UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05601

SEI Institutional International Trust

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

CT Corporation

155 Federal Street

Boston, MA 02110

(Name and address of agent for service)

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

Date of fiscal year end: September 30, 2016

Date of reporting period: September 30, 2016

Item 1. Reports to Stockholders.

September 30, 2016

ANNUAL REPORT

SEI Institutional International Trust

	International Equity Fund
	Emerging Markets Equity Fund
	International Fixed Income Fund
	Emerging Markets Debt Fund

TABLE OF CONTENTS

Letter to Shareholders	1
Management’s Discussion and Analysis of Fund Performance	6
Schedule of Investments	15
Statements of Assets and Liabilities	63
Statements of Operations	65
Statements of Changes in Net Assets	66
Financial Highlights	68
Notes to Financial Statements	70
Report of Independent Registered Public Accounting Firm	87
Trustees and Officers of the Trust	88
Disclosure of Fund Expenses (Unaudited)	91
Board of Trustees Considerations in Approving the Advisory Agreement	92
Shareholder Voting Results	95
Notice to Shareholders	96

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.

LETTER TO SHAREHOLDERS

September 30, 2016 (Unaudited)

To Our Shareholders:

The Funds’ fiscal year — October 1, 2015 through September 30, 2016 — was notable for several key themes: energy-sector volatility spread to other areas of the market; major central-bank policies diverged, with the Federal Reserve (“Fed”) commencing rate increases while the European Central Bank (“ECB”), Bank of Japan (“BOJ”), Bank of England (“BOE”) and People’s Bank of China (“PBOC”) deepened their commitments to monetary accommodation; and, as a result of the diverging policies, major developed-market sovereign-bond yields continued to fall, with some edging into negative-rate territory. A vote (“Brexit”) by U.K. citizens in favor of leaving the European Union (“EU”) took place during the final third of the reporting period, briefly upending global financial markets and presenting major questions about how the relationship will be dissolved.

Geopolitical events

Severe unrest continued in certain areas of the Middle East, driven by the sometimes-opposing and sometimes-overlapping interests of Islamic State, the Syrian regime, Syrian nationalists, Kurdish forces and the Iraqi military. Regional superpowers Iran, Saudi Arabia and Turkey also applied varying degrees of indirect influence. Broader involvement escalated at the beginning of the period, with Russia’s airpower commitment and a redoubled coalition of Western powers targeting Islamic State after a series of attacks by religious extremists across the globe. Iraqi forces, supported by U.S. air and ground resources, began to make notable progress in reversing Islamic State gains as the reporting period progressed; at the same time, incidences of terrorism appeared to increase in Africa, Asia, Europe, the Middle East and North America. The latest Syrian ceasefire, established in mid-September 2016 and backed by U.S. and Russia to allow for humanitarian aid, only held for a few days, resulting in deteriorating cooperation between the U.S. and Russia. While the conflict that originated in Syria and Iraq appears to have influenced destabilizing events elsewhere around the globe, and taken a terrible human toll, it has not had a significant impact on global markets or the economy at this point.

It will be interesting, however, to see the ultimate effects of the ensuing Syrian migrant crisis on the EU. Immigration served as one of the key points of contention leading up to Great Britain’s Brexit vote in late June. U.K. Prime Minister David Cameron tendered his resignation as a result, Theresa May was appointed to the office, and a litany of questions entered the public dialogue on topics ranging from when the government would commence the formal withdrawal process to how negotiations would fare regarding trade agreements, and whether the immigration goals espoused by the Leave campaign would come to pass.

Immigration-driven ballot-box uncertainty has also taken center stage in the U.S. presidential election, where the leading primary candidates of the two major political parties — Hillary Clinton (Democrat) and Donald Trump (Republican) — faced off in their first televised debate just before the end of the reporting period.

Despite the considerable aforementioned instability in the Middle East, the price of oil remained mostly insulated from regional developments. Oil-price weakness, which persisted for the first third of the reporting period, remained primarily attributable to oversupply. Energy-export-dependent Venezuela succumbed to the economically depressive effects of low oil prices during the fiscal year. Food shortages and a breakdown of the rule of law appeared to worsen over the course of the fiscal year, despite a rebound in the price of oil. Brazil’s prospects also paled, and then recovered partially during the period, as a corruption investigation centering on its lead state-run oil company enveloped a cross-section of political leaders — culminating in the impeachment of President Dilma Rousseff. The Organization of Petroleum Exporting Countries (“OPEC”) reached an agreement in the weeks leading up to the end of the reporting period on the need for production cuts and cooperation from non-OPEC producers to effect a balanced market.

Economic and market performance

U.S. economic growth began to decelerate in the third quarter of 2015 (prior to the start of the reporting period), continuing into the fourth-quarter as industrial production and manufacturing came under pressure from the effects of U.S. dollar strength, and slowing further still during the first quarter of 2016. The second quarter saw a pickup, albeit a disappointing one relative to the same period in 2015. The labor market improved during the fiscal year; the unemployment rate started and finished the period at 5.0%, falling as low as 4.7% in May 2016, while the labor force participation rate increased from 62.5% to 62.9%. Average hourly earnings and real personal incomes gained with relative steadiness, bouncing around a rough mean of about 0.2% per month over the reporting period. The Fed

  SEI Institutional International Trust / Annual Report / September 30, 2016   1

LETTER TO SHAREHOLDERS (Continued)

September 30, 2016 (Unaudited)

raised its target interest rate in mid-December 2015 for the first time since 2006, leaving behind a near-zero rate that had been in place since late 2008.

Europe’s economic expansion continued along a steady, but modest, trajectory leading up to the reporting period and through the second quarter of 2016 (the latest available information), save for an uptick in the growth rate during the first quarter. The ECB’s introduction of a negative deposit rate and expansion of its asset-purchase program in early 2015 (prior to the start of the Funds’ fiscal year) was followed in March 2016 by a deeper foray into negative-rate territory and additional asset-purchase commitments. Despite concerns as the Brexit vote approached in late June 2016, second-quarter U.K. economic growth was the highest in some time, albeit by a small margin. Much of the U.K.’s economic data showed worsening conditions in the immediate aftermath of the vote, followed by a recovery. Sterling depreciated substantially in the vote’s immediate wake, and then again as the reporting period concluded. The BOE delivered a rate cut coupled with asset-purchase and term-funding programs at its early-August meeting.

In the Asia-Pacific region, Japan started the fiscal year with an economic contraction in the fourth quarter of 2015, followed by a convincing recovery in the first quarter of 2016 and slow growth in the second quarter. The yen began strengthening relative to the U.S. dollar in December 2015, and continued through late June 2016. The BOJ adopted a negative benchmark interest rate and expanded its asset-purchase program, while the government introduced a sizeable fiscal reform proposal focused on government spending. As the end of the period approached the BOJ announced its latest policy endeavor: keeping the 10-year Japanese government bond yield at 0% with a commitment to alter its bond-buying pace as needed to meet this goal. The BOJ also expressed its intention not only to achieve, but temporarily exceed, its target inflation level (currently 2%) to increase inflation expectations. China’s economic growth mostly held firm during the period; while the pace of growth was below that of recent years, it remained considerably higher than most other economies. The PBOC loosened its monetary-policy stance, reducing benchmark interest rates and bank-reserve requirements during the reporting period. The government’s decision to peg its currency (the renminbi) to a basket of currencies instead of just the U.S. dollar had significant global repercussions — especially given the implications for a potential rebalancing of global trade and uncertainty about potential future actions. The renminbi was set for addition to the International Monetary Fund’s special drawing rights (“SDR”) currency basket immediately following the end of the reporting period.

Market developments

Risk assets advanced from the start of the fiscal year following severe declines in summer 2015, when China moderately devalued its currency. As 2015 came to a close, the questionable health of U.S. energy companies (which was caused by a persistent multi-year oil-price decline) raised concerns among high-yield bond investors. This resulted in a selloff that likely discouraged investor risk appetite, keeping a lid on performance at year end. The beginning of 2016 was marked by a global flight to quality, benefitting safe-haven assets and driving risk assets to their low points for the period.

A trend reversal took place in mid-February, with risk assets rallying into April, followed by mixed performance until late June. The price of oil (and commodities in general) also advanced sharply from mid-February into June. The Brexit vote caused a major spike in global stock-market volatility, yields were driven downward to record levels on perceived safe-haven investments like developed-market government bonds, and the currencies at the center of the developments — sterling and the euro — weakened substantially relative to the U.S. dollar and yen. Most of the stock-market losses, however, were recovered within a week’s time. A general sideways trend defined the last few months of the period, barring a selloff in anticipation of the Fed’s September policy announcement, which was followed by a recovery.

The U.S. dollar ended the fiscal year 2.5% lower against a trade-weighted basket of major currencies, having been as much as 3.75% higher in late January, and 5% lower in early May. The dollar finished the reporting period about 0.8% higher versus a broad trade-weighted basket, however, with advances and declines that mirrored those against major currencies.

Second-quarter 2016 earnings declined for companies in the S&P 500 Index; although a large majority fared better than analysts’ late-quarter average estimates. The consumer discretionary sector delivered the highest year-over-year earnings growth for the second quarter, while the energy sector continued to lag with deep losses.

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For the full reporting period, the MSCI All-Country World Index, a proxy for global equities, advanced 11.96% in U.S. dollar terms. The MSCI All-Country World ex USA Index rose by 9.26%, less than its U.S.-inclusive counterpart. Emerging-market equity returns were elevated in U.S. dollar terms amid a broad rebound, with the MSCI Emerging Markets Index increasing by 16.78%.

U.S. equity returns were strong; the S&P 500 Index returned 15.43% during the fiscal year. U.S. large caps (represented by the Russell 1000 Index) lagged small caps (represented by the Russell 2000 Index) by a bit, returning 14.93% and 15.47%, respectively. While U.S. large-cap performance trailed U.S. small caps and emerging markets over the one-year period, their outperformance relative to these equity markets as well as those in Europe, Japan and globally remained intact when annualized over three, five and ten years through the end of the reporting period.

Technology and materials were among the best-performing sectors in the U.S. and globally. Industrials rounded out the top three worldwide, while telecommunications matched technology’s top performance in the U.S. The poorest-performing sectors were identical both globally and within the U.S.: financials were universally the worst (the only global sector to produce a loss, and were positive in the U.S.), followed by healthcare and consumer discretionary.

Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Bond Index, advanced 8.83% in U.S. dollar terms during the fiscal year. Interest rates generally declined during the reporting period, as major central banks outside of the U.S. guided benchmark rates downward (into negative territory in some cases) and expanded their asset-purchase programs.

U.S. Treasurys generally performed well as the yield curve flattened (bond yields move inversely to prices) and rates fell across most maturities, with only the yields on Treasurys with maturities shorter than three years increasing during the full reporting period.

U.S. investment-grade corporate debt performed well, but was outpaced by the high-yield market. The BofA Merrill Lynch US High Yield Constrained Index increased by 12.82% during the full fiscal year. Mortgage- and asset-backed securities also delivered positive returns during the reporting period.

Emerging-market debt delivered strong returns universally. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, increased by 17.06% in U.S. dollar terms during the reporting period. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), advanced by 16.20%.

A combination of subdued inflation and dollar strength began to ease during the reporting period, reducing headwinds to the performance of inflation-sensitive assets such as Treasury inflation-protected securities and commodities. The former outpaced comparable Treasurys over the full period, while the latter — which had dropped by almost 20% through mid-February, according to the TR/CC CRB Commodities Total Return Index — staged a steep recovery to end the fiscal year with a 3.6% decline.

Our view

There are many things over which investors can lose sleep, but as long as central banks pursue aggressively easy policies in a world mostly characterized by slow economic growth and mild inflation pressures, we expect any pullback in the price of riskier assets would be limited.

In general (and especially as it pertains to the U.S.), we continue to view equity-market corrections as buy-on-the-dip opportunities. One reason for maintaining this point of view is our belief that the U.S. economy is on fairly solid ground. It’s true that growth in overall business activity continues to disappoint, but household finances are in good shape as a result of expanding employment and incomes as well as the bull market in stocks, bonds and home values. There is little reason to expect a serious slowing in consumer spending.

We also expect the change in business inventories — the most volatile part of gross domestic product (“GDP”), which has slowed in recent quarters — to rebound in the quarters ahead, supporting a reacceleration in overall U.S. GDP into the 2.5%-to-3.0% range.

Our main concern for the U.S. is weakness in business investment, which has negative implications for productivity. Slowing labor productivity growth and an acceleration in labor compensation growth is a bad combination. Since

  SEI Institutional International Trust / Annual Report / September 30, 2016   3

LETTER TO SHAREHOLDERS (Concluded)

September 30, 2016 (Unaudited)

companies have been unable to raise prices sufficiently, the downward pressure on profit margins appears chronic. As this pressure intensifies, we expect companies will become more aggressive in their attempts to push through price increases.

This uptick in inflation, combined with the tightening labor market and slow-but-steady pace of economic growth, seems to have tipped the balance in favor of a hike in the federal funds rate, probably in December. At their latest meeting, Fed policymakers finally conceded that interest-rate normalization will take years to accomplish, leaving little room to cut rates aggressively in the event of a recession. Investors remain skeptical that the central bank will even achieve its stated objective of pushing its policy rate to the upside. As a result, risk assets should continue to be well supported. Although equity valuations remain elevated, they still appear reasonable relative to those of high-quality bonds.

With regard to the U.K., many observers have been surprised by the resiliency of its economy, although it is way too soon to sound the all-clear. The BOE has pre-emptively cut its base rate to the lowest level in the multi-century history of the central bank, and restarted its quantitative-easing program and previously successful funding-for-lending scheme. On the fiscal policy side, the new Chancellor of the Exchequer scrapped his predecessor’s austerity plans and is expected to introduce a new budget that abandons any notion of achieving a budgetary surplus by the end of the current parliament. In all, U.K. economic policy has shifted dramatically toward easing well before the negative effects of Brexit can be felt. However, while no one knows what a final Brexit agreement will look like, we suspect it will be nowhere near the position being pushed forward by various U.K. leaders. Given this uncertainty, we think investment is likely to slow in the months ahead.

Eurozone exports and imports are in decline. Household spending is growing faster than other areas of the economy, as is the case in the U.S. and the U.K., but Europe’s consumer rebound remains considerably less robust in comparison with these two countries. Although the labor market has certainly improved over the past three years, the country-by-country levels remain wildly disparate. This is especially so for the youth unemployment rate.

We’re concerned that it’s just a matter of time before another crisis tests the cohesion of the eurozone. ECB President Draghi knows he has a potential problem on his hands. He continues to reassure investors that the central bank has the will, the tools and the ability to improve the eurozone’s fortunes.

The Japanese economy still lacks momentum despite fiscal stimulus packages, structural reforms and extremely aggressive monetary-policy initiatives. Industrial output has trended lower over the past three years, hurt by the slowdown in global trade, and although the country’s merchandise trade balance has turned positive, this is merely the result of imports falling faster than exports.

On the positive side, housing construction is running near a cyclical high. The unemployment rate, which is structurally much lower than in other developed countries, dipped to 3.1%. Nominal wage increases remain stuck near zero, however, and inflation expectations have been nearly impossible to nudge to the upside. Our Asia-focused portfolio managers are heartened by improvements in corporate governance and the use of capital. Additionally, the latest fiscal-policy initiative is a significant one, with new spending amounting to ¥7.5 trillion. In the current fiscal year, stimulus is expected to reach 4.5% of GDP.

We think China’s economy will continue to reaccelerate in the near term. Although the country’s growth rate remains below trend, we are beginning to see an improving trajectory following two-and-a-half years of slowdown. The renminbi has depreciated steadily in the year to date, falling 7% against a basket of currencies and less than 3% against the greenback. While the depreciation of the renminbi has not reinvigorated exports, it appears to have stopped its two-year decline. Domestic economic growth in China has been relatively stable this year, with retail sales growing around 10% on a year-over-year basis and industrial output running at a 6% rate. Importantly, the country continues to evolve into a services-oriented economy, with that sector now accounting for more than half of GDP. Housing activity also has picked up. The question now becomes whether government economic policy flips back toward structural reform and economic rationalization and away from stimulus, given that business activity looks to be in a less fragile state than a year ago.

Before the global financial crisis, the U.S. and China were the primary growth engines of the world. Those engines are sputtering when compared to their pre-crisis performance. We think it’s possible that India eventually will become a third major engine of global growth. In the past year, its GDP growth was greater than China’s. While its

  4   SEI Institutional International Trust / Annual Report / September 30, 2016

population is nearly as large, India is growing faster and is much younger. As India institutes economic, financial and legal reforms, it has the potential to grow rapidly for a long time.

On behalf of SEI Investments, I want to thank you for your continued confidence. We are working every day to maintain that confidence, and we look forward to serving your investment needs in the future.

Sincerely,

William T. Lawrence, CFA

Managing Director, Portfolio Management Team

  SEI Institutional International Trust / Annual Report / September 30, 2016   5

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2016 (Unaudited)

International Equity Fund

I. Objective

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

II. Multi-Manager Approach Statement

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (“SIMC”). The Fund utilized the following sub-advisers as of September 30, 2016: Acadian Asset Management LLC, Blackcrane Capital, LLC, Causeway Capital Management LLC, Henderson Global Investors (North America) Inc., INTECH Investment Management LLC, Neuberger Berman Investment Advisers LLC, Tradewinds Global Investors LLC, NWQ Investment Management Company, LLC, and WCM Investment Management. For the year ended September 30, 2016, sub-adviser Tradewinds Global Investors LLC was terminated from the Fund. The Tradewinds investment team migrated to NWQ Investment Management Company, LLC, which was then added to the Fund during the year.

III. Return vs. Benchmark

For the year ended September 30, 2016, the Fund’s Class A shares underperformed the MSCI EAFE Index (the “Index”), returning 5.63% versus the Index return of 6.52%.

IV. Fund Attribution

At the sector level, the Fund benefited from allocation while stock selection detracted. Selection was negative in industrials, materials, utilities and consumer staples, but helped in consumer discretionary due to holdings in retail and automobiles. An underweight to consumer staples had a negative impact as the sector - despite elevated valuations - continued to perform relatively well throughout the reporting period. On the back of a commodity-market recovery, as noted in the shareholder letter, materials was the best-performing sector for the period, followed closely by information technology. Hence, an overweight to and selection within information technology helped. An underweight to the troubled banking sector, which continues to suffer from low yields that hurt profitability, also benefited results. From an absolute point of view, financials was the overall laggard. While an overweight to industrials was positive, selection within the sector was disappointing, so the sector detracted as a whole. Defensive sectors such as telecommunications and utilities lagged slightly. Within

the Fund, selection in telecommunications added at the margin, while detracting slightly within utilities.

Regionally, the Fund was helped by selection, while country allocation detracted. The strongest results were achieved in Europe and the Middle East, led by France, and followed by the Netherlands, Italy and Germany, while selection detracted in Belgium and Portugal. The positives and negatives both mixed core and peripheral countries, so the result was due more to stock-specific outcomes rather than top-down calls. Selection in Japan also contributed, although an underweight to the country detracted. Supported by a strong yen, as the shareholder letter addressed, the country actually ended up outperforming the broader Index. An underweight to Pacific ex-Japan also hurt as the region posted the strongest overall results, driven by returns in New Zealand, Australia and Hong Kong. The U.K. was the weakest part of the benchmark; volatility spiked along with the surprising Brexit vote. The main culprits were an underweight to and selection within the materials sector, as well as poorly performing financial-sector holdings. As an asset class, emerging markets performed well during the period, outperforming its developed-markets peers. As a result, exposure to emerging markets in aggregate was positive. With regard to the Fund, the strongest contribution came from emerging Asia, particularly China, Taiwan and Korea, followed by emerging Europe and Africa, while the Fund’s holdings in Latin America detracted.

Manager performance was mixed. WCM Investment Management benefited from selection in emerging Asia, led by Taiwan, and followed by China, the U.K., Japan and Europe ex-U.K. Acadian Asset Management LLC’s quantitative model performed well in Europe and also added through holdings in emerging Asia. Neuberger Berman Management LLC had strong selection in Europe and Japan, with the most significant contributions from France and Switzerland, while the U.K. detracted. Henderson Global Investors (North America) was challenged within Europe and by holdings in Pacific ex-Japan, and via international holdings listed in the U.S. Japan was a bright spot, but could not overcome weakness in other parts of the portfolio. Causeway Capital Management LLC’s value-sensitive style was also not rewarded; its holdings in the U.K. performed poorly and its underweight to and selection within Pacific ex-Japan detracted as well. Selection in Korea contributed, but only partially mitigated overall results. Blackcrane Capital, LLC was primarily hurt by selection in emerging Asia. NWQ delivered strong results in Europe, but the U.K. was a detractor, as was an underweight to

  6   SEI Institutional International Trust / Annual Report / September 30, 2016

Pacific ex-Japan. INTECH Investment Management LLC’s mathematical model produced benchmark-like results, with the U.K. detracting while Europe performed well.

AVERAGE ANNUAL TOTAL RETURN¹

	1 Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
International Equity Fund, Class A		5.63%		0.98%		7.32%		-0.52%		3.24%
International Equity Fund, Class I		5.27%		0.68%		7.00%		-0.77%		2.98%
International Equity Fund, Class Y		5.77%		1.09%		7.39%		-0.48%		3.25%
MSCI EAFE Index		6.52%		0.47%		7.39%		1.82%		4.15%

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

¹ For the year ended September 30, 2016. Past performance is no indication of future performance. Class A shares were offered beginning December 20, 1989. Class I shares were offered beginning January 4, 2002. The performance of Class I shares prior to January 4, 2002 is calculated using the performance of Class A shares adjusted for the higher expenses of the Class I shares. Returns for Class I shares are substantially similar to those of Class A shares and differ only to the extent that Class I shares have higher total annual fund operating expenses than Class A shares. Class Y shares were offered beginning December 31, 2014. Class Y shares performance for the period prior to December 31, 2014 derived from the performance of Class A shares. Returns for Class Y shares are substantially similar to those of Class A shares and differ only to the extent that Class Y shares have lower total annual fund operating expenses than Class A shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

  SEI Institutional International Trust / Annual Report / September 30, 2016   7

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2016 (Unaudited)

Emerging Market Equity Fund

I. Objective

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

II. Multi-Manager Approach Statement

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corp. (“SIMC”). The Fund utilized the following sub-advisers during the year ending September 30, 2016: 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 Investment Advisers LLC, PanAgora Asset Management, Inc. and RWC Asset Advisors (US) LLC. For the year ended September 30, 2016, no manager changes were made.

III. Return vs. Benchmark

For the year ended September 30, 2016, the Fund’s Class A shares outperformed the MSCI Emerging Markets Index (Gross) (the “Index”), returning 20.66% versus the Index return of 17.21%.

IV. Fund Attribution

Emerging markets staged a broad comeback, as noted in the shareholder letter, and all sectors returned positive results during the Fund’s fiscal year. Information technology delivered the strongest performance followed by cyclical sectors energy and materials, while defensive sectors such as telecommunications and healthcare lagged. The Fund delivered strong overall stock selection, principally within information technology, followed by financials, consumer discretionary, energy, materials, real estate and telecommunications. Selection in utilities detracted, while consumer staples and healthcare produced benchmark-like results. Within information technology, our Chinese holdings in technology equipment and hardware, as well as software and services, performed strongly. Throughout the reporting period MSCI added numerous U.S.-listed American Depository Receipts (ADRs) to the benchmark, which boosted the performance of several of those stocks. Korea’s software and services stocks also performed strongly. A Russian internet stock that is listed in Europe also added to the sector’s positive results. While the financial sector overall performed slightly behind the benchmark, the Fund benefited from an underweight to the Chinese and Greek banking

sectors; however, an underweight to the Indian financial sector and selection within financials detracted. Within consumer discretionary, the Fund benefited from numerous holdings in China, India and Korea. Stocks in Brazil performed strongly in absolute terms but still lagged the benchmark, and selection detracted. An overweight to the Brazilian consumer sectors, however, was positive. Utilities overall detracted, so an underweight to the Brazilian utilities sector was positive.

Regionally, the Fund’s outperformance came mainly from selection, while allocation had a minor positive impact. The strongest contribution came from emerging Asia, led by strong results in China, followed by the more developed markets of Korea and Taiwan. India also produced positive selection, although a country-level underweight mitigated the benefit. From an absolute point of view, Indonesia was a strong-performing country, but was a slight negative for the Fund’s results. Latin America experienced a strong turnaround, hence our overweight to the region was a positive. The Fund benefited from an overweight to Brazil, good selection in Brazil and Mexico, exposure to Peru and a position in frontier market Argentina. Our underweight to the Europe, Middle East and Africa (EMEA) region helped as it overall lagged other parts of the asset class. Overall, the Fund benefited from good selection in Russia and underweights to Poland, Greece and Qatar. Exposure to Saudi Arabia, on the other hand, detracted. Stocks related to emerging markets, but listed in Canada, also added to results.

Fund manager results were generally positive. Delaware Investment Fund Advisers, a series of Delaware Management Business Trust, added the most, attributable to strong selection across the emerging-markets universe and an overweight to Latin America. In emerging Asia, holdings in China and India outperformed their respective benchmark components, while Korea’s holdings slightly lagged. In Latin America, the strongest contribution came from an overweight to and selection within Brazil. Neuberger Berman Management LLC’s positive results can be explained primarily by strong results in China, Korea and Taiwan, while Latin America (particularly Brazil) detracted slightly. RWC Asset Advisors (US) LLC fared well primarily in China, Korea, Brazil and Argentina. The manager also benefited from Canadian listings related to emerging markets. EMEA detracted slightly, particularly via holdings in the Greek banking sector and exposure to Saudi Arabia. J O Hambro Capital Management Limited showed strength in selection within emerging Asia and EMEA, while some holdings in Brazil lagged. Lazard Asset Management

  8   SEI Institutional International Trust / Annual Report / September 30, 2016

LLC’s strategy delivered good results in EMEA, in particular via Russian holdings, and Latin America. PanAgora Asset Management Inc.’s model added value in emerging Asia, but struggled in EMEA and Latin America. Kleinwort Benson Investors International Ltd lagged the benchmark slightly due to weakness in emerging Asia, which was partially offset by positive results out of Latin America.

AVERAGE ANNUAL TOTAL RETURN¹

	1 Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Emerging Markets Equity Fund, Class A		20.66%		-0.62%		2.97%		2.35%		4.12%
Emerging Markets Equity Fund, Class Y		20.95%		-0.46%		3.07%		2.40%		4.14%
MSCI Emerging Markets Index (Gross)		17.21%		-0.21%		3.39%		4.28%		5.77%

Comparison of Change in the Value of a $100,000 Investment in the Emerging Markets Equity Fund, Class A and Class Y, versus the S&P 500 Index and the MSCI Emerging Markets Index (Gross)

¹ For the year ended September 30, 2016. Past performance is no indication of future performance. Class A shares were offered beginning January 17, 1995. Class Y shares were offered beginning December 31, 2014. Class Y shares performance for the period prior to December 31, 2014 derived from the performance of Class A shares. Returns for Class Y shares are substantially similar to those of Class A shares and differ only to the extent that Class Y shares have lower total annual fund operating expenses than Class A shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

  SEI Institutional International Trust / Annual Report / September 30, 2016   9

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2016 (Unaudited)

International Fixed Income Fund

I. Objective

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

II. Multi-Manager Approach Statement

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (“SIMC”). The Fund utilized the following sub-advisers during the year ending September 30, 2016: AllianceBernstein, L.P., FIL Investment Advisors and Wellington Management Company LLP. For the year ended September 30, 2016, no manager changes were made.

