UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05601

SEI Institutional International Trust

(Exact name of registrant as specified in charter)

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, 2011

Date of reporting period: March 31, 2011

Item 1. Reports to Stockholders.

SEI Institutional International Trust

Semi-Annual Report as of March 31, 2011

International Equity Fund

Emerging Markets Equity Fund

International Fixed Income Fund

Emerging Markets Debt Fund

TABLE OF CONTENTS

Summary Schedules of Investments	1
Statements of Assets and Liabilities	21
Statements of Operations	22
Statements of Changes in Net Assets	23
Financial Highlights	25
Notes to Financial Statements	26
Disclosure of Fund Expenses	36
Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements	37

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.

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund

March 31, 2011

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
COMMON STOCK — 94.5%
Argentina — 0.0%
Other Securities		0.0	%			$	24
Australia — 3.1%
Newcrest Mining		0.5			242,359		9,980
Rio Tinto		0.3			63,165		5,536
Other Securities		2.3					47,458
							62,974
Austria — 0.3%
Other Securities		0.3					6,342
Belgium — 1.4%
InBev		0.6			220,018		12,550
Other Securities		0.8					14,687
							27,237
Bosnia and Herzegovina — 0.1%
Other Securities		0.1					2,242
Brazil — 1.7%
Other Securities		1.7					33,116
Canada — 3.9%
Silver Wheaton		0.4			203,800		8,824
Other Securities		3.5					68,923
							77,747
Chile — 0.3%
Other Securities		0.3					5,968
China — 0.9%
Other Securities		0.9					18,998

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
Denmark — 1.3%
Novo Nordisk, Cl B		0.5	%		85,061	$	10,701
Other Securities		0.8					15,275
							25,976
Finland — 1.0%
Other Securities		1.0					20,022
France — 9.4%
AXA		0.8			749,237		15,678
BNP Paribas (A)		1.1			290,884		21,304
GDF Suez		0.4			210,982		8,608
LVMH Moet Hennessy Louis Vuitton		0.5			67,657		10,725
Sanofi-Aventis (A)		0.9			256,070		17,979
Schneider Electric (A)		0.8			97,225		16,639
Vinci		0.4			139,826		8,750
Other Securities		4.5					88,705
							188,388
Germany — 7.7%
Bayerische Motoren Werke		0.5			115,716		9,648
Linde (A)		0.8			107,070		16,934
Muenchener Rueckversicherungs (A)		0.5			58,371		9,195
SAP		0.5			153,686		9,422
Siemens		1.3			184,878		25,373
Other Securities		4.1					84,514
							155,086
Greece — 0.3%
Other Securities		0.3					6,677
Guernsey — 0.0%
Other Securities		0.0					27
Hong Kong — 2.5%
Other Securities		2.5					49,107
India — 0.0%
Other Securities		0.0					828
Indonesia — 0.1%
Other Securities		0.1					1,899
Ireland — 0.6%
Experian		0.4			721,381		8,927
Other Securities		0.2					3,337
							12,264
Israel — 0.5%
Other Securities		0.5					9,813

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 1

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund (Continued)

March 31, 2011

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
Italy — 2.0%
Other Securities		2.0	%			$	39,809
Japan — 17.1%
Fanuc		0.5			63,600		9,661
Honda Motor		0.9			485,200		18,295
KDDI		0.6			1,859		11,551
Sekisui Chemical		0.4			1,077,000		8,460
Seven & I Holdings		0.5			422,100		10,807
Sony Financial Holdings		0.5			513,000		10,213
Sumitomo Mitsui Financial Group		0.5			321,900		10,044
Toyota Motor		0.6			281,700		11,386
Yaskawa Electric		0.5			829,000		9,862
Other Securities		12.1					243,806
							344,085
Jersey — 0.2%
Other Securities		0.2					4,863
Malaysia — 0.2%
Other Securities		0.2					2,991
Mexico — 0.1%
Other Securities		0.1					2,453
Netherlands — 5.8%
Akzo Nobel		0.9			252,784		17,391
Reed Elsevier		0.6			900,917		11,609
TNT		0.7			547,725		14,069
Other Securities		3.6					72,875
							115,944
New Zealand — 0.4%
Telecom of New Zealand		0.4			5,541,007		8,495
Norway — 1.6%
DnB (A)		0.7			982,079		15,064
Statoil (A)		0.5			330,714		9,165
Other Securities		0.4					7,373
							31,602
Poland — 0.1%
Other Securities		0.1					2,001
Portugal — 0.1%
Other Securities		0.1					1,225
Russia — 0.1%
Other Securities		0.1					2,065
Singapore — 1.2%
Other Securities		1.2					23,769

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
South Africa — 0.7%
Other Securities		0.7	%			$	14,234
South Korea — 2.8%
Samsung Electronics		0.6			13,730		11,666
Other Securities		2.2					45,114
							56,780
Spain — 1.3%
Other Securities		1.3					27,012
Sweden — 1.8%
Other Securities		1.8					36,130
Switzerland — 8.0%
Givaudan		0.7			14,019		14,152
Nestle		0.7			252,942		14,557
Nobel Biocare Holding		0.4			388,165		8,079
Novartis		1.4			523,554		28,511
Roche Holding		0.8			111,189		15,946
Sulzer		0.4			55,012		8,322
UBS		0.6			680,151		12,252
Xstrata		0.5			418,246		9,768
Other Securities		2.5					49,712
							161,299
Taiwan — 0.1%
Other Securities		0.1					1,935
Turkey — 0.0%
Other Securities		0.0					437
United Kingdom — 15.6%
AstraZeneca		0.5			231,803		10,638
Aviva		0.4			1,270,828		8,816
BG Group		0.8			620,679		15,431
British American Tobacco		0.7			355,970		14,276
Diageo		0.4			446,407		8,479
Kingfisher		0.5			2,689,775		10,602
Rio Tinto		1.1			306,673		21,526
Rio Tinto ADR		0.3			69,100		4,914
Rolls-Royce Group		0.9			1,884,155		18,695
Vodafone Group		1.7			12,048,241		34,087
Other Securities		8.3					166,137
							313,601
United States — 0.3%
Other Securities		0.3					6,890
							6,890
Total Common Stock (Cost $1,675,951) ($ Thousands)							1,902,355

2 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
PREFERRED STOCK — 0.4%
Brazil — 0.0%
Other Securities		0.0	%			$	361
							361
Germany — 0.4%
Other Securities		0.4					7,427
Total Preferred Stock (Cost $7,191) ($ Thousands)							7,788
RIGHTS* — 0.0%
Germany — 0.0%
Other Securities		0.0					580
Singapore — 0.0%
Other Securities		0.0					—
Total Rights (Cost $0) ($ Thousands)							580
WARRANTS* — 0.2%
India — 0.2%
Other Securities		0.2					4,941
Total Warrant (Cost $3,531) ($ Thousands)							4,941
U.S. TREASURY OBLIGATIONS — 0.3%
Other Securities		0.3					5,601
Total U.S. Treasury Obligations (Cost $5,600) ($ Thousands)							5,601
AFFILIATED PARTNERSHIP — 4.7%
United States — 4.7%
SEI Liquidity Fund, L.P. 0.200%**† (B)		4.7			96,443,795		94,615
Total Affiliated Partnership (Cost $96,444) ($ Thousands)							94,615
CASH EQUIVALENT — 2.7%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.080%**†		2.7			54,757,208		54,757
Total Cash Equivalent (Cost $54,757) ($ Thousands)							54,757
Total Investments — 102.8% (Cost $1,843,474) ($ Thousands)††						$	2,070,637

A summary of the open futures contracts held by the Fund at March 31, 2011, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		540		Jun-2011	$	816
FTSE 100 Index		178		Jun-2011		624
Hang Seng Index		13		Apr-2011		40
Nikkei 225 Index		13		Jun-2011		(58	)
SPI 200 Index		47		Jun-2011		396
Topix Index		140		Jun-2011		(794	)
					$	1,024

For the period ended March 31, 2011, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

Percentages are based on a Net Assets of $2,013,916 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2011.

† Affiliated security.

(A) This security or a partial position of this security is on loan at March 31, 2011. The total market value of securities on loan at March 31, 2011 was $89,527 ($ Thousands) (See Note 9).

(B) This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of March 31, 2011 was $94,615 ($ Thousands).

†† The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 342-5734; and (ii) on the SEC’s website at http://www.sec.gov.

ADR — American Depositary Receipt

Cl — Class

L.P. — Limited Partnership

The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,902,355	$	—	$	—	$	1,902,355
Preferred Stock		7,788		—		—		7,788
Rights		580		—		—		580
Warrants		—		4,941		—		4,941
U.S. Treasury Obligations		—		5,601		—		5,601
Affiliated Partnership		—		94,615		—		94,615
Cash Equivalent		54,757		—		—		54,757
Total Investments in Securities	$	1,965,480	$	105,157	$	—	$	2,070,637

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	1,024	$	—	$	—	$	1,024
Total Other Financial Instruments	$	1,024	$	—	$	—	$	1,024

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

For the period ended March 31, 2011, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

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, 2011 3

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund

March 31, 2011

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
COMMON STOCK — 90.3%
Argentina — 0.2%
Other Securities		0.2	%			$	1,779
Australia — 0.1%
Other Securities		0.1					737
Brazil — 10.8%
Banco do Brasil		0.5			246,925		4,470
BM&F Bovespa		0.4			505,449		3,682
Diagnosticos da America		0.4			304,266		3,909
Gerdau ADR (A)		0.4			294,874		3,686
Petroleo Brasileiro		1.0			509,988		10,179
Petroleo Brasileiro ADR (A)		0.3			74,360		3,006
Totvs		0.6			320,885		6,154
Vale		0.8			241,825		7,952
Vale ADR, Cl B		0.6			170,636		5,691
Other Securities		5.8					55,334
							104,063
Canada — 0.6%
Other Securities		0.6					5,528
Chile — 0.7%
Other Securities		0.7					6,589
China — 10.9%
Bank of China, Cl H		0.6			9,460,394		5,266
China Coal Energy, Cl H		0.1			723,000		985
China Construction Bank, Cl H		0.5			5,596,188		5,245
China Life Insurance, Cl H		0.1			134,000		503
China Oilfield Services, Cl H		0.1			586,000		1,326
China Petroleum & Chemical ADR (A)		0.3			24,531		2,467
China Railway Construction, Cl H		0.1			1,058,000		1,099
China Railway Group, Cl H		0.1			1,402,000		905

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
China Shenhua Energy, Cl H		0.2	%		334,000	$	1,574
Dongfeng Motor Group, Cl H		0.1			638,120		1,086
Industrial & Commercial Bank of China, Cl H		0.4			4,328,929		3,595
Maanshan Iron & Steel, Cl H		0.1			1,018,000		551
PetroChina ADR (A)		0.2			15,091		2,298
PetroChina, Cl H		0.4			2,632,119		3,986
Yanzhou Coal Mining, Cl H		0.2			532,000		1,936
Zhejiang Expressway, Cl H		0.1			899,922		819
Zhuzhou CSR Times Electric, Cl H		0.4			1,017,138		3,858
Other Securities		6.9					67,543
							105,042
Colombia — 0.5%
Other Securities		0.5					4,937
Cyprus — 0.4%
Other Securities		0.4					4,347
Czech Republic — 0.2%
Other Securities		0.2					2,220
Egypt — 0.3%
Other Securities		0.3					2,563
Hong Kong — 5.7%
China Mobile		1.2			1,254,499		11,556
China Mobile ADR		0.1			19,700		911
China Resources Power Holdings		0.1			618,000		1,190
China State Construction
International Holdings		0.3			2,977,820		2,718
CNOOC		0.6			2,360,238		5,947
Cosco International Holdings		0.0			344,729		222
GOME Electrical Appliances Holdings (A) (B)		0.4			10,480,976		3,692
Huabao International Holdings		0.4			2,288,707		3,519
Sinotruk Hong Kong		0.0			186,000		159
Other Securities		2.6					24,848
							54,762
Hungary — 0.3%
Other Securities		0.3					2,606
India — 6.5%
Allahabad Bank		0.1			176,490		909
Andhra Bank		0.1			273,765		925
Bank		0.0			14,494		207
Bank of Baroda		0.3			148,860		3,221
Bank of India		0.2			159,077		1,696
Cairn India*		0.4			435,714		3,429
Canara Bank		0.1			84,826		1,191

4 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
Hindustan Petroleum		0.1	%		102,190	$	817
Mahanagar Telephone Nigam*		0.1			507,220		516
Oil & Natural Gas		0.1			205,693		1,344
Reliance Industries		0.4			144,500		3,399
Union Bank of India		0.0			23,238		181
Vijaya Bank		0.0			208,600		372
Other Securities		4.6					44,739
							62,946
Indonesia — 2.8%
Astra International		0.5			675,404		4,421
Bank Rakyat Indonesia		0.5			7,137,752		4,713
Other Securities		1.8					17,475
							26,609
Israel — 0.2%
Other Securities		0.2					2,160
Kazakhstan — 0.8%
Halyk Savings Bank of Kazakhstan JSC GDR*		0.4			370,617		3,732
Other Securities		0.4					4,473
							8,205
Malaysia — 2.1%
Axiata Group*		0.4			2,195,194		3,472
Other Securities		1.7					16,971
							20,443
Mexico — 3.5%
America Movil, Ser L		0.6			1,839,605		5,344
Genomma Lab Internacional, Cl B*		0.4			1,709,445		3,862
Grupo Financiero Banorte, Cl O		0.6			1,241,437		5,838
Other Securities		1.9					18,712
							33,756
Netherlands — 0.2%
Other Securities		0.2					1,899
Nigeria — 0.1%
Other Securities		0.1					1,183
Peru — 0.1%
Intergroup Financial*		0.0			8,301		240
Other Securities		0.1					511
							751
Philippines — 0.7%
Other Securities		0.7					6,360

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
Poland — 1.0%
Other Securities		1.0	%			$	10,056
Russia — 7.2%
Gazprom Neft JSC ADR		0.0			7,896		208
Globaltrans Investment GDR		0.4			195,447		3,594
Lukoil ADR		1.0			132,574		9,465
Mobile Telesystems ADR		0.4			167,606		3,558
OAO Gazprom ADR		1.3			390,653		12,646
Rosneft Oil GDR		0.3			347,206		3,174
Sberbank GDR		0.6			12,857		5,382
VTB Bank GDR		0.4			606,985		4,249
Other Securities		2.8					27,785
							70,061
Singapore — 0.2%
Other Securities		0.2					2,063
South Africa — 7.0%
ABSA Group		0.2			110,697		2,235
Exxaro Resources		0.5			210,881		5,162
Impala Platinum Holdings		0.5			158,669		4,595
MTN Group		1.2			579,082		11,700
Standard Bank Group		0.7			467,259		7,189
Other Securities		3.9					37,246
							68,127
South Korea — 12.8%
Hyundai Mobis		0.7			21,527		6,427
Hyundai Motor		0.4			23,764		4,398
KB Financial Group		0.5			89,060		4,668
Samsung Electronics		3.0			33,701		28,633
Shinhan Financial Group		0.5			115,626		5,254
Other Securities		7.7					74,251
							123,631
Taiwan — 8.7%
High Tech Computer		0.9			211,633		8,276
Hon Hai Precision Industry		0.4			1,052,942		3,688
Taiwan Semiconductor
Manufacturing ADR (A)		0.1			112,822		1,374
Taiwan Semiconductor
Manufacturing		1.0			3,831,614		9,199
Tripod Technology		0.3			741,354		3,265
Other Securities		6.0					58,198
							84,000
Thailand — 1.7%
Other Securities		1.7					15,986
Turkey — 2.5%
Other Securities		2.5					24,052

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 5

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund (Concluded)

March 31, 2011

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
United Kingdom — 1.1%
Other Securities		1.1	%			$	10,747
United States — 0.4%
Other Securities		0.4					3,677
Total Common Stock (Cost $718,413) ($ Thousands)							871,886
PREFERRED STOCK — 4.7%
Brazil — 4.8%
Cia de Bebidas das Americas ADR		0.4			119,285		3,377
Petroleo Brasileiro, Cl Preference		0.3			185,142		3,238
Petroleo Brasileiro Sponsored ADR, Cl A (A)		0.8			204,725		7,276
Randon Participacoes		0.4			507,900		3,481
Vale, Cl A		0.2			78,331		2,284
Vale ADR, Cl B (A)		0.6			191,835		5,663
Other Securities		2.1					21,167
Total Preferred Stock (Cost $35,723) ($ Thousands)							46,486
DEBENTURE BOND — 0.0%
Brazil — 0.0%
Vale, Ser 1997
0.000%, 09/30/49 (C)		0.0			8		—
Total Debenture Bond (Cost $—) ($ Thousands)							—
EXCHANGE TRADED FUNDS — 3.0%
United States — 3.0%
iShares MSCI Emerging Markets Index Fund		2.9			582,659		28,370
Other Securities		0.1					661
Total Exchange Traded Funds (Cost $28,177) ($ Thousands)							29,031
AFFILIATED PARTNERSHIP — 4.6%
United States — 4.6%
SEI Liquidity Fund, L.P. 0.200%**† (D)		4.6			45,671,397		44,707
Total Affiliated Partnership (Cost $45,671) ($ Thousands)							44,707

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 0.4%
SEI Daily Income Trust, Prime Obligation Fund, C1 A 0.080%**†		0.4	%		3,387,907	$	3,388
Total Cash Equivalent (Cost $3,388) ($ Thousands)							3,388
Total Investments — 103.1% (Cost $831,373) ($ Thousands)††						$	995,498

Percentages are based on a Net Assets of $965,688 ($ Thousands).

* Non-income producing security

** Rate shown is the 7-day effective yield as of March 31, 2011.

† Affiliated security.

(A) This security or a partial position of this security is on loan at March 31, 2011. The total market value of securities on loan at March 31, 2011 was $33,243 ($ Thousands) (See Note 9).

(B) Securities considered illiquid. The total market value of such securities as of March 31, 2011 was $5,846 ($ Thousands) and represented 0.6% of Net Assets.

(C) Variable Rate Security — The rate reported on the Summary Schedule of Investments is the rate in effect as of March 31, 2011.

(D) This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of March 31, 2011 was $44,707 ($ Thousands).

†† The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all other securities owned by the fund. In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 342-5734; and (ii) on the SEC’s website at http://www.sec.gov.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

L.P. — Limited Partnership

Ser — Series

The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	871,886	$	—	$	—	$	871,886
Preferred Stock		46,486		—		—		46,486
Debenture Bond		—		—		—		—
Exchange Traded Funds		29,031		—		—		29,031
Affiliated Partnership		—		44,707		—		44,707
Cash Equivalent		3,388		—		—		3,388
Total Investments in Securities	$	950,791	$	44,707	$	—	$	995,498

For the six month period ended March 31, 2011, there were no transfers between Level 1 and into Level 2 assets and liabilities.

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

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

6 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund

March 31, 2011

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS — 87.5%
Australia — 1.5%
Other Securities		1.5	%			$	6,992
Austria — 0.2%
Other Securities		0.2					1,184
Belgium — 0.6%
Other Securities		0.6					2,942
Brazil — 0.3%
Other Securities		0.3					1,394
Canada — 4.4%
Export Development Canada MTN
2.375%, 03/19/12		0.2			800		815
Government of Canada
5.750%, 06/01/33		0.4			1,300		1,733
5.000%, 06/01/14		0.8			3,600		4,013
5.000%, 06/01/37		0.3			1,300		1,606
4.500%, 06/01/15		0.5			2,075		2,299
3.750%, 06/01/12		0.3			1,510		1,593
3.500%, 06/01/20		0.3			1,475		1,533
3.250%, 06/01/21		0.4			2,000		2,022
2.000%, 12/01/14		0.3			1,500		1,520
Other Securities		0.9					3,673
							20,807
Chile — 0.1%
Other Securities		0.1					702
Colombia — 0.1%
Other Securities		0.1					681
Czech Republic — 0.1%
Other Securities		0.1					323

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)		Market Value ($ Thousands)
Denmark — 0.9%
Other Securities		0.9	%			$	4,508
Finland — 0.2%
Other Securities		0.2					855
France — 9.4%
Caisse d’Amortissement de la Dette Sociale MTN
4.500%, 09/04/13		0.8			2,600		3,876
EDF
6.500%, 01/26/19 (A)		0.1			250		287
4.000%, 11/12/25		0.0			150		194
Government of France
5.000%, 10/25/16		0.3			910		1,418
4.750%, 04/25/35		0.7			2,135		3,284
4.500%, 04/25/41		0.3			950		1,414
3.750%, 04/25/21		0.7			2,300		3,266
3.500%, 04/25/20		0.3			1,165		1,636
3.000%, 10/25/15		1.3			4,350		6,218
2.500%, 10/25/20		1.4			5,200		6,663
Societe Financement de l’Economie Francaise
2.125%, 01/30/12 (A)		0.5			2,430		2,463
Other Securities		3.0					14,150
							44,869
Germany — 12.3%
Bundesobligation, Ser 159
2.000%, 02/26/16		0.1			235		323
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/31		0.0			100		173
Bundesrepublik Deutschland, Ser 02
5.000%, 01/04/12		0.0			25		36
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/34		0.3			800		1,280
3.750%, 07/04/13		0.2			785		1,160
3.000%, 07/04/20		0.6			2,075		2,869
2.500%, 01/04/21		0.4			1,412		1,863
Bundesrepublik Deutschland, Ser 04
3.750%, 01/04/15		0.9			3,025		4,508
Bundesrepublik Deutschland, Ser 05
3.500%, 01/04/16		1.2			3,850		5,675
Bundesrepublik Deutschland, Ser 06
3.750%, 01/04/17		0.6			2,030		3,017
Bundesrepublik Deutschland, Ser 07
4.250%, 07/04/39		0.0			100		152
Bundesrepublik Deutschland, Ser 08
4.750%, 07/04/40		0.5			1,305		2,147
4.250%, 07/04/18		0.0			125		191
Bundesrepublik Deutschland, Ser 09
3.250%, 01/04/20		0.1			430		609

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 7

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2011

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
Bundesschatzanweisungen
1.500%, 06/10/11		1.7	%			5,750	$	8,171
1.000%, 12/14/12		2.3				7,950		11,153
Kreditanstalt fuer Wiederaufbau
5.375%, 01/29/14		0.2			GBP	450		781
4.375%, 10/11/13		0.3				1,050		1,562
3.875%, 01/21/19		0.3				1,075		1,554
3.375%, 08/30/17		0.1			CHF	370		445
Other Securities		2.5						11,295
								58,964
Hong Kong — 0.1%
Other Securities		0.1						305
Hungary — 0.1%
Other Securities		0.1						651
Ireland — 0.6%
Other Securities		0.6						2,797
Italy — 5.0%
Italy Buoni Poliennali Del Tesoro
6.500%, 11/01/27		0.2				500		791
5.000%, 09/01/40		0.4				1,375		1,784
4.750%, 09/01/21		1.5				5,075		7,133
4.500%, 03/01/19		0.1				400		568
4.250%, 09/01/19		0.2				735		1,022
4.250%, 02/01/15		0.5				1,750		2,537
4.250%, 10/15/12		0.2				585		853
4.000%, 09/01/20		0.4				1,430		1,924
3.750%, 03/01/21		0.2				600		784
3.500%, 06/01/14		0.3				1,100		1,565
Other Securities		1.0						4,925
								23,886
Japan — 18.2%
Government of Japan 5 Year Bond, Ser 70
0.800%, 03/20/13		1.0				397,000		4,846
Government of Japan 5 Year Bond, Ser 79
0.700%, 12/20/13		0.1				51,300		626
Government of Japan 10 Year Bond, Ser 275
1.400%, 12/20/15		1.6				626,600		7,888
Government of Japan 10 Year Bond, Ser 284
1.700%, 12/20/16		0.7				250,000		3,203
Government of Japan 10 Year Bond, Ser 286
1.800%, 06/20/17		0.3				96,450		1,244
Government of Japan 10 Year Bond, Ser 288
1.700%, 09/20/17		3.2				1,182,950		15,165

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)		Market Value ($ Thousands)
Government of Japan 10 Year Bond, Ser 298
1.300%, 12/20/18		1.5	%		565,250	$	7,018
Government of Japan 10 Year Bond, Ser 301
1.500%, 06/20/19		0.6			235,300		2,953
Government of Japan 10 Year Bond, Ser 308
1.300%, 06/20/20		2.8			1,109,650		13,575
Government of Japan 20 Year Bond, Ser 48
2.500%, 12/21/20		1.7			614,450		8,273
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/27		1.4			558,950		6,948
Government of Japan 20 Year Bond, Ser 109
1.900%, 03/20/29		0.1			39,000		465
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/29		2.0			770,000		9,466
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/38		0.3			103,250		1,307
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/39		0.4			145,200		1,801
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/40		0.3			117,000		1,357
Other Securities		0.2					919
							87,054
Malaysia — 0.2%
Other Securities		0.2					769
Mexico — 0.6%
Other Securities		0.6					3,021
Netherlands — 4.3%
ABN Amro Bank MTN
3.750%, 07/15/14		0.2			750		1,085
0.489%, 01/17/17 (B)		0.2			950		836
Kingdom of Netherlands
4.500%, 07/15/17		0.5			1,500		2,290
4.000%, 07/15/18		0.4			1,355		2,007
4.000%, 07/15/16		0.5			1,700		2,538
4.000%, 01/15/37		0.1			200		287
3.500%, 07/15/20		0.1			360		509
3.250%, 07/15/15		0.2			520		756
Other Securities		2.2					10,082
							20,390

8 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
New Zealand — 0.4%
Other Securities		0.4	%				$	1,795
Norway — 0.6%
Other Securities		0.6						2,963
Poland — 0.3%
Other Securities		0.3						1,383
Portugal — 0.1%
Other Securities		0.1						434
Russia — 0.7%
Other Securities		0.7						3,540
Singapore — 0.9%
Government of Singapore
4.000%, 09/01/18		0.4				2,320		2,084
Other Securities		0.5						2,119
								4,203
South Africa — 0.6%
Republic of South Africa, Ser R203
8.250%, 09/15/17		0.5				17,330		2,537
Other Securities		0.1						218
								2,755
Spain — 2.4%
Kingdom of Spain
4.750%, 07/30/14		0.3				925		1,356
4.700%, 07/30/41		0.2				665		772
4.600%, 07/30/19		0.1				155		213
4.000%, 04/30/20		0.2				580		761
5.500%, 04/30/21		0.7				2,400		3,465
4.200%, 01/31/37		0.1				370		402
3.300%, 10/31/14		0.1				475		663
Instituto de Credito Oficial
2.375%, 03/04/13 (A)		0.0				200		198
Other Securities		0.7						3,744
								11,574
Supra-National — 1.2%
European Investment Bank MTN
3.500%, 04/15/16		0.6			EUR	1,975		2,852
Other Securities		0.6						2,708
								5,560
Sweden — 1.6%
Kingdom of Sweden, Ser 1041
6.750%, 05/05/14		0.4				11,435		2,022
Other Securities		1.2						5,462
								7,484

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
Switzerland — 1.1%
Other Securities		1.1	%				$	5,640
United Kingdom — 11.9%
EDF Energy Networks EPN MTN
6.000%, 11/12/36		0.1				160		271
Royal Bank of Scotland
6.934%, 04/09/18		0.1			EUR	300		417
6.125%, 01/11/21		0.1				310		319
5.750%, 05/21/14		0.1				350		520
5.750%, 05/21/14		0.1			EUR	250		372
United Kingdom Treasury
5.000%, 09/07/14		0.1				240		422
5.000%, 03/07/25		0.1				400		704
4.750%, 12/07/30		0.3				800		1,357
4.750%, 03/07/20		0.1				325		567
4.750%, 12/07/38		0.7				1,840		3,144
4.500%, 03/07/19		0.3				900		1,549
4.500%, 12/07/42		0.1				335		553
4.500%, 03/07/13		0.2				600		1,019
4.250%, 03/07/36		0.1				375		591
4.250%, 12/07/49		0.0				85		135
4.250%, 06/07/32		0.4				1,335		2,116
4.250%, 09/07/39		0.4				1,300		2,052
4.000%, 09/07/16		0.6				1,550		2,639
4.000%, 03/07/22		0.1				175		284
3.750%, 09/07/20		0.8				2,500		4,027
2.750%, 01/22/15		0.4				1,220		1,990
2.500%, 08/16/13		0.5				500		2,266
2.250%, 03/07/14		0.1				370		600
2.000%, 01/22/16		0.7				2,270		3,535
Other Securities		5.4						25,372
								56,821
United States — 6.5%
American International Group
8.175%, 05/15/58 (B)		0.1				365		393
6.250%, 03/15/37		0.0				100		92
BA Covered Bond Issuer MTN
4.125%, 04/05/12		0.9			EUR	3,100		4,459
Citigroup
5.500%, 04/11/13		0.1				500		535
4.250%, 02/25/30 (B)		0.3			EUR	1,350		1,553
Other Securities		5.1						24,259
								31,291
Total Global Bonds (Cost $401,762) ($ Thousands)								418,537

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 9

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2011

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 3.8%
Non-Agency Mortgage-Backed Obligation — 3.8%
Citigroup Commercial Mortgage Trust, Ser 2007-C6, Cl A4
5.698%, 12/10/49 (B)		0.3	%			1,140	$	1,233
Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4
6.099%, 12/10/49 (B)		0.1				405		444
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4
5.110%, 05/25/35 (B)		0.3				1,263		1,204
Gracechurch Mortgage Financing, Ser 2007-1X, Cl 3A2
1.178%, 11/20/56 (B)		0.5				1,670		2,343
Other Securities		2.6						12,981
Total Mortgage-Backed Securities (Cost $18,218) ($ Thousands)								18,205
CORPORATE OBLIGATIONS — 3.2%
United States — 2.8%
Citigroup
4.750%, 05/19/15		0.1				240		252
Other Securities		3.1						14,764
Total Corporate Obligations (Cost $12,526) ($ Thousands)								15,016
U.S. TREASURY OBLIGATIONS — 1.6%
U.S. Treasury Bonds
3.500%, 02/15/39		0.0				75		63
U.S. Treasury Notes
4.500%, 11/15/15		0.3				1,100		1,220
2.000%, 11/30/13		0.9				4,300		4,400
Other Securities		0.4						1,940
Total U.S. Treasury Obligations (Cost $7,548) ($ Thousands)								7,624
ASSET-BACKED SECURITIES — 1.5%
Automotive — 0.3%
Other Securities		0.3						1,669
Credit Card — 0.6%
Citibank Credit Card Issuance Trust, Ser A4, Cl A4
5.375%, 04/11/11		0.6			EUR	1,900		2,698
Mortgage Related Securities — 0.1%
Other Securities		0.1						439

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)	Market Value ($ Thousands)
Other Asset-Backed Securities — 0.5%
Other Securities		0.5	%		$	2,516
						2,516
Total Asset-Backed Securities (Cost $6,922) ($ Thousands)						7,322
MUNICIPAL BONDS — 0.1%
Other Securities		0.1				614
Total Municipal Bonds (Cost $615) ($ Thousands)						614
Total Investments — 97.7% (Cost $449,186) ($ Thousands)††					$	467,318

A summary of the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:

Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($  Thousands)
4/4/11-5/3/11		BRL	754		USD	455	$	(7	)
4/4/11-6/15/11		GBP	79,649		USD	128,422		830
4/4/11-6/15/11		USD	2,955		GBP	1,829		(34	)
4/5/11-6/15/11		CAD	21,893		USD	22,380		(107	)
4/5/11-6/15/11		EUR	249,761		USD	348,841		(5,362	)
4/5/11-6/15/11		JPY	13,304,950		USD	162,550		1,942
4/5/11-6/15/11		MXN	42,565		USD	3,524		(40	)
4/5/11-6/15/11		NOK	8,040		USD	1,435		(15	)
4/5/11-6/15/11		SEK	41,384		USD	6,452		(96	)
4/5/11-6/15/11		USD	20,366		EUR	14,567		288
4/5/11-6/15/11		USD	17,436		JPY	1,432,790		(138	)
4/8/11-6/15/11		NZD	5,083		USD	3,816		(58	)
4/8/11-6/15/11		USD	2,034		NZD	2,727		43
4/13/11-6/15/11		DKK	11,612		USD	2,152		(56	)
4/14/11		USD	786		ZAR	5,737		62
4/14/11-6/15/11		ZAR	23,528		USD	3,294		(177	)
4/15/11-6/15/11		USD	28,635		NOK	162,661		689
4/15/11-6/15/11		USD	18,881		SEK	121,376		309
4/28/11		CLP	1,000		USD	2		—
4/28/11		USD	2		CLP	1,000		—
4/29/11		COP	782,882		USD	419		(2	)
4/29/11-6/15/11		USD	3,231		KRW	3,606,299		58
6/3/11		AUD	5,900		EUR	4,288		24
6/3/11		CHF	1,852		AUD	2,000		26
6/3/11		CHF	10,267		EUR	7,945		29
6/3/11		EUR	23,710		CHF	30,006		(779	)
6/3/11		GBP	6,865		SEK	70,453		142
6/3/11		NOK	21,842		AUD	3,900		64
6/3/11		NOK	46,646		GBP	5,155		(152	)
6/3/11-6/15/11		CHF	20,219		USD	21,616		(502	)
6/15/11		AUD	6,270		USD	6,234		(189	)
6/15/11		CZK	6,873		USD	396		(1	)
6/15/11		KRW	84,110		USD	75		(2	)
6/15/11		MYR	1,001		USD	329		—
6/15/11		SGD	3,579		USD	2,826		(15	)
6/15/11		USD	2,199		AUD	2,217		72
6/15/11		USD	1,710		CAD	1,670		5
6/15/11		USD	738		CHF	685		11
6/15/11		USD	75		CZK	1,290		(1	)
6/15/11		USD	949		MXN	11,435		6
6/15/11		USD	376		SGD	475		1
1/13/12		USD	1,946		CNY	12,617		11
							$	(3,121	)

10 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:

Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($  Thousands)
Bank of America		(22,435	)		22,600	$	165
Barclays PLC		(106,255	)		106,475		220
BNP Paribas		(24,649	)		24,822		173
Brown Brothers Harriman		(13,774	)		13,865		91
Citigroup		(2,494	)		2,489		(6	)
Credit Suisse First Boston		(30,355	)		30,421		66
CSFB		(34,626	)		35,170		544
Deutsche Bank		(256,382	)		253,259		(3,127	)
Dewaay, Sebille, Servais & Cy		(10,993	)		11,136		142
Financial Brokerage		(226	)		225		(1	)
Goldman Sachs		(147,719	)		146,927		(792	)
HSBC		(2,267	)		2,235		(33	)
JPMorgan Chase Bank		(116,446	)		116,806		354
Northern Trust Brokerage		(294	)		289		(5	)
RBC		(54,259	)		53,219		(1,040	)
Royal Bank of Scotland		(4,392	)		4,436		44
Societe Generale		(19,137	)		19,140		3
Standard Bank		(230	)		230		(1	)
State Street		(46	)		47		1
UBS		(29,710	)		29,664		(46	)
Westpac Banking		(20,953	)		21,080		127
						$	(3,121	)

A summary of the open futures contracts held by the Fund at March 31, 2011, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
10-Year Euro$		27			Jun-2011	$	(21	)
Australian 10-Year Bond		(12	)		Jun-2011		5
Australian 3-Year Bond		9			Jun-2011		—
Canadian 10-Year Bond		7			Jun-2011		11
Euro-Bobl		55			Jun-2011		(82	)
Euro-Buxl 30 Year Bond		12			Jun-2011		(40	)
Euro-Schatz		16			Jun-2011		(11	)
Japanese 10-Year Bond		3			Jun-2011		32
Long Gilt 10-Year Bond		5			Jun-2011		(9	)
U.S. 10-Year Treasury Note		(73	)		Jun-2011		20
U.S. 2-Year Treasury Note		(58	)		Jun-2011		(7	)
U.S. 5-Year Treasury Note		(148	)		Jun-2011		109
U.S. Long Treasury Bond		(40	)		Jun-2011		42
						$	49

For the period ended March 31, 2011, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

A summary of outstanding interest rate swap agreements held by the Fund at March 31, 2011, is as follows:

Counterparty	Fund Pays	Fund Receives	Termination Date			Notional Amount (Thousands)		Net  Unrealized Appreciation (Depreciation) ($Thousands)
Barclays Bank PLC	3.83%	3-Month LIBOR		03/31/20	USD		2,650,000	$	(89	)
Citigroup	3.79%	6-Month GBP LIBOR		05/19/19	GBP		2,500,000		(96	)
Deutsche Bank	3.45%	6-Month EUR LIBOR		10/16/19	EUR		3,400,000		(28	)
Deutsche Bank	6-Month EURIBOR	4.17%		03/28/13	EUR		7,000,000		358
JPMorgan Chase Bank	6-Month JPY LIBOR	2.22%		03/26/27	JPY		750,000,000		486
JPMorgan Chase Bank	6-Month EURIBOR	4.38%		01/07/13	EUR		5,400,000		337
JPMorgan Chase Bank	4.20%	6-Month EURIBOR		03/30/12	EUR		3,000,000		(100	)
JPMorgan Chase Bank	6-Month JPY LIBOR	1.29%		03/26/12	JPY		1,300,000,000		147
								$	1,015

Percentages are based on a Net Assets of $478,471 ($ Thousands).

