,620 Samsung Heavy Industries 43,999 1,402 Samwhan 10,460 227 Samyang Genex 3,374 189 SFA Engineering 8,190 542 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Shinhan Financial Group 141,051 $ 7,449 Shinsegae 12,308 7,755 Shinyoung Securities 3,914 202 SK Energy 21,633 2,228 SK Gas 3,709 255 SK Holdings 17,045 2,444 SK Telecom 12,287 2,314 SK Telecom ADR 162,830 3,519 STX Pan Ocean 314,900 687 Youngone 7,340 60 -------------- 190,446 -------------- TAIWAN -- 11.6% Ability Enterprise 563,000 767 Acer 1,777,640 3,183 Advanced Semiconductor Engineering 4,644,692 4,526 Asustek Computer 1,145,272 3,355 AU Optronics 3,193,168 5,539 Catcher Technology 484,940 1,804 Cathay Financial Holding 4,004,213 10,215 Chi Mei Optoelectronics 300,000 395 China Development Financial Holding 7,203,000 3,319 China Motor 925,985 896 China Petrochemical Development* 219,000 118 China Steel 1,437,000 2,271 Chinatrust Financial Holding 8,896,947 8,595 Chunghwa Picture Tubes 54,000 17 Chunghwa Telecom* 58,970 1,534 Chunghwa Telecom ADR* 3,868,863 10,175 Compal Electronics 5,995,204 5,753 CTCI 561,550 472 Delta Electronics* 1,799,427 5,319 Far Eastern Department Stores 245,000 407 Far Eastern Textile 387,372 653 Farglory Land Development 200,000 728 First Financial Holding* 1,185,872 1,243 Formosa Chemicals & Fibre 1,091,000 2,830 Formosa Plastics 529,000 1,600 Grand Pacific Petrochemical* 643,000 266 HannStar Display 1,002,000 432 High Tech Computer* 228,997 5,148 HON HAI Precision Industry 2,339,281 13,398 Hua Nan Financial Holdings 1,852,000 1,707 InnoLux Display* 27,035 71 InnoLux Display GDR (A)* 493,816 2,598 Inventec 1,462,000 895 Lite-On Technology 1,618,527 1,883 MediaTek* 368,550 4,853 Mega Financial Holding* 1,263,000 992 Mitac International 878,557 795 Nan Ya Plastic 2,533,000 6,295 Nan Ya Printed Circuit Board 170,203 815 Nien Hsing Textile 692,000 478 - -------------------------------------------------------------------------------- 26 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Powerchip Semiconductor 2,338,626 $ 874 Powertech Technology 105,000 377 President Chain Store 231,000 791 President Securities* 557,725 470 Quanta Computer 3,136,115 4,331 Radiant Opto-Electronics* 589,714 747 Siliconware Precision Industries 2,592,621 4,352 SinoPac Financial Holdings 5,426,230 2,572 Taiwan Cooperative Bank 1,005,000 991 Taiwan Fertilizer 867,000 3,781 Taiwan Semiconductor Manufacturing* 4,329,027 8,992 Taiwan Semiconductor Manufacturing ADR* 503,080 5,167 Tatung* 1,479,000 954 Teco Electric and Machinery 605,000 372 Tripod Technology 347,300 1,172 Tung Ho Steel Enterprise 604,000 1,133 United Microelectronics (D) 4,823,266 2,969 Walsin Lihwa 2,001,000 988 Wistron 581,885 927 Yageo 2,520,440 925 Yang Ming Marine Transport 106,846 84 Yuanta Financial Holding* 3,509,000 3,292 -------------- 162,601 -------------- THAILAND -- 2.5% Bangkok Bank 342,200 1,511 Bangkok Bank NVDR 520,000 2,230 BEC World 190,671 173 Charoen Pokphand Foods 9,646,100 1,397 Electricity Generating 141,500 431 Italian-Thai Development 748,000 188 Kasikornbank 1,303,400 3,809 Kiatnakin Bank 24,700 23 Krung Thai Bank 3,214,800 1,031 Krung Thai Bank NVDR 1,583,000 508 Land and Houses 4,050,500 1,312 PTT (Foreign) 681,234 6,837 PTT Exploration & Production 283,952 1,362 PTT NVDR 173,000 1,736 Siam Cement 220,900 1,529 Siam Commercial Bank 3,016,600 8,910 Thai Airways International 968,880 892 Thai Rayon Pcl 23,000 52 Thai Union Frozen Products 983,200 628 Thoresen Thai Agencies 75 -- -------------- 34,559 -------------- TURKEY -- 1.0% Aygaz 78,000 263 Bossa Ticaret Sanayi Isletme 80,000 73 Cimsa Cimento Sanayi VE Tica 69,000 343 Eregli Demir ve Celik Fabrikalari 60,000 420 - -------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Haci Omer Sabanci Holding 930,994 $ 2,899 Kardemir Karabuk Demir Celik Sanayi ve Ticaret* 658,160 507 KOC Holding* 475,000 1,323 Petkim Petrokimya Holding* 15,000 73 Petrol Ofisi* 179,017 730 Sinpas Gayrimenkul Yatirim Ortakligi* 64,258 216 Turk Hava Yollari* 52,000 243 Turk Sise ve Cam Fabrikalari 881,875 1,089 Turkcell Iletisim Hizmet* 194,226 1,614 Turkcell Iletisim Hizmet ADR* 16,700 349 Turkiye Garanti Bankasi 112,861 507 Turkiye Is Bankasi 733,185 2,711 Yazicilar Holding 17,580 93 -------------- 13,453 -------------- UNITED KINGDOM -- 0.7% Anglo American 81,641 4,913 BHP Billiton (B) 35,081 1,032 Vedanta Resources 79,921 3,329 -------------- 9,274 -------------- UNITED STATES -- 0.3% Central European Distribution* 28,100 1,635 Lenovo Group 4,312,000 2,770 -------------- 4,405 -------------- Total Common Stock (Cost $1,091,296) ($ Thousands) 1,289,573 -------------- DEBENTURE BOND -- 0.0% BRAZIL -- 0.0% Companhia Vale do Rio Doce* 0.000%, 09/30/49 8 -- -------------- Total Debenture Bond (Cost $0) ($ Thousands) -- -------------- PREFERRED STOCK -- 5.7% BRAZIL -- 5.7% Aracruz Celulose ADR, Cl B 7,070 48 ArcellorMittal Inox Brasil 22,200 1,196 Banco Bradesco 64,300 1,793 Banco Itau Holding Financeira 65,400 1,496 Bradespar* 55,806 1,516 Brasil Telecom 3,261 36 Brasil Telecom Participacoes 94,518 1,243 Braskem, Cl A 302,400 2,594 Centrais Eletricas Brasileiras, Cl B* 214,244 3,106 Centrais Eletricas de Santa Catarina 9,800 245 Cia de Bebidas das Americas ADR 59,944 4,529 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 27 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Equity Fund (Concluded) March 31, 2008 - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- Cia de Tecidos do Norte de Minas - Coteminas 185,732 $ 914 Cia Energetica de Minas Gerais 69,952 1,261 Cia Paranaense de Energia 72,827 1,194 Cia Vale do Rio Doce, Cl A 333,951 9,666 Eletropaulo Metropolitana de Sao Paulo 29,163,615 2,295 Inepar Industria e Construcoes* 1,400 34 Investimentos Itau 1,130,142 6,573 Mangels Industrial* 2,800 55 Marcopolo 146,075 480 Metalurgica Gerdau 40,234 1,675 NET Servicos de Comunicacao* 359,700 3,808 Petroleo Brasileiro 375,466 15,871 Sadia 143,710 844 Tam 173,785 3,364 Tele Norte Leste Participacoes 141,581 3,749 Telecomunicacoes de Sao Paulo 88,357 2,216 Telemar Norte Leste 59,780 3,113 Telemig Celular Participacoes 23,154 663 Uniao de Industrias Petroquimicas 289,500 258 Universo Online 13,000 56 Usinas Siderurgicas de Minas Gerais, Cl A 54,650 3,070 -------------- 78,961 -------------- INDIA -- 0.1% Tata Steel 334,338 886 -------------- Total Preferred Stock (Cost $56,146) ($ Thousands) 79,847 -------------- EQUITY LINKED WARRANTS -- 0.2% HONG KONG -- 0.0% China Overseas Land, Expires 08/27/08* 238 57 China State International Construction Holdings, Expires 02/27/09* 38 6 -------------- 63 -------------- RUSSIA -- 0.2% Sberbank, Expires 02/23/10* 1,008 3,155 -------------- Total Equity Linked Warrants (Cost $2,419) ($ Thousands) 3,218 -------------- - -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) - -------------------------------------------------------------------------------- CASH EQUIVALENTS**+ -- 2.4% UNITED STATES -- 2.4% SEI Daily Income Trust, Prime Obligation Fund, Cl A, 3.190% 2,105,888 $ 2,106 SEI Liquidity Fund, LP, 3.200% (C) 31,654,220 31,654 -------------- Total Cash Equivalents (Cost $33,760) ($ Thousands) 33,760 -------------- Total Investments -- 100.2% (Cost $1,183,621) ($ Thousands) $ 1,406,398 ============== Percentages are based on Net Assets of $1,403,563 ($ Thousands). * Non-Income Producing Security ** Rate shown is the 7-day effective yield as of March 31, 2008. + Affiliated security (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, 2008. The total value of securities on loan at March 31, 2008 was $30,634 ($ 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, 2008 was $31,654 ($ 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, 2008 was $5,459 ($ Thousands) and represents 0.39% of net assets. ADR -- American Depositary Receipt ADS -- American Depositary Share Cl -- Class EUR -- Euro GDR -- Global Depositary Receipt LP -- Limited Partnership 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 $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 28 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 International Fixed Income Fund March 31, 2008 - -------------------------------------------------------------------------------- SECTOR WEIGHTINGS+: [THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] Government 40.0% Financials 24.6% Mortgage-Backed Securities 11.7% Time Deposits 8.9% Asset-Backed Securities 6.3% Telecommunication Services 1.7% Consumer Discretionary 1.3% Loan Participations 1.1% Industrials 1.0% Utilities 0.9% Materials 0.8% Consumer Staples 0.6% Energy 0.6% Healthcare 0.2% Information Technology 0.2% U.S. Government Agency Mortgage-Backed Obligations 0.1% + Percentages based on total investments. - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- GLOBAL BONDS -- 65.3% ARGENTINA -- 0.1% Republic of Argentina 7.000%, 10/03/15 1,056 $ 807 -------------- AUSTRALIA -- 2.0% FMG Finance 9.750%, 09/01/13 350 557 Government of Australia, Ser 121 5.250%, 08/15/10 3,442 3,076 Government of Australia, Ser 217 6.000%, 02/15/17 3,465 3,152 Government of Australia, Ser 513 6.500%, 05/15/13 365 339 Government of Australia, Ser 611 5.750%, 06/15/11 2,925 2,640 Macquarie Bank MTN (A) 5.404%, 06/20/13 200 317 Macquarie Bank MTN (A) 5.500%, 09/19/16 GBP 336 621 New S Wales Treasury 7.000%, 12/01/10 4,950 4,536 Queensland Treasury 6.000%, 08/14/13 460 406 Westfield Finance 3.625%, 06/27/12 150 207 -------------- 15,851 -------------- AUSTRIA -- 0.5% Kommunalkredit Austria MTN 4.125%, 02/07/14 1,650 2,609 Telekom Finanzmanagement MTN 5.000%, 07/22/13 601 929 Wienerberger (A) 6.500%, 02/09/17 300 373 -------------- 3,911 -------------- - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- BELGIUM -- 1.3% Kingdom of Belgium, Ser 31 5.500%, 03/28/28 3,872 $ 6,733 Kingdom of Belgium, Ser 48 4.000%, 03/28/22 2,100 3,145 -------------- 9,878 -------------- BERMUDA -- 0.1% Seadrill (A) (B) 6.970%, 01/23/09 NOK 2,000 392 -------------- BRAZIL -- 0.3% Federal Republic of Brazil 8.250%, 01/20/34 1,847 2,207 -------------- CANADA -- 2.0% Bell Canada MTN 5.000%, 02/15/17 270 206 Canada Treasury Bill (D) 2.670%, 06/26/08 4,190 4,065 Canadian National Resources 5.150%, 02/01/13 175 179 General Motors Nova Fin 8.875%, 07/10/23 160 211 Government of Canada 5.000%, 06/01/37 2,000 2,309 3.750%, 06/01/12 8,000 8,053 YPG Holdings MTN 5.250%, 02/15/16 665 610 -------------- 15,633 -------------- CAYMAN ISLANDS -- 1.1% BES Finance (A) 5.580%, 07/29/49 869 1,182 Dar Al-Arkan International (A) 6.305%, 07/16/12 825 770 MUFG Capital Finance 2 (A) 4.850%, 07/25/16 1,481 1,641 Mizuho Capital Investments (A) 5.020%, 06/30/11 1,850 2,562 Pacific Life Funding 5.500%, 05/14/09 691 1,090 Resona Preferred Global Securities (A) (B) 7.191%, 07/30/49 443 387 Vale Overseas 6.875%, 11/21/36 301 294 Yorkshire Power Finance 7.250%, 08/04/28 GBP 408 845 -------------- 8,771 -------------- CZECH REPUBLIC -- 0.2% Czech Republic Bond 6.550%, 10/05/11 25,000 1,684 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 29 SCHEDULE OF INVESTMENTS (Unaudited) International Fixed Income Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- DENMARK -- 1.5% Danica Pension 4.350%, 10/29/49 1,980 $ 2,977 Danske Bank MTN (A) 5.875%, 03/26/15 540 853 Kingdom of Denmark 4.000%, 11/15/17 DKK 10,025 2,103 Nykredit (A) 4.858%, 10/01/38 DKK 28,490 5,706 -------------- 11,639 -------------- FRANCE -- 7.4% AXA MTN (A) 5.777%, 07/29/49 1,100 1,510 Caisse Eparg Ecr (A) 4.750%, 02/28/49 200 260 Caisse Nationale des Autoroutes 4.500%, 03/28/18 813 1,301 Caisse Refinancement de l'Habitat 4.250%, 10/25/14 332 525 Cie Financement Foncier 4.625%, 09/23/17 1,400 2,243 Cma Cgm Registered 5.500%, 05/16/12 220 295 Compagnie De St Gobain MTN (A) 4.847%, 04/11/08 350 525 Credit Agricole (London) MTN (A) 4.018%, 01/19/10 1,400 2,201 Csse Nat Csse Eparg Prev (A) 6.117%, 10/29/49 250 335 Dexia Municipal Agency 4.500%, 11/13/17 2,100 3,283 Government of France 5.750%, 10/25/32 8,830 16,188 4.750%, 04/25/35 6,640 10,669 4.250%, 04/25/19 600 953 4.000%, 10/25/38 1,755 2,483 3.750%, 04/25/17 1,485 2,299 3.750%, 04/25/21 1,433 2,140 1.000%, 07/25/17 3,044 4,478 Natixis MTN (A) 4.552%, 01/26/17 300 433 Renault MTN 4.625%, 05/28/10 1,000 1,568 Societe Generale 6.999%, 12/29/49 400 589 4.576%, 06/07/17 200 291 Veolia Environnement MTN 5.875%, 06/27/08 1,740 2,762 -------------- 57,331 -------------- - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- GERMANY -- 2.9% Bayer (A) 5.000%, 07/29/05 718 $ 980 Bayer MTN, Ser E 5.625%, 05/23/18 150 277 5.450%, 04/10/10 (A) 250 392 Bayerische Landesbank MTN (A) 4.500%, 02/07/19 1,000 1,356 Bundesobligation 3.500%, 10/14/11 795 1,257 2.250%, 04/15/13 3,600 5,924 Bundesobligation, Ser 150 4.000%, 04/13/12 505 812 Commerzbank MTN (A) 4.125%, 09/12/16 400 582 Deutsche Bundesrepublik 4.750%, 07/04/34 3,100 5,048 4.250%, 07/04/39 85 128 4.000%, 01/04/37 1,840 2,662 3.750%, 01/04/17 100 157 Henkel KGaA (A) 5.375%, 11/25/04 221 305 KFW 4.700%, 06/02/37 2,080 2,007 Munich Re (A) 5.767%, 06/29/49 350 471 -------------- 22,358 -------------- HUNGARY -- 0.9% Republic of Hungary 7.250%, 06/12/12 946,600 5,339 6.750%, 02/12/13 301,290 1,653 -------------- 6,992 -------------- INDONESIA -- 0.1% Republic of Indonesia (B) 6.875%, 01/17/18 752 788 -------------- IRELAND -- 1.0% Allied Irish Banks PLC MTN (A) 5.158%, 06/12/13 500 772 Anglo Irish Bank MTN (A) 5.114%, 06/25/14 450 624 Ardagh Glass Group PIK 10.750%, 03/01/15 178 234 GE Capital Euro Funding MTN 4.375%, 03/30/11 400 629 GE Capital UK Funding MTN 5.125%, 03/03/15 1,875 3,563 - -------------------------------------------------------------------------------- 30 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Hypo Real International Trust I (A) 5.864%, 06/29/49 1,000 $ 890 Transcapit (Transneft) Registered 5.381%, 06/27/12 600 911 -------------- 7,623 -------------- ITALY -- 3.3% Banca Italease MTN (A) 4.213%, 02/02/10 700 990 Banco Popolare Scarl MTN (A) 4.709%, 02/08/17 1,350 1,927 Buoni Poliennali Del Tesoro 5.750%, 02/01/33 4,170 7,385 4.000%, 02/01/37 6,600 8,957 Ifil - Investments 5.375%, 06/12/17 200 277 Sanpaolo IMI MTN 6.375%, 04/06/10 2,150 3,482 6.375%, 11/12/17 300 585 Unicredito Italiano MTN (A) 4.500%, 09/22/19 1,300 1,923 -------------- 25,526 -------------- JAPAN -- 11.8% Aiful Corporation (B) 6.000%, 12/12/11 534 495 Development Bank of Japan 2.300%, 03/19/26 110,000 1,146 1.600%, 06/20/14 470,000 4,905 East Japan Railway MTN 4.750%, 12/08/31 GBP 1,000 1,716 Fukoku Mutual Life Insurance (A) 4.500%, 09/28/25 EUR 500 718 Government of Japan 10 Year Bond, Ser 256 1.400%, 12/20/13 221,000 2,297 Government of Japan 10 Year Bond, Ser 288 1.700%, 09/20/17 920,000 9,647 Government of Japan 15 Year Bond, Ser 35 (A) 0.780%, 07/20/20 240,500 2,279 Government of Japan 15 Year Bond, Ser 37 (A) 0.920%, 11/20/20 300,000 2,840 Government of Japan 15 Year Bond, Ser 39 1.220%, 03/20/21 349,000 3,455 Government of Japan 15 Year Bond, Ser 40 (A) 1.350%, 05/20/21 406,600 4,117 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Government of Japan 20 Year Bond, Ser 41 1.500%, 03/20/19 400,000 $ 4,056 Government of Japan 20 Year Bond, Ser 48 2.500%, 12/21/20 993,000 11,059 