N-CSRS

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

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

c/o CT Corporation

155 Federal Street

Boston, MA 02110

Registrant’s telephone number, including area code: 1-800-342-5734

Date of fiscal year end: September 30, 2014

Date of reporting period: March 31, 2014

Item 1. Reports to Stockholders.

March 31, 2014

SEMI-ANNUAL REPORT

SEI Institutional International Trust

† International Equity Fund

† Emerging Markets Equity Fund

† International Fixed Income Fund

† Emerging Markets Debt Fund

TABLE OF CONTENTS

Schedules of Investments	1
Statements of Assets and Liabilities	49
Statements of Operations	50
Statements of Changes in Net Assets	51
Financial Highlights	53
Notes to Financial Statements	54
Disclosure of Fund Expenses	65
Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements	66

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Trust’s Form N-Q is available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund

March 31, 2014

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 91.8%
Argentina — 0.0%
Ternium ADR		10,297	$	305
Australia — 1.7%
Amcor		63,520		612
APA Group (A)		3,515		21
Arrium		137,692		172
Asciano Group		8,698		42
Australia & New Zealand Banking Group (A)		155,295		4,759
Bank of Queensland		40,764		486
BC Iron		117,343		516
Bendigo and Adelaide Bank		716		8
Brambles		1,435,351		12,319
Centamin*		344,234		291
Challenger		153,768		912
Commonwealth Bank of Australia		112,320		8,062
Crown Resorts		48,147		742
CSL		71,102		4,584
Dexus Property Group (B)		15,481		15
Downer EDI		71,192		331
Flight Centre Travel Group		9,460		460
Fortescue Metals Group		162,302		790
Iluka Resources (A)		293,245		2,693
Insurance Australia Group		266,239		1,374
Macquarie Group		15,380		826
Mount Gibson Iron		338,252		285
Ramsay Health Care		2,274		101
RCR Tomlinson		41,735		108
REA Group		3,860		174
Roc Oil*		155,859		67
Seek		15,556		253
Sonic Healthcare		12,138		194
Suncorp Group		86,910		1,037
Tatts Group		9,162		25
Telstra		343,272		1,616
Wesfarmers		542		21
Westpac Banking		24,557		787
				44,683

Description	Shares		Market Value ($ Thousands)
Austria — 0.4%
Andritz		92,250	$	5,703
Erste Group Bank		725		25
Flughafen Wien		849		84
OMV		64,763		2,940
Raiffeisen International Bank Holding		8,447		282
Telekom Austria		3,703		37
Voestalpine		26,707		1,174
				10,245
Belgium — 1.6%
Ageas		213,316		9,510
Anheuser-Busch InBev		30,685		3,218
Belgacom		206,434		6,467
Colruyt		89,281		4,922
Delhaize Group		20,426		1,493
Groupe Bruxelles Lambert		40,293		4,025
KBC Groep		124,223		7,645
Telenet Group Holding		8,757		540
UCB		63,928		5,121
				42,941
Brazil — 0.5%
Banco Santander Brasil ADR		876,197		4,881
Braskem ADR*		45,883		717
Centrais Eletricas Brasileiras		147,600		429
Centrais Eletricas Brasileiras ADR (A)		1,065,969		3,027
Cia Energetica de Minas Gerais ADR (A)		393,389		2,675
Cia Paranaense de Energia ADR (A)		13,961		183
Gerdau ADR		196,252		1,258
Oi ADR (A)		411,409		547
				13,717
Canada — 3.3%
Aecon Group		5,100		80
Agrium		92,826		9,052
Alimentation Couche Tard, Cl B		49,400		4,002
Altus Group		4,119		67
Bank of Nova Scotia		56,971		3,305
Bankers Petroleum*		18,400		90
Barrick Gold		396,461		7,069
Cameco		231,696		5,306
Canadian Natural Resources		43,500		1,670
Canadian Pacific Railway		35,265		5,293
Canfor*		7,800		184
Celestica*		6,200		68
Cenovus Energy		86,998		2,520
Empire, Cl A		4,262		261
Ensign Energy Services		15,800		234
Imperial Oil		172,100		8,027
Jean Coutu Group PJC, Cl A		37,900		750
Kinross Gold		1,448,771		5,998
Linamar		13,900		642

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 1

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund (Continued)

March 31, 2014

Description	Shares		Market Value ($ Thousands)
Magna International, Cl A		48,000	$	4,622
Mullen Group		23,600		593
New Gold*		499,100		2,473
Quebecor, Cl B		11,000		269
ShawCor		99,100		4,139
Silver Wheaton		160,400		3,645
Suncor Energy		75,300		2,634
Talisman Energy		554,181		5,531
Toronto-Dominion Bank		179,494		8,429
Transcontinental, Cl A		17,100		248
Trinidad Drilling		22,000		231
Western Forest Products		38,500		84
				87,516
China — 0.1%
Lihua International*		14,953		73
PICC Property & Casualty		1,686,000		2,308
Yangzijiang Shipbuilding Holdings		435,000		374
				2,755
Denmark — 0.8%
AP Moeller - Maersk, Cl A (A)		33		381
AP Moeller - Maersk, Cl B (A)		404		4,848
Carlsberg, Cl B		473		47
Coloplast, Cl B		3,852		312
Danske Bank		21,799		608
DSV		26,069		842
Jyske Bank*		89,881		4,941
Novo Nordisk, Cl B		88,520		4,033
Rockwool International, Cl B		1,230		239
TDC		129,790		1,200
Tryg		28,778		2,847
William Demant Holding*		1,093		93
				20,391
Finland — 0.8%
Elisa, Cl A		12,686		365
Fortum		1,958		44
Huhtamaki		7,436		204
Kone, Cl B		1,615		68
Neste Oil		10,395		212
Nokia		1,660,259		12,334
Pohjola Bank, Cl A		34		1
Sampo, Cl A		63,784		3,310
Stora Enso, Cl R		287,796		3,080
Tieto		15,404		396
UPM-Kymmene		53,765		919
				20,933
France — 10.9%
Accor		14,933		765
Aeroports de Paris		4,954		618
Air Liquide		1,198		162

Description	Shares		Market Value ($ Thousands)
Alcatel-Lucent*		414,584	$	1,635
Alstom		211,723		5,784
Arkema		117,415		13,302
AtoS		8,258		747
AXA		316,833		8,238
BNP Paribas		342,201		26,407
Boiron		1,900		154
Bouygues		2,011		84
Bureau Veritas		3,425		105
Cap Gemini		15,955		1,208
Carrefour		265,477		10,280
Cie de St.-Gobain		24,217		1,464
Cie Generale des Etablissements- Michelin, Cl B		1,433		179
CNP Assurances		20,896		443
Credit Agricole		315,343		4,974
Dassault Systemes		3,546		416
Electricite de France		209,723		8,300
Essilor International		43,454		4,384
Eurazeo		5,595		503
Eutelsat Communications		160,889		5,466
France Telecom		72,868		1,077
GDF Suez		221,392		6,060
Gecina (B)		524		70
Iliad		3,126		902
Interparfums		1,425		67
JC Decaux		12,538		549
Kering		30,255		6,173
Klepierre (B)		1,336		60
Lafarge		5,168		404
Lagardere		17,896		711
Legrand		197,494		12,275
L’Oreal		36,819		6,074
Metropole Television		10,297		224
Natixis		133,741		983
Nexity		8,567		368
Pernod Ricard		28,450		3,313
Peugeot		205,653		3,882
Publicis Groupe		80,466		7,273
Renault		4,298		418
Rexel		372,761		9,784
Safran		238,529		16,533
Sanofi		421,181		43,932
Schneider Electric		232,334		20,606
SCOR		28,478		997
Societe Generale		26,263		1,618
Sodexo		89,709		9,413
Suez Environnement		39,934		811
Technip		98,213		10,140
Teleperformance		4,248		246
Thales		112,759		7,480
Total		109,551		7,187
Valeo		28,131		3,964
Vallourec		127,113		6,903

2 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description	Shares		Market Value ($ Thousands)
Veolia Environnement		38,938	$	771
Vetoquinol*		1,345		70
Vinci		3,640		270
Vivendi		9,907		276
Wendel		5,451		848
Zodiac Aerospace		29,079		1,028
				289,378
Germany — 8.0%
Adidas		75,068		8,126
Allianz		8,935		1,511
Amadeus Fire		973		85
Axel Springer		1,409		90
Bayer		137,223		18,568
Bayerische Motoren Werke		65,159		8,228
Borussia Dortmund GmbH & KGaA		22,765		123
Brenntag		46,739		8,674
Commerzbank*		32,532		598
Continental		99,831		23,927
Daimler		167,958		15,878
Deutsche Boerse		121,427		9,668
Deutsche Lufthansa		189,702		4,972
Deutsche Post		117,021		4,350
Deutsche Telekom		46,969		759
Deutz*		13,983		118
E.ON		232,699		4,551
Fraport Frankfurt Airport Services Worldwide		6,553		490
Fresenius		1,447		227
GEA Group		147,641		6,752
Gerresheimer		3,486		226
Grammer		6,818		334
HeidelbergCement		96,112		8,241
Henkel		17,301		1,739
Hochtief		12,955		1,177
Hugo Boss		5,356		713
Kabel Deutschland Holding		4,589		631
Linde		59,358		11,879
MAN		1,530		195
Merck		30,478		5,135
Metro		20,552		839
Muenchener Rueckversicherungs		23,618		5,163
RTL Group		5,524		629
RWE		104,979		4,262
SAP		183,719		14,879
SAP ADR		71,300		5,797
Siemens		177,880		23,952
Sky Deutschland		15,826		136
Suedzucker		40,762		1,161
ThyssenKrupp		249,827		6,702
TUI		32,267		538
United Internet		20,729		974
Volkswagen		306		78
				213,075

Description	Shares		Market Value ($ Thousands)
Guernsey — 0.1%
Resolution		300,250	$	1,496
Hong Kong — 2.6%
AIA Group		2,144,800		10,175
Cathay Pacific Airways		170,000		317
Chaoda Modern Agriculture* (C) (D)		2,440,000		—
Cheung Kong Holdings		4,000		66
Cheung Kong Infrastructure Holdings		43,000		274
China Merchants Holdings International		1,144,000		3,930
China Mobile		103,451		947
China Mobile ADR (A)		147,100		6,706
CNOOC		6,417,000		9,646
Digital China Holdings		2,890,000		2,914
Galaxy Entertainment Group*		386,000		3,356
Henderson Land Development		1,099		6
Hong Kong & China Gas		660		2
Hongkong Land Holdings		836,000		5,409
Hutchison Whampoa		222,500		2,946
Jardine Matheson Holdings		88,242		5,566
Jardine Strategic Holdings		246,110		8,826
Link (B)		781,500		3,844
MGM China Holdings		195,200		688
Power Assets Holdings		5,000		43
Sands China		146,800		1,097
SJM Holdings		148,000		416
Wharf Holdings		84,000		537
Wheelock		6,000		23
				67,734
India — 0.4%
Idea Cellular		3,312,978		7,625
Infosys ADR (A)		65,884		3,569
Tata Motors ADR		1,973		70
Wipro ADR (A)		26,293		352
				11,616
Ireland — 0.3%
Bank of Ireland*		3,745,518		1,590
CRH		1,180		33
Experian		16,659		300
Kerry Group, Cl A		3,796		290
Ryanair Holdings*		33,800		1,988
Smurfit Kappa Group		118,008		2,859
				7,060
Israel — 1.5%
Bank Hapoalim		171,721		979
Bank Leumi Le-Israel*		1,744		7
Bezeq Israeli Telecommunication		4,908,756		8,736
Check Point Software Technologies*		261,573		17,690
NICE Systems		4,462		197
Teva Pharmaceutical Industries		220,385		11,645
				39,254

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 3

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund (Continued)

March 31, 2014

Description	Shares		Market Value ($ Thousands)
Italy — 1.5%
AEM		309,551	$	402
Assicurazioni Generali		17,821		397
Atlantia		50,852		1,307
Buzzi Unicem*		17,341		324
CNH Industrial*		10,576		122
Enel		42,423		240
ERG		248,064		4,017
Exor		101,035		4,537
Fiat		202,794		2,362
Finmeccanica		6,186		61
Gtech Spa		7,261		221
Intesa Sanpaolo		2,902,150		9,840
Iren		94,742		171
Italcementi		9,012		111
Luxottica Group		13,777		797
Mediobanca		40,746		466
Pirelli & C		42,418		667
Prysmian		4,569		114
Safilo Group*		9,105		192
Snam Rete Gas		25,630		150
Telecom Italia RNC		10,564,365		9,886
Terna Rete Elettrica Nazionale		137,050		734
UniCredit		105,699		966
Unione di Banche Italiane		43,083		406
UnipolSai*		67,598		259
				38,749
Japan — 15.9%
Aeon		1,500		17
AEON Financial Service		1,200		27
Aisin Seiki		600		22
Alfresa Holdings		24,800		1,621
Alpen		14,700		266
Amada		15,000		106
Aoyama Trading		8,400		221
Arcland Sakamoto		12,800		244
Asahi Kasei		197,000		1,343
Astellas Pharma		537,000		6,382
Bandai Namco Holdings		65,700		1,559
Belluna		13,600		68
Bridgestone		3,500		124
Calbee		2,200		52
Calsonic Kansei		121,000		563
Canon Marketing Japan		15,200		209
Casio Computer		4,600		55
Central Japan Railway		32,900		3,853
Chiyoda		6,000		78
Citizen Holdings		7,400		56
Coca-Cola West		17,900		313
Dai Nippon Printing (A)		682,000		6,549
Daicel		48,000		394
Daiichi Sankyo		178,500		3,012

Description	Shares		Market Value ($ Thousands)
Daikin Industries		44,000	$	2,470
Daikyo		175,000		352
Daito Trust Construction		39,700		3,682
Daiwa House Industry		174,000		2,958
Daiwa Securities Group		513,000		4,473
Denso		33,700		1,619
Don Quijote Holdings		9,500		492
Doutor Nichires Holdings		6,200		109
Dydo Drinco		11,900		497
Dynam Japan Holdings		30,400		91
East Japan Railway		83,000		6,130
Electric Power Development		3,500		99
Fanuc		50,500		8,927
Fuji Film Holdings		199,800		5,376
Fuji Heavy Industries		99,200		2,689
Fuji Soft		7,600		162
Fujitsu		140,000		848
Geo Holdings		20,000		177
GungHo Online Entertainment (A)		15,900		87
Hino Motors		120,100		1,785
Hirose Electric		1,100		151
Hitachi		2,388,000		17,669
Hitachi Metals		38,000		542
Hokuhoku Financial Group		37,000		71
Hokuriku Electric Power		14,600		190
Hoya		44,200		1,379
Hulic		53,700		737
IHI		186,000		784
Isetan Mitsukoshi Holdings		11,000		136
IT Holdings		56,400		928
Iyo Bank		26,400		253
J Front Retailing		22,000		152
Japan Airlines		30,900		1,524
Japan Exchange Group		7,400		181
Japan Prime Realty Investment, Cl A (B)		24		78
JGC		170,000		5,926
JTEKT		35,700		532
Kajima		17,000		60
Kakaku.com		23,800		388
Kandenko (A)		40,000		203
Kaneka		41,000		249
Kanematsu		158,000		245
Kansai Paint		659,600		9,447
Kawasaki Heavy Industries		59,000		218
KDDI		307,000		17,815
Keyence		29,900		12,360
Kikkoman		8,000		151
Koito Manufacturing		8,000		136
Komatsu		104,600		2,172
Konica Minolta		56,500		528
Kubota		5,000		66
Kyocera		900		41
Lawson		47,900		3,395

4 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description	Shares		Market Value ($ Thousands)
M3		22,200	$	365
Mabuchi Motor		108,100		7,096
Maeda Road Construction		4,000		56
Makita		2,000		110
Mazda Motor		433,000		1,926
McDonald’s Holdings Japan		3,500		94
Medipal Holdings		40,000		613
MEIJI Holdings		7,200		455
Miraca Holdings		74,300		3,261
Misawa Homes (A)		24,600		317
Mitsubishi Estate		16,000		380
Mitsubishi Gas Chemical		26,000		147
Mitsubishi Materials		1,000		3
Mitsubishi Tanabe Pharma		289,800		4,061
Mitsui Fudosan		43,000		1,315
Mitsui OSK Lines		105,000		410
MS&AD Insurance Group Holdings		357,200		8,199
Murata Manufacturing		15,400		1,456
Nabtesco		398,700		9,191
NGK Insulators		24,000		501
NGK Spark Plug		35,000		788
NHK Spring		2,200		20
Nichireki		6,289		63
Nidec		28,300		1,725
Nikon (A)		605,200		9,767
Nippon Express		28,000		137
Nippon Paint		29,000		440
Nippon Signal		13,000		114
Nippon Steel & Sumitomo Metal		164,000		449
Nippon Telegraph & Telephone		82,600		4,507
Nippon Telegraph & Telephone ADR		353,432		9,628
Nippon Yusen		105,000		306
Nissan Motor		1,035,500		9,250
Nissan Tokyo Sales Holdings		20,000		71
Nisshin Fudosan		26,400		98
Nitori Holdings		12,700		552
Nitto Denko		23,400		1,123
Nomura Holdings		272,100		1,749
Nomura Real Estate Holdings		67,100		1,284
Nomura Research Institute		21,900		693
North Pacific Bank		243,200		989
NSK		63,000		650
NTT DOCOMO		99,000		1,565
Oita Bank		16,000		62
Oji Holdings (A)		131,000		588
Olympus		2,900		93
Omron		32,400		1,340
Oriental Land		4,200		640
Otsuka		1,700		223
Otsuka Holdings		97,500		2,923
Panasonic		312,600		3,561
Rakuten		75,900		1,015
Resona Holdings		87,500		424
Ricoh		6,500		75

Description	Shares		Market Value ($ Thousands)
Rohm		117,000	$	5,232
Sanrio (A)		128,400		4,339
Santen Pharmaceutical		93,600		4,163
Secom		4,800		277
Sega Sammy Holdings		800		18
Seiko Epson		1,300		41
Seino Holdings		124,000		1,184
Sekisui Chemical		843,000		8,783
Sekisui House		471,300		5,862
Sekisui Jushi		5,000		68
Seven & I Holdings		147,600		5,653
Shimadzu		38,000		338
Shimano		700		70
Shimizu		91,000		473
Shin-Etsu Chemical		171,100		9,799
Shionogi		4,000		74
Shiseido		446,900		7,880
Showa		25,500		281
Showa Shell Sekiyu		36,600		328
SKY Perfect JSAT Holdings		19,600		105
SMC		89,900		23,766
SoftBank		141,500		10,717
Sojitz		370,700		634
Sony (A)		48,800		934
Sony Financial Holdings		10,500		172
Stanley Electric		20,400		454
Sugi Holdings		92,100		4,100
Sumitomo Chemical		182,000		673
Sumitomo Electric Industries		5,800		87
Sumitomo Forestry		15,700		158
Sumitomo Heavy Industries		8,000		33
Sumitomo Mitsui Financial Group		469,400		20,096
Sumitomo Mitsui Trust Holdings		1,676,220		7,585
Sumitomo Realty & Development		29,000		1,138
Sumitomo Rubber Industries		3,200		41
Suruga Bank		2,000		35
Suzuken		30,700		1,191
Suzuki Motor		277,500		7,259
Sysmex		2,000		64
Taiheiyo Cement		238,000		860
Taisei (A)		168,000		752
TDK		7,800		326
Terumo		2,800		61
Toho Holdings		48,300		1,024
Tokai		2,800		80
Tokyo Tatemono		26,000		223
Tokyu		34,000		208
Toppan Printing		83,000		596
Toshiba		26,000		110
TOTO		52,000		723
Toyo Seikan Group Holdings		22,800		371
Toyoda Gosei		5,800		111

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 5

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund (Continued)

March 31, 2014

Description	Shares		Market Value ($ Thousands)
Toyota Industries		11,500	$	554
Toyota Motor		402,074		25,566
Toyota Tsusho		1,300		33
Trend Micro		11,500		357
United Urban Investment (B)		43		63
USS		20,700		291
Wacoal Holdings		532,704		5,447
Warabeya Nichiyo		13,300		252
Watabe Wedding		6,395		42
Yahoo Japan		73,100		359
Yamaha		31,600		408
Yamato Holdings		79,300		1,713
Yamazaki Baking		10,000		119
Yaskawa Electric		22,000		305
Yellow Hat		12,500		250
Yokogawa Electric		29,300		474
Yokohama Rubber		2,000		19
Yuasa Trading		38,000		78
				421,612
Malta — 0.0%
BGP Holdings* (D)		198,683		—
Mexico — 0.1%
Gruma, Cl B*		27,044		224
Grupo Financiero Banorte, Cl O		539,012		3,647
Industrias Bachoco ADR		1,349		59
				3,930
Netherlands — 6.6%
Aegon		631,951		5,803
Airbus Group		140,652		10,078
Akzo Nobel		337,019		27,512
ASML Holding		113,052		10,475
BinckBank		10,024		119
Boskalis Westminster		10,918		601
Delta Lloyd		20,943		581
Fugro		3,982		245
Gemalto		8,758		1,020
Heineken Holding		7,917		511
ING Groep*		557,095		7,889
Koninklijke Ahold		525,084		10,551
Koninklijke DSM		105,481		7,242
Koninklijke KPN		14,481		51
Koninklijke Philips		14,638		515
OCI*		7,070		321
PostNL		954,622		4,358
Randstad Holding		30,890		1,810
Reed Elsevier		904,606		19,556
Royal Dutch Shell, Cl A		742,290		27,126
Royal Dutch Shell ADR, Cl B		116,152		9,073
STMicroelectronics		4,535		42
TNT Express		621,602		6,108
Unilever		385,303		15,844

Description	Shares		Market Value ($ Thousands)
Wolters Kluwer		229,423	$	6,476
Ziggo		2,702		120
				174,027
New Zealand — 0.0%
Air New Zealand		50,141		89
Fletcher Building		34,789		287
Ryman Healthcare		31,587		240
				616
Norway — 1.3%
DnB		1,067,608		18,563
Seadrill		47,250		1,668
Statoil		459,249		12,964
Telenor		117,202		2,598
				35,793
Poland — 0.0%
Tauron Polska Energia		59,269		103
Portugal — 0.1%
Energias de Portugal (A)		239,844		1,114
Portucel		16,095		73
Sonae SGPS*		211,509		398
				1,585
Puerto Rico — 0.0%
Triple-S Management, Cl B*		7,516		121
Russia — 0.6%
Gazprom ADR		854,460		6,579
Sberbank of Russia ADR		824,621		8,057
Surgutneftegas ADR		8,414		62
				14,698
Singapore — 1.2%
City Developments		472,000		3,791
ComfortDelgro		84,000		133
DBS Group Holdings		946,000		12,164
Flextronics International*		212,293		1,962
Keppel		25,110		217
Sembcorp Industries		969,000		4,230
Sembcorp Marine (A)		1,240,000		3,993
Singapore Technologies Engineering		251,000		762
STATS ChipPAC* (A)		236,000		67
United Overseas Bank		207,600		3,574
				30,893
South Africa — 0.0%
ArcelorMittal		63,922		1,030
Net 1 UEPS Technologies*		20,521		204
				1,234

6 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description	Shares		Market Value ($ Thousands)
South Korea — 1.9%
KB Financial Group		132,141	$	4,645
Korea Electric Power		184,270		6,310
KT&G		114,702		8,621
LG Display ADR (A)		83,576		1,045
Meritz Financial Group		22,180		163
Samsung Electronics		11,005		13,885
SK Telecom		47,103		9,536
SK Telecom ADR (A)		332,272		7,499
				51,704
Spain — 0.9%
Abertis Infraestructuras (A)		37,465		856
ACS Actividades de Construccion y Servicios (A)		51,591		2,028
Amadeus IT Holding, Cl A (A)		97,210		4,039
Banco Bilbao Vizcaya Argentaria		38,614		464
Banco Popular Espanol (A)		63,503		480
Banco Santander		108,301		1,033
CaixaBank		205,038		1,320
Distribuidora Internacional de Alimentacion (A)		118,107		1,080
Enagas		1,703		52
Endesa		8,158		294
Ferrovial		47,052		1,020
Gamesa Tecnologica*		10,518		114
Gas Natural		57,565		1,619
Grifols (A)		12,026		659
Iberdrola		97,126		679
Inditex (A)		2,339		351
Mapfre		11,184		47
Red Electrica		2,248		183
Repsol		1,657		42
Tecnicas Reunidas (A)		116,473		6,582
Telefonica (A)		26,577		421
Zardoya Otis (A)		28,710		489
				23,852
Sweden — 2.4%
AarhusKarlshamn		1,988		130
Assa Abloy, Cl B		24,060		1,279
Elekta, Cl B (A)		211,612		2,815
Getinge, Cl B		1,410		39
Hexagon, Cl B		2,004		68
Holmen, Cl B		1,832		67
Investor, Cl B		16,171		584
Kinnevik Investment, Cl B		35,794		1,320
NCC, Cl B		13,500		488
Nordea Bank		1,091,482		15,454
Securitas, Cl B		20,521		237
Skandinaviska Enskilda Banken, Cl A		832,299		11,406
SKF, Cl B		30		1
Svenska Cellulosa, Cl B		269,427		7,916

Description	Shares		Market Value ($ Thousands)
Svenska Handelsbanken, Cl A		7,634	$	382
Swedbank, Cl A		208,113		5,576
Swedish Match		2,939		96
Tele2, Cl B		407		5
Telefonaktiebolaget LM Ericsson		595,657		7,940
Telefonaktiebolaget LM Ericsson, Cl B		513,398		6,826
				62,629
Switzerland — 10.0%
ABB		290,038		7,486
Actelion		18,244		1,729
Adecco		108,254		9,013
Aryzta		4,521		400
Autoneum Holding		609		140
Baloise Holding		9,656		1,215
Clariant		156,234		3,038
Credit Suisse Group		452,643		14,650
EMS-Chemie Holding		2,060		778
Geberit		2,258		740
Georg Fischer		857		665
Givaudan		12,488		19,325
Julius Baer Group		118,418		5,259
Kuehne & Nagel International		1,176		165
Lindt & Spruengli		86		1,020
Lonza Group		17,204		1,756
Nestle		198,800		14,977
Novartis		311,747		26,469
OC Oerlikon		157,324		2,654
Pargesa Holding		1,646		143
Partners Group Holding		20,256		5,696
Roche Holding		144,836		43,450
SGS (A)		4,664		11,505
Siegfried Holding		717		136
Sika		3,081		12,612
Sonova Holding		32,826		4,801
Sulzer		40,629		5,588
Swiss Life Holding		16,749		4,114
Swiss Re		62,735		5,820
Swisscom		47		29
Syngenta		21,987		8,321
UBS		433,428		8,981
UBS Registered		927,053		19,163
Weatherford International*		285,459		4,956
Zurich Insurance Group		54,767		16,827
				263,621
Taiwan — 0.1%
Taiwan Semiconductor Manufacturing		35,057		702
United Microelectronics ADR (A)		398,752		829
				1,531
United Arab Emirates — 0.1%
Dragon Oil		238,205		2,244

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 7

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund (Continued)

