UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-05601

SEI Institutional International Trust

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

c/o CT Corporation

101 Federal Street

Boston, MA 02110

(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, 2012

Date of reporting period: March 31, 2012

Item 1. Reports to Stockholders.

SEI Institutional International Trust

Semi-Annual Report as of March 31, 2012

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	23
Statements of Operations	24
Statements of Changes in Net Assets	25
Financial Highlights	27
Notes to Financial Statements	28
Disclosure of Fund Expenses	38
Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements	39

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, 2012

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
COMMON STOCK — 96.0%
Australia — 3.4%
Australia & New Zealand Banking Group		0.5	%		398,147	$	9,594
Newcrest Mining		0.5			294,124		9,043
Rio Tinto		0.2			40,885		2,770
Other Securities		2.2					40,756
							62,163
Austria — 0.0%
Other Securities		0.0					323
Belgium — 1.6%
Anheuser-Busch InBev		0.8			193,299		14,101
Other Securities		0.8					14,709
							28,810
Bosnia and Herzegovina — 0.1%
Other Securities		0.1					2,173
Brazil — 0.8%
Other Securities		0.8					13,632
Canada — 4.3%
Barrick Gold		0.5			223,927		9,736
Other Securities		3.8					68,685
							78,421
Chile — 0.2%
Other Securities		0.2					4,195
China — 1.0%
Other Securities		1.0					18,376
Denmark — 1.2%
Novo Nordisk, Cl B		0.6			73,558		10,171
Other Securities		0.6					11,973
							22,144

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
Finland — 0.7%
Other Securities		0.7	%			$	12,433
France — 8.8%
BNP Paribas		0.5			199,022		9,429
Cie Generale d’Optique Essilor International		0.5			101,563		9,039
LVMH Moet Hennessy Louis Vuitton		0.6			61,927		10,626
Sanofi		1.1			262,773		20,377
Schneider Electric		0.8			213,067		13,900
Sodexo		0.5			101,640		8,332
Other Securities		4.8					87,647
							159,350
Germany — 7.5%
Linde		0.9			92,326		16,543
SAP		0.6			153,213		10,683
Siemens		0.9			166,946		16,805
Other Securities		5.1					92,842
							136,873
Greece — 0.1%
Other Securities		0.1					2,119
Guernsey — 0.0%
Other Securities		0.0					924
Hong Kong — 2.8%
China Mobile		0.6			934,500		10,285
Other Securities		2.2					39,798
							50,083
India — 0.2%
Other Securities		0.2					3,799
Indonesia — 0.2%
Other Securities		0.2					3,159
Ireland — 0.9%
Other Securities		0.9					16,906
Israel — 0.4%
Other Securities		0.4					6,695
Italy — 1.1%
Telecom Italia		0.5			8,967,271		8,801
Other Securities		0.6					10,657
							19,458
Japan — 17.1%
Dai Nippon Printing		0.5			885,100		9,099
Fanuc		0.5			46,600		8,313

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 1

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund (Continued)

March 31, 2012

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
Honda Motor		0.8	%		391,100	$	14,946
JGC		0.6			325,200		10,136
Jupiter Telecommunications		0.5			7,900		7,958
KDDI		0.5			1,475		9,607
Nippon Telegraph & Telephone		0.5			188,100		8,583
Seven & I Holdings		0.9			510,500		15,248
SMC		0.5			52,000		8,315
Sony Financial Holdings		0.5			496,000		8,860
Toyota Motor		0.9			355,300		15,413
Other Securities		10.4					194,606
							311,084
Jersey — 0.0%
Other Securities		0.0					230
Malaysia — 0.2%
Other Securities		0.2					3,290
Malta — 0.0%
Other Securities		0.0					—
Mexico — 0.0%
Other Securities		0.0					80
Netherlands — 5.1%
Akzo Nobel		0.8			257,089		15,157
Reed Elsevier		0.6			875,286		11,162
Other Securities		3.7					66,446
							92,765
New Zealand — 0.2%
Other Securities		0.2					3,140
Norway — 0.8%
DNB		0.6			890,637		11,430
Other Securities		0.2					3,634
							15,064
Poland — 0.1%
Other Securities		0.1					1,732
Portugal — 0.1%
Other Securities		0.1					1,343
Puerto Rico — 0.0%
Other Securities		0.0					111
Russia — 0.5%
Other Securities		0.5					8,297
Singapore — 1.4%
Other Securities		1.4					25,156

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
South Africa — 0.8%
Other Securities		0.8	%			$	13,713
South Korea — 3.0%
Hyundai Mobis		0.5			38,881		9,831
KT&G		0.6			142,388		10,104
Samsung Electronics		0.7			11,199		12,602
Other Securities		1.2					22,813
							55,350
Spain — 1.6%
Other Securities		1.6					28,954
Sweden — 1.6%
Other Securities		1.6					29,601
Switzerland — 8.8%
Givaudan		0.8			14,068		13,541
Nestle		1.4			402,739		25,309
Novartis		1.2			375,011		20,729
Roche Holding		1.6			168,356		29,262
SGS		0.5			4,874		9,469
Sulzer		0.5			57,129		8,109
Zurich Financial Services		0.6			43,152		11,582
Other Securities		2.2					41,467
							159,468
Taiwan — 0.1%
Other Securities		0.1					1,694
Thailand — 0.4%
Other Securities		0.4					6,657
United Kingdom — 18.2%
AstraZeneca		0.6			234,656		10,419
BG Group		0.7			544,934		12,607
BP		0.6			1,341,490		9,914
British American Tobacco		0.8			270,212		13,602
GlaxoSmithKline		0.6			467,707		10,436
HSBC Holdings		0.5			1,072,170		9,504
Petrofac		0.5			338,612		9,414
Rio Tinto		0.7			235,858		12,986
Rio Tinto ADR(A)		0.2			71,000		3,947
Tesco		0.9			3,148,362		16,600
Vodafone Group		1.2			7,891,581		21,712
Other Securities		10.9					198,389
							329,530
United States — 0.7%
Other Securities		0.7					12,327
Total Common Stock (Cost $1,702,948) ($ Thousands)							1,741,622

2 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Percentage of Net Assets (%)			Shares/Face Amount ($ Thousands) (1)			Market Value ($ Thousands)
PREFERRED STOCK — 0.2%
Germany — 0.2%
Other Securities		0.2	%				$	4,189
Total Preferred Stock (Cost $3,808) ($ Thousands)								4,189
U.S. TREASURY OBLIGATIONS — 0.3%
Other Securities		0.3						5,267
Total U.S. Treasury Obligations (Cost $5,268) ($ Thousands)								5,267
RIGHTS — 0.0%
Australia — 0.0%
Other Securities		0.0						5
Total Rights (Cost $0) ($ Thousands)								5
AFFILIATED PARTNERSHIP — 2.1%
United States — 2.1%
SEI Liquidity Fund, L.P. 0.180%*† (B)		2.1				40,189,727		38,488
Total Affiliated Partnership (Cost $40,190) ($ Thousands)								38,488
CASH EQUIVALENT — 1.1%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.080%*†		1.1				19,980,834		19,981
Total Cash Equivalent (Cost $19,981) ($ Thousands)								19,981
TIME DEPOSITS — 2.1%
United States — 2.1%
Brown Brothers Harriman
4.500%, 04/02/12					ZAR	802		104
3.587%, 04/02/12					AUD	74		76
1.650%, 04/02/12					NZD	1		1
0.797%, 04/02/12					SEK	9		1
0.550%, 04/02/12					NOK	714		125
0.234%, 04/02/12					CAD	2		2
0.056%, 04/02/12					GBP	687		1,098
0.050%, 04/02/12					EUR	327		435
0.030%, 04/02/12						34,675		34,675
0.020%, 04/02/12					DKK	38		7
0.010%, 04/02/12					JPY	55,270		672
0.010%, 04/02/12					SGD	6		4

Description	Face Amount ($ Thousands)(1)			Market Value ($ Thousands)
0.005%, 04/02/12		CHF	663	$	734
0.005%, 04/02/12		HKD	2,578		332
Total Time Deposits (Cost $38,266) ($ Thousands)					38,266
Total Investments — 101.8% (Cost $1,810,461) ($ Thousands)††				$	1,847,818

The open futures contracts held by the Fund at March 31, 2012, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		262		Jun-2012	$	(223	)
FTSE 100 Index		81		Jun-2012		(192	)
Hang Seng Index		9		May-2012		(27	)
SPI 200 Index		23		Jun-2012		25
Topix Index		57		Jun-2012		182
					$	(235	)

For the six months ended March 31, 2012, 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 $1,814,615 ($ Thousands).

* Rate shown is the 7-day effective yield as of March 31, 2012.

† Investment in Affiliated Security (See Note 4).

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

(A) This security or a partial position of this security is on loan at March 31, 2012. The total market value of securities on loan at March 31, 2012 was $39,000 ($ Thousands) (See Note 8).

(B) This security was purchased with cash collateral held from securities on loan (see Note 8). The total value of such securities as of March 31, 2012 was $38,488 ($ 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 Depository Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

DJ — Dow Jones

DKK — Danish Krone

EUR — Euro

FTSE — Financial Times and the London Stock Exchange

GBP — British Pound Sterling

HKD — Hong Kong Dollar

JPY — Japanese Yen

L.P. — Limited Partnership

NOK — Norwegian krone

NZD — New Zealand Dollar

SEK — Swedish Krone

SGD — Singapore Dollar

SPI — Share Price Index

ZAR — South African Rand

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 3

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund (Concluded)

March 31, 2012

The following is a summary of the inputs used as of March 31, 2012, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,741,268	$	—	$	354	$	1,741,622
Preferred Stock		4,189		—		—		4,189
U.S. Treasury Obligations		—		5,267		—		5,267
Rights		5		—		—		5
Affiliated Partnership		—		38,488		—		38,488
Cash Equivalent		19,981		—		—		19,981
Time Deposits		—		38,266		—		38,266
Total Investments in Securities	$	1,765,443	$	82,021	$	354	$	1,847,818

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*	$	(235	)	$	—	$	—	$	(235	)
Total Other Financial Instruments	$	(235	)	$	—	$	—	$	(235	)

* Futures 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):

	Common Stock
Beginning balance as of October 1, 2011	$	—
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases/sales		—
Transfers into Level 3		354
Transfers out of Level 3		—
Ending balance as of March 31, 2012	$	354
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date.	$	—

For the six months ended March 31, 2012, these were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Level 1 and Level 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded (See Note 2).

For the six months ended March 31, 2012, there were transfers from Level 2 into Level 3 common stock. The primary reason for changes in the classifications between Level 2 and Level 3 occurs when trading of such securities are halted on the primary exchange on which they are traded.

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

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

4 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund

March 31, 2012

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
COMMON STOCK — 90.3%
Argentina — 0.3%
Other Securities		0.3	%			$	2,709
Brazil — 10.0%
Banco Bradesco ADR		0.6			326,318		5,711
Banco Santander Brasil ADR		0.4			377,204		3,459
Cia Hering		0.4			147,825		3,821
Gerdau ADR		0.7			672,261		6,474
Petroleo Brasileiro		0.1			75,522		1,001
Petroleo Brasileiro ADR		1.0			321,115		8,529
Vale		0.2			60,431		1,412
Vale ADR, Cl B		0.8			287,365		6,704
Other Securities		5.8					52,273
							89,384
Canada — 0.9%
Pacific Rubiales Energy		0.4			127,379		3,714
Other Securities		0.5					4,013
							7,727
Chile — 0.5%
Other Securities		0.5					4,001
China — 11.9%
Agricultural Bank of China		0.4			8,479,432		3,637
China Coal Energy		0.1			912,000		1,023
China Construction Bank		0.9			10,605,807		8,196
China Life Insurance		0.2			648,000		1,682
China Petroleum & Chemical ADR (A)		0.2			19,974		2,172
China Railway Construction		0.0			606,000		377
China Railway Group		0.1			1,655,000		531
China Shenhua Energy		0.1			269,003		1,135
Daphne International Holdings		0.5			3,472,800		4,759

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
Dongfeng Motor Group		0.1	%		720,120	$	1,300
Foxconn International Holdings*		0.5			5,600,000		3,989
Industrial & Commercial Bank of China		0.9			12,651,912		8,164
PetroChina		0.5			2,850,119		4,031
PetroChina ADR		0.4			26,292		3,695
Zhejiang Expressway		0.1			1,012,000		756
Other Securities		6.9					60,858
							106,305
Colombia — 0.7%
Other Securities		0.7					5,828
Cyprus — 0.4%
Other Securities		0.4					3,895
Czech Republic — 0.2%
Other Securities		0.2					1,722
Egypt — 0.1%
Other Securities		0.1					1,007
Guernsey — 0.1%
Other Securities		0.1					1,066
Hong Kong — 6.2%
China Mobile		1.1			894,934		9,850
China Mobile ADR		0.4			59,940		3,301
China Resources Enterprise		0.1			167,353		584
China Resources Gas Group		0.4			1,817,276		3,478
China Resources Power Holdings		0.1			631,339		1,169
China State Construction International Holdings		0.4			3,612,584		3,364
China Unicom Hong Kong ADR		0.3			157,890		2,653
CNOOC		0.3			1,218,948		2,506
Cosco International Holdings		0.0			208,805		90
Dah Chong Hong Holdings		0.1			1,033,200		1,097
Vinda International Holdings		0.5			3,083,276		4,765
Other Securities		2.5					22,029
							54,886
Hungary — 0.1%
Other Securities		0.1					719
India — 5.8%
Cairn India*		0.5			627,671		4,114
ICICI Bank ADR		0.4			110,264		3,845
Other Securities		4.9					43,842
							51,801

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 5

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund (Continued)

March 31, 2012

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
Indonesia — 2.5%
Bank Rakyat Indonesia Persero		0.6	%		6,521,515	$	4,957
United Tractors		0.4			1,028,071		3,710
Vale Indonesia		0.0			571,500		211
Other Securities		1.5					13,719
							22,597
Ireland — 0.1%
Other Securities		0.1					1,159
Israel — 0.3%
Other Securities		0.3					2,758
Kazakhstan — 0.3%
Other Securities		0.3					2,547
Macau — 0.2%
Other Securities		0.2					1,713
Malaysia — 1.8%
Other Securities		1.8					16,007
Mexico — 4.0%
Fomento Economico Mexicano ADR		0.4			41,662		3,428
Grupo Financiero Banorte, Cl O		0.5			992,407		4,406
Other Securities		3.1					27,488
							35,322
Netherlands — 0.3%
Other Securities		0.3					2,387
Peru — 0.4%
Other Securities		0.4					3,946
Philippines — 0.8%
Other Securities		0.8					7,472
Poland — 0.7%
Other Securities		0.7					6,529
Russia — 7.2%
Gazprom ADR		1.2			870,145		10,764
Lukoil ADR		0.9			134,591		8,183
Magnit GDR		0.5			147,305		4,293
Rosneft Oil GDR (B)		0.4			471,845		3,342
Sberbank of Russia ADR		1.4			944,448		12,453
VTB Bank GDR		0.4			823,986		3,716
Other Securities		2.4					21,134
							63,885

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
Singapore — 0.4%
Other Securities		0.4	%			$	3,067
South Africa — 6.2%
ABSA Group		0.4			181,321		3,686
Barloworld		0.5			360,239		4,693
Exxaro Resources		0.6			206,483		5,331
MTN Group		0.4			201,445		3,544
Standard Bank Group		0.8			484,944		7,037
Other Securities		3.5					31,183
							55,474
South Korea — 12.7%
Hyundai Motor		0.6			24,602		5,059
Samsung Electronics		3.6			28,670		32,262
Shinhan Financial Group		0.5			109,415		4,225
SK Telecom ADR		0.5			300,599		4,181
Other Securities		7.5					67,276
							113,003
Taiwan — 8.4%
Hon Hai Precision Industry		1.1			2,567,384		9,960
Taiwan Semiconductor Manufacturing		0.5			1,592,027		4,580
Taiwan Semiconductor Manufacturing ADR		0.7			389,477		5,951
Tripod Technology		0.4			1,079,802		3,622
Other Securities		5.7					50,750
							74,863
Thailand — 2.4%
Other Securities		2.4					21,299
Turkey — 2.0%
Turkiye Garanti Bankasi		0.4			863,124		3,418
Other Securities		1.6					14,695
							18,113
United Arab Emirates — 0.2%
Other Securities		0.2					1,962
United Kingdom — 1.2%
Other Securities		1.2					10,378
United States — 1.0%
Avon Products		0.5			230,900		4,470
Other Securities		0.5					4,605
							9,075
Total Common Stock (Cost $764,021) ($ Thousands)							804,606

6 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
PREFERRED STOCK — 4.6%
Brazil — 4.6%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		0.4	%		70,712	$	3,367
Cia de Bebidas das Americas ADR		0.4			89,843		3,712
Petroleo Brasileiro ADR, Cl A		0.9			324,002		8,281
Petroleo Brasileiro, Cl Preference		0.3			201,116		2,563
Vale, Cl A		0.3			126,004		2,853
Vale ADR, Cl B		0.5			199,975		4,537
Other Securities		1.8					15,544
Total Preferred Stock (Cost $36,380) ($ Thousands)							40,857
EXCHANGE TRADED FUNDS — 1.6%
United States — 1.6%
iShares MSCI Emerging Markets Index Fund		1.5			319		13,702
Other Securities		0.1					865
Total Exchange Traded Funds (Cost $13,326) ($ Thousands)							14,567
RIGHTS — 0.0%
South Africa — 0.0%
Other Securities		0.0					142
Total Rights (Cost $—) ($ Thousands)							142
DEBENTURE BOND — 0.0%
Materials — 0.0%
Vale, Ser 1997 0.000%, 09/30/49 (B)		0.0			8		—
Total Debenture Bond (Cost $—) ($ Thousands)							—
AFFILIATED PARTNERSHIP — 0.5%
United States — 0.5%
SEI Liquidity Fund, L.P. 0.180**† (C)		0.5			5,318,175		4,489
Total Affiliated Partnership (Cost $5,318) ($ Thousands)							4,489
CASH EQUIVALENT — 0.8%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.080%,**†		0.8			7,029,149		7,029
Total Cash Equivalent (Cost $7,029) ($ Thousands)							7,029

Description	Percentage of Net Assets (%)		Face Amount (Thousands) (1)		Market Value ($ Thousands)
TIME DEPOSITS — 1.8%
United States — 1.8%
Brown Brothers Harriman
4.500%, 04/02/12		ZAR		2,148	$	280
0.056%, 04/02/12		GBP		5		8
0.030%, 04/02/12				15,823		15,823
0.010%, 04/02/12		SGD		2		2
0.005%, 04/02/12		HKD		248		32
Total Time Deposits (Cost $16,145) ($ Thousands)						16,145
Total Investments — 99.6% (Cost $842,219)($ Thousands)††					$	887,835

Percentages are based on a Net Assets of $891,587 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2012.

† Investment in Affiliated Security (See Note 4).

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

(A) This security or a partial position of this security is on loan at March 31, 2012. The total market value of securities on loan at March 31, 2012 was $5,079 ($ Thousands) (See Note 8).

(B) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2012.

(C) This security was purchased with cash collateral held from securities on loan (see Note 8). The total value of such securities as of March 31, 2012 was $4,489 ($ 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

GBP — British Pound Sterling

GDR — Global Depositary Receipt

HKD — Hong Kong Dollar

L.P. — Limited Partnership

MSCI — Morgan Stanley Capital International

Ser — Series

SGD — Singapore Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of March 31, 2012, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	803,836	$	—	$	770	$	804,606
Preferred Stock		40,857		—		—		40,857
Exchange Traded Funds		14,567		—		—		14,567
Rights		142		—		—		142
Debenture Bond		—		—		—		—
Affiliated Partnership		—		4,489		—		4,489
Cash Equivalent		7,029		—		—		7,029
Time Deposits		—		16,145		—		16,145
Total Investments in Securities	$	866,431	$	20,634	$	770	$	887,835

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 7

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund (Concluded)

March 31, 2012

	Common Stock
Beginning balance as of October 1, 2011	$	—
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases/sales		—
Transfer into Level 3		770
Transfer out of Level 3		—
Ending balance as of March 31, 2012	$	770
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date.		—

For the six months ended March 31, 2012, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Level 1 and Level 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded (See Note 2).

For the six months ended March 31, 2012, there were transfers between Level 2 and into Level 3 assets and liabilities. The primary reason for changes in the classifications between Level 2 and Level 3 occurs when trading of such securities are halted on the primary exchange on which they are traded.

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

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

8 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund

March 31, 2012

Description	Percentage of Net Assets (%)			Face Amount (Thousands) (1)		Market Value ($ Thousands)
GLOBAL BONDS — 90.8%
Australia — 2.0%
Other Securities		2.0	%			$	9,837
Austria — 0.5%
Republic of Austria 3.200%, 02/20/17		0.4			1,405		2,002
Other Securities		0.1					514
							2,516
Belgium — 0.9%
Other Securities		0.9					4,234
Brazil — 0.2%
Other Securities		0.2					923
Canada — 4.7%
Government of Canada
5.750%, 06/01/33		0.4			1,300		1,954
5.000%, 06/01/37		0.4			1,300		1,849
4.250%, 06/01/18		0.2			715		820
4.000%, 06/01/17		0.7			3,020		3,375
3.500%, 06/01/20		1.2			5,280		5,871
3.250%, 06/01/21		0.5			2,230		2,441
Other Securities		1.3					6,609
							22,919
Czech Republic — 0.4%
Other Securities		0.4					2,192
Denmark — 1.8%
DONG Energy MTN
6.500%, 05/07/19		0.1			245		403
Kingdom of Denmark
4.500%, 11/15/39		0.1			1,300		329
4.000%, 11/15/17		0.3			7,315		1,520
4.000%, 11/15/12		0.2			5,416		992

Description	Percentage of Net Assets (%)			Face Amount (Thousands) (1)			Market Value ($ Thousands)
3.125%, 03/17/14		0.1	%		EUR	500	$	698
3.000%, 11/15/21		0.4				8,650		1,709
Other Securities		0.6						2,973
								8,624
Finland — 0.7%
Government of Finland
3.500%, 04/15/21		0.4				1,290		1,892
Other Securities		0.3						1,496
								3,388
France — 8.2%
EDF
6.500%, 01/26/19 (A)		0.1				250		292
5.500%, 10/17/41		0.0				100		163
5.500%, 10/17/41		0.1				300		479
4.125%, 03/25/27		0.0				100		136
4.000%, 11/12/25		0.0				150		205
Government of France
5.000%, 10/25/16		0.5				1,460		2,237
4.750%, 10/25/12		0.7				2,500		3,413
4.750%, 04/25/35		0.0				60		94
4.500%, 04/25/41		0.6				1,825		2,790
4.000%, 04/25/13		0.1				400		554
3.500%, 04/25/20		0.2				580		823
3.250%, 10/25/21		0.6				1,990		2,746
3.000%, 10/25/15		1.2				4,175		5,892
3.000%, 04/25/22		1.7				6,250		8,390
Other Securities		2.4						11,327
								39,541
Germany — 12.7%
Bundesobligation, Ser 159
2.000%, 02/26/16		0.2				595		837
Bundesobligation, Ser 161
1.250%, 10/14/16		0.1				200		273
Bundesrepublik Deutschland
3.250%, 07/04/21		1.3				4,075		6,136
3.000%, 07/04/20		0.7				2,235		3,316
2.500%, 01/04/21		0.5				1,532		2,184
2.000%, 01/04/22		0.2				750		1,016
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/31		0.1				340		652
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/34		0.5				1,275		2,332
Bundesrepublik Deutschland, Ser 04
3.750%, 01/04/15		0.0				25		36
Bundesrepublik Deutschland, Ser 05
3.500%, 01/04/16		0.6				2,060		3,047

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 9

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2012

Description	Percentage of Net Assets (%)				Face Amount (Thousands) (1)		Market Value ($ Thousands)
Bundesrepublik Deutschland, Ser 08
4.750%, 07/04/40		0.7	%			1,680	$	3,256
4.250%, 07/04/18		0.0				125		198
Bundesrepublik Deutschland, Ser 09
3.250%, 01/04/20		0.1				360		543
Bundesschatzanweisungen
1.750%, 06/14/13		3.2				11,400		15,469
1.000%, 12/14/12		0.7				2,550		3,417
0.250%, 12/13/13		1.7				6,350		8,465
Deutsche Bundesrepublik Inflation Linked Bond
1.750%, 04/15/20		0.4				1,214		1,890
Kreditanstalt fuer Wiederaufbau MTN
4.750%, 08/12/15		0.2				6,000		970
4.375%, 10/11/13		0.3				1,050		1,481
3.875%, 01/21/19		0.2				575		862
3.375%, 08/30/17		0.1		CHF		370		468
1.375%, 02/21/17		0.2				580		772
Landwirtschaftliche Rentenbank
3.750%, 02/11/16		0.0				49		71
3.250%, 03/12/14		0.1				375		524
Other Securities		0.6						3,251
								61,466
Ireland — 0.5%
Other Securities		0.5						2,239
Italy — 4.2%
Italy Buoni Poliennali Del Tesoro
6.500%, 11/01/27		0.1				500		718
6.000%, 05/01/31		0.1				500		679
5.000%, 09/01/40		0.4				1,755		2,060
4.750%, 09/01/21		0.9				3,250		4,246
4.500%, 03/01/19		0.1				400		531
4.250%, 02/01/15		0.7				2,325		3,173
4.250%, 10/15/12		0.2				585		789
4.000%, 09/01/20		0.4				1,655		2,089
3.750%, 03/01/21		0.1				480		587
3.500%, 06/01/14		0.3				1,150		1,545
Other Securities		0.9						3,932
								20,349
Japan — 21.5%
Government of Japan 5 Year Bond, Ser 79
0.700%, 12/20/13		1.1				447,300		5,489
Government of Japan 5 Year Bond, Ser 95
0.600%, 03/20/16		0.8				313,950		3,868

Description	Percentage of Net Assets (%)			Face Amount (Thousands) (1)		Market Value ($ Thousands)
Government of Japan 10 Year Bond, Ser 256
1.400%, 12/20/13		0.2	%		85,000	$	1,056
Government of Japan 10 Year Bond, Ser 275
1.400%, 12/20/15		1.7			626,600		7,944
Government of Japan 10 Year Bond, Ser 284
1.700%, 12/20/16		1.6			600,000		7,769
Government of Japan 10 Year Bond, Ser 288
1.700%, 09/20/17		3.4			1,277,950		16,635
Government of Japan 10 Year Bond, Ser 298
1.300%, 12/20/18		1.0			369,400		4,710
Government of Japan 10 Year Bond, Ser 301
1.500%, 06/20/19		0.6			235,300		3,034
Government of Japan 10 Year Bond, Ser 308
1.300%, 06/20/20		2.7			1,016,000		12,862
Government of Japan 10 Year Bond, Ser 316
1.100%, 06/20/21		0.4			160,000		1,976
Government of Japan 20 Year Bond
2.200%, 09/20/28		0.2			67,150		888
2.000%, 03/21/22		0.6			200,000		2,662
1.400%, 12/20/22		0.2			90,000		1,130
Government of Japan 20 Year Bond, Ser 48
2.500%, 12/21/20		1.8			614,450		8,504
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/27		1.5			538,250		7,040
Government of Japan 20 Year Bond, Ser 109
1.900%, 03/20/29		0.1			39,000		494
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/29		2.4			910,000		11,808
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/38		0.3			103,250		1,388
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/39		0.5			195,900		2,584
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/40		0.3			117,000		1,446
Other Securities		0.1					908
							104,195

10 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Percentage of Net Assets (%)			Face Amount (Thousands) (1)		Market Value ($ Thousands)
Jersey — 0.2%
Other Securities		0.2	%			$	891
Lithuania — 0.1%
Other Securities		0.1					432
Malaysia — 0.5%
Other Securities		0.5					2,349
Mexico — 0.4%
Other Securities		0.4					2,123
Netherlands — 4.3%
ABN Amro Bank MTN
4.875%, 01/16/19		0.1			200		327
3.750%, 07/15/14		0.2			750		1,056
Cooperatieve Centrale Raiffeisen-Boerenleenbank MTN
4.000%, 01/11/22		0.6			2,060		2,848
Government of Netherlands
4.500%, 07/15/17		0.2			760		1,169
4.000%, 07/15/18		0.3			1,025		1,554
4.000%, 01/15/37		0.2			655		1,066
3.500%, 07/15/20		0.2			485		716
3.250%, 07/15/15		0.2			520		747
Other Securities		2.3					11,708
							21,191
New Zealand — 0.4%
Government of New Zealand
6.000%, 12/15/17		0.4			2,380		2,184
Norway — 0.7%
Other Securities		0.7					3,340
Poland — 0.2%
Other Securities		0.2					1,303
Qatar — 0.1%
Other Securities		0.1					407
Russia — 0.3%
Other Securities		0.3					1,569
Singapore — 0.4%
Other Securities		0.4					2,030
South Africa — 1.1%
Republic of South Africa, Ser R203
8.250%, 09/15/17		1.1			39,605		5,375
South Korea — 0.5%
Other Securities		0.5					2,441

Description	Percentage of Net Assets (%)				Face Amount (Thousands) (1)		Market Value ($ Thousands)
Spain — 2.2%
Banco Santander
4.625%, 01/20/16		0.1	%			300	$	416
3.250%, 02/17/15		0.1				200		267
Government of Spain
5.850%, 01/31/22		0.2				710		976
5.500%, 04/30/21		0.5				1,770		2,387
4.750%, 07/30/14		0.3				925		1,284
4.700%, 07/30/41		0.2				995		1,075
4.600%, 07/30/19		0.1				155		203
4.000%, 04/30/20		0.0				150		186
3.300%, 10/31/14		0.1				475		642
Instituto de Credito Oficial MTN
2.375%, 03/04/13 (A)		0.0		USD		200		198
Santander Issuances, Ser 24
7.300%, 07/27/19 (B)		0.1		GBP		400		579
Other Securities		0.5						2,774
								10,987
Supra-National — 0.9%
Other Securities		0.9						4,229
Sweden — 1.9%
Other Securities		1.1						9,069
Switzerland — 1.2%
Other Securities		1.2						5,754
United Arab Emirates — 0.1%
Other Securities		0.1						756
United Kingdom — 11.5%
Abbey National Treasury Services MTN
5.500%, 06/18/14		0.3				775		1,283
5.250%, 02/16/29		0.2				450		757
4.250%, 04/12/21		0.1		EUR		350		493
3.625%, 09/08/16		0.1				300		420
Eastern Power Networks MTN
6.000%, 11/12/36		0.1				160		296
Royal Bank of Scotland
6.125%, 01/11/21		0.1				310		332
5.750%, 05/21/14		0.2				600		845
5.125%, 01/13/24		0.1				400		684
United Kingdom Gilt
4.500%, 12/07/42		0.1				335		651
4.250%, 12/07/49		0.0				25		47
4.250%, 12/07/55		0.1				175		334
0.125%, 03/22/29		0.1				200		333
United Kingdom Treasury
5.000%, 03/07/25		0.1				150		304
4.750%, 12/07/30		0.7				1,825		3,609
4.750%, 12/07/38		0.5				1,115		2,238

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 11

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2012

Description	Percentage of Net Assets (%)			Face Amount (Thousands) (1)			Market Value ($ Thousands)
4.250%, 03/07/36		0.2	%			550	$	1,019
4.250%, 09/07/39		0.3				885		1,641
4.250%, 12/07/40		0.0				50		93
4.000%, 03/07/22		0.7				1,920		3,558
2.500%, 07/26/16		0.4				320		1,762
2.250%, 03/07/14		0.3				795		1,315
2.000%, 01/22/16		0.6				1,750		2,923
1.750%, 01/22/17		0.5				1,485		2,454
United Kingdom Treasury, Ser 2002
5.000%, 09/07/14		0.1				200		355
Other Securities		5.6						27,524
								55,270
United States — 5.5%
BA Covered Bond Issuer MTN
4.125%, 04/05/12		0.9			EUR	3,100		4,128
Bank of America, Ser E MTN
5.125%, 09/26/14		0.5				1,700		2,373
Citigroup MTN
5.875%, 01/30/42		0.0				75		78
4.500%, 01/14/22		0.0				110		110
4.450%, 01/10/17		0.2				800		838
4.250%, 02/25/30 (B)		0.3			EUR	1,400		1,492
4.000%, 11/26/15		0.1				230		316
Other Securities		6.3						17,594
								26,927
Total Global Bonds (Cost $427,580) ($ Thousands)								441,052
MORTGAGE-BACKED SECURITIES — 3.9%
Agency Mortgage-Backed Obligation — 0.0%
FHLMC
1.758%, 08/25/16						335		20
Non-Agency Mortgage-Backed Obligation — 3.9%
Citigroup Commercial Mortgage Trust, Ser 2007-C6, Cl A4
5.698%, 12/10/49 (B)		0.3				1,140		1,300
Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4
6.074%, 12/10/49 (B)		0.1				405		469
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4
4.288%, 05/25/35 (B)		0.2				1,019		906
Fosse Master Issuer, Ser 2011-1X, Cl A3
2.490%, 10/18/54 (B)		0.1				300		479
Other Securities		3.2						15,502
								18,656
Total Mortgage-Backed Securities (Cost $18,506) ($ Thousands)								18,676

Description	Percentage of Net Assets (%)			Face Amount (Thousands) (1)			Market Value ($ Thousands)
CORPORATE OBLIGATIONS — 2.8%
United States — 2.8%
Other Securities		2.7	%				$	13,035
Total Corporate Obligations (Cost $12,320) ($ Thousands)								13,035
U.S. TREASURY OBLIGATIONS — 0.1%
Other Securities		0.1						447
Total U.S. Treasury Obligations (Cost $408) ($ Thousands)								447
ASSET-BACKED SECURITIES — 0.1%
Automotive — 0.0%
Santander Consumer Finance, Ser 2007-1, Cl A
1.567%, 09/20/22 (C)		0.0				57		75
Other Securities		0.0						234
								309
Other Asset-Backed Securities — 0.1%
Other Securities		0.1						289
Total Asset-Backed Securities (Cost $616) ($ Thousands)								598
MUNICIPAL BOND — 0.0%
Other Securities		0.0						49
Total Municipal Bonds (Cost $45) ($ Thousands)								49
TIME DEPOSITS — 2.1%
United States — 2.1%
Brown Brothers Harriman
4.500%, 04/02/12					ZAR	—		—
3.587%, 04/02/12					AUD	63		65
1.650%, 04/02/12					NZD	22		18
0.797%, 04/02/12					SEK	108		16
0.550%, 04/02/12					NOK	120		21
0.234%, 04/02/12					CAD	32		32
0.056%, 04/02/12					GBP	30		48
0.050%, 04/02/12					EUR	288		383
0.030%, 04/02/12						9,357		9,357
0.020%, 04/02/12					DKK	4		1
0.010%, 04/02/12					JPY	19,344		235
0.010%, 04/02/12					SGD	21		17
0.005%, 04/02/12					CHF	—		—
Total Time Deposits (Cost $10,193) ($ Thousands)								10,193
Total Investments — 99.8% (Cost $469,688) ($ Thousands)††							$	484,049

12 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

The open futures contracts held by the Fund at March 31, 2012, is as follows:

Type of Contracts	Number of Contract Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Australian 3-Year Bond		32			Jun-2012	$	9
Canadian 10-Year Bond		4			Jun-2012		(2	)
Euro-Bobl		72			Jun-2012		19
Euro-BTP		(1	)		Jun-2012		—
Euro-Bund		47			Jun-2012		1
Euro-Buxl 30 Year Bond		6			Jun-2012		16
Japanese 10-Year Bond		7			Jun-2012		(35	)
Long Gilt 10-Year Bond		9			Jun-2012		(18	)
U.S. 10-Year Treasury Note		(122	)		Jun-2012		202
U.S. 2-Year Treasury Note		(33	)		Jun-2012		3
U.S. 5-Year Treasury Note		(179	)		Jun-2012		80
U.S. Long Treasury Bond		(14	)		Jun-2012		24
U.S. Ultra Long Treasury Bond		(5	)		Jun-2012		35
						$	334

For the six months ended March 31, 2012, 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.

