N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05601

SEI Institutional International Trust

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

CT Corporation

155 Federal Street

Boston, MA 02110

(Name and address of agent for service)

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

Date of fiscal year end: September 30, 2015

Date of reporting period: September 30, 2015

Item 1. Reports to Stockholders.

September 30, 2015

ANNUAL REPORT

SEI Institutional International Trust

➤ International Equity Fund

➤ Emerging Markets Equity Fund

➤ International Fixed Income Fund

➤ Emerging Markets Debt Fund

TABLE OF CONTENTS

Letter to Shareholders	1
Management’s Discussion and Analysis of Fund Performance	5
Schedules of Investments	12
Statements of Assets and Liabilities	61
Statements of Operations	62
Statements of Changes in Net Assets	63
Financial Highlights	65
Notes to Financial Statements	66
Report of Independent Registered Public Accounting Firm	79
Trustees and Officers of the Trust	80
Disclosure of Fund Expenses	83
Board of Trustees Considerations in Approving the Advisory  and Sub-Advisory Agreements	84
Notice to Shareholders	87

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.

SEI INSTITUTIONAL INTERNATIONAL TRUST — SEPTEMBER 30, 2015 (Unaudited)

To Our Shareholders:

This annual report covers the year ended September 30, 2015. Performance varied significantly across asset classes over the course of the Funds’ fiscal year. A declining global economic outlook and heightened volatility marked the fourth quarter of 2014, followed by a round of global central-bank easing measures to start the New Year and nearly two full quarters of relative calm that proved hospitable to risk assets. The period concluded with indiscriminate volatility during the third quarter of 2015, which put downward pressure on a majority of global assets (aside from “safe-haven” developed-market government securities).

Geopolitical events

There were several important geopolitical developments during the Funds’ fiscal year. Worries about an outbreak of Ebola in Africa and the subsequent spread of the virus played a prominent role in news headlines at the beginning of the Funds’ reporting period; although it did not have a significant impact on the global economy. Severe unrest continued in certain areas of the Middle East, driven by the opposing and overlapping interests of ISIS, the Syrian regime, Syrian nationalists, Kurdish forces, the Iraqi military, Iranian-backed Shiite militias and, at the end of period, the Russian military. While the conflict that originated in Syria and Iraq appears to have influenced destablizing events elsewhere in the Middle East and Northern Africa, and taken a terrible human toll, it has not had a significant impact on global markets or the economy. Iran’s agreement with the U.S., U.K., Russia, France, China and Germany regarding the scope of its nuclear program was completed late in the Funds’ fiscal year, paving the way for the removal of sanctions against Iran.

Economic performance — Global

Global economic growth continued at a diminishing pace for the period, while near-term growth estimates were revised downward, stemming mostly from weakness in emerging economies. Inflation trends diverged, with an accelerating decline among developed nations as prices reversed higher in developing regions. Continued U.S. dollar strength and a general reliance by emerging economies on commodity exports amid declining prices were primarily responsible for the desynchronization.

Economic performance — U.S.

In the U.S., economic growth dropped off at the beginning of the period; the fourth quarter of 2014 registered less than half of the preceding quarter’s admittedly stellar expansion, and was followed by a modest contraction in the first quarter of 2015 that can be attributed partially to seasonal slowdown effects. Second-quarter growth bordered on impressive, due in large part to strong consumer activity; both retail sales and consumer spending measures registered significant spikes in May. Revolving consumer credit retreated during the first half of the period, before reversing into a string of expansions during the second half, indicating renewed consumer appetite. Personal income growth was solid and relatively consistent throughout the period, outpacing spending in most months. Consumer prices declined early in the period against the backdrop of a strengthening U.S. dollar, and price increases were muted when measured on a core basis (with volatile food and energy components removed); negative price pressures were more pronounced at the producer level. The trend subsided through much of the first and second quarters of 2015, before prices began to slide again amid third-quarter volatility. Home prices joined in the late-period decline, according to Case-Shiller, but actually delivered notable growth in the majority of the Funds’ fiscal year; year-over-year price growth was fairly consistent throughout the period. Existing-home sales were mixed early in the period, then steadily increased, hitting an eight-year high in the summer of 2015. New-home sales did not follow a clear trend but were strong, reaching a seven-year peak in the first quarter of 2015 and then again in the summer. The labor market benefited from consistent improvement — jobless claims and the unemployment rate both declined over the Funds’ fiscal year — although the percentage of Americans participating in the labor force edged down. Industrial production was volatile from month to month, and year-over-year growth trended downward over the period in concert with capacity utilization. Durable goods orders were also unimpressive, with the value of new orders (excluding volatile transportation-sector components) declining over the period. Motor vehicle sales increased with limited consistency, but registered their highest level in a decade at the end of the Funds’ fiscal year.

SEI Institutional International Trust / Annual Report / September 30, 2015 1

The Federal Reserve (Fed) concluded monthly bond purchases at the beginning of the period as it wound down its quantitative-easing program. Expectations for an eventual increase in the federal funds rate progressed further along the calendar, remaining to be seen at the end of the Funds’ fiscal year. While the U.S. economy has neared full employment, the Fed must also consider inflation and price stability when determining the timing of its first rate hike.

Economic performance — Europe

Europe succeeded in cultivating steady, albeit low, economic growth over the course of the Funds’ fiscal year. The fourth quarter of 2014 improved modestly on the prior quarter, which lifted off from flatlining conditions. The first quarter of 2015 also exhibited marginal acceleration before the growth rate held firm during the second quarter. The European Central Bank’s (ECB) commencement of an asset-purchase program at the start of the Funds’ fiscal year, and sizeable subsequent expansion in the New Year to include sovereign debt, served as the impetus for a chain reaction of central-bank loosening measures around the globe. An assurance was given by the ECB during the second quarter of 2015 that it would not prematurely conclude its program even if economic conditions improved substantially; third-quarter volatility may have prompted the ECB to go a step further in suggesting that the program could be expanded if deteriorating conditions warranted. The eurozone also contended with a restructuring of Greece’s public-debt obligations following elections in January 2015 that brought the leftist Syriza party and prime minister Alexis Tsipras to power. Much of the preoccupation with Europe during the first and second quarters of 2015 centered on the negotiations between Greece, other euro-member states, the ECB and the International Monetary Fund. The euro’s viability as a common currency among member states with limited fiscal policy coordination came into question, which, along with the ECB’s asset-purchase program, likely contributed to the euro’s slide during the first half of the Funds’ fiscal year. Despite the euro’s apparent weakness, consumer price pressures were low-to-negative (generally negative at the producer level), with both measures bottoming in the first quarter of 2015. In labor-market terms, unemployment remained unchanged for the first several months of the Funds’ fiscal year before trending modestly lower through most of the remaining period. The dichotomy between Europe’s core and periphery was stark throughout the period, with Greece’s unemployment rate remaining more than five times that of Germany.

U.K. economic growth softened, but then recovered during the period. The fourth quarter of 2014 and first quarter of 2015 each registered slower growth than the preceding quarters, while improvement during the second quarter of 2015 offset the deceleration. The Bank of England (BoE) made no changes to monetary policy in the Funds’ fiscal year; its latest quarterly inflation report released in August 2015 indicated that consumer-price inflation was not projected to reach levels consistent with an increase in the Bank Rate for at least several quarters following the fiscal year end. Consumer-price changes oscillated monthly between positive and negative, with the year-ago trend declining steadily in the first half of the period and remaining essentially unchanged thereafter. Producer-price trends followed a similar first-half/second-half pattern, but were decidedly more negative (especially among input prices). Price trends were due primarily to commodity-price weakness and sterling strength, which both intensified from late 2014 through the first quarter of 2015, picked up again during the summer, and tapered at the end of the period. The labor trend remained promising throughout most of the period, with both the claimant count and the unemployment rate declining in most months. Year-over-year average weekly earnings growth doubled over the period as well.

Economic performance — Asia Pacific

In the Asia-Pacific region, Japan began the period in recession but recovered during the fourth quarter of 2014 and first quarter of the New Year, following an expansion of the Bank of Japan’s asset-purchase program and a postponed national sales tax increase. The economy fell back into contraction territory during the second quarter. While the yen weakened early in the Funds’ fiscal year, it remained in a relatively tight range (with the exception of temporary further weakening during the summer of 2015). China’s economy, meanwhile, experienced steadily declining growth throughout the period, albeit from levels considerably higher than most other economies. The People’s Bank of China loosened its monetary policy stance, reducing benchmark interest rates and bank-reserve requirement ratios at multiple points during the Funds’ fiscal year. However, the government’s decision to let the renminbi float and decline in value against the U.S. dollar during the third quarter of 2015 had more significant global repercussions — especially given its implications for a potential rebalancing of global trade and the uncertainty about potential future actions.

2 SEI Institutional International Trust / Annual Report / September 30, 2015

Market developments — equities

Global equity markets, as reflected by the MSCI All-Country World Index (ACWI), endured a swoon at the beginning of the Funds’ reporting period. Prior to recovering, markets navigated a choppy first quarter of 2015, trended higher in the second quarter, and fell back to their lows near the end of the period. U.S. large-cap stocks (Russell 1000 Index) followed essentially the same path, while U.S. small-cap stocks (Russell 2000 Index) delivered stronger performance when equities were in favor (registering a small gain for the full period) over the course of the Funds’ fiscal year.

A majority of sectors were negative, with a similar order of performance between U.S. (S&P 500 Index) and global (MSCI ACWI Index) sectors; although the U.S. delivered better overall performance. Consumer discretionary, followed by consumer staples and healthcare, were the top-performing sectors — with positive returns in the U.S. and globally. Information technology and utilities each delivered modestly positive performance in the U.S., while information technology was negative globally. Financials and industrials were negative everywhere, but by considerably more on a global basis than in the U.S. Telecommunications was the only sector that declined by more in the U.S. than globally. Energy was universally the worst performer, followed at a significant distance by materials, which also delivered a deeply negative performance.

Although normally sensitive to the threat of rising interest rates, real estate investment trusts (as measured by the Wilshire Real Estate Securities Index), performed well for the period, outpacing all U.S. sectors despite succumbing to the summer swoon.

Regionally, Europe was well-represented among countries with strong relative performance; although Greece and Russia delivered some of the most severe overall losses. The U.S. and Japan also performed relatively well, while returns across the broader Asia and Pacific regions ranged from slightly to deeply negative. Latin America, particularly Brazil and Colombia, also struggled with sharp declines.

Market developments — fixed income

Developed-market government bonds performed well during the Funds’ fiscal year, as yields declined on U.S. Treasuries, U.K. gilts, German bunds and Japanese government bonds (yields and prices move inversely). The appetite for these high-quality securities led to a relatively consistent decline in yields for much of the first half of the reporting period. However, an uneven reversal followed through the spring, with the market falling again in the summer as investors sought out the safety of developed-market government securities.

Notably, despite a great deal of central-bank monetary policy actions during the period, there were no benchmark interest-rate increases, as most adjustments served to loosen central bank postures. Inflation-linked bonds struggled for the most part. U.S. Treasury inflation-protected securities, which are impacted negatively by both rising interest rates and falling inflation, continued to underperform during the period. They performed well over the first four months of the New Year before selling off — sharply at first, and then steadily through the Funds’ fiscal year end.

Spread sectors — areas of the market that offer a higher yield than government debt in return for assuming more credit risk (including corporate, mortgage-backed securities and asset-backed securities) — performed well during the fiscal year, despite varying degrees of volatility among sectors during periods of stress, especially during the third quarter of 2015.

Investment-grade U.S. corporate debt was positive over the full period, despite early-2015 gains having mostly eroded by the end of the second quarter. High-yield corporates (which are below investment grade and carry greater credit risk) had a volatile, ultimately unproductive fourth-quarter 2014 before climbing through late-May 2015 — and finally sharply declining to finish the Funds’ fiscal year with losses.

Globally, emerging-market bonds generally lagged developed markets; but performance varied within the segment. Local-currency emerging-market bonds had steep losses, while external-currency (foreign-currency denominated) bonds were only slightly negative.

Market developments — commodities

Commodity prices (as measured by the Reuters/Jefferies CRB Index) began the Funds’ fiscal year with a continuation of declines that began in mid-2014 and proceeded until late January 2015. The slide recommenced in earnest during May, continuing through the end of the period aside from a slight rebound in late August. Energy prices — especially oil — were clear laggards within the commodity complex, followed at a distance by industrial metals and then by precious metals. Agricultural commodities were mixed, with corn and wheat in positive territory at the fiscal year end.

SEI Institutional International Trust / Annual Report / September 30, 2015 3

Our view

Economic and market cycles in recent years have been disjointed and out of sync from region to region and country to country. Volatility notwithstanding, it is our expectation that monetary policies will remain far more expansionary and for longer in Japan, Europe and the rest of the world compared to the U.S. It’s our strong conviction that developed economies will not only avoid recession but will actually step up the pace of growth in the year ahead. If demand flags in those regions, deflationary pressures will probably intensify.

On behalf of SEI, I want to thank you for your confidence in the SEI Institutional International Trust. We are dedicated to helping our investors reach their long-term objectives, and we look forward to serving your investment needs in the future.

Sincerely,

William Lawrence, CFA

Managing Director, Portfolio Management Team

4 SEI Institutional International Trust / Annual Report / September 30, 2015

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

SEI INSTITUTIONAL INTERNATIONAL TRUST — SEPTEMBER 30, 2015 (Unaudited)

International Equity Fund

I. Objective:

The International Equity Fund (the “Fund”) seeks long-term capital appreciation.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (“SIMC”). The Fund utilized the following sub-advisers as of September 30, 2015: Acadian Asset Management LLC, Blackcrane Capital, LLC, Causeway Capital Management LLC, Henderson Global Investors (North America) Inc., INTECH Investment Management LLC, Neuberger Berman Management LLC, Tradewinds Global Investors LLC and WCM Investment Management. For the year ended September 30, 2015, sub-adviser Schroders Investment Management North America, Inc. was terminated and sub-advisers Blackcrane Capital, LLC and WCM Investment Management were added to the Fund.

III. Returns

For the year ended September 30, 2015, the Fund’s Class A shares outperformed the MSCI EAFE Index (the “Index”), returning -5.98% versus the Index return of -8.66%.

IV. Performance Discussion

At the sector level, the Fund’s outperformance came mainly from stock selection, while sector selection was also slightly additive. Selection was relatively strong in financials, followed by materials, consumer staples, industrials and consumer discretionary. In financials and materials, the Fund benefited from having an underweight to some of the troubled banks or materials companies that experienced strong negative performance during the period. Stock selection was poor in energy and utilities, the former due to the oil and gas industry, which was hit heavily during the reporting period given the decline in commodity prices addressed in the enclosed shareholder letter. The Fund slightly benefited from an overweight to the consumer discretionary, information technology and

telecommunication services sectors. Meanwhile, an underweight to consumer staples detracted as the sector once again performed

relatively well in the risk-averse environment despite rather rich valuations.

Regionally, the Fund’s outperformance came mainly from stock selection, while sector selection was also slightly additive. Stock selection was positive in most developed regions and countries, led by the U.K., where the Fund benefited from good stock selection in many sectors, and also by underweighting several of the troubled energy and commodity names. Stock selection in continental Europe was also a positive in both peripheral countries such as Italy and Portugal and in core countries such as Germany and Belgium. Stock selection was a negative in France while an overweight to Norway, a country with heavy exposure to the beleaguered oil industry, also detracted from performance. Stock selection in Japan was beneficial, but an underweight to the country, which was a top performer given the ongoing economic reforms by Prime Minister Shinzo Abe, detracted slightly. The Fund was also negatively impacted by exposure to commodity and natural-resources heavy Canada, yet benefited from an underweight to Australia for the same reason. Emerging markets as an asset class performed very poorly during the reporting period, underperforming its developed-markets peers. As a result, exposure to emerging markets in aggregate was a negative. The contribution by emerging Asia was more than offset by poor performance in Latin America, as noted in the shareholder letter, given its high correlation to the commodity sector but also some political and economic troubles in Brazil, its largest economy.

For the year ended September 30, 2015, Fund-manager performance was mixed but mostly positive. Neuberger Berman Management LLC had strong stock selection in Europe and the U.K. with the strongest contribution from Germany, while France and Sweden detracted. Henderson Global Investors (North America) Inc. also had good stock selection in the U.K., while also benefitting from an underweight to the Pacific ex-Japan region and good stock selection within the region. Blackcrane Capital, LLC, a manager that was added in October 2014, demonstrated solid stock selection in Japan while also benefitting from exposure to Korea. Acadian Asset Management LLC’s quantitative model and INTECH Investment Management LLC’s mathematical model produced solid results; the former was helped by stock selection in Europe and Japan, while the latter achieved good results in Europe, the U.K. and the Pacific ex-Japan region. Causeway

SEI Institutional International Trust / Annual Report / September 30, 2015 5

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

SEI INSTITUTIONAL INTERNATIONAL TRUST — SEPTEMBER 30, 2015 (Unaudited)

Capital Management LLC’s value strategy lagged during the year with poor stock selection broadly spread across regions, but most pronounced in Europe and Japan.

International Equity Fund:

AVERAGE ANNUAL TOTAL RETURN¹

	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A†		-5.98%		5.50%		3.62%		0.63%		3.15%
Class I†		-6.18%		5.23%		3.37%		0.39%		2.72%
Class Y		N/A		N/A		N/A		N/A		-2.24%	*
MSCI EAFE Index		-8.66%		5.63%		3.98%		2.97%		4.06%

Comparison of Change in the Value of a $100,000 Investment in the International Equity Fund, Class A and Class I, versus the MSCI EAFE Index

¹  For the year ended September 30, 2015. Past performance is no indication of future performance. Class I Shares were offered beginning on January 4, 2002. Class A Shares were offered beginning December 20, 1989. The performance of Class I Shares may be lower than the performance of Class A Shares because of different distribution fees paid by Class I shareholders. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

^†  The graph is based on only Class A and Class I Shares; performance for Class Y Shares would be different due to differences in fee structures.

* Cumulative inception to date as of December 31, 2014.

N/A — Not Available.

6 SEI Institutional International Trust / Annual Report / September 30, 2015

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

SEI INSTITUTIONAL INTERNATIONAL TRUST — SEPTEMBER 30, 2015 (Unaudited)

Emerging Markets Equity Fund

I. Objective:

The Emerging Markets Equity Fund (the “Fund”) seeks capital appreciation.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corp. (“SIMC”). The Fund utilized the following sub-advisers as of September 30, 2015: Delaware Investment Fund Advisers, a series of Delaware Management Business Trust, JO Hambro Capital Management Limited, Kleinwort Benson Investors International Ltd., Lazard Asset Management LLC, Neuberger Berman Management LLC, PanAgora Asset Management, Inc. and RWC Asset Advisors (US) LLC. During the year, Everest Capital was added to and then removed from the Fund. The Everest investment team migrated to RWC Asset Advisors (US) LLC, which was then added to the Fund during the year.

III. Returns

For the year ended September 30, 2015, the Fund’s Class A shares underperformed the MSCI Emerging Markets Index (Gross) (the “Index”), returning -20.78% versus the Index return of -18.98%.

IV. Performance Discussion

While all equities sectors reported negative absolute performance during the Fund’s fiscal year, the Fund’s underperformance was primarily due to stock selection, as sector selection provided some benefit.

Stock selection was negative in information technology (IT), consumer discretionary and energy and materials. While selection in financials and consumer staples was beneficial, it could not offset the poor performance elsewhere. Within IT, the Fund was primarily and adversely impacted by several of its Chinese software and services holdings, which experienced strong sell offs. The Fund’s IT holdings detracted due to underweights to particular companies (e.g. an Indian IT consulting & services firm as well as a Chinese Internet firm) that performed well. In absolute terms, the healthcare sector

underperformed the least, and the Fund benefited from an overweight as well as selection within the sector. As addressed in the enclosed shareholder letter, energy and materials performed very poorly in absolute terms, as markets experienced a sharp sell off in commodities given the slowdown of the Chinese economy. In both energy and materials, the Fund’s holdings underperformed their respective benchmark holdings and hence detracted from overall results. However underweights to both sectors were positive.

Regionally, the Fund’s underperformance came mainly from allocation, while stock selection had a minor negative impact. Latin America was the worst performing region given the adverse impact of the sharp sell off in commodities. As the shareholder letter noted, Brazil and Colombia were hit harder than other Latin American countries. Stock selection in Brazil detracted from overall results. EMEA was a tale of two stories; Greece, a small country within the region, saw deeply negative absolute performance as the country defaulted on its International Monetary Fund debt after a month of negotiations with its Eurozone creditors. The Fund’s underweight to Greece, however, contributed. Beneficial regions for the Fund included some of the smaller Eastern European countries. Emerging Asia was a contributor to overall results. Despite the negative news about a Chinese economic-growth slowdown, as well as the volatility of the Chinese stock market, it was one of the better performing countries within the equities asset class, followed by India and the Philippines. The Fund benefited from an overweight and stock selection in India, as well as good stock selection in Korea and an underweight to Malaysia.

Fund manager results were mixed during the year. Delaware Investment Fund Advisers detracted most, attributable to poor stock selection in emerging Asia as well as selection in and overweight to Latin America. In Emerging Asia, the Fund’s holdings in China and India underperformed the respective benchmark components. Within Latin America the biggest detractor was Brazil, while holdings in Mexico did not perform well. Both JO Hambro Capital Management Limited and Neuberger Berman Management LLC outperformed the respective benchmark with positive performance bolstered by their exposure in Emerging Asia. JO Hambro Capital Management Limited also benefited from good stock selection in China and Taiwan, while

SEI Institutional International Trust / Annual Report / September 30, 2015 7

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

SEI INSTITUTIONAL INTERNATIONAL TRUST — SEPTEMBER 30, 2015 (Unaudited)

Neuberger Berman Management LLC produced solid results in China, Indonesia and India. Meanwhile PanAgora Asset Management Inc.’s model added value in EMEA and the manager’s underweight to Latin America was also beneficial. Lazard Asset Management LLC’s strategy slightly lagged the benchmark and while stock selection in emerging Asia was strong; the strategy was negatively impacted by stock selection in Latin America, primarily Brazil, as well as through emerging-markets holdings that are listed on exchanges in North America. Kleinwort Benson Investors International Ltd. performed slightly ahead of the benchmark, with results in EMEA slightly ahead of emerging Asia.

Emerging Markets Equity Fund:

AVERAGE ANNUAL TOTAL RETURN¹

	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A†		-20.78%		-5.64%		-5.24%		1.99%		3.38%
Class Y		N/A		N/A		N/A		N/A		-16.17%	*
MSCI Emerging Markets Index (Gross)		-18.98%		-4.93%		-3.25%		4.60%		5.25%

Comparison of Change in the Value of a $100,000 Investment in the

Emerging Markets Equity Fund, Class A, versus the MSCI Emerging Markets Index (Gross)

¹  For the year ended September 30, 2015. Past performance is no indication of future performance. Class A Shares were offered beginning January 17, 1995. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

^†  The graph is based on only Class A Shares; performance for Class Y Shares would be different due to differences in fee structures.

* Cumulative inception to date as of December 31, 2014.

N/A — Not Available.

8 SEI Institutional International Trust / Annual Report / September 30, 2015

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

SEI INSTITUTIONAL INTERNATIONAL TRUST — SEPTEMBER 30, 2015 (Unaudited)

International Fixed Income Fund

I. Objective:

The International Fixed-Income Fund (the “Fund”) seeks capital appreciation and current income.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (“SIMC”). The Fund utilized the following sub-advisers as of September 30, 2015: AllianceBernstein, L.P., FIL Investment Advisors and Wellington Management Company, LLP. For the year ended September 30, 2015, no manager changes were made.

III. Returns

For the year ended September 30, 2015, the Fund’s Class A shares underperformed the Barclays Global Aggregate ex-US Index, Hedged (the “Index”), returning 2.02% versus the Index return of 3.37%.

Performance Discussion

During the Fund’s fiscal year, persistent worries over the global economic outlook, anxiety over an economic slowdown in China, declining commodity prices, the end of U.S. quantitative easing (QE), expectations about the U.S. Federal Reserve raising interest rates, and the beginning of the European Central Bank’s QE program, were dominant market themes. As noted in the enclosed shareholder letter, both European and Japanese bonds rallied, supported by QE and investor panic during this risk-off period.

From a performance perspective, the Fund’s short-duration stance in the European and Japanese markets was detrimental. However, overweight exposures to Europe partially mitigated the negative impact. Performance also suffered from exposure to credit risk, predominantly in the investment-grade and high-yield subsectors across the U.S., U.K. and Europe. As the shareholder letter addressed, widening spreads, especially during the third quarter of 2015, were the result of shaken sentiment due to the correction in emerging markets and downgraded global-growth outlook. As a result, the Fund’s overweight to credit detracted.

From the sub-adviser (manager) perspective, all of the Fund’s managers underperformed. In the case of FIL Investment Advisors, exposure to credit risk severely impaired performance, alongside an underweight to U.S., U.K. and Canadian and Japanese interest-rate risk. However, exposure to German Bunds slightly mitigated underperformance. Additionally, FIL Investment Advisors overweight to securitized bonds was a negative. AllianceBernstein’s performance was also detrimental due to its high exposure to credit risk amid widening spreads, as well as its short-duration stance. Wellington underperformed for the same reasons, and due to its exposure to the securitized sector.

International Fixed Income Fund:

AVERAGE ANNUAL TOTAL RETURN¹

	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A		2.02%		2.90%		3.07%		2.94%		4.39%
Barclays Global Aggregate ex-US Index, Hedged		3.37%		3.95%		3.80%		4.26%		5.86%

Comparison of Change in the Value of a $100,000 Investment in the International Fixed Income Fund, Class A, versus the Barclays Global Aggregate ex-US Index, Hedged

¹  For the year ended September 30, 2015. Past performance is no indication of future performance. Class A Shares were offered beginning September 1, 1993. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

SEI Institutional International Trust / Annual Report / September 30, 2015 9

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

SEI INSTITUTIONAL INTERNATIONAL TRUST — SEPTEMBER 30, 2015 (Unaudited)

Emerging Markets Debt Fund

I. Objective:

The Emerging Markets Debt Fund (the “Fund”) seeks to maximize total return.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corp. (“SIMC”). The Fund utilized the following sub-advisers as of September 30, 2015: Investec Asset Management Ltd., Neuberger Berman Fixed Income LLC and Stone Harbor Investment Partners LP. For the year ended September 30, 2015, no manager changes were made.

III. Returns

For the year ended September 30, 2015, the Fund’s Class A shares underperformed a hybrid of 50% J.P. Morgan EMBI Global Diversified Index and 50% J.P. Morgan GBI-EM Global Diversified (the “Index”), returning -13.35% versus the Index return of -10.62%.

IV. Performance Discussion

For the year ended September 30, 2015, emerging markets were adversely affected by several broad factors: low commodity prices — most significantly the drop in oil prices noted in the enclosed shareholder letter — as large index constituents Russia, Mexico, Brazil, Malaysia and Venezuela are all oil exporters; the slowing Chinese economy, which has hurt emerging markets overall, but Asian countries like Malaysia, Indonesia and Philippines even more so; and the U.S. economy, which performed relatively well, serving as a flight to safety for many investors while also causing the U.S. dollar to strengthen relative to every emerging country’s local currency. Along with these broader themes, there were some non-financial market risks that affected countries with large weights in the index. The conflict between Russia and the Ukraine seems more benign now than it did a year ago; as a consequence of this improving landscape, Ukraine’s external debt returned over 50% in the third quarter of 2015, making it the market’s top performer. The other country gaining investor attention is Brazil, where a corruption probe into state-run oil company Petrobras has affected the oil giant as well as Brazil’s

government. Brazil’s credit rating was cut twice in the third quarter of 2015, ending the Fund’s fiscal year with a junk-status rating by Standard & Poor.

The majority of the blended-index underperformance comes from the local currency (GBI-EM Global Diversified) portion, which declined 19.77% over the last twelve months. The poor performance of local currencies stemmed from the appreciation of the U.S. dollar, as addressed in the shareholder letter, versus every local-EM currency in the index: the Mexican peso, the Malaysian ringgit, the Russian rouble, the Brazilian real, and the Colombian peso, each of which has weakened more than 20% to the U.S. dollar. The best performing currency — and only currency in the GBI-EM index that hasn’t weakened more than 10% to the U.S. dollar — was the Philippine peso, which weakened only 3.8% to the U.S. dollar. Therefore, while the Fund benefited from a consistent underweight to local debt over the period, it was unfortunately more than offset by local-debt selection, which was one of the primary drivers of underperformance for the year.

The external index (EMBI Global Diversified) was down 0.62% over the past twelve months, which, when compared to the local-index performance addressed in the paragraph above, is relatively flat. The external index spread increased significantly over the year, reflecting uncertainty over low commodity prices, a weak Chinese economy and expectations that the U.S. Federal Reserve will raise interest rates in the near future. The Fund was hurt by an average underweight to external debt during the Fund’s fiscal year, but the primary driver of underperformance came from selection in external debt.

Within local debt, selection in Brazil was the strongest driver of underperformance. A combination of overweights and selection in Mexico, Russia and Indonesia were the other main detractors in local debt. These four countries have all been affected by low energy prices and a strong U.S. dollar. An underweight combined with good security selection led to Polish local debt being the largest contributor in the Fund.

Within external debt, an underweight to Ukraine was the strongest detractor over the period. The Fund increased its Ukraine underweight in the beginning of 2015 only to see the country’s external debt rally during the third quarter of 2015. Another major

10 SEI Institutional International Trust / Annual Report / September 30, 2015

detractor was an underweight to the Philippines. The position is justified by the country’s tight valuations and relatively low spread compared to most others in the index, but an investment-grade market rally and a lack of headline news from the Philippines led to solid performance. Off-benchmark holdings in Slovenia were the largest contributor in external debt, as the country generated strong positive returns over the period.

Positioning in pure emerging-market corporate debt also contributed to returns. The Fund’s benchmark includes only sovereign and quasi-sovereign (majority owned by the government) debt, so the Fund’s exposure is off-benchmark, with positions concentrated in high-yielding Brazilian, Russian, Chinese and Mexican credits.

Use of Derivatives

Currency forwards and swap contracts were used in the Fund for the one-year period ending September 30, 2015 as a way to either hedge particular positions or gain exposure to additional areas of the market. Foreign-exchange (FX) hedges on local currency bonds generally contributed to performance, particularly those used to reduce FX exposure in countries like Brazil, Russia and Malaysia.

Emerging Markets Debt Fund

AVERAGE ANNUAL TOTAL RETURN¹

	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A†		-13.35%		-5.75%		-0.30%		4.58%		7.87%
Class Y		N/A		N/A		N/A		N/A		-9.48%	*
J.P. Morgan EMBI Global Diversified Index		0.62%		1.50%		4.73%		6.89%		8.59%
J.P. Morgan GBI-EM Global Diversified Index		-19.77%		-8.72%		-3.56%		4.45%		N/A
50/50 Hybrid consisting of the J.P. Morgan EMBI Global Diversified Index and the J.P. Morgan GBI-EM Global Diversified Index		-10.62%		-3.69%		0.58%		5.74%		N/A

Comparison of Change in the Value of a $100,000 Investment in the Emerging Markets Debt Fund, Class A, versus a 50/50 Hybrid of the Following Indexes: the J.P. Morgan EMBI Global Diversified Index, and the J.P. Morgan GBI-EM Global Diversified Index

¹  For the year ended September 30, 2015. Past performance is no indication of future performance. Class A Shares were offered beginning June 26, 1997. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

^†  The graph is based on only Class A Shares; performance for Class Y Shares would be different due to differences in fee structures.

* Cumulative inception to date as of December 31, 2014.

N/A — Not Available.