March 31, 2014

Description	Shares		Market Value ($ Thousands)
United Kingdom — 15.0%
3i Group		92,734	$	615
Admiral Group		5,275		126
AMEC		14,935		279
Amlin		1,120,309		9,045
Aon		72,800		6,136
ASOS*		982		85
Associated British Foods		155,437		7,207
AstraZeneca		241,860		15,631
Aviva		1,256,639		9,993
Babcock International Group		12,862		289
BAE Systems		277,042		1,913
Balfour Beatty		773,027		3,861
Barclays		4,933,190		19,196
Berendsen		36,341		677
BG Group		916,108		17,067
BHP Billiton		286,272		8,801
BP		357,219		2,859
BP ADR		84,383		4,059
British American Tobacco		286,170		15,913
British Sky Broadcasting Group		4,213		64
BT Group, Cl A		1,389,827		8,793
Bunzl		416,939		11,094
Burberry Group		174		4
Capita		452,527		8,269
Carnival		139,018		5,293
Catlin Group		589,801		5,290
Centrica		114,411		629
Cobham		78,383		391
Compass Group		136,199		2,078
Dairy Crest Group		16,069		130
Diageo		407,773		12,651
easyJet		17,549		502
EnQuest*		47,528		98
G4S		22,169		89
GKN		256,404		1,668
GlaxoSmithKline		267,725		7,103
Hargreaves Lansdown		33,878		823
Hikma Pharmaceuticals		27,007		748
Home Retail Group		2,003,303		7,234
Howden Joinery Group		459,800		2,852
HSBC Holdings		2,918,250		29,554
ICAP		403,915		2,543
IMI		17,950		436
Inmarsat		1,406		17
InterContinental Hotels Group		10,973		353
International Consolidated Airlines Group*		1,504,332		10,466
Intertek Group		1,975		101
ITV		741,582		2,368
J Sainsbury		57,527		303
Johnson Matthey		25,502		1,391
Keller Group		5,152		92
Kingfisher		283,935		1,995

Description	Shares		Market Value ($ Thousands)
Land Securities Group (B)		10,160	$	173
Legal & General Group		764,713		2,610
Lloyds Banking Group*		11,675,673		14,531
London Stock Exchange Group		16,756		550
Marks & Spencer Group		61,186		461
Meggitt		141,782		1,134
Melrose Industries		56,855		281
Michael Page International		679,442		5,559
Mondi		107,590		1,882
Next		27,003		2,971
Pearson		340		6
Persimmon		42,357		950
Premier Oil		869,520		4,275
Prudential		713,993		15,099
QinetiQ Group		261,900		986
Reckitt Benckiser Group		6,849		558
Reed Elsevier		754,859		11,527
Rexam		799,639		6,490
Rio Tinto		88,496		4,924
Rolls-Royce Holdings		40,607		727
SABMiller		154,688		7,724
Schroders		21,968		952
Segro (B)		116,190		643
Shire		251,774		12,361
Smiths Group		6,291		133
SSE		14,067		345
Standard Life		5,279		33
Synthomer		32,850		155
TalkTalk Telecom Group		869,700		4,644
Tate & Lyle		5,696		63
Tesco		2,631,124		12,958
Travis Perkins		148,527		4,668
TUI Travel		139,811		1,021
Tullow Oil		252,880		3,156
Verizon Communications		408		19
Vodafone Group		3,497,768		12,846
Whitbread		27,223		1,889
William Hill		764		4
WM Morrison Supermarkets		85,873		305
Wolseley		499		28
WPP		419,797		8,657
Xchanging		57,394		159
				397,631
United States — 1.1%
1-800-Flowers.com, Cl A*		18,877		106
Alliance HealthCare Services*		7,648		256
Alon USA Energy		28,918		432
Andersons		13,543		802
Argan		4,574		136
Axis Capital Holdings		166,449		7,632
Broadwind Energy*		6,300		77
Cambrex*		3,417		64
Capella Education		1,346		85

8 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description	Shares/Face Amount (1) (Thousands)		Market Value ($ Thousands)
Cascade Microtech*		6,858	$	69
Century Casinos*		15,165		109
Christopher & Banks*		10,635		70
Computer Sciences		51,450		3,129
Constellium, Cl A*		20,076		589
Cross Country Healthcare*		44,445		359
Engility Holdings*		4,031		182
FBR*		2,328		60
Forest Oil*		35,862		69
Inteliquent		5,284		77
Intersections		9,969		59
Malibu Boats, Cl A*		2,378		53
Manpowergroup		60,399		4,761
Midcoast Energy Partners		8,592		177
Nielsen Holdings		147,000		6,561
NN		18,207		359
PharMerica*		14,739		412
Phoenix*		1,995		103
Providence Service*		2,445		69
Provident Financial Holdings		5,496		85
Renewable Energy Group*		28,868		346
Repligen*		5,809		75
Republic Airways Holdings*		26,872		246
RPX*		10,803		176
Skullcandy*		72,700		667
Taro Pharmaceutical Industries*		1,163		129
United Community Banks*		13,511		263
US Concrete*		2,364		56
Valero Energy		9,285		493
Warren Resources*		61,957		297
Xerium Technologies*		8,322		134
				29,824
Total Common Stock (Cost $2,109,706) ($ Thousands)				2,429,496
PREFERRED STOCK — 0.8%
Germany — 0.8%
Bayerische Motoren Werke		9,374		886
Draegerwerk		2,624		322
Fuchs Petrolub		1,082		109
Henkel		97,561		10,504
Porsche		236		24
ProSiebenSat.1 Media		32,045		1,467
STO SE & Co KGaA		314		65
Volkswagen		27,954		7,247
Total Preferred Stock (Cost $17,818) ($ Thousands)				20,624
U.S. TREASURY OBLIGATION (E) (F) — 0.3%
U.S. Treasury Bills 0.048%, 07/24/2014		7,520		7,519
Total U.S. Treasury Obligation (Cost $7,519) ($ Thousands)				7,519

Description		Number Of Rights/ Shares/Face Amount (1) (Thousands)		Market Value ($ Thousands)
RIGHTS — 0.0%
Hong Kong — 0.0%
New World Hotel Investment ††*			6	$	—
Spain — 0.0%
Banco Bilbao Vizcaya Argentaria, Expires 04/14/14*			39		9
Total Rights (Cost $—) ($ Thousands)					9
AFFILIATED PARTNERSHIP — 2.8%
SEI Liquidity Fund, L.P. 0.070% †**(G)			75,032,710		75,033
Total Affiliated Partnership (Cost $75,033) ($ Thousands)					75,033
CASH EQUIVALENT — 4.5%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.010% †**			120,368,874		120,369
Total Cash Equivalent (Cost $120,369) ($ Thousands)					120,369
TIME DEPOSITS — 2.4%
Brown Brothers Harriman
4.350%, 04/01/2014	ZAR		16		2
1.950%, 04/01/2014	NZD		5		4
1.929%, 04/01/2014	AUD		161		150
0.550%, 04/01/2014	NOK		42		7
0.278%, 04/01/2014	CAD		13		12
0.100%, 04/01/2014	SEK		1,358		209
0.076%, 04/01/2014	EUR		1,521		2,096
0.048%, 04/01/2014	GBP		344		573
0.030%, 04/01/2014			61,056		61,056
0.005%, 04/01/2014	SGD		108		86
0.005%, 04/01/2014	HKD		205		26
0.005%, 04/01/2014	JPY		11,504		112
0.001%, 04/01/2014	CHF		209		236
(0.100)%, 04/01/2014	DKK		37		7
Total Time Deposits (Cost $64,576) ($ Thousands)					64,576
Total Investments — 102.6% (Cost $2,395,021) ($ Thousands)				$	2,717,626

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 9

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund (Concluded)

March 31, 2014

A list of the open futures contracts held by the Fund at March 31, 2014, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		1,054		Jun-2014	$	1,449
FTSE 100 Index		341		Jun-2014		340
Hang Seng Index		43		Apr-2014		59
SPI 200 Index		95		Jun-2014		131
Topix Index		236		Jun-2014		(295	)
					$	1,684

For the six months ended March 31, 2014, 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 six months.

Percentages are based on a Net Assets of $2,648,288 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2014.

† Investment in Affiliated Security.

†† Expiration date is unavailable.

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

(A) This security or a partial position of this security is on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $71,887 ($ Thousands) (See Note 8).

(B) Real Estate Investment Trust.

(C) 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, 2014 was $0 ($ Thousands) and represented 0.0% of Net Assets.

(D) Securities considered illiquid. The total market value of such securities as of March 31, 2014 was $0 ($ Thousands) and represented 0.0% of Net Assets.

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

(F) The rate reported 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, 2014 was $75,033 ($ Thousands).

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

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

The following is a summary of the level of inputs used as of March 31, 2014, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,429,496	$	—	$	—	$	2,429,496
Preferred Stock		20,624		—		—		20,624
U.S. Treasury Obligation		—		7,519		—		7,519
Rights		9		—		—		9
Affiliated Partnership		—		75,033		—		75,033
Cash Equivalent		120,369		—		—		120,369
Time Deposits		—		64,576		—		64,576
Total Investments in Securities	$	2,570,498	$	147,128	$	—	$	2,717,626

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	1,979		$	—	$	—	$	1,979
Unrealized Depreciation		(295	)		—		—		(295	)
Total Other Financial Instruments	$	1,684		$	—	$	—	$	1,684

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

For the six months ended March 31, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2014, there were no transfers from Level 2 into 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.

10 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund

March 31, 2014

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 89.5%
Argentina — 0.4%
Arcos Dorados Holdings, Cl A (A)		310,500	$	3,130
Tenaris ADR		44,100		1,951
YPF ADR (A)		50,800		1,583
				6,664
Austria — 0.2%
Erste Group Bank (A)		61,148		2,090
IMMOFINANZ (A)		339,978		1,594
				3,684
Belgium — 0.1%
KBC Groep		19,105		1,176
Brazil — 8.7%
ALL—America Latina Logistica		394,961		1,316
AMBEV		521,300		3,900
AMBEV ADR		768,290		5,693
Arezzo Industria e Comercio		45,982		564
Arteris		44,900		362
B2W Cia Digital*		382,400		4,655
Banco Bradesco (A)		421,096		5,756
Banco do Brasil		407,180		4,094
Banco Santander Brasil ADR (A)		484,515		2,699
BB Seguridade Participacoes		369,500		4,079
BM&FBovespa		709,717		3,542
BR Malls Participacoes		584,000		5,044
BR Properties		296,500		2,444
Brasil Insurance Participacoes e Administracao		373,100		1,901
Braskem ADR* (A)		229,769		3,589
BRF ADR		227,975		4,555
CCR		59,700		457
Cia Energetica de Minas Gerais ADR		75,435		513
Cia Hering		48,700		594
Cia Paranaense de Energia ADR (A)		14,934		196
Cielo		148,220		4,725

Description	Shares		Market Value ($ Thousands)
Cyrela Brazil Realty Empreendimentos e Participacoes		1,165,967	$	7,105
EcoRodovias Infraestrutura e Logistica		351,600		2,110
EDP—Energias do Brasil		462,300		2,088
Estacio Participacoes		823,500		8,357
Even Construtora e Incorporadora		456,300		1,521
Fibria Celulose ADR*		326,285		3,609
Gerdau ADR		1,033,826		6,627
Gol Linhas Aereas Inteligentes ADR* (A)		340,245		1,654
Grendene		32,600		226
Helbor Empreendimentos		127,613		446
Hypermarcas		634,060		4,620
JBS		627,100		2,151
Kroton Educacional		123,462		2,695
Localiza Rent a Car		159,332		2,326
Lojas Renner		64,300		1,831
Mahle-Metal Leve Industria e Comercio		22,600		239
MRV Engenharia e Participacoes		223,600		795
Petroleo Brasileiro		103,622		687
Petroleo Brasileiro ADR (A)		602,065		7,917
Porto Seguro		61,300		855
Qualicorp*		296,000		2,993
Santos Brasil Participacoes		74,220		553
Sao Martinho		17,200		236
Souza Cruz		45,400		413
Sul America		109,682		732
Telefonica Brasil ADR (A)		126,700		2,691
Tim Participacoes		136,600		713
Tim Participacoes ADR		502,600		13,047
Totvs		126,120		1,966
Vale		56,186		783
Vale ADR, Cl B (A)		511,461		7,074
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A		131,300		2,031
Via Varejo*		236,800		2,487
				154,256
Canada — 0.9%
Africa Oil*		207,644		1,394
Alamos Gold		211,000		1,910
Pacific Rubiales Energy		603,876		10,893
SEMAFO		368,493		1,302
				15,499
Chile — 0.9%
Banco de Chile		15,274,225		1,919
Banco Santander Chile		80,574,985		4,711
Cia Cervecerias Unidas ADR (A)		156,191		3,496
SACI Falabella		204,350		1,798
Sociedad Quimica y Minera de Chile ADR		130,469		4,141
				16,065

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 11

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund (Continued)

March 31, 2014

Description	Shares		Market Value ($ Thousands)
China — 13.6%
AAC Technologies Holdings (A)		1,517,980	$	7,857
Agricultural Bank of China		26,344,732		11,479
Anhui Conch Cement (A)		1,405,000		6,022
ANTA Sports Products (A)		2,791,000		4,656
Anton Oilfield Services Group (A)		7,042,000		4,476
Baidu*		125,788		19,168
Bank of China		24,664,105		10,938
BYD Electronic International		695,000		407
Changyou.com ADR*(A)		92,700		2,737
China BlueChemical		1,742,000		898
China CITIC Bank		1,486,000		856
China Communications Services		1,394,000		645
China Construction Bank		25,185,993		17,630
China Lesso Group Holdings		2,376,200		1,317
China Life Insurance		197,000		557
China Merchants Bank		2,154,076		3,904
China National Materials		9,461,438		1,695
China Oilfield Services		1,468,000		3,444
China Pacific Insurance Group		149,000		532
China Petroleum & Chemical		9,377,839		8,390
China Petroleum & Chemical ADR (A)		24,400		2,184
China Shenhua Energy		701,000		2,024
China Telecom (A)		3,650,000		1,689
China Vanke, Cl B		3,201,724		5,324
Chongqing Rural Commercial Bank		2,726,612		1,195
CITIC Securities		610,500		1,273
Coolpad Group (A)		3,740,000		1,837
Country Garden Holdings		2,059,305		860
Evergrande Real Estate Group (A)		2,021,000		954
Fosun International* (A)		802,500		1,009
Giant Interactive Group ADR		242,600		2,807
Great Wall Motor		212,500		1,066
Guangzhou R&F Properties		1,312,400		1,892
Industrial & Commercial Bank of China		31,459,168		19,345
Jiangsu Expressway (A)		1,754,000		1,999
Jiangxi Copper		1,271,000		2,137
KWG Property Holding		1,737,370		954
Mindray Medical International ADR (A)		56,254		1,820
NetEase ADR		13,025		877
New Oriental Education & Technology Group		322,500		9,465
PetroChina ADR		39,961		4,336
Phoenix New Media ADR*		86,258		894
PICC Property & Casualty		1,927,800		2,639
Ping An Insurance Group of China		761,500		6,312
Prince Frog International Holdings (A)		5,784,100		1,708
SINA*		57,400		3,468
Sinopec Engineering Group (A)		3,967,000		4,296
SOHO China		2,946,028		2,423
Sohu.com*		89,800		5,845
Tencent Holdings		202,147		14,059

Description	Shares		Market Value ($ Thousands)
Tingyi Cayman Islands Holding (A)		1,262,000	$	3,620
Tsingtao Brewery (A)		436,000		3,190
Uni-President China Holdings (A)		3,579,000		3,008
Want Want China Holdings		339,000		506
Weichai Power (A)		390,000		1,476
WuXi PharmaTech Cayman ADR*		70,313		2,592
Zhejiang Expressway (A)		3,232,000		2,946
Zhuzhou CSR Times Electric		2,635,600		8,885
				240,522
Colombia — 0.4%
Bancolombia ADR, Cl R		93,100		5,258
Cementos Argos		114,600		587
Ecopetrol		839,218		1,718
Grupo Nutresa		17,719		246
				7,809
Czech Republic — 0.6%
CEZ		140,311		4,025
Komercni Banka		24,222		5,793
				9,818
Egypt — 0.0%
Commercial International Bank Egypt GDR		134,789		655
Greece — 0.1%
Alpha Bank AE*		513,233		506
OPAP		119,258		1,923
				2,429
Hong Kong — 6.2%
Anxin-China Holdings		1,212,000		187
Bolina Holding (A)		4,549,300		1,759
Chaoda Modern Agriculture* (B) (C)		2,056,181		—
China Everbright International		5,041,000		6,902
China High Precision Automation Group (B) (C)		1,385,624		221
China Medical System Holdings		2,496,500		2,826
China Mengniu Dairy (A)		1,894,915		9,490
China Minsheng Banking		1,163,500		1,167
China Mobile		1,758,741		16,098
China Mobile ADR (A)		59,740		2,724
China Modern Dairy Holdings* (A)		2,949,000		1,266
China Power International Development (A)		1,229,000		426
China State Construction International Holdings		5,546,784		9,396
China Taiping Insurance Holdings*		1,263,200		2,260
China Unicom Hong Kong ADR (A)		135,090		1,778
CNOOC		4,050,407		6,088
CNOOC ADR (A)		16,410		2,491
COSCO Pacific		5,275		7
Far East Horizon		1,197,000		880

12 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description	Shares		Market Value ($ Thousands)
Geely Automobile Holdings		4,370,000	$	1,718
GOME Electrical Appliances Holding		9,371,000		1,583
Guangdong Investment (A)		1,448,000		1,383
Haier Electronics Group		2,352,000		6,367
Nine Dragons Paper Holdings		1,982,500		1,544
Samsonite International (A)		463,552		1,434
Sands China		740,500		5,532
Shanghai Industrial Holdings (A)		107,000		357
Shenzhen Investment		960,000		311
Shougang Fushan Resources Group (A)		4,204,000		1,279
Sino Biopharmaceutical		3,276,000		2,792
SJM Holdings		571,405		1,606
Sunac China Holdings		708,000		411
Sunny Optical Technology Group (A)		5,383,807		5,240
Techtronic Industries		2,623,000		7,304
Xinyi Glass Holdings (A)		2,458,944		2,000
Zoomlion Heavy Industry Science and Technology (A)		3,698,060		2,574
				109,401
Hungary — 0.1%
Richter Gedeon Nyrt		59,370		1,035
India — 7.3%
Aurobindo Pharma		865,780		7,415
Axis Bank		179,288		4,385
Bank of Baroda		276,395		3,336
Biocon		96,261		684
Cairn India		2,612,710		14,568
Crompton Greaves		949,206		2,549
Cummins India		420,725		4,204
Dabur India		985,792		2,965
Dena Bank		141,420		143
Glenmark Pharmaceuticals		257,705		2,439
Godrej Consumer Products		142,073		2,044
HCL Technologies		110,111		2,564
HDFC Bank ADR		129,118		5,298
Hexaware Technologies		296,384		747
Housing Development Finance		64,749		958
ICICI Bank ADR		282,654		12,380
Indiabulls Housing Finance		215,603		858
Infosys ADR (A)		22,797		1,235
ITC		638,003		3,770
Larsen & Toubro		209,342		4,458
Mahindra & Mahindra GDR		169,628		2,786
Maruti Udyog		5,417		179
Oil & Natural Gas		455,516		2,431
Oil India		59,070		479
Power Grid Corp of India		1,483,424		2,608
Punjab National Bank*		17,291		215
Reliance Industries		298,567		4,653
Reliance Industries GDR (D)		402,302		12,472
Rural Electrification		470,890		1,811

Description	Shares		Market Value ($ Thousands)
Shriram Transport Finance		435,451	$	5,596
Syndicate Bank		165,516		266
Tata Consultancy Services		17,686		632
Tata Global Beverages		1,181,170		2,968
Tata Motors ADR		174,000		6,161
UPL		493,884		1,525
Wipro ADR (A)		142,168		1,905
WNS Holdings ADR*		11,629		209
Yes Bank		469,960		3,257
Zee Entertainment Enterprises		454,997		2,067
				129,220
Indonesia (B) — 2.0%
AKR Corporindo		5,506,300		2,362
Bank Bukopin		5,292,948		299
Bank Mandiri		2,369,700		1,996
Bank Rakyat Indonesia Persero		11,162,651		9,490
Gudang Garam		478,900		2,096
Kalbe Farma		7,605,600		987
Matahari Department Store*		2,327,300		2,861
Perusahaan Gas Negara Persero		5,013,100		2,275
Semen Indonesia Persero		2,979,500		4,188
Surya Semesta Internusa		2,847,000		242
Tambang Batubara Bukit Asam		1,345,000		1,111
Telekomunikasi Indonesia Persero		33,038,680		6,458
United Tractors		701,681		1,289
				35,654
Israel — 0.9%
Check Point Software Technologies*		29,412		1,989
Teva Pharmaceutical Industries		250,800		13,252
				15,241
Malaysia — 1.9%
Affin Holdings		96,100		114
Alliance Financial Group		1,247,900		1,685
AMMB Holdings		695,600		1,529
Axiata Group		2,268,736		4,634
Berjaya Sports Toto		220,201		268
British American Tobacco Malaysia		41,451		750
Bursa Malaysia		214,300		495
Genting Malaysia		291,956		376
Hong Leong Financial Group		56,400		271
IOI		513,100		754
IOI Properties Group*		256,549		209
Kulim Malaysia*		245,800		253
Malayan Banking		1,837,300		5,446
Malaysia Building Society		671,427		448
Media Prima		589,247		426
Parkson Holdings		138,918		128
Petronas Chemicals Group		1,548,200		3,276
Sapurakencana Petroleum*		1,100,600		1,517
Telekom Malaysia		360,876		651
Tenaga Nasional		428,700		1,570

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 13

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund (Continued)

March 31, 2014

Description	Shares		Market Value ($ Thousands)
Top Glove		1,963,928	$	2,977
UEM Sunrise		3,492,395		2,353
UMW Holdings		904,983		3,043
				33,173
Mexico — 5.2%
Alfa, Cl A		316,300		800
America Movil, Ser L		2,114,974		2,110
America Movil ADR, Ser L		299,475		5,954
Arca Continental		521,100		3,111
Cemex ADR* (A)		513,021		6,480
Compartamos*		940,700		1,722
Controladora Comercial Mexicana		109,200		453
Empresas ICA ADR* (A)		237,380		1,564
Fibra Uno Administracion (E)		629,800		2,039
Fomento Economico Mexicano		106,200		991
Fomento Economico Mexicano ADR		72,370		6,748
Genomma Lab Internacional, Cl B* (A)		4,169,339		10,733
Gruma, Cl B*		154,532		1,279
Grupo Carso, Ser A1		141,600		743
Grupo Financiero Banorte, Cl O		1,865,819		12,624
Grupo Financiero Inbursa, Cl O		297,200		768
Grupo Financiero Santander Mexico ADR		196,678		2,417
Grupo Herdez		32,875		98
Grupo Mexico, Ser B		1,711,124		5,403
Grupo Televisa		376,031		12,518
Industrias Penoles		53,730		1,400
Inmobiliaria Vesta		1,429,300		2,887
Kimberly-Clark de Mexico, Cl A		1,789,500		4,779
Wal-Mart de Mexico, Ser V		1,619,998		3,861
				91,482
Netherlands — 0.6%
Yandex, Cl A*		365,700		11,041
Peru — 0.6%
Credicorp		71,700		9,889
Philippines — 1.0%
Aboitiz Equity Ventures		892,900		1,115
Aboitiz Power		1,003,000		832
Alliance Global Group		1,204,488		766
Ayala		157,670		2,032
BDO Unibank		1,066,883		2,022
International Container Terminal Services		1,452,004		3,497
Manila Electric		33,470		212
RFM		10,303,200		1,339
Semirara Mining, Cl A		102,840		940
SM Investments		238,426		3,748
SM Prime Holdings		2,333,600		760
				17,263

Description	Shares		Market Value ($ Thousands)
Poland — 0.9%
Asseco Poland		33,224	$	516
Bank Handlowy w Warszawie		5,496		206
Energa*		208,496		1,232
Eurocash		163,387		2,163
KGHM Polska Miedz		27,366		986
PGE		281,646		1,762
Polski Koncern Naftowy Orlen		93,779		1,341
Powszechna Kasa Oszczednosci Bank Polski		400,655		5,633
Powszechny Zaklad Ubezpieczen		14,467		2,057
Tauron Polska Energia		554,595		964
				16,860
Russia — 5.0%
Etalon Group GDR*		56,800		221
Eurasia Drilling GDR		82,118		2,105
Gazprom ADR		861,355		6,658
Globaltrans Investment GDR		586,883		6,772
Lukoil ADR		172,939		9,665
Magnit GDR		112,217		6,149
Mail.ru Group GDR*		38,649		1,370
MegaFon GDR		111,186		3,130
MMC Norilsk Nickel ADR		163,218		2,715
Mobile Telesystems		214,425		3,750
NovaTek GDR		62,107		6,832
QIWI ADR		62,100		2,152
Rosneft GDR		537,626		3,580
Sberbank of Russia ADR		1,836,131		17,851
Severstal GDR		174,931		1,324
Sistema GDR		55,343		1,246
Surgutneftegas ADR		146,322		1,065
Tatneft ADR		91,754		3,143
TMK GDR		388,600		3,400
Uralkali GDR		15,707		373
X5 Retail Group GDR*		342,511		5,367
				88,868
Singapore — 0.3%
Asian Pay Television Trust		6,247,500		3,676
China Yuchai International		27,469		582
Wilmar International		475,000		1,307
				5,565
South Africa — 5.2%
Anglo American Platinum		25,931		1,168
AngloGold Ashanti ADR		130,153		2,223
ArcelorMittal South Africa*		159,732		509
AVI (A)		82,892		446
Barclays Africa Group (A)		94,202		1,334
Bidvest Group		142,844		3,781
Exxaro Resources (A)		228,514		3,042
FirstRand		890,986		3,058
Foschini Group		76,016		774
Impala Platinum Holdings		50,285		574

14 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description	Shares		Market Value ($ Thousands)
Imperial Holdings		138,454	$	2,481
Investec		186,414		1,504
Kumba Iron Ore		46,914		1,686
Liberty Holdings		100,951		1,194
Life Healthcare Group Holdings		1,112,911		4,075
Mondi		91,891		1,615
MTN Group		579,853		11,883
Murray & Roberts Holdings*		239,957		561
Nampak		131,113		448
Naspers, Cl N		66,562		7,349
Netcare		381,601		847
Remgro		151,966		2,961
Reunert		231,967		1,423
RMB Holdings		194,887		889
Sasol		194,087		10,869
Shoprite Holdings		230,405		3,487
SPAR Group		113,941		1,316
Standard Bank Group		579,968		7,654
Steinhoff International Holdings		360,079		1,746
Telkom*		107,522		344
Tongaat Hulett		19,087		206
Truworths International		104,454		767
Vodacom Group (A)		383,011		4,734
Woolworths Holdings		687,369		4,796
				91,744
South Korea — 11.9%
Chong Kun Dang Pharmaceutical		7,416		549
Chongkundang Holdings		1,449		77
Coway		102,950		7,225
Daelim Industrial		24,045		1,958
Daewoong Pharmaceutical		7,044		464
Dongbu Insurance		71,513		3,708
Dongkuk Steel Mill		39,970		467
Grand Korea Leisure		25,294		1,040
GS Home Shopping		5,417		1,206
Halla Visteon Climate Control		57,200		2,612
Hankook Tire		63,754		3,618
Hankook Tire Worldwide		17,490		346
Hite Jinro		52,840		1,167
Hyosung		11,642		840
Hyundai Development*		52,270		1,473
Hyundai Home Shopping Network		2,667		392
Hyundai Marine & Fire Insurance		84,103		2,426
Hyundai Mobis		3,009		890
Hyundai Motor		42,025		9,910
Industrial Bank of Korea		271,650		3,445
Interpark		105,156		1,205
Kangwon Land		70,740		2,060
KB Financial Group		158,225		5,559
KCC		19,284		9,873
Kia Motors		121,522		6,770
Korea Aerospace Industries		96,660		3,083
Korean Reinsurance		40,647		393