(1) In 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 Summary Schedule of Investments is the rate in effect as of March 31, 2011.

†† The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all other securities owned by the fund. In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 342-5734; and (ii) on the SEC’s website at http://www.sec.gov.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

CLP — Chilean Peso

CNY — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

DKK — Danish Krone

EURIBOR — Euro London Interbank Offered Rate

EUR — Euro

GBP — British Pound Sterling

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krone

Ser — Series

SGD — Singapore Dollar

USD — U.S. Dollar

ZAR — South African Rand

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 11

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Concluded)

March 31, 2011

The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	418,532	$	5	$	418,537
Mortgage-Backed Securities		—		18,205		—		18,205
Corporate Obligations		—		15,016		—		15,016
U.S. Treasury Obligations		—		7,624		—		7,624
Asset-Backed Securities		—		7,322		—		7,322
Municipal Bonds		—		614		—		614
Total Investments in Securities	$	—	$	467,313	$	5	$	467,318

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*	$	49		$	—	$	—	$	49
Forwards Contracts*		(3,121	)		—		—		(3,121	)
Interest Rate Swaps		—			1,015		—		1,015
Total Other Financial Instruments	$	(3,072	)	$	1,015	$	—	$	(2,057	)

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

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):

	Global Bonds
Beginning balance as of October 1, 2010	$	5
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases/sales		—
Net transfer in and/or out of Level 3		—
Ending balance as of March 31, 2011	$	5

For the period ended March 31, 2011, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

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

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

12 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2011

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
GLOBAL BONDS — 91.3%
Argentina — 5.4%
Endesa Costanera Sociedad Anonima
11.302%, 03/30/12		0.0	%			440	$	440
Republic of Argentina
8.750%, 06/02/17		0.1				1,000		1,019
8.280%, 12/31/33		0.3				3,364		2,999
8.280%, 12/31/33		0.5				4,508		4,019
8.819%, 12/15/35 (A)		0.0			EUR	872		171
7.896%, 12/15/35 (A)		0.2			EUR	11,280		2,211
7.593%, 12/15/35 (A)		0.1				7,788		1,225
7.820%, 12/31/33		0.3			EUR	2,115		2,274
7.820%, 12/31/33		0.4			EUR	3,166		3,404
7.820%, 12/31/33 (A)		0.5			EUR	4,219		4,514
7.000%, 04/17/17		0.4				3,487		3,118
7.000%, 10/03/15		0.5				4,600		4,335
7.000%, 09/12/13		0.2				2,011		2,051
7.000%, 10/03/15		0.1				800		754
5.830%, 12/31/33 (A)		0.5			ARS	11,929		4,746
3.117%, 12/15/35 (A)		0.1				4,360		704
2.500%, 03/31/19 (B)		0.2				3,940		1,700
1.595%, 12/15/35 (A)		0.1			EUR	4,031		790
0.677%, 08/03/12 (A)		0.3				9,155		2,229
Other Securities		0.6						5,473
								48,176
Bahrain — 0.2%
Other Securities		0.2						1,769
Barbados — 0.4%
Other Securities		0.4						3,800
Belarus — 0.0%
Other Securities		0.0						262
Belize — 0.0%
Other Securities		0.0						335
Bosnia and Herzegovina — 0.1%
Other Securities		0.1						1,117

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
Brazil — 7.2%
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/19 (C)		0.2	%			1,725	$	1,880
5.500%, 07/12/20 (C)		0.0				400		407
BR Malls International Finance
8.500%, 12/31/49		0.0				345		361
BR Properties SA
9.000%, 12/31/49		0.1				762		757
Brazil Notas do Tesouro Nacional Ser F
10.000%, 01/01/13		0.7			BRL	10,700		6,312
Federal Republic of Brazil
11.000%, 08/17/40		0.0				150		202
10.125%, 05/15/27		0.4				2,555		3,871
10.000%, 01/01/21		0.1			BRL	1,265		658
10.000%, 01/01/21		0.3			BRL	5,000		2,682
8.875%, 04/15/24		0.2				1,520		2,067
8.750%, 02/04/25		0.1				598		807
8.250%, 01/20/34		0.6				3,710		4,907
7.125%, 01/20/37		0.2				1,685		1,993
5.875%, 01/15/19		0.4				3,517		3,895
5.625%, 01/07/41		0.1				1,050		1,032
4.875%, 01/22/21		0.1				800		816
General Shopping Finance
10.000%, 12/31/49		0.1				812		826
JPM
10.000%, 12/12/11		0.1			BRL	1,265		678
Brasil Nota Do Tesouro Nacional Ser B
10.000%, 01/01/21		1.0			BRL	16,554		8,608
10.000%, 01/01/17		0.1			BRL	2,200		1,197
6.000%, 05/15/15		0.9			BRL	6,700		8,184
6.000%, 08/15/20		0.2			BRL	1,600		1,924
Other Securities		1.3						10,839
								64,903
Chile — 0.8%
Inversiones Alsacia
8.000%, 08/18/18		0.1				1,000		946
Other Securities		0.7						6,626
								7,572
China — 1.0%
Country Garden Holdings
11.125%, 02/23/18		0.0				200		203
Hidili Industry International Development
8.625%, 11/04/15		0.1				405		407
Kaisa Group Holdings Ltd.
13.500%, 04/28/15		0.1				539		541
Sinochem Overseas Capital
4.500%, 11/12/20 (C)		0.5				4,856		4,600

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 13

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2011

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
Sino-Forest
6.250%, 10/21/17 (C) (D)		0.1	%			430	$	418
Texhong Textile Group
7.625%, 01/19/16		0.0				255		258
Other Securities		0.2						2,341
								8,768
Colombia — 4.1%
Bogota Distrio Capital
9.750%, 07/26/28 (C)		0.6			COP	9,020,000		5,592
Ecopetrol
7.625%, 07/23/19 (C)		0.1				500		576
Republic of Colombia
11.750%, 02/25/20		0.3				1,645		2,474
10.375%, 01/28/33		0.1				400		601
10.000%, 07/24/24		0.1			COP	1,229,000		723
8.125%, 05/21/24		0.3				2,250		2,850
7.375%, 03/18/19		0.6				4,470		5,364
7.375%, 09/18/37		1.4				10,300		12,231
7.375%, 01/27/17		0.5				3,957		4,669
6.125%, 01/18/41		0.1				1,275		1,301
								36,381
Croatia — 1.3%
Government of Croatia
6.750%, 11/05/19		0.2				1,583		1,658
6.625%, 07/14/20 (C) (D)		0.6				5,168		5,333
6.375%, 03/24/21 (C)		0.4				3,408		3,412
Other Securities		0.1						1,262
								11,665
Czech Republic — 0.1%
Other Securities		0.1						695
Dominican Republic — 0.2%
Other Securities		0.2						1,804
Ecuador — 0.1%
Other Securities		0.1						539
Egypt — 0.4%
Other Securities		0.4						3,781
El Salvador — 0.9%
Republic of El Salvador
7.650%, 06/15/35		0.5				4,336		4,321
Other Securities		0.4						3,825
								8,146
Gabon — 0.0%
Other Securities		0.0						235
Georgia — 0.4%
Other Securities		0.4						3,950

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
Germany — 0.2%
Other Securities		0.2	%				$	1,634
Ghana — 0.2%
Other Securities		0.2						2,137
Hong Kong — 0.5%
Other Securities		0.5						4,441
Hungary — 0.6%
Other Securities		0.6						5,317
India — 0.1%
Other Securities		0.1						1,207
Indonesia — 5.1%
Indosat Palapa
7.375%, 07/29/20 (C)		0.1				552		607
Majapahit Holding
8.000%, 08/07/19		0.1				400		454
8.000%, 08/07/19 (C)		0.1				500		568
7.875%, 06/29/37 (C) (E)		0.0				355		386
7.750%, 01/20/20		0.0				300		338
7.750%, 10/17/16		0.1				750		843
7.750%, 01/20/20 (C)		0.0				350		394
7.250%, 10/17/11		0.1				750		770
PT Bumi
7.301%, 03/02/12		0.1				776		776
7.301%, 03/02/12		0.1				973		973
Republic of Indonesia
12.800%, 06/17/21		0.1			IDR	6,389,000		970
11.625%, 03/04/19		0.8				5,203		7,466
11.625%, 03/04/19 (C)		0.2				1,425		2,045
11.000%, 11/15/20		0.2			IDR	14,300,000		1,969
10.375%, 05/04/14		0.2				1,350		1,642
8.500%, 10/12/35		0.4				3,100		3,991
8.500%, 10/12/35		0.1				550		708
7.750%, 01/17/38		0.0				319		380
7.750%, 01/17/38		0.7				5,065		6,040
7.500%, 01/15/16		0.2				1,150		1,332
7.250%, 04/20/15		0.0				130		148
6.875%, 01/17/18		0.3				2,050		2,322
6.875%, 03/09/17		0.2				1,289		1,455
6.875%, 01/17/18 (C)		0.2				1,400		1,585
6.750%, 03/10/14		0.1				950		1,049
6.750%, 03/10/14 (C)		0.0				350		388
6.625%, 02/17/37		0.1				1,050		1,123
5.875%, 03/13/20 (C)		0.2				1,374		1,465
Other Securities		0.4						3,456
								45,643
Iraq — 1.5%
Republic of Iraq
5.800%, 01/15/28		1.5				14,160		12,992

14 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
Ivory Coast — 0.2%
Other Securities		0.2	%				$	1,787
Jamaica — 0.3%
Other Securities		0.3						2,811
Jordan — 0.2%
Other Securities		0.2						1,693
Kazakhstan — 4.5%
BTA Bank JSC
113.760%,
07/01/20 (A) (C)		0.0				2,492		210
10.750%,
01/01/13 (B) (C)		0.1				1,202		1,277
10.750%, 01/01/13 (B)		0.0				264		280
Development Bank of Kazakhstan JSC
5.500%, 12/20/15 (C)		0.1				650		678
Kazatoprom
6.250%, 05/20/15		0.1				500		531
Kazkommerts International
8.700%, 04/07/14 (A)		0.1				1,300		1,222
8.500%, 04/16/13		0.1				1,150		1,190
8.000%, 11/03/15		0.2				1,900		1,943
7.875%, 04/07/14		0.1				500		514
7.500%, 11/29/16 (E)		0.3				2,550		2,518
6.875%, 02/13/17		0.1			EUR	450		607
6.250%, 05/20/15		0.1				1,123		1,193
Kazkommertsbank MTN
12.850%, 12/18/12		0.1				600		633
KazMunaiGaz Finance Sub MTN
11.750%, 01/23/15 (C)		0.4				2,673		3,344
11.750%, 01/23/15		0.0				350		437
9.125%, 07/02/18 (C)		0.4				2,650		3,206
9.125%, 07/02/18		0.2				1,329		1,604
8.375%, 07/02/13		0.4				3,000		3,322
7.000%, 05/05/20		0.3				2,190		2,360
7.000%, 05/05/20 (C)		0.2				1,626		1,752
KazMunayGas National
6.375%, 04/09/21		0.0				350		361
6.375%, 04/09/21 (C)		0.3				2,826		2,925
Republic of Kazakhstan
6.375%, 10/06/20 (C)		0.2				1,400		1,459
Other Securities		0.7						7,142
								40,708
Lebanon — 0.2%
Other Securities		0.2						1,619
Lithuania — 0.8%
Other Securities		0.8						6,906

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
Malaysia — 3.1%
Axiata SPV1 Labuan Ltd,
5.375%, 04/28/20		0.0	%			250	$	255
Government of Malaysia
3.835%, 08/12/15		0.2			MYR	5,740		1,915
3.741%, 02/27/15		0.4			MYR	10,560		3,515
Malaysia Sukuk Global
3.928%, 06/04/15 (C)		0.1				400		417
Petroliam Nasional
7.625%, 10/15/26		0.1				925		1,181
Petronas Capital
7.875%, 05/22/22		1.1				7,405		9,440
5.250%, 08/12/19 (C)		1.1				9,245		9,826
5.250%, 08/12/19		0.1				1,200		1,275
Other Securities		0.0						318
								28,142
Mexico — 8.8%
Mexican Bonos
9.000%, 06/20/13		0.1			MXN	7,200		643
8.500%, 12/13/18		0.5			MXN	44,600		4,011
8.000%, 06/11/20		0.7			MXN	74,530		6,465
7.500%, 06/21/12		0.1			MXN	7,600		658
Mexican Bonos, Ser M10
8.000%, 12/17/15		0.2			MXN	21,200		1,863
7.750%, 12/14/17		0.4			MXN	42,900		3,719
7.250%, 12/15/16		0.5			MXN	54,500		4,628
Mexican Bonos, Ser MI10
9.500%, 12/18/14		0.1			MXN	10,161		934
9.000%, 12/20/12		0.3			MXN	28,270		2,510
Mexican Udibonos
4.000%, 06/13/19		0.2			MXN	4,770		1,925
Pemex Finance
9.150%, 11/15/18		0.2				1,595		2,029
Pemex Project Funding Master Trust
6.625%, 06/15/35		0.3				2,546		2,554
5.750%, 03/01/18		0.2				1,505		1,592
Petroleos Mexicanos
8.000%, 05/03/19		0.1				700		841
6.000%, 03/05/20 (C)		0.0				300		318
United Mexican States MTN
8.300%, 08/15/31 (D)		0.9				6,304		8,403
6.625%, 03/03/15		0.2				1,550		1,775
6.050%, 01/11/40		0.4				3,500		3,623
5.950%, 03/19/19		0.2				1,450		1,616
5.625%, 01/15/17		0.3				2,500		2,758
5.125%, 01/15/20		0.3				2,208		2,310
United Mexican States, Ser A MTN
8.000%, 09/24/22		0.3				2,267		2,992
6.750%, 09/27/34		0.3				2,748		3,100
Other Securities		2.0						17,715
								78,982

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 15

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2011

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
Morocco — 0.3%
Other Securities		0.3	%				$	2,692
Nigeria — 0.1%
Other Securities		0.1						2,007
Oman — 0.0%
Other Securities		0.0						338
Pakistan — 0.4%
Other Securities		0.4						3,833
Panama — 1.9%
Republic of Panama
9.375%, 04/01/29		0.6				3,788		5,341
9.375%, 01/16/23		0.1				560		729
8.875%, 09/30/27		0.3				2,125		2,869
8.125%, 04/28/34		0.1				820		1,041
7.250%, 03/15/15		0.2				1,473		1,712
6.700%, 01/26/36		0.5				4,161		4,671
5.200%, 01/30/20		0.1				444		471
								16,834
Peru — 2.1%
Inkia Energy
8.375%, 04/04/21		0.1				460		462
Republic of Peru
8.750%, 11/21/33		1.0				6,429		8,631
8.375%, 05/03/16		0.1				600		737
7.350%, 07/21/25		0.6				4,510		5,360
7.125%, 03/30/19		0.1				797		941
Other Securities		0.2						3,085
								19,216
Philippines — 4.5%
Power Sector
7.390%, 12/02/24		0.1				700		798
Republic of the Philippines
10.625%, 03/16/25		0.5				2,850		4,229
9.500%, 02/02/30		0.4				2,770		3,899
8.875%, 03/17/15		0.0				75		92
8.375%, 06/17/19		0.2				1,500		1,890
7.750%, 01/14/31		0.8				5,923		7,144
7.500%, 09/25/24		1.0				7,320		8,702
6.375%, 10/23/34		0.5				4,268		4,492
5.500%, 03/30/26		0.2				2,260		2,232
4.950%, 01/15/21		0.2			PHP	69,000		1,558
4.000%, 01/15/21		0.3				2,456		2,315
Other Securities		0.3						2,535
								39,886

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
Poland — 1.6%
Republic of Poland
6.375%, 07/15/19		1.2	%			9,629	$	10,715
4.000%, 03/23/21		0.1			EUR	736		950
Other Securities		0.3						2,950
								14,615
Qatar — 1.7%
Government of Qatar
9.750%, 06/15/30		0.1				425		607
6.400%, 01/20/40 (C)		0.1				710		747
6.400%, 01/20/40		0.1				500		526
5.250%, 01/20/20 (C)		0.7				6,150		6,384
4.000%, 01/20/15 (C)		0.0				300		310
Qtel International Finance MTN
7.875%, 06/10/19		0.4				2,674		3,129
6.500%, 06/10/14 (C)		0.0				200		219
5.000%, 10/19/25 (C)		0.1				1,139		1,005
4.750%, 02/16/21 (C)		0.0				457		426
Other Securities		0.2						1,977
								15,330
Russia — 7.6%
Alrosa Finance
7.750%, 11/03/20 (C)		0.1				628		673
Gaz Capital MTN
8.625%, 04/28/34		0.1				470		580
RSHB Capital
7.750%, 05/29/18		0.1				450		503
Russian Federation Registered
12.750%, 06/24/28		0.4				2,310		4,040
7.500%, 03/31/30		3.5				26,624		31,034
Russian Foreign Bond - Eurobond
5.000%, 04/29/20		0.0				100		101
5.000%, 04/29/20 (C)		0.2				1,500		1,517
3.625%, 04/29/15		0.1				500		506
RZD Capital MTN
5.739%, 04/03/17		0.1				650		677
SCF Capital
5.375%, 10/27/17 (C)		0.2				1,600		1,570
Vnesheconombank Via VEB Finance
6.902%, 07/09/20 (C)		0.4				2,985		3,212
6.902%, 07/09/20		0.0				100		108
6.800%, 11/22/25 (C)		0.1				1,000		1,014
5.450%, 11/22/17 (C)		0.1				700		710
VTB Bank Via VTB Capital
6.551%, 10/13/20 (C)		0.1				960		973
VTB Capital
6.875%, 05/29/18		0.4				3,300		3,580
6.609%, 10/31/12 (C)		0.1				1,150		1,224
6.250%, 06/30/35		0.0				381		404

16 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
Other Securities		1.6	%				$	15,327
								67,753
Saudi Arabia — 0.2%
Other Securities		0.2						1,484
								1,484
Singapore — 0.3%
STATS ChipPAC
5.375%, 03/31/16		0.0				176		177
Yanlord Land Group
9.500%, 05/04/17		0.0				221		219
Other Securities		0.3						2,144
								2,540
South Africa — 2.9%
Eskom Holdings
5.750%, 01/26/21 (C)		0.3				2,450		2,484
Gold Fields Orogen Holdings
4.875%, 10/07/20		0.1				504		484
Republic of South Africa
8.500%, 06/23/17		0.1				860		1,062
8.000%, 12/21/18		0.2			ZAR	10,950		1,561
7.250%, 01/15/20		0.1			ZAR	6,060		819
6.875%, 05/27/19		0.3				2,626		3,049
6.750%, 03/31/21		0.4			ZAR	25,560		3,300
6.500%, 06/02/14		0.3				2,195		2,453
5.875%, 05/30/22		0.2				1,900		2,040
5.500%, 03/09/20		0.2				1,821		1,928
Transnet
4.500%, 02/10/16		0.1				560		572
Other Securities		0.6						5,952
								25,704
South Korea — 0.3%
Other Securities		0.3						2,647
Sri Lanka — 0.2%
Other Securities		0.2						1,358
Supra-National — 0.1%
Other Securities		0.1						583
Thailand — 0.4%
Other Securities		0.4						3,191
Trinidad & Tobago — 0.4%
Other Securities		0.4						3,659
Tunisia — 0.3%
Other Securities		0.3						2,637

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)		Market Value ($ Thousands)
Turkey — 3.3%
Republic of Turkey
11.875%, 01/15/30		0.2	%		850	$	1,409
9.500%, 01/15/14		0.1			500		587
8.000%, 02/14/34		0.2			1,700		2,037
7.500%, 11/07/19		0.5			3,630		4,229
7.500%, 07/14/17		0.1			1,000		1,160
7.375%, 02/05/25		0.4			3,070		3,536
7.250%, 03/15/15		0.1			850		964
7.250%, 03/05/38		0.3			2,790		3,079
7.000%, 09/26/16		0.1			938		1,062
7.000%, 06/05/20		0.1			570		644
7.000%, 03/11/19		0.1			650		735
6.875%, 03/17/36		0.3			2,420		2,562
6.750%, 04/03/18		0.4			2,900		3,234
6.750%, 05/30/40		0.3			2,533		2,628
6.000%, 01/14/41		0.0			352		329
5.625%, 03/30/21		0.0			450		459
Other Securities		0.1					500
							29,154
Ukraine — 3.7%
Avangardco Investments
10.000%, 10/29/15		0.1			567		550
Biz Finance for Ukreximbank
8.375%, 04/27/15		0.4			3,763		3,918
Credit Suisse First Boston International for CJSC The EXIM of Ukraine
8.000%, 11/06/15 (E)		0.0			215		204
7.650%, 09/07/11 (E)		0.1			500		507
6.800%, 10/04/12		0.1			750		763
Financing of Infrastrucural Projects State Enterprise
8.375%, 11/03/17 (C)		0.1			550		578
Government of Ukraine
7.950%, 02/23/21 (C)		0.0			250		256
7.750%, 09/23/20 (C)		0.1			1,140		1,176
7.750%, 09/23/20		0.0			250		257
7.650%, 06/11/13		0.0			250		263
7.650%, 06/11/13		0.1			1,050		1,106
6.875%, 09/23/15 (C) (D)		0.3			2,914		3,016
6.875%, 09/23/15		0.1			1,186		1,228
6.750%, 11/14/17		0.1			850		862
6.580%, 11/21/16 (C)		0.1			590		600
6.580%, 11/21/16		0.2			1,500		1,521
Mriya Agro Holding
10.950%, 03/30/16		0.0			210		207
NAK Naftogaz Ukraine
9.500%, 09/30/14		1.0			7,973		8,770
Other Securities		0.9					7,236
							33,018

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 17

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2011

Description	Percentage of Net Assets  (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
United Arab Emirates — 2.7%
Dubai Holding Commercial Operations MTN
4.750%, 01/30/14		0.5	%		EUR	3,400	$	4,077
Jafz Sukuk
3.679%, 11/27/12 (A)		0.6			AED	22,400		5,584
Other Securities		1.6						14,295
								23,956
United Kingdom — 0.1%
Ferrexpo Finance PLC
7.875%, 04/07/16		0.1				608		608
Uruguay — 2.3%
Republic of Uruguay PIK
7.875%, 01/15/33		0.3				2,600		3,132
Republic of Uruguay
9.250%, 05/17/17		0.5				3,215		4,115
8.000%, 11/18/22		1.1				7,707		9,595
7.625%, 03/21/36		0.3				2,495		2,982
6.875%, 09/28/25		0.1				401		461
								20,285
Venezuela — 4.7%
Government of Venezuela
13.625%, 08/15/18		0.0				144		138
13.625%, 08/15/18		0.2				2,100		2,016
10.750%, 09/19/13		0.0				400		402
9.375%, 01/13/34		0.1				830		564
9.250%, 09/15/27		0.1				1,820		1,342
9.250%, 05/07/28		0.2				2,530		1,733
9.000%, 05/07/23		0.4				5,481		3,782
8.500%, 10/08/14		0.5				4,986		4,547
8.250%, 10/13/24		0.3				4,005		2,593
7.750%, 10/13/19		0.2				1,975		1,358
7.650%, 04/21/25		0.1				1,450		884
7.000%, 03/31/38		0.0				100		57
7.000%, 12/01/18		0.0				230		159
6.000%, 12/09/20		0.1				880		521
5.750%, 02/26/16		0.1				663		491
Petroleos de Venezuela
5.500%, 04/12/37		0.2				3,250		1,484
5.375%, 04/12/27		0.2				4,105		1,940
5.250%, 04/12/17		0.3				4,497		2,716
5.000%, 10/28/15		0.3				4,201		2,793
4.900%, 10/28/14		1.2				14,709		10,811
Other Securities		0.2						1,669
								42,000

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)/ Warrants/Shares		Market Value ($ Thousands)
Vietnam — 0.2%
Other Securities		0.2	%			$	1,777
Total Global Bonds (Cost $752,183) ($ Thousands)							817,022
LOAN PARTICIPATIONS — 2.4%
PACNET Segregated Portfolio PPN
0.000%, 08/31/11 (E)		0.9			9,161		8,325
Other Securities		1.5					13,249
Total Loan Participations (Cost $22,610) ($ Thousands)							21,574
CONVERTIBLE BONDS — 0.4%
Other Securities		0.4					3,773
Total Convertible Bonds (Cost $3,224) ($ Thousands)							3,773
WARRANTS* — 0.0%
Russia — 0.0%
Other Securities		0.0					—
Mexico — 0.0%
Mexico Bonos, Expires 04/27/11		0.0			23,200		5
Mexico Bonos, Expires 04/27/11		0.0			23,200		6
Total Warrants (Cost $77) ($ Thousands)							11
AFFILIATED PARTNERSHIP — 0.8%
United States — 0.8%
SEI Liquidity Fund, L.P.
0.200%**†(F)		0.8			7,646,679		7,376
Total Affiliated Partnership (Cost $7,647) ($ Thousands)							7,376
Total Investments — 94.9% (Cost $785,301) ($ Thousands)††						$	849,756

18 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

A summary of the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:

Statement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
4/4/11-5/3/11		BRL	27,988		USD	16,778	$	(400	)
4/4/11-5/3/11		USD	16,880		BRL	27,988		299
4/18/11		KRW	4,297,680		USD	3,810		(109	)
4/18/11		MXN	47,341		USD	3,900		(71	)
4/18/11		USD	5,354		KRW	6,021,425		137
4/18/11		USD	3,920		MXN	47,341		51
4/18/11		USD	2,581		ZAR	18,257		115
4/18/11		ZAR	18,257		USD	2,600		(97	)
4/18/11-4/27/11		EUR	20,754		USD	29,166		(273	)
4/18/11-5/3/11		USD	5,840		RUB	167,122		33
4/27/11		GBP	187		USD	304		4
4/27/11		USD	145		EUR	102		—
5/3/11		USD	5,660		MYR	17,218		17
5/20/11-8/9/11		CNY	34,474		USD	5,243		(51	)
5/20/11-11/14/11		USD	8,534		CNY	56,256		127
							$	(218	)

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:

Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America		(3,830	)		3,867	$	37
Barclays PLC		(2,010	)		2,006		(4	)
Brown Brothers Harriman		(5,380	)		5,502		122
Citigroup		(46,861	)		46,859		(2	)
HSBC		(17,213	)		16,983		(230	)
International Forex Finance Group		(7,175	)		6,993		(181	)
JPMorgan Chase Bank		(14,454	)		14,449		(5	)
Standard Bank		(14,933	)		14,978		45
						$	(218	)

A summary of the open futures contracts held by the Fund at March 31, 2011, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation ($ Thousands)
U.S. 10-Year Treasury Note		(18	)		Jun-2011	$	23
U.S. Ultra Long Treasury Bond		10			Jun-2011		6
						$	29

For the period ended March 31, 2011, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

A summary of outstanding swap agreements held by the fund at March 31, 2011, is as follows:

	Total Return Swaps
Counterparty	Reference Entity/Obligation	Fund Pays	Fund Receives	Termination Date		Notional Amount (Thousands)		Net Unrealized Appreciation ($Thousands)
HSBC	Republic of Korea 5.000% 06/10/20	Cash Deposit Of Notional Amount	Price Return		06/10/20	KRW	2,217,000	$	121
Barclays Bank PLC	Republic of Korea 5.000% 06/10/20	Cash Deposit Of Notional Amount	Price Return		06/10/20		KRW 2,237,000		97
								$	218

Percentages are based on a Net Assets of $895,563 ($ Thousands).

* Non-income producing security

** Rate shown is the 7-day effective yield as of March 31, 2011.

(1) In U.S. dollars unless otherwise indicated.

† Affiliated security.

(A) Variable Rate Security — The rate reported on the Summary Schedule of Investments is the rate in effect as of March 31, 2011.

(B) Step Bonds — The rate reflected on the Summary Schedule of Investments is the effective yield on March 31, 2011. The coupon on a step bond changes on a specified date.

(C) 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.

(D) This security or a partial position of this security is on loan at March 31, 2011. The total market value of securities on loan at March 31, 2011 was $7,172 ($ Thousands) (See Note 9).

(E) Securities considered illiquid. The total market value of such securities as of March 31, 2011 was $35,997 ($ Thousands) and represented 4.0% of Net Assets.

(F) This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of March 31, 2011 was $7,376 ($ Thousands).

†† The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all other securities owned by the fund. In certain instances, securities for which

footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 342-5734; and (ii) on the SEC’s website at http://www.sec.gov.