III. Return vs. Benchmark

For the year ended September 30, 2016, the Fund’s Class A shares underperformed the Bloomberg Barclays Global Aggregate ex-US Index, Hedged (the “Index”), returning 7.32% versus the Index return of 7.53%.

IV. Fund Attribution

During the Fund’s fiscal year, accommodative policies from global central banks continued to dominate market themes, as the shareholder letter addressed, with the European Central Bank (ECB) expanding its quantitative-easing (QE) program to include corporate bonds. Lower global-growth expectations after China reset its growth profile and the rise of nationalism and protectionism increasing political risks were some of the key market concerns.

From a performance perspective, the Fund’s overall short-duration positions in sovereign bonds detracted, as government yields ended the year lower in the flight-to-quality environment. However, the overweight allocation to credit, especially in investment-grade and high-yield corporates, helped, as the new policies of including corporate purchases in the ECB’s and Bank of England’s QE made credit spreads tighten significantly. From a currency perspective, an underweight to U.K. Sterling (GBP) added value amid the Brexit outcome, but an overweight to the Japanese yen (JPY) detracted as investors lost faith in the Bank of Japan’s efforts to boost the economy.

From the sub-adviser perspective, Wellington Management Company LLP underperformed while FIL Investment Advisors and AllianceBernstein, L.P.outperformed. In the case of Wellington Management Company LLP, exposure to interest-rate risk detracted.

AllianceBernstein, L.P.’s outperformance can be attributed to its exposure to interest-rate risk, which worked well in a period when government yields ended lower. FIL Investment Advisors’ outperformance can be attributed to its exposure to interest-rate risk and yield-curve positioning.

The Fund used financial futures, interest-rate swaps and over-the-counter options during the reporting period to hedge existing exposures and gain exposure to particular areas of the market. Financial futures, especially European and euro-denominated futures, added value. However, interest-rate swaps detracted value, particularly Euro and GBP-denominated swaps, although this was offset by JPY-denominated swaps. Over-the-counter options had minimal impact on performance.

AVERAGE ANNUAL TOTAL RETURN¹

	1 Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
International Fixed Income Fund, Class A†		7.32%		5.08%		4.45%		3.84%		4.52%
International Fixed Income Fund, Class Y†		N/A		N/A		N/A		N/A		6.79%*
Bloomberg Barclays Global Aggregate ex-U.S. Index, Hedged		7.53%		5.78%		5.04%		4.68%		5.94%

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

¹ For the year ended September 30, 2016. Past performance is no indication of future performance. Class A shares were offered beginning September 1,

  10   SEI Institutional International Trust / Annual Report / September 30, 2016

1993. Class Y shares were offered beginning October 30, 2015 and therefore do not have performance history for a full year. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

^†  The graph is based on only Class A shares. Returns for Class Y shares are substantially similar to those of Class A shares and differ only to the extent that Class Y shares have lower total annual fund operating expenses than Class A shares.

* Cumulative inception to date as of October 30, 2015.

N/A — Not Available

  SEI Institutional International Trust / Annual Report / September 30, 2016   11

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2016 (Unaudited)

Emerging Markets Debt Fund

I. Objective

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

II. Multi-Manager Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corp. (“SIMC”). The Fund utilized the following sub-advisers during the year ending September 30, 2016: Investec Asset Management Ltd., Neuberger Berman Investment Advisers LLC and Stone Harbor Investment Partners LP. For the year ended September 30, 2016, no manager changes were made.

III. Return vs. Benchmark

For the year ended September 30, 2016, the Fund’s Class A shares underperformed a hybrid of 50% J.P. Morgan EMBI Global Diversified Index and 50% J.P. Morgan GBI-EM Global Diversified (the “Index”), returning 16.40% versus the Index return of 16.75%.

IV. Fund Attribution

The year ended September 30, 2016 is a tale of two markets. The fourth quarter of 2015 was a continuation of several macro themes that had persisted throughout the prior year. Commodity prices (namely oil) continued to fall over the quarter, as the shareholder letter addressed, with Brent crude-oil prices beginning near $49 and ending the quarter near $37. This had a negative effect on emerging markets, as many rely on commodities and energy exports for revenues (Russia, Mexico, Brazil, and Venezuela, among others). The threat of a U.S. interest-rate hike which was finally realized at the Federal Reserve’s (Fed) December meeting also hurt emerging markets, as higher rates in the U.S. ignited a flight to safety for investors seeking better-yielding investments without the risks of emerging-market countries. Finally, all of these factors converged to weaken a majority of emerging-market currencies versus the U.S. dollar.

With the New Year came a change of the tide for emerging-markets debt. Brent crude-oil prices bottomed out around $28 in mid-January before climbing back over the next eight months to end the period back near $49. Other commodity prices also rose over this period, lifting emerging markets along with them. The threat of further U.S. interest-rate hikes appeared several times in the first three quarters of 2016, but each instance

passed with the Fed holding rates steady. This boosted emerging markets; with some developed-market countries’ interest rates having negative yields on bonds with maturities of 10 or more years, investors flowed back into emerging markets in a search for yield. In fact, the third quarter of 2016 alone saw $26 billion of inflows to hard-currency emerging-market debt, nearly tripling the total year-to-date inflows. One final macroeconomic event came when Great Britain surprised the world with its decision to leave the European Union. This affected countries across the emerging-market landscape, especially local-currency emerging-market debt, but did not have as large an impact as was originally expected. Overall, the macroeconomic landscape (most importantly, the rebound in oil prices and lack of further U.S. rate hikes) led to a majority of currencies strengthening over the first three quarters of 2016. Toward the end of the third quarter, the U.S. election began creeping into the picture. The increasing chances of a Donald Trump presidency hurt emerging-market countries due to Trump’s isolationist views (such as his desire to “kill” NAFTA, among other trade deals) which would adversely affect U.S. trading partners.

For the entire 12-month period ending September 30, 2016, both halves of the index performed well, especially compared to the previous year. The external-debt portion of the benchmark was up over 16% and the local-debt portion was up over 17%. In the external-debt portion, Venezuela was up almost 79%, Argentina advanced 35.5% and Brazil and Indonesia each rose 22.5%; only Belize had a negative return over the period, but it is the smallest-weighted country in the hard-currency index, representing only 0.07% of the total. In the local portion, Brazil was the top performer, returning almost 56.5%, with Indonesia advancing 42%, Russia increasing 26.5% and Colombia rising 22.25%. Only Mexico was down by 7% in the index as its currency, the peso, suffered as a result of investors using it as a proxy for emerging-market risk as a whole due to its relative liquidity to other emerging-market currencies, as well as the increasing possibility of a Trump presidency in the U.S. as the third quarter came to a close. In terms of currencies, Brazil’s real strengthened more than 21% relative to the U.S. dollar and Indonesia’s rupiah strengthened more than 13%, while the Mexican peso weakened 12.5%.

There were several idiosyncratic single-country stories that also affected markets over the period. In November 2015, Argentina elected Mauricio Macri, a conservative businessman who campaigned with the promise of reaching a deal with “holdout” creditors that had been

  12   SEI Institutional International Trust / Annual Report / September 30, 2016

preventing the country from accessing global markets for 15 years. Macri kept his promise, reaching a deal with the holdouts and getting the country’s congress to approve the deal in March 2016. Argentina re-entered global markets in April 2016 with a $16.5 billion issuance (an emerging-market record at the time) that was almost three times oversubscribed.

Another big story at the beginning of 2016 was the scandal involving Petrobras, Brazil’s state-owned oil company, in which government officials allegedly received kickbacks for awarding contracts. As noted in the shareholder letter, this scandal reached the top of Brazil’s government, leading to the impeachment and eventual conviction and ejection of Brazilian president Dilma Rousseff in August. This news was well received, however, as new president Michel Temer is expected to bring a more fiscally conservative approach to the government, which should help to rein in the country’s fundamentals.

South Africa also experienced controversy in 2016 when President Jacob Zuma was accused of improperly using state funds, which deepened when he fired his well-liked finance minister and appointed a minister that was seen as under Zuma’s control. After markets reacted negatively to the newly installed finance minister, Zuma booted him and reinstated a man who had held the post during Zuma’s first five years as president, effectively giving South Africa three different finance ministers in the span on a single week.

Colombia had positive news in the third quarter when its government neared an agreement to end a decades-long war with the Revolutionary Armed Forces of Colombia (FARC) guerilla rebels. The deal was finalized in September, boosting the country’s outlook at the end of the reporting period, but was rejected by popular vote in the fourth quarter.

Turkey faced a setback when the Erdogan government thwarted a coup attempt near the end of July. In addition to the failed coup’s resulting political instability, Turkey’s debt was downgraded to “junk” status by Moody’s in September, citing external funding requirements and weakening credit fundamentals.

Finally, Indonesia had several positive headlines throughout the period. On top of benefiting from the rebound in oil prices, the country’s central bank cut interest rates three times throughout the quarter. A fourth cut was expected in the third quarter but the central bank held rates steady, which strengthened the country’s currency.

The top contributors to the Fund over the period were overweights to and selection within Indonesian local-currency debt, an overweight to Argentinian external debt (two of our three managers participated in the country’s bond sale in April), an overweight to Russian local debt and selection within Brazilian local debt and an overweight to Brazil’s external debt.

The top detractors to the Fund over the period were selection in external Turkish debt, selection in Colombia’s local and external debt and an underweight to South African local debt, combined with selection in the country’s external debt.

Neuberger Berman Investment Advisers LLC was the top-contributing manager, due primarily to positioning in Brazil, Indonesia and Argentina, which was partially offset by exposures to Colombia, Turkey and Venezuela. Stone Harbor Investment Partners LP also contributed on the merits of positioning in Venezuela, Indonesia and Russia, despite being held back in part by Mexican, South African and Polish exposures. Investec Asset Management Ltd. detracted due to positioning in Brazil, Mexico and South Africa, which was partially mitigated by exposures in Poland, Indonesia and Thailand.

Currency forwards and swap contracts were used in the Fund for the one-year period ending September 30, 2016 as a way to either hedge particular positions or gain exposure to additional areas of the market. Foreign-exchange (FX) hedges on local-currency bonds generally contributed to performance.

AVERAGE ANNUAL TOTAL RETURN¹

	1 Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Emerging Markets Debt Fund, Class A		16.40%		0.92%		2.92%		5.30%		8.30%
Emerging Markets Debt Fund, Class Y		16.72%		1.07%		3.01%		5.35%		8.32%
J.P. Morgan EMBI Global Diversified Index		16.20%		8.19%		7.75%		7.73%		8.97%
J.P. Morgan GBI-EM Global Diversified Index		17.06%		-2.58%		0.06%		5.52%		N/A
50/50 Hybrid of the J.P. Morgan EMBI Global Diversified Index and the J.P. Morgan GBI-EM Global Diversified Index		16.75%		2.75%		3.91%		6.70%		N/A

  SEI Institutional International Trust / Annual Report / September 30, 2016   13

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2016 (Unaudited)

Emerging Markets Debt Fund (Concluded)

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

¹ For the year ended September 30, 2016. Past performance is no indication of future performance. Class A shares were offered beginning June 26, 1997. Class Y shares were offered beginning December 31, 2014. Class Y shares performance for the period prior to December 31, 2014 derived from the performance of Class A shares. Returns for Class Y shares are substantially similar to those of Class A shares and differ only to the extent that Class Y shares have lower total annual fund operating expenses than Class A shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

N/A — Not Available.

  14   SEI Institutional International Trust / Annual Report / September 30, 2016

SCHEDULE OF INVESTMENTS

September 30, 2016

International Equity Fund

^†Percentages based on total investments. Includes investments held as collateral for securities on loan (see Note 9).

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK — 94.2%
Argentina — 0.0%
Ternium ADR		23,969	$	470
Australia — 2.1%
AGL Energy		47,298		693
Alumina		147,971		167
APA Group		22,405		147
Aristocrat Leisure		300,106		3,662
Australian Stock Exchange		16,515		613
BlueScope Steel		77,109		462
Brambles		179,103		1,656
Caltex Australia		20,574		545
Challenger		74,453		587
CIMIC Group		16,152		357
Cochlear		20,821		2,260
Commonwealth Bank of Australia		84,555		4,735
CSL		171,746		14,127
CSR		263,582		737
Dexus Property Group ‡		83,487		586
Domino’s Pizza Enterprises		8,959		487
Downer EDI		267,999		1,117
Fortescue Metals Group		229,826		883
Insurance Australia Group		1,219,170		5,139
Macquarie Group		19,229		1,220
Mineral Resources		31,183		267
Newcrest Mining		181,103		3,062
Northern Star Resources		302,396		1,075
OZ Minerals		295,659		1,389
Qantas Airways		1,652,590		3,972
Ramsay Health Care		10,063		614
REA Group		6,419		279
Scentre Group ‡		216,787		784
Seek		51,921		623
South32		1,919,311		3,540
Star Entertainment Grp		154,008		714
TPG Telecom		44,293		295
Transurban Group		151,827		1,326

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Treasury Wine Estates		106,696	$	909
Vicinity Centres ‡		154,042		375
Vocus Communications		72,572		348
				59,752
Austria — 0.3%
ANDRITZ		80,595		4,398
BUWOG *(A)		5,363		145
Lenzing		1,104		130
OMV (A)		90,699		2,617
				7,290
Belgium — 1.8%
Ageas		355,833		13,012
AGFA-Gevaert *		70,231		222
Anheuser-Busch InBev		8,756		1,148
Barco		2,100		164
Bekaert		19,586		895
Colruyt (A)		30,008		1,665
Groupe Bruxelles Lambert		92,721		8,234
KBC Group		255,012		14,908
Ontex Group		345,000		10,949
Umicore (A)		15,059		945
				52,142
Brazil — 0.4%
Ambev ADR		716,864		4,365
Cia Energetica de Minas Gerais ADR (A)		237,782		616
Embraer *		1,271,600		5,511
				10,492
Canada — 2.9%
Agrium		61,134		5,544
Alacer Gold *		131,900		329
Alimentation Couche-Tard, Cl B		110,900		5,365
Cameco (A)		526,948		4,511
Canadian Imperial Bank of Commerce (A)		71,200		5,511
Canadian Natural Resources		249,716		8,001
Canadian Pacific Railway		69,623		10,632
Centerra Gold		59,400		325
CGI Group, Cl A *		16,000		761
Cogeco Communications		18,940		933
Constellation Software		16,200		7,290
Encana		458,100		4,779
Enerflex		21,000		225
Entertainment One		106,941		315
Gildan Activewear		396,000		11,040
High Liner Foods		9,000		178
Home Capital Group, Cl B (A)		119,900		2,463
Linamar		21,100		880
Lucara Diamond		63,300		188
Magna International, Cl A		89,100		3,818
Manulife Financial		104,500		1,472
Peyto Exploration & Development (A)		62,900		1,762
Rogers Sugar		30,600		156

  SEI Institutional International Trust / Annual Report / September 30, 2016   15

SCHEDULE OF INVESTMENTS

September 30, 2016

International Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Royal Bank of Canada (A)		96,200	$	5,948
Suncor Energy		61,792		1,712
Toronto-Dominion Bank		11,100		492
Yamana Gold (A)		132,200		568
				85,198
China — 1.2%
Alibaba Group Holding ADR *		51,100		5,406
Baidu ADR *		78,900		14,366
Ctrip.com International ADR *(A)		136,124		6,339
STMicroelectronics		47,470		388
Tencent Holdings		336,000		9,306
				35,805
Denmark — 2.2%
Chr Hansen Holding		108,800		6,497
Coloplast, Cl B		105,057		8,192
DSV		4,851		243
Genmab *		9,015		1,554
H Lundbeck *		16,273		537
ISS (A)		294,392		12,281
Nets *(B)		154,700		3,451
Novo Nordisk ADR		188,439		7,837
Novozymes, Cl B		161,567		7,158
Pandora		43,604		5,314
Scandinavian Tobacco Group (A)(B)		282,956		4,826
Vestas Wind Systems		67,271		5,589
William Demant Holding *(A)		19,665		402
				63,881
Finland — 0.8%
Cargotec, Cl B (A)		12,793		587
Elisa, Cl A (A)		22,619		836
Fortum		70,275		1,137
Kone, Cl B		11,751		598
Metso (A)		9,601		280
Neste		185,231		7,910
Orion, Cl B		61,183		2,414
Sampo, Cl A (A)		29,975		1,336
Stora Enso, Cl R (A)		420,845		3,744
UPM-Kymmene		176,967		3,742
				22,584
France — 9.1%
ABC arbitrage (A)		16,852		121
Air Liquide (A)		29,500		3,167
Arkema		57,272		5,306
Atos		29,616		3,197
BNP Paribas		305,784		15,744
Boiron		1,900		193
Bureau Veritas		5,924		127
Capgemini		3,296		323
Carrefour		390,922		10,151
Christian Dior		10,029		1,800
Cie de St.-Gobain		3,428		148

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
CNP Assurances		19,539	$	328
Dassault Systemes		9,285		806
Edenred		5,387		126
Eiffage		4,116		320
Elior Group (A)(B)		127,300		2,916
Engie (A)		762,129		11,824
Essilor International		68,254		8,808
Euler Hermes Group (A)		13,620		1,161
Eurazeo		1,943		113
Eurofins Scientific		23,266		10,585
Fonciere Des Regions ‡		2,767		258
Gecina ‡		3,803		599
Hermes International		14,012		5,710
Ipsen (A)		30,854		2,169
IPSOS		104,695		3,420
Legrand		120,767		7,129
L’Oreal		4,919		928
LVMH Moet Hennessy Louis Vuitton		38,927		6,645
Nexans *		9,391		540
Nexity *		11,399		603
Nokia		2,157,255		12,483
Orange		795,893		12,464
Orpea		48,255		4,281
Pernod Ricard (A)		39,450		4,672
Peugeot *		240,989		3,687
Publicis Groupe (A)		151,688		11,484
Remy Cointreau (A)		3,259		278
Renault		8,488		698
Rexel		77,897		1,195
Sanofi (A)		277,062		21,098
Schneider Electric		297,148		20,760
SCOR		11,804		367
Societe BIC		722		107
Sodexo		36,172		4,310
SPIE (A)		183,020		3,644
Technicolor		98,632		673
Technip (A)		8,357		514
Thales		109,096		10,056
Total (A)		703,782		33,368
UBISOFT Entertainment *(A)		6,237		236
Valeo		158,035		9,223
Veolia Environnement		25,474		587
Vetoquinol		569		28
Vinci		17,378		1,331
Zodiac Aerospace		2,636		64
				262,873
Germany — 5.8%
Adidas		57,163		9,933
Allianz		45,355		6,752
AURELIUS Equity Opportunities & KGaA		11,818		748
BASF		98,920		8,468
Brenntag		62,857		3,439

  16   SEI Institutional International Trust / Annual Report / September 30, 2016

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Continental		34,392	$	7,248
Deutsche Boerse		102,697		8,031
Deutsche EuroShop		3,766		175
Deutsche Lufthansa (A)		303,231		3,384
Deutsche Telekom		34,216		575
Deutsche Wohnen		46,576		1,698
Evonik Industries		132,982		4,507
Fresenius		17,951		1,439
Fresenius Medical Care		7,458		653
GEA Group		56,551		3,149
Gerresheimer		50,899		4,331
Hannover Rueck		47,113		5,053
HeidelbergCement		10,875		1,031
Henkel		4,200		490
Hochtief		52,812		7,458
Indus Holding		47,670		2,721
Infineon Technologies		63,691		1,139
Kloeckner *		76,510		932
Koenig & Bauer *		7,283		342
Linde		53,000		9,019
Merck		51,484		5,571
Muenchener Rueckversicherungs		10,260		1,917
OSRAM Licht		46,102		2,712
ProSiebenSat.1 Media		19,286		827
QIAGEN *		5,881		162
SAP		435,764		39,858
SAP ADR (A)		83,500		7,633
Siemens		92,647		10,871
Software		7,695		327
STADA Arzneimittel		7,027		391
Suedzucker		26,401		735
Symrise		18,451		1,355
ThyssenKrupp		18,812		450
TUI		149,589		2,132
Vonovia		21,748		825
				168,481
Hong Kong — 2.4%
AIA Group		2,396,093		16,132
Bank of East Asia		69,000		282
Chaoda Modern Agriculture *		2,440,000		64
Cheung Kong Infrastructure Holdings		94,000		812
China Merchants Holdings International		1,433,338		3,849
China Mobile		1,268,740		15,515
CLP Holdings		114,500		1,188
CNOOC		9,184,000		11,597
Henderson Land Development		808,938		4,843
HK Electric Investments & HK Electric Investments (B)		399,500		392
HKT Trust & HKT		375,000		529
Hysan Development		63,000		297
IMAX China Holding *(A)(B)		1,123,558		5,505
Link ‡		75,000		553

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
MTR		177,000	$	979
New World Development		309,000		406
Power Assets Holdings		49,000		480
Samsonite International		1,136,100		3,666
Techtronic Industries		125,000		492
Wharf Holdings		21,000		154
Wheelock		54,000		321
Yue Yuen Industrial Holdings		34,000		141
				68,197
India — 0.2%
HDFC Bank ADR		91,183		6,555
Tata Motors ADR		7,544		302
				6,857
Indonesia — 0.1%
Telekomunikasi Indonesia Persero		4,560,300		1,513
Ireland — 0.3%
CRH (A)		35,337		1,182
Experian		436,527		8,771
Paddy Power Betfair		812		92
				10,045
Israel — 1.3%
Bank Hapoalim		120,797		685
Bezeq Israeli Telecommunication		2,552,639		4,809
Check Point Software Technologies *(A)		89,000		6,907
Frutarom Industries		51,193		2,696
Teva Pharmaceutical Industries ADR		522,138		24,024
				39,121
Italy — 1.2%
Atlantia		44,587		1,132
Azimut Holding		187,685		2,768
Brembo		125,350		7,488
DiaSorin		7,443		479
Enel		152,537		681
EXOR		75,024		3,043
Fiat Chrysler Automobiles *(A)		98,905		628
Prysmian		48,864		1,282
Recordati		105,450		3,392
Saras (A)		692,920		1,106
Tenaris (A)		804,809		11,436
Terna Rete Elettrica Nazionale		142,172		734
				34,169
Japan — 17.9%
77 Bank		161,000		659
Adastria		45,400		1,045
Air Water		8,000		151
Aisin Seiki		3,100		142
Alfresa Holdings		27,600		586
Amada Holdings		47,800		498
Arcland Sakamoto		33,400		376
Asahi Breweries		103,400		3,770

  SEI Institutional International Trust / Annual Report / September 30, 2016   17

SCHEDULE OF INVESTMENTS

September 30, 2016

International Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Asahi Glass		556,000	$	3,608
ASKUL		62,145		2,368
Astellas Pharma		27,200		426
Bandai Namco Holdings		7,900		242
Calsonic Kansei		75,000		696
Canon Marketing Japan		90,800		1,690
Central Japan Railway		19,200		3,292
Coca-Cola West		12,800		359
CyberAgent		18,000		538
CYBERDYNE *(A)		15,900		247
Dai Nippon Printing		761,000		7,471
Daiichi Sankyo		236,600		5,696
Daikin Industries		63,700		5,970
Daikyo		751,000		1,363
Daito Trust Construction		39,500		6,339
Daiwa House Industry		172,900		4,756
Don Quijote Holdings		57,296		2,103
East Japan Railway		176,300		15,969
Fuji Film Holdings		529,271		19,627
Fuji Heavy Industries		26,412		991
Fujitsu		641,000		3,451
Fujitsu General		147,000		3,192
Furukawa Electric		83,200		2,267
Geo Holdings		20,000		259
Hamamatsu Photonics		9,700		298
Hino Motors *		11,900		127
Hirose Electric		1,200		158
Hisamitsu Pharmaceutical		9,200		497
Hitachi		3,125,000		14,626
Hitachi High-Technologies		9,800		392
Hoshizaki		7,500		684
Idemitsu Kosan		1,200		25
IHI		109,000		317
Iida Group Holdings		20,400		411
Isuzu Motors		22,700		267
Itochu		57,900		730
Japan Airlines		458,200		13,468
Japan Exchange Group		15,900		249
Japan Prime Realty Investment, Cl A ‡		108		488
Japan Real Estate Investment, Cl A ‡		73		436
Japan Retail Fund Investment, Cl A ‡		186		460
Japan Tobacco		526,744		21,600
JGC		8,900		155
Kakaku.com		16,800		305
Kaneka		13,000		103
Kansai Paint		291,900		6,410
Kao		100,431		5,686
KDDI		655,900		20,262
Keyence		24,300		17,848
Kikkoman		23,000		738
Koito Manufacturing *		205,610		10,001
Komatsu		467,800		10,701

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Konami Holdings		63,900	$	2,471
Kose		1,300		134
Kuraray		11,000		163
Kyowa Hakko Kirin		11,500		182
M3 *		16,900		579
Mabuchi Motor		185,500		10,271
Maeda Road Construction		36,000		645
Makita		15,500		1,105
Marui Group		33,000		437
Maruichi Steel Tube		8,900		308
McDonald’s Holdings Japan (A)		5,200		153
Medipal Holdings		7,100		123
MEIJI Holdings		16,400		1,632
Miraca Holdings		76,500		3,822
Mitsubishi Chemical Holdings		26,200		164
Mitsubishi Electric		16,000		205
Mitsubishi Gas Chemical		11,500		165
Mitsui Chemicals		118,000		561
Mixi *		64,900		2,351
Mochida Pharmaceutical		3,300		259
MS&AD Insurance Group Holdings		436,800		12,180
Nabtesco		93,100		2,639
Nagoya Railroad		87,000		474
NGK Insulators		3,000		62
Nichi-iko Pharmaceutical		18,800		361
Nidec		7,700		710
Nikon (A)		390,000		5,824
Nippo		28,000		533
Nippon Building Fund, Cl A ‡		149		946
Nippon Electric Glass		30,000		156
Nippon Paint Holdings		26,200		877
Nippon Prologis ‡		123		311
Nippon Telegraph & Telephone		104,300		4,769
Nippon Telegraph & Telephone ADR		291,338		13,346
Nisshin Seifun Group		33,600		513
Nitori Holdings		10,500		1,261
Nomura Real Estate Master Fund ‡		410		684
NTT Data		37,200		1,858
NTT DOCOMO		448,494		11,415
Obayashi		45,600		453
Obic		4,700		250
Odakyu Electric Railway		5,000		111
Oenon Holdings		44,000		101
Oji Holdings		33,000		131
Ono Pharmaceutical		56,700		1,581
Oracle Japan *		3,600		203
Otsuka Holdings		115,500		5,273
Panasonic		1,761,500		17,640
Park24		13,500		440
Pigeon		224,664		6,816
Pioneer *		101,900		222
Pola Orbis Holdings		1,500		135