Description	Shares		Market Value ($ Thousands)
KT		26,140	$	726
KT ADR		214,890		2,985
KT&G		54,426		4,090
LG		33,556		1,825
LG Chem		1,294		309
LG Display ADR (A)		208,140		2,602
LG Electronics		32,971		2,010
Lock & Lock		141,830		2,119
Lotte Chilsung Beverage		2,972		4,166
Lotte Confectionery		2,463		4,218
Meritz Fire & Marine Insurance		31,080		434
Mirae Asset Securities		33,890		1,315
NAVER		3,768		2,740
OCI		8,994		1,500
POSCO		4,692		1,305
S-1, Cl 1		22,661		1,895
Samsung Electronics		43,661		55,086
Samsung Engineering*		35,800		2,411
Samsung Fire & Marine Insurance		6,459		1,453
Samsung Heavy Industries		61,980		1,855
Samsung Life Insurance		30,555		2,885
SFA Engineering		68,663		2,835
Shinhan Financial Group		187,714		8,288
SK C&C*		14,664		2,059
SK Holdings		5,252		952
SK Hynix		106,081		3,588
SK Telecom		10,785		2,183
SK Telecom ADR (A)		653,159		14,742
Soulbrain		9,800		353
Sung Kwang Bend		124,412		2,712
Sungwoo Hitech		45,849		728
Vieworks		46,332		1,145
Wonik IPS*		106,062		889
				211,159
Spain — 0.4%
Cemex Latam Holdings*		940,272		7,844
Taiwan — 8.8%
Airtac International Group		127,895		1,325
Asustek Computer		268,000		2,653
Catcher Technology		301,000		2,179
Cathay Financial Holding		1,337,226		1,950
Chailease Holding		279,200		670
Chicony Electronics		186,992		485
China Motor		1,319,000		1,178
China Steel Chemical		373,800		2,136
Chong Hong Construction		116,000		352
CTBC Financial Holding		3,085,000		1,930
CTCI		995,000		1,492
Delta Electronics		351,000		2,167
eMemory Technology*		110,000		751
Everlight Electronics		844,000		2,140
Far Eastern New Century		556,000		591
Farglory Land Development		1,437,043		2,449

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 15

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund (Continued)

March 31, 2014

Description	Shares		Market Value ($ Thousands)
Formosa Taffeta		88,000	$	98
Fubon Financial Holding		2,836,000		3,846
Giga Solar Materials		54,785		1,193
Hermes Microvision		30,300		1,214
Hermes Microvision GDR* (D)		46,900		1,878
Hiwin Technologies		419,270		4,062
Hon Hai Precision Industry		2,485,828		7,045
Inventec		868,000		855
King Yuan Electronics		616,000		511
King’s Town Bank		692,000		642
Kinsus Interconnect Technology		625,000		2,319
Lite-On Technology		2,034,120		3,033
MediaTek		1,293,500		19,093
Mega Financial Holding		362,000		280
Merry Electronics		283,440		1,550
MPI*		280,000		907
Novatek Microelectronics		644,300		2,951
Phison Electronics		455,000		2,928
Pou Chen		1,598,000		2,254
Powertech Technology		353,000		534
President Chain Store		318,652		2,250
Quanta Computer		1,038,000		2,795
Radiant Opto-Electronics		883,050		3,567
Realtek Semiconductor		1,259,173		3,796
Shin Kong Financial Holding		6,154,118		1,944
Taishin Financial Holding		4,456,030		2,019
Taiwan Cement		3,536,000		5,457
Taiwan Semiconductor Manufacturing		8,551,595		40,433
Teco Electric and Machinery		2,716,000		3,028
Transcend Information		593,000		1,928
Uni-President Enterprises		1,066,700		1,856
United Microelectronics		1,488,000		628
United Microelectronics ADR (A)		1,432,100		2,979
Vanguard International Semiconductor		490,000		730
Wistron NeWeb		195,000		439
				155,490
Thailand — 1.6%
Advanced Info Service		170,200		1,186
Bangchak Petroleum		257,500		248
Bangkok Bank		375,554		2,066
Bangkok Bank Foreign (A)		521,200		2,884
Bangkok Dusit Medical Services		271,000		1,111
Bangkok Expressway		148,400		151
CP ALL		1,809,400		2,426
CP Seven Eleven PCL		345,900		464
Delta Electronics Thailand		183,700		334
Kiatnakin Bank		948,544		1,243
PTT		605,050		5,577
PTT Global Chemical		1,835,600		4,089
Ratchaburi Electricity Generating Holding		269,800		430
Siam Commercial Bank		297,700		1,445
Thai Oil		1,016,700		1,661
Thanachart Capital		1,825,200		2,026
VGI Global Media		4,724,424		1,660
				29,001

Description	Shares		Market Value ($ Thousands)
Turkey — 1.8%
Anadolu Efes Biracilik Ve Malt Sanayii		343,171	$	3,818
Arcelik		125,102		699
Aselsan Elektronik Sanayi Ve Ticaret		835,919		3,364
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret		158,566		159
Emlak Konut Gayrimenkul Yatirim Ortakligi (E)		5,591,063		6,586
Enka Insaat ve Sanayi		301,658		901
Eregli Demir ve Celik Fabrikalari		1,619,632		2,090
Koza Altin Isletmeleri		30,742		267
TAV Havalimanlari Holding		563,813		4,533
Tofas Turk Otomobil Fabrikasi		315,043		1,789
Turk Hava Yollari		227,992		702
Turk Telekomunikasyon		641,301		1,784
Turkcell Iletisim Hizmetleri* (A)		165,335		2,277
Turkiye Garanti Bankasi		441,780		1,512
Turkiye Halk Bankasi		196,572		1,218
Turkiye Sise ve Cam Fabrikalari		887,267		962
				32,661
United Arab Emirates — 0.2%
Dragon Oil		405,068		3,816
United Kingdom — 1.1%
Afren*		2,383,371		5,610
Anglo American ADR		82,040		1,043
BG Group		145,770		2,716
Hikma Pharmaceuticals		131,620		3,645
Old Mutual		760,742		2,550
SABMiller		91,655		4,583
				20,147
United States — 0.6%
Avon Products		133,700		1,957
First Cash Financial Services*		68,900		3,477
Freeport-McMoRan Copper & Gold		62,700		2,073
Yahoo! *		68,900		2,474
				9,981
Total Common Stock
(Cost $1,524,215) ($ Thousands)				1,585,112
EXCHANGE TRADED FUNDS — 4.6%
United States — 4.6%
iPath MSCI India Index ETN (A)		196,225		11,897
iShares MSCI Emerging Markets ETF		1,712,128		70,180
Total Exchange Traded Funds (Cost $81,115) ($ Thousands)				82,077

16 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description		Shares/Face Amount (1) (Thousands)		Market Value ($ Thousands)
PREFERRED STOCK — 3.3%
Brazil — 3.0%
Banco do Estado do Rio Grandedo Sul			663,302	$	3,821
Bradespar, Cl Preference			189,000		1,657
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR			126,867		5,552
Cia Energetica de Sao Paulo, Cl B			239,300		2,815
Cia Paranaense de Energia			85,100		1,124
Itau Unibanco Holding			124,039		1,860
Itau Unibanco Holding ADR			334,996		4,978
Itausa—Investimentos Itau			706,990		2,892
Klabin			1,133,000		1,180
Marcopolo			3,014,200		6,078
Metalurgica Gerdau, Cl A			213,260		1,633
Petroleo Brasileiro, Cl Preference			291,716		2,030
Petroleo Brasileiro ADR, Cl A			578,743		8,027
Vale, Cl A			64,785		812
Vale ADR, Cl B			664,762		8,276
					52,735
Chile — 0.0%
Sociedad Quimica y Minera de Chile, Cl B			15,754		497
Colombia — 0.2%
Banco Davivienda, Cl Preference			68,232		883
Bancolombia, Cl Preference			146,619		2,032
					2,915
South Korea — 0.1%
Samsung Electronics			929		923
Total Preferred Stock (Cost $65,209) ($ Thousands)					57,070
		Number Of Rights
RIGHTS — 0.0%
Taiwan — 0.0%
Taishin Financial Holdings, Expires 04/05/2014*			225		13
Total Rights (Cost $—) ($ Thousands)					13
DEBENTURE BOND — 0.0%
Brazil — 0.0%
Vale, Ser 1997 0.000%, 09/30/2049 (F)	BRL		8		—
Total Debenture Bond (Cost $—) ($ Thousands)					—

Description		Shares/Face Amount (1) (Thousands)		Market Value ($ Thousands)
AFFILIATED PARTNERSHIP — 6.1%
SEI Liquidity Fund, L.P. 0.070% †**(G)			107,208,474	$	107,208
Total Affiliated Partnership (Cost $107,208) ($ Thousands)					107,208
CASH EQUIVALENT — 0.6%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.010% †**			11,351,693		11,352
Total Cash Equivalent (Cost $11,352) ($ Thousands)					11,352
TIME DEPOSITS — 1.8%
Brown Brothers Harriman
4.350%, 04/01/2014	ZAR		2,201		209
0.550%, 04/01/2014	NOK		—		—
0.278%, 04/01/2014	CAD		22		20
0.100%, 04/01/2014	SEK		1		—
0.076%, 04/01/2014	EUR		28		38
0.048%, 04/01/2014	GBP		—		—
0.030%, 04/01/2014			31,737		31,737
0.005%, 04/01/2014	HKD		1,035		134
0.005%, 04/01/2014	SGD		259		206
Total Time Deposits (Cost $32,344) ($ Thousands)					32,344
Total Investments — 105.9% (Cost $1,821,443) ($ Thousands)				$	1,875,176

Percentages are based on a Net Assets of $1,770,581 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2014.

† Investment in Affiliated Security.

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

(A) This security or a partial position of this security is on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $103,025 ($ 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, 2014 was $35,875 ($ Thousands) and represented 2.03% of Net Assets.

(C) Securities considered illiquid. The total market value of such securities as of March 31, 2014 was $221 ($ Thousands) and represented 0.00% of Net Assets.

(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.

(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, 2014.

(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, 2014 was $107,208 ($ Thousands).

ADR — American Depositary Receipt

BRL — Brazilian Real

CAD — Canadian Dollar

Cl — Class

ETF — Exchange Traded Fund

ETN — Exchange Traded Note

EUR — Euro

GBP — British Pound Sterling

GDR — Global Depositary Receipt

HKD — Hong Kong Dollar

L.P. — Limited Partnership

MSCI — Morgan Stanley Capital International

NOK — Norwegian Krone

SEK — Swedish Krona

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 17

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Equity Fund (Concluded)

March 31, 2014

Ser — Series

SGD — Singapore Dollar

ZAR — South African Rand

The following is a summary of the level of inputs used as of March 31, 2014, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level  3 (1)		Total
Common Stock	$	1,549,237	$	35,654	$	221	$	1,585,112
Exchange Traded Funds		82,077		—		—		82,077
Preferred Stock		57,070		—		—		57,070
Rights		13		—		—		13
Debenture Bond		—		—		—		—
Affiliated Partnership		—		107,208		—		107,208
Cash Equivalent		11,352		—		—		11,352
Time Deposits		—		32,344		—		32,344
Total Investments in Securities	$	1,699,749	$	175,206	$	221	$	1,875,176

(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the six months ended March 31, 2014, 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, 2014, there were 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.

18 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund

March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS — 93.9%
Australia — 3.5%
Australia & New Zealand Banking Group MTN
3.625%, 07/18/2022	EUR		300	$	470
Commonwealth Bank of Australia
1.375%, 01/22/2019	EUR		560		781
Government of Australia
6.000%, 02/15/2017			2,060		2,066
5.750%, 07/15/2022			2,750		2,876
5.500%, 04/21/2023			160		165
4.250%, 07/21/2017			1,350		1,295
2.750%, 04/21/2024			2,165		1,786
Government of Australia, Ser 122
5.250%, 03/15/2019			2,720		2,727
Government of Australia, Ser 124
5.750%, 05/15/2021			1,900		1,977
Macquarie Bank MTN
3.500%, 12/18/2020	GBP		221		368
National Australia Bank MTN
1.875%, 01/13/2023	EUR		220		301
Queensland Treasury, Ser 17
6.000%, 09/14/2017			780		787
Rio Tinto Finance
3.500%, 03/22/2022	USD		55		55
Suncorp-Metway
5.125%, 10/27/2014	GBP		235		400
Westpac Banking MTN
1.500%, 03/24/2021	EUR		220		301
1.375%, 04/17/2020	EUR		230		317
					16,672
Austria — 1.0%
Republic of Austria
3.900%, 07/15/2020			1,500		2,408

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
3.650%, 04/20/2022			290	$	463
3.200%, 02/20/2017			600		894
3.150%, 06/20/2044			55		83
1.750%, 10/20/2023			380		520
Republic of Austria, Ser 97-6
6.250%, 07/15/2027			225		454
					4,822
Belgium — 1.6%
Anheuser-Busch InBev MTN
8.625%, 01/30/2017			200		335
2.875%, 09/25/2024			650		929
Kingdom of Belgium
3.750%, 06/22/2045			183		281
2.600%, 06/22/2024			240		342
Kingdom of Belgium, Ser 44
5.000%, 03/28/2035			500		908
Kingdom of Belgium, Ser 47
3.250%, 09/28/2016			900		1,330
Kingdom of Belgium, Ser 49
4.000%, 03/28/2017			230		350
Kingdom of Belgium, Ser 58
3.750%, 09/28/2020			231		366
Kingdom of Belgium, Ser 67
3.000%, 09/28/2019			1,020		1,547
Kingdom of Belgium, Ser 69
1.250%, 06/22/2018			545		765
					7,153
Brazil — 0.7%
Braskem Finance
6.450%, 02/03/2024			300		307
Brazil Notas do Tesouro Nacional
10.000%, 01/01/2017			3,800		1,594
BRF
3.950%, 05/22/2023 (A)	USD		410		366
Cosan
5.000%, 03/14/2023 (A)	USD		240		226
Gerdau Trade
5.750%, 01/30/2021 (A)	USD		101		103
4.750%, 04/15/2023 (A)	USD		200		186
Raizen Energy Finance
7.000%, 02/01/2017 (A)	USD		270		297
Samarco Mineracao
4.125%, 11/01/2022 (A)	USD		430		396
					3,475
Canada — 4.5%
Bank of Nova Scotia MTN
1.000%, 04/02/2019 (B)	EUR		259		356
Bell Canada MTN
5.000%, 02/15/2017			270		264

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 19

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Bombardier
6.000%, 10/15/2022			310	$	310
Canada Housing Trust No. 1
4.100%, 12/15/2018			1,390		1,382
2.050%, 06/15/2017			2,470		2,275
CDP Financial
4.400%, 11/25/2019 (A)	USD		850		938
Government of Canada
5.750%, 06/01/2033			485		624
5.000%, 06/01/2037			1,300		1,583
4.000%, 06/01/2041			545		587
2.750%, 06/01/2022			2,750		2,586
1.750%, 03/01/2019			2,180		1,978
1.500%, 08/01/2015			1,750		1,596
1.250%, 02/01/2016			895		813
Muskrat Falls
3.630%, 06/01/2029			340		323
National Bank of Canada
1.500%, 03/25/2021			257		353
Province of British Columbia
3.250%, 12/18/2021	EUR		1,150		1,079
Province of Manitoba Canada
3.850%, 12/01/2021			710		689
Province of Ontario Canada
8.100%, 09/08/2023			700		888
3.450%, 06/02/2045			245		204
3.150%, 06/02/2022			2,000		1,833
Province of Quebec Canada
3.500%, 12/01/2045			145		119
3.000%, 09/01/2023			500		443
Quebecor Media
5.750%, 01/15/2023	USD		128		128
Royal Bank of Canada
1.625%, 08/04/2020	EUR		190		265
TransCanada PipeLines
2.500%, 08/01/2022	USD		300		281
					21,897
Chile — 0.2%
Empresa de Transporte de Pasajeros Metro
4.750%, 02/04/2024 (A)	USD		390		405
ENTEL Chile
4.875%, 10/30/2024	USD		380		387
					792
China — 0.1%
Talent Yield Investments
4.500%, 04/25/2022 (A)	USD		310		309
Colombia — 0.0%
Pacific Rubiales Energy
5.125%, 03/28/2023 (A)	USD		123		120

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Czech Republic — 0.1%
Government of Czech Republic, Ser 51
4.000%, 04/11/2017			8,050	$	446
Denmark — 1.3%
Danske Bank
5.375%, 09/29/2021 (C)	GBP		170		296
3.875%, 10/04/2023 (C)	EUR		150		218
3.500%, 04/16/2018	EUR		155		236
DONG Energy MTN
5.750%, 04/09/2040	GBP		200		378
Kingdom of Denmark
4.500%, 11/15/2039			1,300		335
4.000%, 11/15/2017			1,600		333
3.000%, 11/15/2021			21,800		4,528
					6,324
Finland — 1.0%
Elisa MTN
2.250%, 10/04/2019			300		420
Government of Finland
3.375%, 04/15/2020			2,080		3,250
1.500%, 04/15/2023			340		461
Nordea Bank Finland MTN
2.375%, 07/17/2017			190		276
2.250%, 05/03/2019			170		248
					4,655
France — 6.2%
Accor
2.500%, 03/21/2019			300		425
ALD International MTN
2.000%, 05/26/2017			500		697
Arkema
3.850%, 04/30/2020			200		305
AXA MTN
5.625%, 01/16/2054 (C)	GBP		302		499
Banque Federative du Credit Mutuel MTN
2.000%, 09/19/2019			400		559
Banque PSA Finance MTN
4.875%, 09/25/2015			450		649
BNP Paribas
4.730%, 04/12/2049 (C)			300		431
BNP Paribas Home Loan SFH MTN
3.125%, 03/22/2022			200		306
BPCE
5.700%, 10/22/2023	USD		380		395
BPCE SFH MTN
1.750%, 11/29/2019			600		851
1.500%, 01/30/2020			400		557

20 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Caisse d’Amortissement de la Dette Sociale MTN
1.125%, 05/25/2019			363	$	502
Caisse Francaise de Financement Local MTN
4.500%, 04/27/2015			380		546
3.750%, 05/18/2016			225		331
Carrefour Banque
1.032%, 03/21/2018 (C)			177		245
Casino Guichard Perracho MTN
4.726%, 05/26/2021			300		474
Cie de Financement Foncier MTN
4.625%, 09/23/2017			575		897
4.250%, 01/19/2022			300		489
Cie de St. Gobain MTN
3.625%, 03/28/2022			120		180
Coface
4.125%, 03/27/2024			200		279
Credit Agricole MTN
2.375%, 11/27/2020			600		844
Credit Agricole Home Loan SFH MTN
2.875%, 09/09/2016			300		437
Dexia Credit Local MTN
2.000%, 01/22/2021			200		280
1.625%, 10/29/2018			565		795
1.375%, 09/18/2019			500		688
1.250%, 10/18/2016 (A)	USD		449		449
Electricite de France MTN
6.500%, 01/26/2019 (A)	USD		250		296
5.500%, 10/17/2041	GBP		200		365
5.375%, 12/12/2049 (C)			100		147
5.250%, 12/29/2049 (C)	USD		120		120
Eutelsat
2.625%, 01/13/2020			200		284
French Treasury Note
1.000%, 07/25/2017			235		330
Gecina MTN
2.875%, 05/30/2023 (D)			500		687
Government of France
5.750%, 10/25/2032			545		1,076
5.000%, 10/25/2016			1,240		1,914
4.750%, 04/25/2035			60		107
4.500%, 04/25/2041			805		1,414
4.250%, 10/25/2023			85		141
3.250%, 05/25/2045			440		623
3.000%, 04/25/2022			640		974
2.250%, 05/25/2024			315		440
1.000%, 05/25/2018			140		195
1.000%, 11/25/2018			1,390		1,930
1.000%, 05/25/2019			340		469
HSBC SFH France MTN
2.000%, 10/16/2023			700		971

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Iliand
4.875%, 06/01/2016			300	$	442
RCI Banque
3.400%, 04/11/2014 (A)	USD		250		250
Renault MTN
3.625%, 09/19/2018			450		654
Sanofi MTN
2.500%, 11/14/2023			200		282
Societe Generale MTN
5.750%, 04/20/2016 (A)	USD		111		120
5.200%, 04/15/2021 (A)	USD		225		250
5.000%, 01/17/2024 (A)	USD		250		249
3.875%, 12/17/2015	GBP		100		173
Societe Generale SFH MTN
3.250%, 06/06/2016			400		585
Unibail-Rodamco MTN
2.375%, 02/25/2021 (D)			500		706
Veolia Environnement MTN
6.125%, 11/25/2033			270		479
4.625%, 03/30/2027			200		313
					30,096
Germany — 8.7%
Allianz Finance II MTN
3.500%, 02/14/2022			100		153
Bayer MTN
1.875%, 01/25/2021			93		130
Bundesobligation
1.000%, 10/12/2018			250		352
Bundesobligation, Ser 159
2.000%, 02/26/2016			1,500		2,141
Bundesrepublik Deutschland
4.750%, 09/20/2033			190		349
2.500%, 07/04/2044			3,325		4,651
1.750%, 02/15/2024 (G)			3,600		5,042
1.500%, 09/04/2022			450		629
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/2031			550		1,102
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/2034			450		860
Bundesschatzanweisungen
2.875%, 09/11/2015			323		307
Continental MTN
3.125%, 09/09/2020			600		881
Deutsche Bank MTN
1.411%, 12/15/2015 (C)	GBP		280		464
Deutsche Bundesrepublik
4.000%, 01/04/2037			110		194
Deutsche Telekom International Finance MTN
8.875%, 11/27/2028	GBP		160		390
7.375%, 12/04/2019	GBP		200		409

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 21

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Deutschland Inflation Linked Bond
1.500%, 04/15/2016			3,218	$	4,633
E.ON International Finance MTN
6.000%, 10/30/2019	GBP		300		578
Euro Zone Inflation Linked Bond
0.750%, 04/15/2018			6,804		9,889
Evonik Industries MTN
1.875%, 04/08/2020			600		835
FMS Wertmanagement
3.000%, 08/03/2018			500		755
1.125%, 09/03/2018			900		1,258
Hypothekenbank Frankfurt MTN
2.875%, 01/19/2016			160		230
KFW
4.750%, 08/12/2015	SEK		6,000		972
3.875%, 01/21/2019			1,325		2,088
3.375%, 08/30/2017	CHF		370		465
1.125%, 10/16/2018			250		350
Linde Finance MTN
3.875%, 06/01/2021			450		707
Muenchener Rueckversicherungs MTN
6.250%, 05/26/2042 (C)			200		333
RWE
7.000%, 10/12/2072 (C)	USD		224		245
Vier Gas Transport Gmbh MTN
3.125%, 07/10/2023			250		365
2.875%, 06/12/2025			200		281
					42,038
Guatemala — 0.0%
Comcel Trust
6.875%, 02/06/2024	USD		230		241
Ireland — 1.1%
AIB Mortgage Bank MTN
2.625%, 07/29/2016			400		569
Allied Irish Banks MTN
2.875%, 11/28/2016			400		562
Aquarius and Investments for Zurich Insurance MTN
4.250%, 10/02/2043 (C)			100		146
Bank of Ireland MTN
4.000%, 01/28/2015			250		353
2.054%, 09/22/2015 (A) (C)	CAD		205		177
CRH Finland Services MTN
2.750%, 10/15/2020			350		501
GE Capital UK Funding MTN
4.375%, 07/31/2019	GBP		810		1,452

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Ireland Government Bond
5.400%, 03/13/2025			260	$	430
4.500%, 10/18/2018			345		539
3.900%, 03/20/2023			200		300
					5,029
Israel — 0.2%
Israel Government Bond MTN
4.250%, 03/31/2023			750		231
2.875%, 01/29/2024	EUR		650		918
					1,149
Italy — 7.6%
Assicurazioni Generali MTN
2.875%, 01/14/2020			250		355
Banca Monte dei Paschi di Siena
5.000%, 02/09/2018			230		349
4.875%, 09/15/2016			700		1,036
Banco Popolare SC MTN
3.500%, 03/14/2019			350		488
Edison MTN
3.875%, 11/10/2017			600		903
Enel Finance International MTN
4.875%, 03/11/2020			100		158
4.875%, 04/17/2023			290		463
3.875%, 10/07/2014 (A)	USD		350		355
Eni MTN
3.625%, 01/29/2029			600		870
Intesa Sanpaolo MTN
4.875%, 07/10/2015			300		434
4.000%, 11/09/2017			368		550
Italy Buoni Poliennali Del Tesoro
6.500%, 11/01/2027			305		548
6.000%, 05/01/2031			1,045		1,814
5.500%, 09/01/2022			410		668
5.500%, 11/01/2022			150		245
5.000%, 03/01/2025			960		1,510
5.000%, 09/01/2040			755		1,174
4.750%, 05/01/2017			1,780		2,709
4.750%, 09/01/2021			3,250		5,087
4.750%, 09/01/2044			355		529
4.500%, 03/01/2019			675		1,045
4.500%, 02/01/2020			570		883
4.500%, 05/01/2023			210		320
4.500%, 03/01/2024			3,000		4,560
3.500%, 11/01/2017			4,440		6,553
3.500%, 06/01/2018			300		443
2.250%, 04/22/2017			1,106		1,571
TeamSystem Holding
7.375%, 05/15/2020			220		323

22 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Telecom Italia MTN
4.500%, 01/25/2021		400	$	567
Unione di Banche Italiane MTN
4.500%, 02/22/2016		200		294
				36,804
Japan — 17.9%
Government of Japan 5 Year Bond
0.300%, 03/20/2017		443,900		4,334
0.300%, 09/20/2018		364,850		3,562
Government of Japan 5 Year Bond, Ser 106
0.200%, 09/20/2017		850,000		8,273
Government of Japan 5 Year Bond, Ser 109
0.100%, 03/20/2018		37,900		367
Government of Japan 10 Year Bond
0.800%, 09/20/2023		104,000		1,028
0.600%, 12/20/2023		265,600		2,573
0.600%, 03/20/2024		48,350		467
Government of Japan 10 Year Bond, Ser 298
1.300%, 12/20/2018		254,550		2,600
Government of Japan 10 Year Bond, Ser 301
1.500%, 06/20/2019		759,550		7,864
Government of Japan 10 Year Bond, Ser 303
1.400%, 09/20/2019		489,100		5,049
Government of Japan 10 Year Bond, Ser 308
1.300%, 06/20/2020		1,151,000		11,870
Government of Japan 10 Year Bond, Ser 313
1.300%, 03/20/2021		750,000		7,752
Government of Japan 10 Year Bond, Ser 316
1.100%, 06/20/2021		240,550		2,454
Government of Japan 20 Year Bond
1.700%, 06/20/2033		102,050		1,032
Government of Japan 20 Year Bond, Ser 106
2.200%, 09/20/2028		40,650		458
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/2029		325,000		3,612
Government of Japan 20 Year Bond, Ser 128
1.900%, 06/20/2031		55,000		586
Government of Japan 20 Year Bond, Ser 140
1.700%, 09/20/2032		34,850		356
Government of Japan 20 Year Bond, Ser 143
1.600%, 03/20/2033		412,450		4,117