AED — United Arab Emirates Dirham

ARS — Argentine Peso

BRL — Brazilian Real

CNY — Chinese Yuan

COP — Colombian Peso

EUR — Euro

GBP — British Pound Sterling

IDR — Indonesian Rupiah

KRW — Korean Won

Ltd. — Limited

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

PHP — Philippine Peso

PIK — Payment-in-Kind

PLC — Public Limited Company

PPN — Profit Participating Note

RUB — Russian Ruble

Ser — Series

USD — U.S. Dollar

ZAR — South African Rand

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 19

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Concluded)

March 31, 2011

The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	817,022	$	—	$	817,022
Convertible Bonds		—		3,773		—		3,773
Warrants		—		11		—		11
Loan Participations		—		2,256		19,318		21,574
Affiliated Partnership		—		7,376		—		7,376
Total Investments in Securities	$	—	$	830,878	$	19,318	$	849,756

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*	$	29		$	—	$	—	$	29
Forwards Contracts*		(218	)		—		—		(218	)
Total Return Swaps		—			218		—		218
Total Other Financial Instruments	$	(189	)	$	218	$	—	$	29

* Futures contracts and forwards contracts are valued at the unrealized appreciation on the instrument.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):

	Loan Participations
Beginning balance as of October 1, 2010	$	21,781
Accrued discounts/premiums		15
Realized gain/(loss)		(5	)
Change in unrealized appreciation/(depreciation)		(1,823	)
Net purchases/sales		(650	)
Net transfer in and/or out of Level 3		—
Ending balance as of March 31, 2011	$	19,318
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date.	$	—

For the period ended March 31, 2011, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

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, 2011

Statements of Assets and Liabilities ($ Thousands)

March 31, 2011 (Unaudited)

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
ASSETS:
Investments, at value (Cost $1,692,273, $782,314, $449,186 and $777,654, respectively)(1)	$	1,921,265		$	947,403		$	467,318		$	842,380
Affiliated investments, at value (Cost $151,201, $49,059, $0 and $7,647, respectively)		149,372			48,095			—			7,376
Cash		27,799			8,944			6,339			43,390
Foreign currency, at value (Cost $6,319, $10,223, $789 and $586, respectively)		6,336			10,432			796			590
Cash pledged as collateral for forward foreign currency contracts, futures contracts or swap contracts		—			—			588			302
Receivable for investment securities sold		36,759			4,241			6,760			4,402
Unrealized gain on forward foreign currency contracts		—			—			1,930			783
Receivable for fund shares sold		1,330			2,201			169			1,637
Dividends and interest receivable		6,201			1,741			6,360			14,210
Variation margin receivable		34			—			15			6
Foreign tax reclaim receivable		2,255			45			—			—
Margin deposit		—			—			153			—
Unrealized gain on foreign spot currency contracts		14			3			—			—
Receivable for swap contracts terminated		—			—			654			—
Swap contracts, at value (Premiums paid $0, $0, $0 and $4,065, respectively)		—			—			7,703			4,283
Total Assets		2,151,365			1,023,105			498,785			919,359
LIABILITIES:
Payable for investment securities purchased		35,103			6,946			7,123			13,078
Payable upon return of securities loaned		96,444			45,671			—			7,647
Unrealized loss on forward foreign currency contracts		—			—			5,051			1,001
Swap contracts, at value (Premiums received $0, $0, $0 and $0, respectively)		—			—			6,688			—
Payable for fund shares redeemed		3,032			2,755			933			1,015
Variation margin payable		283			—			30			—
Unrealized loss on foreign spot currency contracts		19			36			5			—
Investment advisory fees payable		863			700			122			281
Administration fees payable		769			511			244			473
Shareholder servicing fees payable		427			196			19			182
Trustees’ fees		1			—			—			—
Chief compliance officer fees payable		5			2			1			2
Administration servicing fees payable		2			—			—			—
Other accrued expenses		501			478			98			117
Accrued foreign capital gains tax on appreciated securities		—			122			—			—
Total Liabilities		137,449			57,417			20,314			23,796
Net Assets	$	2,013,916		$	965,688		$	478,471		$	895,563
NET ASSETS:
Paid in Capital (unlimited authorization — no par value)	$	2,823,882		$	890,292		$	520,589		$	849,774
Undistributed (Distributions in excess of) net investment income		1,585			(7,969	)		(14,687	)		635
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency contracts and swap contracts		(1,039,901	)		(80,863	)		(42,879	)		(19,381	)
Net unrealized appreciation (depreciation) on investments		227,163			164,125			18,132			64,455
Net unrealized appreciation (depreciation) on futures contracts		1,024			—			49			29
Net unrealized appreciation (depreciation) on swap contracts		—			—			1,015			218
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		163			225			(3,748	)		(167	)
Accumulated foreign capital gains tax on appreciated securities		—			(122	)		—			—
Net Assets	$	2,013,916		$	965,688		$	478,471		$	895,563
Net Asset Value, Offering and Redemption Price Per Share — Class ($2,006,014,127 ÷ 219,875,609 shares, $965,688,458 ÷ 79,320,550 shares, $478,471,111 ÷ 46,962,680 shares, $895,562,563 ÷ 80,416,318 shares, respectively.)		$9.12			$12.17			$10.19			$11.14
Net Asset Value, Offering and Redemption Price Per Share — Class I ($7,902,097 ÷ 867,200 shares)		$9.11			N/A			N/A			N/A

(1) Included in “Investments, at value” is the market value of securities on loan in the amounts of $89,527, $33,243, $0 and $7,172, ($ Thousands), respectively.

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 21

Statements of Operations ($ Thousands)

For the six months ended March 31, 2011 (Unaudited)

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Investment Income:
Dividends	$	20,064		$	6,499		$	—		$	—
Dividends from Affiliated Security		19			3			—			—
Interest		13			9			8,752			30,370
Security Lending Income — Net(1)		859			103			—			5
Less: Foreign Taxes Withheld		(1,479	)		(456	)		(19	)		—
Total Investment Income		19,476			6,158			8,733			30,375
Expenses:
Investment Advisory Fees		4,948			4,993			730			3,687
Administration Fees		4,409			3,091			1,461			2,820
Shareholder Servicing Fees — Class A		2,438			1,189			609			1,084
Shareholder Servicing Fees — Class I		11			—			—			—
Admin Servicing Fees — Class I		11			—			—			—
Trustees’ Fees		20			10			5			9
Chief Compliance Officer Fees		5			2			1			2
Custodian/Wire Agent Fees		409			488			52			57
Printing Fees		135			66			34			60
Overdraft Fees		14			8			2			2
Professional Fees		74			73			19			33
Registration Fees		20			9			5			9
Other Expenses		82			49			30			31
Total Expenses		12,576			9,978			2,948			7,794
Less:
Waiver of Investment Advisory Fees		—			(639	)		—			(1,878	)
Waiver of Shareholder Servicing Fees — Class A		—			—			(482	)		—
Net Expenses		12,576			9,339			2,466			5,916
Net Investment Income (Loss)		6,900			(3,181	)		6,267			24,459
Net Realized and Unrealized Gain (Loss) on Investments, Written Options, Futures Contracts, Swap Contracts and Foreign Currency Transactions:
Net Realized Gain (Loss) from:
Investments		153,217			86,153			(487	)		17,250
Futures Contracts		(591	)		—			183			(48	)
Swap Contracts		—			—			442			205
Foreign Currency Transactions		(1,134	)		(458	)		(18,695	)		455
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		42,247			(12,515	)		(13,149	)		(34,875	)
Affiliated Investments		551			87			—			(19	)
Futures Contracts		1,441			—			163			32
Swap Contracts		—			—			(251	)		49
Foreign Capital Gains Tax on Appreciated Securities		—			200			—			—
Foreign Currency Transactions		(80	)		145			15,160			448
Net Realized and Unrealized Gain (Loss) on Investments, Written Options, Futures Contracts, Swap Contracts and Foreign Currency Transactions		195,651			73,612			(16,634	)		(16,503	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	202,551		$	70,431		$	(10,367	)	$	7,956

(1) Income is from the investment of collateral in an affiliated security.

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

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

22 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Statements of Changes in Net Assets ($ Thousands)

For the six months ended March 31, 2011 (Unaudited) and the year ended September 30, 2010

	International Equity Fund						Emerging Markets Equity Fund
	2011			2010			2011			2010
Operations:
Net Investment Income (Loss)	$	6,900		$	24,756		$	(3,181	)	$	3,462
Net Realized Gain from Investments, Affiliated Investments, Futures Contracts, and Swap Contracts		152,626			104,997			86,153			118,674
Net Realized Loss on Forward Foreign Currency Contracts and Foreign Currency Transactions		(1,134	)		(3,431	)		(458	)		(869	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments, Futures Contracts, and Swap Contracts		44,239			(39,528	)		(12,428	)		25,395
Net Change in Unrealized Appreciation (Depreciation) on Foreign Capital Tax Gains on Appreciated Securities		—			—			200			691
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(80	)		557			145			(52	)
Net Increase in Net Assets Resulting from Operations		202,551			87,351			70,431			147,301
Dividends from:
Net Investment Income:
Class A		(27,359	)		—			(8,167	)		(5,546	)
Class I		(106	)		—			—			—
Total Dividends and Distributions		(27,465	)		—			(8,167	)		(5,546	)
Capital Share Transactions:
Class A:
Proceeds from Shares Issued		275,789			575,037			155,280			296,445
Reinvestment of Dividends & Distributions		25,959			—			7,653			5,224
Cost of Shares Redeemed		(368,231	)		(817,165	)		(195,092	)		(424,621	)
Decrease in Net Assets Derived from Class A Transactions		(66,483	)		(242,128	)		(32,159	)		(122,952	)
Class I:
Proceeds from Shares Issued		766			3,199			—			—
Reinvestment of Dividends & Distributions		78			—			—			—
Cost of Shares Redeemed		(2,192	)		(3,569	)		—			—
Decrease in Net Assets Derived from Class I Transactions		(1,348	)		(370	)		—			—
Decrease in Net Assets Derived from Capital Share Transactions		(67,831	)		(242,498	)		(32,159	)		(122,952	)
Net Increase (Decrease) in Net Assets		107,255			(155,147	)		30,105			18,803
Net Assets:
Beginning of Period		1,906,661			2,061,808			935,583			916,780
End of Period	$	2,013,916		$	1,906,661		$	965,688		$	935,583
Undistributed (Distributions in excess of) Net Investment Income Included in Net Assets at End of Period	$	1,585		$	22,150		$	(7,969	)	$	3,379
Share Transactions:
Class A:
Shares Issued		31,278			73,501			13,071			28,652
Reinvestment of Distributions		2,974			—			643			506
Shares Redeemed		(42,029	)		(106,291	)		(16,470	)		(42,230	)
Total Class A Transactions		(7,777	)		(32,790	)		(2,756	)		(13,072	)
Class I:
Shares Issued		87			410			—			—
Reinvestment of Distributions		9			—			—			—
Shares Redeemed		(245	)		(459	)		—			—
Total Class I Transactions		(149	)		(49	)		—			—
Net Decrease in Shares Outstanding from Share Transactions		(7,926	)		(32,839	)		(2,756	)		(13,072	)

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, 2011 23

Statements of Changes in Net Assets ($ Thousands)

For the six months ended March 31, 2011 (Unaudited) and the year ended September 30, 2010

	International Fixed Income Fund						Emerging Markets Debt Fund
	2011			2010			2011			2010
Operations:
Net Investment Income	$	6,267		$	12,331		$	24,459		$	53,490
Net Realized Gain from Investments, Affiliated Investments, Futures Contracts and Swap Contracts		138			3,896			17,407			42,737
Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions		(18,695	)		28,008			455			4,058
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments, Futures Contracts and Swap Contracts		(13,237	)		9,183			(34,813	)		43,528
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		15,160			(13,290	)		448			(1,319	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(10,367	)		40,128			7,956			142,494
Dividends and Distributions from:
Net Investment Income:
Class A		(23,190	)		(5,034	)		(12,601	)		(67,778	)
Return of Capital
Class A		—			(7	)		—			—
Total Dividends and Distributions		(23,190	)		(5,041	)		(12,601	)		(67,778	)
Capital Share Transactions:
Class A:
Proceeds from Shares Issued		60,205			138,803			214,749			354,314	†
Reinvestment of Dividends & Distributions		21,936			4,791			11,428			60,866
Cost of Shares Redeemed		(75,194	)		(211,759	)		(257,834	)		(348,628	)
Increase (Decrease) in Net Assets Derived from Capital Share Transactions		6,947			(68,165	)		(31,657	)		66,552
Net Increase (Decrease) in Net Assets		(26,610	)		(33,078	)		(36,302	)		141,268
Net Assets:
Beginning of Period		505,081			538,159			931,865			790,597
End of Period	$	478,471		$	505,081		$	895,563		$	931,865
Undistributed (Distributions in excess of) Net Investment Income Included in Net Assets at End of Period	$	(14,687	)	$	2,236		$	635		$	(11,223	)
Share Transactions:
Class A:
Shares Issued		5,765			13,304			19,226			33,657
Reinvestment of Distributions		2,157			471			1,027			5,962
Shares Redeemed		(7,194	)		(20,265	)		(23,104	)		(33,548	)
Total Class A Transactions		728			(6,490	)		(2,851	)		6,071

† Refer to Note 5 for information regarding a capital contribution.

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

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

24 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Financial Highlights

For the six months ended March 31, 2011 (Unaudited) and the year ended September 30, 2010

For a Share Outstanding Throughout Each Year

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gains (Losses)  on Securities(1)			Total from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Total Dividends and Distributions and Return of  Capital			Net Asset Value, End of Period		Total Return†			Net Assets End of Period ($ Thousands)		Ratio of Expenses to Average Net Assets**			Ratio of Expenses to Average Net  Assets (Excluding Fees Paid Indirectly)***			Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)***			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
International Equity Fund
Class A
2011*	$	8.34	$	0.03		$	0.88		$	0.91		$	(0.13	)	$	—		$	(0.13	)	$	9.12		10.92	%	$	2,006,014		1.28	%(3)		1.28	%(3)		1.28	%(3)		0.71	%		65	%
2010		7.88		0.10			0.36			0.46			—			—			—			8.34		5.84	%		1,898,206		1.27	%(3)		1.27	%(3)		1.28	%		1.26	%		144	%
2009		8.85		0.13			(0.94	)		(0.81	)		(0.16	)		—			(0.16	)		7.88		(8.73	)		2,053,411		1.28	(2)(3)		1.28	(2)(3)		1.29			2.01			154
2008		16.18		0.27			(5.52	)		(5.25	)		(0.34	)		(1.74	)		(2.08	)		8.85		(36.96	)		2,329,504		1.25	(2)(3)		1.26	(2)(3)		1.26	(2)		2.15			218
2007		14.07		0.28			2.89			3.17			(0.47	)		(0.59	)		(1.06	)		16.18		23.56			4,032,236		1.32	(2)(3)		1.33	(2)(3)		1.33	(2)		1.85			172
2006		12.14		0.24			1.97			2.21			(0.28	)		—			(0.28	)		14.07		18.50			3,491,007		1.32	(2)		1.33	(2)		1.33	(2)		1.85			118
Class I
2011*	$	8.32	$	0.02		$	0.88		$	0.90		$	(0.11	)	$	—		$	(0.11	)	$	9.11		10.82	%	$	7,902		1.53	%(3)		1.53	%(3)		1.53	%(3)		0.43	%		65	%
2010		7.89		0.08			0.35			0.43			—			—			—			8.32		5.45	%		8,455		1.52	%(3)		1.52	%(3)		1.53	%		1.00	%		144	%
2009		8.82		0.13			(0.94	)		(0.81	)		(0.12	)		—			(0.12	)		7.89		(8.80	)		8,397		1.53	(2)(3)		1.53	(2)(3)		1.54			1.97			154
2008		16.13		0.22			(5.49	)		(5.27	)		(0.30	)		(1.74	)		(2.04	)		8.82		(37.14	)		6,538		1.50	(2)(3)		1.51	(2)(3)		1.51	(2)		1.72			218
2007		14.04		0.25			2.88			3.13			(0.45	)		(0.59	)		(1.04	)		16.13		23.25			17,155		1.57	(2)(3)		1.58	(2)(3)		1.58	(2)		1.66			172
2006		12.12		0.23			1.94			2.17			(0.25	)		—			(0.25	)		14.04		18.20			13,401		1.59	(2)		1.59	(2)		1.59	(2)		1.77			118
Emerging Markets Equity Fund
Class A
2011*	$	11.40	$	(0.03	)	$	0.92		$	0.87		$	(0.10	)	$	—		$	(0.10	)	$	12.17		7.66	%	$	965,688		1.96	%(4)		1.96	%(4)		2.09	%(4)		(0.67	)%		60	%
2010		9.64		0.04			1.78			1.82			(0.06	)		—			(0.06	)		11.40		18.93	%		935,583		1.96	%(4)		1.96	%(4)		2.09	%		0.38	%		81	%
2009		11.43		0.08			0.18			0.26			(0.10	)		(1.95	)		(2.05	)		9.64		16.40			916,780		1.97	(4)		1.97	(4)		2.11			1.08			80
2008		21.49		0.14			(5.64	)		(5.50	)		(0.08	)		(4.48	)		(4.56	)		11.43		(33.33	)		965,730		1.99	(4)		1.99	(4)		2.08			0.85			94
2007		16.67		0.08			7.22			7.30			(0.08	)		(2.40	)		(2.48	)		21.49		48.27			1,777,229		1.97	(4)		1.97	(4)		2.05			0.44			79
2006		15.94		0.11			2.32			2.43			(0.10	)		(1.60	)		(1.70	)		16.67		16.46			1,336,574		1.96			1.97			2.06			0.65			65
International Fixed Income Fund
Class A
2011*	$	10.92	$	0.13		$	(0.35	)	$	(0.22	)	$	(0.51	)	$	—		$	(0.51	)	$	10.19		(2.00	)%	$	478,471		1.01	%(5)		1.01	%(7)		1.21	%(7)		2.57	%		62	%
2010		10.21		0.24			0.57			0.81			(0.10	)(8)		—			(0.10	)		10.92		7.97	%		505,081		1.07	%(7)		1.07	%(7)		1.21	%		2.33	%		135	%
2009		10.46		0.28			0.53			0.81			(1.06	)		—			(1.06	)		10.21		8.85			538,159		1.02	(5)		1.02	(5)		1.06			2.86			170
2008		10.91		0.37			(0.68	)		(0.31	)		(0.14	)		—			(0.14	)		10.46		(2.89	)		703,324		1.02	(5)		1.02	(5)		1.04			3.45			147
2007		10.86		0.36			(0.11	)		0.25			(0.20	)		—			(0.20	)		10.91		2.34			808,742		1.02	(5)		1.02	(5)		1.04			3.29			215
2006		11.72		0.28			(0.49	)		(0.21	)		(0.34	)		(0.31	)		(0.65	)		10.86		(1.64	)		841,903		1.01			1.01			1.03			2.61			194
Emerging Markets Debt Fund
Class A
2011*	$	11.19	$	0.31		$	(0.20	)	$	0.11		$	(0.16	)	$	—		$	(0.16	)	$	11.14		0.96	%	$	895,563		1.36	%(6)		1.36	%(6)		1.79	%		5.64	%		32	%
2010		10.24		0.67			1.14			1.81			(0.86	)		—			(0.86	)		11.19		18.78	%		931,865		1.36	%(6)		1.36	%(6)		1.79	%		6.41	%		70	%
2009		9.43		0.71			0.85			1.56			(0.75	)		—			(0.75	)		10.24		18.62			790,597		1.37	(6)		1.37	(6)		1.81			8.47			73
2008		11.04		0.62			(1.18	)		(0.56	)		(0.74	)		(0.31	)		(1.05	)		9.43		(5.71	)		877,354		1.37	(6)		1.37	(6)		1.79			5.94			83
2007		11.28		0.60			0.47			1.07			(0.65	)		(0.66	)		(1.31	)		11.04		10.03			1,002,602		1.37	(6)		1.37	(6)		1.79			5.47			81
2006		11.81		0.56			0.34			0.90			(0.80	)		(0.63	)		(1.43	)		11.28		8.68			828,343		1.36			1.36			1.78			5.03			108

* For the six months ended March 31, 2011. All ratios for the period have been annualized.

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

*** See Note 5 in Notes to Financial Statements.

† 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 1.28% and 1.53%, respectively, for 2009 and 2008, and 1.24% and 1.49%, respectively, for 2007 and 2006.

(3) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios for Class A and I shares would have been 1.28% and 1.53%, respectively for 2011, 1.27% and 1.52%, respectively for 2010, 1.28% and 1.53%, respectively for 2009, 1.25% and 1.50%, respectively for 2008 and 1.32% and 1.57%, respectively for 2007.

(4) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.96% for 2011, 2010, 2009, 2008 and 2007.

(5) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.01%, 1.01%, 1.02% and 1.01%, for 2011, 2009, 2008 and 2007, respectively.

(6) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.36% for 2011, 2010, 2009, 2008 and 2007.

(7) The expense ratio includes proxy and overdraft fees. Had these expenses been excluded, the ratio would have been 1.01% for 2011 and 2010.

(8) Includes return of capital of less than $0.01.

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 25

Notes to Financial Statements

March 31, 2011 (Unaudited)

1. ORGANIZATION

SEI Institutional International Trust (the “Trust”) was organized as a Massachusetts business trust under a Declaration of Trust dated June 30, 1988. The 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: International Equity Fund, Tax-Managed International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (together the “Funds”). The Trust’s prospectuses provide a description of each Fund’s investment objective, and strategies. The Trust is registered to offer Class A shares of each of the Funds, Class G shares of the International Equity, Emerging Markets Equity and Emerging Markets Debt Funds, and Class I shares of the International Equity Fund.

As of March 31, 2011, the Tax-Managed International Equity Fund and the Class G shares 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 (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available 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 Fund’s 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.

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

26 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the International Equity Fund and Emerging Markets Equity Fund will value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

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

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

Level 1 — quoted prices in active markets for identical investments

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

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

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, warrants, swaps and forward contracts. The Fund may use a systematic fair valuation model provided by an independent pricing service to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the NYSE. These are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. For certain collateralized debt obligations, corporate obligations, mortgage backed securities, auction rate preferred securities, loan participations and swaps where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

The Fund adopted Financial Accounting Standards Board — Accounting Standards Update “Fair Value Measurements and Disclosures” (the “Update”), effective September 30, 2010. This Update applies to the Fund’s disclosures about transfers in and out of Level 1 and Level 2 of the fair value hierarchy and the reasons for the transfers. Disclosures about the valuation techniques and inputs used to measure fair value for investments that fall in either Level 2 or Level 3 fair value hierarchy are summarized under the Level 2 and Level 3 categories listed above. There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during the period.

The valuation techniques used by the Funds to measure fair value during the period ended March 31, 2011 maximized the use of observable inputs and minimized the use of unobservable inputs. For the period ended March 31, 2011, there have been no significant changes to the inputs or the Trust’s fair valuation methodologies.

Security Transactions and Investment Income — Security transactions are recorded on the trade date. Cost used in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.

Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/ or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.

Amortization and accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security. Amortization of premiums and discounts is included in interest income.

Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Trust are prorated to the Funds on the basis of relative daily net assets.

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

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

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 27

Notes to Financial Statements (Continued)

March 31, 2011 (Unaudited)

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 — To the extent consistent with its Investment Objective and Strategies, a Fund may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year are recognized as ordinary income or loss for federal income tax purposes. The Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Summary Schedule of Investments for details regarding open forward foreign currency contracts as of March 31, 2011, if applicable.

Futures Contracts — To the extent consistent with its Investment Objective and Strategies the Funds may purchase future contracts to gain exposure to market changes, which may be more efficient or cost effective than actually buying the securities. To the extent consistent with its Investment Objective and Strategies, a Fund may utilize futures contracts for tactical hedging purposes as well as to enhance the Funds’ returns. In addition, the International Fixed Income Fund and the Emerging Markets Debt Fund may utilize futures contracts to efficiently assist in managing the Funds’ duration and yield curve exposure. Upon entering into such a contract, a Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is held. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the

futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Summary Schedule of Investments for details regarding open futures contracts as of March 31, 2011, if applicable.

Equity-Linked Warrants — To the extent consistent with its Investment Objective and Strategies, the Funds each may invest in equity-linked warrants. These Funds purchase 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, these Funds bear additional counterparty risk to the issuing broker. There is currently no active trading market for equity-linked warrants.

Swap Agreements — To the extent consistent with its Investment Objective and Strategies a Fund may invest in swap contracts as an efficient means to take and manage risk in the portfolio, including interest rate risk, credit risk and overall yield sensitivity. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit default swaps involve the periodic payment by a Fund or counterparty of interest based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the outstanding principal of the downgraded debt instrument. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR (London Interbank Offered Rate) or some other form of index on the notional amount. Interest rate swaps involve the exchange by a Fund with

28 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal to manage a Fund’s exposure to interest rates. Payments received or made are recorded as realized gains or losses. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. In connection with swap agreements, securities/cash may be set aside as collateral by the Fund’s custodian. A Fund may enter into swap agreements in order to, among other things, change the maturity or duration of the investment portfolio; protect a Fund’s value from changes in interest rates; or expose a Fund to a different security or market.

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. 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 Schedule of Investments or the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements. See Note 3 for further details.

Counterparty risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. Refer to each Fund’s Summary Schedule of Investments for details regarding open swap contracts as of March 31, 2011, if applicable.

Options Written/Purchased — To the extent consistent with its Investment Objective and Strategies a Fund may invest in financial options contracts to add return or to hedge their existing portfolio securities. 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 Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that the Fund 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 Fund pays a premium whether or not the option is exercised. The Fund also has 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. Refer to each Fund’s Schedule of Investments or Summary Schedule of Investments for details regarding open option agreements as of March 31, 2011, if applicable.

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

Loan Participations and Brady Bonds — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in U.S. dollar-denominated fixed- and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in a Fund having a contractual relationship only with the Lenders, not with the sovereign borrowers. This 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.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 29

Notes to Financial Statements (Continued)

March 31, 2011 (Unaudited)

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

Illiquid Securities — A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of the Funds. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed.

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

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

Redemption Fees — The Funds retain a redemption fee based on a dollar threshold for redemptions, or a series of redemptions from a single identifiable source that in the aggregate exceed a specified dollar threshold within any thirty day period, as presented below:

	Dollar Threshold ($ Thousands)		Redemption Fee
International Equity Fund	$	50,000		0.75	%
International Fixed Income Fund		25,000		1.00
Emerging Markets Debt Fund		25,000		1.00
Emerging Markets Equity Fund		25,000		1.25

For the six month period ended March 31, 2011, the Funds did not retain any redemption fees. Such fees, if any, are retained by the Funds for the benefit of the remaining shareholders.

3. CREDIT DERIVATIVES

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

The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event for corporate or sovereign reference obligations means bankruptcy, failure to pay, obligation acceleration, repudiation/moratorium or restructuring. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down.

If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.

If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Certain Funds are party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the counter derivative and foreign exchange contracts, entered into by the Trust on behalf of a Fund and the counterparty.

30 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

4. DERIVATIVE TRANSACTIONS

The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the year. For Funds that held derivatives throughout the year with only one type of risk exposure, additional information can be found on the Summary Schedule of Investments or Schedule of Investments and the Statement of Operations. The fair value of derivative instruments as of March 31, 2011 was as follows:

	Asset Derivatives				Liability Derivatives
	Period ended March 31, 2011 ($ Thousands)				Period ended March 31, 2011 ($ Thousands)
Contract Type	Statements of Assets & Liabilities Location	Fair Value			Statements of Assets & Liabilities Location	Fair Value
International Fixed Income Fund
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts	$	219	*	Net Assets — Unrealized depreciation on futures contracts	$	170	*
Interest rate contracts	Net Assets — Unrealized appreciation on swap contracts		1,328	†	Net Assets — Unrealized depreciation on swap contracts		313	†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		1,930		Unrealized loss on forward foreign currency contracts		5,051
Total Derivatives not accounted for as hedging instruments		$	3,477			$	5,534
Emerging Markets Debt Fund
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts	$	29	*	Net Assets — Unrealized depreciation on futures contracts	$	—	*
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		783		Unrealized loss on forward foreign currency contracts		1,001
Credit contracts	Net Assets — Unrealized appreciation on swap contracts		218	†	Net Assets — Unrealized depreciation of swap contracts		—	†
Total Derivatives not accounted for as hedging instruments		$	1,030			$	1,001

* Includes cumulative appreciation/(depreciation) on futures contracts as reported in the Summary Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets & Liabilities.

† Includes cumulative appreciation/(depreciation) on swap contracts as reported in the Summary Schedules of Investments. Market Value is reported within the Statements of Assets & Liabilities for swap contracts that have paid premiums.

The effect of derivative instruments on the Statements of Operations for the period ended March 31, 2011 is as follows:

Amount of realized Gain or (Loss) on Derivatives Recognized in Income ($ Thousands):

Derivatives Not Accounted for as Hedging Instruments	Options		Futures			Forward Currency Contracts			Swaps		Total
International Fixed Income Fund
Interest rate contracts	$	—	$	183		$	—		$	385	$	568
Foreign exchange contracts		—		—			(27,396	)		—		(27,396	)
Credit contracts		—		—			—			57		57
Total	$	—	$	183		$	(27,396	)	$	442	$	(26,771	)
Emerging Markets Debt Fund
Interest rate contracts	$	532	$	(48	)	$	—		$	109	$	593
Equity contracts		—		—			—			96		96
Foreign exchange contracts		—		—			(2,322	)		—		(2,322	)
Total	$	532	$	(48	)	$	(2,322	)	$	205	$	(1,633	)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income ($ Thousands):

Derivatives Not Accounted for as Hedging Instruments	Swaptions		Futures		Forward Currency Contracts		Swaps			Total
International Fixed Income Fund
Interest rate contracts	$	—	$	163	$	—	$	(208	)	$	(45	)
Foreign exchange contracts		—		—		15,212		—			15,212
Credit contracts		—		—		—		(43	)		(43	)
Total	$	—	$	163	$	15,212	$	(251	)	$	15,124
Emerging Markets Debt Fund
Interest rate contracts	$	—	$	32	$	—	$	—		$	32
Foreign exchange contracts		—		—		489		—			489
Credit contracts		—		—		—		49			49
Total	$	—	$	32	$	489	$	49		$	570

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 31

Notes to Financial Statements (Continued)

March 31, 2011 (Unaudited)

The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable ISDA Master Agreement.

5. 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, except for Trustee fees, of each Fund will not exceed certain expense limitations adopted by the Administrator as presented below. In the event that the total annual expenses of a Fund, after reflecting a waiver of all fees by the Administrator, exceed the specific limitation, the Administrator has agreed to bear such excess. Any such waiver is voluntary and may be terminated at any time at the Administrator’s sole discretion. At March 31, 2011, there were no such waivers in each Fund.

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Class A		1.28	%*†		1.96	%†		1.02	%†		1.36	%†
Class I		1.53	%*†		—			—			—

* The expense cap excludes interest expense on reverse repurchase agreements.

† The expense cap excludes proxy and overdraft fees.

Investment Advisory Agreement — SEI Investments Management Corporation (“SIMC”) serves as investment adviser (the “Adviser”) to each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each Fund. SIMC has voluntarily agreed to waive a portion of its fee for the International Equity, Emerging Markets Equity and Emerging Markets Debt Funds so that the total annual expenses of each Fund, exclusive of short sale expenses and acquired fund fee expenses, will not exceed certain voluntary expense limitations adopted by SIMC. These waivers may be terminated at any time. For the International Fixed Income Fund, SIMC has contractually agreed to waive fees or reimburse expenses until the later of (i) two years after the effective date of the Expense Limitation Agreement, or (ii) January 31, 2012 in order to keep total annual fund operating expenses (exclusive of interest from borrowings, brokerage

commissions, taxes and extraordinary expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.02%.

Accordingly, the advisory fee and contractual or voluntary expense limitations for each Fund are as follows:

	Advisory Fees			Voluntary Expense Limitations			Contractual Expense Limitations
International Equity Fund, Class A		0.505	%		1.280	%		—	%
International Equity Fund, Class I		0.505	%		1.530	%		—	%
Emerging Markets Equity Fund		1.050	%		1.960	%		—	%
International Fixed Income Fund*		0.300	%		—	%		1.020	%
Emerging Markets Debt Fund		0.850	%		1.360	%		—	%

* Prior to March 1, 2010, the Advisory Fee for the International Fixed Income Fund was 0.150%.

With respect to the International Fixed Income Fund from October 1, 2009 until February 28, 2010, SIMC received an advisory fee of 0.15% of the Fund’s average daily net assets. At a meeting of the International Fixed Income Fund’s shareholders held on February 18, 2010, the shareholders of the Fund approved an increase in the advisory fee paid to SIMC by the Fund. As a result, effective March 1, 2010, SIMC receives an investment advisory fee from the Fund of 0.30%.

As of March 31, 2011, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:

Investment Sub-Adviser

International Equity Fund

Acadian Asset Management LLC

Causeway Capital Management LLC

del Rey Global Investors, LLC

INTECH Investment Management LLC

Neuberger Berman Management LLC

Quantitative Management Associates LLC

Schroder Investment Management North America, Inc.

Tradewinds Global Investors LLC

Emerging Markets Equity Fund

Artisan Partners Limited Partnership

Delaware Management Company

JO Hambro Capital Management Limited

Lazard Asset Management LLC

Neuberger Berman Management LLC

PanAgora Asset Management, Inc.

The Boston Company Asset Management LLC

International Fixed Income Fund

AllianceBernstein L.P.

Fidelity International Investment Advisors (UK) Limited (delegates to Fidelity International Investment Advisors)

UBS Global Asset Management (Americas) Inc.

Wellington Management Company, LLP

Emerging Markets Debt Fund

Ashmore Investment Management Limited

ING Investment Management Advisors, B.V.