  18   SEI Institutional International Trust / Annual Report / September 30, 2016

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Rinnai		4,300	$	400
Rohm		121,500		6,463
Ryohin Keikaku		600		122
Saizeriya		33,400		761
Santen Pharmaceutical		303,900		4,492
Secom		6,900		515
Sekisui Chemical		57,500		827
Sekisui House		425,400		7,263
Seven & I Holdings		180,200		8,514
Shimadzu		16,000		244
Shimamura		1,300		158
Shimano		5,500		817
Shionogi		113,000		5,801
Showa Shell Sekiyu		19,900		185
SMC		22,700		6,560
Sohgo Security Services		6,400		343
Sony		23,900		788
Stanley Electric		6,400		173
Start Today		25,200		435
Sumitomo Chemical		415,000		1,847
Sumitomo Dainippon Pharma		23,600		458
Sumitomo Mitsui Financial Group		456,100		15,367
Sumitomo Mitsui Trust Holdings		290,822		9,487
Sundrug		58,400		4,903
Suntory Beverage & Food		4,300		186
Suruga Bank		24,900		597
Sysmex		95,600		7,113
Taiheiyo Cement		181,000		522
Taisei		63,000		473
Taisho Pharmaceutical Holdings		5,700		584
Teijin		124,000		2,411
Temp Holdings		423,222		7,448
Terumo		31,600		1,216
THK *		19,000		374
TIS		46,400		1,206
Tochigi Bank		65,000		265
Toho Gas		63,000		590
Tokio Marine Holdings		318,200		12,195
Tokyo Electric Power Holdings *		400,300		1,732
Tokyo Electron		15,500		1,375
Toppan Printing		82,000		741
Topre		81,200		1,705
Toridoll.corp		20,800		480
Tosoh		57,000		352
TOTO (A)		19,700		744
Toyo Seikan Group Holdings		25,900		457
Toyota Motor *		107,600		6,202
Toyota Motor ADR (A)		111,433		12,933
Trend Micro *		15,600		544
Tsuruha Holdings		98,352		11,391
Ube Industries		1,875,000		3,594
United Urban Investment ‡		161		293

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Wacoal Holdings		689,704	$	7,792
Warabeya Nichiyo		13,300		279
West Japan Railway		5,400		335
Yamada Denki		22,500		112
Yamaha		26,200		848
Yamazaki Baking		389,100		9,575
Yaskawa Electric		26,100		390
Yokogawa Electric		22,400		299
Zenkoku Hosho		13,100		544
				520,414
Jordan — 0.0%
Hikma Pharmaceuticals (A)		33,494		878
Luxembourg — 0.1%
APERAM (A)		61,933		2,804
Malaysia — 0.0%
Tenaga Nasional		322,500		1,115
Malta — 0.0%
BGP Holdings *		198,683		–
Mexico — 0.2%
Cemex ADR *		373,804		2,968
Wal-Mart de Mexico		1,390,000		3,049
				6,017
Netherlands — 7.2%
AerCap Holdings *		101,800		3,918
Akzo Nobel		354,702		24,075
ArcelorMittal *(A)		854,015		5,223
ASML Holding		182,051		20,006
Delta Lloyd (A)		122,711		566
Heineken		13,999		1,233
Heineken Holding		40,772		3,277
ING Groep		1,345,105		16,613
James Hardie Industries		54,114		850
Koninklijke Ahold Delhaize		876,443		19,984
Koninklijke DSM		225,090		15,249
Koninklijke KPN		132,407		440
Koninklijke Philips		185,606		5,505
NN Group		22,623		695
NXP Semiconductors *		46,800		4,774
PostNL *		946,783		4,310
Refresco Group (A)(B)		304,411		5,063
RELX		557,812		10,033
Royal Dutch Shell, Cl A (A)		401,438		10,028
Royal Dutch Shell, Cl B		1,142,171		29,698
Royal Dutch Shell ADR, Cl B (A)		198,852		10,505
Unilever		170,048		7,854
Wolters Kluwer		242,788		10,421
				210,320
New Zealand — 0.1%
Air New Zealand		193,571		263

  SEI Institutional International Trust / Annual Report / September 30, 2016   19

SCHEDULE OF INVESTMENTS

September 30, 2016

International Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Fisher & Paykel Healthcare		31,502	$	230
Fletcher Building		23,521		184
Meridian Energy		206,328		391
Ryman Healthcare		28,854		202
Spark New Zealand		73,974		195
				1,465
Norway — 1.4%
Aker Solutions *		803,083		3,756
Ementor *(A)		110,406		1,121
Gjensidige Forsikring		228,140		4,260
Grieg Seafood		712,129		5,694
Marine Harvest (A)		233,857		4,179
Norsk Hydro (A)		167,008		720
Norwegian Air Shuttle *(A)		74,578		2,734
Norwegian Finans Holding *(A)		267,730		2,546
Orkla		77,405		800
Salmar		4,226		129
SpareBank 1 SMN		222,442		1,555
Statoil		203,671		3,418
Telenor (A)		485,980		8,341
Veidekke (A)		63,357		976
				40,229
Poland — 0.0%
Emperia Holding *		4,811		89
Polski Koncern Naftowy Orlen		13,890		236
				325
Portugal — 0.5%
Galp Energia, Cl B		907,699		12,427
Jeronimo Martins		37,502		650
				13,077
Russia — 0.4%
Rosneft GDR		88,700		486
Yandex, Cl A *		576,777		12,141
				12,627
Singapore — 0.8%
CapitaLand		162,300		383
CapitaLand Commercial Trust ‡		107,000		125
City Developments		1,382,900		9,247
ComfortDelgro		334,800		693
DBS Group Holdings		328,000		3,734
Jardine Cycle & Carriage		14,800		469
Oversea-Chinese Banking		929,000		5,946
Singapore Airlines		133,700		1,034
Singapore Exchange		152,700		832
Singapore Press Holdings		50,100		141
Singapore Technologies Engineering		63,100		150
Suntec Real Estate Investment Trust ‡		345,700		436
				23,190
South Africa — 0.3%
Anglo American Platinum *		8,661		244

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Investec (A)		576,954	$	3,533
Liberty Holdings		47,052		400
Sappi *		124,207		643
Shoprite Holdings		355,299		4,939
				9,759
South Korea — 3.2%
Cosmax (A)		76,053		10,513
Korea Electric Power		9,971		490
KT ADR		151,442		2,431
KT&G		44,297		5,033
LG Display ADR		215,154		2,737
Samsung Electronics		20,800		30,320
Shinhan Financial Group		334,500		12,205
SK Hynix		7,965		293
SK Innovation		4,098		606
SK Telecom		74,994		15,417
SK Telecom ADR		572,886		12,947
				92,992
Spain — 1.6%
ACS Actividades de Construccion y Servicios		198,532		6,006
Aena (B)		7,924		1,169
Almirall		69,060		1,066
Amadeus IT Holding, Cl A		38,504		1,927
Banco Bilbao Vizcaya Argentaria		390,295		2,364
Bankinter		27,888		198
CaixaBank		2,077,388		5,256
Enagas		14,851		447
Ferrovial		62,777		1,337
Grifols ADR		714,606		11,412
Iberdrola		592,552		4,032
Industria de Diseno Textil		139,271		5,171
International Consolidated Airlines Group		16,473		86
Mapfre		1,011,741		2,835
Prosegur Cia de Seguridad		47,640		334
Red Electrica		63,960		1,380
Repsol		12,019		164
Zardoya Otis		1,115		11
				45,195
Sweden — 1.4%
Alfa Laval		139,848		2,201
Assa Abloy, Cl B		71,165		1,449
BillerudKorsnas		44,428		788
Boliden		76,187		1,793
Bonava, Cl B *		39,765		502
Electrolux, Cl B		215,288		5,405
Granges		59,798		611
Hufvudstaden, Cl A		38,081		661
Husqvarna, Cl B		129,116		1,128
Investor, Cl B		71,270		2,610
L E Lundbergforetagen, Cl B		16,420		1,081
Lundin Petroleum *		28,286		518

  20   SEI Institutional International Trust / Annual Report / September 30, 2016

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Mycronic		29,296	$	366
NCC, Cl B		39,765		1,044
Nordea Bank		460,258		4,576
Oriflame Holding *		22,492		826
Peab		134,731		1,164
Securitas, Cl B		50,259		844
Skanska, Cl B		30,552		714
Svenska Cellulosa, Cl B		159,015		4,735
Swedish Match		13,566		499
Telefonaktiebolaget LM Ericsson ADR		1,139,812		8,218
				41,733
Switzerland — 8.8%
ABB		198,249		4,463
Actelion		29,686		5,155
Aryzta		192,148		8,539
Chocoladefabriken Lindt & Sprungli		150		1,808
Cie Financiere Richemont		199,724		12,181
Clariant		180,258		3,109
Coca-Cola HBC *		597,228		13,911
Dufry *		101,208		12,721
Emmi		1,144		785
EMS-Chemie Holding		714		385
Galenica		2,911		3,097
Geberit		3,110		1,365
Givaudan		4,367		8,908
Julius Baer Group *		333,051		13,612
Lonza Group		48,950		9,386
Nestle		201,118		15,882
Novartis		415,703		32,803
Pargesa Holding		2,406		165
Partners Group Holding		11,424		5,782
Roche Holding		115,109		28,707
Schindler Holding		8,827		1,665
SGS		6,622		14,870
Sika		356		1,735
Sonova Holding		27,000		3,830
Swiss Life Holding		19,570		5,084
Swiss Prime Site		6,615		581
Swiss Re		83,044		7,512
TE Connectivity		65,600		4,223
Tecan Group		3,617		636
UBS Group *(A)		1,406,897		19,178
Wolseley (A)		13,737		777
Zurich Insurance Group *		52,047		13,443
				256,298
Taiwan — 0.5%
Hon Hai Precision Industry		2,120,765		5,363
Taiwan Semiconductor Manufacturing ADR		291,168		8,907
United Microelectronics ADR (A)		208,687		386
				14,656

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Turkey — 0.1%
Turkiye Garanti Bankasi		371,709	$	987
Turkiye Is Bankasi, Cl C		286,373		454
Turkiye Vakiflar Bankasi Tao, Cl D (A)		758,569		1,164
				2,605
United Kingdom — 14.2%
3i Group		330,250		2,796
Abcam		25,880		283
Aberdeen Asset Management		116,658		493
Admiral Group		31,613		843
Aon		59,000		6,637
Ashtead Group		539,109		8,917
Associated British Foods (A)		106,122		3,595
AstraZeneca (A)		85,823		5,574
Aviva		2,700,859		15,464
Babcock International Group		18,414		248
BAE Systems		92,366		629
Balfour Beatty (A)		1,679,004		6,108
Barclays		7,799,100		17,032
Beazley		66,742		336
Berendsen		99,932		1,616
BGEO Group		7,468		282
BHP Billiton		42,068		637
BP (A)		265,106		1,552
BP ADR		170,014		5,978
British American Tobacco		297,360		19,067
British Land ‡		28,741		236
Bunzl		248,688		7,365
Carnival		485,164		23,760
Cobham		1,593,341		3,476
Compass Group		871,245		16,954
DCC		48,553		4,432
Diageo		352,386		10,132
Direct Line Insurance Group		340,405		1,615
Domino’s Pizza Group		1,032,057		5,007
DS Smith		2,266,593		11,332
Fresnillo (A)		33,094		780
Genus		21,832		553
GKN		95,952		400
GlaxoSmithKline		765,048		16,346
Glencore *(A)		200,495		553
Greggs		52,652		694
Hargreaves Lansdown (A)		41,481		686
Howden Joinery Group		757,800		4,263
HSBC Holdings		1,993,035		15,009
Imperial Brands		41,265		2,133
Imperial Brands ADR		12,508		644
Inchcape		57,618		494
Indivior		326,107		1,298
Intertek Group (A)		25,597		1,160
ITV		31,499		77
J Sainsbury (A)		45,178		144

  SEI Institutional International Trust / Annual Report / September 30, 2016   21

SCHEDULE OF INVESTMENTS

September 30, 2016

International Equity Fund (Concluded)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
JD Sports Fashion		13,514	$	260
Johnson Matthey		17,491		749
Land Securities Group ‡		47,975		659
Legal & General Group (A)		1,175,525		3,345
Lloyds Banking Group		19,823,671		14,058
London Stock Exchange Group		16,006		582
Mediclinic International (A)		41,203		496
Merlin Entertainments (B)		1,965,000		11,237
Mitie Group (A)		1,662,416		4,144
Mondi (A)		227,149		4,785
National Grid		135,873		1,924
Old Mutual (A)		56,137		148
Persimmon		53,150		1,255
Petrofac (A)		34,832		404
Prudential		792,247		14,065
QinetiQ Group		319,745		983
Randgold Resources		5,423		546
Reckitt Benckiser Group		148,774		14,059
Regus		177,425		602
RELX		494,184		9,400
Rentokil Initial		3,710,047		10,732
Rightmove		11,198		615
Royal Bank of Scotland Group *(A)		4,446,799		10,318
Sage Group		77,597		745
Schroders (A)		85,554		2,998
Segro ‡		116,190		686
Severn Trent		7,976		260
Smiths Group		36,714		700
Spectris		132,088		3,383
SSE		404,140		8,249
SSP Group		35,012		145
St. James’s Place (A)		287,225		3,543
Subsea 7 *(A)		30,724		331
TalkTalk Telecom Group		1,203,585		3,165
Tate & Lyle		132,482		1,290
Taylor Wimpey		211,710		425
Tesco *(A)		3,719,006		8,846
Travis Perkins		206,866		4,154
Unilever		27,681		1,314
United Utilities Group		74,351		970
Vodafone Group		7,021,897		20,259
Worldpay Group (B)		903,000		3,474
WPP		547,970		12,930
				410,863
United States — 3.4%
Accenture, Cl A		62,305		7,612
Alphabet, Cl C *		4,772		3,709
Axis Capital Holdings		165,039		8,967
Cable One		6,112		3,569
Chubb		88,612		11,134
Cognizant Technology Solutions, Cl A *		137,316		6,551
Core Laboratories (A)		70,910		7,965

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Crane		57,421	$	3,618
Dave & Buster’s Entertainment *		19,226		753
Flextronics International *		536,917		7,313
HealthEquity *(A)		103,990		3,936
ICON *(A)		127,879		9,894
International Game Technology		13,721		335
Lazard, Cl A		133,680		4,861
Luxoft Holding, Cl A *(A)		88,969		4,702
ManpowerGroup		98,523		7,119
Nielsen Holdings (A)		99,700		5,341
Patheon *		15,890		471
Taro Pharmaceutical Industries *		6,597		729
				98,579
Total Common Stock (Cost $2,653,977) ($ Thousands)				2,734,011
PREFERRED STOCK — 1.5%
Brazil — 0.2%
Itau Unibanco Holding ADR		363,000		3,971
Metalurgica Gerdau, Cl A *		1,058,100		1,114
				5,085
Germany — 0.9%
Bayerische Motoren Werke		7,874		583
Henkel		44,135		6,008
Porsche		10,478		539
Volkswagen		145,335		19,143
				26,273
South Korea — 0.4%
Hyundai Motor		67,632		6,170
Samsung Electronics		5,239		6,144
				12,314
Total Preferred Stock (Cost $49,045) ($ Thousands)				43,672
	Number of Rights
RIGHTS — 0.0%
France — 0.0%
Air Liquide, Expires 10/03/2016 *(A)		29,500		80
Total Rights (Cost $—) ($ Thousands)				80

  22   SEI Institutional International Trust / Annual Report / September 30, 2016

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bills
0.245%, 10/20/2016 (C)	$	3,040	$	3,040
Total U.S. Treasury Obligation (Cost $3,039) ($ Thousands)				3,040
	Shares
AFFILIATED PARTNERSHIP — 9.8%
SEI Liquidity Fund, L.P.
0.430% **†(D)		284,415,861		284,416
Total Affiliated Partnership (Cost $284,416) ($ Thousands)				284,416
CASH EQUIVALENT — 1.2%
SEI Daily Income Trust, Government Fund, Cl A
0.220%**†		34,928,742		34,929
Total Cash Equivalent (Cost $34,929) ($ Thousands)				34,929
Total Investments — 106.8% (Cost $3,025,406) ($ Thousands)			$	3,100,148

A list of the open futures contracts held by the Fund at September 30, 2016, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		393		Dec-2016		$123
FTSE 100 Index		105		Dec-2016		299
Hang Seng Index		14		Oct-2016		(11)
SPI 200 Index		35		Dec-2016		98
Topix Index		76		Dec-2016		(30)
						$479

For the year ended September 30, 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 year.

Percentages are based on Net Assets of $2,902,822 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of September 30, 2016.

^†  Investment in Affiliated Security (see Note 5).

^‡  Real Estate Investment Trust.

(A) This security or a partial position of this security is on loan at September 30, 2016 (see Note 9). The total market value of securities on loan at September 30, 2016 was $269,957 ($ Thousands).

(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2016, the value of these securities amounted to $38,033 ($ Thousands), representing 1.3% of the net assets of the Fund.

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

(D) This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2016 was $284,416 ($ Thousands).

ADR — American Depositary Receipt

Cl — Class

DJ — Dow Jones

FTSE — Financial Times and 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 September 30, 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	$	551,525	$	2,182,486	$	—	$	2,734,011
Preferred Stock		5,085		38,587		—		43,672
Rights		—		80		—		80
U.S. Treasury Obligation		—		3,040		—		3,040
Affiliated Partnership		—		284,416		—		284,416
Cash Equivalent		34,929		—		—		34,929
Total Investments in Securities	$	591,539	$	2,508,609	$	—	$	3,100,148

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	520	$	—	$	—	$	520
Unrealized Depreciation		(41)		—		—		(41)
Total Other Financial Instruments	$	479	$	—	$	—	$	479

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

For the year ended September 30, 2016, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded.

For the year ended September 30, 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 / Annual Report / September 30, 2016   23

SCHEDULE OF INVESTMENTS

September 30, 2016

Emerging Market Equity Fund

^†Percentages based on total investments. Includes investments held as collateral for securities on loan (see Note 9).

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK — 92.7%
Argentina — 0.5%
Arcos Dorados Holdings, Cl A *		240,500	$	1,267
Cresud SACIF y A ADR *		52,900		945
IRSA Inversiones y Representaciones ADR *		39,800		756
MercadoLibre		14,664		2,712
YPF ADR		137,590		2,507
				8,187
Austria — 0.2%
Erste Group Bank *		88,170		2,630
Brazil — 6.2%
Ambev		290,000		1,774
Ambev ADR (A)		1,357,275		8,266
B2W Cia Digital *		1,129,490		5,542
Banco Bradesco ADR *		1,033,407		9,373
Banco do Brasil *		309,380		2,186
Banco Santander Brasil ADR (A)		187,223		1,254
BB Seguridade Participacoes		347,900		3,213
BM&FBovespa *		231,300		1,203
Braskem ADR		151,264		2,326
BRF		41,500		710
BRF ADR		140,544		2,398
BTG Pactual Group *		86,000		374
CCR		381,229		2,007
CETIP - Mercados Organizados		15,200		201
Cia Energetica de Minas Gerais ADR		49,509		128
Cielo		301,676		3,035
Cosan Industria e Comercio		360,363		4,173
Cyrela Brazil Realty Empreendimentos e Participacoes		82,000		257
EDP - Energias do Brasil		89,300		395
Energisa		252,300		1,611
FPC Par Corretora de Seguros		344,700		1,554

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Gerdau ADR		881,884	$	2,399
Hypermarcas		456,139		3,949
Kroton Educacional		406,600		1,865
Lojas Renner		352,100		2,663
Mahle-Metal Leve		75,100		537
MRV Engenharia e Participacoes		728,600		2,675
Multiplus		64,600		880
Petroleo Brasileiro ADR *		1,156,230		10,788
Porto Seguro		91,000		840
Qualicorp		102,000		601
Rumo Logistica Operadora Multimodal *		1,755,306		3,409
Sao Martinho		57,100		1,021
Smiles		57,800		967
Telefonica Brasil ADR (A)		523,701		7,578
TIM Participacoes ADR		356,400		4,362
Totvs		52,900		503
Transmissora Alianca de Energia Eletrica		7,300		47
Ultrapar Participacoes		63,500		1,407
Vale ADR, Cl B *(A)		209,085		1,150
WEG		97,600		536
				100,157
Canada — 0.6%
First Quantum Minerals		675,766		5,584
Parex Resources *		194,312		2,462
SEMAFO *		305,211		1,268
				9,314
Chile — 0.7%
Banco de Chile		6,399,354		714
Banco Santander Chile		19,521,854		1,008
Centros Comerciales Sudamericanos		208,010		624
Cia Cervecerias Unidas ADR (A)		57,991		1,171
Embotelladora Andina ADR, Cl B		8,038		182
Enersis Americas ADR		205,632		1,684
SACI Falabella		396,500		2,901
Sociedad Quimica y Minera de Chile ADR		114,936		3,092
				11,376
China — 18.3%
AAC Technologies Holdings		138,133		1,392
Agile Property Holdings		810,000		465
Agricultural Bank of China		12,907,932		5,563
Air China		3,420,000		2,317
Alibaba Group Holding ADR *(A)		277,430		29,349
Angang Steel *(A)		10,508,722		5,127
Anhui Conch Cement		1,608,500		4,458
ANTA Sports Products (A)		642,069		1,763
Baidu ADR *		109,827		19,996
Bank of China		16,991,105		7,832
Bank of Communications		585,000		450
Beijing Capital International Airport		1,344,000		1,530
Changyou.com ADR *		114,400		3,117
China Biologic Products *		7,882		981

  24   SEI Institutional International Trust / Annual Report / September 30, 2016

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
China Communications Services		3,030,000	$	1,910
China Construction Bank		21,024,379		15,728
China Life Insurance		265,000		691
China Longyuan Power Group		848,000		696
China Merchants Bank		492,076		1,250
China Petroleum & Chemical		7,489,839		5,552
China Railway Construction		1,155,000		1,327
China Shenhua Energy		2,288,623		4,536
China Telecom		3,486,000		1,776
China Vanke		1,492,424		3,893
Chongqing Rural Commercial Bank		1,244,612		774
CITIC Securities		2,411,400		5,183
Cogobuy Group *(A)(B)		790,000		1,302
Ctrip.com International ADR *		231,293		10,771
Datang International Power Generation		1,490,000		400
Dongfeng Motor Group		1,002,000		1,014
Great Wall Motor *		744,000		734
Guangzhou R&F Properties		2,705,737		4,293
Huaneng Power International		940,000		592
Industrial & Commercial Bank of China		38,380,868		24,176
JD.com ADR *(A)		123,188		3,214
Jiangsu Expressway		1,178,000		1,635
KWG Property Holding		1,036,870		688
Longfor Properties		1,013,000		1,571
NetEase ADR (A)		18,752		4,515
New Oriental Education & Technology Group ADR *		58,779		2,725
PetroChina		606,000		405
PetroChina ADR		63,546		4,245
PICC Property & Casualty		2,597,800		4,362
Ping An Insurance Group of China		2,317,000		12,151
SINA *		175,100		12,928
Sinopec Engineering Group		1,853,000		1,605
Sinopec Shanghai Petrochemical		786,000		400
Sinopharm Group		551,200		2,666
Sohu.com *		171,500		7,589
TAL Education Group ADR *		29,930		2,120
Tencent Holdings		1,540,935		42,679
Tingyi Cayman Islands Holding (A)		1,214,000		1,417
TravelSky Technology		1,482,000		3,542
Tsingtao Brewery		288,000		1,134
Uni-President China Holdings (A)		3,953,400		2,825
Vipshop Holdings ADR *		207,396		3,043
Want Want China Holdings (A)		1,484,000		927
Weibo ADR *		46,830		2,348
Zhejiang Expressway		1,104,000		1,171
				292,843
Colombia — 0.3%
Almacenes Exito		51,103		261
Bancolombia ADR, Cl R (A)		67,878		2,650
Cementos Argos		239,787		956
Cemex Latam Holdings *		245,107		933

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Interconexion Electrica ESP		132,641	$	449
				5,249
Czech Republic — 0.2%
Komercni Banka		71,915		2,496
Moneta Money Bank *(B)		437,975		1,395
				3,891
Egypt — 0.1%
Commercial International Bank Egypt GDR		319,585		1,265
Global Telecom Holding SAE GDR *		271,792		529
				1,794
Greece — 0.2%
Eurobank Ergasias *		2,857,690		1,647
National Bank of Greece *		8,801,353		1,844
				3,491
Hong Kong — 7.0%
AIA Group		460,700		3,102
Beijing Enterprises Holdings		499,700		2,551
Brilliance China Automotive Holdings		4,191,518		4,734
Chaoda Modern Agriculture *		2,056,181		54
China Conch Venture Holdings (A)		766,500		1,499
China Everbright		922,000		1,905
China Everbright Bank		3,523,000		1,640
China Everbright International		3,837,100		4,604
China Galaxy Securities		472,500		435
China High Precision Automation Group *		1,385,624		–
China High Speed Transmission Equipment Group		1,065,000		1,085
China Medical System Holdings		4,862,200		8,218
China Mengniu Dairy		1,358,000		2,545
China Mobile		1,703,041		20,825
China Mobile ADR		111,540		6,862
China Overseas Land & Investment		112,000		384
China Power International Development		4,723,000		1,830
China Resources Power Holdings		648,000		1,129
China State Construction International Holdings		3,756,635		4,970
China Taiping Insurance Holdings *		1,239,782		2,473
CIFI Holdings Group (A)		1,938,000		614
CNOOC		3,741,907		4,725
Fuyao Glass Industry Group (A)(B)		634,667		1,735
Galaxy Entertainment Group *		1,180,000		4,495
Geely Automobile Holdings		5,358,060		4,831
GOME Electrical Appliances Holding		4,465,000		551
Guangzhou Automobile Group		1,094,000		1,419
Haier Electronics Group		1,855,000		3,100
Hua Hong Semiconductor (B)		505,900		592
Lee & Man Paper Manufacturing		3,187,960		2,915
People’s Insurance Group of China		3,687,000		1,518
Shanghai Industrial Holdings		728,000		2,108
Shimao Property Holdings		889,000		1,213
Skyworth Digital Holdings		1,604,000		1,159

  SEI Institutional International Trust / Annual Report / September 30, 2016   25

SCHEDULE OF INVESTMENTS

September 30, 2016

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
SMI Holdings Group (A)		9,116,000	$	910
Sunac China Holdings		965,000		701
Sunny Optical Technology Group		1,438,307		7,181
Techtronic Industries		264,500		1,041
Tianneng Power International (A)		1,382,000		1,190
				112,843
Hungary — 0.5%
Magyar Telekom		142,287		233
MOL Hungarian Oil & Gas		12,228		756
OTP Bank		101,615		2,674
Richter Gedeon Nyrt		208,630		4,237
				7,900
India — 8.6%
Apollo Tyres		527,105		1,750
Aurobindo Pharma		531,846		6,883
Axis Bank		510,251		4,176
Bajaj Auto		38,060		1,621
Bharat Financial Inclusion *		140,923		1,877
Bharat Petroleum		231,618		2,139
Cairn India		775,375		2,351
Cummins India		244,439		3,331
Dabur India		777,782		3,174
Dewan Housing Finance		588,410		2,524
DLF		497,305		1,102
Glenmark Pharmaceuticals		498,533		6,951
Grasim Industries		9,632		701
HCL Technologies		467,403		5,631
HDFC Bank ADR		90,935		6,537
Hindustan Petroleum		224,250		1,435
Hindustan Unilever		200,898		2,621
Hindustan Zinc		216,324		761
Housing Development Finance		176,150		3,699
ICICI Bank ADR (A)		926,391		6,920
IFCI		2,704,652		1,074
Indian Oil		150,526		1,321
IndusInd Bank		127,465		2,302
Infosys		397,586		6,198
Infosys ADR (A)		85,520		1,350
ITC		74,770		272
L&T Technology Services *		58,766		748
Maruti Udyog		46,890		3,881
NCC		1,068,933		1,328
NHPC		1,213,992		456
NTPC		1,006,227		2,242
Parag Milk Foods *(B)		380,505		1,679
Petronet LNG		382,730		1,993
Power Finance		848,588		1,542
Power Grid Corp of India		1,255,794		3,340
Prestige Estates Projects		563,460		1,639
Reliance Industries		237,252		3,876
Reliance Industries GDR (B)		414,382		13,602
Rural Electrification		633,016		1,152