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Government of Japan 20 Year Bond, Ser 144
1.500%, 03/20/2033			63,050	$	619
Government of Japan 20 Year Bond, Ser 55
2.000%, 03/21/2022			257,000		2,793
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/2027			506,400		5,655
Government of Japan 30 Year Bond
1.800%, 03/20/2043			109,500		1,087
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/2039			322,500		3,539
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/2040			267,000		2,771
Government of Japan 30 Year Bond, Ser 34
2.200%, 03/20/2041			30,000		324
Government of Japan 30 Year Bond, Ser 36
2.000%, 03/20/2042			15,000		156
Government of Japan 30 Year Bond, Ser 37
1.900%, 09/20/2042			40,400		410
Japan Finance Organization for Municipalities
4.500%, 05/27/2014	EUR		450		623
Mizuho Financial Group Cayman 3
4.600%, 03/27/2024	USD		306		308
ORIX
4.710%, 04/27/2015	USD		135		141
					86,780
Malaysia — 0.5%
Bank Negara Malaysia Monetary Notes
2.841%, 05/27/2014 (E)			1,275		389
2.756%, 09/09/2014 (E)			3,860		1,167
Malaysia Government Bond
5.734%, 07/30/2019			900		301
3.418%, 08/15/2022			445		130
Petronas Capital
5.250%, 08/12/2019	USD		410		461
					2,448
Mexico — 0.6%
Grupo KUO De
6.250%, 12/04/2022 (A)	USD		300		306

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 23

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Mexican Bonos
8.000%, 06/11/2020			12,606	$	1,089
7.750%, 11/13/2042			9,100		746
7.000%, 06/19/2014			5,537		427
Petroleos Mexicanos
3.500%, 01/30/2023			425		400
					2,968
Netherlands — 4.2%
ABN AMRO Bank MTN
6.375%, 04/27/2021			245		402
3.750%, 07/15/2014			750		1,044
Achmea BV MTN
2.500%, 11/19/2020			400		559
Achmea Hypotheekbank MTN
2.750%, 02/18/2021			150		210
2.375%, 02/08/2016			275		388
Akzo Nobel MTN
8.000%, 04/06/2016	GBP		205		384
ASML Holding
3.375%, 09/19/2023			450		647
Coco-Cola HBC Finance
2.375%, 06/18/2020			350		491
Heineken MTN
2.125%, 08/04/2020			300		420
ING Bank
6.125%, 05/29/2023 (C)			145		226
5.800%, 09/25/2023 (A)	USD		375		400
3.625%, 02/25/2026 (C)			180		250
3.375%, 03/23/2017			125		186
Kingdom of Netherlands
4.000%, 07/15/2016			630		943
4.000%, 07/15/2018			185		291
4.000%, 01/15/2037			300		520
2.500%, 01/15/2033			365		506
2.250%, 07/15/2022			1,255		1,823
1.750%, 07/15/2023			4,250		5,860
1.750%, 07/15/2023			655		903
1.250%, 01/15/2018			345		488
1.250%, 01/15/2019			475		668
Koninklijke KPN
3.250%, 02/01/2021			200		288
Petrobras Global Finance BV
4.750%, 01/14/2025			310		430
Robert Bosch Investment Nederland MTN
2.979%, 05/27/2033			200		276
Shell International Finance
2.250%, 01/06/2023	USD		825		763
TenneT Holding
2.125%, 11/01/2020			350		491
UPCB Finance
7.625%, 01/15/2020			250		370

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Wuerth Finance International MTN
1.750%, 05/21/2020			150	$	208
					20,435
New Zealand — 0.9%
BNZ International Funding MTN
1.250%, 05/23/2018	EUR		156		214
Government of New Zealand
5.500%, 04/15/2023			320		296
5.000%, 03/15/2019			435		391
2.000%, 09/20/2025			4,157		3,432
					4,333
Norway — 0.5%
DnB Bank MTN
4.750%, 03/08/2022 (C)	EUR		120		179
3.000%, 09/26/2023 (C)	EUR		170		243
Eksportfinans
2.375%, 05/25/2016	USD		200		198
2.000%, 09/15/2015	USD		20		20
Government of Norway
4.500%, 05/22/2019			1,150		214
2.000%, 05/24/2023			645		101
Kommunalbanken MTN
1.000%, 03/15/2018 (A)	USD		800		781
Sparebank 1 Boligkreditt MTN
2.375%, 11/22/2016	EUR		170		245
Yara International
7.875%, 06/11/2019 (A)	USD		185		225
					2,206
Peru — 0.0%
Minsur
6.250%, 02/07/2024	USD		230		242
Poland — 0.5%
Republic of Poland
5.125%, 04/21/2021	USD		135		149
4.000%, 10/25/2023			300		98
2.500%, 07/25/2018			1,945		617
Republic of Poland, Ser 1019
5.500%, 10/25/2019			1,475		530
Republic of Poland, Ser 1021
5.750%, 10/25/2021			3,490		1,278
Republic of Poland, Ser E MTN
4.200%, 04/15/2020	EUR		100		159
					2,831
Portugal — 0.1%
Caixa Geral de Depositos MTN
3.000%, 01/15/2019			300		428

24 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Qatar — 0.1%
State of Qatar
4.500%, 01/20/2022 (A)	USD		390	$	424
Russia — 0.3%
Gazprom OAO Via Gaz Capital MTN
3.600%, 02/26/2021	EUR		900		1,219
Severstal OAO Via Steel Capital MTN
4.450%, 03/19/2018 (A)	USD		320		311
					1,530
Singapore — 0.2%
Government of Singapore
4.000%, 09/01/2018			495		440
3.125%, 09/01/2022			275		230
Temasek Financial I MTN
2.375%, 01/23/2023 (A)	USD		495		456
					1,126
South Africa — 0.3%
Gold Fields Orogen Holding
4.875%, 10/07/2020	USD		400		346
Republic of South Africa
10.500%, 12/21/2026			2,500		276
8.250%, 09/15/2017			6,600		640
					1,262
South Korea — 0.6%
Korea National Oil
3.125%, 04/03/2017 (A)	USD		540		563
Korea Treasury Bond
4.250%, 06/10/2021			1,009,870		1,001
4.000%, 12/10/2031			350,000		341
3.500%, 09/10/2016			973,960		928
					2,833
Spain — 4.2%
Ayt Cedulas Cajas Global
3.750%, 12/14/2022			200		285
Ayt Cedulas Cajas X Fondo de Titulizacion
0.383%, 06/30/2015 (C)			200		273
Banco de Sabadell
3.375%, 01/23/2018			100		147
Banco Popular Espanol
4.000%, 10/18/2016			100		147
3.750%, 01/22/2019			100		148
Bankia
4.000%, 02/03/2025			300		440

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Ferrovial Emisiones MTN
3.375%, 06/07/2021			475	$	687
Fondo de Amortizaciondel Deficit Electrico
4.125%, 03/17/2017			200		298
2.250%, 12/17/2016			700		992
Government of Spain
6.000%, 01/31/2029			465		803
5.850%, 01/31/2022			110		184
5.500%, 07/30/2017			315		493
5.500%, 04/30/2021			1,980		3,242
4.850%, 10/31/2020			1,740		2,751
4.700%, 07/30/2041			230		345
4.500%, 01/31/2018			2,680		4,105
4.100%, 07/30/2018			150		228
4.000%, 04/30/2020			100		152
3.800%, 04/30/2024			1,000		1,444
3.300%, 10/31/2014			475		665
3.150%, 01/31/2016			600		863
Santander Consumer Finance
3.875%, 03/23/2016			200		291
Santander International Debt MTN
4.625%, 03/21/2016			700		1,029
Telefonica Emisiones MTN
5.597%, 03/12/2020	GBP		100		182
					20,194
Supra-National — 1.4%
European Financial Stability Facility
1.625%, 07/17/2020			1,700		2,380
European Investment Bank MTN
4.250%, 04/15/2019			740		1,185
2.750%, 09/15/2021			1,000		1,497
1.375%, 09/15/2021			575		784
European Stability Mechanism MTN
1.375%, 03/04/2021			850		1,169
					7,015
Sweden — 2.1%
Akzo Nobel Sweden Finance MTN
2.625%, 07/27/2022	EUR		150		211
Kingdom of Sweden, Ser 1050
3.000%, 07/12/2016			4,000		647
Kingdom of Sweden, Ser 1051
3.750%, 08/12/2017			4,870		817
Kingdom of Sweden, Ser 1052
4.250%, 03/12/2019			21,035		3,679

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 25

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Kingdom of Sweden, Ser 1054
3.500%, 06/01/2022			5,835	$	1,004
Kingdom of Sweden, Ser 3105
3.500%, 12/01/2015			4,183		690
Nordea Bank MTN
4.500%, 03/26/2020	EUR		225		350
4.000%, 03/29/2021	EUR		255		386
Skandinaviska Enskilda Banken MTN
4.000%, 09/12/2022 (C)	EUR		190		281
1.875%, 11/14/2019	EUR		175		244
1.375%, 05/29/2018 (A)	USD		300		294
Svenska Handelsbanken
2.656%, 01/15/2024 (C)	EUR		651		913
Swedbank Hypotek
1.125%, 05/07/2020	EUR		100		137
Telefonaktiebolaget LM Ericsson
4.125%, 05/15/2022	USD		465		475
					10,128
Switzerland — 0.8%
Credit Suisse MTN
5.750%, 09/18/2025 (C)	EUR		250		376
4.750%, 08/05/2019	EUR		400		639
Government of Switzerland
2.000%, 04/28/2021			1,070		1,336
1.500%, 04/30/2042			120		136
UBS MTN
6.625%, 04/11/2018	GBP		150		292
6.375%, 07/20/2016	GBP		160		295
4.750%, 02/12/2026 (C)	EUR		500		707
4.280%, 04/29/2049 (C)	EUR		200		280
					4,061
Thailand — 0.1%
Thailand Government Bond
3.650%, 12/17/2021	THB		16,020		497
Turkey — 0.1%
Akbank
3.875%, 10/24/2017 (A)	USD		380		376
Republic of Turkey
7.500%, 11/07/2019	USD		275		315
Turkey Government International Bond
5.500%, 02/16/2017	EUR		50		75
					766
United Arab Emirates — 0.2%
Abu Dhabi National Energy
3.625%, 01/12/2023 (A)	USD		400		392

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
IPIC GMTN MTN
6.875%, 03/14/2026	GBP		100	$	208
5.875%, 03/14/2021	EUR		125		211
					811
United Kingdom —14.5%
AA Bond
4.720%, 07/02/2043			500		872
Abbey National Treasury Services MTN
5.500%, 06/18/2014			775		1,304
5.250%, 02/16/2029			450		864
5.125%, 04/14/2021			300		565
4.250%, 04/12/2021	EUR		350		569
3.625%, 09/08/2016	EUR		300		444
3.375%, 06/08/2015	EUR		500		713
2.000%, 01/14/2019	EUR		400		558
1.750%, 01/15/2018	EUR		525		733
Aviva MTN
6.875%, 05/22/2038 (C)	EUR		195		310
6.125%, 07/05/2043 (C)	EUR		225		356
Bank of Scotland MTN
4.750%, 06/08/2022	EUR		290		492
4.625%, 06/08/2017	EUR		275		426
Barclays Bank MTN
6.750%, 01/16/2023 (C)			350		642
6.625%, 03/30/2022	EUR		200		335
4.250%, 01/12/2022			250		448
Barclays Bank, Ser E MTN
6.000%, 01/23/2018	EUR		150		236
BAT International Finance MTN
7.250%, 03/12/2024			250		531
5.375%, 06/29/2017	EUR		425		666
Bishopsgate Asset Finance
4.808%, 08/14/2044			186		286
BP Capital Markets MTN
3.830%, 10/06/2017	EUR		350		528
2.994%, 02/18/2019	EUR		162		239
2.972%, 02/27/2026	EUR		300		417
2.500%, 11/06/2022	USD		400		373
2.177%, 09/28/2021	EUR		545		753
British American Tobacco Holdings MTN
4.000%, 07/07/2020			100		156
British Telecommunications MTN
6.375%, 06/23/2037			120		242
5.750%, 12/07/2028			111		209
Channel Link Enterprises Finance
3.643%, 06/30/2050 (C)	EUR		700		943
Coventry Building Society MTN
4.625%, 04/19/2018			230		419

26 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Direct Line Insurance Group
9.250%, 04/27/2042 (C)			100	$	211
Eastern Power Networks MTN
6.250%, 11/12/2036			160		323
ENW Finance MTN
6.125%, 07/21/2021			350		678
Eversholt Funding MTN
5.831%, 12/02/2020			100		189
Experian Finance MTN
4.750%, 02/04/2020	EUR		425		678
FCE Bank MTN
5.125%, 11/16/2015			200		352
4.825%, 02/15/2017			200		357
1.875%, 05/12/2016	EUR		250		350
1.625%, 09/09/2016	EUR		100		139
First Hydro Finance
9.000%, 07/31/2021			220		480
Gatwick Funding MTN
5.750%, 01/23/2037			250		467
Great Rolling Stock MTN
6.250%, 07/27/2020			300		575
Heathrow Funding MTN
7.125%, 02/14/2024			150		299
HJ Heinz Finance UK
6.250%, 02/18/2030			115		194
HSBC Bank MTN
4.750%, 09/29/2020 (C)			225		386
4.125%, 08/12/2020	USD		375		397
HSBC Holdings MTN
6.500%, 05/20/2024			250		509
Imperial Tobacco Finance MTN
8.375%, 02/17/2016	EUR		575		901
7.750%, 06/24/2019			600		1,216
7.250%, 09/15/2014	EUR		150		213
3.375%, 02/26/2026	EUR		400		556
2.250%, 02/26/2021	EUR		400		549
Intu SGS Finance MTN
3.875%, 03/17/2023 (D)			250		410
Lloyds TSB Bank MTN
6.500%, 03/24/2020	EUR		275		454
4.625%, 02/02/2017	EUR		420		638
Mondi Finance MTN
3.375%, 09/28/2020	EUR		400		581
Motability Operations Group MTN
3.750%, 11/29/2017	EUR		300		451
National Westminster Bank
6.500%, 09/07/2021			220		400
Nationwide Building Society
4.625%, 02/08/2021	EUR		550		918
4.125%, 03/20/2023 (C)	EUR		1,200		1,744
3.125%, 10/13/2016	EUR		175		257
Network Rail Infrastructure Finance MTN
4.400%, 03/06/2016	CAD		690		660

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Northern Rock
5.625%, 06/22/2017 (A)	USD		1,750	$	1,958
Northumbrian Water Finance
6.875%, 02/06/2023			190		385
6.000%, 10/11/2017			500		940
RL Finance Bonds No. 2
6.125%, 11/30/2043 (C)			100		168
Rolls-Royce
6.750%, 04/30/2019			100		198
Royal Bank of Scotland
9.500%, 03/16/2022 (C)	USD		200		234
6.934%, 04/09/2018	EUR		300		472
5.500%, 03/23/2020	EUR		200		325
5.125%, 01/13/2024			400		756
Severn Trent Utilities Finance
6.125%, 02/26/2024			195		382
Southern Gas Networks MTN
4.875%, 10/05/2023			215		384
Standard Chartered MTN
4.000%, 07/12/2022 (C)	USD		390		397
Standard Life MTN
5.500%, 12/04/2042 (C)			250		435
5.314%, 01/06/2049 (C)	EUR		230		322
Tesco MTN
6.125%, 02/24/2022			300		569
United Kingdom Gilt
4.500%, 12/07/2042			1,900		3,757
4.250%, 06/07/2032			180		339
4.250%, 12/07/2055			280		548
3.250%, 01/22/2044			390		618
2.250%, 09/07/2023			980		1,567
1.750%, 07/22/2019			400		560
1.750%, 09/07/2022			1,135		1,772
1.250%, 07/22/2018			735		1,203
1.000%, 09/07/2017			575		947
United Kingdom Treasury
4.750%, 12/07/2030			1,240		2,469
4.250%, 03/07/2036			875		1,644
4.250%, 09/07/2039			720		1,359
4.000%, 03/07/2022			3,900		7,227
2.000%, 01/22/2016			533		909
1.750%, 01/22/2017			1,670		2,833
Voyage Care Bondco
6.500%, 08/01/2018			150		261
Wales & West Utilities Finance MTN
6.750%, 12/17/2036 (C)			200		381
Western Power Distribution South West
5.750%, 03/23/2040			200		381
Western Power Distribution West Midlands
3.875%, 10/17/2024			230		377
WPP Finance MTN
3.000%, 11/20/2023	EUR		123		175

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 27

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Yorkshire Power Finance
7.250%, 08/04/2028			208	$	434
Yorkshire Water Services Bradford Finance
6.375%, 08/19/2039			100		207
					70,054
United States — 6.0%
21st Century Fox America
4.500%, 02/15/2021			75		81
4.000%, 10/01/2023			59		60
3.000%, 09/15/2022			111		107
AbbVie
4.400%, 11/06/2042			90		88
2.900%, 11/06/2022			255		245
1.750%, 11/06/2017			49		49
Aetna
2.750%, 11/15/2022			165		155
Altria Group
4.750%, 05/05/2021			180		196
4.250%, 08/09/2042			265		235
American Equity Investment Life Holding
6.625%, 07/15/2021			144		154
American International Group
8.175%, 05/15/2058 (C)			240		315
5.850%, 01/16/2018			245		280
American Tower
3.400%, 02/15/2019 (D)			390		400
AT&T
5.875%, 04/28/2017	GBP		200		370
4.875%, 06/01/2044	GBP		230		374
Bank of America MTN
1.875%, 01/10/2019			280		390
Barrick North America Finance
4.400%, 05/30/2021			189		190
Bristol-Myers Squibb
2.000%, 08/01/2022			670		609
Chevron
2.355%, 12/05/2022			810		761
Citigroup
5.000%, 08/02/2019	EUR		230		369
4.450%, 01/10/2017			250		270
Denbury Resources
4.625%, 07/15/2023			78		73
Discovery Communications
2.375%, 03/07/2022			350		480
DISH DBS
5.000%, 03/15/2023			150		151
Dollar General
3.250%, 04/15/2023			400		378
Dover MTN
2.125%, 12/01/2020			250		348

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
General Electric
2.700%, 10/09/2022			320	$	310
General Electric Capital MTN
5.500%, 01/08/2020			305		351
5.300%, 02/11/2021			205		231
4.625%, 01/07/2021			750		826
Glencore Funding
4.125%, 05/30/2023 (A)			250		239
Goldman Sachs Group MTN
4.250%, 01/29/2026			190		318
2.625%, 08/19/2020	EUR		350		494
Intelsat Jackson Holdings
5.500%, 08/01/2023 (A)			240		235
International Business Machines MTN
1.375%, 11/19/2019	EUR		250		344
John Deere Bank MTN
1.500%, 07/16/2018			250		349
JPMorgan Chase Bank
0.997%, 05/31/2017 (C)	EUR		1,250		1,704
JPMorgan Chase MTN
0.682%, 10/12/2015 (C)	EUR		350		479
Kroger
3.400%, 04/15/2022			33		33
Macy’s Retail Holdings
3.875%, 01/15/2022			164		169
MCE Finance
5.000%, 02/15/2021 (A)			250		250
Merrill Lynch MTN
0.854%, 09/14/2018 (C)	EUR		375		496
Metropolitan Life Global Funding I MTN
4.625%, 05/16/2017	EUR		200		305
Mondelez International
2.375%, 01/26/2021			400		557
1.125%, 01/26/2017			650		897
Morgan Stanley MTN
5.375%, 08/10/2020	EUR		150		245
3.750%, 09/21/2017	EUR		350		521
2.375%, 03/31/2021			1,250		1,723
Motorola Solutions
3.500%, 03/01/2023			178		170
Nissan Motor Acceptance
2.350%, 03/04/2019 (A)			540		535
Nabors Industries
5.100%, 09/15/2023 (A)			280		290
Noble Holding International
4.900%, 08/01/2020			25		27
Offshore Group Investment
7.125%, 04/01/2023			218		222
Owens Corning
6.500%, 12/01/2016			145		160
Philip Morris International MTN
2.900%, 11/15/2021			325		321

28 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description		Face Amount (1) Thousands)		Market Value ($ Thousands)
2.875%, 05/30/2024	EUR		100	$	142
2.875%, 03/03/2026			435		598
2.125%, 05/30/2019	EUR		100		142
PNC Funding
5.125%, 02/08/2020			300		338
3.300%, 03/08/2022			150		151
Principal Financial Group
1.850%, 11/15/2017			175		176
Procter & Gamble
2.000%, 11/05/2021			150		209
Prologis
3.375%, 02/20/2024			300		423
3.000%, 01/18/2022			450		634
Prologis International Funding II MTN
2.875%, 04/04/2022 (B)			220		302
Prudential Financial
5.625%, 06/15/2043 (C)			545		556
Rabobank Capital Funding Trust IV
5.556%, 12/31/2019 (C)	GBP		153		267
Regency Energy Partners
4.500%, 11/01/2023			72		67
Republic Services
4.750%, 05/15/2023			155		165
Reynolds American
3.250%, 11/01/2022			361		340
Ryder System MTN
5.850%, 11/01/2016			116		129
Simon Property Group
2.375%, 10/02/2020 (B) (D)	EUR		400		564
Sirius XM Radio
4.625%, 05/15/2023 (A)			254		239
Societe Generale
5.922%, 04/05/2017 (A) (C)			180		191
Sprint
7.875%, 09/15/2023 (A)			187		206
Sun Merger Sub
5.875%, 08/01/2021 (A)			153		159
Time Warner Cable
5.750%, 06/02/2031			250		448
5.250%, 07/15/2042			400		668
T-Mobile USA
6.625%, 04/01/2023			230		244
Transocean
2.500%, 10/15/2017			173		174
UBS MTN
5.875%, 12/20/2017	USD		247		283
United Technologies
1.800%, 06/01/2017			201		204
UnitedHealth Group
2.750%, 02/15/2023			120		113
Verizon Communications
6.550%, 09/15/2043			200		243

Description	Face Amount (1) Thousands)		Market Value ($ Thousands)
Viacom
3.875%, 04/01/2024		148	$	148
WellPoint
4.650%, 01/15/2043		110		107
2.300%, 07/15/2018		150		150
Wells Fargo MTN
4.600%, 04/01/2021		75		83
3.500%, 03/08/2022		235		240
Williams Partners
5.250%, 03/15/2020		89		98
Windstream
7.500%, 04/01/2023		255		268
				29,398
Total Global Bonds (Cost $445,535) ($ Thousands)				454,792
MORTGAGE-BACKED SECURITIES — 2.2%
Agency Mortgage-Backed Obligation — 0.0%
FHLMC, Ser K501, Cl X1A, IO
1.741%, 08/25/2016 (C) (F)		317		9
Non-Agency Mortgage-Backed Obligation — 2.2%
BB-UBS Trust, Ser 2012-SHOW, Cl A
3.430%, 11/05/2036 (A)		100		96
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
5.205%, 09/25/2034 (A) (C)		103		101
Bear Stearns Commercial Mortgage Securities, Ser 2005-PW10, Cl A4
5.405%, 12/11/2040 (C)		175		184
Bear Stearns Commercial Mortgage Securities, Ser 2005-PWR8, Cl A4
4.674%, 06/11/2041		48		50
Bear Stearns Commercial Mortgage Securities, Ser 2005-PWR9, Cl A4A
4.871%, 09/11/2042		25		26
Bear Stearns Commercial Mortgage Securities, Ser 2005-T20, Cl A4A
5.138%, 10/12/2042 (C)		40		42
Bear Stearns Commercial Mortgage Securities, Ser 2006-T22, Cl A4
5.577%, 04/12/2038 (C)		124		133
Bear Stearns Commercial Mortgage Securities, Ser 2006-T24, Cl A4
5.537%, 10/12/2041		223		243
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW16, Cl A4
5.716%, 06/11/2040 (C)		241		269
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW17, Cl A4
5.694%, 06/11/2050 (C)		110		123
Bear Stearns Commercial Mortgage Securities, Ser 2007-T26, Cl A4
5.471%, 01/12/2045 (C)		66		73

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 29

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2014

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
CD Mortgage Trust, Ser 2007-CD5, Cl A4
5.886%, 11/15/2044 (C)		112	$	126
Citigroup Commercial Mortgage Trust, Ser 2006-C4, Cl A3
5.784%, 03/15/2049 (C)		155		168
Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4
6.136%, 12/10/2049 (C)		570		641
Citigroup Commercial Mortgage Trust, Ser 2013-GC15, Cl A4
4.371%, 09/10/2046 (C)		115		122
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4
2.614%, 05/25/2035 (A) (C)		644		620
COMM Mortgage Trust, Ser 2006- C7, Cl A4
5.768%, 06/10/2046 (C)		129		140
COMM Mortgage Trust, Ser 2013- CCRE9, Cl A4
4.237%, 07/10/2045 (C)		35		37
COMM Mortgage Trust, Ser 2013- CR7, Cl A4
3.213%, 03/10/2046		90		88
COMM Mortgage Trust, Ser 2013- CR8, Cl A4
3.334%, 06/10/2046		130		128
COMM Mortgage Trust, Ser 2013- CR9, Cl A3
4.022%, 07/10/2045		50		52
COMM Mortgage Trust, Ser 2014- CCRE14, Cl A3
3.955%, 02/10/2047		70		72
Commercial Mortgage Loan Trust, Ser 2008-LS1, Cl A4B
6.009%, 12/10/2049 (C)		170		188
Credit Suisse First Boston Mortgage Securities, Ser 2005- C2, Cl AMFX
4.877%, 04/15/2037		85		86
CW Capital Cobalt, Ser 2006-C1, Cl A4
5.223%, 08/15/2048		50		53
Eddystone Finance, Ser 2006-1, Cl A2
1.045%, 04/19/2021 (C) (F)		133		219
FNMA Connecticut Avenue Securities, Ser 2013-C01, Cl M1
2.154%, 10/25/2023 (A) (C)		141		144
FNMA Connecticut Avenue Securities, Ser 2014-C01, Cl M1
1.754%, 01/25/2024(A) (C)		359		362

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Fosse Master Issuer, Ser 2011-1X, Cl A3
1.920%, 10/18/2054(A) (C)			202	$	337
GE Capital Commercial Mortgage, Ser 2005-C4, Cl A4
5.309%, 11/10/2045 (C)			55		58
GMAC Commercial Mortgage Securities Trust, Ser 2006-C1, Cl A4
5.238%, 11/10/2045 (C)			101		105
Goldman Sachs Mortgage Securities Trust, Ser 2014-GC20, Cl D
4.866%, 04/10/2047 (B)			80		73
Granite Master Issuer, Ser 2005-1, Cl A5
0.414%, 12/20/2054 (A) (C) (F)	EUR		121		165
Granite Master Issuer, Ser 2006-2, Cl A5
0.434%, 12/20/2054 (A) (C) (F)	EUR		238		325
Greenwich Capital Commercial Funding, Ser 2006-GG7, Cl A4
5.820%, 07/10/2038 (C)			143		155
Greenwich Capital Commercial Funding, Ser 2007-GG11, Cl A4
5.736%, 12/10/2049			165		184
Greenwich Capital Commercial Funding, Ser 2007-GG9, Cl AM
5.475%, 03/10/2039			370		398
GS Mortgage Securities II, Ser 2005-ROCK, Cl A
5.366%, 05/03/2032 (A)			50		56
GS Mortgage Securities II, Ser 2012-GCJ7, Cl A4
3.377%, 05/10/2045			60		61
GS Mortgage Securities II, Ser 2012-GCJ9, Cl A3
2.773%, 11/10/2045			125		119
GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1
4.853%, 01/25/2035 (A) (C)			193		194
JPMorgan Chase Commercial Mortgage Securities, Ser 2005- CB13, Cl A4
5.244%, 01/12/2043 (C)			85		90
JPMorgan Chase Commercial Mortgage Securities, Ser 2006- LDP8, Cl A4
5.399%, 05/15/2045			79		86