Stone Harbor Investment Partners LP

32 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Under the investment sub-advisory agreements, each party receives an annual fee, paid by SIMC.

Distribution Agreement — 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 Servicing Fees			Administrative 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 period ended March 31, 2011, the Distributor received no brokerage commissions.

Under both the Shareholder Servicing Plan 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 as agreed upon by the Distributor as presented above.

For the period ended March 31, 2011, the Distributor retained 100% of both shareholder servicing fees, less the waiver, and administration servicing fees.

Investment in Affiliated Securities — The Funds may invest excess cash in the SEI Daily Income Trust Prime Obligation Fund, an affiliated money market fund. Additionally, the Funds may invest cash collateral from the securities lending program in the SEI Liquidity Fund L.P., also an affiliated fund.

Payment to Affiliates — Certain Officers and Trustees of the Trust are also Officers and/or Trustees of the Administrator, Adviser and/or the Distributor.

The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings.

The Administrator or the Distributor pays compensation of Officers and affiliated Trustees.

Other — 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 annually by the Board.

Other Affiliated Transactions — During the fiscal year ended September 30, 2010, the Administrator made a capital contribution (the “Contribution”) of $1,166 ($ Thousands) to the Emerging Markets Debt Fund. The Contribution represents a reimbursement for losses incurred by the Emerging Markets Debt Fund in connection with a NAV error during that fiscal year. The Contribution is included in Proceeds from Shares Issued on the Statement of Changes in Net Assets. The Contribution did not have a significant impact on the Emerging Market Debt Fund’s total return.

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments and futures, during the period ended March 31, 2011, were as follows:

	Purchases ($ Thousands)		Sales and Maturities ($ Thousands)
International Equity Fund
US Government	$	—	$	—
Other		1,203,126		1,290,357
Emerging Markets Equity Fund
US Government		—		—
Other		453,875		469,003
International Fixed Income Fund
US Government		4,625		5,027
Other		268,714		285,407
Emerging Markets Debt Fund
US Government		—		—
Other		252,118		280,206

7. FEDERAL TAX INFORMATION:

It is each Fund’s intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required.

The Funds may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 33

Notes to Financial Statements (Continued)

March 31, 2011 (Unaudited)

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 GAAP. These differences, which may result in distribution reclassifications, are primarily due to paydown reclassifications, foreign currency transactions, net investment losses, investment in partnerships, swaps and passive foreign investment companies. 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 years were as follows:

		Ordinary Income ($ Thousands)		Long-Term Capital Gain ($ Thousands)		Return of Capital ($ Thousands)		Totals ($ Thousands)
International Equity Fund	2010	$	—	$	—	$	—	$	—
	2009		41,285		—		—		41,285
Emerging Markets Equity Fund	2010		5,546		—		—		5,546
	2009		10,171		154,332		—		164,503
International Fixed Income Fund	2010		5,034		—		7		5,041
	2009		57,885		—		—		57,885
Emerging Markets Debt Fund	2010		67,778		—		—		67,778
	2009		60,833		—		—		60,833

As of September 30, 2010, the components of Distributable Earnings (Accumulated Losses) were as follows:

	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post October Gains (Losses) ($ Thousands)
International Equity Fund	$	28,277	$	—	$	(1,146,124	)	$	—
Emerging Markets Equity Fund		8,166		—		(132,853	)		—
International Fixed Income Fund		—		—		(24,006	)		(685	)
Emerging Markets Debt Fund		10,618		—		(25,853	)		—

	Post October Currency Losses ($ Thousands)			Unrealized Appreciation ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Accumulated Gains (Losses) ($ Thousands)
International Equity Fund	$	(2,614	)	$	135,522		$	(113	)	$	(985,052	)
Emerging Markets Equity Fund		(127	)		137,949			(3	)		13,132
International Fixed Income Fund		—			(2,017	)		18,147			(8,561	)
Emerging Markets Debt Fund		—			65,669			—			50,434

Post-October losses represent losses realized on investment transactions from November 1, 2009 through September 30, 2010, 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 carryforwards may be carried forward and applied against future capital gains as follows:

	Expires 2015 ($ Thousands)		Expires 2017 ($ Thousands)		Expires 2018 ($ Thousands)		Total Capital Loss Carryforward 09/30/10 ($ Thousands)
International Equity Fund	$	—	$	432,652	$	713,472	$	1,146,124
Emerging Markets Equity Fund		—		33,118		99,735		132,853
International Fixed Income Fund		3,797		1,563		18,646		24,006
Emerging Markets Debt Fund		—		14,696		11,157		25,853

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.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The Federal tax cost, aggregate gross unrealized appreciation and depreciation on investments of each Fund, at March 31, 2011 is as follows:

	Federal Tax Cost ($ Thousands)		Aggregate Gross Unrealized Appreciation ($ Thousands)		Aggregate Gross Unrealized Depreciation ($ Thousands)			Net Unrealized Appreciation ($ Thousands)
International Equity Fund	$	1,843,474	$	256,811	$	(29,648	)	$	227,163
Emerging Markets Equity Fund		831,373		185,544		(21,419	)		164,125
International Fixed Income Fund		449,186		23,271		(5,140	)		18,132
Emerging Markets Debt Fund		785,301		77,477		(12,727	)		64,455

Management has analyzed the Funds’ tax position taken on federal income tax returns for all open tax years and has concluded that as of September 30, 2010, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

8. CONCENTRATION/RISKS

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

34 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

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 market values of the International Fixed Income and Emerging Markets Debt Funds’ investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. 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, 2011, the total value of these securities represented approximately 4% of the net assets of the Emerging Markets Debt Fund.

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

9. SECURITIES LENDING

A Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements

or other criteria established by the Trust’s Board of Trustees. These loans may not exceed 33 1/3% of the total asset value of a Fund (including the loan collateral). No Fund will lend portfolio securities to its Adviser, sub-adviser or their affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash. Collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral between 102% and 105% of the market value of borrowed securities for domestic and foreign securities, respectively. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that a Fund may be delayed or 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., and the Fund bears all of the gains and losses on such investment. There is no guarantee that these investments will not lose value.

10. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no disclosures and/or adjustments were required to the Financial Statements.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 35

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 Account Value 10/1/10		Ending Account Value 3/31/11		Annualized Expense Ratios			Expenses Paid During Period*
International Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,109.20		1.28	%	$	6.73
Class I	$	1,000.00	$	1,108.20		1.53	%	$	8.04
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.55		1.28	%	$	6.44
Class I	$	1,000.00	$	1,017.30		1.53	%	$	7.70
Emerging Markets Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,076.60		1.96	%	$	10.15
Hypothetical 5% Return
Class A	$	1,000.00	$	1,015.16		1.96	%	$	9.85

	Beginning Account Value 10/1/10		Ending Account Value 3/31/11		Annualized Expense Ratios			Expenses Paid During Period*
International Fixed Income Fund
Actual Fund Return
Class A	$	1,000.00	$	980.00		1.01	%	$	4.99
Hypothetical 5% Return
Class A	$	1,000.00	$	1,019.90		1.01	%	$	5.09
Emerging Markets Debt Fund
Actual Fund Return
Class A	$	1,000.00	$	1,009.60		1.36	%	$	6.81
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.15		1.36	%	$	6.84

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

36 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

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 Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations. The Board also receives extensive data provided by third parties. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from Fund counsel and independent counsel to the Independent Trustees regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive session outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (a) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (b) SIMC’s and the Sub-Advisers’ investment management personnel; (c) SIMC’s and the Sub-Advisers’ operations and financial condition; (d) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that SIMC and the Sub-Advisers charge the Funds compared with the fees each charge to comparable mutual funds; (f) the Funds’ overall fees and operating expenses compared with similar mutual funds; (g) the level of SIMC’s and the Sub-Advisers’ 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 7-8, 2010 and March 22-23, 2011 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:

• 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;

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 37

Board of Trustees Considerations in Approving the Funds’ Investment Advisory and Sub-Advisory Agreements (Unaudited) (Continued)

• the Funds’ investment performance and how it compared to that of other comparable mutual funds;

• the Funds’ expenses under each Investment Advisory Agreement and how those expenses compared to those of other comparable mutual funds;

• 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

• 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, SMIC’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 Fund’s 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.

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-Advisers 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 the profitability was reasonable and that the margin was not increasing despite growth in assets. When considering the profitability of the Sub-Adisers, 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 each of SIMC and the Sub-Advisers is reasonable and supported renewal of the Investment Advisory Agreements.

38 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

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, 2011 39

SEI INSTITUTIONAL INTERNATIONAL TRUST SEMI-ANNUAL REPORT March 31, 2011

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Rosemarie B. Greco

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Officers

Robert A. Nesher

President and Chief Executive Officer

Peter A. Rodriguez

Controller and Chief Financial Officer

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

James Ndiaye

Vice President, Assistant Secretary

Aaron Buser

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

John J. McCue

Vice President

Andrew S. Decker

Anti-Money Laundering Compliance Officer

Keri E. Rohn

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

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)

SEI Investments Distribution Co.

Oaks, PA 19456 1.800.DIAL.SEI (1.800.342.5734)

SEI-F-031 (3/11)

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the International Equity Fund, the Emerging Markets Equity Fund, the International Fixed Income Fund and the Emerging Markets Debt Fund are listed below.

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund

March 31, 2011

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 94.5%
Argentina — 0.0%
Tenaris	952	$	24
Australia — 3.1%
Alumina (A)	1,174,103		2,987
Amcor	44,751		327
Atlas Iron*	1,676,348		6,466
Australia & New Zealand Banking Group	47,921		1,180
Australian Stock Exchange	11,535		411
Beach Energy (A)	520,405		522
BHP Billiton (A)	151,342		7,287
Brambles	36,545		268
Caltex Australia	166,272		2,682
Centamin Egypt*	1,254,900		2,709
Coca-Cola Amatil	9,724		118
Cochlear	628		54
Commonwealth Bank of Australia (A)	34,209		1,854
CSL	8,526		315
Fortescue Metals Group	539,502		3,576
Incitec Pivot	161,089		721
Leighton Holdings	9,533		291
Lend Lease	10,757		101
Macquarie Group	5,410		205
National Australia Bank	27,964		748
Newcrest Mining	242,359		9,980
Orica	1,441		39
OZ Minerals (A)	584,979		965
Paladin Energy*	23,693		88
Qantas Airways	98,345		222
QR National* (A)	1,200		4
Ramsay Health Care	13,665		270
Rio Tinto	63,165		5,536
Santos (A)	226,903		3,649
Suncorp-Metway	33,282		292
TABCORP Holdings	25,065		194
Telstra	363,944		1,061
Thorn Group	43,500		98
Transurban Group	42,311		235
Wesfarmers (A)	60,713		1,999
Westfield Group (B)	48,735		471
Westpac Banking	34,005		856
Whitehaven Coal	268,205		1,856
Woodside Petroleum (A)	24,080		1,165
Woolworths	36,460		1,013
WorleyParsons	4,948		159
			62,974
Austria — 0.3%
Erste Group Bank	7,095		358
IMMOFINANZ*	88,810		402
Oesterreichische Post	4,748		163
OMV	19,952		903
Raiffeisen International Bank Holding	1,300		72
Telekom Austria	14,710		215
Vienna Insurance Group	68,315		3,907

Description	Shares		Market Value ($ Thousands)
Voestalpine	6,839	$	322
			6,342
Belgium — 1.4%
Ageas	89,132		254
Bekaert	6,907		789
Belgacom	95,977		3,723
Colruyt	86,320		4,552
Delhaize Group	8,819		719
Dexia*	62,019		242
D’ieteren	1,030		71
Groupe Bruxelles Lambert	4,067		380
InBev	220,018		12,550
KBC Groep	11,692		440
Nationale A Portefeuille*	810		56
Telenet Group Holding	50,996		2,393
Umicore (A)	21,507		1,068
			27,237
Bosnia and Herzegovina — 0.1%
Axis Capital Holdings	64,200		2,242
Brazil — 1.7%
Anhanguera Educacional Participacoes	205,171		4,989
Banco Santander Brasil ADR	290,800		3,565
Brasil Telecom ADR	94,034		2,540
Centrais Eletricas Brasileiras ADR	304,060		4,716
Embraer ADR	53,841		1,815
HRT Participacoes em Petroleo*	2,400		2,517
Petroleo Brasileiro ADR	190,993		7,722
Porto Seguro	280,700		4,747
Telecomunicacoes de Sao Paulo ADR (A)	20,514		505
			33,116
Canada — 3.9%
AGF Management, Cl B	2,000		40
Barrick Gold	134,206		6,967
Cenovus Energy	112,400		4,425
Crescent Point Energy	52,300		2,530
Domtar	28,380		2,605
Eldorado Gold	197,800		3,215
First Quantum Minerals	44,027		5,677
FirstService*	2,000		76
Kinross Gold	292,731		4,610
Magna International, Cl A	39,800		1,902
Nexen	167,967		4,186
Niko Resources	69,236		6,619
Onex	55,600		1,943
Peyto Exploration & Development	38,600		817
QLT*	8,100		56
Research In Motion*	39,319		2,224
Silver Wheaton	203,800		8,824
Suncor Energy	265,383		11,876
TELUS, Cl A	1		—
Toronto-Dominion Bank	65,917		5,814
Vermilion Energy	60,600		3,148
West Fraser Timber	3,100		193
			77,747

1 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Shares		Market Value ($ Thousands)
Chile — 0.3%
Sociedad Quimica y Minera de Chile ADR (A)	108,000	$	5,968
China — 0.9%
Agricultural Bank of China, Cl H*	10,048,000		5,697
Bank of China, Cl H	7,135,200		3,972
China Petroleum & Chemical, Cl H	787,982		790
China Vanke, Cl B	1,371,000		1,798
Ping An Insurance Group of China, Cl H	640,000		6,488
Qingling Motors, Cl H	794,000		253
			18,998
Denmark — 1.3%
AP Moller - Maersk, Cl A (A)	92		847
AP Moller - Maersk, Cl B (A)	361		3,400
Carlsberg, Cl B	8,170		881
Coloplast, Cl B (A)	2,871		416
Danske Bank	14,328		318
Jyske Bank*	91,157		4,065
Novo Nordisk, Cl B	85,061		10,701
Novozymes, Cl B	2,404		369
Pandora*	100		5
TrygVesta (A)	84,475		4,974
			25,976
Finland — 1.0%
Fortum (A)	26,810		912
Kesko, Cl B	6,161		288
Kone, Cl B	7,172		413
Metso	137,231		7,389
Nokia	94,714		811
Nokia ADR (A)	440,279		3,747
Nokian Renkaat	17,555		748
Pohjola Bank, Cl A	100		1
Stora Enso, Cl R	302,182		3,604
UPM-Kymmene	67,052		1,420
Wartsila, Cl B (A)	17,620		689
			20,022
France — 9.4%
Accor	20,642		929
Air France-KLM	5,077		85
Air Liquide	21,151		2,814
Alcatel-Lucent	1,078,273		6,199
Alstom	5,761		341
Areva	37,360		1,662
Arkema	28,463		2,589
AXA	749,237		15,678
BNP Paribas (A)	290,884		21,304
Bouygues	11,342		545
Bureau Veritas	5,883		463
Carrefour	89,559		3,970
Christian Dior	10,227		1,442
Cie de Saint-Gobain	9,165		562
CNP Assurances	181,426		3,857
Compagnie Generale de Geophysique*	5,965		215

Description	Shares		Market Value ($ Thousands)
Credit Agricole	80,169	$	1,317
Dassault Systemes	831		64
Edenred*	4,063		123
EDF	77,557		3,216
Eiffage	3,775		227
Eramet	923		342
Eurazeo	848		66
Eutelsat Communications	129,020		5,161
GDF Suez	210,982		8,608
Gecina (B)	102		14
Groupe Danone	8,777		574
Groupe Eurotunnel	2,757		29
ICADE (B)	211		26
Iliad (A)	6,830		820
Lagardere SCA	748		32
Legrand	191,462		7,976
L’Oreal	7,544		880
LVMH Moet Hennessy Louis Vuitton	67,657		10,725
Michelin, Cl B	24,700		2,089
Natixis	104,219		590
Neopost	925		81
Pernod-Ricard	3,999		374
Peugeot	90,243		3,570
PPR	1,790		275
Renault	8,006		443
Safran	205,928		7,288
Sanofi-Aventis (A)	256,070		17,979
Schneider Electric (A)	97,225		16,639
SCOR	4,837		132
Societe Generale (A)	47,089		3,064
Sodexho Alliance	93,242		6,818
Technip	63,681		6,800
Thales	96,368		3,849
Total	99,061		6,039
Unibail (B)	2,364		513
Vinci	139,826		8,750
Vivendi	8,400		240
			188,388
Germany — 7.7%
Adidas	3,349		211
Allianz (A)	23,186		3,258
Axel Springer	2,677		433
BASF	84,540		7,322
Bayer	75,516		5,856
Bayerische Motoren Werke	115,716		9,648
Brenntag*	52,386		5,824
Commerzbank	38,716		302
Continental (A)	8,992		812
DaimlerChrysler (A)	47,927		3,390
Deutsche Bank	16,548		974
Deutsche Boerse	77,873		5,918
Deutsche Lufthansa (A)	174,483		3,703
Deutsche Post (A)	438,045		7,907
E.ON (A)	101,271		3,097
Fraport Frankfurt Airport Services Worldwide	6,252		459
Fresenius	10,657		987
Fresenius Medical Care (A)	98,890		6,651
GEA Group	220,446		7,270
HeidelbergCement	3,813		267

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 2

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund

March 31, 2011

Description	Shares		Market Value ($ Thousands)
Henkel KGaA	9,404	$	492
Hochtief	3,176		342
Infineon Technologies (A)	114,327		1,174
K+S	7,581		573
Kabel Deutschland Holding*	7,321		387
Lanxess	11,125		833
Linde (A)	107,070		16,934
MAN	10,658		1,331
Merck KGaA (A)	3,226		292
Metro (A)	2,497		171
Muenchener Rueckversicherungs (A)	58,371		9,195
RWE	11,672		744
SAP ADR (A)	67,800		4,160
SAP	153,686		9,422
Siemens	184,878		25,373
Suedzucker	42,509		1,187
ThyssenKrupp	44,381		1,816
Tognum (A)	125,177		4,512
TUI	33,928		406
Volkswagen	8,643		1,328
Wacker Chemie	554		125
			155,086
Greece — 0.3%
Hellenic Telecommunications Organization	6,515		73
OPAP	307,972		6,604
			6,677
Guernsey — 0.0%
Resolution	5,752		27
Hong Kong — 2.4%
AIA Group*	147,400		454
Asia Standard International Group	206,000		51
ASM Pacific Technology	21,500		270
Bank of East Asia	43,600		185
BOC Hong Kong Holdings	603,500		1,967
Cathay Pacific Airways	268,200		643
Cheung Kong Holdings	87,000		1,418
Cheung Kong Infrastructure Holdings	60,000		283
China Mobile ADR	82,900		3,833
CLP Holdings	482,600		3,903
DMX Technologies Group*	288,000		82
First Pacific	598,000		535
Get Nice Holdings	1,558,000		102
Hang Lung Group	75,400		467
Hang Lung Properties	36,400		159
Hang Seng Bank	19,000		307
Henderson Land Development	48,000		333
Hong Kong Exchanges and Clearing	44,700		971
Hongkong Land Holdings	294,000		2,058
Hutchison Telecommunications Hong Kong Holdings	802,000		255
Hutchison Whampoa	510,400		6,044
Hysan Development	114,700		472
Jardine Strategic Holdings	239,252		6,388
Kerry Properties	300		2

Description	Shares		Market Value ($ Thousands)
Li & Fung	157,800	$	808
New World Development	221,000		390
Nine Dragons Paper Holdings	3,859,000		4,624
Orient Overseas International	13,800		145
PCCW	1,116,000		465
RCG Holdings*	39,556		10
Shangri-La Asia	206,900		535
SJM Holdings	316,000		553
Sun Hung Kai Properties	38,000		602
Swire Pacific, Cl A	228,800		3,353
Wharf Holdings	44,900		310
Wheelock	31,000		116
Wing Hang Bank	35,500		418
Yue Yuen Industrial Holdings	1,758,500		5,596
			49,107
India — 0.0%
State Bank of India GDR	6,415		828
Indonesia — 0.1%
APERAM	1,640		66
Telekomunikasi Indonesia ADR	54,596		1,833
			1,899
Ireland — 0.6%
Experian	721,381		8,927
Smurfit Kappa Group*	261,595		3,337
			12,264
Israel — 0.5%
Bank Hapoalim*	16,301		85
Bezeq Israeli Telecommunication	49,940		148
Check Point Software Technologies*	131,628		6,720
Israel*	488		586
Israel Chemicals	46,490		767
Partner Communications	33,097		630
Teva Pharmaceutical Industries	17,449		877
			9,813
Italy — 2.0%
Assicurazioni Generali	20,404		442
Atlantia	13,390		307
Banca Monte dei Paschi di Siena (A)	326,877		408
Banco Popolare Scarl	93,885		280
Enel	800,297		5,052
Enel Green Power*	900		3
Engineering Ingegneria Informatica (A)	2,148		71
ENI	70,063		1,723
Exor	10,724		330
Fiat	177,402		1,609
Fiat Industrial* (A)	120,984		1,739
Finmeccanica	22,267		281
Intesa Sanpaolo (A)	916,824		2,559
Mediaset	322,261		2,051
Parmalat	924,672		3,102
Pirelli & C (A)	14,045		124
Saipem	23,568		1,255
Snam Rete Gas	1,155,282		6,502

3 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Shares		Market Value ($ Thousands)
Telecom Italia (A)	3,411,195	$	4,594
UniCredito Italiano (A)	2,876,218		7,118
Unione di Banche Italiane (A)	30,237		259
			39,809
Japan — 17.1%
77 Bank	33,000		166
Aeon (A)	296,800		3,452
Aeon Mall	11,100		239
Aisin Seiki	26,000		906
Ajinomoto	7,000		73
Alfresa Holdings	5,900		227
All Nippon Airways	161,400		483
Alpen	5,700		99
Arc Land Sakamoto	7,300		88
Arnest One	14,300		143
Asahi Glass	67,000		846
Asahi Kasei	57,000		386
Asics	26,300		353
ASKUL	3,500		50
Astellas Pharma	7,800		290
Autobacs Seven	2,500		95
Bank of Kyoto	4,000		36
Bank of the Ryukyus	4,900		56
Belluna	6,800		44
Best Bridal	65		56
Bic Camera	201		81
Bridgestone	12,200		257
Brother Industries	229,500		3,384
Calsonic Kansei	67,000		267
Canon	35,600		1,555
Central Japan Railway	482		3,833
Century Tokyo Leasing	30,400		501
Chuetsu Pulp & Paper	18,000		33
Coca-Cola West	311,800		5,963
Cosmo Oil	56,300		176
Credit Saison	21,400		345
Dai Nippon Printing	486,000		5,940
Daicel Chemical Industries	190,000		1,176
Daido Steel	47,700		272
Daihatsu Motor	50,000		731
Daiichi Sankyo	99,100		1,920
Daiichikosho	3,500		60
Daikin Industries	5,200		156
Dainippon Sumitomo Pharma	20,600		193
Daito Trust Construction	14,200		982
Daiwa House Industry	161,000		1,985
Daiwa Securities Group	12,000		55
Dena	24,300		881
Denso	19,100		636
Dowa Mining	11,000		69
Dydo Drinco	4,400		172
East Japan Railway	13,500		753
EDION (A)	93,800		800
Elpida Memory* (A)	109,600		1,416
Faith	378		50
Fanuc	63,600		9,661
Fuji Film Holdings	106,800		3,319
Fuji Heavy Industries	163,800		1,059
Fuji Soft	4,100		66
Fujishoji	42		37
Fujitsu	220,000		1,248

Description	Shares		Market Value ($ Thousands)
Hamamatsu Photonics	9,100	$	362
Hankyu Hanshin Holdings	59,000		273
Haseko	2,656,500		2,051
Hino Motors	315,000		1,547
HIS	3,000		61
Hitachi	907,700		4,742
Hitachi Construction Machinery	1,500		38
Hitachi Metals	32,400		410
Hokuriku Electric Power	5,700		130
Honda Motor	485,200		18,295
Hosiden	12,600		128
Hoya	11,800		270
IBJ Leasing	8,800		212
Idemitsu Kosan	9,100		1,069
IHI	469,000		1,149
Iida Home Max	34,800		322
Inpex	127		967
Isuzu Motors	247,900		984
IT Holdings	12,700		133
Itochu	76,100		800
Itochu-Shokuhin	1,900		65
Japan Prime Realty Investment, Cl A (B )	85		230
Japan Real Estate Investment, Cl A (B)	27		256
Japan Retail Fund Investment, Cl A (B)	435		683
Japan Steel Works	113,000		888
Japan Tobacco	202		732
JFE Holdings	12,500		367
JFE Shoji Holdings	23,000		100
JGC	333,000		7,823
JS Group	33,800		881
JTEKT	247,900		3,236
Jupiter Telecommunications	7,270		7,167
Juroku Bank	16,000		53
Justsystems*	13,900		36
JVC Kenwood Holdings*	78,200		381
JX Holdings	130,800		884
Kansai Paint	19,000		165
Kao	69,600		1,743
Kawasaki Heavy Industries	81,000		358
Kawasaki Kisen Kaisha	14,900		55
KDDI	1,859		11,551
Keyence	900		231
Kita-Nippon Bank	1,700		42
Kobe Steel	482,900		1,259
Koito Manufacturing	7,000		113
Komatsu	74,600		2,543
Konami	4,600		85
K’s Holdings	48,100		1,393
Kubota	5,000		47
Kyocera	4,500		458
Mabuchi Motor	72,200		3,450
Makita	124,300		5,804
Marubeni	387,200		2,798
Marui	300		2
Matsushita Electric Industrial	215,000		2,745
Mazda Motor	75,000		166
Mediceo Paltac Holdings	4,500		40
MEIJI Holdings	9,800		396
Melco Holdings	1,900		62

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 4

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund

March 31, 2011

Description	Shares		Market Value ($ Thousands)
Millea Holdings	9,300	$	250
Miraca Holdings	9,600		369
Mitsubishi	257,600		7,177
Mitsubishi Chemical Holdings	273,800		1,728
Mitsubishi Electric	128,700		1,525
Mitsubishi Estate	25,000		424
Mitsubishi Gas Chemical	37,000		267
Mitsubishi Heavy Industries	99,000		456
Mitsubishi Materials	170,000		578
Mitsubishi Motors*	155,000		191
Mitsubishi UFJ Financial Group	399,100		1,849
Mitsui	78,000		1,403
Mitsui Chemicals	136,000		482
Mitsui Engineering & Shipbuilding	18,000		43
Mitsui Fudosan	244,000		4,042
Mitsui Home	8,000		44
Mitsui Mining & Smelting	50,000		174
Mitsui OSK Lines	51,000		295
Mitsui Sumitomo Insurance Group Holdings	208,100		4,756
Mitsui Trust Holdings	633,330		2,254
Mizuho Financial Group	518,100		863
Murata Manufacturing	12,900		932
Nabtesco	16,700		422
Namco Bandai Holdings	9,400		103
NEC	70,000		153
NEC Networks & System Integration	19,400		247
NGK Spark Plug	4,000		55
Nichii Gakkan	9,500		75
Nichireki	8,000		40
Nidec	2,000		174
Nikon	3,900		81
Nintendo	12,900		3,497
Nippon Building Fund, Cl A (B)	49		479
Nippon Electric Glass	442,700		6,292
Nippon Paper Group	10,000		214
Nippon Steel	279,000		895
Nippon Telegraph & Telephone ADR	229,400		5,159
Nippon Telegraph & Telephone	95,900		4,322
Nippon Yusen	100,700		395
Nishimatsu Construction	78,000		124
Nishi-Nippon City Bank	17,800		51
Nissan Motor	93,200		830
Nisshin Fudosan	13,200		70
Nisshin Steel	109,000		235
Nitto Denko	27,000		1,437
NOK	11,400		203
Nomura Holdings	87,600		460
Nomura Real Estate Holdings	8,500		129
Nomura Real Estate Office Fund, Cl A (B)	46		312
Noritsu Koki	6,500		39
Noritz	4,300		76
NSK	7,000		61
NTN	13,000		63
NTT DoCoMo	274		483
Oita Bank	16,000		54
Omron	4,200		118
Ono Pharmaceutical	7,900		390
Oriental Land	8,200		654

Description	Shares		Market Value ($ Thousands)
ORIX	10,600	$	996
Otsuka Holdings	10,100		250
PanaHome	9,000		59
Rakuten	193		174
Ricoh	13,000		153
Ricoh Leasing	6,400		157
Rinnai	1,000		67
Rohm	39,500		2,483
Saizeriya	20,000		307
San-In Godo Bank	18,000		135
Sankyo	126,600		6,515
Santen Pharmaceutical	700		28
Sapporo Hokuyo Holdings	453,900		2,191
Secom	3,900		182
Sega Sammy Holdings	62,600		1,092
Seiko Epson	2,500		40
Seino Transportation	76,000		576
Sekisui Chemical	1,077,000		8,460
Sekisui House	266,000		2,503
Seven & I Holdings	422,100		10,807
Sharp	42,000		418
Shimano	4,800		241
Shin-Etsu Chemical	144,700		7,219
Shiseido	192,800		3,350
Showa Denko KK	130,000		262
Showa Shell Sekiyu	83,000		869
SMC	19,700		3,254
Softbank	82,400		3,301
Sojitz	370,700		742
Sony	126,700		4,073
Sony Financial Holdings	513,000		10,213
SRI Sports	44		47
Sumitomo	175,600		2,519
Sumitomo Chemical	112,000		561
Sumitomo Electric Industries	26,900		374
Sumitomo Metal Mining	28,000		483
Sumitomo Mitsui Financial Group	321,900		10,044
Sumitomo Realty & Development	27,000		542
Suzuki Motor	20,800		467
T&D Holdings	2,000		49
Takeda Pharmaceutical	128,300		6,006
Tanabe Seiyaku	13,900		226
TDK	2,700		160
Teijin	172,000		772
Tochigi Bank	9,000		40
Toho Holdings	3,400		37
Tokyo Electric Power	8,000		45
Tokyo Electron	68,200		3,773
Tokyo Energy & Systems	3,000		20
Tokyo Tatemono	12,000		45
Tokyo Tekko	24,000		78
Tokyu	61,000		254
Tokyu Land	87,000		380
TonenGeneral Sekiyu	90,000		1,115
Toppan Printing	24,000		190
Toray Industries	122,000		891
Toshiba	56,000		275
Toshiba TEC	82,000		366
Tosoh	39,000		141
Totetsu Kogyo	9,000		84
Toyo Securities	37,000		59
Toyoda Gosei	5,700		119

5 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Shares		Market Value ($ Thousands)
Toyota Auto Body	22,800	$	384
Toyota Boshoku	5,100		74
Toyota Industries	7,900		240
Toyota Motor	281,700		11,386
Toyota Motor ADR	35,768		2,870
Toyota Tsusho	62,500		1,035
Unicharm	200		7
USS	630		49
Wacoal Holdings	237,704		3,006
Warabeya Nichiyo	5,200		65
Watabe Wedding	6,395		58
West Japan Railway	571		2,212
Xebio	3,500		64
Yahoo! Japan	1,045		375
Yamada Denki	1,020		69
Yamaha	6,100		69
Yamaha Motor	36,900		646
Yaskawa Electric	829,000		9,862
Zeon	53,000		490
			344,085
Jersey — 0.2%
Informa	693,838		4,635
Wolseley*	6,776		228
			4,863
Malaysia — 0.2%
Axiata Group*	1,891,400		2,991
Malta — 0.0%
BGP Holdings* (C)	198,683		—
Mexico — 0.1%
Telefonos de Mexico ADR, Ser L	134,341		2,453
Netherlands — 5.8%
Aegon	65,351		490
Akzo Nobel	252,784		17,391
ArcelorMittal	32,807		1,188
ASML Holding	10,249		452
Corio (B)	60		4
Delta Lloyd	9,005		240
European Aeronautic Defenceand Space	209,671		6,112
Fugro	87,622		7,732
Gemalto	88,463		4,357
Heineken	11,074		606
ING Groep	616,684		7,816
Koninklijke Ahold	428,768		5,761
Koninklijke DSM	10,160		625
Koninklijke Philips Electronics	108,728		3,480
Koninklijke Vopak	358		17
Randstad Holding	52,700		2,939
Reed Elsevier	900,917		11,609
Royal Dutch Shell ADR, Cl B	70,200		5,141
Royal Dutch Shell, Cl A	332,937		12,104
Royal Dutch Shell, Cl B	88,703		3,213
SBM Offshore	9,801		285
TNT	547,725		14,069

