UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-05601

SEI Institutional International Trust

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

c/o 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, 2016

Date of reporting period: March 31, 2016

Item 1. Reports to Stockholders.

March 31, 2016

SEMI-ANNUAL REPORT

SEI Institutional International Trust

➤ International Equity Fund

➤ Emerging Markets Equity Fund

➤ International Fixed Income Fund

➤ Emerging Markets Debt Fund

TABLE OF CONTENTS

Schedule of Investments	1
Statements of Assets and Liabilities	50
Statements of Operations	52
Statements of Changes in Net Assets	53
Financial Highlights	56
Notes to Financial Statements	58
Disclosure of Fund Expenses	73
Board of Trustees Considerations in Approving the Advisory Agreement	74
Shareholder Voting Proxy Results	77

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

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

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund

March 31, 2016

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 93.2%
Australia — 2.0%
AGL Energy		35,794	$	507
Amcor		60,510		668
APA Group		158,908		1,077
Aristocrat Leisure		83,396		661
Bank of Queensland		7,178		67
Brambles		305,155		2,845
Caltex Australia		208,151		5,447
Challenger		49,095		317
CIMIC Group		30,920		827
Cochlear		14,229		1,120
Commonwealth Bank of Australia		69,607		4,012
CSL		137,160		10,703
CSR		123,699		314
Downer EDI		102,237		302
Fortescue Metals Group (A)		156,806		307
GPT Group‡		34,529		133
Incitec Pivot		103,520		254
Insurance Australia Group		1,219,170		5,233
Macquarie Group		46,561		2,367
Newcrest Mining*		144,662		1,887
Northern Star Resources		302,396		798
OZ Minerals		85,704		332
Qantas Airways		2,738,801		8,575
Ramsay Health Care		17,170		810
Scentre Group‡		121,840		416
Sirtex Medical		17,662		393
Star Entertainment Grp		154,008		673
Tabcorp Holdings		93,325		307
Tatts Group		10,780		31
Telstra		269,812		1,106
TPG Telecom		44,293		386
Transurban Group		151,827		1,326
Treasury Wine Estates		106,696		791
Vocus Communications (A)		47,191		302
Westfield‡		55,659		428
				55,722
Austria — 0.3%
ANDRITZ		84,234		4,632

Description	Shares		Market Value ($ Thousands)
Erste Group Bank		24,228	$	682
OMV		84,061		2,368
				7,682
Belgium — 1.9%
Ageas		320,727		12,745
AGFA-Gevaert*		70,231		314
Anheuser-Busch InBev		8,867		1,104
Colruyt		50,670		2,956
Delhaize Group		27,532		2,879
Groupe Bruxelles Lambert		87,333		7,216
KBC Groep		314,359		16,240
Ontex Group		269,000		8,833
Proximus		637		22
UCB (A)		2,025		155
				52,464
Brazil — 0.2%
Cia Energetica de Minas Gerais ADR		237,782		537
Embraer		676,500		4,530
JBS		113,100		349
				5,416
Canada — 3.0%
Agrium (A)		87,791		7,751
Alacer Gold*		131,900		240
Alimentation Couche-Tard, Cl B		148,800		6,649
Bank of Montreal		14,300		872
Cameco		526,948		6,766
Canadian Imperial Bank of Commerce		61,100		4,583
Canadian Natural Resources (A)		249,716		6,742
Canadian Pacific Railway		67,055		8,898
Centerra Gold		59,400		277
CGI Group, Cl A*		23,900		1,147
Cogeco Communications		21,600		1,157
Constellation Software		17,800		7,318
Enerflex		21,000		166
Entertainment One		106,941		233
Gildan Activewear		396,000		12,124
Home Capital Group, Cl B (A)		119,900		3,250
Imperial Oil		83,400		2,798
Linamar		21,100		1,019
Lucara Diamond		63,300		135
Magna International, Cl A		97,200		4,195
Royal Bank of Canada		86,800		5,022
Suncor Energy		61,291		1,714
Toronto-Dominion Bank		14,700		637
Yamana Gold		132,200		403
				84,096
China — 1.0%
Alibaba Group Holding ADR*		51,100		4,038
Baidu ADR*		22,000		4,199
Ctrip.com International ADR*		168,500		7,458
NetEase ADR		19,982		2,869

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 1

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund (Continued)

March 31, 2016

Description	Shares		Market Value ($ Thousands)
Tencent Holdings		416,900	$	8,514
				27,078
Denmark — 2.5%
Bavarian Nordic*		9,663		362
Chr Hansen Holding		138,394		9,306
Coloplast, Cl B		101,405		7,696
DSV		10,601		442
H Lundbeck		16,273		538
ISS		368,131		14,803
Jyske Bank		43,682		1,975
Novo Nordisk ADR		182,630		9,897
Novozymes, Cl B		157,252		7,081
Pandora		80,194		10,518
Scandinavian Tobacco Group (B)		282,956		4,553
Vestas Wind Systems		67,634		4,779
William Demant Holding*		377		38
				71,988
Finland — 0.6%
Amer Sports, Cl A		11,770		343
Elisa, Cl A		28,048		1,092
Neste (A)		178,130		5,870
Orion, Cl B		61,183		2,025
Sampo, Cl A (A)		33,151		1,577
Stora Enso, Cl R		432,437		3,876
UPM-Kymmene		168,774		3,062
				17,845
France — 8.0%
Air Liquide		16,700		1,882
Airbus Group		1,856		123
Arkema		47,136		3,544
Atos		29,616		2,416
AXA		6,209		146
BNP Paribas		268,854		13,551
Boiron		1,900		154
Cap Gemini		9,411		886
Carrefour		390,922		10,772
Christian Dior		15,952		2,898
Cie des Alpes		3,261		55
CNP Assurances		19,539		305
Dassault Systemes		9,285		738
Elior Group* (B)		118,600		2,604
Engie		762,129		11,846
Essilor International		11,483		1,420
Eurofins Scientific		9,426		3,462
Eutelsat Communications		3,455		112
Groupe Eurotunnel		14,274		160
Ipsen		30,854		1,774
IPSOS		14,286		334
JC Decaux		3,088		135
Lagardere		14,190		378
Legrand		152,003		8,530

Description	Shares		Market Value ($ Thousands)
L’Oreal (A)		4,919	$	883
LVMH Moet Hennessy Louis Vuitton		37,645		6,456
Nexity		5,617		293
Nokia		1,269,424		7,524
Orange		733,893		12,875
Pernod Ricard		28,450		3,177
Peugeot*		137,668		2,363
Publicis Groupe (A)		158,488		11,145
Renault		6,311		628
Rexel		859,000		12,290
Safran		4,361		305
Sanofi		307,088		24,797
Schneider Electric		241,767		15,302
SCOR		24,509		871
Societe BIC		4,474		674
Sodexo		33,119		3,576
SPIE*		183,020		3,650
Suez Environnement		32,578		598
Technicolor		235,572		1,474
Teleperformance		4,248		374
Thales		105,853		9,288
Total		599,621		27,373
UBISOFT Entertainment*		6,237		196
Valeo		53,126		8,282
Veolia Environnement		55,679		1,343
Vetoquinol		569		24
Vinci		5,635		420
Vivendi		7,626		161
Wendel		1,016		111
				224,678
Germany — 6.5%
Adidas		39,303		4,613
Allianz		53,592		8,730
Bayer		207,450		24,420
Bayerische Motoren Werke		46,040		4,234
Brenntag		62,857		3,596
Continental		32,911		7,501
Daimler		29,707		2,281
Daimler ADR		4,915		383
Deutsche Boerse		105,978		9,056
Deutsche EuroShop		6,956		327
Deutsche Lufthansa		303,231		4,909
Deutsche Telekom		59,184		1,064
Deutsche Wohnen		47,105		1,467
Evonik Industries		93,870		2,820
Fresenius		17,951		1,313
Fresenius Medical Care		10,787		957
GEA Group		39,800		1,950
Gerresheimer		20,399		1,602
Hannover Rueck		47,113		5,498
Hella KGaA Hueck		4,083		174
Henkel		7,502		738

2 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description	Shares		Market Value ($ Thousands)
Hochtief		50,705	$	6,214
Infineon Technologies		10,501		150
Kloeckner		21,459		210
Krones		9,931		1,198
LANXESS		1,132		55
Linde		79,083		11,540
Merck		59,738		4,991
Muenchener Rueckversicherungs		17,178		3,499
Nordex*		56,009		1,539
OSRAM Licht		37,034		1,912
ProSiebenSat.1 Media		72,660		3,741
QIAGEN*		28,155		628
Rheinmetall		3,952		316
SAP		457,330		37,054
SAP ADR (A)		83,500		6,715
Siemens		92,647		9,834
Software		7,695		301
STADA Arzneimittel		7,027		279
Symrise		18,451		1,241
Talanx		11,029		377
Telefonica Deutschland Holding		65,405		355
TUI		156,224		2,442
Vonovia		10,926		394
Zalando* (B)		9,261		304
				182,922
Hong Kong — 2.6%
AIA Group		2,763,093		15,656
Biostime International Holdings (A)		702,500		2,581
BOC Hong Kong Holdings		104,500		312
Chaoda Modern Agriculture*		2,440,000		53
Cheung Kong Infrastructure Holdings (A)		102,000		997
China Merchants Holdings International		1,401,338		4,164
China Mobile		1,268,740		14,141
CLP Holdings		46,500		420
CNOOC		9,362,000		11,056
Digital China Holdings		3,997,000		5,339
Hang Seng Bank		33,700		596
Henderson Land Development		735,400		4,518
HK Electric Investments & HK Electric Investments (A) (B)		399,500		352
HKT Trust		101,000		139
IMAX China Holding* (A) (B)		998,558		6,044
Link REIT‡		17,000		101
MTR		177,000		876
Power Assets Holdings		57,500		588
Samsonite International		1,136,100		3,808
Swire Properties		30,600		83
Techtronic Industries		142,500		563
				72,387
India — 0.3%
HDFC Bank ADR		112,410		6,928
Tata Motors ADR*		19,507		566

Description	Shares		Market Value ($ Thousands)
WNS Holdings ADR*		13,053	$	400
				7,894
Indonesia — 0.0%
Telekomunikasi Indonesia Persero		4,560,300		1,144
Ireland — 0.4%
CRH		26,573		752
Experian		387,393		6,932
Kerry Group, Cl A		1,719		160
Paddy Power Betfair		4,081		570
Ryanair Holdings ADR		32,400		2,781
				11,195
Israel — 1.5%
Bank Hapoalim		168,673		875
Bank Leumi Le-Israel*		92,036		330
Bezeq Israeli Telecommunication		2,608,327		5,880
Check Point Software Technologies* (A)		107,600		9,412
NICE Systems		6,746		442
Teva Pharmaceutical Industries ADR		475,352		25,436
				42,375
Italy — 2.0%
Atlantia		65,871		1,829
Azimut Holding		143,985		3,323
Brembo		94,699		4,905
DiaSorin		7,443		430
Enel		187,377		832
EXOR		85,843		3,081
Ferrari*		7,084		295
Fiat Chrysler Automobiles (A)		203,286		1,645
Finmeccanica*		67,709		860
Intesa Sanpaolo		960,967		2,646
Luxottica Group		26,062		1,440
Mediaset		2,514,553		10,390
Prysmian		26,379		599
Recordati		105,450		2,644
Salini Impregilo		116,063		491
Saras* (A)		692,920		1,114
Telecom Italia RNC		339,588		298
Tenaris (A)		767,650		9,579
Terna Rete Elettrica Nazionale		107,644		615
UniCredit		2,616,000		9,450
				56,466
Japan — 16.3%
Adastria		45,400		1,379
Aeon		31,600		457
AEON Financial Service		11,700		277
Ajinomoto		29,000		655
Alfresa Holdings		27,600		530
Alps Electric		23,600		412
Amada Holdings		34,700		339
Arcland Sakamoto		33,400		354

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 3

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund (Continued)

March 31, 2016

Description	Shares		Market Value ($ Thousands)
Asahi Glass		270,000	$	1,480
ASKUL		132,545		5,401
Bank of Yokohama		15,000		69
Calsonic Kansei		95,000		707
Canon Marketing Japan		90,800		1,588
Casio Computer (A)		16,600		335
Central Japan Railway		33,900		6,004
Chubu Electric Power		18,300		256
Coca-Cola West		12,800		317
Dai Nippon Printing		769,000		6,842
Daicel		3,100		42
Daiichi Sankyo		234,700		5,226
Daikin Industries		45,400		3,398
Daikyo		678,000		1,080
Daito Trust Construction		42,000		5,971
Daiwa House Industry		213,400		6,011
Dentsu		3,200		161
Don Quijote Holdings		97,796		3,402
East Japan Railway		177,700		15,357
Fanuc		30,500		4,745
Fuji Film Holdings		523,571		20,734
Fuji Heavy Industries		134,612		4,761
Fujitsu		269,000		997
Fujitsu General		55,000		850
Furukawa Electric		832,000		1,799
Geo Holdings		20,000		333
Hiroshima Bank		13,000		48
Hisamitsu Pharmaceutical		9,100		407
Hitachi		2,919,000		13,676
Hoshizaki Electric		1,500		125
Hoya		92,436		3,521
Iida Group Holdings		131,100		2,560
Isetan Mitsukoshi Holdings		17,800		208
IT Holdings		46,400		1,100
Itochu		53,800		663
J Front Retailing		26,300		349
Japan Airlines		371,800		13,636
Japan Exchange Group		48,900		750
Japan Tobacco		515,144		21,496
JX Holdings		36,300		140
Kajima		18,000		113
Kaken Pharmaceutical		7,500		454
Kaneka		55,000		472
Kansai Electric Power*		54,000		479
Kansai Paint		264,000		4,247
Kao		93,031		4,969
KDDI		648,400		17,341
Keihan Holdings		81,000		572
Keio		13,000		114
Kenedix		124,400		545
Keyence		22,100		12,071
Kikkoman		23,000		757

Description	Shares		Market Value ($ Thousands)
Koito Manufacturing		214,710	$	9,743
Konami Holdings (A)		63,900		1,893
Kose		4,700		458
Kyowa Hakko Kirin		36,000		575
Kyudenko		47,000		1,120
Kyushu Electric Power		26,400		252
Kyushu Financial Group		55,200		319
Lawson		5,100		427
Mabuchi Motor		186,000		8,672
Maeda Road Construction		36,000		594
Makita		9,000		559
Marui Group (A)		35,200		505
Medipal Holdings		35,300		560
MEIJI Holdings		19,300		1,554
Miraca Holdings		76,500		3,148
Mitsubishi Chemical Holdings		216,200		1,130
Mitsubishi Electric		74,000		777
Mitsubishi Tanabe Pharma		2,900		51
Mitsubishi UFJ Financial Group		46,200		214
Mitsui Chemicals		118,000		394
Mixi		39,800		1,480
Mizuho Financial Group		2,575,400		3,852
Mochida Pharmaceutical		3,300		245
Morinaga Milk Industry		59,000		317
MS&AD Insurance Group Holdings		396,500		11,063
Murata Manufacturing		1,900		229
Nabtesco		49,300		1,108
Nexon		19,800		338
NGK Insulators		9,000		166
Nichi-iko Pharmaceutical		18,800		434
Nidec		15,600		1,069
Nikon (A)		388,100		5,946
Nintendo		4,300		612
Nippo		28,000		472
Nippon Suisan Kaisha		79,200		385
Nippon Telegraph & Telephone		135,400		5,840
Nippon Telegraph & Telephone ADR		275,094		11,895
Nissha Printing		33,500		491
Nisshin Seifun Group		33,600		535
Nitori Holdings		11,800		1,082
Nitto Denko		9,500		529
Nomura Research Institute		15,300		516
NTT Data		54,100		2,720
NTT DOCOMO		257,224		5,842
Obayashi		122,700		1,212
Oenon Holdings		44,000		81
Oji Holdings		113,000		454
Ono Pharmaceutical		9,500		403
Oriental Land		97,941		6,945
Otsuka		5,200		275
Otsuka Holdings		128,400		4,670
Panasonic		517,400		4,758

4 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description	Shares		Market Value ($ Thousands)
Park24		13,500	$	378
Pigeon		120,529		3,150
Rinnai		4,300		380
Rohm		93,800		3,956
Ryohin Keikaku		3,800		805
Saizeriya		28,900		596
Santen Pharmaceutical		303,900		4,578
Secom		1,000		74
Sekisui House		485,400		8,203
Seven & I Holdings		180,200		7,683
Shikoku Electric Power		28,100		377
Shimadzu		40,000		628
Shimamura		1,200		150
Shimano		6,200		973
Shimizu (A)		21,000		178
Shionogi		47,000		2,215
Shiseido		2,900		65
SMC		22,700		5,279
Sohgo Security Services		9,000		488
Sompo Japan Nipponkoa Holdings		200		6
Sony		50,800		1,308
Sony Financial Holdings		4,500		58
Sumitomo Chemical		762,000		3,451
Sumitomo Mitsui Financial Group		650,900		19,760
Sumitomo Mitsui Trust Holdings		2,908,220		8,528
Sundrug		68,900		5,162
Suntory Beverage & Food		11,300		510
Suzuken		12,300		419
Sysmex		91,900		5,756
T&D Holdings		16,200		151
Taisei		27,000		179
Teijin		701,000		2,445
Tochigi Bank		65,000		248
Toho Gas		63,000		448
Tohoku Electric Power		29,100		376
Tokyo Electric Power Holdings*		666,800		3,672
TonenGeneral Sekiyu		10,000		91
Toppan Printing		83,000		697
Toridoll.corp		24,900		503
Tosoh		44,000		185
TOTO (A)		19,700		615
Toyo Seikan Group Holdings		25,900		486
Toyota Boshoku		6,300		103
Toyota Motor		162,800		8,621
Toyota Motor ADR (A)		81,800		8,697
Trend Micro		12,600		462
Tsuruha Holdings		121,552		11,972
Ube Industries		1,875,000		3,320
Unicharm		213,300		4,648
Wacoal Holdings		689,704		8,241
Warabeya Nichiyo		13,300		293
West Japan Railway		48,700		3,011

Description	Shares		Market Value ($ Thousands)
Yamaguchi Financial Group		82,000	$	746
Yamaha		32,500		980
Yamaha Motor		7,200		120
Yamazaki Baking		130,000		2,742
Zenkoku Hosho		13,100		445
				461,602
Jordan — 0.1%
Hikma Pharmaceuticals (A)		51,075		1,454
Luxembourg — 0.1%
APERAM (A)		52,625		2,013
Malaysia — 0.0%
Tenaga Nasional		322,500		1,152
Malta — 0.0%
BGP Holdings*		198,683		—
Mexico — 0.2%
Gruma, Cl B		27,044		432
Mexichem		128,918		318
Rassini		4,583		20
Wal-Mart de Mexico		2,339,350		5,583
				6,353
Netherlands — 6.7%
AerCap Holdings*		79,900		3,097
Akzo Nobel		353,360		24,120
ASML Holding		181,440		18,460
Heineken		9,980		906
Heineken Holding		35,258		2,755
ING Groep		1,345,105		16,294
James Hardie Industries		69,314		952
Koninklijke Ahold		173,959		3,919
Koninklijke DSM		212,307		11,694
Koninklijke KPN		227,753		956
Koninklijke Philips		213,468		6,091
NN Group		18,307		600
NXP Semiconductors*		46,600		3,778
PostNL*		946,783		3,862
Randstad Holding		49,810		2,765
Refresco Gerber* (B)		304,411		5,446
RELX		1,175,710		20,559
Royal Dutch Shell, Cl A (A)		390,019		9,484
Royal Dutch Shell, Cl B		949,444		23,199
Royal Dutch Shell ADR, Cl B		242,785		11,943
Unilever		163,457		7,336
Wolters Kluwer		265,636		10,619
				188,835
New Zealand — 0.0%
Air New Zealand		193,571		385
Fisher & Paykel Healthcare		31,502		214
				599

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 5

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund (Continued)

March 31, 2016

Description	Shares		Market Value ($ Thousands)
Norway — 1.4%
Aker Solutions (A)		803,083	$	2,583
DnB		62,669		741
Gjensidige Forsikring		254,938		4,349
Marine Harvest		385,837		5,948
Norsk Hydro (A)		55,444		228
Norwegian Finans Holding*		434,158		2,572
Orkla		45,299		410
Schibsted, Cl A (A)		4,654		136
Statoil		194,731		3,068
Storebrand, Cl A*		1,586,072		6,200
Telenor		535,615		8,671
Veidekke		345,142		4,694
Yara International (A)		4,093		154
				39,754
Peru — 0.0%
Credicorp		6,961		912
Poland — 0.0%
Emperia Holding		4,811		76
Eurocash		42,099		604
Polski Koncern Naftowy Orlen		13,890		276
				956
Portugal — 0.5%
CTT Correios de Portugal		1,233,000		11,620
Galp Energia, Cl B		45,807		577
Jeronimo Martins		50,432		826
				13,023
Russia — 0.1%
Rosneft GDR		29,727		135
Yandex, Cl A*		262,550		4,022
				4,157
Singapore — 0.8%
City Developments		1,382,900		8,390
ComfortDelgro		334,800		726
DBS Group Holdings		386,100		4,410
Jardine Cycle & Carriage		10,700		318
Oversea-Chinese Banking		929,000		6,099
Singapore Airlines		224,100		1,900
Singapore Exchange		128,100		756
				22,599
South Africa — 0.3%
Gold Fields ADR		29,586		117
Investec (A)		578,598		4,271
Liberty Holdings		47,052		462
Sappi*		124,207		552
Sasol		22,667		680
Shoprite Holdings		257,923		3,045
Sibanye Gold		53,239		205
				9,332

Description	Shares		Market Value ($ Thousands)
South Korea — 2.7%
Cosmax (A)		78,477	$	8,612
Korea Electric Power		9,971		525
KT&G		71,428		6,871
LG Display ADR		215,154		2,459
Lotte Chemical		1,015		303
Samsung Electronics		18,046		20,703
Shinhan Financial Group		334,028		11,830
SK Hynix		7,965		196
SK Innovation		4,098		616
SK Telecom		74,994		13,673
SK Telecom ADR		572,886		11,555
				77,343
Spain — 1.5%
ACS Actividades de Construccion y Servicios		120,998		3,611
Aena* (B)		1,332		172
Almirall		53,837		906
Amadeus IT Holding, Cl A		44,091		1,894
Banco Bilbao Vizcaya Argentaria		381,991		2,543
CaixaBank		2,077,388		6,148
Enagas		11,635		350
Ferrovial		71,623		1,541
Grifols ADR		793,000		12,268
Iberdrola		588,397		3,930
Industria de Diseno Textil		135,870		4,578
International Consolidated Airlines Group		123,502		987
Red Electrica		12,403		1,078
Tecnicas Reunidas (A)		73,733		2,077
Zardoya Otis		27,881		325
				42,408
Sweden — 1.4%
Assa Abloy, Cl B		71,165		1,406
BillerudKorsnas		91,609		1,500
Boliden		4,838		78
Electrolux, Cl B		161,957		4,267
Fingerprint Cards, Cl B* (A)		58,895		3,430
ICA Gruppen		4,278		142
Industrivarden, Cl C		13,663		233
Intrum Justitia		11,105		392
Investor, Cl B		71,270		2,527
L E Lundbergforetagen, Cl B		16,420		899
Loomis, Cl B		4,299		122
Lundin Petroleum*		14,650		249
Mycronic		29,296		265
NCC, Cl B		21,960		801
Nordea Bank		352,758		3,394
Oriflame Holding*		4,687		93
Peab		134,731		1,193
Securitas, Cl B		66,750		1,108
Skandinaviska Enskilda Banken, Cl A		75,487		722
Svenska Cellulosa, Cl B		159,015		4,976

6 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description	Shares		Market Value ($ Thousands)
Swedish Match		13,566	$	461
Swedish Orphan Biovitrum*		56,512		793
Telefonaktiebolaget LM Ericsson ADR		1,139,812		11,432
				40,483
Switzerland — 8.7%
Actelion		32,756		4,915
Aryzta		190,255		7,913
Chocoladefabriken Lindt & Sprungli		170		2,092
Cie Financiere Richemont		160,112		10,625
Clariant		325,139		5,907
Coca-Cola HBC		600,661		12,777
Dufry*		99,350		12,273
Emmi		1,144		628
Galenica (A)		2,865		4,326
Geberit		3,110		1,167
Givaudan		6,024		11,864
Julius Baer Group (A)		102,729		4,430
Lonza Group		48,950		8,316
Nestle		194,951		14,627
Novartis		438,936		31,947
Partners Group Holding		15,224		6,144
Roche Holding (A)		118,798		29,363
Schindler Holding		7,394		1,365
SGS		6,324		13,419
Sika		94		373
Sonova Holding		27,000		3,462
Swatch Group (A)		8,637		3,004
Swiss Life Holding		18,770		5,012
Swiss Re		77,782		7,221
TE Connectivity		65,600		4,062
Tecan Group		3,617		552
UBS Group		1,568,502		25,266
Wolseley (A)		13,737		778
Zurich Insurance Group		46,776		10,907
				244,735
Taiwan — 0.7%
Chunghwa Telecom		200,000		680
Hon Hai Precision Industry		1,927,968		5,080
Taiwan Semiconductor Manufacturing ADR		543,800		14,248
United Microelectronics ADR		257,109		535
				20,543
Turkey — 0.0%
Tupras Turkiye Petrol Rafinerileri		12,134		342
United Kingdom — 15.1%
3i Group		187,495		1,230
Admiral Group		24,282		692
Aon		59,000		6,163
ARM Holdings ADR		157,205		6,868
Associated British Foods (A)		106,122		5,108
AstraZeneca		66,419		3,725
Aviva		2,393,764		15,692

Description	Shares		Market Value ($ Thousands)
BAE Systems		92,366	$	676
Balfour Beatty (A)		1,521,724		5,569
Barclays		7,753,886		16,717
Barratt Developments		156,347		1,260
Berendsen		83,679		1,447
Berkeley Group Holdings		17,882		827
BP		265,106		1,334
BP ADR		103,347		3,119
British American Tobacco		316,948		18,632
British Land‡		154,795		1,559
BT Group, Cl A		69,584		441
Bunzl (A)		281,309		8,179
Capita		13,653		204
Carnival		470,679		25,382
Compass Group		794,000		14,014
DCC		46,740		4,132
Diageo		344,633		9,320
Dialog Semiconductor*		140,718		5,576
Direct Line Insurance Group		216,619		1,153
Dixons Carphone		149,239		914
Domino’s Pizza Group*		419,770		6,082
DS Smith (A)		2,020,000		11,846
Fresnillo (A)		20,895		286
Genus		21,832		480
GlaxoSmithKline		892,613		18,115
Greggs		52,652		823
Hammerson‡		46,360		385
Hargreaves Lansdown (A)		41,481		801
Home Retail Group		334,209		796
Howden Joinery Group		607,400		4,174
HSBC Holdings		2,495,445		15,567
ICAP		25,755		176
Imperial Brands		36,838		2,045
Imperial Brands ADR		6,254		694
Inchcape		57,618		599
Indivior		114,855		269
Inmarsat (A)		70,208		993
International Consolidated Airlines Group		327,536		2,606
ITV		3,502,436		12,142
JD Sports Fashion		13,514		219
John Wood Group		60,945		539
Land Securities Group‡		97,076		1,536
Legal & General Group		1,175,525		3,974
Lloyds Banking Group		18,047,801		17,644
London Stock Exchange Group		50,028		2,028
Marks & Spencer Group (A)		435,716		2,544
Michael Page International		770,836		4,729
Mitie Group (A)		1,341,616		4,956
Mondi		227,149		4,362
National Grid		56,150		797
Next		21,277		1,651
Persimmon		75,671		2,268

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 7

SCHEDULE OF INVESTMENTS (Unaudited)

International Equity Fund (Concluded)

March 31, 2016

Description	Shares		Market Value ($ Thousands)
Petrofac (A)		21,756	$	288
Prudential (A)		308,442		5,768
QinetiQ Group		319,745		1,048
Rank Group		28,837		105
Reckitt Benckiser Group		110,910		10,728
Regus		177,425		808
RELX (A)		491,946		9,150
Rentokil Initial		5,140,298		13,062
Rexam		14,439		132
Rightmove		11,198		678
Royal Bank of Scotland Group*		2,922,911		9,356
SABMiller		61,135		3,740
Sage Group (A)		58,929		533
Schroders (A)		89,942		3,468
Segro‡		116,190		685
Severn Trent		3,950		123
Shire (A)		42,437		2,415
Sky		31,798		468
Spectris		129,756		3,439
SSE (A)		722,156		15,486
St. James’s Place (A)		281,576		3,717
TalkTalk Telecom Group (A)		1,203,585		4,102
Taylor Wimpey		501,571		1,372
Tesco (A)		3,214,798		8,862
Travis Perkins (A)		158,635		4,166
Unilever		3,436		156
United Utilities Group		55,023		730
Vodafone Group		6,772,670		21,532
Whitbread (A)		2,091		119
Worldpay Group* (A) (B)		421,400		1,666
WPP		580,087		13,565
				427,526
United States — 3.8%
Atlassian, Cl A* (A)		30,900		777
Axis Capital Holdings		202,547		11,233
Chubb		85,960		10,242
Cognizant Technology Solutions, Cl A*		193,000		12,101
Core Laboratories (A)		68,505		7,701
Dave & Buster’s Entertainment*		156,476		6,068
Flextronics International*		536,917		6,475
Gilead Sciences		97,182		8,927
ICON* (A)		164,512		12,355
Lazard, Cl A (C)		128,915		5,002
ManpowerGroup		78,102		6,359
Markit* (A)		17,990		636
Nielsen Holdings		113,000		5,951
Perrigo (A)		42,920		5,491
Sensata Technologies Holding*		160,780		6,245

Description	Shares		Market Value ($ Thousands)
Taro Pharmaceutical Industries*		13,490	$	1,932
				107,495
Total Common Stock (Cost $2,644,848) ($ Thousands)				2,634,968
PREFERRED STOCK — 1.2%
Germany — 0.8%
Draegerwerk		2,028		138
Fuchs Petrolub		7,052		315
Henkel		44,135		4,873
Volkswagen		134,449		17,137
				22,463
South Korea — 0.4%
Hyundai Motor		67,632		6,151
Samsung Electronics		5,239		5,071
				11,222
Total Preferred Stock (Cost $41,951) ($ Thousands)				33,685
AFFILIATED PARTNERSHIP — 7.8%
SEI Liquidity Fund, L.P.
0.380%** † (D)		219,396,853		219,397
Total Affiliated Partnership (Cost $219,397) ($ Thousands)				219,397
	Face Amount (Thousands)
U.S. TREASURY OBLIGATION — 0.4%
U.S. Treasury Bills
0.433%, 08/18/16 (E) (F)	$	11,600		11,585
Total U.S. Treasury Obligation (Cost $11,580) ($ Thousands)				11,585
	Shares
CASH EQUIVALENT — 2.4%
SEI Daily Income Trust, Prime Obligation Fund, Cl A
0.300%** †		67,839,725		67,840
Total Cash Equivalent (Cost $67,840) ($ Thousands)				67,840
Total Investments — 105.0% (Cost $2,985,616) ($ Thousands)			$	2,967,475

8 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

A list of the open futures contracts held by the Fund at March 31, 2016, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		859		Jun-2016	$	(509	)
FTSE 100 Index		230		Jun-2016		109
Hang Seng Index		23		Apr-2016		62
SPI 200 Index		73		Jun-2016		(39	)
Topix Index		166		Jun-2016		(45	)
					$	(422	)

For the six months ended March 31, 2016, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for the derivative type during the six months.