30 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
JPMorgan Chase Commercial Mortgage Securities, Ser 2007- CB19, Cl A4
5.698%, 02/12/2049 (C)		145	$	161
JPMorgan Chase Commercial Mortgage Securities, Ser 2008- C2, Cl A4FL
1.655%, 02/12/2051 (C)		220		212
JPMorgan Chase Commercial Mortgage Securities, Ser 2012- C8, Cl A3
2.829%, 10/15/2045		90		86
JPMorgan Chase Commercial Mortgage Securities, Ser 2012- C8, Cl E
4.668%, 10/15/2045 (A) (C)		100		94
JPMorgan Chase Commercial Mortgage Securities, Ser 2013- C16, Cl D
5.009%, 12/15/2046 (A) (C)		100		92
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1
4.855%, 12/25/2034 (A) (C)		129		130
LB-UBS Commercial Mortgage Trust, Ser 2005-C5, Cl A4
4.954%, 09/15/2030		31		32
LB-UBS Commercial Mortgage Trust, Ser 2007-C2, Cl A3
5.430%, 02/15/2040		87		95
LB-UBS Commercial Mortgage Trust, Ser 2007-C6, Cl A4
5.858%, 07/15/2040 (C)		179		191
LB-UBS Commercial Mortgage Trust, Ser 2007-C7, Cl A3
5.866%, 09/15/2045 (C)		64		73
LB-UBS Commercial Mortgage Trust, Ser 2008-C1, Cl A2
6.157%, 04/15/2041 (C)		51		58
Merrill Lynch Mortgage Trust, Ser 2005-CIP1, Cl A4
5.047%, 07/12/2038 (C)		125		131
Merrill Lynch Mortgage Trust, Ser 2005-CKI1, Cl A6
5.282%, 11/12/2037 (C)		112		118
Merrill Lynch Mortgage Trust, Ser 2005-LC1, Cl A4
5.291%, 01/12/2044 (C)		88		94
ML-CFC Commercial Mortgage Trust, Ser 2007-5, Cl A4
5.378%, 08/12/2048		114		123
Morgan Stanley Capital I Trust, Ser 2005-HQ6, Cl A4A
4.989%, 08/13/2042		166		171

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl A4
5.162%, 10/12/2052 (C)		175	$	185
Morgan Stanley Capital I Trust, Ser 2007-IQ14, Cl A4
5.692%, 04/15/2049 (C)		65		72
Morgan Stanley Capital I, Ser 2006-IQ16, Cl A4
5.809%, 12/12/2049		75		84
Morgan Stanley Re-REMIC Trust, Ser 2010-GG10, Cl A4A
5.806%, 08/15/2045 (A) (C)		88		97
Silverstone Master Issuer, Ser 2009-1, Cl A2
1.970%, 01/21/2055 (A) (C)		300		504
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl D
4.095%, 03/10/2046 (A) (C)		35		31
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4
3.185%, 03/10/2046		220		214
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C6, Cl A3
2.971%, 04/10/2046		70		67
VNO Mortgage Trust, Ser 2012- 6AVE, Cl A
2.996%, 11/15/2030 (A)		105		101
Wachovia Bank Commercial Mortgage Trust, Ser 2006-C23, Cl A4
5.418%, 01/15/2045 (C)		26		28
Wells Fargo Commercial Mortgage Trust, Ser 2012-LC5, Cl D
4.779%, 10/15/2045 (A) (C)		10		9
WFRBS Commercial Mortgage Trust, Ser 2011-C4, Cl A4
4.902%, 06/15/2044 (A) (C)		175		193
WFRBS Commercial Mortgage Trust, Ser 2013-C12, Cl A4
3.198%, 03/15/2048		60		59
WFRBS Commerical Mortgage Trust, Ser 2013-C15, Cl A3
3.881%, 08/15/2046		70		72
				10,569
Total Mortgage-Backed Securities (Cost $10,554) ($ Thousands)				10,578
CORPORATE OBLIGATIONS — 1.2%
United States — 1.2%
Anadarko Petroleum
6.375%, 09/15/2017		330		378
Bank of America MTN
5.000%, 05/13/2021		175		193

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 31

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2014

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
CMS Energy
5.050%, 03/15/2022		140	$	156
CNA Financial
7.250%, 11/15/2023		110		135
6.500%, 08/15/2016		40		45
Duke Realty
6.750%, 03/15/2020 (D)		140		163
Enterprise Products Operating
5.950%, 02/01/2041		100		114
General Electric Capital MTN
5.550%, 05/04/2020		45		52
2.375%, 06/30/2015		150		153
Humana
7.200%, 06/15/2018		280		333
Kinder Morgan Energy Partners
6.850%, 02/15/2020		104		122
3.500%, 09/01/2023		171		161
2.650%, 02/01/2019		86		86
Lincoln National
8.750%, 07/01/2019		128		165
McGraw Hill Financial
5.900%, 11/15/2017		325		360
Morgan Stanley
3.450%, 11/02/2015		125		130
Motorola Solutions
7.500%, 05/15/2025		85		103
Noble Energy
8.250%, 03/01/2019		250		311
PNC Bank
2.700%, 11/01/2022		445		418
Prudential Financial MTN
6.100%, 06/15/2017		125		142
Ryder System MTN
7.200%, 09/01/2015		108		117
SLM MTN
5.500%, 01/15/2019		433		458
Smithfield Foods
6.625%, 08/15/2022		44		48
Time Warner
4.875%, 03/15/2020		150		165
Time Warner Cable
7.500%, 04/01/2014		385		385
Total System Services
2.375%, 06/01/2018		236		233
Union Electric
6.700%, 02/01/2019		45		54
Viacom
6.125%, 10/05/2017		325		373
Williams Partners
4.000%, 11/15/2021		150		153
Total Corporate Obligations (Cost $5,357) ($ Thousands)				5,706
ASSET-BACKED SECURITIES — 0.3%
Automotive — 0.2%
Bavarian Sky, Ser 2013-GER1, Cl A
0.474%, 06/20/2020 (C)		524		722

Description		Face Amount (2) (Thousands)		Market Value ($ Thousands)
Other Asset-Backed Securities — 0.1%
Volta Electricity Receivables, Ser 2013-1, Cl SNR
4.172%, 02/16/2017			242	$	340
Total Asset-Backed Securities (Cost $994) ($ Thousands)					1,062
U.S. TREASURY OBLIGATIONS — 0.2%
U.S. Treasury Notes
2.000%, 02/15/2022			760		735
U.S. Treasury Bonds
3.125%, 02/15/2043			180		165
Total U.S. Treasury Obligations (Cost $972) ($ Thousands)					900
TIME DEPOSITS — 0.8%
Brown Brothers Harriman
4.350%, 04/01/2014	ZAR		1		—
1.950%, 04/01/2014	NZD		83		72
1.929%, 04/01/2014	AUD		168		156
0.550%, 04/01/2014	NOK		136		23
0.278%, 04/01/2014	CAD		110		99
0.100%, 04/01/2014	SEK		101		16
0.076%, 04/01/2014	EUR		436		600
0.048%, 04/01/2014	GBP		16		27
0.030%, 04/01/2014			2,999		2,999
0.005%, 04/01/2014	SGD		1		—
0.005%, 04/01/2014	HKD		2		—
0.005%, 04/01/2014	JPY		9,349		91
0.001%, 04/01/2014	CHF		—		—
(0.100)%, 04/01/2014	DKK		12		2
Total Time Deposits (Cost $4,085) ($ Thousands)					4,085
Total Investments — 98.6% (Cost $467,497) ($ Thousands)				$	477,123

A list of the open futures contracts held by the Fund at March 31, 2014, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
10-YR MINI JGB		2			Jun-2014	$	—
Australian 10-Year Bond		3			Jun-2014		2
Australian 3-Year Bond		40			Jun-2014		(5	)
Canadian 10-Year Bond		(2	)		Jun-2014		(1	)
Canadian 10-Year Bond		23			Jun-2014		9
Euro-Bobl		(59	)		Jun-2014		(27	)
Euro-BTP		12			Jun-2014		11
Euro-Bund		24			Jun-2014		14
Euro-Buxl 30 Year Bond		22			Jun-2014		29
Euro-OAT		11			Jun-2014		17
Euro-Schatz		40			Jun-2014		(6	)
Japanese 10-Year Bond		4			Jun-2014		(6	)
Long Gilt 10-Year Bond		48			Jun-2014		31
U.S. 10-Year Treasury Note		(280	)		Jun-2014		105
U.S. 2-Year Treasury Note		(65	)		Jun-2014		17
U.S. 5-Year Treasury Note		14			Jun-2014		(11	)
U.S. 5-Year Treasury Note		(43	)		Jun-2014		(2	)
U.S. Long Treasury Bond		(29	)		Jun-2014		(32	)
U.S. Ultra Long Treasury Bond		(5	)		Jun-2014		(14	)
						$	131

For the six months ended March 31, 2014, 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 six months.

32 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

A list of the open forward foreign currency contracts held by the Fund at March 31, 2014, is as follows:

Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($Thousands)
04/02/2014-05/05/2014		BRL	7,215		USD	3,036	$	(148	)
04/02/2014-05/05/2014		USD	2,313		BRL	5,415		80
04/03/2014		USD	4,426		DKK	23,974		—
04/03/2014		USD	530		SEK	3,434		—
04/03/2014-04/30/2014		PLN	15,821		USD	5,211		(23	)
04/03/2014-04/30/2014		USD	3,558		AUD	3,849		8
04/03/2014-04/30/2014		USD	4,917		CAD	5,439		10
04/03/2014-04/30/2014		USD	108,999		EUR	79,065		(30	)
04/03/2014-04/30/2014		USD	25,896		GBP	15,535		2
04/03/2014-04/30/2014		USD	35,226		JPY	3,626,593		(10	)
04/03/2014-04/30/2014		USD	3,758		NZD	4,332		(1	)
04/03/2014-05/07/2014		AUD	20,583		USD	18,507		(544	)
04/03/2014-05/07/2014		CAD	27,536		USD	24,776		(163	)
04/03/2014-05/07/2014		DKK	51,573		USD	9,540		18
04/03/2014-05/07/2014		EUR	236,538		USD	326,576		604
04/03/2014-05/07/2014		JPY	12,707,678		USD	124,003		587
04/03/2014-05/07/2014		SEK	63,445		USD	9,873		89
04/03/2014-05/08/2014		GBP	49,762		USD	82,860		(76	)
04/03/2014-05/08/2014		NZD	8,933		USD	7,607		(131	)
04/11/2014		IDR	4,613,397		USD	402		(3	)
04/11/2014-06/11/2014		USD	782		IDR	9,226,795		24
04/21/2014		USD	769		PEI	2,170		1
04/30/2014		CHF	2,428		USD	2,774		24
04/30/2014		CZK	8,436		USD	427		3
04/30/2014		ILS	777		USD	224		2
04/30/2014		KRW	3,111,655		USD	2,887		(37	)
04/30/2014		MYR	1,470		USD	445		(5	)
04/30/2014		NOK	1,884		USD	311		(4	)
04/30/2014		SGD	1,746		USD	1,379		(10	)
04/30/2014		THB	16,305		USD	506		4
04/30/2014		USD	120		MXN	1,572		1
04/30/2014		USD	80		NOK	480		—
04/30/2014		USD	160		ZAR	1,710		1
04/30/2014		ZAR	12,546		USD	1,159		(29	)
04/30/2014-06/24/2014		MXN	37,192		USD	2,811		(31	)
							$	213

A list of the counterparties for the open forward foreign currency contracts held by the Fund at March 31, 2014, is as follows:

Counterparty	Currency to Deliver ($Thousands)			Currency to Receive ($Thousands)		Unrealized Appreciation (Depreciation) ($Thousands)
Bank of America		(198	)		196	$	(2	)
Barclays PLC		(18,092	)		17,960		(132	)
BNP Paribas		(14,858	)		14,783		(75	)
Brown Brothers Harriman		(182,199	)		182,541		342
Citigroup		(404,294	)		404,720		426
Commonwealth Associates		(26,880	)		27,019		139
Credit Suisse First Boston		(156	)		155		(1	)
Deutsche Bank		(28,604	)		28,575		(29	)
Goldman Sachs		(1,596	)		1,614		18
HSBC		(8,042	)		8,042		—
JPMorgan Chase Bank		(31,115	)		31,123		8
National Australia Bank		(4,261	)		4,145		(116	)
RBC		(24,893	)		24,759		(134	)
Royal Bank of Scotland		(28,459	)		28,634		175
Standard Bank		(449	)		444		(5	)
State Street		(15,558	)		15,539		(19	)
UBS		(11,431	)		11,069		(362	)
Westpac Banking		(15,640	)		15,620		(20	)
						$	213

For the six months ended March 31, 2014, 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 six months.

A list of the open OTC swap agreements held by the Fund at March 31, 2014, is as follows:

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date		Currency		Notional Amount (Thousands)		Net Unrealized Depreciation ($ Thousands)
Citibank	2.83%	3 Month USD LIBOR		08/08/2023		USD		6,000	$	(60	)
Citigroup	3.79%	6-Month GBP LIBOR		05/19/2019		GBP		2,500		(405	)
									$	(465	)

A list of the open centrally cleared swap agreements held by the Fund at March 31, 2014, is as follows:

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date		Currency		Notional Amount (Thousands)		Net Unrealized Depreciation ($ Thousands)
Citibank	3.34%	6-Month GBP LIBOR		01/17/2044		GBP		1,000	$	(19	)
JPMorgan Chase Bank	6-Month EURIBOR	1.56%		11/28/2033		EUR		600,000		(33	)
JPMorgan Chase Bank	1.90%	6-Month EUR EURIBOR		03/24/2024		EUR		2,200		(33	)
JPMorgan Chase Bank	2.87%	6-Month GBP LIBOR		02/14/2024		GBP		250		(3	)
JPMorgan Chase Bank	1.49%	6-Month EUR EURIBOR		11/21/2023		EUR		5,500		(190	)
JPMorgan Chase Bank	1.49%	6-Month EUR EURIBOR		09/12/2018		EUR		7,000		(268	)
									$	(546	)

For the six months ended March 31, 2014, 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 six months.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 33

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Concluded)

March 31, 2014

Percentages are based on a Net Assets of $484,058 ($ Thousands).

(1) In local currency unless otherwise indicated.

(2) In U.S. Dollar 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) Security is when-issued.

(C) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2014.

(D) Real Estate Investment Trust.

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

(F) Securities considered illiquid. The total market value of such securities as of March 31, 2014 was $718 ($ Thousands) and represented 0.15% of Net Assets.

(G) Security, or portion thereof, has been pledged as collateral on open swap agreements.

AUD — Australian Dollar

BRL — Brazilian Real

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

FNMA — Federal National Mortgage Association

GBP — British Pound Sterling

HKD — Hong Kong Dollar

IDR — Indonesia Rupian

ILS — Israeli Shekel

IO — Interest Only

JGB — Japanese Government Bond

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEI — Peruvian Inca

PLC — Public Limited Company

PLN — Polish Zlotty

SEK — Swedish Krone

Ser — Series

SGD — Singapore Dollar

THB — Thai Baht

USD — U.S. Dollar

ZAR— South African Rand

The following is a summary of the level of inputs used as of March 31, 2014, in valuing the Fund’s investments and other financial instruments carried at value ($Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	454,792	$	—	$	454,792
Mortgage-Backed Securities		—		10,578		—		10,578
Corporate Obligations		—		5,706		—		5,706
Asset-Backed Securities		—		1,062		—		1,062
U.S. Treasury Obligations		—		900		—		900
Time Deposits		—		4,085		—		4,085
Total Investments in Securities	$	—	$	477,123	$	—	$	477,123

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts* Unrealized Appreciation	$	235		$	—		$	—	$	235
Unrealized Depreciation		(104	)		—			—		(104	)
Forwards Contracts* Unrealized Appreciation		—			1,458			—		1,458
Unrealized Depreciation		—			(1,245	)		—		(1,245	)
OTC Swaps
Interest Rate Swaps*
Unrealized Depreciation		—			(465	)		—		(465	)
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Depreciation		—			(546	)		—		(546	)
Total Other Financial Instruments	$	131		$	(798	)	$	—	$	(667	)

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

For the six months ended March 31, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2014, there were 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.

34 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2014

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS — 92.8%
Argentina — 0.7%
City of Buenos Aires Argentina
9.950%, 03/01/2017 (A) (B)		2,350	$	2,338
Republic of Argentina
7.000%, 10/03/2015		1,125		1,095
7.000%, 04/17/2017		4,200		3,885
2.500%, 03/31/2019 (C)		4,072		1,710
				9,028
Armenia — 0.1%
Republic of Armenia
6.000%, 09/30/2020		1,500		1,553
Azerbaijan — 0.4%
Republic of Azerbaijan International Bond
4.750%, 03/18/2024 (B)		2,547		2,571
State Oil of the Azerbaijan Republic
5.450%, 02/09/2017		1,312		1,381
4.750%, 03/13/2023		1,356		1,293
				5,245
Barbados — 0.1%
Columbus International
7.375%, 03/30/2021 (B)		1,213		1,249
Belarus — 0.4%
Republic of Belarus
8.950%, 01/26/2018		3,260		3,342
8.750%, 08/03/2015		1,130		1,144
				4,486
Belize — 0.2%
Belize Government International Bond
5.000%, 08/20/2017 (C)		3,250		2,263

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Bermuda — 0.2%
Government of Bermuda
4.854%, 02/06/2024			1,680	$	1,714
4.138%, 01/03/2023 (B)			820		804
					2,518
Bolivia — 0.3%
Government of Bolivia
5.950%, 08/22/2023			3,135		3,276
4.875%, 10/29/2022 (B)			250		248
					3,524
Bosnia and Herzegovina — 0.1%
Republic of Bosnia & Herzegovina
2.063%, 12/11/2017 (A) (D)	DEM		1,200		685
Brazil — 9.4%
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/2019 (B)			660		746
5.750%, 09/26/2023			280		293
5.500%, 07/12/2020 (B)			400		428
BR Malls International Finance
8.500%, 12/31/2049 (B)			33		34
Brazil Letras do Tesouro Nacional (E)
10.821%, 01/01/2015	BRL		7,890		3,223
10.789%, 01/01/2016	BRL		33,605		12,175
10.345%, 01/01/2017	BRL		54,969		17,613
9.453%, 01/01/2018	BRL		21,700		6,133
Brazil Loan Trust 1
5.477%, 07/24/2023 (B)			2,344		2,379
5.477%, 07/24/2023			351		355
Brazil Notas do Tesouro Nacional, Ser B
10.442%, 08/15/2020	BRL		4,385		4,618
Brazil Notas do Tesouro Nacional
10.000%, 01/01/2017	BRL		26,484		11,111
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2018	BRL		8,530		3,508
10.000%, 01/01/2021	BRL		7,513		2,951
10.000%, 01/01/2023	BRL		16,170		6,187
Caixa Economica Federal
4.500%, 10/03/2018			250		254
Cosan
5.000%, 03/14/2023 (B)			300		282
ESAL GmbH
6.250%, 02/05/2023 (B)			350		331
Federal Republic of Brazil
10.125%, 05/15/2027			850		1,288

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 35

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
10.125%, 05/15/2027			2,292	$	3,472
8.875%, 04/15/2024			400		538
8.250%, 01/20/2034			4,767		6,316
7.125%, 01/20/2037			8,634		10,350
5.875%, 01/15/2019			369		415
4.875%, 01/22/2021			1,909		2,029
4.250%, 01/07/2025			6,696		6,478
2.625%, 01/05/2023 (F)			9,822		8,692
Itau Unibanco Holding
5.650%, 03/19/2022 (B)			300		302
JBS Finance II
8.250%, 01/29/2018			370		396
8.250%, 01/29/2018 (B)			350		374
Marfrig Overseas
9.500%, 05/04/2020 (B)			835		838
Minerva Luxembourg
12.250%, 02/10/2022 (B)			650		725
7.750%, 01/31/2023			300		307
Odebrecht Drilling Norbe VIII/IX
6.350%, 06/30/2021			113		117
6.350%, 06/30/2021 (B)			18		19
Odebrecht Finance
5.125%, 06/26/2022 (B)			350		349
Odebrecht Offshore Drilling Finance
6.750%, 10/01/2022 (B)			195		202
Samarco Mineracao
4.125%, 11/01/2022 (B)			238		219
Schahin II Finance
5.875%, 09/25/2022 (B)			84		81
					116,128
Chile — 1.3%
Banco del Estado de Chile
4.125%,10/07/2020			30		31
3.875%, 02/08/2022 (B)			230		227
BancoEstado
4.125%, 10/07/2020 (B)			270		279
Bonos de la Tesoreria de la Republica en pesos
6.000%, 01/01/2018	CLP		240,000		463
6.000%, 01/01/2020	CLP		245,000		478
6.000%, 01/01/2022	CLP		90,000		176
Cencosud
5.500%, 01/20/2021 (B)			200		206
4.875%, 01/20/2023 (B)			405		392
Empresa Nacional del Petroleo
6.250%, 07/08/2019 (B)			100		112
6.250%, 07/08/2019			50		56
5.250%, 08/10/2020			100		106
5.250%, 08/10/2020 (B)			240		253
Nacional del Cobre de Chile
7.500%, 01/15/2019			170		204
6.150%, 10/24/2036			1,748		1,928

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
5.625%, 09/21/2035			880	$	911
5.625%, 10/18/2043			250		256
4.500%, 08/13/2023 (B)			1,799		1,854
4.250%, 07/17/2042 (B)			654		556
3.875%, 11/03/2021 (B)			403		405
3.000%, 07/17/2022 (B)			1,923		1,794
Republic of Chile
5.500%, 08/05/2020	CLP		323,000		590
3.875%, 08/05/2020			3,083		3,276
2.250%, 10/30/2022			1,316		1,204
Telefonica Moviles Chile
2.875%, 11/09/2015			100		102
VTR Finance BV
6.875%, 01/15/2024 (B)			266		277
					16,136
China — 1.7%
Amber Circle Funding
3.250%, 12/04/2022			850		783
Central China Real Estate
8.000%, 01/28/2020			400		365
Central China Real Estate MTN
6.500%, 06/04/2018			900		819
China Overseas Finance Cayman V
3.950%, 11/15/2022			200		180
China SCE Property Holdings
11.500%, 11/14/2017			800		824
China Shanshui Cement Group
10.500%, 04/27/2017 (B)			650		692
10.500%, 04/27/2017			200		213
Country Garden Holdings
11.250%, 04/22/2017			825		869
11.125%, 02/23/2018			275		298
7.500%, 01/10/2023			1,653		1,537
Franshion Development
6.750%, 04/15/2021 (B)			320		321
Kaisa Group Holdings
8.875%, 03/19/2018 (B)			150		145
Sinochem Overseas Capital
6.300%, 11/12/2040			250		270
4.500%, 11/12/2020 (B)			4,021		4,153
4.500%, 11/12/2020			4,863		5,022
Sinopec Capital
3.125%, 04/24/2023 (B)			1,219		1,111
Sinopec Group Overseas Development
4.875%, 05/17/2042 (B)			300		293
Sunac China Holdings
12.500%, 10/16/2017			300		322
9.375%, 04/05/2018			1,600		1,556
Talent Yield Investments
4.500%, 04/25/2022			1,282		1,280
					21,053

36 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Colombia — 4.8%
Bancolombia
5.125%, 09/11/2022			328	$	320
Bogota Distrito Capital
9.750%, 07/26/2028 (B)	COP		8,820,000		5,041
9.750%, 07/26/2028	COP		370,000		211
Citigroup Funding, CLN (Republic of Colombia)
11.000%, 07/27/2020	COP		7,940,000		5,027
Colombia Government International Bond
5.625%, 02/26/2044			1,277		1,333
Colombian TES
11.250%, 10/24/2018	COP		69,800		43
10.000%, 07/24/2024	COP		5,020,800		3,198
7.500%, 08/26/2026	COP		517,300		270
7.000%, 09/11/2019	COP		14,000,000		7,454
7.000%, 05/04/2022	COP		2,990,000		1,577
7.000%, 05/04/2022	COP		4,742,500		2,501
7.000%, 05/04/2022	COP		864,000		456
6.000%, 04/28/2028	COP		687,900		322
5.000%, 11/21/2018	COP		4,884,800		2,429
Emgesa ESP
8.750%, 01/25/2021	COP		870,000		469
Empresas Publicas de Medellin ESP
8.375%, 02/01/2021	COP		310,000		164
Grupo Aval
4.750%, 09/26/2022 (B)			222		214
JPMorgan, CLN (Republic of Columbia)
7.000%, 05/04/2022	COP		2,087,000		1,101
Pacific Rubiales Energy
7.250%, 12/12/2021			1,621		1,779
5.125%, 03/28/2023 (B)			506		492
Republic of Colombia
12.000%, 10/22/2015	COP		374,000		211
11.750%, 02/25/2020			1,587		2,293
10.375%, 01/28/2033			360		545
9.850%, 06/28/2027	COP		3,584,000		2,369
8.125%, 05/21/2024			1,190		1,547
7.750%, 04/14/2021	COP		1,734,000		987
7.375%, 03/18/2019			2,046		2,460
7.375%, 09/18/2037			6,479		8,293
6.125%, 01/18/2041			1,485		1,663
4.375%, 07/12/2021			3,565		3,708
4.375%, 03/21/2023	COP		135,000		62
4.000%, 02/26/2024			1,419		1,405
Transportadora de Gas Internacional ESP
5.700%, 03/20/2022 (B)			200		208
					60,152

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Costa Rica — 0.3%
Banco de Costa Rica
5.250%, 08/12/2018			340	$	345
Banco Nacional de Costa Rica
6.250%, 11/01/2023 (B)			240		237
4.875%, 11/01/2018			641		647
Costa Rica Government International Bond
5.625%, 04/30/2043			260		224
4.375%, 04/30/2025 (B)			525		470
4.375%, 04/30/2025			260		233
4.250%, 01/26/2023			1,198		1,108
Instituto Costarricense de Electricidad
6.950%, 11/10/2021			400		424
6.375%, 05/15/2043			250		214
					3,902
Croatia — 1.6%
Government of Croatia
6.750%, 11/05/2019			3,140		3,458
6.625%, 07/14/2020 (B)			170		186
6.625%, 07/14/2020			3,101		3,393
6.375%, 03/24/2021			810		873
6.375%, 03/24/2021 (B)			1,532		1,651
6.250%, 04/27/2017 (B)			630		676
6.000%, 01/26/2024 (B)			6,835		7,108
6.000%, 01/26/2024			1,500		1,560
5.875%, 07/09/2018	EUR		150		225
5.500%, 04/04/2023			1,458		1,473
					20,603
Czech Republic — 0.2%
Czech Republic Government Bond
2.500%, 08/25/2028	CZK		50,630		2,448
Dominican Republic — 0.6%
Dominican Republic
9.040%, 01/23/2018			967		1,064
7.500%, 05/06/2021			2,270		2,531
7.500%, 05/06/2021 (B)			1,830		2,040
6.600%, 01/28/2024 (B)			230		236
5.875%, 04/18/2024			710		699
5.875%, 04/18/2024 (B)			770		764
					7,334
Ecuador — 0.1%
Republic of Ecuador
9.375%, 12/15/2015			1,218		1,289
Egypt — 0.2%
Government of Egypt
6.875%, 04/30/2040			1,434		1,291