Description	Shares		Market Value ($ Thousands)
Unilever	240,944	$	7,565
Wolters Kluwer	117,349		2,748
			115,944
New Zealand — 0.4%
Telecom of New Zealand	5,541,007		8,495
Norway — 1.6%
Aker Solutions	170,223		3,911
DnB (A)	982,079		15,064
Orkla	23,206		225
Seadrill	34,830		1,259
Statoil (A)	330,714		9,165
Telenor	38,280		630
Yara International (A)	26,624		1,348
			31,602
Poland — 0.1%
KGHM Polska Miedz	31,537		2,001
Portugal — 0.1%
Energias de Portugal	86,966		339
Galp Energia SGPS, Cl B	5,931		127
Jeronimo Martins SGPS	36,855		594
Portugal Telecom SGPS	14,310		165
			1,225
Russia — 0.1%
OAO Gazprom ADR	60,970		1,974
Surgutneftegas ADR	8,414		91
			2,065
Singapore — 1.2%
Allgreen Properties	48,000		41
City Developments	23,100		211
DBS Group Holdings	367,000		4,262
Fraser and Neave	164,200		783
Genting Singapore*	102,000		166
Global Logistic Properties*	1,200		2
GuocoLeisure	296,000		177
Jardine Cycle & Carriage	9,300		270
Keppel	108,900		1,063
Keppel Land	78,000		278
Oversea-Chinese Banking	515,200		3,916
SembCorp Industries	95,000		393
SembCorp Marine	108,000		500
Singapore Airlines	504,000		5,470
Singapore Exchange	12,000		75
Singapore Land	23,000		127
Singapore Press Holdings	99,200		310
Singapore Technologies Engineering	33,600		87
Singapore Telecommunications	529,000		1,267
United Overseas Bank	30,000		447
UOL Group	37,000		139
Wilmar International	108,000		468
Yangzijiang Shipbuilding Holdings	2,309,700		3,317
			23,769

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 6

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund

March 31, 2011

Description	Shares		Market Value ($ Thousands)
South Africa — 0.7%
AngloGold Ashanti ADR		100,921	$	4,839
Gold Fields		220,775		3,869
MTN Group		273,482		5,526
				14,234
South Korea — 2.8%
Hyundai Heavy Industries		14,989		7,078
Hyundai Mobis		26,864		8,021
Hyundai Motor		40,058		7,413
Korea Electric Power ADR		205,475		2,515
KT ADR		127,000		2,480
KT&G		146,039		7,602
LG Chemical		18,256		1,361
Samsung Electronics		13,730		11,666
Shinhan Financial Group		64,369		2,925
SK Telecom ADR (A)		304,047		5,719
				56,780
Spain — 1.3%
Abertis Infraestructuras		20,500		446
ACS Actividades de Construcciony Servicios		4,258		200
Amadeus IT Holding, Cl A*		926		18
Banco Bilbao Vizcaya Argentaria		66,215		804
Banco Santander Central Hispano		541,650		6,297
Caja de Ahorros del Mediterraneo		12,489		110
Criteria Caixacorp		184,444		1,303
Enagas		309,582		6,994
Ferrovial		100,383		1,261
Fomento de Construcciones y Contratas		9,474		314
Gas Natural		24,991		470
Grifols		9,573		167
Iberdrola		115,857		1,009
Iberdrola Renovables		11,959		52
Inditex		6,566		527
Repsol		74,479		2,555
Tecnicas Reunidas		65,398		3,937
Telefonica		21,845		548
				27,012
Sweden — 1.8%
Alfa Laval		25,983		565
Assa Abloy, Cl B		14,057		404
Atlas Copco, Cl B		72,842		1,762
Atlas Copco, Cl A (A)		69,806		1,857
Boliden		20,823		449
Elekta, Cl B (A)		78,065		3,123
Hennes & Mauritz, Cl B		5,780		192
Hexagon, Cl B (A)		296,152		7,075
Holmen, Cl B (A)		7,449		258
Industrivarden, Cl C (A)		71,738		1,276
Kinnevik Investment, Cl B		26,917		628
Millicom International Cellular		1,386		133
Modern Times Group, Cl B		100		7
Nordea Bank		117,928		1,292
Ratos, Cl B		2,671		105
Sandvik		36,121		682
Scania, Cl B		44,539		1,033

Description	Shares		Market Value ($Thousands)
Skandinaviska Enskilda Banken, Cl A		712,563	$	6,359
Skanska, Cl B		2,226		47
SKF, Cl B		26,451		771
Ssab Svenskt Stal, Ser A, Cl A		16,051		254
Svenska Cellulosa, Cl B (A)		32,600		525
Svenska Handelsbanken, Cl A		9,347		307
Swedbank, Cl A		113,647		1,946
Swedish Match (A)		18,028		600
Tele2, Cl B (A)		93,973		2,172
Telefonaktiebolaget LM Ericsson, Cl B		36,752		474
Volvo, Cl B (A)		104,263		1,834
				36,130
Switzerland — 8.0%
ABB		25,254		609
Actelion*		11,781		681
Aryzta		2,740		141
Baloise Holding		3,151		313
Clariant		120,850		2,189
Compagnie Financiere Richemont		71,260		4,132
Credit Suisse Group		152,966		6,526
Daetwyler Holding*		463		42
Elektrizitaets-Gesellschaft Laufenburg		56		43
Geberit		445		97
Givaudan		14,019		14,152
Holcim		3,201		242
Julius Baer Group		182,341		7,006
Kuehne & Nagel International		1,116		157
Lindt & Spruengli		95		424
Logitech International* (A)		5,929		107
Nestle		252,942		14,557
Nobel Biocare Holding		388,165		8,079
Novartis		523,554		28,511
Roche Holding		111,189		15,946
Schindler Holding		6,107		738
SGS		4,258		7,610
Sika		68		164
STMicroelectronics		202,994		2,528
Sulzer		55,012		8,322
Swatch Group (A)		14,140		3,251
Swiss Life Holding		4,397		730
Swiss Reinsurance		9,711		558
Swisscom		2,861		1,281
Syngenta		1,542		503
Transocean*		3,894		307
UBS		801,951		14,451
Xstrata		418,246		9,768
Zurich Financial Services		25,386		7,134
				161,299
Taiwan — 0.1%
AU Optronics ADR		5,385		47
United Microelectronics ADR		691,541		1,888
				1,935
Turkey — 0.0%
Turkiye Garanti Bankasi		93,428		437

7 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Shares		Market Value ($ Thousands)
United Kingdom — 15.6%
3i Group		10,342	$	50
Acergy (A)		157,581		3,980
Admiral Group		21,474		535
Aggreko		9,854		249
AMEC		56,991		1,090
Amlin		882,759		5,401
Anglo American		12,262		630
Antofagasta		179,861		3,924
ARM Holdings		226,346		2,086
Associated British Foods		10,709		170
AstraZeneca		231,803		10,638
Aviva		1,270,828		8,816
BAE Systems		58,546		305
Balfour Beatty		749,107		4,128
Barclays		1,421,725		6,325
BG Group		620,679		15,431
BHP Billiton		61,815		2,438
BP		442,148		3,218
British American Tobacco		355,970		14,276
British Land (B)		55,217		489
British Sky Broadcasting Group		105,287		1,392
BT Group, Cl A		802,227		2,387
Bunzl		144,331		1,722
Burberry Group		76,884		1,447
Cable & Wireless Worldwide		647,028		544
Cairn Energy*		137,575		1,019
Cape		13,521		107
Capita Group		461,113		5,492
Centrica		287,973		1,502
Compass Group		32,197		289
Davis Service Group		44,500		343
Devro		20,198		91
Diageo		446,407		8,479
Essar Energy*		5,946		45
Eurasian Natural Resources		186,088		2,793
Fresnillo		35,833		886
GlaxoSmithKline		354,893		6,767
Hammerson (B)		52,659		377
Hamworthy		9,160		76
Home Retail Group		623,298		1,929
HSBC Holdings		1,156,990		12,044
ICAP		103,937		880
Imperial Tobacco Group		139,371		4,305
Intercontinental Hotels Group		7,808		160
Intermediate Capital Group		10,719		56
International Consolidated Airlines Group*		63,739		235
International Power		159,782		789
Intertek Group		8,291		270
ITV		319,194		396
J Sainsbury		107,169		576
Johnson Matthey		2,358		70
Kingfisher		2,689,775		10,602
Land Securities Group (B)		34,182		402
Legal & General Group		591,501		1,092
Liberty International (B)		34,343		211
Lloyds Banking Group*		6,832,920		6,363
London Stock Exchange Group		28,055		374
Man Group		83,762		330
Michael Page International		579,255		4,773

Description	Shares		Market Value ($ Thousands)
National Grid		75,678	$	721
Old Mutual		211,914		462
Pearson		14,781		261
Petrofac		98,974		2,362
Prudential		605,940		6,862
Reckitt Benckiser Group		13,681		702
Reed Elsevier		550,995		4,769
Rexam		1,132,840		6,599
Rio Tinto		306,673		21,526
Rio Tinto ADR		69,100		4,914
Rolls-Royce Group		1,884,155		18,695
Royal Bank of Scotland Group*		4,922,653		3,219
SABMiller		41,135		1,456
Sage Group		1,350,622		6,021
Schroders		29,941		833
Scottish & Southern Energy		31,440		636
Severn Trent		41,503		972
Shire		58,677		1,703
Smith & Nephew		8,594		97
Smiths Group		42,596		886
Standard Chartered		23,609		612
Standard Life		120,940		401
Tesco		795,532		4,859
Travis Perkins		135,201		2,202
Tullow Oil		227,725		5,286
Unilever		42,156		1,284
United Utilities Group		827,057		7,842
Vedanta Resources		12,326		470
Vodafone Group		12,048,241		34,087
Weir Group		31,595		877
Whitbread		7,458		197
Willis Group Holdings		135,600		5,473
WPP		42,311		521
				313,601
United States — 0.3%
Advance America Cash Advance Centers		24,598		130
Calamos Asset Management, Cl A		15,108		251
Capital One Financial		45,731		2,376
ConocoPhillips		41,888		3,345
Eli Lilly		10,889		383
Providence Service*		3,464		52
RAIT Financial Trust (B)		21,837		54
Synthes		2,202		299
				6,890
Total Common Stock (Cost $1,675,951) ($ Thousands)				1,902,355
PREFERRED STOCK — 0.4%
Brazil — 0.0%
Itau Unibanco Holding ADR		15,000		361
Germany — 0.4%
Bayerische Motoren Werke (A)		21,330		1,211
Draegerwerk (A)		2,624		255
Henkel (A)		13,007		807
Porsche (A)		20,036		1,316
ProSiebenSat.1 Media		10,502		308
RWE		5,062		308

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 8

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund

March 31, 2011

Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)
Volkswagen		19,840	$	3,222
				7,427
Total Preferred Stock (Cost $7,191) ($ Thousands)				7,788
	Number Of Warrants
WARRANT — 0.2%
India — 0.2%
Shriram Transport Finance, Expires 09/24/14 *		278,164		4,941
Total Warrant (Cost $3,531) ($ Thousands)				4,941
	Number Of Rights
RIGHTS — 0.0%
Germany — 0.0%
Porsche, Expires 04/14/11 (A)		20		174
TUI, Expires 03/21/11 *		34		406
				580
Singapore — 0.0%
Hutchinson Port Holdings Trust, Expires 4/18/11 *		51		—
Total Rights (Cost $0) ($ Thousands)				580
U.S. TREASURY OBLIGATIONS — 0.3%
United States Treasury Bills (D)(E)
0.213%, 06/16/11	$	427		427
0.155%, 06/09/11		1,203		1,203
0.154%, 06/30/11		3,972		3,971
Total U.S. Treasury Obligations (Cost $5,600) ($ Thousands)				5,601
CASH EQUIVALENT — 2.7%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.080% **†		54,757,208		54,757
Total Cash Equivalent (Cost $54,757) ($ Thousands)				54,757
AFFILIATED PARTNERSHIP — 4.7%
United States — 4.7%
SEI Liquidity Fund, L.P.
0.200%**†(F)		96,443,795		94,615
Total Affiliated Partnership (Cost $96,444) ($ Thousands)				94,615
Total Investments — 102.8% (Cost $1,843,474) ($ Thousands)			$	2,070,637

A summary of the open futures contracts held by the Fund at March 31, 2011, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		540		Jun-2011	$	816
FTSE 100 Index		178		Jun-2011		624
Hang Seng Index		13		Apr-2011		40
Nikkei 225 Index		13		Jun-2011		(58	)
SPI 200 Index		47		Jul-2011		396
Topix Index		140		Jun-2011		(794	)
					$	1,024

For the period ended March 31, 2011, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

Percentages are based on a Net Assets of $2,013,916 ($ Thousands).

* Non-income producing security

** Rate shown is the 7-day effective yield as of March 31, 2011.

† Affiliated security.

(A) This security or a partial position of this security is on loan at March 31, 2011. The total market value of securities on loan at March 31, 2011 was $89,527 ($ Thousands) (See Note 9).

(B) Real Estate Investments Trust.

(C) Securities considered illiquid. The total market value of such securities as of March 31, 2011 was $0 ($ Thousands) and represented –% of Net Assets.

(D) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(E) Security, or portion thereof, has been pledged as collateral on open futures contracts.

(F) This security was purchased with cash collateral held from securities on loan (see Note 9).

The total value of such securities as of March 31, 2011

was $94,615 ($ Thousands).

ADR — American Depositary Receipt

ARM — Adjustable Rate Mortgage

Cl — Class

EURIBOR — Euro London Interbank Offered Rate

GDR — Global Depositary Receipt

LIBOR — London Interbank Offered Rate

L.P. — Limited Partnership

NOK — Norwegian Krone

Ser — Series

USD — U.S. Dollar

The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,902,355	$	—	$	—	$	1,902,355
Preferred Stock		7,788		—		—		7,788
Warrant		—		4,941		—		4,941
Rights		580		—		—		580
U.S. Treasury Obligations		—		5,601		—		5,601
Cash Equivalent		54,757		—		—		54,757
Affiliated Partnership		—		94,615		—		94,615
Total Investments in Securities	$	1,965,480	$	105,157	$	—	$	2,070,637
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *	$	1,024	$	—	$	—	$	1,024
Total Other Financial Instruments	$	1,024	$	—	$	—	$	1,024

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

For the six month period ended March 31, 2011, there were no transfers between Level 1 and into Level 2 assets and liabilities.

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

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

9 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund

March 31, 2011

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 90.3%
Argentina — 0.2%
Tenaris ADR (A)		35,960	$	1,779
Australia — 0.1%
Centamin Egypt*		341,200		737
Brazil — 10.8%
Amil Participacoes		76,800		896
Banco Bradesco ADR		78,134		1,621
Banco do Brasil		246,925		4,470
Banco Santander Brasil ADR (A)		180,960		2,219
BM&F Bovespa		505,449		3,682
BR Properties		113,126		1,195
Brasil Insurance Participacoes e Administracao*		704		779
Brasil Telecom ADR		6,600		178
Brasil Telecom		16,680		181
Centrais Eletricas Brasileiras		36,880		561
Cia de Saneamento Basico do Estado de Sao Paulo ADR		3,342		196
Cia de Saneamento de Minas Gerais		55,900		942
Cia Energetica de Minas Gerais ADR (A)		38,219		736
Cia Hering		130,325		2,388
Cia Siderurgica Nacional		56,700		929
Cielo		189,573		1,615
Cosan Industria e Comercio		65,914		1,030
Cyrela Brazil Realty		211,767		2,011
Diagnosticos da America		304,266		3,909
Drogasil		17,179		136
EDP - Energias do Brasil		3,986		97
Empresa Brasileira de Aeronautica		184,873		1,534
Equatorial Energia		8,050		64
Eternit		17,051		117
Even Construtora e Incorporadora		280,000		1,439
Fibria Celulose*		99,400		1,614
Fibria Celulose ADR*		88,200		1,448
Fleury		103,610		1,529
Gafisa ADR (A)		61,489		789
Gerdau ADR (A)		294,874		3,686
Gerdau		70,000		676
Gol Linhas Aereas Inteligentes ADR* (A)		36,101		496
Grendene		144,859		865
Hypermarcas*		202,237		2,673
JBS		369,300		1,333
Julio Simoes Logistica*		171,916		1,045
Light		400		7
Magnesita Refratarios*		366,700		1,939
MRV Engenharia e Participacoes		333,632		2,678
Multiplus		16,700		295
OGX Petroleo e Gas Participacoes*		74,400		895
PDG Realty Empreendimentos e Participacoes		444,770		2,483
Petroleo Brasileiro		509,988		10,179

Description	Shares		Market Value ($ Thousands)
Petroleo Brasileiro ADR (A)		74,360	$	3,006
Porto Seguro		120,655		2,040
QGEP Participacoes*		111,900		1,593
Raia*		43,300		685
Redecard		129,500		1,907
SLC Agricola		88,956		1,239
Souza Cruz		125,590		1,312
Sul America		47,146		591
Telegraph Norte Leste Participacoes ADR		97,943		1,717
Tim Participacoes ADR (A)		37,075		1,618
Totvs		320,885		6,154
Vale		241,825		7,952
Vale ADR, Cl B		170,636		5,691
Vivo Participacoes ADR		511		21
Wilson Sons, Cl BDR		58,907		982
				104,063
Canada — 0.6%
Canacol Energy*		142,354		220
Equinox Minerals*		59,045		348
First Majestic Silver*		39,300		833
Pacific Rubiales Energy		113,230		3,131
SXR Uranium One (A)		112,466		439
Yamana Gold		45,259		557
				5,528
Chile — 0.7%
Banco Santander Chile ADR		9,883		858
Cia Cervecerias Unidas ADR		18,092		1,069
Empresa Nacional de Telecomunicaciones		77,672		1,277
Enersis ADR		47,129		981
Lan Airlines ADR		28,510		730
Sociedad Quimica y Minera de Chile ADR (A)		30,294		1,674
				6,589
China — 10.9%
AAC Acoustic Technologies Holdings		664,180		1,793
Agricultural Bank of China, Cl H*		4,418,932		2,505
Airtac International Group*		88,000		581
Ajisen China Holdings		1,185,620		2,286
Aluminum Corp of China, Cl H		610,000		580
Asia Cement China Holdings		1,012,000		634
Baidu ADR*		1,730		238
Bank of China, Cl H		9,460,394		5,266
Bank of Communications, Cl H		1,823,000		2,006
Beijing Capital International Airport, Cl H		2,528,000		1,333
Boer Power Holdings*		980,900		1,047
Bosideng International Holdings		2,412,000		716
BYD Electronic International		1,821,500		1,159
Changsha Zoomlion Heavy Industry Science and Technology Development, Cl H*		717,400		1,839
China Automation Group		1,329,004		1,032
China BlueChemical		718,000		588
China Coal Energy, Cl H		723,000		985
China Construction Bank, Cl H		5,596,188		5,245

1 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Shares		Market Value ($ Thousands)
China Dongxiang Group		4,314,000	$	1,364
China Liansu Group Holdings*		737,200		634
China Life Insurance, Cl H		134,000		503
China Merchants Bank, Cl H		717,931		1,989
China National Materials		1,963,438		1,767
China Oilfield Services, Cl H		586,000		1,326
China Pacific Insurance Group, Cl H		49,800		209
China Petroleum & Chemical ADR (A)		24,531		2,467
China Petroleum & Chemical, Cl H		1,690,000		1,695
China Railway Construction, Cl H		1,058,000		1,099
China Railway Group, Cl H		1,402,000		905
China Rongsheng Heavy Industry Group*		1,395,250		1,223
China Shenhua Energy, Cl H		334,000		1,574
China Shineway Pharmaceutical Group		86,039		207
China South Locomotive and Rolling Stock		1,200,515		1,229
China Vanke, Cl B		881,600		1,156
China Yurun Food Group		314,000		1,054
Dongfeng Motor Group, Cl H		638,120		1,086
First Tractor, Cl H		1,111,900		1,337
Fosun International		66,079		51
Great Wall Motor, Cl H		1,082,500		2,001
Greentown China Holdings		76,000		80
Haitian International Holdings		155,000		199
Harbin Power Equipment, Cl H		230,000		238
Hidili Industry International Development		3,265,366		2,884
Huaneng Power International ADR		15,790		371
Huaneng Power International, Cl H		1,872,800		1,095
Industrial & Commercial Bank of China, Cl H		4,328,929		3,595
Jiangling Motors, Cl B		28,600		92
Kingdee International Software Group		2,471,980		1,551
Lianhua Supermarket Holdings, Cl H		123,509		491
Maanshan Iron & Steel, Cl H		1,018,000		551
Mindray Medical International ADR (A)		54,917		1,384
Netease.com ADR*		22,179		1,098
Noah Holdings ADR * (A)		88,353		1,293
Parkson Retail Group		691,902		952
Peak Sport Products (A)		1,556,000		1,068
Perfect World ADR*		50,740		1,075
PetroChina, Cl H		2,632,119		3,986
PetroChina ADR (A)		15,091		2,298
Ping An Insurance Group of China, Cl H		236,000		2,392
Real Gold Mining*		300,500		427
Renhe Commercial Holdings		14,540,000		2,710
Shanda Games ADR*		9,090		58
Sinotrans, Cl H		3,044,000		740
Soho China		1,461,000		1,253
SouFun Holdings ADR * (A)		54,400		1,018
SPG Land Holdings		147,300		69

Description	Shares		Market Value ($ Thousands)
Springland International Holdings*		1,745,885	$	1,318
Tencent Holdings		85,704		2,088
Tingyi Cayman Islands Holding		808,160		1,976
Travelsky Technology, Cl H		270,920		264
Want Want China Holdings		1,730,800		1,360
Weichai Power, Cl H		166,000		1,008
Weiqiao Textile, Cl H		581,900		578
Xingda International Holdings		654,400		612
Yanzhou Coal Mining, Cl H		532,000		1,936
Zhejiang Expressway, Cl H		899,922		819
Zhuzhou CSR Times Electric, Cl H		1,017,138		3,858
Zijin Mining Group, Cl H		1,942,100		1,548
				105,042
Colombia — 0.5%
BanColombia ADR		44,914		2,814
Ecopetrol ADR (A)		30,200		1,259
Grupo de Inversiones Suramericana		43,478		864
				4,937
Cyprus — 0.4%
Eurasia Drilling GDR		127,863		4,347
				4,347
Czech Republic — 0.2%
Komercni Banka		2,763		698
Telefonica O2 Czech Republic		65,052		1,522
				2,220
Egypt — 0.3%
Commercial International Bank		223,776		1,226
Egyptian Financial Group-Hermes Holding		326,578		1,200
Talaat Moustafa Group*		180,289		137
				2,563
Hong Kong — 5.7%
AIA Group*		473,397		1,458
Chaoda Modern Agriculture		2,216,107		1,376
China High Precision Automation Group		1,824,433		1,321
China Mobile ADR		19,700		911
China Mobile		1,254,499		11,556
China Pharmaceutical Group		1,316,000		780
China Power International Development		4,608,200		983
China Resources Power Holdings		618,000		1,190
China State Construction International Holdings		2,977,820		2,718
China Unicom		1,726,812		2,868
CNOOC		2,360,238		5,947
Comba Telecom Systems Holdings		850,500		996
Cosco International Holdings		344,729		222
Digital China Holdings		1,098,100		2,070
Geely Automobile Holdings		4,496,896		1,671
Global Bio-Chemical Technology Group		6,789,300		1,108
GOME Electrical Appliances Holdings (A)(B)		10,480,976		3,692

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 2

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund

March 31, 2011

Description	Shares		Market Value ($ Thousands)
Guangzhou Automobile Group, Cl H		1,096,415	$	1,332
GZI Real Estate Investment Trust (C)		345,065		180
GZI Transportation		244,000		138
Huabao International Holdings		2,288,707		3,519
Kingboard Laminates Holdings		95,500		80
Man Wah Holdings		718,800		931
NWS Holdings		659,308		1,009
Shanghai Industrial Holdings		161,000		617
Shenzhen Investment		1,148,000		382
Sinofert Holdings		984,000		424
Sinolink Worldwide Holdings		1,610,532		193
Sinotruk Hong Kong		186,000		159
SJM Holdings		595,000		1,042
TPV Technology		1,343,890		809
Vinda International Holdings (A)		1,001,000		986
Xinyi Glass Holdings		2,016,100		2,094
				54,762
Hungary — 0.3%
Egis Gyogyszergyar		1,778		189
Magyar Telekom		33,134		104
MOL Hungarian Oil and Gas		15,539		1,991
Richter Gedeon		1,544		322
				2,606
India — 6.5%
Allahabad Bank		176,490		909
Andhra Bank		273,765		925
Apollo Tyres		32,544		51
Bajaj Holdings and Investment		8,485		151
Ballarpur Industries		1,160,200		944
Bank		14,494		207
Bank of Baroda		148,860		3,221
Bank of India		159,077		1,696
BEML		30,740		470
Bharti Airtel		84,690		679
Cadila Healthcare		55,000		974
Cairn India*		435,714		3,429
Canara Bank		84,826		1,191
DEN Networks*		227,501		434
Eicher Motors		50,422		1,520
Escorts		134,300		427
Ess Dee Aluminium		48,408		456
Exide Industries		360,910		1,161
Glenmark Pharmaceuticals		126,880		807
Grasim Industries		5,165		285
Gujarat State Petronet		345,200		766
HCL Technologies		93,616		1,003
HDFC Bank ADR		11,100		1,886
Hindalco Industries		241,704		1,134
Hindustan Petroleum		102,190		817
ICICI Bank ADR		61,454		3,062
India Cements		1,247,223		2,674
Indiabulls Financial Services		60,176		209
Indian Bank		128,703		672
Indian Overseas Bank		212,872		686
Industrial Development Bank of India		254,362		812
Jet Airways India		5,387		54
Jubilant Life Sciences		195,150		722

Description	Shares		Market Value ($ Thousands)
Mahanagar Telephone Nigam*		507,220	$	516
Mahindra & Mahindra GDR		46,000		722
Nagarjuna Construction		496,325		1,122
NMDC		165,040		1,053
Oil & Natural Gas		205,693		1,344
Oriental Bank of Commerce		109,745		957
Patni Computer Systems		93,602		1,001
Power Finance		235,980		1,323
Punjab National Bank		36,420		990
Reliance Industries		144,500		3,399
Reliance Infrastructure		78,008		1,207
Rolta India		297,150		924
Rural Electrification		111,763		636
Sesa GOA * (D)		135,200		883
State Bank of India		45,240		2,805
State Bank of India GDR (E)		15,860		1,967
Steel Authority of India		184,050		700
Sterlite Industries India		9,850		38
Sterlite Industries India ADR		59,130		913
Sun TV Network		94,429		951
Syndicate Bank		192,117		529
Tata Chemicals		88,672		680
Tata Motors		36,171		1,013
Triveni Engineering & Industries		142,252		307
Ultratech Cement		3,611		92
Union Bank of India		23,238		181
United Phosphorus		232,450		779
Vijaya Bank		208,600		372
Welspun		238,147		1,108
				62,946
Indonesia — 2.8%
Aneka Tambang		349,000		92
Astra Agro Lestari		34,500		90
Astra International		675,404		4,421
Bank Mandiri		620,958		485
Bank Negara Indonesia Persero		4,476,593		2,044
Bank Rakyat Indonesia		7,137,752		4,713
Charoen Pokphand Indonesia		945,000		220
Global Mediacom (B)		14,598,388		1,408
Gudang Garam		195,157		938
Harum Energy*		999,000		1,027
Indika Energy		162,405		74
Indo Tambangraya Megah		97,000		515
Indofood CBP Sukses Makmur TBK*		1,531,698		932
Indosat		1,177,500		717
Kalbe Farma		5,264,554		2,056
Medco Energi Internasional		2,866,000		946
Perusahaan Gas Negara		3,133,448		1,403
Semen Gresik Persero		277,592		290
Tambang Batubara Bukit Asam		563,400		1,359
Telekomunikasi Indonesia		2,680,924		2,263
United Tractors		247,402		616
				26,609
Israel — 0.2%
Israel Chemicals		104,890		1,730
Teva Pharmaceutical Industries ADR		8,560		430
				2,160

3 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Shares		Market Value ($ Thousands)
Kazakhstan — 0.8%
Halyk Savings Bank of Kazakhstan JSC GDR*		370,617	$	3,732
KazMunaiGas Exploration Production GDR		120,832		2,719
Zhaikmunai GDR*		142,002		1,754
				8,205
Malaysia — 2.1%
Affin Holdings		96,100		111
AMMB Holdings		29,200		63
Axiata Group*		2,195,194		3,472
Boustead Holdings		66,800		129
British American Tobacco Malaysia		4,700		75
Dialog Group		221,900		170
DRB-Hicom		166,600		126
Gamuda		818,983		1,044
Genting		671,746		2,449
Genting Malaysia		1,695,040		2,059
Hong Leong Bank		237,043		771
Hong Leong Financial Group		70,500		209
IOI		112,515		214
KLCC Property Holdings		106,600		118
Kuala Lumpur Kepong		134,700		943
Kulim Malaysia		102,000		112
Lafarge Malayan Cement		120,300		294
Malayan Banking		1,019,244		3,015
Malaysian Bulk Carriers		163,740		150
Multi-Purpose Holdings		172,600		153
RHB Capital		303,200		859
SapuraCrest Petroleum		96,300		119
TAN Chong Motor Holdings		49,100		79
Tenaga Nasional		839,458		1,732
Top Glove		1,042,167		1,851
WCT Berhad		125,500		126
				20,443
Mexico — 3.5%
Alfa, Cl A		168,415		2,178
America Movil ADR, Ser L		23,715		1,378
America Movil, Ser L		1,839,605		5,344
Bolsa Mexicana de Valores		489,711		1,030
Coca-Cola Femsa ADR		157		12
Consorcio ARA		869,100		534
Desarrolladora Homex ADR*		42,180		1,149
Embotelladoras Arca		53,674		311
Fomento Economico Mexicano ADR (A)		44,113		2,589
Genomma Lab Internacional, Cl B*		1,709,445		3,862
GEO*		308,730		865
Gruma, Cl B*		13,239		28
Grupo Bimbo, Ser A		106,463		902
Grupo Carso, Ser A1		49,870		166
Grupo Continental (B)		217,951		746
Grupo Financiero Banorte, Cl O		1,241,437		5,838
Grupo Mexico, Ser B		155,800		584
Grupo Televisa*		353,180		1,736
Grupo Televisa ADR*		36,308		891
Industrias, Cl B*		31,000		127

Description	Shares		Market Value ($ Thousands)
Inmuebles Carso*		49,870	$	54
Minera Frisco*		49,870		218
OHL Mexico*		752,108		1,376
Organizacion Soriana, Cl B		51,304		183
Telefonos de Mexico ADR, Ser L		7,200		131
Urbi Desarrollos Urbanos*		656,283		1,524
				33,756
Netherlands — 0.2%
VimpelCom ADR		134,500		1,899
Nigeria — 0.1%
Guaranty Trust Bank		9,190,293		1,183
Peru — 0.1%
Banco Continental		71,331		178
Intergroup Financial*		8,301		240
Sociedad Minera Cerro Verde SAA		7,347		333
				751
Philippines — 0.7%
Bank of the Philippine Islands		507,374		669
Energy Development		8,006,228		1,109
International Container Terminal Services		2,084,404		2,003
SM Investments		214,664		2,567
Universal Robina		15,400		12
				6,360
Poland — 1.0%
Asseco Poland		90,538		1,719
Bank Handlowy w Warszawie		26,920		958
Bank Pekao		8,190		491
Grupa Lotos*		44,604		694
KGHM Polska Miedz		29,462		1,870
Polski Koncern Naftowy Orlen		158,804		2,944
Telekomunikacja Polska		192,380		1,192
Warsaw Stock Exchange*		11,032		189
				10,057
Russia — 7.2%
Alliance Oil*		142,142		2,708
Gazprom Neft JSC ADR		7,896		208
Globaltrans Investment GDR		246,959		4,541
LSR Group GDR		145,128		1,390
Lukoil ADR		137,162		9,794
Magnit GDR		105,612		3,201
Magnitogorsk Iron & Steel Works GDR		179,898		2,632
Mechel ADR		27,333		370
MMC Norilsk Nickel ADR		99,485		2,630
Mobile Telesystems ADR		167,606		3,558
NovaTek OAO GDR		6,998		973
OAO Gazprom ADR		390,653		12,646
Pharmstandard GDR*		54,852		1,533
Rosneft Oil GDR		347,206		3,174
Sberbank GDR		12,857		5,382
Sberbank of Russia GDR		942		391
Severstal GDR		76,129		1,493
Surgutneftegas ADR		65,565		709