Percentages are based on a Net Assets of $2,825,168 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2016.

† Investment in Affiliated Security.

‡ Real Estate Investment Trust.

(A) This security or a partial position of this security is on loan at March 31, 2016. The total market value of securities on loan at March 31, 2016 was $208,594 ($ Thousands).

(B) Security 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.” This security has been determined to be liquid under guidelines established by the Board of Trustees. The total value of such securities as of March 31, 2016, was $21,142 ($ Thousands) and represented 0.75%of net assets.

(C) Security is a Master Limited Partnership. At March 31, 2016, such securities amounted to $5,002 ($ Thousands), or 0.18% of Net Assets.

(D) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of March 31, 2016 was $219,397 ($Thousands).

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

(F) The rate reported is the effective yield at time of purchase.

ADR — American Depositary Receipt

Cl — Class

DJ — Dow Jones

FTSE — Financial Times and the London Stock Exchange

GDR — Global Depositary Receipt

L.P. — Limited Partnership

SPI — Share Price Index

The following is a list of the level of inputs used as of March 31, 2016, 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	$	2,634,968		$	—	$	—	$	2,634,968
Preferred Stock		33,685			—		—		33,685
Affiliated Partnership		—			219,397		—		219,397
U.S. Treasury Obligation		—			11,585		—		11,585
Cash Equivalent		67,840			—		—		67,840
Total Investments in Securities	$	2,736,493		$	230,982	$	—	$	2,967,475
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	171		$	—	$	—	$	171
Unrealized Depreciation		(593	)		—		—		(593	)
Total Other Financial Instruments	$	(422	)	$	—	$	—	$	(422	)

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

For the six months ended March 31, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2016, there were no transfers between Level 2 and Level 3 assets and liabilities.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 9

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Market Equity Fund

March 31, 2016

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 91.9%
Argentina — 0.8%
Arcos Dorados Holdings, Cl A*		320,900	$	1,204
Cresud SACIF y A ADR*		28,537		332
Grupo Financiero Galicia ADR		24,867		704
IRSA Inversiones y Representaciones ADR*		37,925		567
MercadoLibre		38,607		4,550
YPF ADR		291,892		5,219
				12,576
Austria — 0.2%
Erste Group Bank		89,935		2,531
Brazil — 6.1%
Ambev		511,900		2,710
Ambev ADR		1,028,686		5,329
B2W Cia Digital*		779,853		3,136
Banco Bradesco ADR		1,001,079		7,458
Banco do Brasil		636,080		3,503
Banco Santander Brasil ADR (A)		291,215		1,354
BB Seguridade Participacoes		942,594		7,873
BM&FBovespa		216,400		934
Braskem ADR (A)		127,710		1,649
BRF		42,000		609
BRF ADR		129,774		1,845
CCR		550,463		2,178
CETIP - Mercados Organizados		53,900		610
Cielo		242,980		2,393
Cosan Industria e Comercio		290,000		2,568
Cyrela Brazil Realty Empreendimentos e Participacoes		406,800		1,190
EDP - Energias do Brasil		115,900		408
Embraer		22,600		151
Embraer ADR (A)		81,000		2,135
Estacio Participacoes		597,661		1,980
FPC Par Corretora de Seguros		420,600		1,448
Gerdau ADR		1,411,941		2,513

Description	Shares		Market Value ($ Thousands)
Hypermarcas*		548,960	$	4,340
JBS		237,800		734
Klabin		168,600		926
Lojas Renner		572,800		3,372
Mahle-Metal Leve		41,600		278
MRV Engenharia e Participacoes		731,600		2,452
Multiplus		38,400		355
Petroleo Brasileiro ADR*		1,676,481		9,791
Raia Drogasil		66,900		985
Santos Brasil Participacoes		16,740		62
Telefonica Brasil ADR (A)		426,592		5,328
Tim Participacoes ADR		377,700		4,177
Ultrapar Participacoes		57,800		1,135
Vale ADR, Cl B (A)		172,345		726
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao		209,900		1,759
WEG		80,700		317
				90,711
Canada — 0.7%
First Quantum Minerals		899,258		4,756
Pan American Silver		155,497		1,690
Parex Resources*		207,583		1,757
SEMAFO*		540,502		1,935
				10,138
Chile — 0.8%
Banco de Chile		12,425,327		1,338
Banco de Credito e Inversiones		3,356		136
Banco Santander Chile		23,472,732		1,143
Cia Cervecerias Unidas ADR		67,791		1,522
Embotelladora Andina ADR, Cl B		8,038		153
Empresas CMPC		633,210		1,480
Empresas COPEC		56,333		540
Enersis Americas ADR		104,325		1,450
SACI Falabella		483,870		3,385
Sociedad Quimica y Minera de Chile ADR (A)		78,900		1,621
				12,768
China — 17.4%
58.com ADR*		9,145		509
AAC Technologies Holdings (A)		245,180		1,874
Agricultural Bank of China		13,910,932		5,004
Alibaba Group Holding ADR* (A)		194,206		15,348
Angang Steel (A)		5,480,000		2,543
Anhui Conch Cement		1,793,000		4,808
ANTA Sports Products		1,220,000		2,686
Baidu ADR*		129,512		24,721
Bank of China		16,837,105		6,990
Beijing Capital International Airport		1,344,000		1,435
Changyou.com ADR*		139,600		2,622
China Communications Services		2,566,000		1,171
China Construction Bank		23,871,993		15,234

10 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description	Shares		Market Value ($ Thousands)
China Lesso Group Holdings (A)		391,000	$	210
China Life Insurance		1,181,000		2,914
China Merchants Bank		470,576		989
China Petroleum & Chemical		12,311,839		8,079
China Resources Beer Holdings		610,000		1,136
China Shenhua Energy		859,500		1,352
China Telecom		3,634,000		1,921
China Vanke		2,047,524		5,021
Chongqing Rural Commercial Bank		2,726,612		1,441
CITIC Securities		1,814,900		4,254
Cogobuy Group* (A) (B)		632,000		862
Country Garden Holdings		5,355,000		2,126
Ctrip.com International ADR*		109,200		4,833
Datang International Power Generation		4,282,000		1,319
Dongfeng Motor Group		1,504,000		1,877
Evergrande Real Estate Group (A)		3,249,000		2,509
Guangzhou R&F Properties		2,652,800		3,803
Huaneng Power International		4,100,000		3,668
Industrial & Commercial Bank of China		35,290,768		19,746
JD.com ADR* (A)		74,616		1,977
Jiangsu Expressway		2,722,000		3,664
Jiangxi Copper		1,438,000		1,726
KWG Property Holding		2,295,370		1,509
NetEase ADR		6,894		990
New Oriental Education & Technology Group ADR (A)		75,529		2,613
Peak Sport Products (A)		500,000		123
PetroChina		250,000		166
PetroChina ADR		65,794		4,362
PICC Property & Casualty		2,933,800		5,379
Ping An Insurance Group of China		1,959,500		9,372
Qunar Cayman Islands ADR* (A)		30,200		1,199
Shanghai Electric Group		180,000		82
SINA*		161,300		7,641
Sinopec Engineering Group		1,507,000		1,220
Sinopharm Group		320,000		1,446
Sinotrans		1,528,000		668
Sohu.com*		217,009		10,751
Tencent Holdings		1,525,535		31,154
Tingyi Cayman Islands Holding (A)		1,546,000		1,728
TravelSky Technology		1,428,000		2,338
Tsingtao Brewery		306,000		1,162
Uni-President China Holdings (A)		4,622,400		3,689
Vipshop Holdings ADR*		256,466		3,303
Want Want China Holdings (A)		1,484,000		1,100
Weibo ADR*		56,600		1,016
Zhejiang Expressway		1,522,000		1,633
Zhuzhou CRRC Times Electric		581,775		3,398
ZTE		374,574		684
				259,098
Colombia — 0.4%
Bancolombia ADR, Cl R (A)		79,713		2,725

Description	Shares		Market Value ($ Thousands)
Cementos Argos		135,984	$	526
Cemex Latam Holdings*		352,135		1,513
Interconexion Electrica ESP		204,992		590
				5,354
Czech Republic — 0.5%
CEZ (A)		112,144		1,981
Komercni Banka		22,123		4,893
				6,874
Egypt — 0.1%
Commercial International Bank Egypt GDR		168,485		598
Global Telecom Holding SAE GDR*		464,061		754
				1,352
Greece — 0.4%
Eurobank Ergasias*		2,563,569		2,276
FF Group		56,297		1,108
National Bank of Greece*		8,035,052		2,289
				5,673
Hong Kong — 8.3%
AIA Group		562,300		3,186
Beijing Enterprises Holdings		608,700		3,331
Brilliance China Automotive Holdings		4,785,708		4,954
Chaoda Modern Agriculture*		2,056,181		45
China Conch Venture Holdings (A)		700,500		1,382
China Everbright		908,000		1,906
China Everbright Bank		2,418,000		1,175
China Everbright International		4,666,100		5,210
China High Precision Automation Group (C)		1,385,624		–
China Medical System Holdings		4,654,200		6,456
China Mengniu Dairy		2,777,930		4,419
China Minsheng Banking		991,000		925
China Mobile		1,938,541		21,606
China Mobile ADR		118,140		6,551
China Power International Development		2,861,000		1,483
China Resources Power Holdings		630,000		1,178
China State Construction International Holdings		5,249,984		7,824
China Taiping Insurance Holdings*		1,048,582		2,304
CNOOC		7,632,007		9,013
Fuyao Glass Industry Group* (A) (B)		748,667		1,811
Galaxy Entertainment Group		1,396,000		5,237
Geely Automobile Holdings		8,381,700		4,150
GOME Electrical Appliances Holding		3,306,042		477
Haier Electronics Group		2,264,000		3,946
Hengan International Group		87,000		755
Hua Hong Semiconductor* (B)		1,467,300		1,466
Lee & Man Paper Manufacturing		3,187,960		2,182
Lenovo Group		2,320,000		1,807
Melco Crown Entertainment ADR (A)		80,600		1,331
PAX Global Technology (A)		1,151,999		1,153
Shanghai Fosun Pharmaceutical Group		349,500		964
Shanghai Industrial Holdings		640,000		1,508

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 11

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Market Equity Fund (Continued)

March 31, 2016

Description	Shares		Market Value ($ Thousands)
Shimao Property Holdings		677,500	$	1,003
Sino Biopharmaceutical		337,000		253
Skyworth Digital Holdings		2,290,000		1,417
SMI Holdings Group (A)		8,716,000		843
Sunny Optical Technology Group (A)		2,515,707		7,070
Techtronic Industries		427,000		1,687
Tianneng Power International		384,000		343
Xinyi Solar Holdings		4,056,000		1,443
				123,794
Hungary — 0.5%
MOL Hungarian Oil & Gas		21,474		1,292
OTP Bank		92,410		2,322
Richter Gedeon Nyrt		193,242		3,854
				7,468
India — 7.9%
Adani Ports & Special Economic Zone		332,458		1,244
Aurobindo Pharma		430,307		4,840
Axis Bank		541,249		3,630
Bajaj Auto		35,805		1,301
Bharat Petroleum		139,711		1,908
Cairn India		1,296,817		3,013
Ceat		102,837		1,688
Coal India		566,225		2,496
Cummins India		345,073		4,387
Dabur India		1,010,452		3,813
Dewan Housing Finance		753,200		2,233
Glenmark Pharmaceuticals		439,989		5,282
HDFC Bank ADR (A)		109,145		6,727
Hindustan Petroleum		131,101		1,560
Hindustan Unilever		230,242		3,023
Hindustan Zinc		144,735		401
Housing Development Finance		58,601		978
ICICI Bank ADR (A)		733,520		5,252
IFCI		737,425		275
Indian Oil		165,268		982
IndusInd Bank		236,500		3,456
Infosys		420,140		7,729
Infosys ADR (A)		71,522		1,360
InterGlobe Aviation* (B)		175,512		2,314
ITC		77,918		386
Maruti Udyog		38,800		2,177
NHPC		423,760		155
NTPC		672,959		1,309
Oil & Natural Gas		575,192		1,860
Power Finance		278,814		721
Power Grid Corp of India		1,526,119		3,206
Prestige Estates Projects		687,615		1,794
Reliance Capital		226,221		1,258
Reliance Industries		194,441		3,069
Reliance Industries GDR (B)		422,008		12,935
Rural Electrification		579,514		1,454
SH Kelkar (B)		412,379		1,415

Description	Shares		Market Value ($ Thousands)
Shriram Transport Finance		146,118	$	2,103
SKS Microfinance*		272,257		2,244
Sun TV Network		217,635		1,241
Syndicate Bank		396,022		405
Tata Chemicals		191,289		1,080
Tata Consultancy Services		96,031		3,655
Tata Motors ADR* (A)		38,625		1,122
Wipro		159,872		1,362
Wipro ADR (A)		133,045		1,674
WNS Holdings ADR*		11,629		356
Zee Entertainment Enterprises		265,651		1,552
				118,425
Indonesia — 2.2%
AKR Corporindo		3,945,400		2,068
Astra International		2,491,100		1,362
Bank Pembangunan Daerah Jawa Barat Dan Banten		4,107,500		299
Bank Rakyat Indonesia Persero		6,158,895		5,307
Bumi Serpong Damai		5,930,100		821
Gudang Garam		564,800		2,781
Indofood CBP Sukses Makmur		325,600		373
Kalbe Farma		12,688,500		1,383
Link Net*		4,212,400		1,304
Matahari Department Store		1,396,500		1,932
Pakuwon Jati		10,800,000		394
Semen Indonesia Persero		2,804,900		2,152
Sumber Alfaria Trijaya		42,526,700		1,908
Tambang Batubara Bukit Asam		1,571,300		743
Telekomunikasi Indonesia Persero		27,850,680		6,984
United Tractors		1,944,500		2,244
Waskita Karya Persero		1,293,900		196
				32,251
Jordan — 0.2%
Hikma Pharmaceuticals (A)		87,120		2,479
Malaysia — 0.6%
AirAsia		2,454,700		1,151
AMMB Holdings		867,400		1,023
Astro Malaysia Holdings		2,051,400		1,572
Berjaya Sports Toto		549,000		445
British American Tobacco Malaysia		53,251		738
Inari Amertron		1,391,975		1,149
Petronas Chemicals Group		480,500		826
Sunway		274,900		221
Top Glove		407,200		524
UEM Sunrise		2,661,895		778
				8,427
Mexico — 4.7%
Alsea		271,200		1,026
America Movil, Ser L		3,039,174		2,383
America Movil ADR, Ser L (A)		164,675		2,557
Arca Continental		399,800		2,798

12 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description	Shares		Market Value ($ Thousands)
Cemex ADR*		928,082	$	6,756
Coca-Cola Femsa ADR (A)		11,555		960
Controladora Comercial Mexicana		214,300		404
El Puerto de Liverpool		52,200		622
Fomento Economico Mexicano		164,300		1,596
Fomento Economico Mexicano ADR (A)		50,528		4,866
Gentera (A)		430,200		856
Gruma, Cl B		70,532		1,128
Grupo Aeroportuario del Pacifico, Cl B		94,000		843
Grupo Financiero Banorte, Cl O		2,632,755		15,041
Grupo Financiero Santander Mexico ADR (A)		274,478		2,479
Grupo GICSA*		2,162,500		1,736
Grupo Mexico, Ser B		1,155,400		2,810
Grupo Televisa ADR		219,192		6,019
Industrias Bachoco ADR		4,165		214
Infraestructura Energetica Nova		520,400		2,132
Inmobiliaria Vesta		1,887,600		2,852
Kimberly-Clark de Mexico, Cl A		106,100		258
La Comer*		214,300		229
Megacable Holdings		68,800		288
Nemak (B)		1,474,217		2,137
Telesites*		52,919		30
Unifin Financiera		725,700		2,050
Wal-Mart de Mexico		1,839,736		4,391
				69,461
Pakistan — 0.1%
United Bank		1,400,500		2,022
Peru — 0.8%
Cia de Minas Buenaventura ADR*		39,946		294
Credicorp		88,273		11,565
				11,859
Philippines — 1.1%
Ayala		205,710		3,351
BDO Unibank		1,271,153		2,824
Cebu Air		201,950		393
International Container Terminal Services		1,369,654		2,014
Philippine Long Distance Telephone		29,470		1,267
SM Investments		81,320		1,677
SM Prime Holdings		2,357,400		1,124
Universal Robina		739,180		3,480
Vista Land & Lifescapes		2,371,200		240
				16,370
Poland — 0.6%
Asseco Poland		32,702		532
Eurocash		206,841		2,965
KGHM Polska Miedz		103,720		2,121
PGE Polska Grupa Energetyczna		310,307		1,165
Polish Oil & Gas		457,542		654
Powszechna Kasa Oszczednosci Bank Polski		100,784		753

Description	Shares		Market Value ($ Thousands)
Tauron Polska Energia		857,976	$	694
				8,884
Portugal — 0.1%
Jeronimo Martins		131,375		2,153
Qatar — 0.1%
Barwa Real Estate		161,740		1,608
United Development		64,728		350
				1,958
Romania — 0.1%
Banca Transilvania*		2,013,765		1,381
Russia — 4.8%
Etalon Group GDR		56,800		104
Gazprom ADR		1,441,448		6,214
Lukoil ADR		213,009		8,223
Magnit GDR (A)		161,218		6,441
MegaFon GDR		91,234		1,004
Mobile TeleSystems ADR		209,266		1,693
NovaTek GDR (A)		28,390		2,551
Novolipetsk Steel GDR		139,617		1,745
QIWI ADR		89,800		1,301
Rosneft GDR		811,305		3,685
Sberbank of Russia ADR (A)		2,704,191		18,770
Severstal GDR		140,054		1,482
Sistema GDR		55,343		358
Surgutneftegas ADR		224,162		1,311
Tatneft PAO ADR (A)		79,422		2,538
TMK GDR		191,166		579
X5 Retail Group GDR*		360,534		7,643
Yandex, Cl A*		368,980		5,653
				71,295
Singapore — 0.1%
Asian Pay Television Trust		3,829,900		1,593
South Africa — 4.6%
Alexander Forbes Group Holdings (A)		4,512,654		2,056
AngloGold Ashanti ADR*		58,100		795
Aspen Pharmacare Holdings		116,918		2,545
AVI		96,691		571
Barclays Africa Group		157,710		1,604
Barloworld		73,229		376
Bidvest Group		292,440		7,416
Clicks Group		55,416		366
DataTec		74,779		234
FirstRand (A)		1,879,122		6,180
Foschini Group		52,192		502
Gold Fields		401,567		1,596
Impala Platinum Holdings* (A)		318,428		1,018
Imperial Holdings		103,074		1,054
Investec (A)		443,501		3,293
Liberty Holdings		163,137		1,604
Life Healthcare Group Holdings		1,232,121		2,989

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 13

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Market Equity Fund (Continued)

March 31, 2016

Description	Shares		Market Value ($ Thousands)
MMI Holdings		882,813	$	1,495
Mondi		162,848		3,144
Mr Price Group		161,100		1,943
MTN Group		193,635		1,780
Murray & Roberts Holdings (A)		336,265		288
Naspers, Cl N		51,256		7,182
Netcare		362,344		889
Old Mutual		160,230		446
Peregrine Holdings		27,213		50
Petra Diamonds (A)		760,904		1,151
Redefine Properties‡		150,926		123
RMB Holdings (A)		409,060		1,704
Sappi*		180,100		800
Sasol		157,281		4,722
SPAR Group		127,970		1,731
Standard Bank Group (A)		425,883		3,836
Telkom		107,522		421
Tongaat Hulett		19,087		136
Truworths International		146,868		981
Tsogo Sun Holdings		566,231		910
Vodacom Group		112,224		1,225
Vukile Property Fund ‡		36,998		43
Wilson Bayly Holmes-Ovcon		19,986		162
				69,361
South Korea — 12.6%
Amorepacific		1,155		390
BGF retail		28,282		4,056
CJ CGV		20,201		1,744
Coway		118,075		9,964
DGB Financial Group		48,626		378
Dongbu Insurance		75,635		5,020
GS Retail		41,886		1,727
Hanil Cement		1,745		142
Hankook Tire		45,871		2,182
Hanon Systems		135,511		1,090
Hansae		53,137		2,635
Hansol Technics*		47,286		833
Hanwha Life Insurance		79,270		464
Hanwha Techwin		48,499		1,711
Hite Jinro		28,341		716
Hyosung		19,527		2,459
Hyundai Development		130,223		5,232
Hyundai Marine & Fire Insurance		105,799		3,071
Hyundai Motor		43,475		5,797
Kangwon Land		111,052		3,972
KB Financial Group ADR (A)		64,497		1,779
KCC		8,106		2,949
Kia Motors		99,149		4,188
Korea Aerospace Industries		43,842		2,500
KT Skylife		11,707		170
KT&G		54,475		5,240
LG		63,883		3,827

Description	Shares		Market Value ($ Thousands)
LG Chem		19,231	$	5,507
LG Household & Health Care		222		183
LG Uplus		256,205		2,476
Lotte Chemical		11,410		3,407
Lotte Chilsung Beverage		1,807		2,874
Lotte Confectionery		1,710		3,840
Mando		11,588		1,586
NAVER		16,314		9,087
NCSoft		27,537		6,104
Orion		621		496
POSCO		11,005		2,112
Posco Daewoo		92,724		1,751
S-1, Cl 1		13,519		1,045
Samlip General Foods		4,181		782
Samsung Electronics		39,889		45,763
Samsung Life Insurance		33,685		3,461
Seah Besteel		12,579		303
SFA Engineering		61,913		3,286
Shinhan Financial Group		53,845		1,907
SK Hynix		142,685		3,512
SK Telecom		7,663		1,397
SK Telecom ADR		366,420		7,391
Tongyang Life Insurance		57,460		593
Vieworks		45,697		1,982
Woori Bank		171,561		1,419
Yuhan		8,231		2,019
				188,519
Taiwan — 10.1%
Accton Technology		212,100		232
Advanced Ceramic X*		29,700		167
Advanced Semiconductor Engineering		5,010,000		5,830
Asustek Computer		462,000		4,149
Catcher Technology		158,000		1,296
Cathay Financial Holding		2,112,987		2,531
Chailease Holding		319,404		557
Cheng Shin Rubber Industry		475,000		955
Chicony Electronics		229,065		589
China Steel Chemical		328,300		1,158
Compal Electronics		3,278,000		2,057
CTBC Financial Holding		2,138,088		1,129
CTCI		205,000		269
Delta Electronics		67,200		297
Eclat Textile		233,006		3,066
Elite Advanced Laser		300,400		1,680
eMemory Technology		248,800		2,876
Farglory Land Development		297,043		342
Foxconn Technology		1,223,000		2,744
Fubon Financial Holding		2,579,000		3,285
Gigasolar Materials		50,000		865
Hermes Microvision		105,200		3,007
Highwealth Construction		1,731,100		2,528
Hiwin Technologies		185,630		822

14 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description	Shares		Market Value ($ Thousands)
Hon Hai Precision Industry		4,302,367	$	11,336
Hota Industrial Manufacturing		1,171,884		5,098
Hu Lane Associate		436,600		2,082
Kenda Rubber Industrial		224,702		358
Kingpak Technology*		71,600		885
King’s Town Bank		557,000		383
Largan Precision		29,000		2,248
Lite-On Technology		1,301,296		1,589
MediaTek		923,100		7,084
Mega Financial Holding		786,000		559
Merida Industry		209,000		925
Nan Ya Plastics		809,000		1,699
Pegatron		1,773,000		4,137
Pou Chen		1,221,000		1,556
Powertech Technology		1,238,000		2,808
Radiant Opto-Electronics		1,300,050		2,521
Realtek Semiconductor		380,173		1,045
Sercomm		635,411		1,617
Silicon Motion Technology ADR		74,300		2,884
Simplo Technology		473,000		1,698
Taiwan Semiconductor Manufacturing		6,868,490		34,573
Taiwan Semiconductor Manufacturing ADR (A)		387,910		10,163
Teco Electric and Machinery		951,000		776
Tung Thih Electronic		191,000		3,145
Uni-President Enterprises		114,000		200
United Microelectronics		3,058,000		1,264
Vanguard International Semiconductor		683,000		1,068
WPG Holdings		1,671,000		1,781
Yeong Guan Energy Technology Group		53,000		376
Yuanta Financial Holding		5,018,677		1,793
				150,082
Thailand — 1.5%
AP Thailand NVDR		2,502,800		434
Bangkok Bank Foreign		484,100		2,504
Bangkok Dusit Medical Services		2,282,000		1,518
Bangkok Dusit Medical Services, Cl F (A)		964,400		641
Bangkok Expressway & Metro*		5,283,100		833
Banpu (A)		970,500		461
Central Pattana		1,245,800		1,824
CP ALL		1,214,000		1,579
CP Seven Eleven PCL (A)		48,300		63
Delta Electronics Thailand NVDR (A)		388,300		960
Hana Microelectronics		292,900		298
Kasikornbank NVDR		310,591		1,527
Krung Thai Bank NVDR (A)		1,633,900		868
Minor International NVDR		942,100		991
PTT		251,350		2,000
PTT Global Chemical		1,148,900		1,976
PTT Global Chemical NVDR (A)		358,200		616
Ratchaburi Electricity Generating Holding NVDR (A)		211,200		305