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
SH Kelkar (B)		337,509	$	1,540
Shriram Transport Finance		178,331		3,133
Sun Pharmaceutical Industries		18,398		206
Sun TV Network		39,076		297
Tata Chemicals		191,289		1,513
Tata Consultancy Services		114,269		4,181
Tata Motors ADR (A)		131,295		5,249
Vedanta		783,762		2,045
Wipro		163,131		1,175
Zee Entertainment Enterprises		366,265		3,021
				138,539
Indonesia — 2.4%
Adaro Energy		7,933,400		741
AKR Corporindo		2,336,500		1,159
Astra International		7,241,700		4,574
Bank Central Asia		1,936,100		2,332
Bank Negara Indonesia Persero		7,141,800		3,042
Bank Pembangunan Daerah Jawa Barat Dan Banten		4,107,500		510
Bank Rakyat Indonesia Persero		7,812,495		7,305
Bumi Serpong Damai		10,509,800		1,780
Gudang Garam		574,400		2,736
Indofood CBP Sukses Makmur		561,800		408
Matahari Department Store		1,368,600		1,944
Sumber Alfaria Trijaya		34,848,100		1,397
Tambang Batubara Bukit Asam		1,932,400		1,427
Telekomunikasi Indonesia Persero		18,700,582		6,206
United Tractors		2,132,353		2,894
				38,455
Italy — 0.0%
Prada		139,100		447
Jordan — 0.1%
Hikma Pharmaceuticals (A)		71,390		1,871
Kashmiri — 0.1%
Advanced Process Systems *(A)		54,508		1,225
Malaysia — 0.7%
AirAsia		4,435,000		2,992
AMMB Holdings		435,100		431
Astro Malaysia Holdings		1,974,679		1,303
Berjaya Sports Toto		155,200		124
British American Tobacco Malaysia		30,351		361
Inari Amertron		2,278,375		1,829
IOI		394,300		424
MISC BHD		177,600		324
Petronas Chemicals Group		319,000		513
Public Bank		233,200		1,119
Sunway		351,300		263
Tenaga Nasional		94,200		326
Top Glove		236,700		292
UEM Sunrise		2,512,095		718

  26   SEI Institutional International Trust / Annual Report / September 30, 2016

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Westports Holdings		307,200	$	326
				11,345
Mexico — 3.6%
America Movil, Ser L		2,379,574		1,360
America Movil ADR, Cl L (A)		145,675		1,666
Cemex ADR *		827,716		6,572
Coca-Cola Femsa ADR		20,094		1,507
El Puerto de Liverpool		37,000		388
Fomento Economico Mexicano		514,900		4,748
Fomento Economico Mexicano ADR		39,634		3,648
Gentera		457,600		828
Grupo Aeroportuario del Pacifico, Cl B		143,300		1,365
Grupo Bimbo, Ser A		258,400		685
Grupo Financiero Banorte, Cl O		2,235,390		11,757
Grupo Financiero Santander Mexico ADR (A)		259,078		2,280
Grupo GICSA *		1,772,100		1,154
Grupo Mexico, Ser B		1,408,900		3,452
Grupo Televisa ADR		188,703		4,848
Industrias Bachoco ADR		5,760		289
Infraestructura Energetica Nova		426,500		1,664
Inmobiliaria Vesta		1,546,800		2,136
Kimberly-Clark de Mexico, Cl A		170,700		387
Megacable Holdings		117,700		453
Nemak (B)		384,200		424
Promotora y Operadora de Infraestructura		61,860		667
Unifin Financiera		594,600		1,797
Wal-Mart de Mexico		1,643,455		3,605
				57,680
Netherlands — 0.1%
VimpelCom ADR		450,400		1,567
Pakistan — 0.3%
Engro Fertilizers		2,550,000		1,505
United Bank		1,660,800		3,161
				4,666
Peru — 0.7%
Cia de Minas Buenaventura ADR *		217,847		3,015
Credicorp		57,147		8,699
				11,714
Philippines — 1.0%
Aboitiz Equity Ventures		459,410		720
Ayala		171,180		3,032
BDO Unibank		1,082,450		2,457
Cebu Air		201,950		471
Globe Telecom		7,585		321
GT Capital Holdings		9,315		278
Metro Pacific Investments		2,619,600		384
Metropolitan Bank & Trust		1,255,500		2,216
Puregold Price Club		844,500		741
SM Investments		158,020		2,206
SM Prime Holdings		1,722,621		1,003

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Universal Robina		471,400	$	1,736
Vista Land & Lifescapes		2,371,200		264
				15,829
Poland — 0.2%
Asseco Poland		32,702		476
Energa (A)		213,273		419
KGHM Polska Miedz		22,099		431
PGE Polska Grupa Energetyczna		310,307		823
Tauron Polska Energia *		507,627		345
				2,494
Portugal — 0.3%
Galp Energia, Cl B		135,018		1,848
Jeronimo Martins		119,738		2,077
				3,925
Qatar — 0.2%
Barwa Real Estate		119,577		1,111
Commercial Bank QSC		62,585		663
Ooredoo QSC		18,020		475
United Development		64,728		363
				2,612
Romania — 0.0%
Banca Transilvania		771,673		461
Russia — 5.6%
Etalon Group GDR		56,800		156
Gazprom ADR		1,835,598		7,758
Lukoil ADR (A)		304,197		14,815
Magnit GDR (A)		133,662		5,582
MegaFon GDR		63,445		607
MMC Norilsk Nickel PJSC ADR		111,295		1,780
Mobile TeleSystems ADR		197,857		1,510
NovaTek GDR		34,066		3,759
Novolipetsk Steel GDR		296,454		3,839
Ros Agro GDR (A)		41,447		550
Rosneft GDR		899,352		4,925
Sberbank of Russia ADR (A)		2,173,714		20,478
Severstal GDR		140,054		1,673
Sistema GDR		113,760		843
Surgutneftegas ADR		104,761		507
Tatneft PAO ADR		49,084		1,513
X5 Retail Group GDR *		460,326		13,342
Yandex, Cl A *		293,061		6,169
				89,806
South Africa — 4.7%
Alexander Forbes Group Holdings		2,946,430		1,382
AngloGold Ashanti ADR *		58,100		925
Aspen Pharmacare Holdings		167,231		3,787
AVI		119,322		817
Barclays Africa Group		184,759		2,037
Bid		149,405		2,816
Bidvest Group		128,208		1,512

  SEI Institutional International Trust / Annual Report / September 30, 2016   27

SCHEDULE OF INVESTMENTS

September 30, 2016

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Capitec Bank Holdings		36,967	$	1,732
DataTec		74,779		265
FirstRand		1,755,976		6,080
Foschini Group		52,192		532
Gold Fields		280,900		1,370
Impala Platinum Holdings *		215,405		1,091
Investec		243,197		1,496
JSE		35,284		412
Kumba Iron Ore *(A)		103,757		946
Liberty Holdings		278,807		2,370
Life Healthcare Group Holdings		1,009,651		2,785
MMI Holdings		271,382		444
Mondi		94,515		1,986
MTN Group		159,787		1,369
Murray & Roberts Holdings (A)		420,128		340
Naspers, Cl N		76,158		13,224
Nedbank Group		160,900		2,609
Petra Diamonds *		1,461,154		2,464
RMB Holdings		102,036		437
Sappi *		180,100		932
Sasol		117,216		3,217
Sibanye Gold		347,084		1,246
SPAR Group		79,152		1,106
Standard Bank Group		349,214		3,584
Steinhoff International Holdings		407,370		2,327
Telkom		407,975		1,800
Truworths International		146,868		759
Tsogo Sun Holdings		331,499		754
Vodacom Group		182,741		2,052
Wilson Bayly Holmes-Ovcon		45,758		513
Woolworths Holdings		241,346		1,351
				74,869
South Korea — 13.3%
Amorepacific (A)		589		209
BGF retail (A)		25,565		4,480
CJ CGV (A)		33,474		2,559
Com2uSCorp *(A)		22,100		2,017
Coway (A)		88,244		7,653
DGB Financial Group (A)		123,841		1,021
Dongbu Insurance (A)		38,832		2,405
Hana Financial Group (A)		74,782		1,903
Hankook Tire (A)		44,735		2,420
Hanssem		16,530		2,658
Hanwha Techwin (A)		55,938		3,254
Hite Jinro (A)		52,224		1,071
Hugel *(A)		2,010		777
Hyosung (A)		24,866		2,958
Hyundai Development (A)		152,022		7,120
Hyundai Marine & Fire Insurance (A)		98,129		3,242
Hyundai Mobis (A)		2,429		606
Hyundai Motor (A)		37,232		4,603
Kangwon Land (A)		52,205		1,863

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
KB Financial Group (A)		9,614	$	330
KB Financial Group ADR		60,897		2,083
KCC (A)		8,106		2,919
Kia Motors		44,209		1,697
Korea Aerospace Industries (A)		65,257		4,549
Korea Electric Power		102,782		5,048
KT&G (A)		48,802		5,545
LG (A)		31,077		1,833
LG Chem (A)		18,563		4,112
LG Display (A)		15,433		395
LG Uplus		241,784		2,581
Lotte Chemical (A)		5,161		1,410
Lotte Chilsung Beverage (A)		1,705		2,478
Lotte Confectionery (A)		16,137		2,582
LS Cable (A)		18,346		973
LS Industrial Systems (A)		24,551		940
Mando (A)		15,043		3,374
NAVER (A)		11,638		9,364
NCSoft (A)		29,811		8,046
Orion (A)		5,114		3,853
Poongsan (A)		35,048		1,081
POSCO (A)		25,277		5,222
Posco Daewoo (A)		52,222		1,170
Samlip General Foods (A)		6,991		1,262
Samsung Electronics (A)		33,172		48,354
Samsung Life Insurance (A)		25,835		2,475
SFA Engineering (A)		50,588		2,486
Shinhan Financial Group (A)		42,035		1,534
SK Hynix (A)		374,988		13,795
SK Innovation (A)		13,118		1,942
SK Telecom		8,435		1,734
SK Telecom ADR		345,820		7,815
Tongyang Life Insurance (A)		57,460		594
Viatron Technologies (A)		35,500		901
Vieworks (A)		36,108		2,139
Woori Bank *		171,561		1,776
Yuhan (A)		7,599		1,921
				213,132
Taiwan — 10.7%
Accton Technology		1,827,700		2,873
Advanced Ceramic X		252,400		1,763
Advanced Semiconductor Engineering		5,936,570		7,149
Airtac International Group		288,681		2,596
Asustek Computer		257,000		2,300
AU Optronics		2,663,000		984
Catcher Technology		674,040		5,531
Cathay Financial Holding		1,813,004		2,336
Chailease Holding		883,404		1,575
Cheng Shin Rubber Industry		730,000		1,543
Chunghwa Telecom		111,000		392
Compal Electronics		2,423,000		1,500
Delta Electronics		924,100		4,959

  28   SEI Institutional International Trust / Annual Report / September 30, 2016

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Eclat Textile		397,006	$	4,774
Elite Advanced Laser		124		–
eMemory Technology		203,800		2,178
Ennoconn		42,000		701
Farglory Land Development		471,043		562
FLEXium Interconnect		236,000		710
Formosa Chemicals & Fibre		296,000		800
Formosa Petrochemical		340,000		1,026
Formosa Plastics		272,000		678
Foxconn Technology		1,235,230		3,646
Fubon Financial Holding		2,900,000		4,318
Hermes Microvision		106,600		4,608
Highwealth Construction		1,836,100		2,856
Hiwin Technologies		197,503		1,041
Hon Hai Precision Industry		3,299,304		8,344
Hota Industrial Manufacturing		1,128,884		5,545
Hu Lane Associate		364,600		1,820
Inventec		1,980,000		1,624
Kenda Rubber Industrial		229,197		366
Kingpak Technology		190,911		1,014
King’s Town Bank		424,000		359
Largan Precision		22,446		2,750
Lite-On Technology		1,739,937		2,511
MediaTek		865,100		6,691
Merida Industry		397,000		1,882
Micro-Star International		606,000		1,582
Parade Technologies		282,600		2,881
Pegatron		966,000		2,504
Phison Electronics		98,000		744
Powertech Technology		1,263,000		3,291
Realtek Semiconductor		380,173		1,258
Silicon Motion Technology ADR		78,339		4,057
Simplo Technology		474,000		1,558
Taiwan Semiconductor Manufacturing		6,908,217		40,475
Taiwan Semiconductor Manufacturing ADR		369,294		11,297
Tung Thih Electronic		120,000		1,681
Uni-President Enterprises		474,000		892
Vanguard International Semiconductor		558,000		1,043
Wistron		844,771		633
WPG Holdings		1,321,000		1,569
				171,770
Thailand — 1.9%
AP Thailand NVDR		2,502,800		525
Bangkok Bank NVDR (A)		53,200		251
Bangkok Bank Foreign		376,600		1,778
Bangkok Dusit Medical Services		2,282,000		1,438
Bangkok Dusit Medical Services, Cl F (A)		378,200		238
Bangkok Expressway & Metro		7,148,200		1,423
CP ALL		1,162,700		2,073
CP Seven Eleven PCL		253,700		452
Delta Electronics Thai		107,400		246
Delta Electronics Thailand		601,300		1,379

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Home Product Center		3,186,600	$	924
IRPC		3,918,600		525
Krung Thai Bank NVDR		1,633,900		834
Land & Houses		3,796,500		985
Land and Houses PCL NVDR		5,120,389		1,325
PTT		237,150		2,350
PTT Global Chemical		1,474,600		2,525
PTT Global Chemical NVDR		358,200		612
Siam Cement		113,400		1,698
Siam Commercial Bank		363,600		1,562
Sino-Thai Engineering & Construction NVDR		1,725,485		1,184
Thai Oil (A)		1,015,900		2,018
Thai Union Group NVDR		2,262,500		1,399
Thanachart Capital NVDR (A)		971,100		1,140
Tisco Financial Group		276,600		421
Tisco Financial Group NVDR (A)		564,300		857
				30,162
Turkey — 1.8%
Akbank		1,536,028		4,123
Anadolu Efes Biracilik Ve Malt Sanayii (A)		192,588		1,167
Arcelik		75,036		530
Aselsan Elektronik Sanayi Ve Ticaret (A)		684,998		2,152
Emlak Konut Gayrimenkul Yatirim Ortakligi ‡		3,579,202		3,634
Eregli Demir ve Celik Fabrikalari		783,836		1,082
Ford Otomotiv Sanayi		72,684		767
KOC Holding		199,417		858
Petkim Petrokimya Holding		353,499		537
TAV Havalimanlari Holding		163,819		679
Tekfen Holding		287,418		741
Tofas Turk Otomobil Fabrikasi		359,212		2,625
Turk Hava Yollari *(A)		176,863		304
Turkcell Iletisim Hizmetleri ADR *		114,135		920
Turkiye Garanti Bankasi		1,009,836		2,682
Turkiye Is Bankasi, Cl C (A)		785,712		1,246
Turkiye Sise ve Cam Fabrikalari		442,368		470
Ulker Biskuvi Sanayi		393,364		2,807
Yapi ve Kredi Bankasi *		693,656		850
				28,174
United Arab Emirates — 0.8%
Abu Dhabi Commercial Bank		560,791		985
Air Arabia		674,275		250
Aldar Properties		1,771,304		1,288
Dubai Investments		1,769,896		999
Dubai Islamic Bank		1,205,886		1,780
Emaar Properties		3,586,838		6,922
First Gulf Bank PJSC		286,734		921
				13,145
United Kingdom — 0.6%
Kazakhmys *		179,637		517
SABMiller (A)		63,930		3,737

  SEI Institutional International Trust / Annual Report / September 30, 2016   29

SCHEDULE OF INVESTMENTS

September 30, 2016

Emerging Market Equity Fund (Concluded)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Tullow Oil *		1,789,845	$	5,906
				10,160
United States — 0.2%
Freeport-McMoRan *		184,990		2,009
PriceSmart		13,465		1,128
				3,137
Total Common Stock (Cost $1,436,219) ($ Thousands)				1,486,860
	Number of   Participation Notes
PARTICIPATION NOTES — 2.6%
China — 0.6%
Hangzhou Hikvi, Expires 08/01/2017 *		1,354,693		4,978
Huangshan Tourism Development, Expires 11/06/2020 *		237,492		613
Poly Real Estate Group, Expires 02/21/2021 *		2,238,800		3,223
Wuliangye Yibin, Expires 06/29/2020 *		301,000		1,505
				10,319
India — 1.3%
Axis Bank, Expires 06/13/2018 *		499,087		4,054
Britannia Industries, Expires 05/03/2021 *		68,680		3,476
IRB Infrastructure Developers, Expires 06/25/2020 *		587,620		2,161
Tata Motors, Expires 06/25/2020 *		899,473		7,218
Zee Entertainment Enterprises, Expires 09/03/2019 *		377,347		3,096
				20,005
Saudi Arabia — 0.1%
Al Tayyar, Expires 03/05/2018 *		43,600		319
Al Tayyar Travel Group, Expires 03/05/2018 *		12,884		94
Al Tayyar Travel Group, Expires 03/05/2018 *		94,180		694
Mouwasat Medical Services, Expires 09/20/2017 *		22,699		711
				1,818
Switzerland — 0.3%
CITIC Securities, Expires 10/22/2019 *		691,727		1,672
Goertek, Expires 09/14/2021 *		628,000		2,848
				4,520
United States — 0.2%
Motherson Sumi Systems, Expires 09/21/2021 *		735,773		3,517
Vietnam — 0.1%
Hoa Phat Group, Expires 07/24/2018 *		517,672		1,050
Total Participation Notes (Cost $40,454) ($ Thousands)				41,229

Description	Shares		Market Value   ($ Thousands)
PREFERRED STOCK — 2.0%
Brazil — 1.8%
Banco Bradesco *		295,920	$	2,727
Banco BTG Pactual *		79,899		100
Braskem		149,500		1,154
Cia Brasileira de Distribuicao		58,600		964
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR (A)		144,737		2,372
Cia Energetica de Minas Gerais		239,800		633
Cia Paranaense de Energia		139,600		1,454
Itau Unibanco Holding		695,906		7,658
Itau Unibanco Holding ADR		523,504		5,727
Itausa - Investimentos Itau		558,084		1,440
Petroleo Brasileiro ADR, Cl A *		344,317		2,861
Suzano Papel e Celulose, Cl A		443,700		1,434
Telefonica Brasil		28,300		413
Vale ADR, Cl B *		59,211		279
				29,216
Colombia — 0.0%
Banco Davivienda		10,030		103
Bancolombia		62,401		605
				708
South Korea — 0.2%
Samsung Electronics (A)		2,172		2,547
Total Preferred Stock (Cost $34,261) ($ Thousands)				32,471
EXCHANGE TRADED FUND — 1.3%
United States — 1.3%
iShares MSCI Emerging Markets ETF		563,850		21,116
Total Exchange Traded Fund (Cost $20,333) ($ Thousands)				21,116
	Face Amount (Thousands)
DEBENTURE BOND — 0.0%
Brazil — 0.0%
Vale, Ser 1997
0.000%, 09/30/2049 (C)	BRL	8		–
Total Debenture Bond (Cost $—) ($ Thousands)				–

  30   SEI Institutional International Trust / Annual Report / September 30, 2016

Description	Shares		Market Value     ($ Thousands)
AFFILIATED PARTNERSHIP — 15.3%
SEI Liquidity Fund, L.P.
0.430% **†(D)		245,980,931	$	245,981
Total Affiliated Partnership (Cost $245,981) ($ Thousands)				245,981
CASH EQUIVALENT — 0.4%
SEI Daily Income Trust, Government Fund, Cl A
0.220%**†		6,665,105		6,665
Total Cash Equivalent (Cost $6,665) ($ Thousands)				6,665
Total Investments — 114.3% (Cost $1,783,913) ($ Thousands)			$	1,834,322

Percentages are based on Net Assets of $1,605,178 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of September 30, 2016.

^† Investment in Affiliated Security (see Note 5).

^‡ Real Estate Investment Trust.

(A) This security or a partial position of this security is on loan at September 30, 2016 (see Note 9). The total market value of securities on loan at September 30, 2016 was $231,057 ($ Thousands).

(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2016, the value of these securities amounted to $22,269 ($ Thousands), representing 1.4% of the net assets of the Fund.

(C) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2016.

(D) This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2016 was $245,981 ($ Thousands).

ADR — American Depositary Receipt

BRL — Brazilian Real

Cl — Class

ETF — Exchange Traded Fund

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

L.P. — Limited Partnership

Ser — Series

The following is a list of the level of inputs used as of September 30, 2016, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	497,828	$	989,032	$	—	$	1,486,860
Participation Notes		—		41,229		—		41,229
Preferred Stock		29,824		2,647		—		32,471
Exchange Traded Fund		21,116		—		—		21,116
Debenture Bond		—		—		—		—
Affiliated Partnership		—		245,981		—		245,981
Cash Equivalent		6,665		—		—		6,665
Total Investments in Securities	$	555,433	$	1,278,889	$	—	$	1,834,322

For the year ended September 30, 2016, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded.

For the year ended September 30, 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 / Annual Report / September 30, 2016   31

SCHEDULE OF INVESTMENTS

September 30, 2016

International Fixed Income Fund

^†Percentages based on total investments.

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS — 93.7%
Angola — 0.1%
Republic of Angola Via Northern Lights III
7.000%, 08/16/2019	$		289	$	289
Argentina — 0.2%
Argentine Republic Government International Bond
6.875%, 04/22/2021 (A)			245		267
Provincia de Cordoba
7.125%, 06/10/2021 (A)			280		294
					561
Australia — 2.2%
Australia & New Zealand Banking Group MTN
3.625%, 07/18/2022	EUR		300		409
Commonwealth Bank of Australia MTN
1.375%, 01/22/2019			560		653
Government of Australia
4.500%, 04/15/2020	AUD		270		228
4.500%, 04/21/2033			285		284
4.250%, 04/21/2026			900		829
3.750%, 04/21/2037			900		823
2.750%, 04/21/2024			1,785		1,454
Government of Australia , Ser 122
5.250%, 03/15/2019			2,000		1,667
Government of Australia , Ser 124
5.750%, 05/15/2021			3,400		3,081
National Australia Bank MTN
2.625%, 01/13/2017	EUR		370		419
Queensland Treasury , Ser 17
6.000%, 09/14/2017	AUD		780		621
Westpac Banking MTN
1.500%, 03/24/2021	EUR		220		265

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
1.375%, 04/17/2020	EUR		230	$	273
					11,006
Austria — 0.2%
Austria Government Bond
0.750%, 10/20/2026 (A)			190		227
Republic of Austria
4.150%, 03/15/2037 (A)			115		220
3.650%, 04/20/2022 (A)			290		401
3.150%, 06/20/2044 (A)			150		272
1.950%, 06/18/2019 (A)			280		336
					1,456
Belgium — 2.2%
Anheuser-Busch InBev MTN
2.750%, 03/17/2036			75		101
2.000%, 03/17/2028			510		641
1.500%, 03/17/2025			1,150		1,382
0.875%, 03/17/2022			560		652
Belgium Government Bond
2.150%, 06/22/2066 (A)			1,100		1,561
KBC Group MTN
2.375%, 11/25/2024 (B)			2,000		2,333
Kingdom of Belgium
3.750%, 06/22/2045			393		752
3.000%, 06/22/2034 (A)			350		552
1.000%, 06/22/2031 (A)			710		852
0.800%, 06/22/2025 (A)			715		860
Kingdom of Belgium , Ser 44
5.000%, 03/28/2035 (A)			150		298
Kingdom of Belgium , Ser 58
3.750%, 09/28/2020 (A)			496		654
Kingdom of Belgium , Ser 69
1.250%, 06/22/2018			545		633
					11,271
Brazil — 1.1%
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2025	BRL		9,450		2,676
10.000%, 01/01/2027			9,001		2,508
Embraer Overseas
5.696%, 09/16/2023	$		40		42
Minerva Luxembourg
6.500%, 09/20/2026 (A)			290		285
Petrobras Global Finance
8.375%, 05/23/2021			185		202
					5,713
Canada — 6.5%
Bank of Nova Scotia MTN
0.750%, 09/17/2021	EUR		570		669
Bell Canada
3.350%, 06/18/2019	CAD		29		23
Bell Canada MTN
4.700%, 09/11/2023			80		70

  32   SEI Institutional International Trust / Annual Report / September 30, 2016

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
3.250%, 06/17/2020	CAD		95	$	76
Canada Housing Trust No. 1
3.800%, 06/15/2021 (A)			6,785		5,824
Canadian Government Bond
0.750%, 09/01/2021			1,790		1,372
CDP Financial
4.400%, 11/25/2019 (A)	$		850		927
Cenovus Energy
5.700%, 10/15/2019			89		96
3.000%, 08/15/2022			22		21
Government of Canada
5.750%, 06/01/2033	CAD		1,380		1,706
4.000%, 06/01/2041			1,000		1,121
3.500%, 12/01/2045			3,450		3,730
2.250%, 06/01/2025			2,207		1,870
1.750%, 09/01/2019			1,000		788
0.750%, 03/01/2021			5,245		4,022
Muskrat Falls
3.630%, 06/01/2029 (A)			340		305
NOVA Chemicals
5.250%, 08/01/2023 (A)	$		150		153
Province of British Columbia
3.250%, 12/18/2021	CAD		1,150		966
2.250%, 03/01/2019			575		453
Province of Manitoba Canada
3.850%, 12/01/2021			710		609
Province of Ontario Canada
3.500%, 06/02/2024			1,200		1,038
3.450%, 06/02/2045			245		217
2.600%, 06/02/2025			1,614		1,315
2.400%, 06/02/2026			2,685		2,145
Province of Quebec Canada
3.500%, 12/01/2045			145		128
3.000%, 09/01/2023			500		417
2.750%, 09/01/2025			2,175		1,787
Rogers Communications
4.000%, 06/06/2022			165		138
Royal Bank of Canada
1.625%, 08/04/2020	EUR		290		349
Yamana Gold
4.950%, 07/15/2024	$		286		295
					32,630
China — 0.1%
Sinopec Group Overseas Development
2.625%, 10/17/2020	EUR		240		292
Tencent Holdings MTN
3.375%, 05/02/2019 (A)			390		404
					696
Colombia — 0.2%
Colombian TES
7.000%, 05/04/2022	COP		2,678,900		946