SEI Institutional International Trust / Annual Report / September 30, 2015 11

SCHEDULE OF INVESTMENTS

International Equity Fund

September 30, 2015

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 92.0%
Australia — 1.9%
Amcor		488,828	$	4,555
AMP		98,120		385
APA Group		49,445		299
Australia & New Zealand Banking Group		165,280		3,160
Australian Stock Exchange		43,316		1,156
Brambles		411,955		2,833
Caltex Australia		216,849		4,800
Cochlear		10,440		615
Commonwealth Bank of Australia		113,672		5,837
CSL		140,523		8,853
CSR		633,976		1,297
Downer EDI		121,970		288
Echo Entertainment Group		154,008		527
Insurance Australia Group		1,219,170		4,180
Lend Lease		42,894		381
Macquarie Group		20,809		1,130
Newcrest Mining*		140,488		1,266
Qantas Airways*		1,363,154		3,572
Ramsay Health Care		13,363		553
Scentre Group (A)		183,993		506
Sirtex Medical		15,474		359
SMS Management & Technology		42,238		155
Stockland (A)		199,487		542
Tatts Group		98		—
Telstra		265,264		1,050
Transurban Group		182,287		1,283
Westfield (A)		147,434		1,037
				50,619
Austria — 0.1%
ANDRITZ		67,795		3,049
OMV		33,055		803
Wienerberger		7,964		140
				3,992

Description	Shares		Market Value ($ Thousands)
Belgium — 1.7%
Ageas		279,056	$	11,452
AGFA-Gevaert*		70,231		252
Anheuser-Busch InBev		22,206		2,354
Colruyt (B)		79,486		3,814
Delhaize Group		65,551		5,792
Groupe Bruxelles Lambert		83,482		6,285
KBC Groep		252,939		15,951
Proximus		1,679		58
				45,958
Brazil — 0.0%
Cia Energetica de Minas Gerais ADR		237,782		423
JBS		42,700		180
				603
Canada — 2.9%
Agrium (B)		68,477		6,129
Alimentation Couche-Tard, Cl B		148,800		6,811
Baytex Energy (B)		470,869		1,500
Cameco (B)		434,899		5,293
Canadian Imperial Bank of Commerce (B)		61,100		4,370
Canadian Natural Resources		152,800		2,972
Canadian Pacific Railway		49,480		7,104
CGI Group, Cl A*		29,700		1,071
Cogeco Cable		27,200		1,309
Constellation Software		17,800		7,426
Dominion Diamond		50,500		537
Entertainment One		106,941		402
George Weston		4,200		338
Gildan Activewear (B)		363,346		10,916
Home Capital Group, Cl B (B)		119,900		2,864
Imperial Oil		238,920		7,534
Linamar		21,100		1,101
Magna International, Cl A		81,500		3,891
Power Corp of Canada		38,900		803
Quebecor, Cl B		16,000		349
Royal Bank of Canada		37,400		2,058
Sun Life Financial		31,700		1,018
Suncor Energy		60,300		1,605
				77,401
China — 0.4%
Alibaba Group Holding ADR*		29,800		1,757
STMicroelectronics (B)		111,352		755
Tencent Holdings		416,900		7,040
				9,552
Denmark — 2.4%
Bavarian Nordic*		11,467		455
Carlsberg, Cl B		5,937		455
Chr Hansen Holding		175,592		9,823
Coloplast, Cl B		101,405		7,183

12 SEI Institutional International Trust / Annual Report / September 30, 2015

Description	Shares		Market Value ($ Thousands)
Danske Bank		9,265	$	279
H Lundbeck		222,080		5,915
ISS		351,633		11,664
Jyske Bank*		76,481		4,212
Novo Nordisk, Cl B		50,889		2,745
Novo Nordisk ADR		210,318		11,408
Novozymes, Cl B		157,252		6,852
Pandora		38,213		4,443
				65,434
Finland — 0.5%
Aktia Bank		5,931		72
Amer Sports, Cl A		27,087		685
Elisa, Cl A		29,937		1,008
Kone, Cl B		15,350		584
Neste		114,696		2,635
Nokia		88,505		606
Orion, Cl B		61,183		2,310
Sampo, Cl A		15,811		763
Stora Enso, Cl R		359,778		2,713
Tieto		15,404		388
UPM-Kymmene		189,206		2,825
Valmet		24,475		237
				14,826
France — 8.6%
Accor		13,075		609
Alcatel-Lucent*		3,275,460		11,980
Arkema		43,236		2,794
Atos		29,616		2,269
AXA		118,335		2,860
BNP Paribas		331,339		19,406
Boiron		1,900		183
Bonduelle S.C.A.		2,303		59
Cap Gemini		6,275		558
Carrefour		358,155		10,567
Christian Dior		12,412		2,310
Cie des Alpes		3,261		64
CNP Assurances		19,539		271
Dassault Systemes		1,948		144
Electricite de France		277,248		4,891
Engie		762,129		12,315
Essilor International		7,247		881
Eurofins Scientific		3,986		1,222
Eutelsat Communications		5,952		182
Groupe Eurotunnel		33,212		451
Ipsen		30,854		1,910
Legrand		191,515		10,144
L’Oreal		5,483		949
LVMH Moet Hennessy Louis Vuitton		43,066		7,320
Metropole Television		37,494		715
Natixis		12,049		66
Numericable-SFR SAS*		16,776		773

Description	Shares		Market Value ($ Thousands)
Orange		912,632	$	13,767
Pernod Ricard		28,450		2,867
Peugeot*		72,859		1,095
Publicis Groupe		53,826		3,670
Renault		12,643		903
Rexel		1,013,170		12,432
Safran		12,181		915
Sanofi		344,287		32,585
Schneider Electric		239,031		13,358
SCOR		17,328		620
SEB		5,886		541
SES		16,793		528
Societe BIC		4,474		693
Sodexo		57,919		4,783
SPIE*		129,920		2,156
Technicolor		209,719		1,444
Technip		160,392		7,566
Teleperformance		4,248		321
Thales		93,116		6,465
Total		524,313		23,536
Unibail-Rodamco (A)		2,525		653
Valeo		37,408		5,047
Vetoquinol		569		25
				231,863
Germany — 5.9%
Bayer		209,349		26,783
Bayerische Motoren Werke		121,082		10,731
Brenntag		93,083		5,016
Continental		25,793		5,481
Daimler		102,292		7,421
Daimler ADR		4,915		358
DCC		46,740		3,535
Deutsche Bank* (B)		151,693		4,096
Deutsche Boerse		103,694		8,920
Deutsche EuroShop		29,331		1,319
Deutsche Lufthansa		303,231		4,221
Deutsche Post		7,442		206
Deutsche Telekom		86,682		1,537
Deutsche Wohnen		24,203		646
Duerr		8,895		625
Evonik Industries		68,616		2,293
Fresenius		49,420		3,313
Fresenius Medical Care		11,933		930
Gerresheimer		20,399		1,486
Hannover Rueck		31,057		3,174
Henkel		912		80
Hochtief		60,368		5,020
Infineon Technologies		62,293		701
Krones		6,828		717
KUKA (B)		3,781		290
Linde		90,024		14,576
Merck		67,121		5,935
Muenchener Rueckversicherungs		1,900		354

SEI Institutional International Trust / Annual Report / September 30, 2015 13

SCHEDULE OF INVESTMENTS

International Equity Fund (Continued)

September 30, 2015

Description	Shares		Market Value ($ Thousands)
Nordex*		68,932	$	1,881
Pfeiffer Vacuum Technology		17,950		2,072
ProSiebenSat.1 Media		54,569		2,674
QIAGEN*		5,099		131
Rhoen Klinikum (B)		41,757		1,180
SAP		213,498		13,811
SAP ADR (B)		63,400		4,108
Siemens		82,175		7,335
STADA Arzneimittel		7,027		251
Symrise		14,365		864
Talanx		13,993		419
ThyssenKrupp		5,661		99
TUI		156,224		2,851
Volkswagen		3,131		369
Vonovia		27,335		879
				158,688
Hong Kong — 2.6%
AIA Group		2,280,669		11,927
BOC Hong Kong Holdings		432,000		1,278
Chaoda Modern Agriculture		2,440,000		75
Cheung Kong Infrastructure Holdings (B)		107,000		960
Cheung Kong Property Holdings		69,326		504
China Merchants Holdings International		1,389,779		4,103
China Mobile		1,268,740		15,124
CK Hutchison Holdings		59,326		772
CLP Holdings		131,000		1,122
CNOOC		8,166,000		8,496
Cosmo Lady China Holdings (B) (C)		5,832,919		6,190
Digital China Holdings		3,997,000		3,722
Hang Seng Bank		25,300		457
Henderson Land Development		774,198		4,624
Hong Kong & China Gas		294,400		553
Hong Kong Exchanges and Clearing		38,500		884
Link (A)		158,500		872
MTR		144,500		627
New World Development		717,000		699
Power Assets Holdings		135,000		1,277
Samsonite International		780,400		2,585
Stella International Holdings		274,214		674
Sun Hung Kai Properties		166,000		2,168
Swire Pacific, Cl A		38,000		427
Techtronic Industries		107,500		401
Wheelock		154,000		671
				71,192
India — 0.4%
HDFC Bank ADR		75,590		4,618
ICICI Bank ADR		684,874		5,739
WNS Holdings ADR*		13,053		365
				10,722

Description	Shares		Market Value ($ Thousands)
Indonesia — 0.0%
Telekomunikasi Indonesia Persero		4,560,300	$	826
Ireland — 0.4%
Bank of Ireland*		849,847		330
CRH		70,504		1,850
Experian		387,393		6,212
Ryanair Holdings ADR		42,800		3,351
				11,743
Israel — 1.5%
Bezeq Israeli Telecommunication		2,903,570		5,550
Check Point Software Technologies*		107,600		8,536
Teva Pharmaceutical Industries		15,786		902
Teva Pharmaceutical Industries ADR		438,893		24,780
				39,768
Italy — 1.8%
Amplifon		45,605		345
Atlantia		23,758		663
Azimut Holding		119,385		2,559
Brembo		68,726		2,655
DiaSorin		11,692		511
Enel		88,909		396
Exor		76,979		3,342
Fiat Chrysler Automobiles*		173,048		2,245
Finmeccanica*		74,777		933
Intesa Sanpaolo		645,786		2,277
Luxottica Group		20,108		1,390
Mediaset		832,990		3,813
Recordati		92,755		2,135
Salini Impregilo		180,297		687
Saras*		455,886		966
Telecom Italia RNC		6,056,572		6,185
Tenaris		485,562		5,824
UniCredit		1,859,322		11,547
				48,473
Japan — 18.0%
Adastria		22,700		1,361
Aeon		40,600		631
Ain Pharmaciez		20,300		1,039
Ajinomoto		72,000		1,520
Alps Electric		89,900		2,547
ANA Holdings		346,000		971
Arcland Sakamoto		16,700		361

14 SEI Institutional International Trust / Annual Report / September 30, 2015

Description	Shares		Market Value ($ Thousands)
Asahi Glass		61,000	$	357
Asahi Kasei		245,000		1,728
ASKUL (B)		258,409		9,827
Astellas Pharma		74,700		969
Calbee		14,500		469
Calsonic Kansei		32,000		241
Canon Marketing Japan		67,400		999
Central Japan Railway		46,500		7,503
Chiba Bank		102,000		726
Coca-Cola West		12,800		249
Dai Nippon Printing		729,000		7,056
Daiichi Sankyo		89,400		1,557
Daiichikosho		10,500		374
Daikin Industries		31,300		1,757
Daikyo		607,000		1,029
Daito Trust Construction		36,800		3,740
Daiwa House Industry		174,000		4,310
Daiwa Securities Group		179,000		1,159
Don Quijote Holdings		197,066		7,431
Dydo Drinco		8,000		341
East Japan Railway		164,200		13,884
Ebara		2,685,170		9,935
Eisai		9,700		572
Fanuc		30,500		4,695
Fast Retailing		2,100		853
Fuji Film Holdings		532,271		19,927
Fuji Heavy Industries		181,012		6,530
Fujitsu		242,000		1,052
Fujitsu General		55,000		599
Fukuoka Financial Group		91,000		434
Geo Holdings		20,000		320
Haseko		155,100		1,759
Hitachi		2,380,000		12,016
Hokuetsu Kishu Paper		91,800		499
Hoya		60,802		1,995
Iida Group Holdings		111,000		1,741
Isetan Mitsukoshi Holdings		60,900		915
IT Holdings		53,000		1,204
Izumi		21,100		856
Japan Airlines		121,500		4,300
Japan Tobacco		483,344		15,024
kabu.com Securities		92,000		299
Kaken Pharmaceutical		11,500		1,067
Kandenko		33,000		213
Kanematsu		158,000		222
Kansai Paint		428,600		5,830
Kao		41,296		1,875
Kawasaki Heavy Industries		204,000		705
KDDI		805,000		18,016
Keyence		23,000		10,292
Kikkoman		23,000		633
Kobe Steel		389,000		422
Koito Manufacturing		203,888		6,666
Konami Holdings		19,800		428
Kose		22,084		2,010

Description	Shares		Market Value ($ Thousands)
Kyudenko		47,000	$	785
Mabuchi Motor		169,700		7,369
Maeda Road Construction		43,000		756
Mazda Motor		77,798		1,231
Medipal Holdings		31,900		508
MEIJI Holdings		17,600		1,291
Minebea		59,000		628
Miraca Holdings		76,500		3,249
Mitsubishi Chemical Holdings		169,200		886
Mitsubishi UFJ Financial Group		157,500		951
Mitsui Chemicals		152,000		488
Mizuho Financial Group		2,830,700		5,297
Morinaga Milk Industry		155,000		646
MS&AD Insurance Group Holdings		362,100		9,725
Murata Manufacturing		10,100		1,311
Nexon		25,000		334
NH Foods		30,000		613
Nichi-iko Pharmaceutical		58,200		1,542
Nidec		9,400		648
Nihon Kohden		87,100		1,445
Nikon (B)		724,600		8,762
Nintendo		3,100		524
Nippo		28,000		477
Nippon Express		185,000		885
Nippon Paint Holdings		29,000		508
Nippon Paper Industries		64,300		981
Nippon Signal		57,900		559
Nippon Suisan Kaisha		192,600		575
Nippon Telegraph & Telephone		113,800		4,000
Nippon Telegraph & Telephone ADR		328,689		11,606
Nissha Printing (B)		41,900		799
Nitori Holdings		7,500		590
Nitto Denko		16,000		958
NOK		16,300		353
Nomura Holdings		232,200		1,345
NSK		46,100		447
NTT Data		27,800		1,405
NTT DOCOMO		230,124		3,846
Obayashi		50,000		427
OKUMA		58,000		363
Omron		191,900		5,782
Oriental Land		34,000		1,901
Otsuka Holdings		128,400		4,107
Panasonic		375,500		3,804
Pigeon		145,744		3,408
Rakuten		121,800		1,561
Relo Holdings		4,300		422
Rohm		135,600		6,036
Saizeriya		28,900		656
Santen Pharmaceutical		303,900		4,078
SBI Holdings		154,100		1,742
Secom		8,600		517
Seino Holdings		78,700		824
Sekisui House		440,200		6,885

SEI Institutional International Trust / Annual Report / September 30, 2015 15

SCHEDULE OF INVESTMENTS

International Equity Fund (Continued)

September 30, 2015

Description	Shares		Market Value ($ Thousands)
Seven & I Holdings		172,100	$	7,867
Shimano		9,700		1,361
Shimizu		39,000		335
Shin-Etsu Chemical		120,700		6,193
Shionogi		33,300		1,199
Shiseido		202,400		4,412
SMC		20,800		4,564
SoftBank Group		271,900		12,483
Sompo Japan Nipponkoa Holdings		34,200		995
Sony		129,300		3,163
Sumitomo Chemical		470,000		2,380
Sumitomo Metal Mining		11,000		125
Sumitomo Mitsui Financial Group		516,700		19,630
Sumitomo Mitsui Trust Holdings		2,283,220		8,406
Sumitomo Osaka Cement		332,000		1,180
Sundrug		68,900		3,638
Suruga Bank		23,000		428
Sysmex		175,400		9,293
Taisei		91,000		594
Takeda Pharmaceutical		11,700		514
TDK		14,200		805
Teijin		43,000		131
Terumo		8,900		252
Tochigi Bank		65,000		358
Tokyo Electric Power*		556,500		3,721
Tokyo Electron		2,900		137
Tokyo Gas		1,000		5
Toppan Forms		28,400		337
Toray Industries		105,000		909
Tosoh		242,000		1,165
Toyota Industries		11,600		552
Toyota Motor		333,000		19,494
Toyota Motor ADR		78,023		9,151
Tsuruha Holdings		135,452		11,702
Ube Industries		473,000		826
Unicharm		240,700		4,280
Wacoal Holdings		658,704		7,889
Warabeya Nichiyo		13,300		231
West Japan Railway		55,900		3,511
Yamaguchi Financial Group (B)		57,000		700
Yamaha Motor		37,300		752
Yamazaki Baking		123,000		1,897
Zenkoku Hosho		13,100		434
				486,875
Jordan — 0.1%
Hikma Pharmaceuticals		51,075		1,775
Luxembourg — 0.1%
APERAM*		70,785		1,912
Malaysia — 0.0%
Public Bank		284,100		1,135
Malta — 0.0%
BGP Holdings*		198,683		—

Description	Shares		Market Value ($ Thousands)
Mexico — 0.4%
America Movil, Ser L		4,577,257	$	3,795
America Movil ADR, Ser L		58,792		973
Arca Continental		91,033		511
Gruma, Cl B		27,044		371
Wal-Mart de Mexico		2,245,856		5,528
				11,178
Netherlands — 5.8%
Aegon		1,406,544		8,077
AerCap Holdings*		38,900		1,488
Akzo Nobel		352,991		22,868
Altice*		24,772		526
ASML Holding		189,383		16,538
BinckBank		34,364		283
Boskalis Westminster		44,415		1,940
Heineken Holding		22,175		1,578
ING Groep		828,577		11,701
Koninklijke Ahold		207,190		4,033
Koninklijke DSM		202,512		9,327
Koninklijke KPN		150,408		563
Koninklijke Philips		92,054		2,161
NXP Semiconductors*		62,619		5,452
PostNL*		946,783		3,448
Randstad Holding		85,985		5,115
Refresco Gerber* (C)		290,799		4,544
RELX		1,325,680		21,671
Royal Dutch Shell, Cl A		390,019		9,223
Royal Dutch Shell ADR, Cl B (B)		199,442		9,470
Unilever		199,465		7,997
Wolters Kluwer		306,751		9,450
				157,453
New Zealand — 0.0%
Air New Zealand		193,571		304
Norway — 0.8%
Aker Solutions		767,074		2,648
DnB		206,201		2,676
Gjensidige Forsikring		88,290		1,188
Statoil		309,486		4,536
Statoil ADR (B)		50,197		731
Telenor		463,901		8,644
Yara International		17,690		704
				21,127
Peru — 0.0%
Credicorp		6,961		740
Poland — 0.0%
Emperia Holding		4,811		81
Eurocash		16,085		189

16 SEI Institutional International Trust / Annual Report / September 30, 2015

Description	Shares		Market Value ($ Thousands)
Polski Koncern Naftowy Orlen		13,890	$	242
				512
Portugal — 0.4%
CTT Correios de Portugal		804,731		8,968
NOS SGPS		57,143		470
				9,438
Russia — 0.1%
Surgutneftegas ADR		8,414		43
Yandex, Cl A*		176,520		1,894
				1,937
Singapore — 0.8%
CapitaLand		267,000		506
City Developments		1,230,900		6,684
ComfortDelgro		353,000		714
DBS Group Holdings		453,200		5,187
Oversea-Chinese Banking		912,900		5,668
Singapore Airlines		186,900		1,407
Singapore Exchange		67,400		334
Singapore Telecommunications		255,000		647
United Overseas Bank		45,000		590
				21,737
South Africa — 0.3%
FirstRand		321,798		1,144
Investec (B)		596,650		4,578
Liberty Holdings		35,960		328
Shoprite Holdings		257,923		2,944
				8,994
South Korea — 3.0%
Cosmax (B)		71,285		12,985
Hyundai Motor		41,749		5,830
Korea Electric Power		9,971		416
KT&G		82,439		7,757
LG Display ADR		215,154		2,044
Samsung Electronics		13,787		13,301
Shinhan Financial Group		315,781		11,087
SK Hynix		7,965		229
SK Telecom		74,994		16,653
SK Telecom ADR		446,179		10,887
				81,189
Spain — 1.4%
ACS Actividades de Construccion y Servicios		61,973		1,779
Banco Bilbao Vizcaya Argentaria		340,886		2,883
Banco Santander		37,412		199
CaixaBank		2,077,388		8,000
Ferrovial		44,015		1,048

Description	Shares		Market Value ($ Thousands)
Grifols		34,437	$	1,419
Grifols ADR		366,484		11,141
Iberdrola		175,673		1,166
Industria de Diseno Textil		171,545		5,738
International Consolidated Airlines Group*		123,502		1,098
Red Electrica		5,753		477
Tecnicas Reunidas		63,547		2,808
				37,756
Sweden — 1.7%
Assa Abloy, Cl B		75,304		1,348
Atlas Copco, Cl A		23,795		571
BillerudKorsnas		79,733		1,147
Boliden		159,211		2,494
Electrolux, Cl B		135,588		3,826
Hennes & Mauritz, Cl B		9,675		353
Husqvarna, Cl B		148,854		972
Industrivarden, Cl C		50,642		888
Intrum Justitia		11,105		383
Investor, Cl B		37,219		1,277
JM		16,958		456
L E Lundbergforetagen, Cl B		10,706		517
Nordea Bank		352,758		3,925
Peab		67,542		468
Skandinaviska Enskilda Banken, Cl A		272,171		2,903
Svenska Cellulosa, Cl B		374,579		10,462
Telefonaktiebolaget LM Ericsson, Cl B		419,243		4,115
Telefonaktiebolaget LM Ericsson ADR		871,841		8,527
				44,632
Switzerland — 7.7%
Actelion		19,717		2,505
Adecco		46,740		3,410
ams (B)		16,748		623
Aryzta* (B)		148,012		6,264
Baloise Holding (B)		474		54
Chocoladefabriken Lindt & Sprungli (B)		72		422
Cie Financiere Richemont (B)		135,478		10,504
Clariant		636,225		10,687
Credit Suisse Group		214,962		5,156
Dufry*		45,140		5,280
Emmi		1,144		477
Galenica (B)		892		1,132
Geberit (B)		1,767		540
Givaudan		5,525		8,980
Julius Baer Group		90,160		4,080
Lonza Group		49,431		6,473
Nestle (B)		135,149		10,128
Novartis		359,066		32,920
Partners Group Holding (B)		15,985		5,403
Roche Holding		104,595		27,600

SEI Institutional International Trust / Annual Report / September 30, 2015 17

SCHEDULE OF INVESTMENTS

International Equity Fund (Continued)

September 30, 2015

Description	Shares		Market Value ($ Thousands)
Schindler Holding		4,430	$	635
SGS (B)		6,324		11,012
Sonova Holding (B)		18,700		2,400
Swatch Group (B)		8,637		3,195
Swiss Life Holding (B)		18,242		4,065
Swiss Re		10,039		860
TE Connectivity		41,400		2,479
UBS Group		1,602,286		29,590
Wolseley		14,833		869
Zurich Insurance Group		39,091		9,584
				207,327
Taiwan — 0.6%
Chunghwa Telecom		200,000		601
Hon Hai Precision Industry		1,927,968		5,043
Taiwan Semiconductor Manufacturing ADR		543,800		11,284
United Microelectronics ADR		257,109		417
				17,345
Turkey — 0.0%
Tupras Turkiye Petrol Rafinerileri		19,466		477
United Kingdom — 16.2%
3i Group		176,588		1,246
Aon		59,000		5,228
ARM Holdings (B)		104,439		1,508
ARM Holdings ADR		157,205		6,799
Ashtead Group (B)		140,696		1,990
Associated British Foods		95,455		4,830
AstraZeneca		74,751		4,757
Aviva		2,108,709		14,424
BAE Systems		243,637		1,657
Balfour Beatty (B)		1,359,129		5,184
Barclays		4,518,461		16,759
Barratt Developments		114,876		1,120
Berendsen (B)		83,679		1,275
Berkeley Group Holdings		17,882		905
BG Group		742,380		10,719
BP		265,106		1,347
BP ADR		72,369		2,212
British American Tobacco (B)		335,887		18,578
British Land (A)		78,684		999
BT Group, Cl A		80,484		512
Bunzl (B)		279,792		7,512
Burberry Group (B)		69,367		1,438
Carnival		261,725		13,564
Compass Group (B)		594,902		9,508
Dialog Semiconductor*		161,940		6,483
Diageo		333,220		8,966
Dixons Carphone		29,961		193
DS Smith		1,864,924		11,119
Genus (B)		21,832		470
GlaxoSmithKline		1,046,849		20,147

Description	Shares		Market Value ($ Thousands)
Glencore (B)		2,044,613	$	2,835
Greggs		21,949		361
Hammerson (A)		120,152		1,135
Hargreaves Lansdown (B)		28,761		526
Home Retail Group (B)		3,781,672		7,798
Howden Joinery Group		607,400		4,477
HSBC Holdings		2,927,726		22,078
ICAP (B)		114,784		795
Imperial Tobacco Group		57,847		2,997
Inchcape		57,618		628
Indivior		114,855		394
Inmarsat		75,931		1,131
InterContinental Hotels Group		35,584		1,233
International Consolidated Airlines Group* (B)		920,152		8,211
ITV		2,944,379		10,987
JD Sports Fashion		13,514		195
John Wood Group		60,945		570
Land Securities Group (A)		44,078		842
Legal & General Group		995,626		3,598
Lloyds Banking Group		24,559,961		27,995
London Stock Exchange Group		40,070		1,473
Lonmin		13		—
Michael Page International		699,531		5,022
Mitie Group		77,657		360
Mondi		222,342		4,655
National Grid		113,122		1,578
Next		5,609		647
Pentair		39,000		1,991
Pearson (B)		83,136		1,426
Persimmon		60,543		1,845
Premier Oil		253,724		259
Prudential (B)		293,060		6,204
QinetiQ Group		186,098		636
Reckitt Benckiser Group		113,116		10,277
Regus		177,425		826
RELX (B)		443,797		7,600
Rentokil Initial		5,213,592		11,510
Rightmove		11,198		619
Royal Bank of Scotland Group*		2,229,091		10,672
Royal Mail (B)		50,995		354
SABMiller		61,135		3,474
Sage Group (B)		136,151		1,030
Savills		24,794		342
Schroders (B)		81,813		3,481
Segro (A)		116,190		756
Shire		50,372		3,440
Smith & Nephew		25,161		440
Spectris		78,062		2,005
SSE (B)		681,690		15,423
ST Modwen Properties		65,629		414
St. James’s Place (B)		281,576		3,627
TalkTalk Telecom Group (B)		1,203,585		5,737
Taylor Wimpey		514,105		1,521

18 SEI Institutional International Trust / Annual Report / September 30, 2015

Description		Shares/ Face Amount (Thousands)		Market Value ($ Thousands)
Tesco (B)			3,070,292	$	8,541
Travis Perkins			160,348		4,779
Unilever			26,696		1,090
United Utilities Group			35,735		501
Vodafone Group			6,325,077		20,014
Whitbread			10,323		731
WPP			613,872		12,806
					438,341
United States — 3.5%
ACE			85,960		8,888
Axis Capital Holdings			193,443		10,392
Carnival			7,025		349
Cognizant Technology Solutions, Cl A*			190,095		11,902
Core Laboratories (B)			49,610		4,951
Dave & Buster’s Entertainment*			212,941		8,056
Flextronics International*			512,911		5,406
Gilead Sciences			56,659		5,563
ICON*			164,512		11,675
Lazard, Cl A			178,400		7,725
ManpowerGroup			74,667		6,114
Nielsen Holdings			113,000		5,025
Sensata Technologies Holding*			160,780		7,129
Taro Pharmaceutical Industries*			10,047		1,436
					94,611
Total Common Stock (Cost $2,602,331) ($ Thousands)					2,488,455
PREFERRED STOCK — 1.0%
Germany — 0.6%
Draegerwerk			2,624		221
Henkel			44,135		4,530
Volkswagen			97,526		10,676
					15,427
South Korea — 0.4%
Hyundai Motor			64,682		6,049
Samsung Electronics			7,654		5,950
					11,999
Total Preferred Stock (Cost $39,249) ($ Thousands)					27,426
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills
0.115%, 03/03/2016 (D) (E)	$		700		700
0.103%, 02/04/2016 (D) (E)			7,993		7,992
Total U.S. Treasury Obligations (Cost $8,690) ($ Thousands)					8,692

Description		Shares/ Face Amount (1) (Thousands)		Market Value ($ Thousands)
AFFILIATED PARTNERSHIP — 8.7%
SEI Liquidity Fund, L.P.
0.050%†** (F)			233,929,359	$	233,929
Total Affiliated Partnership (Cost $233,929) ($ Thousands)					233,929
CASH EQUIVALENT — 3.4%
SEI Daily Income Trust, Prime Obligation Fund, Cl A
0.030%†**			91,924,487		91,924
Total Cash Equivalent (Cost $91,924) ($ Thousands)					91,924
TIME DEPOSITS — 3.0%
Brown Brothers Harriman
5.750%, 10/01/2015	ZAR		204		15
1.550%, 10/01/2015	NZD		159		102
1.168%, 10/01/2015	AUD		568		399
0.154%, 10/01/2015	NOK		291		34
0.100%, 10/01/2015	SGD		104		73
0.100%, 10/01/2015	DKK		115		17
0.058%, 10/01/2015	CAD		250		187
0.057%, 10/01/2015	GBP		855		1,294
0.030%, 10/01/2015			77,829		77,829
0.005%, 10/01/2015	HKD		1,861		240
0.005%, 10/01/2015	JPY		12,417		104
(0.238)%, 10/01/2015	EUR		609		680
(0.733)%, 10/01/2015	SEK		1		—
(1.000)%, 10/01/2015	CHF		212		217
Total Time Deposits (Cost $81,191) ($ Thousands)					81,191
Total Investments — 108.4% (Cost $3,057,314) ($ Thousands)				$	2,931,617

A list of the open futures contracts held by the Fund at September 30, 2015, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		1,082		Dec-2015	$	(900	)
FTSE 100 Index		293		Dec-2015		(104	)
Hang Seng Index		32		Oct-2015		49
SPI 200 Index		92		Dec-2015		(103	)
Topix Index		205		Dec-2015		(798	)
					$	(1,856	)

For the year ended September 30, 2015, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

SEI Institutional International Trust / Annual Report / September 30, 2015 19

SCHEDULE OF INVESTMENTS

International Equity Fund (Concluded)

September 30, 2015

Percentages are based on a Net Assets of $2,703,969 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of September 30, 2015.

† Investment in Affiliated Security.

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

(A) Real Estate Investment Trust.

(B) This security or a partial position of this security is on loan at September 30, 2015. The total market value of securities on loan at September 30, 2015 was $229,050 ($ Thousands).

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

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

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

(F) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of September 30, 2015 was $233,929 ($ 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 list of the level of inputs used as of September 30, 2015, 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	$	2,488,455	$	—	$	—	$	2,488,455
Preferred Stock		27,426		—		—		27,426
U.S. Treasury Obligations		—		8,692		—		8,692
Affiliated Partnership		—		233,929		—		233,929
Cash Equivalent		91,924		—		—		91,924
Time Deposits		—		81,191		—		81,191
Total Investments in Securities	$	2,607,805	$	323,812	$	—	$	2,931,617

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	49		$	—	$	—	$	49
Unrealized Depreciation		(1,905	)		—		—		(1,905	)
Total Other Financial Instruments	$	(1,856	)	$	—	$	—	$	(1,856	)

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

For the year ended September 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2015, 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.

20 SEI Institutional International Trust / Annual Report / September 30, 2015

SCHEDULE OF INVESTMENTS

Emerging Markets Equity Fund

September 30, 2015

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 89.6%
Argentina — 0.4%
Arcos Dorados Holdings, Cl A		320,900	$	873
Banco Macro ADR*		21,300		818
Grupo Financiero Galicia ADR*		56,300		1,003
YPF*		23,942		365
YPF ADR		167,836		2,556
				5,615
Austria — 0.2%
Erste Group Bank		114,810		3,333
Brazil — 4.8%
AMBEV		617,200		3,019
AMBEV ADR		853,992		4,185
B2W Cia Digital*		598,553		2,223
Banco Bradesco ADR (A)		424,705		2,276
Banco do Brasil		439,080		1,657
Banco Santander Brasil ADR (A)		508,215		1,601
BB Seguridade Participacoes		823,400		5,106
Braskem ADR		222,510		1,876
BRF ADR		6,134		109
CETIP - Mercados Organizados		53,900		445
Cielo		299,128		2,769
Cosan Industria e Comercio		214,500		1,075
Cyrela Brazil Realty Empreendimentos e Participacoes		727,300		1,523
EDP - Energias do Brasil		115,900		339
Embraer		141,900		903
Embraer ADR (A)		93,600		2,394
Estacio Participacoes		658,000		2,304
FPC Par Corretora de Seguros		442,800		1,028
Gerdau ADR		691,726		948
Gol Linhas Aereas Inteligentes ADR (A)		517,245		504
Hypermarcas*		908,160		3,462
JBS		649,600		2,739
Klabin		389,700		2,151

Description	Shares		Market Value ($ Thousands)
Lojas Americanas		198,300	$	582
Lojas Renner		681,400		3,173
Mahle-Metal Leve		49,500		287
MRV Engenharia e Participacoes		248,700		387
Multiplus		38,400		311
Petroleo Brasileiro ADR*		1,128,224		4,908
Raia Drogasil		88,500		869
Rumo Logistica Operadora Multimodal*		116,111		173
Santos Brasil Participacoes		73,020		238
Telefonica Brasil ADR (A)		251,338		2,295
Tim Participacoes ADR		377,700		3,569
Ultrapar Participacoes		66,300		1,109
Vale ADR, Cl B (A)		439,261		1,845
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao		210,800		2,435
				66,817
Canada — 0.3%
First Quantum Minerals		450,239		1,642
Parex Resources*		100,612		694
SEMAFO*		528,874		1,140
				3,476
Chile — 0.8%
Banco de Chile		15,948,451		1,658
Banco Santander Chile		30,099,760		1,361
Cia Cervecerias Unidas ADR		113,291		2,509
Corpbanca ADR		16,690		222
Empresas CMPC		327,032		840
Empresas COPEC		60,239		545
Enersis		1,349,577		339
SACI Falabella		344,490		2,130
Sociedad Quimica y Minera de Chile ADR (A)		101,000		1,469
				11,073
China — 16.6%
AAC Technologies Holdings (A)		1,079,280		6,807
Agricultural Bank of China		18,073,932		6,885
Alibaba Group Holding ADR* (A)		55,100		3,249
Anhui Conch Cement		1,561,700		4,633
ANTA Sports Products		2,415,000		6,268
Baidu ADR*		131,301		18,042
Bank of China		18,778,105		8,154
Beijing Capital International Airport		772,000		720
BYD Electronic International		695,000		434
Changyou.com ADR*		146,700		2,611
China BlueChemical		878,000		236
China Child Care (A)		4,291,800		382
China Communications Services		2,626,000		1,017

SEI Institutional International Trust / Annual Report / September 30, 2015 21

SCHEDULE OF INVESTMENTS

Emerging Markets Equity Fund (Continued)

September 30, 2015

Description	Shares		Market Value ($ Thousands)
China Construction Bank		20,729,993	$	13,929
China Life Insurance		1,545,000		5,399
China Merchants Bank		910,076		2,215
China Petroleum & Chemical		9,945,839		6,131
China Petroleum & Chemical ADR		8,400		517
China Shenhua Energy		905,000		1,390
China Telecom		3,634,000		1,766
China Vanke (A)		3,154,224		6,790
Chongqing Rural Commercial Bank		2,726,612		1,556
CITIC Securities		858,900		1,552
Country Garden Holdings		5,604,000		2,044
Ctrip.com International ADR*		23,896		1,510
Datang International Power Generation		3,704,000		1,412
Dongfeng Motor Group		378,000		475
Evergrande Real Estate Group (A)		7,494,000		4,306
Great Wall Motor		763,500		855
Guangzhou R&F Properties		932,800		849
Huaneng Power International		4,928,000		5,316
Industrial & Commercial Bank of China		34,736,768		20,170
Jiangsu Expressway		2,748,000		3,513
Jiangxi Copper		1,189,000		1,461
KWG Property Holding		1,737,370		1,148
New Oriental Education & Technology Group ADR (A)		282,300		5,705
PetroChina		2,036,000		1,430
PetroChina ADR		60,635		4,226
PICC Property & Casualty		1,977,800		3,893
Ping An Insurance Group of China		2,102,000		10,540
Qunar Cayman Islands ADR* (A)		36,000		1,082
Shanghai Electric Group (A)		2,844,000		1,564
SINA*		66,700		2,676
Sinopec Engineering Group		2,995,000		2,616
Sinopharm Group		326,400		1,158
Sinotrans		2,685,000		1,268
SOHO China		1,400,528		548
Sohu.com*		107,600		4,444
Tencent Holdings		1,557,735		26,305
Tingyi Cayman Islands Holding		1,432,000		2,293
TravelSky Technology		233,000		295
Uni-President China Holdings (A)		5,375,400		5,238
Vipshop Holdings ADR*		163,359		2,744
Want Want China Holdings (A)		976,000		804
Weibo ADR* (A)		42,200		493
Youku Tudou ADR*		55,700		982
Zhejiang Expressway		1,630,000		1,785
Zhuzhou CSR Times Electric		452,800		3,372
ZTE		348,374		801
				230,004
Colombia — 0.3%
Bancolombia ADR, Cl R (A)		77,000		2,479
Cementos Argos		175,869		538

Description	Shares		Market Value ($ Thousands)
Cemex Latam Holdings*		339,212	$	1,352
				4,369
Czech Republic — 0.5%
CEZ (A)		70,777		1,478
Komercni Banka		26,046		5,641
				7,119
Egypt — 0.1%
Commercial International Bank Egypt GDR		134,788		828
Greece — 0.1%
FF Group		44,400		906
National Bank of Greece*		1,239,500		531
				1,437
Hong Kong — 8.3%
AIA Group		589,300		3,082
Belle International Holdings		936,000		814
Bolina Holding		531,300		155
Brilliance China Automotive Holdings		784,700		934
CAR* (A)		847,000		1,231
Chaoda Modern Agriculture		2,056,181		63
China Everbright		324,000		747
China Everbright Bank		1,308,000		569
China Everbright International		4,213,500		5,933
China High Precision Automation Group (B)		1,385,624		222
China Medical System Holdings		3,308,200		3,821
China Mengniu Dairy		1,465,615		5,155
China Minsheng Banking		1,716,600		1,601
China Mobile		2,000,641		23,849
China Mobile ADR		97,840		5,821
China Overseas Land & Investment		168,000		511
China Power International Development		2,861,000		1,876
China Resources Land		98,000		232
China Resources Power Holdings		576,000		1,322
China State Construction International Holdings		5,325,984		7,663
China Taiping Insurance Holdings*		1,022,782		3,215
CNOOC		7,577,107		7,883
Far East Horizon		1,161,000		906
Galaxy Entertainment Group		756,000		1,941
Geely Automobile Holdings		4,691,700		2,271
Haier Electronics Group		2,410,000		4,046
Hua Hong Semiconductor* (C)		2,236,000		2,277
Huadian Fuxin Energy		2,245,385		782
Lee & Man Paper Manufacturing		3,373,000		1,713
Lenovo Group		2,610,000		2,234
Melco Crown Entertainment ADR (A)		53,000		729