Description	Shares		Market Value ($ Thousands)
Sino-Thai Engineering & Construction		2,503,000	$	1,615
Thanachart Capital NVDR (A)		789,200		847
Tisco Financial Group		276,600		358
				22,218
Turkey — 2.5%
Akbank		1,491,267		4,248
Anadolu Efes Biracilik Ve Malt Sanayii (A)		204,070		1,554
Arcelik		97,698		665
Aselsan Elektronik Sanayi Ve Ticaret (A)		329,570		2,142
Brisa Bridgestone Sabanci Sanayi ve Ticaret (A)		31,208		86
Coca-Cola Icecek		113,031		1,649
Emlak Konut Gayrimenkul Yatirim Ortakligi‡ (A)		3,180,530		3,242
Eregli Demir ve Celik Fabrikalari		1,104,418		1,663
Ford Otomotiv Sanayi		35,336		466
KOC Holding		336,154		1,708
Koza Altin Isletmeleri		23,343		150
TAV Havalimanlari Holding		189,282		1,130
Tofas Turk Otomobil Fabrikasi (A)		336,562		2,732
Tupras Turkiye Petrol Rafinerileri		44,743		1,261
Turk Hava Yollari* (A)		491,498		1,360
Turkcell Iletisim Hizmetleri ADR		120,935		1,271
Turkiye Garanti Bankasi		1,876,503		5,491
Turkiye Halk Bankasi (A)		234,951		874
Turkiye Is Bankasi, Cl C		867,368		1,435
Turkiye Vakiflar Bankasi Tao, Cl D		168,945		283
Ulker Biskuvi Sanayi (A)		478,614		3,553
				36,963
United Arab Emirates — 0.5%
Abu Dhabi Commercial Bank		560,791		1,023
Air Arabia		2,133,787		715
Emaar Properties		3,085,681		5,057
Union National Bank		145,237		146
				6,941
United Kingdom — 0.3%
SABMiller		78,020		4,756
Tullow Oil (A)		124,393		352
				5,108
United States — 0.2%
Freeport-McMoRan (A)		176,890		1,829
PriceSmart		13,465		1,139
				2,968
Total Common Stock (Cost $1,485,910) ($ Thousands)				1,369,055
	Number of Participation Notes
PARTICIPATION NOTES — 2.1%
China — 0.5%
China Vanke, Expires 06/29/2020*		574		2,170

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 15

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Market Equity Fund (Concluded)

March 31, 2016

Description	Number of Participation Notes		Market Value ($ Thousands)
Huangshan Tourism Development, Expires 11/06/2020*		261	$	967
Inner Mongolia, Expires 12/12/2016*		636		1,432
Poly Real Estate Group, Expires 02/21/2021*		2,239		2,938
				7,507
India — 1.3%
Axis Bank, Expires 06/13/2018*		848		5,680
IRB Infrastructure Developers, Expires 06/25/2020*		1,018		3,574
Tata Motors, Expires 06/25/2020*		879		5,126
UPL, Expires 03/18/2019*		280		2,019
Zee Entertainment Enterprises, Expires 09/03/2019*		377		2,203
				18,602
Saudi Arabia — 0.2%
Al Tayyar, Expires 03/05/2018*		44		403
Al Tayyar Travel Group, Expires 03/05/2018*		74		692
Fawaz Abdulaziz Al Hokair, Expires 03/02/2017*		105		1,164
				2,259
Switzerland — 0.1%
CITIC Securities, Expires 10/22/2019*		725		1,998
Vietnam — 0.0%
Hoa Phat Group, Expires 07/24/2018*		547		717
Total Participation Notes (Cost $34,759) ($ Thousands)				31,083
	Shares
PREFERRED STOCK — 1.5%
Brazil — 1.2%
Banco Bradesco		310,200		2,360
Braskem		101,100		663
Cia Brasileira de Distribuicao		58,600		826
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR (A)		125,000		1,739
Cia Energetica de Sao Paulo, Cl B		103,700		463
Cia Paranaense de Energia		105,300		845
Itau Unibanco Holding		600,006		5,267
Itau Unibanco Holding ADR (A)		553,004		4,750
Itausa - Investimentos Itau		309,177		707
Petroleo Brasileiro ADR, Cl A*		244,300		1,107
				18,727
Chile — 0.1%
Sociedad Quimica y Minera de Chile, Cl B		45,839		946
Colombia — 0.0%
Bancolombia		66,398		568

Description		Shares		Market Value ($ Thousands)
South Korea — 0.2%
Samsung Electronics			2,503	$	2,423
Total Preferred Stock (Cost $31,127) ($ Thousands)					22,664
EXCHANGE TRADED FUND — 1.4%
United States — 1.4%
iShares MSCI Emerging Markets ETF (A)			599,968		20,549
Total Exchange Traded Fund (Cost $20,830) ($ Thousands)					20,549
		Number of Rights
RIGHTS — 0.0%
Chile — 0.0%
Banco de Credito e Inversiones, Expires 04/19/2016*			—		1
Taiwan — 0.0%
Fubon Financial Holding, Expires 04/13/2016*			113		—
Total Rights (Cost $—) ($ Thousands)					1
		Face Amount (Thousands)
DEBENTURE BOND — 0.0%
Brazil — 0.0%
Vale, Ser 1997
0.000%, 09/30/49 (D)	BRL		8		—
Total Debenture Bond (Cost $—) ($ Thousands)					—
		Shares
AFFILIATED PARTNERSHIP — 9.4%
SEI Liquidity Fund, L.P.
0.380%** † (E)			139,597,514		139,598
Total Affiliated Partnership (Cost $139,598) ($ Thousands)					139,598

16 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 0.5%
SEI Daily Income Trust, Prime Obligation Fund, Cl A
0.300%**†		7,392,992	$	7,393
Total Cash Equivalent (Cost $7,393) ($ Thousands)				7,393
Total Investments — 106.8% (Cost $1,719,617) ($ Thousands)			$	1,590,343

Percentages are based on a Net Assets of $1,489,166 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2016.

† Investment in Affiliated Security.

‡ Real Estate Investment Trust.

(A) This security or a partial position of this security is on loan at March 31, 2016. The total market value of securities on loan at March 31, 2016 was $134,753 ($ Thousands).

(B) Security 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.” This security has been determined to be liquid under guidelines established by the Board of Trustees. The total value of such securities as of March 31, 2016, was $22,940 ($ Thousands) and represented 1.54% of net assets.

(C) Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of March 31, 2016 was $0 ($ Thousands) and represented 0.0% of Net Assets.

(D) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2016.

(E) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of March 31, 2016 was $139,598 ($Thousands).

ADR — American Depositary Receipt

BRL — Brazilian Real

Cl — Class

ETF — Exchange Traded Fund

GDR — Global Depositary Receipt

L.P. — Limited Partnership

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

Ser — Series

The following is a list of the level of inputs used as of March 31, 2016, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,369,055	$	—	$	—	$	1,369,055
Participation Notes		—		31,083		—		31,083
Preferred Stock		22,664		—		—		22,664
Exchange Traded Fund		20,549		—		—		20,549
Rights		1		—		—		1
Affiliated Partnership		—		139,598		—		139,598
Cash Equivalent		7,393		—		—		7,393
Total Investments in Securities	$	1,419,662	$	170,681	$	—	$	1,590,343

For the six months ended March 31, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2016, there were no transfers between Level 2 and Level 3 assets and liabilities.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 17

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund

March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS — 94.5%
Australia — 4.1%
Aurizon Network MTN
2.000%, 09/18/24	EUR		300	$	325
Australia & New Zealand Banking Group MTN
3.625%, 07/18/22			300		410
Commonwealth Bank of Australia MTN
1.375%, 01/22/19			560		662
Government of Australia
4.500%, 04/15/20	AUD		270		228
4.500%, 04/21/33			285		266
3.750%, 04/21/37			845		716
3.250%, 04/21/25			3,440		2,819
2.750%, 04/21/24			1,785		1,410
Government of Australia, Ser 122
5.250%, 03/15/19			2,000		1,685
Government of Australia, Ser 124
5.750%, 05/15/21			11,870		10,741
National Australia Bank MTN
2.625%, 01/13/17	EUR		370		431
Queensland Treasury, Ser 17
6.000%, 09/14/17	AUD		780		634
Westpac Banking MTN
1.500%, 03/24/21	EUR		220		266
1.375%, 04/17/20			230		275
					20,868
Austria — 0.3%
Republic of Austria
4.150%, 03/15/37 (A)			115		207
3.650%, 04/20/22 (A)			290		406
3.150%, 06/20/44 (A)			150		251
1.950%, 06/18/19 (A)			280		343
1.650%, 10/21/24 (A)			225		288
					1,495

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Belgium — 1.3%
Anheuser-Busch InBev MTN
2.750%, 03/17/36	EUR		600	$	727
2.000%, 03/17/28			600		711
1.500%, 03/17/25			700		818
Kingdom of Belgium
3.750%, 06/22/45			338		604
3.000%, 06/22/34 (A)			350		526
1.000%, 06/22/31 (A)			710		813
0.800%, 06/22/25 (A)			715		846
Kingdom of Belgium, Ser 44
5.000%, 03/28/35 (A)			150		286
Kingdom of Belgium, Ser 58
3.750%, 09/28/20 (A)			496		668
Kingdom of Belgium, Ser 69
1.250%, 06/22/18			545		644
					6,643
Brazil — 0.6%
Brazil Notas do Tesouro Nacional
10.000%, 01/01/17	BRL		6,260		1,722
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/27			6,232		1,409
Embraer Overseas
5.696%, 09/16/23	$		40		38
					3,169
Canada — 4.5%
Bank of Nova Scotia MTN
0.750%, 09/17/21	EUR		570		667
Bell Canada MTN
5.000%, 02/15/17 (A)	CAD		270		215
4.700%, 09/11/23			80		70
3.350%, 06/18/19			29		24
3.250%, 06/17/20			95		77
CDP Financial
4.400%, 11/25/19 (A)	$		850		936
Cenovus Energy
5.700%, 10/15/19			89		89
3.000%, 08/15/22			22		20
Government of Canada
5.750%, 06/01/33	CAD		1,140		1,384
5.000%, 06/01/37			1,300		1,525
4.250%, 12/01/21			611		600
4.000%, 06/01/41			1,035		1,111
3.500%, 12/01/45			165		170
1.750%, 09/01/19			1,000		804
1.500%, 09/01/17			1,945		1,524
0.750%, 03/01/21			525		407
Husky Energy
7.250%, 12/15/19	$		53		59
Muskrat Falls
3.630%, 06/01/29 (A)	CAD		340		300

18 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
National Bank of Canada
1.500%, 03/25/21	EUR		567	$	688
NOVA Chemicals
5.250%, 08/01/23 (A)	$		150		147
Province of British Columbia
3.250%, 12/18/21	CAD		1,150		976
2.250%, 03/01/19			575		461
Province of Manitoba Canada
3.850%, 12/01/21			710		615
Province of Ontario Canada
3.500%, 06/02/24			1,200		1,030
3.450%, 06/02/45			245		202
3.150%, 06/02/22			2,000		1,683
2.600%, 06/02/25			1,614		1,291
2.400%, 06/02/26			585		456
2.100%, 09/08/18			1,295		1,028
Province of Quebec Canada
4.500%, 12/01/18			1,190		1,004
3.500%, 12/01/45			145		120
3.000%, 09/01/23			500		417
2.750%, 09/01/25			2,175		1,759
Rogers Communications
4.000%, 06/06/22			165		139
Royal Bank of Canada
1.625%, 08/04/20	EUR		290		352
Yamana Gold
4.950%, 07/15/24	$		316		267
					22,617
China — 0.1%
Sinopec Group Overseas Development
2.625%, 10/17/20	EUR		240		289
Tencent Holdings MTN
3.375%, 05/02/19 (A)			390		404
					693
Colombia — 0.0%
Ecopetrol
7.375%, 09/18/43	$		121		111
5.875%, 05/28/45			109		86
					197
Czech Republic — 0.1%
Government of Czech Republic
4.700%, 09/12/22	CZK		4,150		226
3.875%, 05/24/22	EUR		50		70
Government of Czech Republic, Ser 51
4.000%, 04/11/17	CZK		8,050		353
					649
Denmark — 1.3%
Danske Bank
5.375%, 09/29/21 (B)	GBP		170		251
3.875%, 10/04/23 (B)	EUR		150		182
3.500%, 04/16/18			155		190

Description		Face Amount (Thousands)		Market Value ($ Thousands)
DONG Energy MTN
5.750%, 04/09/40	GBP		200	$	359
Kingdom of Denmark
4.500%, 11/15/39	DKK		1,300		347
4.000%, 11/15/17			1,600		262
3.000%, 11/15/21			21,800		3,906
1.500%, 11/15/23			670		113
0.100%, 11/15/23			5,795		932
					6,542
Finland — 0.6%
Government of Finland
2.625%, 07/04/42 (A)	EUR		55		86
1.500%, 04/15/23 (A)			340		427
0.875%, 09/15/25 (A)			1,650		1,969
Nordea Bank Finland MTN
2.375%, 07/17/17			190		223
2.250%, 05/03/19			170		208
					2,913
France — 7.0%
ALD International MTN
2.000%, 05/26/17			500		581
Arkema MTN
3.850%, 04/30/20			200		259
1.500%, 01/20/25			300		344
AXA MTN
5.625%, 01/16/54 (B)	GBP		302		412
BNP Paribas
5.019%, 12/31/49 (B)	EUR		250		291
4.730%, 04/12/49 (B)			200		228
BNP Paribas Home Loan MTN
3.125%, 03/22/22			200		268
BPCE
6.117%, 10/29/49 (B)			150		180
5.250%, 04/16/29	GBP		100		147
1.750%, 11/29/19	EUR		600		728
Bureau Veritas
3.125%, 01/21/21			100		122
Caisse Centrale du Credit Immobilier de France MTN
1.125%, 04/22/19			100		118
Caisse de Refinancement de l’Habitat
3.750%, 12/12/16			400		468
3.500%, 04/25/17			350		414
Caisse Francaise de Financement Local MTN
4.875%, 07/03/17			220		266
3.750%, 05/18/16			225		258
3.625%, 02/26/18			63		77
Christian Dior
1.375%, 06/19/19			300		350
Credit Agricole MTN
6.637%, 05/29/49 (B)	$		335		328

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 19

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
0.875%, 01/19/22	EUR		600	$	695
Credit Agricole Home Loan MTN
3.250%, 03/23/17			100		118
2.875%, 09/09/16			300		346
Dexia Credit Local MTN
2.000%, 01/22/21			200		247
1.625%, 10/29/18			565		672
1.375%, 09/18/19			500		596
0.625%, 01/21/22			1,550		1,796
Electricite de France
6.500%, 01/26/19 (A)	$		250		281
Elis
3.000%, 04/30/22			250		286
Europcar Groupe
5.750%, 06/15/22	EUR		145		173
France Government Bond OAT
0.500%, 05/25/25 (C)			3,855		4,459
0.000%, 05/25/20			1,590		1,830
French Treasury Note
1.000%, 07/25/17			850		987
Government of France
4.750%, 04/25/35			85		158
4.500%, 04/25/41			220		425
4.000%, 10/25/38			285		502
3.250%, 05/25/45			1,155		1,903
2.500%, 05/25/30			1,975		2,749
2.250%, 05/25/24			1,515		2,015
0.500%, 11/25/19			2,040		2,392
Iliand
4.875%, 06/01/16			300		344
Infra Foch
2.125%, 04/16/25			1,000		1,216
Klepierre MTN
1.000%, 04/17/23			100		115
Lafarge MTN
4.750%, 03/23/20			195		257
Loxam SAS
7.000%, 07/23/22			150		178
Publicis Groupe
1.125%, 12/16/21			600		694
RCI Banque MTN
1.375%, 11/17/20			225		265
Renault MTN
3.625%, 09/19/18			450		553
Societe Generale MTN
6.999%, 12/29/49 (B)			150		183
5.922%, 04/05/17 (A) (B)	$		180		178
5.750%, 04/20/16 (A)			111		111
3.250%, 06/06/16	EUR		400		458
Synlab Bondco
6.250%, 07/01/22 (A)			160		193

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Unibail-Rodamco MTN
2.375%, 02/25/21	EUR		500	$	623
Veolia Environnement MTN
4.625%, 03/30/27			200		304
Wendel
5.875%, 09/17/19			800		1,061
2.500%, 02/09/27			300		324
					35,526
Germany — 7.1%
Allianz
2.241%, 07/07/45 (B)			800		858
Bundesobligation
0.500%, 02/23/18			850		987
Bundesrepublik Deutschland
6.250%, 01/04/30			770		1,571
4.000%, 01/04/37			75		140
2.500%, 07/04/44			515		837
2.500%, 08/15/46			200		329
2.250%, 09/04/21			1,120		1,456
2.000%, 01/04/22			200		258
1.500%, 05/15/24			200		257
1.000%, 08/15/25			3,275		4,044
0.500%, 02/15/26			300		353
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/31			470		920
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/34			1,520		2,973
Bundesschatzanweisungen
0.000%, 12/16/16			10,750		12,289
Continental MTN
3.125%, 09/09/20			600		766
Deutsche Bank MTN
5.000%, 06/24/20			450		545
Deutsche Bundesrepublik Inflation Linked Bond
0.100%, 04/15/23			1,224		1,496
E.ON International Finance MTN
6.000%, 10/30/19	GBP		300		485
FMS Wertmanagement
1.125%, 12/07/16			600		864
Grand City Properties
1.500%, 04/17/25	EUR		1,400		1,528
KFW
3.375%, 08/30/17	CHF		370		408
Muenchener Rueckversicherungs MTN
6.250%, 05/26/42 (B)	EUR		100		140
ProSiebenSat.1 Media
2.625%, 04/15/21			300		360
RWE Finance MTN
6.500%, 08/10/21			120		175
ThyssenKrupp MTN
2.500%, 02/25/25			260		283

20 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Vier Gas Transport GmbH MTN
2.875%, 06/12/25	EUR		200	$	261
Volkswagen Financial Services MTN
1.750%, 08/21/17	GBP		230		329
Vonovia Finance MTN
2.125%, 07/09/22	EUR		177		215
Wuerth Finance International MTN
1.750%, 05/21/20			150		182
1.000%, 05/19/22			500		588
					35,897
Ghana — 0.1%
Republic of Ghana
8.500%, 10/04/17	$		106		104
7.875%, 08/07/23			200		159
					263
Guernsey — 0.1%
Credit Suisse Group Funding Guernsey MTN
1.250%, 04/14/22	EUR		245		265
Hong Kong — 0.1%
Hutchison Whampoa Finance 14
1.375%, 10/31/21			550		637
Indonesia — 0.2%
Indonesia Government International Bond MTN
2.875%, 07/08/21			730		856
Ireland — 1.8%
AIB Mortgage Bank MTN
2.625%, 07/29/16			400		459
0.625%, 07/27/20			305		354
Bank of Ireland MTN
4.250%, 06/11/24 (B)			1,020		1,161
Bank of Ireland Mortgage Bank
1.750%, 03/19/19			450		538
0.500%, 01/20/20			305		353
CRH Funding MTN
1.875%, 01/09/24			225		271
Ireland Government Bond
5.400%, 03/13/25			293		470
4.500%, 10/18/18			345		441
4.500%, 04/18/20			300		405
3.400%, 03/18/24			1,125		1,568
2.400%, 05/15/30			245		325
2.000%, 02/18/45			1,750		2,139
0.800%, 03/15/22			300		354
					8,838
Israel — 0.1%
Israel Government Bond
4.250%, 03/31/23	ILS		750		238

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Italy — 8.4%
Assicurazioni Generali MTN
7.750%, 12/12/42 (B)	EUR		300	$	410
5.125%, 09/16/24			375		552
Banca Monte dei Paschi di Siena MTN
4.875%, 09/15/16			700		813
Banca Popolare di Milano Scarl MTN
0.875%, 09/14/22			295		340
Banco Popolare SC MTN
3.500%, 03/14/19			350		408
Buoni Poliennali Del Tesoro
4.000%, 02/01/37			450		676
Edison MTN
3.875%, 11/10/17			600		724
Eni MTN
3.625%, 01/29/29			600		825
FCA Capital Ireland MTN
2.875%, 01/26/18			210		248
2.625%, 04/17/19			350		419
Generali Finance MTN
4.596%, 11/30/49 (B)			550		588
Intesa Sanpaolo MTN
5.017%, 06/26/24 (A)	$		200		187
4.000%, 11/09/17	EUR		368		444
3.928%, 09/15/26			550		642
1.125%, 03/04/22			200		227
Italy Buoni Poliennali Del Tesoro
5.500%, 11/01/22			3,255		4,851
5.000%, 08/01/34			335		560
5.000%, 09/01/40			1,000		1,720
4.750%, 09/01/21			3,250		4,559
4.750%, 09/01/44 (A)			300		513
4.500%, 03/01/24			1,750		2,529
4.000%, 09/01/20			2,355		3,127
3.750%, 05/01/21			561		747
3.750%, 09/01/24			1,265		1,752
3.500%, 03/01/30 (A)			1,290		1,807
3.250%, 09/01/46 (A)			775		1,054
2.600%, 09/15/23			956		1,289
2.500%, 12/01/24			350		445
1.500%, 08/01/19			1,145		1,365
1.350%, 04/15/22			4,037		4,810
1.150%, 05/15/17			1,245		1,437
0.750%, 01/15/18			720		832
Snam MTN
1.375%, 11/19/23			125		148
UniCredit MTN
5.750%, 10/28/25 (B)			350		418
3.000%, 01/31/24			460		616
Wind Acquisition Finance
4.750%, 07/15/20 (A)	$		200		189
					42,271

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 21

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Japan — 21.2%
Government of Japan
0.100%, 09/10/24	JPY		328,096	$	3,072
Government of Japan 10 Year Bond
0.900%, 06/20/22			94,950		903
0.800%, 09/20/23			927,250		8,855
0.400%, 06/20/25			300,000		2,790
0.300%, 12/20/24			204,250		1,884
Government of Japan 10 Year Bond, Ser 301
1.500%, 06/20/19			85,300		801
Government of Japan 10 Year Bond, Ser 308
1.300%, 06/20/20			295,600		2,798
Government of Japan 10 Year Bond, Ser 313
1.300%, 03/20/21			750,000		7,170
Government of Japan 10 Year Bond, Ser 314
1.100%, 03/20/21			157,700		1,494
Government of Japan 20 Year Bond
1.700%, 06/20/33			444,850		4,886
1.400%, 09/20/34			558,000		5,877
1.000%, 12/20/35			30,000		296
Government of Japan 20 Year Bond, Ser 106
2.200%, 09/20/28			46,600		525
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/29			249,200		2,803
Government of Japan 20 Year Bond, Ser 128
1.900%, 06/20/31			55,000		616
Government of Japan 20 Year Bond, Ser 140
1.700%, 09/20/32			34,850		383
Government of Japan 20 Year Bond, Ser 143
1.600%, 03/20/33			298,400		3,232
Government of Japan 20 Year Bond, Ser 144
1.500%, 03/20/33			146,650		1,568
Government of Japan 20 Year Bond, Ser 55
2.000%, 03/21/22			107,000		1,078
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/27			352,000		3,893
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/39			322,500		3,975
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/40			827,000		9,846
Government of Japan 30 Year Bond, Ser 34
2.200%, 03/20/41			55,700		688

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Government of Japan 30 Year Bond, Ser 36
2.000%, 03/20/42	JPY		94,450	$	1,139
Government of Japan 30 Year Bond, Ser 38
1.800%, 03/20/43			346,250		4,055
Government of Japan 30 Year Bond, Ser 44
1.700%, 09/20/44			195,000		2,262
Government of Japan 40 Year Bond, Ser 6
1.900%, 03/20/53			35,000		444
Government of Japan 5 Year Bond
0.300%, 09/20/18			713,600		6,432
0.200%, 06/20/19			275,000		2,480
0.100%, 03/20/20			470,550		4,238
Government of Japan 5 Year Bond, Ser 106
0.200%, 09/20/17			850,000		7,606
Japan Treasury Discount Bill
0.000%, 04/25/16			110,000		979
0.000%, 05/23/16			280,000		2,492
0.000%, 06/06/16			100,000		890
0.000%, 06/13/16			400,000		3,559
SMFG Preferred Capital
10.231%, 01/25/29 (B)	GBP		475		1,004
					107,013
Luxembourg — 0.2%
Altice Financing MTN
5.250%, 02/15/23	EUR		235		273
Cirsa Funding Luxembourg
5.875%, 05/15/23			165		183
Eurofins Scientific
3.375%, 01/30/23			300		339
2.250%, 01/27/22			200		218
					1,013
Malaysia — 0.2%
Malaysia Government Bond
5.734%, 07/30/19	MYR		1,500		413
3.955%, 09/15/25			1,135		294
3.418%, 08/15/22			445		112
					819
Mexico — 1.2%
Mexican Bonos
8.000%, 06/11/20	MXN		12,606		813
7.750%, 11/13/42			11,690		768
Mexican Bonos, Ser M
6.500%, 06/10/21			5,356		328
Mexican Bonos, Ser M20
10.000%, 12/05/24			38,261		2,866
Mexican Bonos, Ser M30
10.000%, 11/20/36			1,235		99
Petroleos Mexicanos MTN
5.125%, 03/15/23	EUR		400		467
1.875%, 04/21/22			380		376

22 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
United Mexican States MTN
1.625%, 03/06/24	EUR		416	$	461
					6,178
Netherlands — 3.3%
ABN AMRO Bank MTN
6.375%, 04/27/21			245		334
2.875%, 06/30/25 (B)			550		639
Achmea MTN
4.250%, 02/04/25 (B)			200		205
2.500%, 11/19/20			625		763
Achmea Bank MTN
2.750%, 02/18/21			150		184
Akzo Nobel MTN
8.000%, 04/06/16	GBP		205		295
ASML Holding
3.375%, 09/19/23	EUR		450		581
Bharti Airtel International
4.000%, 12/10/18			270		330
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA MTN
6.875%, 03/19/20			300		403
2.500%, 05/26/26 (B)			260		301
Cooperatieve Rabobank UA
6.910%, 06/10/38 (B)	GBP		325		544
Deutsche Telekom International Finance MTN
4.250%, 07/13/22	EUR		455		633
Geberit International
0.688%, 03/30/21			1,100		1,279
ING Bank MTN
5.800%, 09/25/23 (A)	$		375		409
3.375%, 03/23/17	EUR		125		147
Kingdom of Netherlands
5.500%, 01/15/28			295		532
4.000%, 01/15/37 (A)			300		553
3.750%, 01/15/42 (A)			60		114
2.750%, 01/15/47 (A)			950		1,601
2.000%, 07/15/24 (A)			625		824
1.250%, 01/15/19 (A)			485		579
0.250%, 01/15/20			340		396
0.250%, 07/15/25 (A)			574		655
0.250%, 07/15/25 (A)			1,170		1,335
NN Group
4.625%, 04/08/44 (B)			625		735
RWE Finance MTN
6.500%, 04/20/21	GBP		245		406
Schaeffler Finance
2.500%, 05/15/20	EUR		315		365
Shell International Finance
2.250%, 01/06/23	$		555		539
2.000%, 11/15/18			560		567

Description		Face Amount (Thousands)		Market Value ($ Thousands)
TenneT Holding
2.125%, 11/01/20			350	$	432
Volkswagen Financial Services
1.250%, 05/23/16	GBP		170		244
					16,924
New Zealand — 0.5%
Government of New Zealand
5.500%, 04/15/23	NZD		320		264
3.000%, 04/15/20			1,435		1,028
2.000%, 09/20/25			1,600		1,157
Reynolds Group Issuer
5.750%, 10/15/20	$		175		179
Westpac Securities MTN
0.875%, 06/24/19	EUR		100		117
					2,745
Norway — 0.4%
DNB Bank
6.012%, 01/29/49 (B)	GBP		150		217
Eksportfinans
2.375%, 05/25/16	$		200		200
Government of Norway
4.500%, 05/22/19 (A)	NOK		2,120		289
2.000%, 05/24/23 (A)			645		84
Kommunalbanken MTN
1.000%, 03/15/18 (A)	$		800		800
SpareBank 1 Boligkreditt MTN
2.375%, 11/22/16	EUR		170		197
					1,787
Panama — 0.1%
Carnival
1.875%, 11/07/22			390		454
Peru — 0.1%
Peruvian Government International Bond
2.750%, 01/30/26			525		599
Poland — 0.6%
Republic of Poland
5.250%, 01/20/25			85		129
5.125%, 04/21/21	$		135		151
3.250%, 07/25/25	PLN		3,367		944
2.500%, 07/25/18			710		195
Republic of Poland, Ser 1019
5.500%, 10/25/19			1,520		462
Republic of Poland, Ser 1021
5.750%, 10/25/21			3,490		1,111
					2,992
Portugal — 0.5%
Obrigacoes do Tesouro
4.800%, 06/15/20 (A)	EUR		1,070		1,380