Government of Japan 20 Year Bond, Ser 82 2.100%, 09/20/25 719,000 7,383 Government of Japan 20 Year Bond, Ser 99 2.100%, 12/20/27 211,000 2,126 Government of Japan 30 Year Bond, Ser 20 2.500%, 09/20/35 64,000 662 Government of Japan 30 Year Bond, Ser 22 2.500%, 03/20/36 287,000 2,957 Government of Japan 30 Year Bond, Ser 27 2.500%, 09/20/37 125,000 1,286 Government of Japan CPI Linked Bond, Ser 10 1.100%, 12/10/16 1,650,000 16,552 Government of Japan CPI Linked Bond, Ser 13 1.300%, 09/10/17 111,600 1,133 Government of Japan CPI Linked Bond, Ser 5 0.800%, 09/10/15 498,988 4,937 Japan Finance for Municipal Enterprises 1.350%, 11/26/13 275,000 2,851 Resona Bank (A) 4.125%, 09/27/12 EUR 1,000 1,336 Sumitomo Mitsui Banking 5.625%, 10/15/15 (A) (B) 228 193 4.375%, 10/27/14 (A) EUR 830 1,271 4.375%, 10/15/15 EUR 460 557 -------------- 91,974 -------------- JERSEY -- 0.2% HBOS Capital Funding LP (A) 4.939%, 05/29/49 1,000 1,165 -------------- LUXEMBOURG -- 1.0% Basell AF SCA Registered 8.375%, 08/15/15 173 200 Dexia Funding Lux (A) 4.892%, 11/30/49 811 1,001 Gaz Capital (B) 6.212%, 11/22/16 230 213 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 31 SCHEDULE OF INVESTMENTS (Unaudited) International Fixed Income Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Gaz Capital (Gazprom) MTN 6.580%, 10/31/13 150 $ 269 Gazprom OAO 9.625%, 03/01/13 470 528 7.288%, 08/16/37 500 456 Glencore Finance 6.500%, 02/27/19 400 689 5.375%, 09/30/11 450 691 Telecom Italia MTN 7.000%, 04/20/11 2,050 3,296 Tyco International Group 6.000%, 11/15/13 331 332 -------------- 7,675 -------------- MEXICO -- 1.1% Mexican Bonos, Ser M10 7.250%, 12/15/16 84,000 7,783 Mexican Bonos, Ser MI10 9.000%, 12/20/12 10,000 998 -------------- 8,781 -------------- NETHERLANDS -- 4.4% ASML Holding 5.750%, 06/13/17 400 507 Adecco International Financial Services 4.500%, 04/25/13 1,200 1,760 Allianz Finance II (A) 6.125%, 05/31/22 1,000 1,601 Asset Repackaging Trust MTN, PIK 0.000%, 12/21/11 267 376 BMW Finance MTN 5.000%, 08/06/18 383 588 Bank Nederlandse Gemeenten MTN, Ser E 4.000%, 03/02/09 4,000 6,304 4.000%, 02/15/12 2,765 4,370 Boats Invest Netherlands MTN, PIK 11.000%, 03/31/17 250 368 Eureko (A) 5.125%, 06/24/15 450 602 Generali Finance (A) 5.479%, 02/28/49 450 619 Government of Netherlands 7.500%, 01/15/23 2,243 4,737 ING Bank MTN 5.500%, 01/04/12 556 902 ING Groep MTN (A) 4.176%, 06/29/49 382 471 ING Verzekeringen (A) 6.250%, 06/21/21 1,000 1,569 Iberdrola International MTN 4.875%, 02/18/13 800 1,263 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Koninklijke Philips Electronic 5.750%, 05/16/08 513 $ 813 Linde Finance (A) 8.125%, 07/14/66 375 746 Rabobank Nederland MTN (E) 4.125%, 04/04/12 4,000 6,296 Siemens Financieringsmat (A) 6.125%, 09/14/66 275 495 -------------- 34,387 -------------- NEW ZEALAND -- 0.6% Government of New Zealand, Ser 709 7.000%, 07/15/09 723 570 Westpac New Zealand 7.750%, 03/08/10 5,000 3,896 -------------- 4,466 -------------- NORWAY -- 1.5% DDI Holding 10.000%, 03/15/12 2,000 382 Eksportfinans MTN 4.375%, 09/20/10 1,815 2,889 Government of Norway 6.000%, 05/16/11 22,700 4,651 MPU Offshore Lift (A) 10.900%, 12/22/11 1,500 307 Norwegian Treasury Bill (D) 4.680%, 06/18/08 12,705 2,475 Petrojack (A) (B) 12.210%, 05/30/12 2,000 386 Petrolia Drilling (B) 10.750%, 02/14/11 1,500 302 Sevan Drilling (A) (B) 10.940%, 12/07/12 2,000 386 Sinvest (A) (B) 10.000%, 12/22/09 500 97 -------------- 11,875 -------------- PANAMA -- 0.1% Republic of Panama 9.375%, 04/01/29 879 1,156 -------------- PERU -- 0.2% Republic of Peru 7.350%, 07/21/25 1,094 1,231 -------------- PHILIPPINES -- 0.2% Republic of Philippines 8.875%, 03/17/15 158 186 8.250%, 01/15/14 969 1,110 -------------- 1,296 -------------- - -------------------------------------------------------------------------------- 32 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- POLAND -- 1.6% Republic of Poland 6.250%, 10/24/15 2,560 $ 1,166 5.000%, 10/24/13 17,580 7,518 4.750%, 04/25/12 8,605 3,680 -------------- 12,364 -------------- RUSSIA -- 0.4% Ministry Finance of Russia, Ser V 3.000%, 05/14/08 1,162 1,160 RS Finance (RSB) 6.825%, 09/16/09 300 446 Russian Federation Registered (C) 7.500%, 09/30/08 1,168 1,345 -------------- 2,951 -------------- SINGAPORE -- 0.2% Government of Singapore 4.625%, 07/01/10 1,798 1,410 -------------- SOUTH AFRICA -- 0.7% Foodcorp Registered 8.875%, 06/15/12 330 335 Republic of South Africa, Ser R128 6.750%, 03/31/21 3,900 392 Republic of South Africa, Ser R204 8.000%, 12/21/18 4,275 483 Republic of South Africa 13.000%, 08/31/10 25,000 3,287 5.875%, 05/30/22 1,195 1,108 -------------- 5,605 -------------- SPAIN -- 0.1% Banco Sabadell (A) 5.234%, 09/29/49 500 623 Santander Issuances, MTN (A) 4.663%, 07/25/17 250 376 -------------- 999 -------------- SUPRA-NATIONAL -- 1.9% European Investment Bank 1.400%, 06/20/17 JPY 1,316,000 13,415 European Investment Bank 6.000%, 08/14/13 AUD 700 609 International Finance 11.000%, 07/01/09 ZAR 8,080 990 -------------- 15,014 -------------- SWEDEN -- 1.7% Ericsson LM Telefon MTN 7.375%, 06/05/08 300 597 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Kingdom of Sweden, Ser 1046 5.500%, 10/08/12 18,975 $ 3,418 Kingdom of Sweden, Ser 1040 6.500%, 05/05/08 43,905 7,417 Svenska Handelsbanken MTN (A) 4.194%, 12/29/49 467 613 Svenska Handelsbanken MTN, Ser 182 (A) 4.646%, 10/19/17 500 751 Swedbank MTN (A) 5.750%, 03/17/16 GBP 420 703 -------------- 13,499 -------------- SWITZERLAND -- 0.2% Bombardier 7.250%, 11/15/16 400 602 UBS MTN, Ser 3156 (A) 4.492%, 11/17/15 500 740 -------------- 1,342 -------------- UNITED ARAB EMIRATES -- 0.8% Emirate of Abu Dhabi (B) 5.500%, 08/02/12 3,000 3,237 Nakheel Development 3.173%, 12/14/09 1,285 1,310 National Bank of Abu Dhabi 5.875%, 02/27/12 950 1,887 -------------- 6,434 -------------- UNITED KINGDOM -- 6.5% AIB UK 1 (A) 4.781%, 12/17/49 EUR 194 225 Abbey National Treasury Services 5.375%, 12/30/09 389 765 Abbey National Treasury Services MTN 4.250%, 04/12/21 EUR 1,850 2,673 Alliance & Leicester MTN 4.750%, 03/01/11 322 594 4.250%, 12/30/08 540 1,040 Anglian Water Services Financial MTN 5.250%, 10/30/15 280 541 4.625%, 10/07/13 1,450 2,225 Anglian Water Services Financial, Ser A5 6.293%, 07/30/30 500 995 Bank of Ireland Holdings MTN, Ser 1 (A) 7.400%, 12/29/49 550 836 Bank of Scotland MTN 6.375%, 04/03/08 267 531 4.750%, 06/08/22 1,775 2,683 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 33 SCHEDULE OF INVESTMENTS (Unaudited) International Fixed Income Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Barclays Bank MTN 6.750%, 01/16/23 (A) 350 $ 671 6.000%, 01/23/18 671 1,029 5.750%, 09/14/26 274 465 4.875%, 12/29/49 (A) 281 332 British Telecommunications 5.750%, 12/07/28 111 186 Brixton+ 5.250%, 10/21/15 280 501 Chester Asset Receivables 6.125%, 10/15/10 EUR 2,160 3,482 FCE Bank MTN 7.875%, 02/15/11 400 668 7.125%, 01/15/13 EUR 500 626 Friends Provident (A) 6.875%, 11/21/19 413 541 Getin Finance MTN (A) 6.359%, 05/13/09 200 307 HBOS (A) 6.051%, 11/23/08 EUR 405 592 HBOS MTN (A) 5.125%, 10/29/49 EUR 386 482 4.875%, 03/29/49 EUR 1,000 1,303 Hammerson+ 5.250%, 12/15/16 280 470 Ineo's Group Holdings 7.875%, 02/15/16 EUR 111 128 JPMorgan Chase MTN (A) 4.375%, 11/12/19 1,000 1,316 Lehman Brothers Capital Fund III (A) 3.875%, 02/28/49 EUR 450 593 Lloyds TSB Bank (A) 6.350%, 10/29/49 EUR 391 597 Lloyds TSB Bank MTN 6.625%, 03/30/15 214 430 MBNA Europe Funding MTN 4.500%, 01/23/09 EUR 558 880 Marks & Spencer MTN 5.625%, 03/24/14 268 483 National Westminster Bank 6.500%, 09/07/21 220 409 Nationwide Bldg Society MTN 3.125%, 01/26/10 352 521 Northern Rock (B) 5.625%, 06/22/17 2,550 2,702 Northern Rock MTN (A) 5.625%, 01/13/15 50 79 Northumbrian Water Finance 6.000%, 10/11/17 500 991 Novae Group 8.375%, 04/27/17 100 180 OTE MTN 5.375%, 02/14/11 150 238 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Old Mutual MTN (A) 4.500%, 01/18/17 450 $ 634 Rexam MTN 4.375%, 03/15/13 400 558 Royal Bank of Scotland Capital Trust A (A) 6.467%, 06/30/12 400 599 Royal Bank of Scotland Group (A) 7.648%, 08/31/49 225 215 Southern Gas Network MTN, Ser A1 (A) 4.686%, 10/21/10 100 155 Standard Chartered Bank MTN (A) 3.625%, 02/03/17 400 579 United Kingdom Treasury 8.750%, 08/25/17 600 1,590 5.250%, 06/07/12 1,775 3,704 5.000%, 03/07/18 300 627 4.500%, 12/07/42 1,725 3,515 4.250%, 12/07/46 1,100 2,162 Vodafone Group MTN 5.900%, 11/26/32 276 500 4.250%, 05/27/09 EUR 1,218 1,920 W&DB Issuer, Ser B1 (A) 5.641%, 07/15/35 60 98 Zurich Finance MTN (A) 6.625%, 10/30/49 260 451 -------------- 51,617 -------------- UNITED STATES -- 5.4% American International Group, Ser A3 (A) 4.875%, 03/15/67 800 952 BA Covered Bond Issuer MTN 4.125%, 04/05/12 EUR 3,100 4,835 BNP Paribas Capital Trust III (A) 6.625%, 12/29/49 EUR 1,000 1,567 Banca Poparle Bergamo Capital Trust (A) 8.364%, 12/29/49 EUR 475 764 Banca Popolare Lodi Trust (A) 6.742%, 06/29/49 EUR 955 1,306 Bear Stearns 7.625%, 12/07/09 493 488 3.250%, 03/25/09 721 684 CIT Group MTN 5.500%, 12/15/08 GBP 416 620 5.125%, 09/30/14 75 57 Cablevision Systems, Ser B 8.000%, 04/15/12 235 229 Chesapeake Energy 6.250%, 01/15/17 EUR 400 574 - -------------------------------------------------------------------------------- 34 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Citigroup 5.000%, 09/15/14 5 $ 5 4.750%, 02/10/19 (A) EUR 1,000 1,346 Commerzbank Cap Fund Trust 5.012%, 03/29/49 EUR 350 427 Countrywide Financial MTN 5.800%, 06/07/12 507 459 Countrywide Home Loan MTN, Ser L 4.000%, 03/22/11 9 8 Credit Suisse First Boston 3.875%, 01/15/09 646 646 DaimlerChrysler MTN 4.375%, 03/16/10 EUR 400 629 DirecTV Holdings 6.375%, 06/15/15 232 216 Dubai Islamic Bank 2.929%, 03/22/12 1,050 971 Dynegy Holdings 8.375%, 05/01/16 230 228 Electronic Data Systems, Ser B 6.500%, 08/01/13 474 470 Fisher Scientific International 6.125%, 07/01/15 71 71 Genworth Financial 1.600%, 06/20/11 JPY 89,000 838 Goldman Sachs Group 7.350%, 10/01/09 283 298 5.125%, 10/16/14 700 1,022 4.750%, 01/28/14 571 831 4.674%, 02/04/13 (A) EUR 450 647 3.875%, 01/15/09 328 329 HSBC Finance MTN 6.125%, 01/22/10 GBP 334 656 HVB Funding Trust VIII (A) 7.055%, 03/29/49 1,600 2,458 Hertz 8.875%, 01/01/14 221 209 JPMorgan Chase MTN 4.625%, 01/31/11 200 313 JPMorgan Chase Bank (A) 4.625%, 05/29/17 EUR 650 926 JPMorgan Chase Capital XXV, Ser Y 6.800%, 10/01/37 340 312 L-3 Communications, Ser B 6.375%, 10/15/15 100 98 Lehman Brothers Holdings MTN (A) 4.250%, 09/26/16 EUR 450 603 MGM Mirage 6.750%, 09/01/12 595 552 Morgan Stanley MTN 5.450%, 01/09/17 800 748 3.750%, 03/01/13 EUR 1,000 1,402 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Owens Corning 6.500%, 12/01/16 1,330 $ 1,103 Pfizer 1.800%, 02/22/16 JPY 110,000 1,113 Procter & Gamble 5.125%, 10/24/17 200 319 Qwest 7.625%, 06/15/15 560 546 Qwest Communications International 7.500%, 02/15/14 335 315 Reynolds American 7.625%, 06/01/16 377 397 7.300%, 07/15/15 195 202 7.250%, 06/01/12 572 605 SLM (A) 4.806%, 06/15/08 EUR 300 361 4.756%, 06/15/09 EUR 150 211 Schering-Plough 5.375%, 10/01/14 EUR 350 525 Sprint Capital 8.750%, 03/15/32 203 171 Tyson Foods 8.250%, 10/01/11 991 1,055 Wal-Mart Stores 4.875%, 01/19/39 GBP 238 397 3.375%, 10/01/08 615 613 Washington Mutual 4.200%, 01/15/10 50 42 Washington Mutual Bank MTN, Ser G 4.500%, 01/17/17 EUR 1,000 1,059 Western Union 5.930%, 10/01/16 1,538 1,527 Windstream 8.625%, 08/01/16 220 217 -------------- 40,572 -------------- Total Global Bonds (Cost $466,617) ($ Thousands) 507,204 -------------- MORTGAGE-BACKED SECURITIES -- 11.3% BELGIUM -- 0.4% B-Arena, Ser 2006-1, Cl A (A) 4.511%, 04/22/44 2,000 3,015 -------------- IRELAND -- 0.2% Immeo Residential Finance, Ser 2, Cl A (A) 4.766%, 12/15/16 489 744 Talisman Finance, Ser 7, Cl H (A) 6.826%, 04/22/17 488 601 -------------- 1,345 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 35 SCHEDULE OF INVESTMENTS (Unaudited) International Fixed Income Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- JAPAN -- 0.0% JLOC, Ser 37X, Cl B1 (A) 1.285%, 01/15/15 16,872 $ 168 -------------- NETHERLANDS -- 1.2% Beluga Master Issuer, Ser 2006-1, Cl A2 (A) 4.432%, 04/28/99 2,200 3,275 Saecure, Ser 5, Cl A (A) 4.473%, 05/25/42 1,063 1,623 Skyline, Ser 2007-1, Cl D (A) 5.221%, 07/22/43 200 289 Storm, Ser 2006-1, Cl A2 (A) 4.521%, 04/22/48 2,500 3,750 -------------- 8,937 -------------- UNITED KINGDOM -- 1.6% Arkle Master Issuer, Ser 2006-1X, Cl 2C (A) 4.705%, 02/17/52 350 541 Arkle Master Issuer PLC, Ser 2006-1X, Cl 5M1 4.630%, 02/17/52 150 205 Canary Wharf Finance, Ser II, Cl C2 (A) 6.078%, 10/22/37 200 316 Gracechurch Mortgage Financing, Ser 2006-1, Cl C3 (A) 4.628%, 11/20/56 250 349 Gracechurch Mortgage Financing, Ser 2007-1X, Cl 2D2 (A) 4.760%, 11/20/56 400 586 Gracechurch Mortgage Financing, Ser 2007-1X, Cl 3A2 (A) 4.458%, 11/20/56 2,000 3,076 Granite Master Issuer, Ser 2006-2, Cl A5 (A) 4.546%, 12/20/54 1,000 1,489 Leek Finance, Ser 15X, Cl BA 6.335%, 03/21/37 100 178 Permanent Financing, Ser 5, Cl 3A (A) 3.150%, 06/10/34 1,920 1,908 Permanent Financing, Ser 7, Cl 3B (A) 4.550%, 06/10/42 2,500 3,747 -------------- 12,395 -------------- UNITED STATES -- 7.9% American Home Mortgage, Ser 2006-6, Cl A1a (A) 2.788%, 12/25/46 381 285 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Arran Residential Mortgages Funding, Ser 2006-1x, Cl BC (A) 4.731%, 04/12/56 500 $ 754 BCAP Trust, Ser 2007-AA1, Cl 1A1 (A) 2.698%, 02/25/47 2,133 1,556 Banc of America Commercial Mortgage Securities, Ser 2007-5, Cl A4 5.492%, 10/10/17 1,200 1,164 Banc of America, Ser 2006-6, Cl A2 5.309%, 10/10/45 2,680 2,634 Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A (A) 5.431%, 09/25/34 543 523 Bear Stearns Commercial Mortgage Securities, Ser 2006-PW14, Cl A4 5.201%, 12/11/38 2,775 2,677 Bear Stearns, Ser 2006-2, Cl 2A1 (A) 5.650%, 07/25/36 900 869 Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4 (A) 5.109%, 05/25/35 2,558 2,403 Commercial Mortgage Asset Trust, Ser 1999-C1, Cl A3 6.640%, 01/17/32 1,178 1,190 Countrywide Alternative Loan Trust, Ser 2006-43CB, Cl 1A7 6.000%, 01/31/37 3,668 3,543 Countrywide Alternative Loan Trust, Ser 2006-OC8, Cl 2A1A (A) 2.688%, 11/25/36 1,897 1,774 Countrywide Home Loans, Ser 2003-56, Cl 5A1 (A) 4.781%, 12/25/33 578 496 Credit Suisse First Boston Mortgage Securities, Ser 2002-CKS4, Cl A2 5.183%, 11/15/36 1,930 1,928 Credit Suisse First Boston Mortgage Securities, Ser 2003-CKS4, Cl A1 4.485%, 11/15/36 1,618 1,588 Credit Suisse Mortgage Capital, Ser 2006-C5, Cl A3 5.311%, 12/15/39 1,215 1,180 Deutsche Alt-A Securities, Ser 2007-BAR1, Cl A1 (A) 2.678%, 03/25/37 1,728 1,640 Deutsche Alt-A Securities, Ser 2006-0a1, Cl A1 2.798%, 02/25/47 527 401 FHLMC (A) 3.177%, 02/15/37 1,267 1,216 3.147%, 02/15/37 1,013 969 - -------------------------------------------------------------------------------- 36 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- FNMA 15 Year TBA 5.500%, 04/30/22 2,300 $ 2,347 GNMA 30 Year TBA 5.500%, 04/01/38 3,600 3,670 GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1 (A) 5.133%, 01/25/35 655 585 GSR Mortgage Loan Trust, Ser 2006-0a1, Cl 2a1 (A) 2.788%, 08/25/46 548 417 GSR Mortgage Loan Trust, Ser 2007-AR2, Cl 2A1 (A) 5.498%, 05/25/37 2,982 2,875 Greenwich