The following are the outstanding forward foreign currency contracts held by the Fund at March 31, 2012, is as follows:

Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
4/3/12-4/4/12		USD	2,415		CAD	2,388	$	(26	)
4/3/12-5/15/12		CAD	40,638		USD	40,928		279
4/4/12-4/27/12		USD	1,842		JPY	151,779		3
4/4/12-5/2/12		MXP	32,578		USD	2,539		1
4/4/12-5/2/12		USD	3,481		PLN	10,880		2
4/4/12-5/10/12		EUR	241,482		USD	322,154		576
4/4/12-5/10/12		GBP	48,108		USD	76,851		7
4/4/12-5/10/12		USD	8,094		EUR	6,116		51
4/4/12-5/11/12		JPY	11,532,776		USD	140,232		41
4/4/12-5/23/12		SEK	52,975		USD	7,879		(98	)
4/19/12		AUD	1,107		NZD	1,418		16
4/19/12		USD	1,081		AUD	1,030		(16	)
4/19/12-4/27/12		AUD	3,335		USD	3,489		44
4/20/12-4/27/12		USD	1,082		KRW	1,224,934		(1	)
4/24/12-4/27/12		NZD	2,804		USD	2,306		12
4/27/12		CHF	1,554		USD	1,714		(7	)
4/27/12		CZK	12,966		USD	690		(5	)
4/27/12		KRW	2,200,124		USD	1,933		(9	)
4/27/12		MYR	3,550		USD	1,151		(7	)
4/27/12		NOK	1,247		USD	217		(1	)
4/27/12		PLN	2,111		USD	665		(10	)
4/27/12		SGD	932		USD	741		—
4/27/12		USD	77		CHF	70		—
4/27/12		USD	79		GBP	50		1
4/27/12		USD	1,531		MXP	19,686		2
4/27/12		USD	160		NZD	195		(1	)
4/27/12		USD	756		SGD	957		6
4/27/12-5/23/12		DKK	15,760		USD	2,818		(5	)
4/27/12-5/23/12		USD	2,534		NOK	14,500		5
4/30/12		USD	738		INR	38,102		6
5/14/12		ZAR	22,846		USD	2,934		(28	)
							$	838

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2012, is as follows:

Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America		(1,648	)		1,620	$	(28	)
Barclays PLC		(93,820	)		93,405		(415	)
BNP Paribas		(247,911	)		248,523		612
Brown Brothers Harriman		(121	)		123		2
Chase Manhattan Bank		(1,418	)		1,417		(1	)
Citigroup		(52,839	)		52,917		78
Credit Suisse First Boston		(4,869	)		4,835		(34	)
Deutsche Bank		(62,885	)		63,424		539
Goldman Sachs		(2,517	)		2,487		(30	)
HSBC		(995	)		997		2
JPMorgan Chase Bank		(24,084	)		24,076		(8	)
National Australia Bank		(25	)		25		—
Northern Trust Brokerage		(2,168	)		2,144		(24	)
RBC		(8,758	)		8,794		36
Royal Bank of Canada		(453	)		450		(3	)
Royal Bank of Scotland		(15,744	)		15,764		20
Societe Generale		(23,497	)		23,501		4
Standard Bank		(9,197	)		9,188		(9	)
State Street		(8,993	)		8,991		(2	)
UBS		(12,500	)		12,493		(7	)
Westpac Banking		(59,894	)		60,000		106
						$	838

For the six months ended March 31, 2012, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 13

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Concluded)

March 31, 2012

Outstanding swap agreements held by the Fund at March 31, 2012, is as follows:

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date	Currency	Notional Amount (Thousands)		Net Unrealized Appreciation (Depreciation) ($Thousands)
Citigroup	3.79%	6-Month GBP LIBOR	05/19/19	GBP		2,500	$	(528	)
Deutsche Bank	1.93%	6-Month EURIBOR	04/03/19	EUR		4,200		—
Deutsche Bank	6-Month EURIBOR	4.17%	03/28/13	EUR		7,000		291
JPMorgan	6-Month JPY LIBOR	2.22%	03/26/27	JPY		750,000		915
Royal Bank of Scotland	6-Month EURIBOR	3.14%	08/04/21	EUR		1,450		188
JPMorgan	6-Month EURIBOR	4.38%	01/07/13	EUR		5,400		217
Merrill Lynch	3-Month Canadian Bankers Acceptance Rate	2.44%	03/01/22	CAD		2,000		(19	)
UBS Warburg	Eurostat Eurozone	1.83%	11/25/19	EUR		1,350		(33	)
							$	1,031

For the six months ended March 31, 2012, the total amount of all swap agreements, 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 $484,982 ($ 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, 2012.

(C) Securities considered illiquid. The total market value of such securities as of March 31, 2012 was $2,385 ($ Thousands) and represented 0.5% of Net Assets.

†† 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.

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

CZK — Czech Koruna

Cl — Class

DKK — Danish Krone

EUR — Euro

EURIBOR — Euro London Interbank Offered Rate

FHLMC — Federal Home Loan Mortgage Corporation

GBP — British Pound Sterling

INR — India Rupee

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXP — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLN — Polish Zlotty

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 March 31, 2012, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	441,051	$	—	$	441,051
Mortgage-Backed Securities		—		18,676		—		18,676
Corporate Obligations		—		13,035		—		13,035
U.S. Treasury Obligations		—		447		—		447
Asset-Backed Securities		—		598		—		598
Municipal Bond		—		49		—		49
Time Deposits		—		10,193		—		10,193
Total Investments in Securities	$	—	$	484,049	$	—	$	484,049

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	334	$	—	$	—	$	334
Forwards Contracts*		—		838		—		838
Interest Rate Swaps*		—		1,031		—		1,031
Total Other Financial Instruments	$	334	$	1,869	$	—	$	2,203

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

For the six months ended March 31, 2012, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2012, there have been no transfers between Level 2 and Level 3 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.

14 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2012

Description	Percentage of Net Assets (%)				Face Amount (1) (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS — 92.8%
Argentina — 3.6%
Republic of Argentina
8.750%, 06/02/17		0.1	%			730	$	703
8.280%, 12/31/33		0.1				606		433
8.279%, 12/31/33		0.0		EUR		536		395
7.820%, 12/31/33		1.0		EUR		11,375		9,468
7.820%, 12/31/33		0.1		EUR		1,290		1,074
7.820%, 12/31/33 (A)		0.9				11,230		9,234
7.000%, 10/03/15		0.3		ARS		2,670		2,502
7.000%, 04/17/17		0.2				1,681		1,428
5.830%, 12/31/33 (A)		0.2		EUR		6,111		1,762
4.191%, 12/15/35 (A)		0.2				11,600		1,769
2.500%, 03/31/19 (B)		0.0				1,000		357
1.180%, 12/31/38 (A) (B)		0.0				2		—
0.467%, 08/03/12 (A)		0.1				6,705		829
0.044%, 12/15/35 (A) (C)		0.1				4,952		644
0.000%, 12/15/35 (A)		0.0				2		—
Other Securities		0.3						5,798
								36,396
Australia — 0.0%
Other Securities		0.0						175
Bahrain — 0.0%
Other Securities		0.0						248
Barbados — 0.3%
Other Securities		0.3						3,251
Belarus — 0.3%
Other Securities		0.3						3,342
Belize — 0.0%
Other Securities		0.0						168
Bosnia and Herzegovina — 0.1%
Other Securities		0.1						992

Description	Percentage of Net Assets (%)				Face Amount (1) (Thousands)		Market Value ($ Thousands)
Brazil — 8.5%
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/19 (D)		0.2	%			1,300	$	1,529
5.500%, 07/12/20 (D)		0.1				400		446
Braskem Finance
7.375%, 10/04/49		0.0				300		302
Brazil Notas do Tesouro Nacional, Ser B
10.674%, 08/15/20		0.6		BRL		4,470		5,598
Brazil Notas Do Tesouro Nacional
10.000%, 01/01/17		0.5		BRL		8,750		4,672
Brazil Notas do Tesouro Nacional, Ser F
10.000%, 01/01/14		1.0		BRL		18,904		10,415
10.000%, 01/01/21		0.6		BRL		11,054		5,666
CGM, CLN (Federal Republic of Brazil)
10.000%, 01/01/21		0.3				5,000		2,563
Federal Republic of Brazil
12.500%, 01/05/22		0.1		BRL		680		495
11.000%, 08/17/40		0.0				150		198
10.250%, 01/10/28		0.1		BRL		1,140		747
10.125%, 05/15/27		0.6				3,387		5,643
8.875%, 04/15/24		0.2				1,520		2,316
8.750%, 02/04/25		0.1				916		1,392
8.250%, 01/20/34		0.6				3,910		5,904
7.125%, 01/20/37		0.7				5,326		7,310
5.875%, 01/15/19		0.1				710		849
5.625%, 01/07/41		0.1				1,050		1,210
4.875%, 01/22/21		0.2				1,571		1,778
JP Morgan, CLN (Federal Republic of Brazil)
10.000%, 01/01/21		0.2				3,400		1,743
Other Securities		2.1						23,999
								84,775
Chile — 0.9%
Other Securities		0.9						8,975
China — 1.4%
Tencent Holdings
4.625%, 12/12/16		0.0				250		252
Other Securities		1.3						13,919
								14,171
Colombia — 4.6%
Bogota Distrio Capital
9.750%, 07/26/28 (D)		0.7		COP		9,020,000		6,766
Ecopetrol
7.625%, 07/23/19 (D)		0.1				500		616

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 15

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2012

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)		Market Value ($ Thousands)
Empresa de Energia de Bogota
6.125%, 11/10/21		0.1	%		925	$	981
Republic of Colombia
11.750%, 02/25/20		0.3			1,595		2,540
10.375%, 01/28/33		0.1			330		556
8.125%, 05/21/24		0.3			2,150		3,048
7.375%, 01/27/17		0.3			2,775		3,434
7.375%, 03/18/19		0.5			3,770		4,837
7.375%, 09/18/37		1.4			10,100		14,165
6.125%, 01/18/41		0.4			3,404		4,170
4.375%, 07/12/21		0.2			2,198		2,390
Other Securities		0.2					2,833
							46,336
Croatia — 1.2%
Government of Croatia
6.750%, 11/05/19		0.2			2,283		2,292
6.625%, 07/14/20		0.0			150		149
6.625%, 07/14/20 (D)		0.2			2,068		2,047
6.375%, 03/24/21		0.1			400		384
6.375%, 03/24/21 (D)		0.6			6,446		6,188
Other Securities		0.1					1,157
							12,217
Czech Republic — 0.1%
Other Securities		0.1					876
Dominican Republic — 0.3%
Other Securities		0.3					2,614
Ecuador — 0.1%
Other Securities		0.1					558
Egypt — 0.2%
Other Securities		0.2					2,019
El Salvador — 0.7%
Other Securities		0.7					7,379
Gabon — 0.0%
Other Securities		0.0					122
Georgia — 0.2%
Other Securities		0.2					1,481
Germany — 0.2%
Deutsche Bank, CLN (Government of Germany)		0.2					1,708
Ghana — 0.3%
Other Securities		0.3					2,458
Hong Kong — 0.5%
Other Securities		0.5					4,289

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)		Market Value ($ Thousands)
Hungary — 0.8%
Other Securities		0.8	%			$	8,453
India — 0.3%
Other Securities		0.3					2,772
Indonesia — 4.5%
Indosat Palapa
7.375%, 07/29/20 (D)		0.1			452		497
Majapahit Holding
8.000%, 08/07/19		0.0			160		194
8.000%, 08/07/19 (D)		0.1			500		605
7.875%, 06/29/37 (D) (E)		0.0			355		445
7.750%, 10/17/16		0.1			750		868
7.750%, 01/20/20		0.1			400		482
7.750%, 01/20/20 (D)		0.0			250		301
Pertamina Persero
6.500%, 05/27/41 (D)		0.0			380		410
5.250%, 05/23/21 (D)		0.1			500		526
Perusahaan Listrik Negara
5.500%, 11/22/21 (D)		0.2			1,435		1,503
Republic of Indonesia
11.625%, 03/04/19		0.0			300		447
11.625%, 03/04/19		0.9			5,726		8,532
11.625%, 03/04/19 (D)		0.3			1,825		2,719
10.375%, 05/04/14		0.1			450		524
8.500%, 10/12/35		0.6			4,050		6,014
8.500%, 10/12/35		0.0			300		446
7.750%, 01/17/38		0.7			5,347		7,406
7.500%, 01/15/16		0.1			1,150		1,346
6.875%, 01/17/18		0.2			1,750		2,087
6.875%, 01/17/18 (D)		0.1			900		1,073
6.750%, 03/10/14		0.0			350		380
6.625%, 02/17/37		0.0			300		370
6.625%, 02/17/37		0.1			900		1,109
5.875%, 03/13/20 (D)		0.1			1,054		1,209
4.875%, 05/05/21 (D)		0.2			1,700		1,842
Other Securities		0.4					4,344
							45,679
Iraq — 1.3%
Republic of Iraq
5.800%, 01/15/28		1.3			15,292		12,884
Israel — 0.1%
Other Securities		0.1					515
Ivory Coast — 0.7%
Government of Ivory Coast
3.750%, 12/31/32 (F)		0.7			10,993		6,898
Jamaica — 0.4%
Other Securities		0.3					4,279

16 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Percentage of Net Assets (%)				Face Amount (1) (Thousands)		Market Value ($ Thousands)
Jordan — 0.1%
Other Securities		0.1	%				$	1,392
Kazakhstan — 4.3%
BTA Bank
10.750%, 07/01/18 (D) (F)		0.0				1,202		258
10.750%, 07/01/18 (F)		0.1				3,634		781
0.001%, 07/01/20 (D) (G)		0.0				2,492		174
Development Bank of Kazakhstan
5.500%, 12/20/15 (D)		0.0				450		482
Kazatomprom Natsionalnaya Atomnaya Kompaniya
6.250%, 05/20/15		0.1				450		487
KazMunayGas National MTN
11.750%, 01/23/15		0.4				2,974		3,629
11.750%, 01/23/15 (D)		0.3				2,673		3,262
9.125%, 07/02/18		0.1				1,129		1,407
9.125%, 07/02/18 (D)		0.3				2,210		2,753
8.375%, 07/02/13		0.5				4,640		4,943
7.000%, 05/05/20		0.2				1,940		2,206
7.000%, 05/05/20 (D)		0.2				1,626		1,849
6.375%, 04/09/20 (D)		0.5				4,269		4,715
6.375%, 04/09/21		0.2				1,750		1,933
Republic of Kazakhstan
6.375%, 10/06/20 (D)		0.2		EUR		1,400		1,550
Other Securities		1.2						12,777
								43,206
Kuwait — 0.1%
Other Securities		0.1						1,442
Latvia — 0.1%
Other Securities		0.1						492
Lebanon — 0.5%
Other Securities		0.5						4,689
Lithuania — 1.9%
Republic of Lithuania
7.375%, 02/11/20		0.2				1,824		2,134
7.375%, 02/11/20 (D)		0.1				1,100		1,287
6.750%, 01/15/15 (D)		0.1				1,186		1,281
6.625%, 02/01/22 (D)		0.5				4,018		4,450
6.125%, 03/09/21		0.6				5,080		5,435
6.125%, 03/09/21 (D)		0.3				3,039		3,252
5.125%, 09/14/17 (D)		0.1				1,025		1,066
								18,905
Malaysia — 2.0%
Petroliam Nasional
7.625%, 10/15/26		0.1				925		1,277
Petronas Capital
7.875%, 05/22/22		0.9				6,311		8,477

Description	Percentage of Net Assets (%)				Face Amount (1) (Thousands)		Market Value ($ Thousands)
5.250%, 08/12/19		0.1	%			1,100	$	1,226
5.250%, 08/12/19 (D)		0.8				6,740		7,513
Wakala Global Sukuk
4.646%, 07/06/21 (D)		0.1				900		974
Other Securities		0.0						600
								20,067
Mexico — 8.2%
Comision Federal de Electricidad
5.750%, 02/14/42 (D)		0.1				900		899
4.875%, 05/26/21 (D)		0.1				550		583
Deutsche Bank, CLN (Urbi Desarrollos Urbanos)
10.571%, 12/22/12		0.0				540		570
Mexican Bonos MTN
4.750%, 03/08/44		0.0				260		255
3.625%, 03/15/22		0.1				650		665
Mexican Bonos, Ser M
6.500%, 06/10/21		0.4		MXP		48,780		3,884
Mexican Bonos, Ser M20
8.500%, 05/31/29		0.5		MXP		55,600		4,970
7.750%, 05/29/31		0.5		MXP		60,500		4,985
Mexican Bonos, Ser M30
10.000%, 11/20/36		0.5		MXP		49,900		4,992
Pemex Finance
9.150%, 11/15/18		0.2				1,595		2,052
Pemex Project Funding Master Trust
6.625%, 06/15/35		0.3				2,546		2,902
5.750%, 03/01/18		0.2				2,055		2,312
Petroleos Mexicanos
8.000%, 05/03/19		0.1				700		885
6.500%, 06/02/41 (D)		0.0				442		497
6.500%, 06/02/41 (D)		0.1				750		844
6.000%, 03/05/20 (D)		0.0				300		341
4.875%, 01/24/22 (D)		0.1				600		630
United Mexican States MTN
8.300%, 08/15/31		0.6				3,865		5,759
6.050%, 01/11/40		0.5				4,360		5,276
5.950%, 03/19/19		0.2				1,300		1,559
5.750%, 10/12/10		0.6				6,134		6,303
5.625%, 01/15/17		0.2				1,442		1,668
5.125%, 01/15/20		0.2				1,700		1,951
United Mexican States, Ser A MTN
8.000%, 09/24/22		0.2				1,785		2,454
6.750%, 09/27/34		0.7				5,226		6,715
Other Securities		1.8						18,372
								82,323
Mongolia — 0.1%
Other Securities		0.1						776

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 17

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2012

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)		Market Value ($ Thousands)
Morocco — 0.2%
Other Securities		0.2	%			$	1,860
Nigeria — 0.3%
Other Securities		0.3					3,272
Oman — 0.0%
Other Securities		0.0					112
Pakistan — 0.2%
Other Securities		0.2					1,873
Panama — 2.0%
Republic of Panama
9.375%, 01/16/23		0.1			560		778
9.375%, 04/01/29		0.7			4,141		6,632
8.875%, 09/30/27		0.2			1,650		2,525
8.125%, 04/28/34		0.2			1,409		1,944
7.250%, 03/15/15		0.1			620		718
7.125%, 01/29/26		0.0			325		434
6.700%, 01/26/36		0.7			5,098		6,704
							19,735
Peru — 1.7%
Republic of Peru
8.750%, 11/21/33		0.8			5,189		8,048
8.375%, 05/03/16		0.1			600		746
7.350%, 07/21/25		0.5			3,460		4,726
Other Securities		0.3					3,853
							17,373
Philippines — 3.6%
Power Sector Assets & Liabilities Management
7.390%, 12/02/24		0.1			500		633
Republic of Philippines
10.625%, 03/16/25		0.5			3,200		5,168
9.500%, 02/02/30		0.6			3,559		5,623
9.375%, 01/18/17		0.0			150		194
8.375%, 06/17/19		0.3			2,050		2,716
7.750%, 01/14/31		0.8			5,629		7,768
7.500%, 09/25/24		0.1			670		871
6.500%, 01/20/20		0.1			1,156		1,397
6.375%, 10/23/34		0.3			2,288		2,817
5.500%, 03/30/26		0.2			1,860		2,118
5.000%, 01/13/37		0.1			650		678
4.000%, 01/15/21		0.3			3,057		3,183
Other Securities		0.2					2,736
							35,902
Poland — 3.0%
Republic of Poland
6.375%, 07/15/19		1.1			9,506		11,051
5.125%, 04/21/21		0.3			2,669		2,850

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)		Market Value ($ Thousands)
5.000%, 03/23/22		1.1	%		10,701	$	11,279
4.000%, 03/23/21		0.1			736		984
Other Securities		0.4					3,819
							29,983
Qatar — 2.0%
Qtel International Finance
7.875%, 06/10/19		0.2			2,020		2,480
6.500%, 06/10/14 (D)		0.0			200		219
5.000%, 10/19/25		0.0			270		273
5.000%, 10/19/25 (D)		0.1			637		645
4.750%, 02/16/21		0.1			840		868
4.750%, 02/16/21 (D)		0.0			457		472
State of Qatar
9.750%, 06/15/30		0.2			1,025		1,602
6.550%, 04/09/19		0.2			1,533		1,824
6.400%, 01/20/40		0.1			1,176		1,373
6.400%, 01/20/40 (D)		0.1			710		829
5.750%, 01/20/42 (D)		0.1			750		811
5.250%, 01/20/20		0.3			2,525		2,784
5.250%, 01/20/20 (D)		0.3			2,800		3,087
4.500%, 01/20/22 (D)		0.3			2,500		2,609
4.000%, 01/20/15 (D)		0.0			300		316
							20,192
Romania — 0.2%
Other Securities		0.2					1,639
Russia — 9.1%
AK Transneft Via TransCapitalInvest
8.700%, 08/07/18		0.0			100		123
ALROSA Finance
7.750%, 11/03/20		0.0			240		256
Russia, CLN (Russian Foreign Bond)
7.600%, 04/14/21		0.2			55,200		1,865
Russian Agricultural Bank Via RSHB Capital
7.750%, 05/29/18		0.1			650		736
Russian Foreign Bond – Eurobond
12.750%, 06/24/28		0.4			2,210		3,981
7.500%, 03/31/30		4.0			33,591		40,183
5.625%, 04/04/42 (D)		0.2			1,800		1,786
5.000%, 04/29/20		0.1			700		746
5.000%, 04/29/20 (D)		0.3			2,500		2,665
3.625%, 04/29/15		0.0			300		312
3.250%, 04/04/17 (D)		0.1			1,200		1,201
SCF Capital
5.375%, 10/27/17 (D)		0.2			2,510		2,397
TMK Capital
7.750%, 01/27/18		0.1			1,100		1,065
Vnesheconombank Via VEB Finance MTN
6.902%, 07/09/20		0.4			3,350		3,622
6.902%, 07/09/20 (D)		0.3			2,385		2,579

18 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
6.800%, 11/22/25		0.1	%			1,300	$	1,360
6.800%, 11/22/25 (D)		0.1				900		942
5.450%, 11/22/17 (D)		0.1				700		725
VTB Bank Via VTB Capital
6.875%, 05/29/18		0.1				700		739
6.551%, 10/13/20 (D)		0.1				960		958
6.250%, 06/30/35		0.0				381		398
Other Securities		2.2						22,312
								90,951
Saudi Arabia — 0.1%
Other Securities		0.1						1,446
Senegal — 0.2%
Other Securities		0.2						1,584
Serbia — 0.1%
Other Securities		0.1						1,264
Singapore — 0.2%
MMI International
8.000%, 03/01/17		0.0				250		259
Other Securities		0.2						1,726
								1,985
South Africa — 3.0%
Eskom Holdings
5.750%, 01/26/21 (D)		0.2				2,450		2,572
Republic of South Africa
8.500%, 06/23/17		0.1				860		1,066
8.000%, 12/21/18		0.1				11,040		1,462
6.875%, 05/27/19		0.4				3,197		3,848
6.750%, 03/31/21		0.2			ZAR	17,820		2,157
6.250%, 03/08/41		0.2				1,611		1,885
5.875%, 05/30/22		0.2				2,050		2,337
5.500%, 03/09/20		0.6				5,640		6,289
4.665%, 01/17/24		0.4				3,776		3,861
Transnet MTN
4.500%, 02/10/16 (D)		0.1				560		580
Other Securities		0.5						4,301
								30,358
South Korea — 0.2%
Other Securities		0.2						1,846
Sri Lanka — 0.2%
Other Securities		0.2						1,664
Supra-National — 0.1%
Other Securities		0.1						601
Trinidad & Tobago — 0.3%
Other Securities		0.3						3,386

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)		Market Value ($ Thousands)
Tunisia — 0.0%
Other Securities		0.0	%			$	238
Turkey — 3.6%
Export Credit Bank of Turkey
5.375%, 11/04/16 (D)		0.1			850		859
Republic of Turkey
11.875%, 01/15/30		0.1			850		1,435
8.000%, 02/14/34		0.2			2,000		2,500
7.500%, 07/14/17		0.1			800		922
7.500%, 11/07/19		0.4			3,630		4,256
7.375%, 02/05/25		0.2			2,020		2,376
7.250%, 03/15/15		0.1			850		943
7.250%, 03/05/38		0.3			2,890		3,360
7.000%, 09/26/16		0.1			938		1,055
7.000%, 03/11/19		0.1			550		628
7.000%, 06/05/20		0.1			570		650
6.875%, 03/17/36		0.2			2,220		2,464
6.750%, 04/03/18		0.5			4,314		4,837
6.750%, 05/30/40		0.3			2,633		2,870
6.250%, 09/26/22		0.2			1,715		1,844
6.000%, 01/14/41		0.1			552		544
5.625%, 03/30/21		0.2			1,501		1,566
5.125%, 03/25/22		0.2			1,709		1,696
0.000%, 05/15/13 (G)		0.0			750		380
0.000%, 07/17/13 (G)		0.1			1,830		913
Other Securities		0.0					127
							36,225
Ukraine — 2.9%
Ferrexpo Finance
7.875%, 04/07/16		0.1			1,200		1,110
Financing of Infrastrucural Projects State Enterprise
8.375%, 11/03/17 (D)		0.1			550		468
Government of Ukraine
7.950%, 02/23/21		0.0			206		177
7.950%, 02/23/21 (D)		0.0			250		215
7.750%, 09/23/20		0.1			554		474
7.750%, 09/23/20 (D)		0.0			440		376
7.650%, 06/11/13		0.1			600		578
6.875%, 09/23/15		0.1			1,287		1,189
6.875%, 09/23/15 (C) (D)		0.1			1,472		1,360
6.750%, 11/14/17		0.1			1,350		1,181
6.580%, 11/21/16		0.1			1,600		1,384
6.580%, 11/21/16 (D)		0.0			440		381
6.385%, 06/26/12		0.1			500		498
6.250%, 06/17/16		0.0			312		271
6.250%, 06/17/16 (D)		0.1			1,343		1,168
National Naftogaz of Ukraine
9.500%, 09/30/14		0.6			6,600		6,386
Oschadbank Via SSB No.1
8.250%, 03/10/16		0.1			800		680

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 19

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2012

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
The EXIM of Ukraine Via Credit Suisse First Boston International
6.800%, 10/04/12		0.1	%			750	$	748
Ukreximbank Via Biz Finance
8.375%, 04/27/15		0.4				4,771		4,413
Other Securities		0.8						6,571
								29,628
United Arab Emirates — 3.3%
Jafz Sukuk
2.991%, 11/27/12 (A)		0.6			AED	22,400		5,849
Other Securities		2.6						26,548
								32,397
Uruguay — 1.5%
Republic of Uruguay PIK
7.875%, 01/15/33		0.3				1,789		2,495
Republic of Uruguay
9.250%, 05/17/17		0.0				218		289
8.000%, 11/18/22		0.9				6,607		9,101
7.625%, 03/21/36		0.2				1,754		2,434
6.875%, 09/28/25		0.1				567		731
								15,050
Venezuela — 5.6%
Petroleos de Venezuela
12.750%, 02/17/22		0.2				1,650		1,650
8.500%, 11/02/17		0.1				900		790
8.500%, 11/02/17		0.1				990		869
5.500%, 04/12/37		0.1				2,000		1,190
5.375%, 04/12/27		0.3				4,855		2,986
5.250%, 04/12/17		0.3				4,497		3,406
5.000%, 10/28/15		0.3				4,201		3,487
4.900%, 10/28/14		1.2				13,652		12,219
Republic of Venezuela
13.625%, 08/15/18		0.2				2,100		2,310
13.625%, 08/15/18		0.0				144		158
12.750%, 08/23/22		0.7				6,330		6,647
11.950%, 08/05/31		0.5				5,280		5,201
11.750%, 10/21/26		0.2				1,580		1,556
10.750%, 09/19/13		0.0				400		417
9.375%, 01/13/34		0.2				2,030		1,690
9.250%, 09/15/27		0.2				2,570		2,267
9.250%, 05/07/28		0.2				2,180		1,799
9.000%, 05/07/23		0.2				2,820		2,397
8.500%, 10/08/14		0.1				1,066		1,069
8.250%, 10/13/24		0.2				1,950		1,550
7.750%, 10/13/19		0.1				1,250		1,050
7.650%, 04/21/25		0.1				1,250		944
7.000%, 03/31/38		0.0				100		70
6.000%, 12/09/20		0.1				880		653
								56,375

Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)
Vietnam — 0.2%
Other Securities		0.2	%				$	2,130
Total Global Bonds (Cost $866,276) ($ Thousands)								928,391
LOAN PARTICIPATIONS — 1.8%
Connect International PIK
0.000%, 08/31/11 (E)		0.5				9,161		5,144
PT Bumi
15.000%, 01/18/13 (E)		0.1				568		557
Other Securities		1.2						11,576
Total Loan Participations (Cost $20,511) ($ Thousands)								17,277
CONVERTIBLE BONDS — 0.4%
India — 0.3%
Other Securities		0.3						3,420
United Arab Emirates — 0.1%
Other Securities		0.1						659
Total Convertible Bonds (Cost $3,555) ($ Thousands)								4,079
AFFILIATED PARTNERSHIP — 0.7%
United States — 0.7%
SEI Liquidity Fund, L.P. 0.180%*† (H)		0.7				7,503,134		7,219
Total Affiliated Partnership (Cost $7,503) ($ Thousands)								7,219
TIME DEPOSITS — 3.1%
United States — 3.1%
Brown Brothers Harriman
0.050%, 04/02/12					EUR	390		520
0.030%, 04/02/12						30,740		30,740
Total Time Deposits (Cost $31,260) ($ Thousands)								31,260
Total Investments — 98.8% (Cost $929,105) ($ Thousands)††							$	988,226

20 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

The open futures contracts held by the Fund at March 31, 2012, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized (Depreciation) ($ Thousands)
Euro-Bund		(8	)		Jun-2012	$	—
Euro-Buxl 30 Year Bond		(11	)		Jun-2012		(5	)
U.S. 10-Year Treasury Note		(245	)		Jun-2012		(122	)
U.S. 10-Year Treasury Note		50			Jun-2012		(93	)
U.S. Ultra Long Treasury Bond		(81	)		Jun-2012		(69	)
						$	(289	)

For the six months ended March 31, 2012, 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.