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Ecopetrol
7.375%, 09/18/2043	$		121	$	127
5.875%, 05/28/2045			109		100
					1,173
Croatia — 0.1%
Croatia Government International Bond
3.875%, 05/30/2022	EUR		240		292
Czech Republic — 0.1%
Government of Czech Republic
4.700%, 09/12/2022	CZK		4,150		222
Government of Czech Republic , Ser 51
4.000%, 04/11/2017			8,050		343
					565
Denmark — 0.4%
Danske Bank
3.875%, 10/04/2023 (B)	EUR		375		449
3.500%, 04/16/2018			155		184
2.000%, 09/08/2021 (A)	$		360		360
Danske Bank MTN
5.375%, 09/29/2021 (B)	GBP		170		234
Kingdom of Denmark
4.500%, 11/15/2039	DKK		1,300		369
4.000%, 11/15/2017			1,600		254
1.500%, 11/15/2023			670		113
					1,963
Finland — 0.1%
Government of Finland
2.625%, 07/04/2042 (A)	EUR		55		93
1.500%, 04/15/2023 (A)			340		429
					522
France — 6.8%
Air Liquide Finance
2.250%, 09/27/2023 (A)	$		370		371
BNP Paribas
5.019%, 12/31/2049 (B)	EUR		250		286
BNP Paribas Home Loan MTN
3.125%, 03/22/2022			200		267
BPCE
5.250%, 04/16/2029	GBP		100		150
1.750%, 11/29/2019	EUR		600		719
BPCE MTN(B)
6.117%, 10/29/2049			150		178
2.750%, 11/30/2027			900		1,047
Bureau Veritas
3.125%, 01/21/2021			100		123
Caisse Centrale du Credit Immobilier de France MTN
1.125%, 04/22/2019			100		117
Caisse de Refinancement de l’Habitat
3.750%, 12/12/2016			400		453

  SEI Institutional International Trust / Annual Report / September 30, 2016   33

SCHEDULE OF INVESTMENTS

September 30, 2016

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
3.500%, 04/25/2017	EUR		350	$	402
Caisse Francaise de Financement Local MTN
4.875%, 07/03/2017			220		257
3.625%, 02/26/2018			63		75
Casino Guichard Perrachon MTN
4.407%, 08/06/2019			700		868
Credit Agricole
6.637%, 05/29/2049 (B)	$		515		514
Credit Agricole Assurances
4.750%, 09/27/2048 (B)	EUR		400		451
Credit Agricole Home Loan
3.250%, 03/23/2017			100		114
Dexia Credit Local MTN
2.000%, 01/22/2021			200		246
1.625%, 10/29/2018			565		660
1.375%, 09/18/2019			500		589
0.625%, 01/21/2022			1,550		1,810
Electricite de France
6.500%, 01/26/2019 (A)	$		250		277
Elis
3.000%, 04/30/2022			250		282
Europcar Groupe
5.750%, 06/15/2022	EUR		145		167
France Government Bond OAT
0.500%, 05/25/2025			2,190		2,573
0.500%, 05/25/2026			3,620		4,215
0.250%, 11/25/2020			450		521
0.000%, 05/25/2020			1,590		1,822
0.000%, 05/25/2021			750		860
Government of France
4.750%, 04/25/2035			85		164
4.500%, 04/25/2041			220		447
4.000%, 10/25/2038			285		529
3.250%, 05/25/2045			1,290		2,271
2.500%, 05/25/2030			1,975		2,839
1.750%, 05/25/2023			1,900		2,427
0.500%, 11/25/2019			1,340		1,558
Loxam SAS
7.000%, 07/23/2022			150		182
Rexel
3.250%, 06/15/2022			240		276
SCOR
3.000%, 06/08/2046 (B)			1,000		1,140
SES
3.600%, 04/04/2023 (A)	$		425		433
Societe Generale (B)
6.999%, 12/29/2049	EUR		150		180
5.922%, 04/05/2017 (A)	$		180		182
Synlab Bondco
6.250%, 07/01/2022 (A)	EUR		160		190
TOTAL MTN(B)
2.708%, 12/29/2049			750		843

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
2.625%, 12/29/2049	EUR		200	$	217
Valeo MTN
1.625%, 03/18/2026			100		121
					34,413
Germany — 5.4%
Allianz Finance II BV MTN
5.750%, 07/08/2041 (B)			700		914
Bundesobligation
0.000%, 04/09/2021			2,750		3,179
Bundesrepublik Deutschland
6.250%, 01/04/2030			770		1,595
4.000%, 01/04/2037			200		391
2.500%, 07/04/2044			2,905		5,050
2.500%, 08/15/2046			200		354
1.000%, 08/15/2025			3,135		3,925
0.500%, 02/15/2026			300		359
0.000%, 08/15/2026			4,150		4,720
Bundesrepublik Deutschland , Ser 00
5.500%, 01/04/2031			470		940
Bundesrepublik Deutschland , Ser 03
4.750%, 07/04/2034			280		570
Commerzbank MTN
7.750%, 03/16/2021			900		1,183
E.ON International Finance MTN
6.000%, 10/30/2019	GBP		300		449
EnBW Energie Baden-Wuerttemberg
3.375%, 04/05/2077 (B)	EUR		875		976
FMS Wertmanagement
1.125%, 12/07/2016			600		781
Grand City Properties
1.500%, 04/17/2025			700		810
HeidelbergCement MTN
2.250%, 06/03/2024			350		414
KFW
3.375%, 08/30/2017	CHF		370		396
RWE Finance MTN
6.500%, 08/10/2021	EUR		120		175
RWE Finance , Ser E MTN
6.250%, 06/03/2030	GBP		125		221
Volkswagen Financial Services MTN
1.750%, 08/21/2017			230		300
					27,702
Greece — 0.0%
Hellenic Republic Government Bond
4.750%, 04/17/2019 (A)	EUR		65		66
Guernsey — 0.1%
Credit Suisse Group Funding Guernsey MTN
1.250%, 04/14/2022			245		275

  34   SEI Institutional International Trust / Annual Report / September 30, 2016

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Indonesia — 0.2%
Indonesia Government International Bond MTN
2.875%, 07/08/2021	EUR		730	$	876
Ireland — 1.4%
AIB Mortgage Bank MTN
0.625%, 07/27/2020			305		353
Ardagh Packaging Finance
4.125%, 05/15/2023 (A)			245		282
Bank of Ireland MTN
4.250%, 06/11/2024 (B)			220		245
Bank of Ireland Mortgage Bank
1.750%, 03/19/2019			450		529
0.500%, 01/20/2020			305		350
CRH Funding MTN
1.875%, 01/09/2024			250		306
Ireland Government Bond
4.500%, 10/18/2018			345		427
4.500%, 04/18/2020			300		396
3.400%, 03/18/2024			185		259
2.000%, 02/18/2045			350		473
1.000%, 05/15/2026			2,150		2,569
0.800%, 03/15/2022			300		356
					6,545
Israel — 0.0%
Israel Government Bond
4.250%, 03/31/2023	ILS		750		242
Italy — 7.1%
Assicurazioni Generali MTN
7.750%, 12/12/2042 (B)	EUR		1,300		1,713
Buoni Poliennali Del Tesoro
4.000%, 02/01/2037			555		845
FCA Capital Ireland MTN
2.875%, 01/26/2018			210		244
2.625%, 04/17/2019			350		415
Intesa Sanpaolo MTN
5.017%, 06/26/2024 (A)	$		200		183
1.125%, 03/04/2022	EUR		1,950		2,218
Italy Buoni Poliennali Del Tesoro
5.500%, 11/01/2022			3,255		4,743
5.000%, 08/01/2034			335		562
5.000%, 09/01/2040			1,000		1,742
4.750%, 09/01/2044 (A)			350		606
4.500%, 03/01/2024			100		142
4.000%, 09/01/2020			2,355		3,049
3.750%, 05/01/2021			561		731
3.750%, 09/01/2024			1,265		1,729
3.500%, 03/01/2030 (A)			1,290		1,807
3.250%, 09/01/2046 (A)			105		145
2.700%, 03/01/2047 (A)			650		805

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
2.500%, 12/01/2024	EUR		625	$	788
2.000%, 12/01/2025			1,975		2,391
1.650%, 03/01/2032 (A)			110		126
1.600%, 06/01/2026			1,000		1,165
1.350%, 04/15/2022			4,347		5,131
0.750%, 01/15/2018			720		818
0.450%, 06/01/2021			3,125		3,541
LKQ Italia Bondco
3.875%, 04/01/2024			109		130
Snam MTN
1.375%, 11/19/2023			125		151
Wind Acquisition Finance
4.750%, 07/15/2020 (A)	$		200		201
					36,121
Japan — 22.5%
Government of Japan 10 Year Bond
0.900%, 06/20/2022	JPY		782,200		8,231
0.800%, 09/20/2023			506,750		5,369
0.300%, 12/20/2024			281,100		2,886
0.100%, 06/20/2026			425,000		4,277
Government of Japan 10 Year Bond , Ser 308
1.300%, 06/20/2020			295,600		3,089
Government of Japan 10 Year Bond , Ser 314
1.100%, 03/20/2021			157,700		1,652
Government of Japan 20 Year Bond
1.700%, 06/20/2033			432,900		5,325
1.400%, 09/20/2034			558,000		6,605
1.000%, 12/20/2035			50,000		555
0.200%, 06/20/2036			30,000		287
Government of Japan 20 Year Bond , Ser 106
2.200%, 09/20/2028			46,600		582
Government of Japan 20 Year Bond , Ser 112
2.100%, 06/20/2029			158,700		1,980
Government of Japan 20 Year Bond , Ser 128
1.900%, 06/20/2031			55,000		685
Government of Japan 20 Year Bond , Ser 140
1.700%, 09/20/2032			877,850		10,763
Government of Japan 20 Year Bond , Ser 143
1.600%, 03/20/2033			298,400		3,620
Government of Japan 20 Year Bond , Ser 144
1.500%, 03/20/2033			146,650		1,756
Government of Japan 20 Year Bond , Ser 55
2.000%, 03/21/2022			305,050		3,384
Government of Japan 20 Year Bond , Ser 99
2.100%, 12/20/2027			397,600		4,865
Government of Japan 30 Year Bond
1.400%, 12/20/2045			47,000		585
0.300%, 06/20/2046			145,700		1,375
Government of Japan 30 Year Bond , Ser 30
2.300%, 03/20/2039			295,900		4,116
Government of Japan 30 Year Bond , Ser 33
2.000%, 09/20/2040			127,000		1,712

  SEI Institutional International Trust / Annual Report / September 30, 2016   35

SCHEDULE OF INVESTMENTS

September 30, 2016

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Government of Japan 30 Year Bond , Ser 34
2.200%, 03/20/2041	JPY		55,700	$	780
Government of Japan 30 Year Bond , Ser 36
2.000%, 03/20/2042			94,450		1,289
Government of Japan 30 Year Bond , Ser 38
1.800%, 03/20/2043			346,250		4,594
Government of Japan 30 Year Bond , Ser 44
1.700%, 09/20/2044			207,000		2,721
Government of Japan 40 Year Bond
0.400%, 03/20/2056			210,000		1,984
Government of Japan 40 Year Bond , Ser 6
1.900%, 03/20/2053			54,350		786
Government of Japan 5 Year Bond
0.300%, 09/20/2018			403,800		4,034
0.200%, 06/20/2019			514,950		5,152
0.100%, 12/20/2019			250,150		2,500
0.100%, 03/20/2020			470,550		4,706
0.100%, 12/20/2020			490,000		4,911
Japan Treasury Discount Bill (C)
0.000%, 11/21/2016			270,000		2,667
0.000%, 12/19/2016			200,000		1,976
Japanese Government CPI Linked Bond
0.100%, 03/10/2025			51,844		539
0.100%, 03/10/2026			236,800		2,467
					114,805
Kazakhstan — 0.1%
Tengizchevroil Finance International
4.000%, 08/15/2026 (A)	$		385		381
Luxembourg — 0.2%
Altice Financing MTN
5.250%, 02/15/2023	EUR		235		274
Eurofins Scientific
3.375%, 01/30/2023			300		354
2.250%, 01/27/2022			200		231
					859
Malaysia — 0.2%
Malaysia Government Bond
5.734%, 07/30/2019	MYR		1,500		389
3.955%, 09/15/2025			1,475		364
3.418%, 08/15/2022			445		108
					861
Mexico — 1.5%
Mexican Bonos
8.000%, 06/11/2020	MXN		58,346		3,250
7.750%, 11/13/2042			11,690		698
Mexican Bonos , Ser M
6.500%, 06/10/2021			5,356		285
Mexican Bonos , Ser M20
10.000%, 12/05/2024			19,807		1,293

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Mexican Bonos , Ser M30
10.000%, 11/20/2036	MXN		1,235	$	89
Mexico Government International Bond MTN
3.625%, 04/09/2029	EUR		275		367
Petroleos Mexicanos MTN
5.125%, 03/15/2023			425		534
4.625%, 09/21/2023 (A)	$		148		148
1.875%, 04/21/2022	EUR		380		410
United Mexican States MTN
1.625%, 03/06/2024			416		483
					7,557
Morocco — 0.1%
Kingdom of Morocco
4.500%, 10/05/2020			370		468
Netherlands — 2.8%
ABN AMRO Bank MTN
6.375%, 04/27/2021			245		337
2.875%, 06/30/2025 (B)			1,000		1,178
2.875%, 01/18/2028 (B)			200		238
Achmea BV MTN
6.000%, 04/04/2043 (B)			210		257
Bharti Airtel International
4.000%, 12/10/2018			270		326
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
2.500%, 05/26/2026 (B)			260		305
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA MTN
6.875%, 03/19/2020			1,200		1,591
ING Bank MTN
3.500%, 11/21/2023 (B)			375		445
3.375%, 03/23/2017			125		143
3.000%, 04/11/2028 (B)			1,400		1,670
Kingdom of Netherlands
5.500%, 01/15/2028			295		538
4.000%, 01/15/2037 (A)			300		582
3.750%, 01/15/2042 (A)			60		121
2.000%, 07/15/2024 (A)			625		827
1.250%, 01/15/2019 (A)			485		569
0.250%, 01/15/2020			340		393
0.250%, 07/15/2025 (A)			574		666
0.250%, 07/15/2025 (A)			1,170		1,358
NN Group
4.625%, 04/08/2044 (B)			625		744
Rabobank Capital Funding Trust IV
5.556%, 12/31/2019 (B)	GBP		153		211
RWE Finance MTN
6.500%, 04/20/2021			245		389
Schaeffler Finance
2.500%, 05/15/2020	EUR		315		361

  36   SEI Institutional International Trust / Annual Report / September 30, 2016

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Shell International Finance
2.000%, 11/15/2018	$		560	$	567
Teva Pharmaceutical Finance Netherlands II BV
1.875%, 03/31/2027	EUR		260		308
Teva Pharmaceutical Finance Netherlands III BV
2.800%, 07/21/2023	$		244		245
					14,369
New Zealand — 0.5%
New Zealand Government Bond
6.000%, 05/15/2021	NZD		1,500		1,285
5.500%, 04/15/2023			320		281
3.000%, 04/15/2020			1,420		1,070
Reynolds Group Issuer
5.750%, 10/15/2020	$		102		105
Westpac Securities MTN
0.875%, 06/24/2019	EUR		100		116
					2,857
Norway — 0.4%
DNB Bank
6.012%, 01/29/2049 (B)	GBP		150		198
Government of Norway
4.500%, 05/22/2019 (A)	NOK		2,120		291
3.750%, 05/25/2021 (A)			830		117
2.000%, 05/24/2023 (A)			645		86
Kommunalbanken MTN
1.000%, 03/15/2018 (A)	$		800		800
SpareBank 1 Boligkreditt MTN
2.375%, 11/22/2016	EUR		170		192
					1,684
Panama — 0.1%
Carnival
1.875%, 11/07/2022			390		469
Poland — 0.6%
Republic of Poland
3.250%, 07/25/2025	PLN		3,792		1,022
2.500%, 07/25/2018			710		188
Republic of Poland , Ser 1019
5.500%, 10/25/2019			1,520		439
Republic of Poland , Ser 1021
5.750%, 10/25/2021			3,490		1,058
Republic of Poland , Ser E MTN
4.200%, 04/15/2020	EUR		200		258
					2,965
Portugal — 0.8%
EDP Finance BV MTN
1.125%, 02/12/2024			1,000		1,086
Obrigacoes do Tesouro
4.800%, 06/15/2020 (A)			1,070		1,338

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Portugal Obrigacoes do Tesouro OT
2.875%, 10/15/2025 (A)	EUR		1,197	$	1,318
					3,742
Romania — 0.0%
Romanian Government International Bond MTN
4.625%, 09/18/2020			40		53
3.625%, 04/24/2024			20		26
					79
Singapore — 0.3%
Government of Singapore
4.000%, 09/01/2018	SGD		495		384
3.125%, 09/01/2022			275		220
3.000%, 09/01/2024			170		137
Lincoln Finance
6.875%, 04/15/2021	EUR		275		332
Temasek Financial I MTN
2.375%, 01/23/2023 (A)	$		495		507
					1,580
Slovak Republic — 0.0%
Slovakia Government Bond
3.375%, 11/15/2024	EUR		110		158
Slovenia — 0.1%
Slovenia Government Bond
1.500%, 03/25/2035			380		425
South Africa — 0.1%
Republic of South Africa
8.000%, 01/31/2030	ZAR		8,625		577
South Korea — 0.6%
Korea Treasury Bond
4.250%, 06/10/2021	KRW		1,270,230		1,307
4.000%, 12/10/2031			708,440		868
3.750%, 12/10/2033			190,350		234
3.500%, 03/10/2024			194,510		203
3.250%, 09/10/2018			520,990		491
3.000%, 09/10/2024			186,630		190
2.750%, 03/10/2018			511,230		473
2.750%, 12/10/2044			122,370		144
					3,910
Spain — 5.7%
Banco de Sabadell
0.875%, 11/12/2021	EUR		400		472
Banco Popular Espanol
4.000%, 10/18/2016			100		113
3.750%, 01/22/2019			100		123
2.125%, 10/08/2019			100		120
Bankia
4.125%, 03/24/2036			350		563

  SEI Institutional International Trust / Annual Report / September 30, 2016   37

SCHEDULE OF INVESTMENTS

September 30, 2016

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
BBVA International Preferred SAU
5.919%, 10/18/2008 (B)	$		335	$	334
CaixaBank
0.000%, 01/09/2018 (B)	EUR		200		225
Cirsa Funding Luxembourg
5.875%, 05/15/2023			165		193
5.750%, 05/15/2021			100		118
Ferrovial Emisiones MTN
3.375%, 06/07/2021			475		610
Fondo de Amortizacion del Deficit Electrico MTN
2.250%, 12/17/2016			700		791
Fondo de Amortizacion del Deficit Electrico
4.125%, 03/17/2017			200		229
Government of Spain
6.000%, 01/31/2029			465		814
5.900%, 07/30/2026 (A)			38		63
5.500%, 04/30/2021 (A)			780		1,096
4.700%, 07/30/2041 (A)			1,229		2,170
4.400%, 10/31/2023 (A)			388		557
4.200%, 01/31/2037 (A)			475		769
2.900%, 10/31/2046 (A)			1,640		2,218
2.750%, 10/31/2024 (A)			990		1,296
2.150%, 10/31/2025 (A)			290		364
1.950%, 07/30/2030 (A)			570		698
1.600%, 04/30/2025 (A)			535		645
1.400%, 01/31/2020			885		1,043
0.750%, 07/30/2021			11,000		12,784
Santander Consumer Finance
0.900%, 02/18/2020			300		343
Telefonica Emisiones MTN
5.375%, 02/02/2018	GBP		185		254
					29,005
Supra-National — 0.4%
European Investment Bank MTN
1.250%, 05/12/2025	SEK		7,500		909
European Investment Bank
1.900%, 01/26/2026	JPY		50,000		588
International Bank for Reconstruction & Development MTN
1.000%, 12/28/2016	GBP		600		781
					2,278
Sweden — 0.5%
Kingdom of Sweden
3.500%, 03/30/2039	SEK		545		96
1.500%, 11/13/2023			1,020		134
1.000%, 11/12/2026			1,250		158
Kingdom of Sweden , Ser 1047
5.000%, 12/01/2020			3,700		533
Kingdom of Sweden , Ser 1052
4.250%, 03/12/2019			5,275		690

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Nordea Bank MTN
4.000%, 03/29/2021	EUR		255	$	329
Skandinaviska Enskilda Banken MTN
7.092%, 12/29/2049 (B)			210		254
Stadshypotek MTN
4.250%, 10/10/2017	AUD		600		468
Vattenfall
3.000%, 03/19/2077 (B)	EUR		175		181
					2,843
Switzerland — 1.9%
Credit Suisse Group Funding Guernsey
2.750%, 08/08/2025	GBP		750		968
Credit Suisse
5.750%, 09/18/2025 (B)	EUR		1,500		1,827
Demeter Investments BV for Zurich Insurance MTN
3.500%, 10/01/2046 (B)			1,300		1,524
Dufry Finance
4.500%, 08/01/2023			220		260
Glencore Finance Europe MTN
1.250%, 03/17/2021			300		334
Glencore Funding
2.875%, 04/16/2020 (A)	$		200		199
2.125%, 04/16/2018 (A)			242		240
Government of Switzerland
3.500%, 04/08/2033	CHF		100		169
3.000%, 05/12/2019			160		182
2.000%, 04/28/2021			1,070		1,252
2.000%, 05/25/2022			110		132
1.500%, 04/30/2042			150		218
1.250%, 06/11/2024			260		309
LafargeHolcim Finance US
3.500%, 09/22/2026 (A)	$		200		204
UBS Group Funding Jersey MTN
1.250%, 09/01/2026	EUR		1,700		1,898
UBS Group Funding Jersey
4.125%, 09/24/2025 (A)	$		220		231
					9,947
Thailand — 0.2%
Thailand Government Bond
4.875%, 06/22/2029	THB		3,365		124
4.675%, 06/29/2044			1,800		72
3.650%, 12/17/2021			16,020		505
3.625%, 06/16/2023			7,815		249
					950
Turkey — 0.2%
Turkey Government Bond
9.400%, 07/08/2020	TRY		1,325		448
Turkey Government International Bond
5.125%, 05/18/2020	EUR		235		289
					737

  38   SEI Institutional International Trust / Annual Report / September 30, 2016

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
United Kingdom — 14.0%
AA Bond
4.720%, 07/02/2043			500	$	683
Anglian Water Services Financing
6.875%, 08/21/2023	GBP		230		409
Arqiva Financing MTN
4.040%, 06/30/2020			220		305
Aviva MTN
3.375%, 12/04/2045 (B)	EUR		500		554
Bank of Scotland
7.281%, 05/29/2049 (B)	GBP		950		1,481
Barclays MTN
1.875%, 03/23/2021	EUR		1,750		2,029
Barclays Bank MTN
10.000%, 05/21/2021	GBP		180		302
BAT International Finance MTN
5.375%, 06/29/2017	EUR		425		497
4.000%, 11/23/2055	GBP		275		484
0.875%, 10/13/2023	EUR		625		728
Boparan Finance MTN
4.375%, 07/15/2021			160		167
BP Capital Markets
1.487%, 09/26/2018 (B)	$		110		111
BP Capital Markets MTN
2.177%, 09/28/2021	EUR		245		302
British Telecommunications MTN
1.125%, 03/10/2023			300		353
Canary Wharf Finance II
6.455%, 04/22/2030	GBP		14		28
5.952%, 01/22/2035			20		35
Coventry Building Society MTN
4.625%, 04/19/2018			230		317
Delphi Automotive
1.500%, 03/10/2025	EUR		420		489
Direct Line Insurance Group
9.250%, 04/27/2042 (B)	GBP		100		161
FCE Bank MTN
4.825%, 02/15/2017			200		263
HBOS Capital Funding
6.461%, 11/30/2049 (B)			115		160
Heathrow Funding MTN
1.875%, 05/23/2022	EUR		750		916
HSBC Holdings
0.875%, 09/06/2024			1,500		1,678
HSBC Holdings MTN
3.125%, 06/07/2028			600		727
Imperial Tobacco Finance MTN
3.375%, 02/26/2026			400		543
International Game Technology
4.750%, 02/15/2023			160		193
Lecta
6.500%, 08/01/2023 (A)			113		125

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Lloyds Bank MTN
1.375%, 09/08/2022	EUR		420	$	497
1.000%, 11/19/2021			300		349
Mondi Finance MTN
1.500%, 04/15/2024			900		1,071
National Grid Gas Finance MTN
1.125%, 09/22/2021	GBP		1,450		1,894
National Westminster Bank
6.500%, 09/07/2021			220		332
6.500%, 09/07/2021			1,300		1,965
Nationwide Building Society MTN
4.625%, 02/08/2021	EUR		550		746
4.125%, 03/20/2023 (B)			2,295		2,683
0.500%, 10/29/2019			345		392
Northumbrian Water Finance
6.875%, 02/06/2023	GBP		190		329
Pizzaexpress Financing
6.625%, 08/01/2021			155		196
Rio Tinto Finance MTN
4.000%, 12/11/2029			165		259
Royal Bank of Scotland MTN
6.934%, 04/09/2018	EUR		300		366
5.500%, 03/23/2020			675		893
3.875%, 10/19/2020			123		161
Royal Bank of Scotland Group
7.640%, 09/29/2017 (B)	$		200		194
Santander UK MTN
4.250%, 04/12/2021	EUR		350		471
1.125%, 01/14/2022			330		384
Santander UK
6.222%, 05/29/2049 (B)	GBP		170		219
Sky MTN
1.500%, 09/15/2021	EUR		200		236
Standard Chartered
6.409%, 01/30/2049 (A)(B)	$		500		485
TSB Banking Group MTN
5.750%, 05/06/2026 (B)	GBP		104		142
United Kingdom Gilt
4.500%, 09/07/2034			120		236
4.500%, 12/07/2042			1,500		3,223
4.250%, 12/07/2027			125		221
4.250%, 06/07/2032			2,600		4,859
4.250%, 06/07/2032			110		206
3.750%, 07/22/2052			135		289
3.500%, 01/22/2045			1,060		2,009
3.250%, 01/22/2044			910		1,642
2.750%, 09/07/2024			850		1,293
2.500%, 07/22/2065			2,620		4,706
2.250%, 09/07/2023			2,080		3,038
2.000%, 09/07/2025			4,300		6,233
1.750%, 07/22/2019			765		1,039
1.500%, 01/22/2021			1,750		2,396

  SEI Institutional International Trust / Annual Report / September 30, 2016   39

SCHEDULE OF INVESTMENTS

September 30, 2016

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
1.500%, 07/22/2026	GBP		350	$	486
1.250%, 07/22/2018			830		1,100
United Kingdom Treasury
5.000%, 03/07/2025			1,430		2,525
4.750%, 12/07/2030			1,035		1,996
4.250%, 03/07/2036			595		1,155
4.250%, 09/07/2039			1,170		2,346
4.250%, 12/07/2040			500		1,017
4.250%, 12/07/2046			130		281
Virgin Media Secured Finance
5.500%, 01/15/2021			300		428
Wales & West Utilities Finance
6.250%, 11/30/2021			240		392
Western Power Distribution West Midlands
3.875%, 10/17/2024			230		351
					71,771
United States — 5.4%
21st Century Fox America
4.500%, 02/15/2021	$		75		83
Adient Global Holdings
3.500%, 08/15/2024 (A)	EUR		110		124
Aetna
3.200%, 06/15/2026	$		250		254
2.750%, 11/15/2022			40		41
Altria Group
4.750%, 05/05/2021			180		203
4.250%, 08/09/2042			265		287
American International Group
5.750%, 03/15/2067 (B)	GBP		150		196
Amgen
1.250%, 02/25/2022			550		649
Anthem
4.650%, 01/15/2043	$		110		120
2.300%, 07/15/2018			150		152
AT&T
4.875%, 06/01/2044	GBP		130		220
Bank of America MTN
5.500%, 11/22/2021			225		338
2.375%, 06/19/2024	EUR		835		1,051
0.537%, 03/28/2018 (B)			300		337
0.247%, 09/14/2018 (B)			375		420
Berkshire Hathaway
1.125%, 03/16/2027			297		341
0.500%, 03/13/2020			570		651
Carnival
1.625%, 02/22/2021			180		212
CenturyLink
7.500%, 04/01/2024	$		130		139
Coca-Cola
1.100%, 09/02/2036			145		162
ConocoPhillips
5.750%, 02/01/2019			420		458