Capital Commercial Funding Corp, Ser 2007-gg11 Cl A4 5.736%, 12/10/49 220 217 JPMorgan Chase Commercial Mortgage, Ser 2005-LDP5 Cl A4 (A) 5.179%, 12/15/44 1,220 1,216 JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1 (A) 5.309%, 12/25/34 669 669 LB Commercial Conduit Mortgage Trust, Ser 2007-C3, Cl A4 (A) 6.134%, 07/15/44 185 187 LB-UBS Commercial Mortgage Trust, Ser 2007-C6, Cl A4 (A) 5.858%, 07/15/17 1,310 1,306 LB-UBS Commercial Mortgage Trust, Ser 2007-C7, Cl A1A 4.475%, 10/15/29 2,908 2,791 Merrill Lynch/Countrywide Commercial Mortgage, Ser 2006-3, Cl A4 (A) 5.414%, 07/12/46 1,165 1,143 MLCC Mortgage Investors, Ser 2006-3, Cl 2A1 (A) 6.090%, 10/25/36 1,887 1,808 Morgan Stanley Capital I, Ser 2006-IQ12, Cl A4 5.319%, 12/15/43 2,560 2,490 Morgan Stanley Capital I, Ser 2007-IQ16, Cl A4 5.809%, 12/12/49 1,300 1,289 Morgan Stanley Capital I, Ser 2007-HQ13, Cl A3 5.569%, 12/15/44 1,925 1,869 Prudential Securities, Ser 2000-CA, Cl A2 (A) 7.727%, 05/17/32 2,455 2,540 Salomon Brothers Mortgage Securities, Ser 2000-C1, Cl A2 (A) 7.520%, 12/18/09 2,435 2,502 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) - -------------------------------------------------------------------------------- Wachovia Bank Commercial Mortage Trust, Ser 2006-C25, Cl A4 (A) 5.742%, 05/15/43 395 $ 399 Wachovia Bank Commercial Mortgage Trust, Ser 2006-C29, Cl A4 5.315%, 11/15/48 305 296 Washington Mutual Mortgage Pass-Through Certificates, Ser 2006-AR10, Cl 3A2 (A) 6.097%, 08/25/46 445 405 Washington Mutual Mortgage Pass-Through Certificates, Ser 2006-AR1E, Cl 3A2 (A) 5.544%, 01/25/37 1,120 982 Washington Mutual Mortgage Pass-Through Certificates, Ser 2007-0a3, Cl 4a1 (A) 5.096%, 04/25/47 519 350 Washington Mutual Mortgage Pass-Through Certificates, Ser 2007-HY1, Cl 3A2 (A) 5.883%, 02/25/37 423 374 -------------- 61,517 -------------- Total Mortgage-Backed Securities (Cost $86,807) ($ Thousands) 87,377 -------------- ASSET-BACKED SECURITIES -- 6.1% FRANCE -- 0.4% Auto Compartiment, Ser 2006-1, Cl B 4.538%, 07/25/17 500 683 Auto Compartiment, Ser 2007-1, Cl A (A) 4.483%, 02/25/19 1,000 1,526 FCC Sparc, Ser 2005-1, Cl B (A) 5.318%, 07/15/11 400 613 FCC Sparc, Ser 2007-1, Cl D (A) 7.148%, 07/15/08 100 155 -------------- 2,977 -------------- GERMANY -- 0.1% Prime Bricks, Ser 2007-1, Cl B (A) 4.678%, 01/30/40 350 528 Prime Bricks, Ser 2007-1, Cl C (A) 4.880%, 01/30/40 100 147 -------------- 675 -------------- IRELAND -- 0.0% Mermaid Secured Finance, Ser 2007-1, Cl C (A) 4.678%, 01/30/40 100 150 Mermaid Secured Finance, Ser 2007-1, Cl D (A) 4.880%, 01/30/40 100 148 -------------- 298 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 37 SCHEDULE OF INVESTMENTS (Unaudited) International Fixed Income Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- JERSEY -- 0.0% Whinstone Capital Management, Ser 1X, Cl B1 (A) 6.596%, 10/25/45 201 $ 320 -------------- LUXEMBOURG -- 0.4% Geldilux, Ser 2005-TS, Cl 1A (A) 4.738%, 12/10/12 2,000 3,153 -------------- NETHERLANDS -- 1.0% Amstel Corporate Loan Offering, Ser 2007-1, Cl A2 (A) 4.844%, 03/25/17 1,000 1,538 Lambda Finance, Ser 2005-1X, Cl A2 (A) 4.580%, 11/15/29 1,500 2,294 Shield, Ser 1, Cl A (A) 4.616%, 01/20/14 2,500 3,766 -------------- 7,598 -------------- SPAIN -- 0.4% FTA Santander Auto, Ser 1, Cl A (A) 4.430%, 11/25/21 1,397 2,186 Santander Consumer Finance, Ser 2007-1, Cl A (A) 4.800%, 09/20/22 500 767 -------------- 2,953 -------------- UNITED KINGDOM -- 0.5% Metrix Funding, Ser 1X, Cl A2 (A) 4.563%, 02/10/19 2,500 3,605 -------------- UNITED STATES -- 3.3% Chase Issuance Trust, Ser 2007-A17, Cl A 5.120%, 10/15/14 1,400 1,448 Chase Manhattan Auto Owner Trust, Ser 2005-B, Cl A4 4.880%, 06/15/12 3,230 3,262 Citibank Credit Card Issurance Trust, Ser A4, Cl A4 5.375%, 04/10/13 EUR 1,900 2,976 Countrywide Asset-Backed Certificates, Ser 2007-2, Cl 2A1 (A) 2.649%, 03/14/37 2,410 2,300 Ford Credit Auto Owner Trust, Ser 2006-B, Cl A2B (A) 2.838%, 07/15/09 380 380 Ford Credit Auto Owner Trust, Ser 2006-C, Cl A3 5.160%, 11/15/10 2,215 2,251 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Home Equity Asset Trust, Ser 2007-2, Cl 2A1 2.709%, 07/25/37 905 $ 831 MBNA Credit Card Master Note Trust, Ser 2006-A1, Cl A1 4.900%, 07/15/11 1,030 1,045 Peco Energy Transition Trust, Ser A, Cl A1 6.520%, 12/31/10 2,600 2,778 SLM Student Loan Trust, Ser 2, Cl A5 (A) 4.468%, 04/22/08 EUR 1,000 1,531 Soundview Home Loan Equity Trust, Ser 2007-NS1, Cl A1 (A) 2.719%, 04/25/08 1,745 1,689 Structured Asset Investment Loan Trust, Ser 2006-BNC3, Cl A2 (A) 2.639%, 09/25/36 1,308 1,265 USAA Auto Owner Trust, Ser 2006-4, Cl A3 5.010%, 06/15/11 3,105 3,146 Wells Fargo Home Equity, Ser 2006-2, Cl A1 (A) 2.669%, 04/25/08 755 738 -------------- 25,640 -------------- Total Asset-Backed Securities (Cost $43,798) ($ Thousands) 47,219 -------------- CORPORATE OBLIGATIONS -- 3.6% UNITED STATES -- 3.6% AT&T 6.500%, 09/01/37 650 643 Autonation (A) (B) 7.360%, 04/15/08 44 36 Bear Stearns MTN 6.950%, 08/10/12 995 995 CSC Holdings, Ser B 8.125%, 07/15/09 65 66 Capital One Bank 4.250%, 12/01/08 521 514 Centex 7.500%, 01/15/12 366 337 CIT Group 7.625%, 11/30/12 290 241 Citicorp MTN 6.375%, 11/15/08 111 113 Comcast 6.950%, 08/15/37 1,060 1,062 Comcast Cable Communication 6.200%, 11/15/08 251 254 Computer Sciences (B) 5.500%, 03/15/13 605 607 - -------------------------------------------------------------------------------- 38 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Countrywide Financial 6.250%, 05/15/16 132 $ 107 Embarq 7.082%, 06/01/16 1,783 1,688 Fisher Scientific International 6.750%, 08/15/14 107 109 Ford Motor Credit 6.625%, 06/16/08 365 361 Freeport-McMorRan Copper & Gold 8.250%, 04/01/15 225 237 ILFC E-Capital Trust I (A) (B) 5.900%, 06/21/08 150 120 JPMorgan Chase 6.000%, 01/15/18 3,025 3,155 JPMorgan Chase MTN (A) 5.437%, 12/22/08 4,000 3,985 Lehman Brothers Holdings 6.500%, 07/19/17 197 187 Liberty Mutual Group (B) 7.800%, 03/15/37 315 266 Limited Brands 5.250%, 11/01/14 935 795 MGM Mirage 8.375%, 02/01/11 211 212 Merrill Lynch 6.050%, 05/16/16 375 356 Merrill Lynch MTN, Ser C 4.125%, 01/15/09 645 637 Mirant Americas 8.500%, 10/01/21 399 362 Motorola 7.500%, 05/15/25 85 74 6.500%, 09/01/25 531 436 NB Capital Trust IV 8.250%, 04/15/27 614 631 NRG Energy 7.375%, 02/01/16 225 220 Nextel Communications, Ser E 6.875%, 10/31/13 1,012 799 PPG Industries 6.650%, 03/15/18 562 596 Prudential Financial MTN 5.150%, 01/15/13 355 354 Reliant Energy 7.875%, 06/15/17 225 224 7.625%, 06/15/14 175 174 SLM MTN 5.050%, 11/14/14 1,392 1,012 Sara Lee 6.250%, 09/15/11 448 475 Starwood Hotels & Resorts 7.375%, 11/15/15 1,194 1,162 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1)/Shares ($ Thousands) - -------------------------------------------------------------------------------- UBS (Stamford) 5.875%, 12/20/17 800 $ 817 Union Bank Of California 5.950%, 05/11/16 392 383 US Steel 6.050%, 06/01/17 615 569 Union Carbide 7.750%, 10/01/96 910 831 Wachovia Capital Trust III (A) 5.800%, 03/15/11 385 274 Wells Fargo & Company 5.250%, 01/31/13 850 846 Western Financial Bank 9.625%, 05/15/12 432 458 Williams 7.875%, 09/01/21 207 224 Xerox 7.625%, 06/15/13 210 217 -------------- Total Corporate Obligations (Cost $29,273) ($ Thousands) 28,221 -------------- PREFERRED STOCK -- 0.1% UNITED STATES -- 0.1% Citigroup 19,000 457 -------------- Total Preferred Stock (Cost $475) ($ Thousands) 457 -------------- U.S. GOVERNMENT AGENCY OBLIGATION -- 0.1% FHLMC 6.750%, 03/15/31 800 1,004 -------------- Total U.S. Government Agency Obligation (Cost $976) ($ Thousands) 1,004 -------------- TIME DEPOSITS -- 8.5% UNITED STATES -- 8.5% Lloyds TSB 2.970%, 04/10/08 17,099 17,099 2.780%, 05/05/08 17,101 17,101 Royal Bank of Canada 2.560%, 04/10/08 17,082 17,082 Royal Bank of Scotland 2.640%, 04/30/08 15,065 15,065 -------------- Total Time Deposits (Cost $66,347) ($ Thousands) 66,347 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 39 SCHEDULE OF INVESTMENTS (Unaudited) International Fixed Income Fund (Continued) March 31, 2008 - ------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - ------------------------------------------------------------------------------- LOAN PARTICIPATIONS -- 1.1% UNITED STATES -- 1.1% Aramark Term Loan 8.129%, 01/26/14 GBP 297 $ 538 Beverly Enterprises Term Loan 5.454%, 07/24/11 341 310 Boston Generating Term Loan 7.610%, 12/22/13 744 572 Cablevision, Ser B Term Loan 4.750%, 03/14/13 491 457 Education Management Term Loan 6.625%, 05/26/13 724 627 First Data 7.634%, 09/24/14 399 359 Ford Motor Company Term Loan 8.000%, 11/29/13 743 608 Lear Term Loan 5.435%, 04/25/12 818 744 London Arena & Waterfront Term Loan 7.633%, 01/31/12 1,179 1,061 Momentive Performance Term Loan 5.375%, 12/04/13 977 852 Peach Holding Term Loan 7.340%, 11/21/13 583 445 TP Generation Holdings Term Loan 9.080%, 12/15/14 500 437 Targus Group Term Loan 7.750%, 11/22/12 492 400 TXU Term B Loan (A) 6.596%, 10/31/14 399 363 United Subcontractors Term Loan 7.681%, 12/27/12 687 414 -------------- Total Loan Participations (Cost $9,653) ($ Thousands) 8,187 -------------- Total Investments -- 96.1% (Cost $703,946) ($ Thousands) $ 746,016 ============== A summary of the outstanding forward foreign currency contracts held by the Fund at March 31, 2008, is as follows: - --------------------------------------------------------------------- UNREALIZED CURRENCY CURRENCY APPRECIATION MATURITY TO DELIVER TO RECEIVE (DEPRECIATION) DATE (THOUSANDS) (THOUSANDS) ($ THOUSANDS) - --------------------------------------------------------------------- 4/3/08-4/23/08 USD 871 NOK 4,630 $ 39 4/3/08-5/7/08 CZK 53,528 USD 3,297 (67) 4/3/08-5/7/08 MXP 104,741 USD 9,695 (100) 4/3/08-5/7/08 SEK 57,499 USD 9,170 (520) 4/3/08-5/14/08 PLN 44,815 USD 19,136 (1,018) 4/3/08-5/29/08 EUR 286,670 USD 439,101 (14,688) 4/3/08-6/4/08 CAD 30,332 USD 30,055 502 4/3/08-6/11/08 JPY 17,809,221 USD 169,313 (9,911) 4/3/08-6/12/08 AUD 20,766 USD 18,571 (314) 4/3/08-6/12/08 USD 5,261 AUD 5,729 (62) 4/3/08-6/16/08 NOK 29,142 USD 5,613 (112) 4/3/08-9/10/08 GBP 31,254 USD 61,979 35 4/3/08-9/10/08 USD 24,333 EUR 15,937 887 4/10/08 AUD 6,853 GBP 3,165 37 4/10/08 GBP 3,572 AUD 7,779 (1) 4/10/08 USD 2,508 SEK 16,160 216 - --------------------------------------------------------------------- UNREALIZED CURRENCY CURRENCY APPRECIATION MATURITY TO DELIVER TO RECEIVE (DEPRECIATION) DATE (THOUSANDS) (THOUSANDS) ($ THOUSANDS) - --------------------------------------------------------------------- 4/10/08-4/28/08 EUR 3,483 SEK 32,942 $ 36 4/10/08-4/28/08 SEK 40,510 EUR 4,316 8 4/10/08-6/4/08 USD 10,323 CAD 10,396 (195) 4/10/08-8/12/08 CHF 22,154 GBP 10,399 (1,791) 4/10/08-8/12/08 GBP 8,495 CHF 18,200 1,565 4/10/08-9/10/08 AUD 15,230 JPY 1,425,000 644 4/10/08-9/10/08 GBP 13,111 JPY 2,872,000 3,017 4/10/08-9/10/08 JPY 1,425,000 AUD 14,846 (990) 4/10/08-9/10/08 JPY 2,872,000 GBP 12,946 (3,343) 4/11/08-6/11/08 USD 48,763 JPY 5,057,527 2,131 4/14/08-9/10/08 EUR 9,925 JPY 1,533,461 (183) 4/16/08 GBP 688 EUR 915 83 4/16/08-8/12/08 EUR 3,606 CHF 5,796 166 4/23/08 DKK 49,176 USD 9,679 (763) 4/23/08 USD 2,541 DKK 13,011 222 4/23/08 USD 4,252 PLN 9,789 153 4/23/08-5/14/08 NZD 7,585 USD 5,796 (139) 4/23/08-5/22/08 ZAR 34,059 USD 4,613 444 4/23/08-6/11/08 CHF 18,609 USD 16,829 (1,994) 4/23/08-9/10/08 USD 2,310 GBP 1,151 (52) 4/24/08 HUF 1,291,844 USD 7,105 (746) 4/24/08 USD 188 HUF 32,617 10 4/25/08 HUF 426,253 PLN 5,980 101 4/25/08 PLN 8,935 EUR 2,480 (94) 4/30/08 NZD 3,525 AUD 3,085 48 5/6/08 EUR 1,840 NOK 14,837 1 5/6/08 NOK 7,381 EUR 935 31 5/8/08-6/11/08 USD 11,645 CHF 12,589 1,090 5/14/08-8/12/08 CHF 11,700 NZD 13,725 (1,183) 5/14/08-8/12/08 NZD 14,116 CHF 11,700 878 5/30/08 SGD 356 USD 259 -- 7/10/08-9/10/08 JPY 1,510,000 EUR 9,690 (22) 8/12/08 CHF 2,600 EUR 1,628 (66) 9/10/08 USD 1,100 NZD 1,414 (19) ------------- $ (26,029) ============= A summary of the open futures contracts held by the Fund at March 31, 2008, is as follows: - -------------------------------------------------------------------------- UNREALIZED NUMBER OF APPRECIATION TYPE OF CONTRACTS EXPIRATION (DEPRECIATION) CONTRACT LONG (SHORT) DATE ($ THOUSANDS) - -------------------------------------------------------------------------- Australian 10-Year Bond 25 Jun-2008 $ (8) Canadian 10-Year Bond 63 Jun-2008 247 Euro-Bobl 117 Jun-2008 (222) Euro-Bund 112 Jun-2008 (157) Euro-Schatz 243 Jun-2008 (189) Fed Funds 30-Day Bond May 08 (3) May-2008 -- Japanese 10-Year Bond 6 Jun-2008 126 Long Gilt 10-Year Bond 22 Jun-2008 128 U.S. 10-Year Treasury Note (365) Jun-2008 (1,082) U.S. 2-Year Treasury Note (189) Jul-2008 19 U.S. 5-Year Treasury Note (217) Jun-2008 (118) U.S. Long Treasury Bond (41) Jun-2008 (137) ------------- $ (1,393) ============= A summary of outstanding swap agreements held by the Fund at March 31, 2008, is as follows (See Note 2 in Notes to Financial Statements):
- ------------------------------------------------------------------------------------ TOTAL RETURN SWAP - ------------------------------------------------------------------------------------ NOTIONAL UNREALIZED EXPIRATION AMOUNT DEPRECIATION DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - ------------------------------------------------------------------------------------ Receive payment on the quarterly 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) 03/01/09 86,000 $ (54) ============
- -------------------------------------------------------------------------------- 40 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008
- ------------------------------------------------------------------------------------- CREDIT DEFAULT SWAPS - ------------------------------------------------------------------------------------- NOTIONAL UNREALIZED EXPIRATION AMOUNT DEPRECIATION DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - ------------------------------------------------------------------------------------- Fund receives a quarterly payment of 0.0075% (0.03% per annum) time the notional amount of ITRAXX Japan Senior Financials 5 year Series 8. Upon a defined credit event, Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Merrill Lynch) 12/20/12 JPY 300,000 $ (16) Fund receives a quarterly payment of 1.0000% (4.00% per annum) time the notional amount of Kaupthing Bank HF, floating rate, 12/01/2009. Upon a defined credit event, Fund pays the notional amount and takes receipt of the defined obligation. (Counterparty: Citibank) 12/20/08 EUR 400 (32) ------------ $ (48) ============