The following are the outstanding forward foreign currency contracts held by the Fund at March 31, 2012, is as follows:

Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
4/3/12		KRW	1,920,000		USD	1,693	$	(2	)
4/3/12-6/1/12		USD	2,643		KRW	3,000,000		4
4/3/12-6/20/12		USD	4,760		ILS	17,780		29
4/3/12-6/26/12		ILS	14,050		USD	3,770		(16	)
4/3/12-7/3/12		BRL	59,004		USD	31,597		(621	)
4/3/12-7/3/12		USD	28,590		BRL	50,853		(731	)
4/4/12-4/30/12		EUR	38,308		USD	50,204		(810	)
4/4/12-10/21/12		USD	3,604		EUR	2,701		(7	)
4/12/12		PHP	73,000		USD	1,700		1
4/12/12		USD	1,667		PHP	73,000		32
4/13/12		HUF	622,000		EUR	2,070		(48	)
4/13/12-4/30/12		INR	357,643		USD	7,059		61
4/13/12-4/30/12		USD	7,159		INR	357,643		(162	)
4/18/12		EUR	1,322		PLN	5,600		33
4/18/12		IDR	15,200,000		USD	1,647		(13	)

Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
4/18/12		THB	52,000		USD	1,628	$	(56	)
4/18/12		USD	1,691		IDR	15,200,000		(31	)
4/18/12		USD	1,713		THB	52,000		(29	)
4/19/12-5/14/12		RUB	158,260		USD	5,372		24
4/19/12-6/8/12		USD	7,068		RUB	215,897		225
4/24/12		CZK	42,500		EUR	1,661		(67	)
4/24/12		EUR	288		CZK	7,200		3
4/27/12		SGD	940		USD	750		3
4/27/12-6/27/12		USD	5,496		SGD	6,929		17
4/30/12		GBP	896		USD	1,404		(27	)
4/30/12		USD	1,768		COP	3,200,000		9
5/2/12		COP	10,245,750		USD	5,700		14
5/3/12		USD	1,683		MYR	5,200		12
5/16/12		CNY	21,782		USD	3,438		(20	)
5/16/12-12/3/12		USD	6,139		CNY	39,152		72
5/22/12		USD	65		ZAR	500		–
5/24/12		MXP	10,600		USD	832		9
5/24/12-5/29/12		USD	2,658		MXP	34,100		(9	)
							$	(2,101	)

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2012, is as follows:

CounterParty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America		(2,900	)		2,793	$	(107	)
Barclays PLC		(52,358	)		52,108		(250	)
Boston Institutional Services		(8,519	)		8,232		(287	)
Citigroup		(60,054	)		59,916		(138	)
HSBC		(19,675	)		18,924		(751	)
JPMorgan Chase Bank		(38,210	)		37,792		(418	)
UBS		(20,462	)		20,312		(150	)
						$	(2,101	)

For the six months ended March 31, 2012, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

The outstanding swap agreements held by the fund at March 31, 2012, is as follows:

Total Return Swaps
Counterparty	Reference Entity/Obligation	Fund Pays	Fund Receives	Termination Date		Currency		Notional Amount (Thousands)		Net Unrealized Appreciation (Depreciation) ($ Thousands)
Barclays Bank PLC	Korea Treasury Bond, 5% 06/10/20	Cash Deposit Of Notional Amount	Price Return		06/10/20		KRW		2,237,000	$	436
HSBC	Korea Treasury Bond, 5% 06/10/20	Cash Deposit Of Notional Amount	Price Return		06/10/20		KRW		2,217,000		456
										$	892

For the six months ended March 31, 2012, the total amount of all open swap agreements, 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 $1,000,378 ($ Thousands).

* Rate shown is the 7-day effective yield as of March 31, 2012.

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

† Investment in Affiliated Security (See Note 4).

(A) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2012.

(B) Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on March 31, 2012. The coupon on a step bond changes on a specified date.

(C) This security or a partial position of this security is on loan at March 31, 2012. The total market value of securities on loan at March 31, 2012 was $7,222 ($ Thousands) (See Note 8).

(D) 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.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 21

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Concluded)

March 31, 2012

(E) Securities considered illiquid. The total market value of such securities as of March 31, 2012 was $31,322 ($ Thousands) and represented 3.1% of Net Assets.

(F) Security in default on interest payments.

(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 8). The total value of such securities as of March 31, 2012 was $7,219 ($ 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.

AED — United Arab Emirates Dirham

ARS — Argentine Peso

BRL — Brazilian Real

CLN — Credit Linked Note

CNY — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesia Rupiah

ILS — Israeli Shekel

INR — India Rupee

KRW — Korean Won

L.P. — Limited Partnership

MTN — Medium Term Note

MXP — Mexican Peso

MYR — Malaysian Ringgit

PHP — Philippine Peso

PIK — Payment-in-Kind

PLC — Public Limited Company

PLN — Polish Zlotty

RUB — Russian Ruble

Ser — Series

SGD — Singapore Dollar

SPC — Segregated Portfolio Company

THB — Thai Baht

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of March 31, 2012, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	928,391	$	—	$	928,391
Convertible Bonds		—		4,079		—		4,079
Loan Participations		—		—		17,277		17,277
Affiliated Partnership		—		7,219		—		7,219
Time Deposits		—		31,260		—		31,260
Total Investments in Securities	$	—	$	970,948	$	17,277	$	988,226

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts*	$	(289	)	$	—		$	—	$	(289	)
Forwards Contracts*		—			(2,101	)		—		(2,101	)
Total Return Swaps*		—			892			—		892
Total Other Financial Instruments	$	(289	)	$	(1,209	)	$	—	$	(1,498	)

* Future contracts, forwards contracts and swap 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):

	Loan Participations
Beginning balance as of October 1, 2011	$	18,404
Accrued discounts/premiums		53
Realized gain/(loss)		19
Change in unrealized appreciation/(depreciation)		634
Net purchases		—
Net sales		(1,833	)
Net transfer in and/or out of Level 3		—
Ending balance as of March 31, 2012	$	17,277
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date.	$	65

For the six months ended March 31, 2012, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2012, there have been no significant transfers between Level 2 and Level 3 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.

22 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Statements of Assets and Liabilities ($ Thousands) (Unaudited)

March 31, 2012

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
ASSETS:
Investments, at value (Cost $1,750,290, $829,872, $469,688 and $921,602, respectively)(1)	$	1,789,349		$	876,317		$	484,049		$	981,007
Affiliated investments, at value (Cost $60,171, $12,347, $0 and $7,503, respectively)		58,469			11,518			—			7,219
Cash		1,136			—			—			5,296
Foreign currency, at value (Cost $2,272, $6,672, $0 and $184, respectively)		2,292			6,693			—			181
Receivable for investment securities sold		8,237			7,581			3,994			6,040
Unrealized gain on forward foreign currency contracts		—			—			1,052			548
Receivable for fund shares sold		2,155			7,369			230			1,002
Dividends and interest receivable		6,454			1,749			5,825			15,827
Variation margin receivable		133			—			125			243
Foreign tax reclaim receivable		2,464			43			—			—
Cash pledged as collateral for forward foreign currency contracts, futures contracts, or swap contracts		—			—			824			102
Unrealized gain on foreign spot currency contracts		75			—			—			—
Receivable for Swap contracts terminated		—			—			654			—
Swap contracts, at value (Cost $0, $0, $0 and $3,390, respectively)		—			—			5,342			4,282
Total Assets		1,870,764			911,270			502,095			1,021,747
LIABILITIES:
Payable for investment securities purchased		11,780			9,047			10,650			6,626
Payable upon return of securities loaned		40,190			5,318			—			7,503
Payable to custodian		—			1,251			33
Foreign currency payable (Premium $0, $0, $260, $0, respectively)		—			—			262			—
Unrealized loss on forward foreign currency contracts		—			—			214			2,649
Swap contracts, at value (Premiums received $0, $0, $0 and $0, respectively)		—			—			4,311			—
Payable for swap contracts closed		—			—			506			—
Payable for fund shares redeemed		1,692			2,103			594			3,345
Variation margin payable		20			—			3			30
Unrealized loss on foreign spot currency contracts		202			—			48			—
Investment advisory fees payable		779			733			124			334
Administration fees payable		694			495			247			551
Shareholder servicing fees payable		387			191			26			212
Trustees’ fees		1			1			—			—
Chief compliance officer fees payable		4			2			1			2
Administration servicing fees payable		3			—			—			—
Other accrued expenses		397			402			94			117
Accrued foreign capital gains tax on appreciated securities		—			140			—			—
Total Liabilities		56,149			19,683			17,113			21,369
Net Assets	$	1,814,615		$	891,587		$	484,982		$	1,000,378
NET ASSETS:
Paid in Capital (unlimited authorization — no par value)	$	2,817,726		$	933,724		$	509,732		$	933,902
Undistributed net investment income/(accumulated net investment income loss)		6,047			(2,816	)		(38,807	)		(1,148	)
Accumulated net realized gain (loss) on investments, futures contracts, option contracts, foreign currency contracts and swap contracts		(1,046,354	)		(84,805	)		(1,597	)		10,000
Net unrealized appreciation on investments and option contracts		37,357			45,616			14,361			59,121
Net unrealized appreciation (depreciation) on futures contracts		(235	)		—			334			(289	)
Net unrealized appreciation on swap contracts		—			—			1,031			892
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		74			8			(72	)		(2,100	)
Accumulated foreign capital gains tax on appreciated securities		—			(140	)		—			—
Net Assets	$	1,814,615		$	891,587		$	484,982		$	1,000,378
Net Asset Value, Offering and Redemption Price Per Share — Class ($1,808,906,046 ÷ 219,520,805 shares, $891,586,979 ÷ 83,939,854 shares, $484,982,075 ÷ 46,337,671 shares, $1,000,377,891 ÷ 87,863,392 shares, respectively.)		$8.24			$10.62			$10.47			$11.39
Net Asset Value, Offering and Redemption Price Per Share — Class I ($5,708,512 ÷ 692,877 shares)		$8.24			N/A			N/A			N/A

(1) Included in “Investments, at value” is the market value of securities on loan in the amounts of $39,000, $5,079, $0 and $7,222, ($ 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, 2012 23

Statements of Operations ($ Thousands) (Unaudited)

For the six months ended March 31, 2012

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Investment Income:
Dividends	$	19,734		$	5,652		$	—		$	—
Dividends from Affiliated Security(1)(2)		8			2			—			—
Interest		30			—			6,811			32,363
Security Lending Income — Net(2)		948			274			—			9
Less: Foreign Taxes Withheld		(1,483	)		(456	)		—			—
Total Investment Income		19,237			5,472			6,811			32,372
Expenses:
Investment Advisory Fees		4,366			4,325			729			3,958
Administration Fees		3,890			2,678			1,457			3,027
Shareholder Servicing Fees — Class A		2,154			1,030			607			1,164
Shareholder Servicing Fees — Class I		7			—			—			—
Admin Servicing Fees — Class I		7			—			—			—
Trustees’ Fees		20			9			5			11
Chief Compliance Officer Fees		4			2			1			2
Custodian/Wire Agent Fees		203			208			37			36
Printing Fees		132			62			37			71
Overdraft Fees		17			20			3			2
Professional Fees		72			95			20			46
Registration Fees		24			11			6			11
Other Expenses		77			46			31			33
Total Expenses		10,973			8,486			2,933			8,361
Less:
Waiver of Investment Advisory Fees		—			(383	)		—			(2,011	)
Waiver of Shareholder Servicing Fees — Class A		—			—			(452	)		—
Net Expenses		10,973			8,103			2,481			6,350
Net Investment Income (Loss)		8,264			(2,631	)		4,330			26,022
Net Realized and Unrealized Gain (Loss) on Investments, Written Options, Futures Contracts, Swap Contracts and Foreign Currency Transactions:
Net Realized Gain (Loss) from:
Investments		(34,558	)		(42,631	)		2,587			15,391
Futures Contracts		8,007			—			(134	)		75
Swap Contracts		—			—			(654	)		(580	)
Foreign Currency Transactions		420			(593	)		16,592			1,326
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		259,534			180,124			3,295			53,062
Affiliated Investments		45			81			—			(17	)
Futures Contracts		(911	)		—			704			(431	)
Swap Contracts		—			—			(159	)		815
Foreign Capital Gains Tax on Appreciated Securities		—			(137	)		—			—
Foreign Currency Transactions		29			146			(12,951	)		(3,032	)
Net Realized and Unrealized Gain on Investments, Written Options, Futures Contracts, Swap Contracts and Foreign Currency Transactions		232,566			136,990			9,280			66,609
Net Increase in Net Assets Resulting from Operations	$	240,830		$	134,359		$	13,610		$	92,631

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

(2) See Note 4 in Notes to Financial Statements.

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

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

24 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Statements of Changes in Net Assets ($ Thousands)

For the six months ended March 31, 2012 (Unaudited) and the year ended September 30, 2011

	International Equity Fund						Emerging Markets Equity Fund
	2012			2011			2012			2011
Operations:
Net Investment Income (Loss)	$	8,264		$	36,457		$	(2,631	)	$	4,092
Net Realized Gain (Loss) from Investments, Affiliated Investments, Futures Contracts, Written Options and Swap Contracts		(26,551	)		175,855			(42,631	)		128,870
Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions		420			(3,283	)		(593	)		(1,199	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments, Futures Contracts, Written Options and Swap Contracts		258,668			(405,494	)		180,205			(311,142	)
Net Change in Unrealized Appreciation (Depreciation) on Foreign Capital Tax Gains on Appreciated Securities		—			—			(137	)		319
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		29			(198	)		146			(218	)
Net Increase (Decrease) in Net Assets Resulting from Operations		240,830			(196,663	)		134,359			(179,278	)
Dividends and Distributions From:
Net Investment Income:
Class A		(34,665	)		(27,359	)		(2,183	)		(8,167	)
Class I		(96	)		(106	)		—			—
Net Realized Gains:
Class A		—			—			—			—
Class I		—			—			—			—
Total Dividends and Distributions		(34,761	)		(27,465	)		(2,183	)		(8,167	)
Capital Share Transactions:
Class A:
Proceeds from Shares Issued		310,431	†		534,221			164,356			267,635
Reinvestment of Dividends & Distributions		32,156			25,959			2,014			7,653
Cost of Shares Redeemed		(305,953	)		(667,954	)		(102,457	)		(327,928	)
Increase (Decrease) in Net Assets Derived from Class A Transactions		36,634			(107,774	)		63,913			(52,640	)
Class I:
Proceeds from Shares Issued		703	†		1,445			—			—
Reinvestment of Dividends & Distributions		67			78			—			—
Cost of Shares Redeemed		(1,016	)		(4,124	)		—			—
Increase (Decrease) in Net Assets Derived from Class I Transactions		(246	)		(2,601	)		—			—
Increase (Decrease) in Net Assets Derived from Capital Share Transactions		36,388			(110,375	)		63,913			(52,640	)
Net Increase (Decrease) in Net Assets		242,457			(334,503	)		196,089			(240,085	)
Net Assets:
Beginning of Period		1,572,158			1,906,661			695,498			935,583
End of Period	$	1,814,615		$	1,572,158		$	891,587		$	695,498
Undistributed Net Investment Income/(Accumulated Net Investment Loss) Included in Net Assets at End of Period	$	6,047		$	32,544		$	(2,816	)	$	1,998
Share Transactions:
Class A:
Shares Issued		39,550			60,845			16,711			22,954
Reinvestment of Distributions		4,334			2,973			215			643
Shares Redeemed		(39,208	)		(76,626	)		(10,267	)		(28,393	)
Total Class A Transactions		4,676			(12,808	)		6,659			(4,796	)
Class I:
Shares Issued		89			165			—			—
Reinvestment of Distributions		9			9			—			—
Shares Redeemed		(129	)		(466	)		—			—
Total Class I Transactions		(31	)		(292	)		—			—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		4,645			(13,100	)		6,659			(4,796	)

† Refer to Note 4 for information regarding market timing settlement.

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, 2012 25

Statements of Changes in Net Assets ($ Thousands) (Continued)

For the six months ended March 31, 2012 (Unaudited) and the year ended September 30, 2011

	International Fixed Income Fund						Emerging Markets Debt Fund
	2012			2011			2012			2011
Operations:
Net Investment Income	$	4,330		$	11,662		$	26,022		$	50,403
Net Realized Gain (Loss) from Investments, Affiliated Investments, Futures Contracts, Written Options and Swap Contracts		1,799			3,682			14,886			32,145
Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions		16,592			(25,271	)		1,326			1,855
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments, Futures Contracts, Written Options and Swap Contracts		3,840			(20,547	)		53,429			(93,220	)
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(12,951	)		31,787			(3,032	)		1,547
Net Increase (Decrease) in Net Assets Resulting from Operations		13,610			1,313			92,631			(7,270	)
Dividends and Distributions From:
Net Investment Income:
Class A		(12,225	)		(22,700	)		(42,178	)		(25,140	)
Net Realized Gains:
Class A		—			(490	)		(2,001	)		—
Total Dividends and Distributions		(12,225	)		(23,190	)		(44,179	)		(25,140	)
Capital Share Transactions:
Class A:
Proceeds from Shares Issued		50,694			124,990			186,030			399,472
Reinvestment of Dividends & Distributions		11,251			21,936			39,212			22,662
Cost of Shares Redeemed		(67,277	)		(141,201	)		(149,712	)		(445,193	)
Increase (Decrease) in Net Assets Derived from Capital Share Transactions		(5,332	)		5,725			75,530			(23,059	)
Net Increase (Decrease) in Net Assets		(3,947	)		(16,152	)		123,982			(55,469	)
Net Assets:
Beginning of Period		488,929			505,081			876,396			931,865
End of Period	$	484,982		$	488,929		$	1,000,378		$	876,396
Undistributed Net Investment Income/(Accumulated Net Investment Loss) Included in Net Assets at End of Period	$	(38,807	)	$	(30,912	)	$	(1,148	)	$	15,008
Share Transactions:
Class A:
Shares Issued		4,873			12,022			16,629			35,467
Reinvestment of Distributions		1,098			2,157			3,593			2,016
Shares Redeemed		(6,467	)		(13,579	)		(13,458	)		(39,651	)
Total Class A Transactions		(496	)		600			6,764			(2,168	)

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

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

26 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Financial Highlights

For the six months ended March 31, 2012 (Unaudited) and the years ended September 30,

For a Share Outstanding Throughout Each Period

	Net Asset Value, Beginning of Year		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 Year		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
2012*	$	7.29	$	0.04		$	1.07		$	1.11		$	(0.16	)	$	—		$	(0.16	)	$	8.24		15.46	%	$	1,808,906		1.27	%(3)		1.27	%(3)		1.27	%(3)		0.96	%		31	%
2011		8.34		0.16			(1.08	)		(0.92	)		(0.13	)		—			(0.13	)		7.29		(11.34	)		1,566,893		1.27	(3)		1.27	(3)		1.27	(3)		1.88			98
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
Class I
2012*	$	7.28	$	0.03		$	1.06		$	1.09		$	(0.13	)	$	—		$	(0.13	)	$	8.24		15.21	%	$	5,709		1.52	%(3)		1.52	%(3)		1.52	%(3)		0.68	%		31	%
2011		8.32		0.13			(1.06	)		(0.93	)		(0.11	)		—			(0.11	)		7.28		(11.44	)		5,265		1.52	(3)		1.52	(3)		1.52			1.54			98
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
Emerging Markets Equity Fund
Class A
2012*	$	9.00	$	(0.03	)	$	1.68		$	1.65		$	(0.03	)	$	—		$	(0.03	)	$	10.62		18.34	%	$	891,587		1.97	%(4)		1.97	%(4)		2.06	%		(0.64	)%		56	%
2011		11.40		0.05			(2.35	)		(2.30	)		(0.10	)		—			(0.10	)		9.00		(20.38	)		695,498		1.96	(4)		1.96	(4)		2.09			0.44			98
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
International Fixed Income Fund
Class A
2012*	$	10.44	$	0.09		$	0.21		$	0.30		$	(0.27	)	$	—		$	(0.27	)	$	10.47		3.00	%	$	484,982		1.02	%(5)		1.02	%(5)		1.21	%		1.78	%		48	%
2011		10.92		0.25			(0.22	)		0.03			(0.51	)(9)		—			(0.51	)		10.44		0.41			488,929		1.02	(5)		1.02	(5)		1.21			2.40			119
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
Emerging Markets Debt Fund
Class A
2012*	$	10.81	$	0.31		$	0.80		$	1.11		$	(0.51	)	$	(0.02	)	$	(0.53	)	$	11.39		10.52	%	$	1,000,378		1.37	%(6)		1.37	%(6)		1.80	%		5.60	%		27	%
2011		11.19		0.63			(0.70	)		(0.07	)		(0.31	)		—			(0.31	)		10.81		(0.71	)		876,396		1.36	(6)		1.36	(6)		1.80			5.58			59
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

* For the six months ended March 31, 2011. All ratios have been annualized. Total Return and Portfolio Turnover have not been annualized.

** Includes Fees Paid Indirectly, if applicable. See Note 4 in Notes to Financial Statements.

*** See Note 4 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 1.27% and 1.52%, respectively for the six months ended March 31, 2012, and the years ended September 30, 2011 and 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 the six months ended March 31, 2012, and 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 1.02%, 1.02%, 1.01%, 1.02% and 1.01%, for the six months ended March 31, 2012, 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 the six months ended March 31, 2012, and the years ended September 30, 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 2010.

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

(9) Includes a return of capital of $0.01 per share.

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, 2012 27

Notes to Financial Statements

March 31, 2012 (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 four funds: 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, 2012, 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

28 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

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)

Investments are classified within the level of the lowest significant input considered in determing fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

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 valuation techniques used by the Funds to measure fair value during the six months ended March 31, 2012 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the six months ended March 31, 2012, 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, which is not materially different from the effective interest method. 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.

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.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 29

Notes to Financial Statements (Continued)

March 31, 2012 (Unaudited)

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, 2012, 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, 2012, if applicable.

Swap Agreements — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in swap contracts as an efficient means to take and manage risk in the portfolio, including interest rate risk, credit risk and overall yield sensitivity. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit default swaps involve the periodic payment by a Fund or counterparty of interest based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the outstanding principal of the downgraded debt instrument. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR (London Interbank Offered Rate) or some other form of index on the notional amount. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal to manage a Fund’s exposure to interest rates. Payments received or made are recorded as realized gains or losses. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. In connection with swap agreements, securities/cash may be set aside as collateral by the Fund’s custodian. A Fund may enter into swap agreements in order to, among other things, change the maturity or duration of the investment portfolio; protect a Fund’s value from changes in interest rates; or expose a Fund to a different security or market.

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. 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 Summary Schedule of Investments or the Statement of Assets and

30 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

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.

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, 2012, 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.

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	%
Emerging Markets Equity Fund		25,000		1.25
International Fixed Income Fund		25,000		1.00
Emerging Markets Debt Fund		25,000		1.00

For the six months ended March 31, 2012, the Funds did not retain any redemption fees. Such fees, if any, are retained by the Funds for the benefit of the remaining shareholders.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 31

Notes to Financial Statements (Continued)

March 31, 2012 (Unaudited)

3. 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 Schedules of Investments and the Statement of Operations. The fair value of derivative instruments as of March 31, 2012 was as follows:

	Asset Derivatives				Liability Derivatives
	Period ended March 31, 2012 ($ Thousands)				Period ended March 31, 2012 ($ 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	$	389	*	Net Assets — Unrealized depreciation on futures contracts	$	55	*
Interest rate contracts	Net Assets — Unrealized appreciation on swap contracts		1,611	†	Net Assets — Unrealized depreciation on swap contracts		580	†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		1,052		Unrealized loss on forward foreign currency contracts		214
Total Derivatives not accounted for as hedging instruments		$	3,052			$	849
Emerging Markets Debt Fund
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts	$	—	*	Net Assets — Unrealized depreciation on futures contracts	$	289	*
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		548		Unrealized loss on forward foreign currency contracts		2,649
Equity contracts	Net Assets — Unrealized appreciation on swap contracts		892	†	Net Assets — Unrealized depreciation of swap contracts		—	†
Total Derivatives not accounted for as hedging instruments		$	1,440			$	2,938

* 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 six months ended March 31, 2012 is as follows:

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

Derivatives Not Accounted for as Hedging Instruments	Futures			Forward Currency Contracts		Swaps			Total
International Fixed Income Fund
Interest rate contracts	$	(134	)	$	—	$	(654	)	$	(282	)
Foreign exchange contracts		—			18,009		—			18,009
Total	$	(134	)	$	18,009	$	(654	)	$	17,727
Emerging Markets Debt Fund
Interest rate contracts	$	75		$	—	$	—		$	75
Equity contracts		—			—		(580	)		(580	)
Foreign exchange contracts		—			1,839		—			1,839
Total	$	75		$	1,839	$	(580	)	$	1,334

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

Derivatives Not Accounted for as Hedging Instruments	Futures			Forward Currency Contracts			Swaps			Total
International Fixed Income Fund
Interest rate contracts	$	704		$	—		$	(159	)	$	585
Foreign exchange contracts		—			(13,136	)		—			(13,136	)
Total	$	704		$	(13,136	)	$	(159	)	$	(12,551	)
Emerging Markets Debt Fund
Interest rate contracts	$	(431	)	$	—		$	—		$	(431	)
Foreign exchange contracts		—			(3,242	)		—			(3,242	)
Equity contracts		—			—			815			815
Total	$	(431	)	$	(3,242	)	$	815		$	(2,858	)

32 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

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.

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.

4. 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, (exclusive of acquired fund fees and expenses, interest from borrowings, brokerage commissions, taxes, Trustees Fees and extraordinary expenses not incurred in the ordinary course of a fund’s business), 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, 2012, 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		1.27	%*†		1.96	%†		1.02	%†		1.36	%†
Class I		1.52	%*†		—			—			—

* 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 acquired fund fees and expenses, interest from borrowings, brokerage commissions, taxes, Trustees Fees and extraordinary expenses not incurred in the ordinary course of a fund’s business), 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 had 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 voluntary expense limitations for each Fund are as follows:

	Advisory Fees			Voluntary Expense Limitations
International Equity Fund, Class A		0.505	%		1.270	%
International Equity Fund, Class I		0.505	%		1.520	%
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 February 1, 2012 the expense limitation was contractual.

During the six months ended March 31, 2012, the Adviser waived a portion of its fees for the Emerging Markets Equity Fund and Emerging Markets Debt Fund.

As of March 31, 2012, 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

Schroder Investment Management North America, Inc.

Tradewinds Global Investors LLC

Emerging Markets Equity Fund

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 33

Notes to Financial Statements (Continued)

March 31, 2012 (Unaudited)

Investment Sub-Adviser

International Fixed Income Fund

AllianceBernstein L.P.

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

Wellington Management Company, LLP

Emerging Markets Debt Fund

Ashmore Investment Management Limited

ING Investment Management Advisors, B.V.

Stone Harbor Investment Partners LP

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

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 six months ended March 31, 2012, 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.

During the six months ended March 31, 2012, the Distributor voluntarily waived a portion of its fees for the International Fixed Income Fund.

For the six months ended March 31, 2012, the Distributor retained 100% of both shareholder servicing fees, less the waiver, and administration servicing fees.

Fees Paid Indirectly — The Funds may direct certain fund trades to the Distributor who pays a portion of the Fund’s expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, and the effect on the Fund’s expense ratio, as a percentage of the Fund’s average daily net assets for the six months ended March 31, 2012, can be found on the Statement of Operations and Financial Highlights, respectively. During the six months ended March 31, 2012, the Funds did not report any such 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.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in The Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula approved by the SEI Funds’ board of trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. For the six months ended March 31, 2012, the Trust had not participated in the Program.

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.

During the six months ended March 31, 2012, The International Equity Fund received reimbursements to Class A of $3,740 ($ Thousands) and to Class I of $12 ($ Thousands). These amounts received by the International Equity Fund were related to the Bank of America Fair Value Market Timing Litigation.

34 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

5. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments and futures, during the six months ended March 31, 2012, were as follows:

	Purchases ($ Thousands)		Sales and Maturities ($ Thousands)
International Equity Fund
US Government	$	—	$	—
Other		530,945		513,909
Emerging Markets Equity Fund
US Government		—		—
Other		488,771		445,245
International Fixed Income Fund
US Government		927		161
Other		230,529		210,257
Emerging Markets Debt Fund
US Government		—		—
Other		281,389		227,483

Included in the realized gain on investments for the International Equity and Emerging Markets Equity funds was $786 and $1,319 ($ Thousands), respectively, received from AXA Rosenberg Investment Management, a former investment sub-adviser to the funds, as a result of a settlement with the Securities and Exchange Commission related to a coding error in its quantitative investment process. The settlement proceeds represented 0.05% and 0.19% of the funds’ average net assets, respectively, for the year ended September 30, 2011.

6. FEDERAL TAX INFORMATION:

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

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

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under 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	2011	$	27,465	$	—	$	—	$	27,465
	2010		—		—		—		—
Emerging Markets Equity Fund	2011		8,167		—		—		8,167
	2010		5,546		—		—		5,546
International Fixed Income Fund	2011		22,700		—		490		23,190
	2010		5,034		—		7		5,041
Emerging Markets Debt Fund	2011		25,140		—		—		25,140
	2010		67,778		—		—		67,778

As of September 30, 2011, 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	$	34,760	$	—	$	(996,607	)	$	—
Emerging Markets Equity Fund		2,180		—		(19,246	)		—
International Fixed Income Fund		—		—		(20,627	)		—
Emerging Markets Debt Fund		19,073		—		(749	)		—

	Post October Currency Losses ($ Thousands)			Unrealized Appreciation ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Accumulated Gains (Losses) ($ Thousands)
International Equity Fund	$	(2,060	)	$	(245,286	)	$	13		$	(1,209,180	)
Emerging Markets Equity Fund		(88	)		(157,159	)		—			(174,313	)
International Fixed Income Fund		—			8,438			(13,946	)		(26,135	)
Emerging Markets Debt Fund		—			1,839			(2,139	)		18,024

Post-October losses represent losses realized on investment transactions from November 1, 2010 through September 30, 2011, 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 09/30/11 ($ Thousands)
International Equity Fund	$	—	$	306,250	$	690,357	$	996,607
Emerging Markets Equity Fund		—		—		19,246		19,246
International Fixed Income Fund		274		1,563		18,790		20,627
Emerging Markets Debt Fund		—		—		749		749

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 35

Notes to Financial Statements (Concluded)

March 31, 2012 (Unaudited)

During the year ended September 30, 2011, the following Funds utilized capital loss carryforwards to offset capital gains:

	Amount utilized ($ Thousands)
International Equity Fund	$	126,402
Emerging Markets Equity Fund		113,491
International Fixed Income Fund		3,523
Emerging Markets Debt Fund		31,182

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.

For Federal income tax purposes, the cost of securities owned at March 31, 2012, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in partnerships, passive foreign investment companies, defaulted bonds, straddles and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at March 31, 2012, was as follows:

	Federal Tax Cost ($ Thousands)		Aggregate Gross Unrealized Appreciation ($ Thousands)		Aggregate Gross Unrealized Depreciation ($ Thousands)			Net Unrealized Appreciation ($ Thousands)
International Equity Fund	$	1,810,461	$	154,615	$	(117,258	)	$	37,357
Emerging Markets Equity Fund		842,219		103,497		(57,881	)		45,616
International Fixed Income Fund		469,688		21,292		(6,931	)		14,361
Emerging Markets Debt Fund		929,105		82,362		(23,241	)		59,121

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of September 30, 2011, 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.

7. CONCENTRATION/RISKS

Each Fund invests in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic

developments and the level of governmental supervision and regulation of securities markets in the respective countries. The 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, 2012, the total value of these securities represented approximately 2% 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.

8. 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.

36 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

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.

9. NEW ACCOUNTING PRONOUNCEMENTS

In April 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-03 “Reconsideration of Effective Control of Repurchase Agreements”. ASU 2011-03 is an amendment to Topic 860 “Transfers and Servicing”. These amendments simplify the accounting for repurchase agreements by eliminating the requirement that the transferor demonstrate it has adequate collateral to fund substantially all the cost of purchasing replacement assets. As a result, more arrangements could be accounted for as secured borrowings rather than sales. The guidance applies to public and nonpublic companies and is effective for interim and annual reporting periods beginning on or after December 15, 2011. The guidance should be applied prospectively to transactions or modifications of existing transactions that occur on or after the effective date. Early adoption is not allowed. At this time, management is evaluating the implications of ASU 2011-03 and its impact on the financial statements.

In May 2011, the FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”)”. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.

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, 2012 37

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 10/1/11		Ending Account Value 3/31/12		Annualized Expense Ratios			Expenses Paid During Period*
International Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,154.60		1.27	%	$	6.84
Class I		1,000.00		1,152.10		1.52			8.18
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.65		1.27	%	$	6.41
Class I		1,000.00		1,017.40		1.52			7.67
Emerging Markets Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,183.40		1.96	%	$	10.70
Hypothetical 5% Return
Class A	$	1,000.00	$	1,015.20		1.96	%	$	9.87

	Beginning Account Value 10/1/11		Ending Account Value 3/31/12		Annualized Expense Ratios			Expenses Paid During Period*
International Fixed Income Fund
Actual Fund Return
Class A	$	1,000.00	$	1,030.00		1.02	%	$	5.18
Hypothetical 5% Return
Class A	$	1,000.00	$	1,019.90		1.02	%	$	5.15
Emerging Markets Debt Fund
Actual Fund Return
Class A	$	1,000.00	$	1,105.20		1.36	%	$	7.16
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.20		1.36	%	$	6.86

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown).

38 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

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 (each, a “Sub-Adviser” and collectively, 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 are also 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 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(s). In connection with their consideration of such approval(s), the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an Investment Advisory Agreement.

Consistent with these responsibilities, the Trust’s Board calls and holds meetings each year that are dedicated to considering whether to renew the Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations. The Board also receives extensive data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from 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 sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, during the course of the Trust’s fiscal year, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC and the Sub-Advisers charge the Funds compared with the fees each charge to comparable mutual funds; (vi) the Funds’ overall fees and operating expenses compared with similar mutual funds; (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance systems; (ix) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (x) SIMC’s and the Sub-Advisers’ reputation, expertise and resources in domestic and/or international financial markets; and (xi) the Funds’ performance compared with similar mutual funds.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 39

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

At the December 6-7, 2011 and March 27-28, 2012 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;

• 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 considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and each Sub-Adviser’s personnel, experience, track record and compliance program. The Trustees found the level of SIMC’s professional staff and culture of compliance satisfactory. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds supported renewal of the Investment Advisory Agreements.