22 SEI Institutional International Trust / Annual Report / September 30, 2015

Description	Shares		Market Value ($ Thousands)
PAX Global Technology		1,489,999	$	1,565
Samsonite International		621,652		2,059
Shanghai Fosun Pharmaceutical Group		470,000		1,475
Shanghai Industrial Holdings		674,000		1,496
Skyworth Digital Holdings		502,000		341
Sunac China Holdings		1,386,000		728
Sunny Optical Technology Group (A)		4,323,507		8,739
Techtronic Industries		1,013,500		3,777
Xinyi Solar Holdings		4,056,000		1,401
				115,179
Hungary — 0.3%
MOL Hungarian Oil & Gas		9,904		432
OTP Bank (A)		94,710		1,822
Richter Gedeon Nyrt		122,894		1,951
				4,205
India — 7.3%
Adani Ports & Special Economic Zone		612,027		2,805
Aurobindo Pharma		534,481		6,284
Axis Bank		484,569		3,675
Bharat Petroleum		155,021		2,020
Cairn India		1,032,727		2,431
Canara Bank		253,991		1,092
Cummins India		369,150		6,187
Dabur India		1,010,452		4,258
Dewan Housing Finance		521,600		1,753
Dish TV India*		1,183,788		1,920
Dr Reddy’s Laboratories		28,326		1,802
Glenmark Pharmaceuticals		392,699		6,303
HCL Technologies		116,519		1,747
HDFC Bank ADR		96,145		5,873
Hero MotoCorp		78,300		2,872
Hindustan Zinc		144,735		309
Housing Development Finance		58,601		1,086
ICICI Bank		577,200		2,387
ICICI Bank ADR		678,520		5,686
Idea Cellular		672,998		1,537
IFCI*		737,425		244
Indiabulls Housing Finance		107,556		1,305
Infosys ADR (A)		73,506		1,403
Larsen & Toubro		70,100		1,571
Motherson Sumi Systems		164,800		580
Oriental Bank of Commerce		234,465		470
Power Finance		278,814		982
Power Grid Corp of India		1,598,934		3,238
Prestige Estates Projects		710,100		2,343
Reliance Capital		226,221		1,301
Reliance Industries		261,551		3,445
Reliance Industries GDR (C)		451,203		11,715
Rural Electrification		248,373		1,042

Description	Shares		Market Value ($ Thousands)
Shriram Transport Finance		75,529	$	1,069
SKS Microfinance*		225,455		1,399
SRF		18,546		320
Syndicate Bank		165,516		209
Tata Chemicals		104,241		611
Tata Consultancy Services		8,433		333
Tata Motors, Cl A		466,295		1,538
UCO Bank		740,322		525
UPL		119,331		840
Vedanta		405,523		530
WNS Holdings ADR*		11,629		325
Zee Entertainment Enterprises		269,226		1,619
				100,984
Indonesia — 2.0%
AKR Corporindo		4,595,700		1,842
Astra International		2,213,000		792
Bank Negara Indonesia Persero		2,982,200		847
Bank Pembangunan Daerah Jawa Barat Dan Banten		4,107,500		173
Bank Rakyat Indonesia Persero		4,892,251		2,905
Gudang Garam		590,300		1,704
Indofood CBP Sukses Makmur		325,600		277
Kalbe Farma		11,452,000		1,083
Link Net*		4,468,200		1,369
Matahari Department Store		2,618,900		2,893
Matahari Putra Prima		2,831,900		375
Perusahaan Gas Negara Persero		6,305,400		1,095
Perusahaan Perkebunan London Sumatra Indonesia		2,177,800		207
Semen Indonesia Persero		2,436,600		1,508
Sumber Alfaria Trijaya		44,779,300		1,741
Tambang Batubara Bukit Asam		3,801,600		1,466
Telekomunikasi Indonesia Persero		26,635,180		4,825
United Tractors		1,609,781		1,944
Vale Indonesia		1,143,500		171
				27,217
Jordan — 0.3%
Hikma Pharmaceuticals		133,282		4,633
Malaysia — 0.5%
AMMB Holdings		813,100		846
Axiata Group		475,500		628
British American Tobacco Malaysia		53,251		732
IOI Properties Group		542,049		246
Malayan Banking		979,400		1,911
Sunway		274,900		198
Sunway Construction Group*		16,510		4
Telekom Malaysia		547,776		833
Top Glove		203,600		374

SEI Institutional International Trust / Annual Report / September 30, 2015 23

SCHEDULE OF INVESTMENTS

Emerging Markets Equity Fund (Continued)

September 30, 2015

Description	Shares		Market Value ($ Thousands)
UEM Sunrise		3,433,195	$	963
YTL		1,081,400		394
				7,129
Mexico — 5.3%
Alfa, Cl A (A)		192,800		374
Alsea		225,300		663
America Movil, Ser L		4,209,674		3,490
America Movil ADR, Ser L (A)		164,675		2,725
Arca Continental		471,100		2,646
Cemex ADR* (A)		832,821		5,821
Coca-Cola Femsa ADR (A)		8,092		561
Controladora Comercial Mexicana		243,600		705
Empresas ICA ADR* (A)		228,580		382
Fomento Economico Mexicano		199,400		1,778
Fomento Economico Mexicano ADR (A)		78,679		7,022
Gentera (A)		1,072,400		1,748
Gruma, Cl B		154,532		2,120
Grupo Financiero Banorte, Cl O		2,677,913		13,103
Grupo Financiero Santander Mexico ADR (A)		218,078		1,601
Grupo GICSA*		2,263,200		1,908
Grupo Mexico, Ser B		1,414,900		3,414
Grupo Televisa		75,600		393
Grupo Televisa ADR		347,837		9,051
Infraestructura Energetica Nova		544,900		2,225
Inmobiliaria Vesta		1,973,700		3,082
Promotora y Operadora de Infraestructura*		38,400		420
Unifin Financiera*		1,044,200		2,321
Wal-Mart de Mexico		2,454,698		6,042
				73,595
Pakistan — 0.1%
United Bank		764,200		1,073
Peru — 0.8%
Cia de Minas Buenaventura SAA ADR (A)		89,037		531
Credicorp		99,063		10,536
				11,067
Philippines — 1.5%
Aboitiz Equity Ventures		706,340		873
Alliance Global Group		1,204,488		397
Ayala		215,340		3,543
BDO Unibank		1,060,923		2,354
Cebu Air		201,950		375
DMCI Holdings		1,085,550		298
Globe Telecom		8,695		438
International Container Terminal Services		1,488,334		2,393
JG Summit Holdings		273,400		414
Megaworld		4,165,800		390

Description	Shares		Market Value ($ Thousands)
RFM		4,539,600	$	389
SM Investments		104,210		1,989
SM Prime Holdings		4,845,800		2,149
Universal Robina		1,062,100		4,376
Vista Land & Lifescapes		2,371,200		255
				20,633
Poland — 0.8%
Asseco Poland		40,041		568
Energa		184,429		818
Eurocash (A)		324,534		3,814
KGHM Polska Miedz (A)		102,672		2,219
PGE Polska Grupa Energetyczna (A)		332,055		1,178
Polish Oil & Gas		457,542		782
Powszechna Kasa Oszczednosci Bank Polski (A)		84,143		652
Powszechny Zaklad Ubezpieczen (A)		8,017		823
Tauron Polska Energia (A)		857,976		742
				11,596
Portugal — 0.2%
Jeronimo Martins (A)		160,590		2,165
Qatar — 0.1%
Barwa Real Estate		129,771		1,521
United Development		64,728		416
				1,937
Russia — 4.4%
Etalon Group GDR		56,800		94
Gazprom ADR		1,523,883		6,177
Lukoil ADR		170,334		5,802
Magnit GDR (A)		175,725		8,457
Mail.Ru Group GDR*		14,310		248
MegaFon GDR		91,234		1,111
MMC Norilsk Nickel PJSC ADR		135,381		1,946
Mobile TeleSystems ADR		209,266		1,511
NovaTek GDR		20,699		1,906
Novolipetsk Steel GDR		111,200		1,275
Phosagro GDR		30,133		427
QIWI ADR		129,656		2,090
Rosneft GDR		689,710		2,556
Rostelecom ADR		51,116		401
Sberbank of Russia ADR (A)		2,196,713		10,811
Severstal GDR		217,854		2,310
Sistema GDR		55,343		381
Surgutneftegas ADR		224,162		1,143
Tatneft ADR (A)		74,860		2,106
TMK GDR		229,180		710
X5 Retail Group GDR* (A)		290,694		5,069
Yandex, Cl A*		402,080		4,314
				60,845

24 SEI Institutional International Trust / Annual Report / September 30, 2015

Description	Shares		Market Value ($ Thousands)
Singapore — 0.2%
Asian Pay Television Trust		4,913,800	$	2,713
China Yuchai International		22,250		275
				2,988
South Africa — 5.4%
Alexander Forbes Group Holdings		5,052,249		2,790
AngloGold Ashanti ADR* (A)		58,100		476
Aspen Pharmacare Holdings		80,600		1,716
AVI		96,691		613
Barclays Africa Group		168,166		2,073
Barloworld		73,229		398
Bidvest Group (A)		210,367		4,981
Clicks Group		55,416		361
Coronation Fund Managers		85,274		402
DataTec		74,779		336
FirstRand		1,097,673		3,902
Foschini Group		108,602		1,103
Gold Fields		341,186		916
Investec (A)		539,808		4,131
Liberty Holdings		118,836		1,085
Life Healthcare Group Holdings		1,298,546		3,351
Mediclinic International		110,069		880
MMI Holdings		495,569		853
Mondi		89,456		1,882
MTN Group		535,509		6,903
Murray & Roberts Holdings		336,265		284
Naspers, Cl N		48,893		6,135
Netcare		885,330		2,326
Old Mutual		470,011		1,350
Petra Diamonds* (A)		409,702		524
Redefine Properties (D)		1,881,852		1,593
RMB Holdings		382,795		1,826
Sappi*		180,100		553
Sasol (A)		143,998		4,029
Shoprite Holdings		81,478		930
Sibanye Gold ADR		104,839		486
SPAR Group		133,414		1,787
Standard Bank Group		713,763		6,979
Steinhoff International Holdings (A)		304,305		1,872
Telkom		107,522		519
Tongaat Hulett		19,087		149
Truworths International		140,869		867
Tsogo Sun Holdings		616,169		1,078
Vodacom Group		183,132		1,827
				74,266
South Korea — 12.7%
BGF retail		6,710		1,143
Chongkundang Holdings (A)		1,449		112
CJ CGV (A)		21,551		1,926
Coway		120,779		8,534
Daewoo International (A)		83,659		1,475
Dongbu Insurance (A)		30,025		1,555
E-Mart		9,061		1,761

Description	Shares		Market Value ($ Thousands)
GS Engineering & Construction (A)		47,523	$	995
GS Home Shopping		7,836		1,273
GS Retail		39,074		2,013
Hanil Cement		1,745		196
Hanon Systems (A)		33,545		1,112
Hanwha		42,418		1,400
Hanwha Life Insurance		204,958		1,410
Hanwha Techwin (A)		41,856		1,104
Hite Jinro (A)		28,341		547
Hotel Shilla (A)		15,771		1,538
Hyosung		29,507		2,822
Hyundai Marine & Fire Insurance		79,784		2,049
Hyundai Motor (A)		46,010		6,425
Kangwon Land		91,847		3,283
KB Financial Group ADR (A)		115,597		3,397
KCC		11,089		3,900
Kia Motors		25,604		1,160
KONA I		25,923		967
Korea Aerospace Industries		15,557		898
KT		18,069		470
KT ADR		145,000		1,895
KT&G		47,669		4,486
LF		16,119		446
LG (A)		61,430		3,163
LG Chem		15,000		3,654
LG Display		64,675		1,250
LG Display ADR		134,540		1,278
LG International		32,893		755
LG Uplus		188,781		1,933
Lotte Chemical		16,974		3,917
Lotte Chilsung Beverage (A)		2,083		4,244
Lotte Confectionery (A)		2,421		4,487
LS Industrial Systems		20,289		779
NAVER		11,176		4,852
NCSoft		33,150		5,322
S-1, Cl 1 (A)		19,573		1,541
Samsung Electronics		43,927		42,378
Samsung Engineering (A)		67,293		1,762
Samsung Life Insurance		63,342		5,292
Seah Besteel		12,579		320
SFA Engineering (A)		75,193		2,869
Shinhan Financial Group		81,061		2,846
SK Holdings		8,231		1,699
SK Hynix		126,658		3,640
SK Telecom		8,294		1,842
SK Telecom ADR		471,929		11,515
Sung Kwang Bend (A)		63,500		550
Tongyang Life Insurance		38,651		464
Vieworks (A)		45,697		1,298
Yuhan		12,015		2,471
				176,413
Switzerland — 0.0%
Wizz Air Holdings* (C)		10,922		339

SEI Institutional International Trust / Annual Report / September 30, 2015 25

SCHEDULE OF INVESTMENTS

Emerging Markets Equity Fund (Continued)

September 30, 2015

Description	Shares		Market Value ($ Thousands)
Taiwan — 10.2%
Advanced Semiconductor Engineering		3,653,000	$	3,953
Asustek Computer		482,000		4,157
Catcher Technology		228,000		2,447
Cathay Financial Holding		1,969,987		2,704
Chailease Holding		319,404		502
Cheng Shin Rubber Industry		454,000		748
Cheng Uei Precision Industry		225,000		316
Chicony Electronics		622,075		1,436
China Motor		1,567,000		1,101
China Steel Chemical		381,800		1,184
Compal Electronics		1,372,000		782
CTBC Financial Holding		3,406,088		1,763
CTCI		1,148,000		1,374
Eclat Textile		180,546		2,864
Elite Advanced Laser		218,400		882
eMemory Technology		259,800		2,574
Far Eastern New Century		832,653		742
Farglory Land Development		297,043		314
Fubon Financial Holding		1,625,000		2,550
Hermes Microvision		73,600		2,783
Highwealth Construction		633,100		897
Hiwin Technologies		178,630		958
Hon Hai Precision Industry		4,736,367		12,390
Hota Industrial Manufacturing		595,000		1,912
Hu Lane Associate		460,600		1,776
Kenda Rubber Industrial		224,702		321
King Yuan Electronics		616,000		393
King’s Town Bank		802,000		569
Largan Precision		54,200		4,250
Lite-On Technology		1,263,296		1,164
Makalot Industrial		241,094		1,997
MediaTek		1,012,100		7,528
Mega Financial Holding		786,000		546
Mitac Holdings		2,795,000		1,746
PChome Online		97,868		1,124
Pegatron		1,466,000		3,608
Pou Chen		1,221,000		1,840
Powertech Technology		1,016,000		1,845
Quanta Computer		1,734,000		3,026
Radiant Opto-Electronics		955,050		2,964
Realtek Semiconductor		1,110,173		1,892
Sercomm		635,411		1,568
Simplo Technology		196,000		631
Taishin Financial Holding		5,146,481		1,827
Taiwan Cement		2,958,000		3,007
Taiwan Semiconductor Manufacturing (A)		7,295,222		36,405
Teco Electric and Machinery		951,000		752
Transcend Information		260,000		658
Tung Thih Electronic		529,500		3,631
United Microelectronics		5,008,000		1,649
Vanguard International Semiconductor		1,248,000		1,414

Description	Shares		Market Value ($ Thousands)
WPG Holdings		1,716,000	$	1,658
Yuanta Financial Holding		1,943,678		725
				141,847
Thailand — 2.0%
AP Thailand		2,502,800		373
Bangkok Bank Foreign		654,100		2,871
Bangkok Dusit Medical Services, Cl F (A)		1,208,600		616
Bangkok Dusit Medical Services		2,282,000		1,163
Bangkok Expressway		148,400		149
Central Pattana		788,800		974
CP ALL		3,221,100		4,243
CP Seven Eleven PCL (A)		1,166,900		1,537
Delta Electronics Thailand		290,900		706
Hana Microelectronics		292,900		229
Kasikornbank NVDR		468,700		2,204
Krung Thai Bank NVDR (A)		1,633,900		768
Major Cineplex Group (A)		280,100		247
Minor International		1,700,100		1,350
PTT (A)		568,950		3,792
PTT Global Chemical		1,384,100		2,056
Ratchaburi Electricity Generating Holding		275,700		406
Siam Cement		68,650		877
Siam Commercial Bank		180,200		667
Sino-Thai Engineering & Construction		1,220,000		816
Thai Union Group		1,770,300		897
Thanachart Capital (A)		1,188,700		1,041
Tisco Financial Group*		276,600		271
				28,253
Turkey — 2.0%
Akbank (A)		1,099,975		2,467
Anadolu Efes Biracilik Ve Malt Sanayii (A)		229,485		1,618
Arcelik		483,500		2,359
Aselsan Elektronik Sanayi Ve Ticaret (A)		495,064		2,256
Brisa Bridgestone Sabanci Sanayi ve Ticaret (A)		31,208		87
Emlak Konut Gayrimenkul Yatirim Ortakligi (A) (D)		1,987,052		1,651
Eregli Demir ve Celik Fabrikalari		804,169		993
Ford Otomotiv Sanayi		83,429		891
KOC Holding		162,377		634
Koza Altin Isletmeleri (A)		23,343		170
TAV Havalimanlari Holding		261,111		2,051
Tofas Turk Otomobil Fabrikasi		263,220		1,563
Trakya Cam Sanayii (A)		119,156		74
Tupras Turkiye Petrol Rafinerileri		79,004		1,936
Turk Hava Yollari*		185,970		491
Turkcell Iletisim Hizmetleri ADR		120,935		1,050
Turkiye Garanti Bankasi		1,810,967		4,217

26 SEI Institutional International Trust / Annual Report / September 30, 2015

Description	Shares/Number Of  Participation Notes		Market Value ($ Thousands)
Turkiye Halk Bankasi (A)		229,405	$	767
Turkiye Is Bankasi, Cl C		255,036		398
Ulker Biskuvi Sanayi		237,100		1,502
				27,175
United Arab Emirates — 0.5%
Abu Dhabi Commercial Bank		560,791		1,168
Air Arabia		4,346,616		1,659
Emaar Properties		2,127,100		3,752
Union National Bank		145,237		243
				6,822
United Kingdom — 0.4%
Anglo American ADR		80,640		332
SABMiller		83,755		4,733
				5,065
United States — 0.2%
Bizlink Holding		251,596		1,100
Freeport-McMoRan (A)		122,190		1,184
PriceSmart		9,313		720
				3,004
Total Common Stock (Cost $1,518,775) ($ Thousands)				1,242,501
EXCHANGE TRADED FUNDS — 3.9%
United States — 3.9%
iPath MSCI India Index ETN		127,879		8,463
iShares MSCI Emerging Markets ETF		1,153,591		37,815
iShares MSCI India ETF		295,900		8,454
Total Exchange Traded Funds (Cost $55,368) ($ Thousands)				54,732
PARTICIPATION NOTES — 2.2%
India — 1.0%
Axis Bank, Expires 06/13/18		333,372		2,521
Dr Reddy’s Laboratories, Expires 11/02/18		33,600		2,134
IRB Infrastructure Developers, Expires 06/25/20		701,669		2,541
State Bank of India, Expires 05/31/18		545,966		1,976
Tata Motors, Expires 06/25/20		516,839		2,355
UPL, Expires 03/18/19		193,100		1,351
Zee Entertainment Enterprises, Expires 09/03/19*		124,429		745
				13,623
China — 0.7%
China Vanke, Expires 06/29/20*		2,194,200		4,390
Fuyao Glass Industry Group, Expires 11/25/15		612,428		1,138

Description	Number Of Participation Notes/Shares		Market Value ($ Thousands)
Hangzhou Hikvision Digital Technology, Expires 06/29/20		443,800	$	2,273
Huangshan Tourism Development, Expires 12/09/19		221,034		661
Wuliangye Yibin, Expires 06/29/20*		125,600		508
				8,970
Switzerland — 0.2%
CITIC Securities, Expires 10/22/19*		499,527		1,066
Qingdao Haier, Expires 10/22/19*		1,545,758		2,202
				3,268
United Kingdom — 0.1%
Mouswat Medical, Expires 03/05/18*		33,231		1,079
Kuwait — 0.1%
National Bank of Kuwait, Expires 03/24/16		366,010		979
Saudi Arabia — 0.1%
Al Tayyar, Expires 03/05/18		43,600		878
Bupa Arabia, Expires 10/10/16*		8,114		535
Bupa Arabia, Expires 04/05/17		5,386		359
				1,772
Vietnam — 0.0%
Hoa Phat Group JSC, Expires 07/24/18*		377,200		505
Total Participation Notes (Cost $37,770) ($ Thousands)				30,196
PREFERRED STOCK — 1.2%
Brazil — 1.0%
Banco Bradesco		356,400		1,907
Banco do Estado do Rio Grande do Sul		183,500		260
Braskem		90,300		380
Cia Energetica de Sao Paulo, Cl B		103,700		396
Cia Paranaense de Energia		77,500		637
Itau Unibanco Holding		621,006		4,106
Itau Unibanco Holding ADR		440,104		2,914
Itausa - Investimentos Itau		44,977		81
Metalurgica Gerdau, Cl A		369,960		272
Petroleo Brasileiro ADR, Cl A*		235,300		866
Suzano Papel e Celulose, Cl A		208,800		1,006
Vale, Cl A		244,900		818
				13,643
Colombia — 0.0%
Banco Davivienda		67,371		523

SEI Institutional International Trust / Annual Report / September 30, 2015 27

SCHEDULE OF INVESTMENTS

Emerging Markets Equity Fund (Concluded)

September 30, 2015

Description		Shares/Number Of Rights/Face Amount (1) (Thousands)		Market Value ($ Thousands)
South Korea — 0.2%
Samsung Electronics			2,503	$	1,946
Total Preferred Stock (Cost $35,480) ($ Thousands)					16,112
RIGHTS — 0.0%
Taiwan — 0.0%
Pchome Online, Expires 10/05/2015*			6		3
Total Rights (Cost $—) ($ Thousands)					3
DEBENTURE BOND — 0.0%
Brazil — 0.0%
Vale, Ser 1997
0.000%, 09/30/2049 (E)	BRL		8		—
Total Debenture Bond (Cost $—) ($ Thousands)					—
AFFILIATED PARTNERSHIP — 9.8%
SEI Liquidity Fund, L.P.
0.050%†** (F)			135,644,659		135,645
Total Affiliated Partnership (Cost $135,645) ($ Thousands)					135,645
CASH EQUIVALENT — 0.9%
SEI Daily Income Trust, Prime Obligation Fund, Cl A
0.030%†**			12,202,592		12,203
Total Cash Equivalent (Cost $12,203) ($ Thousands)					12,203
TIME DEPOSITS — 2.2%
Brown Brothers Harriman
5.750%, 10/01/2015	ZAR		560		40
0.154%, 10/01/2015	NOK		—		—
0.100%, 10/01/2015	SGD		—		—
0.058%, 10/01/2015	CAD		22		17
0.057%, 10/01/2015	GBP		—		—
0.030%, 10/01/2015			29,756		29,756
0.005%, 10/01/2015	HKD		5,352		691
(0.238)%, 10/01/2015	EUR		49		54
(0.733)%, 10/01/2015	SEK		—		—
Total Time Deposits (Cost $30,558) ($ Thousands)					30,558
Total Investments — 109.8% (Cost $1,825,799) ($ Thousands)				$	1,521,950

Percentages are based on a Net Assets of $1,386,630 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of September 30, 2015.

† 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 September 30, 2015. The total market value of securities on loan at September 30, 2015 was $131,380 ($ Thousands).

(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 September 30, 2015 was $222 ($ Thousands) and represented 0.0% of Net Assets.

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

(D) Real Estate Investment Trust.

(E) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2015.

(F) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of September 30, 2015 was $135,645 ($ 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

NVDR — Non-Voting Depositary Receipt

SEK — Swedish Krona

Ser — Series

SGD — Singapore Dollar

ZAR — South African Rand

The following is a list of the level of inputs used as of September 30, 2015, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	1,242,279	$	—	$	222	$	1,242,501
Exchange Traded Funds		54,732		—		—		54,732
Participation Notes		—		30,196		—		30,196
Preferred Stock		16,112		—		—		16,112
Rights		3		—		—		3
Affiliated Partnership		—		135,645		—		135,645
Cash Equivalent		12,203		—		—		12,203
Time Deposits		—		30,558		—		30,558
Total Investments in Securities	$	1,325,329	$	196,399	$	222	$	1,521,950

(1) A reconciliation of Level 3 investments is 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.

For the year ended September 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2015, there were no transfers between Level 2 and Level 3 assets and liabilities.

For the year ended September 30, 2015, there were no transfers 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.

28 SEI Institutional International Trust / Annual Report / September 30, 2015

SCHEDULE OF INVESTMENTS

International Fixed Income Fund

September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
GLOBAL BONDS — 92.8%
Australia — 3.2%
Aurizon Network MTN
2.000%, 09/18/2024	EUR		300	$	315
Australia & New Zealand Banking Group MTN
3.625%, 07/18/2022	EUR		300		397
Commonwealth Bank of Australia
1.375%, 01/22/2019	EUR		560		647
Government of Australia
4.500%, 04/21/2033			135		113
3.750%, 04/21/2037			845		641
3.250%, 04/21/2025			4,590		3,394
2.750%, 04/21/2024			1,785		1,272
Government of Australia, Ser 122
5.250%, 03/15/2019			4,825		3,772
Government of Australia, Ser 124
5.750%, 05/15/2021			5,300		4,422
Queensland Treasury, Ser 17
6.000%, 09/14/2017			780		590
Westpac Banking MTN
1.500%, 03/24/2021	EUR		220		257
1.375%, 04/17/2020	EUR		230		266
					16,086
Austria — 0.4%
Republic of Austria
4.150%, 03/15/2037			55		92
3.650%, 04/20/2022			290		394
3.200%, 02/20/2017			600		701
3.150%, 06/20/2044			150		227
1.950%, 06/18/2019			280		336
1.650%, 10/21/2024			225		271
					2,021
Belgium — 0.8%
Kingdom of Belgium
3.750%, 06/22/2045			338		541
3.000%, 06/22/2034			350		479

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
1.000%, 06/22/2031		710	$	738
0.800%, 06/22/2025		715		790
Kingdom of Belgium, Ser 44
5.000%, 03/28/2035		150		262
Kingdom of Belgium, Ser 58
3.750%, 09/28/2020		496		654
Kingdom of Belgium, Ser 69
1.250%, 06/22/2018		545		631
				4,095
Brazil — 0.8%
Brazil Letras do Tesouro Nacional
13.871%, 01/01/2016 (A)		8,020		1,946
Brazil Notas do Tesouro Nacional
10.000%, 01/01/2017		2,800		660
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 08/15/2050	BRL	150		84
6.000%, 05/15/2055		153		89
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2025		5,136		931
Raizen Energy Finance
7.000%, 02/01/2017 (B)	USD	270		274
				3,984
Canada — 4.0%
Bank of Nova Scotia MTN
0.750%, 09/17/2021		570		641
Bell Canada MTN
5.000%, 02/15/2017		270		211
4.700%, 09/11/2023		80		66
3.350%, 06/18/2019		29		23
3.250%, 06/17/2020		95		73
Bombardier
6.000%, 10/15/2022 (B)	USD	210		156
Canada Housing Trust No. 1
4.100%, 12/15/2018		1,390		1,138
1.700%, 12/15/2017		1,065		810
CDP Financial
4.400%, 11/25/2019 (B)	USD	850		934
Government of Canada
5.750%, 06/01/2033		900		1,038
5.000%, 06/01/2037		1,300		1,440
4.250%, 12/01/2021		612		588
4.000%, 06/01/2041		1,035		1,039
3.500%, 12/01/2045		85		81
2.500%, 06/01/2024		1,425		1,164
2.000%, 06/01/2016		1,595		1,201
1.750%, 09/01/2019		1,000		777
1.500%, 09/01/2017		1,945		1,477
Muskrat Falls
3.630%, 06/01/2029		340		291
National Bank of Canada
1.500%, 03/25/2021	EUR	567		665

SEI Institutional International Trust / Annual Report / September 30, 2015 29

SCHEDULE OF INVESTMENTS

International Fixed Income Fund (Continued)

September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
NOVA Chemicals
5.250%, 08/01/2023 (B)	USD	150	$	145
Province of British Columbia
3.250%, 12/18/2021		1,150		933
2.250%, 03/01/2019		575		445
Province of Manitoba Canada
3.850%, 12/01/2021		710		591
Province of Ontario Canada
3.500%, 06/02/2024		1,200		979
3.450%, 06/02/2045		245		187
3.150%, 06/02/2022		2,000		1,605
Province of Quebec Canada
3.500%, 12/01/2045		145		110
3.000%, 09/01/2023		500		395
Quebecor Media
5.750%, 01/15/2023	USD	128		126
Rogers Communications
4.000%, 06/06/2022		165		130
Teck Resources
4.500%, 01/15/2021		305		206
Yamana Gold
4.950%, 07/15/2024	USD	324		289
				19,954
China — 0.1%
Tencent Holdings MTN
3.375%, 05/02/2019 (B)	USD	390		397
Colombia — 0.0%
Ecopetrol
7.375%, 09/18/2043		121		111
5.875%, 05/28/2045	USD	109		83
				194
Czech Republic — 0.1%
Government of Czech Republic
4.700%, 09/12/2022		1,500		81
3.875%, 05/24/2022	EUR	50		67
Government of Czech Republic, Ser 51
4.000%, 04/11/2017		8,050		352
				500
Denmark — 1.3%
Danske Bank
5.375%, 09/29/2021 (C)	GBP	170		270
3.875%, 10/04/2023 (C)	EUR	150		177
3.500%, 04/16/2018	EUR	155		188
DONG Energy MTN
5.750%, 04/09/2040	GBP	200		361
Kingdom of Denmark
4.500%, 11/15/2039		1,300		319
4.000%, 11/15/2017		1,600		260
3.000%, 11/15/2021		21,800		3,778
1.500%, 11/15/2023		670		108

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
0.100%, 11/15/2023			5,840	$	899
					6,360
Finland — 0.3%
Elisa MTN
2.250%, 10/04/2019			300		352
Government of Finland
2.625%, 07/04/2042			55		78
1.500%, 04/15/2023			340		407
Nordea Bank Finland MTN
2.375%, 07/17/2017			190		221
2.250%, 05/03/2019			170		204
					1,262
France — 7.5%
ALD International MTN
2.000%, 05/26/2017			500		570
Arkema MTN
3.850%, 04/30/2020			200		251
1.500%, 01/20/2025			300		318
AXA MTN
5.625%, 01/16/2054 (C)	GBP		302		451
BNP Paribas
5.019%, 12/31/2049 (C)			100		115
4.730%, 04/12/2049 (C)			200		225
BNP Paribas Home Loan SFH MTN
3.125%, 03/22/2022			200		261
BPCE MTN
6.117%, 10/29/2049 (C)			150		180
5.250%, 04/16/2029	GBP		100		157
4.500%, 03/15/2025 (B)	USD		215		207
1.375%, 05/22/2019			200		228
BPCE SFH
1.750%, 11/29/2019			600		713
Bureau Veritas
3.125%, 01/21/2021			100		119
Caisse Centrale du Credit Immobilier de France MTN
1.125%, 04/22/2019			100		115
Caisse de Refinancement de l’Habitat
3.750%, 12/12/2016			400		467
3.500%, 04/25/2017			350		412
Caisse Francaise de Financement Local MTN
4.875%, 07/03/2017			220		267
3.750%, 05/18/2016			225		257
3.625%, 02/26/2018			63		76
Christian Dior
1.375%, 06/19/2019			300		340
Credit Agricole MTN
6.637%, 05/29/2049 (C)			335		343
0.875%, 01/19/2022			600		646

30 SEI Institutional International Trust / Annual Report / September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Credit Agricole Home Loan SFH MTN
3.250%, 03/23/2017			100	$	117
2.875%, 09/09/2016			300		344
Dexia Credit Local MTN
2.000%, 01/22/2021			200		241
1.625%, 10/29/2018			565		658
1.375%, 09/18/2019			500		581
0.625%, 01/21/2022			1,550		1,727
Electricite de France MTN
6.500%, 01/26/2019 (B)	USD		250		287
5.375%, 12/12/2049 (C)			100		115
4.500%, 11/12/2040			250		344
Ephios Bondco
6.250%, 07/01/2022 (B)			160		178
France Government Bond OAT
0.500%, 05/25/2025 (E)			5,605		6,027
French Treasury Note
1.000%, 07/25/2017			850		969
Government of France
4.750%, 04/25/2035			85		144
4.500%, 04/25/2041			220		383
4.000%, 10/25/2038			285		454
3.250%, 05/25/2045			1,205		1,759
2.500%, 05/25/2030			1,875		2,394
2.250%, 05/25/2024			1,515		1,909
1.000%, 05/25/2019			1,280		1,481
0.500%, 11/25/2019			2,040		2,319
HSBC SFH France MTN
2.000%, 10/16/2023			700		858
Iliand
4.875%, 06/01/2016			300		343
Infra Foch
2.125%, 04/16/2025			1,000		1,103
Klepierre MTN
1.000%, 04/17/2023 (D)			100		106
Lafarge MTN
4.750%, 03/23/2020			195		248
Orange MTN
5.000%, 10/20/2049 (C)			130		142
Publicis Groupe
1.125%, 12/16/2021			600		662
RCI Banque MTN
5.625%, 10/05/2015			500		558
Renault MTN
3.625%, 09/19/2018			450		533
Sanofi MTN
2.500%, 11/14/2023			200		243
Societe Generale
5.922%, 04/05/2017 (B) (C)			180		182
5.750%, 04/20/2016 (B)	USD		111		114
3.875%, 12/17/2015	GBP		100		152
Societe Generale SFH MTN
3.250%, 06/06/2016			400		456
Unibail-Rodamco MTN
2.375%, 02/25/2021 (D)			500		595