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 23

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Portugal Obrigacoes do Tesouro OT
2.875%, 10/15/25 (A)	EUR		1,197	$	1,374
					2,754
Romania — 0.0%
Romanian Government International Bond MTN
4.625%, 09/18/20			40		53
3.625%, 04/24/24			20		25
					78
Singapore — 0.4%
Government of Singapore
4.000%, 09/01/18	SGD		495		395
3.125%, 09/01/22			275		223
3.000%, 09/01/24			170		138
Lincoln Finance
6.875%, 04/15/21	EUR		450		532
Temasek Financial I MTN
2.375%, 01/23/23 (A)	$		495		500
					1,788
Slovak Republic — 0.1%
Slovakia Government Bond
3.375%, 11/15/24	EUR		110		157
SPP-Distribucia
2.625%, 06/23/21			400		479
					636
South Africa — 0.2%
Republic of South Africa
8.250%, 09/15/17	ZAR		6,600		450
8.000%, 01/31/30			2,820		169
7.750%, 02/28/23			4,095		261
7.000%, 02/28/31			5,005		271
					1,151
South Korea — 0.7%
Korea Treasury Bond
4.250%, 06/10/21	KRW		1,270,230		1,257
4.000%, 12/10/31			708,440		797
3.750%, 12/10/33			133,450		149
3.500%, 03/10/24			194,510		192
3.250%, 09/10/18			520,990		475
3.000%, 09/10/24			186,630		179
2.750%, 03/10/18			511,230		458
2.750%, 12/10/44			85,050		88
					3,595
Spain — 4.3%
Banco de Sabadell
0.875%, 11/12/21	EUR		400		464
Banco Popular Espanol
8.250%, 04/29/49 (B)			200		186
4.000%, 10/18/16			100		116
3.750%, 01/22/19			100		125

Description		Face Amount (Thousands)		Market Value ($ Thousands)
2.125%, 10/08/19	EUR		100	$	122
Bankia
4.125%, 03/24/36			350		533
Bankinter
1.000%, 02/05/25			100		116
BBVA International Preferred SAU
5.919%, 10/18/08 (B)	$		335		332
CaixaBank
0.029%, 01/09/18 (B)	EUR		200		227
Criteria Caixa MTN
1.625%, 04/21/22			800		884
Ferrovial Emisiones MTN
3.375%, 06/07/21			475		609
Fondo de Amortizacion del Deficit Electrico MTN
4.125%, 03/17/17			200		237
2.250%, 12/17/16			700		809
Government of Spain
6.000%, 01/31/29			465		786
5.900%, 07/30/26 (A)			38		62
5.500%, 07/30/17 (A)			315		385
5.500%, 04/30/21 (A)			1,980		2,826
4.700%, 07/30/41 (A)			1,229		1,973
4.400%, 10/31/23 (A)			283		401
4.200%, 01/31/37 (A)			475		705
3.800%, 04/30/24 (A)			1,000		1,368
2.900%, 10/31/46 (A)			850		1,019
2.750%, 10/31/24 (A)			790		1,009
2.150%, 10/31/25 (A)			1,855		2,260
1.950%, 04/30/26 (A)			450		537
1.950%, 07/30/30 (A)			570		656
1.600%, 04/30/25 (A)			170		199
1.400%, 01/31/20			885		1,052
0.500%, 10/31/17			550		632
Santander Consumer Finance
0.900%, 02/18/20			300		342
Telefonica Emisiones MTN
5.597%, 03/12/20	GBP		200		321
5.375%, 02/02/18			185		283
5.289%, 12/09/22			250		409
					21,985
Supra-National — 0.4%
European Investment Bank MTN
2.750%, 09/15/21	EUR		1,000		1,322
International Bank for Reconstruction & Development MTN
1.000%, 12/28/16	GBP		600		864
					2,186
Sweden — 1.1%
Kingdom of Sweden
3.500%, 03/30/39	SEK		545		91
1.500%, 11/13/23			1,020		137

24 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
1.000%, 11/12/26	SEK		1,250	$	157
Kingdom of Sweden, Ser 1047
5.000%, 12/01/20			3,700		566
Kingdom of Sweden, Ser 1052
4.250%, 03/12/19			5,275		741
Kommuninvest I Sverige
1.000%, 09/15/21			3,720		464
Nordea Bank MTN
4.000%, 03/29/21	EUR		255		330
Nordea Hypotek
3.250%, 06/17/20	SEK		2,600		356
Skandinaviska Enskilda Banken MTN
7.092%, 12/29/49 (B)	EUR		210		258
Stadshypotek MTN
4.250%, 10/10/17	AUD		600		469
Svenska Handelsbanken
2.656%, 01/15/24 (B)	EUR		336		396
Swedbank Hypotek MTN
5.700%, 05/12/20	SEK		2,300		343
1.125%, 05/21/21	EUR		600		718
1.000%, 12/16/20	SEK		2,900		362
Vattenfall
3.000%, 03/19/77 (B)	EUR		175		153
					5,541
Switzerland — 1.2%
Aquarius and Investments for Zurich Insurance MTN
4.250%, 10/02/43 (B)			100		124
Credit Suisse NY MTN
3.625%, 09/09/24	$		260		264
Credit Suisse MTN
5.750%, 09/18/25 (B)	EUR		250		308
4.750%, 08/05/19			400		521
Dufry Finance
4.500%, 07/15/22			235		281
4.500%, 08/01/23			100		120
Glencore Australia Holdings MTN
4.500%, 09/19/19	AUD		900		623
Glencore Finance Europe MTN
3.375%, 09/30/20	EUR		145		158
Glencore Funding
2.125%, 04/16/18 (A)	$		242		226
Government of Switzerland
3.000%, 05/12/19	CHF		160		188
2.000%, 04/28/21			1,070		1,278
2.000%, 05/25/22			110		134
1.500%, 04/30/42			150		210
1.250%, 06/11/24			100		120
Switzerland Government Bond
3.500%, 04/08/33			100		167
UBS Group Funding Jersey
4.125%, 09/24/25 (A)	$		220		220

Description		Face Amount (Thousands)		Market Value ($ Thousands)
UBS MTN
6.625%, 04/11/18	GBP		150	$	239
6.375%, 07/20/16			160		233
4.750%, 02/12/26 (B)	EUR		500		596
					6,010
Thailand — 0.2%
Thailand Government Bond
4.675%, 06/29/44	THB		1,800		70
3.650%, 12/17/21			16,020		509
3.625%, 06/16/23			7,815		253
					832
Turkey — 0.0%
Republic of Turkey
5.500%, 02/16/17	EUR		50		59
United Kingdom — 13.8%
AA Bond
4.720%, 07/02/43			500		743
Abbey National Treasury Services MTN
5.250%, 02/16/29	GBP		450		834
5.125%, 04/14/21			300		500
4.250%, 04/12/21	EUR		350		479
1.125%, 01/14/22			330		374
Anglian Water Services Financing
6.875%, 08/21/23	GBP		230		428
Arqiva Financing MTN
4.040%, 06/30/20			220		327
Aviva MTN
3.375%, 12/04/45 (B)	EUR		500		513
Bank of Scotland
7.281%, 05/29/49 (B)	GBP		950		1,540
4.750%, 06/08/22	EUR		290		419
Barclays Bank MTN
10.000%, 05/21/21	GBP		180		324
6.750%, 01/16/23 (B)			350		529
BAT International Finance MTN
7.250%, 03/12/24			250		475
5.375%, 06/29/17	EUR		425		517
Bishopsgate Asset Finance
4.808%, 08/14/44	GBP		175		265
Boparan Finance MTN
4.375%, 07/15/21			160		173
BP Capital Markets
2.177%, 09/28/21	EUR		245		301
1.260%, 09/26/18 (B)	$		110		108
British Telecommunications MTN
1.750%, 03/10/26	EUR		500		587
Canary Wharf Finance II
6.455%, 04/22/30	GBP		15		33
5.952%, 01/22/35			20		36
Channel Link Enterprises Finance
3.209%, 06/30/50 (B)	EUR		700		793

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 25

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Coventry Building Society MTN
4.625%, 04/19/18	GBP		230	$	354
CPUK Finance
3.588%, 02/28/42			400		561
2.666%, 02/28/42			700		1,012
Delphi Automotive
1.500%, 03/10/25	EUR		300		322
Direct Line Insurance Group
9.250%, 04/27/42 (B)	GBP		100		172
Eastern Power Networks MTN
6.250%, 11/12/36			160		317
ENW Finance MTN
6.125%, 07/21/21			350		599
Eversholt Funding MTN
6.697%, 02/22/35			100		188
FCE Bank MTN
4.825%, 02/15/17			200		295
1.875%, 05/12/16	EUR		250		285
1.625%, 09/09/16			100		115
First Hydro Finance
9.000%, 07/31/21	GBP		220		416
Firstgroup
5.250%, 11/29/22			200		315
Great Rolling Stock MTN
6.250%, 07/27/20			300		496
HBOS Capital Funding
6.461%, 11/30/49 (B)			115		169
HSBC Holdings MTN
2.500%, 03/15/27			600		711
1.500%, 03/15/22	EUR		600		688
Imperial Brands Finance MTN
5.500%, 09/28/26	GBP		350		604
2.250%, 02/26/21	EUR		400		489
International Game Technology
4.750%, 02/15/23			160		185
Intu SGS Finance MTN
3.875%, 03/17/23	GBP		250		377
Jaguar Land Rover Automotive
5.000%, 02/15/22			100		145
Lloyds Banking Group
7.000%, 12/29/49 (B)			750		1,025
Lloyds TSB Bank MTN
4.625%, 02/02/17	EUR		150		177
Mondi Finance MTN
5.750%, 04/03/17			1,100		1,322
3.375%, 09/28/20			400		500
National Westminster Bank
6.500%, 09/07/21	GBP		550		884
6.500%, 09/07/21			220		353
Nationwide Building Society MTN
4.625%, 02/08/21	EUR		550		760
4.125%, 03/20/23 (B)			1,195		1,413

Description		Face Amount (Thousands)		Market Value ($ Thousands)
0.750%, 06/25/19	EUR		266	$	310
Northumbrian Water Finance
6.875%, 02/06/23	GBP		190		346
6.000%, 10/11/17			500		767
Old Mutual
7.875%, 11/03/25			400		573
Rio Tinto Finance MTN
4.000%, 12/11/29			165		242
RL Finance Bonds No. 2
6.125%, 11/30/43 (B)			100		147
Rolls-Royce MTN
6.750%, 04/30/19			100		166
Royal Bank of Scotland
6.934%, 04/09/18	EUR		300		375
5.125%, 01/13/24	GBP		400		692
3.875%, 10/19/20	EUR		123		164
Royal Bank of Scotland Group
7.640%, 09/29/17 (B)	$		200		194
Santander UK
6.222%, 05/29/49 (B)	GBP		170		244
Santander UK Group Holdings
7.375%, 06/24/22 (B)			250		330
Sky MTN
1.500%, 09/15/21	EUR		200		233
Standard Chartered
6.409%, 01/30/49 (A) (B)	$		300		286
United Kingdom Gilt
5.000%, 03/07/18	GBP		575		901
4.500%, 09/07/34			370		729
4.500%, 12/07/42			1,500		3,125
4.250%, 12/07/27			125		230
4.250%, 06/07/32			110		208
3.750%, 07/22/52			375		750
3.500%, 01/22/45			970		1,751
3.250%, 01/22/44			910		1,566
2.750%, 09/07/24			850		1,361
2.250%, 09/07/23			2,325		3,595
2.000%, 07/22/20			2,150		3,254
2.000%, 09/07/25			3,265		4,937
1.750%, 07/22/19			1,295		1,930
United Kingdom Treasury
5.000%, 03/07/25			1,430		2,695
4.750%, 12/07/30			1,145		2,259
4.750%, 12/07/38			350		731
4.250%, 03/07/36			595		1,148
4.250%, 09/07/39			1,170		2,301
4.250%, 12/07/40			370		734
4.000%, 03/07/22			1,200		2,034
1.750%, 01/22/17			800		1,162
Wales & West Utilities Finance
6.750%, 12/17/36 (B)			200		318
6.250%, 11/30/21			240		420

26 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Western Power Distribution
3.625%, 11/06/23	GBP		400	$	588
Western Power Distribution West Midlands
3.875%, 10/17/24			230		357
Yorkshire Water Services Bradford Finance
6.375%, 08/19/39			100		202
					69,902
United States — 6.0%
21st Century Fox America
4.500%, 02/15/21	$		75		83
Aetna
2.750%, 11/15/22			40		40
Altria Group
4.750%, 05/05/21			180		204
4.250%, 08/09/42			265		276
American International Group
5.750%, 03/15/67 (B)	GBP		150		217
Amgen
1.250%, 02/25/22			550		639
Anthem
4.650%, 01/15/43	$		110		109
2.300%, 07/15/18			150		152
AT&T
5.875%, 04/28/17	GBP		200		301
4.875%, 06/01/44			130		203
Ball
3.500%, 12/15/20	EUR		103		125
Bank of America MTN
2.375%, 06/19/24			410		499
1.625%, 09/14/22			1,000		1,168
0.599%, 03/28/18 (B)			300		339
0.321%, 09/14/18 (B)			375		418
Berkshire Hathaway
1.125%, 03/16/27			297		322
0.500%, 03/13/20			570		653
Citigroup MTN
2.375%, 05/22/24			700		851
ConocoPhillips
5.750%, 02/01/19	$		420		456
Devon Energy
5.000%, 06/15/45			270		201
DH Europe Finance
1.700%, 01/04/22			1,435		1,715
Diamond Offshore Drilling
4.875%, 11/01/43			130		86
Discovery Communications
1.900%, 03/19/27	EUR		360		356
Dover MTN
2.125%, 12/01/20			250		304
eBay
3.800%, 03/09/22			120		123

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Enterprise Products Operating
3.700%, 02/15/26	$		123	$	121
Freeport-McMoRan
2.375%, 03/15/18			130		115
2.300%, 11/14/17			84		78
GE Capital UK Funding MTN
4.375%, 07/31/19	GBP		400		626
General Electric
5.500%, 01/08/20	$		88		101
5.300%, 02/11/21			205		238
4.625%, 01/07/21			108		122
2.700%, 10/09/22			320		333
1.875%, 05/28/27	EUR		800		976
1.250%, 05/26/23			200		235
General Motors Financial International MTN
0.850%, 02/23/18			168		191
Goldman Sachs Group MTN
2.625%, 08/19/20			350		430
2.000%, 07/27/23			230		270
Halliburton
3.375%, 11/15/22	$		205		209
Honeywell International
1.300%, 02/22/23			240		279
Illinois Tool Works MTN
3.000%, 05/19/34	EUR		200		262
INEOS Group Holdings
5.750%, 02/15/19			350		407
Jefferies Group MTN
2.375%, 05/20/20			700		763
John Deere Bank MTN
1.500%, 07/16/18			250		294
JPMorgan Chase MTN
1.071%, 05/30/17 (B)	GBP		100		142
Kinder Morgan
2.250%, 03/16/27	EUR		409		408
McGraw Hill Financial
4.400%, 02/15/26	$		313		342
Mellon Capital III
6.369%, 09/05/66 (B)	GBP		300		430
Merck
2.500%, 10/15/34	EUR		500		651
1.875%, 10/15/26			300		368
1.125%, 10/15/21			400		473
Mondelez International
2.375%, 03/06/35			250		277
1.625%, 03/08/27			300		334
1.000%, 03/07/22			200		228
Morgan Stanley
3.750%, 09/21/17			350		420
2.375%, 03/31/21			1,250		1,515
1.875%, 03/30/23			490		573

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 27

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2016

Description			Face Amount (Thousands)		Market Value ($ Thousands)
1.750%, 01/30/25		EUR		205	$	232
Nabors Industries
5.100%, 09/15/23				93		72
National Capital Trust I
5.620%, 12/17/18 (A) (B)		GBP		35		51
5.620%, 09/29/49 (B)				150		218
Odebrecht Finance
7.125%, 06/26/42				280		117
ONEOK Partners
3.800%, 03/15/20		$		128		122
Owens Corning
6.500%, 12/01/16				9		9
Philip Morris International
2.900%, 11/15/21				325		344
2.875%, 05/30/24		EUR		100		132
2.875%, 03/03/26				435		576
Plains All American Pipeline
3.600%, 11/01/24	$			155		134
PNC Funding
5.125%, 02/08/20				300		334
3.300%, 03/08/22				150		157
Priceline Group
2.375%, 09/23/24				250		292
1.800%, 03/03/27				380		402
Principal Financial Group
1.850%, 11/15/17				175		175
Prologis International Funding II MTN
2.875%, 04/04/22		EUR		220		271
Prologis
3.375%, 02/20/24				300		384
3.000%, 01/18/22				250		310
3.000%, 06/02/26				200		249
Prudential Financial
5.625%, 06/15/43 (B)		$		408		416
Rabobank Capital Funding Trust IV
5.556%, 12/31/19 (B)		GBP		153		223
Republic Services
4.750%, 05/15/23		$		155		173
Ryder System MTN
5.850%, 11/01/16				116		119
Santander Issuances
5.179%, 11/19/25				400		387
Seagate HDD Cayman
4.750%, 01/01/25				123		96
Thermo Fisher Scientific
1.500%, 12/01/20				426		497
T-Mobile USA
6.500%, 01/15/26				175		182
Transocean
6.800%, 03/15/38				210		105
United Technologies
1.800%, 06/01/17				201		203

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Valeant Pharmaceuticals International
4.500%, 05/15/23 (A)	EUR		170	$	142
Verizon Communications
1.625%, 03/01/24			700		833
Viacom
3.875%, 04/01/24	$		148		147
Wells Fargo MTN
4.600%, 04/01/21			75		83
Williams Partners
3.900%, 01/15/25			128		103
ZF North America Capital
2.750%, 04/27/23	EUR		200		228
					30,569
Total Global Bonds (Cost $478,974) ($ Thousands)					478,187
		Face Amount (Thousands)
MORTGAGE-BACKED SECURITIES — 2.9%
Agency Mortgage-Backed Obligation — 0.6%
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2014-DN1, Cl M1
1.436%, 02/25/24 (B)	$		281		280
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2014-HQ2, Cl M1
1.886%, 09/25/24 (B)			293		294
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA1, Cl M2
2.286%, 10/25/27 (B)			490		483
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, Cl M1
1.586%, 12/25/27 (B)			419		419
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, Cl M2
3.036%, 12/25/27 (B)			205		205
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQ1, Cl M1
1.483%, 03/25/25 (B)			160		160
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQ2, Cl M1
1.536%, 05/25/25 (B)			328		328
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, Cl M2
3.333%, 07/25/28 (B)			276		277
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-HQA1, Cl M3
6.791%, 09/25/28 (B)			440		455
FHLMC, Ser K501, Cl X1A, IO
1.546%, 08/25/16 (B)			223		1
					2,902

28 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Non-Agency Mortgage-Backed Obligation — 2.3%
Banc of America Commercial Mortgage, Ser 2007-5, Cl A4
5.492%, 02/10/51	$		110	$	114
Banc of America Commercial Mortgage, Ser 2015-UBS7, Cl A4
3.705%, 09/15/48			20		21
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
2.915%, 09/25/34 (B)			55		54
Bear Stearns Commercial Mortgage Securities, Ser 2006-PW13, Cl AJ
5.611%, 09/11/41 (B)			241		239
Bear Stearns Commercial Mortgage Securities, Ser 2006-T24, Cl A4
5.537%, 10/12/41			44		45
Bear Stearns Commercial Mortgage Securities, Ser 2006-TOP22, Cl AJ
5.653%, 04/12/38 (B)			12		12
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW15, Cl A4
5.331%, 02/11/44			50		51
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW16, Cl A4
5.721%, 06/11/40 (B)			24		25
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW17, Cl A4
5.694%, 06/11/50 (B)			168		174
Bear Stearns Commercial Mortgage Securities, Ser 2007-T26, Cl A4
5.471%, 01/12/45 (B)			62		64
Citigroup Commercial Mortgage Trust, Ser 2006-C4, Cl A3
5.912%, 03/15/49 (B)			2		2
Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4
6.137%, 12/10/49 (B)			396		414
Citigroup Commercial Mortgage Trust, Ser 2014-GC19, Cl D
4.900%, 03/10/47 (A) (B)			20		16
Citigroup Commercial Mortgage Trust, Ser 2015-GC29, Cl A4
3.192%, 04/10/48			15		15
Citigroup Commercial Mortgage Trust, Ser 2015-GC29, Cl A3
2.935%, 04/10/48			30		30
Citigroup Commercial Mortgage Trust, Ser 2015-GC31, Cl A4
3.762%, 06/10/48			65		70
Citigroup Commercial Mortgage Trust, Ser 2015-GC35, Cl A4
3.818%, 11/10/48			55		59

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4
2.717%, 05/25/35 (B)	$		444	$	412
COBALT Commercial Mortgage Trust, Ser 2006-C1, Cl AM
5.254%, 08/15/48			35		35
COMM Mortgage Trust, Ser 2006-C8, Cl A1A
5.292%, 12/10/46			110		112
COMM Mortgage Trust, Ser 2012-CR1, Cl A3
3.391%, 05/15/45			15		16
COMM Mortgage Trust, Ser 2012-CR5, Cl A3
2.540%, 12/10/45			125		126
COMM Mortgage Trust, Ser 2012-CRE4, Cl XA, IO
1.931%, 10/15/45 (B)			171		14
COMM Mortgage Trust, Ser 2012-LC4, Cl A4
3.288%, 12/10/44			105		111
COMM Mortgage Trust, Ser 2013-CCRE9, Cl A4
4.238%, 07/10/45 (B)			35		39
COMM Mortgage Trust, Ser 2013-CR10, Cl A4
4.210%, 08/10/46 (B)			80		89
COMM Mortgage Trust, Ser 2013-CR6, Cl A4
3.101%, 03/10/46			30		31
COMM Mortgage Trust, Ser 2013-CR8, Cl A4
3.334%, 06/10/46			130		137
COMM Mortgage Trust, Ser 2013-CR9, Cl A3
4.022%, 07/10/45			50		55
COMM Mortgage Trust, Ser 2014-CCRE14, Cl A3
3.955%, 02/10/47			70		77
COMM Mortgage Trust, Ser 2014-CR16, Cl A4
4.051%, 04/10/47			25		27
COMM Mortgage Trust, Ser 2014-CR19, Cl A5
3.796%, 08/10/47			65		70
COMM Mortgage Trust, Ser 2014-CR21, Cl A3
3.528%, 12/10/47			75		80
COMM Mortgage Trust, Ser 2014-SAVA, Cl A
1.577%, 06/15/34 (A) (B)			125		123
COMM Mortgage Trust, Ser 2014-UBS4, Cl A5
3.694%, 08/10/47			95		101
COMM Mortgage Trust, Ser 2015-3BP, Cl A
3.178%, 02/10/35 (A)			100		103
COMM Mortgage Trust, Ser 2015-CR23, Cl A4
3.497%, 05/10/48			80		84

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 29

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
COMM Mortgage Trust, Ser 2015-CR24, Cl A5
3.696%, 08/10/55	$		90	$	96
COMM Mortgage Trust, Ser 2015-DC1, Cl A5
3.350%, 02/10/48			80		83
COMM Mortgage Trust, Ser 2015-LC19, Cl A4
3.183%, 02/10/48			70		72
COMM Mortgage Trust, Ser 2015-PC1, Cl A4
3.620%, 07/10/50			50		53
Commercial Mortgage Loan Trust, Ser 2008-LS1, Cl A4B
6.097%, 12/10/49 (B)			199		208
Commercial Mortgage Pass Through Certificates, Ser 2012-CR3, Cl A3
2.822%, 10/15/45			55		57
Commercial Mortgage Pass Through Certificates, Ser CR14, Cl XA, IO
0.862%, 02/10/47 (B)			689		26
Commercial Mortgage Pass-Through Certificates, Ser 2008-C1, Cl A3
6.067%, 02/15/41 (B)			55		57
Commerical Mortgage Trust, Ser 2006-GG7, Cl A4
5.877%, 07/10/38 (B)			23		23
Commerical Mortgage Trust, Ser 2007-GG11, Cl A4
5.736%, 12/10/49			211		220
Commerical Mortgage Trust, Ser 2007-GG9, Cl AM
5.475%, 03/10/39			370		376
Credit Suisse Commercial Mortgage Trust, Ser 2007-C3, Cl A4
5.699%, 06/15/39 (B)			131		134
Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, Cl AMFX
4.877%, 04/15/37			29		27
CSAIL Commercial Mortgage Trust, Ser 2015-C2, Cl XA, IO
1.055%, 06/15/57 (B)			540		30
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl D
3.508%, 08/15/48 (B)			75		53
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl A4
3.691%, 08/15/48			45		48
CSAIL Commercial Mortgage Trust, Ser 2015-C4, Cl A4
3.808%, 11/15/48			155		166
CSAIL Commercial Mortgage Trust, Ser 2016-C5, Cl XA
1.065%, 11/15/48 (B)			1,000		67

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Eddystone Finance, Ser 2006-1, Cl A2
1.104%, 04/19/21 (B)	GBP		94	$	131
FNMA Connecticut Avenue Securities, Ser 2013-C01, Cl M1
2.433%, 10/25/23 (B)	$		81		81
FNMA Connecticut Avenue Securities, Ser 2014-C01, Cl M1
2.033%, 01/25/24 (B)			541		540
FNMA Connecticut Avenue Securities, Ser 2014-C02, Cl 2M1
1.383%, 05/25/24 (B)			13		12
FNMA Connecticut Avenue Securities, Ser 2014-C04, Cl 2M1
2.533%, 11/25/24 (B)			192		193
FNMA Connecticut Avenue Securities, Ser 2015-C02, Cl 2M1
1.633%, 05/25/25 (B)			71		71
FNMA Connecticut Avenue Securities, Ser 2016-C02, Cl 1M1
2.585%, 09/25/28 (B)			457		457
GE Commercial Mortgage Trust, Ser 2007-C1, Cl AM
5.606%, 12/10/49 (B)			35		35
GS Mortgage Securities II, Ser 2007-GG10, Cl A4
5.794%, 08/10/45 (B)			136		140
GS Mortgage Securities II, Ser 2012-ALOH, Cl A
3.551%, 04/10/34 (A)			100		106
GS Mortgage Securities II, Ser GC30, Cl A4
3.382%, 05/10/50			160		166
GS Mortgage Securities Trust, Ser 2011-GC5, Cl XA, IO
1.624%, 08/10/44 (A) (B)			490		20
GS Mortgage Securities Trust, Ser 2013-GC13, Cl XA, IO
0.274%, 07/10/46 (B)			2,846		23
GS Mortgage Securities Trust, Ser 2014-GC18, Cl A4
4.074%, 01/10/47			70		77
GS Mortgage Securities Trust, Ser 2014-GC20, Cl D
4.867%, 04/10/47 (A) (B)			80		62
GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1
2.521%, 01/25/35 (B)			116		112
JPMBB Commercial Mortgage Securities, Ser 2014-C23, Cl XA, IO
0.873%, 09/15/47 (B)			991		41
JPMBB Commercial Mortgage Securities, Ser 2014-C26, Cl A4
3.494%, 01/15/48			15		16

30 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
JPMBB Commercial Mortgage Securities, Ser 2015-C27, Cl A4
3.179%, 02/15/48	$		25	$	26
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP7, Cl A4
5.935%, 04/17/45 (B)			39		39
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP8, Cl A4
5.399%, 05/15/45			44		44
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP9, Cl A3
5.336%, 05/15/47			120		122
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-C1, Cl A4
5.716%, 02/15/51			42		44
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-CB19, Cl A4
5.702%, 02/12/49 (B)			184		189
JPMorgan Chase Commercial Mortgage Securities, Ser 2008-C2, Cl A4FL
1.938%, 02/12/51 (B)			320		308
JPMorgan Chase Commercial Mortgage Securities, Ser 2008-C2, Cl A4
6.068%, 02/12/51			28		29
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, Cl E
4.658%, 10/15/45 (A) (B)			100		92
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, Cl A3
2.829%, 10/15/45			135		139
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-LC9, Cl A5
2.840%, 12/15/47			135		139
JPMorgan Chase Commercial Mortgage Securities, Ser 2014-INN, Cl A
1.356%, 06/15/29 (A) (B)			130		127
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1
2.473%, 12/25/34 (B)			81		80
LB-UBS Commercial Mortgage Trust, Ser 2007-C6, Cl A4
5.858%, 07/15/40 (B)			140		143
LB-UBS Commercial Mortgage Trust, Ser 2008-C1, Cl A2
6.084%, 04/15/41 (B)			45		48
Merrill Lynch Mortgage Trust, Ser 2006-C2, Cl AM
5.782%, 08/12/43 (B)			120		121
ML-CFC Commercial Mortgage Trust, Ser 2007-5, Cl AM
5.419%, 08/12/48			40		40