Fund Performance. The Board of Trustees considered Fund performance in determining whether to renew the Investment Advisory Agreements. Specifically, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indices/benchmarks in light of total return, yield and market trends. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In evaluating performance, the Trustees considered both market risk and shareholder risk expectations for the Funds. The Trustees found Fund performance satisfactory, and, where performance was below the benchmark, the Trustees were satisfied that appropriate steps were being taken. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds supported renewal of the Investment Advisory Agreements.

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 concluded 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.

40 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

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 profitability was reasonable and that the margin was not increasing despite growth in assets. When considering the profitability of the Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and such compensation with respect to any Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of SIMC and the Sub-Advisers is reasonable and supported renewal of the Investment Advisory Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale and whether those were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, unanimously approved the continuation of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of their deliberations, the Trustees did not identify any particular information that was all-important or controlling.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 41

SEI INSTITUTIONAL INTERNATIONAL TRUST ANNUAL REPORT SEPTEMBER 30, 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

Aaron Buser

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

John J. McCue

Vice President

Keri E. Rohn

Anti-Money Laundering Compliance Officer

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 (3/12)

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, 2012

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 96.0%
Australia — 3.4%
AGL Energy		18,736	$	286
Alumina		1,238,790		1,585
Amcor		85,237		657
AMP		10,636		48
APA Group		24,223		128
Asciano Group		9,681		49
Atlas Iron		2,053,634		6,127
Australia & New Zealand Banking Group		398,147		9,594
Beach Energy		520,405		792
Bendigo and Adelaide Bank		24,754		199
BHP Billiton		137,689		4,937
Brambles		77,972		573
Caltex Australia		145,430		2,093
Campbell Brothers		3,369		235
CFS Retail Property Trust(B)		92,604		172
Coca-Cola Amatil		7,658		99
Cochlear		1,050		67
Commonwealth Bank of Australia		21,758		1,129
Credit Group		14,661		89
Crown(C)		46,053		415
CSL		145,296		5,402
Dexus Property Group(B)		572,299		516
Echo Entertainment Group		10,347		47
Goodman Group(B)		91,190		65
GPT Group(B)		97,348		315
Iluka Resources		131,329		2,420
Incitec Pivot		42,912		140
Leighton Holdings		9,264		205
Lend Lease		87,698		679
Lynas*		8,519		10
Metcash		127,453		568
National Australia Bank		12,044		307
Newcrest Mining		294,124		9,043
Northern Star Resources*		84,061		75
Orica		12,498		362
OZ Minerals		3,889		39
Ramsay Health Care		26,734		541
Rio Tinto		40,885		2,770
Santos		202,418		2,986
Sims Metal Management		7,649		116
Sonic Healthcare		50,689		657
Stockland(B)		17,590		54
Suncorp Group		36,135		314
TABCORP Holdings		45,784		129
Tatts Group		80,355		206
Telstra		455,615		1,553
Toll Holdings		8,541		52
Transurban Group		155,478		902
Wesfarmers		22,456		698
Westfield Retail Trust(B)		109,617		293
Westpac Banking		22,073		501
Woolworths		23,933		644
WorleyParsons		9,429		280
				62,163
Austria — 0.0%
Oesterreichische Post		4,748		165
OMV		929		33

Description	Shares		Market Value ($ Thousands)
Verbund, Cl A		2,198	$	67
Voestalpine		1,745		58
				323
Belgium — 1.6%
Ageas		20,466		45
Anheuser-Busch InBev		193,299		14,101
Belgacom		240,714		7,727
Colruyt		105,151		4,220
Delhaize Group		7,491		394
Groupe Bruxelles Lambert		4,562		353
KBC Groep		7,373		185
Mobistar		1,528		76
Solvay		6,979		825
UCB		20,519		884
				28,810
Bosnia and Herzegovina — 0.1%
Axis Capital Holdings		65,521		2,173
Brazil — 0.8%
BRF - Brasil Foods		268,237		5,301
Centrais Eletricas Brasileiras		79,100		735
Centrais Eletricas Brasileiras ADR		148,390		1,389
Oi ADR		86,305		1,372
Petroleo Brasileiro ADR		182,027		4,835
				13,632
Canada — 4.3%
Barrick Gold		223,927		9,736
Brookfield Asset Management, Cl A		23,181		732
Cameco		155,934		3,351
Cenovus Energy		77,534		2,785
Cott*		7,100		47
Domtar		26,067		2,486
Goldcorp		101,600		4,570
Horizon North Logistics		23,300		146
Kinross Gold		593,352		5,809
Magna International, Cl A		79,900		3,808
Maple Leaf Foods		10,300		123
MI Developments		4,900		170
New Gold*		381,200		3,757
Nexen		227,478		4,174
Niko Resources		45,850		1,610
Onex		30,300		1,113
Peyto Exploration & Development		133,100		2,181
Potash Saskatchewan		131,024		5,970
Precision Drilling*		152,400		1,528
Rogers Communications, Cl B		29,200		1,157
Royal Bank of Canada		2,600		150
Saputo		4,500		195
Silver Wheaton		117,700		3,896
Sino-Forest, Cl A*(D)		76,000		8
Suncor Energy		281,147		9,176
Talisman Energy		137,353		1,731
TELUS, Cl A		6,401		363
Toronto-Dominion Bank		44,636		3,781
Transcontinental, Cl A		10,800		135
Vermilion Energy(C)		81,100		3,733
				78,421

1 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Shares		Market Value ($ Thousands)
Chile — 0.2%
Sociedad Quimica y Minera de Chile ADR		71,500	$	4,195
China — 1.0%
China Petroleum & Chemical		1,886,000		2,055
China Shenhua Energy		1,104,500		4,659
Dongfeng Motor Group		1,857,700		3,355
Huaneng Power International		6,380,000		3,468
Industrial & Commercial Bank of China		7,245,000		4,675
PetroChina		116,000		164
				18,376
Denmark — 1.2%
AP Moeller - Maersk, Cl B		347		2,676
Coloplast, Cl B		1,675		290
Jyske Bank*		112,431		3,552
Novo Nordisk, Cl B		73,558		10,171
Novozymes, Cl B		7,344		214
Tryg		91,067		5,128
William Demant Holding*		1,211		113
				22,144
Finland — 0.7%
Fortum		10,638		258
Kone, Cl B		2,908		162
Metso		1,200		51
Nokia ADR(C)		537,482		2,951
Nokia		622,585		3,384
Nokian Renkaat		8,779		427
Orion, Cl B		3,886		77
Pohjola Bank, Cl A		19,480		216
Sampo, Cl A		15,323		442
Stora Enso, Cl R		601,458		4,461
UPM-Kymmene		289		4
				12,433
France — 8.8%
Accor		1,008		36
Aeroports de Paris		4,185		343
Air Liquide		35,247		4,692
Alcatel-Lucent*		3,489,354		7,923
Alstom		35,938		1,400
Areva		55,105		1,214
Arkema		63,814		5,938
AtoS		1,557		90
AXA		391,041		6,473
BNP Paribas		199,022		9,429
Bureau Veritas		3,583		315
Carrefour		136,549		3,269
Christian Dior		2,211		339
Cie de St.-Gobain		10,182		454
Cie Generale des Etablissements- Michelin, Cl B		77,710		5,778
Cie Generale d’Optique Essilor International		101,563		9,039
CNP Assurances		6,018		94

Description	Shares		Market Value ($ Thousands)
Compagnie Generale de Geophysique-Veritas*		2,189	$	65
Danone		11,482		800
Dassault Systemes		3,489		320
Edenred		21,573		648
Electricite de France		89,106		2,030
Eutelsat Communications		101,014		3,729
France Telecom		3,520		52
Gecina(B)		1,412		147
ICADE(B)		1,384		123
Iliad		2,753		379
Legrand		182,420		6,702
L’Oreal		768		94
LVMH Moet Hennessy Louis Vuitton		61,927		10,626
Neopost		136		9
Nexity		5,300		167
Peugeot		54,566		877
PPR		2,393		411
Publicis Groupe		796		44
Renault		2,890		152
Rexel*		179,040		3,940
Safran		215,556		7,910
Sanofi		262,773		20,377
Schneider Electric		213,067		13,900
SCOR		12,445		336
SES		20,698		513
Societe BIC		442		44
Sodexo		101,640		8,332
Technip		55,515		6,530
Thales		59,279		2,215
Total		141,341		7,198
Unibail-Rodamco(B)		2,243		448
Vinci		9,909		516
Vivendi		154,695		2,835
Wendel		652		55
				159,350
Germany — 7.5%
Adidas		5,068		395
Allianz		17,552		2,091
BASF		20,884		1,824
Bayer		109,397		7,683
Bayerische Motoren Werke		21,776		1,955
Beiersdorf		2,366		154
Brenntag		52,435		6,412
Daimler(C)		97,340		5,861
Deutsche Bank		30,973		1,539
Deutsche Boerse		105,394		7,085
Deutsche Lufthansa		118,404		1,655
Deutsche Post		360,564		6,931
Deutsche Telekom		346,520		4,166
E.ON		3,128		75
Fraport Frankfurt Airport Services Worldwide		2,229		139
Fresenius		7,238		741
Fresenius Medical Care		109,469		7,747
GEA Group		192,048		6,614
Hannover Rueckversicherung		2,334		139
Henkel		817		51
Infineon Technologies		194,842		1,989
Kabel Deutschland Holding*		110,006		6,784

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 2

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund

March 31, 2012

Description	Shares		Market Value ($ Thousands)
Linde		92,326	$	16,543
MAN		1,210		161
Merck		12,511		1,383
Muenchener Rueckversicherungs		50,664		7,627
SAP ADR(C)		69,900		4,880
SAP		153,213		10,683
Siemens		166,946		16,805
Suedzucker		37,650		1,197
Symrise		166,749		4,819
ThyssenKrupp		5,927		147
United Internet		11,744		221
Volkswagen		2,339		377
				136,873
Greece — 0.1%
OPAP		218,897		2,119
Guernsey — 0.0%
Resolution		221,258		924
Hong Kong — 2.8%
AIA Group		1,427,600		5,231
ASM Pacific Technology		3,800		55
Chaoda Modern Agriculture*(D)		2,440,000		346
Cheung Kong Infrastructure Holdings		73,700		449
China Mobile		934,500		10,285
China Mobile ADR		85,100		4,687
CLP Holdings		394,400		3,403
First Pacific		1,054,700		1,170
Galaxy Entertainment Group*		168,000		464
Hang Lung Group		12,000		78
Hang Seng Bank		1,900		25
HKT Trust*		1		—
Hong Kong & China Gas		185,000		474
HongKong Electric Holdings		121,000		888
Hongkong Land Holdings		225,000		1,307
Hutchison Telecommunications Hong Kong Holdings		802,000		340
Hutchison Whampoa		238,500		2,384
Jardine Strategic Holdings		220,535		6,729
Li & Fung		72,000		165
New World Development		221,000		266
RCG Holdings*		25,059		3
SJM Holdings		261,800		533
Sun Hung Kai Properties		385,000		4,785
Yue Yuen Industrial Holdings		1,714,000		6,016
				50,083
India — 0.2%
Idea Cellular*		1,490,195		2,890
Tata Motors ADR(C)		33,694		909
				3,799
Indonesia — 0.2%
Bank Mandiri		2,291,200		1,717
Telekomunikasi Indonesia ADR		47,505		1,442
				3,159

Description	Shares		Market Value ($ Thousands)
Ireland — 0.9%
CRH		38,494	$	784
Elan*		89,477		1,308
Experian		452,611		7,047
James Hardie Industries		46,151		367
Kerry Group, Cl A		4,310		199
Ryanair Holdings ADR*		132,700		4,815
Smurfit Kappa Group*		261,595		2,386
				16,906
Israel — 0.4%
Check Point Software Technologies*		103,810		6,627
NICE Systems* (A)		1,729		68
				6,695
Italy — 1.1%
Enel		794,491		2,869
ENI		6,689		157
Exor		12,687		320
Fiat		63,566		373
Fiat Industrial		13,031		139
Intesa Sanpaolo(C)		798,551		1,429
Mediobanca		2,186		13
Pirelli & C		15,312		182
Saipem		9,466		488
Snam Rete Gas		891,516		4,281
Telecom Italia RNC		8,967,271		8,801
Terna Rete Elettrica Nazionale		56,442		227
UniCredit(C)		35,887		179
				19,458
Japan — 17.1%
Aeon		62,500		826
Aeon Credit Service		4,700		74
Aeon Mall		4,300		100
Air Water		13,000		169
Aisin Seiki		6,400		226
Ajinomoto		9,700		122
Alfresa Holdings		13,400		641
Alpen		14,700		295
Arc Land Sakamoto		12,800		243
Asahi Breweries		5,300		118
Asahi Glass		4,000		34
Asics		9,500		108
ASKUL		4,000		71
Astellas Pharma		3,000		124
Autobacs Seven		2,500		121
Belluna		6,800		56
Best Bridal		65		69
Bic Camera		401		214
Bridgestone		185,100		4,512
Brother Industries		6,000		82
Calsonic Kansei		199,000		1,221
Canon		2,600		124
Central Glass		31,000		137
Central Japan Railway		347		2,876
Century Tokyo Leasing		33,200		674
Chiba Bank		34,000		218
Chiyoda		25,000		319
Chuetsu Pulp & Paper		18,000		40

3 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Shares		Market Value ($ Thousands)
Chugoku Bank		31,000	$	422
Citizen Holdings		10,000		64
Coca-Cola West		200,400		3,533
Cocokara fine		2,200		70
Credit Saison		11,500		234
Dai Nippon Printing		885,100		9,099
Daicel		199,000		1,289
Daido Steel		31,000		216
Daihatsu Motor		33,800		623
Dai-ichi Life Insurance		76		106
Daiichi Sankyo		74,200		1,360
Daikin Industries		3,000		82
Daikyo		175,000		476
Dainippon Sumitomo Pharma		120,900		1,288
Daito Trust Construction		38,800		3,503
Daiwa House Industry		161,000		2,140
Dena		7,300		203
Dentsu		1,400		45
Doutor Nichires Holdings		6,200		82
Dydo Drinco		4,400		176
EDION(C)		93,800		661
Eisai		14,900		596
Faith		378		46
Fanuc		46,600		8,313
Fast Retailing		300		69
Fuji Film Holdings		312,600		7,373
Fuji Media Holdings		102		176
Fuji Soft		4,100		79
Fujishoji		42		48
Fujitsu		133,000		705
Fukuoka Financial Group		54,000		241
Gree		19,200		487
Gulliver International		2,250		89
Gunma Bank		8,000		43
Hachijuni Bank		280,000		1,660
Hamamatsu Photonics		8,800		334
Hino Motors		363,000		2,638
Hiroshima Bank		47,000		216
HIS		12,100		371
Hitachi		655,700		4,231
Hitachi Chemical		3,500		63
Hitachi High-Technologies		6,200		149
Hitachi Metals		13,000		162
Hokuhoku Financial Group		17,000		33
Honda Motor		391,100		14,946
Hosiden		8,600		63
Idemitsu Kosan		2,500		251
IHI		430,000		1,092
Iida Home Max		30,600		262
Inaba Denki Sangyo		1,400		42
Inpex		170		1,155
Isetan Mitsukoshi Holdings		16,200		191
IT Holdings		56,400		663
Itochu		10,900		120
Itochu Techno-Solutions		6,000		270
Itochu-Shokuhin		1,900		71
Iyo Bank		65,000		579
J Front Retailing		34,000		191
J Trust		5,600		110
Japan Steel Works		227,000		1,564
Japan Tobacco		77		436
JFE Shoji Holdings		23,000		121

Description	Shares		Market Value ($ Thousands)
JGC		325,200	$	10,136
Joyo Bank		41,000		189
JS Group		29,500		621
JSR		2,400		49
JTEKT		1,000		12
Jupiter Telecommunications		7,900		7,958
Juroku Bank		16,000		55
JVC Kenwood*		78,200		349
JX Holdings		8,000		50
Kajima		102,000		312
Kamei		5,000		76
Kamigumi		17,000		141
Kanamoto		5,000		60
Kanematsu*		158,000		190
Kanematsu Electronics		6,100		68
Kansai Paint		398,300		4,041
Kasumi		12,600		85
Kawasaki Heavy Industries		24,000		74
KDDI		1,475		9,607
Keikyu		73,000		642
Keio		61,000		440
Keisei Electric Railway		42,000		327
Keyence		110		26
Kikkoman		12,000		140
Kinki Sharyo		37,000		142
Kintetsu		145,000		555
Kita-Nippon Bank		1,700		47
Koito Manufacturing		11,000		179
Komatsu		61,600		1,766
Konaka		7,700		71
Konami		16,400		468
Konica Minolta Holdings		14,000		123
K’s Holdings		9,900		321
Kubota		7,000		68
Kuraray		10,900		155
Kurita Water Industries		3,400		84
Kyowa Hakko Kirin		42,000		470
Lawson		1,400		89
Mabuchi Motor		163,700		7,469
Makita		15,700		633
Marubeni		256,000		1,857
Marui Group		24,700		207
Mazda Motor		52,000		92
Medipal Holdings		28,600		373
Megane TOP		14,700		169
Megmilk Snow Brand		5,000		94
MEIJI Holdings		1,200		53
Melco Holdings		3,900		99
Miraca Holdings		1,000		39
Misawa Homes*		14,700		155
Mitsubishi		232,800		5,431
Mitsubishi Chemical Holdings		120,600		648
Mitsubishi Electric		3,400		30
Mitsubishi Gas Chemical		15,100		101
Mitsubishi Heavy Industries		112,000		546
Mitsubishi Materials		14,000		45
Mitsubishi Motors*		206,000		235
Mitsubishi UFJ Financial Group		281,500		1,409
Mitsubishi UFJ Lease & Finance		2,640		117
Mitsui		3,000		49
Mitsui Chemicals		20,000		61
Mitsui Home		8,000		44

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 4

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund

March 31, 2012

Description	Shares		Market Value ($ Thousands)
MS&AD Insurance Group Holdings		241,600	$	4,988
Murata Manufacturing		5,800		346
Nabtesco		10,900		225
Namco Bandai Holdings		37,900		550
NEC		64,000		135
NEC Capital Solutions		3,200		53
NEC Fielding		9,800		128
NEC Mobiling		1,200		42
NEC Networks & System Integration		15,700		225
NET One Systems		23,400		287
NHK Spring		9,600		104
Nichii Gakkan		9,500		128
Nichireki		8,000		44
Nihon Unisys		17,700		125
Nintendo		26,800		4,054
Nippo		35,000		391
Nippon Building Fund, Cl A(B)		12		115
Nippon Densetsu Kogyo		5,000		50
Nippon Express		20,000		78
Nippon Meat Packers		5,000		64
Nippon Paper Group		2,000		42
Nippon Sheet Glass		74,000		114
Nippon Steel		18,000		50
Nippon Synthetic Chemical Industry		7,000		43
Nippon Telegraph & Telephone ADR		183,391		4,148
Nippon Telegraph & Telephone		188,100		8,583
Nishimatsu Construction		78,000		184
Nishi-Nippon City Bank		11,000		31
Nissan Motor		115,400		1,235
Nisshin Fudosan		13,200		100
Nissin Food Products		3,800		143
Nitori Holdings		350		32
Nitto Denko		10,100		409
NOK		7,200		157
Nomura Real Estate Holdings		39,100		693
Nomura Research Institute		13,900		347
NTT Data		105		371
NTT DoCoMo		2,518		4,204
Nuflare Technology		11		65
Obayashi		8,000		35
Odakyu Electric Railway		26,000		247
Oita Bank		16,000		51
OJI Paper		37,000		180
Olympus		2,700		44
Ono Pharmaceutical		14,900		835
Oriental Land		1,600		172
ORIX		720		69
Otsuka		2,600		213
Otsuka Holdings		43,100		1,283
PanaHome		9,000		62
Panasonic		152,600		1,411
Pola Orbis Holdings		2,800		84
Press Kogyo		8,000		54
Rakuten		492		518
Relo Holdings		1,400		41
Resona Holdings		65,000		301
Resorttrust		4,500		73
Ricoh Leasing		6,400		150

Description	Shares		Market Value ($ Thousands)
Riken		9,000	$	42
Rinnai		5,700		413
Rohm		71,900		3,569
San-In Godo Bank		15,000		119
Sankyo		91,000		4,489
Sanrio		5,700		224
Santen Pharmaceutical		9,200		395
Sapporo Hokuyo Holdings		412,300		1,528
SBI Holdings		532		50
Secom		66,100		3,253
Sega Sammy Holdings		122,900		2,590
Seino Holdings		76,000		552
Sekisui Chemical		617,000		5,383
Sekisui House		216,000		2,129
Sekisui Jushi		5,000		50
Seven & I Holdings		510,500		15,248
Sharp		12,000		88
Shikoku Electric Power		4,500		128
Shimadzu		20,000		182
Shimamura		1,100		124
Shimano		800		48
Shindengen Electric Manufacturing		12,000		57
Shin-Etsu Chemical		64,500		3,746
Ship Healthcare Holdings		5,900		122
Shiseido		317,000		5,501
Shizuoka Bank		35,000		362
Showa		18,100		150
SKY Perfect JSAT Holdings		96		43
SMC		52,000		8,315
Softbank		111,600		3,318
Sojitz		370,700		667
Sony Financial Holdings		496,000		8,860
Square Enix Holdings		10,400		220
Stanley Electric		3,700		59
Sumitomo		2,900		42
Sumitomo Forestry		8,900		81
Sumitomo Heavy Industries		8,000		45
Sumitomo Metal Industries		27,000		55
Sumitomo Mitsui Financial Group		192,600		6,373
Sumitomo Mitsui Trust Holdings		1,003,220		3,218
Sumitomo Precision Products		29,000		173
Sumitomo Realty & Development		2,000		48
Sumitomo Rubber Industries		21,000		280
Suruga Bank		14,000		144
Suzuken		21,600		670
Suzuki Motor		6,100		147
T RAD		10,000		41
Taisei		29,000		76
Taisho Pharmaceutical Holdings		500		41
Takashimaya		31,000		259
Takeda Pharmaceutical		1,600		71
Tobu Railway		103,000		549
Toho		20,600		380
Toho Holdings		11,700		209
Tokai		2,800		58
Tokyo Electron		53,600		3,084
Tokyu		84,000		401
Tokyu Land		10,000		49
TonenGeneral Sekiyu		38,500		356
Toppan Forms		19,600		181
Toppan Printing		16,000		126

5 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Shares		Market Value ($ Thousands)
Topre		4,100	$	43
Toray Industries		34,600		258
Toshiba		12,000		53
Toshiba TEC		96,000		383
Tosoh		41,000		115
Totetsu Kogyo		9,000		97
TOTO		15,000		114
Toyo Seikan Kaisha		8,800		127
Toyo Suisan Kaisha		10,000		261
Toyota Motor ADR(C)		25,066		2,176
Toyota Motor		355,300		15,413
Toyota Tsusho		71,300		1,460
Trend Micro		5,100		158
TS Tech		7,100		140
Ube Industries		116,000		317
Unicharm		4,900		260
Unipres		18,300		569
USS		1,520		155
Wacoal Holdings		175,704		2,094
Warabeya Nichiyo		10,000		169
Watabe Wedding		6,395		60
Xebio		1,700		46
Yamada Denki		530		33
Yamaguchi Financial Group		26,000		238
Yamato Holdings		61,300		953
Yamazaki Baking		23,000		331
Yamazen		7,600		64
Yaskawa Electric		571,500		5,403
Yellow Hat		12,500		208
Yokogawa Electric		21,300		217
Yokohama Rubber		39,000		282
Yuasa Trading		38,000		66
Zeon		92,000		857
				311,084
Jersey — 0.0%
Randgold Resources		2,676		230
Malaysia — 0.2%
Axiata Group		1,938,400		3,290
Malta — 0.0%
BGP Holdings*(D)		198,683		—
Mexico — 0.0%
Industrias, Cl B*		16,800		80
Netherlands — 5.1%
Aegon*		247,681		1,373
Akzo Nobel		257,089		15,157
ASML Holding		25,405		1,268
Boskalis Westminster		1,510		57
European Aeronautic Defence and Space		109,337		4,471
Gemalto		81,531		5,373
Heineken		12,038		668
Heineken Holding		8,856		414
Imtech		136,176		4,347

Description	Shares		Market Value ($ Thousands)
ING Groep*		777,086	$	6,465
Koninklijke Ahold		428,428		5,928
Koninklijke DSM		761		44
Koninklijke KPN		11,146		122
Koninklijke Vopak		12,357		711
PostNL		786,416		4,849
QIAGEN*		1,306		20
Reed Elsevier		875,286		11,162
Royal Dutch Shell, Cl B		171,751		6,036
Royal Dutch Shell, Cl A		248,025		8,666
SBM Offshore		18,327		374
TNT Express		197,660		2,437
Unilever		222,577		7,563
Wolters Kluwer		278,145		5,260
				92,765
New Zealand — 0.2%
Chorus*		149,900		455
Contact Energy*		11,158		43
Fletcher Building		89,345		493
Telecom of New Zealand		1,081,597		2,149
				3,140
Norway — 0.8%
Aker Solutions		2,910		49
DNB		890,637		11,430
Gjensidige Forsikring		36,942		436
Marine Harvest		2,715,051		1,399
Orkla		10,674		84
Seadrill		24,095		901
Statoil		16,102		436
Telenor		17,750		329
				15,064
Poland — 0.1%
KGHM Polska Miedz		37,738		1,732
Portugal — 0.1%
Cimpor Cimentos de Portugal		45,104		300
Energias de Portugal		160,315		466
Galp Energia, Cl B		3,295		54
Jeronimo Martins(C)		25,731		523
				1,343
Puerto Rico — 0.0%
Triple-S Management, Cl B*		4,798		111
Russia — 0.5%
Gazprom ADR		171,363		2,120
NovaTek GDR		12,103		1,640
Sberbank of Russia ADR		332,738		4,455
Surgutneftegas ADR		8,414		82
				8,297
Singapore — 1.4%
City Developments		21,000		190
DBS Group Holdings		340,000		3,834
Fraser and Neave		71,000		378
GuocoLeisure		34,352		17
Jardine Cycle & Carriage		17,000		653

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 6

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund

March 31, 2012

Description	Shares		Market Value ($ Thousands)
Keppel		113,110	$	989
Oversea-Chinese Banking		165,000		1,171
SembCorp Industries		317,600		1,334
SembCorp Marine		1,146,100		4,813
Singapore Airlines		512,000		4,386
Singapore Land		23,000		110
Singapore Press Holdings		86,400		269
Singapore Telecommunications		286,000		717
Transpac Industrial Holdings		36,000		54
United Overseas Bank		236,000		3,444
UOL Group		71,600		270
Wilmar International		112,000		436
Yangzijiang Shipbuilding Holdings		1,977,000		2,091
				25,156
South Africa — 0.8%
AngloGold Ashanti ADR		94,946		3,505
AngloGold Ashanti		83,773		3,083
Gold Fields(C)		376,772		5,155
Impala Platinum Holdings		100,086		1,970
				13,713
South Korea — 3.0%
Hyundai Heavy Industries		15,121		4,290
Hyundai Mobis		38,881		9,831
Hyundai Motor		11,256		2,315
Kia Motors		27,044		1,769
Korea Electric Power ADR		205,475		1,999
KT ADR		340,100		4,656
KT&G		142,388		10,104
Samsung Electronics		11,199		12,602
Shinhan Financial Group		93,150		3,597
SK Telecom ADR		301,044		4,187
				55,350
Spain — 1.6%
Abertis Infraestructuras		35,822		609
Acciona		6,033		421
Acerinox(C)		2,927		37
ACS Actividades de Construccion y Servicios		1,271		32
Amadeus IT Holding, Cl A		8,107		153
Banco Bilbao Vizcaya Argentaria(C)		41,522		330
Banco de Sabadell(C)		193,741		527
Banco Popular Espanol(C)		530,276		1,900
Banco Santander		385,922		2,965
Bankia*(C)		16,300		59
Bankinter		45,316		237
CaixaBank		32,116		125
Distribuidora Internacional de Alimentacion*		13,136		65
EDP Renovaveis*		28,788		143
Enagas		300,564		5,776
Endesa		8,158		162
Ferrovial(C)		56,619		650
Fomento de Construcciones y Contratas(C)		11,687		261
Gas Natural		81,143		1,294
Grifols(C)		21,025		448
Iberdrola		16,900		96
Inditex(C)		6,937		663

Description	Shares		Market Value ($ Thousands)
Indra Sistemas(C)		387,042	$	4,736
Mapfre		119,323		384
Red Electrica		13,844		676
Repsol		56,208		1,408
Tecnicas Reunidas(C)		107,286		4,463
Telefonica		10,541		172
Zardoya Otis(C)		12,511		162
				28,954
Sweden — 1.6%
Alfa Laval		5,741		118
Atlas Copco, Cl A		40,426		976
Atlas Copco, Cl B(C)		42,856		921
Boliden		3,260		51
Elekta, Cl B		94,033		4,746
Getinge, Cl B		17,187		488
Hennes & Mauritz, Cl B		11,508		415
Industrivarden, Cl C		69,880		1,035
Investor, Cl B		2,946		65
Kinnevik Investment, Cl B		8,871		206
Lundin Petroleum*		27,925		597
Millicom International Cellular		6,842		773
Nordea Bank(C)		307,920		2,791
Skandinaviska Enskilda Banken, Cl A		669,117		4,740
SKF, Cl B		1,984		48
Swedbank, Cl A		93,877		1,455
Swedish Match		28,041		1,113
Tele2, Cl B		17,126		349
Telefonaktiebolaget LM Ericsson, Cl B		674,502		6,968
Telefonaktiebolaget LM Ericsson ADR		142,514		1,469
Volvo, Cl B		19,075		277
				29,601
Switzerland — 8.8%
ABB		14,771		303
Aryzta		6,590		325
Baloise Holding		4,809		387
Barry Callebaut		35		35
Basler Kantonalbank		659		82
Compagnie Financiere Richemont		49,046		3,071
Credit Suisse Group		138,364		3,939
Dufry		1,080		141
Forbo Holding		67		49
Geberit		1,797		376
Georg Fischer		666		304
Givaudan		14,068		13,541
Glencore International		15,637		97
Helvetia Holding		415		154
Holcim		980		64
Julius Baer Group		139,022		5,605
Kuehne & Nagel International		2,867		387
Lindt & Spruengli		19		706
Lindt & Spruengli PC		139		446
Lonza Group		2,403		124
Nestle		402,739		25,309
Novartis		375,011		20,729
OC Oerlikon*		81,649		723
Pargesa Holding		800		58
Partners Group Holding		1,220		238

7 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Shares		Market Value ($ Thousands)
Roche Holding		168,356	$	29,262
Schindler Holding		574		69
Schindler Holding PC		944		113
SGS		4,874		9,469
Sika		2,387		5,160
Sonova Holding		1,321		147
Sulzer		57,129		8,109
Swatch Group		3,326		1,529
Swatch Group Registered		1,772		142
Swiss Life Holding		1,972		234
Swiss Re		3,920		250
Swisscom		2,363		954
Syngenta		4,050		1,399
UBS		199,419		2,796
UBS Foreign		413,841		5,792
Xstrata		308,722		5,268
Zurich Financial Services		43,152		11,582
				159,468
Taiwan — 0.1%
United Microelectronics ADR(C)		691,541		1,694
Thailand — 0.4%
Kasikornbank		1,220,000		6,090
Total Access Communication		213,100		567
				6,657
United Kingdom — 18.2%
Acergy		222,880		5,892
Aggreko		17,759		638
AMEC		426,016		7,542
Amlin		928,101		4,891
Antofagasta		8,855		163
ARM Holdings		192,684		1,823
Associated British Foods		33,099		645
AstraZeneca		234,656		10,419
Aviva		1,073,851		5,688
Babcock International Group		63,003		802
BAE Systems		987,921		4,734
Balfour Beatty		1,096,880		5,003
Barclays		1,304,061		4,902
BG Group		544,934		12,607
BHP Billiton		119,602		3,645
BP		1,341,490		9,914
BP ADR		54,757		2,464
British American Tobacco		270,212		13,602
British Land(B)		105,141		806
British Sky Broadcasting Group		122,377		1,322
BT Group, Cl A		676,591		2,447
Bunzl		441,473		7,082
Burberry Group		42,591		1,019
Cairn Energy		502,100		2,592
Capita		487,807		5,709
Centrica		1,287,868		6,511
Compass Group		25,002		262
Davis Service Group		44,500		371
Diageo		253,261		6,080
Eurasian Natural Resources		438,112		4,147
Fresnillo		16,360		418
G4S		129,156		562
GKN		76,629		252

Description	Shares		Market Value ($ Thousands)
GlaxoSmithKline		467,707	$	10,436
Hammerson(B)		15,746		105
Home Retail Group		2,966,913		5,404
HSBC Holdings		1,743,770		15,429
ICAP		572,800		3,595
Imperial Tobacco Group		122,867		4,976
Informa		722,603		5,097
International Power		43,137		279
Intertek Group		11,665		468
ITV		130,417		184
Johnson Matthey		4,102		155
Kazakhmys		102,581		1,488
Kingfisher		1,259,626		6,173
Land Securities Group(B)		87,487		1,010
Legal & General Group		394,502		824
Lloyds Banking Group*		2,764,710		1,484
London Stock Exchange Group		28,459		470
Marks & Spencer Group		8,096		49
Meggitt		46,523		300
Michael Page International		481,352		3,692
National Grid		33,623		339
Next		20,111		958
Old Mutual		37,952		96
Pearson		65,645		1,222
Petrofac		338,612		9,414
Polyus Gold International GDR*		493,318		1,505
Premier Oil*		782,626		4,905
Prudential		572,349		6,836
QinetiQ Group		159,597		406
Reckitt Benckiser Group		1,563		88
Reed Elsevier		584,947		5,187
Rexam		969,901		6,634
Rio Tinto		235,858		12,986
Rio Tinto ADR(C)		71,000		3,947
Rolls-Royce Holdings		564,839		7,328
Royal Bank of Scotland Group*		1,997,752		882
SABMiller		20,925		839
Sage Group		1,136,534		5,433
Schroders		13,843		349
Severn Trent		38,036		938
Shire		92,975		3,001
Smith & Nephew		908		9
SSE		72,843		1,547
Standard Chartered		11,603		289
Standard Life		45,954		169
Tate & Lyle		28,489		321
Tesco		3,148,362		16,600
Tullow Oil		233,575		5,699
Unilever		14,272		471
United Utilities Group		613,708		5,898
Vodafone Group		7,891,581		21,712
Weir Group		15,962		450
Whitbread		1,858		55
Willis Group Holdings		139,700		4,887
WM Morrison Supermarkets		192,409		916
Wolseley		10,358		395
WPP		7,475		102
Xyratex		9,126		145
				329,530
United States — 0.7%
Aircastle		16,352		200

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 8

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund

March 31, 2012

Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)
Apple*		5,101	$	3,058
Arctic Cat*		2,755		118
Buckeye Technologies		7,170		244
Calamos Asset Management, Cl A		12,204		160
Cambrex*		14,189		99
Central Garden and Pet, Cl A*		6,332		61
CNO Financial Group*		72,283		562
Magnachip Semiconductor*		7,654		92
Marcus		6,186		78
Movado Group		4,619		113
Newmont Mining		89,700		4,599
Philip Morris International		1,578		140
Providence Service*		3,464		54
Smithfield Foods*		12,228		269
Synthes(E)		13,245		2,295
Thomas Properties Group		9,252		42
USANA Health Sciences*		1,951		73
VOXX International, Cl A*		5,185		70
				12,327
Total Common Stock (Cost $1,702,948) ($ Thousands)				1,741,622
PREFERRED STOCK — 0.2%
Germany — 0.2%
Bayerische Motoren Werke		4,544		269
Draegerwerk		2,624		294
Henkel		22,349		1,635
Porsche		2,540		150
ProSiebenSat. 1 Media		13,659		350
Volkswagen		8,489		1,491
Total Preferred Stock (Cost $3,808) ($ Thousands)				4,189
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bill (F) (H)
0.069%, 11/15/12	$	270		270
0.046%, 06/28/12		3,359		3,358
0.046%, 09/20/12		1,238		1,237
0.040%, 08/23/12		152		152
0.024%, 05/31/12		250		250
Total U.S. Treasury Obligations (Cost $5,268) ($ Thousands)				5,267
	Number Of Rights
RIGHTS — 0.0%
Australia — 0.0%
Beach Energy, Expires 04/24/12*		65		5
Total Rights (Cost $0) ($ Thousands)				5
AFFILIATED PARTNERSHIP — 2.1%
United States — 2.1%
SEI Liquidity Fund, L.P. 0.180%** † (G)		40,189,727		38,488
Total Affiliated Partnership (Cost $40,190) ($ Thousands)				38,488

Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)
CASH EQUIVALENT — 1.1%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.080% ** †		19,980,834	$	19,981
Total Cash Equivalent (Cost $19,981) ($ Thousands)				19,981
TIME DEPOSITS — 2.1%
United States — 2.1%
Brown Brothers Harriman
4.500%, 04/02/12	ZAR	802		104
3.587%, 04/02/12	AUD	74		76
1.650%, 04/02/12	NZD	1		1
0.797%, 04/02/12	SEK	9		1
0.550%, 04/02/12	NOK	714		125
0.234%, 04/02/12	CAD	2		2
0.056%, 04/02/12	GBP	687		1,098
0.050%, 04/02/12	EUR	327		435
0.030%, 04/02/12		34,675		34,675
0.020%, 04/02/12	DKK	38		7
0.010%, 04/02/12	JPY	55,270		672
0.010%, 04/02/12	SGD	6		4
0.005%, 04/02/12	CHF	663		734
0.005%, 04/02/12	HKD	2,578		332
Total Time Deposits (Cost $38,266) ($ Thousands)				38,266
Total Investments — 101.8% (Cost $1,810,461) ($ Thousands)			$	1,847,818

The open futures contracts held by the Fund at March 31, 2012, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		262		Jun-2012	$	(223	)
FTSE 100 Index		81		Jun-2012		(192	)
Hang Seng Index		9		May-2012		(27	)
SPI 200 Index		23		Jun-2012		25
Topix Index		57		Jun-2012		182
					$	(235	)

For the six months ended March 31, 2012, 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 year.