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 4

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund

March 31, 2011

Description	Shares		Market Value ($ Thousands)
Surgutneftegaz ADR		5,770	$	63
Tatneft ADR		26,146		1,155
TMK OAO GDR		145,723		3,073
Uralkali GDR		61,242		2,540
VTB Bank GDR		606,985		4,249
X5 Retail Group GDR*		39,105		1,648
				70,061
Singapore — 0.2%
China Yuchai International*		21,540		632
Yangzijiang Shipbuilding Holdings		996,801		1,431
				2,063
South Africa — 7.0%
ABSA Group		110,697		2,235
Adcock Ingram Holdings		14,590		120
African Bank Investments		278,388		1,559
Anglo Platinum		25,380		2,617
ArcelorMittal South Africa		42,247		562
Aspen Pharmacare Holdings		79,204		926
Aveng		107,438		567
AVI		20,784		92
Barloworld		184,450		2,038
Clicks Group		436,550		2,749
Emira Property Fund (C)		35,573		68
Exxaro Resources		210,881		5,162
FirstRand		155,376		462
Fountainhead Property Trust		141,681		130
Grindrod		35,796		79
Harmony Gold Mining		139,909		2,055
Impala Platinum Holdings		158,669		4,595
Imperial Holdings		82,151		1,388
Investec		112,460		878
JD Group		164,470		1,178
Kumba Iron Ore		11,701		827
Liberty Holdings		20,133		212
Life Healthcare Group Holdings		91,580		215
MMI Holdings		363,970		897
Mondi		231,354		2,269
Mr Price Group		181,847		1,648
MTN Group		579,082		11,700
Murray & Roberts Holdings		336,360		1,321
Naspers, Cl N		48,366		2,604
Nedbank Group		82,530		1,728
Netcare		209,562		450
Pangbourne Properties		35,533		96
Redefine Properties		393,307		436
Remgro		25,364		418
Sanlam		341,622		1,395
Sappi		149,957		795
Sasol		27,488		1,592
Shoprite Holdings		109,697		1,684
Standard Bank Group		467,259		7,189
Telkom		150,950		826
Wilson Bayly Holmes-Ovcon		6,076		97
Woolworths Holdings		64,775		268
				68,127
South Korea — 12.8%
BS Financial Group*		184,388		2,673
Cheil Jedang		15,285		2,024
CrucialTec*		36,830		829

Description	Shares		Market Value ($ Thousands)
Daelim Industrial		10,501	$	1,024
Daewoo Shipbuilding & Marine Engineering		56,798		1,763
Daishin Securities		23,278		313
Daum Communications		18,849		1,684
Dongbu Insurance*		43,913		2,006
Dongkuk Steel Mill		21,053		758
Grand Korea Leisure		86,020		1,298
GS Home Shopping		9,700		1,206
Halla Climate Control		31,910		609
Hana Financial Group		21,390		925
Hanwha Chemical		76,090		3,003
Hite Brewery		9,185		908
Honam Petrochemical		7,470		2,639
Hyundai Development		32,180		934
Hyundai Marine & Fire Insurance*		9,800		273
Hyundai Mobis		21,527		6,427
Hyundai Motor		23,764		4,398
Industrial Bank of Korea		58,450		1,007
Jinro		15,640		512
Kangwon Land		54,230		1,258
KB Financial Group		89,060		4,668
Korea Electric Power		40,190		986
Korea Exchange Bank		317,040		2,795
Korea Investment Holdings*		13,730		524
Korean Reinsurance*		79,454		927
KP Chemical		42,300		1,043
KT		570		20
KT ADR (A)		121,955		2,382
KT&G		29,914		1,557
LG		20,956		1,563
LG Chemical		4,900		2,055
LG Electronics		25,887		2,478
LG International		16,224		626
LG Philips LCD		38,928		1,221
Lock & Lock		20,040		699
Lotte Shopping		2,446		1,001
MegaStudy		6,064		934
Melfas		51,262		2,101
Neowiz Games		17,205		789
Nong Shim		7,217		1,599
POSCO		5,858		2,697
POSCO ADR (A)		11,642		1,331
Samsung Electronics		33,701		28,633
Samsung Engineering		15,708		2,993
Samsung Fire & Marine Insurance		4,193		927
Samsung Heavy Industries		26,900		978
Shinhan Financial Group		115,626		5,254
Shinsegae		13,190		3,138
SK Chemicals		9,252		541
SK Energy		6,900		1,327
SK Telecom		4,204		627
SK Telecom ADR (A)		82,400		1,550
STX Offshore & Shipbuilding		1,170		26
Taewoong		17,513		827
Tong Yang Life Insurance*		94,030		1,106
Woongjin Coway		53,300		1,839
Yuhan		10,359		1,398
				123,631

5 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Shares		Market Value ($ Thousands)
Taiwan — 8.7%
Advantech*		185,000	$	573
Asia Cement		527,860		593
Asustek Computer		200,148		1,732
AU Optronics ADR (A)		178,500		1,567
AU Optronics		267,000		233
Catcher Technology		289,000		1,430
Cathay Financial Holding		672,324		1,110
Chinatrust Financial Holding		2,451,906		2,085
Chunghwa Telecom		438,056		1,365
Delta Electronics		439,000		1,739
Eternal Chemical		110,000		130
Evergreen Marine Taiwan		585,000		486
Far Eastern New Century		953,937		1,474
Farglory Land Development		327,000		697
First Financial Holding		453,296		388
Formosa Chemicals & Fibre		239,000		906
Formosa Taffeta		88,000		88
Fubon Financial Holding		524,000		696
High Tech Computer		211,633		8,276
Hon Hai Precision Industry		1,052,942		3,688
Huaku Development		204,000		572
Hung Poo Real Estate Development		542,515		643
KGI Securities		2,084,000		999
Largan Precision		14,754		399
Lite-On Technology		701,388		863
MediaTek		133,030		1,529
Nan Ya Printed Circuit Board		418,067		1,247
Novatek Microelectronics		190,000		560
Pou Chen		962,000		888
Powertech Technology		190,000		595
President Chain Store		395,000		1,753
Prime View International		1,474,348		2,384
Quanta Computer		713,000		1,346
Radiant Opto-Electronics		92,000		221
Radium Life Tech		94,520		107
Siliconware Precision Industries		328,000		410
Silitech Technology		148,070		374
Simplo Technology		292,426		1,830
SinoPac Financial Holdings		3,578,230		1,612
Soft-World International		121,420		469
Synnex Technology International		1,091,783		2,547
Taishin Financial Holding		2,622,000		1,485
Taiwan Fertilizer		393,254		1,157
Taiwan Hon Chuan Enterprise		272,000		683
Taiwan Semiconductor Manufacturing ADR (A)		112,822		1,374
Taiwan Semiconductor Manufacturing		3,831,614		9,199
Tatung*		1,459,428		335
Teco Electric and Machinery		551,000		386
Transcend Information		389,640		1,065
Tripod Technology		741,354		3,265
TSRC		173,000		444
TXC		789,632		1,466
U-Ming Marine Transport		346,000		737
Unimicron Technology		383,000		651
United Microelectronics		4,528,312		2,356
UPC Technology		58,000		43
Wintek		478,000		847

Description	Shares		Market Value ($ Thousands)
Wistron		1,652,737	$	2,619
Wistron NeWeb		144,000		479
WPG Holdings		698,911		1,177
Yageo		663,000		324
Young Fast Optoelectronics		144,000		1,058
Yuanta Financial Holding		3,123,115		2,246
				84,000
Thailand — 1.7%
Bangkok Bank		844,330		4,807
Bangkok Life Assurance		619,100		727
Banpu		37,061		934
BEC World		562,000		627
Bumrungrad Hospital		683,654		859
CalComp Electronics Thailand		434,000		64
Charoen Pokphand Foods		1,388,400		1,182
CP ALL		388,400		514
CP Seven Eleven PCL		395,600		523
Kasikornbank		390,289		1,670
Krung Thai Bank		600,000		365
PTT Exploration & Production		307,239		1,828
Thai Union Frozen Products		94,000		143
Thanachart Capital		1,621,554		1,743
				15,986
Turkey — 2.5%
Arcelik		67,396		312
Asya Katilim Bankasi		489,100		954
Bizim Toptan Satis Magazalari*		57,515		1,173
Cimsa Cimento Sanayi VE Tica		147,968		973
Emlak Konut Gayrimenkul Yatirim Ortakligi (C)		773,097		1,332
Ford Otomotiv Sanayi		195,619		1,869
Gubre Fabrikalari*		55,990		562
KOC Holding		99,707		464
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.		91,063		146
Sinpas Gayrimenkul Yatirim Ortakligi * (C)		682,654		911
Tofas Turk Otomobil Fabrikasi		412,027		2,327
Turk Ekonomi Bankasi		790,738		1,101
Turk Traktor ve Ziraat Makineleri		49,414		1,066
Turkcell Iletisim Hizmet ADR		8,260		124
Turkcell Iletisim Hizmet		109,960		651
Turkiye Garanti Bankasi		581,429		2,719
Turkiye Halk Bankasi		125,693		973
Turkiye Is Bankasi, Cl C		971,004		3,107
Turkiye Sinai Kalkinma Bankasi		964,013		1,686
Turkiye Sise ve Cam Fabrikalari*		603,963		1,361
Ulker Biskuvi Sanayi		66,352		241
				24,052
United Kingdom — 1.1%
Afren*		909,659		2,375
African Barrick Gold		194,720		1,690
Antofagasta		118,648		2,588
BG Group		60,000		1,492
JKX Oil & Gas		93,240		471
Tullow Oil		91,808		2,131
				10,747

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 6

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund

March 31, 2011

Description	Shares		Market Value ($ Thousands)
United States — 0.4%
Millicom International Cellular		24,714	$	2,377
NII Holdings*		31,208		1,300
				3,677
Total Common Stock (Cost $718,413) ($ Thousands)				871,886
PREFERRED STOCK — 4.8%
Brazil — 4.8%
Banco do Estado do Rio Grande do Sul		216,651		2,713
Bradespar		42,779		1,125
Brasil Telecom		108,782		975
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Cl Preference		8,428		347
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR (A)		33,758		1,415
Cia de Bebidas das Americas ADR		119,285		3,377
Cia de Tecidos do Norte de Minas - Coteminas		147,032		436
Cia Energetica de Minas Gerais		133,527		2,551
Confab Industrial		64,336		174
Eletropaulo Metropolitana Eletricidade de Sao Paulo		51,541		1,145
Gerdau		16,500		205
Itau Unibanco Holding		32,364		771
Itau Unibanco Holding ADR (A)		109,832		2,641
Klabin		269,019		1,077
Marcopolo		317,400		1,327
Metalurgica Gerdau, Cl A		75,716		1,132
Petroleo Brasileiro, Cl Preference		185,142		3,238
Petroleo Brasileiro Sponsored ADR, Cl A (A)		204,725		7,276
Randon Participacoes		507,900		3,481
Suzano Papel e Celulose		113,540		1,064
Telecomunicacoes de Sao Paulo		28,966		696
Telemar Norte Leste		5,271		179
Tim Participacoes		277,357		1,194
Vale, Cl A		78,331		2,284
Vale ADR, Cl B (A)		191,835		5,663
Total Preferred Stock (Cost $35,723) ($ Thousands)				46,486
EXCHANGE TRADED FUNDS — 3.0%
United States — 3.0%
iShares MSCI Emerging Markets Index Fund		582,659		28,370
Vanguard Emerging Markets ETF		13,520		661
Total Exchange Traded Funds (Cost $28,177) ($ Thousands)				29,031

Description	Shares		Market Value ($ Thousands)
DEBENTURE BOND — 0.0%
Brazil — 0.0%
Vale, Ser 1997
0.000%, 09/30/49 (F)		8	$	—
Total Debenture Bond (Cost $0) ($ Thousands)				—
CASH EQUIVALENT — 0.4%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.080%**†		3,387,907		3,388
Total Cash Equivalent (Cost $3,388) ($ Thousands)				3,388
AFFILIATED PARTNERSHIP — 4.6%
United States — 4.6%
SEI Liquidity Fund, L.P. 0.200%**†(G)		45,671,397		44,707
Total Affiliated Partnership (Cost $45,672) ($ Thousands)				44,707
Total Investments — 103.1% (Cost $831,373) ($ Thousands)			$	995,498

Percentages are based on a Net Assets of $965,688
($ Thousands).

* Non-income producing security

** Rate shown is the 7-day effective yield as of March 31, 2011.

† Affiliated security.

(A) This security or a partial position of this security is on loan at March 31, 2011. The total market value of securities on loan at March 31, 2011 was $33,243 ($ Thousands) (See Note 9).

(B) Securities considered illiquid. The total market value of such securities as of March 31, 2011 was $5,846 ($ Thousands) and represented 0.6% of Net Assets.

(C) Real Estate Investments Trust.

(D) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(E) 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.

(F) Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2011.

(G) This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of March 31, 2011 was $44,707 ($ Thousands).

ADR — American Depositary Receipt

BDR — Brazilian Depositary Receipt

Cl — Class

EURIBOR — Euro London Interbank Offered Rate

GDR — Global Depositary Receipt

LIBOR — London Interbank Offered Rate

L.P. — Limited Partnership

Ser — Series

USD — U.S. Dollar

7 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	871,886	$	—	$	—	$	871,886
Preferred Stock		46,486		—		—		46,486
Exchange Traded Funds		29,031		—		—		29,031
Debenture Bond		—		—		—		—
Affiliated Partnership		—		44,707		—		44,707
Cash Equivalent		3,388		—		—		3,388
Total Investments in Securities	$	950,791	$	44,707	$	—	$	995,498

For the six month period ended March 31, 2011, there were no transfers between Level 1 and into Level 2 assets and liabilities.

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, 2011 8

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund

March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS — 87.5%
Australia — 1.5%
Australia Government Bond
4.000%, 08/20/20		200	$	339
Commonwealth Bank of Australia MTN
3.750%, 10/15/14 (A)	USD	425		441
Fairfax Med
5.250%, 06/15/12		250		365
Government of Australia, Ser 25CI
3.137%, 09/20/25		640		719
Macquarie Bank MTN
5.500%, 09/19/16 (B)	GBP	211		332
New South Wales Treasury
5.250%, 05/01/13		980		1,017
Queensland Treasury
6.000%, 09/14/17		1,630		1,716
Suncorp-Metway MTN
4.000%, 01/16/14	GBP	550		920
Westpac Banking MTN
4.250%, 09/22/16	EUR	350		501
WT Finance
3.625%, 06/27/12	EUR	450		642
				6,992
Austria — 0.2%
Oesterreichische Kontrollbank MTN
3.625%, 12/10/13		465		676
Republic of Austria MTN
3.900%, 07/15/20		75		108
Republic of Austria, Ser 97-6
6.250%, 07/15/27		225		400
				1,184
Belgium — 0.6%
Anheuser-Busch InBev
8.625%, 01/30/17		200		351
5.375%, 01/15/20		450		483
Dexia Funding
4.892%, 11/30/49 (B)		200		184
Fortis Bank
4.625%, 10/24/49 (B)		400		506
Kingdom of Belgium, Ser 48
4.000%, 03/28/22		1,025		1,418
				2,942
Brazil — 0.3%
Banco do Brasil MTN
4.500%, 01/20/16		150		211
Centrais Eletricas Brasileiras
6.875%, 07/30/19	USD	150		168
Federal Republic of Brazil
10.250%, 01/10/28		370		228
4.875%, 01/22/21	USD	115		117
Petrobras International Finance
5.750%, 01/20/20	USD	650		670
				1,394

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Canada — 4.3%
Bank of Montreal
2.625%, 01/25/16 (A)		250	$	249
Bell Canada MTN
5.000%, 02/15/17		270		290
CDP Financial
4.400%, 11/25/19 (A)	USD	850		858
Export Development Canada MTN
2.375%, 03/19/12	USD	800		815
Government of Canada
5.750%, 06/01/33		1,300		1,733
5.000%, 06/01/14		3,600		4,013
5.000%, 06/01/37		1,300		1,606
4.500%, 06/01/15		2,075		2,299
3.750%, 06/01/12		1,510		1,593
3.500%, 06/01/20		1,475		1,533
3.250%, 06/01/21		2,000		2,022
2.000%, 12/01/14		1,500		1,520
Nexen
6.200%, 07/30/19		275		304
Province of Quebec Canada
4.250%, 02/27/13	EUR	450		658
Royal Bank of Canada MTN
4.625%, 01/22/18	EUR	252		377
Toronto-Dominion Bank
2.200%, 07/29/15 (A)	USD	540		534
Xstrata Finance Canada MTN
5.250%, 06/13/17		150		223
YPG Holdings MTN
5.250%, 02/15/16		179		180
				20,807
Chile — 0.1%
Nacional del Cobre de Chile
6.150%, 10/24/36 (A)	USD	640		702
Colombia — 0.1%
Ecopetrol
7.625%, 07/23/19 (A)	USD	237		273
Republic of Colombia
7.750%, 04/14/21		707,000		408
				681
Czech Republic — 0.1%
Government of Czech Republic, Ser 51
4.000%, 04/11/17		5,450		323
Denmark — 0.9%
Danske Bank MTN
4.875%, 06/11/13	EUR	150		223
4.125%, 11/26/19	EUR	290		414
FIH Erhvervsbank
2.000%, 06/12/13 (A)	USD	625		635
Kingdom of Denmark
4.500%, 11/15/39		1,300		278
4.000%, 11/15/19		4,425		878
4.000%, 11/15/12		5,416		1,073
3.125%, 03/17/14	EUR	500		724

1 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
TDC MTN
4.375%, 02/23/18		200	$	283
				4,508
Finland — 0.2%
Government of Finland
4.375%, 07/04/19		225		339
3.875%, 09/15/17		350		516
				855
France — 9.4%
Alstom
3.625%, 10/05/18		400		529
Arkema
4.000%, 10/25/17		200		274
AXA MTN
5.250%, 04/16/40 (B)		600		768
4.500%, 01/23/15		100		146
Banque PSA Finance MTN
3.875%, 01/14/15		200		280
BNP Paribas
5.019%, 04/29/49 (B)		1,150		1,469
BPCE MTN
6.117%, 10/29/49 (B)		100		126
Caisse d’Amortissement de la Dette Sociale MTN
4.500%, 09/04/13		2,600		3,877
Caisse Refinancement de l’Habitat
4.250%, 10/25/14		332		488
Cie de Financement Foncier
4.625%, 09/23/17		515		757
4.500%, 01/09/13		290		426
2.500%, 09/16/15 (A)		800		775
Cie de Saint-Gobain MTN
6.000%, 05/20/13		50		75
Compagnie De St Gobain MTN
1.247%, 04/11/12 (B)		350		493
Credit Agricole
7.875%, 10/29/49 (B)		150		220
Credit Agricole Covered Bonds MTN
3.500%, 07/21/14		200		287
Credit Logement
4.604%, 03/29/49 (B)(C)		350		412
1.479%, 12/15/49 (B)(C)		150		177
Dexia Credit Local
2.375%, 09/23/11 (A)		500		504
EDF
6.500%, 01/26/19 (A)		250		287
4.000%, 11/12/25		150		194
Government of France
5.000%, 10/25/16		910		1,418
4.750%, 04/25/35		2,135		3,284
4.500%, 04/25/41		950		1,414
3.750%, 04/25/21		2,300		3,266
3.500%, 04/25/20		1,165		1,636
3.000%, 10/25/15		4,350		6,218
2.500%, 10/25/20		5,200		6,663
HSBC France MTN
4.875%, 01/15/14		250		370

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Lafarge
8.750%, 05/30/17	GBP	250	$	470
6.150%, 07/15/11		475		482
Legrand
4.375%, 03/21/18		400		565
RCI Banque MTN
4.375%, 01/27/15		170		242
Safran
4.000%, 11/26/14		250		353
Societe Financement del’Economie Francaise
3.375%, 05/05/14 (A)		905		950
2.125%, 01/30/12 (A)		2,430		2,463
Societe Generale
8.875%, 06/29/49 (B)		200		328
7.756%, 05/22/13 (B)		300		430
1.273%, 06/07/17 (B)		200		270
0.499%, 10/20/16 (B)		150		146
Societe Generale Societe de Credit Fonciere MTN
4.000%, 07/07/16		650		941
Vivendi MTN
7.750%, 01/23/14		250		396
				44,869
Germany — 12.3%
Allianz Finance II
6.125%, 05/31/22 (B)		1,000		1,450
Bayerische Landesbank MTN
4.500%, 02/07/19 (B)		350		413
2.750%, 01/23/12		750		1,073
Bundesobligation, Ser 159
2.000%, 02/26/16		235		323
Bundesrepublik Deutschland
3.000%, 07/04/20		2,075		2,869
2.500%, 01/04/21		1,412		1,863
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/31		100		173
Bundesrepublik Deutschland, Ser 02
5.000%, 01/04/12		25		36
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/34		800		1,280
3.750%, 07/04/13		785		1,160
Bundesrepublik Deutschland, Ser 04
3.750%, 01/04/15		3,025		4,508
Bundesrepublik Deutschland, Ser 05
3.500%, 01/04/16		3,850		5,675
Bundesrepublik Deutschland, Ser 06
3.750%, 01/04/17		2,030		3,017
Bundesrepublik Deutschland, Ser 07
4.250%, 07/04/39		100		152
Bundesrepublik Deutschland, Ser 08
4.750%, 07/04/40		1,305		2,147
4.250%, 07/04/18		125		191

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 2

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund

March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Bundesrepublik Deutschland, Ser 09
3.250%, 01/04/20		430	$	609
Bundesschatzanweisungen
1.500%, 06/10/11		5,750		8,171
1.000%, 12/14/12		7,950		11,153
Commerzbank
2.750%, 01/13/12		325		465
Conti-Gummi Finance
6.500%, 01/15/16		80		117
Daimler MTN
3.000%, 07/19/13		133		190
Deutsche Postbank MTN
3.750%, 02/12/14		800		1,169
Deutsche Telekom International
Finance MTN
6.500%, 04/08/22	GBP	190		334
Dexia Kommunalbank
Deutschland MTN
3.500%, 06/05/14		390		562
E.ON International Finance
5.800%, 04/30/18 (A) USD		650		723
HSH Nordbank MTN
2.750%, 01/20/12		1,075		1,539
K+S
5.000%, 09/24/14		350		524
Kreditanstalt fuer Wiederaufbau
5.375%, 01/29/14	GBP	450		781
4.375%, 10/11/13		1,050		1,562
3.875%, 01/21/19		1,075		1,554
3.375%, 08/30/17	CHF	370		445
Landesbank Berlin MTN
5.875%, 11/25/19		300		412
Linde Finance
7.375%, 07/14/66 (B)		300		468
Munich
7.625%, 06/21/28		285		506
RWE Finance MTN
5.000%, 02/10/15		500		750
Siemens Financieringsmat MTN
5.125%, 02/20/17		250		381
Volkswagen MTN
5.625%, 02/09/12		150		219
				58,964
Hong Kong — 0.1%
Hutchison Whampoa International
7.625%, 04/09/19		255		305
Hungary — 0.1%
Republic of Hungary
6.375%, 03/29/21		650		651
Ireland — 0.6%
Ardagh Glass Finance
7.125%, 06/15/17		125		171
Ardagh Glass Group
10.750%, 03/01/15		306		443

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Bank of Ireland MTN
4.625%, 04/08/13		400	$	468
CRH Finance MTN
7.375%, 05/28/14		280		437
Freshwater Finance for LCH
Clearnet
6.576%, 05/18/17 (B)		150		166
Iberdrola Finance Ireland
5.000%, 09/11/19 (A)		240		234
UT2 Funding
5.321%, 06/30/16 (C)		390		523
WPP MTN
6.625%, 05/12/16		225		355
				2,797
Italy — 5.0%
Enel Finance International
5.125%, 10/07/19 (A)	USD	150		151
3.875%, 10/07/14 (A)	USD	350		362
Fiat Industrial Finance
6.250%, 03/09/18		250		352
Intesa Sanpaolo MTN
6.375%, 11/12/17 (B) GBP		300		469
4.375%, 08/16/16		730		1,030
3.750%, 11/23/16		400		545
Italy Buoni Poliennali Del Tesoro
6.500%, 11/01/27		500		791
5.000%, 09/01/40		1,375		1,784
4.750%, 09/01/21		5,075		7,133
4.500%, 03/01/19		400		568
4.250%, 10/15/12		585		853
4.250%, 02/01/15		1,750		2,537
4.250%, 09/01/19		735		1,022
4.000%, 09/01/20		1,430		1,924
3.750%, 03/01/21		600		784
3.500%, 06/01/14		1,100		1,565
Pirelli & C SpA
5.125%, 02/22/16		500		713
Telecom Italia Capital
6.175%, 06/18/14	USD	300		322
UniCredit MTN
6.375%, 10/16/18 (B)		100		153
Unicredito Italiano MTN
4.500%, 09/22/19		400		547
Unione di Banche Italiane SCPA
MTN
4.500%, 02/22/16		200		281
				23,886
Japan — 18.2%
eAccess
8.250%, 04/01/18 (D)		116		118
Government of Japan 5 Year Bond, Ser 70
0.800%, 03/20/13		397,000		4,846
Government of Japan 5 Year Bond, Ser 79
0.700%, 12/20/13		51,300		626
Government of Japan 10 Year Bond, Ser 275
1.400%, 12/20/15		626,600		7,888

3 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Government of Japan 10 Year Bond, Ser 284
1.700%, 12/20/16		250,000	$	3,203
Government of Japan 10 Year Bond, Ser 286
1.800%, 06/20/17		96,450		1,244
Government of Japan 10 Year Bond, Ser 288
1.700%, 09/20/17		1,182,950		15,165
Government of Japan 10 Year Bond, Ser 298
1.300%, 12/20/18		565,250		7,018
Government of Japan 10 Year Bond, Ser 301
1.500%, 06/20/19		235,300		2,953
Government of Japan 10 Year Bond, Ser 308
1.300%, 06/20/20		1,109,650		13,575
Government of Japan 20 Year Bond, Ser 48
2.500%, 12/21/20		614,450		8,273
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/27		558,950		6,948
Government of Japan 20 Year Bond, Ser 109
1.900%, 03/20/29		39,000		465
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/29		770,000		9,466
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/38		103,250		1,307
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/39		145,200		1,801
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/40		117,000		1,357
ORIX
4.710%, 04/27/15	USD	326		331
SMFG Preferred Capital GBP 2
10.231%, 01/25/29 (B)		150		280
Sumitomo Mitsui Banking
4.000%, 11/09/20		150		190
				87,054
Malaysia — 0.2%
Malaysia Government Bond
5.734%, 07/30/19		900		333
Petronas Capital
5.250%, 08/12/19 (A)	USD	410		436
				769
Mexico — 0.6%
Mexican Bonos, Ser M10
7.750%, 12/14/17		7,275		631
Mexican Bonos, Ser MI10
9.500%, 12/18/14		16,335		1,502
9.000%, 12/20/12		10,000		888
				3,021

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Netherlands — 4.3%
ABN Amro Bank MTN
3.750%, 07/15/14		750	$	1,085
0.489%, 01/17/17 (B)	USD	950		836
Aegon
4.750%, 06/01/13	USD	250		263
Boats Investments MTN
11.000%, 03/31/17		346		476
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA MTN
4.125%, 01/12/21		230		317
Government of Netherlands
4.500%, 07/15/17		1,500		2,290
4.000%, 07/15/18		1,355		2,007
4.000%, 07/15/16		1,700		2,538
4.000%, 01/15/37		200		287
3.500%, 07/15/20		360		509
3.250%, 07/15/15		520		756
ING Bank MTN
4.750%, 05/27/19		800		1,187
3.000%, 09/30/14		125		176
0.488%, 05/23/16 (B)	USD	450		418
ING Groep MTN
4.750%, 05/31/17		500		716
ING Verzekeringen
6.250%, 06/21/21 (B)		1,310		1,799
Koninklijke KPN MTN
7.500%, 02/04/19		150		255
NIBC Bank MTN
3.500%, 04/07/14		650		942
OI European Group BV
6.875%, 03/31/17		150		218
Rabobank Nederland
5.875%, 05/20/19		300		451
4.125%, 04/04/12		1,250		1,815
4.125%, 07/14/25		375		493
UPCB Finance
7.625%, 01/15/20		250		365
Ziggo Bond
8.000%, 05/15/18		130		191
				20,390
New Zealand — 0.4%
Government of New Zealand
6.000%, 12/15/17		2,250		1,795
Norway — 0.6%
DnB Bank MTN
4.500%, 05/29/14	EUR	275		405
1.288%, 05/30/17 (B)	EUR	425		592
DnB Boligkreditt
2.750%, 04/20/15	EUR	625		872
Government of Norway
4.500%, 05/22/19		1,150		219
MPU Offshore Lift
11.285%, 12/22/11 (C)(E)		1,445		5
Sevan Drilling
7.670%, 12/07/12 (B)		2,000		374

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 4

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund

March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Yara International
7.875%, 06/11/19		410	$	496
				2,963
Poland — 0.3%
Republic of Poland
6.375%, 07/15/19	USD	130		145
4.000%, 03/23/21		950		1,238
				1,383
Portugal — 0.1%
EDP Finance
5.375%, 11/02/12 (A)	USD	425		434
Russia — 0.7%
Gazprom OAO Via Gaz Capital MTN
5.364%, 10/31/14		200		298
Gazprom MTN
9.625%, 03/01/13	USD	470		534
6.580%, 10/31/13	GBP	150		255
6.212%, 11/22/16 (A)	USD	230		252
Novatek Finance
5.326%, 02/03/16		230		237
RSHB Capital for Russian Agricultural Bank
7.750%, 05/29/18 (A)	USD	715		800
Steel Capital (Severstal)
9.750%, 07/29/13 (A)(C)	USD	285		322
TransCapit (Transneft) Registered
7.700%, 08/07/13	USD	539		604
Vimpel Communications Via VIP Finance Ireland
6.493%, 02/02/16 (A)		230		238
				3,540
Singapore — 0.9%
DBS Bank
0.504%, 05/16/17 (A)(B)	USD	525		517
Government of Singapore
4.000%, 09/01/18		2,320		2,084
3.500%, 03/01/27		650		545
Optus Finance Pty MTN
3.500%, 09/15/20	EUR	200		264
Singapore Treasury Bill
0.257%, 04/28/11 (F)		1,000		793
				4,203
South Africa — 0.6%
Foodcorp Registered
8.875%, 06/15/12	EUR	150		218
Republic of South Africa, Ser R203
8.250%, 09/15/17		17,330		2,537
				2,755

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Spain — 2.4%
Banco Bilbao Vizcaya Argentaria
4.250%, 03/30/15		800	$	1,130
4.125%, 01/13/14		300		429
Banco Santander
4.625%, 01/20/16		300		427
Fondo de Amortizacion del Deficit Electrico
5.000%, 06/17/15		300		429
Government of Spain
5.500%, 04/30/21		2,400		3,465
4.750%, 07/30/14		925		1,356
4.700%, 07/30/41		665		772
4.600%, 07/30/19		155		213
4.200%, 01/31/37		370		402
4.000%, 04/30/20		580		761
3.300%, 10/31/14		475		663
Instituto de Credito Oficial
2.375%, 03/04/13 (A)	USD	200		198
Santander Issuances, Ser 24
7.300%, 07/27/19 (B)	GBP	400		652
Telefonica Emisiones SAU MTN
4.750%, 02/07/17		100		143
4.375%, 02/02/16		375		534
				11,574
Supra-National — 1.2%
European Investment Bank MTN
3.500%, 04/15/16	EUR	1,975		2,851
European Union MTN
3.250%, 04/04/18		850		1,190
Inter-American Development Bank
9.750%, 05/15/15	GBP	750		1,519
				5,560
Sweden — 1.6%
Kingdom of Sweden, Ser 1041
6.750%, 05/05/14		11,435		2,022
Kingdom of Sweden, Ser 1049
4.500%, 08/12/15		5,050		849
Kingdom of Sweden, Ser 1052
4.250%, 03/12/19		2,000		338
Kommuninvest I Sverige MTN
2.750%, 08/12/15		5,300		812
Nordea Bank MTN
4.500%, 05/12/14	EUR	100		147
0.502%, 06/09/16 (B)	USD	500		497
Stadshypotek MTN
3.750%, 12/12/13	EUR	400		582
Svenska Handelsbanken MTN
3.625%, 02/16/16		400		561
1.209%, 10/19/17 (B)	EUR	800		1,111
Swedbank MTN
7.375%, 06/26/18 (B)	EUR	150		224
3.125%, 03/04/13	EUR	128		182
Volvo Treasury
5.950%, 04/01/15		145		159
				7,484

5 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Switzerland — 1.2%
Credit Suisse NY MTN
5.300%, 08/13/19		150	$	158
Credit Suisse MTN
6.125%, 05/16/14	EUR	350		535
4.750%, 08/05/19	EUR	400		576
2.875%, 09/24/15	EUR	220		302
Glencore Finance Europe MTN
7.125%, 04/23/15	EUR	300		469
5.250%, 03/22/17	EUR	300		431
Holcim US Finance Sarl & Cie SCS
6.000%, 12/30/19 (A)	USD	25		26
Novartis Finance MTN
4.250%, 06/15/16	EUR	375		552
Sunrise Communications International MTN
7.000%, 12/31/17 (A)		130		192
Switzerland Government Bond
2.000%, 04/28/21		820		900
UBS MTN
6.625%, 04/11/18	GBP	150		266
6.250%, 09/03/13	EUR	200		303
5.875%, 12/20/17	USD	575		628
5.625%, 05/19/14	EUR	200		302
				5,640
United Kingdom — 11.8%
3i Group MTN
5.625%, 03/17/17	EUR	150		211
1.228%, 06/08/12 (B)	EUR	350		486
Abbey National Treasury Services MTN
4.250%, 04/12/21	EUR	350		463
Anglian Water Services Financing, Ser A5 MTN
6.293%, 07/30/30		500		887
Aviva MTN
0.631%, 06/19/17 (B)	USD	475		447
BAA Funding Ltd MTN
4.125%, 10/12/16		200		277
Bank of Scotland MTN
4.750%, 06/08/22	EUR	650		899
Barclays Bank MTN
6.750%, 05/22/19	USD	225		254
6.750%, 01/16/23 (B)		350		572
5.125%, 01/08/20		150		153
5.000%, 09/22/16	USD	375		398
4.500%, 03/04/19 (B)	EUR	125		173
Barclays Bank, Ser E MTN
4.875%, 12/29/49 (B)	EUR	200		243
BAT International Finance MTN
7.250%, 03/12/24		250		459
5.375%, 06/29/17	EUR	425		645
Bishopsgate Asset Finance
4.808%, 08/14/44		200		255
British American Tobacco Holdings MTN
4.000%, 07/07/20		100		137