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Crown European Holdings
2.625%, 09/30/2024 (A)	EUR		240	$	266
DH Europe Finance
1.700%, 01/04/2022			535		647
Diamond Offshore Drilling
4.875%, 11/01/2043	$		270		187
Discovery Communications
1.900%, 03/19/2027	EUR		360		398
FedEx
1.000%, 01/11/2023			560		648
GE Capital European Funding Unlimited MTN
2.250%, 07/20/2020			1,300		1,584
General Electric
1.875%, 05/28/2027			300		379
Goldman Sachs Group MTN
3.000%, 02/12/2031			926		1,183
2.000%, 07/27/2023			230		278
1.625%, 07/27/2026			825		940
Goldman Sachs Group
2.625%, 04/25/2021	$		425		432
Hertz Holdings Netherlands BV
4.125%, 10/15/2021 (A)	EUR		114		131
Hess
4.300%, 04/01/2027	$		488		492
Honeywell International
1.300%, 02/22/2023			240		287
HSBC Holdings
2.950%, 05/25/2021			375		380
JPMorgan Chase MTN
0.829%, 05/30/2017 (B)	GBP		100		129
JPMorgan Chase
3.200%, 06/15/2026	$		425		436
Lam Research
2.800%, 06/15/2021			359		368
Mellon Capital III
1.875%, 09/05/2066 (B)	GBP		300		360
Molson Coors Brewing
1.250%, 07/15/2024	EUR		1,710		1,978
Mondelez International
2.375%, 03/06/2035			250		300
Morgan Stanley MTN
1.750%, 01/30/2025			830		988
Morgan Stanley
1.875%, 03/30/2023			490		592
National Capital Trust I (B)
5.620%, 12/17/2018 (A)	GBP		35		48
5.620%, 09/29/2049			150		204
Nordea Bank MTN
2.250%, 05/27/2021 (A)	$		425		430
Odebrecht Finance
7.125%, 06/26/2042			280		112

  40   SEI Institutional International Trust / Annual Report / September 30, 2016

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
ONEOK Partners
3.800%, 03/15/2020	$		128	$	132
Philip Morris International MTN
2.875%, 03/03/2026	EUR		335		451
1.875%, 03/03/2021			300		364
Plains All American Pipeline
3.600%, 11/01/2024	$		155		150
PNC Funding
5.125%, 02/08/2020			300		333
3.300%, 03/08/2022			150		159
Priceline Group
1.800%, 03/03/2027			380		429
Principal Financial Group
1.850%, 11/15/2017			175		176
Prologis International Funding II MTN
2.875%, 04/04/2022	EUR		220		277
Province of Quebec Canada
2.500%, 04/20/2026	$		70		72
Provincia de Buenos Aires
5.750%, 06/15/2019 (A)			179		185
Prudential Financial
5.625%, 06/15/2043 (B)			125		135
Republic Services
4.750%, 05/15/2023			155		176
Ryder System MTN
5.850%, 11/01/2016			116		116
S&P Global
4.400%, 02/15/2026			313		350
Sabine Pass Liquefaction
5.625%, 04/15/2023			195		208
Santander Issuances
5.179%, 11/19/2025			400		408
Seagate HDD Cayman
4.750%, 06/01/2023			101		100
4.750%, 01/01/2025			123		116
Skandinaviska Enskilda Banken
1.422%, 09/13/2019 (A)(B)			200		200
Societe Generale MTN
2.500%, 04/08/2021 (A)			500		513
Thermo Fisher Scientific
1.500%, 12/01/2020			426		502
0.750%, 09/12/2024			155		174
United Technologies
1.125%, 12/15/2021			390		459
Vale Overseas
5.875%, 06/10/2021			169		177
Valeant Pharmaceuticals International
4.500%, 05/15/2023 (A)	EUR		170		151
Verizon Communications
2.625%, 12/01/2031			325		422
Weatherford International
4.500%, 04/15/2022	$		20		17

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Wells Fargo MTN
4.600%, 04/01/2021	$		75	$	83
Williams Partners
3.900%, 01/15/2025			128		128
ZF North America Capital
2.750%, 04/27/2023	EUR		200		239
					28,017
Total Global Bonds (Cost $466,753) ($ Thousands)					477,671
MORTGAGE-BACKED SECURITIES — 2.8%
Agency Mortgage-Backed Obligation — 0.7%
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2014-DN1, Cl M1
1.524%, 02/25/2024 (B)	$		152		152
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2014-HQ2, Cl M1
1.974%, 09/25/2024 (B)			179		180
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA1, Cl M2
2.375%, 10/25/2027 (B)			490		498
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, Cl M2
3.125%, 12/25/2027 (B)			205		210
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, Cl M1
1.674%, 12/25/2027 (B)			97		97
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQ1, Cl M1
1.574%, 03/25/2025 (B)			30		30
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQ2, Cl M1
1.624%, 05/25/2025 (B)			203		203
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQA2, Cl M2
3.325%, 05/25/2028 (B)			270		279
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, Cl M2
3.325%, 07/25/2028 (B)			276		285
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-HQA1, Cl M3
6.875%, 09/25/2028 (B)			250		281
					2,215
Non-Agency Mortgage-Backed Obligation — 2.1%
Banc of America Commercial Mortgage, Ser 2007-5, Cl A4
5.492%, 02/10/2051			109		111
Banc of America Commercial Mortgage, Ser 2015-UBS7, Cl A4
3.705%, 09/15/2048			180		198

  SEI Institutional International Trust / Annual Report / September 30, 2016   41

SCHEDULE OF INVESTMENTS

September 30, 2016

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
3.358%, 09/25/2034 (B)	$		42	$	41
Bear Stearns Commercial Mortgage Securities, Ser 2006-PW13, Cl AJ
5.611%, 09/11/2041 (B)			54		54
Citigroup Commercial Mortgage Trust, Ser 2012-GC8, Cl A4
3.024%, 09/10/2045			125		132
Citigroup Commercial Mortgage Trust, Ser 2014-GC19, Cl D
5.063%, 03/10/2047 (A)(B)			20		17
Citigroup Commercial Mortgage Trust, Ser 2015-GC29, Cl A3
2.935%, 04/10/2048			30		31
Citigroup Commercial Mortgage Trust, Ser 2015-GC29, Cl A4
3.192%, 04/10/2048			15		16
Citigroup Commercial Mortgage Trust, Ser 2015-GC31, Cl A4
3.762%, 06/10/2048			65		71
Citigroup Commercial Mortgage Trust, Ser 2015-GC35, Cl A4
3.818%, 11/10/2048			55		61
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4
2.959%, 05/25/2035 (B)			398		371
COBALT Commercial Mortgage Trust, Ser 2006- C1, Cl AM
5.254%, 08/15/2048			30		30
COMM Mortgage Trust, Ser 2006-C8, Cl A1A
5.292%, 12/10/2046			14		14
COMM Mortgage Trust, Ser 2012-CR1, Cl A3
3.391%, 05/15/2045			15		16
COMM Mortgage Trust, Ser 2012-CR4, Cl A3
2.853%, 10/15/2045			130		136
COMM Mortgage Trust, Ser 2012-CR5, Cl A3
2.540%, 12/10/2045			125		128
COMM Mortgage Trust, Ser 2012-CRE4, Cl XA, IO
2.067%, 10/15/2045 (B)			170		13
COMM Mortgage Trust, Ser 2012-LC4, Cl A4
3.288%, 12/10/2044			120		128
COMM Mortgage Trust, Ser 2013-CCRE9, Cl A4
4.238%, 07/10/2045 (B)			90		101
COMM Mortgage Trust, Ser 2013-CR10, Cl A4
4.210%, 08/10/2046 (B)			80		90
COMM Mortgage Trust, Ser 2013-CR6, Cl D
4.310%, 03/10/2046 (A)(B)			515		458
COMM Mortgage Trust, Ser 2013-CR6, Cl A4
3.101%, 03/10/2046			135		142
COMM Mortgage Trust, Ser 2013-CR8, Cl A4
3.334%, 06/10/2046			130		139

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust, Ser 2013-CR9, Cl A3
4.022%, 07/10/2045	$		50	$	55
COMM Mortgage Trust, Ser 2013-LC13, Cl A5
4.205%, 09/10/2023			45		50
COMM Mortgage Trust, Ser 2014-CCRE14, Cl A3
3.955%, 02/10/2047			70		77
COMM Mortgage Trust, Ser 2014-CR16, Cl A4
4.051%, 04/10/2047			25		28
COMM Mortgage Trust, Ser 2014-CR19, Cl A5
3.796%, 08/10/2047			180		197
COMM Mortgage Trust, Ser 2014-CR21, Cl A3
3.528%, 12/10/2047			75		81
COMM Mortgage Trust, Ser 2014-SAVA, Cl A
1.658%, 06/15/2034 (A)(B)			122		122
COMM Mortgage Trust, Ser 2014-UBS2, Cl A5
3.961%, 03/10/2047			25		28
COMM Mortgage Trust, Ser 2014-UBS4, Cl A5
3.694%, 08/10/2047			95		103
COMM Mortgage Trust, Ser 2015-3BP, Cl A
3.178%, 02/10/2035 (A)			100		105
COMM Mortgage Trust, Ser 2015-CR23, Cl A4
3.497%, 05/10/2048			80		86
COMM Mortgage Trust, Ser 2015-CR24, Cl A5
3.696%, 08/10/2048			90		98
COMM Mortgage Trust, Ser 2015-DC1, Cl A5
3.350%, 02/10/2048			155		164
COMM Mortgage Trust, Ser 2015-LC19, Cl A4
3.183%, 02/10/2048			70		74
COMM Mortgage Trust, Ser 2015-PC1, Cl A4
3.620%, 07/10/2050			50		54
Commercial Mortgage Loan Trust, Ser 2008-LS1, Cl A4B
6.296%, 12/10/2049 (B)			194		199
Commercial Mortgage Pass Through Certificates, Ser 2012-CR3, Cl A3
2.822%, 10/15/2045			70		73
Commercial Mortgage Pass Through Certificates, Ser CR14, Cl XA, IO
0.994%, 02/10/2047 (B)			685		24
Commercial Mortgage Pass-Through Certificates, Ser 2008-C1, Cl A3
6.267%, 02/15/2041 (B)			55		57
Commercial Mortgage Trust, Ser 2007-GG9, Cl AM
5.475%, 03/10/2039			370		373
Credit Suisse Commercial Mortgage Trust Series, Ser 2007-C2, Cl A3
5.542%, 01/15/2049 (B)			15		15
Credit Suisse Commercial Mortgage Trust, Ser 2007-C3, Cl A4
5.889%, 06/15/2039 (B)			114		115

  42   SEI Institutional International Trust / Annual Report / September 30, 2016

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, Cl AMFX
4.877%, 04/15/2037	$		27	$	24
CSAIL Commercial Mortgage Trust, Ser 2015-C2, Cl XA, IO
1.055%, 06/15/2057 (B)			537		29
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl A4
3.691%, 08/15/2048			160		175
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl D
3.508%, 08/15/2048 (B)			75		56
CSAIL Commercial Mortgage Trust, Ser 2015-C4, Cl A4
3.808%, 11/15/2048			155		170
CSAIL Commercial Mortgage Trust, Ser 2016-C5, Cl XA, IO
1.213%, 11/15/2048 (B)			997		66
FNMA Connecticut Avenue Securities, Ser 2013-C01, Cl M1
2.525%, 10/25/2023 (B)			61		62
FNMA Connecticut Avenue Securities, Ser 2014-C01, Cl M1
2.124%, 01/25/2024 (B)			439		442
FNMA Connecticut Avenue Securities, Ser 2014-C02, Cl 2M1
1.474%, 05/25/2024 (B)			8		8
FNMA Connecticut Avenue Securities, Ser 2014-C04, Cl 2M1
2.625%, 11/25/2024 (B)			80		80
FNMA Connecticut Avenue Securities, Ser 2015-C02, Cl 2M1
1.725%, 05/25/2025 (B)			35		35
FNMA Connecticut Avenue Securities, Ser 2016-C02, Cl 1M1
2.588%, 09/25/2028 (B)			441		447
FNMA Connecticut Avenue Securities, Ser 2016-C04, Cl 1M2
4.775%, 01/25/2029 (B)			95		97
FNMA Connecticut Avenue Securities, Ser 2016-C05, Cl 2M1
1.875%, 01/25/2029 (B)			155		155
GE Commercial Mortgage Trust, Ser 2007-C1, Cl AM
5.606%, 12/10/2049 (B)			35		35
GS Mortgage Securities II, Ser 2007-GG10, Cl A4
5.988%, 08/10/2045 (B)			134		136
GS Mortgage Securities II, Ser 2012-ALOH, Cl A
3.551%, 04/10/2034 (A)			100		108
GS Mortgage Securities II, Ser GC30, Cl A4
3.382%, 05/10/2050			160		171

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust, Ser 2011-GC5, Cl XA, IO
1.572%, 08/10/2044 (A)(B)	$		339	$	18
GS Mortgage Securities Trust, Ser 2013-GC13, Cl XA, IO
0.299%, 07/10/2046 (B)			2,797		18
GS Mortgage Securities Trust, Ser 2014-GC18, Cl A4
4.074%, 01/10/2047			95		106
GS Mortgage Securities Trust, Ser 2014-GC20, Cl D
5.029%, 04/10/2047 (A)(B)			80		57
GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1
2.378%, 01/25/2035 (B)			96		90
JPMBB Commercial Mortgage Securities, Ser 2014-C23, Cl XA, IO
1.014%, 09/15/2047 (B)			987		37
JPMBB Commercial Mortgage Securities, Ser 2014-C26, Cl A4
3.494%, 01/15/2048			15		16
JPMBB Commercial Mortgage Securities, Ser 2015-C27, Cl A4
3.179%, 02/15/2048			25		26
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP9, Cl A3
5.336%, 05/15/2047			37		37
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-C1, Cl A4
5.716%, 02/15/2051			39		40
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-CB19, Cl A4
5.882%, 02/12/2049 (B)			143		145
JPMorgan Chase Commercial Mortgage Securities, Ser 2008-C2, Cl A4FL
2.018%, 02/12/2051 (B)			305		297
JPMorgan Chase Commercial Mortgage Securities, Ser 2008-C2, Cl A4
6.068%, 02/12/2051			27		28
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, Cl A3
2.829%, 10/15/2045			135		141
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-LC9, Cl A5
2.840%, 12/15/2047			135		141
JPMorgan Chase Commercial Mortgage Securities, Ser 2014-INN, Cl A
1.444%, 06/15/2029 (A)(B)			130		129
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1
2.798%, 12/25/2034 (B)			78		78
LB-UBS Commercial Mortgage Trust, Ser 2007-C6, Cl A4
5.858%, 07/15/2040 (B)			86		87

  SEI Institutional International Trust / Annual Report / September 30, 2016   43

SCHEDULE OF INVESTMENTS

September 30, 2016

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
LB-UBS Commercial Mortgage Trust, Ser 2008-C1, Cl A2
6.287%, 04/15/2041 (B)	$		40	$	42
LSTAR Commercial Mortgage Trust, Ser 2016-4, Cl A2
2.458%, 03/10/2049 (A)(B)			159		159
ML-CFC Commercial Mortgage Trust, Ser 2007-5, Cl AM
5.419%, 08/12/2048			40		40
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C5, Cl A4
3.176%, 08/15/2045			40		42
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C6, Cl A4
2.858%, 11/15/2045			100		105
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C10, Cl A4
2.518%, 07/15/2046 (B)			175		196
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C12, Cl A4
4.259%, 10/15/2046 (B)			65		74
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C13, Cl A3
3.766%, 11/15/2046			130		143
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C14, Cl A5
4.064%, 02/15/2047			25		28
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C17, Cl A5
3.741%, 08/15/2047			65		71
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C19, Cl A4
3.526%, 12/15/2047			55		60
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl A4
3.249%, 02/15/2048			65		69
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C22, Cl A4
3.306%, 04/15/2048			60		64
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C26, Cl XA, IO
1.272%, 10/15/2048 (B)			134		10
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl D
5.400%, 10/12/2052 (A)(B)			15		14
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl E
5.400%, 10/12/2052 (A)(B)			10		9
Morgan Stanley Capital I Trust, Ser 2007-HQ13, Cl A3
5.569%, 12/15/2044			93		96

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust, Ser 2007-IQ14, Cl A4
5.692%, 04/15/2049 (B)	$		160	$	162
Morgan Stanley Capital I Trust, Ser 2008-TOP29, Cl D
6.477%, 01/11/2043 (A)(B)			35		35
Morgan Stanley Capital I Trust, Ser 2012-C4, Cl A4
3.244%, 03/15/2045			140		149
Morgan Stanley Re-REMIC Trust, Ser 2010-GG10, Cl A4A
5.988%, 08/15/2045 (A)(B)			164		165
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1
3.872%, 01/05/2043 (A)(B)			135		140
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A2B
4.144%, 01/05/2043 (A)(B)			120		127
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C3, Cl A4
3.091%, 08/10/2049			40		42
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4
3.185%, 03/10/2046			130		137
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C6, Cl A4
3.244%, 04/10/2046			120		127
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C6, Cl A3
2.971%, 04/10/2046			70		72
Wells Fargo Commercial Mortgage Trust, Ser 2012-LC5, Cl D
4.935%, 10/15/2045 (A)(B)			35		34
Wells Fargo Commercial Mortgage Trust, Ser 2015-C29, Cl A4
3.637%, 06/15/2048			180		195
Wells Fargo Commercial Mortgage Trust, Ser 2015-C30, Cl A3
3.411%, 09/15/2058			165		177
Wells Fargo Commercial Mortgage Trust, Ser 2015-LC22, Cl A4
3.839%, 09/15/2058			35		38
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS1, Cl D
4.241%, 05/15/2048 (B)			65		53
WFRBS Commercial Mortgage Trust, Ser 2011-C4, Cl A4
4.902%, 06/15/2044 (A)(B)			120		135
WFRBS Commercial Mortgage Trust, Ser 2011-C5, Cl A4
3.667%, 11/15/2044			45		49

  44   SEI Institutional International Trust / Annual Report / September 30, 2016

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
WFRBS Commercial Mortgage Trust, Ser 2012-C10, Cl A3
2.875%, 12/15/2045	$		195	$	203
WFRBS Commercial Mortgage Trust, Ser 2012-C6, Cl D
5.771%, 04/15/2045 (A)(B)			55		57
WFRBS Commercial Mortgage Trust, Ser 2012-C8, Cl A3
3.001%, 08/15/2045			20		21
WFRBS Commercial Mortgage Trust, Ser 2012-C9, Cl A3
2.870%, 11/15/2045			75		79
WFRBS Commercial Mortgage Trust, Ser 2014-C20, Cl A5
3.995%, 05/15/2047			100		111
WFRBS Commercial Mortgage Trust, Ser 2014-C21, Cl A5
3.678%, 08/15/2047			60		65
WFRBS Commercial Mortgage Trust, Ser 2014-C24, Cl A5
3.607%, 11/15/2047			75		81
WFRBS Commerical Mortgage Trust, Ser 2013-C15, Cl A3
3.881%, 08/15/2046			70		76
					12,215
Total Mortgage-Backed Securities (Cost $14,342) ($ Thousands)					14,430
CORPORATE OBLIGATIONS — 1.1%
United States — 1.1%
Allison Transmission
5.000%, 10/01/2024 (A)			290		297
Anadarko Petroleum
6.375%, 09/15/2017			42		44
CenturyLink
6.450%, 06/15/2021			144		154
Charter Communications Operating
4.908%, 07/23/2025 (A)			375		414
3.579%, 07/23/2020 (A)			180		188
CNA Financial
7.250%, 11/15/2023			110		134
Cox Communications
2.950%, 06/30/2023 (A)			127		125
Diamond 1 Finance
5.450%, 06/15/2023 (A)			240		257
4.420%, 06/15/2021 (A)			240		251
Enterprise Products Operating
5.950%, 02/01/2041			70		81
General Motors Financial
2.025%, 04/10/2018 (B)			328		329

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Hewlett Packard Enterprise
4.900%, 10/15/2025 (A)	$		350	$	374
JPMorgan Chase MTN
2.295%, 08/15/2021			323		324
Mylan
3.150%, 06/15/2021 (A)			349		356
Navient MTN
5.500%, 01/15/2019			248		252
Pioneer Natural Resources
4.450%, 01/15/2026			75		81
PNC Bank
2.700%, 11/01/2022			445		452
S&P Global
5.900%, 11/15/2017			325		339
Time Warner
4.875%, 03/15/2020			150		166
Transocean
9.000%, 07/15/2023 (A)			280		271
Western Digital
7.375%, 04/01/2023 (A)			265		291
Williams Partners
4.000%, 11/15/2021			150		155
Total Corporate Obligations (Cost $5,152) ($ Thousands)					5,335
U.S. TREASURY OBLIGATION — 0.6%
U.S. Treasury Inflation Indexed Bonds
0.250%, 01/15/2025			3,160		3,219
Total U.S. Treasury Obligation (Cost $3,203) ($ Thousands)					3,219
ASSET-BACKED SECURITY — 0.0%
Other Asset-Backed Securities — 0.0%
Volta Electricity Receivables, Ser 2013-1, Cl SNR
4.172%, 02/16/2017	EUR		36		41
Total Asset-Backed Security (Cost $47) ($ Thousands)					41
Total Investments — 98.2% (Cost $489,497) ($ Thousands)				$	500,696

  SEI Institutional International Trust / Annual Report / September 30, 2016   45

SCHEDULE OF INVESTMENTS

September 30, 2016

International Fixed Income Fund (Continued)

A list of the open futures contracts held by the Fund at September 30, 2016, is as follows:

Type of Contract	Number of Contracts Long (Short)		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
3 Month Euribor		18		Dec-2016		$(1)
Australian 10-Year Bond		13		Dec-2016		6
Australian 3-Year Bond		(1)		Dec-2016		–
Canadian 10-Year Bond		(6)		Dec-2016		2
Euro		(180)		Dec-2016		20
Euro-Bob		(24)		Dec-2016		(10)
Euro-Bund		(18)		Dec-2016		(23)
Euro-Buxl 30 Year Bond		(3)		Dec-2016		(3)
Euro-OAT 10 Year Bond		(1)		Dec-2016		(1)
Euro-Schatz		50		Dec-2016		4
Japanese 10-Year Bond		3		Dec-2016		16
Japanese 10-Year MINI		79		Dec-2016		40
Long Gilt 10-Year Bond		(53)		Dec-2016		53
U.S. 10-Year Treasury Note		(88)		Dec-2016		(47)
U.S. 2-Year Treasury Note		(49)		Dec-2016		–
U.S. 5-Year Treasury Note		(83)		Dec-2016		(14)
U.S. Long Treasury Bond		40		Dec-2016		(111)
U.S. Ultra Long Treasury Bond		(22)		Dec-2016		10
Ultra 10-Year U.S. Treasury Bond		(17)		Dec-2016		(5)
						$(64)

For the year ended September 30, 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 year.

A list of the open forward foreign currency contracts held by the Fund at September 30, 2016, is as follows:

Settlement Date		Currency to Deliver (Thousands)			Currency To Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
10/04/16	USD		201	PLN		769		$—
11/10/16	USD		204	CAD		269		1
10/04/16-11/04/16	USD		320	CAD		415		(4)
10/04/16-10/04/16	USD		817	MXN		15,140		(34)
10/04/16	USD		877	MYR		3,619		(2)
10/04/16-11/04/16	USD		1,395	NOK		11,370		27
11/04/16	USD		135	NOK		1,080		—
10/04/16-11/04/16	USD		2,778	NZD		3,786		(25)
10/04/16	USD		3,893	KRW		4,308,616		20
11/04/16	USD		440	SEK		3,780		2
10/04/16-12/07/16	USD		3,772	SEK		32,055		(23)
10/04/16	CHF		2,375	USD		2,463		13
10/04/16-11/04/16	CHF		3,003	USD		3,100		(4)
10/04/16-10/28/16	USD		5,079	AUD		6,683		32
11/04/16-11/04/16	USD		575	AUD		751		(1)
10/11/16-11/04/16	USD		3,243	GBP		2,500		5
10/04/16-11/04/16	USD		3,428	GBP		2,586		(69)
10/04/16	MYR		3,619	USD		898		23
11/04/16	MYR		3,619	USD		876		—
10/04/16-12/14/16	SGD		7,338	USD		5,394		9
10/04/16-11/04/16	USD		3,011	JPY		308,757		38
10/04/16-11/04/16	USD		5,513	JPY		553,588		(41)
10/04/16-11/04/16	NZD		9,509	USD		6,942		31
10/04/16-10/14/16	NZD		2,077	USD		1,492		(18)

Settlement Date		Currency to Deliver (Thousands)			Currency To Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
10/04/16-11/04/16	NOK		12,489	USD		1,531		$(32)
10/04/16-11/04/16	PLN		7,493	USD		1,961		4
10/07/16	PLN		7,040	USD		1,770		(70)
11/04/16	ZAR		7,652	USD		563		10
10/04/16	ZAR		7,652	USD		538		(19)
10/04/16-11/04/16	AUD		12,109	USD		9,301		42
10/04/16-11/04/16	AUD		12,677	USD		9,560		(140)
10/04/16-11/04/16	USD		9,239	EUR		8,247		31
10/04/16-10/11/16	USD		15,880	EUR		14,104		(27)
10/04/16-12/07/16	SEK		25,953	USD		3,069		35
10/04/16	CZK		13,857	USD		579		2
11/04/16	CZK		13,857	USD		577		—
11/03/16	BRL		13,909	USD		4,253		9
10/04/16-01/04/17	BRL		20,169	USD		5,644		(513)
10/04/16-11/10/16	CAD		44,645	USD		34,544		565
10/04/16-11/10/16	CAD		11,182	USD		8,461		(50)
10/04/16-11/04/16	THB		62,626	USD		1,810		2
10/04/16-11/16/16	GBP		28,727	USD		37,854		535
11/04/16-11/16/16	GBP		36,915	USD		47,948		(35)
10/04/16-10/04/16	MXN		39,560	USD		2,106		62
11/04/16-11/22/16	MXN		58,376	USD		2,974		(28)
10/04/16-11/18/16	EUR		64,142	USD		72,417		294
10/04/16-11/14/16	EUR		236,248	USD		264,034		(1,714)
10/04/16-11/04/16	KRW		8,617,232	USD		7,737		(88)
10/04/16-11/04/16	JPY		12,850,500	USD		127,851		855
10/04/16-11/04/16	JPY		3,852,391	USD		37,378		(678)
10/05/16-11/04/16	ILS		1,554	USD		413		(1)
10/06/16	USD		944	TWD		29,774		6
10/06/16	TWD		29,604	USD		935		(10)
10/11/16	USD		3,833	DKK		25,409		3
10/11/16	DKK		21,432	USD		3,211		(25)
10/13/16-10/13/16	USD		1,978	RUB		128,416		55
10/13/16	RUB		128,976	USD		1,992		(50)
10/21/16	JPY		197,883	GBP		1,459		(60)
11/28/16	USD		470	TRY		1,414		(3)
12/12/16-03/08/17	USD		239	ARS		4,411		32
06/14/17-06/16/17	USD		241	ARS		4,100		(1)
12/12/16	ARS		894	USD		57		1
12/15/16	USD		1,355	INR		91,730		8
12/20/16	EUR		3,405	CZK		92,000		9
01/04/17	USD		1,706	BRL		6,397		209
								$(795)

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at September 30, 2016, is as follows:

Counterparty	Currency to Deliver ($ Thousands)		Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America		$(22,162)		$22,640		$478
Bank of Montreal		(103,622)		103,746		124
Barclays PLC		(11,577)		11,464		(113)
BNP Paribas		(4,366)		4,345		(21)

  46   SEI Institutional International Trust / Annual Report / September 30, 2016

Counterparty	Currency to Deliver ($ Thousands)		Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Brown Brothers Harriman		$(49,748)		$49,280		$(468)
Citigroup		(131,757)		132,652		895
Commonwealth Bank Of Australia		(2,395)		2,398		3
Credit Suisse First Boston		(8,965)		8,944		(21)
Deutsche Bank		(628)		613		(15)
Goldman Sachs		(91,519)		91,732		213
HSBC		(47,068)		46,982		(86)
ITG		(55,227)		54,370		(857)
JPMorgan Chase Bank		(14,428)		14,430		2
Merrill Lynch		(5,191)		5,192		1
Morgan Stanley		(10,329)		10,360		31
National Australia Capital Markets		(79,220)		78,722		(498)
National Bank of Australia		(113,374)		112,757		(617)

A list of the open OTC swap agreements held by the Fund at September 30, 2016, is as follows:

Counterparty	Currency to Deliver ($ Thousands)		Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
RBC		$(10,704)		$10,813		$109
Royal Bank of Scotland		(1,191)		1,189		(2)
SG Cowen		(5,566)		5,569		3
Standard Chartered		(8,129)		8,159		30
State Street		(3,352)		3,334		(18)
TD Securities		(373)		371		(2)
UBS		(3,307)		3,307		—
USAllianz		(4,402)		4,437		35
Wells Fargo		(61)		60		(1)
Westpac Banking		(1,919)		1,919		—
						$      (795)

For the year ended September 30, 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 year.