Percentages are based on a Net Assets of $1,814,615 ($ Thousands).

† Investment in Affiliated Security (See Note 4).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2012.

(A) Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of March 31, 2012 was $68 ($ Thousands) and represented 0.0% of Net Assets.

9 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

(B) Real Estate Investment Trust.

(C) This security or a partial position of this security is on loan at March 31, 2012.The total market value of securities on loan at March 31, 2012 was $39,000 ($ Thousands) (See Note 8).

(D) Securities considered illiquid. The total market value of such securities as of March 31, 2012 was $354 ($ Thousands) and represented 0.0% of Net Assets.

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

(G) This security was purchased with cash collateral held from securities on loan (see Note 8). The total value of such securities as of March 31, 2012 was $38,488 ($ Thousands).

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

ADR — American Depositary Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

DJ — Dow Jones

DKK — Danish Krone

EUR — Euro

FTSE — Financial Times and the London Stock Exchange

GBP — British Pound Sterling

GDR — Global Depositary Receipt

HKD — Hong Kong Dollar

JPY — Japanese Yen

L.P. — Limited Partnership

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krone

SGD — Singapore Dollar

Ser — Series

SPI — Share Price Index

ZAR — South African Rand

The following is a summary of the inputs used as of March 31, 2012, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1			Level 2		Level 3		Total
Common Stock	$	1,741,268		$	—	$	354	$	1,741,622
Preferred Stock		4,189			—		—		4,189
U.S. Treasury Obligations		—			5,267		—		5,267
Rights		5			—		—		5
Affiliated Partnership		—			38,488		—		38,488
Cash Equivalent		19,981			—		—		19,981
Time Deposits		—			38,266		—		38,266
Total Investments in Securities	$	1,765,443		$	82,021	$	354	$	1,847,818
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts *	$	(235	)	$	—	$	—	$	(235	)
Total Other Financial Instruments	$	(235	)	$	—	$	—	$	(235	)

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

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

	Common Stock
Beginning balance as of October 1, 2011	$	—
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases/sales		—
Net transfer into Level 3		354
Net transfer out of Level 3		—
Ending balance as of March 31, 2012	$	354
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date.	$	—

For the six months ended March 31, 2012, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Level 1 and Level 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded (See Note 2).

For the six months ended March 31, 2012, there were transfers from Level 2 into Level 3 assets and liabilities. The primary reason for changes in the classifications between Level 2

and Level 3 occurs when trading of such securities are halted on the primary exchange on which they are traded.

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 10

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund

March 31, 2012

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 90.3%
Argentina — 0.3%
Tenaris ADR		33,098	$	1,266
YPF ADR		50,800		1,443
				2,709
Brazil — 10.0%
All America Latina Logistica		146,340		731
B2W Cia Global Do Varejo*		47,600		215
Banco Bradesco ADR		326,318		5,711
Banco do Brasil		79,380		1,128
Banco Santander Brasil ADR		377,204		3,459
BM&FBovespa		447,951		2,748
BR Malls Participacoes		109,700		1,419
Brasil Insurance Participacoes e Administracao		143,800		1,544
Braskem ADR		54,910		875
BRF - Brasil Foods ADR		75,120		1,503
Centrais Eletricas Brasileiras		142,980		1,329
Cia de Saneamento Basico do Estado de Sao Paulo ADR		513		39
Cia Hering		147,825		3,821
Cielo		24,389		824
Cosan Industria e Comercio		36,853		685
Cyrela Brazil Realty Empreendimentos e Participacoes		246,067		2,192
Embraer ADR		57,884		1,851
Even Construtora e Incorporadora		198,739		757
Fibria Celulose		24,000		197
Fibria Celulose ADR		253,295		2,125
Gerdau ADR		672,261		6,474
Gol Linhas Aereas Inteligentes ADR		122,245		823
Grendene		106,359		565
Helbor Empreendimentos		36,739		552
Hypermarcas		212,560		1,502
Iochpe-Maxion		65,969		1,302
JBS*		214,600		894
Kroton Educacional*		98,900		1,432
Localiza Rent a Car		176,612		3,253
Magazine Luiza*		13,200		87
Magnesita Refratarios*		158,400		593
MRV Engenharia e Participacoes		466,632		3,307
Multiplus		82,200		1,703
Obrascon Huarte Lain Brasil		5,209		220
OGX Petroleo e Gas Participacoes*		101,750		843
OSX Brasil*		88,600		796
PDG Realty Empreendimentos e Participacoes		391,270		1,349
Petroleo Brasileiro ADR		321,115		8,529
Petroleo Brasileiro		75,522		1,001
Porto Seguro		71,570		777
QGEP Participacoes		141,200		1,013
Qualicorp*		77,800		669
Redecard		15,224		296
Restoque Comercio e Confeccoes de Roupas		21,300		439
Santos Brasil Participacoes		60,920		1,066

Description	Shares		Market Value ($ Thousands)
Sao Martinho		7,192	$	92
Sul America		113,679		1,054
Telefonica Brasil ADR		51,402		1,574
Telegraph Norte Leste ADR		95,165		1,080
Tim Participacoes ADR		59,231		1,911
Totvs		158,760		2,919
Vale		60,431		1,412
Vale ADR, Cl B		287,365		6,704
				89,384
Canada — 0.9%
Alamos Gold		83,900		1,537
First Majestic Silver*		45,800		760
Pacific Rubiales Energy		127,379		3,714
Yamana Gold		109,840		1,716
				7,727
Chile — 0.5%
Banco Santander Chile ADR		8,243		710
Cia Cervecerias Unidas ADR		4,499		354
Enersis ADR		38,797		783
Lan Airlines ADR		27,255		793
Sociedad Quimica y Minera de Chile ADR		23,194		1,361
				4,001
China — 11.9%
AAC Technologies Holdings		1,210,680		3,290
Agricultural Bank of China		8,479,432		3,637
Asia Cement China Holdings		300,500		151
Baidu ADR*		22,176		3,233
Bank of China		7,384,411		2,977
Bank of Communications		2,098,347		1,586
Beijing Capital International Airport		1,840,000		1,064
BYD Electronic International		1,916,500		578
China Coal Energy		912,000		1,023
China Construction Bank		10,605,807		8,196
China Dongxiang Group		4,434,000		731
China Liansu Group Holdings		1,965,700		1,241
China Life Insurance		648,000		1,682
China Merchants Bank		1,071,431		2,191
China National Building Material		892,500		1,125
China National Materials		7,335,438		2,976
China Petroleum & Chemical ADR(A)		19,974		2,172
China Petroleum & Chemical		1,696,000		1,848
China Railway Construction		606,000		377
China Railway Group		1,655,000		531
China Shenhua Energy(B)		269,003		1,135
China Telecom		2,738,000		1,516
China Vanke, Cl B		1,085,200		1,287
China Zhongwang Holdings		483,005		174
Chongqing Rural Commercial Bank*		3,163,862		1,512
Daphne International Holdings		3,472,800		4,759
Dongfeng Motor Group		720,120		1,300
First Tractor		2,495,900		2,514
Focus Media Holding ADR		37,000		929

1 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Shares		Market Value ($ Thousands)
Foxconn International Holdings*		5,600,000	$	3,989
Giant Interactive Group ADR(A)		92,231		452
Golden Eagle Retail Group		452,200		1,155
Great Wall Motor		866,781		1,686
Guangzhou Automobile Group		1,224,415		1,214
Guangzhou R&F Properties		260,665		311
Haitian International Holdings		47,220		53
Harbin Electric		502,682		527
Hidili Industry International Development		3,465,366		1,232
Huaneng Power International		1,958,800		1,065
Industrial & Commercial Bank of China		12,651,912		8,164
Inner Mongolia Yitai Coal, Cl B		137,698		735
Lianhua Supermarket Holdings		880,927		1,002
Netease.com ADR*		22,679		1,318
PetroChina		2,850,119		4,031
PetroChina ADR		26,292		3,695
PICC Property & Casualty		984,000		1,171
Ping An Insurance Group		308,500		2,332
Prince Frog International Holdings*		3,680,600		1,361
Renhe Commercial Holdings		8,435,078		587
Sina*		21,200		1,378
Sinotrans		2,737,000		511
Soho China		1,075,528		780
Sohu.com*		36,900		2,036
Tencent Holdings		78,000		2,176
Tingyi Cayman Islands Holding		484,000		1,399
Travelsky Technology		362,880		190
Tsingtao Brewery		226,000		1,221
Weiqiao Textile		892,900		460
Youku.com ADR*		40,233		885
Zhejiang Expressway		1,012,000		756
Zoomlion Heavy Industry Science and Technology		2,025,860		2,698
				106,305
Colombia — 0.7%
Almacenes Exito		20,393		295
BanColombia ADR, Cl R		43,951		2,842
Ecopetrol		177,094		535
Ecopetrol ADR		35,300		2,156
				5,828
Cyprus — 0.4%
Eurasia Drilling GDR(C)		141,269		3,895
Czech Republic — 0.2%
CEZ		16,165		692
Komercni Banka		5,196		1,030
				1,722
Egypt — 0.1%
Commercial International Bank Egypt		200,196		832

Description	Shares		Market Value ($ Thousands)
Orascom Telecom Media And Technology Holding GDR*		157,743	$	175
				1,007
Guernsey — 0.1%
Chariot Oil & Gas*		214,139		677
Etalon Group GDR*(C)(D)		56,800		389
				1,066
Hong Kong — 6.2%
Chaoda Modern Agriculture*(D)		2,056,181		291
China High Precision Automation Group		1,385,624		479
China Mengniu Dairy		890,815		2,610
China Mobile ADR		59,940		3,301
China Mobile		894,934		9,850
China Pharmaceutical Group		799,023		183
China Power International Development		2,803,200		614
China Resources Enterprise		167,353		584
China Resources Gas Group		1,817,276		3,478
China Resources Power Holdings		631,339		1,169
China State Construction International Holdings		3,612,584		3,364
China Unicom Hong Kong ADR		157,890		2,653
China Unicom Hong Kong		794,812		1,347
CNOOC ADR		8,610		1,759
CNOOC		1,218,948		2,506
Cosco International Holdings		208,805		90
COSCO Pacific		304,000		459
Dah Chong Hong Holdings		1,033,200		1,097
Global Bio-Chemical Technology Group		1,851,300		362
GOME Electrical Appliances Holding(D)		2,122,772		440
Haier Electronics Group*		1,361,300		1,543
Hengdeli Holdings		5,316,000		2,246
KWG Property Holding		2,798,097		1,615
Lenovo Group		1,400,552		1,261
Li & Fung		284,000		652
Minth Group		322,000		373
NWS Holdings		395,603		605
Shanghai Industrial Holdings		301,000		929
Sinolink Worldwide Holdings		1,610,532		133
SJM Holdings		1,105,405		2,250
Skyworth Digital Holdings		284,000		133
TPV Technology		407,890		97
Vinda International Holdings		3,083,276		4,765
Xinyi Glass Holdings		2,472,944		1,510
Yuexiu Real Estate Investment(E)		266,538		138
				54,886
Hungary — 0.1%
EGIS Pharmaceuticals		1,778		118
OTP Bank		14,249		246
Richter Gedeon		2,078		355
				719
India — 5.8%
Allahabad Bank		70,482		257
Andhra Bank		282,735		661
Asian Paints		21,935		1,396

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 2

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund

March 31, 2012

Description	Shares		Market Value ($ Thousands)
Bajaj Holdings and Investment		12,648	$	202
Ballarpur Industries		1,440,651		725
Bank of Baroda		30,788		481
Bank of India		86,830		618
Cairn India*		627,671		4,114
Canara Bank		57,280		535
Chambal Fertilizers & Chemicals		401,047		609
Corporation Bank		14,494		121
Cummins India		112,060		1,090
Divi’s Laboratories		68,883		1,036
Glenmark Pharmaceuticals		134,070		814
Godrej Consumer Products		105,045		990
Grasim Industries		9,116		470
Gujarat Mineral Development		33,536		120
Gujarat State Petronet		368,730		554
Havells India		105,275		1,182
HCL Technologies		216,253		2,051
HDFC Bank ADR		35,100		1,197
Hindustan Petroleum		140,050		835
ICICI Bank		700		12
ICICI Bank ADR		110,264		3,845
India Cements		484,880		1,061
Indiabulls Financial Services		204,947		833
Indian Bank		137,357		658
IRB Infrastructure Developers		280,425		1,028
Jubilant Life Sciences		169,946		666
Larsen & Toubro		37,172		955
Mahindra & Mahindra GDR		92,113		1,266
Mangalore Refinery & Petrochemicals		75,141		101
McLeod Russel India		20,755		111
NMDC		170,580		539
Oil & Natural Gas		212,426		1,119
Oil India		6,675		67
Oriental Bank of Commerce		173,340		860
Patni Computer Systems*		45,417		440
Prestige Estates Projects		257,745		507
Reliance Industries		193,460		2,850
Reliance Industries GDR(C)		95,152		2,774
Rolta India		284,000		523
Rural Electrification		199,947		806
Shriram Transport Finance		215,279		2,539
State Bank of India GDR(C)		8,510		700
State Bank of India		61,589		2,534
Steel Authority of India		202,520		375
Sterlite Industries India		304,470		664
Sterlite Industries India ADR		45,590		389
Syndicate Bank		205,445		448
Tata Chemicals		94,046		640
Tata Consultancy Services		45,000		1,032
Ultratech Cement		3,611		107
United Phosphorus		76,264		195
Yes Bank		151,815		1,099
				51,801
Indonesia — 2.5%
AKR Corporindo		2,891,500		1,360
Aneka Tambang		3,451,394		679
Astra Agro Lestari		310,399		793
Astra International		93,076		753
Bank Bukopin		3,373,948		243

Description	Shares		Market Value ($ Thousands)
Bank Mandiri		1,435,734	$	1,076
Bank Negara Indonesia Persero		1,231,500		539
Bank Rakyat Indonesia Persero		6,521,515		4,957
Charoen Pokphand Indonesia		1,250,684		376
Global Mediacom(D)		5,059,488		885
Harum Energy		533,100		475
Indo Tambangraya Megah		93,000		442
Indosat		1,341,000		741
Japfa Comfeed Indonesia		527,131		238
Medco Energi Internasional		1,716,000		403
Perusahaan Perkebunan London Sumatra Indonesia		2,887,911		908
Sampoerna Agro		282,000		110
Semen Gresik Persero		1,049,200		1,406
Tambang Batubara Bukit Asam		530,500		1,189
Telekomunikasi Indonesia		1,440,600		1,103
United Tractors		1,028,071		3,710
Vale Indonesia		571,500		211
				22,597
Ireland — 0.1%
Kenmare Resources*		1,446,826		1,159
Israel — 0.3%
Israel Chemicals		238,672		2,758
Kazakhstan — 0.3%
Halyk Savings Bank of Kazakhstan GDR*		203,865		1,325
Zhaikmunai LP GDR*		109,223		1,222
				2,547
Macau — 0.2%
Sands China		438,300		1,713
Malaysia — 1.8%
Affin Holdings		96,100		95
AMMB Holdings		29,200		60
Axiata Group		1,268,836		2,154
Berjaya Sports Toto		222,804		318
British American Tobacco Malaysia		24,889		460
Dialog Group		44,380		31
Digi.Com		630,295		835
DRB-Hicom		906,472		746
Gamuda		1,239,083		1,472
Genting Malaysia		780,969		999
Hong Leong Financial Group		79,400		319
IOI		100,415		175
KLCC Property Holdings		106,600		118
Kuala Lumpur Kepong		42,900		345
Kulim Malaysia		176,700		241
Lafarge Malayan Cement		51,587		121
Malayan Banking		185,688		538
Malaysia Building Society		598,573		426
Media Prima		86,747		76
Multi-Purpose Holdings		55,062		50
Parkson Holdings		315,418		553

3 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Shares		Market Value ($ Thousands)
Petronas Dagangan		36,412	$	225
Pharmaniaga		1,277		—
Public Bank		276,700		1,232
Telekom Malaysia		263,576		458
Tenaga Nasional		462,325		970
Top Glove		1,023,028		1,503
Tradewinds Malaysia		18,350		57
UEM Land Holdings*		1,694,400		1,239
UMW Holdings		80,044		191
				16,007
Mexico — 4.0%
Alfa, Cl A		117,915		1,695
America Movil, Ser L		1,110,042		1,379
America Movil ADR, Ser L		109,355		2,715
Cemex ADR*		266,458		2,068
Consorcio ARA		781,500		262
Desarrolladora Homex ADR*		89,283		1,675
Empresas ICA ADR*		86,480		657
Fomento Economico Mexicano ADR		41,662		3,428
Genomma Lab Internacional, Cl B*		1,252,030		2,287
GEO*		2,063,430		3,217
Gruma, Cl B*		233,286		621
Grupo Bimbo, Ser A		357,006		832
Grupo Financiero Banorte, Cl O		992,407		4,406
Grupo Herdez		31,815		66
Grupo Mexico, Ser B		565,186		1,782
Grupo Modelo		259,600		1,818
Grupo Televisa ADR		142,925		3,013
Industrias, Cl B*		44,233		212
Kimberly-Clark de Mexico, Cl A		843,600		1,883
Wal-Mart de Mexico, Ser V		389,735		1,306
				35,322
Netherlands — 0.3%
VimpelCom ADR		107,710		1,202
Yandex, Cl A*		44,100		1,185
				2,387
Peru — 0.4%
BBVA Banco Continental		74,908		191
Cia de Minas Buenaventura ADR		30,700		1,238
Credicorp		15,600		2,056
Intergroup Financial Services*		8,266		273
Sociedad Minera Cerro Verde*		4,469		188
				3,946
Philippines — 0.8%
Alliance Global Group		2,929,700		860
BDO Unibank		1,146,650		1,768
Energy Development		5,179,928		724
International Container Terminal Services		1,132,554		1,728
Nickel Asia		142,900		110
Rizal Commercial Banking		66,500		65
Security Bank		70,270		234
SM Investments		102,164		1,570
Universal Robina		281,834		413
				7,472

Description	Shares		Market Value ($ Thousands)
Poland — 0.7%
Asseco Poland		43,759	$	700
Bank Pekao		11,410		567
Jastrzebska Spolka Weglowa*		11,100		336
KGHM Polska Miedz		27,069		1,242
Polish Oil & Gas		454,630		589
Polski Koncern Naftowy Orlen		182,942		2,191
Powszechny Zaklad Ubezpieczen		8,676		904
				6,529
Russia — 7.2%
Alliance Oil*		196,891		2,166
Gazprom ADR		870,145		10,764
Globaltrans Investment GDR(C)		197,866		3,381
Lukoil ADR		136,271		8,284
Magnit GDR(B)		147,305		4,293
Mail.ru Group GDR*		58,425		2,305
MMC Norilsk Nickel ADR		87,402		1,599
Mobile Telesystems ADR		169,839		3,115
NovaTek GDR		9,205		1,247
Pharmstandard GDR*		64,174		1,138
Rosneft Oil GDR		471,845		3,342
Sberbank of Russia ADR		944,448		12,453
Severstal GDR		44,040		587
Surgutneftegas ADR		36,014		353
Tatneft ADR		8,446		345
TMK GDR		144,519		1,937
Uralkali GDR		45,443		1,714
VTB Bank GDR		823,986		3,716
X5 Retail Group GDR*		49,972		1,146
				63,885
Singapore — 0.4%
China Yuchai International		36,608		581
Golden Agri-Resources (SGD)		2,430,000		1,517
Yangzijiang Shipbuilding Holdings		915,801		969
				3,067
South Africa — 6.2%
ABSA Group		181,321		3,686
African Bank Investments		329,693		1,712
Anglo American Platinum(A)		37,298		2,595
ArcelorMittal South Africa		137,396		1,002
AVI		62,866		380
Barloworld		360,239		4,693
Bidvest Group		46,729		1,095
Coronation Fund Managers		29,871		111
Exxaro Resources		206,483		5,331
FirstRand		295,681		913
Gold Fields		81,483		1,115
Impala Platinum Holdings		45,655		899
Imperial Holdings		62,631		1,265
Investec		146,646		901
JD Group		118,930		767
Kumba Iron Ore(A)		16,328		1,119
Liberty Holdings		81,851		965
Life Healthcare Group Holdings		506,548		1,650
Mondi		71,180		668
MTN Group		201,445		3,544
Murray & Roberts Holdings(A)		270,490		990
Naspers, Cl N(B)		47,908		2,691

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 4

SCHEDULE OF INVESTMENTS (unaudited)

Emerging Markets Equity Fund

March 31, 2012

Description	Shares		Market Value ($ Thousands)
Netcare		200,833	$	372
RMB Holdings		169,276		690
Sanlam		249,428		1,078
Sappi		89,552		331
Sasol ADR		21,275		1,035
Sasol		32,883		1,588
Shoprite Holdings		96,070		1,719
Standard Bank Group		484,944		7,037
Telkom		144,940		453
Vodacom Group		122,146		1,721
Woolworths Holdings		216,466		1,358
				55,474
South Korea — 12.7%
BS Financial Group		112,308		1,318
CJ		12,687		954
CrucialTec*		748		8
Daelim Industrial		6,417		694
Daesang		26,730		370
Daishin Securities		38,332		376
Daou Technology		21,897		254
Daum Communications		17,952		1,887
Doosan		5,165		688
Grand Korea Leisure		42,280		815
GS Home Shopping		3,689		366
Halla Climate Control		19,303		376
Hana Financial Group		19,620		739
Hite Jinro		48,619		1,105
Hynix Semiconductor		44,340		1,145
Hyundai Department Store		558		86
Hyundai Development		40,930		898
Hyundai Hysco		25,224		893
Hyundai Mobis		7,032		1,778
Hyundai Motor		24,602		5,059
Industrial Bank of Korea		51,700		627
KB Financial Group		57,694		2,105
KB Financial Group ADR		70,665		2,593
KCC		8,471		2,437
Kia Motors		16,539		1,082
Korea Electric Power*		69,570		1,375
Korea Exchange Bank		256,280		1,959
Korea Zinc		3,857		1,333
KP Chemical		20,526		280
KT ADR		162,820		2,229
KT		8,060		224
KT&G		34,225		2,429
LG		15,300		878
LG Chem		10,224		3,339
LG Display ADR		80,040		942
LG Electronics		32,509		2,376
LG Fashion		29,590		1,043
LG Uplus		6,251		38
Lotte Chilsung Beverage		1,434		1,539
Lotte Confectionery		1,090		1,596
Mando		14,674		2,156
Mirae Asset Securities*		27,440		960
Nong Shim		6,755		1,356
POSCO		3,851		1,292
POSCO ADR		970		81
Samsung Electronics		28,670		32,262
Samsung Engineering		7,278		1,554

Description	Shares		Market Value ($ Thousands)
Samsung Fire & Marine Insurance*		5,309	$	1,003
Samsung Life Insurance		26,059		2,277
Shinhan Financial Group		109,415		4,225
Shinsegae		5,549		1,170
Silicon Works		89,213		2,673
SK Chemicals		14,951		844
SK Holdings		7,790		1,014
SK Innovation		4,137		604
SK Telecom ADR		300,599		4,181
SK Telecom		8,626		1,062
Sung Kwang Bend		46,531		951
Taekwang Industrial		109		112
Tong Yang Life Insurance*		25,948		329
Woongjin Coway		51,830		1,720
Youngone		4,540		87
Yuhan		8,230		857
				113,003
Taiwan — 8.4%
Acer		539,000		715
Asustek Computer		147,740		1,394
AU Optronics ADR		144,290		658
AU Optronics		856,000		396
Catcher Technology		105,000		742
Chicony Electronics		146,317		288
China Steel Chemical*		154,800		734
Chinatrust Financial Holding		743,311		467
Chunghwa Telecom ADR		47,140		1,450
Chunghwa Telecom		451,056		1,389
Compal Electronics		261,000		294
E Ink Holdings		590,963		773
Epistar		634,000		1,617
Evergreen Marine Taiwan		2,944,708		2,025
Farglory Land Development		461,834		929
Formosa Chemicals & Fibre		159,321		465
Formosa Taffeta		88,000		85
Fubon Financial Holding		560,991		632
GeoVision*		159,000		749
Highwealth Construction		216,952		376
Hon Hai Precision Industry		2,567,384		9,960
HTC		43,000		870
Huaku Development		161,742		410
Hung Poo Real Estate Development		697,727		742
KGI Securities		862,631		364
Lite-On Technology		886,745		1,073
Merida Industry		624,000		2,004
Nan Ya Printed Circuit Board		549,049		1,202
Novatek Microelectronics		248,000		755
Pegatron		929,738		1,449
Phison Electronics		290,000		2,481
Pou Chen		992,000		862
Powertech Technology		354,500		691
President Chain Store		117,652		654
Radiant Opto-Electronics		517,920		2,299
Siliconware Precision Industries		707,000		858
Siliconware Precision Industries ADR		9,590		58
Silitech Technology		74,885		172
Simplo Technology		223,268		1,683

5 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Shares		Market Value ($ Thousands)
SinoPac Financial Holdings		3,757,006	$	1,356
Soft-World International		130,027		292
Standard Foods		269,000		916
Synnex Technology International		1,338,783		3,325
Taishin Financial Holding		2,231,220		892
Taiwan Semiconductor Manufacturing		1,592,027		4,580
Taiwan Semiconductor Manufacturing ADR		389,477		5,951
Tatung*		1,036,428		302
Teco Electric and Machinery		985,000		679
Transcend Information		230,640		666
Tripod Technology		1,079,802		3,622
TSRC		203,300		520
TXC		453,424		714
U-Ming Marine Transport		369,000		636
United Microelectronics ADR		741,010		1,815
United Microelectronics		4,254,293		2,083
Yageo		786,105		236
Young Fast Optoelectronics		224,723		553
Yuanta Financial Holding		1,845,399		960
				74,863
Thailand — 2.4%
Airports of Thailand		986,700		1,863
Bangkok Bank		441,700		2,649
Bangkok Bank Foreign		337,600		2,123
Bangkok Bank NVDR		439,595		2,636
Big C Supercenter		53,100		282
CP ALL		303,491		644
CP Seven Eleven PCL		385,588		819
Kasikornbank		53,100		269
Kasikornbank NVDR		392,800		1,961
Kiatnakin Bank		269,344		323
Krung Thai Bank		535,700		304
Krung Thai Bank NVDR		1,031,670		585
Land and Houses		3,276,100		733
PTT		166,900		1,915
PTT Exploration & Production		269,739		1,526
Siam Cement NVDR		90,700		1,044
Siam Commercial Bank		286,100		1,331
Siam Makro		25,143		292
				21,299
Turkey — 2.0%
Aksa Akrilik Kimya Sanayii		325,609		866
Arcelik		64,613		288
Aselsan Elektronik Sanayi Ve Ticaret		227,056		1,350
Asya Katilim Bankasi*		533,610		586
Bizim Toptan Satis Magazalari		98,024		1,339
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret		158,566		186
Ford Otomotiv Sanayi		50,585		477
Koza Altin Isletmeleri		62,598		1,187
Tofas Turk Otomobil Fabrikasi		113,416		485
Tupras Turkiye Petrol Rafinerileri		40,478		1,033
Turkcell Iletisim Hizmetleri		132,560		678
Turkcell Iletisim Hizmetleri ADR		79,135		997
Turkiye Garanti Bankasi		863,124		3,418
Turkiye Is Bankasi, Cl C		824,314		2,030

Description	Shares		Market Value ($ Thousands)
Turkiye Sise ve Cam Fabrikalari		895,085	$	1,702
Ulker Biskuvi Sanayi		49,776		157
Yapi ve Kredi Bankasi		660,891		1,334
				18,113
United Arab Emirates — 0.2%
Dragon Oil		196,833		1,962
United Kingdom — 1.2%
Afren*		876,950		1,869
African Barrick Gold		95,430		586
Anglo American ADR		56,840		1,069
BG Group(B)		66,336		1,535
Hikma Pharmaceuticals		92,676		1,005
JKX Oil & Gas		118,340		303
Petrofac		26,200		728
Tullow Oil(B)		134,559		3,283
				10,378
United States — 1.0%
Avon Products		230,900		4,470
NII Holdings*		66,508		1,218
Samsonite International*		212,700		387
Yahoo!*		197,100		3,000
				9,075
Total Common Stock (Cost $764,021) ($ Thousands)				804,606
PREFERRED STOCK — 4.6%
Brazil — 4.6%
Banco do Estado do Rio Grande do Sul		166,665		1,801
Bradespar, Cl Preference		35,939		683
Brasil Telecom		31,977		170
Centrais Eletricas Brasileiras ADR, Cl B		20,387		262
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Cl Preference		4		—
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		70,712		3,367
Cia de Bebidas das Americas ADR		89,843		3,712
Cia de Tecidos do Norte de Minas - Coteminas		107,032		249
Cia Paranaense de Energia		1,400		33
Cia Vale do Rio Doce ADR, Cl B		1,393		32
Eletropaulo Metropolitana Eletricidade de Sao Paulo, Cl B		44,532		936
Gerdau		16,500		158
Itau Unibanco Holding		122,827		2,350
Itau Unibanco Holding ADR		165,712		3,180
Klabin		247,219		1,145
Marcopolo		393,600		2,002
Metalurgica Gerdau, Cl A		83,980		1,028
Petroleo Brasileiro ADR, Cl A		324,002		8,281
Petroleo Brasileiro, Cl Preference		201,116		2,563
Randon Participacoes		198,947		1,284
Suzano Papel e Celulose		54,048		231
Vale, Cl A		126,004		2,853

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 6

SCHEDULE OF INVESTMENTS (unaudited)

Emerging Markets Equity Fund

March 31, 2012

Description	Shares		Market Value ($ Thousands)
Vale ADR, Cl B		199,975	$	4,537
Total Preferred Stock (Cost $36,380) ($ Thousands)				40,857
EXCHANGE TRADED FUNDS — 1.6%
Hong Kong — 0.1%
iShares FTSE A50 China Index Fund		622,900		865
United States — 1.5%
iShares MSCI Emerging Markets Index Fund		319,096		13,702
Total Exchange Traded Funds (Cost $13,326) ($ Thousands)				14,567
	Number Of Rights
RIGHT — 0.0%
South Africa — 0.0%
Murray & Roberts, Expires 04/20/12(A)*		108		142
Total Right (Cost $0) ($ Thousands)				142
DEBENTURE BOND — 0.0%
Brazil — 0.0%
Vale, Ser 1997 0.000%, 09/30/49(F)		8		—
Total Debenture Bond (Cost $0) ($ Thousands)				—
AFFILIATED PARTNERSHIP — 0.5%
United States — 0.5%
SEI Liquidity Fund, L.P., 0.180%** † (G)		5,318,175		4,489
Total Affiliated Partnership (Cost $5,318) ($ Thousands)				4,489
CASH EQUIVALENT — 0.8%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.080% ** †		7,029		7,029
Total Cash Equivalent (Cost $7,029) ($ Thousands)				7,029

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
TIME DEPOSITS — 1.8%
United States — 1.8%
Brown Brothers Harriman
4.500%, 04/02/12	ZAR	2,148		280
0.056%, 04/02/12	GBP	5		8
0.030%, 04/02/12		15,823		15,823
0.010%, 04/02/12	SGD	2		2
0.005%, 04/02/12	HKD	248		32
Total Time Deposits (Cost $16,145) ($ Thousands)				16,145
Total Investments — 99.6% (Cost $842,219) ($ Thousands)			$	887,835

Percentages are based on a Net Assets of $891,587($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2012.