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
British Telecommunications
8.750%, 12/07/16		165	$	314
5.750%, 12/07/28		236		363
5.750%, 12/07/28		175		269
Daily Mail & General Trust
5.750%, 12/07/18		350		550
EDF Energy Networks EPN MTN
6.000%, 11/12/36		160		271
ENW Finance MTN
6.125%, 07/21/21		350		603
Experian Finance MTN
4.750%, 11/23/18		300		483
FCE Bank
5.125%, 11/16/15		250		391
First Hydro Finance
9.000%, 07/31/21		220		420
HSBC Bank
3.500%, 06/28/15 (A)	USD	120		122
HSBC Holdings MTN
9.875%, 04/08/18 (B)		80		142
6.500%, 05/20/24		250		436
0.503%, 10/06/16 (B)	USD	625		617
Imperial Tobacco Finance MTN
8.375%, 02/17/16	EUR	450		757
7.750%, 06/24/19		600		1,122
7.250%, 09/15/14	EUR	150		237
Intercontinental Hotels Group MTN
6.000%, 12/09/16		150		248
Legal & General Group MTN
4.000%, 06/08/25 (B)	EUR	200		265
Lloyds TSB Bank MTN
6.375%, 01/21/21		110		115
6.375%, 04/15/14		725		1,233
6.250%, 04/15/14	EUR	150		224
4.875%, 01/21/16		110		113
Marks & Spencer MTN
6.125%, 12/02/19		100		166
Motability Operations Group MTN
3.750%, 11/29/17		300		417
National Westminster Bank
6.500%, 09/07/21		220		326
Northern Rock
5.625%, 06/22/17 (A)	USD	1,750		1,775
Northumbrian Water Finance
6.000%, 10/11/17		500		876
Old Mutual MTN
7.125%, 10/19/16		250		434
4.500%, 01/18/17 (B)(C)	EUR	600		823
Rexam MTN
4.375%, 03/15/13	EUR	170		246
Rolls-Royce
6.750%, 04/30/19		100		183
Royal Bank of Scotland
6.934%, 04/09/18	EUR	300		417
6.125%, 01/11/21		310		319
5.750%, 05/21/14		350		520
5.750%, 05/21/14	EUR	250		372
Scottish & Southern Energy MTN
5.750%, 02/05/14		245		420
Severn Trent Utilities Finance
6.250%, 06/07/29		350		615

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 6

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund

March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Standard Chartered Bank MTN
6.400%, 09/26/17 (A)	USD	175	$	189
6.400%, 09/26/17	USD	250		270
5.875%, 09/26/17	EUR	250		367
Tesco
6.052%, 10/13/39		346		581
Thames Water Utilities Cayman Finance MTN
6.125%, 02/04/13	EUR	200		299
United Kingdom Gilt
4.500%, 03/07/13		600		1,019
3.750%, 09/07/20		2,500		4,027
United Kingdom Gilt Inflation Linked
2.500%, 08/16/13		500		2,266
United Kingdom Treasury
5.000%, 03/07/25		400		704
4.750%, 12/07/30		800		1,357
4.750%, 03/07/20		325		567
4.750%, 12/07/38		1,840		3,144
4.500%, 03/07/19		900		1,549
4.500%, 12/07/42		335		553
4.250%, 03/07/36		375		591
4.250%, 12/07/49		85		135
4.250%, 06/07/32		1,335		2,116
4.250%, 09/07/39		1,300		2,052
4.000%, 09/07/16		1,550		2,639
4.000%, 03/07/22		175		284
2.750%, 01/22/15		1,220		1,990
2.250%, 03/07/14		370		600
2.000%, 01/22/16		2,270		3,535
United Kingdom Treasury, Ser 2002-
5.000%, 09/07/14		240		422
Virgin Media Secured Finance
7.000%, 01/15/18		100		173
Wales & West Utilities Finance MTN
6.750%, 12/17/36 (B)		200		342
Western Power Distribution South West
5.750%, 03/23/40		200		318
Yorkshire Power Finance
7.250%, 08/04/28		208		388
Yorkshire Water Services Bradford Finance
6.375%, 08/19/39		100		181
				56,821
United States — 6.6%
AES
7.750%, 10/15/15		55		59
Altria Group
9.250%, 08/06/19		550		718
American Express Credit MTN
5.375%, 10/01/14	GBP	100		168
American Honda Finance
6.250%, 07/16/13		250		379
American International Group
8.175%, 05/15/58 (B)		365		393
6.250%, 03/15/37		100		92

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
AT&T
5.875%, 04/28/17	GBP	200	$	347
BA Covered Bond Issuer MTN
4.125%, 04/05/12	EUR	3,100		4,459
Bank of America MTN
5.750%, 12/01/17		100		105
5.650%, 05/01/18		350		366
4.750%, 05/06/19 (B)	EUR	250		334
Cablevision Systems, Ser B
8.000%, 04/15/12		235		246
Cellco Partnership
3.750%, 05/20/11		650		653
Citigroup
5.500%, 04/11/13		500		535
4.250%, 02/25/30 (B)	EUR	1,350		1,553
Comcast Cable Communications Holdings
9.455%, 11/15/22		340		460
Computer Sciences
5.500%, 03/15/13		305		324
Countrywide Financial MTN
5.800%, 06/07/12		507		533
Duke Energy
6.300%, 02/01/14		375		418
Ford Motor
7.450%, 07/16/31		160		173
Gatwick Funding MTN
6.500%, 03/02/41		200		318
GE Capital UK Funding MTN
4.125%, 09/28/17	GBP	110		174
General Electric Capital MTN
5.900%, 05/13/14		300		331
5.625%, 05/01/18		300		325
5.500%, 01/08/20		305		323
5.300%, 02/11/21		205		208
3.750%, 11/14/14		375		391
Genworth Financial
1.600%, 06/20/11	JPY	53,000		636
Goldman Sachs Group
6.375%, 05/02/18	EUR	400		610
6.250%, 02/01/41		225		224
1.383%, 02/04/13 (B)	EUR	450		632
Hartford Life Institutional Funding MTN
5.375%, 01/17/12	GBP	200		324
Hertz
8.875%, 01/01/14		81		83
HSBC Finance MTN
7.000%, 03/27/12	GBP	285		476
Ingersoll-Rand Global Holding
9.500%, 04/15/14		213		256
International Paper
7.950%, 06/15/18		260		313
JPMorgan Chase
4.400%, 07/22/20		100		97
1.372%, 10/12/15 (B)	EUR	350		466
JPMorgan Chase Bank
4.625%, 05/31/17 (B)	EUR	250		354
Key Bank MTN
1.254%, 02/09/12 (B)	EUR	570		783
1.203%, 11/21/11 (B)	EUR	50		70

7 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Kraft Foods
5.375%, 02/10/20		400	$	422
Merrill Lynch MTN
1.578%, 09/14/18 (B)	EUR	375		450
Metropolitan Life Global Funding I MTN
4.625%, 05/16/17	EUR	1,200		1,711
Morgan Stanley MTN
5.625%, 09/23/19		150		153
5.375%, 08/10/20	EUR	350		484
3.750%, 03/01/13	EUR	1,000		1,429
Nabors Industries
9.250%, 01/15/19		275		347
News America
6.900%, 03/01/19		300		350
Noble Holding International
4.900%, 08/01/20		25		25
Owens Corning
6.500%, 12/01/16		420		457
PNC Funding
5.125%, 02/08/20		300		316
Pregis
5.949%, 04/15/13		50		68
Qwest
7.625%, 06/15/15		260		299
Reynolds American
7.625%, 06/01/16		377		448
7.300%, 07/15/15		195		218
Ryder System
5.850%, 11/01/16		116		128
Tesoro
6.500%, 06/01/17		280		288
Toyota Motor Credit Corp
5.250%, 02/03/12		250		364
Tyco International Group
6.000%, 11/15/13		331		366
United Health Group
6.000%, 02/15/18		135		150
US Bank MTN
4.375%, 02/28/17 (B)	EUR	900		1,261
Weatherford International
9.625%, 03/01/19	USD	275		350
Wellpoint
5.875%, 06/15/17		40		45
Western Union
5.930%, 10/01/16		475		528
Williams Partners
5.250%, 03/15/20		298		311
WM Covered Bond Program MTN
3.875%, 09/27/11	EUR	250		357
Wyndham Worldwide
6.000%, 12/01/16		242		257
				31,291
Total Global Bonds (Cost $401,664) ($ Thousands)				418,537
MORTGAGE-BACKED SECURITIES — 3.8%
Non-Agency Mortgage-Backed Obligation — 3.8%
Arran Residential Mortgages Funding, Ser 2006-1X, Cl BC
1.135%, 04/12/56 (B)(C)	EUR	432		613

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Banc of America Commercial Mortgage, Ser 2007-5, Cl A4
5.492%, 02/10/51		1,200	$	1,260
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
5.431%, 09/25/34 (B)		282		279
Bear Stearns Commercial Mortgage, Ser 2004-PWR3, Cl A4
4.715%, 02/11/41		380		399
Bear Stearns Commercial Mortgage, Ser 2004-PWR6, Cl A6
4.825%, 11/11/41		575		607
Bear Stearns Commercial Mortgage, Ser 2006-PW11, Cl A4
5.623%, 03/11/39 (B)		600		652
Canary Wharf Finance, Ser II, Cl C2
1.327%, 10/22/37 (B)(C)		200		202
Citigroup Commercial Mortgage Trust, Ser 2007-C6, Cl A4
5.698%, 12/10/49 (B)		1,140		1,233
Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4
6.099%, 12/10/49 (B)		405		444
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4
5.110%, 05/25/35 (B)		1,263		1,204
Commercial Mortgage Asset Trust, Ser 1999-C1, Cl A3
6.640%, 01/17/32		46		46
Credit Suisse Mortgage Capital Certificates, Ser 2006-C5, Cl A3
5.311%, 12/15/39		1,215		1,276
DBUBS Mortgage Trust, Ser 2001- LC1A, Cl A3
5.002%, 01/01/21		226		234
Eddystone Finance, Ser 2006-1, Cl A
0.983%, 04/19/21		150		219
Eddystone Finance, Ser 2006-1, Cl B
1.153%, 04/19/21 (B)(C)		100		148
Gracechurch Mortgage Financing, Ser 2006-1, Cl C3
1.348%, 11/20/56 (B)(C)	EUR	350		490
Gracechurch Mortgage Financing, Ser 2007-1X, Cl 3A2
1.178%, 11/20/56 (B)		1,670		2,343
Granite Master Issuer, Ser 2005-1, Cl A5
1.063%, 12/20/54 (C)	EUR	265		356
Granite Master Issuer, Ser 2006-2, Cl A5
0.983%, 10/15/54 (B)(C)	EUR	523		702

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 8

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund

March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1
5.134%, 01/25/35 (B)		359	$	367
Holmes Master Issuer, Ser 2009- 1, Cl A2
2.439%, 10/15/54 (C)		400		569
Immeo Residential Finance, Ser 2, Cl A
1.186%, 12/15/16 (B)		344		452
JP Morgan Chase Commercial Mortgage Securities, Ser 2007- CB18, Cl A4
5.440%, 06/12/47		880		928
JP Morgan Mortgage Trust, Ser 2004-A5, Cl 3A1
5.309%, 12/25/34 (B)		329		319
London and Regional Debt Securitisation, Ser 1, Cl A
0.978%, 10/15/14 (B)(C)		150		224
Merrill Lynch Mortgage Trust, Ser 2005-LC1, Cl A4
5.291%, 01/12/44 (B)		420		452
Silverstone, Ser 2009-1, Cl A2
2.226%, 01/21/55		300		483
Storm, Ser 2006-1, Cl A2
1.126%, 04/22/48 (B)		1,172		1,635
Talisman Finance, Ser 7, Cl H
3.266%, 04/22/17 (B)		485		69
				18,205
Total Mortgage-Backed Securities (Cost $18,447) ($ Thousands)				18,205
CORPORATE OBLIGATIONS — 3.2%
United States — 3.2%
AES
7.750%, 03/01/14		110		119
Alcoa
6.150%, 08/15/20		225		238
American Tower
5.050%, 09/01/20		315		306
Anadarko Petroleum
6.375%, 09/15/17		455		501
Bank of America
5.875%, 01/05/21		130		136
CBS
4.300%, 02/15/21		400		378
CCO Holdings
8.125%, 04/30/20 (A)		90		98
CIGNA
5.125%, 06/15/20		154		161
Citigroup
4.750%, 05/19/15		240		252
CMS Energy
8.750%, 06/15/19		225		269
DIRECTV Holdings
6.000%, 08/15/40		150		144
4.600%, 02/15/21		300		292
Duke Realty
6.750%, 03/15/20 (G)		140		156

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Embarq
7.082%, 06/01/16		448	$	509
Enterprise Products Operating
5.950%, 02/01/41		225		219
Equities
8.125%, 06/01/19		285		340
Ford Motor Credit
5.750%, 02/01/21		200		197
Fresenius Medical Care
5.750%, 02/15/21		150		145
Goldman Sachs Group
6.000%, 06/15/20		45		48
Hess
8.125%, 02/15/19		141		177
Humana
7.200%, 06/15/18		280		318
6.450%, 06/01/16		40		44
6.300%, 08/01/18		50		54
Huntington Ingalls Industries
7.125%, 03/15/21 (A)		54		56
6.875%, 03/15/18 (A)		54		56
Jefferies Group
6.875%, 04/15/21		154		164
Kinder Morgan Energy Partners
6.550%, 09/15/40		255		263
Lincoln National
8.750%, 07/01/19		128		162
Lorillard Tobacco
6.875%, 05/01/20		375		406
Lyondell Chemical
8.000%, 11/01/17 (A)		135		149
McGraw-Hill
5.900%, 11/15/17		325		355
McKesson
5.250%, 03/01/13		440		471
Mirant Americas Generation
8.500%, 10/01/21		399		415
Mohawk Industries
6.625%, 01/15/16		375		402
Morgan Stanley
5.750%, 01/25/21		130		131
3.450%, 11/02/15		225		221
Motiva Enterprises
5.750%, 01/15/20 (A)		400		437
Motorola
7.500%, 05/15/25		85		96
6.500%, 09/01/25		531		559
Nalco
6.625%, 01/15/19 (A)		150		154
NBC Universal
5.150%, 04/30/20 (A)		200		206
News America
4.500%, 02/15/21 (A)		330		323
Nisource Finance
6.800%, 01/15/19		235		269
Nissan Motor
3.250%, 01/30/13 (A)	USD	430		439
NRG Energy
7.375%, 02/01/16		225		233
Principal Financial Group
7.875%, 05/15/14		290		335

9 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Ryder System
7.200%, 09/01/15		108	$	125
SLM MTN
5.050%, 11/14/14		600		606
Time Warner Cable
7.500%, 04/01/14		385		441
Union Electric
6.700%, 02/01/19		45		52
United States Steel
6.050%, 06/01/17		300		309
UnitedHealth Group
5.950%, 02/15/41		150		151
Valero Energy
9.375%, 03/15/19		345		441
Viacom
5.625%, 09/15/19		325		356
Wachovia Capital Trust III
5.570%, 12/31/49 (B)		385		353
Wal-Mart Stores
5.000%, 10/25/40		85		79
Wellpoint
7.000%, 02/15/19		90		107
WellPoint
4.350%, 08/15/20		145		145
Whirlpool MTN
8.600%, 05/01/14		298		346
Williams
7.875%, 09/01/21		82		102
				15,016
Total Corporate Obligations (Cost $14,218) ($ Thousands)				15,016
U.S. TREASURY OBLIGATIONS — 1.6%
U.S. Treasury Bonds
4.375%, 11/15/39 to 05/15/40		225		220
3.875%, 08/15/40		5		5
3.500%, 02/15/39		75		63
U.S. Treasury Notes
4.750%, 01/31/12		100		104
4.500%, 11/15/15		1,100		1,220
3.500%, 05/15/20		1,590		1,612
2.000%, 11/30/13		4,300		4,400
Total U.S. Treasury Obligations (Cost $7,548) ($ Thousands)				7,624
ASSET-BACKED SECURITIES — 1.5%
Automotive — 0.3%
Auto Compartiment, Ser 2006-1, Cl B
1.275%, 07/25/17 (B)		500		689
Auto Compartiment, Ser 2007-1, Cl A
1.197%, 02/25/19 (B)		487		687
FTA Santander Auto, Ser 2005-1, Cl A
1.094%, 11/25/21 (B)		47		65
Hyundai Auto Receivables Trust, Ser 2009-A, Cl A2
1.110%, 02/15/12		38		38

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Santander Consumer Finance, Ser 2007-1, Cl A
1.174%, 09/20/22 (C)		137	$	190
				1,669
Financials — 0.6%
Citibank Credit Card Issuance Trust, Ser A4, Cl A4
5.375%, 04/11/11	EUR	1,900		2,698
Mortgage Related Securities — 0.1%
Countrywide Asset-Backed Certificates, Ser 2007-2, Cl 2A1
0.312%, 08/25/37 (B)		452		439
Other Asset-Backed Securities — 0.5%
Amstel Corporate Loan Offering, Ser 2007-1, Cl A2
1.195%, 03/25/17 (B)(C)		917		1,269
Lambda Finance, Ser 2005-1X, Cl A2
1.333%, 11/15/29 (B)(C)		205		285
Skyline, Ser 2007-1, Cl D
1.826%, 07/22/43 (B)(C)		200		256
SLM Student Loan Trust, Ser 2008-5, Cl A4
1.403%, 10/25/16		698		706
				2,516
Total Asset-Backed Securities (Cost $6,694) ($ Thousands)				7,322
MUNICIPAL BONDS — 0.1%
State of Illinois, GO
5.877%, 03/01/19		265		265
5.665%, 03/01/18		335		334
5.365%, 03/01/17		15		15
Total Municipal Bonds (Cost $615) ($ Thousands)				614
Total Investments — 97.7% (Cost $449,186) ($ Thousands)			$	467,318

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 10

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund

March 31, 2011

A summary of the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:

Maturity Date	Currency to Deliver (Thousands)		Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
4/4/11-5/3/11	BRL	754	USD	455	$	(7	)
4/4/11-6/15/11	GBP	79,649	USD	128,422		830
4/4/11-6/15/11	USD	2,955	GBP	1,829		(34	)
4/5/11-6/15/11	CAD	21,893	USD	22,380		(107	)
4/5/11-6/15/11	EUR	249,761	USD	348,841		(5,362	)
4/5/11-6/15/11	JPY	13,304,950	USD	162,550		1,942
4/5/11-6/15/11	MXP	42,565	USD	3,524		(40	)
4/5/11-6/15/11	NOK	8,040	USD	1,435		(15	)
4/5/11-6/15/11	SEK	41,384	USD	6,452		(96	)
4/5/11-6/15/11	USD	20,366	EUR	14,567		288
4/5/11-6/15/11	USD	17,436	JPY	1,432,790		(138	)
4/8/11-6/15/11	NZD	5,083	USD	3,816		(58	)
4/8/11-6/15/11	USD	2,034	NZD	2,727		43
4/13/11-6/15/11	DKK	11,612	USD	2,152		(56	)
4/14/11	USD	786	ZAR	5,737		62
4/14/11-6/15/11	ZAR	23,528	USD	3,294		(177	)
4/15/11-6/15/11	USD	28,635	NOK	162,661		689
4/15/11-6/15/11	USD	18,881	SEK	121,376		309
4/28/11	CLP	1,000	USD	2		—
4/28/11	USD	2	CLP	1,000		—
4/29/11	COP	782,882	USD	419		(2	)
4/29/11-6/15/11	USD	3,231	KRW	3,606,299		58
6/3/11	AUD	5,900	EUR	4,288		24
6/3/11	CHF	1,852	AUD	2,000		26
6/3/11	CHF	10,267	EUR	7,945		29
6/3/11	EUR	23,710	CHF	30,006		(779	)
6/3/11	GBP	6,865	SEK	70,453		142
6/3/11	NOK	21,842	AUD	3,900		64
6/3/11	NOK	46,646	GBP	5,155		(152	)
6/3/11-6/15/11	CHF	20,219	USD	21,616		(502	)
6/15/11	AUD	6,270	USD	6,234		(189	)
6/15/11	CZK	6,873	USD	396		(1	)
6/15/11	KRW	84,110	USD	75		(2	)
6/15/11	MYR	1,001	USD	329		—
6/15/11	SGD	3,579	USD	2,826		(15	)
6/15/11	USD	2,199	AUD	2,217		72
6/15/11	USD	1,710	CAD	1,670		5
6/15/11	USD	738	CHF	685		11
6/15/11	USD	75	CZK	1,290		(1	)
6/15/11	USD	949	MXP	11,435		6
6/15/11	USD	376	SGD	475		1
1/13/12	USD	1,946	CNY	12,617		11
					$	(3,121	)

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:

CounterParty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America		(22,435	)		22,600	$	165
Barclays PLC		(106,255	)		106,475		220
BNP Paribas		(24,649	)		24,822		173
Brown Brothers Harriman		(13,774	)		13,865		91
Citigroup		(2,494	)		2,489		(6	)
Credit Suisse First Boston		(64,981	)		65,591		610
Deutsche Bank		(256,382	)		253,259		(3,127	)
Dewaay, Sebille, Servais, & Cy		(10,993	)		11,136		142
Financial Brokerage Group		(226	)		225		(1	)
Goldman Sachs		(147,719	)		146,927		(792	)
HSBC		(2,267	)		2,235		(33	)
JPMorgan Chase Bank		(116,446	)		116,806		354
Northern Trust Brokerage		(294	)		289		(5	)
RBC		(54,259	)		53,219		(1,040	)
Royal Bank of Scotland		(4,392	)		4,436		44
Societe Generale		(19,137	)		19,140		3
Standard Bank		(230	)		230		(1	)
State Street		(46	)		47		1
UBS		(29,710	)		29,664		(46	)
Westpac Banking		(20,953	)		21,080		127
						$	(3,121	)

A summary of the open futures contracts held by the Fund at March 31, 2011, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
10-Year Euro$		27			Jun-2011	$	(21	)
Australian 10-Year Bond		(12	)		Jun-2011		5
Australian 3-Year Bond		9			Jun-2011		—
Canadian 10-Year Bond		7			Jun-2011		11
Euro-Bobl		55			Jun-2011		(82	)
Euro-Buxl 30 Year Bond		12			Jun-2011		(40	)
Euro-Schatz		16			Jun-2011		(11	)
Japanese 10-Year Bond		3			May-2011		32
Long Gilt 10-Year Bond		5			Jun-2011		(9	)
U.S. 10-Year Treasury Note		(73	)		Jun-2011		20
U.S. 2-Year Treasury Note		(58	)		Jul-2011		(7	)
U.S. 5-Year Treasury Note		(148	)		Jul-2011		109
U.S. Long Treasury Bond		(40	)		Jun-2011		42
						$	49

For the period ended March 31, 2011, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

11 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

A summary of outstanding interest rate swap agreements held by the Fund at March 31, 2011, is as follows:

Counterparty	Fund Pays	Fund Receives	Termination Date		Notional Amount (Thousands)			Net Unrealized Appreciation (Depreciation) ($Thousands)
Barclays Bank PLC	3.83%	3-Month LIBOR		03/31/20		USD	2,650,000	$	(89	)
Citigroup	3.79%	6-Month GBP LIBOR		05/19/19		GBP	2,500,000		(96	)
Deutsche Bank	3.45%	6-Month EUR LIBOR		10/16/19		EUR	3,400,000		(28	)
Deutsche Bank	6-Month EURIBOR	4.17%		03/28/13		EUR	7,000,000		358
JPMorgan Chase Bank	6-Month JPY LIBOR	2.22%		03/26/27		JPY	750,000,000		486
JPMorgan Chase Bank	6-Month EURIBOR	4.38%		01/07/13		EUR	5,400,000		337
JPMorgan Chase Bank	4.20%	6-Month EURIBOR		03/30/12		EUR	3,000,000		(100	)
JPMorgan Chase Bank	6-Month JPY LIBOR	1.29%		03/26/12		JPY	1,300,000,000		147
								$	1,015

Percentages are based on a Net Assets of $478,471($ Thousands).

(1) In local currency 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, 2011.

(C) Securities considered illiquid. The total market value of such securities as of March 31, 2011 was $7,566 ($ Thousands) and represented 1.6% of Net Assets.

(D) Security is when-issued.

(E) Security in default on interest payments.

(F) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(G) Real Estate Investments Trust

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

CLP — Chilean Peso

CNY — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

DKK — Danish Krone

EURIBOR — Euro London Interbank Offered Rate

EUR — Euro

GBP — British Pound Sterling

GO — General Obligation

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXN — Maxican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krone

Ser — Series

SGD — Singapore Dollar

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of December 31, 2010, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1			Level 2		Level 3		Total
Global Bonds	$	—		$	418,532	$	5	$	418,537
Mortgage-Backed Securities		—			18,205		—		18,205
Corporate Obligations		—			15,016		—		15,016
U.S. Treasury Obligations		—			7,623		—		7,623
Asset-Backed Securities		—			7,322		—		7,322
Municipal Bonds		—			614		—		614
Total Investments in Securities	$	—		$	467,313	$	5	$	467,318
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts *	$	49		$	—	$	—	$	49
Forward Contracts *		(3,121	)		—		—		(3,121	)
Interest Rate Swaps		—			1,015		—		1,015
Total Other Financial Instruments	$	(3,072	)	$	1,015	$	—	$	(2,057	)

* Future contracts and forward contracts are valued at the net unrealized appreciation/(depreciation

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):

	Investments in Securities
Beginning balance as of October 1, 2010	$	5
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases/sales		—
Net transfer in and/or out of Level 3		—
Ending balance as of March 31, 2011	$	5
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date.	$	—

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 / Quarterly Holdings / March 31, 2011 12

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS — 91.3%
Argentina — 5.4%
Capex
10.000%, 03/10/18 (A)		329	$	322
Empresa Distribuidora Y Comercializadora Norte
9.750%, 10/25/22 (A)		610		628
IRSA
11.500%, 07/20/20		351		398
Province of Buenos Aires
9.625%, 04/18/28 (A)(B)		1,605		1,356
9.625%, 04/18/28 (B)		595		503
9.375%, 09/14/18 (B)		470		414
Province of Medoza
5.500%, 09/04/18 (B)		320		269
Province of Neuquen
8.656%, 10/18/14 (A)(B)		139		145
Republic of Argentina
8.819%, 12/15/35 (C)		872		171
8.750%, 06/02/17		1,000		1,019
8.280%, 12/31/33		3,364		2,999
8.280%, 12/31/33		4,508		4,019
7.896%, 12/15/35 (C)		11,280		2,211
7.820%, 12/31/33	EUR	2,115		2,274
7.820%, 12/31/33	EUR	3,166		3,404
7.820%, 12/31/33 (C)	EUR	4,219		4,514
7.593%, 12/15/35 (C)		7,788		1,225
7.000%, 10/03/15		4,600		4,335
7.000%, 10/03/15		800		754
7.000%, 09/12/13		2,011		2,051
7.000%, 04/17/17		3,487		3,118
5.830%, 12/31/33 (C)	ARS	11,929		4,746
3.117%, 12/15/35 (C)		4,360		704
2.500%, 03/31/19 (D)		3,940		1,700
1.595%, 12/15/35 (C)		4,031		790
0.677%, 08/03/12 (C)		9,155		2,229
Tarjeta Naranja
9.000%, 01/28/17 (A)		516		521
Transportadora Gas Norte
7.500%, 12/31/12 (B)(D)		130		62
7.500%, 12/31/12 (A)(B)(D)		260		125
7.500%, 12/31/12 (E)		420		202
6.500%, 12/31/12 (A)(B)(D)		30		14
6.500%, 12/31/12 (B)(D)		81		39
6.500%, 12/31/12 (B)(D)		72		35
WPE International
10.375%, 09/30/20		850		880
				48,176

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Bahrain — 0.2%
Kingdom of Bahrain
5.500%, 03/31/20		400	$	381
5.500%, 03/31/20 (A)		1,457		1,388
				1,769
Barbados — 0.4%
Columbus International
11.500%, 11/20/14 (A)		1,600		1,844
11.500%, 11/20/14		1,432		1,650
Government of Barbados
7.000%, 08/04/22 (A)		300		306
				3,800
Belarus — 0.0%
Republic of Belarus
8.950%, 01/26/18		300		262
Belize — 0.0%
Government of Belize
6.000%, 02/20/29 (B)		400		335
Bosnia and Herzegovina — 0.1%
Republic of Bosnia & Herzegovina
0.000%, 12/11/17 (B)(C)	DEM	2,108		1,117
Brazil — 7.2%
Banco Cruzeiro do Sul
8.875%, 09/22/20		384		375
8.875%, 09/22/20 (A)		1,144		1,118
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/19 (A)		1,725		1,880
5.500%, 07/12/20 (A)		400		407
Banco Votorantim
7.375%, 01/21/20 (A)		720		756
BM&F Bovespa
5.500%, 07/16/20 (A)		163		167
BR Malls International Finance
8.500%, 12/31/49		345		361
BR Properties SA
9.000%, 12/31/49		762		757
Brazil Notas do Tesouro Nacional Serie F
10.000%, 01/01/13		10,700		6,312
CSN Resources
6.500%, 07/21/20 (A)		458		488

1 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Face Amount(1) (Thousands)		Market Value ($ Thousands)
Federal Republic of Brazil
11.000%, 08/17/40		150	$	202
10.125%, 05/15/27		2,555		3,871
10.000%, 01/01/21		1,265		658
10.000%, 01/01/21		5,000		2,682
8.875%, 04/15/24		1,520		2,067
8.750%, 02/04/25		598		807
8.250%, 01/20/34		3,710		4,907
7.125%, 01/20/37		1,685		1,993
5.875%, 01/15/19		3,517		3,895
5.625%, 01/07/41		1,050		1,032
4.875%, 01/22/21		800		816
Fibria Overseas Finance
7.500%, 05/04/20 (A)		1,358		1,473
General Shopping Finance
10.000%, 12/31/49		812		826
Gerdau Trade
5.750%, 01/30/21 (A)		452		458
JBS Finance II
8.250%, 01/29/18		1,820		1,870
8.250%, 01/29/18		500		514
JPM
10.000%, 12/12/11		1,265		678
Minerva Overseas
10.875%, 11/15/19		310		342
10.875%, 11/15/19		529		583
Nota Do Tesouro Nacional
10.000%, 01/01/21	BRL	16,554		8,608
10.000%, 01/01/17	BRL	2,200		1,197
6.000%, 05/15/15	BRL	6,700		8,184
6.000%, 08/15/20	BRL	1,600		1,924
Odebrecht Drilling Norbe VIII
6.350%, 06/30/21 (A)		1,025		1,080
Petrobras International Finance - Pifco
6.750%, 01/27/41		340		350
5.375%, 01/27/21		423		424
Voto-Votorantim
6.750%, 04/05/21 (A)		306		324
6.625%, 09/25/19 (A)		490		517
				64,903
Chile — 0.8%
Banco Estado
4.125%, 10/07/20 (A)		700		654
Empresa Nacional del Petroleo
6.250%, 07/08/19 (A)		550		586
6.250%, 07/08/19		700		746
5.250%, 08/10/20 (A)		500		499
Inversiones Alsacia
8.000%, 08/18/18		1,000		946
Nacional del Cobre de Chile
7.500%, 01/15/19		500		604
6.150%, 10/24/36		2,200		2,415
3.750%, 11/04/20 (A)		1,200		1,122
				7,572
China — 1.0%
Country Garden Holdings
11.125%, 02/23/18		200		203

Description	Face Amount(1) (Thousands)		Market Value ($ Thousands)
Evergrande Real Estate
13.000%, 01/27/15		155	$	159
13.000%, 01/27/15		708		728
Hidili Industry International Development
8.625%, 11/04/15		405		407
Industrial & Commercial Bank of China Asia MTN
5.125%, 11/30/20		400		399
Kaisa Group Holdings Ltd.
13.500%, 04/28/15		539		541
Sinochem Overseas Capital
6.300%, 11/12/40		250		246
6.300%, 11/12/40 (A)		616		607
4.500%, 11/12/20 (A)		4,856		4,600
Sino-Forest Corporation
6.250%, 10/21/17 (A)(F)		430		418
Texhong Textile Group
7.625%, 01/19/16		255		258
West China Cement
7.500%, 01/25/16 (A)		200		202
				8,768
Colombia — 4.1%
Bogota Distrio Capital
9.750%, 07/26/28 (A)	COP	9,020,000		5,592
Ecopetrol
7.625%, 07/23/19 (A)		500		576
Republic of Colombia
11.750%, 02/25/20		1,645		2,474
10.375%, 01/28/33		400		601
10.000%, 07/24/24	COP	1,229,000		723
8.125%, 05/21/24		2,250		2,850
7.375%, 03/18/19		4,470		5,364
7.375%, 09/18/37		10,300		12,231
7.375%, 01/27/17		3,957		4,669
6.125%, 01/18/41		1,275		1,301
				36,381
Croatia — 1.3%
Government of Croatia
6.750%, 11/05/19		1,583		1,658
6.625%, 07/14/20 (A)(F)		5,168		5,333
6.375%, 03/24/21 (A)		3,408		3,412
Zagrebacki Holding
5.500%, 07/10/17	EUR	1,100		1,262
				11,665
Czech Republic — 0.1%
Central European Media Enterprises
11.625%, 09/15/16 (A)	EUR	450		695
Dominican Republic — 0.2%
Cap Cana
10.000%, 04/30/16		874		446
10.000%, 04/30/16		844		595