Credit Default Swaps
Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pays)/Receives Rate	Termination Date		Notional Amount (Thousands)			Net Unrealized Depreciation ($ Thousands)
Credit Suisse	Cmbx.Na.Bb.6	SELL	5.00		05/11/49		(370	)	$	(1	)
Credit Suisse	Cmbx.Na.Bb.6	SELL	5.00		05/11/49		(240	)		(11	)
Credit Suisse	Cmbx.Na.Bbb-.6	SELL	3.00		05/11/49		(373	)		(6	)
Credit Suisse	Cmbx.Na.Bbb-.6	SELL	3.00		05/11/49		(127	)		(2	)
Credit Suisse	Cmbx.Na.Bbb-.6	SELL	3.00		05/11/49		(134	)		(3	)
Credit Suisse	Cmbx.Na.Bbb-.6	SELL	3.00		05/11/49		(460	)		(5	)
Deutsche Bank	Cmbx.Na.Bbb-.6	SELL	3.00		05/11/49		(406	)		(6	)
									$	(34	)

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2016, is as follows:

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date	Currency		Notional Amount (Thousands)		Net Unrealized Depreciation ($ Thousands)
Citigroup	2.13%	3-Month USD - LIBOR	11/09/25		USD		2,240	$	(149	)

For the year ended September 30, 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 year.

Percentages are based on Net Assets of $510,058 ($ Thousands).

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2016, the value of these securities amounted to $48,478 ($ Thousands), representing 9.5% of the net assets of the Fund.

(B) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2016.

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

ARS — Argentine Peso

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

COP — Colombian Peso

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

INR — India Rupee

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

  SEI Institutional International Trust / Annual Report / September 30, 2016   47

SCHEDULE OF INVESTMENTS

September 30, 2016

International Fixed Income Fund (Concluded)

PLN — Polish Zloty

REMIC — Real Estate Mortgage Investment Conduit

RUB — Russian Ruble

SEK — Swedish Krona

Ser — Series

SGD — Singapore Dollar

THB — Thai Bhat

TRY — New Turkish Lira

TWD — Taiwan Dollar

USD — U.S. Dollar

ZAR — South African Rand

The following is a list of the level of inputs used as of September 30, 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	$	–	$	477,671	$	–	$	477,671
Mortgage-Backed Securities		–		14,430		–		14,430
Corporate Obligations		–		5,335		–		5,335
U.S. Treasury Obligation		–		3,219		–		3,219
Asset-Backed Security		–		41		–		41
Total Investments in Securities	$	–	$	500,696	$	–	$	500,696

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	151		$	—		$	—	$	151
Unrealized Depreciation		(215	)		—			—		(215	)
Forwards Contracts *
Unrealized Appreciation		—			2,970			—		2,970
Unrealized Depreciation		—			(3,765	)		—		(3,765	)
OTC Swaps
Credit Default Swaps *
Unrealized Depreciation		—			(34	)		—		(34	)
Centrally Cleared Swaps
Interest Rate Swaps *
Unrealized Depreciation		—			(149	)		—		(149	)
Total Other Financial Instruments	$		(64)	$		(978)	$	—	$	(1,042	)

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

For the year ended September 30, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 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.

  48   SEI Institutional International Trust / Annual Report / September 30, 2016

SCHEDULE OF INVESTMENTS

September 30, 2016

Emerging Markets Debt Fund

^†Percentages based on total investments. Includes investments held as collateral for securities on loan (see Note 9).

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS — 96.6%
Angola — 0.3%
Angolan Government International Bond
9.500%, 11/12/2025 (A)	$		4,579	$	4,551
Republic of Angola Via Northern Lights III
7.000%, 08/16/2019			562		562
					5,113
Argentina — 3.8%
Arcor SAIC
6.000%, 07/06/2023 (B)			183		195
Argentina Bonar Bonds (C)
27.919%, 10/09/2017	ARS		4,870		344
25.645%, 03/01/2018			4,696		320
25.182%, 03/11/2019			11,481		781
Argentine Bonad Bonds
2.400%, 03/18/2018	$		1,568		1,520
Argentine Bonos del Tesoro
21.200%, 09/19/2018	ARS		26,573		1,772
Argentine Republic Government International
Bond
7.625%, 04/22/2046 (B)	$		40		45
Cablevision
6.500%, 06/15/2021 (B)			214		223
City of Buenos Aires Argentina
7.500%, 06/01/2027 (B)			969		1,055
Petrobras Argentina
7.375%, 07/21/2023 (B)			270		279
Provincia de Buenos Aires
9.950%, 06/09/2021 (B)			1,240		1,426
Provincia de Cordoba
7.125%, 06/10/2021 (B)			531		558
Republic of Argentina
8.280%, 12/31/2033			9,057		10,393
8.280%, 12/31/2033			4,154		4,642
7.820%, 12/31/2033	EUR		10,027		12,593
7.820%, 12/31/2033			3,808		4,731
7.500%, 04/22/2026	$		751		847
7.500%, 04/22/2026			866		977
7.125%, 07/06/2036			1,107		1,172

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
6.875%, 04/22/2021	$		735	$	800
6.875%, 04/22/2021			274		298
6.250%, 04/22/2019			85		90
6.250%, 04/22/2019			150		159
4.191%, 12/15/2035 (C)	EUR		18,877		2,211
3.380%, 03/31/2019 (D)			942		694
3.043%, 12/15/2035 (C)	$		1,203		126
2.500%, 03/31/2019 (D)			2,315		1,646
0.750%, 02/22/2017			3,138		3,068
0.044%, 12/15/2035 (C)			11,382		1,212
YPF
8.750%, 04/04/2024 (A)(B)			338		375
8.500%, 07/28/2025 (B)			2,463		2,709
YPF MTN
31.354%, 07/07/2020 (B)(C)			500		583
					57,844
Armenia — 0.2%
Republic of Armenia
7.150%, 03/26/2025 (B)			2,476		2,631
Azerbaijan — 1.1%
Republic of Azerbaijan
4.750%, 03/18/2024 (B)			1,116		1,157
Southern Gas Corridor
6.875%, 03/24/2026			3,379		3,784
State Oil of the Azerbaijan Republic	MTN
4.750%, 03/13/2023			4,332		4,269
4.750%, 03/13/2023 (A)			500		493
State Oil of the Azerbaijan Republic
6.950%, 03/18/2030			1,263		1,372
6.950%, 03/18/2030			6,126		6,647
					17,722
Bahrain — 0.0%
Bahrain Government International Bond
7.000%, 01/26/2026 (B)			641		676
Belize — 0.1%
Belize Government International Bond
6.767%, 08/20/2017 (D)			2,637		1,444
Bermuda — 0.2%
Government of Bermuda
4.854%, 02/06/2024			2,480		2,740
Brazil — 8.6%
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/2019 (B)			660		711
Braskem Finance
5.750%, 04/15/2021			1,797		1,884
Brazil Letras do Tesouro Nacional (E)
17.573%, 07/01/2019	BRL		11,540		2,637

  SEI Institutional International Trust / Annual Report / September 30, 2016   49

SCHEDULE OF INVESTMENTS

September 30, 2016

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
15.050%, 01/01/2019	BRL		93,674	$	22,578
14.857%, 01/01/2020			25,000		5,400
13.450%, 07/01/2018			23,119		5,861
12.701%, 01/01/2017			8,210		2,447
10.673%, 01/01/2018			59,944		15,986
6.670%, 01/01/2019			8,972		2,158
Brazil Loan Trust 1
5.477%, 07/24/2023 (B)	$		507		512
5.477%, 07/24/2023			300		302
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/2028			1,176		1,158
5.333%, 02/15/2028			3,952		3,893
Brazil Notas do Tesouro Nacional Serie B
6.000%, 08/15/2022	BRL		4,000		3,650
Brazil Notas do Tesouro Nacional
10.000%, 01/01/2017			197		60
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 05/15/2035			1,000		947
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2019			850		254
10.000%, 01/01/2021			19,202		5,620
10.000%, 01/01/2023			27,303		7,832
10.000%, 01/01/2025			52,150		14,770
10.000%, 01/01/2027			19,398		5,404
Brazilian Government International Bond
6.000%, 04/07/2026 (A)	$		1,242		1,376
5.625%, 02/21/2047			2,247		2,219
BRF
4.750%, 05/22/2024			1,660		1,697
Cosan
7.000%, 01/20/2027			281		292
ESAL GmbH
6.250%, 02/05/2023 (B)			254		246
Federal Republic of Brazil
8.250%, 01/20/2034			2,540		3,258
7.125%, 01/20/2037			341		401
5.625%, 01/07/2041			1,540		1,532
5.000%, 01/27/2045			3,201		2,905
4.875%, 01/22/2021			546		583
4.250%, 01/07/2025			611		609
2.625%, 01/05/2023			1,154		1,067
GTL Trade Finance
5.893%, 04/29/2024 (B)			149		147
JBS Investments GmbH
7.750%, 10/28/2020			830		869
Klabin Finance
5.250%, 07/16/2024			790		788
Marfrig Overseas
9.500%, 05/04/2020 (B)			835		860
9.500%, 05/04/2020			371		382
Minerva Luxembourg
6.500%, 09/20/2026 (B)			879		864

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
6.500%, 09/20/2026	$		780	$	766
Petrobras Global Finance
8.750%, 05/23/2026			1,458		1,611
8.375%, 05/23/2021			1,954		2,135
Petrobras International Finance
5.375%, 01/27/2021			2,300		2,275
Ultrapar International
5.250%, 10/06/2026			330		324
Vale Overseas
6.250%, 08/10/2026			767		801
					132,071
Cameroon — 0.3%
Republic of Cameroon International Bond
9.500%, 11/19/2025			3,700		4,115
Chile — 0.7%
Banco del Estado de Chile
4.125%, 10/07/2020 (B)			270		288
4.125%, 10/07/2020			30		32
Banco del Estado de Chile MTN
3.875%, 02/08/2022 (B)			230		244
Bonos de la Tesoreria de la Republica en pesos
6.000%, 01/01/2020	CLP		80,000		131
Chile Government International Bond
3.125%, 01/21/2026	$		1,144		1,214
Empresa Electrica Angamos
4.875%, 05/25/2029 (B)			1,323		1,300
Empresa Nacional del Petroleo
4.375%, 10/30/2024 (B)			564		603
3.750%, 08/05/2026 (B)			387		392
Nacional del Cobre de Chile
6.150%, 10/24/2036			1,748		2,044
5.625%, 09/21/2035 (A)			880		975
4.875%, 11/04/2044 (B)			870		892
4.500%, 09/16/2025 (B)			726		766
3.000%, 07/17/2022 (A)(B)			843		840
Republic of Chile
5.500%, 08/05/2020	CLP		323,000		521
VTR Finance
6.875%, 01/15/2024 (B)	$		106		111
					10,353
China — 0.4%
CNOOC Finance
3.500%, 05/05/2025 (A)			234		241
Sinochem Offshore Capital MTN
3.250%, 04/29/2019 (B)			1,432		1,473
Sinochem Overseas Capital
4.500%, 11/12/2020			842		915
Sinopec Capital
3.125%, 04/24/2023 (B)			539		552
Sinopec Group Overseas Development
4.375%, 04/10/2024 (B)			800		885

  50   SEI Institutional International Trust / Annual Report / September 30, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
3.500%, 05/03/2026 (B)	$		1,070	$	1,117
2.750%, 05/03/2021 (B)			1,070		1,098
Three Gorges Finance I Cayman Islands
3.150%, 06/02/2026 (B)			200		205
					6,486
Colombia — 6.3%
Bogota Distrito Capital
9.750%, 07/26/2028 (B)	COP		8,820,000		3,215
9.750%, 07/26/2028			370,000		135
Colombian TES
11.000%, 07/24/2020			14,826,900		5,903
10.000%, 07/24/2024			10,003,100		4,129
7.750%, 09/18/2030			27,469,900		10,058
7.500%, 08/26/2026			41,933,700		15,075
7.000%, 09/11/2019			17,784,600		6,263
7.000%, 05/04/2022			43,072,000		15,206
6.000%, 04/28/2028			18,090,300		5,750
5.000%, 11/21/2018			7,741,400		2,614
Ecopetrol
7.375%, 09/18/2043	$		436		459
5.875%, 09/18/2023			420		453
5.875%, 05/28/2045			1,355		1,243
5.375%, 06/26/2026			1,742		1,813
Emgesa ESP
8.750%, 01/25/2021	COP		870,000		299
Empresas Publicas de Medellin ESP
8.375%, 02/01/2021			3,962,000		1,326
7.625%, 09/10/2024 (B)			3,116,000		975
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/2024 (B)			1,127,000		353
7.875%, 08/12/2024			884,000		277
Pacific Exploration and Production
5.625%, 01/19/2025 (B)(F)	$		2,298		425
Pacific Rubiales Energy
5.375%, 01/26/2019 (F)			900		166
Republic of Colombia
11.750%, 02/25/2020			322		421
10.375%, 01/28/2033			360		569
9.850%, 06/28/2027	COP		1,257,000		533
9.850%, 06/28/2027			3,803,000		1,611
8.125%, 05/21/2024	$		550		727
7.750%, 04/14/2021	COP		3,331,000		1,229
7.375%, 09/18/2037	$		2,626		3,539
6.125%, 01/18/2041			4,400		5,313
4.500%, 01/28/2026			340		375
4.375%, 07/12/2021			3,546		3,840
4.375%, 03/21/2023	COP		1,089,000		340
4.375%, 03/21/2023			1,782,000		556
4.000%, 02/26/2024	$		1,486		1,583
Republic of Colombia MTN
3.875%, 03/22/2026	EUR		1,073		1,365
					98,138

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Costa Rica — 1.2%
Banco Nacional de Costa Rica
6.250%, 11/01/2023 (B)	$		753	$	784
5.875%, 04/25/2021 (A)(B)			597		623
Instituto Costarricense de Electricidad
6.950%, 11/10/2021			400		424
6.375%, 05/15/2043			250		218
Republic of Costa Rica
7.158%, 03/12/2045 (B)			1,237		1,333
7.158%, 03/12/2045			4,272		4,603
7.158%, 03/12/2045			3,436		3,702
7.000%, 04/04/2044 (B)			2,978		3,179
7.000%, 04/04/2044			2,687		2,868
4.375%, 04/30/2025			702		681
4.375%, 04/30/2025 (B)			207		201
4.250%, 01/26/2023			439		431
					19,047
Croatia — 1.4%
Government of Croatia
6.625%, 07/14/2020 (A)			4,795		5,373
6.375%, 03/24/2021 (A)(B)			4,053		4,560
6.375%, 03/24/2021			1,490		1,677
6.000%, 01/26/2024 (B)			3,741		4,302
6.000%, 01/26/2024			770		886
5.875%, 07/09/2018	EUR		150		185
5.500%, 04/04/2023	$		200		222
3.000%, 03/11/2025	EUR		2,150		2,467
					19,672
Dominican Republic — 1.3%
Dominican Republic
15.950%, 06/04/2021	DOP		3,800		99
11.500%, 05/10/2024			55,000		1,256
11.000%, 01/05/2018			6,320		139
11.000%, 07/30/2021 (B)			53,760		1,160
9.040%, 01/23/2018	$		363		380
8.625%, 04/20/2027			1,707		2,091
7.450%, 04/30/2044 (B)			2,608		3,107
7.450%, 04/30/2044			1,015		1,205
6.875%, 01/29/2026			643		744
6.850%, 01/27/2045			400		448
6.850%, 01/27/2045 (B)			3,708		4,153
6.600%, 01/28/2024			882		993
5.875%, 04/18/2024			210		226
5.875%, 04/18/2024 (B)			671		730
5.500%, 01/27/2025			2,144		2,273
					19,004
Ecuador — 1.1%
Ecuador Government International Bond
10.750%, 03/28/2022 (B)			2,017		2,057
EP PetroEcuador via Noble Sovereign Funding I
6.487%, 09/24/2019 (C)			1,107		1,071

  SEI Institutional International Trust / Annual Report / September 30, 2016   51

SCHEDULE OF INVESTMENTS

September 30, 2016

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Republic of Ecuador
10.500%, 03/24/2020 (A)	$		2,229	$	2,268
10.500%, 03/24/2020 (B)			3,770		3,836
7.950%, 06/20/2024			10,621		9,506
					18,738
Egypt — 0.1%
Government of Egypt
5.875%, 06/11/2025 (B)			2,140		2,034
El Salvador — 0.7%
Republic of El Salvador
7.750%, 01/24/2023			1,559		1,731
7.650%, 06/15/2035			105		110
7.650%, 06/15/2035			3,040		3,181
7.625%, 02/01/2041			870		903
7.375%, 12/01/2019			226		241
6.375%, 01/18/2027 (B)			995		1,000
6.375%, 01/18/2027			2,811		2,825
5.875%, 01/30/2025			210		209
5.875%, 01/30/2025 (B)			638		636
					10,836
Ethiopia — 0.0%
Federal Democratic Republic of Ethiopia
6.625%, 12/11/2024 (B)			510		502
Gabon — 0.2%
Gabonese Republic
8.200%, 12/12/2017 (A)			282		292
6.950%, 06/16/2025 (B)			658		604
6.375%, 12/12/2024 (B)			1,134		1,037
6.375%, 12/12/2024 (A)			1,700		1,556
					3,489
Georgia — 0.1%
Republic of Georgia
6.875%, 04/12/2021 (B)			663		739
Ghana — 0.9%
Ghana Government International Bond
9.250%, 09/15/2022 (B)			1,282		1,314
9.250%, 09/15/2022			377		386
Republic of Ghana
10.750%, 10/14/2030 (B)			2,492		2,913
10.750%, 10/14/2030			7,273		8,500
8.125%, 01/18/2026 (B)			54		50
7.875%, 08/07/2023			2,192		2,041
					15,204
Guatemala — 0.1%
Comcel Trust
6.875%, 02/06/2024 (B)			1,090		1,121

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Comcel Trust via Comunicaciones Celulares
6.875%, 02/06/2024	$		350	$	360
					1,481
Hungary — 4.2%
Magyar Export-Import Bank
4.000%, 01/30/2020 (B)			925		964
Republic of Hungary
7.625%, 03/29/2041			5,560		8,721
7.000%, 06/24/2022	HUF		730,470		3,340
6.750%, 10/22/2028			932,610		4,679
6.375%, 03/29/2021	$		2,337		2,708
6.250%, 01/29/2020			910		1,023
6.000%, 11/24/2023	HUF		3,274,370		14,754
5.750%, 11/22/2023	$		4,834		5,692
5.500%, 06/24/2025	HUF		1,666,380		7,353
5.375%, 02/21/2023	$		3,326		3,812
5.375%, 03/25/2024			873		1,014
3.000%, 06/26/2024	HUF		2,177,530		8,135
					62,195
India — 0.1%
Bharti Airtel International Netherlands
5.125%, 03/11/2023	$		1,755		1,908
Vedanta Resources
6.000%, 01/31/2019 (B)			339		335
					2,243
Indonesia — 9.4%
Indonesia Treasury Bond
8.750%, 05/15/2031	IDR		111,536,000		9,610
8.250%, 07/15/2021			10,611,000		858
Listrindo Capital BV
4.950%, 09/14/2026	$		350		351
Majapahit Holding
7.875%, 06/29/2037			300		398
7.875%, 06/29/2037 (B)			205		272
7.750%, 01/20/2020			894		1,028
Pelabuhan Indonesia III
4.875%, 10/01/2024			1,659		1,786
Pertamina Persero MTN
6.450%, 05/30/2044			439		510
6.450%, 05/30/2044 (B)			665		770
5.625%, 05/20/2043			2,692		2,829
5.625%, 05/20/2043 (B)			889		934
Pertamina Persero
6.500%, 05/27/2041 (A)(B)			380		444
6.000%, 05/03/2042 (B)			935		1,029
6.000%, 05/03/2042			340		374
5.250%, 05/23/2021 (B)			921		1,004
4.875%, 05/03/2022 (B)			220		237
Perusahaan Listrik Negara MTN
5.250%, 10/24/2042			580		599

  52   SEI Institutional International Trust / Annual Report / September 30, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Republic of Indonesia MTN
11.625%, 03/04/2019	$		1,674	$	2,057
11.625%, 03/04/2019			80		98
11.625%, 03/04/2019 (B)			975		1,198
6.750%, 01/15/2044 (B)			183		250
5.875%, 01/15/2024			2,876		3,392
5.875%, 01/15/2024			3,700		4,363
5.875%, 01/15/2024 (B)			888		1,047
5.250%, 01/17/2042			692		792
5.125%, 01/15/2045 (B)			762		869
4.750%, 01/08/2026 (B)			2,723		3,041
4.750%, 01/08/2026			1,484		1,657
4.125%, 01/15/2025			1,331		1,420
3.375%, 04/15/2023 (B)			1,939		1,998
Republic of Indonesia
12.800%, 06/15/2021	IDR		210,000		20
11.000%, 09/15/2025			3,200,000		307
9.000%, 03/15/2029			187,712,000		16,397
8.500%, 10/12/2035	$		925		1,400
8.375%, 03/15/2024	IDR		259,919,000		21,539
8.375%, 09/15/2026			93,384,000		7,774
8.375%, 03/15/2034			113,294,000		9,462
8.250%, 06/15/2032			17,369,000		1,444
8.250%, 05/15/2036			108,822,000		8,987
7.750%, 01/17/2038	$		291		421
7.750%, 01/17/2038			5,118		7,401
7.000%, 05/15/2022	IDR		158,680,000		12,238
7.000%, 05/15/2027			2,300,000		175
6.625%, 05/15/2033			35,776,000		2,524
6.625%, 02/17/2037	$		1,076		1,411
6.125%, 05/15/2028	IDR		26,020,000		1,821
5.625%, 05/15/2023			44,408,000		3,171
4.875%, 05/05/2021 (B)	$		200		220
4.875%, 05/05/2021			1,312		1,443
3.375%, 07/30/2025	EUR		1,280		1,556
					144,926
Iraq — 0.4%
Republic of Iraq
5.800%, 01/15/2028	$		7,258		5,913
Ivory Coast — 0.8%
Ivory Coast Government Bond
6.375%, 03/03/2028 (B)			1,048		1,098
5.750%, 12/31/2032			900		884
5.750%, 12/31/2032			5,279		5,188
5.750%, 12/31/2032			3,413		3,354
5.375%, 07/23/2024 (B)			1,551		1,559
					12,083
Jamaica — 0.5%
Digicel Group
8.250%, 09/30/2020			2,200		1,911
8.250%, 09/30/2020 (B)			213		185

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
7.125%, 04/01/2022 (B)	$		974	$	745
Government of Jamaica
7.875%, 07/28/2045			437		515
7.625%, 07/09/2025			517		606
6.750%, 04/28/2028			1,056		1,206
Jamaica Government International Bond
8.000%, 03/15/2039			1,937		2,315
					7,483
Kazakhstan — 0.8%
Development Bank of Kazakhstan
4.125%, 12/10/2022			770		755
KazAgro National Management Holding MTN
4.625%, 05/24/2023			370		356
Kazakhstan Temir Zholy Finance
6.950%, 07/10/2042 (B)			250		272
KazMunayGas National
7.000%, 05/05/2020 (B)			314		349
KazMunayGas National MTN
9.125%, 07/02/2018			942		1,040
6.375%, 04/09/2021 (B)			1,660		1,830
6.375%, 04/09/2021			2,329		2,568
Republic of Kazakhstan
6.375%, 10/06/2020 (B)			600		646
Republic of Kazakhstan MTN
6.500%, 07/21/2045			1,000		1,247
5.125%, 07/21/2025 (B)			940		1,059
Samruk-Energy MTN
3.750%, 12/20/2017			500		499
Zhaikmunai
6.375%, 02/14/2019 (B)			197		181
Zhaikmunai Via Zhaikmunai International
7.125%, 11/13/2019 (B)			230		212
					11,014
Kenya — 0.6%
Kenya Government International Bond
6.875%, 06/24/2024 (B)			1,413		1,385
6.875%, 06/24/2024 (A)			3,285		3,219
5.875%, 06/24/2019 (B)			805		831
Kenya Infrastructure Bond
12.500%, 05/12/2025	KES		56,200		565
11.000%, 09/15/2025			230,000		2,182
11.000%, 10/12/2026			20,000		184
11.000%, 03/15/2027			124,850		1,172
					9,538
Lithuania — 0.0%
Republic of Lithuania
7.375%, 02/11/2020 (B)	$		195		232
Malaysia — 4.3%
1MDB Global Investments
4.400%, 03/09/2023			5,100		4,513