† Investment in Affiliated Security (See Note 4).

(A) This security or a partial position of this security is on loan at March 31, 2012. The total market value of securities on loan at March 31, 2012 was $5,079 ($ Thousands) (See Note 8).

(B) Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of March 31, 2012 was $12,937 ($ Thousands) and represented 1.5% of Net Assets.

(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) Securities considered illiquid. The total market value of such securities as of March 31, 2012 was $2,005 ($ Thousands) and represented 0.2% of Net Assets.

(E) Real Estate Investment Trust.

(F) Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2012.

(G) This security was purchased with cash collateral held from securities on loan (see Note 8). The total value of such securities as of March 31, 2012 was $4,489 ($ Thousands).

ADR — American Depositary Receipt

Cl — Class

GBP — British Pound Sterling

GDR — Global Depositary Receipt

HKD — Hong Kong Dollar

L.P. — Limited Partnership

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

Ser — Series

SGD — Singapore Dollar

USD — U.S. Dollar

ZAR — South African Rand

7 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

The following is a summary of the inputs used as of March 31, 2012, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	803,836	$	—	$	770	$	804,606
Preferred Stock		40,857		—		—		40,857
Exchange Traded Funds		14,567		—		—		14,567
Rights		142		—		—		142
Debenture Bond		—		—		—		—
Affiliated Partnership		—		4,489		—		4,489
Cash Equivalent		7,029		—		—		7,029
Time Deposits		—		16,145		—		16,145
Total Investments in Securities	$	866,431	$	20,634	$	770	$	887,835

	Investments in Securities
Beginning balance as of October 1, 2011	$	—
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases/sales		—
Net transfer into Level 3		770
Net transfer out of Level 3		—
Ending balance as of March 31, 2012	$	770
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date.	$	—

For the six months ended March 31, 2012, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Level 1 and Level 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded (See Note 2).

For the period ended March 31, 2012, there were transfers between Level 2 and Level 3 assets and liabilities. The primary reason for changes in the classifications between Level 2 and Level 3 occurs when trading of such securities are halted on the primary exchange on which they are traded.

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, 2012 8

SCHEDULE OF INVESTMENTS (unaudited)

International Fixed Income Fund

March 31, 2012

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS — 90.8%
Australia — 2.0%
Australia & New Zealand Banking Group MTN
3.625%, 07/18/22		300	$	413
Commonwealth Bank of Australia MTN
2.625%, 01/12/17		470		643
Fairfax Media Group
6.250%, 06/15/12		250		334
Government of Australia, Ser
122 5.250%, 03/15/19		1,155		1,302
Government of Australia, Ser 20CI
4.000%, 08/20/20		200		384
Government of Australia, Ser 25CI
3.230%, 09/20/25		640		856
National Australia Bank MTN
2.625%, 01/13/17		410		559
New South Wales Treasury, Ser 13
5.250%, 05/01/13		980		1,030
Optus Finance Pty MTN
3.500%, 09/15/20	EUR	200		277
Queensland Treasury, Ser 17
6.000%, 09/14/17		780		870
Suncorp-Metway MTN
4.000%, 01/16/14	GBP	550		923
Westpac Banking MTN
5.875%, 04/29/18(A)		240		390
4.250%, 09/22/16	EUR	350		501
0.754%, 09/10/14(A)(B)		750		754
WT Finance
3.625%, 06/27/12	EUR	450		601
				9,837
Austria — 0.5%
Republic of Austria
3.900%, 07/15/20		75		110
3.200%, 02/20/17		1,405		2,002
Republic of Austria, Ser 97-6
6.250%, 07/15/27		225		404
				2,516
Belgium — 0.9%
Anheuser-Busch InBev Worldwide MTN
8.625%, 01/30/17		200		346
Fortis Bank
4.625%, 10/24/49(A)		200		207
Kingdom of Belgium, Ser 44
5.000%, 03/28/35		350		542
Kingdom of Belgium, Ser 47
3.250%, 09/28/16		1,325		1,841
Kingdom of Belgium, Ser 48
4.000%, 03/28/22		465		649
Kingdom of Belgium, Ser 49
4.000%, 03/28/17		230		329
Kingdom of Belgium, Ser 58
3.750%, 09/28/20		231		320
				4,234

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Brazil — 0.2%
Centrais Eletricas Brasileiras
6.875%, 07/30/19	USD	150	$	177
Petrobras International Finance
5.375%, 01/27/21		400		431
Vale Overseas
4.375%, 01/11/22		314		315
				923
Canada — 4.7%
Bank of Montreal
2.625%, 01/25/16(B)		250		262
Bell Canada MTN
5.000%, 02/15/17		270		297
CDP Financial
4.400%, 11/25/19(B)	USD	850		918
Government of Canada
5.750%, 06/01/33		1,300		1,954
5.000%, 06/01/37		1,300		1,849
4.250%, 06/01/18		715		820
4.000%, 06/01/17		3,020		3,375
3.500%, 06/01/20		5,280		5,871
3.250%, 06/01/21		2,230		2,441
2.250%, 08/01/14		1,000		1,023
2.000%, 06/01/16		1,425		1,454
Nexen
6.200%, 07/30/19	USD	275		319
Province of British Columbia
3.250%, 12/18/21		1,150		1,175
Royal Bank of Canada, Ser 2 MTN
4.625%, 01/22/18	EUR	252		382
Toronto-Dominion Bank
2.200%, 07/29/15(B)	USD	540		558
Xstrata Finance Canada MTN
5.250%, 06/13/17		150		221
				22,919
Czech Republic — 0.4%
Government of Czech Republic
3.850%, 09/29/21		31,550		1,731
Government of Czech Republic, Ser 51
4.000%, 04/11/17		8,050		461
				2,192
Denmark — 1.8%
Danske Bank MTN
5.375%, 09/29/21(A)	EUR	170		228
3.500%, 04/16/18	EUR	155		219
DONG Energy MTN
6.500%, 05/07/19		245		403
FIH Erhvervsbank MTN
2.125%, 03/21/13		1,000		1,348
2.000%, 06/12/13(B)	USD	625		635
Kingdom of Denmark
4.500%, 11/15/39		1,300		329
4.000%, 11/15/17		7,315		1,520
4.000%, 11/15/12		5,416		992
3.125%, 03/17/14	EUR	500		698
3.000%, 11/15/21		8,650		1,709

1 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Face Amount  (1) (Thousands)		Market Value ($  Thousands)
TDC MTN
3.750%, 03/02/22		400	$	543
				8,624
Finland — 0.7%
Government of Finland
4.375%, 07/04/19		225		349
3.875%, 09/15/17		350		525
3.500%, 04/15/21		1,290		1,892
Nordea Bank Finland MTN
2.375%, 07/17/17		360		490
Stora Enso MTN
5.500%, 03/07/19		100		132
				3,388
France — 8.2%
Arkema
4.000%, 10/25/17		200		278
AXA MTN
5.250%, 04/16/40(A)		600		684
BNP Paribas MTN
5.000%, 01/15/21		299		302
Caisse de Refinancement de l’Habitat
4.500%, 10/25/17		160		239
4.000%, 04/25/18		160		232
Casino Guichard Perrachon MTN
3.994%, 03/09/20		200		267
Cie de Financement Foncier MTN
4.625%, 09/23/17		95		140
4.250%, 01/19/22		300		426
4.125%, 10/25/17		220		317
2.500%, 09/16/15(B)		USD        800		806
Cie de St-Gobain MTN
6.000%, 05/20/13		50		70
5.625%, 11/15/24		200		343
Credit Agricole Home Loan SFH MTN
3.500%, 06/14/18		200		282
3.500%, 07/21/14		200		279
2.875%, 09/09/16		100		138
Credit Logement
2.573%, 03/29/49(A)(C)		350		289
2.026%, 12/15/49(A)(C)		150		123
Credit Mutuel - CIC Home Loan SFH MTN
4.125%, 01/19/24		300		430
Dexia Credit Local
2.625%, 01/21/14		300		400
1.033%, 04/29/14(A)		410		382
Dexia Municipal Agency
3.750%, 05/18/16		225		309
EDF
6.500%, 01/26/19(B)		USD        250		292
5.500%, 10/17/41		100		163
5.500%, 10/17/41		300		479
4.125%, 03/25/27		100		136
4.000%, 11/12/25		150		205
Eutelsat
5.000%, 01/14/19		200		297

Description	Face Amount  (1) (Thousands)		Market Value ($  Thousands)
Government of France
5.000%, 10/25/16		1,460	$	2,237
4.750%, 04/25/35		60		94
4.750%, 10/25/12		2,500		3,413
4.500%, 04/25/41		1,825		2,790
4.000%, 04/25/13		400		554
3.500%, 04/25/20		580		823
3.250%, 10/25/21		1,990		2,746
3.000%, 04/25/22		6,250		8,390
3.000%, 10/25/15		4,175		5,892
HSBC France MTN
4.875%, 01/15/14		250		352
Iliand
4.875%, 06/01/16		300		416
RCI Banque
3.400%, 04/11/14(B)		USD        250		250
Rexel
6.125%, 12/15/19		310		314
Societe Financement de l’Economie Francaise
3.375%, 05/05/14(B)		USD        905		946
Societe Generale MTN
3.875%, 12/17/15		100		161
Societe Generale SCF MTN
4.000%, 07/07/16		650		935
Societe Generale SFH MTN
4.000%, 01/18/22		200		286
Veolia Environnement MTN
4.625%, 03/30/27		200		266
Vivendi MTN
7.750%, 01/23/14		250		368
				39,541
Germany — 12.7%
Bundesobligation, Ser 159
2.000%, 02/26/16		595		837
Bundesobligation, Ser 161
1.250%, 10/14/16		200		273
Bundesrepublik Deutschland
3.250%, 07/04/21		4,075		6,136
3.000%, 07/04/20		2,235		3,316
2.500%, 01/04/21		1,532		2,184
2.000%, 01/04/22		750		1,016
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/31		340		652
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/34		1,275		2,332
Bundesrepublik Deutschland, Ser 04
3.750%, 01/04/15		25		36
Bundesrepublik Deutschland, Ser 05
3.500%, 01/04/16		2,060		3,047
Bundesrepublik Deutschland, Ser 08
4.750%, 07/04/40		1,680		3,256
4.250%, 07/04/18		125		198
Bundesrepublik Deutschland, Ser 09
3.250%, 01/04/20		360		543

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 2

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund

March 31, 2012

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Bundesschatzanweisungen
1.750%, 06/14/13		11,400	$	15,469
1.000%, 12/14/12		2,550		3,417
0.250%, 12/13/13		6,350		8,465
Deutsche Bank MTN
1.929%, 12/15/15(A)		280		412
Deutsche Bundesrepublik Inflation Linked Bond
1.750%, 04/15/20		1,214		1,890
Deutsche Postbank MTN
3.750%, 02/12/14		800		1,119
Dexia Kommunalbank Deutschland MTN
3.500%, 06/05/14		390		535
Eurohypo MTN
2.875%, 01/19/16		160		221
K+S
5.000%, 09/24/14		350		504
Kreditanstalt fuer Wiederaufbau MTN
4.750%, 08/12/15	SEK	6,000		970
4.375%, 10/11/13		1,050		1,481
3.875%, 01/21/19		575		862
3.375%, 08/30/17	CHF	370		468
1.375%, 02/21/17		580		772
Landwirtschaftliche Rentenbank
3.750%, 02/11/16		49		71
3.250%, 03/12/14		375		524
MUNCHENER RUCKERSICHERRUNGS
6.805%, 05/26/42		200		265
RWE
7.000%, 10/12/72(A)		194		195
				61,466
Ireland — 0.5%
Bank of Ireland MTN
4.625%, 04/08/13		195		249
GE Capital UK Funding MTN
4.375%, 07/31/19		810		1,343
Guaranteed Funding, Ser 2009-1
2.319%, 02/11/13		300		404
Iberdrola Finance Ireland
5.000%, 09/11/19(B)	USD	240		243
				2,239
Italy — 4.2%
Enel Finance International
3.875%, 10/07/14(B)	USD	350		353
Intesa Sanpaolo MTN
6.375%, 11/12/17(A)	GBP	300		455
5.000%, 01/27/21		176		242
4.375%, 08/16/16		730		1,011
3.750%, 11/23/16		400		525

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Italy Buoni Poliennali Del Tesoro
6.500%, 11/01/27		500	$	718
6.000%, 05/01/31		500		679
5.000%, 09/01/40		1,755		2,060
4.750%, 09/01/21		3,250		4,246
4.500%, 03/01/19		400		531
4.250%, 02/01/15		2,325		3,173
4.250%, 10/15/12		585		789
4.000%, 09/01/20		1,655		2,089
3.750%, 03/01/21		480		587
3.500%, 06/01/14		1,150		1,545
Telecom Italia Capital
6.175%, 06/18/14	USD	300		316
Unicredit MTN
4.500%, 09/22/19		400		473
UniCredit MTN
6.375%, 10/16/18(A)	GBP	100		137
4.875%, 03/07/17		110		146
Unione di Banche Italiane MTN
4.500%, 02/22/16		200		274
				20,349
Japan — 21.5%
eAccess
8.250%, 04/01/18(B)(D)	USD	116		111
Government of Japan 10 Year Bond, Ser 256
1.400%, 12/20/13		85,000		1,056
Government of Japan 10 Year Bond, Ser 275
1.400%, 12/20/15		626,600		7,944
Government of Japan 10 Year Bond, Ser 284
1.700%, 12/20/16		600,000		7,769
Government of Japan 10 Year Bond, Ser 288
1.700%, 09/20/17		1,277,950		16,635
Government of Japan 10 Year Bond, Ser 298
1.300%, 12/20/18		369,400		4,710
Government of Japan 10 Year Bond, Ser 301
1.500%, 06/20/19		235,300		3,034
Government of Japan 10 Year Bond, Ser 308
1.300%, 06/20/20		1,016,000		12,862
Government of Japan 10 Year Bond, Ser 316
1.100%, 06/20/21		160,000		1,976
Government of Japan 20 Year Bond
2.200%, 09/20/28		67,150		888
2.000%, 03/21/22		200,000		2,662
1.400%, 12/20/22		90,000		1,130
Government of Japan 20 Year Bond, Ser 109
1.900%, 03/20/29		39,000		494
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/29		910,000		11,808

3 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Government of Japan 20 Year Bond, Ser 48
2.500%, 12/21/20		614,450	$	8,504
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/27		538,250		7,040
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/38		103,250		1,388
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/39		195,900		2,584
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/40		117,000		1,446
Government of Japan 5 Year Bond, Ser 79
0.700%, 12/20/13		447,300		5,489
Government of Japan 5 Year Bond, Ser 95
0.600%, 03/20/16		313,950		3,868
Japan Finance Organization for Municipalities
4.500%, 05/27/14	EUR	450		638
ORIX
4.710%, 04/27/15	USD	151		159
				104,195
Jersey — 0.2%
BAA Funding
7.125%, 02/14/24		150		247
4.375%, 01/25/17		180		253
Gatwick Funding MTN
5.750%, 01/23/37		250		391
				891
Lithuania — 0.1%
Lithuania Government International Bond
6.625%, 02/01/22(B)		390		432
Malaysia — 0.5%
Government of Malaysia
5.734%, 07/30/19		900		334
4.262%, 09/15/16		4,600		1,558
Petronas Capital
5.250%, 08/12/19(B)	USD	410		457
				2,349
Mexico — 0.4%
America Movil MTN
4.125%, 10/25/19		250		361
Mexican Bonos, Ser M10
7.750%, 12/14/17		11,045		957
Mexican Bonos, Ser MI10
9.000%, 12/20/12	MXP	10,000		805
				2,123

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Netherlands — 4.4%
ABN Amro Bank MTN
4.875%, 01/16/19		200	$	327
3.750%, 07/15/14		750		1,056
Akzo Nobel MTN
8.000%, 04/06/16		205		390
Allianz Finance II
6.125%, 05/31/22(A)		1,000		1,325
BMW Finance MTN
3.375%, 12/14/18		250		409
Boats Investments MTN
11.000%, 03/31/17		386		377
Cooperatieve Centrale Raiffeisen- Boerenleenbank MTN
4.125%, 01/12/21		230		321
4.000%, 01/11/22		2,060		2,848
Deutsche Telekom International Finance
6.500%, 04/08/22	GBP	90		171
6.000%, 07/08/19		227		265
2.250%, 03/06/17(B)		150		149
E.ON International Finance
5.800%, 04/30/18(B)	USD	150		174
Government of Netherlands
4.500%, 07/15/17		760		1,169
4.000%, 07/15/18		1,025		1,554
4.000%, 01/15/37		655		1,066
3.500%, 07/15/20		485		716
3.250%, 07/15/15		520		747
Hit Finance
5.750%, 03/09/18		300		420
ING Bank MTN
3.375%, 03/03/14		500		696
3.000%, 09/30/14		125		174
1.168%, 05/23/16(A)	USD	450		417
ING Verzekeringen
2.692%, 06/21/21(A)		960		1,189
LeasePlan MTN
3.250%, 05/22/14		1,040		1,450
Linde Finance MTN
3.875%, 06/01/21		450		659
LyondellBasell Industries
5.750%, 04/15/24(B)		230		229
NIBC Bank MTN
3.500%, 04/07/14		650		909
OI European Group
6.875%, 03/31/17		150		205
RWE Finance MTN
5.000%, 02/10/15		500		730
SNS Bank MTN
3.500%, 03/10/14		500		698
UPCB Finance
7.625%, 01/15/20		250		351
				21,191
New Zealand — 0.4%
Government of New Zealand
6.000%, 12/15/17		2,380		2,184

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 4

SCHEDULE OF INVESTMENTS (unaudited)

International Fixed Income Fund

March 31, 2012

Description	Face Amount (1) (Thousands)		Market Value ($Thousands)
Norway — 0.7%
DNB Bank MTN
4.750%, 03/08/22		120	$	160
4.500%, 05/29/14	EUR	200		283
1.197%, 05/30/17(A)	EUR	425		563
DNB Boligkreditt MTN
2.750%, 04/20/15	EUR	625		867
2.375%, 04/11/17		224		304
Eksportfinans MTN
2.375%, 05/25/16		200		176
2.000%, 09/15/15		20		18
Government of Norway
4.500%, 05/22/19		1,150		231
Sparebank 1 Boligkreditt MTN
2.375%, 11/22/16		170		231
Yara International
7.875%, 06/11/19(B)		410		507
				3,340
Poland — 0.2%
Republic of Poland
5.125%, 04/21/21		135		144
5.000%, 03/23/22		380		400
5.000%, 04/25/16		2,100		677
Republic of Poland MTN, Ser E MTN
4.200%, 04/15/20		60		82
				1,303
Qatar — 0.1%
State of Qatar
4.500%, 01/20/22(B)		390		407
Russia — 0.3%
Gazprom Via Gaz Capital MTN
6.580%, 10/31/13	GBP	150		252
5.364%, 10/31/14		200		285
Gazprom Via RBS
9.625%, 03/01/13	USD	390		415
Russian Agricultural Bank Via RSHB Capital
7.750%, 05/29/18(B)	USD	335		380
Vimpel Communications Via VIP Finance Ireland
6.493%, 02/02/16(B)	USD	230		237
				1,569
Singapore — 0.4%
DBS Bank
0.718%, 05/16/17(A)(B)	USD	525		523
Government of Singapore
4.000%, 09/01/18		495		467
3.125%, 09/01/22		275		245
Singapore Treasury Bill
0.290%, 04/12/12(E)		1,000		795
				2,030

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
South Africa — 1.1%
Republic of South Africa, Ser R203
8.250%, 09/15/17		39,605	$	5,375
South Korea — 0.5%
Korea National Oil
3.125%, 04/03/17		540		539
Korea Treasury Bond
4.250%, 06/10/21		769,000		693
3.500%, 09/10/16		1,380,800		1,209
				2,441
Spain — 2.2%
Banco Bilbao Vizcaya Argentaria
4.250%, 03/30/15		800		1,097
4.125%, 01/13/14		300		410
Banco Santander
4.625%, 01/20/16		300		416
3.250%, 02/17/15		200		267
Bankia
4.250%, 05/25/18		150		185
CaixaBank
5.125%, 04/27/16		200		277
Government of Spain
5.850%, 01/31/22		710		976
5.500%, 04/30/21		1,770		2,387
4.750%, 07/30/14		925		1,284
4.700%, 07/30/41		995		1,075
4.600%, 07/30/19		155		203
4.000%, 04/30/20		150		186
3.300%, 10/31/14		475		642
Instituto de Credito Oficial MTN
2.375%, 03/04/13(B)	USD	200		198
Santander Issuances, Ser 24
7.300%, 07/27/19(A)	GBP	400		579
Telefonica Emisiones MTN
5.597%, 03/12/20		100		156
4.750%, 02/07/17		100		137
4.375%, 02/02/16		375		512
				10,987
Supra-National — 0.9%
European Investment Bank MTN
2.750%, 09/15/21	EUR	1,000		1,330
European Union MTN
3.250%, 04/04/18	EUR	850		1,214
Inter-American Development Bank
9.750%, 05/15/15	GBP	750		1,512
International Bank for Reconstruction & Development MTN
3.875%, 05/20/19	EUR	115		173
				4,229
Sweden — 1.9%
Kingdom of Sweden
3.750%, 08/12/17		10,560		1,763
Kingdom of Sweden, Ser 1041
6.750%, 05/05/14		5,970		1,000

5 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Kingdom of Sweden, Ser 1049
4.500%, 08/12/15		5,050	$	838
Kingdom of Sweden, Ser 1050
3.000%, 07/12/16		3,850		615
Kingdom of Sweden, Ser 1052
4.250%, 03/12/19		2,000		350
Kommuninvest I Sverige, Ser 1508 MTN
2.750%, 08/12/15		5,300		807
Nordea Bank MTN
4.500%, 05/12/14	EUR	100		141
Stadshypotek MTN
3.750%, 12/12/13	EUR	350		488
Svenska Handelsbanken
4.375%, 10/20/21	EUR	500		728
2.875%, 04/04/17	EUR	250		250
1.413%, 10/19/17(A)	EUR	500		659
Swedbank
7.375%, 06/26/18(A)	EUR	150		207
3.375%, 05/27/14		500		700
Swedbank Hypotek MTN
4.125%, 06/09/14		260		368
Volvo Treasury
5.950%, 04/01/15(B)		145		155
				9,069
Switzerland — 1.2%
Credit Suisse NY MTN
5.300%, 08/13/19	USD	150		165
4.375%, 08/05/20	EUR	300		312
Credit Suisse MTN
4.750%, 08/05/19	EUR	400		590
2.875%, 09/24/15	EUR	220		301
Glencore Finance Europe
7.125%, 04/23/15	EUR	300		445
5.250%, 03/22/17	EUR	300		421
4.125%, 04/03/18		300		401
Government of Switzerland
2.000%, 04/28/21		820		1,005
Holcim US Finance
6.000%, 12/30/19(B)	USD	25		26
Novartis Finance MTN
4.250%, 06/15/16	EUR	375		558
UBS MTN
6.625%, 04/11/18	GBP	150		274
6.375%, 07/20/16	GBP	160		284
6.250%, 09/03/13	EUR	200		283
5.875%, 12/20/17	USD	425		471
4.280%, 04/29/49(A)		200		218
				5,754
United Arab Emirates — 0.1%
IPIC GMTN MTN
6.875%, 03/14/26		100		170
5.875%, 03/14/21		125		175
5.500%, 03/01/22(B)		400		411
				756
United Kingdom — 11.5%
3i Group MTN
5.625%, 03/17/17	EUR	150		209

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Abbey National Treasury Services MTN
5.500%, 06/18/14	EUR	775	$	1,283
5.250%, 02/16/29	EUR	450		757
4.250%, 04/12/21	EUR	350		493
3.625%, 09/08/16	EUR	300		420
Anglian Water Services Financing, Ser A5 MTN
6.293%, 07/30/30		500		967
Aviva MTN
6.875%, 05/22/38(A)		195		241
0.899%, 06/19/17(A)	USD	475		464
Bank of Scotland MTN
4.750%, 06/08/22	EUR	290		427
Barclays Bank MTN
6.750%, 05/22/19	USD	225		259
6.750%, 01/16/23(A)		350		532
5.000%, 09/22/16	USD	125		134
4.875%, 12/29/49(A)	EUR	200		172
4.500%, 03/04/19(A)	EUR	125		156
4.250%, 01/12/22		400		660
BAT International Finance MTN
7.250%, 03/12/24		250		515
5.375%, 06/29/17	EUR	425		653
Bishopsgate Asset Finance
4.808%, 08/14/44		195		279
BP Capital Markets MTN
3.830%, 10/06/17		350		503
2.994%, 02/18/19		300		408
British American Tobacco Holdings MTN
4.000%, 07/07/20	EUR	100		144
British Telecommunications
8.750%, 12/07/16		165		324
5.750%, 12/07/28		411		715
Centrica MTN
4.375%, 03/13/29		300		469
Coventry Building Society MTN
4.625%, 04/19/18		230		396
Eastern Power Networks MTN
6.000%, 11/12/36		160		296
4.750%, 09/30/21		100		170
ENW Finance MTN
6.125%, 07/21/21		350		653
Experian Finance MTN
4.750%, 11/23/18		300		525
FCE Bank MTN
5.125%, 11/16/15		200		328
First Hydro Finance
9.000%, 07/31/21		220		411
HSBC Bank
3.875%, 10/24/18	USD	400		569
3.100%, 05/24/16(B)	USD	261		266
HSBC Holdings MTN
9.875%, 04/08/18(A)		80		136
6.500%, 05/20/24		250		467
4.000%, 03/30/22		145		144
Imperial Tobacco Finance MTN
8.375%, 02/17/16	EUR	75		122
7.750%, 06/24/19		600		1,199
7.250%, 09/15/14	EUR	150		226
4.500%, 07/05/18		150		217

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 6

SCHEDULE OF INVESTMENTS (unaudited)

International Fixed Income Fund

March 31, 2012

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Kerling
10.625%, 02/01/17		450	$	596
Legal & General Group MTN
4.000%, 06/08/25(A)	EUR	200		246
Lloyds TSB Bank
6.375%, 01/21/21	USD	110		118
4.375%, 01/12/15	USD	220		225
4.200%, 03/28/17		821		827
1.307%, 10/12/12(A)		600		799
Marks & Spencer MTN
6.125%, 12/02/19		100		175
Motability Operations Group MTN
3.750%, 11/29/17	EUR	300		425
National Westminster Bank
6.500%, 09/07/21		220		312
Nationwide Building Society
3.125%, 10/13/16		175		243
Network Rail Infrastructure Finance MTN
4.400%, 03/06/16	CAD	690		739
1.250%, 01/22/15		490		788
Northern Rock
5.625%, 06/22/17(B)	USD	1,750		1,874
Northumbrian Water Finance
6.000%, 10/11/17		500		929
Old Mutual MTN
7.125%, 10/19/16		250		457
Rexam
6.750%, 06/29/67(A)(C)		180		232
Rolls-Royce
6.750%, 04/30/19		100		197
Royal Bank of Scotland
6.125%, 01/11/21	USD	310		332
5.750%, 05/21/14	EUR	600		845
5.125%, 01/13/24		400		684
Severn Trent Utilities Finance
6.250%, 06/07/29		350		679
SSE MTN
5.750%, 02/05/14		245		419
Standard Chartered MTN
4.125%, 01/18/19		230		324
Tesco
6.052%, 10/13/39		341		594
Thames Water Utilities Cayman Finance MTN
6.125%, 02/04/13	EUR	200		277
United Kingdom Gilt
4.500%, 12/07/42		335		651
4.250%, 12/07/49		25		47
4.250%, 12/07/55		175		334
0.125%, 03/22/29		200		333

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
United Kingdom Treasury
5.000%, 03/07/25		150	$	304
4.750%, 12/07/30		1,825		3,609
4.750%, 12/07/38		1,115		2,238
4.250%, 09/07/39		885		1,641
4.250%, 03/07/36		550		1,019
4.250%, 12/07/40		50		93
4.000%, 03/07/22		1,920		3,558
2.500%, 07/26/16		320		1,762
2.250%, 03/07/14		795		1,315
2.000%, 01/22/16		1,750		2,923
1.750%, 01/22/17		1,485		2,454
United Kingdom Treasury, Ser 2002-
5.000%, 09/07/14		200		355
Virgin Media Secured Finance
7.000%, 01/15/18		180		308
Wales & West Utilities Finance MTN
6.750%, 12/17/36(A)		200		361
Western Power Distribution South West
5.750%, 03/23/40		200		350
WPP MTN
6.625%, 05/12/16		225		348
Yorkshire Power Finance
7.250%, 08/04/28		208		427
Yorkshire Water Services Bradford Finance
6.375%, 08/19/39		100		195
				55,270
United States — 5.5%
Alcoa
5.400%, 04/15/21		78		81
Altria Group
9.250%, 08/06/19		225		303
4.750%, 05/05/21		180		193
American International Group
8.175%, 05/15/58(A)		240		254
6.765%, 11/15/17		150		260
Amgen
5.500%, 12/07/26		200		354
3.875%, 11/15/21		225		230
Anheuser-Busch InBev
5.375%, 01/15/20		450		529
AT&T
5.875%, 04/28/17	GBP	200		371
4.450%, 05/15/21		525		580
BA Covered Bond Issuer MTN
4.125%, 04/05/12	EUR	3,100		4,128
Bank of America MTN
5.700%, 01/24/22		130		138
5.650%, 05/01/18		350		374
Bank of America, Ser E MTN
5.125%, 09/26/14		1,700		2,373
Cablevision Systems, Ser B
8.000%, 04/15/12		235		235
CCO Holdings
8.125%, 04/30/20		90		100

7 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Citigroup MTN
5.875%, 01/30/42		75	$	78
4.500%, 01/14/22		110		110
4.450%, 01/10/17		800		838
4.250%, 02/25/30(A)	EUR	1,400		1,491
4.000%, 11/26/15		230		315
Comcast Cable Communications Holdings
9.455%, 11/15/22		340		493
General Electric Capital MTN
5.500%, 01/08/20		305		346
5.300%, 02/11/21		205		222
4.625%, 01/07/21		750		800
Goldman Sachs Group
6.375%, 05/02/18	EUR	400		578
5.250%, 07/27/21		110		109
4.375%, 03/16/17	EUR	350		469
1.408%, 02/04/13(A)	EUR	450		596
Hughes Satellite Systems
6.500%, 06/15/19		150		157
Huntington Ingalls Industries
6.875%, 03/15/18(B)		54		57
Ingersoll-Rand Global Holding
9.500%, 04/15/14		213		245
International Paper
7.950%, 06/15/18		260		327
JPMorgan Chase
4.500%, 01/24/22		200		208
1.667%, 10/12/15(A)	EUR	350		436
JPMorgan Chase Bank
4.625%, 05/31/17(A)	EUR	250		311
Kraft Foods
7.000%, 08/11/37		200		253
5.375%, 02/10/20		400		462
Merrill Lynch MTN
1.980%, 09/14/18(A)	EUR	375		387
Metropolitan Life Global Funding I MTN
4.625%, 05/16/17	EUR	1,200		1,738
Morgan Stanley MTN
5.625%, 09/23/19		150		148
5.375%, 08/10/20	EUR	150		198
NBCUniversal Media
4.375%, 04/01/21		375		402
News America
4.500%, 02/15/21		210		224
Noble Holding International
4.900%, 08/01/20		25		27
Owens Corning
6.500%, 12/01/16		145		161
Philip Morris International
2.900%, 11/15/21		325		320
PNC Funding
5.125%, 02/08/20		300		340
3.300%, 03/08/22		150		148
Republic Services
4.750%, 05/15/23		255		279
Ryder System MTN
7.200%, 09/01/15		108		126
5.850%, 11/01/16		116		132
Time Warner Cable
5.850%, 05/01/17		286		334