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Veolia Environnement MTN
4.625%, 03/30/2027			200	$	282
Wendel
5.875%, 09/17/2019			800		1,047
2.500%, 02/09/2027			300		308
					37,081
Germany — 7.6%
Allianz
2.241%, 07/07/2045 (C)			500		504
Bundesobligation
0.500%, 02/23/2018			850		966
0.000%, 04/17/2020			2,230		2,497
Bundesrepublik Deutschland
6.250%, 01/04/2030			770		1,479
4.750%, 09/20/2033			300		496
4.000%, 01/04/2037			210		357
2.500%, 07/04/2044			390		561
2.500%, 08/15/2046			200		289
2.250%, 09/04/2021			100		126
1.500%, 09/04/2022			720		875
1.500%, 05/15/2024			800		976
1.000%, 08/15/2025			310		360
0.500%, 02/15/2025			2,059		2,292
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/2034			630		1,137
Bundesrepublik Deutschland, Ser 08
4.250%, 07/04/2018			835		1,047
Bundesschatzanweisungen
0.000%, 12/11/2015			11,000		12,284
Continental MTN
3.125%, 09/09/2020			600		725
Deutsche Annington Finance MTN
2.125%, 07/09/2022			177		199
Deutsche Bank
1.250%, 09/08/2021			1,000		1,102
Deutsche Bundesrepublik Inflation Linked Bond
0.100%, 04/15/2023			1,239		1,449
Deutsche Telekom International Finance MTN
7.375%, 12/04/2019	GBP		200		366
E.ON International Finance MTN
6.000%, 10/30/2019	GBP		300		511
FMS Wertmanagement
1.125%, 12/07/2016			600		911
Grand City Properties
1.500%, 04/17/2025			1,400		1,393
Infineon Technologies
1.000%, 09/10/2018			100		111
KFW
3.875%, 01/21/2019			575		725
3.375%, 08/30/2017	CHF		370		408

SEI Institutional International Trust / Annual Report / September 30, 2015 31

SCHEDULE OF INVESTMENTS

International Fixed Income Fund (Continued)

September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Linde Finance MTN
3.875%, 06/01/2021			450	$	589
Muenchener Rueckversicherungs MTN
6.250%, 05/26/2042 (C)			200		267
ProSiebenSat.1 Media
2.625%, 04/15/2021			300		343
RWE Finance MTN
6.500%, 08/10/2021			120		167
Vier Gas Transport GmbH MTN
2.875%, 06/12/2025			200		244
Volkswagen Financial Services MTN
1.750%, 08/21/2017			230		339
Wuerth Finance International MTN
1.750%, 05/21/2020			150		175
1.000%, 05/19/2022			500		556
ZF North America Capital
4.000%, 04/29/2020 (B)			180		171
					36,997
Hong Kong — 0.2%
Hutchison Whampoa Finance 14
1.375%, 10/31/2021	EUR		935		1,027
Indonesia — 0.2%
Indonesia Government International Bond MTN
2.875%, 07/08/2021			730		780
Ireland — 1.7%
AIB Mortgage Bank MTN
2.625%, 07/29/2016			400		455
Bank of Ireland MTN
4.250%, 06/11/2024 (C)			800		903
Bank of Ireland Mortgage Bank
1.750%, 03/19/2019			450		526
Ireland Government Bond
5.400%, 03/13/2025			1,008		1,539
4.500%, 10/18/2018			345		438
4.500%, 04/18/2020			450		598
3.400%, 03/18/2024			1,035		1,373
2.400%, 05/15/2030			680		822
2.000%, 02/18/2045			950		1,010
0.800%, 03/15/2022			300		338
					8,002
Israel — 0.0%
Israel Government Bond
4.250%, 03/31/2023			750		229
Italy — 7.0%
Assicurazioni Generali MTN
7.750%, 12/12/2042 (C)			300		393

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Banca Monte dei Paschi di Siena
5.000%, 02/09/2018			230	$	284
4.875%, 09/15/2016			700		813
Banco Popolare SC MTN
3.500%, 03/14/2019			350		398
Buoni Poliennali Del Tesoro
4.000%, 02/01/2037			450		617
Edison MTN
3.875%, 11/10/2017			600		716
Eni MTN
3.625%, 01/29/2029			600		755
FCA Capital Ireland MTN
2.875%, 01/26/2018			210		241
2.625%, 04/17/2019			350		400
Intesa Sanpaolo MTN
5.250%, 01/12/2024	USD		375		400
5.017%, 06/26/2024 (B)	USD		200		197
4.000%, 11/09/2017			368		438
3.928%, 09/15/2026			550		616
1.125%, 03/04/2022			200		211
Italy Buoni Poliennali Del Tesoro
5.500%, 09/01/2022			400		570
5.500%, 11/01/2022			1,325		1,891
5.000%, 08/01/2034			1,575		2,421
4.750%, 09/01/2021			3,250		4,388
4.750%, 08/01/2023			542		751
4.750%, 09/01/2044			300		465
4.500%, 05/01/2023			1,130		1,538
4.500%, 03/01/2024			1,750		2,398
4.000%, 09/01/2020			1,555		2,003
3.750%, 05/01/2021			561		720
3.750%, 09/01/2024			1,265		1,655
3.500%, 03/01/2030			1,290		1,669
2.600%, 09/15/2023			968		1,244
2.500%, 12/01/2024			200		239
1.500%, 08/01/2019			1,955		2,259
1.350%, 04/15/2022			1,707		1,921
1.150%, 05/15/2017			2,135		2,423
					35,034
Japan — 20.1%
Government of Japan
0.100%, 09/10/2024			330,000		2,927
Government of Japan 10 Year Bond
0.800%, 09/20/2023			820,350		7,181
0.600%, 03/20/2024			684,000		5,889
0.400%, 06/20/2025			300,000		2,522
0.300%, 12/20/2024			83,700		700
Government of Japan 10 Year Bond, Ser 301
1.500%, 06/20/2019			85,300		751
Government of Japan 10 Year Bond, Ser 308
1.300%, 06/20/2020			295,600		2,612

32 SEI Institutional International Trust / Annual Report / September 30, 2015

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
Government of Japan 10 Year Bond, Ser 313
1.300%, 03/20/2021		750,000	$	6,681
Government of Japan 10 Year Bond, Ser 314
1.100%, 03/20/2021		157,700		1,390
Government of Japan 20 Year Bond
1.700%, 06/20/2033		444,850		4,166
1.400%, 09/20/2034		525,000		4,648
Government of Japan 20 Year Bond, Ser 106
2.200%, 09/20/2028		110,900		1,114
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/2029		249,200		2,482
Government of Japan 20 Year Bond, Ser 128
1.900%, 06/20/2031		55,000		535
Government of Japan 20 Year Bond, Ser 140
1.700%, 09/20/2032		34,850		328
Government of Japan 20 Year Bond, Ser 143
1.600%, 03/20/2033		298,400		2,761
Government of Japan 20 Year Bond, Ser 144
1.500%, 03/20/2033		146,650		1,337
Government of Japan 20 Year Bond, Ser 55
2.000%, 03/21/2022		107,000		1,004
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/2027		395,100		3,916
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/2039		322,500		3,255
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/2040		827,000		7,933
Government of Japan 30 Year Bond, Ser 34
2.200%, 03/20/2041		55,700		554
Government of Japan 30 Year Bond, Ser 36
2.000%, 03/20/2042		94,450		906
Government of Japan 30 Year Bond, Ser 38
1.800%, 03/20/2043		271,650		2,503
Government of Japan 30 Year Bond, Ser 44
1.700%, 09/20/2044		141,000		1,269
Government of Japan 40 Year Bond, Ser 6
1.900%, 03/20/2053		20,000		187

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Government of Japan 5 Year Bond
0.300%, 09/20/2018			1,063,600	$	8,954
Government of Japan 5 Year Bond, Ser 106
0.200%, 09/20/2017			850,000		7,122
Japan Treasury Discount Bill
0.000%, 10/13/2015 (A)			220,000		1,837
0.000%, 10/26/2015 (A)			220,000		1,837
0.000%, 11/16/2015 (A)			200,000		1,670
0.000%, 12/21/2015 (A)			680,000		5,678
0.000%, 12/28/2015 (A)			210,000		1,754
Mizuho Financial Group Cayman 3
4.600%, 03/27/2024	USD		306		318
SMFG Preferred Capital
10.231%, 01/25/2029 (C)	GBP		475		1,085
					99,806
Luxembourg — 0.1%
Eurofins Scientific
3.375%, 01/30/2023			300		332
2.250%, 01/27/2022			200		210
					542
Malaysia — 0.2%
Malaysia Government Bond
5.734%, 07/30/2019			1,500		360
3.955%, 09/15/2025			1,135		254
3.418%, 08/15/2022			445		97
					711
Mexico — 0.5%
Mexican Bonos
8.000%, 06/11/2020			12,606		830
7.750%, 11/13/2042			11,690		760
Mexican Bonos, Ser M
6.500%, 06/10/2021			5,356		331
Mexican Bonos, Ser M20
10.000%, 12/05/2024			1,941		146
United Mexican States MTN
1.625%, 03/06/2024			416		431
					2,498
Netherlands — 4.4%
ABN AMRO Bank MTN
6.375%, 04/27/2021			245		323
4.310%, 03/29/2049 (C)			155		173
2.875%, 06/30/2025 (C)			550		619
Achmea MTN
2.500%, 11/19/2020			625		734
Achmea Bank MTN
2.750%, 02/18/2021			150		177
Akzo Nobel Sweden Finance MTN
2.625%, 07/27/2022	EUR		150		181

SEI Institutional International Trust / Annual Report / September 30, 2015 33

SCHEDULE OF INVESTMENTS

International Fixed Income Fund (Continued)

September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Akzo Nobel MTN
8.000%, 04/06/2016	GBP		205	$	321
ASML Holding
3.375%, 09/19/2023			450		557
Bharti Airtel International
4.000%, 12/10/2018			270		320
Coco-Cola HBC Finance
2.375%, 06/18/2020			750		876
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
6.875%, 03/19/2020			300		393
5.500%, 01/22/2049 (C)			600		666
2.500%, 05/26/2026 (C)			260		287
Delta Lloyd MTN
4.375%, 06/29/2049 (C)			100		94
Geberit International
0.688%, 03/30/2021			1,100		1,213
Generali Finance MTN
4.596%, 11/30/2049 (C)			550		567
ING Bank MTN
5.800%, 09/25/2023 (B)	USD		375		407
3.375%, 03/23/2017			125		147
Kingdom of Netherlands
5.500%, 01/15/2028			295		502
4.000%, 01/15/2037			300		503
3.750%, 01/15/2042			60		102
2.750%, 01/15/2047			2,350		3,452
2.250%, 07/15/2022			610		768
2.000%, 07/15/2024			625		780
1.750%, 07/15/2023			1,890		2,312
1.250%, 01/15/2019			485		565
0.250%, 01/15/2020			340		384
0.250%, 07/15/2025			1,430		1,517
0.250%, 07/15/2025			110		117
NN Group
4.625%, 04/08/2044 (C)			675		748
Shell International Finance
2.250%, 01/06/2023	USD		825		788
2.000%, 11/15/2018	USD		560		566
TenneT Holding
2.125%, 11/01/2020			350		416
					21,575
New Zealand — 0.2%
Government of New Zealand
5.500%, 04/15/2023			320		239
3.000%, 04/15/2020			590		382
Westpac Securities MTN
0.875%, 06/24/2019	EUR		100		114
					735
Norway — 0.4%
DNB Bank
6.012%, 01/29/2049 (C)	GBP		150		233

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Eksportfinans
2.375%, 05/25/2016	USD		200	$	200
Government of Norway
4.500%, 05/22/2019			2,325		310
2.000%, 05/24/2023			645		79
Kommunalbanken MTN
1.000%, 03/15/2018 (B)	USD		800		799
SpareBank 1 Boligkreditt MTN
2.375%, 11/22/2016	EUR		170		195
					1,816
Poland — 0.3%
Republic of Poland
5.250%, 01/20/2025			85		126
5.125%, 04/21/2021	USD		135		152
3.250%, 07/25/2025			575		156
2.500%, 07/25/2018			710		189
Republic of Poland, Ser 1019
5.500%, 10/25/2019			670		199
Republic of Poland, Ser 1021
5.750%, 10/25/2021			3,490		1,081
					1,903
Portugal — 0.3%
Caixa Geral de Depositos MTN
3.000%, 01/15/2019			300		363
EDP Finance MTN
2.625%, 01/18/2022			440		490
Portugal Obrigacoes do Tesouro OT
3.875%, 02/15/2030			215		267
					1,120
Romania — 0.0%
Romanian Government International Bond MTN
4.625%, 09/18/2020	EUR		40		51
3.625%, 04/24/2024	EUR		20		24
					75
Singapore — 0.2%
Government of Singapore
4.000%, 09/01/2018			495		373
3.125%, 09/01/2022			275		203
Temasek Financial I MTN
2.375%, 01/23/2023 (B)	USD		495		489
					1,065
Slovak Republic — 0.0%
Slovakia Government Bond
3.375%, 11/15/2024			110		151

34 SEI Institutional International Trust / Annual Report / September 30, 2015

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
South Africa — 0.3%
Republic of South Africa
8.250%, 09/15/2017		6,600	$	486
8.000%, 01/31/2030		2,820		190
7.750%, 02/28/2023		4,095		287
7.000%, 02/28/2031		5,005		304
				1,267
South Korea — 0.6%
Korea Treasury Bond
4.250%, 06/10/2021		1,270,230		1,213
4.000%, 12/10/2031		574,090		603
3.750%, 12/10/2033		133,450		138
3.500%, 03/10/2024		194,510		183
3.250%, 09/10/2018		520,990		460
3.000%, 09/10/2024		186,630		170
2.750%, 03/10/2018		511,230		443
				3,210
Spain — 4.6%
Banco Popular Espanol
8.250%, 04/29/2049 (C)		200		214
4.000%, 10/18/2016		100		116
3.750%, 01/22/2019		100		124
2.125%, 10/08/2019		100		118
Bankia
4.125%, 03/24/2036		350		492
CaixaBank
0.057%, 01/09/2018 (B) (C)		200		221
Criteria CaixaHolding MTN
1.625%, 04/21/2022		800		830
Ferrovial Emisiones MTN
3.375%, 06/07/2021		475		582
Fondo de Amortizacion del Deficit Electrico MTN
4.125%, 03/17/2017		200		236
2.250%, 12/17/2016		700		800
Government of Spain
6.000%, 01/31/2029		465		738
5.900%, 07/30/2026		125		192
5.500%, 07/30/2017		315		386
5.500%, 04/30/2021		1,980		2,738
4.700%, 07/30/2041		1,229		1,798
4.400%, 10/31/2023		680		916
4.200%, 01/31/2037		475		648
3.800%, 04/30/2024		1,000		1,297
3.300%, 07/30/2016		2,400		2,751
2.750%, 10/31/2024		790		951
1.950%, 07/30/2030		1,510		1,592
1.800%, 11/30/2024		999		1,196
1.400%, 01/31/2020		885		1,015
0.500%, 10/31/2017		1,285		1,443

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Santander Consumer Finance
3.875%, 03/23/2016			200	$	227
Santander International Debt MTN
4.625%, 03/21/2016			700		797
Telefonica Emisiones SAU MTN
5.375%, 02/02/2018			185		300
5.289%, 12/09/2022	GBP		250		418
					23,136
Supra-National — 1.0%
European Financial Stability Facility
1.625%, 07/17/2020	EUR		1,700		2,033
European Investment Bank MTN
2.750%, 09/15/2021	EUR		1,000		1,278
1.375%, 09/15/2021	EUR		575		683
International Bank for Reconstruction & Development MTN
1.000%, 12/28/2016			600		911
					4,905
Sweden — 1.0%
Kingdom of Sweden
3.500%, 03/30/2039			260		41
1.500%, 11/13/2023			1,020		131
Kingdom of Sweden, Ser 1047
5.000%, 12/01/2020			3,700		554
Kingdom of Sweden, Ser 1052
4.250%, 03/12/2019			5,275		726
Kingdom of Sweden, Ser 1054
3.500%, 06/01/2022			3,535		510
Nordea Bank MTN
4.500%, 03/26/2020	EUR		225		283
4.000%, 03/29/2021	EUR		255		318
Skandinaviska Enskilda Banken MTN
1.875%, 11/14/2019	EUR		175		204
Stadshypotek MTN
4.250%, 10/10/2017			600		434
Svenska Handelsbanken
2.656%, 01/15/2024 (C)	EUR		651		745
Swedbank Hypotek MTN
1.125%, 05/21/2021			600		692
Sweden Government Bond
2.500%, 05/12/2025			1,345		187
Vattenfall
3.000%, 03/19/2077 (C)			175		146
					4,971
Switzerland — 1.2%
Aquarius and Investments for Zurich Insurance MTN
4.250%, 10/02/2043 (C)			100		119

SEI Institutional International Trust / Annual Report / September 30, 2015 35

SCHEDULE OF INVESTMENTS

International Fixed Income Fund (Continued)

September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Credit Suisse NY MTN
3.625%, 09/09/2024			260	$	260
Credit Suisse MTN
5.750%, 09/18/2025 (C)	EUR		250		308
4.750%, 08/05/2019	EUR		400		512
Dufry Finance
4.500%, 07/15/2022			235		268
4.500%, 08/01/2023			100		114
Glencore Australia Holdings MTN
4.500%, 09/19/2019			900		590
Glencore Finance Europe MTN
3.375%, 09/30/2020			290		275
Glencore Funding
4.125%, 05/30/2023 (B)			94		74
2.125%, 04/16/2018 (B)			242		208
Government of Switzerland
3.000%, 05/12/2019			160		187
2.000%, 04/28/2021			1,070		1,254
2.000%, 05/25/2022			110		131
1.500%, 04/30/2042			120		148
1.250%, 06/11/2024			100		116
Switzerland Government Bond
3.500%, 04/08/2033			100		157
UBS Group Funding Jersey
4.125%, 09/24/2025 (B)			220		219
UBS MTN
6.625%, 04/11/2018	GBP		150		254
6.375%, 07/20/2016	GBP		160		252
4.750%, 02/12/2026 (C)	EUR		500		586
Zurich Finance USA MTN
6.500%, 10/14/2015			500		559
					6,591
Thailand — 0.1%
Thailand Government Bond
4.675%, 06/29/2044			1,800		58
3.650%, 12/17/2021			16,020		469
3.625%, 06/16/2023			7,815		229
					756
Turkey — 0.0%
Republic of Turkey
5.500%, 02/16/2017	EUR		50		59
United Arab Emirates — 0.1%
Emirates Telecommunications MTN
2.750%, 06/18/2026	EUR		275		325
United Kingdom — 15.3%
AA Bond
4.720%, 07/02/2043			500		796

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Abbey National Treasury Services MTN
5.250%, 02/16/2029			450	$	867
5.125%, 04/14/2021			300		525
4.250%, 04/12/2021	EUR		350		470
1.750%, 01/15/2018	EUR		525		601
1.125%, 01/14/2022			330		356
Anglian Water Services Financing
6.875%, 08/21/2023			230		445
Aviva MTN
6.875%, 05/22/2038 (C)	EUR		195		241
6.125%, 11/14/2036 (C)			200		321
3.375%, 12/04/2045 (C)			500		511
Bank of Scotland
7.281%, 05/29/2049 (C)			950		1,683
4.750%, 06/08/2022	EUR		290		410
Barclays Bank MTN
6.750%, 01/16/2023 (C)			350		569
6.625%, 03/30/2022	EUR		272		372
4.250%, 01/12/2022			250		425
BAT International Finance MTN
7.250%, 03/12/2024			250		494
5.375%, 06/29/2017	EUR		425		516
Bishopsgate Asset Finance
4.808%, 08/14/2044			178		277
BP Capital Markets MTN
2.177%, 09/28/2021	EUR		245		286
British American Tobacco Holdings MTN
4.000%, 07/07/2020			100		128
Canary Wharf Finance II
6.455%, 04/22/2030			15		31
5.952%, 01/22/2035			15		28
Channel Link Enterprises Finance
3.299%, 06/30/2050 (C)	EUR		700		780
Co-Operative Bank
4.750%, 11/11/2021			250		419
Coventry Building Society MTN
4.625%, 04/19/2018			230		377
CPUK Finance
3.588%, 02/28/2042			400		599
2.666%, 02/28/2042			700		1,048
Delphi Automotive
1.500%, 03/10/2025			300		306
Direct Line Insurance Group
9.250%, 04/27/2042 (C)			100		185
Eastern Power Networks MTN
6.250%, 11/12/2036			160		322
ENW Finance MTN
6.125%, 07/21/2021			350		624
Eversholt Funding MTN
6.697%, 02/22/2035			100		196
FCE Bank MTN
5.125%, 11/16/2015			350		532

36 SEI Institutional International Trust / Annual Report / September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
4.825%, 02/15/2017			200	$	314
1.875%, 05/12/2016	EUR		250		281
1.625%, 09/09/2016	EUR		100		113
First Hydro Finance
9.000%, 07/31/2021			220		440
Firstgroup
5.250%, 11/29/2022			200		327
Great Rolling Stock MTN
6.250%, 07/27/2020			300		522
HBOS Capital Funding
6.461%, 11/30/2049 (C)			115		184
Heathrow Funding MTN
1.875%, 05/23/2022			175		202
HSBC Bank
4.125%, 08/12/2020	USD		375		406
HSBC Capital Funding
5.130%, 03/29/2049 (C)			150		169
HSBC Holdings MTN
6.500%, 05/20/2024			250		468
Imperial Tobacco Finance MTN
8.375%, 02/17/2016	EUR		575		661
5.500%, 09/28/2026			350		612
2.250%, 02/26/2021	EUR		400		463
Intu SGS Finance MTN
3.875%, 03/17/2023 (D)			250		389
Jaguar Land Rover Automotive
5.000%, 02/15/2022			100		150
Lloyds Banking Group
7.000%, 12/29/2049 (C)			750		1,122
Lloyds TSB Bank MTN
4.625%, 02/02/2017	EUR		150		177
Merlin Entertainment
2.750%, 03/15/2022			300		313
Mondi Finance MTN
5.750%, 04/03/2017			1,100		1,320
3.375%, 09/28/2020	EUR		400		489
National Westminster Bank
6.500%, 09/07/2021			220		372
6.500%, 09/07/2021			550		929
Nationwide Building Society MTN
4.625%, 02/08/2021	EUR		550		748
4.125%, 03/20/2023 (C)	EUR		1,495		1,764
0.750%, 06/25/2019			266		302
Network Rail Infrastructure Finance MTN
4.400%, 03/06/2016	CAD		690		522
Northumbrian Water Finance
6.875%, 02/06/2023			190		361
6.000%, 10/11/2017			500		821
Rio Tinto Finance MTN
4.000%, 12/11/2029			165		246
RL Finance Bonds No. 2
6.125%, 11/30/2043 (C)			100		155

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Rolls-Royce
6.750%, 04/30/2019			100	$	175
Royal Bank of Scotland
9.500%, 03/16/2022 (C)	USD		200		218
6.934%, 04/09/2018	EUR		300		373
5.125%, 01/13/2024			400		724
3.875%, 10/19/2020			123		161
Santander UK
6.222%, 05/29/2049 (C)			170		265
Santander UK Group Holdings
7.375%, 06/24/2022 (C)			250		377
Sky
3.750%, 09/16/2024 (B)	USD		211		208
Standard Chartered MTN
4.000%, 07/12/2022 (C)	USD		390		391
Standard Life MTN
5.500%, 12/04/2042 (C)			250		396
Tesco
6.052%, 10/13/2039			645		953
United Kingdom Gilt
6.000%, 12/07/2028			100		224
4.500%, 09/07/2034			250		505
4.500%, 12/07/2042			1,675		3,562
4.250%, 12/07/2027			125		238
4.250%, 06/07/2032			110		214
3.750%, 07/22/2052			375		752
3.500%, 01/22/2045			775		1,420
3.250%, 01/22/2044			860		1,507
2.750%, 09/07/2024			850		1,403
2.250%, 09/07/2023			2,325		3,700
2.000%, 07/22/2020			2,075		3,260
2.000%, 09/07/2025			925		1,430
1.750%, 07/22/2019			520		809
United Kingdom Treasury
5.000%, 03/07/2025			1,430		2,801
4.750%, 12/07/2030			1,380		2,803
4.750%, 12/07/2038			350		750
4.250%, 03/07/2036			745		1,468
4.250%, 09/07/2039			1,170		2,353
4.250%, 12/07/2040			370		750
4.000%, 03/07/2022			1,565		2,757
1.750%, 01/22/2017			800		1,232
United Kingdom Treasury Bill
0.473%, 10/19/2015 (A)			3,000		4,543
Wales & West Utilities Finance
6.750%, 12/17/2036 (C)			200		335
6.250%, 11/30/2021			240		437
Western Power Distribution West Midlands
3.875%, 10/17/2024			230		370
Yorkshire Power Finance
7.250%, 08/04/2028			208		427

SEI Institutional International Trust / Annual Report / September 30, 2015 37

SCHEDULE OF INVESTMENTS

International Fixed Income Fund (Continued)

September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Yorkshire Water Services Bradford Finance
6.375%, 08/19/2039			100	$	205
					75,578
United States — 6.7%
21st Century Fox America
4.500%, 02/15/2021			75		81
AbbVie
3.600%, 05/14/2025			359		354
2.500%, 05/14/2020			49		49
Aetna
2.750%, 11/15/2022			40		39
Altria Group
4.750%, 05/05/2021			180		196
4.250%, 08/09/2042			265		245
American International Group
8.175%, 05/15/2058 (C)			240		317
5.750%, 03/15/2067			150		232
Anthem
4.650%, 01/15/2043			110		108
2.300%, 07/15/2018			150		151
AT&T
5.875%, 04/28/2017	GBP		200		321
4.875%, 06/01/2044	GBP		130		196
Bank of America MTN
2.375%, 06/19/2024			410		469
0.800%, 03/28/2018 (C)	EUR		300		331
0.514%, 09/14/2018 (C)	EUR		375		409
Berkshire Hathaway
1.125%, 03/16/2027			297		293
Biogen
2.900%, 09/15/2020			167		169
CBS
4.000%, 01/15/2026			450		443
Chevron
2.355%, 12/05/2022			535		517
Citigroup
4.450%, 01/10/2017			250		260
2.375%, 05/22/2024	EUR		700		802
Coca-Cola
2.750%, 05/06/2026	EUR		160		187
1.125%, 09/22/2022	EUR		400		446
CVS Health
5.125%, 07/20/2045			350		376
Devon Energy
5.000%, 06/15/2045			270		245
DH Europe Finance
1.700%, 01/04/2022			1,440		1,629
Diamond Offshore Drilling
4.875%, 11/01/2043			130		85
Discovery Communications
1.900%, 03/19/2027			360		344

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Dover MTN
2.125%, 12/01/2020	EUR		250	$	291
Eli Lilly
1.000%, 06/02/2022			405		448
Entergy
4.000%, 07/15/2022			314		324
Enterprise Products Operating
3.700%, 02/15/2026			123		116
Exelon
3.950%, 06/15/2025			356		359
GE Capital UK Funding MTN
4.375%, 07/31/2019	GBP		400		653
General Electric
2.700%, 10/09/2022			320		321
1.875%, 05/28/2027			800		895
1.250%, 05/26/2023			200		221
General Electric Capital MTN
5.500%, 01/08/2020			305		349
5.300%, 02/11/2021			205		236
4.625%, 01/07/2021			750		837
Goldman Sachs Group
3.750%, 05/22/2025			400		401
2.625%, 08/19/2020	EUR		350		416
Illinois Tool Works MTN
3.000%, 05/19/2034	EUR		200		231
INEOS Group Holdings
5.750%, 02/15/2019			350		375
International Business Machines MTN
1.375%, 11/19/2019	EUR		250		288
International Paper
5.150%, 05/15/2046			38		37
3.800%, 01/15/2026			374		368
Jefferies Group MTN
2.375%, 05/20/2020	EUR		700		760
John Deere Bank MTN
1.500%, 07/16/2018			250		287
JPMorgan Chase MTN
1.068%, 05/30/2017 (C)			100		149
0.382%, 10/12/2015 (C)	EUR		350		390
Kinder Morgan
2.250%, 03/16/2027			519		459
1.500%, 03/16/2022			600		578
McDonald’s
1.125%, 05/26/2022			400		439
Mellon Capital III
6.369%, 09/05/2066 (C)			150		229
Merck
2.500%, 10/15/2034			500		579
1.875%, 10/15/2026			300		341
1.125%, 10/15/2021			400		448
MetLife
5.250%, 12/29/2049 (C)			349		346

38 SEI Institutional International Trust / Annual Report / September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Mondelez International
2.375%, 03/06/2035			250	$	244
1.625%, 03/08/2027			300		304
1.000%, 03/07/2022			200		215
Morgan Stanley
3.750%, 09/21/2017	EUR		350		416
2.375%, 03/31/2021	EUR		1,250		1,466
1.875%, 03/30/2023			490		547
1.750%, 01/30/2025			205		221
Nabors Industries
5.100%, 09/15/2023			93		82
ONEOK Partners
3.800%, 03/15/2020			128		129
Owens Corning
6.500%, 12/01/2016			9		10
Philip Morris International
2.900%, 11/15/2021			325		327
2.875%, 05/30/2024	EUR		100		123
2.875%, 03/03/2026	EUR		435		528
Plains All American Pipeline
3.600%, 11/01/2024			330		309
PNC Funding
5.125%, 02/08/2020			300		336
3.300%, 03/08/2022			150		154
Priceline Group
2.375%, 09/23/2024	EUR		250		274
1.800%, 03/03/2027			400		384
Principal Financial Group
1.850%, 11/15/2017			175		176
Prologis International Funding II MTN
2.875%, 04/04/2022			220		255
Prologis
3.375%, 02/20/2024	EUR		300		352
3.000%, 01/18/2022	EUR		250		292
3.000%, 06/02/2026	EUR		200		226
Prudential Financial
5.625%, 06/15/2043 (C)			545		562
Rabobank Capital Funding Trust IV
5.556%, 12/31/2019 (C)	GBP		153		240
Republic Services
4.750%, 05/15/2023			155		171
Reynolds American
5.850%, 08/15/2045			146		162
4.450%, 06/12/2025			360		377
3.250%, 11/01/2022			180		179
Ryder System MTN
5.850%, 11/01/2016			116		122
Seagate HDD Cayman
4.750%, 01/01/2025			123		118
Sprint
7.875%, 09/15/2023			187		151
Thermo Fisher Scientific
2.150%, 07/21/2022			157		177
2.000%, 04/15/2025			164		177

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
UBS MTN
5.875%, 12/20/2017		247	$	269
United Technologies
1.800%, 06/01/2017		201		203
Verizon Communications
5.012%, 08/21/2054		44		40
4.672%, 03/15/2055		193		166
2.625%, 12/01/2031		100		109
1.625%, 03/01/2024		700		759
Viacom
3.875%, 04/01/2024		148		139
Wells Fargo MTN
4.600%, 04/01/2021		75		82
Williams Partners
3.900%, 01/15/2025		228		196
				33,234
Total Global Bonds (Cost $491,163) ($ Thousands)				460,032
MORTGAGE-BACKED SECURITIES — 2.6%
Agency Mortgage-Backed Obligation — 0.5%
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2014-DN1, Cl M1
1.194%, 02/25/2024 (B) (C)		367		366
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2014-HQ2, Cl M1
1.644%, 09/25/2024 (B) (C)		364		365
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA1, Cl M2
2.044%, 10/25/2027 (B) (C)		490		483
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, Cl M2
2.794%, 12/25/2027 (B) (C)		250		251
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, Cl M1
1.344%, 12/25/2027 (B) (C)		440		440
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQ1, Cl M1
1.244%, 03/25/2025 (B) (C)		233		232
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQ2, Cl M1
1.294%, 05/25/2025 (B) (C)		341		340
FHLMC, Ser K501, Cl X1A, IO
1.726%, 08/25/2016 (C)		247		2
				2,479

SEI Institutional International Trust / Annual Report / September 30, 2015 39

SCHEDULE OF INVESTMENTS

International Fixed Income Fund (Continued)

September 30, 2015

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
Non-Agency Mortgage-Backed Obligation — 2.1%
Banc of America Commercial Mortgage, Ser 2007-5, Cl A4
5.492%, 02/10/2051		111	$	116
Banc of America Commercial Mortgage, Ser 2015-UBS7, Cl A4
3.705%, 09/15/2048		20		21
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
2.897%, 09/25/2034 (B) (C)		80		79
Bear Stearns Commercial Mortgage Securities, Ser 2005-PW10, Cl A4
5.405%, 12/11/2040 (C)		73		73
Bear Stearns Commercial Mortgage Securities, Ser 2006-PW13, Cl AJ
5.611%, 09/11/2041 (C)		241		243
Bear Stearns Commercial Mortgage Securities, Ser 2006-T24, Cl A4
5.537%, 10/12/2041		66		68
Bear Stearns Commercial Mortgage Securities, Ser 2006-TOP22, Cl AJ
5.778%, 04/12/2038 (C)		25		25
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW15, Cl A4
5.331%, 02/11/2044		51		53
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW16, Cl A4
5.895%, 06/11/2040 (C)		31		33
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW17, Cl A4
5.694%, 06/11/2050 (C)		175		185
Bear Stearns Commercial Mortgage Securities, Ser 2007-T26, Cl A4
5.471%, 01/12/2045 (C)		63		66
Citigroup Commercial Mortgage Trust, Ser 2006-C4, Cl A3
5.968%, 03/15/2049 (C)		126		127
Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4
6.349%, 12/10/2049 (C)		425		453
Citigroup Commercial Mortgage Trust, Ser 2014-GC19, Cl D
5.063%, 03/10/2047 (B) (C)		20		18
Citigroup Commercial Mortgage Trust, Ser 2015-GC29, Cl A4
3.192%, 04/10/2048		15		15
Citigroup Commercial Mortgage Trust, Ser 2015-GC29, Cl A3
2.935%, 04/10/2048		30		30
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4
2.662%, 05/25/2035 (B) (C)		506		492

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
COBALT Commercial Mortgage Trust, Ser 2006-C1, Cl AM
5.254%, 08/15/2048		35	$	36
COMM 2015-PC1 Mortgage Trust, Ser 2015-PC1, Cl A4
3.620%, 07/10/2050		50		52
COMM Mortgage Trust, Ser 2006-C8, Cl A1A
5.292%, 12/10/2046		115		119
COMM Mortgage Trust, Ser 2012-CR5, Cl A3
2.540%, 12/10/2045		125		124
COMM Mortgage Trust, Ser 2012-CRE4, Cl XA, IO
2.098%, 10/15/2045 (C)		172		16
COMM Mortgage Trust, Ser 2013-CCRE9, Cl A4
4.238%, 07/10/2045 (C)		35		39
COMM Mortgage Trust, Ser 2013-CR8, Cl A4
3.334%, 06/10/2046		130		136
COMM Mortgage Trust, Ser 2013-CR9, Cl A3
4.022%, 07/10/2045		50		54
COMM Mortgage Trust, Ser 2014-CCRE14, Cl A3
3.955%, 02/10/2047		70		76
COMM Mortgage Trust, Ser 2014-CR16, Cl A4
4.051%, 04/10/2047		25		27
COMM Mortgage Trust, Ser 2014-CR19, Cl A5
3.796%, 08/10/2047		65		69
COMM Mortgage Trust, Ser 2014-CR21, Cl A3
3.528%, 12/10/2047		30		31
COMM Mortgage Trust, Ser 2014-SAVA, Cl A
1.348%, 06/15/2034 (B) (C)		187		187
COMM Mortgage Trust, Ser 2014-UBS4, Cl A5
3.694%, 08/10/2047		65		68
COMM Mortgage Trust, Ser 2015-3BP, Cl A
3.178%, 02/10/2035		100		100
Commercial Mortgage Loan Trust, Ser 2008-LS1, Cl A4B
6.230%, 12/10/2049 (C)		249		259
Commercial Mortgage Pass Through Certificates, Ser CR14, Cl XA, IO
1.023%, 02/10/2047 (C)		692		30
Commercial Mortgage Pass-Through Certificates, Ser 2008-C1, Cl A3
6.172%, 02/15/2041 (C)		55		59