- ------------------------------------------------------------------------------------------ INTEREST RATE SWAPS - ------------------------------------------------------------------------------------------ UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - ------------------------------------------------------------------------------------------ Pays a fixed rate of 4.269% and receives a floating rate based on the 3 Month CAD LIBOR quarterly. (Counterparty: JPMorgan Chase) 03/22/12 CAD 15,000 $ (396) Pays a fixed rate of 4.196% and receives a floating rate based on the 6 Month EURIBOR semi-annually. (Counterparty: JPMorgan Chase) 03/30/12 EUR 3,000 (44) 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 GBP 6,000 193 Receives a fixed rate of 2.218% and pays a floating rate based on the 6 Month Yen LIBOR semi-annually. (Counterparty: JPMorgan Chase) 03/26/27 JPY 1,000,000 370 Receives a fixed rate of 1.285% and pays a floating rate based on the 6 Month Yen LIBOR semi-annually. (Counterparty: JPMorgan Chase) 03/26/12 JPY 2,600,000 336 Receives a fixed rate of 7.661% and pays a floating rate based on the 3 Month NZD LIBOR quarterly. (Counterparty: Deustche Bank) 03/26/12 NZD 3,000 (14) Receives a fixed rate of 4.376% and pays a floating rate based on the 6 Month EURIBOR semi-annually. (Counterparty: Deustche Bank) 01/07/13 EUR 5,400 71 Pays a fixed rate of 3.909% and receives a floating rate based on the 6 Month EURIBOR semi-annually. (Counterparty: Deutsche Bank) 03/13/10 EUR 6,500 55 Receives a fixed rate of 4.173% and pays a floating rate based on the 6 Month EURIBOR semi-annually. (Counterparty: Deutsche Bank) 03/28/13 EUR 7,000 (3) Receives a fixed rate of 4.895% and pays a floating rate based on the 6 Month GBP LIBOR semi-annually. (Counterparty: Deutsche Bank) 03/11/10 GBP 4,900 (21) Pays a fixed rate of 3.419% and receives a floating rate based on the 3 Month USD LIBOR semi-annually. (Counterparty: Deutsche Bank) 03/06/13 $ 15,000 (99) ------------- $ 448 =============
- -------------------------------------------------------------------------------- Description - -------------------------------------------------------------------------------- Percentages are based on Net Assets of $776,695 ($ 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, 2008. (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 effective yield on March 31, 2008. 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. AUD -- Australian Dollar CAD -- Canadian Dollar CHF -- Swiss Franc Cl -- Class CPI -- Consumer Price Index CZK -- Czech Koruna DKK -- Danish Krone EUR -- Euro FHLMC -- Federal Home Loan Mortgage Corporation FNMA -- Federal National Mortgage Association GBP -- British Pound Sterling GNMA -- Government National Mortgage Association HUF -- Hungarian Forint JPY -- Japanese Yen LIBOR --London Interbank Offering Rate LP -- Limited Partnership MTN -- Medium Term Note MXP -- Mexican Peso NOK -- Norwegian Krone NZD-- New Zealand Dollar PIK -- Payment-in-Kind PLN -- Polish Zloty Ser -- Series SEK -- Swedish Krona SGD -- Singapore Dollar TBA --To Be Announced USD -- U.S. Dollar ZAR -- South African Rand Amounts designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 41 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Debt Fund March 31, 2008 - -------------------------------------------------------------------------------- SECTOR WEIGHTINGS+: [THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] Government 74.3% Deposits to Counterparty as Collateral for Swap Contracts 5.6% Financials 4.4% Short-Term Investments 4.0% Loan Participations 3.9% U.S. Treasury Obligations 2.6% Energy 2.1% Utilities 0.9% Materials 0.8% Industrials 0.7% Telecommunication Services 0.6% Consumer Discretionary 0.1% Purchased Options 0.0% Warrants 0.0% + Percentages based on total investments. Includes Investments held as collateral for securities on loan (see Note 7). - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- GLOBAL BONDS -- 81.4% ARGENTINA -- 6.5% Alto Parana Celara 6 (A) 6.375%, 06/09/17 440 $ 445 Cia Transporte Energia (A) 8.875%, 12/15/16 470 383 Province Del Neuquen (A) 8.656%, 10/18/14 250 244 Province of Mendoza Registered 5.500%, 09/04/18 416 314 Province of Buenos Aires (A) 9.625%, 04/18/28 1,605 1,240 Province of Buenos Aires Registered 9.625%, 04/18/28 695 525 9.375%, 09/14/18 470 364 2.000%, 05/15/35 (F) 1,200 441 Republic of Argentina 12.000%, 09/19/16 (G) EUR 1,000 239 11.750%, 05/20/11 (G) EUR 2,500 628 9.750%, 09/19/27 (G) 2,150 646 9.000%, 05/29/09 (G) EUR 2,650 1,185 8.500%, 07/01/04 (G) 775 362 8.280%, 12/31/33 24,366 19,980 8.125%, 04/21/08 (G) 4,200 1,899 8.000%, 02/25/02 to 02/28/08 (G) 1,675 806 7.820%, 12/31/33 EUR 249 281 7.625%, 03/31/05 (G) 1,120 420 7.000%, 09/12/13 to 04/17/17 7,300 5,756 5.830%, 12/31/33 (B) 2,675 917 3.092%, 08/03/12 (B) (G) 10,755 5,727 2.627%, 12/15/35 (B) 2,400 272 1.330%, 12/31/38 (F) 40,075 14,427 1.318%, 12/15/35 (B) 9,060 1,087 Republic of Argentina MTN, Ser 2 (G) 7.000%, 03/18/04 ITL 1,475,000 365 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Republic of Argentina MTN, Ser E (G) 10.000%, 01/03/07 ITL 3,000,000 $ 775 9.250%, 07/20/04 EUR 1,375 643 8.750%, 02/04/49 EUR 1,375 566 8.500%, 07/30/10 EUR 2,000 887 7.625%, 08/11/07 ITL 4,580,000 1,095 Republic of Argentina MTN, Ser E Registered (G) 9.000%, 05/24/49 EUR 1,400 661 Transportadora Gas Norte 8.000%, 12/31/12 (F) 130 107 7.500%, 12/31/12 (A) (F) 260 203 6.500%, 12/31/12 (A) (F) 37 30 6.500%, 12/31/12 (F) 216 178 Unikredit Realkredit (G) 9.000%, 06/20/49 EUR 1,125 526 -------------- 64,624 -------------- BAHAMAS -- 0.1% Banco Votorantim Nassau (A) 10.625%, 04/10/14 2,750 1,440 -------------- BELIZE -- 0.0% Government of Belize Registered (F) 4.250%, 02/20/29 400 290 -------------- BERMUDA -- 0.1% Citic Resources Finance (A) 6.750%, 05/15/14 300 270 Digicel Group (A) 8.875%, 01/15/15 550 459 -------------- 729 -------------- BOSNIA-HERZEGOVINA -- 0.1% Republic of Bosnia & Herzegovina, Ser B (J) 10.028%, 12/11/17 EUR 2,300 1,304 -------------- BRAZIL -- 9.6% Cesp-Comp Ener Sao Paulo (A) 9.750%, 01/15/15 BRL 1,375 848 Federal Republic Of Brazil 12.500%, 01/05/22 BRL 1,400 870 11.000%, 08/17/40 20,562 27,533 10.250%, 01/10/28 BRL 1,400 748 10.125%, 05/15/27 4,905 6,744 8.875%, 04/15/24 3,700 4,588 8.750%, 02/04/25 2,405 2,946 8.500%, 09/24/12 6,185 10,719 8.250%, 01/20/34 1,700 2,031 7.125%, 01/20/37 11,375 12,262 - -------------------------------------------------------------------------------- 42 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Nota Do Tesouro Nacional 10.000%, 01/01/14 BRL 14,450 $ 7,224 10.000%, 01/01/17 BRL 39,396 18,842 Usiminas Commercial (A) 7.250%, 01/18/18 275 287 -------------- 95,642 -------------- CAYMAN ISLANDS -- 1.0% Banco Safra (A) 10.875%, 04/03/17 BRL 2,800 1,457 Blue City Investments 13.750%, 11/07/13 750 748 EEB International (A) 8.750%, 10/31/14 340 350 Earls Eight (A) (F) 7.500%, 12/31/12 420 327 Interoceanica IV Finance (A) (J) 3.831%, 11/30/25 1,000 461 3.657%, 11/30/18 450 291 Peru Enhanced Pass-Thru (A) (J) 5.926%, 05/31/25 320 117 3.949%, 05/31/18 1,495 1,002 Petrobras International Finance 5.875%, 03/01/18 4,890 4,707 Vale Overseas 6.875%, 11/21/36 220 215 6.250%, 01/23/17 85 85 -------------- 9,760 -------------- CHILE -- 0.4% Codelco Registered 5.500%, 10/15/13 1,875 1,968 Republic of Chile 5.500%, 01/15/13 1,765 1,867 -------------- 3,835 -------------- COLOMBIA -- 5.2% BanColombia 6.875%, 05/25/17 425 409 Bogota Distrio Capital (A) 9.750%, 07/26/28 COP 2,881,000 1,342 Republic of Colombia 11.750%, 02/25/20 11,075 16,336 10.375%, 01/28/33 1,700 2,456 9.850%, 06/28/27 COP 28,668,000 14,014 8.250%, 12/22/14 2,920 3,387 8.125%, 05/21/24 1,800 2,093 7.375%, 01/27/17 4,875 5,392 7.375%, 09/18/37 5,885 6,312 -------------- 51,741 -------------- - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- CYPRUS -- 0.5% ABH Financial (A) 8.200%, 06/25/12 872 $ 821 Springvale Holdings (B) 11.389%, 09/07/08 1,000 1,000 Teorema Holding 11.000%, 10/27/09 3,400 3,400 -------------- 5,221 -------------- DOMINICAN REPUBLIC -- 0.2% Republic of Dominican Republic Registered 9.040%, 01/23/18 618 659 8.625%, 04/20/27 1,125 1,210 -------------- 1,869 -------------- ECUADOR -- 1.2% Republic of Ecuador Registered 10.000%, 08/15/30 (F) 10,930 10,619 9.375%, 12/15/15 1,635 1,655 -------------- 12,274 -------------- EL SALVADOR -- 1.8% Republic of El Salvador Registered 8.250%, 04/10/32 3,485 3,938 7.750%, 01/24/23 3,790 4,160 7.650%, 06/15/35 9,641 10,219 -------------- 18,317 -------------- GABON -- 0.4% Republic of Gabon (A) 8.200%, 12/12/17 3,730 3,912 -------------- GHANA -- 0.1% Republic of Ghana (A) 8.500%, 10/04/17 1,200 1,254 -------------- INDIA -- 0.0% ICICI Bank (A) 6.625%, 10/03/12 330 330 -------------- INDONESIA -- 4.0% Excelcomindo Finance 7.125%, 01/18/13 290 309 Garuda Indonesia (B) (H) (I) 5.698%, 12/31/07 1,183 734 Government of Indonesia 10.000%, 07/15/17 IDR 21,424,000 2,151 Indosat Finance 7.125%, 06/22/12 1,050 1,067 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 43 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Debt Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Republic of Indonesia 8.550%, 02/20/10 (J) IDR 15,175,000 $ 1,386 8.500%, 10/12/35 5,425 6,147 8.280%, 02/20/10 (J) IDR 41,169,000 3,718 8.250%, 02/20/10 (J) IDR 41,033,000 3,706 7.750%, 01/17/38 9,410 9,842 7.750%, 01/17/38 (A) 895 936 7.500%, 01/15/16 (A) 1,760 1,901 7.250%, 04/20/15 (A) 155 166 6.875%, 03/09/17 670 706 6.875%, 01/17/18 (A) 415 435 6.625%, 02/17/37 (A) 800 736 Republic of Indonesia Registered 7.500%, 01/15/16 3,040 3,312 7.250%, 04/20/15 495 532 6.750%, 03/10/14 1,100 1,158 6.625%, 02/17/37 450 419 -------------- 39,361 -------------- IRAQ -- 1.2% Republic of Iraq Registered 5.800%, 01/15/28 17,200 12,083 -------------- IRELAND -- 0.1% Dal Capital (Vneshtorgbk) 7.000%, 04/13/09 RUB 13,400 565 Transcapit (Transneft) (A) 6.103%, 06/27/12 700 686 -------------- 1,251 -------------- JERSEY -- 0.2% Aldar Funding 5.767%, 11/10/11 1,000 1,790 -------------- LEBANON -- 0.4% Lebanese Republic MTN, Ser E 8.250%, 04/12/21 950 888 Lebanese Republic Registered 4.000%, 12/31/17 3,900 3,107 -------------- 3,995 -------------- LUXEMBOURG -- 0.9% Alfa Dividend Payment Rights Finance (A) (B) 4.700%, 06/15/08 448 428 Gaz Capital for Gazprom Registered 9.625%, 03/01/13 1,500 1,685 8.625%, 04/28/34 3,340 3,799 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- RSHB Captl (A) 6.299%, 05/15/17 2,545 $ 2,357 UBS (Vimpelcom) 8.250%, 05/23/16 570 562 -------------- 8,831 -------------- MALAYSIA -- 1.9% Bank Negara Monetary Note (J) 3.192%, 04/03/08 12,490 3,904 Government of Malaysia 3.833%, 09/28/11 11,950 3,782 3.814%, 02/15/17 MYR 17,050 5,329 3.502%, 05/31/27 MYR 6,100 1,715 Petronas Capital Registered 7.875%, 05/22/12 to 05/22/22 3,285 4,151 -------------- 18,881 -------------- MEXICO -- 5.1% Cornhill, Ser 39 (G) (H) (I) 0.000%, 01/30/00 1,650 330 Cornhill, Ser 46 (G) (H) (I) 8.626%, 03/02/00 150 30 Mexican Bonos, Ser M 7.500%, 06/21/12 52,487 4,943 Mexican Bonos, Ser M10 8.000%, 12/17/15 MXP 27,000 2,617 Mexican Bonos, Ser M20 10.000%, 12/05/24 MXP 41,440 4,785 Mexican Bonos, Ser MI10 8.000%, 12/19/13 MXP 39,123 3,769 Pemex Project Funding Master Trust Registered 6.625%, 06/15/35 450 466 5.750%, 03/01/18 1,305 1,331 United Mexican States 6.625%, 03/03/15 3,155 3,526 6.050%, 01/11/40 940 938 5.625%, 01/15/17 1,826 1,919 United Mexican States MTN 8.300%, 08/15/31 4,370 5,746 United Mexican States MTN, Ser A 7.500%, 04/08/33 5,215 6,323 6.750%, 09/27/34 12,733 14,204 United Mexican States MTN, Ser E 11.000%, 05/08/17 EUR 5,000 6 -------------- 50,933 -------------- - -------------------------------------------------------------------------------- 44 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- NETHERLANDS -- 0.5% HSBK Europe (A) 7.250%, 05/03/17 500 $ 433 ING Bank MTN, Ser E 9.625%, 05/30/08 700 682 Kazkommerts International (A) 7.500%, 11/29/16 450 337 Kazkommerts International Registered 7.500%, 11/29/16 900 673 Lukoil International Finance (A) 6.656%, 06/07/22 245 215 Majapahit Holding (A) 7.875%, 06/29/37 555 508 7.750%, 10/17/16 260 256 7.750%, 10/17/16 280 275 7.250%, 06/28/17 770 731 TGI International (A) 9.500%, 10/03/17 660 681 -------------- 4,791 -------------- NIGERIA -- 0.5% HSBC Bank NGN 10.500%, 07/28/08 255,000 2,251 UBS Jersey Branch (A) (B) 0.000%, 09/04/17 750 788 UBS Jersey Branch MTN (A) (B) 6.296%, 11/01/13 1,320 1,563 -------------- 4,602 -------------- PAKISTAN -- 0.2% Republic of Pakistan 7.125%, 03/31/16 290 251 Republic of Pakistan Registered 6.875%, 06/01/17 2,170 1,845 -------------- 2,096 -------------- PANAMA -- 2.1% Republic of Panama 9.375%, 01/16/23 560 725 9.375%, 04/01/29 2,005 2,637 8.875%, 09/30/27 4,700 5,992 8.125%, 04/28/34 1,020 1,209 7.250%, 03/15/15 7,090 7,764 6.700%, 01/26/36 2,185 2,223 -------------- 20,550 -------------- - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- PERU -- 2.0% Banco Credita Del Peru (A) (B) 7.170%, 10/15/22 1,950 $ 704 Republic of Peru 9.875%, 02/06/15 895 1,129 8.750%, 11/21/33 2,480 3,224 8.375%, 05/03/16 3,305 3,936 7.350%, 07/21/25 9,150 10,294 6.900%, 08/12/37 (A) 2,800 1,017 -------------- 20,304 -------------- PHILIPPINES -- 7.4% DMCI Water (I) 10.500%, 12/31/09 2,101 2,101 National Power 9.625%, 05/15/28 1,400 1,671 6.875%, 11/02/16 (A) 965 975 Republic of Philippines 10.625%, 03/16/25 12,185 16,998 9.875%, 01/15/19 500 639 9.500%, 02/02/30 6,770 8,835 9.375%, 01/18/17 5,325 6,656 9.000%, 02/15/13 600 701 8.875%, 03/17/15 800 944 8.250%, 01/15/14 905 1,036 8.000%, 01/15/16 4,200 4,788 7.750%, 01/14/31 10,138 11,316 7.500%, 09/25/24 14,734 16,281 6.375%, 01/15/32 (C) 1,025 989 -------------- 73,930 -------------- RUSSIA -- 9.7% Kazan Orgsintez 9.250%, 10/30/11 505 503 Kuznetski (Bank of Moscow) (F) 7.500%, 11/25/15 1,200 1,172 Orient Express Finance 9.875%, 07/02/09 RUB 15,000 585 RSHB Captal 7.175%, 05/16/13 400 407 Russian Federation Registered 12.750%, 06/24/28 3,525 6,358 11.000%, 07/24/18 7,735 11,247 7.500%, 03/31/30 (F) 65,746 75,706 VTB Capital 6.609%, 10/31/12 900 875 -------------- 96,853 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 45 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Debt Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- SOUTH AFRICA -- 0.9% Republic of South Africa 8.500%, 06/23/17 860 $ 1,010 6.500%, 06/02/14 5,905 6,149 5.875%, 05/30/22 1,640 1,521 -------------- 8,680 -------------- SOUTH KOREA -- 0.1% Shinhan Bank (B) 6.819%, 09/20/36 630 538 Woori Bank 6.208%, 05/02/37 610 474 -------------- 1,012 -------------- SRI LANKA -- 0.0% Republic of Sri Lanka 8.250%, 10/24/12 190 169 -------------- SUPRA-NATIONAL -- 0.3% European Investment Bank 10.000%, 01/28/11 TRY 3,770 2,563 -------------- THAILAND -- 0.2% Bangkok Bank Registered 9.025%, 03/15/29 390 411 True Move (A) 10.750%, 12/16/13 1,250 1,154 -------------- 1,565 -------------- TUNISIA -- 0.2% Banque Centrale de Tunisie 8.250%, 09/19/27 1,095 1,336 7.375%, 04/25/12 465 502 -------------- 1,838 -------------- TURKEY -- 5.0% Republic of Turkey 14.000%, 01/19/11 (B) TRY 600 417 11.875%, 01/15/30 (C) 16,385 24,188 10.000%, 02/15/12 TRY 360 290 9.500%, 01/15/14 500 582 8.000%, 02/14/34 1,500 1,538 7.375%, 02/05/25 3,800 3,814 7.250%, 03/05/38 340 322 7.000%, 09/26/16 2,390 2,426 6.875%, 03/17/36 8,205 7,278 6.750%, 04/03/18 8,950 8,883 -------------- 49,738 -------------- - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- UKRAINE -- 2.1% Government of Ukraine Registered 7.650%, 06/11/13 (C) 5,240 $ 5,568 6.875%, 03/04/11 1,000 1,035 6.875%, 03/04/11 (A) 4,475 4,610 6.580%, 11/21/16 1,600 1,592 6.580%, 11/21/16 (A) 6,735 6,685 6.385%, 06/26/12 1,100 1,118 Naftogaz Ukrainy 8.125%, 09/30/09 700 678 -------------- 21,286 -------------- UNITED ARAB EMIRATES -- 0.6% Jafz Sukuk (B) 6.100%, 11/27/12 AED 22,000 6,194 -------------- UNITED KINGDOM -- 0.5% Barclays Bank (A) (B) 12.500%, 03/17/13 600 705 0.000%, 12/17/08 600 687 Credit Suisse First Boston International (Export/Import -Ukraine) 6.800%, 10/04/12 600 581 Credit Suisse First Boston for the City of Kiev 8.000%, 11/06/15 750 726 Standard Bank (A) 15.000%, 03/12/12 481 392 Standard Bank MTN, Ser E (B) 0.000%, 07/20/09 658 655 UK Private Bank (A) 8.000%, 02/06/12 1,000 903 -------------- 4,649 -------------- UNITED STATES -- 0.4% Citigroup Funding 10.000%, 01/03/17 (B) 1,500 1,522 6.000%, 05/18/15 (A) 800 858 DST 10.750%, 05/22/09 1,300 1,300 -------------- 3,680 -------------- URUGUAY -- 3.4% Republic of Uruguay 9.250%, 05/17/17 4,325 5,114 8.000%, 11/18/22 22,255 23,813 7.625%, 03/21/36 600 608 7.500%, 03/15/15 1,225 1,323 Republic of Uruguay PIK 7.875%, 01/15/33 3,050 3,187 -------------- 34,045 -------------- - -------------------------------------------------------------------------------- 46 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- VENEZUELA -- 3.8% Government of Venezuela 13.625%, 08/15/18 1,200 $ 1,458 10.750%, 09/19/13 400 408 9.375%, 01/13/34 8,710 8,013 9.250%, 09/15/27 12,930 12,284 8.500%, 10/08/14 2,816 2,612 7.650%, 04/21/25 970 778 6.000%, 12/09/20 4,830 3,429 5.750%, 02/26/16 6,500 5,103 Government of Venezuela Registered 7.000%, 12/01/18 400 322 Petroleos De Venezuela 5.375%, 04/12/27 5,355 3,079 5.250%, 04/12/17 900 590 -------------- 38,076 -------------- VIRGIN ISLANDS -- 0.5% GTL Trade Finance (A) 7.250%, 10/20/17 3,920 4,132 Pemberley SPV Fin 11.500%, 02/19/14 (A) 1,250 1,257 0.000%, 02/25/20 (A) (B) 1,250 -- -------------- 5,389 -------------- Total Global Bonds (Cost $788,380) ($ Thousands) 811,677 -------------- DEPOSIT WITH COUNTERPARTY AS COLLATERAL FOR SWAP CONTRACTS (E) -- 5.5% UNITED STATES -- 5.5% Deposits with Citibank as Collateral for Swap Contracts Outstanding 648 648 Deposits with Credit Suisse First Boston as Collateral for Swap Contracts Outstanding TRY 692 518 Deposits with Credit Suisse First Boston as Collateral for Swap Contracts Outstanding 3,600 3,600 Deposits with Credit Suisse First Boston as Collateral for Swap Contracts Outstanding 750 750 Deposits with Credit Suisse First Boston as Collateral for Swap Contracts Outstanding 8,550 8,550 Deposits with Credit Suisse First Boston as Collateral for Swap Contracts Outstanding 1,400 1,400 Deposits with Credit Suisse First Boston as Collateral for Swap Contracts Outstanding 1,000 1,000 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- Deposits with Deutsche Bank as Collateral for Swap Contracts Outstanding BRL 2,305 $ 1,319 Deposits with Deutsche Bank as Collateral for Swap Contracts Outstanding 877 877 Deposits with Deutsche Bank as Collateral for Swap Contracts Outstanding IDR 6,689,757 727 Deposits with Deutsche Bank as Collateral for Swap Contracts Outstanding BRL 7,070 4,043 Deposits with Goldman Sachs as Collateral for Swap Contracts Outstanding BRL 4,564 2,610 Deposits with HSBC as Collateral for Swap Contracts Outstanding TRY 4,218 3,157 Deposits with HSBC as Collateral for Swap Contracts Outstanding ILS 7,824 2,215 Deposits with JPMorgan Chase as Collateral for Swap Contracts Outstanding 7,812 7,812 Deposits with JPMorgan Chase as Collateral for Swap Contracts Outstanding 249 249 Deposits with JPMorgan Chase as Collateral for Swap Contracts Outstanding 2,798 2,798 Deposits with Merrill Lynch as Collateral for Swap Contracts Outstanding NGN 229,710 1,962 Deposits with Merrill Lynch as Collateral for Swap Contracts Outstanding NGN 229,710 1,962 Deposits with Merrill Lynch as Collateral for Swap Contracts Outstanding NGN 288,900 2,468 Deposits with Merrill Lynch as Collateral for Swap Contracts Outstanding 2,500 2,500 Deposits with Standard Bank as Collateral for Swap Contracts Outstanding 352 352 Deposits with Standard Bank as Collateral for Swap Contracts Outstanding 438 438 Deposits with UBS as Collateral for Swap Contracts Outstanding ILS 7,190 2,036 Deposits with UBS as Collateral for Swap Contracts Outstanding NGN 45,165 386 -------------- Total Deposit with Counterparty as Collateral for Swap Contracts (Cost $54,222) ($ Thousands) 54,377 -------------- - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 47 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Debt Fund (Continued) March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1) ($ Thousands) - -------------------------------------------------------------------------------- LOAN PARTICIPATIONS -- 3.8% EGYPT -- 0.2% Egyptian Urea Petrochemical (G) (H) (I) 0.000%, 07/01/17 1,950 $ 1,950 -------------- GERMANY -- 0.1% Rike (H) (I) 9.000%, 08/17/11 1,200 1,200 -------------- INDONESIA -- 0.4% Indonesia Standby Loan 94 (Counterparty: Deutsche Bank) (B) (H) (I) 3.563%, 06/29/08 4,173 4,090 -------------- MEXICO -- 1.1% Altos Hornos, Promissory Note # 5 (G) (H) (I) 0.000%, 04/29/99 2,500 1,487 Altos Hornos, Promissory Note # 6 (G) (H) (I) 0.000%, 04/29/99 2,500 1,488 Altos Hornos, Promissory Note (Counterparty: Deutche Bank) (G) (H) (I) 0.000%, 12/31/49 4,500 2,677 Altos Hornos, Tranche A (Counterparty: Banc of America) (G) (H) (I) 0.000%, 04/11/04 6,540 3,891 Grupo Accerco Del Norte (Counterparty: Deutsche Bank) (G) (H) (I) 0.000%, 12/31/49 7,750 1,163 -------------- 10,706 -------------- SINGAPORE -- 1.2% Connect International PPN PIK (H) (I) 0.000%, 01/01/09 8,102 8,185 Neptune Loan Agreement (H) (I) 0.000%, 05/12/08 3,678 3,678 -------------- 11,863 -------------- TURKEY -- 0.8% Cukurova, Ser A 0.000%, 05/01/08 3,452 3,427 Cukurova, Ser B 0.000%, 05/01/12 4,600 4,496 -------------- 7,923 -------------- Total Loan Participations (Cost $31,087) ($ Thousands) 37,732 -------------- - -------------------------------------------------------------------------------- Shares/Face Amount Market Value Description ($ Thousands)(1)/Contracts ($ Thousands) - -------------------------------------------------------------------------------- COMMON STOCK -- 0.4% BRAZIL -- 0.4% GVT Holding* 200,000 $ 3,765 -------------- Total Common Stock (Cost $981) ($ Thousands) 3,765 -------------- CORPORATE OBLIGATION -- 0.1% UNITED STATES -- 0.1% SLM EXL MTN (B) (D) 2.828%, 04/14/08 733 733 -------------- Total Corporate Obligation (Cost $733) ($ Thousands) 733 -------------- Number of WARRANTS -- 0.0% Warrants --------- RUSSIA -- 0.0% Teorema Holding A, Expires 10/27/11* -- 154 Teorema Holding B, Expires 10/27/11* -- 307 -------------- Total Warrants (Cost $78) ($ Thousands) 461 -------------- PURCHASED OPTIONS -- 0.0% BRAZIL -- 0.0% December 2008 BRL Call, Expires 12/31/08 Strike Price: BRL 1.705* 9,650,000 64 January 2009 BRL Call* Expires 01/30/09, Strike Price: BRL 1.705* 7,843.000 52 November 2008 BRL Call, Expires 11/28/08, Strike Price: BRL 1.670* 9,452,200 44 November 2008 BRL Call, Expires 11/28/08, Strike Price: BRL 1.670* 9,680,000 67 November 2008 BRL Call, Expires 11/28/08, Strike Price: BRL 1.700* 6,800,000 42 -------------- Total Purchased Options (Cost $682) ($ Thousands) 269 -------------- CASH EQUIVALENT -- 3.9% UNITED STATES -- 3.9% SEI Liquidity Fund, LP, 3.200%**++ (D) 39,300,000 39,300 -------------- Total Cash Equivalent (Cost $39,300) ($ Thousands) 39,300 -------------- - -------------------------------------------------------------------------------- 48 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands)(1)/Contracts ($ Thousands) - -------------------------------------------------------------------------------- U.S. TREASURY OBLIGATION -- 2.5% U.S. Treasury Note (C) 4.875%, 08/31/08 24,995 $ 25,346 -------------- Total U.S. Treasury Obligation (Cost $25,117) ($ Thousands) 25,346 -------------- Total Investments -- 97.6% (Cost $940,580) ($ Thousands) $ 973,660 ============== WRITTEN OPTIONS -- (0.0)% BRAZIL -- 0.0% December 2008 BRL Call, Expires 12/31/08, Strike Price: BRL 1.570* (8,886,200) $ (14) December 2008 BRL Call, Expires 12/31/08, Strike Price: BRL 1.610* (9,110,000) (24) January 2009 BRL Call, Expires 01/30/09, Strike Price: BRL 1.605* (7,383,000) (20) November 2008 BRL Call, Expires 11/28/08, Strike Price: BRL 1.550* (6,200,000) (7) November 2008 BRL Call, Expires 11/28/08, Strike Price: BRL 1.670* (9,090,000) (22) -------------- Total Written Options (Premiums received $(266)) ($ Thousands) $ (87) ============== A summary of the outstanding forward foreign currency contracts held by the Fund at March 31, 2008, is as follows: - -------------------------------------------------------------------------------- UNREALIZED CURRENCY CURRENCY APPRECIATION MATURITY TO DELIVER TO RECEIVE (DEPRECIATION) DATE (THOUSANDS) (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- 4/1/08 USD 2,200 AED 8,039 $ (11) 4/2/08-5/5/08 BRL 72,883 USD 42,544 950 4/7/08-5/13/08 KRW 3,876,920 USD 4,179 257 4/7/08-5/13/08 USD 11,300 KRW 10,574,633 (598) 4/7/08-6/5/08 USD 9,864 CZK 166,361 588 4/9/08 KZT 212,810 USD 1,710 (53) 4/15/08-6/23/08 USD 10,813 PLN 25,174 511 4/17/08 PLN 12,405 USD 4,880 (705) 4/22/08 USD 3,325 INR 131,307 (58) 4/22/08 USD 747 PHP 30,828 (10) 4/22/08-8/29/08 USD 11,745 SGD 16,606 330 5/28/08 TRY 10,080 USD 8,000 597 5/28/08 USD 4,127 TRY 5,107 (377) 7/10/08 USD 4,936 RUB 119,252 115 7/16/08 EUR 14,409 USD 21,129 (1,585) 8/19/08 USD 600 ILS 2,178 16 ------- $ (33) ======= A summary of the open futures contracts held by the Fund at March 31, 2008, is as follows: - -------------------------------------------------------------------------------- NUMBER OF UNREALIZED TYPE OF CONTRACTS EXPIRATION APPRECIATION CONTRACT LONG (SHORT) DATE ($ THOUSANDS) - -------------------------------------------------------------------------------- U.S. 5-Year Treasury Note 28 Jun-2008 $ 26 U.S. Long Treasury Bond 30 Jun-2008 67 ------- $ 93 ======= A summary of outstanding swap agreements held by the Fund at March 31, 2008, is as follows: - -------------------------------------------------------------------------------- TOTAL RETURN SWAPS - -------------------------------------------------------------------------------- UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- Fund receives payment at maturity on the Oando PLC Term Loan Credit Facility. 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: Merrill Lynch) 03/02/10 NGN 229,710 $ 43 Fund receives payment at maturity on the Federal Government of Nigeria, 17.00%, 12/16/08 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) 12/16/08 NGN 45,003 18 Fund receives payment at maturity on the Solar Gardens Ltd Term Loan Credit Facility. 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: Merrill Lynch) 12/30/09 NGN 288,900 113 Fund receives payment at maturity on the Nigerian Treasury Bond, 9.35%, 08/31/20, 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: UBS Warburg) 08/31/17 NGN 49,550 9 Fund receives payment at maturity on the Oando PLC Term Loan Credit Facility. 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: Merrill Lynch) 02/23/10 NGN 229,710 43 Fund receives payment at maturity on the Federative Republic of Brazil, 10.00%, 01/01/17 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: Goldman Sachs) 01/01/17 BRL 4,500 (285) Fund receives payment at maturity on the Federative Republic of Brazil, 6.00%, 05/15/11 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: JPMorgan Chase) 05/15/11 BRL 4,214 538 Fund receives payment at maturity on the Federative Republic of Brazil, 6.00%, 05/15/17 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: JPMorgan Chase) 08/15/10 BRL 4,383 (48) - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 49 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Debt Fund (Concluded) March 31, 2008 - -------------------------------------------------------------------------------- UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- Fund receives payment at maturity on the Federative Republic of Brazil, 6.00%, 08/15/10 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: JPMorgan Chase) 05/15/11 BRL 12,000 $ 1,500 Fund receives payment at maturity on the Federative Republic of Brazil, 6.00%, 08/15/10 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: Deutsche Bank) 08/15/10 BRL 2,800 195 Fund receives payment at maturity on the Indonesia Government, 12.00%, 09/15/11, reference obligation. 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: Deutsche Bank) 09/15/11 IDR 5,900,000 (36) Fund receives payment at maturity on the Israel Government 5.00%, 03/31/13, reference obligation. 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: HSBC) 03/31/13 ILS 7,800 (22) Fund receives payment at maturity on the Israel Government 5.00%, 03/31/13, reference obligation. 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: UBS Warburg) 03/31/13 ILS 7,169 (20) 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) 02/25/09 NGN 55,618 7 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 NGN 82,011 126 Fund receives payment at maturity on the Republic of Turkey 16.00%, 03/07/12, reference obligation. 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: Credit Suisse First Boston) 03/07/12 TRY 700 (20) Fund receives payment at maturity on the Republic of Turkey 16.00%, 03/07/12, reference obligation. 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: HSBC) 03/07/12 TRY 4,350 (64) Fund receives payment at maturity on the OSJC Zaporozh Term Loan reference obligation. 