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 2

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2011

Description	Face Amount(1) (Thousands)		Market Value ($ Thousands)
Republic of Dominican Republic
7.500%, 05/06/21 (A)		750	$	763
				1,804
Ecuador — 0.1%
Republic of Ecuador
9.375%, 12/15/15		550		539
Egypt — 0.4%
Government of Egypt
6.875%, 04/30/40		600		548
5.750%, 04/29/20 (A)		800		778
5.750%, 04/29/20		900		872
Nile Finance
5.250%, 08/05/15		750		722
Orascom Telecom Finance SCA
7.875%, 02/08/14		857		861
				3,781
El Salvador — 0.9%
El Salvador Government International Bond
7.650%, 06/15/35		250		249
7.625%, 02/01/41 (A)		950		933
Republic of El Salvador
8.250%, 04/10/32		250		271
7.650%, 06/15/35		4,336		4,321
7.375%, 12/01/19		400		432
7.375%, 12/01/19 (A)		930		1,006
Telemovil Finance
8.000%, 10/01/17 (A)		900		934
				8,146
Gabon — 0.0%
Gabonese Republic
8.200%, 12/12/17		200		235
Georgia — 0.4%
BG Finance for JSC Bank of Georgia
9.000%, 02/08/12		1,850		1,868
Republic of Georgia
7.500%, 04/15/13		1,950		2,082
				3,950
Germany — 0.2%
Deutsche Bank MTN
9.375%, 02/13/18 (A)		1,626		1,634
Ghana — 0.2%
Republic of Ghana
8.500%, 10/04/17 (A)		500		565
8.500%, 10/04/17		1,416		1,572
				2,137
Hong Kong — 0.5%
Bank of China Hong Kong
5.550%, 02/11/20 (A)		1,700		1,745

Description	Face Amount(1) (Thousands)		Market Value ($ Thousands)
China Oriental Group
8.000%, 08/18/15 (A)		1,774	$	1,863
Hutchison Whampoa International
6.000%, 12/31/49 (C)		399		405
PCCW-HKT Capital No. 4
4.250%, 02/24/16		431		428
				4,441
Hungary — 0.6%
Republic of Hungary
7.625%, 03/29/41		1,070		1,071
6.375%, 03/29/21		2,834		2,837
6.250%, 01/29/20		1,200		1,221
4.750%, 02/03/15		187		188
				5,317
India — 0.1%
Axis Bank
4.750%, 05/02/16 (A)(F)		309		309
ICICI Bank
5.750%, 11/16/20 (A)(F)		623		614
Reliance Holdings USA
6.250%, 10/19/40		300		284
				1,207
Indonesia — 5.1%
Bakrie Telecom Pte
11.500%, 05/07/15		432		461
BLT Finance BV
7.500%, 05/15/14		300		260
Indosat Palapa BV
7.375%, 07/29/20 (A)		552		607
JPMorgan Chase Bank MTN
11.000%, 09/17/25	IDR	14,403,000		1,940
Majapahit Holding
8.000%, 08/07/19		400		454
8.000%, 08/07/19 (A)		500		568
7.875%, 06/29/37 (A)(B)		355		386
7.750%, 01/20/20		300		337
7.750%, 10/17/16		750		843
7.750%, 01/20/20 (A)		350		394
7.250%, 10/17/11		750		770
PT Adaro
7.625%, 10/22/19 (A)		305		337
PT Bumi
7.301%, 03/02/12		776		776
7.301%, 03/02/12		973		973

3 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Republic of Indonesia
12.800%, 06/17/21	IDR	6,389,000	$	970
11.625%, 03/04/19		5,203		7,466
11.625%, 03/04/19 (A)		1,425		2,045
11.000%, 11/15/20	IDR	14,300,000		1,969
10.375%, 05/04/14		1,350		1,642
8.500%, 10/12/35		3,100		3,991
8.500%, 10/12/35		550		708
7.750%, 01/17/38		319		380
7.750%, 01/17/38		5,065		6,040
7.500%, 01/15/16		1,150		1,332
7.250%, 04/20/15		130		148
6.875%, 01/17/18		2,050		2,322
6.875%, 03/09/17		1,289		1,455
6.875%, 01/17/18 (A)		1,400		1,586
6.750%, 03/10/14		950		1,049
6.750%, 03/10/14 (A)		350		388
6.625%, 02/17/37		1,050		1,123
5.875%, 03/13/20 (A)		1,374		1,465
Star Energy
11.500%, 02/12/15		400		458
				45,643
Iraq — 1.5%
Republic of Iraq
5.800%, 01/15/28		14,160		12,992
Ivory Coast — 0.2%
Government of Ivory Coast
2.500%, 12/31/32 (E)		3,863		1,787
Jamaica — 0.3%
Digicel Group
10.500%, 04/15/18		960		1,099
9.125%, 01/15/15 (A)		592		619
8.875%, 01/15/15 (A)		1,050		1,093
				2,811
Jordan — 0.2%
Kingdom of Jordan
3.875%, 11/12/15		1,850		1,693
Kazakhstan — 4.5%
BTA Bank JSC
113.760%, 07/01/20 (A)(C)		2,492		210
10.750%, 01/01/13 (A)(D)		1,202		1,277
10.750%, 01/01/13 (D)		264		280
CenterCredit International
8.625%, 01/30/14		2,400		2,451
Development Bank of Kazakhstan JSC
5.500%, 12/20/15 (A)		650		678
Halyk Savings Bank of Kazakhstan JSC
7.250%, 01/28/21 (A)		1,200		1,215
HSBK Europe
7.250%, 05/03/17		960		994

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Kazatoprom
6.250%, 05/20/15		500	$	531
Kazkommerts International
8.700%, 04/07/14 (C)		1,300		1,222
8.500%, 04/16/13		1,150		1,190
8.000%, 11/03/15		1,900		1,943
7.875%, 04/07/14		500		514
7.500%, 11/29/16 (B)		2,550		2,518
6.875%, 02/13/17	EUR	450		607
6.250%, 05/20/15		1,123		1,193
Kazkommertsbank MTN
12.850%, 12/18/12		600		633
KazMunaiGaz Finance Sub MTN
11.750%, 01/23/15 (A)		2,673		3,344
11.750%, 01/23/15		350		437
9.125%, 07/02/18 (A)		2,650		3,206
9.125%, 07/02/18		1,329		1,604
8.375%, 07/02/13		3,000		3,322
7.000%, 05/05/20		2,190		2,360
7.000%, 05/05/20 (A)		1,626		1,752
KazMunayGas National
6.375%, 04/09/21		350		361
6.375%, 04/09/21 (A)		2,826		2,925
Republic of Kazakhstan
6.375%, 10/06/20 (A)		1,400		1,459
Tengizchevroil Finance
6.124%, 11/15/14		286		302
Zhaikmunai Finance BV
10.500%, 10/19/15 (A)		2,049		2,180
				40,708
Lebanon — 0.2%
Republic of Lebanon MTN
9.000%, 03/20/17		100		115
6.375%, 03/09/20		1,200		1,215
5.150%, 11/12/18		300		289
				1,619
Lithuania — 0.8%
Republic of Lithuania
7.375%, 02/11/20 (A)		1,100		1,225
7.375%, 02/11/20		1,850		2,063
6.750%, 01/15/15 (A)		1,550		1,687
6.125%, 03/09/21 (A)		737		752
5.125%, 09/14/17 (A)		1,175		1,179
				6,906
Malaysia — 3.1%
Axiata SPV1 Labuan Ltd.
5.375%, 04/28/20		250		255
Government of Malaysia
3.835%, 08/12/15	MYR	5,740		1,915
3.741%, 02/27/15	MYR	10,560		3,515
Malaysia Sukuk Global
3.928%, 06/04/15 (A)		400		417
Petroliam Nasional
7.625%, 10/15/26		925		1,181

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 4

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Petronas Capital
7.875%, 05/22/22 (A)		250	$	318
7.875%, 05/22/22		7,405		9,440
5.250%, 08/12/19		1,200		1,275
5.250%, 08/12/19 (A)		9,245		9,826
				28,142
Mexico — 8.8%
Alestra
11.750%, 08/11/14		620		719
Axtel
9.000%, 09/22/19		895		859
7.625%, 02/01/17 (A)		109		103
BBVA Bancomer
6.008%, 05/17/22 (C)		670		646
Cemex
9.250%, 05/12/20 (A)		1,500		1,554
9.000%, 01/11/18 (A)		398		417
0.441%, 09/30/15 (A)(C)		1,137		1,129
Cemex Espana
8.875%, 05/12/17		51		71
Cemex Finance
9.500%, 12/14/16		500		539
Cemex Finance Europe BV
4.750%, 03/05/14		473		631
Desarrolladora Homex
7.500%, 09/28/15		225		232
GEO
9.250%, 06/30/20 (A)		1,190		1,324
9.250%, 06/30/20		500		556
Grupo Senda
10.500%, 10/03/15		3,665		3,812
Hipotecaria Su Casita
8.500%, 10/04/16 (A)		189		79
8.500%, 10/04/16		65		27
Mexican Bonos
9.000%, 06/20/13		7,200		643
8.500%, 12/13/18	MXN	44,600		4,011
8.000%, 06/11/20	MXN	74,530		6,465
7.500%, 06/21/12		7,600		658
Mexican Bonos, Ser M10
8.000%, 12/17/15	MXN	21,200		1,863
7.750%, 12/14/17		42,900		3,719
7.250%, 12/15/16	MXN	54,500		4,628
Mexican Bonos, Ser MI10
9.500%, 12/18/14	MXN	10,161		934
9.000%, 12/20/12		28,270		2,510
Mexican Udibonos
4.000%, 06/13/19		4,770		1,925
NII Capital
10.000%, 08/15/16		3,259		3,715
7.625%, 04/01/21		750		767
Oceanografia
11.250%, 07/15/15		1,029		535
Pemex Finance
9.150%, 11/15/18		1,595		2,029
Pemex Project Funding Master Trust
6.625%, 06/15/35		2,546		2,554
5.750%, 03/01/18		1,505		1,592

Description	Face Amount) (1) (Thousands)		Market Value ($ Thousands)
Petroleos Mexicanos
8.000%, 05/03/19		700	$	841
6.000%, 03/05/20 (A)		300		318
United Mexican States MTN
8.300%, 08/15/31 (F)		6,304		8,403
6.625%, 03/03/15		1,550		1,775
6.050%, 01/11/40		3,500		3,623
5.950%, 03/19/19		1,450		1,616
5.625%, 01/15/17		2,500		2,758
5.125%, 01/15/20		2,208		2,310
United Mexican States, Ser A MTN
8.000%, 09/24/22		2,267		2,992
6.750%, 09/27/34		2,748		3,100
				78,982
Morocco — 0.3%
Kingdom of Morocco
4.500%, 10/05/20		2,100		2,692
Nigeria — 0.2%
Afren
11.500%, 02/01/16 (A)		950		1,000
Nigeria Government International Bond
6.750%, 01/28/21 (A)		500		495
UBS
9.350%, 08/29/10 (A)(B)(C)		750		512
				2,007
Oman — 0.0%
Blue City Investments
13.750%, 11/07/13 (B)		2,250		338
Pakistan — 0.4%
Republic of Pakistan
7.125%, 03/31/16		2,460		2,083
6.875%, 06/01/17		2,140		1,750
				3,833
Panama — 1.9%
Republic of Panama
9.375%, 04/01/29		3,788		5,341
9.375%, 01/16/23		560		729
8.875%, 09/30/27		2,125		2,869
8.125%, 04/28/34		820		1,041
7.250%, 03/15/15		1,473		1,712
6.700%, 01/26/36		4,161		4,671
5.200%, 01/30/20		444		471
				16,834
Peru — 2.1%
Banco de Credito del Peru
5.375%, 09/16/20 (A)		1,007		952
Continental Senior Trustees Cayman
5.500%, 11/18/20 (A)		771		725
Inkia Energy
8.375%, 04/04/21		460		462

5 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Face Amount(1) (Thousands)		Market Value ($ Thousands)
Interoceanica IV Finance
3.951%, 11/30/25 (A)(B)(G)		905	$	461
3.759%, 11/30/18 (A)(B)(G)		408		326
Peru Enhanced Pass-Through Finance
3.716%, 05/31/18 (A)(B)(G)		545		453
3.679%, 05/31/18 (G)		202		168
Republic of Peru
8.750%, 11/21/33		6,429		8,631
8.375%, 05/03/16		600		737
7.350%, 07/21/25		4,510		5,360
7.125%, 03/30/19		797		941
				19,216
Philippines — 4.5%
National Power
9.625%, 05/15/28 (B)		1,100		1,452
Power Sector
7.390%, 12/02/24		800		912
7.390%, 12/02/24		700		798
7.250%, 05/27/19		150		171
Republic of the Philippines
10.625%, 03/16/25		2,850		4,229
9.500%, 02/02/30		2,770		3,899
8.875%, 03/17/15		75		92
8.375%, 06/17/19		1,500		1,890
7.750%, 01/14/31		5,923		7,144
7.500%, 09/25/24		7,320		8,702
6.375%, 10/23/34		4,268		4,492
5.500%, 03/30/26		2,260		2,232
4.950%, 01/15/21		69,000		1,558
4.000%, 01/15/21		2,456		2,315
				39,886
Poland — 1.6%
Polish Television Holding
11.000%, 11/15/14 (A)(D)		600		902
Republic of Poland
6.375%, 07/15/19		9,629		10,715
4.000%, 03/23/21		736		950
TVN Finance
10.750%, 11/15/17 (A)		EUR1,300		2,048
				14,615
Qatar — 1.7%
Government of Qatar
9.750%, 06/15/30		425		607
6.400%, 01/20/40 (A)		710		747
6.400%, 01/20/40		500		526
5.250%, 01/20/20 (A)		6,150		6,384
4.000%, 01/20/15 (A)		300		310
Qatari Diar Finance
5.000%, 07/21/20 (A)		2,000		1,977

Description	Face Amount(1) (Thousands)		Market Value ($ Thousands)
Qtel International Finance MTN
7.875%, 06/10/19		2,674	$	3,129
6.500%, 06/10/14 (A)		200		219
5.000%, 10/19/25 (A)		1,139		1,005
4.750%, 02/16/21 (A)		457		426
				15,330
Russia — 7.6%
Alfa Bank Via Alfa Bond Issuance
7.875%, 09/25/17 (A)		675		714
Alfa Diversified Payment Rights Finance MTN
2.202%, 12/15/11 (A)(C)		84		77
Alfa Invest MTN
9.250%, 06/24/13 (A)(B)		750		821
Alfa Issuance MTN
8.000%, 03/18/15		417		449
Alrosa Finance
7.750%, 11/03/20 (A)		628		673
BOM Capital
6.699%, 03/11/15		1,200		1,271
Edel Capital for Sinek Capital
7.700%, 08/03/15		500		536
Gaz Capital MTN
8.625%, 04/28/34		470		580
MTS International Funding
8.625%, 06/22/20 (A)		1,640		1,876
Novatek Finance
6.604%, 02/03/21 (A)		2,158		2,266
RSHB Capital
7.750%, 05/29/18		450		503
Russian Federation Registered
12.750%, 06/24/28		2,310		4,040
7.500%, 03/31/30		26,624		31,034
Russian Foreign Bond - Eurobond
5.000%, 04/29/20		100		101
5.000%, 04/29/20 (A)		1,500		1,517
3.625%, 04/29/15		500		506
RZD Capital MTN
5.739%, 04/03/17		650		677
SCF Capital
5.375%, 10/27/17 (A)		1,600		1,570
Severstal OAO Via Steel Capital
6.700%, 10/25/17 (A)		857		874
Teorema
11.000%, 10/27/09		3,400		340
TNK-BP Finance
6.250%, 02/02/15 (A)		202		217
Vimpel Communications
9.125%, 04/30/18 (A)(B)		600		683
9.125%, 04/30/18		850		964
8.250%, 05/23/16		570		631
Vimpel Communications Via VIP Finance Ireland
7.748%, 02/02/21 (A)		3,436		3,608

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 6

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Vnesheconombank Via VEB Finance
6.902%, 07/09/20 (A)		2,985	$	3,212
6.902%, 07/09/20		100		108
6.800%, 11/22/25 (A)		1,000		1,014
5.450%, 11/22/17 (A)		700		710
VTB Bank Via VTB Capital
6.551%, 10/13/20 (A)		960		973
VTB Capital
6.875%, 05/29/18		3,300		3,580
6.609%, 10/31/12 (A)		1,150		1,224
6.250%, 06/30/35		381		404
				67,753
Saudi Arabia — 0.2%
Dar Al-Arkan International Sukuk
10.750%, 02/18/15 (A)		1,500		1,484
Singapore — 0.3%
Sea Product
4.563%, 05/14/10 (B)		2,395		2,035
STATS ChipPAC
7.500%, 08/12/15 (A)		100		109
5.375%, 03/31/16		176		177
Yanlord Land Group
9.500%, 05/04/17		221		219
				2,540
South Africa — 2.9%
Edcon Proprietary
4.276%, 06/15/14 (C)	EUR	2,500		3,033
Edcon Pty
9.500%, 03/01/18 (A)		1,000		1,000
Eskom Holdings
5.750%, 01/26/21 (A)		2,450		2,484
Gold Fields Orogen Holdings
4.875%, 10/07/20		504		484
Myriad International Holding BV
6.375%, 07/28/17 (A)		1,817		1,919
Republic of South Africa
8.500%, 06/23/17		860		1,062
8.000%, 12/21/18		10,950		1,561
7.250%, 01/15/20		6,060		819
6.875%, 05/27/19		2,626		3,049
6.750%, 03/31/21		25,560		3,300
6.500%, 06/02/14		2,195		2,453
5.875%, 05/30/22		1,900		2,040
5.500%, 03/09/20		1,821		1,928
Transnet
4.500%, 02/10/16		560		572
				25,704
South Korea — 0.3%
Export-Import Bank of Korea
8.125%, 01/21/14		720		825
5.875%, 01/14/15		695		761
Republic of Korea
7.125%, 04/16/19		900		1,061
				2,647

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Sri Lanka — 0.2%
Republic of Sri Lanka
7.400%, 01/22/15 (A)		450	$	483
6.250%, 10/04/20 (A)		900		875
				1,358
Supra-National — 0.1%
Andina de Fomento
8.125%, 06/04/19		485		583
Thailand — 0.4%
True Move
10.750%, 12/16/13 (A)(B)		1,250		1,353
10.750%, 12/16/13		600		650
10.375%, 08/01/14		1,100		1,188
				3,191
Trinidad & Tobago — 0.4%
Petroleum of Trinidad & Tobago
9.750%, 08/14/19 (A)		1,090		1,322
6.000%, 05/08/22 (A)		335		340
6.000%, 05/08/22 (B)		1,969		1,997
				3,659
Tunisia — 0.3%
Banque Centrale de Tunisie
8.250%, 09/19/27		1,000		1,160
7.375%, 04/25/12		912		953
6.250%, 02/20/13		360		524
				2,637
Turkey — 3.3%
Globus Capital Finance
8.500%, 03/05/12		500		500
Republic of Turkey
11.875%, 01/15/30		850		1,409
9.500%, 01/15/14		500		587
8.000%, 02/14/34		1,700		2,037
7.500%, 11/07/19		3,630		4,229
7.500%, 07/14/17		1,000		1,160
7.375%, 02/05/25		3,070		3,536
7.250%, 03/15/15		850		964
7.250%, 03/05/38		2,790		3,079
7.000%, 09/26/16		938		1,062
7.000%, 06/05/20		570		644
7.000%, 03/11/19		650		735
6.875%, 03/17/36		2,420		2,562
6.750%, 04/03/18		2,900		3,234
6.750%, 05/30/40		2,533		2,628
6.000%, 01/14/41		352		329
5.625%, 03/30/21		450		459
				29,154
Ukraine — 3.7%
Avangardco Investments
10.000%, 10/29/15		567		550
Biz Finance for Ukreximbank
8.375%, 04/27/15		3,763		3,918

7 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Credit Suisse First Boston International for CJSC The EXIM of Ukraine
8.000%, 11/06/15 (B)		215	$	204
7.650%, 09/07/11 (B)		500		507
6.800%, 10/04/12		750		763
DTEK Finance BV
9.500%, 04/28/15 (A)		620		656
9.500%, 04/28/15		512		542
Financing of Infrastrucural Projects State Enterprise
8.375%, 11/03/17 (A)		550		578
Government of Ukraine
7.950%, 02/23/21 (A)		250		256
7.750%, 09/23/20 (A)		1,140		1,176
7.750%, 09/23/20		250		257
7.650%, 06/11/13		250		263
7.650%, 06/11/13		1,050		1,106
6.875%, 09/23/15 (A)(F)		2,914		3,016
6.875%, 09/23/15		1,186		1,228
6.750%, 11/14/17		850		862
6.580%, 11/21/16 (A)		590		600
6.580%, 11/21/16		1,500		1,521
JSC Commercial Bank
8.000%, 02/06/12		2,850		2,874
Metinvest BV MTN
8.750%, 02/14/18 (A)		1,024		1,060
MHP
10.250%, 04/29/15		1,528		1,635
10.250%, 04/29/15		368		394
Mriya Agro Holding
10.950%, 03/30/16		210		207
NAK Naftogaz Ukraine
9.500%, 09/30/14		7,973		8,770
Springvale Holdings
9.181%, 09/07/09 (B)(C)(E)		1,000		75
				33,018
United Arab Emirates — 2.7%
Dolphin Energy
5.888%, 06/15/19 (A)		461		490
5.888%, 06/15/19		508		539
DP World
6.850%, 07/02/37		2,030		1,868
Dubai DOF Sukuk MTN
6.396%, 11/03/14		800		825
Dubai Electricity & Water Authority
8.500%, 04/22/15 (A)		1,200		1,302
8.500%, 04/22/15		1,078		1,170
7.375%, 10/21/20 (A)		2,216		2,150
Dubai Holding Commercial Operations MTN
6.000%, 02/01/17		250		306
4.750%, 01/30/14		EUR  3,400		4,077
0.662%, 02/01/12 (C)		150		140
Dubai Sukuk Centre
0.677%, 06/13/12 (C)		2,753		2,478

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Emirate of Abu Dhabi
7.750%, 10/05/20		1,050	$	1,034
6.750%, 04/08/19 (A)		470		540
6.750%, 04/08/19		1,000		1,146
6.700%, 10/05/15		300		307
Jafz Sukuk
3.679%, 11/27/12 (C)	AED	22,400		5,584
				23,956
United Kingdom — 0.1%
Ferrexpo Finance PLC
7.875%, 04/07/16		608		608
Uruguay — 2.3%
Republic of Uruguay PIK
7.875%, 01/15/33		2,600		3,132
Republic of Uruguay
9.250%, 05/17/17		3,215		4,115
8.000%, 11/18/22		7,707		9,595
7.625%, 03/21/36		2,495		2,982
6.875%, 09/28/25		401		461
				20,285
Venezuela — 4.7%
Government of Venezuela
13.625%, 08/15/18		2,100		2,016
13.625%, 08/15/18		144		138
12.750%, 08/23/22		965		835
10.750%, 09/19/13		400		402
9.375%, 01/13/34		830		564
9.250%, 09/15/27		1,820		1,342
9.250%, 05/07/28		2,530		1,733
9.000%, 05/07/23		5,481		3,782
8.500%, 10/08/14		4,986		4,547
8.250%, 10/13/24		4,005		2,593
7.750%, 10/13/19		1,975		1,358
7.650%, 04/21/25		1,450		884
7.000%, 03/31/38		100		57
7.000%, 12/01/18		230		159
6.000%, 12/09/20		880		521
5.750%, 02/26/16		663		491
Petroleos de Venezuela
8.500%, 11/02/17		1,180		834
5.500%, 04/12/37		3,250		1,484
5.375%, 04/12/27		4,105		1,940
5.250%, 04/12/17		4,497		2,716
5.000%, 10/28/15		4,201		2,793
4.900%, 10/28/14		14,709		10,811
				42,000
Vietnam — 0.2%
Republic of Vietnam
6.875%, 01/15/16		350		376
6.750%, 01/29/20		1,350		1,401
				1,777
Total Global Bonds (Cost $751,743) ($ Thousands)				817,022

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 8

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2011

Description	Face Amount(1) (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS — 2.4%
Angola — 0.2%
Republic of Angola
3.254%, 04/30/16	EUR	1,192	$	1,549
Argentina — 0.0%
Endesa Costanera Sociedad Anonima
11.302%, 03/30/12		440		440
Georgia — 0.0%
Ashmore Cayman
0.000%, 04/16/14 (G)		221		309
Indonesia — 0.2%
PT Bumi
0.505%, 08/07/13		1,743		1,816
Mexico — 0.5%
Altos Hornos Promissory Note No. 5
0.000%, 04/29/99 (B)		2,500		650
Altos Hornos Promissory Note No. 6
0.000%, 04/29/99 (B)		2,500		650
Altos Hornos Promissory Note (Counterparty: Deustche Bank)
0.000%, 12/31/49 (B)		4,500		1,170
Altos Hornos Tranche A (Counterparty: Bank of America)
0.000%, 04/11/04 (B)		6,540		1,701
				4,171
Russia — 0.2%
Snegri
10.500%, 04/21/10 (B)		1,962		1,589
Singapore — 1.3%
PACNET Segregated Portfolio PPN
0.000%, 08/31/11 (B)		9,161		8,325
Morton Bay
6.220%, 12/30/09 (B)		3,377		3,375
				11,700
Total Loan Participations (Cost $22,610) ($ Thousands)				21,574
CONVERTIBLE BONDS — 0.4%
BLT International CV to 2,228,997.56 Shares
12.000%, 02/10/15 (A)		300		304

Description	Face Amount(1) (Thousands)/Shares		Market Value ($ Thousands)
Firstsource CV to 42,549.14 Shares
6.064%, 12/04/12 (G)		1,900	$	2,166
Suzlon Energy CV to 22.683 Shares
3.381%, 06/12/12		810		921
Suzlon Energy CV to 533.2762 Shares
2.513%, 07/25/14 (G)		450		382
Total Convertible Bonds (Cost $3,224) ($ Thousands)				3,773
	Number Of Warrants
WARRANTS — 0.0%
Russia — 0.0%
Teorema Holding A, Expires
10/27/11 (B)*		226		—
Teorema Holding B, Expires
10/27/11 (B)*		452		—
				—
Mexico — 0.0%
Mexico Bonos, Expires
04/27/11*		23,200		5
Mexico Bonos, Expires
04/27/11*		23,200		6
				11
Total Warrants (Cost $77) ($ Thousands)				11
AFFILIATED PARTNERSHIP — 0.8%
United States — 0.8%
SEI Liquidity Fund, L.P.
0.200% †**(H)		7,646,679		7,376
Total Affiliated Partnership (Cost $7,647) ($ Thousands)				7,376
Total Investments — 94.9% (Cost $785,301) ($ Thousands)			$	849,756

A summary of the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:

Maturity Date	Currency to Deliver (Thousands)		Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
4/4/11-5/3/11	BRL	27,988	USD	16,778	$	(400	)
4/4/11-5/3/11	USD	16,880	BRL	27,988		299
4/18/11	KRW	4,297,680	USD	3,810		(109	)
4/18/11	MXP	47,341	USD	3,900		(71	)
4/18/11	USD	5,354	KRW	6,021,425		137
4/18/11	USD	3,920	MXP	47,341		51
4/18/11	USD	2,581	ZAR	18,257		115
4/18/11	ZAR	18,257	USD	2,600		(97	)
4/18/11-4/27/11	EUR	20,754	USD	29,166		(273	)
4/18/11-5/3/11	USD	5,840	RUB	167,122		33
4/27/11	GBP	187	USD	304		4
4/27/11	USD	145	EUR	102		—
5/3/11	USD	5,660	MYR	17,218		17
5/20/11-8/9/11	CNY	34,474	USD	5,243		(51	)
5/20/11-11/14/11	USD	8,534	CNY	56,256		127
					$	(218	)

9 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:

CounterParty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America		(3,830	)		3,867	$	37
Barclays PLC		(2,010	)		2,006		(4	)
Brown Brothers Harriman		(5,380	)		5,502		122
Citigroup		(46,861	)		46,859		(2	)
HSBC		(17,213	)		16,983		(230	)
International Forex Finance Group		(7,175	)		6,993		(181	)
JPMorgan Chase Bank		(14,309	)		14,304		(5	)
Standard Bank		(14,933	)		14,978		45
						$	(218	)

A summary of the open futures contracts held by the Fund at March 31, 2011, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation ($ Thousands)
U.S. 10-Year Treasury Note		(18	)		Jun-2011	$	23
U.S. Ultra Long Treasury Bond		10			Jul-2011		6
						$	29

For the period ended March 31, 2011, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

A summary of outstanding swap agreements held by the fund at March 31, 2011, is as follows:

Total Return Swaps
Counterparty	Reference Entity/Obligation	Fund Pays	Fund Receives	Termination Date		Notional Amount (Thousands)		Net Unrealized Appreciation ($Thousands)
HSBC	Republic of Korea 5.000% 06/10/20	Cash Deposit Of Notional Amount	Price Return		06/10/20	KRW	2,217,000	$	121
Barclays Bank PLC	Republic of Korea 5.000% 06/10/22	Cash Deposit Of Notional Amount	Price Return		06/10/20	KRW	2,237,000		97
								$	218

Percentages are based on a Net Assets of $895,563($ Thousands).

* Non-income producing security

** The rate shown is the 7-day effective yield as of March 31, 2011.

† Affiliated security.

(A) Variable Rate Security - The rate reported on the Summary Schedule of Investments is the rate in effect as of March 31, 2011.

(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) Securities considered illiquid. The total market value of such securities as of March 31, 2011 was $35,997($ Thousands) and represented 4.0% of Net Assets.

(D) Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on March 31, 2011. The coupon on a step bond changes on a specified date.

(E) Security in default on interest payments.

(F) This security or a partial position of this security is on loan at March 31, 2011. The total market value of securities on loan at March 31, 2011 was $7,172 ($ Thousands) (See Note 9).

(G) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(H) This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of March 31, 2011 was $7,376 ($ Thousands).

AED — United Arab Emirates Dirham

ARS — Adjustable Rate Mortgage

BRL — Brazilian Real

CNY — Chinese Yuan

COP — Colombian Peso

CV — Convertible Security

EUR — Euro

IDR — Indonesian Rupiah

INR — Indian Rupee

KRW — Korean Won

KWCDC — Korean Won Certificate of Deposit

L.P. — Limited Partnership

MTN — Medium Term Note

MXP — Mexican Peso

MYR — Malaysian Ringgit

PIK — Payment-in-Kind

PLN — Polish Zlotty

PPN — Profit Participating Note

RUB — Russian Ruble

Ser — Series

USD — U.S. Dollar

ZAR — South African Rand

SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 10

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2011

The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1			Level 2		Level 3		Total
Global Bonds	$	—		$	817,022	$	—	$	817,022
Convertible Bonds		—			3,773		—		3,773
Warrants		—			11		—		11
Loan Participations		—			2,256		19,318		21,574
Affiliated Partnership		—			7,376		—		7,376
Total Investments in Securities	$	—		$	830,438	$	19,318	$	849,756
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts *	$	29		$	—	$	—	$	29
Forwards Contracts *		(219	)		—		—		(219	)
Total Return Swaps		—			218		—		218
Total Other Financial Instruments	$	(190	)	$	218	$	—	$	28

* Future contracts and forward contracts are valued at the net unrealized appreciation (depreciation) on the instrument.

	Loan Participations
Beginning balance as of October 1, 2010	$	21,781
Accrued discounts/premiums		15
Realized gain/(loss)		(5	)
Change in unrealized appreciation/(depreciation)		(1,823	)
Net purchases/sales		(650	)
Net transfer in and/or out of Level 3		—
Ending balance as of March 31, 2011	$	19,318
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date.	$	—

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

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

11 SEI Institutional International Trust / Semi-Annual Report / March 31, 2011

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Registrant 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 Registrant’s board of trustees (the “Board”). Pursuant to the Committee’s charter, adopted on June 18, 2004 and as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

Item 11. Controls and Procedures.

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

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

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.

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

Date: May 30, 2011

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

By	/s/ Robert A Nesher
	Robert A. Nesher, President & CEO

Date: May 30, 2011

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

Date: May 30, 2011