40 SEI Institutional International Trust / Annual Report / September 30, 2015

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
Commerical Mortgage Trust, Ser 2006-GG7, Cl A4
6.014%, 07/10/2038 (C)		136	$	137
Commerical Mortgage Trust, Ser 2007-GG11, Cl A4
5.736%, 12/10/2049		264		277
Commerical Mortgage Trust, Ser 2007-GG9, Cl AM
5.475%, 03/10/2039		370		383
Credit Suisse Commercial Mortgage Trust, Ser 2007-C3, Cl A4
5.889%, 06/15/2039 (C)		132		138
Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, Cl AMFX
4.877%, 04/15/2037		30		30
CSAIL Commercial Mortgage Trust, Ser 2015-C2, Cl XA, IO
1.055%, 06/15/2057		543		34
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl A4
3.718%, 08/15/2048		45		47
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl D
3.508%, 08/15/2048		75		59
Eddystone Finance, Ser 2006-1, Cl A2
1.109%, 04/19/2021 (C)		105		152
FNMA Connecticut Avenue Securities, Ser 2013-C01, Cl M1
2.199%, 10/25/2023 (B) (C)		96		97
FNMA Connecticut Avenue Securities, Ser 2014-C01, Cl M1
1.799%, 01/25/2024 (B) (C)		260		261
FNMA Connecticut Avenue Securities, Ser 2014-C02, Cl 2M1
1.144%, 05/25/2024 (B) (C)		16		16
FNMA Connecticut Avenue Securities, Ser 2014-C04, Cl 2M1
2.299%, 11/25/2024 (B) (C)		278		279
FNMA Connecticut Avenue Securities, Ser 2015-C02, Cl 2M1
1.394%, 05/25/2025 (B) (C)		84		83
GE Capital Commercial Mortgage, Ser 2005-C4, Cl A4
5.543%, 11/10/2045 (C)		18		18
GE Commercial Mortgage Trust, Ser 2007-C1, Cl AM
5.606%, 12/10/2049 (C)		35		36
GMAC Commercial Mortgage Securities Trust, Ser 2006-C1, Cl A4
5.238%, 11/10/2045 (C)		40		40

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
Granite Master Issuer, Ser 2005-1, Cl A5
0.077%, 12/20/2054 (B) (C)		56	$	62
Granite Master Issuer, Ser 2006-2, Cl A5
0.097%, 12/20/2054 (B) (C)		110		123
GS Mortgage Securities II, Ser 2007-GG10, Cl A4
5.989%, 08/10/2045 (C)		138		146
GS Mortgage Securities II, Ser 2012-ALOH, Cl A
3.551%, 04/10/2034 (B)		100		105
GS Mortgage Securities Trust, Ser 2011-GC5, Cl XA, IO
1.815%, 08/10/2044 (B) (C)		524		25
GS Mortgage Securities Trust, Ser 2013-GC13, Cl XA, IO
0.338%, 07/10/2046 (C)		2,867		27
GS Mortgage Securities Trust, Ser 2014-GC20, Cl D
5.029%, 04/10/2047 (B) (C)		80		72
GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1
2.257%, 01/25/2035 (B) (C)		130		126
JPMBB Commercial Mortgage Securities, Ser 2014-C23, Cl XA, IO
1.029%, 09/15/2047 (C)		994		46
JPMBB Commercial Mortgage Securities, Ser 2014-C26, Cl A4
3.494%, 01/15/2048		15		16
JPMBB Commercial Mortgage Securities, Ser 2015-C27, Cl A4
3.179%, 02/15/2048		25		25
JPMorgan Chase Commercial Mortgage Securities, Ser 2005-CB13, Cl A4
5.427%, 01/12/2043 (C)		15		15
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP7, Cl A4
6.095%, 04/15/2045 (C)		64		65
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP8, Cl A4
5.399%, 05/15/2045		72		74
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP9, Cl A3
5.336%, 05/15/2047		124		128
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-C1, Cl A4
5.716%, 02/15/2051		45		47

SEI Institutional International Trust / Annual Report / September 30, 2015 41

SCHEDULE OF INVESTMENTS

International Fixed Income Fund (Continued)

September 30, 2015

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-CB19, Cl A4
5.884%, 02/12/2049 (C)		189	$	198
JPMorgan Chase Commercial Mortgage Securities, Ser 2008-C2, Cl A4
6.068%, 02/12/2051		28		30
JPMorgan Chase Commercial Mortgage Securities, Ser 2008-C2, Cl A4FL
1.706%, 02/12/2051 (C)		320		315
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, Cl E
4.821%, 10/15/2045 (B) (C)		100		97
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, Cl A3
2.829%, 10/15/2045		135		137
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-LC9, Cl A5
2.840%, 12/15/2047		135		136
JPMorgan Chase Commercial Mortgage Securities, Ser 2014-INN, Cl A
1.127%, 06/15/2029 (B) (C)		130		129
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1
2.244%, 12/25/2034 (B) (C)		89		88
LB-UBS Commercial Mortgage Trust, Ser 2007-C6, Cl A4
5.858%, 07/15/2040 (C)		141		148
LB-UBS Commercial Mortgage Trust, Ser 2008-C1, Cl A2
6.269%, 04/15/2041 (C)		47		51
Merrill Lynch Mortgage Trust, Ser 2005-CIP1, Cl AJ
5.137%, 07/12/2038 (C)		8		8
Merrill Lynch Mortgage Trust, Ser 2006-C2, Cl AM
5.782%, 08/12/2043 (C)		120		124
ML-CFC Commercial Mortgage Trust, Ser 2007-5, Cl AM
5.419%, 08/12/2048		40		42
ML-CFC Commercial Mortgage Trust, Ser 2007-5, Cl A4
5.378%, 08/12/2048		127		132
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C5, Cl A4
3.176%, 08/15/2045		40		41

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C10, Cl A4
4.218%, 07/15/2046 (C)		60	$	65
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C17, Cl A5
3.741%, 08/15/2047		65		68
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl A4
3.249%, 02/15/2048		65		66
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C22, Cl A4
3.306%, 04/15/2048		60		61
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl D
5.566%, 10/12/2052 (B) (C)		15		15
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl E
5.566%, 10/12/2052 (B) (C)		10		10
Morgan Stanley Capital I Trust, Ser 2007-HQ13, Cl A3
5.569%, 12/15/2044		97		102
Morgan Stanley Capital I Trust, Ser 2007-IQ14, Cl A4
5.692%, 04/15/2049 (C)		160		167
Morgan Stanley Capital I Trust, Ser 2008-TOP29, Cl D
6.461%, 01/11/2043 (B) (C)		35		36
Morgan Stanley Re-REMIC Trust, Ser 2010-GG10, Cl A4A
5.989%, 08/15/2045 (B) (C)		257		269
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1
3.872%, 01/05/2035 (B) (C)		135		134
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C3, Cl A4
3.091%, 08/10/2049		30		31
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4
3.185%, 03/10/2046		130		133
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C6, Cl A3
2.971%, 04/10/2046		70		71
Wachovia Bank Commercial Mortgage Trust, Ser 2006-C23, Cl A4
5.418%, 01/15/2045 (C)		33		33

42 SEI Institutional International Trust / Annual Report / September 30, 2015

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
Wells Fargo Commercial Mortgage Trust, Ser 2012-LC5, Cl D
4.936%, 10/15/2045 (B) (C)		35	$	34
Wells Fargo Commercial Mortgage Trust, Ser 2015-LC22, Cl A4
3.839%, 09/15/2058		35		37
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS1, Cl D
4.242%, 05/15/2048 (C)		65		55
WFRBS Commercial Mortgage Trust, Ser 2011-C4, Cl A4
4.902%, 06/15/2044 (B) (C)		120		135
WFRBS Commercial Mortgage Trust, Ser 2012-C9, Cl A3
2.870%, 11/15/2045		75		76
WFRBS Commercial Mortgage Trust, Ser 2014-C20, Cl A5
3.995%, 05/15/2047		65		70
WFRBS Commercial Mortgage Trust, Ser 2014-C21, Cl A5
3.678%, 08/15/2047		60		63
WFRBS Commercial Mortgage Trust, Ser 2013-C15, Cl A3
3.881%, 08/15/2046		70		75
				10,250
Total Mortgage-Backed Securities (Cost $12,872) ($ Thousands)				12,729
CORPORATE OBLIGATIONS — 1.2%
United States — 1.2%
Anadarko Petroleum
6.375%, 09/15/2017		330		356
CCO Safari II
4.908%, 07/23/2025 (B)		180		179
3.579%, 07/23/2020 (B)		180		179
CNA Financial
7.250%, 11/15/2023		110		131
6.500%, 08/15/2016		40		42
Cox Communications
2.950%, 06/30/2023 (B)		127		116
EnLink Midstream Partners
4.150%, 06/01/2025		460		422
Enterprise Products Operating
5.950%, 02/01/2041		100		103
HP Enterprises
4.900%, 10/15/2025 (B)		350		349
Kinder Morgan
5.000%, 02/15/2021 (B)		161		165
Kinder Morgan Energy Partners
2.650%, 02/01/2019		39		38

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
Kraft Heinz Foods
3.500%, 07/15/2022 (B)		230	$	235
2.800%, 07/02/2020 (B)		270		272
McGraw Hill Financial
5.900%, 11/15/2017		325		349
4.400%, 02/15/2026 (B)		313		318
Morgan Stanley
3.450%, 11/02/2015		125		125
Mosaic
5.625%, 11/15/2043		135		142
Navient MTN
5.500%, 01/15/2019		248		230
PNC Bank
2.700%, 11/01/2022		445		429
Prudential Financial MTN
6.100%, 06/15/2017		125		134
Reynolds American
3.750%, 05/20/2023 (B)		180		181
Time Warner
4.875%, 03/15/2020		150		166
Total System Services
2.375%, 06/01/2018		236		237
Transocean
6.800%, 03/15/2038		210		130
Viacom
6.125%, 10/05/2017		325		351
Williams Partners
4.125%, 11/15/2020		95		97
4.000%, 11/15/2021		150		144
Total Corporate Obligations (Cost $5,613) ($ Thousands)				5,620
U.S. TREASURY OBLIGATION — 0.6%
U.S. Treasury Note
1.250%, 01/31/2020		3,220		3,217
Total U.S. Treasury Obligation (Cost $3,197) ($ Thousands)				3,217
ASSET-BACKED SECURITIES — 0.0%
Automotive — 0.0%
Bavarian Sky, Ser 2013-GER1, Cl A
0.137%, 06/20/2020 (C)		33		37
Other Asset-Backed Securities — 0.0%
Volta Electricity Receivables, Ser 2013-1, Cl SNR
4.172%, 02/16/2017		121		137
Total Asset-Backed Securities (Cost $200) ($ Thousands)				174

SEI Institutional International Trust / Annual Report / September 30, 2015 43

SCHEDULE OF INVESTMENTS

International Fixed Income Fund (Continued)

September 30, 2015

Description		Face Amount (Thousands) (2)		Market Value ($ Thousands)
TIME DEPOSITS — 1.5%
Brown Brothers Harriman
5.750%, 10/01/2015	ZAR		54	$	4
1.550%, 10/01/2015	NZD		31		20
1.168%, 10/01/2015	AUD		61		43
0.154%, 10/01/2015	NOK		46		5
0.100%, 10/01/2015	SGD		25		18
0.100%, 10/01/2015	DKK		2		–
0.058%, 10/01/2015	CAD		31		23
0.057%, 10/01/2015	GBP		788		1,193
0.030%, 10/01/2015			5,245		5,245
0.005%, 10/01/2015	HKD		2		–
0.005%, 10/01/2015	JPY		21,335		178
(0.238)%, 10/01/2015	EUR		647		723
(0.733)%, 10/01/2015	SEK		145		17
(1.000)%, 10/01/2015	CHF		2		2
Total Time Deposits (Cost $7,471) ($ Thousands)					7,471
Total Investments — 98.7% (Cost $520,516) ($ Thousands)				$	489,243

A list of the open futures contracts held by the Fund at September 30, 2015, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
10-YR MINI JGB		6			Dec-2015	$	2
Australian 10-Year Bond		(11	)		Dec-2015		(4	)
Australian 3-Year Bond		4			Dec-2015		1
Canadian 10-Year Bond		(45	)		Dec-2015		32
Euro-Buxl 30 Year Bond		8			Dec-2015		45
Euro		(180	)		Dec-2015		54
Euro-Bobl		(20	)		Dec-2015		(12	)
Euro-Bobl		41			Dec-2015		33
Euro-Schatz		38			Dec-2015		4
Euro-Bund		(8	)		Dec-2015		(28	)
Euro-Bund		92			Dec-2015		204
Japanese 10-Year Bond		5			Dec-2015		14
Long Gilt 10-Year Bond		(5	)		Dec-2015		(2	)
Long Gilt 10-Year Bond		31			Dec-2015		49
Short Gilt 2-Year Bond		(6	)		Dec-2015		(2	)
U.S. 2-Year Treasury Note		(30	)		Dec-2015		(9	)
U.S. 2-Year Treasury Note		(75	)		Dec-2015		(19	)
U.S. 5-Year Treasury Note		50			Jan-2016		14
U.S. 5-Year Treasury Note		(31	)		Jan-2016		(24	)
U.S. 10-Year Treasury Note		(35	)		Dec-2015		(43	)
U.S. 10-Year Treasury Note		(114	)		Dec-2015		(122	)
U.S. Long Treasury Bond		(2	)		Dec-2015		(4	)
U.S. Long Treasury Bond		5			Dec-2015		6
U.S. Ultra Long Treasury Bond		(19	)		Dec-2015		71
U.S. Ultra Long Treasury Bond		7			Dec-2015		3
						$	263

For the year ended September 30, 2015, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

A list of the forward foreign currency contracts held by the Fund at September 30, 2015, is as follows:

Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
10/1/15-11/4/15		EUR	289,497		USD	325,759	$	2,545
10/1/15-11/4/15		USD	98,450		EUR	87,702		(548	)
10/2/15-10/30/15		USD	4,649		CAD	6,220		(10	)
10/2/15-11/19/15		CAD	36,914		USD	27,694		161
10/2/15-1/6/16		BRL	25,178		USD	6,900		697
10/2/15-1/6/16		USD	2,118		BRL	8,261		(58	)
10/6/15		USD	4,017		DKK	26,702		(21	)
10/6/15-10/30/15		USD	5,292		AUD	7,525		(10	)
10/6/15-10/30/15		USD	34,120		JPY	4,103,493		147
10/6/15-11/4/15		AUD	29,461		USD	20,696		38
10/6/15-11/4/15		DKK	53,404		USD	8,058		63
10/6/15-11/4/15		JPY	15,291,567		USD	127,149		(577	)
10/6/15-11/4/15		SEK	15,436		USD	1,838		(4	)
10/6/15-11/5/15		USD	1,502		SEK	12,550		(4	)
10/6/15-11/10/15		GBP	65,777		USD	100,589		979
10/6/15-11/10/15		USD	27,835		GBP	18,304		(110	)
10/9/15		IDR	25,636,505		USD	1,737		(8	)
10/9/15		USD	1,647		IDR	23,295,138		(61	)
10/9/15		USD	1,569		MYR	6,641		(58	)
10/9/15-10/30/15		MYR	9,896		USD	2,357		104
10/9/15-10/30/15		NZD	998		USD	640		3
10/13/15		USD	521		ZAR	7,020		(15	)
10/13/15-10/30/15		ZAR	25,492		USD	1,863		25
10/16/15		TWD	28,244		USD	871		15
10/30/15		CHF	2,333		USD	2,397		6
10/30/15		CZK	10,333		USD	428		3
10/30/15		ILS	777		USD	197		(1	)
10/30/15		KRW	4,462,698		USD	3,730		(29	)
10/30/15		NOK	3,225		USD	389		11
10/30/15		PLN	6,357		USD	1,683		12
10/30/15		THB	24,826		USD	680		(3	)
10/30/15		USD	363		KRW	433,630		2
10/30/15		USD	80		MXN	1,380		1
10/30/15		USD	165		NOK	1,370		(5	)
10/30/15		USD	135		NZD	215		2
10/30/15		USD	56		SGD	80		—
10/30/15-11/6/15		SGD	6,455		USD	4,586		50
10/30/15-11/20/15		MXN	35,605		USD	2,067		(28	)
11/5/15		SEK	7,381		EUR	790		1
							$	3,315

A list of the counterparties for the open forward foreign currency contracts held by the Fund at September 30, 2015, is as follows:

Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America	$	(327	)	$	326	$	(1	)
Barclays PLC		(856	)		871		15
BNP Paribas		(346	)		354		8
Brown Brothers Harriman		(731,495	)		733,777		2,282
Citigroup		(35,900	)		36,154		254
Deutsche Bank		(332	)		332		—
Goldman Sachs		(4,136	)		4,486		350
HSBC		(4,454	)		4,428		(26	)
JPMorgan Chase Bank		(6,708	)		6,682		(26	)
Morgan Stanley		(254	)		282		28
National Bank of Australia		(41	)		41		—
RBC		(41	)		41		—
Royal Bank of Scotland		(20,620	)		20,624		4
Standard Bank		(4,113	)		4,235		122
State Street		(543	)		549		6
UBS		(11,482	)		11,781		299
						$	3,315

44 SEI Institutional International Trust / Annual Report / September 30, 2015

For the year ended September 30, 2015, 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 year.

A list of open OTC swap agreements held by the Fund at September 30, 2015, are as follows:

Credit Default Swaps
Counterparty	Reference/Entity Obligation	Buy/Sell Protection	(Pays)/Receives Rate	Termination Date	Notional Amount ($ Thousands)			Net Unrealized Depreciation ($ Thousands)
JPMorgan Chase Bank	JPSW CDS 12/20 VOLKSWAGEN	Sell	1.00	12/20/2020		(1,500	)	$	(36	)

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date	Currency	Notional Amount (Thousands)		Net Unrealized Depreciation ($ Thousands)
Citigroup	2.83%	3-Month USD LIBOR	08/08/2023	USD		6,000	$	(483	)
Citigroup	Euro CPI Overall Excluding Tobacco	1.22 %	04/03/2019	EUR		2,450		(44	)
Citigroup	3.79%	6-Month GBP EURIBOR	05/19/2019	GBP		2,500		(390	)
							$	(917	)

A list of open centrally cleared swap agreements held by the Fund at September 30, 2015, are as follows:

Credit Default Swaps
Counterparty	Reference/Entity Obligation	Buy/Sell Protection	(Pays)/Receives Rate	Termination Date	Notional Amount ($ Thousands)			Net Unrealized Depreciation ($ Thousands)
Citigroup	ITRAXX-XOVERS23V1-5Y	Sell	5.00%	06/20/2020	$	(1,490	)	$	(64	)

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date	Currency	Notional Amount (Thousands)		Net Unrealized Appreciation (Depreciation) ($ Thousands)
Citigroup	3.34%	6-Month GBP EURIBOR	01/17/2044	GBP		1,000	$	(428	)
JPMorgan Chase Bank	6-Month JPY LIBOR	1.56 %	11/28/2033	JPY		600,000		432
JPMorgan Chase Bank	1.90%	6-Month EUR EURIBOR	03/24/2024	EUR		2,200		(227	)
JPMorgan Chase Bank	2.87%	6-Month GBP EURIBOR	02/14/2024	GBP		250		(35	)
JPMorgan Chase Bank	1.49%	6-Month EUR EURIBOR	11/21/2023	EUR		5,500		(616	)
JPMorgan Chase Bank	1.49%	6-Month EUR EURIBOR	09/12/2018	EUR		7,000		(318	)
							$	(1,192	)

For the year ended September 30, 2015, 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 year.

Percentages are based on a Net Assets of $495,957 ($ Thousands).

(1) In local currency unless otherwise indicated.

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

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

(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) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2015.

(D) Real Estate Investment Trust.

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

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

CPI — Consumer Price Index

CZK — Czech Koruna

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 — Indonesian Rupiah

ILS — Isreali Shekel

IO — Interest Only

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norweigan Krone

NZD — New Zealand Dollar

OTC — Over the Counter

PLC — Public Limited Company

PLN — Polish Zlotty

SEK — Swedish Krona

Ser — Series

SGD — Singapore Dollar

THB — Thai Bhat

TWD — Taiwan Dollar

USD — U.S. Dollar

ZAR — South African Rand

SEI Institutional International Trust / Annual Report / September 30, 2015 45

SCHEDULE OF INVESTMENTS

International Fixed Income Fund (concluded)

September 30, 2015

The following is a list of the level of inputs used as of September 30, 2015, 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	$	—	$	460,032	$	—	$	460,032
Mortgage-Backed Securities		—		12,729		—		12,729
Corporate Obligations		—		5,620		—		5,620
U.S. Treasury Obligation		—		3,217		—		3,217
Asset-Backed Securities		—		174		—		174
Time Deposits		—		7,471		—		7,471
Total Investments in Securities	$	—	$	489,243	$	—	$	489,243

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	532		$	—		$	—	$	532
Unrealized Depreciation		(269	)		—			—		(269	)
Forwards Contracts*
Unrealized Appreciation		—			4,865			—		4,865
Unrealized Depreciation		—			(1,550	)		—		(1,550	)
OTC Swaps
Credit Default Swaps*
Unrealized Depreciation		—			(36	)		—		(36	)
Interest Rate Swaps*
Unrealized Depreciation		—			(917	)		—		(917	)
Centrally Cleared Swaps
Credit Default Swaps*
Unrealized Depreciation		—			(64	)		—		(64	)
Interest Rate Swaps*
Unrealized Appreciation		—			432			—		432
Unrealized Depreciation		—			(1,624	)		—		(1,624	)
Total Other Financial Instruments	$	263		$	1,106		$	—	$	1,369

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

For the year ended September 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2015, 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.

46 SEI Institutional International Trust / Annual Report / September 30, 2015

SCHEDULE OF INVESTMENTS

Emerging Markets Debt Fund

September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
GLOBAL BONDS — 94.7%
Angola — 0.1%
Republic of Angola Via Northern Lights III
7.000%, 08/16/2019			749	$	707
Argentina — 1.2%
City of Buenos Aires Argentina MTN
8.950%, 02/19/2021			925		953
Provincia de Buenos Aires
9.375%, 09/14/2018			1,175		1,154
Republic of Argentina
7.000%, 04/17/2017			6,146		5,985
6.000%, 03/31/2023 (A)			815		888
5.870%, 03/31/2023 (A)	DEM		590		313
3.043%, 12/15/2035 (B)			1,203		95
0.044%, 12/15/2035 (B)			23,021		1,835
YPF
8.875%, 12/19/2018			727		702
8.750%, 04/04/2024 (C)			800		707
8.750%, 04/04/2024			194		171
8.500%, 07/28/2025 (C)			2,563		2,236
					15,039
Armenia — 0.3%
Republic of Armenia
7.150%, 03/26/2025 (C)			4,476		4,222
Azerbaijan — 0.8%
International Bank of Azerbaijan
5.625%, 06/11/2019			1,700		1,517
Republic of Azerbaijan
4.750%, 03/18/2024			1,900		1,776
4.750%, 03/18/2024 (C)			1,820		1,702
State Oil of the Azerbaijan Republic
6.950%, 03/18/2030			830		776
5.450%, 02/09/2017			1,312		1,332

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
4.750%, 03/13/2023			3,694	$	3,223
4.750%, 03/13/2023			500		436
					10,762
Belize — 0.1%
Belize Government International Bond
5.000%, 08/20/2017 (D)			2,637		1,940
Bermuda — 0.1%
Government of Bermuda
4.854%, 02/06/2024			1,680		1,756
Brazil — 8.4%
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/2019 (C)			660		633
5.500%, 07/12/2020 (C)			400		362
Braskem Finance
5.750%, 04/15/2021			3,715		3,046
Brazil Letras do Tesouro Nacional
16.485%, 07/01/2019 (E)			6,580		944
13.871%, 01/01/2016 (E)	BRL		20,010		4,855
12.592%, 07/01/2018 (E)	BRL		23,825		3,968
12.372%, 01/01/2019 (E)	BRL		37,253		5,744
11.939%, 01/01/2018 (E)	BRL		54,052		9,689
8.457%, 01/01/2019 (E)			83,150		12,840
Brazil Loan Trust 1
5.477%, 07/24/2023 (C)			2,183		1,899
5.477%, 07/24/2023			351		304
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/2028			1,944		1,536
Brazil Notas do Tesouro Nacional
10.000%, 01/01/2017	BRL		16,650		3,922
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2018	BRL		10,986		2,460
10.000%, 01/01/2021	BRL		27,352		5,499
10.000%, 01/01/2023	BRL		16,198		3,076
10.000%, 01/01/2025	BRL		73,586		13,336
BRF
4.750%, 05/22/2024			3,410		3,222
Caixa Economica Federal
4.250%, 05/13/2019			200		176
CIMPOR Financial Operations
5.750%, 07/17/2024 (C)			299		201
Cosan
5.000%, 03/14/2023 (C)			699		524
ESAL GmbH
6.250%, 02/05/2023 (C)			647		595

SEI Institutional International Trust / Annual Report / September 30, 2015 47

SCHEDULE OF INVESTMENTS

Emerging Markets Debt Fund (Continued)

September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Federal Republic of Brazil
10.125%, 05/15/2027			1,378	$	1,778
10.125%, 05/15/2027			850		1,096
8.250%, 01/20/2034			3,280		3,395
7.125%, 01/20/2037			5,504		5,146
5.000%, 01/27/2045			3,080		2,302
4.875%, 01/22/2021			3,260		3,170
4.250%, 01/07/2025 (F)			6,467		5,659
2.625%, 01/05/2023 (F)			1,154		935
Gerdau Trade
5.750%, 01/30/2021 (C)	USD		53		46
GTL Trade Finance
5.893%, 04/29/2024 (C) (F)			716		594
Marfrig Overseas
9.500%, 05/04/2020 (C)			835		810
9.500%, 05/04/2020			650		630
Minerva Luxembourg
7.750%, 01/31/2023			1,400		1,225
Petrobras Global Finance
6.250%, 03/17/2024			332		242
4.875%, 03/17/2020			549		398
Petrobras International Finance
5.750%, 01/20/2020			1,517		1,132
5.375%, 01/27/2021			2,723		1,981
					109,370
Chile — 1.7%
Banco del Estado de Chile MTN
4.125%, 10/07/2020			30		31
3.875%, 02/08/2022 (C)			230		234
BancoEstado
4.125%, 10/07/2020 (C)			270		283
Bonos de la Tesoreria de la Republica en pesos
6.000%, 01/01/2020	CLP		80,000		125
6.000%, 01/01/2022	CLP		90,000		143
Empresa Electrica Angamos
4.875%, 05/25/2029 (C)			523		493
Empresa Nacional del Petroleo
6.250%, 07/08/2019 (C)			100		109
6.250%, 07/08/2019			50		55
5.250%, 08/10/2020 (C)			240		251
5.250%, 08/10/2020			100		104
4.375%, 10/30/2024 (C)			564		546
Nacional del Cobre de Chile
6.150%, 10/24/2036			1,748		1,790
5.625%, 09/21/2035			880		863
5.625%, 10/18/2043			250		235
4.875%, 11/04/2044 (C) (F)			4,284		3,617
4.500%, 08/13/2023 (C)			1,152		1,151
4.500%, 09/16/2025 (C)			1,875		1,801
4.250%, 07/17/2042			265		205
3.875%, 11/03/2021 (C)			403		400

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
3.000%, 07/17/2022 (C) (F)			1,950	$	1,784
Republic of Chile
5.500%, 08/05/2020	CLP		323,000		479
3.875%, 08/05/2020			1,207		1,288
3.125%, 03/27/2025			750		742
2.250%, 10/30/2022			3,981		3,822
VTR Finance
6.875%, 01/15/2024 (C)			1,026		931
					21,482
China — 1.2%
Amber Circle Funding
3.250%, 12/04/2022			850		842
CITIC
6.800%, 01/17/2023			2,100		2,379
CNOOC Curtis Funding No. 1 Pty
4.500%, 10/03/2023			650		673
CNOOC Finance
3.500%, 05/05/2025			234		223
Country Garden Holdings
7.875%, 05/27/2019			674		706
7.500%, 03/09/2020			200		205
7.250%, 04/04/2021			319		321
Longfor Properties
6.750%, 01/29/2023			200		199
Sinochem Offshore Capital MTN
3.250%, 04/29/2019 (C)			1,432		1,450
Sinochem Overseas Capital
4.500%, 11/12/2020			2,361		2,475
4.500%, 11/12/2020 (C)			429		450
Sinopec Capital
3.125%, 04/24/2023 (C)			1,019		970
Sinopec Group Overseas Development
4.375%, 10/17/2023			921		958
4.375%, 04/10/2024 (C)			800		832
3.250%, 04/28/2025 (C)			1,094		1,045
State Grid Overseas Investment
4.125%, 05/07/2024 (C)			1,216		1,281
Three Gorges Finance I Cayman Islands
3.700%, 06/10/2025 (C)			341		348
					15,357
Colombia — 5.4%
Bogota Distrito Capital
9.750%, 07/26/2028 (C)	COP		8,820,000		3,126
9.750%, 07/26/2028	COP		370,000		131
Citigroup Funding, CLN (Republic of Colombia)
11.000%, 07/27/2020	COP		7,940,000		2,944
Colombian TES
11.250%, 10/24/2018	COP		69,800		25

48 SEI Institutional International Trust / Annual Report / September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
11.000%, 07/24/2020	COP		227,500	$	84
10.000%, 07/24/2024	COP		7,966,900		2,887
7.750%, 09/18/2030	COP		37,959,700		11,094
7.500%, 08/26/2026	COP		9,663,400		2,914
7.000%, 09/11/2019	COP		1,593,400		516
7.000%, 05/04/2022	COP		864,000		270
7.000%, 05/04/2022	COP		580,000		181
7.000%, 05/04/2022	COP		22,627,000		7,078
6.000%, 04/28/2028	COP		17,713,200		4,641
Ecopetrol
5.375%, 06/26/2026			717		626
Emgesa ESP
8.750%, 01/25/2021	COP		1,450,000		474
Empresas Publicas de Medellin ESP
8.375%, 02/01/2021	COP		4,272,000		1,386
7.625%, 09/10/2024 (C)	COP		3,971,000		1,145
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/2024 (C)	COP		1,645,000		474
7.875%, 08/12/2024	COP		884,000		255
JPMorgan, CLN (Republic of Columbia)
7.000%, 05/04/2022	COP		2,087,000		653
Pacific Exploration and Production
5.625%, 01/19/2025 (C)			2,298		804
Pacific Rubiales Energy
5.375%, 01/26/2019			900		333
5.125%, 03/28/2023 (C)			101		35
Republic of Colombia
11.750%, 02/25/2020			1,422		1,881
10.375%, 01/28/2033			360		510
9.850%, 06/28/2027	COP		5,078,000		1,870
9.850%, 06/28/2027	COP		1,257,000		463
8.125%, 05/21/2024			550		673
7.750%, 04/14/2021	COP		3,875,000		1,268
7.375%, 03/18/2019			2,046		2,317
7.375%, 09/18/2037			5,189		5,825
6.125%, 01/18/2041			2,110		2,089
5.625%, 02/26/2044			870		813
5.000%, 06/15/2045			2,309		1,980
4.500%, 01/28/2026			1,466		1,426
4.375%, 07/12/2021			4,457		4,539
4.375%, 03/21/2023	COP		1,917,000		508
4.375%, 03/21/2023	COP		1,184,000		314
4.000%, 02/26/2024			2,040		1,977
					70,529
Costa Rica — 0.9%
Banco Nacional de Costa Rica
6.250%, 11/01/2023 (C)			240		236

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Instituto Costarricense de Electricidad
6.950%, 11/10/2021			400	$	405
6.375%, 05/15/2043			250		191
Republic of Costa Rica
7.158%, 03/12/2045 (C)			1,237		1,104
7.158%, 03/12/2045			1,290		1,142
7.000%, 04/04/2044			1,400		1,237
7.000%, 04/04/2044 (C)			4,412		3,899
4.375%, 04/30/2025 (C)			781		650
4.375%, 04/30/2025			702		584
4.250%, 01/26/2023			1,424		1,232
					10,680
Croatia — 0.9%
Government of Croatia
6.750%, 11/05/2019			790		859
6.625%, 07/14/2020			2,103		2,280
6.375%, 03/24/2021 (C)			1,941		2,087
6.250%, 04/27/2017 (C)			630		660
6.000%, 01/26/2024			1,100		1,159
6.000%, 01/26/2024 (C)			1,948		2,053
5.875%, 07/09/2018	EUR		150		184
5.500%, 04/04/2023 (C)			654		670
					9,952
Dominican Republic — 1.5%
Dominican Republic
15.950%, 06/04/2021	DOP		3,800		106
11.500%, 05/10/2024	DOP		55,000		1,304
11.000%, 01/05/2018	DOP		6,320		143
11.000%, 07/30/2021 (C)	DOP		53,760		1,193
9.040%, 01/23/2018			993		1,048
8.625%, 04/20/2027			1,407		1,629
7.500%, 05/06/2021 (C)			1,830		1,958
7.500%, 05/06/2021			3,304		3,535
7.450%, 04/30/2044 (C)			2,850		2,911
7.450%, 04/30/2044			1,015		1,038
6.850%, 01/27/2045			400		385
6.850%, 01/27/2045 (C)			1,699		1,635
6.600%, 01/28/2024			882		913
5.875%, 04/18/2024 (C)			1,259		1,240
5.875%, 04/18/2024			210		208
					19,246
Ecuador — 0.8%
EP PetroEcuador via Noble Sovereign Funding I
5.957%, 09/24/2019 (B)			3,262		2,471
Republic of Ecuador
10.500%, 03/24/2020 (C)			3,770		2,827
9.375%, 12/15/2015			1,554		1,515
7.950%, 06/20/2024			5,350		3,772
					10,585

SEI Institutional International Trust / Annual Report / September 30, 2015 49

SCHEDULE OF INVESTMENTS

Emerging Markets Debt Fund (Continued)