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
US Bank MTN
1.129%, 02/28/17(A)	EUR	1,300	$	1,600
Wells Fargo
4.600%, 04/01/21		75		80
3.500%, 03/08/22		335		330
Western Union
5.930%, 10/01/16		475		549
				26,927
Total Global Bonds (Cost $427,580) ($ Thousands)				441,052
MORTGAGE-BACKED SECURITIES — 3.9%
Agency Mortgage-Backed Obligation — 0.0%
FHLMC
1.758%, 08/25/16		335		20
Non-Agency Mortgage-Backed Obligation — 3.9%
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
5.470%, 09/25/34 (A)		227		210
Bear Stearns Commercial Mortgage Securities, Ser 2004- PWR6, Cl A6
4.825%, 11/11/41		575		621
Bear Stearns Commercial Mortgage Securities, Ser 2005- T18, Cl A4
4.933%, 02/13/42 (A)		135		147
Bear Stearns Commercial Mortgage Securities, Ser 2006- PW11, Cl A4
5.459%, 03/11/39 (A)		450		504
Bear Stearns Commercial Mortgage Securities, Ser 2006- T24, Cl A4
5.537%, 10/12/41		725		822
Bear Stearns Commercial Mortgage Securities, Ser 2007- PW16, Cl A4
5.718%, 06/11/40 (A)		241		274
Bear Stearns Commercial Mortgage Securities, Ser 2007- PW17, Cl A4
5.694%, 06/11/50 (A)		190		216
Canary Wharf Finance, Ser II, Cl C2
1.640%, 10/22/37 (A)(C)		200		192
Citigroup Commercial Mortgage Trust, Ser 2007-C6, Cl A4
5.698%, 12/10/49 (A)		1,140		1,300
Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4
6.074%, 12/10/49 (A)		405		469
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4
4.288%, 05/25/35 (A)		1,019		906
Credit Suisse Mortgage Capital Certificates, Ser 2006-C5, Cl A3
5.311%, 12/15/39		1,215		1,339

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 8

SCHEDULE OF INVESTMENTS (unaudited)

International Fixed Income Fund

March 31, 2012

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
CW Capital Cobalt, Ser 2006-C1, Cl A4
5.223%, 08/15/48		140	$	154
Eddystone Finance, Ser 2006-1, Cl A2
1.300%, 04/19/21 (A)(C)	GBP	150		211
Fosse Master Issuer, Ser 2011-1X, Cl A3
2.490%, 10/18/54 (A)	GBP	300		479
Gracechurch Mortgage Financing, Ser 2007-1X, Cl 3A2
1.141%, 11/20/56 (A)	EUR	1,281		1,705
Granite Master Issuer, Ser 2005-1, Cl A5 0.638%,
12/20/54 (A)(C)	EUR	203		260
Granite Master Issuer, Ser 2006-2, Cl A5
0.658%, 12/20/54 (A)(C)	EUR	391		501
Greenwich Capital Commercial Funding, Ser 2007-GG9, Cl A4
5.444%, 03/10/39		250		275
GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1
5.004%, 01/25/35 (A)		286		271
JP Morgan Chase Commercial Mortgage Securities, Ser 2004- CB9, Cl A4
5.575%, 06/12/41 (A)		110		120
JP Morgan Chase Commercial Mortgage Securities, Ser 2005- CB13, Cl A4
5.282%, 01/12/43 (A)		75		82
JP Morgan Chase Commercial Mortgage Securities, Ser 2006- CB17, Cl A4
5.429%, 12/12/43		250		276
JP Morgan Chase Commercial Mortgage Securities, Ser 2007- CB18, Cl A4
5.440%, 06/12/47		880		978
JP Morgan Chase Commercial Mortgage Securities, Ser 2007- CB19, Cl A4
5.734%, 02/12/49 (A)		250		281
JP Morgan Chase Commercial Mortgage Securities, Ser 2008- C2
6.068%, 02/12/51		300		319
JP Morgan Chase Commercial Mortgage Securities, Ser C1, Cl A4
5.716%, 02/15/51		245		271
JP Morgan Chase Commercial Mortgage Securities, Ser LDP9, Cl A3
5.336%, 05/15/47		325		356
JP Morgan Mortgage Trust, Ser 2004-A5, Cl 3A1
5.097%, 12/25/34 (A)		244		246

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
LB-UBS Commercial Mortgage Trust, Ser 2006-C7, Cl A3
5.347%, 11/15/38		250	$	280
LB-UBS Commercial Mortgage Trust, Ser 2008-C1, Cl A2
6.143%, 04/15/41 (A)		11		13
LB-UBS Commercial Mortgage Trust, Ser C2, Cl A3
5.430%, 02/15/40		515		569
London and Regional Debt Securitisation, Ser 1, Cl A 1.300%,
10/15/14 (A)(C)	GBP	150		213
Merrill Lynch Mortgage Trust, Ser 2005-LC1, Cl A4
5.291%, 01/12/44 (A)		370		411
Merrill Lynch, Ser 2007-7, Cl A4
5.737%, 06/12/50 (A)		285		309
Morgan Stanley Capital I, Ser 2007-HQ13, Cl A3
5.569%, 12/15/44		115		124
Silverstone Master Issuer, Ser 2009-1, Cl A2
2.540%, 01/21/55 (A)	GBP	300		480
Storm, Ser 2006-1, Cl A2
1.305%, 04/22/48 (A)	EUR	1,079		1,428
Storm, Ser 2011-4, Cl A1
2.395%, 10/22/53 (A)	EUR	781		1,044
				18,655
Total Mortgage-Backed Securities
(Cost $18,506) ($ Thousands)				18,676
CORPORATE OBLIGATIONS — 2.8%
United States — 2.8%
American Express Bank
5.550%, 10/17/12		530		544
American Express Credit MTN
2.750%, 09/15/15		400		415
Anadarko Petroleum
6.375%, 09/15/17		330		392
Ball
5.000%, 03/15/22		230		231
Bank of America MTN
5.000%, 05/13/21		175		175
BE Aerospace
5.250%, 04/01/22		230		232
CBS
4.300%, 02/15/21		300		314
CIGNA
5.125%, 06/15/20		154		170
Cimarex Energy
5.875%, 05/01/22		98		100
CMS Energy
5.050%, 03/15/22		140		141
CNA Financial
7.250%, 11/15/23		110		124
6.500%, 08/15/16		40		45
COX Communications
7.125%, 10/01/12		750		774
CVS Caremark
6.600%, 03/15/19		650		802

9 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Daimler Finance North America
1.911%, 07/11/13(A)(B)		400	$	404
DIRECTV Holdings
4.600%, 02/15/21		300		316
3.800%, 03/15/22(B)		310		306
Duke Realty
6.750%, 03/15/20(F)		140		164
Enterprise Products Operating
5.950%, 02/01/41		100		111
EQT
8.125%, 06/01/19		285		333
General Electric Capital MTN
2.375%, 06/30/15		150		152
Goldman Sachs Group
6.000%, 06/15/20		45		47
Humana
7.200%, 06/15/18		280		336
6.450%, 06/01/16		40		46
Huntington Ingalls Industries
7.125%, 03/15/21(B)		54		58
Kinder Morgan Energy Partners
6.550%, 09/15/40		105		118
Lincoln National
8.750%, 07/01/19		128		162
Lorillard Tobacco
6.875%, 05/01/20		375		441
McGraw-Hill
5.900%, 11/15/17		325		380
Morgan Stanley
5.750%, 01/25/21		130		128
5.500%, 07/28/21		125		122
4.750%, 03/22/17		170		170
3.450%, 11/02/15		125		122
Motorola Solutions
7.500%, 05/15/25		85		101
Nabors Industries
9.250%, 01/15/19		221		284
Nisource Finance
6.800%, 01/15/19		235		278
Nissan Motor
3.250%, 01/30/13(B)		430		436
Prudential Financial MTN
6.100%, 06/15/17		125		144
RR Donnelley & Sons
7.250%, 05/15/18		65		63
SABMiller Holdings
3.750%, 01/15/22(B)		400		407
SLM MTN
5.050%, 11/14/14		155		159
Time Warner
4.875%, 03/15/20		550		609
Time Warner Cable
7.500%, 04/01/14		385		433
Union Electric
6.700%, 02/01/19		45		55
Viacom
6.125%, 10/05/17		325		388
5.625%, 09/15/19		325		376
Wachovia Capital Trust III
5.570%, 12/31/49(A)		385		364

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Whirlpool MTN
8.600%, 05/01/14		298	$	334
Wynn Las Vegas
5.375%, 03/15/22(B)		235		229
Total Corporate Obligations (Cost $12,320) ($ Thousands)				13,035
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bonds
4.375%, 11/15/39 to 05/15/41		225		270
3.875%, 08/15/40		5		5
U.S. Treasury Note
2.000%, 02/15/22		175		172
Total U.S. Treasury Obligations (Cost $408) ($ Thousands)				447
ASSET-BACKED SECURITIES — 0.1%
Automotive — 0.0%
Auto Compartiment, Ser 2007-1, Cl A
1.124%, 02/25/19 (A)		176		234
Santander Consumer Finance, Ser 2007-1, Cl A
1.567%, 09/20/22 (C)		57		75
				309
Other Asset-Backed Securities — 0.1%
Lambda Finance, Ser 2005-1X, Cl A2
1.297%, 11/15/29 (A)(C)		37		49
Skyline, Ser 2007-1, Cl D
2.005%, 07/22/43 (A)(C)		200		240
				289
Total Asset-Backed Securities (Cost $616) ($ Thousands)				598
MUNICIPAL BOND — 0.0%
State of Illinois, GO
5.877%, 03/01/19		45		49
Total Municipal Bonds (Cost $45) ($ Thousands)				49

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 10

SCHEDULE OF INVESTMENTS (unaudited)

International Fixed Income Fund

March 31, 2012

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
TIME DEPOSITS — 2.1%
United States — 2.1%
Brown Brothers Harriman
4.500%, 04/02/12	ZAR	—		—
3.587%, 04/02/12	AUD	63		65
1.650%, 04/02/12	NZD	22		18
0.797%, 04/02/12	SEK	108		16
0.550%, 04/02/12	NOK	120		21
0.234%, 04/02/12	CAD	32		32
0.056%, 04/02/12	GBP	30		48
0.050%, 04/02/12	EUR	288		383
0.030%, 04/02/12		9,357		9,357
0.020%, 04/02/12	DKK	4		1
0.010%, 04/02/12	JPY	19,344		235
0.010%, 04/02/12	SGD	21		17
0.005%, 04/02/12	CHF	—		—
Total Time Deposits (Cost $10,193) ($ Thousands)				10,193
Total Investments — 99.8% (Cost $469,688) ($ Thousands)			$	484,049

The open futures contracts held by the Fund at March 31, 2012, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Australian 3-Year Bond		32			Jun-2012	$	9
Canadian 10-Year Bond		4			Jun-2012		(2	)
Euro-Bobl		72			Jun-2012		19
Euro-BTP		(1	)		Jun-2012		—
Euro-Bund		47			Jun-2012		1
Euro-Buxl 30 Year Bond		6			Jun-2012		16
Japanese 10-Year Bond		7			Jun-2012		(35	)
Long Gilt 10-Year Bond		9			Jun-2012		(18	)
U.S. 10-Year Treasury Note		(122	)		Jun-2012		202
U.S. 2-Year Treasury Note		(33	)		Jun-2012		3
U.S. 5-Year Treasury Note		(179	)		Jun-2012		80
U.S. Long Treasury Bond		(14	)		Jun-2012		24
U.S. Ultra Long Treasury Bond		(5	)		Jun-2012		35
						$	334

For the six months ended March 31, 2012, 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 year.

The following are the outstanding forward foreign currency contracts held by the Fund at March 31, 2012, is as follows:

Maturity Date	Currency to Deliver (Thousands)		Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
4/3/12-4/4/12	USD	2,415	CAD	2,388	$	(26	)
4/3/12-5/15/12	CAD	40,638	USD	40,928		279
4/4/12-4/27/12	USD	1,842	JPY	151,779		3
4/4/12-5/2/12	MXP	32,578	USD	2,539		1
4/4/12-5/2/12	USD	3,481	PLN	10,880		2
4/4/12-5/10/12	EUR	241,482	USD	322,154		576
4/4/12-5/10/12	GBP	48,108	USD	76,851		7
4/4/12-5/10/12	USD	8,094	EUR	6,116		51
4/4/12-5/11/12	JPY	11,532,776	USD	140,232		41
4/4/12-5/23/12	SEK	52,975	USD	7,879		(98	)
4/19/12	AUD	1,107	NZD	1,418		16
4/19/12	USD	1,081	AUD	1,030		(16	)
4/19/12-4/27/12	AUD	3,335	USD	3,489		44
4/20/12-4/27/12	USD	1,082	KRW	1,224,934		(1	)
4/24/12-4/27/12	NZD	2,804	USD	2,306		12
4/27/12	CHF	1,554	USD	1,714		(7	)
4/27/12	CZK	12,966	USD	690		(5	)
4/27/12	KRW	2,200,124	USD	1,933		(9	)
4/27/12	MYR	3,550	USD	1,151		(7	)
4/27/12	NOK	1,247	USD	217		(1	)
4/27/12	PLN	2,111	USD	665		(10	)
4/27/12	SGD	932	USD	741		—
4/27/12	USD	77	CHF	70		—
4/27/12	USD	79	GBP	50		1
4/27/12	USD	1,531	MXP	19,686		2
4/27/12	USD	160	NZD	195		(1	)
4/27/12	USD	756	SGD	957		6
4/27/12-5/23/12	DKK	15,760	USD	2,818		(5	)
4/27/12-5/23/12	USD	2,534	NOK	14,500		5
4/30/12	USD	738	INR	38,102		6
5/14/12	ZAR	22,846	USD	2,934		(28	)
					$	838

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2012, is as follows:

CounterParty	Currency to Deliver ($Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America		(1,648	)		1,620	$	(28	)
Barclays PLC		(93,820	)		93,405		(415	)
BNP Paribas		(247,911	)		248,523		612
Brown Brothers Harriman		(121	)		123		2
Chase Manhattan Bank		(1,418	)		1,417		(1	)
Citigroup		(52,839	)		52,917		78
Credit Suisse First Boston		(4,869	)		4,835		(34	)
Deutsche Bank		(62,885	)		63,425		539
Goldman Sachs		(2,517	)		2,487		(30	)
HSBC		(995	)		996		2
JPMorgan Chase Bank		(24,084	)		24,076		(8	)
National Australia Bank		(25	)		25		—
Northern Trust Brokerage		(2,168	)		2,144		(24	)
RBC		(8,758	)		8,794		36
Royal Bank of Canada		(453	)		450		(3	)
Royal Bank of Scotland		(15,744	)		15,764		20
Societe Generale		(23,497	)		23,500		4
Standard Bank		(9,197	)		9,188		(9	)
State Street		(8,993	)		8,991		(2	)
UBS		(12,500	)		12,494		(7	)
Westpac Banking		(59,894	)		60,000		106
						$	838

For the six months ended March 31, 2012 the total amount of all open forward foreign currency contracts, as presented in the table above are representative of the volume of activity for this derivative type during the period.

Outstanding swap agreements held by the Fund at March 31, 2012, is as follows:

11 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date	Currency	Notional Amount (Thousands)	Net Unrealized Appreciation (Depreciation) ($Thousands)
Citigroup	3.79%	6-Month GBP LIBOR	05/19/19	GBP	2,500,000	$	(528	)
Deutsche Bank	1.93%	6-Month EURIBOR	04/03/19	EUR	4,200,000		—
Deutsche Bank	6-Month EURIBOR	4.17%	03/28/13	EUR	7,000,000		291
JPMorgan	6-Month JPY LIBOR	2.22%	03/26/27	JPY	750,000,000		915
Royal Bank of Scotland	6-Month EURIBOR	3.14%	08/04/21	EUR	1,450,000		188
JPMorgan	6-Month EURIBOR	4.38%	01/07/13	EUR	5,400,000		217
Merrill Lynch	3-Month Canadian Bankers Acceptance Rate	2.44%	03/01/22	CAD	2,000,000		(19	)
UBS Warburg	Eurostat Eurozone	1.83%	11/25/19	EUR	1,350,000		(33	)
						$	1,031

For the six months ended March 31, 2012, the total amount of all swap agreements, 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 $484,982 ($ Thousands).

(1) In local currency unless otherwise indicated.

(A) Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2012.

(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, 2012 was $2,385 ($ Thousands) and represented 0.5% of Net Assets.

(D) Security is when-issued.

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

(F) Real Estate Investment Trust.

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

CZK — Czech Koruna

Cl — Class

DKK — Danish Krone

EUR — Euro

EURIBOR — Euro London Interbank Offered Rate

FHLMC — Federal Home Loan Mortgage Corporation

GBP — British Pound Sterling

INR — India Rupee

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXP — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLN — Polish Zlotty

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 March 31, 2012, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	441,051	$	—	$	441,051
Mortgage-Backed Securities		—		18,676		—		18,676
Corporate Obligations		—		13,035		—		13,035
U.S. Treasury Obligations		—		447		—		447
Asset-Backed Securities		—		598		—		598
Municipal Bond		—		49		—		49
Time Deposits		—		10,193		—		10,193
Total Investments in Securities	$	—	$	484,049	$	—	$	484,049
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *	$	334	$	—	$	—	$	334
Forwards Contracts*		—		838		—		838
Interest Rate Swaps*		—		1,031		—		1,031
Total Other Financial Instruments	$	334	$	1,869	$	—	$	2,203

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

For the period ended March 31, 2012, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended March 31, 2012, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 12

SCHEDULE OF INVESTMENTS (unaudited)

Emerging Markets Debt Fund

March 31, 2012

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS — 92.8%
Argentina — 3.6%
Capex
10.000%, 03/10/18(A)		488	$	383
City of Buenos Aires Argentina
9.950%, 03/01/17(A)		1,154		1,076
Empresa Distribuidora Y Comercializadora Norte
9.750%, 10/25/22(A)		606		364
IRSA
11.500%, 07/20/20(A)		351		367
Province of Buenos Aires
9.625%, 04/18/28(B)		595		390
9.625%,
04/18/28(A)(B)		1,605		1,053
9.375%, 09/14/18(B)		470		337
Province of Medoza
5.500%, 09/04/18(B)		285		236
Province of Neuquen
8.656%,
10/18/14(A)(B)		102		105
Republic of Argentina
8.750%, 06/02/17		730		703
8.280%, 12/31/33		606		433
8.279%, 12/31/33		536		395
7.820%, 12/31/33	EUR	11,375		9,468
7.820%, 12/31/33	EUR	1,290		1,074
7.820%, 12/31/33(C)	EUR	11,230		9,234
7.000%, 04/17/17		1,681		1,428
7.000%, 10/03/15		2,670		2,502
5.830%, 12/31/33(C)	ARS	6,111		1,762
4.191%, 12/15/35(C)	EUR	11,600		1,769
2.500%, 03/31/19(D)		1,000		357
1.180%, 12/31/38(C)(D)		2		—
0.467%, 08/03/12(C)		6,705		829
0.044%, 12/15/35(C)(E)		4,952		644
0.000%, 12/15/35(C)		2		—
Transportadora Gas del Norte
7.500%, 12/31/12(B)(F)		130		65
7.500%, 12/31/12(A)(B)(F)		260		130
7.500%, 12/31/12(B)(F)		420		210
6.500%, 12/31/12(A)(B)(F)		30		15
6.500%, 12/31/12(B)(F)		81		41
6.500%, 12/31/12(B)(F)		72		36
WPE International Cooperatief
10.375%, 09/30/20		100		94
10.375%, 09/30/20(A)		950		896
				36,396
Australia — 0.0%
Mirabela Nickel
8.750%, 04/15/18(A)		203		175

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Bahrain — 0.0%
Kingdom of Bahrain
5.500%, 03/31/20		250	$	248
Barbados — 0.3%
Columbus International
11.500%, 11/20/14(A)		1,600		1,775
11.500%, 11/20/14		1,057		1,173
Government of Barbados
7.000%, 08/04/22(A)		300		303
				3,251
Belarus — 0.3%
Republic of Belarus
8.950%, 01/26/18		1,800		1,622
8.750%, 08/03/15		1,850		1,720
				3,342
Belize — 0.0%
Government of Belize
6.000%, 02/20/29(B)		342		168
Bosnia and Herzegovina — 0.1%
Republic of Bosnia & Herzegovina
0.000%,
12/11/17(B)(C)	DEM	1,917		992
Brazil — 8.5%
Banco Cruzeiro do Sul
8.875%, 09/22/20		384		315
8.875%, 09/22/20(A)		1,144		915
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/19(A)		1,300		1,529
5.500%, 07/12/20(A)		400		446
BM&FBovespa
5.500%, 07/16/20		500		531
BR Malls International Finance
8.500%, 12/31/49(A)		345		367
BR Properties
9.000%, 12/31/49(A)		541		566
Braskem Finance
7.375%, 10/04/49		300		302
Brazil Notas do Tesouro Nacional, Ser B
10.674%, 08/15/20	BRL	4,470		5,598
Brazil Notas Do Tesouro Nacional
10.000%, 01/01/17	BRL	8,750		4,672
Brazil Notas do Tesouro Nacional, Ser F
10.000%, 01/01/14	BRL	18,904		10,415
10.000%, 01/01/21	BRL	11,054		5,666
CGM, CLN (Federal Republic of Brazil)
10.000%, 01/01/21		5,000		2,563

1 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Federal Republic of Brazil
12.500%, 01/05/22	BRL	680	$	495
11.000%, 08/17/40		150		198
10.250%, 01/10/28	BRL	1,140		747
10.125%, 05/15/27		3,387		5,643
8.875%, 04/15/24		1,520		2,316
8.750%, 02/04/25		916		1,392
8.250%, 01/20/34		3,910		5,904
7.125%, 01/20/37		5,326		7,310
5.875%, 01/15/19		710		849
5.625%, 01/07/41		1,050		1,210
4.875%, 01/22/21		1,571		1,778
Fibria Overseas Finance
7.500%, 05/04/20(A)		1,358		1,434
6.750%, 03/03/21		1,000		1,023
General Shopping Finance
10.000%, 12/31/49(A)		1,044		1,079
Globo Comunicacao e Participacoes
6.250%, 07/20/15(D)		147		156
Hypermarcas
6.500%, 04/20/21(A)		1,224		1,187
Itau Unibanco Holding
5.650%, 03/19/22(A)		401		402
JBS Finance II
8.250%, 01/29/18(A)		1,820		1,854
8.250%, 01/29/18		1,300		1,324
JP Morgan, CLN (Federal Republic of Brazil)
10.000%, 01/01/21		3,400		1,743
Marfrig Holding Europe BV
8.375%, 05/09/18		1,900		1,729
Minerva Luxembourg
12.250%, 02/10/22(A)		1,320		1,442
Minerva Overseas II
10.875%, 11/15/19(A)		235		248
10.875%, 11/15/19		310		327
NET Servicos de Comunicacao
7.500%, 01/27/20		288		336
Odebrecht Drilling Norbe VIII/IX
6.350%, 06/30/21		323		344
6.350%, 06/30/21(A)		534		569
OGX Austria GmbH
8.375%, 04/01/22(A)		504		509
OGX Petroleo e Gas Participacoes
8.500%, 06/01/18(A)		1,004		1,043
Oi
5.750%, 02/10/22(A)		550		566
OSX 3 Leasing BV
9.250%, 03/20/15		200		206
Petrobras International Finance
5.375%, 01/27/21		1,071		1,153
Petrobras International Finance - Pifco
2.875%, 02/06/15		203		208
QGOG Atlantic/Alaskan Rigs
5.250%, 07/30/18(A)		887		891
Schahin II Finance SPV
5.875%, 09/25/22(A)		990		993
Telemar Norte Leste
5.500%, 10/23/20(A)		850		874

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Virgolino de Oliveira Finance
10.500%, 01/28/18		217	$	213
Votorantim Cimentos
7.250%, 04/05/41(A)		300		305
Voto-Votorantim
6.750%, 04/05/21(A)		306		343
Voto-Votorantim Overseas Trading Operations
6.625%, 09/25/19(A)		490		547
				84,775
Chile — 0.9%
Banco del Estado de Chile
3.875%, 02/08/22(A)		1,160		1,151
BancoEstado
4.125%, 10/07/20(A)		600		621
Empresa Nacional del Petroleo
6.250%, 07/08/19(A)		100		114
6.250%, 07/08/19		700		800
5.250%, 08/10/20(A)		400		433
Inversiones Alsacia
8.000%, 08/18/18(A)		966		931
Nacional del Cobre de Chile
7.500%, 01/15/19		400		501
6.150%, 10/24/36		1,530		1,851
3.875%, 11/03/21(A)		950		970
3.750%, 11/04/20(A)		700		717
Republic of Chile
3.250%, 09/14/21		380		386
Telefonica Moviles Chile
2.875%, 11/09/15		500		500
				8,975
China — 1.4%
Agile Property Holdings
8.875%, 04/28/17		400		372
Central China Real Estate
12.250%, 10/20/15		200		193
China Liansu Group Holdings
7.875%, 05/13/16(A)		448		419
China Oriental Group
8.000%, 08/18/15		200		184
8.000%, 08/18/15(A)		650		596
7.000%, 11/17/17		1,000		830
China Overseas Finance Cayman II
5.500%, 11/10/20		200		198
China Resources Gas Group MTN
4.500%, 04/05/22(A)		335		329
CITIC Bank International MTN
6.875%, 06/24/20		100		104
CNPC HK Overseas Capital
5.950%, 04/28/41		200		229
5.950%, 04/28/41(A)		550		628
Country Garden Holdings
11.250%, 04/22/17		700		693
Evergrande Real Estate Group
13.000%, 01/27/15		756		735
13.000%, 01/27/15(A)		701		682
9.250%, 01/19/16	CNY	5,000		685
7.500%, 01/19/14	CNY	3,000		425

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 2

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2012

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Franshion Development
6.750%, 04/15/21(A)		750	$	654
Hidili Industry International Development
8.625%, 11/04/15		500		431
Kaisa Group Holdings
13.500%, 04/28/15		539		509
Mega Advance Investments
5.000%, 05/12/21(A)		606		625
MIE Holdings
9.750%, 05/12/16(A)		600		594
Sinochem Overseas Capital
6.300%, 11/12/40		350		330
4.500%, 11/12/20(A)		3,242		3,093
Tencent Holdings
4.625%, 12/12/16		250		252
Texhong Textile Group
7.625%, 01/19/16(A)		255		212
West China Cement
7.500%, 01/25/16(A)		200		169
				14,171
Colombia — 4.6%
BanColombia
5.950%, 06/03/21		200		212
5.950%, 06/03/21(A)		748		792
Bogota Distrio Capital
9.750%, 07/26/28(A)	COP	9,020,000		6,766
Ecopetrol
7.625%, 07/23/19(A)		500		616
Empresa de Energia de Bogota
6.125%, 11/10/21		925		981
Grupo Aval
5.250%, 02/01/17(A)		400		415
Gruposura Finance
5.700%, 05/18/21(A)		1,010		1,055
Republic of Colombia
11.750%, 02/25/20		1,595		2,540
10.375%, 01/28/33		330		556
8.125%, 05/21/24		2,150		3,048
7.375%, 09/18/37		10,100		14,165
7.375%, 01/27/17		2,775		3,434
7.375%, 03/18/19		3,770		4,837
6.125%, 01/18/41		3,404		4,170
4.375%, 07/12/21		2,198		2,390
Transportadora de Gas Internacional ESP
5.700%, 03/20/22(A)		350		359
				46,336
Croatia — 1.2%
Government of Croatia
6.750%, 11/05/19		2,283		2,292
6.625%, 07/14/20		150		149
6.625%, 07/14/20(A)		2,068		2,047
6.375%, 03/24/21		400		384
6.375%, 03/24/21(A)		6,446		6,188
Zagrebacki Holding
5.500%, 07/10/17	EUR	1,100		1,157
				12,217

Description	Face Amount  (1) (Thousands)		Market Value ($  Thousands)
Czech Republic — 0.1%
Central European Media Enterprises
11.625%, 09/15/16(A)	EUR	700	$	876
Dominican Republic — 0.3%
Cap Cana
10.000%, 04/30/16(F)		982		147
10.000%, 04/30/16(F)		844		211
Dominican Republic
7.500%, 05/06/21(A)		1,490		1,535
7.500%, 05/06/21		700		721
				2,614
Ecuador — 0.1%
Republic of Ecuador
9.375%, 12/15/15		550		558
Egypt — 0.2%
Government of Egypt
6.875%, 04/30/40		450		394
5.750%, 04/29/20(A)		650		618
5.750%, 04/29/20		400		380
Nile Finance
5.250%, 08/05/15		650		627
				2,019
El Salvador — 0.7%
Republic of El Salvador
8.250%, 04/10/32		250		272
7.750%, 01/24/23		332		361
7.650%, 06/15/35		4,336		4,434
7.625%, 02/01/41(A)		950		949
7.375%, 12/01/19		400		432
Telemovil Finance
8.000%, 10/01/17(A)		900		931
				7,379
Gabon — 0.0%
Gabonese Republic
8.200%, 12/12/17		100		122
Georgia — 0.2%
Georgian Railway
9.875%, 07/22/15		650		694
Republic of Georgia
6.875%, 04/12/21(A)		750		787
				1,481
Germany — 0.2%
Deutsche Bank, CLN (Government of Germany) MTN
9.375%, 02/13/18(A)(B)		1,732		1,708

3 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Face Amount  (1) (Thousands)		Market Value ($  Thousands)
Ghana — 0.3%
Republic of Ghana
8.500%, 10/04/17		1,647	$	1,886
8.500%, 10/04/17(A)		500		572
				2,458
Hong Kong — 0.4%
Bank of China Hong Kong
5.550%, 02/11/20(A)		1,600		1,680
Hutchison Whampoa International
6.000%, 12/31/49(C)		460		468
Hutchison Whampoa International 11
4.625%, 01/13/22(A)		800		804
Industrial & Commercial Bank of China Asia MTN
5.125%, 11/30/20		600		615
PCCW-HKT Capital No. 4
4.250%, 02/24/16		701		722
				4,289
Hungary — 0.8%
Republic of Hungary
7.625%, 03/29/41		2,058		1,862
6.375%, 03/29/21		870		796
6.250%, 01/29/20		950		867
6.000%, 01/11/19	EUR	612		714
5.750%, 06/11/18	EUR	1,688		1,944
5.500%, 05/06/14		66		100
5.000%, 03/30/16		227		311
4.750%, 02/03/15		187		176
4.500%, 01/29/14		467		591
4.375%, 07/04/17		673		747
3.500%, 07/18/16		311		345
				8,453
India — 0.3%
Axis Bank MTN
7.125%, 06/28/22(C)		163		153
Bank of India MTN
6.994%, 12/31/49(C)		177		162
ICICI Bank
5.750%, 11/16/20(A)		503		494
Reliance Holdings USA
6.250%, 10/19/40		800		730
5.400%, 02/14/22(A)		550		547
Vedanta Resources
9.500%, 07/18/18		280		283
8.250%, 06/07/21(A)		435		403
				2,772
Indonesia — 4.5%
Adaro Indonesia MTN
7.625%, 10/22/19		208		226
7.625%, 10/22/19(A)		455		494
Bakrie Telecom
11.500%, 05/07/15		634		472
Berau Capital Resources
12.500%, 07/08/15		1,300		1,459
Berau Coal Energy
7.250%, 03/13/17(A)		598		601

Description	Face Amount  (1) (Thousands)		Market Value ($  Thousands)
Indosat Palapa
7.375%, 07/29/20(A)		452	$	497
Listrindo Capital BV
6.950%, 02/21/19(A)		425		439
Majapahit Holding
8.000%, 08/07/19(A)		500		605
8.000%, 08/07/19		160		194
7.875%, 06/29/37(A)(B)		355		445
7.750%, 01/20/20		400		482
7.750%, 01/20/20(A)		250		301
7.750%, 10/17/16		750		868
Pertamina Persero
6.500%, 05/27/41(A)		380		410
5.250%, 05/23/21(A)		500		526
Perusahaan Listrik Negara
5.500%, 11/22/21(A)		1,435		1,503
Republic of Indonesia
11.625%, 03/04/19		300		447
11.625%, 03/04/19		5,726		8,532
11.625%, 03/04/19(A)		1,825		2,719
10.375%, 05/04/14		450		524
8.500%, 10/12/35		4,050		6,014
8.500%, 10/12/35		300		446
7.750%, 01/17/38		5,347		7,406
7.500%, 01/15/16		1,150		1,346
6.875%, 01/17/18(A)		900		1,073
6.875%, 01/17/18		1,750		2,087
6.750%, 03/10/14		350		380
6.625%, 02/17/37		300		370
6.625%, 02/17/37		900		1,109
5.875%, 03/13/20(A)		1,054		1,209
4.875%, 05/05/21(A)		1,700		1,842
Sable International Finance
8.750%, 02/01/20(A)		200		212
Star Energy Geothermal Wayang Windu
11.500%, 02/12/15(A)		400		441
				45,679
Iraq — 1.3%
Republic of Iraq
5.800%, 01/15/28		15,292		12,884
Israel — 0.1%
Israel Electric
6.700%, 02/10/17(A)		500		515
Ivory Coast — 0.7%
Government of Ivory Coast
3.750%, 12/31/32(F)		10,993		6,898
Jamaica — 0.4%
Digicel Group
10.500%, 04/15/18		860		950
9.125%, 01/15/15(A)		822		837
8.875%, 01/15/15		1,400		1,424
8.875%, 01/15/15(A)		1,050		1,068
				4,279