Description		Face Amount (Thousands)		Market Value ($ Thousands)
ML-CFC Commercial Mortgage Trust, Ser 2007-5, Cl A4
5.378%, 08/12/48	$		120	$	122
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C5, Cl A4
3.176%, 08/15/45			40		42
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C10, Cl A4
4.081%, 07/15/46 (B)			60		66
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C17, Cl A5
3.741%, 08/15/47			65		70
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C19, Cl A4
3.526%, 12/15/47			55		58
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl A4
3.249%, 02/15/48			65		67
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C22, Cl A4
3.306%, 04/15/48			60		62
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C26, Cl XA, IO
1.130%, 10/15/48 (B)			135		10
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl D
5.332%, 10/12/52 (A) (B)			15		14
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl E
5.332%, 10/12/52 (A) (B)			10		9
Morgan Stanley Capital I Trust, Ser 2007-HQ13, Cl A3
5.569%, 12/15/44			95		99
Morgan Stanley Capital I Trust, Ser 2007-IQ14, Cl A4
5.692%, 04/15/49 (B)			160		164
Morgan Stanley Capital I Trust, Ser 2008-TOP29, Cl D
6.268%, 01/11/43 (A) (B)			35		34
Morgan Stanley Capital I Trust, Ser 2012-C4, Cl A4
3.244%, 03/15/45			140		147
Morgan Stanley Re-REMIC Trust, Ser 2010-GG10, Cl A4A
5.794%, 08/15/45 (A) (B)			249		255
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1
3.872%, 01/05/43 (A) (B)			135		131
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A2B
4.144%, 01/05/43 (A) (B)			120		118

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 31

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Continued)

March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C3, Cl A4
3.091%, 08/10/49	$		30	$	31
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4
3.185%, 03/10/46			130		135
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C6, Cl A3
2.971%, 04/10/46			70		72
Wells Fargo Commercial Mortgage Trust, Ser 2012-LC5, Cl D
4.777%, 10/15/45 (A) (B)			35		33
Wells Fargo Commercial Mortgage Trust, Ser 2015-LC22, Cl A4
3.839%, 09/15/58			35		38
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS1, Cl D
4.105%, 05/15/48 (B)			65		48
WFRBS Commercial Mortgage Trust, Ser 2011-C4, Cl A4
4.902%, 06/15/44 (A) (B)			120		135
WFRBS Commercial Mortgage Trust, Ser 2011-C5, Cl A4
3.667%, 11/15/44			45		48
WFRBS Commercial Mortgage Trust, Ser 2012-C10, Cl A3
2.875%, 12/15/45			90		93
WFRBS Commercial Mortgage Trust, Ser 2012-C8, Cl A3
3.001%, 08/15/45			10		10
WFRBS Commercial Mortgage Trust, Ser 2012-C9, Cl A3
2.870%, 11/15/45			75		77
WFRBS Commercial Mortgage Trust, Ser 2014-C20, Cl A5
3.995%, 05/15/47			65		71
WFRBS Commercial Mortgage Trust, Ser 2014-C21, Cl A5
3.678%, 08/15/47			60		64
WFRBS Commerical Mortgage Trust, Ser 2013-C15, Cl A3
3.881%, 08/15/46			70		76
					11,455
Total Mortgage-Backed Securities (Cost $14,476) ($ Thousands)					14,357
		Face Amount (Thousands)
CORPORATE OBLIGATIONS — 1.0%
United States — 1.0%
Anadarko Petroleum
6.375%, 09/15/17			680		713

Description		Face Amount (Thousands)		Market Value ($ Thousands)
CCO Safari II
4.908%, 07/23/25 (A)	$		180	$	190
3.579%, 07/23/20 (A)			180		184
CNA Financial
7.250%, 11/15/23			110		130
Cox Communications
2.950%, 06/30/23 (A)			127		118
EnLink Midstream Partners
4.150%, 06/01/25			250		194
Enterprise Products Operating
5.950%, 02/01/41			70		72
Exelon
3.950%, 06/15/25 (A)			356		369
GE Capital International Funding
2.342%, 11/15/20 (A)			554		567
0.964%, 04/15/16 (A)			427		427
General Motors Financial
1.977%, 04/10/18 (B)			164		162
Hewlett Packard Enterprise
4.900%, 10/15/25 (A)			350		360
McGraw Hill Financial
5.900%, 11/15/17			325		347
Navient MTN
5.500%, 01/15/19			248		244
PNC Bank
2.700%, 11/01/22			445		442
Prudential Financial MTN
6.100%, 06/15/17			125		131
Sunoco Logistics Partners Operations
4.250%, 04/01/24			136		125
Time Warner
4.875%, 03/15/20			150		164
Williams Partners
4.000%, 11/15/21			150		130
					5,069
Total Corporate Obligations (Cost $5,004) ($ Thousands)					5,069
		Face Amount (Thousands)
ASSET-BACKED SECURITY — 0.0%
Other Asset-Backed Securities — 0.0%
Volta Electricity Receivables, Ser 2013-1, Cl SNR
4.172%, 02/16/17	EUR		79		92
Total Asset-Backed Security (Cost $103) ($ Thousands)					92

32 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATION — 1.7%
U.S. Treasury Bills
0.263%, 06/30/16 (D)	$	8,475	$	8,470
Total U.S. Treasury Obligation (Cost $8,470) ($ Thousands)				8,470
Total Investments — 100.1% (Cost $507,027) ($ Thousands)			$	506,175

A list of the open futures contracts held by the Fund at March 31, 2016, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Australian 10-Year Bond		3			Jun-2016	$	1
Australian 10-Year Bond		36			Jun-2016		39
Australian 3-Year Bond		1			Jun-2016		0
Canadian 10-Year Bond		(36	)		Jun-2016		25
Canadian 10-Year Bond		—			Jun-2016		—
Euro		(180	)		Jun-2016		(851	)
Euro-Bobl		(42	)		Jun-2016		0
Euro-Bobl		86			Jun-2016		(5	)
Euro-Bund Index		115			Jun-2016		97
Euro-Buxl 30 Year Bond		7			Jun-2016		37
Euro-Buxl 30 Year Bond		(10	)		Jun-2016		(51	)
Euro-Schatz		55			Jun-2016		(11	)
Japanese 10-Year Bond		2			Jun-2016		3
Japanese 10-Year MINI		63			Jun-2016		14
Long Gilt 10-Year Bond		(4	)		Jun-2016		0
Long Gilt 10-Year Bond		65			Jun-2016		22
Short Gilt Future		(5	)		Jun-2016		1
U.S. 10-Year Treasury Note		(80	)		Jun-2016		(58	)
U.S. 10-Year Treasury Note		(68	)		Jun-2016		33
U.S. 2-Year Treasury Note		(29	)		Jul-2016		(5	)
U.S. 2-Year Treasury Note		(49	)		Jul-2016		3
U.S. 5-Year Treasury Note		(8	)		Jun-2016		(1	)
U.S. 5-Year Treasury Note		10			Jun-2016		1
U.S. Long Treasury Bond		(2	)		Jun-2016		(5	)
U.S. Long Treasury Bond		23			Jun-2016		(21	)
U.S. Ultra Long Treasury Bond		(38	)		Jun-2016		53
U.S. Ultra Long Treasury Bond		(2	)		Jun-2016		(6	)
Ultra 10-Year U.S. Treasury Bond		(10	)		Jun-2016		(7	)
						$	(692	)

For the six months ended March 31, 2016, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for the derivative type during the six months.

A list of the open forward foreign currency contracts held by the Fund at March 31, 2016, is as follows:

Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
04/01/16-05/13/16	EUR		296,405	USD		329,414	$	(8,510	)
04/04/16-05/03/16	USD		1,766	BRL		6,780		141
04/04/16-01/04/17	BRL		11,125	USD		2,694		(308	)
04/05/16-05/12/16	USD		1,995	GBP		1,399		16
04/05/16-05/20/16	USD		3,023	JPY		341,529		20
04/05/16-05/04/16	NZD		5,910	USD		3,969		(129	)
04/05/16-05/13/16	USD		16,269	EUR		14,608		383
04/05/16-05/04/16	SEK		28,350	USD		3,388		(111	)
04/05/16-06/10/16	AUD		34,979	USD		25,992		(860	)
04/05/16-05/04/16	CAD		38,171	USD		28,374		(1,138	)
04/05/16-05/04/16	DKK		53,404	USD		7,987		(186	)
04/05/16-05/12/16	GBP		64,225	USD		90,923		(1,384	)
04/05/16-05/20/16	JPY		16,296,606	USD		144,851		(276	)
04/06/16-04/29/16	USD		2,096	NOK		18,011		81
04/06/16	NOK		14,968	SEK		14,917		31
04/06/16	SEK		15,106	EUR		1,630		(6	)
04/07/16	USD		890	RUB		67,697		122
04/08/16-04/28/16	USD		602	CAD		799		15
04/08/16-04/29/16	SGD		3,645	USD		2,607		(100	)
04/14/16-04/29/16	MXN		68,969	USD		3,836		(183	)
04/27/16	ILS		777	USD		202		(4	)
04/28/16	USD		56	CHF		55		1
04/28/16-04/28/16	USD		252	MXN		4,421		6
04/28/16-04/29/16	USD		429	AUD		568		7
04/28/16-04/29/16	USD		441	NZD		657		14
04/28/16-05/19/16	USD		809	PLN		3,066		14
04/28/16-04/29/16	CHF		2,515	USD		2,586		(44	)
04/29/16-04/29/16	USD		221	KRW		252,823		1
04/29/16	USD		1,065	SEK		8,787		20
04/29/16	NOK		2,989	USD		354		(8	)
04/29/16	MYR		3,275	USD		818		(28	)
04/29/16-05/19/16	PLN		12,938	USD		3,309		(167	)
04/29/16	CZK		13,857	USD		573		(11	)
04/29/16-05/11/16	ZAR		16,559	USD		1,069		(51	)
04/29/16	THB		26,964	USD		767		1
04/29/16	KRW		4,292,669	USD		3,700		(70	)
05/20/16-06/21/16	TWD		145,210	USD		4,427		(100	)
05/25/16	USD		873	TRY		2,542		17
07/01/16-03/08/17	USD		352	ARS		6,198		8
							$	(12,776	)

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 33

SCHEDULE OF INVESTMENTS (Unaudited)

International Fixed Income Fund (Concluded)

March 31, 2016

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2016, is as follows:

Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America	$	(20,999	)	$	20,778	$	(221	)
Barclays PLC		(15,044	)		14,674		(370	)
BNP Paribas		(1,666	)		1,654		(12	)
Brown Brothers Harriman		(415,182	)		406,980		(8,202	)
BT Brokerage		(214	)		214		—
Charter One		(2,328	)		2,265		(63	)
Citigroup		(141,154	)		138,952		(2,202	)
Credit Suisse First Boston		(4,500	)		4,467		(33	)
Deutsche Bank		(1,810	)		1,841		31
Goldman Sachs		(13,039	)		12,530		(509	)
HSBC		(4,967	)		4,916		(51	)

Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
ITG	$	(32,495	)	$	32,039	$	(456	)
JPMorgan Chase Bank		(26,918	)		26,436		(482	)
Morgan Stanley		(14,729	)		14,809		80
National Bank of Australia		(1,346	)		1,324		(22	)
RBC		(1,971	)		1,951		(20	)
Royal Bank of Scotland		(4,305	)		4,246		(59	)
SG Cowen		(288	)		290		2
Transatlantic Securities		(2,597	)		2,446		(151	)
UBS		(4,596	)		4,564		(32	)
Westpac Banking		(176	)		172		(4	)
						$	(12,776	)

For the six months ended March 31, 2016, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for the derivative type during the six months.

A list of the open OTC swap agreements held by the Fund at March 31, 2016, is as follows:

Credit Default Swaps
Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pays)/Receives Rate		Termination Date		Notional Amount ($ Thousands)			Net Unrealized Appreciation ($ Thousands)
Credit Suisse	CMBX-BB	Sell		5.00		5/11/2049	$	(370	)	$	23

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date		Currency		Notional Amount (Thousands)		Net Unrealized Depreciation ($ Thousands)
Citigroup	3.79%	6-Month GBP - LIBOR		05/19/2019		GBP		2,500	$	(368	)
Citibank	2.83%	3 Month USD - LIBOR		08/08/2023		USD		6,000		(614	)
Citibank	Euro CPI Overall Excluding Tobacco	1.22%		04/03/2019		EUR		2,450		(61	)
									$	(1,043	)

A list of the open centrally cleared swap agreements held by the Fund at March 31, 2016, is as follows:

Credit Default Swaps
Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pays)/ Receives Rate		Termination Date		Notional Amount ($ Thousands)		Net Unrealized Appreciation (Depreciation) ($ Thousands)
Barclays Bank PLC	ITRAXX-XOVERS25V1-5Y-2669	Buy		5.00		06/20/2021	$	1,480	$	3
Citigroup	CDX-NAHYS25V1-5Y-248257	Buy		5.00		12/20/2020		880		(16	)
									$	(13	)

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date		Currency		Notional Amount (Thousands)		Net Unrealized Appreciation (Depreciation) ($ Thousands)
Citibank	3.34%	6-Month GBP - LIBOR		01/17/2044		GBP		1,000	$	(559	)
JPMorgan Chase Bank	6-Month JPY - LIBOR	1.56%		11/28/2033		JPY		600,000		1,045
JPMorgan Chase Bank	1.90%	6-Month EUR - EURIBOR		03/24/2024		EUR		2,200		(315	)
JPMorgan Chase Bank	2.87%	6-Month GBP - LIBOR		02/14/2024		GBP		250		(44	)
JPMorgan Chase Bank	1.49%	6-Month EUR - EURIBOR		11/21/2023		EUR		5,500		(816	)
JPMorgan Chase Bank	1.49%	6-Month EUR - EURIBOR		09/12/2018		EUR		7,000		(320	)
Morgan Stanley	2.13%	3-Month USD - LIBOR		11/09/2025		USD		2,240		(116	)
									$	(1,125	)

For the six months ended March 31, 2016, the total amount of all swap agreements, as presented in the table above, are representative of the volume of activity for the derivative type during the six months.

34 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Percentages are based on a Net Assets of $505,876 ($ Thousands).

(A) Security 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.” This security has been determined to be liquid under guidelines established by the Board of Trustees. The total value of such securities as of March 31, 2016, was $42,047 ($ Thousands) and represented 8.31% of net assets.

(B) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2016.

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

(D) The rate reported is the effective yield at time of purchase.

ARS — Argentine Peso

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

ILS — Israeli 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 — Norwegian Krone

NZD — New Zealand Dollar

PLC — Public Limited Company

PLN — Polish Zloty

REMIC — Real Estate Mortgage Investment Conduit

SGD — Singapore Dollar

SEK — Swedish Krona

Ser — Series

SGD — Singapore Dollar

THB — Thai Bhat

TRY — New Turkish Lira

ZAR — South African Rand

The following is a list of the level of inputs used as of March 31, 2016, 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	$	—	$	478,187	$	—	$	478,187
Mortgage-Backed Securities		—		14,357		—		14,357
U.S. Treasury Obligation		—		8,470		—		8,470
Corporate Obligations		—		5,069		—		5,069
Asset-Backed Security		—		92		—		92
U.S. Treasury Obligation		—		8,470		—		8,470
Total Investments in Securities	$	—	$	506,175	$	—	$	506,175

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	329		$	—		$	—	$	329
Unrealized Depreciation		(1,021	)		—			—		(1,021	)
Forwards Contracts*
Unrealized Appreciation		—			898			—		898
Unrealized Depreciation		—			(13,674	)		—		(13,674	)
OTC Swaps
Credit Default Swaps*
Unrealized Appreciation		—			23			—		23
Interest Rate Swaps*
Unrealized Depreciation		—			(1,043	)		—		(1,043	)
Centrally Cleared Swaps
Credit Default Swaps*
Unrealized Appreciation		—			3			—		3
Unrealized Depreciation		—			(16	)		—		(16	)
Interest Rate Swaps*
Unrealized Appreciation		—			1,045			—		1,045
Unrealized Depreciation		—			(2,170	)		—		(2,170	)
Total Other Financial Instruments	$	(692	)	$	(14,934	)	$	—	$	(15,626	)

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

For the six months ended March 31, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2016, there were no transfers between Level 2 and Level 3 assets and liabilities.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 35

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund

March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS — 96.5%
Angola — 0.4%
Angolan Government International Bond
9.500%, 11/12/25 (A)	$		1,221	$	1,112
9.500%, 11/12/25			4,115		3,745
Republic of Angola Via Northern Lights III
7.000%, 08/16/19			655		638
					5,495
Argentina — 2.8%
Letras del Banco Central de la Republica Argentina
33.065%, 06/15/16	ARS		10,860		697
26.547%, 04/20/16			14,000		943
0.000%, 05/04/16			10,621		708
Republic of Argentina
15.500%, 12/19/08 (B)	$		54		80
11.750%, 04/07/09 (B)			4		6
11.375%, 01/30/17 (B)			7		10
10.250%, 01/26/49 (B)	EUR		10		11
9.000%, 05/26/49 (B)			5		6
8.750%, 06/02/17 (B)	$		1,750		2,069
8.750%, 05/07/24			2,400		2,597
8.500%, 07/01/49	EUR		22		25
8.280%, 12/31/33 (B)	$		9,197		10,991
8.280%, 12/31/33 (B)	EUR		2,781		3,518
8.280%, 12/31/33 (B)	$		2,426		2,832
7.820%, 12/31/33 (B)	EUR		2,381		3,059
6.000%, 03/31/23 (B)	$		965		1,148
5.870%, 03/31/23 (B)	DEM		728		505
5.870%, 03/31/23 (B) (C)			353		245
4.191%, 12/15/35 (C)	EUR		17,565		2,032
3.043%, 12/15/35 (C)	$		1,605		179
2.500%, 03/31/19 (B) (D)			275		184
2.260%, 12/31/38 (B) (D)	EUR		1,341		892
0.750%, 02/22/17	$		3,138		2,948
0.044%, 12/15/35 (C)			17,962		1,904
0.000%, 10/30/49			11		6
YPF
8.750%, 04/04/24 (A)			800		788

Description		Face Amount (Thousands)		Market Value ($ Thousands)
8.500%, 07/28/25 (A)	$		2,563	$	2,499
					40,882
Armenia — 0.2%
Republic of Armenia
7.150%, 03/26/25 (A)			2,476		2,437
Azerbaijan — 1.0%
Republic of Azerbaijan
4.750%, 03/18/24			1,900		1,805
4.750%, 03/18/24 (A)			2,920		2,774
Southern Gas Corridor
6.875%, 03/24/26			1,833		1,835
State Oil of the Azerbaijan Republic
6.950%, 03/18/30			1,733		1,565
6.950%, 03/18/30			2,441		2,206
4.750%, 03/13/23			4,112		3,608
4.750%, 03/13/23			500		439
					14,232
Bahrain — 0.0%
Bahrain Government International Bond
7.000%, 01/26/26 (A)			641		635
Belize — 0.1%
Belize Government International Bond
5.000%, 02/20/38 (D)			2,637		1,292
Bermuda — 0.2%
Government of Bermuda
4.854%, 02/06/24			2,680		2,811
Brazil — 8.3%
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/19 (A)			660		680
Braskem Finance
5.750%, 04/15/21			1,797		1,712
Brazil Letras do Tesouro Nacional
17.573%, 07/01/19	BRL		11,540		2,139
12.778%, 07/01/18			20,579		4,369
12.593%, 01/01/18			80,293		18,180
12.108%, 01/01/19			34,253		6,831
11.938%, 01/01/19			133,935		26,488
Brazil Loan Trust 1
5.477%, 07/24/23 (A)	$		2,081		1,920
5.477%, 07/24/23			351		322
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/28			1,176		1,002
Brazil Notas do Tesouro Nacional
10.000%, 01/01/17	BRL		1,967		541
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 05/15/35			1,000		783

36 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/18	BRL		30,986	$	8,326
10.000%, 01/01/19			850		223
10.000%, 01/01/21			19,202		4,797
10.000%, 01/01/23			12,085		2,897
10.000%, 01/01/25			25,426		5,899
BRF
4.750%, 05/22/24	$		3,410		3,222
Caixa Economica Federal
4.250%, 05/13/19			200		190
Cosan
5.000%, 03/14/23 (A)			699		612
ESAL GmbH
6.250%, 02/05/23 (A)			632		555
Federal Republic of Brazil
10.125%, 05/15/27			1,378		1,877
10.125%, 05/15/27			850		1,158
8.250%, 01/20/34			3,302		3,690
7.125%, 01/20/37			2,259		2,282
5.625%, 01/07/41			1,540		1,328
4.875%, 01/22/21			6,360		6,424
4.250%, 01/07/25			3,962		3,635
2.625%, 01/05/23 (E)			1,154		990
GTL Trade Finance
5.893%, 04/29/24 (A) (E)			491		401
Klabin Finance
5.250%, 07/16/24			790		742
Marfrig Overseas
9.500%, 05/04/20 (A)			835		843
9.500%, 05/04/20			371		375
Petrobras Global Finance
4.875%, 03/17/20			549		457
3.522%, 03/17/20 (C)			823		634
Petrobras International Finance
5.750%, 01/20/20			2,097		1,822
5.375%, 01/27/21			2,929		2,421
Samarco Mineracao
4.125%, 11/01/22 (A)			244		146
					120,913
Cameroon — 0.2%
Republic of Cameroon International Bond
9.500%, 11/19/25			2,488		2,339
Chile — 1.5%
Banco del Estado de Chile MTN
4.125%, 10/07/20			30		32
3.875%, 02/08/22 (A)			230		243
BancoEstado
4.125%, 10/07/20 (A)			270		285
Bonos de la Tesoreria de la Republica en pesos
6.000%, 01/01/20	CLP		80,000		130

Description		Face Amount (Thousands)		Market Value ($ Thousands)
6.000%, 01/01/22	CLP		90,000	$	149
Empresa Electrica Angamos
4.875%, 05/25/29 (A)	$		1,323		1,226
Empresa Nacional del Petroleo
6.250%, 07/08/19 (A)			100		109
6.250%, 07/08/19			50		54
5.250%, 08/10/20 (A)			240		258
5.250%, 08/10/20			100		107
4.375%, 10/30/24 (A)			564		564
Nacional del Cobre de Chile
6.150%, 10/24/36 (E)			1,748		1,918
5.625%, 09/21/35			880		919
5.625%, 10/18/43			250		260
4.875%, 11/04/44 (A) (E)			4,284		3,983
4.500%, 08/13/23 (A) (E)			903		939
4.500%, 09/16/25 (A) (E)			1,875		1,911
4.250%, 07/17/42			265		227
3.000%, 07/17/22 (A) (E)			1,950		1,882
Republic of Chile
5.500%, 08/05/20	CLP		323,000		500
3.125%, 03/27/25	$		750		784
2.250%, 10/30/22			3,981		3,961
VTR Finance
6.875%, 01/15/24 (A)			1,026		1,000
					21,441
China — 0.8%
Amber Circle Funding
3.250%, 12/04/22			850		881
CNOOC Curtis Funding No. 1 Pty
4.500%, 10/03/23			650		689
CNOOC Finance
3.500%, 05/05/25			234		230
Sinochem Offshore Capital MTN
3.250%, 04/29/19 (A)			1,432		1,459
Sinochem Overseas Capital
4.500%, 11/12/20			1,723		1,832
Sinopec Capital
3.125%, 04/24/23 (A)			539		533
Sinopec Group Overseas Development
4.375%, 04/10/24 (A)			800		854
3.250%, 04/28/25			3,600		3,572
State Grid Overseas Investment
4.125%, 05/07/24 (A)			1,216		1,327
					11,377
Colombia — 5.5%
Bogota Distrito Capital
9.750%, 07/26/28 (A)	COP		8,820,000		2,954
9.750%, 07/26/28			370,000		124
Colombian TES
11.000%, 07/24/20			227,500		85
10.000%, 07/24/24			13,513,900		5,048
7.750%, 09/18/30			50,041,200		15,709

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 37

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
7.500%, 08/26/26	COP		24,777,400	$	7,867
7.000%, 05/04/22			16,840,300		5,395
6.000%, 04/28/28			19,726,700		5,425
Ecopetrol
7.375%, 09/18/43	$		920		842
5.875%, 09/18/23			1,779		1,754
5.875%, 05/28/45			1,799		1,416
5.375%, 06/26/26			717		652
Emgesa ESP
8.750%, 01/25/21	COP		1,450,000		463
Empresas Publicas de Medellin ESP
8.375%, 02/01/21			4,272,000		1,354
7.625%, 09/10/24 (A)			3,410,000		983
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/24 (A)			1,645,000		467
7.875%, 08/12/24			884,000		251
Pacific Exploration and Production
5.625%, 01/19/25 (A)	$		2,298		391
Pacific Rubiales Energy
5.375%, 01/26/19			900		153
Republic of Colombia MTN
11.750%, 02/25/20			322		423
10.375%, 01/28/33			360		512
9.850%, 06/28/27	COP		1,257,000		487
9.850%, 06/28/27			5,078,000		1,966
8.125%, 05/21/24	$		550		686
7.750%, 04/14/21	COP		3,875,000		1,307
7.375%, 09/18/37	$		2,747		3,248
6.125%, 01/18/41			4,737		4,974
5.625%, 02/26/44			902		897
5.000%, 06/15/45			1,705		1,586
4.500%, 01/28/26			3,100		3,170
4.375%, 07/12/21			3,546		3,697
4.375%, 03/21/23 (E)	COP		1,184,000		330
4.375%, 03/21/23			1,917,000		534
4.000%, 02/26/24	$		4,188		4,209
3.875%, 03/22/26	EUR		1,533		1,763
					81,122
Costa Rica — 0.9%
Banco Nacional de Costa Rica
6.250%, 11/01/23 (A)	$		240		234
Instituto Costarricense de Electricidad
6.950%, 11/10/21			400		399
6.375%, 05/15/43			250		185
Republic of Costa Rica
7.158%, 03/12/45 (A)			1,237		1,120
7.158%, 03/12/45			1,533		1,387
7.000%, 04/04/44			1,887		1,703
7.000%, 04/04/44 (A)			4,412		3,982
4.375%, 04/30/25 (A)			381		333
4.375%, 04/30/25			2,627		2,299

Description		Face Amount (Thousands)		Market Value ($ Thousands)
4.250%, 01/26/23	$		1,424	$	1,299
					12,941
Croatia — 1.3%
Government of Croatia
6.750%, 11/05/19			1,190		1,306
6.625%, 07/14/20			2,795		3,070
6.375%, 03/24/21			5,940		6,490
6.375%, 03/24/21 (A)			2,229		2,435
6.000%, 01/26/24			1,100		1,197
6.000%, 01/26/24 (A)			1,948		2,120
5.875%, 07/09/18	EUR		150		187
5.500%, 04/04/23	$		200		211
3.000%, 03/11/25	EUR		2,150		2,313
					19,329
Dominican Republic — 1.3%
Dominican Republic
15.950%, 06/04/21	DOP		3,800		102
11.500%, 05/10/24			55,000		1,274
11.000%, 01/05/18			6,320		141
11.000%, 07/30/21 (A)			53,760		1,206
9.040%, 01/23/18	$		794		842
8.625%, 04/20/27			1,407		1,583
7.500%, 05/06/21 (A)			1,774		1,934
7.450%, 04/30/44 (A)			2,850		2,992
7.450%, 04/30/44			1,015		1,066
6.875%, 01/29/26			500		530
6.850%, 01/27/45			400		396
6.850%, 01/27/45 (A)			1,699		1,682
6.600%, 01/28/24			882		937
5.875%, 04/18/24			210		215
5.875%, 04/18/24 (A)			1,747		1,791
5.500%, 01/27/25			2,144		2,144
					18,835
Ecuador — 0.8%
EP PetroEcuador via Noble Sovereign Funding I
6.258%, 09/24/19 (C)			3,624		3,158
Republic of Ecuador
10.500%, 03/24/20			1,321		1,189
10.500%, 03/24/20 (A)			3,770		3,393
7.950%, 06/20/24			4,100		3,403
					11,143
Egypt — 0.4%
Government of Egypt
6.875%, 04/30/40			435		370
5.875%, 06/11/25			3,950		3,516
5.875%, 06/11/25 (A)			2,140		1,905
					5,791