September 30, 2015

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
Egypt — 0.4%
Government of Egypt
6.875%, 04/30/2040		734	$	690
5.875%, 06/11/2025 (C)		4,765		4,503
				5,193
El Salvador — 0.8%
Republic of El Salvador
8.250%, 04/10/2032		267		262
8.250%, 04/10/2032		513		503
7.750%, 01/24/2023		802		796
7.750%, 01/24/2023		708		703
7.650%, 06/15/2035		3,161		2,817
7.375%, 12/01/2019		400		414
6.375%, 01/18/2027		2,530		2,220
6.375%, 01/18/2027 (C)		1,755		1,540
5.875%, 01/30/2025 (C)		638		554
5.875%, 01/30/2025		210		181
				9,990
Ethiopia — 0.1%
Federal Democratic Republic of Ethiopia
6.625%, 12/11/2024 (C)		669		611
6.625%, 12/11/2024		600		548
				1,159
Gabon — 0.1%
Gabonese Republic
8.200%, 12/12/2017		490		494
6.950%, 06/16/2025 (C)		893		750
6.375%, 12/12/2024 (C)		261		215
6.375%, 12/12/2024		255		210
				1,669
Georgia — 0.3%
Georgian Railway JSC
7.750%, 07/11/2022		3,377		3,398
Ghana — 0.3%
Republic of Ghana
8.500%, 10/04/2017 (C)		300		297
8.125%, 01/18/2026 (C)		2,604		2,162
8.125%, 01/18/2026		290		241
7.875%, 08/07/2023		1,400		1,162
				3,862
Guatemala — 0.1%
Comcel Trust
6.875%, 02/06/2024 (C)		1,090		1,077
Guatemala Government Bond
4.875%, 02/13/2028		509		495
				1,572

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Honduras — 0.0%
Republic of Honduras
8.750%, 12/16/2020			560	$	620
Hungary — 4.9%
Magyar Export-Import Bank
4.000%, 01/30/2020 (C)			925		929
Republic of Hungary
7.625%, 03/29/2041			8,128		10,790
7.500%, 11/12/2020	HUF		262,990		1,164
7.000%, 06/24/2022	HUF		2,727,700		11,986
6.500%, 06/24/2019	HUF		1,100,810		4,543
6.375%, 03/29/2021			1,254		1,431
6.250%, 01/29/2020			770		865
6.000%, 11/24/2023	HUF		200,030		853
5.750%, 11/22/2023			3,960		4,405
5.500%, 12/22/2016	HUF		555,220		2,106
5.500%, 12/20/2018	HUF		404,600		1,609
5.500%, 06/24/2025	HUF		2,807,750		11,770
5.375%, 02/21/2023			2,700		2,936
5.375%, 03/25/2024			536		582
4.125%, 02/19/2018			3,504		3,640
4.000%, 04/25/2018	HUF		209,060		791
4.000%, 03/25/2019			1,856		1,926
3.500%, 06/24/2020	HUF		121,180		454
3.500%, 06/24/2020	HUF		125,550		471
2.500%, 06/22/2018	HUF		239,220		873
					64,124
India — 0.3%
ABJA Investment Pte
5.950%, 07/31/2024			472		416
5.950%, 07/31/2024			200		176
Bharti Airtel International Netherlands BV
5.125%, 03/11/2023			3,155		3,327
Export-Import Bank of India MTN
4.000%, 08/07/2017			200		207
Vedanta Resources
8.250%, 06/07/2021 (C)			27		19
6.000%, 01/31/2019 (C)			131		95
					4,240
Indonesia — 8.2%
Deutsche Bank, CLN (Republic of Indonesia)
7.000%, 05/15/2022	IDR		2,300,000		137
Indonesia Treasury Bond
8.750%, 05/15/2031			31,451,000		1,956
8.250%, 05/15/2036			12,322,000		721
7.000%, 05/15/2027			2,300,000		128
Majapahit Holding
8.000%, 08/07/2019			470		518

50 SEI Institutional International Trust / Annual Report / September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
7.875%, 06/29/2037 (C)			205	$	220
7.875%, 06/29/2037			300		322
7.750%, 01/20/2020			894		995
Pelabuhan Indonesia III
4.875%, 10/01/2024			1,659		1,543
Pertamina Persero
6.500%, 05/27/2041 (C)			380		333
6.450%, 05/30/2044 (C)			885		768
6.450%, 05/30/2044			439		382
6.000%, 05/03/2042 (C)			935		774
6.000%, 05/03/2042			340		281
5.625%, 05/20/2043			3,882		3,018
5.250%, 05/23/2021 (C)			500		494
4.875%, 05/03/2022 (C)			220		209
Perusahaan Listrik Negara MTN
5.250%, 10/24/2042			580		458
Republic of Indonesia MTN
12.800%, 06/15/2021	IDR		210,000		16
11.625%, 03/04/2019			80		102
11.625%, 03/04/2019			1,674		2,128
11.625%, 03/04/2019 (C)			975		1,239
11.000%, 09/15/2025	IDR		3,200,000		234
9.000%, 03/15/2029	IDR		220,937,000		14,162
8.500%, 10/12/2035			925		1,161
8.375%, 03/15/2024	IDR		255,396,000		16,361
8.375%, 09/15/2026	IDR		580,000		37
8.375%, 03/15/2034	IDR		192,246,000		11,379
8.250%, 06/15/2032	IDR		17,369,000		1,019
7.875%, 04/15/2019	IDR		47,746,000		3,095
7.750%, 01/17/2038			1,478		1,735
7.750%, 01/17/2038			7,418		8,706
7.000%, 05/15/2022	IDR		156,380,000		9,283
6.875%, 01/17/2018			2,004		2,199
6.750%, 01/15/2044 (C)			1,650		1,751
6.625%, 05/15/2033	IDR		35,776,000		1,768
6.625%, 02/17/2037			1,426		1,500
6.125%, 05/15/2028	IDR		26,020,000		1,299
5.875%, 01/15/2024 (C)			1,163		1,231
5.875%, 01/15/2024			2,876		3,045
5.625%, 05/15/2023	IDR		44,408,000		2,369
5.250%, 01/17/2042			692		620
5.125%, 01/15/2045 (C)			1,084		951
4.875%, 05/05/2021			1,051		1,085
4.875%, 05/05/2021 (C)			200		206
4.125%, 01/15/2025			2,381		2,206
3.375%, 04/15/2023 (C)			1,939		1,767
2.875%, 07/08/2021 (C)	EUR		594		637
					106,548
Iraq — 0.2%
Republic of Iraq
5.800%, 01/15/2028			3,280		2,258

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
Italy — 0.0%
Wind Acquisition Finance
4.750%, 07/15/2020 (C)		49	$	49
Ivory Coast — 1.2%
Ivory Coast Government Bond
6.375%, 03/03/2028 (C)		2,946		2,614
5.750%, 12/31/2032		7,869		6,813
5.750%, 12/31/2032		3,413		2,955
5.750%, 12/31/2032		1,100		952
5.375%, 07/23/2024 (C)		2,769		2,412
				15,746
Jamaica — 0.9%
Digicel Group
8.250%, 09/30/2020		2,200		2,035
7.125%, 04/01/2022 (C)		1,040		897
Government of Jamaica
7.875%, 07/28/2045		1,192		1,192
7.625%, 07/09/2025		2,911		3,158
6.750%, 04/28/2028		4,885		4,909
				12,191
Kazakhstan — 2.5%
Development Bank of Kazakhstan
4.125%, 12/10/2022		770		657
KazAgro National Management Holding
4.625%, 05/24/2023		3,830		3,060
Kazakhstan Temir Zholy Finance
6.950%, 07/10/2042 (C)		250		195
KazMunayGas National MTN
9.125%, 07/02/2018		1,507		1,634
9.125%, 07/02/2018 (C)		1,336		1,448
7.000%, 05/05/2020 (C)		1,565		1,583
6.375%, 04/09/2021		1,099		1,076
6.375%, 04/09/2021 (C)		6,341		6,206
6.000%, 11/07/2044 (C)		605		446
5.750%, 04/30/2043 (C)		3,133		2,273
5.750%, 04/30/2043		10,694		7,726
4.875%, 05/07/2025 (C)		390		328
4.400%, 04/30/2023 (C)		1,032		875
4.400%, 04/30/2023		1,022		859
Republic of Kazakhstan MTN
6.500%, 07/21/2045 (C)		360		338
6.375%, 10/06/2020 (C)		600		565
5.125%, 07/21/2025		1,931		1,875
Samruk-Energy JSC MTN
3.750%, 12/20/2017		500		472
Zhaikmunai
6.375%, 02/14/2019 (C)		362		290

SEI Institutional International Trust / Annual Report / September 30, 2015 51

SCHEDULE OF INVESTMENTS

Emerging Markets Debt Fund (Continued)

September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Zhaikmunai Via Zhaikmunai International
7.125%, 11/13/2019 (C)			282	$	226
					32,132
Kenya — 0.6%
Kenya Government International Bond
6.875%, 06/24/2024 (C)			4,883		4,424
6.875%, 06/24/2024			673		610
5.875%, 06/24/2019 (C)			1,295		1,242
Kenya Infrastructure Bond
11.000%, 09/15/2025	KES		230,000		1,952
11.000%, 10/12/2026			20,000		160
					8,388
Lithuania — 0.2%
Republic of Lithuania
7.375%, 02/11/2020			462		554
7.375%, 02/11/2020 (C)			195		234
6.625%, 02/01/2022			200		242
6.125%, 03/09/2021 (C)			1,424		1,661
					2,691
Luxembourg — 0.0%
Altice Financing
8.000%, 12/15/2019	EUR		400		465
Malaysia — 4.0%
1MDB Global Investments
4.400%, 03/09/2023	MYR		3,100		2,325
Malaysia Government Bond
5.248%, 09/15/2028 (C)	MYR		1,050		255
4.935%, 09/30/2043	MYR		4,200		973
4.498%, 04/15/2030	MYR		1,240		278
4.392%, 04/15/2026	MYR		10,601		2,433
4.262%, 09/15/2016	MYR		20,610		4,736
4.181%, 07/15/2024	MYR		11,316		2,531
4.160%, 07/15/2021	MYR		4,260		976
4.048%, 09/30/2021	MYR		4,330		975
4.012%, 09/15/2017	MYR		900		207
3.955%, 09/15/2025	MYR		4,697		1,051
3.892%, 03/15/2027	MYR		1,369		296
3.889%, 07/31/2020	MYR		2,330		528
3.844%, 04/15/2033	MYR		1,770		355
3.654%, 10/31/2019	MYR		13,430		3,022
3.580%, 09/28/2018	MYR		4,747		1,079
3.502%, 05/31/2027	MYR		1,050		216
3.492%, 03/31/2020	MYR		12,824		2,882
3.480%, 03/15/2023	MYR		14,448		3,117
3.418%, 08/15/2022	MYR		15,169		3,293
3.314%, 10/31/2017	MYR		39,479		8,968
3.260%, 03/01/2018	MYR		18,210		4,111

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
3.197%, 10/15/2015	MYR		8,823	$	2,007
3.172%, 07/15/2016	MYR		5,310		1,208
Petronas Capital MTN
4.500%, 03/18/2045 (C)			1,010		934
3.500%, 03/18/2025 (C)			3,859		3,674
					52,430
Mexico — 8.2%
America Movil
7.125%, 12/09/2024	MXN		18,110		1,039
6.000%, 06/09/2019	MXN		12,420		729
BBVA Bancomer
6.750%, 09/30/2022 (C)			500		541
Cemex
6.125%, 05/05/2025 (C)			1,241		1,129
5.700%, 01/11/2025 (C)			213		191
Cemex Finance
9.375%, 10/12/2022			1,500		1,596
9.375%, 10/12/2022 (C)			618		657
6.000%, 04/01/2024 (C)			77		70
Comision Federal de Electricidad
7.350%, 11/25/2025			21,225		1,226
5.750%, 02/14/2042 (C)			500		453
4.875%, 01/15/2024 (C)			237		240
Fermaca Enterprises S de RL
6.375%, 03/30/2038 (C)			358		339
Mexican Bonos, Ser M10
8.500%, 12/13/2018	MXN		16,050		1,050
8.000%, 12/17/2015	MXN		37,960		2,260
7.750%, 12/14/2017	MXN		48,511		3,078
7.250%, 12/15/2016	MXN		86,159		5,291
Mexican Bonos, Ser M20
10.000%, 12/05/2024	MXN		233,662		17,564
8.500%, 05/31/2029	MXN		15,768		1,098
8.000%, 12/07/2023	MXN		11,575		770
7.750%, 05/29/2031	MXN		73,086		4,792
Mexican Bonos, Ser M30
10.000%, 11/20/2036	MXN		8,900		714
8.500%, 11/18/2038	MXN		67,335		4,713
Mexican Bonos
7.750%, 11/23/2034	MXN		1,846		121
7.750%, 11/13/2042	MXN		3,280		213
7.500%, 06/03/2027	MXN		39,023		2,512
6.500%, 06/09/2022	MXN		60,549		3,705
5.000%, 06/15/2017	MXN		34,891		2,092
5.000%, 12/11/2019	MXN		52,380		3,071
Mexican Udibonos
2.500%, 12/10/2020	MXN		6,273		1,996
2.000%, 06/09/2022	MXN		1,471		445
Mexico Cetes
0.000%, 03/03/2016 (E)	MXN		615,590		3,582
Petroleos Mexicanos MTN
7.190%, 09/12/2024	MXN		55,630		3,119

52 SEI Institutional International Trust / Annual Report / September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
6.625%, 06/15/2035			3,450	$	3,234
6.500%, 06/02/2041			572		526
6.375%, 01/23/2045 (C)			806		724
4.250%, 01/15/2025 (C)			560		512
4.250%, 01/15/2025			3,625		3,317
3.500%, 01/30/2023 (C)			185		167
Petroloes Mexicanos MTN
5.625%, 01/23/2046 (C)			1,193		971
Sixsigma Networks Mexico
8.250%, 11/07/2021 (C)			606		569
United Mexican States MTN
7.500%, 04/08/2033			336		434
6.050%, 01/11/2040			1,548		1,701
5.750%, 10/12/2110			468		438
5.550%, 01/21/2045			5,876		6,016
4.750%, 03/08/2044			2,218		2,024
4.600%, 01/23/2046			2,301		2,048
4.000%, 10/02/2023			5,284		5,382
3.600%, 01/30/2025			6,392		6,256
3.500%, 01/21/2021			507		516
United Mexican States, Ser A MTN
6.750%, 09/27/2034			1,924		2,299
					107,530
Mongolia — 0.8%
Development Bank of Mongolia MTN
5.750%, 03/21/2017			902		852
Mongolia Government Bond MTN
5.125%, 12/05/2022			7,907		6,494
5.125%, 12/05/2022			481		395
4.125%, 01/05/2018			2,556		2,358
Trade & Development Bank of Mongolia MTN
9.375%, 05/19/2020 (C)			355		346
					10,445
Montenegro — 0.0%
Republic of Montenegro
5.375%, 05/20/2019	EUR		399		454
Morocco — 0.2%
Kingdom of Morocco
5.500%, 12/11/2042			900		892
5.500%, 12/11/2042 (C)			200		198
4.250%, 12/11/2022 (C)			287		290
OCP
5.625%, 04/25/2024 (C)			305		311
4.500%, 10/22/2025 (C)			1,056		987
					2,678

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
Mozambique — 0.0%
EMATUM Via Mozambique EMATUM Finance 2020
6.305%, 09/11/2020		591	$	505
Nigeria — 0.3%
Republic of Nigeria
6.750%, 01/28/2021		2,902		2,750
6.750%, 01/28/2021 (C)		550		521
6.375%, 07/12/2023		1,163		1,029
				4,300
Pakistan — 0.3%
Republic of Pakistan
8.250%, 04/15/2024		3,400		3,554
7.250%, 04/15/2019 (C)		500		513
7.125%, 03/31/2016		500		506
6.875%, 06/01/2017		430		446
6.875%, 06/01/2017		100		104
				5,123
Panama — 1.2%
Panama Notas del Tesoro
4.875%, 02/05/2021		704		742
Republic of Panama
9.375%, 01/16/2023		560		758
9.375%, 04/01/2029		3,456		4,972
8.875%, 09/30/2027		1,345		1,849
8.125%, 04/28/2034		2,128		2,761
6.700%, 01/26/2036		1,350		1,606
4.300%, 04/29/2053		130		110
4.000%, 09/22/2024		901		889
3.750%, 03/16/2025		862		834
				14,521
Paraguay — 0.6%
Republic of Paraguay
6.100%, 08/11/2044 (C)		1,536		1,501
6.100%, 08/11/2044		861		842
4.625%, 01/25/2023 (C)		737		724
4.625%, 01/25/2023		3,216		3,160
Telefonica Celular del Paraguay
6.750%, 12/13/2022		200		193
6.750%, 12/13/2022		200		193
				6,613
Peru — 1.8%
Abengoa Transmision Sur
6.875%, 04/30/2043 (C)		273		285
Peru Enhanced Pass-Through Finance
4.648%, 06/02/2025 (C) (E)		1,000		761
2.265%, 05/31/2018 (E)		81		78

SEI Institutional International Trust / Annual Report / September 30, 2015 53

SCHEDULE OF INVESTMENTS

Emerging Markets Debt Fund (Continued)

September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
2.007%, 05/31/2018 (C) (E)			218	$	209
Republic of Peru
8.750%, 11/21/2033			3,637		5,128
8.200%, 08/12/2026	PEI		4,268		1,371
7.350%, 07/21/2025			1,344		1,677
6.950%, 08/12/2031	PEI		6,696		1,916
6.950%, 08/12/2031	PEI		9,861		2,821
6.850%, 02/12/2042	PEI		613		165
6.550%, 03/14/2037			1,794		2,059
5.700%, 08/12/2024	PEI		3,584		993
5.700%, 08/12/2024 (C)	PEI		10,512		2,929
4.125%, 08/25/2027			3,300		3,234
Southern Copper
3.875%, 04/23/2025			680		615
					24,241
Philippines — 0.3%
Development Bank of Philippines
5.500%, 03/25/2021			330		367
National Power
9.625%, 05/15/2028			1,100		1,653
Republic of Philippines
6.375%, 01/15/2032			887		1,135
3.900%, 11/26/2022	PHP		45,000		934
					4,089
Poland — 4.0%
Republic of Poland
4.000%, 10/25/2023	PLN		17,459		4,999
3.750%, 04/25/2018	PLN		4,860		1,336
3.250%, 07/25/2025	PLN		70,563		19,201
3.000%, 08/24/2016	PLN		9,162		2,446
3.000%, 03/17/2023			290		289
2.750%, 08/25/2023	PLN		16,981		4,876
1.552%, 01/25/2016 (E)	PLN		11,378		2,977
1.500%, 04/25/2020	PLN		41,600		10,534
0.000%, 07/25/2017 (E)			800		204
Republic of Poland, Ser 0922
5.750%, 09/23/2022	PLN		11,501		3,613
Republic of Poland, Ser 1017
5.250%, 10/25/2017	PLN		7,330		2,062
					52,537
Qatar — 0.3%
Ooredoo International Finance
7.875%, 06/10/2019			665		796
State of Qatar
6.400%, 01/20/2040			2,150		2,818
					3,614
Romania — 2.1%
Government of Romania MTN
6.750%, 02/07/2022			3,367		3,973
6.750%, 02/07/2022 (C)			350		413
6.125%, 01/22/2044			690		799

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
5.950%, 06/11/2021	RON		2,630	$	765
5.850%, 04/26/2023	RON		9,250		2,703
5.750%, 04/29/2020	RON		19,090		5,461
5.750%, 04/29/2020	RON		810		232
4.875%, 01/22/2024			126		136
4.875%, 01/22/2024 (C)			1,424		1,535
4.750%, 08/29/2016	RON		8,980		2,336
4.750%, 06/24/2019	RON		23,060		6,332
4.750%, 02/24/2025	RON		4,900		1,344
4.375%, 08/22/2023 (C)			539		562
4.375%, 08/22/2023			1,462		1,523
					28,114
Russia — 5.2%
Alfa Bank Via Alfa Bond Issuance
7.750%, 04/28/2021			1,500		1,533
EDC Finance
4.875%, 04/17/2020			650		552
Gaz Capital
6.510%, 03/07/2022 (C)			224		221
Gazprom Neft OAO Via GPN Capital
4.375%, 09/19/2022 (C)			230		198
Gazprom OAO Via Gaz Capital
9.250%, 04/23/2019			3,575		3,946
9.250%, 04/23/2019 (C)			381		421
4.950%, 07/19/2022 (C)			157		143
4.300%, 11/12/2015 (C)			408		409
Ritekro
13.277%, 11/07/2022 (E) (G) (H)			914		457
Rosneft Oil via Rosneft International Finance
3.149%, 03/06/2017 (C)			7		7
Russian Federal Bond - OFZ
8.150%, 02/03/2027	RUB		34,254		436
7.600%, 04/14/2021	RUB		580,174		7,626
7.600%, 07/20/2022	RUB		415,187		5,326
7.500%, 03/15/2018	RUB		185,392		2,616
7.500%, 02/27/2019	RUB		214,314		2,949
7.400%, 04/19/2017	RUB		70,000		1,016
7.400%, 06/14/2017	RUB		46,878		676
7.350%, 01/20/2016	RUB		80,000		1,211
7.050%, 01/19/2028	RUB		165,852		1,903
7.000%, 01/25/2023	RUB		233,026		2,856
7.000%, 08/16/2023	RUB		193,574		2,350
6.900%, 08/03/2016	RUB		48,434		716
6.800%, 12/11/2019	RUB		85,636		1,123
6.700%, 05/15/2019	RUB		355,381		4,726
6.500%, 12/03/2014 (D)	RUB		22,770		287
6.400%, 05/27/2020	RUB		30,800		392
6.200%, 01/31/2018	RUB		296,103		4,073
Russian Foreign Bond - Eurobond
7.850%, 03/10/2018	RUB		120,000		1,705

54 SEI Institutional International Trust / Annual Report / September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
5.625%, 04/04/2042			2,000	$	1,870
5.000%, 04/29/2020			5,900		6,099
4.875%, 09/16/2023 (F)			2,200		2,218
4.875%, 09/16/2023 (C)			1,200		1,210
3.625%, 09/16/2020			1,000		1,120
3.250%, 04/04/2017			600		602
Vimpel Communications Via VIP Finance Ireland
7.748%, 02/02/2021 (C)			429		438
VimpelCom Holdings
7.504%, 03/01/2022 (C)			1,061		1,064
Vnesheconombank Via VEB Finance
6.902%, 07/09/2020			1,310		1,317
6.800%, 11/22/2025			1,344		1,272
6.800%, 11/22/2025 (C)			150		142
5.450%, 11/22/2017 (C)			400		402
					67,628
Senegal — 0.3%
Republic of Senegal
8.750%, 05/13/2021			790		824
8.750%, 05/13/2021 (C)			540		563
6.250%, 07/30/2024			3,530		3,161
6.250%, 07/30/2024 (C)			426		381
					4,929
Serbia — 0.5%
Republic of Serbia
7.250%, 09/28/2021			3,255		3,646
7.250%, 09/28/2021 (C)			200		224
5.875%, 12/03/2018			815		851
5.875%, 12/03/2018 (C)			530		553
4.875%, 02/25/2020 (C)			246		248
4.875%, 02/25/2020			1,214		1,226
					6,748
Slovenia — 0.7%
Slovenia Government International Bond
5.850%, 05/10/2023			1,800		2,057
5.250%, 02/18/2024			5,980		6,578
					8,635
South Africa — 5.4%
Eskom Holdings
7.125%, 02/11/2025			372		350
7.125%, 02/11/2025 (C) (F)			5,756		5,416
6.750%, 08/06/2023 (C)			1,289		1,205
6.750%, 08/06/2023			1,100		1,028
5.750%, 01/26/2021			1,389		1,305
Republic of South Africa
10.500%, 12/21/2026	ZAR		104,627		8,675

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
8.750%, 01/31/2044	ZAR		20,346	$	1,419
8.750%, 02/28/2048	ZAR		61,485		4,287
8.500%, 01/31/2037	ZAR		35,403		2,425
8.250%, 09/15/2017	ZAR		29,822		2,195
8.250%, 03/31/2032	ZAR		8,270		559
8.000%, 12/21/2018	ZAR		5,380		393
8.000%, 01/31/2030	ZAR		167,076		11,253
7.750%, 02/28/2023	ZAR		108,686		7,621
7.250%, 01/15/2020	ZAR		55,842		3,948
7.000%, 02/28/2031	ZAR		42,150		2,564
6.875%, 05/27/2019			580		647
6.750%, 03/31/2021	ZAR		31,200		2,123
6.500%, 02/28/2041	ZAR		21,130		1,144
6.250%, 03/31/2036	ZAR		53,179		2,866
5.875%, 09/16/2025			5,925		6,310
Transnet SOC MTN
9.500%, 05/13/2021 (C)	ZAR		13,360		925
ZAR Sovereign Capital Fund Propriety
3.903%, 06/24/2020 (C)			1,046		1,038
					69,696
Sri Lanka — 0.4%
Republic of Sri Lanka
6.250%, 10/04/2020 (C)			694		701
6.125%, 06/03/2025 (C)			905		873
5.875%, 07/25/2022			1,020		984
5.875%, 07/25/2022 (C)			724		699
					3,257
Supra-National — 0.1%
European Investment Bank MTN
8.500%, 09/17/2024	ZAR		9,200		652
Inter-American Development Bank MTN
7.350%, 09/12/2018	IDR		20,140,000		1,252
					1,904
Thailand — 2.4%
Thailand Government Bond
5.670%, 03/13/2028	THB		3,000		105
4.875%, 06/22/2029	THB		47,582		1,581
3.875%, 06/13/2019	THB		118,000		3,469
3.850%, 12/12/2025	THB		119,963		3,606
3.650%, 12/17/2021	THB		386,356		11,310
3.625%, 06/16/2023	THB		294,110		8,604
3.580%, 12/17/2027	THB		69,970		2,033
2.550%, 06/26/2020	THB		15,000		420
1.250%, 03/12/2028	THB		23,392		534
1.200%, 07/14/2021	THB		63,249		1,617
					33,279

SEI Institutional International Trust / Annual Report / September 30, 2015 55

SCHEDULE OF INVESTMENTS

Emerging Markets Debt Fund (Continued)

September 30, 2015

Description		Face Amount (Thousands) (1)		Market Value ($ Thousands)
Trinidad & Tobago — 0.1%
Republic of Trinidad & Tobago
4.375%, 01/16/2024 (C)			1,316	$	1,421
Tunisia — 0.1%
Banque Centrale de Tunisie
5.750%, 01/30/2025 (C)			1,298		1,236
Turkey — 6.5%
Export Credit Bank of Turkey
5.875%, 04/24/2019 (C)			200		203
5.000%, 09/23/2021 (C)			538		514
Republic of Turkey
11.875%, 01/15/2030			900		1,436
10.500%, 01/15/2020	TRY		9,158		2,985
10.400%, 03/27/2019	TRY		3,560		1,153
10.400%, 03/20/2024	TRY		2,250		723
9.500%, 01/12/2022	TRY		8,610		2,659
9.400%, 07/08/2020			5,772		1,792
9.000%, 03/08/2017	TRY		10,845		3,489
9.000%, 07/24/2024	TRY		21,228		6,261
8.800%, 11/14/2018	TRY		9,824		3,052
8.500%, 07/10/2019	TRY		18,266		5,565
8.500%, 09/14/2022	TRY		13,148		3,835
8.300%, 10/07/2015	TRY		1,708		564
8.300%, 06/20/2018	TRY		14,151		4,370
8.200%, 07/13/2016	TRY		6,947		2,242
8.000%, 03/12/2025	TRY		11,669		3,236
8.000%, 02/14/2034			1,350		1,630
7.500%, 11/07/2019			2,260		2,539
7.400%, 02/05/2020	TRY		44,087		12,785
7.375%, 02/05/2025			1,151		1,316
7.100%, 03/08/2023	TRY		6,560		1,751
7.000%, 06/05/2020			3,187		3,522
6.875%, 03/17/2036			1,787		1,933
6.750%, 04/03/2018			1,374		1,483
6.750%, 05/30/2040			2,513		2,676
6.300%, 02/14/2018	TRY		1,090		324
6.250%, 09/26/2022			2,414		2,580
6.000%, 01/14/2041			1,086		1,057
5.750%, 03/22/2024			1,161		1,203
5.625%, 03/30/2021			1,912		1,996
5.125%, 03/25/2022 (F)			2,063		2,086
4.250%, 04/14/2026			1,278		1,161
TC Ziraat Bankasi
4.250%, 07/03/2019 (C)			1,440		1,394
					85,515
Ukraine — 0.8%
Government of Ukraine
9.250%, 07/24/2017			3,434		2,716
7.800%, 11/28/2022			4,941		3,917
7.500%, 04/17/2023			725		578
6.750%, 11/14/2017			1,898		1,499

Description	Face Amount (Thousands) (1)		Market Value ($ Thousands)
6.250%, 06/17/2016		808	$	633
Ukreximbank Via Biz Finance
9.625%, 04/27/2022 (C)		1,711		1,499
				10,842
Uruguay — 0.7%
Republic of Uruguay PIK
7.875%, 01/15/2033		1,809		2,261
Republic of Uruguay
7.625%, 03/21/2036		786		972
5.100%, 06/18/2050		4,249		3,729
4.500%, 08/14/2024		632		638
4.125%, 11/20/2045		458		362
				7,962
Venezuela — 2.4%
Petroleos de Venezuela
9.000%, 11/17/2021		150		54
8.500%, 11/02/2017		7,016		4,683
8.500%, 11/02/2017		12,575		8,394
6.000%, 05/16/2024		7,010		2,278
5.250%, 04/12/2017		156		70
5.250%, 04/12/2017		8,076		3,629
Republic of Venezuela
13.625%, 08/15/2018		1,716		978
13.625%, 08/15/2018		144		73
12.750%, 08/23/2022		2,237		956
11.950%, 08/05/2031		1,420		558
11.750%, 10/21/2026		2,515		975
9.375%, 01/13/2034		5,886		2,031
9.250%, 09/15/2027		1,313		512
9.250%, 05/07/2028		445		150
8.250%, 10/13/2024		500		168
8.250%, 10/13/2024		7,020		2,352
5.750%, 02/26/2016		5,011		4,221
				32,082
Vietnam — 0.1%
Republic of Vietnam
6.750%, 01/29/2020		439		477
4.800%, 11/19/2024 (C)		1,026		970
				1,447
Zambia — 0.4%
Republic of Zambia
8.970%, 07/30/2027		1,105		887
8.970%, 07/30/2027 (C)		1,439		1,137
8.500%, 04/14/2024 (C)		524		419
8.500%, 04/14/2024		975		780
5.375%, 09/20/2022		2,360		1,672
				4,895
Total Global Bonds (Cost $1,457,475) ($ Thousands)				1,236,592

56 SEI Institutional International Trust / Annual Report / September 30, 2015

Description		Face Amount (Thousands) (1)/Shares		Market Value ($ Thousands)
LOAN PARTICIPATIONS — 0.0%
Singapore — 0.0%
Ashmore Cayman SPC, No. 1
0.000%, 08/31/2011 (A) (G) (H)			262	$	131
Morton Bay
6.220%, 12/31/2013 (G) (H)			3,158		—
Total Loan Participations (Cost $3,396) ($ Thousands)					131
AFFILIATED PARTNERSHIP — 1.6%
SEI Liquidity Fund, L.P.
0.050%†* (I)			20,810,230		20,810
Total Affiliated Partnership (Cost $20,810) ($ Thousands)					20,810
TIME DEPOSITS — 4.4%
Brown Brothers Harriman
5.750%, 10/01/2015	ZAR		3,893		281
0.100%, 10/01/2015	SGD		1		—
0.057%, 10/01/2015	GBP		—		—
0.030%, 10/01/2015			56,965		56,965
(0.238)%, 10/01/2015	EUR		27		30
Total Time Deposits (Cost $57,276) ($ Thousands)					57,276
Total Investments — 100.7% (Cost $1,538,957) ($ Thousands)				$	1,314,809

A list of the open futures contracts held by the Fund at September 30, 2015, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
JSE Bond Future R2037		166			Nov-2015	$	(26	)
JSE Bond Future R208		670			Nov-2015		(37	)
U.S. 2-Year Treasury Note		12			Dec-2015		3
U.S. 5-Year Treasury Note		(95	)		Jan-2016		(86	)
U.S. 5-Year Treasury Note		(128	)		Jan-2016		(83	)
U.S. 10-Year Treasury Note		(75	)		Dec-2015		(105	)
U.S. 10-Year Treasury Note		14			Dec-2015		19
U.S. Long Treasury Bond		21			Dec-2015		59
						$	(256	)

For the year ended September 30, 2015, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

A list of the open forward foreign currency contracts held by the Fund at September 30, 2015, is as follows:

Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
10/1/15-12/16/15		MXN	310,335		USD	18,364	$	135
10/1/15-3/17/16		USD	19,864		IDR	281,578,962		(954	)
10/2/15-12/2/15		BRL	180,656		USD	47,132		2,417
10/2/15-12/2/15		USD	33,852		BRL	131,613		(1,153	)
10/5/15-10/27/15		USD	8,019		THB	286,332		(134	)
10/5/15-12/16/15		COP	97,543,688		USD	31,727		223
10/5/15-12/16/15		THB	390,949		USD	10,846		86
10/5/15-12/16/15		USD	24,618		COP	74,808,375		(462	)
10/5/15-12/16/15		USD	54,929		EUR	48,596		(676	)
10/5/15-12/17/15		USD	15,648		ZAR	212,252		(416	)
10/5/15-12/18/15		EUR	43,824		USD	49,323		391
10/8/15		GBP	236		USD	362		4
10/8/15		USD	361		GBP	236		(4	)
10/8/15-11/30/15		INR	500,584		USD	7,468		(136	)
10/8/15-12/16/15		USD	24,881		INR	1,655,727		200
10/8/15-12/17/15		ZAR	169,584		USD	12,336		158
10/13/15-12/16/15		IDR	271,405,459		USD	18,883		588
10/13/15-12/16/15		MYR	65,873		USD	15,355		364
10/14/15-11/30/15		USD	21,954		RUB	1,383,827		(1,002	)
10/14/15-12/10/15		EUR	17,311		PLN	72,955		(175	)
10/14/15-12/10/15		PLN	62,740		EUR	14,896		153
10/14/15-12/16/15		RUB	1,991,266		USD	31,347		1,312
10/15/15-12/16/15		TRY	90,463		USD	30,991		1,449
10/15/15-12/16/15		USD	28,709		TRY	82,943		(1,560	)
10/19/15-11/18/15		USD	5,012		CZK	121,537		(12	)
10/19/15-12/16/15		PEI	74,309		USD	22,265		(466	)
10/20/15		EUR	836		RON	3,707		4
10/20/15		RON	32,710		EUR	7,382		(22	)
10/21/15-1/20/16		KRW	22,289,605		USD	18,932		165
10/21/15-6/2/16		NGN	2,481,088		USD	10,932		(699	)
10/21/15-8/10/16		USD	12,511		NGN	3,028,320		1,357
10/26/15-7/29/16		KES	247,000		USD	2,264		(19	)
10/28/15		USD	7,649		RON	30,167		(29	)
10/28/15-12/16/15		PLN	24,758		USD	6,539		38
10/28/15-12/16/15		USD	10,093		CLP	7,029,497		(58	)
10/28/15-12/16/15		USD	20,776		PLN	78,723		(108	)
10/29/15-11/19/15		USD	4,903		SGD	6,887		(65	)
10/29/15-12/16/15		SGD	19,914		USD	14,151		166
11/2/15		CLP	5,153,675		USD	7,436		68
11/3/15		USD	2,473		KRW	2,956,980		17
11/16/15-12/16/15		USD	4,356		PHP	205,287		17
11/17/15-12/16/15		USD	31,593		MXN	524,727		(763	)
11/18/15-12/16/15		CZK	155,776		USD	6,504		88
11/19/15		USD	9,991		PEI	33,493		264
11/25/15		AUD	3,572		USD	2,494		(7	)
11/27/15-12/16/15		USD	11,227		MYR	47,775		(351	)
12/1/15		EUR	221		HUF	69,430		—
12/1/15		HUF	1,394,146		EUR	4,452		3
12/1/15-12/16/15		ILS	50,744		USD	13,048		103
12/3/15-12/16/15		TWD	447,426		USD	13,945		413
12/3/15-12/16/15		USD	7,456		TWD	244,442		(63	)
12/16/15		HUF	2,111,472		USD	7,496		(34	)
12/16/15		RON	24,972		USD	6,271		(33	)
12/16/15		USD	2,738		HUF	768,586		4
12/16/15-3/16/16		CNY	31,825		USD	4,882		(38	)
							$	748

SEI Institutional International Trust / Annual Report / September 30, 2015 57

SCHEDULE OF INVESTMENTS

Emerging Markets Debt Fund (Continued)

September 30, 2015

A list of the counterparties for the open forward foreign currency contracts held by the Fund at September 30, 2015, is as follows:

Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Barclays PLC	$	(7,534	)	$	7,343	$	(191	)
Brown Brothers Harriman		(6,336	)		6,322		(14	)
Citigroup		(128,467	)		129,220		753
Goldman Sachs		(288,594	)		289,369		775
HSBC		(4,869	)		4,832		(37	)
JPMorgan Chase Bank		(377,391	)		376,890		(501	)
Merrill Lynch		(5,215	)		5,178		(37	)
						$	748

For the year ended September 30, 2015, 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 year.