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 4

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2012

Description	Face Amount  (1) (Thousands)		Market Value ($ Thousands)
Jordan — 0.1%
Kingdom of Jordan
3.875%, 11/12/15		1,450	$	1,392
Kazakhstan — 4.3%
ATF Bank JSC
9.000%, 05/11/16		300		282
Bank CenterCredit
8.625%, 01/30/14		1,450		1,468
BTA Bank
10.750%, 07/01/18(A)(F)		1,202		258
10.750%, 07/01/18(F)		3,634		781
0.001%, 07/01/20(A)(G)		2,492		174
Development Bank of Kazakhstan
5.500%, 12/20/15(A)		450		482
Halyk Savings Bank of Kahakhstan
7.250%, 05/03/17		960		985
Halyk Savings Bank of Kazakhstan
7.250%, 01/28/21(A)		1,200		1,233
Kazatomprom Natsionalnaya Atomnaya Kompaniya
6.250%, 05/20/15(A)		1,123		1,216
6.250%, 05/20/15		450		487
Kazkommertsbank
12.850%, 12/18/12		200		207
8.500%, 04/16/13		400		403
8.000%, 11/03/15		1,900		1,815
7.875%, 04/07/14		500		492
6.875%, 02/13/17	EUR	450		536
Kazkommertsbank Via Citigroup Global Markets
8.700%, 04/07/14(C)(D)		1,300		1,164
KazMunayGas National MTN
11.750%, 01/23/15(A)		2,673		3,262
11.750%, 01/23/15		2,974		3,629
9.125%, 07/02/18(A)		2,210		2,753
9.125%, 07/02/18		1,129		1,407
8.375%, 07/02/13		4,640		4,943
7.000%, 05/05/20		1,940		2,206
7.000%, 05/05/20(A)		1,626		1,849
6.375%, 04/09/21		1,750		1,933
6.375%, 04/09/21(A)		4,269		4,715
Republic of Kazakhstan
6.375%, 10/06/20(A)	EUR	1,400		1,550
Tengizchevroil Finance
6.124%, 11/15/14		215		225
Zhaikmunai LLP
10.500%, 10/19/15(A)		2,059		2,171
10.500%, 10/19/15		550		580
				43,206
Kuwait — 0.1%
Kuwait Projects MTN
9.375%, 07/15/20		600		656
8.875%, 10/17/16		700		786
				1,442

Description	Face Amount  (1) (Thousands)		Market Value ($ Thousands)
Latvia — 0.1%
Republic of Latvia
5.250%, 06/16/21(A)		490	$	492
Lebanon — 0.5%
Republic of Lebanon MTN
9.000%, 03/20/17		100		118
8.250%, 04/12/21		800		952
6.600%, 11/27/26		890		909
6.375%, 03/09/20		1,400		1,488
6.100%, 10/04/22		900		920
5.150%, 11/12/18		300		302
				4,689
Lithuania — 1.9%
Republic of Lithuania
7.375%, 02/11/20		1,824		2,134
7.375%, 02/11/20(A)		1,100		1,287
6.750%, 01/15/15(A)		1,186		1,281
6.625%, 02/01/22(A)		4,018		4,450
6.125%, 03/09/21		5,080		5,435
6.125%, 03/09/21(A)		3,039		3,252
5.125%, 09/14/17(A)		1,025		1,066
				18,905
Malaysia — 2.0%
Axiata SPV1 Labuan
5.375%, 04/28/20		250		264
Petroliam Nasional
7.625%, 10/15/26		925		1,277
Petronas Capital
7.875%, 05/22/22(A)		250		336
7.875%, 05/22/22		6,311		8,477
5.250%, 08/12/19		1,100		1,226
5.250%, 08/12/19(A)		6,740		7,513
Wakala Global Sukuk
4.646%, 07/06/21(A)		900		974
				20,067
Mexico — 8.2%
America Movil
2.375%, 09/08/16		1,800		1,822
Axtel
9.000%, 09/22/19		719		586
7.625%, 02/01/17(A)		249		202
Bank of New York Mellon Institucion de Banca Multiple
9.625%, 05/02/21(A)		1,384		1,322
BBVA Bancomer
6.008%, 05/17/22(C)		1,000		980
Cemex
9.000%, 01/11/18(A)		1,266		1,193
5.470%, 09/30/15(A)(C)		737		665
Cemex Espana
9.250%, 05/12/20(A)		2,100		1,927
8.875%, 05/12/17	EUR	51		59
Cemex Finance
9.500%, 12/14/16		500		499

5 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Face Amount  (1) (Thousands)		Market Value ($ Thousands)
Comision Federal de Electricidad
5.750%, 02/14/42(A)		900	$	899
4.875%, 05/26/21(A)		550		583
Desarrolladora Homex
9.750%, 03/25/20(A)		1,000		1,060
Deutsche Bank, CLN (Urbi Desarrollos Urbanos)
10.571%, 12/22/12		540		570
GEO
9.250%, 06/30/20		500		529
9.250%, 06/30/20(A)		900		952
8.875%, 03/27/22(A)		200		204
Grupo Bimbo
4.875%, 06/30/20(A)		152		159
Grupo Senda
10.500%, 10/03/15		3,665		3,619
Grupo Televisa
6.000%, 05/15/18		245		284
Mexican Bonos MTN
4.750%, 03/08/44		260		255
3.625%, 03/15/22		650		665
Mexican Bonos, Ser M
6.500%, 06/10/21	MXP	48,780		3,884
Mexican Bonos, Ser M20
8.500%, 05/31/29	MXP	55,600		4,970
7.750%, 05/29/31	MXP	60,500		4,985
Mexican Bonos, Ser M30
10.000%, 11/20/36	MXP	49,900		4,992
NII Capital
10.000%, 08/15/16		359		407
7.625%, 04/01/21		516		504
Oceanografia
11.250%, 07/15/15		1,079		658
Pemex Finance
9.150%, 11/15/18		1,595		2,052
Pemex Project Funding Master Trust
6.625%, 06/15/35		2,546		2,902
5.750%, 03/01/18		2,055		2,312
Petroleos Mexicanos
8.000%, 05/03/19		700		885
6.500%, 06/02/41(A)		442		497
6.500%, 06/02/41(A)		750		844
6.000%, 03/05/20(A)		300		341
4.875%, 01/24/22(A)		600		630
United Mexican States MTN
8.300%, 08/15/31		3,865		5,759
6.050%, 01/11/40		4,360		5,276
5.950%, 03/19/19		1,300		1,559
5.750%, 10/12/10		6,134		6,303
5.625%, 01/15/17		1,442		1,668
5.125%, 01/15/20		1,700		1,951
United Mexican States, Ser A MTN
8.000%, 09/24/22		1,785		2,454
6.750%, 09/27/34		5,226		6,715
Urbi Desarrollos Urbanos
9.750%, 02/03/22(A)		600		636
9.500%, 01/21/20		100		105
				82,323

Description	Face Amount  (1) (Thousands)		Market Value ($  Thousands)
Mongolia — 0.1%
Mongolian Mining MTN
8.875%, 03/29/17(A)		777	$	776
Morocco — 0.2%
Kingdom of Morocco
4.500%, 10/05/20	EUR	1,500		1,860
Nigeria — 0.3%
Afren
11.500%, 02/01/16(A)		1,150		1,245
10.250%, 04/08/19(A)		700		734
Republic of Nigeria
6.750%, 01/28/21(A)		750		823
UBS
7.396%, 08/29/10(A)(B)(C)		750		470
				3,272
Oman — 0.0%
Blue City Investments
13.750%, 11/07/13(B)		2,250		112
Pakistan — 0.2%
Republic of Pakistan
7.125%, 03/31/16		910		755
6.875%, 06/01/17		100		75
6.875%, 06/01/17		1,390		1,043
				1,873
Panama — 2.0%
Republic of Panama
9.375%, 04/01/29		4,141		6,632
9.375%, 01/16/23		560		778
8.875%, 09/30/27		1,650		2,525
8.125%, 04/28/34		1,409		1,944
7.250%, 03/15/15		620		718
7.125%, 01/29/26		325		434
6.700%, 01/26/36		5,098		6,704
				19,735
Peru — 1.7%
Banco de Credito del Peru
5.375%, 09/16/20(A)		424		433
Inkia Energy
8.375%, 04/04/21(A)		460		474
Interoceanica IV Finance
3.809%, 11/30/25(A)(B)(G)		873		532
3.638%, 11/30/18(A)(B)(G)		357		307

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 6

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2012

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Peru Enhanced Pass-Through Finance
4.156%, 06/02/25(A)(G)1		1,000	$	600
3.936%, 05/31/18(A)(B)(G)1		472		415
3.288%, 05/31/18(B)(G)1		175		154
Republic of Peru
8.750%, 11/21/33		5,189		8,048
8.375%, 05/03/16		600		746
7.350%, 07/21/25		3,460		4,726
Southern Copper
6.750%, 04/16/40		386		417
Volcan Cia Minera SAA
5.375%, 02/02/22(A)		503		521
				17,373
Philippines — 3.6%
National Power
9.625%, 05/15/28(B)		1,100		1,540
Power Sector Assets & Liabilities Management
7.390%, 12/02/24(A)		800		1,012
7.390%, 12/02/24		500		633
7.250%, 05/27/19(A)		150		184
Republic of Philippines
10.625%, 03/16/25		3,200		5,168
9.500%, 02/02/30		3,559		5,623
9.375%, 01/18/17		150		194
8.375%, 06/17/19		2,050		2,716
7.750%, 01/14/31		5,629		7,768
7.500%, 09/25/24		670		871
6.500%, 01/20/20		1,156		1,397
6.375%, 10/23/34		2,288		2,817
5.500%, 03/30/26		1,860		2,118
5.000%, 01/13/37		650		678
4.000%, 01/15/21		3,057		3,183
				35,902
Poland — 3.0%
Eileme 2
11.625%, 01/31/20(A)		1,000		1,042
Polish Television Holding
11.000%, 11/15/14(A)(D)	EUR	600		801
Republic of Poland
6.375%, 07/15/19		9,506		11,051
5.125%, 04/21/21		2,669		2,850
5.000%, 03/23/22		10,701		11,279
4.000%, 03/23/21	EUR	736		984
TVN Finance II
10.750%, 11/15/17(A)	EUR	1,200		1,694
10.750%, 11/15/17	EUR	200		282
				29,983

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Qatar — 2.0%
Qtel International Finance
7.875%, 06/10/19		2,020	$	2,480
6.500%, 06/10/14(A)		200		219
5.000%, 10/19/25		270		273
5.000%, 10/19/25(A)		637		645
4.750%, 02/16/21(A)		457		472
4.750%, 02/16/21		840		868
State of Qatar
9.750%, 06/15/30		1,025		1,602
6.550%, 04/09/19		1,533		1,824
6.400%, 01/20/40		1,176		1,373
6.400%, 01/20/40(A)		710		829
5.750%, 01/20/42(A)		750		811
5.250%, 01/20/20(A)		2,800		3,087
5.250%, 01/20/20		2,525		2,784
4.500%, 01/20/22(A)		2,500		2,609
4.000%, 01/20/15(A)		300		316
				20,192
Romania — 0.2%
Government of Romania MTN
6.750%, 02/07/22(A)		1,568		1,639
Russia — 9.1%
AK Transneft Via TransCapitalInvest
8.700%, 08/07/18		100		123
Alfa Bank Via Alfa Bond Issuance
7.875%, 09/25/17(A)		675		696
7.750%, 04/28/21(A)		750		737
Alfa Invest MTN
9.250%, 06/24/13(A)(B)		750		794
Alfa Issuance MTN
8.000%, 03/18/15		417		439
ALROSA Finance
7.750%, 11/03/20		240		256
Bank of Moscow via BOM Capital
6.699%, 03/11/15		1,200		1,251
Evraz Group
9.500%, 04/24/18		500		550
6.750%, 04/27/18		500		478
6.750%, 04/27/18(A)		896		857
Lukoil International Finance BV
6.656%, 06/07/22		500		553
Metalloinvest Finance
6.500%, 07/21/16(A)		820		807
6.500%, 07/21/16		1,000		985
MTS International Funding
8.625%, 06/22/20		100		116
8.625%, 06/22/20(A)		1,500		1,735
Novatek Finance
6.604%, 02/03/21(A)		2,063		2,280
5.326%, 02/03/16		255		268
Russia, CLN
7.600%, 04/14/21		55,200		1,865
Russian Agricultural Bank Via RSHB Capital
7.750%, 05/29/18		650		736

7 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Face Amount  (1) (Thousands)		Market Value ($ Thousands)
Russian Foreign Bond - Eurobond
12.750%, 06/24/28		2,210	$	3,981
7.500%, 03/31/30		33,591		40,183
5.625%, 04/04/42(A)		1,800		1,786
5.000%, 04/29/20(A)		2,500		2,665
5.000%, 04/29/20		700		746
3.625%, 04/29/15		300		312
3.250%, 04/04/17(A)		1,200		1,201
Sberbank of Russia Via SB Capital
6.125%, 02/07/22(A)		550		564
SCF Capital
5.375%, 10/27/17(A)		2,510		2,397
Severstal JSC via Steel Capital
6.250%, 07/26/16		800		799
Severstal Via Steel Capital
6.700%, 10/25/17		400		405
Sinek Capital Via Edel Capital
7.700%, 08/03/15		500		508
Teorema Holding
11.000%, 10/27/09(F)(H)		3,400		340
TMK Capital
7.750%, 01/27/18		1,100		1,065
TNK-BP Finance
6.250%, 02/02/15(A)		202		218
Vimpel Communications Via UBS Luxembourg
8.250%, 05/23/16		570		619
Vimpel Communications Via VIP Finance Ireland
9.125%, 04/30/18(A)(B)		600		655
9.125%, 04/30/18		950		1,038
7.748%, 02/02/21(A)		3,436		3,393
VimpelCom Holdings
7.504%, 03/01/22(A)		700		679
6.255%, 03/01/17		550		548
Vnesheconombank Via VEB Finance MTN
6.902%, 07/09/20(A)		2,385		2,579
6.902%, 07/09/20		3,350		3,622
6.800%, 11/22/25		1,300		1,360
6.800%, 11/22/25(A)		900		942
5.450%, 11/22/17(A)		700		725
VTB Bank Via VTB Capital
6.875%, 05/29/18		700		739
6.551%, 10/13/20(A)		960		958
6.250%, 06/30/35		381		398
				90,951
Saudi Arabia — 0.1%
Dar Al-Arkan International Sukuk
10.750%, 02/18/15(A)		1,500		1,446
Senegal — 0.2%
Republic of Senegal
8.750%, 05/13/21		250		271
8.750%, 05/13/21(A)		1,210		1,313
				1,584

Description	Face Amount  (1) (Thousands)		Market Value ($  Thousands)
Serbia — 0.1%
Republic of Serbia
7.250%, 09/28/21		200	$	212
7.250%, 09/28/21(A)		1,000		1,052
				1,264
Singapore — 0.2%
MMI International
8.000%, 03/01/17		250		259
Sea Product
4.743%, 05/14/10(B)		1,592		1,369
STATS ChipPAC
5.375%, 03/31/16(A)		176		179
Yanlord Land Group
9.500%, 05/04/17		200		178
				1,985
South Africa — 3.0%
Edcon Proprietary
9.500%, 03/01/18	EUR	100		120
4.126%, 06/15/14(C)	EUR	1,500		1,758
Eskom Holdings
5.750%, 01/26/21(A)		2,450		2,572
Gold Fields Orogen Holdings
4.875%, 10/07/20		1,124		1,077
Myriad International Holding
6.375%, 07/28/17(A)		659		722
6.375%, 07/28/17		570		624
Republic of South Africa
8.500%, 06/23/17		860		1,066
8.000%, 12/21/18	ZAR	11,040		1,462
6.875%, 05/27/19		3,197		3,848
6.750%, 03/31/21	ZAR	17,820		2,157
6.250%, 03/08/41		1,611		1,885
5.875%, 05/30/22		2,050		2,337
5.500%, 03/09/20		5,640		6,289
4.665%, 01/17/24		3,776		3,861
Transnet MTN
4.500%, 02/10/16(A)		560		580
				30,358
South Korea — 0.2%
Export-Import Bank of Korea
4.375%, 09/15/21		350		353
Korea Gas
6.250%, 01/20/42(A)		280		318
Republic of Korea
7.125%, 04/16/19		950		1,175
				1,846
Sri Lanka — 0.2%
Republic of Sri Lanka
7.400%, 01/22/15(A)		350		370
6.250%, 10/04/20(A)		900		896
6.250%, 07/27/21(A)		400		398
				1,664
Supra-National — 0.1%
Andina de Fomento
8.125%, 06/04/19		485		601

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 8

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2012

Description	Face Amount  (1) (Thousands)		Market Value ($ Thousands)
Trinidad & Tobago — 0.3%
Petroleum of Trinidad & Tobago
9.750%, 08/14/19(A)(B)		1,090	$	1,344
6.000%, 05/08/22(A)(B)		306		317
6.000%, 05/08/22(B)		1,667		1,725
				3,386
Tunisia — 0.0%
Banque Centrale de Tunisie
8.250%, 09/19/27		200		238
Turkey — 3.6%
Export Credit Bank of Turkey
5.375%, 11/04/16(A)		850		859
Republic of Turkey
11.875%, 01/15/30		850		1,435
8.000%, 02/14/34		2,000		2,500
7.500%, 07/14/17		800		922
7.500%, 11/07/19		3,630		4,256
7.375%, 02/05/25		2,020		2,376
7.250%, 03/15/15		850		943
7.250%, 03/05/38		2,890		3,360
7.000%, 06/05/20		570		650
7.000%, 03/11/19		550		628
7.000%, 09/26/16		938		1,055
6.875%, 03/17/36		2,220		2,464
6.750%, 05/30/40		2,633		2,870
6.750%, 04/03/18		4,314		4,837
6.250%, 09/26/22		1,715		1,844
6.000%, 01/14/41		552		544
5.625%, 03/30/21		1,501		1,566
5.125%, 03/25/22		1,709		1,696
0.000%, 05/15/13(G)		750		380
0.000%, 07/17/13(G)1		1,830		913
Yuksel Insaat
9.500%, 11/10/15		146		127
				36,225
Ukraine — 2.9%
DTEK Finance
9.500%, 04/28/15(A)		620		589
9.500%, 04/28/15		550		523
Ferrexpo Finance
7.875%, 04/07/16(A)		538		498
7.875%, 04/07/16		1,200		1,110
Financing of Infrastrucural Projects State Enterprise
8.375%, 11/03/17(A)		550		468

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Government of Ukraine
7.950%, 02/23/21		206	$	177
7.950%, 02/23/21(A)		250		215
7.750%, 09/23/20(A)		440		376
7.750%, 09/23/20		554		474
7.650%, 06/11/13		600		578
6.875%, 09/23/15(A)(E)		1,472		1,360
6.875%, 09/23/15		1,287		1,189
6.750%, 11/14/17		1,350		1,181
6.580%, 11/21/16		1,600		1,384
6.580%, 11/21/16(A)		440		381
6.385%, 06/26/12		500		498
6.250%, 06/17/16		312		271
6.250%, 06/17/16(A)		1,343		1,168
Metinvest
8.750%, 02/14/18(A)		869		786
8.750%, 02/14/18		1,450		1,312
MHP
10.250%, 04/29/15		968		929
10.250%, 04/29/15(A)		1,428		1,371
Mriya Agro Holding
10.950%, 03/30/16(A)		616		563
National Naftogaz of Ukraine
9.500%, 09/30/14		6,600		6,386
Oschadbank Via SSB #1
8.250%, 03/10/16		800		680
The EXIM of Ukraine Via Credit Suisse First Boston International
6.800%, 10/04/12		750		748
Ukreximbank Via Biz Finance
8.375%, 04/27/15		4,771		4,413
				29,628
United Arab Emirates — 3.3%
Abu Dhabi National Energy MTN
5.875%, 12/13/21(A)		445		474
Atlantic Finance
10.750%, 05/27/14		1,600		1,756
Dolphin Energy
5.888%, 06/15/19(A)		421		456
5.888%, 06/15/19		632		684
5.500%, 12/15/21(A)		400		422
DP World MTN
6.850%, 07/02/37		2,250		2,171
Dubai DOF Sukuk MTN
6.396%, 11/03/14		800		845
Dubai Electricity & Water Authority
8.500%, 04/22/15(A)		2,000		2,225
8.500%, 04/22/15		1,078		1,199
7.375%, 10/21/20		150		161
7.375%, 10/21/20(A)		2,416		2,591
Dubai Holding Commercial Operations MTN
6.000%, 02/01/17	GBP	750		1,008
4.750%, 01/30/14	EUR	2,350		2,930
Dubai Sukuk Centre
0.849%, 06/13/12(C)		2,400		2,328
Emirate of Abu Dhabi
6.750%, 04/08/19(A)		470		573
6.750%, 04/08/19		600		732

9 SEI Institutional International Trust / Semi-Annual Report / March 31, 2012

Description	Face Amount(1) (Thousands)		Market Value ($ Thousands)
Emirate of Dubai MTN
7.750%, 10/05/20		950	$	1,047
6.700%, 10/05/15		300		322
IPIC GMTN MTN
6.875%, 11/01/41(A)		790		826
5.500%, 03/01/22(A)		363		373
3.750%, 03/01/17(A)		1,536		1,563
Jafz Sukuk
2.991%, 11/27/12(C)	AED	22,400		5,849
MAF SUKUK MTN
5.850%, 02/07/17		500		521
Pyrus
7.500%, 12/20/15		1,300		1,341
				32,397
Uruguay — 1.5%
Republic of Uruguay PIK
7.875%, 01/15/33		1,789		2,495
Republic of Uruguay
9.250%, 05/17/17		218		289
8.000%, 11/18/22		6,607		9,101
7.625%, 03/21/36		1,754		2,434
6.875%, 09/28/25		567		731
				15,050
Venezuela — 5.6%
Petroleos de Venezuela
12.750%, 02/17/22		1,650		1,650
8.500%, 11/02/17		900		790
8.500%, 11/02/17		990		869
5.500%, 04/12/37		2,000		1,190
5.375%, 04/12/27		4,855		2,986
5.250%, 04/12/17		4,497		3,406
5.000%, 10/28/15		4,201		3,487
4.900%, 10/28/14		13,652		12,219
Republic of Venezuela
13.625%, 08/15/18		2,100		2,310
13.625%, 08/15/18		144		158
12.750%, 08/23/22		6,330		6,647
11.950%, 08/05/31		5,280		5,201
11.750%, 10/21/26		1,580		1,556
10.750%, 09/19/13		400		417
9.375%, 01/13/34		2,030		1,690
9.250%, 09/15/27		2,570		2,267
9.250%, 05/07/28		2,180		1,799
9.000%, 05/07/23		2,820		2,397
8.500%, 10/08/14		1,066		1,069
8.250%, 10/13/24		1,950		1,550
7.750%, 10/13/19		1,250		1,050
7.650%, 04/21/25		1,250		944
7.000%, 03/31/38		100		70
6.000%, 12/09/20		880		653
				56,375

Description	Face Amount(1) (Thousands)		Market Value ($ Thousands)
Vietnam — 0.2%
Republic of Vietnam
6.875%, 01/15/16		750	$	819
6.750%, 01/29/20		1,200		1,311
				2,130
Total Global Bonds (Cost $866,276) ($ Thousands)				928,391
LOAN PARTICIPATIONS — 1.8%
Angola — 0.1%
Republic of Angola
3.667%, 04/30/16	EUR	975		1,184
Brazil — 0.1%
Virgolino de Oliveira
5.551%, 11/03/15		441		438
Indonesia — 0.3%
PT Bumi
15.000%, 01/18/13 (B)		568		557
11.243%, 08/07/13 (B)		1,743		1,823
				2,380
Mexico — 0.5%
Altos Hornos Promissory Note # 5
0.000%, 04/29/99 (B)		2,500		837
Altos Hornos Promissory Note # 6
0.000%, 04/29/99 (B)		2,500		837
Altos Hornos Promissory Note (Counterparty: Deustche Bank)
0.000%, 12/31/49 (B)		4,500		1,508
Altos Hornos Tranche A (Counterparty: Bank of America)
0.000%, 04/11/04 (B)		6,540		2,191
				5,373
Singapore — 0.8%
Connect International PIK
0.000%, 08/31/11 (B)		9,161		5,144
Morton Bay
6.220%, 12/30/09 (B)		3,158		2,758
				7,902
Total Loan Participations (Cost $20,511)($ Thousands)				17,277
CONVERTIBLE BONDS — 0.4%
Dana Gas Sukuk CV to Variable Shares
7.500%, 10/31/12		850		659
Firstsource CV to 42,549.14 Shares
5.580%, 12/04/12 (G)		1,800		2,165
Suzlon Energy CV to 22.683 Shares
2.959%, 06/12/12 (G)		710		873

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 10

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2012

Description	Face Amount(1) (Thousands)		Market Value ($Thousands)
Suzlon Energy CV to 533.2762 Shares
2.446%, 07/25/140 (G)		450	$	382
Total Convertible Bonds (Cost $3,555) ($ Thousands)				4,079
AFFILIATED PARTNERSHIP — 0.7%
United States — 0.7%
SEI Liquidity Fund, L.P.,
0.180%†*(I)		7,503,134		7,219
Total Affiliated Partnership (Cost $7,503) ($ Thousands)				7,219
TIME DEPOSITS — 3.1%
United States — 3.1%
Brown Brothers Harriman
0.050%, 04/02/12		EUR    390		520
0.030%, 04/02/12		30,740		30,740
Total Time Deposits (Cost $31,260) ($ Thousands)				31,260
Total Investments — 95.7% (Cost $929,105) ($ Thousands)			$	988,226

The open futures contracts held by the Fund at March 31, 2012, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date	Unrealized (Depreciation) ($ Thousands)
Euro-Bund		(8	)	Jun-2012	$	—
Euro-Buxl 30 Year Bond		(11	)	Jun-2012		(5	)
U.S. 10-Year Treasury Note		(245	)	Jun-2012		(122	)
U.S. 10-Year Treasury Note		50		Jun-2012		(93	)
U.S. Ultra Long Treasury Bond		(81	)	Jun-2012		(69	)
					$	(289	)

For the six months ended March 31, 2012, 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 year.

The following are the outstanding forward foreign currency contracts held by the Fund at March 31, 2012, is as follows:

Settlement Date	Currency to Deliver (Thousands)		Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
4/3/12	KRW	1,920,000	USD	1,693	$	(2	)
4/3/12-6/1/12	USD	2,643	KRW	3,000,000		4
4/3/12-6/20/12	USD	4,760	ILS	17,780		29
4/3/12-6/26/12	ILS	14,050	USD	3,770		(16	)
4/3/12-7/3/12	BRL	59,004	USD	31,597		(621	)
4/3/12-7/3/12	USD	28,590	BRL	50,853		(731	)
4/4/12-4/30/12	EUR	38,308	USD	50,204		(810	)
4/4/12-10/21/12	USD	3,604	EUR	2,701		(7	)
4/12/12	PHP	73,000	USD	1,700		1
4/12/12	USD	1,667	PHP	73,000		32
4/13/12	HUF	622,000	EUR	2,070		(48	)
4/13/12-4/30/12	INR	357,643	USD	7,059		61
4/13/12-4/30/12	USD	7,159	INR	357,643		(162	)
4/18/12	EUR	1,322	PLN	5,600		33
4/18/12	IDR	15,200,000	USD	1,647		(13	)
4/18/12	THB	52,000	USD	1,628		(56	)
4/18/12	USD	1,691	IDR	15,200,000		(31	)
4/18/12	USD	1,713	THB	52,000		(29	)
4/19/12-5/14/12	RUB	158,260	USD	5,372		24
4/19/12-6/8/12	USD	7,068	RUB	215,897		225
4/24/12	CZK	42,500	EUR	1,661		(67	)
4/24/12	EUR	288	CZK	7,200		3
4/27/12	SGD	940	USD	750		3
4/27/12-6/27/12	USD	5,496	SGD	6,929		17
4/30/12	GBP	896	USD	1,404		(27	)
4/30/12	USD	1,768	COP	3,200,000		9
5/2/12	COP	10,245,750	USD	5,700		14
5/3/12	USD	1,683	MYR	5,200		12
5/16/12	CNY	21,782	USD	3,438		(20	)
5/16/12-12/3/12	USD	6,139	CNY	39,152		72
5/22/12	USD	65	ZAR	500		—
5/24/12	MXP	10,600	USD	832		9
5/24/12-5/29/12	USD	2,658	MXP	34,100		(9	)
					$	(2,101	)

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2012, is as follows:

CounterParty	Currency  to Deliver ($Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America		(2,900	)		2,793	$	(107	)
Barclays PLC		(52,358	)		52,108		(250	)
Boston Institutional Services		(8,519	)		8,232		(287	)
Brown Brothers Harriman		—			—		—
Citigroup		(60,054	)		59,917		(138	)
HSBC		(19,675	)		18,924		(751	)
JPMorgan Chase Bank		(38,210	)		37,792		(418	)
UBS		(20,462	)		20,312		(150	)
						$	(2,101	)

For the six months ended March 31, 2012, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

The outstanding swap agreements held by the fund at March 31, 2012, is as follows:

Total Return Swaps
Counterparty	Reference Entity/Obligation	Fund Pays	Fund Receives	Termination Date	Currency		Notional Amount (Thousands)		Net Unrealized Appreciation (Depreciation) ($Thousands)
HSBC	Korea Treasury Bond, 5% 06/10/20	Cash Deposit Of Notional Amount	Price Return	06/10/20		KRW		2,217,000	$	456
Barclays Bank PLC	Korea Treasury Bond, 5% 06/10/20	Cash Deposit Of Notional Amount	Price Return	06/10/20		KRW		2,237,000		436
									$	892

For the six months ended March 31, 2012, the total number of all open swap agreements, 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, 2012

Percentages are based on a Net Assets of $1,000,378 ($ Thousands).

* Rate shown is the 7-day effective yield as of March 31, 2012.

† Investment in Affiliated Security (See Note 4).

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

(A) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

(B) Securities considered illiquid. The total market value of such securities as of March 31, 2012 was $31,320 ($ Thousands) and represented 3.1% of Net Assets.

(C) Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2012.

(D) Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on March 31, 2012. The coupon on a step bond changes on a specified date.

(E) This security or a partial position of this security is on loan at March 31, 2012. The total market value of securities on loan at March 31, 2012 was $7,222 ($ Thousands) (See Note 8).

(F) Security in default on interest payments.

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

(H) Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of March 31, 2012 was $340 and represented 0.0% of Net Assets.

(I) This security was purchased with cash collateral held from securities on loan (see Note 8). The total value of such securities as of March 31, 2012 was $7,219 ($ Thousands).

AED — United Arab Emirates Dirham

ARS — Argentine Peso

BRL — Brazilian Real

CLN — Credit Linked Note

CNY — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesia Rupiah

ILS — Israeli Shekel

INR — India Rupee

KRW — Korean Won

L.P. — Limited Partnership

MTN — Medium Term Note

MXP — Mexican Peso

MYR — Malaysian Ringgit

PHP — Philippine Peso

PIK — Payment-in-Kind

PLC — Public Limited Company

PLN — Polish Zlotty

RUB — Russian Ruble

Ser — Series

SGD — Singapore Dollar

SPC — Segregated Portfolio Company

THB — Thai Baht

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of March 31, 2012, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	928,391		—	$	928,391
Convertible Bonds		—		4,079		—		4,079
Loan Participations		—		—		17,277		17,277
Affiliated Partnership		—		7,219		—		7,219
Time Deposits		—		31,260		—		31,260
Total Investments in Securities	$	—	$	970,948	$	17,277	$	988,226

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts *	$	(289	)	$	—		$	—	$	(289	)
Forwards Contracts *		—			(2,101	)		—		(2,101	)
Total Return Swaps *		—			892			—		892
Total Other Financial Instruments	$	(289	)	$	(1,209	)	$	—	$	(1,498	)

* Futures contracts, forwards contracts, and total return swap contract 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):

	Loan Participations
Beginning balance as of October 1, 2011	$	18,404
Accrued discounts/premiums		53
Realized gain/(loss)		19
Change in unrealized appreciation/(depreciation)		634
Net purchases		—
Net sales		(1,833	)
Net transfer in and/or out of Level 3		—
Ending balance as of March 31, 2012	$	17,277
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date.	$	65

For the six months ended March 31, 2012, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2012, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2012 12

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 Governance 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: June 11, 2012

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

By	/s/ Robert A. Nesher
	Robert A. Nesher, President & CEO
Date: June 11, 2012
By	/s/ Peter A. Rodriguez
	Peter A. Rodriguez, Controller & CFO

Date: June 11, 2012