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: Merrill Lynch) 12/31/10 2,500 49 ------------- $ 2,146 ============= - -------------------------------------------------------------------------------- CREDIT DEFAULT SWAPS - -------------------------------------------------------------------------------- UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- Fund receives semi-annual payment of 1.8450% (3.690% per annum) times the notional amount of Federative Republic of Brazil, 12.25%, 06/06/30. Upon a defined credit event Fund will pay the notional amount and take receipt of the defined obligation. (Counterparty: JPMorgan Chase) 10/20/15 (4,500) $ 557 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 will pay the notional amount and take receipt of the defined obligation. (Counterparty: Credit Suisse First Boston) 01/20/16 (8,550) (764) Fund receives semi-annual payment of 0.8160% (1.632% per annum) times the notional amount of Republic of Peru, 8.75%, 11/21/33. Upon a defined credit event Fund will pay and take receipt of the defined the notional amount obligation. (Counterparty: Citibank) 02/20/13 (5,500) 30 Fund receives semi-annual payment of 0.6920% (1.384% per annum) times the notional amount of Republic of Peru, 8.75%, 11/21/33. Upon a defined credit event Fund will pay the notional amount and take receipt of the defined obligation. (Counterparty: Citibank) 02/20/13 (4,900) (35) Fund receives a payment at maturity on Republic of Venezuela 9.25%, 09/15/27 reference obligation. Fund receives if the return on the spread appreciates over the payment period and pays if the spread depreciates over the payment period. (Counterparty: Lehman Bros.) 03/20/13 (15,500) 224 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 will pay the notional amount and take receipt of the defined obligation. (Counterparty: Credit Suisse First Boston) 08/20/16 (1,000) (106) 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 will pay the notional amount and take receipt of the defined obligation. (Counterparty: Credit Suisse First Boston) 12/20/08 (1,400) (1) 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 will pay the notional amount and take receipt of the defined obligation. (Counterparty: Credit Suisse First Boston) 12/20/09 (3,600) (65) Fund receives semi-annual payment of 2.6000% (5.200% per annum) times the notional amount of Naftogaz Ukrainy, 8.125%, 09/30/09. Upon a defined credit event Fund will pay the notional amount and take receipt of the defined obligation. (Counterparty: Credit Suisse First Boston) 12/20/11 (750) (41) Fund pays semi-annual payment of 4.70% (9.400% per annum) times the notional amount of Republic of Venezuela, 9.25%, 09/15/27 reference obligation. Upon a defined credit event Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Credit Suisse First Boston) 02/20/13 1,125 72 - -------------------------------------------------------------------------------- 50 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 - -------------------------------------------------------------------------------- CREDIT DEFAULT SWAPS - -------------------------------------------------------------------------------- UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- Fund pays semi-annual payment of 4.72% (9.440% per annum) times the notional amount of Republic of Venezuela, 9.25%, 09/15/27 reference obligation. Upon a defined credit event Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Credit Suisse First Boston) 02/20/13 1,300 84 Fund pays semi-annual payment of 4.75% (9.500% per annum) times the notional amount of Republic of Venezuela, 9.25%, 09/15/27 reference obligation. Upon a defined credit event Fund will receive the notional amount and deliver the defined obligation. (Counterparty: Credit Suisse First Boston) 02/20/13 1,300 81 ------------- $ 36 ============= - -------------------------------------------------------------------------------- INTEREST RATE SWAPS - -------------------------------------------------------------------------------- UNREALIZED NOTIONAL APPRECIATION EXPIRATION AMOUNT (DEPRECIATION) DESCRIPTION DATE (THOUSANDS) ($ THOUSANDS) - -------------------------------------------------------------------------------- Receive a fixed rate of 10.65% and pay a floating rate based on the BRL CDI Index at maturity. (Counterparty: Lehman Brothers) 01/02/12 BRL 7,300 $ (255) Receives a fixed rate of 10.88% and pays a floating rate based on the BRL CDI Index at maturity. (Counterparty: Lehman Brothers) 01/02/12 BRL 5,300 (171) Receive a fixed rate of 11.09% and pay a floating rate based on the BRL CDI Index at maturity. (Counterparty: Lehman Brothers) 01/02/12 BRL 14,300 (411) Receive a fixed rate of 12.34% and pay a floating rate based on the BRL CDI Index at maturity. (Counterparty: Lehman Brothers) 01/02/12 BRL 16,026 (296) Receive a fixed rate of 11.76% and pay a floating rate based on the BRL CDI Index at maturity. (Counterparty: Lehman Brothers) 01/02/12 BRL 15,687 (219) Pay a fixed rate of 12.57% and receive a floating rate based on the BRL CDI Index at maturity. (Counterparty: Lehman Brothers) 01/02/09 BRL 11,808 25 Receive a fixed rate of 12.49% and pay a floating rate based on the BRL CDI Index at maturity. (Counterparty: Lehman Brothers) 01/02/12 BRL 11,762 (184) Pay a fixed rate of 11.70% and receive a floating rate based on the BRL CDI Index at maturity. (Counterparty: Lehman Brothers) 01/02/09 BRL 16,316 39 Receive a fixed rate of 12.38% and pay a floating rate based on the BRL CDI Index at maturity. (Counterparty: Lehman Brothers) 01/02/12 BRL 13,089 (231) Pay a fixed rate of 11.71% and receive a floating rate based on the BRL CDI Index at maturity. (Counterparty: Lehman Brothers) 01/02/09 BRL 15,686 35 Pay a fixed rate of 11.68% and receive a floating rate based on the BRL CDI Index at maturity. (Counterparty: Lehman Brothers) 01/02/09 BRL 13,091 32 Receive a fixed rate of 10.63% and receive a floating rate based on the BRL CDI Index at maturity. (Counterparty: Lehman Brothers) 01/02/12 BRL 5,531 (307) Receive a fixed rate of 4.86% and pay a floating rate based upon the 6 month LIBOR semi-annually. (Counterparty: Credit Suisse First Boston.) 01/20/16 8,550 610 ------------- $ (1,333) ============= - -------------------------------------------------------------------------------- Description - -------------------------------------------------------------------------------- Percentages are based on Net Assets of $997,673 ($ Thousands). * Non-Income Producing Security ** Rate shown is the 7-day effective yield as of March 31, 2008. ++ Affiliated security (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, 2008 (C) This security or a partial position of this security is on loan at March 31, 2008. The total value of securities on loan at March 31, 2008 was $38,517 ($ Thousands) (See Note 7). (D) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2008 was $40,033 ($ Thousands) (See Note 7). (E) Cash on loan to swap counterparty as collateral for outstanding swap contracts. (F) Step Bonds -- The rate reflected on the Schedule of Investments is the effective yield on March 31, 2008. The coupon on a step bond changes on a specified date. (G) Security in default on interest payments. (H) Securities considered illiquid. The total value of such securities as of March 31, 2008 was $30,903 ($ Thousands) and represented 3.10% of Net Assets. (I) 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, 2008 was $33,004 and represented 3.31% of Net Assets. (J) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. AED -- United Arab Emirates Dirham BRL -- Brazilian Real CDI -- Chess Depositary Interest Cl -- Class COP -- Chilean Peso EUR -- Euro EXL -- Extendable Maturity FLIRB -- Front Loaded Interest Reduction Bond HUF -- Hungarian Forint IDR -- Indonesian Rupiah ILS -- Israeli New Shekels ITL -- Italian Lira LLC -- Limited Liability Company LP -- Limited Partnership MTN -- Medium Term Note MXP -- Mexican Peso MYR -- Malaysian Ringgit NGN -- Nigerian Naira PIK -- Payment-in-Kind PLN -- Polish Zloty RUB -- Russian Ruble Ser -- Series USD -- U.S. Dollar UYU -- Uruguay Peso TRY -- New Turkish Lira Amounts designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 51 Statements of Assets and Liabilities ($ Thousands) March 31, 2008 (Unaudited)
- ----------------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EMERGING MARKETS INTERNATIONAL FIXED EMERGING MARKETS EQUITY FUND EQUITY FUND INCOME FUND DEBT FUND - ----------------------------------------------------------------------------------------------------------------------------------- ASSETS: Investments, at value (Cost $3,217,623, $1,149,861, $703,946 and $901,280, respectively) (1) $ 3,448,195 $ 1,372,638 $ 746,016 $ 934,360 Affiliated investments, at value (Cost $191,153, $33,760, $0 and $39,300, respectively) 191,153 33,760 -- 39,300 Cash 108,208 18,003 57,936 38,981 Foreign currency, at value (Cost $16,399, $11,302, $3,967 and $2,504, respectively) 16,487 11,584 3,994 2,665 Receivable for investment securities sold 187,419 5,799 16,136 -- Unrealized gain on forward foreign currency contracts 26,316 -- 12,344 3,364 Dividends and interest receivable 13,978 4,552 10,863 13,672 Receivable for capital shares sold 1,394 499 441 488 Foreign tax reclaim receivable 510 152 -- -- Variation margin receivable 627 -- 347 15 Unrealized gain on foreign spot currency contracts 29 -- 169 -- Swap contracts, at value (Premiums given/received $4,054, $0, $(124) and $0, respectively) 16,486 -- 222 849 Cash pledged as collateral for forward foreign currency contracts, futures contracts and swap contracts -- -- -- 10,342 - ----------------------------------------------------------------------------------------------------------------------------------- Total Assets 4,010,802 1,446,987 848,468 1,044,036 - ----------------------------------------------------------------------------------------------------------------------------------- LIABILITIES: Payable upon return of securities on loan 189,721 31,654 -- 40,033 Payable for investment securities purchased 464,165 7,366 31,577 671 Reverse repurchase agreements 7,211 -- -- -- Unrealized loss on forward foreign currency contracts 31,041 -- 38,373 3,397 Payable for capital shares redeemed 4,043 1,460 874 756 Variation margin payable 12,509 -- 174 -- Written options, at value (Premiums received $(266)) -- -- -- 87 Unrealized loss on foreign spot currency contracts 34 -- 56 223 Investment advisory fees payable 1,398 972 100 363 Administration fees payable 1,245 778 399 553 Shareholder servicing fees payable 692 299 148 213 Administration servicing fees payable 2 -- -- -- Chief Compliance Officer fees payable 13 6 3 3 Accrued expenses 362 358 69 64 Accrued foreign capital gains tax on appreciated securities -- 531 -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Total Liabilities 712,436 43,424 71,773 46,363 - ----------------------------------------------------------------------------------------------------------------------------------- Net Assets $ 3,298,366 $ 1,403,563 $ 776,695 $ 997,673 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSETS: Paid-in Capital (unlimited authorization -- no par value) $ 3,180,879 $ 1,044,347 $ 780,941 $ 972,969 Undistributed (distributions in excess of) net investment income (7,596) (1,438) 5,612 (8,871) Accumulated net realized gain (loss) on investments, futures contracts, options, foreign currency contracts and swap contracts (118,869) 138,161 (25,121) (884) Net unrealized appreciation on investments and options 230,572 222,777 42,070 33,259 Net unrealized appreciation (depreciation) on futures contracts 6,595 -- (1,393) 93 Net unrealized appreciation (depreciation) on swap contracts 12,432 -- 346 849 Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies (5,647) 246 (25,760) 258 Accumulated foreign capital gains tax on appreciated securities -- (530) -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Net Assets $ 3,298,366 $ 1,403,563 $ 776,695 $ 997,673 - ----------------------------------------------------------------------------------------------------------------------------------- Net Asset Value, Offering and Redemption Price Per Share -- Class A ($3,287,818,307 / 271,506,296 shares, $1,403,563,153 / 89,620,575 shares $776,695,433 / 72,083,966 shares, $997,672,940 / 97,131,722 shares) $ 12.11 $ 15.66 $ 10.77 $ 10.27 Net Asset Value, Offering and Redemption Price Per Share -- Class I ($10,547,878 / 872,078 shares) $ 12.10 N/A N/A N/A - -----------------------------------------------------------------------------------------------------------------------------------
(1) Included in "Investments, at value" is the market value of securities on loan in the amounts of $165,142,179, $30,633,534, $0 and $38,517,023, ($ Thousands), respectively. Amounts designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 52 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 Statements of Operations ($ Thousands) For the six months ended March 31, 2008 (Unaudited)
- ---------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EMERGING INTERNATIONAL EMERGING EQUITY MARKETS EQUITY FIXED INCOME MARKETS DEBT FUND FUND FUND FUND - ---------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME: Dividends $ 32,496 $ 15,863 $ 2 $ -- Dividends from Affiliated Investment Companies 349 91 -- -- Interest 11,199 256 17,263 35,457 Security Lending Income -- Net 2,964 500 -- 174 Less: Foreign Taxes Withheld (1,968) (384) (8) -- - ---------------------------------------------------------------------------------------------------------------------------- Total Investment Income 45,040 16,326 17,257 35,631 - ---------------------------------------------------------------------------------------------------------------------------- EXPENSES: Investment Advisory Fees 9,201 8,388 601 4,323 Administration Fees 8,199 5,193 2,405 3,306 Shareholder Servicing Fees -- Class A 4,537 1,997 1,002 1,271 Shareholder Servicing Fees -- Class I 18 -- -- -- Admin Servicing Fees -- Class I 18 -- -- -- Trustees' Fees 31 14 7 8 Chief Compliance Officer Fees 8 4 2 -- Interest Expense on Reverse Repurchase Agreements 71 -- -- -- Custodian/Wire Agent Fees 437 685 49 52 Printing Fees 121 55 27 32 Overdraft Fees 68 158 14 18 Professional Fees 79 37 15 21 Registration Fees 17 7 4 4 Other Expenses 77 33 19 22 - ---------------------------------------------------------------------------------------------------------------------------- Total Expenses 22,882 16,571 4,145 9,057 - ---------------------------------------------------------------------------------------------------------------------------- Less: Waiver of Investment Advisory Fees -- (754) -- (2,119) Waiver of Shareholder Servicing Fees -- Class A -- -- (80) -- Fees Paid Indirectly (1) (93) -- -- -- - ---------------------------------------------------------------------------------------------------------------------------- Net Expenses 22,789 15,817 4,065 6,938 - ---------------------------------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME 22,251 509 13,192 28,693 - ---------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, WRITTEN OPTIONS, FUTURES CONTRACTS, SWAP CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS: Net Realized Gain (Loss) from: Investments 65,169 196,022 5,347 11,366 Futures Contracts (72,077) -- (4,815) 145 Written Options 15 -- -- -- Swap Contracts (98,198) -- 2,164 (1,769) Foreign Currency Transactions 38,358 (24) (23,554) 3,147 Net Change in Unrealized Appreciation (Depreciation) on: Investments (509,824) (332,228) 19,047 (30,318) Futures Contracts (5,113) -- (900) 94 Written Options 77 -- -- 266 Swap Contracts 26,133 -- 411 (1,555) Foreign Capital Gains Tax on Appreciated Securities 66 1,814 -- -- Foreign Currency Transactions (7,840) (133) (10,520) 873 - ---------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS, WRITTEN OPTIONS, FUTURES CONTRACTS, SWAP CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS (563,234) (134,549) (12,820) (17,751) - ---------------------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (540,983) $ (134,040) $ 372 $ 10,942 ============================================================================================================================
(1) See Note 3 in Notes to Financial Statements. Amounts designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 53 Statements of Changes in Net Assets ($ Thousands) For the six month period ended March 31, 2008 (Unaudited) and the year ended September 30, 2007