38 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
El Salvador — 1.0%
Republic of El Salvador
8.250%, 04/10/32	$		1,423	$	1,348
8.250%, 04/10/32			513		486
7.750%, 01/24/23			708		694
7.650%, 06/15/35			6,336		5,544
7.625%, 02/01/41			530		449
7.375%, 12/01/19			1,120		1,115
6.375%, 01/18/27			3,131		2,709
6.375%, 01/18/27 (A)			1,755		1,518
5.875%, 01/30/25 (A)			638		550
5.875%, 01/30/25			210		181
					14,594
Ethiopia — 0.1%
Federal Democratic Republic of Ethiopia
6.625%, 12/11/24 (A)			1,069		983
Gabon — 0.1%
Gabonese Republic
8.200%, 12/12/17			282		283
6.950%, 06/16/25 (A)			388		323
6.375%, 12/12/24 (A)			261		217
6.375%, 12/12/24			255		211
					1,034
Georgia — 0.2%
Georgian Railway
7.750%, 07/11/22			3,377		3,588
Ghana — 0.8%
Republic of Ghana
10.750%, 10/14/30 (A)			1,250		1,220
10.750%, 10/14/30			4,141		4,042
8.500%, 10/04/17 (A)			300		295
8.125%, 01/18/26			1,308		1,027
8.125%, 01/18/26 (A)			2,622		2,058
7.875%, 08/07/23			3,097		2,454
					11,096
Guatemala — 0.1%
Comcel Trust
6.875%, 02/06/24 (A)			1,090		1,019
Hungary — 4.5%
Magyar Export-Import Bank
4.000%, 01/30/20 (A)			925		938
Republic of Hungary
7.625%, 03/29/41			7,760		10,988
7.500%, 11/12/20	HUF		262,990		1,186
7.000%, 06/24/22			1,194,950		5,501
6.750%, 10/22/28			932,610		4,649
6.375%, 03/29/21	$		5,556		6,312
6.250%, 01/29/20			1,430		1,590
6.000%, 11/24/23	HUF		1,715,290		7,663

Description		Face Amount (Thousands)		Market Value ($ Thousands)
5.750%, 11/22/23	$		5,134	$	5,848
5.500%, 12/22/16	HUF		555,220		2,078
5.500%, 12/20/18			404,600		1,626
5.500%, 06/24/25			1,777,670		7,849
5.375%, 02/21/23	$		3,757		4,164
5.375%, 03/25/24			536		600
4.000%, 04/25/18	HUF		209,060		799
4.000%, 03/25/19	$		636		660
3.500%, 06/24/20	HUF		121,180		469
3.500%, 06/24/20			146,000		567
3.000%, 06/26/24			479,050		1,770
2.500%, 06/22/18			239,220		890
					66,147
India — 0.3%
ABJA Investment Pte
5.950%, 07/31/24	$		472		439
Bharti Airtel International Netherlands
5.125%, 03/11/23			3,155		3,370
Export-Import Bank of India MTN
4.000%, 08/07/17			200		205
					4,014
Indonesia — 8.5%
Indonesia Treasury Bond
8.750%, 05/15/31	IDR		31,451,000		2,486
8.250%, 07/15/21			4,871,000		380
Majapahit Holding
8.000%, 08/07/19	$		470		536
7.875%, 06/29/37 (A)			205		241
7.875%, 06/29/37			300		353
7.750%, 01/20/20			894		1,021
Pelabuhan Indonesia III
4.875%, 10/01/24			1,659		1,674
Pertamina Persero
6.500%, 05/27/41 (A)			380		371
6.450%, 05/30/44			439		429
6.450%, 05/30/44 (A)			665		646
6.000%, 05/03/42			340		310
6.000%, 05/03/42 (A)			935		854
5.625%, 05/20/43 (A)			889		783
5.625%, 05/20/43			3,882		3,419
5.250%, 05/23/21 (A)			921		964
4.875%, 05/03/22 (A)			220		223
Perusahaan Listrik Negara MTN
5.250%, 10/24/42			580		519
Republic of Indonesia MTN
12.800%, 06/15/21	IDR		210,000		19
11.625%, 03/04/19	$		80		100
11.625%, 03/04/19			1,674		2,099
11.625%, 03/04/19 (A)			975		1,223
11.000%, 09/15/25	IDR		3,200,000		289
9.000%, 03/15/29			187,712,000		15,022
8.500%, 10/12/35	$		925		1,253

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 39

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
8.375%, 03/15/24	IDR		239,219,000	$	18,679
8.375%, 09/15/26			38,580,000		3,044
8.375%, 03/15/34			151,246,000		11,524
8.250%, 06/15/32			17,369,000		1,305
8.250%, 05/15/36			74,822,000		5,670
7.875%, 04/15/19			40,146,000		3,053
7.750%, 01/17/38	$		291		374
7.750%, 01/17/38			6,825		8,778
7.000%, 05/15/22	IDR		158,680,000		11,524
7.000%, 05/15/27			2,300,000		161
6.750%, 01/15/44	$		1,000		1,209
6.750%, 01/15/44 (A)			650		786
6.625%, 05/15/33	IDR		35,776,000		2,286
6.625%, 02/17/37	$		1,426		1,653
6.125%, 05/15/28	IDR		26,020,000		1,649
5.950%, 01/08/46	$		219		242
5.875%, 01/15/24			2,876		3,230
5.875%, 01/15/24 (A)			888		997
5.625%, 05/15/23	IDR		44,408,000		2,953
5.250%, 01/17/42	$		692		695
4.875%, 05/05/21 (A)			200		215
4.875%, 05/05/21			1,312		1,413
4.750%, 01/08/26 (A)			900		944
4.750%, 01/08/26			1,044		1,095
4.125%, 01/15/25			1,331		1,337
3.375%, 04/15/23 (A)			1,939		1,894
3.375%, 07/30/25	EUR		1,280		1,454
2.875%, 07/08/21 (A)			594		697
					124,075
Iraq — 0.3%
Republic of Iraq
5.800%, 01/15/28	$		5,928		4,073
Ivory Coast — 1.4%
Ivory Coast Government Bond
11.660%, 12/31/32			9,263		8,545
6.375%, 03/03/28 (A)			2,946		2,784
5.750%, 12/31/32			1,200		1,107
5.750%, 12/31/32			3,413		3,148
5.375%, 07/23/24 (A)			2,769		2,541
5.375%, 07/23/24			1,950		1,789
					19,914
Jamaica — 0.4%
Digicel Group
8.250%, 09/30/20			2,200		1,887
7.125%, 04/01/22 (A)			1,040		808
Government of Jamaica
7.875%, 07/28/45			637		647
7.625%, 07/09/25			1,656		1,830
6.750%, 04/28/28			1,056		1,082
					6,254

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Kazakhstan — 1.0%
Development Bank of Kazakhstan
4.125%, 12/10/22	$		770	$	686
KazAgro National Management Holding MTN
4.625%, 05/24/23			3,123		2,592
Kazakhstan Temir Zholy Finance
6.950%, 07/10/42 (A)			250		220
KazMunayGas National
9.125%, 07/02/18 (A)			561		612
9.125%, 07/02/18			1,071		1,168
7.000%, 05/05/20 (A)			1,310		1,375
6.375%, 04/09/21 (A)			4,195		4,311
6.375%, 04/09/21			734		754
Republic of Kazakhstan MTN
6.500%, 07/21/45			1,000		1,039
6.500%, 07/21/45 (A)			360		374
6.375%, 10/06/20 (A)			600		590
5.125%, 07/21/25			425		439
Samruk-Energy MTN
3.750%, 12/20/17			500		478
Zhaikmunai
6.375%, 02/14/19 (A)			336		264
Zhaikmunai Via Zhaikmunai International
7.125%, 11/13/19 (A)			497		394
					15,296
Kenya — 0.5%
Kenya Government International Bond
6.875%, 06/24/24 (A)			2,662		2,509
6.875%, 06/24/24			673		634
5.875%, 06/24/19 (A)			1,295		1,271
Kenya Infrastructure Bond
11.000%, 09/15/25	KES		230,000		2,128
11.000%, 10/12/26			20,000		181
11.000%, 03/15/27			124,850		1,135
					7,858
Lithuania — 0.3%
Republic of Lithuania
7.375%, 02/11/20	$		462		547
7.375%, 02/11/20 (A)			195		231
6.625%, 02/01/22			200		242
6.125%, 03/09/21			950		1,101
6.125%, 03/09/21 (A)			1,424		1,651
					3,772
Luxembourg — 0.0%
Altice Financing
8.000%, 12/15/19	EUR		400		476
Malaysia — 4.5%
1MDB Global Investments
4.400%, 03/09/23	$		5,100		4,737

40 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Malaysia Government Bond
5.248%, 09/15/28	MYR		1,050	$	295
4.935%, 09/30/43			4,200		1,113
4.498%, 04/15/30			1,240		328
4.392%, 04/15/26			10,601		2,793
4.262%, 09/15/16			19,118		4,945
4.181%, 07/15/24			11,316		2,961
4.160%, 07/15/21			4,260		1,122
4.048%, 09/30/21			4,330		1,132
4.012%, 09/15/17			900		235
3.955%, 09/15/25			23,520		6,090
3.892%, 03/15/27			1,369		344
3.889%, 07/31/20			2,330		607
3.844%, 04/15/33			1,770		425
3.800%, 08/17/23			3,000		772
3.795%, 09/30/22			13,500		3,477
3.654%, 10/31/19			13,430		3,470
3.580%, 09/28/18			4,747		1,227
3.502%, 05/31/27			1,050		253
3.492%, 03/31/20			5,460		1,404
3.480%, 03/15/23			14,448		3,638
3.418%, 08/15/22			15,169		3,831
3.314%, 10/31/17			46,169		11,927
3.260%, 03/01/18			19,210		4,938
Petronas Capital MTN
4.500%, 03/18/45 (A)	$		1,010		1,047
3.500%, 03/18/25 (A)			2,593		2,640
					65,751
Mexico — 9.1%
Alfa
6.875%, 03/25/44			1,750		1,744
America Movil
7.125%, 12/09/24	MXN		18,110		1,025
6.000%, 06/09/19			12,420		719
BBVA Bancomer
6.750%, 09/30/22 (A)	$		500		555
Cemex
7.750%, 04/16/26 (A)			528		541
6.125%, 05/05/25 (A) (E)			1,239		1,159
5.700%, 01/11/25 (A)			213		197
Cemex Finance
9.375%, 10/12/22			1,500		1,650
9.375%, 10/12/22 (A)			572		629
6.000%, 04/01/24 (A)			35		33
Comision Federal de Electricidad
7.350%, 11/25/25	MXN		21,225		1,178
5.750%, 02/14/42 (A)	$		500		482
4.875%, 01/15/24 (A)			237		244
Fermaca Enterprises S de RL
6.375%, 03/30/38 (A)			633		596
Mexican Bonos
7.750%, 11/23/34	MXN		16,946		1,115

Description		Face Amount (Thousands)		Market Value ($ Thousands)
7.750%, 11/13/42	MXN		36,350	$	2,388
7.500%, 06/03/27			9,023		584
6.500%, 06/09/22			87,639		5,360
5.750%, 03/05/26			30,679		1,763
5.000%, 06/15/17			34,891		2,059
5.000%, 12/11/19			69,650		4,050
Mexican Bonos, Ser M10
8.500%, 12/13/18			71,640		4,572
7.750%, 12/14/17			54,701		3,381
7.250%, 12/15/16			14,611		871
Mexican Bonos, Ser M20
10.000%, 12/05/24			256,240		19,194
8.500%, 05/31/29			27,273		1,904
8.000%, 12/07/23			11,575		768
7.750%, 05/29/31			90,900		5,981
Mexican Bonos, Ser M30
8.500%, 11/18/38			93,076		6,575
Mexican Udibonos
4.426%, 12/04/25			38,754		2,561
2.000%, 06/09/22			1,471		450
Mexico Cetes
4.177%, 10/13/16			320,040		1,825
4.013%, 06/23/16			48,431		280
4.011%, 07/21/16			257,745		1,486
Petroleos Mexicanos MTN
9.500%, 09/15/27	$		169		200
7.190%, 09/12/24	MXN		55,630		2,813
6.875%, 08/04/26	$		4,638		5,021
6.875%, 08/04/26 (A)			4,738		5,129
6.625%, 06/15/35			4,931		4,734
6.625%, 06/15/38			2,088		1,978
6.500%, 06/02/41			1,709		1,609
6.375%, 02/04/21 (A)			326		348
6.375%, 01/23/45 (A)			806		747
6.000%, 03/05/20			335		354
5.625%, 01/23/46			722		607
5.500%, 01/21/21			275		285
5.500%, 06/27/44			623		518
5.500%, 06/27/44			284		236
4.875%, 01/24/22			271		269
4.875%, 01/18/24			1,192		1,168
4.500%, 01/23/26			314		292
4.250%, 01/15/25			3,625		3,358
4.250%, 01/15/25			2,083		1,929
3.500%, 01/30/23			46		42
3.500%, 01/30/23 (A)			40		36
2.750%, 04/21/27	EUR		350		315
Petroloes Mexicanos MTN
5.625%, 01/23/46 (A)	$		1,437		1,208
Sixsigma Networks Mexico
8.250%, 11/07/21 (A)			527		497

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 41

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
United Mexican States MTN
7.500%, 04/08/33	$		336	$	461
6.050%, 01/11/40			648		760
5.750%, 10/12/10			468		474
5.550%, 01/21/45			812		899
4.750%, 03/08/44			1,770		1,766
4.600%, 01/23/46			2,301		2,243
4.125%, 01/21/26			5,300		5,557
4.000%, 10/02/23			4,689		4,912
3.600%, 01/30/25			3,804		3,880
					132,564
Mongolia — 0.6%
Development Bank of Mongolia MTN
5.750%, 03/21/17			902		868
Mongolia Government Bond
10.875%, 04/06/21			1,205		1,205
5.125%, 12/05/22			481		373
5.125%, 12/05/22			5,932		4,600
4.125%, 01/05/18			831		761
Trade & Development Bank of Mongolia MTN
9.375%, 05/19/20 (A)			355		325
9.375%, 05/19/20			350		321
					8,453
Montenegro — 0.2%
Republic of Montenegro
5.750%, 03/10/21	EUR		1,500		1,684
5.750%, 03/10/21 (A)			551		618
5.375%, 05/20/19			399		462
					2,764
Morocco — 0.2%
Kingdom of Morocco
5.500%, 12/11/42	$		1,795		1,862
5.500%, 12/11/42 (A)			200		208
4.250%, 12/11/22 (A)			287		293
OCP
6.875%, 04/25/44 (A)			655		679
5.625%, 04/25/24 (A)			305		317
4.500%, 10/22/25 (A)			288		276
					3,635
Mozambique — 0.0%
EMATUM Via Mozambique EMATUM Finance 2020
6.305%, 09/11/20			532		448
Namibia — 0.1%
Namibia International Bonds
5.250%, 10/29/25 (A)			1,132		1,092

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Nigeria — 0.2%
Republic of Nigeria
6.750%, 01/28/21	$		2,008	$	1,933
6.750%, 01/28/21 (A)			550		529
					2,462
Pakistan — 0.3%
Republic of Pakistan
8.250%, 04/15/24			3,900		4,142
7.250%, 04/15/19 (A)			500		524
6.875%, 06/01/17			430		444
6.875%, 06/01/17			100		104
					5,214
Panama — 1.0%
Panama Notas del Tesoro
4.875%, 02/05/21			704		740
Republic of Panama
9.375%, 01/16/23			560		752
9.375%, 04/01/29			3,456		5,149
8.875%, 09/30/27			1,345		1,927
8.125%, 04/28/34			2,128		2,883
6.700%, 01/26/36			1,350		1,721
4.300%, 04/29/53			130		122
4.000%, 09/22/24			901		946
3.750%, 03/16/25			862		886
					15,126
Paraguay — 0.4%
Republic of Paraguay
6.100%, 08/11/44 (A)			906		924
6.100%, 08/11/44			861		878
5.000%, 04/15/26			956		956
4.625%, 01/25/23			2,616		2,642
Telefonica Celular del Paraguay
6.750%, 12/13/22			200		196
6.750%, 12/13/22			200		196
					5,792
Peru — 2.2%
Abengoa Transmision Sur
6.875%, 04/30/43 (A)			273		275
Peru Enhanced Pass-Through Finance
4.893%, 06/02/25 (A)			1,000		765
1.506%, 05/31/18 (A)			182		174
1.503%, 05/31/18			67		64
Republic of Peru
8.750%, 11/21/33			3,637		5,374
8.200%, 08/12/26	PEN		6,268		2,051
7.350%, 07/21/25	$		1,344		1,767
6.950%, 08/12/31	PEN		6,696		1,959
6.950%, 08/12/31			9,861		2,885
6.850%, 02/12/42			613		170
6.550%, 03/14/37	$		1,794		2,234
5.700%, 08/12/24	PEN		10,994		3,103

42 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
5.700%, 08/12/24 (A)	PEN		10,512	$	2,986
4.125%, 08/25/27	$		111		116
3.750%, 03/01/30	EUR		6,138		7,107
Southern Copper
3.875%, 04/23/25	$		680		652
					31,682
Philippines — 0.1%
Development Bank of Philippines
5.500%, 03/25/21			330		371
Republic of Philippines
3.900%, 11/26/22	PHP		45,000		963
3.700%, 03/01/41	$		307		324
					1,658
Poland — 4.5%
Republic of Poland
5.125%, 04/21/21			1,871		2,091
5.000%, 03/23/22			249		278
4.000%, 10/25/23	PLN		14,550		4,303
4.000%, 01/22/24	$		446		476
3.750%, 04/25/18	PLN		4,860		1,366
3.250%, 07/25/25			72,643		20,356
3.000%, 03/17/23	$		1,829		1,834
2.750%, 08/25/23	PLN		16,397		5,449
2.500%, 07/25/18			12,600		3,461
2.500%, 07/25/26			40,576		10,576
2.000%, 04/25/21			3,349		893
1.707%, 07/25/17			2,390		631
1.500%, 04/25/20			25,155		6,646
Republic of Poland, Ser 0922
5.750%, 09/23/22			21,939		7,094
					65,454
Qatar — 0.5%
Ooredoo International Finance
7.875%, 06/10/19	$		665		776
State of Qatar
9.750%, 06/15/30			2,237		3,632
6.400%, 01/20/40			2,088		2,780
					7,188
Romania — 1.0%
Government of Romania
6.750%, 02/07/22 (A)			350		414
6.750%, 02/07/22			2,459		2,913
6.125%, 01/22/44			300		366
5.950%, 06/11/21	RON		650		192
5.850%, 04/26/23			9,250		2,780
4.875%, 01/22/24	$		216		238
4.750%, 02/24/25	RON		18,880		5,333
4.375%, 08/22/23	$		396		421
3.500%, 12/19/22	RON		5,115		1,343
					14,000

Description		Face Amount (Thousands)		Market Value ($ Thousands)
Russia — 4.9%
Alfa Bank Via Alfa Bond Issuance
7.750%, 04/28/21	$		1,500	$	1,617
Gaz Capital
6.510%, 03/07/22 (A)			224		235
Gazprom Neft OAO Via GPN Capital
4.375%, 09/19/22 (A)			230		212
Gazprom OAO Via Gaz Capital
9.250%, 04/23/19			1,492		1,691
9.250%, 04/23/19 (A)			381		432
6.510%, 03/07/22			193		202
5.999%, 01/23/21 (A)			310		320
4.950%, 07/19/22 (A)			157		153
4.950%, 02/06/28 (A)			2,390		2,163
Ritekro
13.956%, 11/07/22 (F) (G)			914		457
Rosneft Oil via Rosneft International Finance
4.199%, 03/06/22 (A)			465		432
3.149%, 03/06/17 (A)			7		7
Russian Federal Bond - OFZ
8.150%, 02/03/27	RUB		34,254		486
7.600%, 04/14/21			656,180		9,274
7.600%, 07/20/22			463,335		6,465
7.500%, 03/15/18			180,510		2,620
7.500%, 02/27/19			274,827		3,939
7.400%, 04/19/17			70,000		1,025
7.050%, 01/19/28			365,672		4,740
7.000%, 01/25/23			193,576		2,612
7.000%, 08/16/23			374,212		5,026
6.900%, 08/03/16			42,224		626
6.800%, 12/11/19			85,636		1,191
6.700%, 05/15/19			591,505		8,279
6.500%, 12/03/14 (D)			22,770		305
6.400%, 05/27/20			228,079		3,110
6.200%, 01/31/18			255,304		3,626
Russian Foreign Bond - Eurobond
5.875%, 09/16/43	$		800		826
5.625%, 04/04/42			1,400		1,415
4.875%, 09/16/23			1,600		1,671
4.875%, 09/16/23 (A)			1,200		1,253
3.250%, 04/04/17			600		605
Vnesheconombank Via VEB Finance
6.902%, 07/09/20			1,310		1,351
6.800%, 11/22/25			2,294		2,298
6.800%, 11/22/25 (A)			150		150
5.450%, 11/22/17 (A)			400		405
					71,219
Senegal — 0.3%
Republic of Senegal
8.750%, 05/13/21			790		851
8.750%, 05/13/21 (A)			540		582

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 43

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
6.250%, 07/30/24	$		3,530	$	3,283
6.250%, 07/30/24 (A)			426		396
					5,112
Serbia — 0.6%
Republic of Serbia
7.250%, 09/28/21			5,392		6,026
7.250%, 09/28/21 (A)			200		223
5.875%, 12/03/18 (A)			530		554
4.875%, 02/25/20			2,715		2,757
					9,560
Slovenia — 0.8%
Slovenia Government International Bond
5.850%, 05/10/23			1,800		2,075
5.250%, 02/18/24			9,080		10,170
					12,245
South Africa — 5.2%
Eskom Holdings
7.125%, 02/11/25			2,320		2,143
7.125%, 02/11/25 (A)			4,613		4,261
6.750%, 08/06/23			1,625		1,499
6.750%, 08/06/23 (A) (E)			1,289		1,189
5.750%, 01/26/21			1,389		1,278
Republic of South Africa
10.500%, 12/21/26	ZAR		165,214		12,273
8.875%, 02/28/35			7,030		441
8.750%, 01/31/44			20,346		1,232
8.750%, 02/28/48			13,630		823
8.500%, 01/31/37			40,525		2,435
8.250%, 09/15/17			8,000		545
8.250%, 03/31/32			23,842		1,433
8.000%, 12/21/18			12,488		840
8.000%, 01/31/30			177,437		10,665
7.750%, 02/28/23			108,686		6,925
7.250%, 01/15/20			62,032		4,039
7.000%, 02/28/31			103,711		5,617
6.875%, 05/27/19	$		580		637
6.750%, 03/31/21	ZAR		78,500		4,922
6.500%, 02/28/41			39,901		1,878
6.250%, 03/31/36			78,799		3,729
5.875%, 09/16/25	$		4,698		5,083
Transnet SOC
9.500%, 05/13/21 (A)	ZAR		13,360		826
4.000%, 07/26/22	$		600		542
ZAR Sovereign Capital Fund Propriety
3.903%, 06/24/20 (A)			1,046		1,035
					76,290
Sri Lanka — 0.8%
Republic of Sri Lanka
6.850%, 11/03/25			4,469		4,260
6.850%, 11/03/25 (A)			1,737		1,656
6.250%, 07/27/21			2,755		2,687

Description		Face Amount (Thousands)		Market Value ($ Thousands)
6.000%, 01/14/19	$		238	$	238
5.875%, 07/25/22			1,020		961
5.875%, 07/25/22 (A)			2,238		2,108
					11,910
Supra-National — 0.1%
European Investment Bank MTN
8.500%, 09/17/24	ZAR		9,200		593
Inter-American Development Bank MTN
7.350%, 09/12/18	IDR		20,140,000		1,488
					2,081
Thailand — 2.6%
Thailand Government Bond
5.670%, 03/13/28	THB		3,000		119
4.875%, 06/22/29			143,838		5,470
4.675%, 06/29/44			4,171		163
3.875%, 06/13/19			68,000		2,083
3.850%, 12/12/25			143,363		4,843
3.650%, 12/17/21			386,356		12,272
3.625%, 06/16/23			243,651		7,875
3.580%, 12/17/27			69,970		2,344
2.550%, 06/26/20			40,000		1,189
1.250%, 03/12/28			22,900		627
1.200%, 07/14/21			59,400		1,759
					38,744
Trinidad & Tobago — 0.0%
Republic of Trinidad & Tobago
4.375%, 01/16/24 (A)	$		395		416
Tunisia — 0.1%
Banque Centrale de Tunisie
5.750%, 01/30/25 (A)			1,298		1,123
Turkey — 7.0%
Export Credit Bank of Turkey MTN
5.875%, 04/24/19 (A)			200		210
5.375%, 02/08/21 (A)			896		912
5.000%, 09/23/21 (A)			538		540
KOC Holding
5.250%, 03/15/23			1,840		1,835
Republic of Turkey
11.875%, 01/15/30			900		1,532
10.500%, 01/15/20	TRY		15,670		5,727
10.400%, 03/27/19			3,560		1,289
10.400%, 03/20/24			2,250		829
9.500%, 01/12/22			8,610		3,030
9.400%, 07/08/20			53,256		18,782
9.000%, 03/08/17			8,479		2,987
9.000%, 07/24/24			12,758		4,345
8.800%, 11/14/18			9,824		3,420
8.500%, 07/10/19			3,658		1,259
8.500%, 09/14/22			13,148		4,400

44 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
8.300%, 06/20/18	TRY		14,151	$	4,890
8.000%, 03/12/25			2,113		674
8.000%, 02/14/34	$		1,350		1,765
7.500%, 11/07/19			2,260		2,577
7.400%, 02/05/20	TRY		38,587		12,738
7.375%, 02/05/25	$		1,258		1,508
7.100%, 03/08/23	TRY		6,560		2,027
7.000%, 06/05/20	$		2,300		2,603
6.875%, 03/17/36			1,787		2,109
6.750%, 04/03/18			1,374		1,479
6.750%, 05/30/40			1,889		2,215
6.300%, 02/14/18	TRY		1,090		365
6.250%, 09/26/22	$		2,414		2,684
6.000%, 01/14/41			280		302
5.750%, 03/22/24			801		869
5.625%, 03/30/21			1,912		2,063
5.125%, 03/25/22			2,063		2,169
4.875%, 10/09/26			504		510
4.875%, 04/16/43			673		624
4.250%, 04/14/26			1,278		1,244
3.000%, 08/02/23	TRY		6,285		2,288
TC Ziraat Bankasi
4.250%, 07/03/19 (A)	$		1,440		1,440
Turk Telekomunikasyon
4.875%, 06/19/24			1,750		1,677
					101,917
Ukraine — 1.3%
Government of Ukraine
7.750%, 09/01/19			109		102
7.750%, 09/01/20			535		502
7.750%, 09/01/20 (A)			2,179		2,044
7.750%, 09/01/21			516		478
7.750%, 09/01/21 (A)			730		676
7.750%, 09/01/22			516		472
7.750%, 09/01/22 (A)			3,325		3,042
7.750%, 09/01/23			516		467
7.750%, 09/01/23 (A)			930		841
7.750%, 09/01/24 (A)			730		653
7.750%, 09/01/24			3,116		2,785
7.750%, 09/01/25 (A)			2,477		2,196
7.750%, 09/01/25			400		355
7.750%, 09/01/26			400		353
7.750%, 09/01/26 (A) (E)			1,125		993
7.750%, 09/01/27 (A)			523		461
7.750%, 09/01/27			1,090		962
3.242%, 05/31/40 (A) (C)			1,406		460
0.000%, 05/31/40 (C)			953		311
Ukreximbank Via Biz Finance
9.625%, 04/27/22 (A)			1,711		1,506
					19,659

Description	Face Amount (Thousands)		Market Value ($ Thousands)
United Arab Emirates — 0.3%
DP World MTN
6.850%, 07/02/37	$	1,800	$	1,835
MAF Global Securities
7.125%, 10/29/49 (C)		2,490		2,615
				4,450
Uruguay — 0.5%
Republic of Uruguay PIK
7.875%, 01/15/33		—		—
Republic of Uruguay
5.100%, 06/18/50		5,614		5,221
4.375%, 10/27/27		1,443		1,479
4.125%, 11/20/45		458		392
				7,092
Venezuela — 1.5%
Petroleos de Venezuela
8.500%, 11/02/17		4,800		2,544
8.500%, 11/02/17		6,406		3,396
6.000%, 05/16/24		7,710		2,394
5.500%, 04/12/37		4,700		1,492
5.250%, 04/12/17		6,755		3,431
5.250%, 04/12/17		156		79
5.125%, 10/28/16 (E)		337		263
Republic of Venezuela
13.625%, 08/15/18		1,716		1,042
13.625%, 08/15/18		144		80
11.950%, 08/05/31		1,420		561
11.750%, 10/21/26		2,515		987
9.375%, 01/13/34		5,886		2,089
9.250%, 09/15/27		1,313		525
9.250%, 05/07/28		445		157
8.250%, 10/13/24		500		170
8.250%, 10/13/24		7,020		2,387
				21,597
Vietnam — 0.1%
Republic of Vietnam
4.800%, 11/19/24 (A)		1,026		1,029
4.800%, 11/19/24		200		200
				1,229
Zambia — 0.3%
Republic of Zambia
8.970%, 07/30/27 (A)		1,639		1,348
8.970%, 07/30/27		1,138		944
8.500%, 04/14/24		836		692
8.500%, 04/14/24 (A)		732		606
5.375%, 09/20/22		421		320
				3,910
Total Global Bonds (Cost $1,502,281) ($ Thousands)				1,409,045

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 45

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Continued)

March 31, 2016

Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS — 0.0%
Singapore — 0.0%
Ashmore Cayman SPC, No. 1
0.000%, 08/31/11 (C) (F) (G)		262	$	131
Morton Bay
6.220%, 12/31/13 (F) (G)		3,158		—
				131
Total Loan Participations (Cost $3,395) ($ Thousands)				131
	Shares
AFFILIATED PARTNERSHIP — 0.8%
SEI Liquidity Fund, L.P.
0.380%* † (H)		12,104,103		12,104
Total Affiliated Partnership (Cost $12,104) ($ Thousands)				12,104
Total Investments — 97.3% (Cost $1,517,780) ($ Thousands)			$	1,421,280

A list of the open futures contracts held by the Fund at March 31, 2016, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
JSE Bond Future R186		107			May-2016	$	28
JSE Bond Future R207		650			May-2016		79
JSE Bond Future R208		670			May-2016		109
Korea 10-Year Bond		39			Jun-2016		36
Korea 3-Year Bond		127			Jun-2016		31
U.S. 10-Year Treasury Note		14			Jun-2016		(3	)
U.S. 10-Year Treasury Note		(289	)		Jun-2016		95
U.S. 2-Year Treasury Note		10			Jul-2016		(1	)
U.S. 5-Year Treasury Note		(25	)		Jun-2016		1
U.S. Long Treasury Bond		21			Jun-2016		(19	)
						$	356

For the six months ended March 31, 2016, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for the derivative type during the six months.