A list of open OTC swap agreements held by the Fund at September 30, 2015, are 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	$	64
Goldman Sachs	2.46%	6-Month PLN - WIBOR		09/22/2025		PLN		5,500		3
Goldman Sachs	28-Day MXN - TIIE	6.36%		09/05/2025		MXN		59,917		(3	)
Goldman Sachs	4.63%	1-Day CLP - CLICP		08/21/2025		CLP		205,000		27
Goldman Sachs	28-Day MXN - TIIE	6.36%		05/21/2025		MXN		23,145		2
Goldman Sachs	3.45%	6-Month HUF - BUBOR		05/11/2025		HUF		800,000		(169	)
Goldman Sachs	4.53%	1-Day CLP - CLICP		03/11/2025		CLP		791,933		104
Goldman Sachs	3-Month ZAR - JIBAR	8.30%		01/16/2024		ZAR		23,000		10
Goldman Sachs	3-Month ZAR - JIBAR	8.19%		12/20/2023		ZAR		10,000		(3	)
Goldman Sachs	1-Year BRL - CDI	10.89%		01/03/2023		BRL		5,012		(379	)
Goldman Sachs	1-Day BRL - CDI	11.99%		01/02/2023		BRL		3,000		(162	)
Goldman Sachs	28-Day MXN - TIIE	5.90%		09/12/2022		MXN		75,956		(4	)
Goldman Sachs	1-Day BRL - CDI	12.73%		01/01/2021		BRL		10,608		(354	)
Goldman Sachs	6-Month THB - BIBOR	2.01%		08/05/2020		THB		35,000		(9	)
Goldman Sachs	0.59%	6-Month CZK - PRIBOR		03/13/2020		CZK		25,000		(12	)
Goldman Sachs	5.12%	28-Day MXN - TIIE		11/28/2019		MXN		12,000		1
Goldman Sachs	28-Day MXN - TIIE	6.82%		06/27/2019		MXN		218,869		75
Goldman Sachs	1-Day BRL - CDI	13.39%		01/02/2019		BRL		14,395		(243	)
Goldman Sachs	1-Day BRL - CDI	13.42%		01/02/2019		BRL		19,336		(322	)
Goldman Sachs	1-Year BRL - CDI	11.81%		01/02/2018		BRL		9,833		(227	)
Goldman Sachs	1-Year BRL - CDI	11.98%		01/02/2018		BRL		3,338		(73	)
Goldman Sachs	1-Day BRL - CDI	12.86%		01/02/2018		BRL		35,816		(535	)
Goldman Sachs	1-Day BRL - CDI	13.27%		01/02/2017		BRL		27,961		(197	)
Goldman Sachs	2.45%	6-Month HUF - BUBOR		07/11/2016		HUF		3,073,496		(197	)
Goldman Sachs	0.76%	3-Month ILS - TELBOR		05/22/2016		ILS		11,000		(20	)
Goldman Sachs	0.95%	3-Month ILS - TELBOR		04/02/2016		ILS		6,000		(14	)
Goldman Sachs	1.21%	3-Month ILS - TELBOR		02/14/2016		ILS		8,000		(24	)
Goldman Sachs	3.31%	6-Month PLN - WIBOR		02/03/2016		PLN		30,000		(189	)
Goldman Sachs	1.20%	3-Month ILS - TELBOR		01/16/2016		ILS		34,383		(101	)
Goldman Sachs	1-Year BRL - CDI	11.59%		01/04/2016		BRL		5,024		(14	)
Goldman Sachs	1-Year BRL - CDI	11.00%		01/04/2016		BRL		45,820		(280	)
Goldman Sachs	1-Year BRL - CDI	11.92%		01/04/2016		BRL		20,309		(67	)
JPMorgan Chase Bank	4.72%	1-Day CLP - CLICP		06/05/2025		CLP		1,293,489		155
JPMorgan Chase Bank	4.29%	6-Month HUF - BUBOR		08/04/2024		HUF		800,000		(372	)
JPMorgan Chase Bank	6-Month THB - BIBOR	2.13%		05/18/2020		THB		185,000		(21	)
JPMorgan Chase Bank	0.50%	6-Month CZK - PRIBOR		05/05/2020		CZK		140,000		(26	)
JPMorgan Chase Bank	5.33%	Columbia IBR Overnight Interbank		03/11/2020		COP		6,515,340		143
JPMorgan Chase Bank	0.54%	6-Month CZK - PRIBOR		02/16/2020		CZK		250,000		(94	)
JPMorgan Chase Bank	3-Month ILS - TELBOR	1.14%		03/24/2019		ILS		100,000		8
JPMorgan Chase Bank	5.41%	Columbia IBR Overnight Interbank		09/21/2017		COP		20,651,242		45
JPMorgan Chase Bank	1.77%	3-Month HUF - BUBOR		07/17/2017		HUF		5,732,291		(74	)
JPMorgan Chase Bank	0.64%	3-Month ILS - TELBOR		07/31/2016		ILS		15,000		(22	)
									$	(3,570	)

Cross Currency Swaps

Counterparty

Fund Pays

Fund Receives

Termination Date

Currency

Notional Amount of Currency Received (Thousands)

Notional Amount of Currency Delivered (Thousands)

Net Unrealized Depreciation ($ Thousands)

JPMorgan Chase Bank

3-Month USD - LIBOR

8.57%

10/28/2016

TRY

80,000

(35,826

)

$

(758

)

58 SEI Institutional International Trust / Annual Report / September 30, 2015

A list of open centrally cleared swap agreements held by the Fund at September 30, 2015, are as follows:

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date	Currency	Notional Amount (Thousands)		Net Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America	2.34%	3-Month USD - LIBOR	02/06/2045	USD		1,930	$	78
Bank of America	2.14%	3-Month USD - LIBOR	01/12/2025	USD		3,534		(69	)
JPMorgan Chase Bank	2.08%	3-Month USD - LIBOR	01/13/2025	USD		4,680		(64	)
							$	(55	)

For the year ended September 30, 2015, the total amount of all open swap agreements, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

Percentages are based on a Net Assets of $1,305,950 ($ Thousands).

* Rate shown is the 7-day effective yield as of September 30, 2015.

† Investment in Affiliated Security.

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

(A) Security in default on interest payments.

(B) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2015.

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

(D) Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on September 30, 2015. The coupon on a step bond changes on a specified date.

(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 September 30, 2015. The total market value of securities on loan at September 30, 2015 was $20,564 ($ Thousands).

(G) 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 September 30, 2015 was $588 ($ Thousands) and represented 0.0% of Net Assets.

(H) Securities considered illiquid. The total market value of such securities as of September 30, 2015 was $588 ($ Thousands) and represented 0.0% of Net Assets.

(I) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of September 30, 2015 was $20,810 ($ Thousands).

AUD — Australian Dollar

BRL — Brazilian Real

BIBOR — Bangkok Interbank Offered Rate

BUBOR — Budapest Interbank Offered Rate

CDI — Average One-Day Interbank Deposit Rate

CLN — Credit Linked Note

CLICP — Colombia IBR Overnight Interbank Reference Rate

CLP — Chilean Peso

CNY — Chinese Renminbi

COP — Colombian Peso

CZK — Czech Koruna

DEM — German Mark

DOP — Dominican Peso

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

IBR — Interbank Rate

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — India Rupee

JIBAR — Johannesburg Interbank Agreed Rate

KES — Kenyan Shilling

KRW — Korean Won

L.P. — Limited Partnership

LIBOR — London Interbank Offered Rate

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 Zloty

PRIBOR — Prague Interbank Offered Rate

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 Offered Rate

TRY — New Turkish Lira

TWD — Taiwan Dollar

USD — U.S. Dollar

WIBOR — Warsaw Interbank Offered Rate

ZAR — South African Rand

The following is a list of the level of inputs used as of September 30, 2015, 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	$	—		$	1,236,135		$	457	$	1,236,592
Loan Participations		—			—			131		131
Affiliated Partnership		—			20,810			—		20,810
Time Deposits		—			57,276			—		57,276
Total Investments in Securities	$	—		$	1,314,221		$	588	$	1,314,809
Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	81		$	—		$	—	$	81
Unrealized Depreciation		(337	)		—			—		(337	)
Forwards Contracts*
Unrealized Appreciation		—			10,187			—		10,187
Unrealized Depreciation		—			(9,439	)		—		(9,439	)
OTC Swaps
Interest Rate Swaps*
Unrealized Appreciation		—			638			—		638
Unrealized Depreciation		—			(4,208	)		—		(4,208	)
Cross Currency Swaps*
Unrealized Depreciation		—			(758	)		—		(758	)

SEI Institutional International Trust / Annual Report / September 30, 2015 59

SCHEDULE OF INVESTMENTS

Emerging Markets Debt Fund (Concluded)

September 30, 2015

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation	$	—		$	78		$	—	$	78
Unrealized Depreciation		—			(133	)		—		(133	)
Total Other Financial Instruments	$	(256	)	$	(3,635	)	$	—	$	(3,891	)

(1) Of the $588 ($ Thousands) in Level 3 securities as of September 30, 2015, $588 ($ Thousands) or 0.05% as a percent of net assets 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. A reconciliation of Level 3 investments is 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.

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

For the year ended September 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2015, 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.

60 SEI Institutional International Trust / Annual Report / September 30, 2015

Statements of Assets and Liabilities ($ Thousands)

September 30, 2015

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
ASSETS:
Investments, at value (Cost $2,731,461, $1,677,951, $520,516 and $1,518,147, respectively)(1)	$	2,605,764		$	1,374,102		$	489,243		$	1,293,999
Affiliated investments, at value (Cost $325,853, $147,848, $0 and $20,810, respectively)		325,853			147,848			—			20,810
Cash		1			—			—			5,073
Foreign currency, at value (Cost $284, $2,783, $78 and $1,015, respectively)		265			2,773			80			1,183
Cash pledged as collateral for futures and swap contracts		—			—			1,759			947
Receivable for investment securities sold		9,989			3,174			3,493			9,197
Unrealized gain on forward foreign currency contracts		—			—			4,865			10,187
Receivable for fund shares sold		3,893			19,701			226			2,293
Dividends and interest receivable		6,220			2,351			4,030			19,651
Variation margin receivable		2,174			—			270			70
Foreign tax reclaim receivable		4,051			45			—			—
Unrealized gain on foreign spot currency contracts		—			—			—			11
Swap contracts, at value (Premiums paid $0, $0, $0 and $0, respectively)		—			—			—			637
Prepaid Expense		—			14			—			11
Total Assets		2,958,210			1,550,008			503,966			1,364,069
LIABILITIES:
Payable for investment securities purchased		14,985			16,970			3,544			19,500
Payable upon return of securities loaned		233,929			135,645			—			20,810
Payable to custodian		—			—			8			769
Unrealized loss on forward foreign currency contracts		—			—			1,550			9,439
Swap contracts, at value (Premiums received $0, $0, $96 and $0, respectively)		—			—			1,049			4,965
Payable for fund shares redeemed		2,448			8,309			1,174			1,113
Variation margin payable		—			—			41			14
Unrealized loss on foreign spot currency contracts		2			3			193			—
Investment advisory fees payable		1,072			1,078			80			572
Administration fees payable		1,014			511			185			492
Shareholder servicing fees payable		537			274			102			256
Trustees’ fees		1			1			—			1
Chief compliance officer fees payable		4			2			1			2
Administration servicing fees payable		4			—			—			—
Other accrued expenses		240			415			82			186
Accrued foreign capital gains tax on appreciated securities		5			170			—			—
Total Liabilities		254,241			163,378			8,009			58,119
Net Assets	$	2,703,969		$	1,386,630		$	495,957		$	1,305,950
NET ASSETS:
Paid in Capital (unlimited authorization — no par value)	$	3,536,703		$	1,770,419		$	507,770		$	1,598,145
Undistributed (distributions in excess of) net investment income		25,838			6,484			19,687			(26,663	)
Accumulated net realized loss on investments, futures contracts, foreign currency contracts and swap contracts		(730,718	)		(86,216	)		(314	)		(36,981	)
Net unrealized depreciation on investments		(125,697	)		(303,849	)		(31,273	)		(224,148	)
Net unrealized appreciation (depreciation) on futures contracts		(1,856	)		—			263			(256	)
Net unrealized deprecation on swap contracts		—			—			(2,209	)		(4,383	)
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(296	)		(38	)		2,033			236
Accumulated foreign capital gains tax on appreciated securities		(5	)		(170	)		—			—
Net Assets	$	2,703,969		$	1,386,630		$	495,957		$	1,305,950
Net Asset Value, Offering and Redemption Price Per Share — Class A ($2,568,634,566 ÷ 280,373,678 shares, $1,342,617,896 ÷ 159,263,166 shares, $495,957,081 ÷ 47,763,537 shares, $1,227,566,761 ÷ 141,677,417 shares, respectively.)		$9.16			$8.43			$10.38			$8.66
Net Asset Value, Offering and Redemption Price Per Share — Class I ($4,955,802 ÷ 541,536 shares)		$9.15			N/A			N/A			N/A
Net Asset Value, Offering and Redemption Price Per Share — Class Y ($130,378,756 ÷ 14,209,033 shares, $44,012,488 ÷ 5,208,459 shares, N/A, $78,383,342 ÷ 9,036,686 shares, respectively.)		$9.18			$8.45			N/A			$8.67

(1) Included in “Investments, at value” is the market value of securities on loan in the amounts of $229,050, $131,380, $0 and $20,564, ($ 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 / Annual Report / September 30, 2015 61

Statements of Operations ($ Thousands)

For the year ended September 30, 2015

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Investment Income:
Dividends	$	68,437		$	44,770		$	—		$	—
Dividends from Affiliated Investments(1)		11			2			—			—
Interest		92			11			10,587			87,111
Security Lending Income — Net(1)(2)		1,543			1,120			—			25
Less: Foreign Taxes Withheld		(5,710	)		(4,903	)		(47	)		(941	)
Total Investment Income		64,373			41,000			10,540			86,195
Expenses:
Investment Advisory Fees		14,121			18,015			1,562			11,679
Administration Fees		12,583			7,713			2,342			6,183
Shareholder Servicing Fees — Class A		6,713			4,197			1,302			3,284
Shareholder Servicing Fees — Class I		12			—			—			—
Admin Servicing Fees — Class I		12			—			—			—
Trustees’ Fees		36			23			7			18
Chief Compliance Officer Fees		14			8			3			7
Custodian/Wire Agent Fees		317			557			82			338
Printing Fees		373			231			73			181
Overdraft Fees		2			5			1			11
Professional Fees		183			181			33			74
Registration Fees		73			52			10			34
Other Expenses		93			64			143			115
Total Expenses		34,532			31,046			5,558			21,924
Less:
Waiver of Investment Advisory Fees		(66	)		(1,726	)		(240	)		(3,362	)
Fees Paid Indirectly		—			(15	)		—			—
Net Expenses		34,466			29,305			5,318			18,562
Net Investment Income		29,907			11,695			5,222			67,633
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions:
Net Realized Gain (Loss) from:
Investments		79,804			(42,913	)		843			(27,964	)
Futures Contracts		(10,010	)		—			(676	)		(1,280	)
Swap Contracts		—			—			(570	)		(52	)
Foreign Currency Transactions		(1,670	)		(1,467	)		40,448			(56,413	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(266,390	)		(332,286	)		(23,029	)		(170,845	)
Futures Contracts		(631	)		—			200			(21	)
Swap Contracts		—			—			(401	)		(2,906	)
Foreign Capital Gains Tax on Appreciated Securities		—			1,853			—			—
Foreign Currency Transactions		(103	)		18			(11,844	)		(2,079	)
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions		(199,000	)		(374,795	)		4,971			(261,560	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(169,093	)	$	(363,100	)	$	10,193		$	(193,927	)

(1) See Note 5 in Notes to Financial Statements.

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

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

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

62 SEI Institutional International Trust / Annual Report / September 30, 2015

Statements of Changes in Net Assets ($ Thousands)

For the years ended September 30,

	International Equity Fund*						Emerging Markets Equity Fund*
	2015			2014			2015			2014
Operations:
Net Investment Income	$	29,907		$	46,469		$	11,695		$	10,252
Net Realized Gain (Loss) from Investments and Futures Contracts		69,794			187,799			(42,913	)		70,904
Net Realized Loss on Forward Foreign Currency Contracts and Foreign Currency Transactions		(1,670	)		(1,027	)		(1,467	)		(688	)
Net Change in Unrealized Depreciation on Investments, Affiliated Investments and Futures Contracts		(267,021	)		(152,633	)		(332,286	)		(35,842	)
Net Change in Unrealized Appreciation (Depreciation) on Foreign Capital Tax Gains on Appreciated Securities		—			(5	)		1,853			(1,875	)
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(103	)		(317	)		18			(72	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(169,093	)		80,286			(363,100	)		42,679
Dividends from:
Net Investment Income:
Class A		(52,424	)		(31,558	)		(18,640	)		(7,645	)
Class I		(85	)		(64	)		N/A			N/A
Class Y		—			—			—			—
Total Dividends		(52,509	)		(31,622	)		(18,640	)		(7,645	)
Capital Share Transactions:
Class A:
Proceeds from Shares Issued		691,524			655,997			494,958			848,194
Reinvestment of Dividends & Distributions		48,485			28,743			17,391			7,072
Cost of Shares Redeemed		(634,524	)		(400,975	)		(753,872	)		(345,905	)
Increase (Decrease) in Net Assets Derived from Class A Transactions		105,485			283,765			(241,523	)		509,361
Class I:
Proceeds from Shares Issued		1,300			1,352			N/A			N/A
Reinvestment of Dividends & Distributions		53			45			N/A			N/A
Cost of Shares Redeemed		(1,323	)		(2,156	)		N/A			N/A
Increase (Decrease) in Net Assets Derived from Class I Transactions		30			(759	)		N/A			N/A
Class Y:
Proceeds from Shares Issued		154,735			—			57,875			—
Reinvestment of Dividends & Distributions		—			—			—			—
Cost of Shares Redeemed		(22,503	)		—			(6,060	)		—
Increase in Net Assets Derived from Class Y Transactions		132,232			—			51,815			—
Increase (Decrease) in Net Assets Derived from Capital Share Transactions		237,747			283,006			(189,708	)		509,361
Net Increase (Decrease) in Net Assets		16,145			331,670			(571,448	)		544,395
Net Assets:
Beginning of Year		2,687,824			2,356,154			1,958,078			1,413,683
End of Year	$	2,703,969		$	2,687,824		$	1,386,630		$	1,958,078
Undistributed Net Investment Income Included in Net Assets at End of Year	$	25,838		$	46,723		$	6,484		$	10,174
Share Transactions:
Class A:
Shares Issued		70,760			64,705			49,684			78,929
Reinvestment of Distributions		5,082			2,851			1,729			667
Shares Redeemed		(65,342	)		(39,602	)		(74,085	)		(31,919	)
Total Class A Transactions		10,500			27,954			(22,672	)		47,677
Class I:
Shares Issued		134			133			N/A			N/A
Reinvestment of Distributions		5			4			N/A			N/A
Shares Redeemed		(136	)		(212	)		N/A			N/A
Total Class I Transactions		3			(75	)		N/A			N/A
Class Y:
Shares Issued		16,463			—			5,824			—
Shares Redeemed		(2,254	)		—			(616	)		—
Total Class Y Transactions		14,209			—			5,208			—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		24,712			27,879			(17,464	)		47,677

* Class Y shares of the Fund commenced operations on December 31, 2014.

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 / Annual Report / September 30, 2015 63

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

For the years ended September 30,

	International Fixed Income Fund						Emerging Markets Debt Fund*
	2015			2014			2015			2014
Operations:
Net Investment Income	$	5,222		$	6,478		$	67,633		$	59,833
Net Realized Gain (Loss) from Investments, Futures Contracts and Swap Contracts		(403	)		9,260			(29,296	)		(3,051	)
Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions		40,448			7,088			(56,413	)		(31,240	)
Net Change in Unrealized Depreciation on Investments, Futures Contracts and Swap Contracts		(23,230	)		(15,160	)		(173,772	)		(6,315	)
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(11,844	)		21,099			(2,079	)		4,303
Net Increase (Decrease) in Net Assets Resulting from Operations		10,193			28,765			(193,927	)		23,530
Dividends and Distributions from:
Net Investment Income:
Class A		(38,714	)		(2,598	)		(25,714	)		(37,069	)
Class Y		N/A			N/A			(441	)		—
Net Realized Gains:
Class A		—			—			(1,398	)		(7,466	)
Class Y		N/A			N/A			—			—
Total Dividends and Distributions		(38,714	)		(2,598	)		(27,553	)		(44,535	)
Capital Share Transactions:
Class A:
Proceeds from Shares Issued		116,276			132,549			466,451			460,776
Reinvestment of Dividends & Distributions		34,693			2,293			24,076			39,056
Cost of Shares Redeemed		(150,275	)		(110,607	)		(395,413	)		(315,392	)
Increase in Net Assets Derived from Class A Transactions		694			24,235			95,114			184,440
Class Y:
Proceeds from Shares Issued		N/A			N/A			94,421			—
Reinvestment of Dividends & Distributions		N/A			N/A			441			—
Cost of Shares Redeemed		N/A			N/A			(8,277	)		—
Increase in Net Assets Derived from Class Y Transactions		N/A			N/A			86,585			—
Increase in Net Assets Derived from Capital Share Transactions		694			24,235			181,699			184,440
Net Increase (Decrease) in Net Assets		(27,827	)		50,402			(39,781	)		163,435
Net Assets:
Beginning of Year		523,784			473,382			1,345,731			1,182,296
End of Year	$	495,957		$	523,784		$	1,305,950		$	1,345,731
Undistributed (Distributions in Excess of) Net Investment Income Included in Net Assets at End of Year	$	19,687		$	13,152		$	(26,663	)	$	(11,629	)
Share Transactions:
Class A:
Shares Issued		10,971			12,407			48,643			44,744
Reinvestment of Distributions		3,346			220			2,455			3,784
Shares Redeemed		(14,238	)		(10,379	)		(41,303	)		(30,598	)
Total Class A Transactions		79			2,248			9,795			17,930
Class Y:
Shares Issued		N/A			N/A			9,882			—
Reinvestment of Distributions		N/A			N/A			47			—
Shares Redeemed		N/A			N/A			(892	)		—
Total Class Y Transactions		N/A			N/A			9,037			—
Net Increase in Shares Outstanding from Share Transactions		79			2,248			18,832			17,930

* Class Y shares of the Fund commenced operations on December 31, 2014.

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

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

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

64 SEI Institutional International Trust / Annual Report / September 30, 2015

Financial Highlights

For the years or period ended September 30,

For a Share Outstanding Throughout Each Year or Period

	Net Asset Value, Beginning of Period		Net Investment Income(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
2015	$	9.94	$	0.10	$	(0.69	)	$	(0.59	)	$	(0.19	)	$	—		$	(0.19	)	$	9.16		(5.98	)%	$	2,568,634		1.24	%(2)		1.24	%(2)		1.24	%(2)		1.04	%		68	%
2014		9.71		0.18		0.18			0.36			(0.13	)		—			(0.13	)		9.94		3.66			2,682,482		1.24	(2)		1.24	(2)		1.24	(2)		1.78			60
2013		8.19		0.13		1.53			1.66			(0.14	)		—			(0.14	)		9.71		20.47			2,350,201		1.25	(2)		1.25	(2)		1.25	(2)		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	(2)		1.26	(2)		1.26	(2)		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	(2)		1.27	(2)		1.27	(2)		1.88			98
Class I
2015	$	9.92	$	0.08	$	(0.69	)	$	(0.61	)	$	(0.16	)	$	—		$	(0.16	)	$	9.15		(6.18	)%	$	4,956		1.49	%(2)		1.49	%(2)		1.49	%(2)		0.76	%		68	%
2014		9.70		0.15		0.17			0.32			(0.10	)		—			(0.10	)		9.92		3.33			5,342		1.49	(2)		1.49	(2)		1.49	(2)		1.48			60
2013		8.18		0.11		1.52			1.63			(0.11	)		—			(0.11	)		9.70		20.19			5,953		1.50	(2)		1.50	(2)		1.50	(2)		1.21			47
2012		7.28		0.12		0.91			1.03			(0.13	)		—			(0.13	)		8.18		14.37			5,271		1.51	(2)		1.51	(2)		1.51	(2)		1.48			56
2011		8.32		0.13		(1.06	)		(0.93	)		(0.11	)		—			(0.11	)		7.28		(11.44	)		5,265		1.52	(2)		1.52	(2)		1.52	(2)		1.54			98
Class Y
2015(15)	$	9.39	$	0.13	$	(0.34	)	$	(0.21	)	$	—		$	—		$	—		$	9.18		(2.24	)%	$	130,379		1.00	%(11)		1.00	%(11)		1.00	%(11)		1.72	%		68	%
Emerging Markets Equity Fund
Class A
2015	$	10.76	$	0.07	$	(2.29	)	$	(2.22	)	$	(0.11	)	$	—		$	(0.11	)	$	8.43		(20.78	)%	$	1,342,618		1.72	%(3)		1.72	%(3)		1.72	%(8)		0.67	%		67	%
2014		10.53		0.06		0.22			0.28			(0.05	)		—			(0.05	)		10.76		2.68			1,958,078		1.96	(3)		1.96	(3)		2.02	(8)		0.58			59
2013		10.25		0.06		0.28			0.34			(0.06	)		—			(0.06	)		10.53		3.29			1,413,683		1.96	(3)		1.96	(3)		2.04	(8)		0.52			78
2012		9.00		0.05		1.23			1.28			(0.03	)		—			(0.03	)		10.25		14.21			899,730		1.97	(3)		1.97	(3)		2.07	(8)		0.49			93
2011		11.40		0.05		(2.35	)		(2.30	)		(0.10	)		—			(0.10	)		9.00		(20.38	)		695,498		1.96	(3)		1.96	(3)		2.09	(8)		0.44			98
Class Y
2015(15)	$	10.08	$	0.10	$	(1.73	)	$	(1.63	)	$	—		$	—		$	—		$	8.45		(16.17	)%	$	44,012		1.47	%(12)		1.47	%(12)		1.47	%(12)		1.33	%		67	%
International Fixed Income Fund
Class A
2015	$	10.98	$	0.11	$	0.11		$	0.22		$	(0.82	)	$	—		$	(0.82	)	$	10.38		2.02	%	$	495,957		1.02	%(4)		1.02	%(4)		1.07	%(9)		1.00	%		78	%
2014		10.42		0.14		0.48			0.62			(0.06	)		—			(0.06	)		10.98		5.96			523,784		1.02	(4)		1.02	(4)		1.20	(9)		1.32			104
2013		10.82		0.14		(0.06	)		0.08			(0.48	)(7)		—			(0.48	)		10.42		0.77			473,382		1.02	(4)		1.02	(4)		1.20	(9)		1.37			86
2012		10.44		0.17		0.48			0.65			(0.27	)		—			(0.27	)		10.82		6.34			491,793		1.02	(4)		1.02	(4)		1.21	(9)		1.60			103
2011		10.92		0.25		(0.22	)		0.03			(0.51	)(6)		—			(0.51	)		10.44		0.41			488,929		1.02	(4)		1.02	(4)		1.21	(9)		2.40			119
Emerging Markets Debt Fund
Class A
2015	$	10.20	$	0.47	$	(1.81	)	$	(1.34	)	$	(0.19	)	$	(0.01	)	$	(0.20	)	$	8.66		(13.35	)%	$	1,227,567		1.36	%(5)		1.36	%(5)		1.61	%(10)		4.91	%		71	%
2014		10.38		0.49		(0.29	)		0.20			(0.31	)		(0.07	)		(0.38	)		10.20		1.90			1,345,731		1.36	(5)		1.36	(5)		1.80	(10)		4.73			92
2013		12.07		0.47		(1.02	)		(0.55	)		(0.68	)		(0.46	)		(1.14	)		10.38		(5.19	)		1,182,296		1.36	(5)		1.36	(5)		1.81	(10)		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	(5)		1.36	(5)		1.80	(10)		4.85			102
2011		11.19		0.63		(0.70	)		(0.07	)		(0.31	)		—			(0.31	)		10.81		(0.71	)		876,396		1.36	(5)		1.36	(5)		1.80	(10)		5.58			59
Class Y
2015(15)	$	9.63	$	0.37	$	(1.28	)	$	(0.91	)	$	(0.05	)	$	—		$	(0.05	)	$	8.67		(9.48	)%	$	78,383		1.11	%(13)		1.11	%(13)		1.36	%(14)		5.24	%		71	%

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

** See Note 5 in Notes to Financial Statements.

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

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

(2) The expense ratio includes 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 2015 and 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.

(3) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.71% for 2015, 1.96% for 2014, 2013, 2012 and 2011.

(4) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.02%, 1.02%, 1.02%, 1.02% and 1.01% for 2015, 2014, 2013, 2012 and 2011 respectively.

(5) The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.36% for 2015, 2014, 2013, 2012 and 2011.

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

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

(8) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.71%, 2.02%, 2.04%, 2.06% and 2.09% for 2015, 2014, 2013, 2012 and 2011.

(9) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.07%, 1.20%, 1.20%, 1.21% and 1.21% for 2015, 2014, 2013, 2012 and 2011.

(10) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.61%, 1.80%, 1.81%, 1.80% and 1.80% for 2015, 2014, 2013, 2012 and 2011.

(11) The expense ratio includes overdraft fees. Had this expense been excluded the ratio would have been 0.99% for 2015.

(12) The expense ratio includes overdraft fees. Had this expense been excluded the ratio would have been 1.46% for 2015.

(13) The expense ratio includes overdraft fees. Had this expense been excluded the ratio would have been 1.11% for 2015.

(14) The expense ratio includes overdraft fees. Had this expense been excluded the ratio would have been 1.36% for 2015.

(15) Commenced operations on December 31, 2014. All ratios for the period have been annualized except total return and portfolio turnover which are for the period indicated and have not been annualized.

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

SEI Institutional International Trust / Annual Report / September 30, 2015 65

Notes to Financial Statements

September 30, 2015

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”) each of which are diversified Funds with the exception of the International Fixed Income Fund and the Emerging Markets Debt Fund. 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 and Class Y shares of each of the Funds and Class I shares of the International Equity Fund. As of September 30, 2015, the Class Y shares had not yet commenced operations for the International Fixed Income 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 an 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

66 SEI Institutional International Trust / Annual Report / September 30, 2015

sector. If the adviser or sub-adviser of a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it may request that a Committee meeting be called.

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 year ended September 30, 2015 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended September 30, 2015, 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 is not materially different from the effective interest method. Amortization of premiums and discounts is included in interest income.

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

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

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

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

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

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

SEI Institutional International Trust / Annual Report / September 30, 2015 67

Notes to Financial Statements (Continued)

September 30, 2015

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 September 30, 2015, 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 September 30, 2015, if applicable.

Swap Agreements — To the extent consistent with its investment objective and strategies, a Fund may invest in swap contracts as an efficient means to take and manage risk in the portfolio, including interest rate risk, credit risk and overall yield sensitivity. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. 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.

68 SEI Institutional International Trust / Annual Report / September 30, 2015

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. Centrally cleared swaps are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for centrally cleared swaps are provided by an independent source. 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 September 30, 2015, if applicable.

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

Loan Participations and Brady Bonds — To the extent consistent with its investment objective and strategies, a Fund may invest in U.S. dollar-denominated fixed- and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in a Fund having a contractual relationship

only with the Lenders, not with the sovereign borrowers. This Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.

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

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

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

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including 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.

Participation Notes (P-Notes) — To the extent consistent with its Investment Objective and Strategies, a Fund may acquire P-Notes issued by participating banks or broker-dealers. P-Notes are participation interest notes that are designed to offer a return linked to a particular underlying equity, debt, currency or market. The

SEI Institutional International Trust / Annual Report / September 30, 2015 69

Notes to Financial Statements (Continued)

September 30, 2015

P-Notes in which the Fund may invest will typically have a maturity of one year. When purchasing a P-Note, the posting of margin is not required because the full cost of the P-Note (plus commission) is paid at the time of purchase. When the P-Note matures, the issuer will pay to, or receive from, the purchaser the difference between the minimal value of the underlying instrument at the time of purchase and that instrument’s value at maturity. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies of foreign securities markets that they seek to replicate. In addition, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate. The holder of a participation note that is linked to a particular underlying security is entitled to receive any dividends paid in connection with an underlying security or instrument. However, the holder of a participation note does not receive voting rights as it would if it directly owned the underlying security or instrument. P-Notes are generally traded over-the-counter. P-Notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them and the counterparty. There is also counterparty risk associated with these investments because the Fund is relying on the creditworthiness of such counterparty and has no rights under a participation note against the issuer of the underlying security. In addition, the Fund

Redemption Fees — As of July 17, 2015, the Funds no longer charge redemption fees. The Funds charged a redemption fee based on a redemption, or a series of redemptions from a single identifiable source that in the aggregate exceeded 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 year ended September 30, 2015, the Funds did not charge any redemption fees. Such fees, if any, were retained by the Funds for the benefit of the remaining shareholders.