- ----------------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EMERGING MARKETS EQUITY FUND EQUITY FUND - ----------------------------------------------------------------------------------------------------------------------------------- 2008 2007 2008 2007 - ----------------------------------------------------------------------------------------------------------------------------------- OPERATIONS: Net Investment Income $ 22,251 $ 70,956 $ 509 $ 6,819 Net Realized Gain (Loss) from Investments, Futures Contracts, Written Options and Swap Contracts (105,091) 564,633 196,022 348,199 Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions 38,358 36,540 (24) 255 Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Written Options and Swap Contracts (488,727) 123,449 (332,228) 254,998 Net Change in Unrealized Appreciation (Depreciation) on Foreign Capital Tax Gains on Appreciated Securities 66 -- 1,814 (1,644) Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies (7,840) 6,733 (133) 888 - ----------------------------------------------------------------------------------------------------------------------------------- Net Increase (Decrease) in Net Assets Resulting from Operations (540,983) 802,311 (134,040) 609,515 - ----------------------------------------------------------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS FROM: Net Investment Income: Class A (93,239) (118,781) (6,961) (6,714) Class I (334) (455) -- -- Net Realized Gains: Class A (423,708) (144,096) (337,463) (188,558) Class I (1,715) (580) -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Total Dividends and Distributions (518,996) (263,912) (344,424) (195,272) - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from Shares Issued 374,507 775,114 191,214 358,848 Reinvestment of Dividends & Distributions 492,951 250,704 331,075 188,045 Cost of Shares Redeemed (556,128) (1,020,666) (417,491) (520,481) - ----------------------------------------------------------------------------------------------------------------------------------- Increase in Net Assets Derived from Class A Transactions 311,330 5,152 104,798 26,412 - ----------------------------------------------------------------------------------------------------------------------------------- CLASS I: Proceeds from Shares Issued 3,332 9,593 -- -- Reinvestment of Dividends & Distributions 2,016 1,027 -- -- Cost of Shares Redeemed (7,724) (9,188) -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets Derived from Class I Transactions (2,376) 1,432 -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Increase in Net Assets Derived from Capital Share Transactions 308,954 6,584 104,798 26,412 - ----------------------------------------------------------------------------------------------------------------------------------- Net Increase (Decrease) in Net Assets (751,025) 544,983 (373,666) 440,655 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSETS: BEGINNING OF PERIOD 4,049,391 3,504,408 1,777,229 1,336,574 - ----------------------------------------------------------------------------------------------------------------------------------- END OF PERIOD $ 3,298,366 $ 4,049,391 $ 1,403,563 $ 1,777,229 =================================================================================================================================== UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD $ (7,596) $ 63,726 $ (1,438) $ 5,014 =================================================================================================================================== SHARE TRANSACTIONS: CLASS A: Shares Issued 27,366 51,249 10,321 19,685 Reinvestment of Distributions 35,290 17,225 18,345 11,346 Shares Redeemed (40,429) (67,387) (21,761) (28,516) - ----------------------------------------------------------------------------------------------------------------------------------- Total Class A Transactions 22,227 1,087 6,905 2,515 - ----------------------------------------------------------------------------------------------------------------------------------- CLASS I: Shares Issued 235 636 -- -- Reinvestment of Distributions 145 71 -- -- Shares Redeemed (571) (598) -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Total Class I Transactions (191) 109 -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Net Increase in Shares Outstanding from Share Transactions 22,036 1,196 6,905 2,515 ===================================================================================================================================
Amounts designated as "--" are $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- 54 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 Statements of Changes in Net Assets ($ Thousands) For the six month period ended March 31, 2008 (Unaudited) and the year ended September 30, 2007
- ----------------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EMERGING MARKETS FIXED INCOME FUND DEBT FUND - ----------------------------------------------------------------------------------------------------------------------------------- 2008 2007 2008 2007 - ----------------------------------------------------------------------------------------------------------------------------------- OPERATIONS: Net Investment Income $ 13,192 $ 27,174 $ 28,693 $ 49,280 Net Realized Gain (Loss) from Investments, Options, Futures Contracts and Swap Contracts 2,696 (63) 9,742 29,974 Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions (23,554) 6,587 3,147 6,551 Net Change in Unrealized Appreciation (Depreciation) on Investments, Options, Futures Contracts and Swap Contracts 18,558 2,778 (31,513) (1,350) Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies (10,520) (17,307) 873 (893) - ----------------------------------------------------------------------------------------------------------------------------------- Net Increase in Net Assets Resulting from Operations 372 19,169 10,942 83,562 - ----------------------------------------------------------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS FROM: Net Investment Income: Class A (10,040) (15,311) (54,582) (51,400) Net Realized Gains: Class A -- -- (28,377) (49,606) - ----------------------------------------------------------------------------------------------------------------------------------- Total Dividends and Distributions (10,040) (15,311) (82,959) (101,006) - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from Shares Issued 104,483 191,286 141,727 316,702 Reinvestment of Dividends & Distributions 9,540 14,446 78,426 95,631 Cost of Shares Redeemed (136,402) (242,751) (153,065) (220,630) - ----------------------------------------------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets Derived from Capital Share Transactions (22,379) (37,019) 67,088 191,703 - ----------------------------------------------------------------------------------------------------------------------------------- Net Increase (Decrease) in Net Assets (32,047) (33,161) (4,929) 174,259 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSETS: BEGINNING OF PERIOD 808,742 841,903 1,002,602 828,343 - ----------------------------------------------------------------------------------------------------------------------------------- END OF PERIOD $ 776,695 $ 808,742 $ 997,673 $ 1,002,602 =================================================================================================================================== UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD $ 5,612 $ 2,460 $ (8,871) $ 17,018 =================================================================================================================================== SHARE TRANSACTIONS: CLASS A: Shares Issued 9,560 17,707 13,271 28,732 Reinvestment of Dividends & Distributions 882 1,344 7,397 8,726 Shares Redeemed (12,480) (22,446) (14,372) (20,042) - ----------------------------------------------------------------------------------------------------------------------------------- Total Class A Transactions (2,038) (3,395) 6,296 17,416 ===================================================================================================================================
The accompanying notes are an integral part of the financial statements. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 55 Financial Highlights For the six month period ended March 31, 2008 (Unaudited) and the years ended September 30, For a Share Outstanding Throughout Each Year
- ------------------------------------------------------------------------------------------------------------------------------------ Net Realized and Distributions Net Asset Net Unrealized Dividends from Total Value, Investment Gains Total from Net Realized Dividends Net Asset Beginning Income (Losses) on from Investment Capital and Value, End of Period (Loss)(1) Securities(1) Operations Income Gains Distributions of Period - ------------------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL EQUITY FUND CLASS A 2008* $ 16.18 $ 0.08 $ (2.07) $ (1.99) $ (0.34) $ (1.74) $ (2.08) $ 12.11 2007 14.07 0.28 2.89 3.17 (0.47) (0.59) (1.06) 16.18 2006 12.14 0.24 1.97 2.21 (0.28) -- (0.28) 14.07 2005 9.81 0.16 2.40 2.56 (0.23) -- (0.23) 12.14 2004 8.20 0.10 1.60 1.70 (0.09) -- (0.09) 9.81 2003 6.93 0.08 1.23 1.31 (0.04) -- (0.04) 8.20 CLASS I 2008* $ 16.13 $ 0.06 $ (2.05) $ (1.99) $ (0.30) $ (1.74) $ (2.04) $ 12.10 2007 14.04 0.25 2.88 3.13 (0.45) (0.59) (1.04) 16.13 2006 12.12 0.23 1.94 2.17 (0.25) -- (0.25) 14.04 2005 9.81 0.14 2.38 2.52 (0.21) -- (0.21) 12.12 2004 8.20 0.10 1.58 1.68 (0.07) -- (0.07) 9.81 2003 6.93 0.09 1.20 1.29 (0.02) -- (0.02) 8.20 EMERGING MARKETS EQUITY FUND CLASS A 2008* $ 21.49 $ 0.01 $ (1.28) $ (1.27) $ (0.08) $ (4.48) $ (4.56) $ 15.66 2007 16.67 0.08 7.22 7.30 (0.08) (2.40) (2.48) 21.49 2006 15.94 0.11 2.32 2.43 (0.10) (1.60) (1.70) 16.67 2005 11.10 0.14 4.80 4.94 (0.10) -- (0.10) 15.94 2004 9.00 0.09 2.03 2.12 (0.02) -- (0.02) 11.10 2003 6.53 0.05 2.42 2.47 -- -- -- 9.00 INTERNATIONAL FIXED INCOME FUND CLASS A 2008* $ 10.91 $ 0.18 $ (0.18) $ -- $ (0.14) $ -- $ (0.14) $ 10.77 2007 10.86 0.36 (0.11) 0.25 (0.20) -- (0.20) 10.91 2006 11.72 0.28 (0.49) (0.21) (0.34) (0.31) (0.65) 10.86 2005 12.22 0.28 0.15 0.43 (0.89) (0.04) (0.93) 11.72 2004 12.45 0.28 0.63 0.91 (0.92) (0.22) (1.14) 12.22 2003 11.00 0.30 1.53 1.83 (0.33) (0.05) (0.38) 12.45 EMERGING MARKETS DEBT FUND CLASS A 2008* $ 11.04 $ 0.30 $ (0.18) $ 0.12 $ (0.58) $ (0.31) $ (0.89) $ 10.27 2007 11.28 0.60 0.47 1.07 (0.65) (0.66) (1.31) 11.04 2006 11.81 0.56 0.34 0.90 (0.80) (0.63) (1.43) 11.28 2005 10.74 0.66 1.31 1.97 (0.63) (0.27) (0.90) 11.81 2004 11.15 0.61 0.77 1.38 (0.66) (1.13) (1.79) 10.74 2003 8.12 0.78 3.01 3.79 (0.76) -- (0.76) 11.15 - ------------------------------------------------------------------------------------------------------------------------------------ Ratio of Ratio of Expenses Expenses to to Average Ratio of Net Average Net Net Assets Investment Ratio of Assets (Excluding Income Net Assets Expenses (Excluding Waivers and (Loss) Portfolio Total End of Period to Average Fees Paid Fees Paid to Average Turnover Return+ ($ Thousands) Net Assets** Indirectly)*** Indirectly)*** Net Assets Rate+ - ------------------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL EQUITY FUND CLASS A 2008* (13.74)% $ 3,287,818 1.25%(2)(4) 1.25%(2)(4) 1.25% 1.22% 89% 2007 23.56 4,032,236 1.32(2)(3) 1.33(2)(3) 1.33(2) 1.85 172 2006 18.50 3,491,007 1.32(2) 1.33(2) 1.33(2) 1.85 118 2005 26.33 3,227,258 1.24 1.24 1.24 1.50 80 2004 20.74 2,705,544 1.26 1.26 1.26 1.06 44 2003 18.91 2,258,034 1.28 1.28 1.32 1.12 87 CLASS I 2008* (13.77)% $ 10,548 1.50%(2)(4) 1.50%(2)(4) 1.50% 0.87% 89% 2007 23.25 17,155 1.57(2)(3) 1.58(2)(3) 1.58(2) 1.66 172 2006 18.20 13,401 1.59(2) 1.59(2) 1.59(2) 1.77 118 2005 25.86 7,952 1.49 1.49 1.49 1.28 80 2004 20.54 5,757 1.51 1.51 1.51 1.06 44 2003 18.65 2,061 1.53 1.53 1.57 1.15 87 EMERGING MARKETS EQUITY FUND CLASS A 2008* (8.66)% $ 1,403,563 1.98%(4) 1.98%(4) 2.07% 0.06% 51% 2007 48.27 1,777,229 1.97(3) 1.97(3) 2.05 0.44 79 2006 16.46 1,336,574 1.96 1.97 2.06 0.65 65 2005 44.68 1,354,502 1.95 1.96 2.05 1.05 69 2004 23.61 1,039,735 1.95 1.95 2.12 0.84 88 2003 37.83 936,560 1.95 1.95 2.14 0.71 69 INTERNATIONAL FIXED INCOME FUND CLASS A 2008* (0.02)% $ 776,695 1.01%(4) 1.01%(4) 1.03% 3.29% 66% 2007 2.34 808,742 1.02(3) 1.02(3) 1.04 3.29 215 2006 (1.64) 841,903 1.01 1.01 1.03 2.61 194 2005 3.01 880,923 1.00 1.00 1.04 2.24 145 2004 7.43 907,633 1.00 1.00 1.04 2.27 224 2003 17.05 865,698 1.00 1.00 1.06 2.60 216 EMERGING MARKETS DEBT FUND CLASS A 2008* 1.07% $ 997,673 1.36%(4) 1.36%(4) 1.78% 5.63% 34% 2007 10.03 1,002,602 1.37(3) 1.37(3) 1.79 5.47 81 2006 8.68 828,343 1.36 1.36 1.78 5.03 108 2005 19.34 1,143,845 1.35 1.35 1.79 6.03 85 2004 13.97 765,483 1.35 1.35 1.79 5.91 77 2003 49.15 565,237 1.35 1.35 1.80 7.98 127
* For the six month period ended March 31, 2008 (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 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 1.24% and 1.49%, respectively. (3) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.32%, 1.57%, 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. (4) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.24%, 1.49%, 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. - -------------------------------------------------------------------------------- 56 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 NOTES TO FINANCIAL STATEMENTS (Unaudited) Notes to Financial Statements March 31, 2008 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, 2008, 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. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 57 NOTES TO FINANCIAL STATEMENTS (Continued) 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. At March 31, 2008, the International Equity Fund held reverse repurchase agreements in the amount of $7,210,530. 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. 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, 2008. The Funds' investment in these futures contracts is designed to enable - -------------------------------------------------------------------------------- 58 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 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 investor must pay any decline in value to the counterparty 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, 2008, the Emerging Markets Debt Fund has deposits in the amount of $54,376,702 with the counterparty as collateral. 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 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 59 NOTES TO FINANCIAL STATEMENTS (Continued) 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 months ended March 31, 2008 are summarized as follows: - -------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND - -------------------------------------------------------------------------------- Number of Premium Contracts ($ Thousands) - -------------------------------------------------------------------------------- Balance at the beginning of period 93 $ 15 Closed (93) (15) - -------------------------------------------------------------------------------- Balance at the end of period -- $ -- - -------------------------------------------------------------------------------- EMERGING MARKETS DEBT FUND - -------------------------------------------------------------------------------- Number of Premium Contracts ($ Thousands) - -------------------------------------------------------------------------------- Balance at the beginning of period -- $ -- Written 40,669,200 (266) - -------------------------------------------------------------------------------- Balance at the end of period 40,669,200 $ (266) - -------------------------------------------------------------------------------- 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. 