A list of the open forward foreign currency contracts held by the Fund at March 31, 2016, is as follows:

Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
04/04/16-06/30/16	EUR		27,463	PLN		120,630	$	1,090
04/04/16-06/15/16	USD		32,892	BRL		127,390		2,610
04/04/16-06/15/16	USD		33,600	EUR		30,162		782
04/04/16-04/04/16	PLN		51,878	EUR		11,896		(383	)
04/04/16-06/15/16	BRL		131,006	USD		33,611		(3,009	)
04/05/16-07/01/16	USD		1,416	PHP		66,411		27
04/05/16-06/15/16	EUR		54,122	USD		60,275		(1,423	)
04/07/16-07/01/16	USD		17,539	IDR		234,632,632		179
04/07/16-05/04/16	IDR		184,405,380	USD		13,820		(136	)
04/08/16-06/15/16	USD		8,870	RON		35,987		309
04/08/16-05/04/16	USD		13,002	KRW		15,678,858		730
04/08/16-04/08/16	EUR		14,351	RON		64,323		47
04/08/16-06/15/16	USD		22,641	THB		804,755		214
04/08/16	RON		23,269	EUR		5,198		(10	)
04/08/16-06/15/16	TRY		49,945	USD		16,728		(764	)
04/08/16-04/25/16	THB		138,243	USD		3,822		(107	)
04/08/16-06/15/16	KRW		22,555,815	USD		18,667		(1,091	)
04/11/16-06/15/16	USD		42,095	MXN		771,904		2,799
04/12/16-08/10/16	USD		6,497	NGN		1,557,488		731
04/12/16-09/21/16	USD		35,668	RUB		2,686,487		4,370
04/12/16-08/17/16	NGN		1,437,301	USD		5,822		(957	)
04/12/16-06/15/16	RUB		2,870,629	USD		38,778		(3,968	)
04/14/16-06/15/16	USD		28,922	ZAR		445,804		1,085
04/18/16	USD		2,716	TWD		87,966		22
04/18/16-07/01/16	USD		15,713	INR		1,067,781		332
04/18/16-06/15/16	USD		16,040	PLN		61,678		526
04/18/16-06/15/16	PLN		24,974	USD		6,493		(216	)
04/18/16-06/15/16	PEN		85,492	USD		24,421		(1,154	)
04/18/16	INR		518,728	USD		7,575		(247	)
04/18/16-06/15/16	TWD		601,341	USD		18,356		(379	)
04/18/16-06/22/16	COP		20,154,912	USD		6,447		(219	)
04/20/16-04/27/16	USD		2,530	CNY		16,906		85
04/20/16-02/15/17	CNY		70,720	USD		10,485		(279	)
04/26/16	EUR		2,464	HUF		774,203		(1	)
04/26/16-04/26/16	HUF		4,184,441	EUR		13,456		164
04/27/16	CNH		16,295	USD		2,449		(73	)
04/27/16-06/21/16	USD		17,583	CLP		12,097,650		441
04/27/16-06/15/16	ILS		54,195	USD		13,884		(552	)
04/27/16	CLP		3,775,155	USD		5,211		(423	)
04/29/16-06/28/16	USD		7,206	MYR		29,011		290
05/04/16-05/11/16	USD		1,631	PEN		5,438		(1	)
05/04/16	USD		2,620	CAD		3,511		95
05/04/16	USD		2,820	HUF		791,996		53
05/04/16	CAD		3,511	USD		2,639		(77	)
05/04/16-06/15/16	USD		17,514	TRY		52,357		815
05/04/16-06/15/16	MXN		195,845	USD		10,833		(541	)
05/04/16-06/15/16	HUF		3,887,904	USD		13,875		(220	)
05/06/16	JPY		289,909	USD		2,542		(40	)
05/24/16-06/15/16	ZAR		258,291	USD		16,230		(1,128	)

46 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
06/15/16	RON		4,860	USD		1,208	$	(33	)
06/15/16	MYR		6,476	USD		1,577		(96	)
06/15/16-06/22/16	USD		10,850	COP		33,912,257		360
06/15/16-06/16/16	SGD		19,516	USD		14,172		(319	)
07/29/16	KES		127,000	USD		1,122		(109	)
11/30/16	ARS		15,714	USD		865		(54	)
							$	147

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2016, is as follows:

Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Barclays PLC	$	(8,757	)	$	8,434	$	(323	)

Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Citigroup	$	(123,728	)	$	121,729	$	(1,999	)
Deutsche Bank		(1,474	)		1,503		29
Goldman Sachs		(285,800	)		283,940		(1,860	)
HSBC		(9,627	)		9,399		(228	)
JPMorgan Chase Bank		(346,732	)		351,234		4,502
Merrill Lynch		(642	)		682		40
Morgan Stanley		(1,536	)		1,604		68
Standard Bank		(13,643	)		13,606		(37	)
Standard Chartered		(90	)		94		4
Standard New York		(1,674	)		1,577		(97	)
UBS		(1,716	)		1,764		48
						$	147

For the six months ended March 31, 2016 the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for the derivative type during the six months.

A list of the open OTC swap agreements held by the Fund at March 31, 2016, is as follows:

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date		Currency		Notional Amount (Thousands)		Net Unrealized Appreciation (Depreciation) ($ Thousands)
Goldman Sachs	3-Month ZAR - JIBAR	8.76%		01/16/2029		ZAR		52,000	$	32
Goldman Sachs	6-Month PLN - WIBOR	2.76%		03/15/2026		PLN		25,000		19
Goldman Sachs	28-Day MXN - TIIE	6.17%		03/05/2026		MXN		47,200		23
Goldman Sachs	28-Day MXN - TIIE	6.21%		12/08/2025		MXN		16,624		14
Goldman Sachs	2.46%	6-Month PLN - WIBOR		09/22/2025		PLN		5,500		(55	)
Goldman Sachs	4.63%	1-DAY CLP - CLICP		08/21/2025		CLP		205,000		(2	)
Goldman Sachs	28-Day MXN - TIIE	6.36%		05/21/2025		MXN		23,145		39
Goldman Sachs	3.45%	6-Month HUF - BUBOR		05/11/2025		HUF		800,000		(464	)
Goldman Sachs	4.53%	1-Day CLP - CLICP		03/11/2025		CLP		791,933		(3	)
Goldman Sachs	3-Month ZAR - JIBAR	8.30%		01/16/2024		ZAR		23,000		(19	)
Goldman Sachs	3-Month ZAR - JIBAR	8.19%		12/20/2023		ZAR		10,000		(14	)
Goldman Sachs	1-Year BRL-CDI	10.89%		01/03/2023		ZAR		5,012		(281	)
Goldman Sachs	1-Day BRL-CDI	11.99%		01/02/2023		BRL		3,000		(106	)
Goldman Sachs	28-Day MXN - TIIE	5.90%		09/12/2022		MXN		75,956		78
Goldman Sachs	3-Month MYR - KLIBOR	3.74%		03/23/2021		MYR		10,300		10
Goldman Sachs	28-Day MXN - TIIE	5.37%		03/17/2021		MXN		46,500		10
Goldman Sachs	7-Day CNY	2.49%		02/04/2021		CNY		18,000		—
Goldman Sachs	1-Day BRL-CDI	12.73%		01/04/2021		BRL		10,608,431		(163	)
Goldman Sachs	0.57%	6-Month CZK - PRIBOR		12/16/2020		CZK		90,000		(37	)
Goldman Sachs	6.78%	Colombia IBR Overnight Interbank		12/15/2020		COP		10,000,000		(43	)
Goldman Sachs	3-Month MYR - KLIBOR	4.37%		12/15/2020		MYR		12,000		98
Goldman Sachs	0.42%	6-Month CZK - PRIBOR		10/23/2020		CZK		42,000		(5	)
Goldman Sachs	0.59%	6-Month CZK - PRIBOR		03/13/2020		CZK		25,000		(11	)
Goldman Sachs	1-Day BRL-CDI	13.39%		01/02/2019		BRL		14,395		(50	)
Goldman Sachs	1-Day BRL-CDI	13.42%		01/02/2019		BRL		19,336		(63	)
Goldman Sachs	1-Day BRL-CDI	11.81%		01/02/2018		BRL		9,833		(96	)
Goldman Sachs	1-Day BRL-CDI	11.98%		01/02/2018		BRL		3,338		(29	)
Goldman Sachs	1-Day BRL-CDI	12.86%		01/02/2018		BRL		35,816		(144	)
Goldman Sachs	1-Day BRL-CDI	13.27%		01/02/2017		BRL		27,961		(36	)
Goldman Sachs	2.45%	6-Month HUF - BUBOR		07/11/2016		HUF		3,073,496		(198	)
JPMorgan Chase Bank	4.72%	1-Day BRL-CDI		06/05/2025		CLP		1,293,489		(30	)
JPMorgan Chase Bank	4.29%	6-Month HUF - BUBOR		08/04/2024		HUF		300,000		(246	)
JPMorgan Chase Bank	6-Month PLN - WIBOR	1.79%		03/24/2021		PLN		9,000		1
JPMorgan Chase Bank	3-Month ZAR - JIBAR	8.45%		03/23/2021		ZAR		43,700		18
JPMorgan Chase Bank	0.30%	6-Month CZK - PRIBOR		02/26/2021		CZK		61,000		12
JPMorgan Chase Bank	7.16%	Colombia IBR Overnight Interbank		02/11/2021		COP		10,000,000		(94	)
JPMorgan Chase Bank	7-Day CNY	2.44%		01/26/2021		CNY		17,000		(7	)
JPMorgan Chase Bank	7.11%	Colombia IBR Overnight Interbank		01/22/2021		COP		9,929,262		(87	)

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 47

SCHEDULE OF INVESTMENTS (Unaudited)

Emerging Markets Debt Fund (Concluded)

March 31, 2016

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date		Currency		Notional Amount (Thousands)		Net Unrealized Appreciation (Depreciation) ($ Thousands)
JPMorgan Chase Bank	0.44%	6-Month CZK - PRIBOR		11/20/2020		CZK		30,000	$	(4	)
JPMorgan Chase Bank	0.50%	6-Month CZK - PRIBOR		05/05/2020		CZK		140,000		(55	)
JPMorgan Chase Bank	0.54%	6-Month CZK - PRIBOR		02/16/2020		CZK		250,000		(85	)
JPMorgan Chase Bank	5.57%	Colombia IBR Overnight Interbank		10/08/2017		COP		14,000,000		70
JPMorgan Chase Bank	5.41%	Colombia IBR Overnight Interbank		09/21/2017		COP		20,651,242		117
JPMorgan Chase Bank	1.77%	3-Month HUF - BUBOR		07/17/2017		HUF		5,732,291		(193	)
									$	(2,079	)

A list of the open centrally cleared swap agreements held by the Fund at March 31, 2016, is as follows:

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date		Currency		Notional Amount (Thousands)		Net Unrealized Depreciation ($ Thousands)
Bank of America	2.34%	USD 3M LIBOR		02/06/2045		USD		1,930	$	(85	)
Bank of America	2.14%	USD 3M LIBOR		01/12/2025		USD		3,534		(180	)
JPMorgan Chase Bank	2.08%	USD 3M LIBOR		01/13/2025		USD		4,680		(212	)
									$	(477	)

For the six months ended March 31, 2016 the total amount of all open swap agreements, as presented in the table above, are representative of the volume of activity for the derivative type during the six months.

Percentages are based on a Net Assets of $1,460,322 ($ Thousands).

* Rate shown is the 7-day effective yield as of March 31, 2016.

† Investment in Affiliated Security.

(A) Security 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.” This security has been determined to be liquid under guidelines established by the Board of Trustees. The total value of such securities as of March 31, 2016, was $167,370 ($ Thousands) and represented 11.46% of net assets.

(B) Security is in default on interest payment.

(C) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2016.

(D) Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on March 31, 2016. The coupon on a step bond changes on a specified date.

(E) This security or a partial position of this security is on loan at March 31, 2016. The total market value of securities on loan at March 31, 2016 was $11,701 ($ Thousands).

(F) Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of March 31, 2016 was $588 ($ Thousands) and represented 0.0% of Net Assets.

(G) Securities considered illiquid. The total value of such securities as of March 31, 2016 was $588 ($ Thousands) and represented 0.0% of Net Assets.

(H) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of March 31, 2016 was $12,104 ($Thousands).

ARS — Argentine Peso

BRL — Brazilian Real

BUBOR — Budapest Interbank Offered Rate

CAD — Canadian Dollar

CDI — Average One-Day Interbank Deposit Rate

CLICP — Colombian IBR Overnight Interbank Reference Rate

CLP — Chilean Peso

CNH — Chinese Yuan (Offshore)

CNY — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

DEM — German Mark

DOP — Dominican Peso

EUR — Euro

HUF — Hungarian Forint

IBR — Interbank Rate

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — India Rupee

JIBAR — Johannesburg Interbank Agreed Rate

JPY — Japanese Yen

KES — Kenyan Shilling

KLIBOR — Kuala Lumpur Interbank Offered Rate

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

OTC — Over the Counter

PEN — 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

THB — Thai Bhat

TIIE — Equilibrium Interbank Offered Rate

TWD — Taiwan Dollar

TRY — New Turkish Lira

USD — U.S. Dollar

WIBOR — Warsaw Interbank Offered Rate

ZAR — South African Rand

48 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

The following is a list of the level of inputs used as of March 31, 2016, 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	$	—		$	1,408,588		$	457	$	1,409,045
Loan Participation		—			—			131		131
Affiliated Partnership		—			12,104			—		12,104
Total Investments in Securities	$	—		$	1,420,692		$	588	$	1,421,280
Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	379		$	—		$	—	$	379
Unrealized Depreciation		(23	)		—			—		(23	)
Forwards Contracts*
Unrealized Appreciation		—			18,156			—		18,156
Unrealized Depreciation		—			(18,009	)		—		(18,009	)
OTC Swaps
Interest Rate Swaps*
Unrealized Appreciation		—			541			—		541
Unrealized Depreciation		—			(2,620	)		—		(2,620	)
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Depreciation		—			(477	)		—		(477	)
Total Other Financial Instruments	$	356		$	(2,409	)	$	—	$	(2,053	)

(1) Of the $588 ($ Thousands) in Level 3 securities as of March 31, 2016, $588 ($ Thousands) or 0.04% 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 not valued by third party pricing vendors or broker quotes. A reconciliation of Level 3 investments is presented when the Fund has 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 six months ended March 31, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2016, there were no transfers between Level 2 and Level 3 assets and liabilities.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 49

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

March 31, 2016

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Assets:
Investments, at value†	$	2,680,238	*	$	1,443,352	*	$	506,175		$	1,409,176	*
Affiliated investments, at value††		287,237			146,991			—			12,104
Cash		66,283			30,432			9,532			41,620
Cash pledged as collateral for futures and swap contracts		—			—			2,216			1,400
Foreign currency, at value†††		972			2,295			—			9,608
Receivable for fund shares sold		2,135			9,157			259			915
Receivable for investment securities sold		13,400			6,341			1,327			6,540
Dividends and interest receivable		8,510			3,291			4,128			22,603
Unrealized gain on forward foreign currency contracts		—			—			898			18,156
Unrealized gain on foreign spot currency contracts		2			4			543			195
Swap contracts, at value		—			—			—			541
Foreign tax reclaim receivable		4,828			50			—			—
Receivable for variation margin		103			—			79			47
Prepaid expenses		—			26			—			28
Total Assets		3,063,708			1,641,939			525,157			1,522,933
Liabilities:
Payable upon return on securities loaned		219,397			139,598			—			12,104
Payable for investment securities purchased		10,331			7,599			1,072			14,776
Payable for fund shares redeemed		3,484			2,845			588			4,262
Swap contracts, at value††††		—			—			1,085			2,620
Payable to custodian		1,725			152			1,803			8,948
Foreign currency payable to custodian, at value†††		—			—			271			—
Payable for variation margin		711			—			290			158
Administration fees payable		1,056			544			191			543
Unrealized loss on foreign currency spot contracts		15			26			48			116
Unrealized loss on forward foreign currency contracts		—			—			13,674			18,009
Trustees fees payable		1			1			—			1
Chief compliance officer fees payable		3			2			1			2
Administration servicing fees payable		4			—			—			—
Shareholder servicing fees payable		554			287			104			281
Investment advisory fees payable		1,185			1,148			106			713
Accrued expense payable		69			255			48			78
Accrued foreign capital gains tax on appreciated securities		5			316			—			—
Total Liabilities		238,540			152,773			19,281			62,611
Net Assets	$	2,825,168		$	1,489,166		$	505,876		$	1,460,322
† Cost of investments	$	2,698,379		$	1,572,626		$	507,027		$	1,505,676
†† Cost of affiliated investments		287,237			146,991			—			12,104
††† Cost of foreign currency		883			2,280			(282	)		9,566
†††† Cost (Premiums received)		—			—			(231	)		—
* Includes market value of securities on loan		208,594			134,753			—			11,701

50 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Net Assets:
Paid-in Capital — (unlimited authorization — no par value)	$	3,642,524		$	1,783,905		$	527,595		$	1,639,756
Undistributed (distributions in excess of) net investment income		2,914			(8,145	)		(5,073	)		10,925
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency contracts and swap contracts		(801,750	)		(157,102	)		313			(92,250	)
Net unrealized depreciation on investments		(18,141	)		(129,274	)		(852	)		(96,500	)
Net unrealized appreciation (depreciation) on futures contracts		(422	)		—			(692	)		356
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		48			98			(13,257	)		591
Net unrealized depreciation on swap contracts		—			—			(2,158	)		(2,556	)
Accumulated foreign capital gains tax on appreciated securities		(5	)		(316	)		—			—
Net Assets	$	2,825,168		$	1,489,166		$	505,876		$	1,460,322
Net Asset Value, Offering and Redemption Price Per Share — Class A		$9.23			$8.95			$10.16			$9.39
		($2,657,794,907 ÷ 287,946,064 shares	)		($1,419,691,596 ÷ 158,570,522 shares	)		($493,914,076 ÷ 48,620,487 shares	)		($1,360,815,323 ÷ 144,962,838 shares	)
Net Asset Value, Offering and Redemption Price Per Share — Class I		$9.22			N/A			N/A			N/A
		($5,167,389 ÷ 560,447 shares	)		N/A			N/A			N/A
Net Asset Value, Offering and Redemption Price Per Share — Class Y		$9.23			$8.96			$10.14			$9.41
		($162,206,015 ÷ 17,566,063 shares	)		($69,474,798 ÷ 7,753,757 shares	)		($11,961,553 ÷ 1,179,944 shares	)		($99,506,918 ÷ 10,570,685 shares	)

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

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 51

Statements of Operations (Unaudited) ($ Thousands)

For the six months ended March 31, 2016

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Investment Income:
Dividends	$	25,711		$	9,849		$	—		$	—
Dividends from affiliated investments(1)		99			9			—			—
Interest Income		293			—			4,915			47,078
Security lending income — net(1)(2)		519			525			—			94
Less: foreign taxes withheld		(2,594	)		(1,086	)		(9	)		(164	)
Total investment income		24,028			9,297			4,906			47,008
Expenses:
Investment advisory fees		7,135			7,425			740			5,815
Administration fees		6,300			3,187			1,110			3,078
Shareholder servicing fees — Class A		3,315			1,704			610			1,602
Shareholder servicing fees — Class I		6			—			—			—
Admin servicing fees — Class I		6			—			—			—
Printing fees		171			84			29			85
Custodian/wire agent fees		157			379			40			220
Professional fees		96			77			17			46
Registration fees		32			19			6			23
Overdraft fees		23			15			8			12
Trustees’ fees		19			10			3			9
Chief compliance officer fees		8			4			1			4
Other expenses		400			243			149			271
Total expenses		17,668			13,147			2,713			11,165
Less:
Waiver of investment advisory fees		—			(698	)		(119	)		(1,745	)
Net expenses		17,668			12,449			2,594			9,420
Net Investment Income (Loss)		6,360			(3,152	)		2,312			37,588
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Options, Foreign Capital Gains Tax and Foreign Currency Transactions:
Net Realized Gain (Loss) from:
Investments		(57,496	)		(70,102	)		(275	)		(2,523	)
Futures contracts		(11,774	)		—			1,376			(1,077	)
Swap contracts		—			—			(176	)		(9,123	)
Purchased and written options		—			—			15			—
Foreign currency transactions		(1,762	)		(784	)		499			(42,546	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		107,556			174,575			30,421			127,648
Futures contracts		1,434			—			(955	)		612
Swap contracts		—			—			51			1,827
Foreign capital gains tax on appreciated securities		—			(146	)		—			—
Foreign currency translation of other assets and liabilities denominated in foreign currencies		344			136			(15,290	)		355
Net Realized and Unrealized Gain on Investments, Futures Contracts, Swap Contracts, Options, Foreign Capital Gains Tax and Foreign Currency Transactions		38,302			103,679			15,666			75,173
Net Increase in Net Assets Resulting from Operations	$	44,662		$	100,527		$	17,978		$	112,761

(1) See Note 5 in the Notes to Financial Statements for additional information.

(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.

52 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

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

For the six months ended March 31, 2016 (Unaudited) and the year ended September 30, 2015

	International Equity Fund						Emerging Markets Equity Fund
	2016			2015			2016			2015
Operations:
Net Investment Income (Loss)	$	6,360		$	29,907		$	(3,152	)	$	11,695
Net Realized Gain (Loss) on Investments and Futures Contracts		(69,270	)		69,794			(70,102	)		(42,913	)
Net Realized Loss on Forward Foreign Currency Contracts and Foreign Currency Transactions		(1,762	)		(1,670	)		(784	)		(1,467	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts		108,990			(267,021	)		174,575			(332,286	)
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts,
Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		344			(103	)		136			18
Net Change in Unrealized Appreciation (Depreciation) on Foreign Capital Tax Gains on Appreciated Securities		—			—			(146	)		1,853
Net Increase (Decrease) in Net Assets Resulting from Operations		44,662			(169,093	)		100,527			(363,100	)
Dividends and Distributions to Shareholders:
Net Investment Income:
Class A		(27,578	)		(52,424	)		(10,996	)		(18,640	)
Class I		(54	)		(85	)		N/A			N/A
Class Y		(1,652	)		—			(481	)		—
Total Dividends and Distributions		(29,284	)		(52,509	)		(11,477	)		(18,640	)
Capital Share Transactions:(1)
Class A:
Proceeds from Shares Issued		346,528			691,524			240,066			494,958
Reinvestment of Dividends & Distributions		25,415			48,485			10,181			17,391
Cost of Shares Redeemed		(295,148	)		(634,524	)		(255,677	)		(753,872	)
Net Increase (Decrease) from Class A Transactions		76,795			105,485			(5,430	)		(241,523	)
Class I:
Proceeds from Shares Issued		3,444			1,300			N/A			N/A
Reinvestment of Dividends & Distributions		23			53			N/A			N/A
Cost of Shares Redeemed		(3,184	)		(1,323	)		N/A			N/A
Net Increase from Class I Transactions		283			30			N/A			N/A
Class Y:
Proceeds from Shares Issued		43,253			154,735			26,554			57,875
Reinvestment of Dividends & Distributions		1,652			—			481			—
Cost of Shares Redeemed		(16,162	)		(22,503	)		(8,119	)		(6,060	)
Net Increase from Class Y Transactions		28,743			132,232			18,916			51,815
Net Increase (Decrease) in Net Assets derived from Capital Share Transactions		105,821			237,747			13,486			(189,708	)
Net Increase (Decrease) in Net Assets		121,199			16,145			102,536			(571,448	)
Net Assets:
Beginning of Period		2,703,969			2,687,824			1,386,630			1,958,078
End of Period	$	2,825,168		$	2,703,969		$	1,489,166		$	1,386,630
Undistributed (Distributions in Excess of) Net Investment Income	$	2,914		$	25,838		$	(8,145	)	$	6,484

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 53

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

For the six months ended March 31, 2016 (Unaudited) and the year ended September 30, 2015

	International Equity Fund						Emerging Markets Equity Fund
	2016			2015			2016			2015
Capital Share Transactions:
Class A:
Shares Issued		37,357			70,760			28,364			49,684
Reinvestment of Distributions		2,678			5,082			1,181			1,729
Shares Redeemed		(32,463	)		(65,342	)		(30,237	)		(74,085	)
Total Class A Transactions		7,572			10,500			(692	)		(22,672	)
Class I:
Shares Issued		367			134			N/A			N/A
Reinvestment of Distributions		2			5			N/A			N/A
Shares Redeemed		(351	)		(136	)		N/A			N/A
Total Class I Transactions		18			3			N/A			N/A
Class Y:
Shares Issued		4,968			16,463			3,444			5,824
Reinvestment of Distributions		174			—			56			—
Shares Redeemed		(1,785	)		(2,254	)		(954	)		(616	)
Total Class Y Transactions		3,357			14,209			2,546			5,208
Net Increase (Decrease) in Shares Outstanding from Share Transactions		10,947			24,712			1,854			(17,464	)

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.