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 37

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
5.750%, 04/29/2020			450	$	461
5.750%, 04/29/2020 (B)			100		102
					1,854
El Salvador — 0.7%
Republic of El Salvador
8.250%, 04/10/2032			407		431
8.250%, 04/10/2032			480		509
7.750%, 01/24/2023			708		759
7.750%, 01/24/2023			680		729
7.650%, 06/15/2035			650		647
7.625%, 02/01/2041 (B)			150		146
7.625%, 02/01/2041			599		584
7.375%, 12/01/2019			570		607
5.875%, 01/30/2025			2,785		2,618
5.875%, 01/30/2025 (A) (B)			1,257		1,181
Telemovil Finance
8.000%, 10/01/2017			800		855
					9,066
Gabon — 0.0%
Gabonese Republic
8.200%, 12/12/2017			490		559
Georgia — 0.3%
Georgian Railway JSC
7.750%, 07/11/2022			3,190		3,410
7.750%, 07/11/2022 (B)			390		417
					3,827
Ghana — 0.1%
Republic of Ghana
8.500%, 10/04/2017			1,189		1,205
8.500%, 10/04/2017 (B)			300		304
7.875%, 08/07/2023			660		606
					2,115
Guatemala — 0.1%
Comcel Trust
6.875%, 02/06/2024 (B)			1,090		1,140
Guatemala Government Bond
4.875%, 02/13/2028			509		491
					1,631
Hungary — 3.8%
Republic of Hungary
8.000%, 02/12/2015	HUF		230,000		1,073
7.750%, 08/24/2015	HUF		281,700		1,338
7.625%, 03/29/2041			3,890		4,483
7.000%, 06/24/2022	HUF		972,300		4,822
6.750%, 02/24/2017	HUF		164,010		788

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
6.750%, 11/24/2017	HUF		793,420	$	3,834
6.500%, 06/24/2019	HUF		298,490		1,437
6.375%, 03/29/2021			920		1,006
6.250%, 01/29/2020			770		840
6.000%, 01/11/2019	EUR		982		1,515
6.000%, 11/24/2023	HUF		730,380		3,411
5.750%, 11/22/2023			5,546		5,726
5.500%, 12/22/2016	HUF		510,620		2,374
5.500%, 12/20/2018	HUF		485,330		2,252
5.375%, 02/21/2023			3,528		3,577
5.375%, 03/25/2024			1,120		1,122
5.000%, 03/30/2016	GBP		227		389
4.125%, 02/19/2018			4,248		4,312
4.000%, 03/25/2019			636		632
					44,931
India — 0.1%
Bharti Airtel International Netherlands
5.125%, 03/11/2023 (B)			439		436
Export-Import Bank of India MTN
4.000%, 08/07/2017			200		208
Vedanta Resources
7.125%, 05/31/2023 (B)			160		160
6.750%, 06/07/2016			125		131
6.000%, 01/31/2019 (B)			273		273
					1,208
Indonesia — 7.3%
Adaro Indonesia
7.625%, 10/22/2019			300		319
Deutsche Bank, CLN (Republic of Indonesia)
7.000%, 05/15/2022	IDR		2,300,000		190
7.000%, 05/15/2027	IDR		2,300,000		178
6.625%, 05/15/2033	IDR		2,300,000		164
Indo Energy Finance
7.000%, 05/07/2018			200		194
Indo Energy Finance II
6.375%, 01/24/2023			1,179		937
6.375%, 01/24/2023 (B)			200		159
Indonesia Treasury Bond
8.375%, 03/15/2034	IDR		16,000,000		1,389
7.875%, 04/15/2019	IDR		41,620,000		3,692
Indosat Palapa
7.375%, 07/29/2020 (B)			200		217
JPMorgan, CLN (Republic of Indonesia)
7.000%, 05/15/2022	IDR		105,300,000		8,713
6.625%, 05/15/2033	IDR		3,100,000		221

38 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Listrindo Capital BV
6.950%, 02/21/2019 (B)			200	$	211
Majapahit Holding
8.000%, 08/07/2019			470		547
7.875%, 06/29/2037 (B)			205		226
7.750%, 10/17/2016			370		417
7.750%, 01/20/2020			894		1,026
Pertamina Persero MTN
6.500%, 05/27/2041 (B)			380		359
6.000%, 05/03/2042			340		301
6.000%, 05/03/2042 (B)			935		827
5.625%, 05/20/2043			3,882		3,285
5.250%, 05/23/2021 (B)			500		501
4.875%, 05/03/2022 (B)			220		211
Perusahaan Penerbit
6.125%, 03/15/2019			460		503
Republic of Indonesia
11.625%, 03/04/2019			1,674		2,266
11.625%, 03/04/2019			4,254		5,759
11.625%, 03/04/2019 (B)			975		1,320
11.000%, 09/15/2025	IDR		3,200,000		336
9.000%, 03/15/2029	IDR		82,636,000		7,569
8.500%, 10/12/2035			1,000		1,275
8.500%, 10/12/2035			1,140		1,453
8.375%, 03/15/2024	IDR		78,156,000		7,071
8.375%, 03/15/2034	IDR		55,920,000		4,854
8.250%, 06/15/2032	IDR		17,369,000		1,479
7.750%, 01/17/2038			1,478		1,762
7.750%, 01/17/2038			5,989		7,142
7.000%, 05/15/2022	IDR		59,080,000		4,889
6.875%, 01/17/2018			2,004		2,277
6.750%, 01/15/2044 (B)			1,650		1,805
6.625%, 05/15/2033	IDR		30,078,000		2,145
6.625%, 02/17/2037			676		717
6.625%, 02/17/2037			484		513
6.125%, 05/15/2028	IDR		26,020,000		1,844
5.875%, 03/13/2020			460		503
5.875%, 03/13/2020 (B)			864		944
5.625%, 05/15/2023	IDR		38,571,000		2,869
5.375%, 10/17/2023			300		311
5.250%, 01/17/2042			1,029		933
4.875%, 05/05/2021			2,600		2,665
4.875%, 05/05/2021 (B)			850		871
3.375%, 04/15/2023 (B)			1,339		1,195
Tullow Oil
6.000%, 11/01/2020 (B)			170		173
					91,727
Iraq — 0.8%
Republic of Iraq
5.800%, 01/15/2028			10,897		9,589

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Israel — 0.1%
Altice Financing
8.000%, 12/15/2019	EUR		400	$	610
7.875%, 12/15/2019 (A)			400		437
Altice Finco
9.875%, 12/15/2020 (A)			300		342
					1,389
Ivory Coast — 0.8%
Ivory Coast Government Bond
7.774%, 12/31/2032			3,413		3,200
7.774%, 12/31/2032 (A) (G)			6,777		6,353
					9,553
Jamaica — 0.2%
Digicel Group
10.500%, 04/15/2018			400		424
8.250%, 09/30/2020			2,200		2,349
					2,773
Kazakhstan — 2.0%
Development Bank of Kazakhstan
4.125%, 12/10/2022			770		695
Halyk Savings Bank of Kazakhstan
7.250%, 01/28/2021 (B)			400		420
7.250%, 01/28/2021			200		210
KazAgro National Management Holding
4.625%, 05/24/2023			370		342
Kazakhstan Temir Zholy Finance
6.950%, 07/10/2042			400		408
6.950%, 07/10/2042 (B)			250		255
Kazatomprom Natsionalnaya Atomnaya Kompaniya
6.250%, 05/20/2015 (B)			450		466
6.250%, 05/20/2015			100		103
KazMunayGas National MTN
11.750%, 01/23/2015			1,611		1,728
9.125%, 07/02/2018			1,458		1,750
9.125%, 07/02/2018 (B)			2,819		3,383
7.000%, 05/05/2020			100		113
7.000%, 05/05/2020 (B)			1,426		1,608
6.375%, 04/09/2021			1,069		1,165
6.375%, 04/09/2021 (B)			3,827		4,171
5.750%, 04/30/2043			3,240		2,916
5.750%, 04/30/2043 (B)			781		703
4.400%, 04/30/2023			1,342		1,265
4.400%, 04/30/2023 (B)			523		494
Republic of Kazakhstan
6.375%, 10/06/2020 (B)			600		654

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 39

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Samruk-Energy JSC MTN
3.750%, 12/20/2017			1,000	$	974
Zhaikmunai Via Zhaikmunai International
7.125%, 11/13/2019			600		622
7.125%, 11/13/2019 (A) (B)			425		441
					24,886
Kenya — 0.2%
Kenya Infrastructure Bond
11.000%, 09/15/2025	KES		180,000		2,096
Latvia — 0.1%
Republic of Latvia
2.750%, 01/12/2020 (A)			670		643
Lithuania — 0.3%
Republic of Lithuania
6.625%, 02/01/2022			1,112		1,313
6.125%, 03/09/2021 (B)			1,424		1,627
5.125%, 09/14/2017 (B)			310		339
5.125%, 09/14/2017 (F)			200		218
					3,497
Malaysia — 4.0%
Malaysia Government Bond
5.248%, 09/15/2028 (B)	MYR		1,050		346
4.392%, 04/15/2026	MYR		8,720		2,673
4.378%, 11/29/2019	MYR		1,353		425
4.262%, 09/15/2016	MYR		10,260		3,208
4.181%, 07/15/2024	MYR		10,439		3,209
4.160%, 07/15/2021	MYR		3,879		1,198
4.048%, 09/30/2021	MYR		3,380		1,036
4.012%, 09/15/2017	MYR		13,780		4,279
3.892%, 03/15/2027	MYR		578		167
3.889%, 07/31/2020	MYR		6,983		2,127
3.844%, 04/15/2033	MYR		1,770		488
3.835%, 08/12/2015	MYR		3,161		977
3.741%, 02/27/2015	MYR		400		123
3.580%, 09/28/2018	MYR		2,047		624
3.502%, 05/31/2027	MYR		1,050		291
3.492%, 03/31/2020	MYR		17,579		5,259
3.480%, 03/15/2023	MYR		14,448		4,215
3.418%, 08/15/2022	MYR		8,399		2,459
3.394%, 03/15/2017	MYR		2,150		658
3.314%, 10/31/2017	MYR		21,610		6,557
3.260%, 03/01/2018	MYR		12,400		3,742
3.197%, 10/15/2015	MYR		2,971		911
3.172%, 07/15/2016	MYR		2,800		854
Petronas Capital
7.875%, 05/22/2022			1,648		2,153
Wakala Global Sukuk
4.646%, 07/06/2021 (B)			390		420
					48,399

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Mexico — 7.1%
Alfa
6.875%, 03/25/2044 (B)			1,395	$	1,435
5.250%, 03/25/2024 (B)			925		948
BBVA Bancomer
6.750%, 09/30/2022 (B)			500		547
Cemex
9.250%, 05/12/2020			58		64
9.000%, 01/11/2018 (B)			306		333
6.500%, 12/10/2019			550		586
Cemex Espana
9.250%, 05/12/2020 (B)			800		878
Cemex Espana Luxembourg
9.875%, 04/30/2019			950		1,102
Cemex Finance
9.375%, 10/12/2022 (B)			350		411
Comision Federal de Electricidad
5.750%, 02/14/2042 (B)			500		487
4.875%, 05/26/2021 (B)			400		417
4.875%, 01/15/2024 (B)			637		647
Fresnillo
5.500%, 11/13/2023 (B)			300		302
Metalsa
4.900%, 04/24/2023 (B)			212		196
Mexican Bonos
8.000%, 06/11/2020	MXN		14		1
7.500%, 06/03/2027	MXN		49,800		4,150
6.500%, 06/09/2022	MXN		62,305		4,921
6.250%, 06/16/2016	MXN		768		62
6.000%, 06/18/2015	MXN		5,099		401
5.000%, 06/15/2017	MXN		14,891		1,162
4.750%, 06/14/2018	MXN		23,500		1,786
Mexican Bonos, Ser M
6.500%, 06/10/2021	MXN		96,797		7,736
Mexican Bonos, Ser M10
8.500%, 12/13/2018	MXN		10,450		914
7.750%, 12/14/2017	MXN		25,184		2,127
7.250%, 12/15/2016	MXN		38,196		3,150
Mexican Bonos, Ser M20
10.000%, 12/05/2024	MXN		19,220		1,906
8.500%, 05/31/2029	MXN		4,810		431
8.000%, 12/07/2023	MXN		81,363		7,056
7.750%, 05/29/2031	MXN		91,577		7,656
Mexican Bonos, Ser M30
8.500%, 11/18/2038	MXN		38,121		3,390
Mexican Bonos, Ser MI10
9.500%, 12/18/2014	MXN		68,227		5,442
Pemex Project Funding Master Trust
6.625%, 06/15/2035			2,800		3,108
5.750%, 03/01/2018			290		322
Petroleos Mexicanos
8.000%, 05/03/2019			390		476

40 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
7.190%, 09/12/2024	MXN		35,570	$	2,648
6.500%, 06/02/2041			572		626
6.375%, 01/23/2045 (B)			806		869
6.000%, 03/05/2020			180		203
6.000%, 03/05/2020 (B)			60		68
5.500%, 06/27/2044			70		68
5.500%, 06/27/2044 (B)			150		145
3.500%, 01/30/2023 (B)			185		174
Trust F
5.250%, 12/15/2024 (B) (H)			1,080		1,077
United Mexican States MTN
6.050%, 01/11/2040			2,270		2,593
5.950%, 03/19/2019			572		665
5.750%, 10/12/2110			2,038		2,002
5.550%, 01/21/2045			4,913		5,220
4.750%, 03/08/2044			1,782		1,693
4.000%, 10/02/2023			3,298		3,331
United Mexican States, Ser A MTN
6.750%, 09/27/2034			1,885		2,300
					88,232
Mongolia — 0.4%
Development Bank of Mongolia MTN
5.750%, 03/21/2017			902		839
5.125%, 12/05/2022			1,540		1,238
4.125%, 01/05/2018			2,100		1,890
					3,967
Morocco — 0.3%
Kingdom of Morocco
5.500%, 12/11/2042 (A)			1,527		1,416
5.500%, 12/11/2042 (B)			200		186
4.250%, 12/11/2022 (A) (B)			230		223
4.250%, 12/11/2022			2,122		2,058
					3,883
Mozambique — 0.1%
EMATUM Via Mozambique EMATUM Finance 2020
6.305%, 09/11/2020			845		807
Netherlands — 0.0%
Nostrum Oil & Gas Finance BV
6.375%, 02/14/2019 (B)			353		360
Nigeria — 0.8%
Afren
10.250%, 04/08/2019 (B)			563		641
6.625%, 12/09/2020 (B)			600		612
Nigeria Treasury Bill
12.706%, 05/22/2014 (E)	NGN		31,370		187
12.392%, 05/08/2014 (E)	NGN		50,000		299
12.387%, 04/10/2014 (E)	NGN		137,000		828

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Republic of Nigeria
16.390%, 01/27/2022	NGN		292,310	$	1,974
16.000%, 06/29/2019	NGN		241,298		1,571
16.000%, 06/29/2019	NGN		169,000		1,100
15.100%, 04/27/2017	NGN		23,192		145
14.200%, 03/14/2024	NGN		69,650		428
6.750%, 01/28/2021 (B)			550		587
6.750%, 01/28/2021			1,043		1,114
6.375%, 07/12/2023			596		616
6.375%, 07/12/2023 (B)			551		570
					10,672
Pakistan — 0.1%
Republic of Pakistan
7.125%, 03/31/2016			500		511
6.875%, 06/01/2017			430		436
6.875%, 06/01/2017			100		102
					1,049
Panama — 0.7%
Republic of Panama
9.375%, 01/16/2023			560		743
9.375%, 04/01/2029			2,331		3,305
8.875%, 09/30/2027			270		373
8.125%, 04/28/2034			2,128		2,692
7.125%, 01/29/2026			100		124
6.700%, 01/26/2036			760		893
5.200%, 01/30/2020			138		153
4.300%, 04/29/2053			130		107
					8,390
Paraguay — 0.1%
Republic of Paraguay
4.625%, 01/25/2023			300		297
Telefonica Celular del Paraguay
6.750%, 12/13/2022			200		211
6.750%, 12/13/2022 (A)			200		211
					719
Peru — 1.2%
Cementos Pacasmayo SAA
4.500%, 02/08/2023 (B)			200		188
Cia Minera Ares SAC
7.750%, 01/23/2021 (B)			209		215
Inkia Energy
8.375%, 04/04/2021 (B)			200		216
Peru Enhanced Pass-Through Finance
4.507%, 06/02/2025 (A) (B) (E)			1,000		670
2.505%, 05/31/2018 (A) (B) (E)			327		304
2.494%, 05/31/2018 (E)			121		113

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 41

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Republic of Peru
9.910%, 05/05/2015	PEI		675	$	256
8.750%, 11/21/2033			5,103		7,450
8.200%, 08/12/2026	PEI		4,246		1,742
7.840%, 08/12/2020	PEI		2,312		914
7.350%, 07/21/2025			510		656
6.950%, 08/12/2031	PEI		200		72
6.950%, 08/12/2031	PEI		2,188		785
6.900%, 08/12/2037	PEI		1,997		703
6.850%, 02/12/2042	PEI		613		211
6.550%, 03/14/2037			465		559
Volcan Cia Minera
5.375%, 02/02/2022 (B)			18		17
					15,071
Philippines — 0.9%
Development Bank of Philippines
5.500%, 03/25/2021			330		355
National Power
9.625%, 05/15/2028 (A)			1,100		1,564
Power Sector Assets & Liabilities Management
7.390%, 12/02/2024 (B)			820		1,030
7.250%, 05/27/2019			170		204
Republic of Philippines
10.625%, 03/16/2025			405		630
9.500%, 02/02/2030			1,226		1,908
8.375%, 06/17/2019			160		203
7.750%, 01/14/2031			1,994		2,727
5.500%, 03/30/2026			500		564
4.200%, 01/21/2024			300		310
4.000%, 01/15/2021			1,116		1,173
3.900%, 11/26/2022	PHP		45,000		958
					11,626
Poland — 4.7%
Republic of Poland
6.375%, 07/15/2019			4,765		5,590
6.250%, 10/24/2015	PLN		1,490		519
5.750%, 04/25/2029	PLN		3,450		1,283
5.000%, 04/25/2016	PLN		1,113		383
4.750%, 10/25/2016	PLN		3,810		1,311
4.750%, 04/25/2017	PLN		965		333
4.000%, 10/25/2023	PLN		9,250		3,006
4.000%, 01/22/2024			3,575		3,594
3.750%, 04/25/2018	PLN		7,127		2,381
3.000%, 08/24/2016	PLN		9,236		3,191
3.000%, 03/17/2023			1,470		1,374
2.881%, 01/25/2016 (E)	PLN		21,930		6,884
2.750%, 08/25/2023	PLN		3,068		1,055
2.500%, 07/25/2018	PLN		2,890		917
1.239%, 07/25/2016 (E)	PLN		4,810		1,485

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Republic of Poland, Ser 0415
5.500%, 04/25/2015	PLN		2,600	$	885
Republic of Poland, Ser 0922
5.750%, 09/23/2022	PLN		30,526		11,225
Republic of Poland, Ser 1017
5.250%, 10/25/2017	PLN		17,235		6,063
Republic of Poland, Ser 1019
5.500%, 10/25/2019	PLN		9,680		3,479
Republic of Poland, Ser 1021
5.750%, 10/25/2021	PLN		3,292		1,206
					56,164
Qatar — 0.2%
Qtel International Finance
7.875%, 06/10/2019			665		826
State of Qatar
9.750%, 06/15/2030			647		1,003
6.400%, 01/20/2040 (B)			377		448
6.400%, 01/20/2040			220		261
					2,538
Romania — 1.4%
Government of Romania MTN
6.750%, 02/07/2022			4,344		5,061
6.750%, 02/07/2022 (B)			350		408
6.125%, 01/22/2044			1,366		1,443
5.950%, 06/11/2021	RON		1,680		541
5.850%, 07/28/2014	RON		1,920		599
5.850%, 04/26/2023	RON		3,050		979
5.750%, 04/29/2020	RON		1,260		404
4.875%, 01/22/2024 (B)			1,616		1,644
4.875%, 01/22/2024 (B)			3,136		3,191
4.750%, 06/24/2019	RON		1,940		597
4.375%, 08/22/2023			3,476		3,411
					18,278
Russia — 7.6%
Alfa Bank Via Alfa Bond Issuance
7.750%, 04/28/2021			500		509
7.500%, 09/26/2019			750		746
7.500%, 09/26/2019 (B)			260		259
Credit Bank of Moscow Via CBOM Finance
7.700%, 02/01/2018			1,000		966
EuroChem Mineral & Chemical Via EuroChem GI
5.125%, 12/12/2017 (B)			175		171
Far East Capital
8.000%, 05/02/2018 (B)			200		163
Gazprom Neft OAO Via GPN
Capital
6.000%, 11/27/2023 (B)			480		470

42 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
4.375%, 09/19/2022			730	$	648
Gazprom OAO Via Gaz Capital
9.250%, 04/23/2019			414		489
6.510%, 03/07/2022			470		484
Metalloinvest Finance
5.625%, 04/17/2020 (B)			275		258
Mobile Telesystems Via MTS International Funding
8.625%, 06/22/2020			900		1,026
8.625%, 06/22/2020 (B)			800		912
Ritekro
12.613%, 11/07/2022 (A) (I)			914		339
Rosneft Oil Via Rosneft International Finance
4.199%, 03/06/2022			500		442
Russian Agricultural Bank Via RSHB Capital
5.298%, 12/27/2017 (B)			415		411
Russian Federal Bond - OFZ
8.150%, 02/03/2027	RUB		183,888		4,987
7.600%, 04/14/2021	RUB		403,132		10,865
7.600%, 07/20/2022	RUB		141,856		3,765
7.500%, 03/15/2018	RUB		82,202		2,274
7.500%, 02/27/2019	RUB		99,755		2,736
7.400%, 04/19/2017	RUB		118,436		3,308
7.400%, 06/14/2017	RUB		38,980		1,085
7.350%, 01/20/2016	RUB		80,000		2,253
7.050%, 01/19/2028	RUB		72,624		1,792
7.000%, 12/03/2014 (C)	RUB		32,430		812
7.000%, 01/25/2023	RUB		189,188		4,843
7.000%, 08/16/2023	RUB		105,405		2,676
6.900%, 08/03/2016	RUB		48,434		1,351
6.800%, 12/11/2019	RUB		137,154		3,620
6.700%, 05/15/2019	RUB		7,370		193
6.200%, 01/31/2018	RUB		116,650		3,121
Russian Foreign Bond - Eurobond
7.850%, 03/10/2018	RUB		160,000		4,484
7.500%, 03/31/2030			13,509		15,366
5.625%, 04/04/2042			1,600		1,548
4.875%, 09/16/2023 (B)			800		791
4.875%, 09/16/2023			1,600		1,582
Russian Railways Via RZD Capital
5.700%, 04/05/2022			398		389
Sberbank of Russia Via SB Capital
5.717%, 06/16/2021			400		405
5.500%, 02/26/2024 (B) (D)			1,488		1,393
5.250%, 05/23/2023			850		788
SCF Capital
5.375%, 10/27/2017 (B)			350		329
TMK Capital
7.750%, 01/27/2018			1,400		1,348

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
TMK OAO Via TMK Capital
6.750%, 04/03/2020		1,300	$	1,141
VEB-Leasing Via VEB Leasing Investment
5.125%, 05/27/2016		320		321
Vimpel Communications Via VIP Finance Ireland
7.748%, 02/02/2021 (B)		800		819
7.748%, 02/02/2021		450		461
VimpelCom Holdings
7.504%, 03/01/2022		870		882
7.504%, 03/01/2022 (B)		400		405
5.200%, 02/13/2019 (B)		200		189
VimpelCom Holdings BV
5.950%, 02/13/2023 (B)		200		183
Vnesheconombank Via VEB Finance
6.902%, 07/09/2020		1,310		1,371
6.800%, 11/22/2025		580		574
6.800%, 11/22/2025 (B)		150		148
5.450%, 11/22/2017 (B)		400		408
VTB Bank Via VTB Capital
6.950%, 10/17/2022		200		199
6.875%, 05/29/2018		600		638
6.315%, 02/22/2018		762		794
6.250%, 06/30/2035		357		367
				95,297
Senegal — 0.1%
Republic of Senegal
8.750%, 05/13/2021 (B)		540		614
8.750%, 05/13/2021		200		227
				841
Serbia — 0.6%
Republic of Serbia
7.250%, 09/28/2021		2,820		3,159
7.250%, 09/28/2021 (B)		200		224
5.875%, 12/03/2018		2,783		2,943
5.875%, 12/03/2018 (B)		530		560
5.250%, 11/21/2017 (B)		1,203		1,248
4.875%, 02/25/2020		200		200
				8,334
Singapore — 0.2%
Sea Production
10.239%, 02/14/2014 (D)		1,463		1,243
STATS ChipPAC
4.500%, 03/20/2018 (B)		200		201
Yanlord Land Group
9.500%, 05/04/2017		980		1,017
				2,461

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 43

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2014

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Slovak Republic — 0.1%
Republic of Slovak
4.375%, 05/21/2022 (B)			1,546	$	1,638
Slovenia — 0.2%
Slovenia Government International Bond
5.850%, 05/10/2023			691		753
5.850%, 05/10/2023			444		484
5.250%, 02/18/2024 (B)			1,493		1,549
					2,786
South Africa — 5.8%
Eskom Holdings
6.750%, 08/06/2023 (B)			1,289		1,348
5.750%, 01/26/2021			400		408
Republic of South Africa
13.500%, 09/15/2015	ZAR		40,000		4,147
10.500%, 12/21/2026	ZAR		52,596		5,798
8.750%, 02/28/2048	ZAR		27,993		2,573
8.500%, 06/23/2017 (F)			860		1,014
8.500%, 01/31/2037	ZAR		38,618		3,512
8.250%, 09/15/2017	ZAR		34,992		3,392
8.000%, 12/21/2018	ZAR		87,550		8,381
8.000%, 01/31/2030	ZAR		31,571		2,798
7.750%, 02/28/2023	ZAR		49,342		4,531
7.250%, 01/15/2020	ZAR		52,428		4,801
7.000%, 02/28/2031	ZAR		200		16
7.000%, 02/28/2031	ZAR		46,569		3,741
6.875%, 05/27/2019			2,043		2,355
6.750%, 03/31/2021	ZAR		17,610		1,547
6.500%, 02/28/2041	ZAR		3,435		245
6.250%, 03/31/2036	ZAR		22,890		1,622
5.875%, 05/30/2022			770		845
5.875%, 09/16/2025			11,133		11,968
5.500%, 03/09/2020			1,340		1,455
4.665%, 01/17/2024			1,123		1,112
Transnet SOC
9.500%, 05/13/2021 (B)	ZAR		13,360		1,235
4.000%, 07/26/2022			2,100		1,931
4.000%, 07/26/2022 (B)			1,119		1,029
					71,804
Sri Lanka — 0.5%
Bank of Ceylon
6.875%, 05/03/2017 (B)			320		335
Republic of Sri Lanka
6.250%, 10/04/2020 (B)			249		261
6.250%, 07/27/2021 (B)			1,400		1,457
6.250%, 07/27/2021			729		759
5.875%, 07/25/2022			2,585		2,598
					5,410

Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Thailand — 3.1%
Thailand Government Bond
5.670%, 03/13/2028	THB		3,000	$	109
4.875%, 06/22/2029	THB		22,410		753
3.875%, 06/13/2019	THB		468,000		14,908
3.650%, 12/17/2021	THB		198,400		6,152
3.625%, 06/16/2023	THB		342,076		10,508
3.580%, 12/17/2027	THB		53,033		1,569
3.250%, 06/16/2017	THB		35,200		1,104
1.200%, 07/14/2021	THB		127,325		3,737
					38,840
Trinidad & Tobago — 0.1%
Republic of Trinidad & Tobago
4.375%, 01/16/2024 (B)			1,305		1,365
Turkey — 6.7%
Akbank
5.000%, 10/24/2022			225		213
Export Credit Bank of Turkey
5.875%, 04/24/2019 (B)			200		208
KOC Holding
3.500%, 04/24/2020 (B)			125		114
Republic of Turkey
11.875%, 01/15/2030			600		963
10.500%, 01/15/2020	TRY		3,041		1,448
9.500%, 01/12/2022	TRY		9,517		4,293
9.000%, 01/27/2016	TRY		2,200		1,005
9.000%, 03/08/2017	TRY		12,842		5,832
8.800%, 11/14/2018	TRY		2,501		1,111
8.800%, 09/27/2023	TRY		1,419		611
8.500%, 09/14/2022	TRY		21,342		9,104
8.300%, 10/07/2015	TRY		10,108		4,588
8.300%, 06/20/2018	TRY		2,500		1,096
8.300%, 06/20/2018	TRY		15,534		6,811
8.000%, 02/14/2034			1,550		1,879
7.500%, 07/14/2017			1,037		1,166
7.500%, 11/07/2019			3,849		4,409
7.375%, 02/05/2025			3,878		4,448
7.250%, 03/05/2038			200		226
7.100%, 03/08/2023	TRY		1,120		432
7.100%, 03/08/2023	TRY		13,406		5,170
7.000%, 09/26/2016			838		919
7.000%, 03/11/2019			240		268
7.000%, 06/05/2020			2,592		2,914
6.875%, 03/17/2036			1,360		1,474
6.750%, 04/03/2018			2,938		3,238
6.750%, 05/30/2040			375		401
6.500%, 01/07/2015	TRY		5,864		2,652
6.300%, 02/14/2018	TRY		11,800		4,854
6.250%, 09/26/2022			1,207		1,297
6.000%, 01/14/2041			1,780		1,749
5.625%, 03/30/2021			2,760		2,879

44 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)
5.125%, 03/25/2022		2,288	$	2,293
3.250%, 03/23/2023		1,289		1,127
Turkiye Garanti Bankasi
5.250%, 09/13/2022 (B)		500		477
4.000%, 09/13/2017 (B)		200		199
				81,868
Ukraine — 1.6%
Ferrexpo Finance
7.875%, 04/07/2016 (B)		88		84
Government of Ukraine
9.250%, 07/24/2017		11,320		11,094
9.250%, 07/24/2017 (B)		403		394
7.950%, 02/23/2021 (B)		250		235
7.950%, 02/23/2021 (F)		1,700		1,598
7.800%, 11/28/2022 (B)		300		278
7.500%, 04/17/2023		555		513
7.500%, 04/17/2023 (B)		1,049		970
6.875%, 09/23/2015 (F)		2,249		2,137
6.750%, 11/14/2017		276		254
6.580%, 11/21/2016		403		379
Ukraine Railways Via Shortline
9.500%, 05/21/2018		200		164
Ukreximbank Via Biz Finance
8.750%, 01/22/2018		670		566
8.375%, 04/27/2015		593		528
				19,194
United Arab Emirates — 0.0%
MAF Global Securities
7.125%, 10/29/2049 (D)		200		214
Uruguay — 0.6%
Republic of Uruguay PIK
7.875%, 01/15/2033		1,662		2,177
Republic of Uruguay
8.000%, 11/18/2022		1,183		1,499
7.625%, 03/21/2036		2,076		2,657
4.500%, 08/14/2024		932		956
				7,289
Venezuela — 3.7%
Petroleos de Venezuela
12.750%, 02/17/2022		290		263
9.000%, 11/17/2021		1,050		782
8.500%, 11/02/2017		1,289		1,080
8.500%, 11/02/2017		8,430		7,060
5.500%, 04/12/2037		250		129
5.375%, 04/12/2027		390		207
5.250%, 04/12/2017		1,408		1,052
5.000%, 10/28/2015		3,855		3,315
Republic of Venezuela
13.625%, 08/15/2018		1,716		1,707
13.625%, 08/15/2018		144		139
12.750%, 08/23/2022		12,292		11,309
11.950%, 08/05/2031		2,578		2,192

Description		Face Amount (1) (Thousands)/Shares		Market Value ($ Thousands)
11.750%, 10/21/2026			2,515	$	2,144
9.375%, 01/13/2034			1,861		1,365
9.250%, 09/15/2027			1,793		1,336
9.250%, 05/07/2028			2,445		1,785
9.000%, 05/07/2023			881		654
9.000%, 05/07/2023			20		15
8.500%, 10/08/2014			780		766
8.250%, 10/13/2024			500		348
7.750%, 10/13/2019			3,825		2,907
7.650%, 04/21/2025			290		194
6.000%, 12/09/2020			1,087		737
5.750%, 02/26/2016 (F)			4,350		3,779
					45,265
Vietnam — 0.1%
Republic of Vietnam
6.875%, 01/15/2016			360		387
6.750%, 01/29/2020			1,099		1,227
					1,614
Zambia — 0.2%
Republic of Zambia
5.375%, 09/20/2022			2,360		2,015
Total Global Bonds (Cost $1,157,830) ($ Thousands)					1,147,330
LOAN PARTICIPATIONS — 0.5%
Singapore — 0.5%
Ashmore Cayman SPC, No. 1
0.000%, 08/31/2011 (A) (G) (I)			9,161		4,289
Morton Bay
6.220%, 12/31/2013 (A) (I)			3,158		2,314
Total Loan Participations (Cost $12,374) ($ Thousands)					6,603
AFFILIATED PARTNERSHIP — 1.2%
SEI Liquidity Fund, L.P. 0.070% †* (J)			15,421,402		15,421
Total Affiliated Partnership (Cost $15,421) ($ Thousands)					15,421
TIME DEPOSITS — 5.6%
Brown Brothers Harriman
4.350%, 04/01/2014	ZAR		1,386		132
0.076%, 04/01/2014	EUR		138		191
0.048%, 04/01/2014	GBP		—		—
0.030%, 04/01/2014			68,731		68,731
0.005%, 04/01/2014	SGD		1		—
Total Time Deposits (Cost $69,054) ($ Thousands)					69,054
Total Investments — 100.1% (Cost $1,254,679) ($ Thousands)				$	1,238,408

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 45

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2014

A list of the open futures contracts held by the Fund at March 31, 2014, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Euro-Bund		(18	)		Jun-2014	$	(32	)
U.S. 10-Year Treasury Note		(26	)		Jun-2014		1
U.S. 2-Year Treasury Note		55			Jun-2014		(15	)
U.S. 5-Year Treasury Note		9			Jul-2014		–
U.S. 5-Year Treasury Note		(65	)		Jul-2014		(17	)
U.S. Long Treasury Bond		27			Jun-2014		24
						$	(39	)

For the six months ended March 31, 2014, the total amount of all open future contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the six months.

A list of the open forward foreign currency contracts held by the Fund at March 31, 2014, is as follows:

Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
04/01/2014-05/19/2014		BRL	37,928		USD	15,884	$	(809	)
04/02/2014-05/19/2014		USD	8,160		BRL	19,311		332
04/03/2014-04/21/2014		PHP	93,828		USD	2,091		(2	)
04/03/2014-05/05/2014		USD	41,446		EUR	30,210		188
04/03/2014-05/05/2014		USD	10,917		PHP	489,197		(7	)
04/03/2014-06/18/2014		EUR	13,216		PLN	55,418		90
04/03/2014-06/18/2014		EUR	31,576		USD	43,411		(104	)
04/03/2014-06/18/2014		USD	4,976		HUF	1,121,241		43
04/03/2014-06/18/2014		USD	23,057		MXN	307,845		485
04/03/2014-06/18/2014		USD	10,138		ZAR	111,774		424
04/03/2014-06/30/2014		USD	32,041		TRY	72,156		1,377
04/04/2014		KRW	4,130,000		USD	3,860		(20	)
04/04/2014-06/18/2014		USD	8,666		THB	287,477		183
04/04/2014-06/30/2014		TRY	41,280		USD	18,502		(676	)
04/04/2014-06/30/2014		USD	12,111		KRW	13,033,089		128
04/07/2014		MXN	82,058		USD	6,167		(119	)
04/07/2014-04/22/2014		EUR	1,614		RON	7,222		7
04/07/2014-06/26/2014		USD	5,064		PEI	14,328		8
04/09/2014-05/21/2014		THB	556,455		USD	17,027		(112	)
04/15/2014-06/18/2014		USD	22,717		MYR	75,505		369
04/16/2014		TWD	141,145		USD	4,644		7
04/16/2014		USD	4,661		TWD	141,063		(27	)
04/16/2014-04/30/2014		MYR	10,392		USD	3,124		(55	)
04/16/2014-05/19/2014		CLP	5,890,373		USD	10,750		76
04/16/2014-05/19/2014		USD	15,248		CLP	8,568,735		278
04/16/2014-07/16/2014		NGN	297,897		USD	1,787		1
04/16/2014-07/16/2014		USD	6,391		NGN	1,105,261		154
04/22/2014-05/05/2014		EUR	10,741		HUF	3,331,119		119
04/22/2014-05/05/2014		HUF	2,705,167		EUR	8,679		(156	)
04/22/014-06/18/2014		ILS	45,109		USD	12,913		(9	)
04/22/014-06/18/2014		RON	9,152		EUR	2,032		(22	)
04/22/2014-07/17/2015		CNH	270,068		USD	41,464		(1,875	)
04/22/2014-07/17/2015		USD	41,533		CNH	270,068		1,805
04/25/2014		GBP	617		USD	1,031		4
04/25/2014		USD	609		GBP	370		7
05/05/2014		PLN	12,571		EUR	2,950		(89	)
05/05/2014-07/16/2014		RUB	584,015		USD	16,063		(318	)
05/05/2014-07/16/2014		USD	15,856		RUB	580,304		415
05/12/2014-06/18/2014		ZAR	66,232		USD	6,106		(137	)
05/12/2014-06/26/2014		COP	18,750,326		USD	9,275		(208	)
05/12/2014-07/16/2014		USD	11,813		COP	24,022,549		315
05/30/2014-06/18/2014		USD	4,261		INR	267,877		161
06/12/2014-12/08/2014		USD	13,928		IDR	164,354,561		242
06/17/2014-06/18/2014		CZK	129,947		EUR	4,746		3
06/18/2014		CZK	49,015		USD	2,487		21
06/18/2014		HUF	202,880		USD	901		(5	)
06/18/2014		RON	3,920		USD	1,200		(8	)
06/18/2014		SGD	9,966		USD	7,867		(61	)
06/18/2014		USD	152		ILS	533		–
06/18/2014		USD	7,499		PLN	22,970		70

Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
06/18/2014		USD	2,641		RON	8,635	$	20
07/16/2014		PEI	8,223		USD	2,881		(7	)
12/08/2014		IDR	25,000,000		USD	2,050		(61	)
							$	2,445

A list of the counterparties for the open forward foreign currency contracts held by the Fund at March 31, 2014, is as follows:

Counterparty	Currency to Deliver ($ Thousands)	Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Barclays PLC	(2,002)		1,989	$	(13	)
Citigroup	(113,715)		114,680		965
Goldman Sachs	(174,599)		175,063		464
HSBC	(87,013)		87,251		238
JPMorgan Chase Bank	(223,385)		224,176		791
				$	2,445

For the six months ended March 31, 2014, 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 six months.

46 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

A list of the open OTC swap agreements held by the Fund at March 31, 2014, is as follows:

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date		Currency		Notional Amount (Thousands)		Net Unrealized Appreciation (Depreciation) ($ Thousands)
Goldman Sachs	3-Month ZAR JIBAR	8.76%		01/16/2029		ZAR		52,000	$	102
Goldman Sachs	3-Month ZAR JIBAR	8.30%		01/16/2024		ZAR		23,000		1
Goldman Sachs	28-Day MXN TIIE	6.87%		01/10/2024		MXN		60,000		106
Goldman Sachs	3-Month ZAR JIBAR	8.19%		12/20/2023		ZAR		10,000		(12	)
Goldman Sachs	28-Day MXN TIIE	6.68%		12/12/2023		MXN		36,000		25
Goldman Sachs	7-Day China Fixing Repo Rate	4.40%		03/25/2019		CNY		58,000		(352	)
Goldman Sachs	3-Month ILS TELBOR	2.29%		12/24/2018		ILS		14,000		81
Goldman Sachs	1-Year BRL CDI	12.26%		01/02/2018		BRL		13,563		(80	)
Goldman Sachs	0.95%	3-Month ILS TELBOR		04/02/2016		ILS		6,000		—
Goldman Sachs	1.21%	3-Month ILS TELBOR		02/14/2016		ILS		8,000		(14	)
Goldman Sachs	3.31%	6-Month PLN WIBOR		02/03/2016		PLN		30,000		(69	)
Goldman Sachs	3-Month ZAR JIBAR	6.85%		01/22/2016		ZAR		25,000		(8	)
Goldman Sachs	1.20%	3-Month ILS TELBOR		01/16/2016		ILS		34,383		(62	)
Goldman Sachs	1-Year BRL CDI	11.59%		01/04/2016		BRL		5,024		(17	)
Goldman Sachs	3-Month ZAR JIBAR	6.81%		12/31/2015		ZAR		60,000		(17	)
Goldman Sachs	1.18%	3-Month ILS TELBOR		12/24/2015		ILS		33,000		(82	)
Goldman Sachs	3-Month ZAR JIBAR	6.75%		12/22/2015		ZAR		80,000		(24	)
									$	(422	)

For the six months ended March 31, 2014, 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 six months.

Percentages are based on a Net Assets of $1,237,503 ($ Thousands).

* Rate shown is the 7-day effective yield as of March 31, 2014.

† Investment in Affiliated Security.

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

(A) Securities considered illiquid. The total market value of such securities as of March 31, 2014 was $23,750 ($ Thousands) and represented 1.92% of Net Assets.

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

(C) Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on March 31, 2014. The coupon on a step bond changes on a specified date.

(D) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2014.

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

(F) This security or a partial position of this security is on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $14,846 ($ Thousands) (See Note 8).

(G) Security in default on interest payments.

(H) Real Estate Investment Trust.

(I) 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, 2014 was $6,942 ($ Thousands) and represented 0.56% of Net Assets.

(J) 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, 2014 was $15,421 ($ Thousands).

BRL — Brazilian Real

CDI — Average One - Day Interbank Deposit

CLN — Credit Linked Note

CLP — Chilean Peso

CNH — Chinese Yuen (Offshore)

CNY — Chinese Renminbi

COP — Colombian Peso

CZK — Czech Koruna

DEM — German Mark

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesia Rupiah

ILS — Israeli Shekel

INR — India Rupee

JIBAR — Johannesburg Interbank Agreed Rate

KES — Kenyan Shilling

KRW — Korean Won

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NGN — Nigerian Naira

PEI — Peruvian Inca

PHP — Philippine Peso

PIK — Payment-in-Kind

PLC — Public Limited Company

PLN —Polish Zlotty

RON — Romanian Leu

RUB — Russian Ruble

Ser — Series

SGD — Singapore Dollar

SPC — Segregated Portfolio Company

TELBOR — Tel Aviv Interbank Offered Rate

THB — Thai Baht

TIIE — Equilibrium Interbank Interest Rate

TRY — Turkish Lira

TWD — Taiwanese Dollar

USD — U.S. Dollar

WIBOR — Warsaw Interbank Offered Rate

ZAR — South African Rand

The following is a summary of the level of inputs used as of March 31, 2014, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level  3 (1)		Total
Global Bonds	$	—	$	1,147,330	$	—	$	1,147,330
Loan Participations		—		—		6,603		6,603
Affiliated Partnership		—		15,421		—		15,421
Time Deposits		—		69,054		—		69,054
Total Investments in Securities	$	—	$	1,231,805	$	6,603	$	1,238,408

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts* Unrealized Appreciation	$	25		$	—		$	—	$	25
Unrealized Depreciation		(64	)		—			—		(64	)
Forwards Contracts* Unrealized Appreciation		—			7,332			—		7,332
Unrealized Depreciation		—			(4,887	)		—		(4,887	)
OTC Swaps
Interest Rate Swaps *
Unrealized Appreciation		—			315			—		315
Unrealized Depreciation		—			(737	)		—		(737	)
Total Other Financial Instruments	$	(39	)	$	2,023		$	—	$	1,984

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 47

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Concluded)

March 31, 2014

(1) Of the $6,603 ($ Thousands) in Level 3 securities as of March 31, 2014, $6,603 ($ Thousands) or 0.53% are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs are required for those Level 3 securities that are no valued by third party pricing vendors or broker quotes.

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

For the six months ended March 31, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2014, there were 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.

48 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

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

March 31, 2014

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
ASSETS:
Investments, at value (Cost $2,199,619, $1,702,883, $467,497 and $1,239,258, respectively)(1)	$	2,522,224		$	1,756,616		$	477,123		$	1,222,987
Affiliated investments, at value (Cost $195,402, $118,560, $0 and $15,421, respectively)		195,402			118,560			—			15,421
Cash		—			288			1,448			—
Foreign currency, at value (Cost $1,518, $1,807, $0 and $2,240, respectively)		1,527			1,814			—			2,220
Cash pledged as collateral for forward foreign currency contracts, futures contracts or swap contracts		—			—			1,169			176
Receivable for investment securities sold		18,738			10,731			10,893			22,939
Unrealized gain on forward foreign currency contracts		—			—			1,458			7,332
Receivable for fund shares sold		2,472			26,963			218			1,143
Dividends and interest receivable		8,169			2,396			4,797			18,290
Variation margin receivable		437			—			109			10
Foreign tax reclaim receivable		2,930			182			—			—
Unrealized gain on foreign spot currency contracts		15			11			—			—
Swap contracts, at value (Premiums paid $0, $0, $0 and $0, respectively)		—			—			—			315
Total Assets		2,751,914			1,917,561			497,215			1,290,833
LIABILITIES:
Payable for investment securities purchased		22,856			33,265			8,682			26,882
Payable upon return of securities loaned		75,033			107,208			—			15,421
Payable to custodian		900			—			—			2,911
Foreign currency payable, at value (Proceeds $0, $0, $1,794 and $0, respectively)		—			—			1,794			—
Unrealized loss on forward foreign currency contracts		—			—			1,245			4,887
Swap contracts, at value (Premiums received $0, $0, $0 and $0, respectively)		—			—			465			737
Payable for fund shares redeemed		1,664			2,375			335			888
Variation margin payable		124			—			156			12
Unrealized loss on foreign spot currency contracts		40			8			3			—
Investment advisory fees payable		1,124			1,505			123			400
Administration fees payable		1,001			931			246			669
Shareholder servicing fees payable		559			358			31			257
Trustees’ fees		10			5			2			5
Chief compliance officer fees payable		8			5			2			4
Administration servicing fees payable		4			—			—			—
Other accrued expenses		299			113			73			257
Accrued foreign capital gains tax on appreciated securities		4			1,207			—			—
Total Liabilities		103,626			146,980			13,157			53,330
Net Assets	$	2,648,288		$	1,770,581		$	484,058		$	1,237,503
NET ASSETS:
Paid in Capital — (unlimited authorization — no par value)	$	3,182,491		$	1,806,388		$	484,555		$	1,297,578
Undistributed (Distributions in excess of) net investment income		18,345			(8,750	)		3,495			5,852
Accumulated net realized loss on investments, futures contracts, foreign currency contracts and swap contracts		(876,918	)		(79,611	)		(12,190	)		(51,746	)
Net unrealized appreciation (depreciation) on investments		322,605			53,733			9,626			(16,271	)
Net unrealized appreciation (depreciation) on futures contracts		1,684			—			131			(39	)
Net unrealized deprecation on swap contracts		—			—			(1,011	)		(422	)
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		85			28			(548	)		2,551
Accumulated foreign capital gains tax on appreciated securities		(4	)		(1,207	)		—			—
Net Assets	$	2,648,288		$	1,770,581		$	484,058		$	1,237,503
Net Asset Value, Offering and Redemption Price Per Share — Class A ($2,642,485,080 ÷ 258,502,407 shares, $1,770,580,991 ÷ 167,703,966 shares, $484,058,302 ÷ 45,604,799 shares, $1,237,502,850 ÷ 120,488,504 shares, respectively.)		$10.22			$10.56			$10.61			$10.27
Net Asset Value, Offering and Redemption Price Per Share — Class I ($5,802,578 ÷ 567,841 shares)		$10.22			N/A			N/A			N/A

(1) Included in “Investments, at value” is the market value of securities on loan in the amounts of $71,887, $103,025, $0 and $14,846, ($ Thousands), respectively.

N/A — Not applicable. Share classes currently not offered.

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 49

Statements of Operations ($ Thousands) (Unaudited)

For the six months ended March 31, 2014

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Investment Income:
Dividends	$	37,195		$	11,235		$	—		$	—
Dividends from Affiliated Security(1)(2)		4			1			—			—
Interest		10			—			5,799			36,940
Security Lending Income — Net(1)		629			660			—			15
Less: Foreign Taxes Withheld		(1,852	)		(1,012	)		(7	)		(131	)
Total Investment Income		35,986			10,884			5,792			36,824
Expenses:
Investment Advisory Fees		6,301			8,301			711			5,022
Administration Fees		5,615			5,139			1,422			3,840
Shareholder Servicing Fees — Class A		3,112			1,976			592			1,477
Shareholder Servicing Fees — Class I		8			—			—			—
Administrative Servicing Fees — Class I		8			—			—			—
Trustees’ Fees		17			10			3			8
Chief Compliance Officer Fees		8			4			2			4
Custodian/Wire Agent Fees		168			304			35			185
Printing Fees		107			61			22			53
Overdraft Fees		2			2			5			7
Professional Fees		77			79			16			48
Registration Fees		25			13			6			15
Other Expenses		65			42			31			44
Total Expenses		15,513			15,931			2,845			10,703
Less:
Waiver of Investment Advisory Fees		—			(419	)		—			(2,660	)
Waiver of Shareholder Servicing Fees — Class A		—			—			(424	)		—
Fees Paid Indirectly		—			(7	)		—			—
Net Expenses		15,513			15,505			2,421			8,043
Net Investment Income (Loss)		20,473			(4,621	)		3,371			28,781
Net Realized and Unrealized Gain (Loss) on Investments, Option Contracts, Futures Contracts, Swap Contracts and Foreign Currency Transactions:
Net Realized Gain (Loss) from:
Investments		102,111			25,429			3,772			(12,403	)
Futures Contracts		2,633			—			(147	)		(81	)
Option Contracts		—			—			—			(365	)
Swap Contracts		—			—			1,455			(5,437	)
Foreign Currency Transactions		(147	)		(294	)		(7,140	)		(29,044	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		30,132			(10,546	)		4,994			26,901
Futures Contracts		2,056			—			512			(9	)
Option Contracts		—			—			—			361
Swap Contracts		—			—			(1,931	)		4,715
Foreign Capital Gains Tax on Appreciated Securities		(4	)		(1,059	)		—			—
Foreign Currency Transactions		(39	)		12			6,674			4,539
Net Realized and Unrealized Gain (Loss) on Investments, Option Contracts, Futures Contracts, Swap Contracts and Foreign Currency Transactions		136,742			13,542			8,189			(10,823	)
Net Increase in Net Assets Resulting from Operations	$	157,215		$	8,921		$	11,560		$	17,958

(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.

50 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Statements of Changes in Net Assets ($ Thousands)

For the six months ended March 31, 2014 (Unaudited) and the year ended September 30, 2013

	International Equity Fund						Emerging Markets Equity Fund
	2014			2013			2014			2013
Operations:
Net Investment Income (Loss)	$	20,473		$	30,536		$	(4,621	)	$	5,287
Net Realized Gain from Investments and Futures Contracts		104,744			81,432			25,429			9,079
Net Realized Loss on Forward Foreign Currency Contracts and Foreign Currency Transactions		(147	)		(2,172	)		(294	)		(1,531	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts		32,188			273,430			(10,546	)		28,776
Net Change in Unrealized Appreciation (Depreciation) on Foreign Capital Tax Gains on Appreciated Securities		(4	)		—			(1,059	)		147
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(39	)		441			12			(30	)
Net Increase in Net Assets Resulting from Operations		157,215			383,667			8,921			41,728
Dividends From:
Net Investment Income:
Class A		(31,558	)		(29,890	)		(7,645	)		(4,998	)
Class I		(64	)		(72	)		N/A			N/A
Total Dividends		(31,622	)		(29,962	)		(7,645	)		(4,998	)
Capital Share Transactions:
Class A:
Proceeds from Shares Issued		354,209			563,306			511,774			724,981
Reinvestment of Dividends & Distributions		28,743			27,440			7,072			4,533
Cost of Shares Redeemed		(215,947	)		(436,142	)		(163,224	)		(252,291	)
Increase in Net Assets Derived from Class A Transactions		167,005			154,604			355,622			477,223
Class I:
Proceeds from Shares Issued		613			1,323			N/A			N/A
Reinvestment of Dividends & Distributions		45			47			N/A			N/A
Cost of Shares Redeemed		(1,122	)		(1,647	)		N/A			N/A
Decrease in Net Assets Derived from Class I Transactions		(464	)		(277	)		N/A			N/A
Increase in Net Assets Derived from Capital Share Transactions		166,541			154,327			355,622			477,223
Net Increase in Net Assets		292,134			508,032			356,898			513,953
Net Assets:
Beginning of Period		2,356,154			1,848,122			1,413,683			899,730
End of Period	$	2,648,288		$	2,356,154		$	1,770,581		$	1,413,683
Undistributed (Distributions in excess of) Net Investment Income Included in Net Assets at End of Period	$	18,345		$	29,494		$	(8,750	)	$	3,516
Share Transactions:
Class A:
Shares Issued		35,370			63,540			48,437			70,166
Reinvestment of Distributions		2,851			3,244			667			426
Shares Redeemed		(21,639	)		(49,907	)		(15,658	)		(24,132	)
Total Class A Transactions		16,582			16,877			33,446			46,460
Class I:
Shares Issued		61			148			N/A			N/A
Reinvestment of Distributions		4			6			N/A			N/A
Shares Redeemed		(111	)		(185	)		N/A			N/A
Total Class I Transactions		(46	)		(31	)		N/A			N/A
Net Increase in Shares Outstanding from Share Transactions		16,536			16,846			33,446			46,460

N/A — Not applicable. Share classes currently not offered.