3. CREDIT DERIVATIVES

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

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

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

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

70 SEI Institutional International Trust / Annual Report / September 30, 2015

As of September 30, 2015, the International Fixed Income Fund is the seller (“providing protection”) on a total notional amount of $3.0 million. The notional amounts of the swaps are not recorded in the financial statements; however the notional amounts approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund was the seller of protection and a credit event were to occur. Those credit default swaps (“CDS”) for which the Fund is providing protection at balance sheet date are summarized as follows:

INTERNATIONAL FIXED INCOME FUND WRITTEN CREDIT DERIVATIVE CONTRACTS	SINGLE NAME CDS					CDS INDEX
REFERENCE ASSET	CORP US$			SOVEREIGN US$		ABS US$		CORP US$		Total
Fair value of written credit derivatives	$	(131,232	)		—		—	$	79,263	$	(51,970	)
Maximum potential amount of future payments		1,674,369							1,663,206		3,337,575
Recourse provisions with third parties to recover any amounts paid under the credit derivative (including any purchased credit protection)1		—			—		—		—		—
Collateral held by the Partnership or other third parties which the Partnership can obtain upon occurrence of triggering event		—			—		—		—		—

1 Potential recoveries would include purchased credit derivatives to the extent they offset written credit derivatives which have an identical underlying, or a netting arrangement or credit support annex with the counterparty. There may be other potential recoveries from recourse provisions where agreements cover multiple derivative arrangements but those amounts have not been included.

MAXIMUM POTENTIAL AMOUNT OF FUTURE PAYMENTS BY CONTRACT TERM
	0-6 MONTHS		6-12 MONTHS		1-5 YEARS		5-10 YEARS		> 10 YEARS		Total
Current credit spread* on underlying (in basis points) [1]
0-100		—		—	$	1,663,206	$	1,674,369		—	$	3,337,575
>101		—		—		—		—		—		—
Total		—		—	$	1,663,206	$	1,674,369		—	$	3,337,575

* The credit spread on the underlying asset is generally indicative of the current status of the underlying risk of the Fund having to perform. The spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a contract. Higher credit spreads with a shorter contract term is indicative of a higher likelihood of performance by the Fund.

The credit spread disclosed above for each reference obligation where the Fund is the seller of protection is a representation of the current payment/performance risk of the swap.

4. DERIVATIVE TRANSACTIONS

The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the year. For Funds that held derivatives throughout the year with only one type of risk exposure, additional information can be found on the Schedules of Investments and the Statements of Operations. The fair value of derivative instruments as of September 30, 2015 was as follows:

	Asset Derivatives				Liability Derivatives
	Year ended September 30, 2015 ($ Thousands)				Year ended September 30, 2015 ($ 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	$	532	*	Net Assets — Unrealized depreciation on futures contracts	$	269	*
	Net Assets — Unrealized appreciation on swap contracts		432	†	Net Assets — Unrealized depreciation on swap contracts		2,541	†
Credit contracts	Net Assets — Unrealized appreciation on swap contracts		—	†	Net Assets — Unrealized depreciation on swap contracts		100	†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		4,865		Unrealized loss on forward foreign currency contracts		1,550
Total Derivatives not accounted for as hedging instruments		$	5,829			$	4,460

SEI Institutional International Trust / Annual Report / September 30, 2015 71

Notes to Financial Statements (Continued)

September 30, 2015

	Asset Derivatives				Liability Derivatives
	Year ended September 30, 2015 ($ Thousands)				Year ended September 30, 2015 ($ Thousands)
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Emerging Markets Debt Fund
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts	$	81	*	Net Assets — Unrealized depreciation on futures contracts	$	337	*
	Net Assets — Unrealized appreciation on swap contracts		716	†	Net Assets — Unrealized depreciation on swap contracts		4,341	†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		10,185		Unrealized loss on forward foreign currency contracts		9,437
	Net Assets — Unrealized appreciation on swap contracts		—	†	Net Assets — Unrealized depreciation on swap contracts		758	†
Total Derivatives not accounted for as hedging instruments		$	10,982			$	14,873

* 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.

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2015.

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

Derivatives Not Accounted for as Hedging Instruments	Futures			Forward Currency Contracts		Swaps			Total
International Fixed Income Fund
Interest rate contracts	$	(676	)	$	—	$	(554	)	$	(1,230	)
Foreign exchange contracts		—			65,979		—			65,979
Credit contracts		—			—		(16	)		(16	)
Total	$	(676	)	$	65,979	$	(570	)	$	64,733
Emerging Markets Debt Fund
Interest rate contracts	$	(1,280	)	$	—	$	(52	)	$	(1,332	)
Foreign exchange contracts		—			9,844		—			9,844
Total	$	(1,280	)	$	9,844	$	(52	)	$	8,512

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

Derivatives Not Accounted for as Hedging Instruments	Futures			Forward Currency Contracts			Swaps			Total
International Fixed Income Fund
Interest rate contracts	$	200		$	—		$	(315	)	$	(115	)
Credit contracts		—			—			(86	)		(86	)
Foreign exchange contracts		—			(11,692	)		—			(11,692	)
Total	$	200		$	(11,692	)	$	(401	)	$	(11,893	)
Emerging Markets Debt Fund
Interest rate contracts	$	(21	)	$	—		$	(2,148	)	$	(2,169	)
Foreign exchange contracts		—			(2,079	)		(758	)		(2,837	)
Total	$	(21	)	$	(2,079	)	$	(2,906	)	$	(5,006	)

A Fund is subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to

unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with

72 SEI Institutional International Trust / Annual Report / September 30, 2015

a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets in the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability in the Statement of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Customer Account Agreements and related addendums govern exchange traded derivatives transactions such as futures, options on futures, and centrally cleared swaps. Exchange traded derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (CFTC), or the applicable regulator. In the US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

The following is a summary of the market value and variation margin of exchange-traded or centrally cleared financial derivative instruments of the Funds as of September 30, 2015 ($ Thousands):

	Financial Derivative Assets						Financial Derivative Liabilities
	Variation Margin Asset						Variation Margin Liability
Fund	Futures		Swap Agreements		Total		Futures		Swap Agreements		Total
International Equity Fund	$	2,174	$	—	$	2,174	$	—	$	—	$	—
International Fixed Income Fund		253		17		270		24		17		41
Emerging Markets Debt Fund		57		13		70		14		—		14

Securities with an aggregate market value of $539,770 have been pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2015.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by a Fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events

of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.

The following is a summary by derivative type of the market value of OTC financial derivative instruments and collateral (received)/pledged as of September 30, 2015 ($ Thousands):

	Financial Derivative Assets						Financial Derivative Liabilities
Fund	Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged		Net Exposures(1)
International Fixed Income Fund	$	4,865	$	—	$	4,865	$	1,550	$	953	$	2,503	$	2,362		$	—	$	2,362
Emerging Markets Debt Fund		10,187		637		10,824		9,439		4,965		14,404		(3,580	)		—		(3,580	)

(1) Excess collateral is not shown for financial reporting purposes.

(2) Net Exposures represents the net receivable/(payable) that would be due from /to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity.

SEI Institutional International Trust / Annual Report / September 30, 2015 73

Notes to Financial Statements (Continued)

September 30, 2015

No securities have been pledged or have been received as collateral for financial derivative instruments as governed by ISDA Master Agreements as of September 30, 2015.

5. 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 voluntary 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 contractual and voluntary expense limitation for each Fund will be as follows:

	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	%
Class Y		0.505	%		0.45	%		—			—			1.00	%
Emerging Markets Equity Fund
Class A		1.05	%(1)		0.45	%		0.25	%		—			N/A
Class Y		1.05	%(1)		0.45	%		—			—			N/A
International Fixed Income Fund
Class A		0.30	%		0.45	%		0.25	%		—			1.02	%
Emerging Markets Debt Fund
Class A		0.85	%		0.45	%		0.25	%		—			1.36	%
Class Y		0.85	%		0.45	%		—			—			1.11	%

(1) Effective October 1, 2014, SIMC has contractually agreed to waive its management fee as necessary to keep the management fee paid by the Fund during its fiscal year from exceeding 0.95%. This fee waiver agreement shall remain in effect until January 31, 2016 and, unless earlier terminated, shall be automatically renewed for successive one-year periods thereafter. The agreement may be amended or terminated only with the consent of the Board of Trustees.

N/A — Not applicable

74 SEI Institutional International Trust / Annual Report / September 30, 2015

Investment Sub-Advisory Agreements — As of September 30, 2015, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:

Investment Sub-Adviser

International Equity Fund

Acadian Asset Management LLC

Blackcrane Capital, LLC

Causeway Capital Management LLC

Henderson Global Investors (North America) Inc.

INTECH Investment Management LLC

Neuberger Berman Management LLC

Tradewinds Global Investors LLC

WCM Investment Management

Emerging Markets Equity Fund

Delaware Investment Fund Advisers, a series of Delaware
    Management Business Trust

JO Hambro Capital Management Limited

Kleinwort Benson Investors International Ltd.

Lazard Asset Management LLC

Neuberger Berman Management LLC

PanAgora Asset Management, Inc.

RWC Asset Advisors (US) LLC

International Fixed Income Fund

AllianceBernstein L.P.

FIL Investment Advisors

Wellington Management Company, LLP

Emerging Markets Debt Fund

Investec Asset Management Ltd.

Neuberger Berman Fixed Income 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 year ended September 30, 2015.

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 year ended September 30, 2015, can be found on the Statement of Operations and Financial Highlights, if applicable.

Investment in Affiliated Securities — The Funds may invest in the SEI Daily Income Trust Prime Obligation Fund, an affiliated money market fund to manage excess cash or to serve as margin or collateral for derivative positions. 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 year ended September 30, 2015 ($ Thousands):

SEI Liquidity Fund, L.P.	Purchases at Cost		Proceeds from Sales			Value 9/30/2015		Dividend Income
International Equity Fund	$	1,302,684	$	(1,120,553	)	$	233,929	$	1,543
Emerging Markets Equity Fund		585,583		(623,909	)		135,645		1,120
Emerging Markets Debt Fund		25,584		(4,774	)		20,810		25
SEI Daily Income Trust Prime Obligation Fund
International Equity Fund		327,628		(337,211	)		91,924		11
Emerging Markets Equity Fund		268,277		(274,285	)		12,203		2

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.

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

SEI Institutional International Trust / Annual Report / September 30, 2015 75

Notes to Financial Statements (Continued)

September 30, 2015

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 year ended September 30, 2015, the Trust had not participated in the Program.

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments and futures, during the year ended September 30, 2015, were as follows:

	Purchases ($ Thousands)		Sales and Maturities ($ Thousands)
International Equity Fund
US Government	$	—	$	—
Other		1,977,535		1,787,936
Emerging Markets Equity Fund
US Government		—		—
Other		1,131,388		1,318,800
International Fixed Income Fund
US Government		18,913		13,197
Other		346,118		347,096
Emerging Markets Debt Fund
US Government		29,410		2,634
Other		1,078,243		879,921

7. FEDERAL TAX INFORMATION:

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

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

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 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.

Accordingly, the following permanent differences, primarily attributable to different treatment for gains and losses on paydowns of mortgage and asset-backed securities for tax purposes, investments in swaps, investments in passive foreign investment companies, investments in partnerships, distribution reclassification, REIT income reclassification and foreign currency transactions have been reclassified to/from the following accounts as of September 30, 2015:

	Paid-in- Capital ($ Thousands)		Undistributed Net Investment Income/(Loss) ($  Thousands)			Accumulated Realized Gain/(Loss) ($ Thousands)
International Equity Fund	$	—	$	1,717		$	(1,717	)
Emerging Markets Equity Fund		—		3,255			(3,255	)
International Fixed Income Fund		—		40,027			(40,027	)
Emerging Markets Debt Fund		—		(56,512	)		56,512

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	2015	$	52,509	$	—	$	—	$	52,509
	2014		31,622		—		—		31,622
Emerging Markets Equity Fund	2015		18,640		—		—		18,640
	2014		7,645		—		—		7,645
International Fixed Income Fund	2015		38,714		—		—		38,714
	2014		2,598		—		—		2,598
Emerging Markets Debt Fund	2015		27,003		550		—		27,553
	2014		33,867		10,668		—		44,535

As of September 30, 2015, 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)			Late Year Ordinary Losses ($ Thousands)			Unrealized Depreciation ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Accumulated Losses ($ Thousands)
International Equity Fund	$	29,250	$	—	$	(709,632	)	$	—		$	—		$	(153,360	)	$	1,008		$	(832,734	)
Emerging Markets Equity Fund		10,980		—		(11,026	)		(46,481	)		—			(337,262	)		—			(383,789	)
International Fixed Income Fund		25,197		41		—			—			—			(31,332	)		(5,719	)		(11,813	)
Emerging Markets Debt Fund		—		—		—			(29,930	)		(21,428	)		(235,719	)		(5,046	)		(292,195	)

76 SEI Institutional International Trust / Annual Report / September 30, 2015

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains as follows:

	Expires 2017 ($ Thousands)		Expires 2018 ($ Thousands)		Total Capital Loss Carryforward 09/30/15 ($  Thousands)
International Equity Fund	$	19,275	$	690,357	$	709,632
Emerging Markets Equity Fund		—		11,026		11,026

Under the 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.

During the year ended September 30, 2015, the following Funds utilized capital loss carryforwards to offset capital gains:

	Amount utilized ($ Thousands)
International Equity Fund	$	76,023
Emerging Markets Equity Fund		6,508
International Fixed Income Fund		280

For Federal income tax purposes, the cost of securities owned at September 30, 2015, 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 and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at September 30, 2015, was as follows:

	Federal Tax Cost ($ Thousands)		Aggregate Gross Unrealized Appreciation ($ Thousands)		Aggregate Gross Unrealized Depreciation ($ Thousands)			Net Unrealized Depreciation ($ Thousands)
International Equity Fund	$	3,082,820	$	161,398	$	(312,601	)		$(151,203	)
Emerging Markets Equity Fund		1,859,004		66,359		(403,413	)		(337,054	)
International Fixed Income Fund		520,662		5,067		(36,486	)		(31,419	)
Emerging Markets Debt Fund		1,546,197		8,716		(240,104	)		(231,388	)

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, 2015, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable

statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

8. CONCENTRATION/RISKS

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

SEI Institutional International Trust / Annual Report / September 30, 2015 77

Notes to Financial Statements (Concluded)

September 30, 2015

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 Fund’s 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.

9. SECURITIES LENDING

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

Cash collateral received in connection with securities lending is invested in short-term investments by the lending agent. These investments may include the SEI Liquidity Fund, L.P., and the Fund bears all of the gains and losses on such investment. There is no guarantee that these investments will not lose value.

The following is a summary of securities lending agreements held by certain Funds which would be subject to offset as of September 30, 2015 ($ Thousands):

Fund	Securities Loaned at Value		Cash Collateral Received(1)		Net Amount
International Equity Fund	$	229,050	$	229,050	$	—
Emerging Markets Equity Fund		131,380		131,380		—
Emerging Markets Debt Fund		20,564		20,564		—

(1) Excess collateral received in connection with the above securities lending transactions is not shown for financial reporting purposes. See each Fund’s Schedule of Investments for the total collateral received.

10. NEW ACCOUNTING PRONOUNCEMENT

In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The amendments in this update are effective for the Fund for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (NAV) per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. Management has evaluated the implications of ASU No. 2015-07 and determined there is no impact to the financial statements.

11. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosure and/or adjustments were required to the financial statements as of September 30, 2015.

78 SEI Institutional International Trust / Annual Report / September 30, 2015

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

SEI Institutional International Trust:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of SEI Institutional International Trust, comprised of the International Equity Fund, Emerging Markets Equity Fund, Emerging Markets Debt Fund, and the International Fixed Income Fund (collectively, the “Funds”), as of September 30, 2015, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2015, by correspondence with the custodian, transfer agent and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds comprising the SEI Institutional International Trust as of September 30, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

November 30, 2015

SEI Institutional International Trust / Annual Report / September 30, 2015 79

Trustees and Officers of the Trust (Unaudited)

The following chart lists Trustees and Officers as of September 30, 2015.

Set forth below are the names, ages, addresses, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of portfolios in fund complex overseen by the trustees, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-800-342-5734.

Name, Age and Address	Position(s) Held with Trusts	Term of Office and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee2	Other Directorships Held by Trustee
INTERESTED DIRECTORS
Robert A. Nesher One Freedom Valley Drive, Oaks, PA 19456 69 yrs. old	Chairman of the Board of Trustees*	since 1982	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	99	Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The KP Funds, Bishop Street Funds, Director of SEI Global Master Fund, plc, SEI Global Assets Fund, plc, SEI Global Investments Fund, plc, SEI Investments Global, Limited, SEI Investments — Global Fund Services, Limited, SEI Investments (Europe), Limited, SEI Global Nominee Ltd., and SEI Structured Credit Fund, L.P.
William M. Doran One Freedom Valley Drive Oaks, PA 19456 75 yrs. old	Trustee*	since 1982	Self-employed Consultant since 2003. Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003, counsel to the Trust, SEI, SIMC, the Administrator and the Distributor. Secretary of SEI since 1978.	99	Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The Advisors’ Inner Circle III, The KP Funds, O’Connor EQUUS, Bishop Street Funds, Director of SEI since 1974. Director of the Distributor since 2003. Director of SEI Investments — Global Fund Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Global Nominee, Ltd, SEI Investments (Asia), Limited, and SEI Asset Korea Co., Ltd.
TRUSTEES
George J. Sullivan Jr. One Freedom Valley Drive, Oaks, PA 19456 72 yrs. old	Trustee	since 1996	Retired since January 2012. Self-employed Consultant, Newfound Consultants, Inc. since April 1997-December 2011.	99	Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The KP Funds, Bishop Street Funds, State Street Navigator Securities Lending Trust, Director of SEI Structured Credit Fund L.P. and member of the independent review committee for SEI’s Canadian-registered mutual funds.

*Messrs. Nesher and Doran are Trustees who may be deemed as “interested” persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with SIMC and the Trust’s Distributor.

¹There is no stated term of office for the Trustees of the Trust. However, a Trustee must retire from the Board by the end of the calendar year in which the Trustee turns 75 provided that, although there shall be a presumption that each Trustee attaining such age shall retire, the Board may, if it deems doing so to be consistent with the best interest of the Trust, and with the consent of any Trustee that is eligible for retirement, by unanimous vote, extend the term of such Trustee for successive periods of one year.

²The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, SEI Catholic Values Trust and New Covenant Funds.

80 SEI Institutional International Trust / Annual Report / September 30, 2015

Name, Age and Address	Position(s) Held with Trusts	Term of Office and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee2	Other Directorships Held by Trustee
TRUSTEES (continued)
Nina Lesavoy One Freedom Valley Drive, Oaks, PA 19456 58 yrs. old	Trustee	since 2003	Founder and Managing Director, Avec Capital, since 2008. Managing Director, Cue Capital from March 2002 to March 2008	99	Director of SEI Structured Credit Fund, L.P.
James M. Williams One Freedom Valley Drive, Oaks, PA 19456 67 yrs. old	Trustee	since 2004	Vice President and Chief Investment Officer, J. Paul Getty Trust, Non-Profit Foundation for Visual Arts, since December 2002.	99	Trustee/Director of Ariel Mutual Funds and SEI Structured Credit Fund, L.P.
Mitchell A. Johnson One Freedom Valley Drive, Oaks, PA 19456 73 yrs. old	Trustee	since 2007	Private Investor since 1994.	99	Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The KP Funds and Bishop Street Funds.
Hubert L. Harris, Jr. One Freedom Valley Drive, Oaks, PA 19456 72 yrs. old	Trustee	since 2008	Retired since December 2005. Chief Executive Officer and Chair of the Board of Directors, AMVESCAP Retirement, Inc., 1997-December 2005. Chief Executive Officer, INVESCO North America, September 2003-December 2005.	99	Director of Colonial BancGroup, Inc. and St. Joseph’s Translational Research Institute, Chair of the Board of Trustees, Georgia Tech Foundation, Inc. (nonprofit corporation); Board of Councilors of the Carter Center.
OFFICERS
Robert A. Nesher One Freedom Valley Drive, Oaks, PA 19456 69 yrs. Old	President and CEO	since 2005	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	N/A	N/A
Arthur Ramanjulu One Freedom Valley Drive Oaks, PA 19456 51 yrs. old	Controller and Chief Financial Officer	since 2015	Director, Funds Accounting, SEI Investments Global Funds Services (March 2015); Senior Manager, Funds Accounting, SEI Global Fund Services (March 2007 to February 2015).	N/A	N/A
Russell Emery One Freedom Valley Drive, Oaks, PA 19456 52 yrs. old	Chief Compliance Officer	since 2006	Chief Compliance Officer of SEI Institutional Managed Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Institutional Investments Trust, The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, and Bishop Street Funds, since March 2006. Chief Compliance Officer of SEI Structured Credit Fund, LP since June 2007. Chief Compliance Officer of Adviser Managed Trust since December 2010. Chief Compliance Officer of New Covenant Funds since February 2012. Chief Compliance Officer of SEI Insurance Products Trust since 2013. Chief Compliance Officer of SEI Catholic Values Trust since 2015.	N/A	N/A

SEI Institutional International Trust / Annual Report / September 30, 2015 81

Trustees and Officers of the Trust (Unaudited) (Concluded)

Name, Age and Address	Position(s) Held with Trusts	Term of Office and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee2	Other Directorships Held by Trustee
OFFICERS (continued)
Timothy D. Barto One Freedom Valley Drive, Oaks, PA 19456 47 yrs. old	Vice President and Secretary	since 2002	General Counsel, Vice President and Secretary of SIMC and the Administrator since 2004. Vice President and Assistant Secretary of SEI since 2001. Vice President of SIMC and the Administrator since 1999.	N/A	N/A
Aaron Buser One Freedom Valley Drive, Oaks, PA 19456 44 yrs. old	Vice President and Assistant Secretary	since 2008	Vice President and Assistant Secretary of SIMC since 2007. Associate at Stark & Stark (2004-2007).	N/A	N/A
David F. McCann One Freedom Valley Drive, Oaks, PA 19456 39 yrs. old	Vice President and Assistant Secretary	since 2009	Vice President and Assistant Secretary of SIMC since 2008. Attorney, Drinker, Bidder & Reath LLP (law firm), May 2005-October 2008.	N/A	N/A
Stephen G. MacRae One Freedom Valley Drive, Oaks, PA 19456 47 yrs. old	Vice President	since 2012	Director of Global Investment Product Management since 2004.	N/A	N/A
Bridget E. Sudall One Freedom Valley Drive Oaks, PA 19456 35 yrs. old	Anti-Money Laundering Compliance Officer and Privacy Officer	since 2015	Anti-Money Laundering Compliance Officer and Privacy Officer since 2015. Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, April 2011 to March 2015. Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, July 2007 to April 2011.	N/A	N/A

¹Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.

²The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, SEI Catholic Values Trust and New Covenant Funds.

82 SEI Institutional International Trust / Annual Report / September 30, 2015

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 4/1/2015		Ending Account Value 9/30/2015		Annualized Expense Ratios			Expenses Paid During Period*
International Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	924.30		1.25	%	$	6.03
Class I	$	1,000.00		923.30		1.50			7.23
Class Y	$	1,000.00		926.30		1.00			4.83
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.80		1.25	%	$	6.33
Class I	$	1,000.00		1,017.55		1.50			7.59
Class Y	$	1,000.00		1,020.05		1.00			5.06
Emerging Markets Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	839.60		1.71	%	$	7.89
Class Y	$	1,000.00		840.80		1.46			6.74
Hypothetical 5% Return
Class A	$	1,000.00	$	1,016.50		1.71	%	$	8.64
Class Y	$	1,000.00		1,017.75		1.46			7.38

	Beginning Account Value 4/1/2015		Ending Account Value 9/30/2015		Annualized Expense Ratios			Expenses Paid During Period*
International Fixed Income Fund
Actual Fund Return
Class A	$	1,000.00	$	980.20		1.02	%	$	5.06
Hypothetical 5% Return
Class A	$	1,000.00	$	1,019.95		1.02	%	$	5.16
Emerging Markets Debt Fund
Actual Fund Return
Class A	$	1,000.00	$	910.20		1.36	%	$	6.51
Class Y	$	1,000.00		910.90		1.11			5.32
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.25		1.36	%	$	6.88
Class Y	$	1,000.00		1,019.50		1.11			5.62

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

SEI Institutional International Trust / Annual Report / September 30, 2015 83

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 is responsible for the investment advisory services provided to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), 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”) provide security selection and certain other advisory services with respect to 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 to consider whether to approve new and/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 and the services provided pursuant to the Investment Advisory Agreements. The Board also receives 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 fees each charge to any comparable accounts; (vi) the advisory fees charged by SIMC, and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Lipper, an independent provider of investment company data; (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Advisers’ expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance over various periods of time compared with peer groups of mutual funds prepared by Lipper and the Funds’ benchmark indices.

84 SEI Institutional International Trust / Annual Report / September 30, 2015

At the March 24-25, 2015 meeting of the Board of Trustees, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, certain Sub-Advisory Agreements (other than certain of those operating under an initial two-year term) were either initially approved or, if the Sub-Advisory Agreement was already in effect, renewed at meetings of the Board of Trustees held during the course of the Trust’s fiscal year on December 9-10, 2014, March 24-25, 2015, June 22-23, 2015 and September 15-16, 2015. In each case, the Board’s approval (or renewal) was based on its consideration and evaluation of the factors described above, as discussed at the meetings and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

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. 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 were sufficient to support renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or its affiliates.

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indices/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered a report compiled by Lipper, an independent third-party, which was engaged to prepare an assessment of the Funds in connection with the renewal of the Advisory Agreement (the “Lipper Report”). The Lipper Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied by the reasons provided to explain such performance. In connection with the approval or renewal of Sub-Advisory Agreements, the Board considered the performance of the Sub-Adviser relative to appropriate indices/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of each Sub-Adviser was sufficient to support approval or renewal of the Sub-Advisory Agreement.

Fees. 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 the Funds’ respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Lipper Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various fee levels, actual management fees, and actual total expenses (including underlying fund expenses) for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also 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. In determining the appropriateness of fees, the Board also took into consideration the impact of fees incurred indirectly by the Funds as a result of investments into underlying funds, including funds from which SIMC or its affiliates earn fees. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their

SEI Institutional International Trust / Annual Report / September 30, 2015 85

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

relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. 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. The Board also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the approval or renewal of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC’s advisory fee margin and profitability. 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. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and their affiliates and, if so, whether the benefits of such economies of scale 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. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the approval or renewal, as applicable, 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 its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

86 SEI Institutional International Trust / Annual Report / September 30, 2015

Notice to Shareholders (Unaudited)

For shareholders who do not have a September 30, 2015, taxable year end, this notice is for informational purposes only. For shareholders with

a September 30, 2015, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended September 30, 2015, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

	(A) Return of Capital			(B) Long Term Capital Gains Distributions (Tax Basis)			(C) Ordinary Income Distributions (Tax Basis)			(D) Total Distributions (Tax Basis)			(E) Dividends Qualifying for Corporate Dividends  Rec. Deduction (1)
International Equity Fund		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%
Emerging Markets Equity Fund		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%
International Fixed Income Fund		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%
Emerging Markets Debt Fund		0.00	%		1.99	%		98.01	%		100.00	%		0.00	%

	(F) Qualifying Dividend Income (15% Tax Rate for QDI) (2)			(G) U.S. Government Interest (3)			(H) Interest Related Dividends (4)			(I) Short-Term Capital  Gain Dividends (5)
International Equity Fund		100.00	%		0.00	%		0.00	%		0.00	%
Emerging Markets Equity Fund		100.00	%		0.00	%		0.00	%		0.00	%
International Fixed Income Fund		0.00	%		0.00	%		0.00	%		0.00	%
Emerging Markets Debt Fund		0.00	%		0.00	%		0.00	%		100.00	%

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2015, the amount of foreign source income and foreign tax credit are as follows:

Fund	Foreign Source Income		Foreign Tax Credit Pass Through
International Equity	$	30,809,548	$	1,925,730
Emerging Markets Equity		15,095,949		4,441,905

(1) “Dividends Received Deduction” represent dividends which qualify for the corporate dividends received deduction.

(2) “Qualifying Dividend Income” represent qualifying dividends as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. It is the intention of the Fund to designate the max amount permitted by law.

(3) “U.S. Government Interest” represent the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut or New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

(4) The percentage in this column represents the amount of “Interest Related Dividend” is reflected as a percentage of ordinary income distribution. Interest related dividends is exempted from U.S. withholding tax when paid to foreign investors.

(5) The percentage of this column represents the amount of “Short Term Capital Gain Dividend” is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.

Items (A), (B), (C) and (D) are based on the percentage of each fund’s total distribution.

Items (E) and (F) are based on the percentage of “Ordinary Income Distributions.”

Item (G) is based on the percentage of gross income of each Fund.

Item (H) is based on the percentage of net investment income distributions.

Item (I) is based on the percentage of short-term capital gains distributions.

Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.

SEI Institutional International Trust / Annual Report / September 30, 2015 87

SEI INSTITUTIONAL INTERNATIONAL TRUST ANNUAL REPORT SEPTEMBER 30, 2015

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

Arthur Ramanjulu

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

Bridget E. Sudall

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)

1 Freedom Valley Drive, P.O. Box 1100, Oaks, PA 19456

SEI-F-018 (9/15)

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least two audit committee financial experts serving on the audit committee.

(a) (2) The audit committee financial experts are George J. Sullivan, Jr. and Hubert L. Harris, Jr. Messrs. Sullivan and Harris are independent as defined in Form N-CSR Item 3 (a) (2).

Item 4. Principal Accountant Fees and Services.

Fees billed by KPMG LLP (“KPMG”) related to the Registrant.

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2015 and 2014 as follows:

			Fiscal 2015									Fiscal 2014
		All fees and services to the Registrant that were pre- approved			All fees and services to service affiliates that were pre- approved			All other fees and services to service affiliates that did not require pre- approval			All fees and services to the Registrant that were pre- approved			All fees and services to service affiliates that were pre- approved			All other fees and services to service affiliates that did not require pre- approval
(a)	Audit Fees (1)		$	200,500		$	0			N/A		$	200,500		$	0			N/A
(b)	Audit-Related Fees		$	0		$	0		$	0		$	0		$	0		$	0
(c)	Tax Fees		$	0		$	0		$	0		$	0		$	0		$	0
(d)	All Other Fees (2)		$	0		$	240,350		$	0		$	0		$	240,350		$	0

Notes:

(1) Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(2) See Item 4(g) for a description of the services comprising the fees disclosed under this category.

(e)(1) The Registrant’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services: (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules and whether the provision of such services would impair the auditor’s independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	Fiscal 2015			Fiscal 2014
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		0	%
All Other Fees		0	%		0	%

(f) Not Applicable.

(g)(1) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2015 and 2014 were $240,350 and $240,350, respectively. Non-audit fees consist of SSAE No.16 review of fund accounting and administration operations, attestation report in accordance with Rule 17Ad-13, agreed upon procedures report over certain internal controls related to compliance with federal securities laws and regulations.

(h) During the past fiscal year, Registrant’s principal accountant provided certain non-audit services to Registrant’s investment adviser or to entities controlling, controlled by, or under common control with Registrant’s investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of Registrant’s Board of Trustees reviewed and considered these non-audit services provided by Registrant’s principal accountant to Registrant’s affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

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, Emerging Markets Equity Fund, International Fixed Income Fund, and 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, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

Item 11. Controls and Procedures.

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

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

Items 12. Exhibits.

(a)(1) Code of Ethics attached hereto.

(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 exhibits.

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: December 8, 2015

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: December 8, 2015

By:	/s/ Arthur Ramanjulu
	Arthur Ramanjulu
	Controller & CFO

Date: December 8, 2015

EX-99.CODE

SEI LIQUID ASSET TRUST

SEI TAX EXEMPT TRUST

SEI DAILY INCOME TRUST

SEI INSTITUTIONAL MANAGED TRUST

SEI INSTITUTIONAL INTERNATIONAL TRUST

SEI ASSET ALLOCATION TRUST

SEI INSTITUTIONAL INVESTMENTS TRUST

ADVISER MANAGED TRUST

NEW COVENANT FUNDS

SEI INSURANCE PRODUCTS TRUST

FINANCIAL OFFICER CODE OF ETHICS

1. Introduction

The reputation and integrity of SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds and SEI Insurance Products Trust (each a “Trust” and, collectively, the “Trusts”) are valuable assets that are vital to the each Trust’s success. The Trusts’ senior financial officers (“SFOs”) are responsible for conducting the Trusts’ business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts’ SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the “Act”) effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the “Code”) to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

2. Purposes of the Code

The purposes of this Code are:

• To promote honest and ethical conduct by each Trust’s SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• To assist each Trust’s SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

• To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

• To promote compliance with applicable laws, rules and regulations;

• To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

• To establish accountability for adherence to this Code.

3. Questions about this Code

Each Trust’s compliance officer designated to oversee compliance with the Trust’s Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

4. Conduct Guidelines

Each Trust has adopted the following guidelines under which the Trust’s SFOs must perform their official duties and conduct the business affairs of the Trust.

a) Ethical and honest conduct is of paramount importance. Each Trust’s SFOs must act with honesty and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in personal and professional relationships.

b) SFOs must disclose material transactions or relationships. Each Trust’s SFOs must disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material transactions or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, it should be disclosed to the Trust’s Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts’ SFOs have an obligation to report any other actual or apparent conflicts which they discover or of which they otherwise become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is “material,” you should bring the matter to the attention of the Compliance Officer.

c) Standards for quality of information shared with service providers of the Trusts. Each Trust’s SFOs must at all times seek to provide information to the Trust’s service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.

d) Standards for quality of information included in periodic reports. Each Trust’s SFOs must at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust’s periodic reports.

e) Compliance with laws. Each Trust’s SFOs must comply with the federal securities laws and other laws and rules applicable to the Trusts, such as the Internal Revenue Code.

f) Standard of care. Each Trust’s SFOs must at all times act in good faith and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. Each Trust’s SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code.

g) Confidentiality of information. Each Trust’s SFOs must respect and protect the confidentiality of information acquired in the course of their professional duties, except when authorized by the Trust to disclose it or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

h) Sharing of information and educational standards. Each Trust’s SFOs should share information with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust’s needs.

i) Promote ethical conduct. Each Trust’s SFOs should at all times proactively promote ethical behavior among peers in your work environment.

j) Standards for recordkeeping. Each Trust’s SFOs must at all times endeavor to ensure that the Trust’s financial books and records are thoroughly and accurately maintained to the best of their knowledge in a manner consistent with applicable laws and this Code.

5. Waivers of this Code

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust’s financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust’s shareholders to the extent required by SEC rules.

6. Affirmation of the Code

Upon adoption of the Code, each Trust’s SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust’s Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

7. Reporting Violations

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO must immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his discretion, consult with another member of the Trust’s senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

8. Violations of the Code

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

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-CSR of SEI Institutional International Trust;

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

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

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

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

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

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

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the 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: December 8, 2015

/s/ Robert A. Nesher

Robert A. Nesher

President & CEO

CERTIFICATION

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Arthur Ramanjulu, certify that:

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

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

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

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

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

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

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

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the 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: December 8, 2015

/s/ Arthur Ramanjulu

Arthur Ramanjulu

Controller & CFO

EX-99.906CE

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 “Fund”), with respect to the Fund’s Form N-CSR for the fiscal year ended September 30, 2015 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Dated: December 8, 2015

/s/ Robert A. Nesher

Robert A. Nesher

President & CEO

CERTIFICATION

Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the Controller & CFO of SEI Institutional International Trust (the “Fund”), with respect to the Fund’s Form N-CSR for the fiscal year ended September 30, 2015 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Dated: December 8, 2015

/s/ Arthur Ramanjulu

Arthur Ramanjulu

Controller & CFO