54 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

	International Fixed Income Fund						Emerging Markets Debt Fund
	2016			2015			2016			2015
Operations:
Net Investment Income	$	2,312		$	5,222		$	37,588		$	67,633
Net Realized Gain (Loss) on Investments, Futures Contracts and Swap Contracts		940			(403	)		(12,723	)		(29,296	)
Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions		499			40,448			(42,546	)		(56,413	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts and Swap Contracts		29,517			(23,230	)		130,087			(173,772	)
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(15,290	)		(11,844	)		355			(2,079	)
Net Increase (Decrease) in Net Assets Resulting from Operations		17,978			10,193			112,761			(193,927	)
Dividends and Distributions to Shareholders:
Net Investment Income:
Class A		(27,071	)		(38,714	)		—			(25,714	)
Class Y		(1	)		—			—			(441	)
Net Realized Gains:
Class A		(812	)		—			—			(1,398	)
Class Y		—			—			—			—
Total Dividends and Distributions		(27,884	)		(38,714	)		—			(27,553	)
Capital Share Transactions:(1)
Class A:
Proceeds from Shares Issued		63,579			116,276			233,152			466,451
Reinvestment of Dividends & Distributions		25,432			34,693			—			24,076
Cost of Shares Redeemed		(80,830	)		(150,275	)		(204,318	)		(395,413	)
Net Increase from Class A Transactions		8,181			694			28,834			95,114
Class Y:
Proceeds from Shares Issued		16,619			—			24,068			94,421
Reinvestment of Dividends & Distributions		—			—			—			441
Cost of Shares Redeemed		(4,975	)		—			(11,291	)		(8,277	)
Net Increase from Class Y Transactions		11,644			—			12,777			86,585
Net Increase in Net Assets derived from Capital Share Transactions		19,825			694			41,611			181,699
Net Increase (Decrease) in Net Assets		9,919			(27,827	)		154,372			(39,781	)
Net Assets:
Beginning of Period		495,957			523,784			1,305,950			1,345,731
End of Period	$	505,876		$	495,957		$	1,460,322		$	1,305,950
Undistributed (Distributions in Excess of) Net Investment Income	$	(5,073	)	$	19,687		$	10,925		$	(26,663	)
Capital Share Transactions:
Class A:
Shares Issued		6,264			10,971			26,387			48,643
Reinvestment of Distributions		2,578			3,346			—			2,455
Shares Redeemed		(7,985	)		(14,238	)		(23,101	)		(41,303	)
Total Class A Transactions		857			79			3,286			9,795
Class Y:
Shares Issued		1,684			—			2,818			9,882
Reinvestment of Distributions		—			—			—			47
Shares Redeemed		(504	)		—			(1,284	)		(892	)
Total Class Y Transactions		1,180			—			1,534			9,037
Net Increase in Shares Outstanding from Share Transactions		2,037			79			4,820			18,832

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

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 55

Financial Highlights

For the six months ended March 31, 2016 (Unaudited) and the years ended September 30

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gains (Losses) on Investments(1)			Total from Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Dividends and Distributions			Net Asset Value, End of Period		Total Return†			Net Assets End of Period ($ Thousands)		Ratio of Net Expenses to Average Net Assets*			Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Including Waivers)**			Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Waivers)**			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate†
International Equity Fund
Class A
2016@	$	9.16	$	0.02		$	0.15		$	0.17		$	(0.10	)	$	—		$	(0.10	)	$	9.23		1.78	%	$	2,657,795		1.28	%(2)(3)		1.28	%(2)(3)		1.28	%(2)(3)		0.44	%		24	%
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
2016@	$	9.15	$	0.01		$	0.14		$	0.15		$	(0.08	)	$	—		$	(0.08	)	$	9.22		1.63	%	$	5,167		1.53	%(3)(4)		1.53	%(3)(4)		1.53	%(3)(4)		0.21	%		24	%
2015		9.92		0.08			(0.69	)		(0.61	)		(0.16	)		—			(0.16	)		9.15		(6.18	)		4,956		1.49	(4)		1.49	(4)		1.49	(4)		0.76			68
2014		9.70		0.15			0.17			0.32			(0.10	)		—			(0.10	)		9.92		3.33			5,342		1.49	(4)		1.49	(4)		1.49	(4)		1.48			60
2013		8.18		0.11			1.52			1.63			(0.11	)		—			(0.11	)		9.70		20.19			5,953		1.50	(4)		1.50	(4)		1.50	(4)		1.21			47
2012		7.28		0.12			0.91			1.03			(0.13	)		—			(0.13	)		8.18		14.37			5,271		1.51	(4)		1.51	(4)		1.51	(4)		1.48			56
2011		8.32		0.13			(1.06	)		(0.93	)		(0.11	)		—			(0.11	)		7.28		(11.44	)		5,265		1.52	(4)		1.52	(4)		1.52	(4)		1.54			98
Class Y
2016@	$	9.18	$	0.04		$	0.13		$	0.17		$	(0.12	)	$	—		$	(0.12	)	$	9.23		1.80	%	$	162,206		1.03	%(3)(5)		1.03	%(3)(5)		1.03	%(3)(5)		0.77	%		24	%
2015(6)		9.39		0.13			(0.34	)		(0.21	)		—			—			—			9.18		(2.24	)		130,379		1.00	(5)		1.00	(5)		1.00	(5)		1.72			68
Emerging Markets Equity Fund
Class A
2016@	$	8.43	$	(0.02	)	$	0.61		$	0.59		$	(0.07	)	$	—		$	(0.07	)	$	8.95		7.02	%	$	1,419,691		1.77	%(3)(7)		1.77	%(3)(7)		1.87	%(3)(8)		(0.45	)%		41	%
2015		10.76		0.07			(2.29	)		(2.22	)		(0.11	)		—			(0.11	)		8.43		(20.78	)		1,342,618		1.72	(7)		1.72	(7)		1.82	(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	(7)		1.96	(7)		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	(7)		1.96	(7)		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	(7)		1.97	(7)		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	(7)		1.96	(7)		2.09	(8)		0.44			98
Class Y
2016@	$	8.45	$	(0.01	)	$	0.61		$	0.60		$	(0.09	)	$	—		$	(0.09	)	$	8.96		7.19	%	$	69,475		1.53	%(3)(9)		1.53	%(3)(9)		1.66	%(3)(10)		(0.21	)%		41	%
2015(6)		10.08		0.10			(1.73	)		(1.63	)		—			—			—			8.45		(16.17	)		44,012		1.47	(9)		1.47	(9)		1.57	(10)		1.33			67
International Fixed Income Fund
Class A
2016@	$	10.38	$	0.05		$	0.32		$	0.37		$	(0.57	)	$	(0.02	)	$	(0.59	)	$	10.16		3.75	%	$	493,914		1.06	%(3)(11)		1.06	%(3)(11)		1.10	%(3)(12)		0.94	%		31	%
2015		10.98		0.11			0.11			0.22			(0.82	)		—			(0.82	)		10.38		2.02			495,957		1.02	(11)		1.02	(11)		1.07	(12)		1.00			78
2014		10.42		0.14			0.48			0.62			(0.06	)		—			(0.06	)		10.98		5.96			523,784		1.02	(11)		1.02	(11)		1.20	(12)		1.32			104
2013		10.82		0.14			(0.06	)		0.08			(0.48	)(13)		—			(0.48	)		10.42		0.77			473,382		1.02	(11)		1.02	(11)		1.20	(12)		1.37			86
2012		10.44		0.17			0.48			0.65			(0.27	)		—			(0.27	)		10.82		6.34			491,793		1.02	(11)		1.02	(11)		1.21	(12)		1.60			103
2011		10.92		0.25			(0.22	)		0.03			(0.51	)(14)		—			(0.51	)		10.44		0.41			488,929		1.02	(11)		1.02	(11)		1.21	(12)		2.40			119
Class Y
2016(15)	$	10.45	$	0.05		$	0.26		$	0.31		$	(0.60	)	$	(0.02	)	$	(0.62	)	$	10.14		3.13	%	$	11,962		0.85	%(3)(16)		0.85	%(3)(16)		0.90	%(3)(17)		1.09	%		31	%
Emerging Markets Debt Fund
Class A
2016@	$	8.66	$	0.24		$	0.49		$	0.73		$	—		$	—		$	—		$	9.39		8.43	%	$	1,360,815		1.39	%(3)(18)		1.39	%(3)(18)		1.65	%(3)(19)		5.49	%		39	%
2015		10.20		0.47			(1.81	)		(1.34	)		(0.19	)		(0.01	)		(0.20	)		8.66		(13.35	)		1,227,567		1.36	(18)		1.36	(18)		1.61	(19)		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	(18)		1.36	(18)		1.80	(19)		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	(18)		1.36	(18)		1.81	(19)		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	(18)		1.36	(18)		1.80	(19)		4.85			102
2011		11.19		0.63			(0.70	)		(0.07	)		(0.31	)		—			(0.31	)		10.81		(0.71	)		876,396		1.36	(18)		1.36	(18)		1.80	(19)		5.58			59
Class Y
2016@	$	8.67	$	0.25		$	0.49		$	0.74		$	—		$	—		$	—		$	9.41		8.54	%	$	99,507		1.15	%(3)(20)		1.15	%(3)(20)		1.40	%(3)(21)		5.74	%		39	%
2015(6)		9.63		0.37			(1.28	)		(0.91	)		(0.05	)		—			(0.05	)		8.67		(9.48	)		78,383		1.11	(20)		1.11	(20)		1.36	(21)		5.24			71

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

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

** See Note 5 in Notes to Financial Statements.

@ For the six-month period ended March 31, 2016. All ratios for the period have been annualized.

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

56 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

(2) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.28%, 1.24%, 1.24%, 1.25%, 1.26% and 1.27% for 2016, 2015, 2014, 2013, 2012 and 2011.

(3) The expense ratio includes proxy expenses outside the cap.

(4) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.53%, 1.49%, 1.49%, 1.50%, 1.51% and 1.52% for 2016, 2015, 2014, 2013, 2012 and 2011.

(5) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.03% and 0.99% for 2016 and 2015.

(6) Commenced operations on December 31, 2014. All ratios for the period have been annualized.

(7) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.77%, 1.71%, 1.96%, 1.96%, 1.96% and 1.96% for 2016, 2015, 2014, 2013, 2012 and 2011.

(8) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.87%, 1.71%, 2.02%, 2.04%, 2.06% and 2.09% for 2016, 2015, 2014, 2013, 2012 and 2011.

(9) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.53% and 1.46% for 2016 and 2015.

(10) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.66% and 1.46% for 2016 and 2015.

(11) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.06%, 1.02%, 1.02%, 1.02%, 1.02% and 1.01% for 2016, 2015, 2014, 2013, 2012 and 2011.

(12) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.10%, 1.07%, 1.20%, 1.20%, 1.20% and 1.21% for 2016, 2015, 2014, 2013, 2012 and 2011.

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

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

(15) Commenced operations on October 30, 2015. All ratios for the period have been annualized.

(16) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.85% for 2016.

(17) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.90% for 2016.

(18) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.39%, 1.36%, 1.36%, 1.36%, 1.36% and 1.36% for 2016, 2015, 2014, 2013, 2012 and 2011.

(19) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.65%, 1.61%, 1.80%, 1.81%, 1.80% and 1.80% for 2016, 2015, 2014, 2013, 2012 and 2011.

(20) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.15% and 1.11% for 2016 and 2015.

(21) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.40% and 1.36% for 2016 and 2015.

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

The accompanying notes are an integral part of the financial statements

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 57

Notes to Financial Statements (Unaudited)

March 31, 2016

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 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.

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 (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. The Funds value securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. 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.

Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of ETFs, which are priced as equity securities. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, the Funds will value the securities using a bid price from at least one independent broker. If such prices are not readily available or cannot be valued using the methodologies described above, the Funds will value the security using the Funds’ Fair Value Pricing Policies and Procedures (“Fair Value Procedures”), as described below.

On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Funds’ Fair Value Procedures until a price from an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less may be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or lower than the price a Fund would receive if it sold the instrument. Further, the value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer-specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.

Futures and swaps cleared through a central clearing house (“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 financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time a Fund calculates its NAV, the settlement price may not be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.

58 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SEI Investments Management Corporation (“SIMC”) or a Sub-Adviser (“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, will continuously monitor the reliability of prices obtained from any pricing service and shall promptly 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 Fair Value Pricing Committee (the “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.

The Funds’ Fair Value Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board of Trustees (“Board”) or its designated sub-committee. However, when the change would not materially affect valuation of a Fund’s net assets or involve a material departure in pricing methodology from that of the Fund’s existing pricing agent or pricing methodology, approval may be obtained at the next regularly scheduled meeting of the Board.

Securities for which market prices are not readily available, for which market prices are determined to be unreliable, or which cannot be valued using the methodologies described above are valued in accordance with the Fair Value Procedures established by the Board. The Funds’ Fair Value Procedures are implemented through the Committee designated by the Board. The Committee is currently composed of two members of the Board, as well as representatives from SIMC and its affiliates. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: (i) the security’s trading has been halted or suspended, (ii) the security has been delisted from a national exchange, (iii) the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open, or (iv) 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 include: (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 (“NAV”). The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a “Significant Event”), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security’s last close and the time that the Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of the Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares.

A Significant Event may relate to a single issuer or to an entire market sector. If SIMC or a Sub-Adviser 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 Funds calculate NAV, it may request that a Committee meeting be called. In addition, the Funds use several processes, with respect to certain securities to monitor the pricing data supplied by various sources, including price comparisons and price movements. Any identified discrepancies are researched and subject to the procedures described above.

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 59

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2016

been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the International Equity Fund and Emerging Markets Equity Fund will value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

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

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

Level 1 — quoted prices in active markets for identical investments

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

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

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

The valuation techniques used by the Funds to measure fair value during the six months ended March 31, 2016

maximized the use of observable inputs and minimized the use of unobservable inputs.

For the six months ended March 31, 2016, 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.

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.

60 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

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 period are recognized as ordinary income or loss for federal income tax purposes. The Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open forward foreign currency contracts as of March 31, 2016, if applicable.

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

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of March 31, 2016, 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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 61

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2016

changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. In connection with swap agreements, securities/cash may be set aside as collateral by the Fund’s custodian. A Fund may enter into swap agreements in order to, among other things, change the maturity or duration of the investment portfolio; protect a Fund’s value from changes in interest rates; or expose a Fund to a different security or market.

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. 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 March 31, 2016, 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.

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.

62 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

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 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

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.

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 63

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2016

As of March 31, 2016, the International Fixed Income Fund is the seller (“providing protection”) on a total notional amount of $0.4 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	$	—	$	—	$	(41,135	)	$	—	$	(41,135	)
Maximum potential amount of future payments		—		—		370,000			—		370,000
Recourse provisions with the third parties 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)
0-100	$	—	$	—	$	—	$	—	$	—	$	—
> 101		—		—		—		—		370,000		370,000
Total	$	—	$	—	$	—	$	—	$	370,000	$	370,000

* 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 CONTRACTS

The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the six months. For Funds that held derivatives throughout the six months with only one type of risk exposure, additional information can be found on the Schedules of Investments and the Statements of Operations. The fair value of derivative instruments as of March 31, 2016 was as follows:

	Asset Derivatives				Liability Derivatives
	Six months ended March 31, 2016 ($ Thousands)				Six months ended March 31, 2016 ($ Thousands)
	Statements of Assets and Liabilities Location	Fair Value			Statements of Assets and Liabilities Location	Fair Value
International Fixed Income Fund
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts	$	329	*	Net Assets — Unrealized depreciation on futures contracts	$	1,021	*
	Net Assets — Unrealized appreciation on swap contracts		1,045	†	Net Assets — Unrealized depreciation on swap contracts		3,213	†
Credit contracts	Net Assets — Unrealized appreciation on swap contracts		26	†	Net Assets — Unrealized depreciation on swap contracts		16	†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		898		Unrealized loss on forward foreign currency contracts		13,674
Total derivatives not accounted for as hedging instruments		$	2,298			$	17,924

64 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

	Asset Derivatives				Liability Derivatives
	Six months ended March 31, 2016 ($ Thousands)				Six months ended March 31, 2016 ($ Thousands)
	Statements of Assets and Liabilities Location	Fair Value			Statements of Assets and Liabilities Location	Fair Value
Emerging Markets Debt Fund
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts	$	379	*	Net Assets — Unrealized depreciation on futures contracts	$	23	*
	Net Assets — Unrealized appreciation on swap contracts		541	†	Net Assets — Unrealized depreciation on swap contracts		3,097	†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		18,156		Unrealized loss on forward foreign currency contracts		18,009
Total derivatives not accounted for as hedging instruments		$	19,076			$	21,129

* 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 six months ended March 31, 2016.

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

Derivatives Not Accounted for as Hedging Instruments	Options		Futures		Forward Currency Contracts		Swaps			Total
International Fixed Income Fund
Interest rate contracts	$	—	$	1,376	$	—	$	(220	)	$	1,156
Foreign exchange contracts		15		—		3,587		—			3,602
Credit contracts		—		—		—		44			44
Total	$	15	$	1,376	$	3,587	$	(176	)	$	4,802

Derivatives Not Accounted for as Hedging Instruments	Futures			Forward Currency Contracts			Swaps			Total
Emerging Markets Debt Fund
Interest rate contracts	$	(1,077	)	$	—		$	(9,123	)	$	(10,200	)
Foreign exchange contracts		—			(3,823	)		—			(3,823	)
Total	$	(1,077	)	$	(3,823	)	$	(9,123	)	$	(14,023	)

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	$	(955	)	$	—		$	(59	)	$	(1,014	)
Foreign exchange contracts		—			(16,091	)		—			(16,091	)
Credit contracts		—			—			110			110
Total	$	(955	)	$	(16,091	)	$	51		$	(16,995	)
Derivatives Not Accounted for as Hedging Instruments	Futures			Forward Currency Contracts			Swaps			Total
Emerging Markets Debt Fund
Interest rate contracts	$	612		$	—		$	1,069		$	1,681
Foreign exchange contracts		—			(601	)		758			157
Total	$	612		$	(601	)	$	1,827		$	1,838

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 65

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2016

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 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 March 31, 2016, ($ Thousands):

	Financial Derivatives Assets						Financial Derivatives Liabilities
	Variation Margin Asset						Variation Margin Liability
Fund	Futures		Swap Agreements		Total		Futures		Swap Agreements		Total
International Equity Fund	$	103	$	—	$	103	$	711	$	—	$	711
International Fixed Income Fund		73		6		79		277		13		290
Emerging Markets Debt Fund		47		—		47		118		40		158

Securities with an aggregate market value of $16,044 ($ Thousands) have been pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2016. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2016 amounted to $1,400 ($ Thousands).

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.

66 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

The following is a summary by derivative type of the market value of OTC financial derivative instruments and collateral (received)/pledged as of March 31, 2016 ($ 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	$	898	$	—	$	898	$	13,674	$	855	$	14,529	$	(13,631	)	$	—	$	(13,631	)
Emerging Markets Debt Fund		18,156		541		18,697		18,009		2,620		20,629		(1,932	)		—		(1,932	)

(1) 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.

No securities have been pledged or have been received as collateral for financial derivative instruments as governed by ISDA Master Agreements as of March 31, 2016

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. (“SIDCo.”) is the distributor of the shares of the Funds. The Funds have adopted a shareholder services plan and agreement (the Service Plan) with respect to Class A and Class I Shares that allows such shares to pay service providers a fee, based on average daily net assets of each respective Class of Shares, in connection with the ongoing servicing of shareholder accounts owning

such shares. The International Equity Fund has also adopted an administrative services plan and agreement (the Administrative Service Plan) with respect to Class I Shares that allows such Shares to pay service providers a fee, based on average daily net assets of the Class I Shares, in connection with ongoing administrative services for shareholder accounts owning such Shares.

The Service Plan and Administrative Service Plan provide that shareholder service fees and administrative service fees, respectively, on Class A and Class I Shares will be paid to SIDCo., which may then be used by SIDCo. to compensate financial intermediaries for providing shareholder services and administrative services, as applicable, with respect to the Shares.

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	%		0.45	%		0.25	%		—			N/A
Class Y		1.05	%		0.45	%		—			—			N/A
International Fixed Income Fund
Class A		0.30	%		0.45	%		0.25	%		—			1.02	%
Class Y		0.30	%		0.45	%		—			—			0.77	%

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 67

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2016

	Advisory Fee			Administration Fee			Shareholder Servicing Fee			Administrative Servicing Fee		Voluntary Expense Limitations
Emerging Markets Debt Fund
Class A		0.85	%		0.45	%		0.25	%		—		1.36	%
Class Y		0.85	%		0.45	%		—			—		1.11	%

* Renewed as of January 31, 2016, 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, 2017 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

Investment Sub-Advisory Agreements — As of March 31, 2016 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

J O 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 Distributor may receive compensation on fund transactions effected for the Trust in accordance with the rules of the Securities and Exchange Commission (“SEC”). Accordingly, it is expected that fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules require that such commissions

not exceed usual and customary commissions. There were no such commissions for the six months ended March 31, 2016.

Fees Paid Indirectly — The Funds may direct certain fund trades to the Distributor who pays a portion of the Fund’s expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, and the effect on the Fund’s expense ratio, as a percentage of the Fund’s average daily net assets for the six months ended March 31, 2016 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.

68 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

The following is summary of the transactions with affiliates for the six months ended March 31, 2016 ($ Thousands):

International Equity Fund
Security Description	Value 9/30/2015			Purchases at Cost			Proceeds from Sales				Value 3/31/2016			Dividend Income
SEI Liquidity Fund, L.P.		$	233,929		$	628,784		$	(643,316	)		$	219,397		$	519
SEI Daily Income Trust, Prime Obligation Fund, Class A			91,924			137,564			(161,648	)			67,840			99
Totals		$	325,853		$	766,348		$	(804,964	)		$	287,237		$	618
Emerging Markets Equity Fund
Security Description	Value 9/30/2015			Purchases at Cost			Proceeds from Sales				Value 3/31/2016			Dividend Income
SEI Liquidity Fund, L.P.		$	135,645		$	263,170		$	(259,217	)		$	139,598		$	525
SEI Daily Income Trust, Prime Obligation Fund, Class A			12,203			150,327			(155,137	)			7,393			9
Totals		$	147,848		$	413,497		$	(414,354	)		$	146,991		$	534
Emerging Markets Debt Fund
Security Description	Value 9/30/2015			Purchases at Cost			Proceeds from Sales				Value 3/31/2016			Dividend Income
SEI Liquidity Fund, L.P.		$	20,810		$	76,281		$	(84,987	)		$	12,104		$	94

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.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. For the six months ended March 31, 2016, 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 six months ended March 31, 2016, were as follows:

	International Equity Fund ($ Thousands)		Emerging Markets Equity Fund ($ Thousands)		International Fixed Income Fund ($ Thousands)		Emerging Markets Debt Fund ($ Thousands)
Purchases
U.S. Government	$	—	$	—	$	9,991	$	84,337
Other		715,811		571,482		142,171		463,406
Sales
U.S. Government		—		—		10,433		19,605
Other		613,094		576,147		126,851		458,704

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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 69

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2016

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.

The tax character of dividends and distributions declared during the last two years were as follows:

		Ordinary Income ($ Thousands)		Long-term Capital Gain ($ Thousands)		Total ($ 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	)		(235,791	)		(5,046	)		(292,195	)

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 9/30/15 ($ 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 March 31, 2016, 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 March 31, 2016, was as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
International Equity Fund	$	2,985,616	$	216,257	$	(234,398	)	$	(18,141	)
Emerging Markets Equity Fund		1,719,617		96,260		(225,534	)		(129,274	)
International Fixed Income Fund		507,027		18,216		(19,068	)		(852	)
Emerging Markets Debt Fund		1,517,780		34,991		(131,491	)		(96,500	)

70 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of March 31, 2016, 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 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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 71

Notes to Financial Statements (Unaudited) (Concluded)

March 31, 2016

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 March 31, 2016 ($ Thousands):

	Securities Loaned at Value		Cash Collateral Received(1)		Net Amount
International Equity Fund	$	208,594	$	208,594	$	—
Emerging Markets Equity Fund		134,753		134,753		—
Emerging Markets Debt Fund		11,701		11,701		—

(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. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of March 31, 2016, SPTC held of record the following:

Fund	Class A			Class I			Class Y
International Equity Fund		97.07	%		55.66	%		19.74	%
Emerging Markets Equity Fund		90.03	%		—			36.59	%
International Fixed Income Fund		96.58	%		—			100.00	%
Emerging Markets Debt Fund		96.36	%		—			20.36	%

SPTC is not a direct service provider to the SEI Funds. However, SPTC performs a role in the comprehensive investment solution that SEI provides to investors. SPTC holds shares in the Funds as custodian for shareholders that are clients of independent registered investment advisers, financial planners, bank trust departments and other financial advisers. SPTC maintains omnibus accounts at the Fund’s transfer agent.

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 March 31, 2016.

72 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Disclosure of Fund Expenses (Unaudited)

March 31, 2016

All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund’s average net assets; this percentage is known as the fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The table on this page illustrates your fund’s costs in two ways:

• Actual fund return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

• Hypothetical 5% return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

	Beginning Account Value 10/1/2015		Ending Account Value 3/31/2016		Annualized Expense Ratios			Expenses Paid During Period*
International Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,017.80		1.28	%	$	6.46
Class I		1,000.00		1,016.30		1.53			7.71
Class Y		1,000.00		1,018.00		1.03			5.20
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.60		1.28	%	$	6.46
Class I		1,000.00		1,017.35		1.53			7.72
Class Y		1,000.00		1,019.85		1.03			5.20
Emerging Markets Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,070.20		1.77	%	$	9.16
Class Y		1,000.00		1,071.90		1.53			7.93
Hypothetical 5% Return
Class A	$	1,000.00	$	1,016.15		1.77	%	$	8.92
Class Y		1,000.00		1,017.35		1.53			7.72

	Beginning Account Value 10/1/2015		Ending Account Value 3/31/2016		Annualized Expense Ratios			Expenses Paid During Period*
International Fixed Income Fund
Actual Fund Return
Class A	$	1,000.00	$	1,037.50		1.06	%	$	5.40
Class Y		1,000.00		1,031.30		0.85			3.61
Hypothetical 5% Return
Class A	$	1,000.00	$	1,019.70		1.06	%	$	5.35
Class Y**		1,000.00		1,020.75		0.85			4.29
Emerging Markets Debt Fund
Actual Fund Return
Class A	$	1,000.00	$	1,084.30		1.39	%	$	7.24
Class Y		1,000.00		1,085.40		1.15			6.00
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.05		1.39	%	$	7.01
Class Y		1,000.00		1,019.25		1.15			5.81

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

** Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 153/366 (to reflect the period since inception to period end).

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 73

Board of Trustees’ Considerations in Approving the 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 the 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 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 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 Broadridge, 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 Broadridge and the Funds’ benchmark indices.

At the March 28-30 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, each Sub-Advisory Agreement (was either initially approved or, if the Sub-Advisory Agreement was already in effect (unless operating under an initial two-year term) , renewed at a meeting of the Board during the course of the Trust’s fiscal year. In each case, the Board’s approvals were based on its consideration and evaluation of the factors described above, as discussed at the meetings and at prior meetings.

74 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

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 Broadridge, an independent third-party, which was engaged to prepare an assessment of the Funds in connection with the renewal of the Advisory Agreement (the “Broadridge Report”). The Broadridge 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 with 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 Broadridge 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 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 contractual waiver of its management fee with respect to the Emerging Markets Equity Fund and its voluntary waiver of management and other fees to prevent total Fund operating expenses from exceeding a specified cap and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for their 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 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

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 75

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

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.

76 SEI Institutional International Trust / Semi-Annual Report / March 31, 2016

Shareholder Voting Proxy Results (Unaudited)

A Special Meeting of Shareholders of the SEI Institutional International Trust (the “Trust”) was held on March 14, 2016 for the purpose of considering the proposal to elect, as a slate of nominees, each of the current Trustees and one new Trustee to the Board of Trustees of the Trust. The proposal was approved with the following voting results:

Trustee	Shares Voted
Robert A. Nesher
For		323,177,985.998
Withheld		11,044,927.645
William M. Doran
For		323,024,942.163
Withheld		11,197,971.480
George J. Sullivan, JR.
For		323,096,139.758
Withheld		11,126,773.885
Nina Lesavoy
For		323,262,205.837
Withheld		10,960,707.806
James M. Williams
For		323,146,095.237
Withheld		11,076,818.406
Mitchell A. Johnson
For		323,108,533.129
Withheld		11,114,380.514
Hubert L. Harris, JR.
For		323,070,850.003
Withheld		11,152,063.640
Susan C. Cote
For		323,245,529.226
Withheld		10,977,384.417

A Special Meeting of Shareholders of the SEI Institutional International Trust (the “Trust”) was held on March 14, 2016 for the purpose of considering the proposal to amend the Agreement and Declaration of Trust for the Trust to reduce the shareholder quorum requirement from a majority to one-third (33 — 1/3%). The proposal was not approved. The voting results were as follows:

	Shares Voted
For		289,620,063.037
Against		25,993,139.004
Abstain		12,007,918.012
Broker Non-Vote		6,601,793.590

SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 77

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SEI INSTITUTIONAL INTERNATIONAL TRUST SEMI-ANNUAL REPORT MARCH 31, 2016

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Susan Cote

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

David F. McCann

Vice President, Assistant Secretary

Aaron Buser

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 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-031 (3/16)

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the International Equity Fund, the Emerging Markets Equity Fund, the International Fixed Income Fund and the Emerging Markets Debt Fund are included as part of the report to shareholders filed under Item 1 of this form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Registrant’s Board of Trustees (the “Board”). Pursuant to the Committee’s Charter, adopted on June 18, 2004, 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 Act (17 CFR 270.30a-3(c))) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)) 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 Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Items 12. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), as amended, are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), also accompany this filing as an exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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

Date: June 8, 2016

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

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

Date: June 8, 2016

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

Date: June 8, 2016