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 51

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

For the six months ended March 31, 2014 (Unaudited) and the year ended September 30, 2013

	International Fixed Income Fund						Emerging Markets Debt Fund
	2014			2013			2014			2013
Operations:
Net Investment Income	$	3,371		$	6,789		$	28,781		$	50,806
Net Realized Gain (Loss) from Investments, Futures Contracts, Option Contracts and Swap Contracts		5,080			6,287			(18,286	)		11,840
Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions		(7,140	)		17,142			(29,044	)		2,913
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Option Contracts and Swap Contracts		3,575			(21,948	)		31,968			(124,707	)
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		6,674			(4,510	)		4,539			(4,978	)
Net Increase (Decrease) in Net Assets Resulting from Operations		11,560			3,760			17,958			(64,126	)
Dividends and Distributions from:
Net Investment Income:
Class A		(2,598	)		(17,902	)		(20,857	)		(70,620	)
Net Realized Gains:
Class A		—			—			(7,466	)		(45,779	)
Return of Capital:
Class A		—			(4,024	)		—			—
Total Dividends and Distributions		(2,598	)		(21,926	)		(28,323	)		(116,399	)
Capital Share Transactions:
Class A:
Proceeds from Shares Issued		56,950			119,934			232,887			470,901
Reinvestment of Dividends & Distributions		2,293			19,825			24,669			101,418
Cost of Shares Redeemed		(57,529	)		(140,004	)		(191,984	)		(374,600	)
Increase (Decrease) in Net Assets Derived from Capital Share Transactions		1,714			(245	)		65,572			197,719
Net Increase (Decrease) in Net Assets		10,676			(18,411	)		55,207			17,194
Net Assets:
Beginning of Period		473,382			491,793			1,182,296			1,165,102
End of Period	$	484,058		$	473,382		$	1,237,503		$	1,182,296
Undistributed (Distributions in excess of) Net Investment Income Included in Net Assets at End of Period	$	3,495		$	2,722		$	5,852		$	(2,072	)
Share Transactions:
Class A:
Shares Issued		5,427			11,333			23,008			41,939
Reinvestment of Distributions		220			1,897			2,427			8,776
Shares Redeemed		(5,479	)		(13,265	)		(18,898	)		(33,284	)
Total Class A Transactions		168			(35	)		6,537			17,431

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

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

52 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

Financial Highlights

For the six months ended March 31, 2014 (Unaudited) and the years ended September 30,

For a Share Outstanding Throughout Each Period

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gains (Losses)  on Securities(1)			Total from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Total Dividends and Distributions and Return of  Capital			Net Asset Value, End of Period		Total Return†			Net Assets End of Period (Thousands)		Ratio of Expenses to Average Net Assets*			Ratio of Expenses to Average Net  Assets (Excluding Fees Paid Indirectly)**			Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)**			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
International Equity Fund
Class A
2014***	$	9.71	$	0.08		$	0.56		$	0.64		$	(0.13	)	$	—		$	(0.13	)	$	10.22		6.58	%	$	2,642,485		1.24	%(3)		1.24	%(3)		1.24	%(3)		1.64	%		30	%
2013		8.19		0.13			1.53			1.66			(0.14	)		—			(0.14	)		9.71		20.47			2,350,201		1.25	(3)		1.25	(3)		1.25	(3)		1.50			47
2012		7.29		0.14			0.92			1.06			(0.16	)		—			(0.16	)		8.19		14.76			1,842,851		1.26	(3)		1.26	(3)		1.26	(3)		1.75			56
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	(11)		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	(11)		2.01			154
Class I
2014***	$	9.70	$	0.06		$	0.56		$	0.62		$	(0.10	)	$	—		$	(0.10	)	$	10.22		6.45	%	$	5,803		1.49	%(3)		1.49	%(3)		1.49	%(3)		1.28	%		30	%
2013		8.18		0.11			1.52			1.63			(0.11	)		—			(0.11	)		9.70		20.19			5,953		1.50	(3)		1.50	(3)		1.50	(3)		1.21			47
2012		7.28		0.12			0.91			1.03			(0.13	)		—			(0.13	)		8.18		14.37			5,271		1.51	(3)		1.51	(3)		1.51	(3)		1.48			56
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	(3)		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	(11)		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	(11)		1.97			154
Emerging Markets Equity Fund
Class A
2014***	$	10.53	$	(0.03	)	$	0.11		$	0.08		$	(0.05	)	$	—		$	(0.05	)	$	10.56		0.77	%	$	1,770,581		1.96	%(4)		1.96	%(4)		2.01	%(12)		0.58	%		29	%
2013		10.25		0.06			0.28			0.34			(0.06	)		—			(0.06	)		10.53		3.29			1,413,683		1.96	(4)		1.96	(4)		2.04	(12)		0.52			78
2012		9.00		0.05			1.23			1.28			(0.03	)		—			(0.03	)		10.25		14.21			899,730		1.97	(4)		1.97	(4)		2.07	(12)		0.49			93
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	(12)		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	(12)		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	(12)		1.08			80
International Fixed Income Fund
Class A
2014***	$	10.42	$	0.07		$	0.18		$	0.25		$	(0.06	)	$	—		$	(0.06	)	$	10.61		2.39	%	$	484,058		1.02	%(5)		1.02	%(5)		1.20	%(13)		1.42	%		52	%
2013		10.82		0.14			(0.06	)		0.08			(0.48	)(10)		—			(0.48	)		10.42		0.77			473,382		1.02	(5)		1.02	(5)		1.20	(13)		1.37			86
2012		10.44		0.17			0.48			0.65			(0.27	)		—			(0.27	)		10.82		6.34			491,793		1.02	(5)		1.02	(5)		1.21	(13)		1.60			103
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	(13)		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	(13)		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	(13)		2.86			170
Emerging Markets Debt Fund
Class A
2014***	$	10.38	$	0.25		$	(0.11	)	$	0.14		$	(0.18	)	$	(0.07	)	$	(0.25	)	$	10.27		1.37	%	$	1,237,503		1.36	%(6)		1.36	%(6)		1.81	%(14)		4.87	%		51	%
2013		12.07		0.47			(1.02	)		(0.55	)		(0.68	)		(0.46	)		(1.14	)		10.38		(5.19	)		1,182,296		1.36	(6)		1.36	(6)		1.81	(14)		4.20			90
2012		10.81		0.55			1.36			1.91			(0.63	)		(0.02	)		(0.65	)		12.07		18.48			1,165,102		1.36	(6)		1.36	(6)		1.80	(14)		4.85			102
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	(14)		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	(14)		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	(14)		8.47			73

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

** See Note 4 in Notes to Financial Statements.

*** For the six months ended March 31, 2014. All ratios have been annualized. Total Return and Portfolio Turnover Rate have not been annualized.

† Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(1) Per share net investment income/(loss) and net realized and unrealized gains/(losses) calculated using average shares.

(2) The expense ratio includes interest expense on reverse repurchase agreements. Had this expense been excluded, the ratios for Class A and I shares would have been 1.28% for 2009.

(3) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios for Class A and I shares would have been 1.24% and 1.49%, respectively for 2014, 1.25% and 1.50%, respectively for 2013, 1.26% and 1.51%, respectively for 2012, 1.27% and 1.52%, respectively for 2011 and 2010 and 1.28% and 1.53%, respectively for 2009.

(4) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.96% for 2014, 2013, 2012, 2011, 2010 and 2009.

(5) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.02%, 1.02%, 1.02%, 1.02%, 1.01% and 1.02% for 2014, 2013, 2012, 2011 and 2009, respectively.

(6) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.36% for 2014, 2013, 2012, 2011, 2010 and 2009.

(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 a return of capital of less than $0.01.

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

(10) Includes a return of capital of $0.09 per share.

(11) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios for Class A and I shares would have been 1.28% and 1.53%, respectively for 2010 and 1.29% and 1.54%, respectively for 2009.

(12) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 2.02%, 2.04%, 2.06%, 2.09%, 2.09% and 2.10% for 2014, 2013, 2012, 2011, 2010 and 2009.

(13) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.20%, 1.20%, 1.21%, 1.21%, 1.15% and 1.06% for 2014, 2013, 2012, 2011, 2010 and 2009.

(14) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.81%, 1.81%, 1.80%, 1.80%, 1.79% and 1.80% for 2014, 2013, 2012, 2011, 2010 and 2009.

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, 2014 53

Notes to Financial Statements

March 31, 2014 (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 goal, principal strategies and risks. The Trust is registered to offer Class A shares of each of the Funds and Class I shares of the International Equity Fund.

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 (“U.S. GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation — 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. SEI Investments Management Corporation (“SIMC”) or a sub-adviser, as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC or a sub-adviser, as applicable, continuously monitors the reliability of prices obtained from any pricing service and will notify the Funds’ administrator if it believes that a particular

pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify the Trust’s Fair Value Committee if it receives such notification from SIMC or a sub-adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices. 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 determined to be unreliable or can not be valued using methodologies described above 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. The Committee is currently composed of two members of the Board of Trustees, as well as representatives from SIMC and its affiliates. The Committee provides regular reports to the Board concerning investments for which market prices are not readily available or may be unreliable. 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. Examples of factors the Committee may consider are: (i) the facts giving rise to the need to fair value; (ii) the last trade price; (iii) the performance of the market or the issuer’s industry; (iv) the liquidity of the security; (v) the size of the holding in a Fund; or (vi) any other appropriate information. The determination of a security’s fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

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

54 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

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

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

Level 1 — quoted prices in active markets for identical investments

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

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

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

The valuation techniques used by the Funds to measure fair value during the six months ended March 31, 2014 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the six months ended March 31, 2014, 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.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 55

Notes to Financial Statements (Continued)

March 31, 2014 (Unaudited)

The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

Forward Foreign Currency Contracts — To the extent consistent with its Investment Objective and Strategies, a Fund may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions, speculative purposes or anticipated fund positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year are recognized as ordinary income or loss for federal income tax purposes. The Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open forward foreign currency contracts as of March 31, 2014, if applicable.

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

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

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of March 31, 2014, if applicable.

Options/Swaptions Writing/Purchasing — To the extent consistent with its investment objective and strategies, a Fund may invest in financial options/swaptions contracts for the purpose of hedging its existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in fair market value caused by changes in prevailing market interest rates. A Fund may also invest in financial option/swaption contracts to enhance its returns. When the Fund writes or purchases an option/swaption, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option/swaption written or purchased. Premiums received or paid from writing or purchasing options/ swaptions which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option/swaption is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

The risk in writing a call option/swaption is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put option/swaption is a Fund may incur a loss if the market price of the security decreases and the option/swaption is exercised. The risk in purchasing an option/swaption is a Fund may pay a premium whether or not the option/swaption is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option/swaption contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open option/swaption contracts as of March 31, 2014, 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

56 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

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

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of Centrally Cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Schedule of Investments or the Statement of Assets and Liabilities.

Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.

Counterparty risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. Refer to each Fund’s Schedule of Investments for details regarding open swap contracts as of March 31, 2014, 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 Goal 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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 57

Notes to Financial Statements (Continued)

March 31, 2014 (Unaudited)

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 charge a redemption fee based on a redemption, or a series of redemptions from a single identifiable source that in the aggregate exceed a specific 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, 2014, the Funds did not charge any redemption fees. Such fees, if any, are retained by the Funds for the benefit of the remaining shareholders.

3. DERIVATIVE TRANSACTIONS

The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the six month period. For Funds that held derivatives throughout the six month period with only one type of risk exposure, additional information can be found on the Schedules of Investments and the Statements of Operations. The fair value of derivative instruments as of March 31, 2014 was as follows:

	Asset Derivatives				Liability Derivatives
	Six month period ended March 31, 2014 ($ Thousands)				Six month period ended March 31, 2014 ($ Thousands)
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
International Fixed Income Fund
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts	$	235	*	Net Assets — Unrealized depreciation on futures contracts	$	104	*
	Net Assets — Unrealized appreciation on swap contracts		—	†	Net Assets — Unrealized depreciation on swap contracts		1,011	†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		1,458		Unrealized loss on forward foreign currency contracts		1,245
Total Derivatives not accounted for as hedging instruments		$	1,693			$	2,360
Emerging Markets Debt Fund
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts	$	25	*	Net Assets — Unrealized depreciation on futures contracts	$	64	*
	Net Assets — Unrealized appreciation on swap contracts		315	†	Net Assets — Unrealized depreciation on swap contracts		737	†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		7,332		Unrealized loss on forward foreign currency contracts		4,887
Total Derivatives not accounted for as hedging instruments		$	7,672			$	5,688

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

† Includes cumulative appreciation/depreciation of swap contracts as reported in the Schedules of Investments. Market Value is reported within the Statements of Assets & Liabilities for OTC swap contracts that have paid premiums. For centrally cleared swap contracts current days variation margin is reported within the Statements of Assets & Liabilities.

58 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

The effect of derivative instruments on the Statements of Operations for the six months ended March 31, 2014.

Amount of realized gain or (loss) on derivatives recognized in income ($ Thousands):

Derivatives Not Accounted for as Hedging Instruments	Options			Futures			Forward Currency Contracts			Swaps			Total
International Fixed Income Fund
Interest rate contracts	$	—		$	(147	)	$	—		$	1,456		$	1,309
Credit Contracts		—			—			—			(26	)		(26	)
Equity Contracts		—			—			—			25			25
Foreign exchange contracts		—			—			(5,707	)		—			(5,707	)
Total	$	—		$	(147	)	$	(5,707	)	$	1,455		$	(4,399	)
Emerging Markets Debt Fund
Interest rate contracts	$	—		$	(81	)	$	—		$	(20	)	$	(101	)
Foreign exchange contracts		—			—			(4,676	)		—			(4,676	)
Equity contracts		(365	)		—			—			(5,417	)		(5,782	)
Total	$	(365	)	$	(81	)	$	(4,676	)	$	(5,437	)	$	(10,559	)

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

Derivatives Not Accounted for as Hedging Instruments	Options		Futures			Forward Currency Contracts		Swaps			Total
International Fixed Income Fund
Interest rate contracts	$	—	$	512		$	—	$	(1,931	)	$	(1,419	)
Foreign exchange contracts		—		—			6,713		—			6,713
Total	$	—	$	512		$	6,713	$	(1,931	)	$	5,294
Emerging Markets Debt Fund
Interest rate contracts	$	361	$	(9	)	$	—	$	(326	)	$	26
Foreign exchange contracts		—		—			4,768		—			4,768
Equity contracts		—		—			—		5,041			5,041
Total	$	361	$	(9	)	$	4,768	$	4,715		$	9,835

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.

To reduce counterparty risk with respect to OTC transactions, the Funds may enter into master netting arrangements, established within the Fund’s ISDA Master Agreements, which allow the Funds to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA Master Agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or secu rities will be made available to the Funds.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from its counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 59

Notes to Financial Statements (Continued)

March 31, 2014 (Unaudited)

The following table presents by derivative type the Funds’ derivatives net of the related collateral posted for the benefit of the Funds at March 31, 2014:

Portfolio	Derivative Type	Value of Asset		Value of Liability			Net Amount Due (to)/from Counterparty			Collateral Pledged (Received) by Fund		Net Exposure After Collateral
International Equity Fund	Variation margin Futures contracts	$	437	$	(124	)	$	313		$	7,519	$	7,832
	Security lending		75,033		(75,033	)		—			—		—
			75,470		(75,157	)		313			7,519		7,832
Emerging Markets Equity Fund	Security lending		107,208		(107,208	)		—			—		—
			107,208		(107,208	)		—			—		—
International Fixed Income Fund	Variation margin Futures contracts		499		—			499			1,169		1,668
	Variation margin Centrally cleared swaps		—		(546	)		(546	)		—		(546	)
	Forwards contracts		1,458		(1,245	)		213			—		213
	OTC swaps		—		(465	)		(465	)		1,942		1,477
			1,957		(2,256	)		(299	)		3,111		2,812
Emerging Markets Debt	Variation margin Futures contracts		10		(12	)		(2	)		176		174
	Security lending		15,421		(15,421	)		—			—		—
	Forwards contracts		7,332		(4,887	)		2,445			—		2,445
	OTC swaps		315		(737	)		(422	)		—		(422	)
			23,078		(21,057	)		2,021			176		2,197

4. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUB-ADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory, Administration and Distribution Agreements — SIMC serves as investment adviser (the “Adviser”) to each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each fund.

SEI Investments Global Funds Services (the “Administrator”) provides administrative and transfer agency services to the Funds for annual fees, based on the average daily net assets of each fund.

SEI Investments Distribution Co. (the “Distributor”), a wholly owned subsidiary of SEI Investments Company (“SEI”), serves as each Fund’s Distributor. 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, calculated as a percentage of the average daily net assets attributable to each particular class of each respective fund. 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.

The Adviser, Administrator and/or Distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, Trustees fees and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at a specified level. The voluntary waivers by the Funds’ Adviser, Administrator and/or Distributor are limited to the Funds’ direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (AFFE). The waivers are voluntarily and the Funds’ Adviser, Administrator and/or Distributor may discontinue all or part of any of these waivers at any time.

The following is a summary of annual fees payable to the Adviser, Administrator and Distributor and the voluntary expense limitations for each Fund:

	Advisory Fee			Administration Fee			Shareholder Servicing Fee			Administrative Servicing Fee			Voluntary Expense Limitations
International Equity Fund
Class A		0.505	%		0.45	%		0.25	%		—			1.25	%
Class I		0.505	%		0.45	%		0.25	%		0.25	%		1.50	%
Emerging Markets Equity Fund
Class A		1.05	%		0.65	%		0.25	%		—			1.96	%
International Fixed Income Fund
Class A		0.30	%		0.60	%		0.25	%		—			1.02	%
Emerging Markets Debt Fund
Class A		0.85	%		0.65	%		0.25	%		—			1.36	%

60 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

For the six months ended March 31, 2014, the Distributor retained 100% of both shareholder servicing fees and administrative servicing fees, less the waiver.

Investment Sub-Advisory Agreements — As of March 31, 2014, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:

Investment Sub-Adviser

International Equity Fund

Acadian Asset Management LLC

Causeway Capital Management LLC

INTECH Investment Management LLC

Neuberger Berman Management LLC

Schroder Investment Management North America, Inc.

Tradewinds Global Investors LLC

Emerging Markets Equity Fund

Delaware Investment Fund Advisers

JO Hambro Capital Management Limited

Kleinwort Benson Investors International Ltd.

Lazard Asset Management LLC

Neuberger Berman Management LLC

PanAgora Asset Management, Inc.

International Fixed Income Fund

AllianceBernstein L.P.

FIL Investment Advisors

Wellington Management Company, LLP

Emerging Markets Debt Fund

Investec Asset Management Ltd.

Neuberger Berman Management LLC

Stone Harbor Investment Partners LP

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

Brokerage Commissions Paid to Affiliates — 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. There were no such commissions for the six months ended March 31, 2014.

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, 2014, can be found on the Statement of Operations and Financial Highlights, if applicable.

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.

The following is summary of the transactions with affiliates for the six month period ended March 31, 2014 ($ Thousands):

SEI Liquidity Fund	Value 9/30/2013		Purchases at Cost		Proceeds from Sales			Value 3/31/2014		Dividend Income
International Equity Fund	$	96,733	$	333,776	$	(355,476	)	$	75,033	$	629
Emerging Markets Equity Fund		77,907		188,209		(158,908	)		107,208		660
Emerging Markets Debt Fund		4,924		17,113		(6,616	)		15,421		15
SDIT Prime Obligation
International Equity Fund		72,641		158,395		(110,667	)	$	120,369		4
Emerging Markets Equity Fund		7,821		193,131		(189,600	)		11,352		1

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

The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The Administrator or the Distributor pays compensation of Officers and affiliated Trustees.

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Adviser, sub-advisers and service providers as required by SEC regulations. The CCO’s services have been approved by and are reviewed annually by the Board.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the

Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. For the six months ended March 31, 2014, the Trust had not participated in the Program.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 61

Notes to Financial Statements (Continued)

March 31, 2014 (Unaudited)

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, 2014, were as follows:

	Purchases ($ Thousands)		Sales and Maturities ($ Thousands)
International Equity Fund
US Government	$	—	$	—
Other		799,872		706,928
Emerging Markets Equity Fund
US Government		—		—
Other		783,868		456,394
International Fixed Income Fund
US Government		1,461		2,862
Other		232,626		229,976
Emerging Markets Debt Fund
US Government		—		—
Other		596,493		545,979

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 U.S. 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	2013	$	29,962	$	—		—	$	29,962
	2012		34,761		—		—		34,761
Emerging Markets Equity Fund	2013		4,998		—		—		4,998
	2012		2,183		—		—		2,183
International Fixed Income Fund	2013		17,902		—		4,024		21,926
	2012		12,225		—		—		12,225
Emerging Markets Debt Fund	2013		79,157		37,242		—		116,399
	2012		53,538		2,001		—		55,539

As of September 30, 2013, the components of Distributable Earnings (Accumulated Losses) were as follows:

	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post October Losses ($ Thousands)
International Equity Fund	$	31,585	$	—	$	(966,949	)	$	—
Emerging Markets Equity Fund		6,503		—		(81,766	)		—
International Fixed Income Fund		—		—		(10,538	)		—
Emerging Markets Debt Fund		5,739		8,019		—			(552	)

	Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Accumulated Gains (Losses) ($ Thousands)
International Equity Fund	$	275,108		$	460		$	(659,796	)
Emerging Markets Equity Fund		38,175			5			(37,083	)
International Fixed Income Fund		(2,000	)		3,079			(9,459	)
Emerging Markets Debt Fund		(50,214	)		(12,702	)		(49,710	)

Post-October losses represent losses realized on investment transactions from November 1, 2012 through September 30, 2013, 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 2017 ($ Thousands)		Expires 2018 ($ Thousands)		Total Capital Loss Carryforward 09/30/13 ($  Thousands)
International Equity Fund	$	276,592	$	690,357	$	966,949
Emerging Markets Equity Fund		—		19,246		19,246
International Fixed Income Fund		—		10,538		10,538

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. Losses carried forward under these new provisions are as follows:

	Short-Term Loss		Long-Term Loss		Total*
Emerging Markets Equity Fund	$	33,049	$	29,471	$	62,520

* This table should be used in conjunction with the capital loss carryforwards table.

During the year ended September 30, 2013, the following Funds utilized capital loss carryforwards to offset capital gains:

	Amount utilized ($ Thousands)
International Equity Fund	$	38,493
International Fixed Income Fund		5,369

62 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

For Federal income tax purposes, the cost of securities owned at March 31, 2014, 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 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, excluding options purchased, held by the Funds at March 31, 2014, was as follows:

	Federal Tax Cost ($ Thousands)		Aggregate Gross Unrealized Appreciation ($ Thousands)		Aggregate Gross Unrealized Depreciation ($ Thousands)			Net Unrealized Appreciation ($ Thousands)
International Equity Fund	$	2,395,021	$	400,121		(77,516	)	$	322,605
Emerging Markets Equity Fund		1,821,443		155,845		(102,112	)		53,733
International Fixed Income Fund		467,497		20,984		(11,358	)		9,626
Emerging Markets Debt Fund		1,254,679		34,690		(50,961	)		(16,271	)

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, 2013, 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

In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, management believes that, based on experience, the risk of loss from such claims is considered remote.

The following descriptions provide additional information about some of the risks of investing in the Funds:

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Currency Risk — To the extent a Fund takes positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks

or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

Fixed Income Market Risk — The prices of a Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

Interest Rate Risk — The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government Securities, in which the Fund invests. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly.

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

Please refer to each Funds current prospectus for additional disclosure regarding the risks associated with investing in the Funds. The foregoing is not intended to be a complete discussion of the risks associated with the investment strategies of the Funds.

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 63

Notes to Financial Statements (Concluded)

March 31, 2014 (Unaudited)

during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain

risks, including the risk that a Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities.

Cash collateral received in connection with securities lending is invested in short-term investments by the lending agent. These

investments may include the SEI Liquidity Fund L.P., and the Fund bears all of the gains and losses on such investment. There is no guarantee that these investments will not lose value.

9. 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 as of March 31, 2014.

64 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

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 10/1/13		Ending Account Value 3/31/14		Annualized Expense Ratios			Expenses Paid During Period*
International Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,065.80		1.24	%	$	6.40
Class I		1,000.00		1,064.50		1.49			7.68
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.73		1.24	%	$	6.26
Class I		1,000.00		1,017.49		1.49			7.50
Emerging Markets Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,007.70		1.96	%	$	9.83
Hypothetical 5% Return
Class A	$	1,000.00	$	1,015.14		1.96	%	$	9.87

	Beginning Account Value 10/1/13		Ending Account Value 3/31/14		Annualized Expense Ratios			Expenses Paid During Period*
International Fixed Income Fund
Actual Fund Return
Class A	$	1,000.00	$	1,024.90		1.02	%	$	5.16
Hypothetical 5% Return
Class A	$	1,000.00	$	1,019.84		1.02	%	$	5.14
Emerging Markets Debt Fund
Actual Fund Return
Class A	$	1,000.00	$	1,013.70		1.36	%	$	6.83
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.14		1.36	%	$	6.85

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 65

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 Board calls and holds meetings each year that are dedicated to considering whether to approve new and terminate or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations. 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 counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, during the course of the Trust’s fiscal year, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Advisers compared with 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.

At the December 10-11, 2013 and the March 25-26, 2014 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

66 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

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

certain 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 and each Sub-Adviser’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 considered Fund performance in determining whether to approve new and terminate or renew existing 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 to prevent total Fund expenses from exceeding a specified cap and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for its distribution channels. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements.

Profitability. With regard to profitability, the Trustees considered all compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the varied levels of compensation and profitability under the Investment Advisory Agreements and other service agreements were reasonable and justified in light of the quality of all services rendered to the Funds by SIMC and the Sub-Advisers and their affiliates. The Trustees found that profitability was reasonable. 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-

SEI Institutional International Trust / Semi-Annual Report / March 31, 2014 67

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.

68 SEI Institutional International Trust / Semi-Annual Report / March 31, 2014

SEI INSTITUTIONAL INTERNATIONAL TRUST SEMI-ANNUAL REPORT MARCH 31, 2014

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

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

Stephen G. MacRae

Vice President

Edward McCusker

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

KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the 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 (3/14)

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 included as part of the report to shareholders filed under Item 1 of this form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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, 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 4, 2014

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 4, 2014
By	/s/ Peter A. Rodriguez
	Peter A. Rodriguez, Controller & CFO
Date: June 4, 2014

EX-99.CERT

Certification

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Robert A. Nesher, certify that:

1. I have reviewed this report on Form N-CSRS of SEI Institutional International Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: June 4, 2014

/s/ Robert A. Nesher

Robert A. Nesher

President & CEO

Certification

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Peter A. Rodriguez, certify that:

1. I have reviewed this report on Form N-CSRS of SEI Institutional International Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: June 4, 2014

/s/ Peter A. Rodriguez

Peter A. Rodriguez

Controller & CFO

EX-99.906CERT

CERTIFICATION

Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the President and Chief Executive Officer of SEI Institutional International Trust (the “Trust”), with respect to the Trust’s Form N-CSRS for the period ended March 31, 2014 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSRS fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSRS fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Dated: June 4, 2014

/s/ Robert A. Nesher

Robert A. Nesher

CERTIFICATION

Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the Controller & CFO of SEI Institutional International Trust (the “Trust”), with respect to the Trust’s Form N-CSRS for the period ended March 31, 2014 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSRS fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSRS fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Dated: June 4, 2014

/s/ Peter A. Rodriguez

Peter A. Rodriguez