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 - -------------------------------------------------------------------------------- 60 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 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 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 ADMINISTRATION & TRANSFER AGENCY AGREEMENT -- The Trust and SEI Investments Global Funds Services (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. During the six months ended March 31, 2008, no such waivers were required under this voluntary agreement. - -------------------------------------------------------------------------------- International Emerging International Emerging Equity Markets Equity Fixed Income Markets Debt Fund Fund Fund Fund - -------------------------------------------------------------------------------- Class A 1.29%*+ 1.96%+ 1.01%+ 1.36%+ Class I 1.54%*+ -- -- -- * The expense cap excludes interest expense on reverse repurchase agreements. + The expense cap excludes overdraft fees. INVESTMENT ADVISORY AGREEMENT --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 March 31, 2008, 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 PanAgora Asset Management, Inc. Rexiter Capital Management Limited The Boston Company Asset Management LLC - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 61 NOTES TO FINANCIAL STATEMENTS (Continued) - -------------------------------------------------------------------------------- Investment Sub-Advisers - -------------------------------------------------------------------------------- INTERNATIONAL FIXED INCOME FUND AllianceBernstein L.P. BlackRock Financial Management, Inc. Fidelity International Investment Advisors (UK) Limited (delegates to Fidelity International Investment Advisors) Record Currency Management Limited EMERGING MARKETS DEBT FUND Ashmore Investment Management Limited ING Investment Management Advisors, B.V. 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 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, 2008, 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, 2008, the Distributor retained 100% of both Shareholder Servicing fees, less the waiver, and Administration Servicing fees. INVESTMENT IN AFFILIATED SECURITY -- The Funds may invest cash collateral from the securities lending program in the SEI Liquidity Fund LP. PAYMENT TO AFFILIATES -- Certain Officers and Trustees of the Trust are also Officers and/or Trustees of the Administrator or SEI Investments Management Corporation ("SIMC") (the "Adviser"), a wholly owned subsidiary of SEI. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The Administrator or the Adviser pays compensation of Officers and affiliated Trustees. A portion of the services provided by the Chief Compliance Officer ("CCO") and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's Adviser, sub-advisers and service providers as required by SEC regulations. The CCO's services have been approved by and are reviewed by the Board. 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, 2008, can be found on the Statement of Operations and Financial Highlights, respectively. - -------------------------------------------------------------------------------- 62 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 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, 2008, were as follows: - -------------------------------------------------------------------------------- Purchases Sales and Maturities ($ Thousands) ($ Thousands) - -------------------------------------------------------------------------------- International Equity Fund US Government $ 2,052,020 $ 1,940,390 Other 1,178,479 1,420,354 Emerging Markets Equity Fund US Government -- -- Other 807,965 1,029,781 International Fixed Income Fund US Government 51,696 81,046 Other 334,624 374,729 Emerging Markets Debt Fund US Government -- -- Other 334,877 289,422 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, disallowance of net operating loss and swap reclassifications, and prior year adjustments. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, undistributed net investment income or accumulated net realized gain, as appropriate, in the period that the differences arise. The tax character of dividends and distributions declared during the last two fiscal years was as follows: - -------------------------------------------------------------------------------- Long-Term Ordinary Income Capital Gain Totals ($ Thousands) ($ Thousands) ($ Thousands) - -------------------------------------------------------------------------------- International Equity Fund 2007 $ 136,952 $ 126,960 $ 263,912 2006 72,034 -- 72,034 Emerging Markets Equity Fund 2007 45,745 149,527 195,272 2006 17,376 118,635 136,011 International Fixed Income Fund 2007 15,311 -- 15,311 2006 36,979 12,221 49,200 Emerging Markets Debt Fund 2007 64,597 36,409 101,006 2006 89,598 43,287 132,885 At September 30, 2007, the components of Distributable Earnings/ (Accumulated Losses) were as follows:
- ---------------------------------------------------------------------------------------------------- Post- Undistributed Undistributed Capital October Ordinary Long-Term Loss Currency Income Capital Gain Carryforwards Losses ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) - ---------------------------------------------------------------------------------------------------- International Equity Fund $ 249,837 $ 225,673 $ -- $ -- Emerging Markets Equity Fund 73,361 222,929 -- -- International Fixed Income Fund -- -- (4,224) (4,917) Emerging Markets Debt Fund 38,621 7,559 -- --
- ---------------------------------------------------------------------------------------------------- Unrealized Other Total Appreciation Temporary Distributable (Depreciation) Differences Earnings/ ($ Thousands) ($ Thousands) ($ Thousands) - ---------------------------------------------------------------------------------------------------- International Equity Fund $ 701,167 $ 789 $ 1,177,466 Emerging Markets Equity Fund 541,390 -- 837,680 International Fixed Income Fund (1,416) 15,979 5,422 Emerging Markets Debt Fund 61,317 (10,776) 96,721
Post-October losses represent losses realized on investment or foreign currency transactions from November 1, 2006 through September 30, 2007 that, in accordance with Federal income tax regulations, the Funds defer and treat as having arisen in the following fiscal year. For Federal income tax purposes, capital losses may be carried forward and applied against future capital gains as follows: - -------------------------------------------------------------------------------- Total Capital Loss Expires Carryforward 2015 03/31/08 ($ Thousands) ($ Thousands) - -------------------------------------------------------------------------------- International Fixed Income Fund $ 4,224 $ 4,224 For tax purposes, the losses in the Funds can be carried forward for a maximum of eight years to offset any net realized capital gains. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 63 NOTES TO FINANCIAL STATEMENTS (Continued) The Federal tax cost, aggregate gross unrealized appreciation and depreciation on total investments at March 31, 2008 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 $ 3,408,776 $ 414,654 $ (184,082) $ 230,572 Emerging Markets Equity Fund 1,183,621 285,215 (62,438) 222,777 International Fixed Income Fund 703,946 52,875 (10,805) 42,070 Emerging Markets Debt Fund 940,580 58,349 (25,269) 33,080
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 are estimates that may differ from the value that would be realized if the securities were sold. At March 31, 2008, 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. 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 33 1/3% 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 the SEI Liquidity Fund, L.P., 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. - -------------------------------------------------------------------------------- 64 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 8. RECENT ACCOUNTING PRONOUNCEMENTS On July 13, 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. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Recent SEC guidance allows implementing FIN 48 in fund asset calculations as late as the fund's last net asset value calculation in the first required financial statement reporting period. As a result of adoption, the Funds will incorporate FIN 48 in its semi-annual report of March 31, 2008. As of March 31, 2008, the Funds do not anticipate a material impact to the financial statements. However, management's conclusions regarding FIN 48 could change in the future to the extent there are changes in tax laws and/or additional guidance from the IRS regarding interpretations of the existing laws. In September 2006, the 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 U.S. 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, 2008, 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 measurements reported in the financial statements for a fiscal period. In March 2008, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. SFAS No. 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS No. 161 requires enhanced disclosures about the Funds' derivative and hedging activities, including how such activities are accounted for and their effect on the Funds' financial position, performance, and cash flows. Management is currently evaluating the impact the adoption of SFAS No. 161 will have on the Funds' financial statements and related disclosures. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 65 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 10/1/07 3/31/08 RATIOS PERIOD* - ----------------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND - ----------------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $ 1,000.00 $ 862.60 1.25% $ 5.82 Class I $ 1,000.00 $ 862.30 1.50% $ 6.98 HYPOTHETICAL 5% RETURN Class A $ 1,000.00 $ 1,018.75 1.25% $ 6.31 Class I $ 1,000.00 $ 1,017.50 1.50% $ 7.57 - ----------------------------------------------------------------------------------------- EMERGING MARKETS EQUITY FUND - ----------------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $ 1,000.00 $ 913.40 1.98% $ 9.47 HYPOTHETICAL 5% RETURN Class A $ 1,000.00 $ 1,015.10 1.98% $ 9.97 - ----------------------------------------------------------------------------------------- BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT ANNUALIZED PAID VALUE VALUE EXPENSE DURING 10/1/07 3/31/08 RATIOS PERIOD* - ----------------------------------------------------------------------------------------- INTERNATIONAL FIXED INCOME FUND - ----------------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $ 1,000.00 $ 999.80 1.01% $ 5.05 HYPOTHETICAL 5% RETURN Class A $ 1,000.00 $ 1,019.95 1.01% $ 5.10 - ----------------------------------------------------------------------------------------- EMERGING MARKETS DEBT FUND - ----------------------------------------------------------------------------------------- ACTUAL FUND RETURN Class A $ 1,000.00 $ 1,010.70 1.36% $ 6.84 HYPOTHETICAL 5% RETURN Class A $ 1,000.00 $ 1,018.20 1.36% $ 6.86 - -----------------------------------------------------------------------------------------
* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY 183/366 (TO REFLECT THE ONE-HALF YEAR PERIOD SHOWN). - -------------------------------------------------------------------------------- 66 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 Board of Trustees Considerations in Approving the Funds' Investment Advisory and Sub-Advisory Agreements (Unaudited) SEI Institutional International Trust (the "Trust") and SEI Investments Management Corporation ("SIMC") have entered into an investment advisory agreement (the "Advisory Agreement"). Pursuant to the Advisory Agreement, SIMC 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 - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 67 Board of Trustees Considerations in Approving the Funds' Investment Advisory and Sub-Advisory Agreements (Unaudited) (Concluded) operating expenses compared with similar mutual funds; (g) the level of SIMC's and the Sub-Advisers' profitability 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 December 6, 2007 and March 12, 2008 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. The Trustees found the level of SIMC's professional staff and culture of compliance satisfactory. 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. The Trustees found Fund performance satisfactory, and where performance was below the benchmark, the Trustees were satisfied that appropriate steps were being taken. 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. - -------------------------------------------------------------------------------- 68 SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 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. The Trustees further considered the fact that the comparative fee analysis either showed that the various fees were below average or that there was a reasonable basis for the fee level. 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. 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. The Trustees found that profitability was reasonable and that the margin was not increasing despite growth in assets. 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. - -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2008 69 Notes Notes Notes Notes Notes Notes Notes SEI INSTITUTIONAL INTERNATIONAL TRUST SEMI-ANNUAL REPORT MARCH 31, 2008 Robert A. Nesher, CHAIRMAN TRUSTEES William M. Doran James M. Storey George J. Sullivan, Jr. Rosemarie B. Greco Nina Lesavoy James M. Williams Mitchell A. Johnson 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 Aaron Buser VICE PRESIDENT, ASSISTANT SECRETARY John J. McCue VICE PRESIDENT Andrew S. Decker 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 (3/08) 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, 2008 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, 2008 By (Signature and Title)* /s/ Stephen F. Panner ----------------------------------- Stephen F. Panner, Controller & CFO Date: June 4, 2008 * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 sit302cert3_08rn.txt SIT SAR 302 CERT 3 08_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, 2008 /s/ Robert A. Nesher - -------------------- Robert A. Nesher President & CEO EX-99.CERT 3 sit302cert3_08sp.txt SIT SAR 302 CERT 3 08_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, 2008 /s/ Stephen F. Panner - --------------------- Stephen F. Panner Controller & CFO EX-99.906CERT 4 sit906cert3_08rn.txt SIT SAR 906 CERT 3 08_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. Date: June 4, 2008 /s/ Robert A. Nesher - --------------------- Robert A. Nesher EX-99.906CERT 5 sit906cert3_08sp.txt SIT SAR 906 CERT 3 08_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. Date: June 4, 2008 /s/ Stephen F. Panner - --------------------- Stephen F. Panner -----END PRIVACY-ENHANCED MESSAGE-----