  SEI Institutional International Trust / Annual Report / September 30, 2016   53

SCHEDULE OF INVESTMENTS

September 30, 2016

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Malaysia Government Bond
5.248%, 09/15/2028	MYR		1,050	$	285
4.935%, 09/30/2043			4,200		1,075
4.498%, 04/15/2030			1,240		316
4.392%, 04/15/2026			10,601		2,702
4.232%, 06/30/2031			11,200		2,804
4.181%, 07/15/2024			11,316		2,846
4.160%, 07/15/2021			4,260		1,070
4.048%, 09/30/2021			4,330		1,084
4.012%, 09/15/2017			900		221
3.955%, 09/15/2025			29,823		7,356
3.900%, 11/30/2026			700		174
3.892%, 03/15/2027			1,369		334
3.889%, 07/31/2020			2,330		576
3.844%, 04/15/2033			1,770		411
3.800%, 08/17/2023			27,695		6,835
3.795%, 09/30/2022			9,500		2,339
3.654%, 10/31/2019			13,430		3,306
3.580%, 09/28/2018			4,747		1,168
3.502%, 05/31/2027			1,050		247
3.492%, 03/31/2020			5,460		1,332
3.480%, 03/15/2023			14,448		3,492
3.418%, 08/15/2022			15,169		3,658
3.314%, 10/31/2017			27,497		6,704
3.260%, 03/01/2018			22,500		5,494
Malaysia Government Investment Issue
4.070%, 09/30/2026			14,800		3,715
Petronas Capital MTN
3.500%, 03/18/2025 (A)(B)	$		2,593		2,790
					66,847
Mexico — 9.0%
Alfa
6.875%, 03/25/2044			1,750		1,852
America Movil
7.125%, 12/09/2024	MXN		18,110		932
6.000%, 06/09/2019			12,420		634
Banco Nacional de Comercio Exterior SNC
3.800%, 08/11/2026 (B)(C)	$		791		768
BBVA Bancomer
6.750%, 09/30/2022 (B)			500		559
Cemex
7.750%, 04/16/2026 (B)			2,278		2,527
6.125%, 05/05/2025 (B)			60		62
5.700%, 01/11/2025 (A)(B)			213		216
Cemex Finance
6.000%, 04/01/2024			1,090		1,117
Comision Federal de Electricidad
7.350%, 11/25/2025	MXN		39,785		1,922
5.750%, 02/14/2042 (B)	$		500		518
4.875%, 01/15/2024 (A)(B)			237		249
Fermaca Enterprises S de RL
6.375%, 03/30/2038 (B)			625		640

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Mexican Bonos
7.750%, 11/23/2034	MXN		55,928	$	3,281
7.750%, 11/13/2042			14,194		847
6.500%, 06/09/2022			87,639		4,677
5.750%, 03/05/2026			60,750		3,078
5.000%, 06/15/2017			34,891		1,804
5.000%, 12/11/2019			128,020		6,493
4.750%, 06/14/2018			801		41
Mexican Bonos MTN
3.625%, 03/15/2022	$		1,259		1,327
Mexican Bonos , Ser M
6.500%, 06/10/2021	MXN		246,800		13,138
Mexican Bonos , Ser M10
8.500%, 12/13/2018			43,500		2,384
Mexican Bonos , Ser M20
10.000%, 12/05/2024			335,784		21,918
8.500%, 05/31/2029			107,842		6,659
8.000%, 12/07/2023			11,575		672
7.750%, 05/29/2031			124,053		7,251
Mexican Bonos , Ser M30
10.000%, 11/20/2036			45,111		3,249
8.500%, 11/18/2038			107,378		6,837
Mexican Udibonos
2.000%, 06/09/2022			1,471		401
Mexico City Airport Trust
4.250%, 10/31/2026 (B)	$		428		429
Mexico Government International Bond
4.350%, 01/15/2047			1,201		1,180
Petroleos Mexicanos MTN
6.875%, 08/04/2026 (A)(B)			1,836		2,070
6.875%, 08/04/2026			5,240		5,908
6.750%, 09/21/2047 (B)			1,672		1,672
6.375%, 01/23/2045 (B)			806		770
5.625%, 01/23/2046			585		510
4.625%, 09/21/2023 (B)			1,185		1,187
4.250%, 01/15/2025			3,625		3,498
2.750%, 04/21/2027	EUR		350		348
Petroleos Mexicanos
9.500%, 09/15/2027	$		169		204
7.190%, 09/12/2024	MXN		77,130		3,681
6.625%, 06/15/2035	$		5,112		5,203
6.625%, 06/15/2038			2,088		2,067
6.500%, 06/02/2041			1,709		1,662
6.375%, 02/04/2021 (B)			326		355
6.375%, 01/23/2045			389		371
6.000%, 03/05/2020 (A)			335		362
5.500%, 01/21/2021			18		19
5.500%, 06/27/2044 (A)			1,558		1,351
5.500%, 06/27/2044			284		246
4.875%, 01/24/2022			271		276
4.875%, 01/18/2024			1,348		1,365

  54   SEI Institutional International Trust / Annual Report / September 30, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Petroloes Mexicanos MTN
5.625%, 01/23/2046 (B)	$		800	$	698
Sixsigma Networks Mexico
8.250%, 11/07/2021 (B)			527		516
Trust F
6.950%, 01/30/2044			1,920		2,093
United Mexican States MTN
5.550%, 01/21/2045			338		392
4.750%, 03/08/2044			200		207
United Mexican States
5.750%, 10/12/2110			468		495
4.600%, 01/23/2046			1,653		1,676
4.000%, 10/02/2023			1,376		1,470
3.600%, 01/30/2025 (A)			2,379		2,465
					140,799
Mongolia — 0.4%
Development Bank of Mongolia MTN
5.750%, 03/21/2017			902		884
Mongolia Government Bond MTN
10.875%, 04/06/2021 (B)			1,845		1,976
5.125%, 12/05/2022			2,119		1,860
5.125%, 12/05/2022			481		422
Trade & Development Bank of Mongolia MTN
9.375%, 05/19/2020 (B)			355		350
9.375%, 05/19/2020			350		345
					5,837
Montenegro — 0.0%
Republic of Montenegro
5.750%, 03/10/2021 (B)	EUR		551		658
Morocco — 0.1%
Kingdom of Morocco
5.500%, 12/11/2042	$		700		800
5.500%, 12/11/2042 (B)			200		229
OCP
5.625%, 04/25/2024 (B)			305		331
4.500%, 10/22/2025 (B)			288		292
					1,652
Namibia — 0.1%
Namibia International Bonds
5.250%, 10/29/2025 (B)			1,132		1,196
Netherlands — 0.0%
Marfrig Holdings Europe
8.000%, 06/08/2023 (B)			547		560
Nigeria — 0.1%
Republic of Nigeria
6.750%, 01/28/2021			851		857

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Oman — 0.3%
Oman Government International Bond
4.750%, 06/15/2026 (A)(B)	$		912	$	915
4.750%, 06/15/2026			2,446		2,455
3.625%, 06/15/2021			521		526
					3,896
Panama — 1.1%
Panama Notas del Tesoro
4.875%, 02/05/2021			704		763
Republic of Panama
9.375%, 01/16/2023			560		752
9.375%, 04/01/2029			3,931		6,083
8.875%, 09/30/2027			1,345		2,017
8.125%, 04/28/2034			2,128		3,107
6.700%, 01/26/2036			750		1,024
4.300%, 04/29/2053			130		138
4.000%, 09/22/2024 (A)			521		570
3.750%, 03/16/2025 (A)			1,768		1,907
					16,361
Paraguay — 0.4%
Republic of Paraguay
6.100%, 08/11/2044			861		979
6.100%, 08/11/2044 (B)			3,356		3,817
5.000%, 04/15/2026			956		1,028
Telefonica Celular del Paraguay
6.750%, 12/13/2022			200		207
6.750%, 12/13/2022			200		207
					6,238
Peru — 1.7%
Abengoa Transmision Sur
6.875%, 04/30/2043 (B)			273		290
Peru Enhanced Pass-Through Finance (E)
4.995%, 06/02/2025 (B)			1,000		847
1.229%, 05/31/2018			54		53
1.227%, 05/31/2018 (B)			145		142
Peru Government Bond
6.350%, 08/12/2028	PEN		2,895		849
Peruvian Government International Bond
6.350%, 08/12/2028			2,061		604
6.350%, 08/12/2028 (B)			1,465		429
Republic of Peru
8.750%, 11/21/2033	$		352		571
8.200%, 08/12/2026	PEN		5,401		1,883
6.950%, 08/12/2031			9,861		3,148
6.950%, 08/12/2031			6,696		2,137
6.850%, 02/12/2042			613		191
6.550%, 03/14/2037 (A)	$		1,239		1,750
5.700%, 08/12/2024 (B)	PEN		10,512		3,172
5.700%, 08/12/2024			3,584		1,081
3.750%, 03/01/2030	EUR		6,608		8,731

  SEI Institutional International Trust / Annual Report / September 30, 2016   55

SCHEDULE OF INVESTMENTS

September 30, 2016

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Southern Copper
3.875%, 04/23/2025	$		680	$	683
					26,561
Philippines — 0.1%
Republic of Philippines
3.900%, 11/26/2022	PHP		45,000		926
Poland — 4.6%
Poland Government Bond
2.750%, 04/25/2028	PLN		3,650		924
Republic of Poland
5.750%, 04/25/2029			2,080		687
5.250%, 10/25/2020			20,418		5,970
5.125%, 04/21/2021	$		1,016		1,148
5.000%, 03/23/2022			249		284
4.000%, 10/25/2023	PLN		30,481		8,642
4.000%, 01/22/2024	$		446		493
3.250%, 07/25/2025	PLN		34,726		9,359
3.250%, 04/06/2026	$		834		882
3.000%, 03/17/2023			1,458		1,516
2.750%, 08/25/2023 (A)	PLN		16,397		5,450
2.500%, 07/25/2026 (A)			44,395		11,188
1.750%, 07/25/2021			48,238		12,278
1.567%, 10/25/2018 (E)			14,650		3,692
1.500%, 04/25/2020			20,524		5,255
Republic of Poland , Ser 0922
5.750%, 09/23/2022			12,209		3,774
					71,542
Qatar — 0.6%
Ooredoo International Finance MTN
7.875%, 06/10/2019	$		665		769
State of Qatar
9.750%, 06/15/2030			2,637		4,345
6.400%, 01/20/2040			2,588		3,571
					8,685
Romania — 1.2%
Government of Romania
5.950%, 06/11/2021	RON		1,900		560
5.850%, 04/26/2023			9,250		2,792
4.750%, 02/24/2025			15,450		4,440
3.500%, 12/19/2022			5,115		1,361
Government of Romania MTN
6.750%, 02/07/2022	$		1,730		2,087
6.750%, 02/07/2022 (B)			1,333		1,608
6.125%, 01/22/2044			5,044		6,797
4.875%, 01/22/2024			212		242
4.375%, 08/22/2023			396		438
					20,325
Russia — 4.7%
Alfa Bank Via Alfa Bond Issuance
7.750%, 04/28/2021			500		573

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Evraz Group
8.250%, 01/28/2021	$		1,000	$	1,093
Republic of Serbia
7.250%, 09/28/2021			5,027		5,852
Ritekro
14.669%, 11/07/2022 (E)(G)			914		457
Russian Federal Bond - OFZ
8.150%, 02/03/2027	RUB		41,490		665
7.600%, 04/14/2021			487,263		7,535
7.600%, 07/20/2022			343,688		5,300
7.500%, 03/15/2018			139,947		2,193
7.500%, 02/27/2019			196,587		3,059
7.050%, 01/19/2028			161,212		2,375
7.000%, 01/25/2023			140,926		2,108
7.000%, 08/16/2023			326,364		4,873
6.800%, 12/11/2019			494,098		7,491
6.700%, 05/15/2019			302,961		4,613
6.400%, 05/27/2020			17,800		266
6.200%, 01/31/2018			145,934		2,249
0.000%, 12/03/2014 (D)			22,770		337
Russian Foreign Bond - Eurobond
5.875%, 09/16/2043	$		800		954
5.625%, 04/04/2042			1,400		1,617
5.000%, 04/29/2020 (A)(B)			484		522
4.875%, 09/16/2023			7,200		7,916
4.875%, 09/16/2023 (B)			800		880
3.250%, 04/04/2017			600		604
Russian Railways Via RZD Capital
5.700%, 04/05/2022			1,800		1,959
Vnesheconombank Via VEB Finance
6.902%, 07/09/2020			2,780		3,023
6.800%, 11/22/2025			4,124		4,548
6.800%, 11/22/2025 (B)			150		165
5.450%, 11/22/2017 (B)			400		411
					73,638
Senegal — 0.2%
Republic of Senegal
8.750%, 05/13/2021 (B)			540		613
8.750%, 05/13/2021			90		102
6.250%, 07/30/2024 (B)			426		441
6.250%, 07/30/2024			3,130		3,240
					4,396
Serbia — 0.2%
Republic of Serbia
7.250%, 09/28/2021 (B)			200		233
5.875%, 12/03/2018 (B)			530		562
4.875%, 02/25/2020			2,715		2,837
					3,632
Slovenia — 0.4%
Slovenia Government International Bond
5.850%, 05/10/2023			1,800		2,156

  56   SEI Institutional International Trust / Annual Report / September 30, 2016

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
5.250%, 02/18/2024	$		3,500	$	4,105
					6,261
South Africa — 5.9%
Eskom Holdings MTN
6.750%, 08/06/2023 (B)			1,043		1,071
Eskom Holdings
7.125%, 02/11/2025			1,750		1,797
7.125%, 02/11/2025 (B)			2,101		2,158
5.750%, 01/26/2021			289		287
Republic of South Africa
10.500%, 12/21/2026	ZAR		294,828		24,045
8.875%, 02/28/2035			43,130		3,034
8.750%, 01/31/2044			20,346		1,384
8.750%, 02/28/2048			91,349		6,201
8.500%, 01/31/2037			142,682		9,594
8.250%, 03/31/2032			159,763		10,740
8.000%, 01/31/2030			72,394		4,844
7.750%, 02/28/2023			45,001		3,176
7.250%, 01/15/2020			8,121		580
7.000%, 02/28/2031			103,711		6,300
6.750%, 03/31/2021			34,863		2,414
6.500%, 02/28/2041			39,901		2,120
6.250%, 03/31/2036			78,799		4,181
5.875%, 05/30/2022	$		258		292
5.875%, 09/16/2025 (A)			2,859		3,238
4.875%, 04/14/2026			1,245		1,309
South Africa Government International Bond
5.000%, 10/12/2046			292		292
4.300%, 10/12/2028			1,621		1,621
Transnet SOC MTN
9.500%, 05/13/2021 (B)	ZAR		13,360		915
					91,593
Sri Lanka — 0.8%
Republic of Sri Lanka
6.850%, 11/03/2025 (B)	$		908		974
6.850%, 11/03/2025			4,439		4,763
6.250%, 07/27/2021			1,385		1,447
5.875%, 07/25/2022 (B)			2,251		2,313
Sri Lanka Government International Bond
6.825%, 07/18/2026 (B)			1,209		1,300
					10,797
Supra-National — 0.2%
European Investment Bank MTN
8.500%, 09/17/2024	ZAR		9,200		670
7.200%, 07/09/2019	IDR		9,440,000		725
Inter-American Development Bank MTN
7.350%, 09/12/2018			20,140,000		1,554
					2,949
Thailand — 2.3%
Thailand Government Bond
5.670%, 03/13/2028	THB		3,000		116

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
4.875%, 06/22/2029	THB		193,959	$	7,155
4.675%, 06/29/2044			4,171		167
3.875%, 06/13/2019			68,000		2,079
3.850%, 12/12/2025			130,090		4,300
3.650%, 12/17/2021			346,356		10,918
3.625%, 06/16/2023			193,080		6,158
3.580%, 12/17/2027			29,970		979
3.400%, 06/17/2036			61,500		1,997
2.550%, 06/26/2020			40,000		1,189
1.875%, 06/17/2022			15,000		429
1.200%, 07/14/2021			59,400		1,780
					37,267
Tunisia — 0.2%
Banque Centrale de Tunisie
5.750%, 01/30/2025 (B)	$		3,118		3,047
Turkey — 7.9%
Export Credit Bank of Turkey MTN
5.375%, 02/08/2021 (B)			896		916
Export Credit Bank of Turkey
5.875%, 04/24/2019 (B)			200		208
5.000%, 09/23/2021 (B)			538		543
KOC Holding
5.250%, 03/15/2023			1,840		1,883
Republic of Turkey
11.875%, 01/15/2030			900		1,497
10.700%, 02/17/2021	TRY		23,372		8,242
10.600%, 02/11/2026			54,182		19,250
10.500%, 01/15/2020			6,610		2,312
10.400%, 03/27/2019			3,560		1,231
10.400%, 03/20/2024			2,250		787
9.500%, 01/12/2022			10,823		3,650
9.000%, 07/24/2024			16,629		5,395
8.800%, 11/14/2018			9,824		3,290
8.500%, 07/10/2019			3,658		1,213
8.500%, 09/14/2022			13,148		4,228
8.300%, 06/20/2018			5,751		1,913
8.000%, 03/12/2025			2,113		645
8.000%, 02/14/2034	$		1,350		1,744
7.500%, 11/07/2019			561		624
7.400%, 02/05/2020	TRY		38,587		12,318
7.375%, 02/05/2025	$		1,151		1,361
7.100%, 03/08/2023	TRY		6,560		1,951
7.000%, 03/11/2019	$		453		491
7.000%, 06/05/2020			7,025		7,773
6.875%, 03/17/2036			3,021		3,526
6.750%, 04/03/2018			1,374		1,452
6.750%, 05/30/2040			1,889		2,201
6.625%, 02/17/2045			3,051		3,556
6.300%, 02/14/2018	TRY		1,090		354
6.250%, 09/26/2022	$		2,410		2,645
6.000%, 01/14/2041			115		123

  SEI Institutional International Trust / Annual Report / September 30, 2016   57

SCHEDULE OF INVESTMENTS

September 30, 2016

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
5.750%, 03/22/2024		$               333	$	359
5.625%, 03/30/2021		2,292		2,441
5.125%, 03/25/2022		2,063		2,146
4.875%, 04/16/2043		673		628
4.250%, 04/14/2026		2,171		2,123
3.000%, 08/02/2023		TRY           5,302		2,363
TC Ziraat Bankasi MTN
4.750%, 04/29/2021 (B)		$               561		558
TC Ziraat Bankasi
4.250%, 07/03/2019 (B)		1,440		1,432
Turk Telekomunikasyon
4.875%, 06/19/2024		1,750		1,737
Turkey Government Bond
9.400%, 07/08/2020		TRY          35,231		11,900
9.200%, 09/22/2021		5,330		1,784
Turkiye Garanti Bankasi
6.250%, 04/20/2021		$            1,000		1,053
				125,846
Ukraine — 1.2%
Government of Ukraine
7.750%, 09/01/2019 (B)		70		69
7.750%, 09/01/2020 (B)		6,551		6,402
7.750%, 09/01/2021 (B)		1,895		1,839
7.750%, 09/01/2022 (B)		3,651		3,524
7.750%, 09/01/2023 (B)		930		893
7.750%, 09/01/2024		1,650		1,575
7.750%, 09/01/2024 (B)		730		697
7.750%, 09/01/2025 (B)		2,075		1,970
7.750%, 09/01/2026 (B)		625		591
7.750%, 09/01/2026		1,410		1,333
7.750%, 09/01/2027		690		649
7.750%, 09/01/2027 (B)		523		492
3.304%, 05/31/2040 (B)(C)		1,406		450
Ukreximbank Via Biz Finance
9.625%, 04/27/2022 (B)		1,711		1,677
				22,161
United Arab Emirates — 0.3%
DP World MTN
6.850%, 07/02/2037		1,800		2,081
MAF Global Securities
7.125%, 10/29/2049 (C)		2,490		2,628
				4,709
Uruguay — 1.0%
Republic of Uruguay PIK
7.875%, 01/15/2033		3,244		4,582
Republic of Uruguay
5.100%, 06/18/2050		6,736		6,989
4.375%, 10/27/2027		2,503		2,694
4.125%, 11/20/2045		346		324
				14,589

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Venezuela — 1.3%
Petroleos de Venezuela
6.000%, 05/16/2024	$	9,465	$	4,045
6.000%, 05/16/2024		2,782		1,189
6.000%, 11/15/2026		7,464		3,134
5.500%, 04/12/2037		4,700		1,950
5.375%, 04/12/2027		2,625		1,096
Republic of Venezuela
13.625%, 08/15/2018		144		109
13.625%, 08/15/2018		1,716		1,382
9.375%, 01/13/2034		4,526		2,344
9.250%, 05/07/2028		445		229
9.000%, 05/07/2023		1,000		507
8.250%, 10/13/2024		819		402
8.250%, 10/13/2024		562		276
8.250%, 10/13/2024		500		246
7.750%, 10/13/2019		1,862		1,144
7.650%, 04/21/2025		3,131		1,503
				19,556
Zambia — 0.1%
Republic of Zambia
8.970%, 07/30/2027		542		535
8.500%, 04/14/2024		1,122		1,103
5.375%, 09/20/2022		721		633
				2,271
Total Global Bonds (Cost $1,497,774) ($ Thousands)				1,501,358
LOAN PARTICIPATIONS — 0.2%
Singapore — 0.0%
Ashmore Cayman SPC, No. 1
0.000%, 08/31/2011 (C)(G)		262		131
Morton Bay
6.220%, 12/31/2013 (G)		3,158		–
				131
Venezuela — 0.2%
Bolivarian Republic of Venezuela
6.250%, 01/10/2018		2,800		2,856
Total Loan Participations (Cost $6,195) ($ Thousands)				2,987

  58   SEI Institutional International Trust / Annual Report / September 30, 2016

Description	Shares		Market Value ($ Thousands)
AFFILIATED PARTNERSHIP — 2.3%
SEI Liquidity Fund, L.P.
0.430% **†(H)		36,123,986	$	36,124
Total Affiliated Partnership (Cost $36,124) ($ Thousands)				36,124
Total Investments — 99.1% (Cost $1,540,093) ($ Thousands)			$	1,540,469

A list of the open futures contracts held by the Fund at September 30, 2016, is as follows:

Type of Contract	Number of Contracts Long (Short)		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Euro-Bund Index		(69)		Dec-2016		$(37)
Euro-Buxl 30 Year Bond		(18)		Dec-2016		(12)
JSE Bond Future R186		470		Nov-2016		31
JSE Bond Future R207		598		Nov-2016		29
JSE Bond Future R208		352		Nov-2016		20
JSE Bond Future R2030		1,198		Nov-2016		104
Korea 3-Year Bond		147		Dec-2016		37
U.S. 10-Year Treasury Note		118		Dec-2016		(70)
U.S. 5-Year Treasury Note		(329)		Dec-2016		(44)
U.S. Ultra Long Treasury Bond		(11)		Dec-2016		37
						$95

For the year ended September 30, 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 year.

A list of the open forward foreign currency contracts held by the Fund at September 30, 2016, is as follows:

Settlement Date		Currency to Deliver (Thousands)			Currency To Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
10/03/16-12/21/16	USD		32,518	EUR		29,065		$156
10/03/16-12/21/16	USD		28,563	EUR		25,316		(41)
10/03/16-11/10/16	EUR		5,707	USD		6,423		8
10/03/16-12/21/16	EUR		59,190	USD		66,149		(409)
10/04/16-12/02/16	USD		14,754	BRL		49,018		294
10/05/16-11/28/16	USD		20,703	BRL		67,617		(148)
10/05/16-11/28/16	BRL		70,903	USD		21,844		100
10/04/16-10/05/16	BRL		35,429	USD		10,769		(136)
10/05/16-07/19/17	USD		43,053	RUB		2,859,583		1,198
10/05/16-12/01/16	RUB		1,411,590	USD		21,595		(749)
11/02/16-12/21/16	USD		16,855	PEN		58,060		55
10/07/16	USD		4,747	PEN		15,974		(59)
12/20/16-12/21/16	USD		6,196	MYR		25,669		10
10/07/16-12/21/16	USD		32,255	MYR		131,775		(386)
10/11/16-12/21/16	USD		10,677	COP		32,304,681		416
10/11/16-12/21/16	TRY		39,143	USD		13,035		165
10/11/16-12/21/16	COP		15,429,826	USD		5,338		28
10/11/16-12/21/16	COP		49,861,867	USD		16,801		(355)
10/21/16-12/21/16	USD		34,927	THB		1,221,103		301
10/14/16-12/20/16	USD		5,789	THB		200,380		(7)

Settlement Date	Currency to Deliver (Thousands)			Currency To Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
10/17/16		EUR	3,298		HUF	1,022,807		$12
12/21/16-12/30/16		EUR	5,643		HUF	1,735,855		(46)
10/17/16-12/30/16		HUF	3,528,899		EUR	11,360		(45)
10/18/16-11/21/16		EUR	12,842		PLN	56,164		218
12/15/16-12/15/16		EUR	6,185		PLN	26,586		(35)
10/18/16-12/15/16		PLN	24,279		EUR	5,579		(68)
10/19/16-12/21/16		SGD	31,053		USD	22,721		(71)
11/30/16-12/21/16		USD	11,783		MXN	233,062		165
10/19/16-11/30/16		USD	21,416		MXN	406,137		(521)
10/21/16-12/21/16		USD	4,508		HUF	1,244,754		20
12/21/16		USD	743		HUF	203,993		(1)
10/21/16		PLN	5,261		USD	1,356		(18)
10/21/16		USD	2,979		RON	11,797		1
10/21/16		USD	3,066		RON	12,136		—
10/21/16-12/20/16		THB	100,053		USD	2,875		(13)
10/24/16-12/21/16		USD	5,223		CLP	3,517,161		96
12/21/16-12/21/16		USD	1,394		CLP	919,100		(7)
10/24/16		CLP	2,172,716		USD	3,313		20
10/24/16-12/21/16		CLP	2,712,525		USD	4,074		(18)
10/27/16-12/21/16		ZAR	580,925		USD	40,482		(1,382)
10/28/16		IDR	31,829,120		USD	2,453		14
11/22/16-05/23/17		IDR	133,547,974		USD	9,761		(390)
11/02/16		PEN	10,278		USD	3,012		2
12/27/16		USD	6,287		INR	425,223		21
11/04/16		USD	5,333		INR	356,584		—
11/07/16-12/21/16		MXN	462,163		USD	24,756		1,068
11/08/16-12/21/16		MYR	13,399		USD	3,261		20
12/20/16-12/21/16		MYR	16,573		USD	3,992		(16)
11/10/16-11/15/16		USD	10,783		TRY	32,389		(79)
11/10/16-12/21/16		USD	22,194		IDR	295,296,239		371
11/10/16-12/21/16		USD	12,836		ZAR	185,662		502
11/15/16-11/15/16		USD	15,197		ZAR	206,784		(277)
11/21/16		EUR	5,676		RON	25,271		(1)
11/30/16		ARS	15,714		USD	865		(133)
12/12/16		USD	3,055		KRW	3,374,115		8
12/12/16		USD	3,297		KRW	3,608,600		(21)
12/19/16-12/21/16		USD	19,277		PHP	928,595		(151)
12/19/16		PHP	299,403		USD	6,226		59
12/21/16		USD	12,920		PLN	50,266		198
12/21/16		RON	39,950		USD	10,108		(9)
12/21/16		ILS	63,170		USD	16,699		(173)
02/15/17		CNY	15,364		USD	2,293		8
12/21/16-02/15/17		CNY	115,460		USD	17,065		(126)
12/21/16		TWD	184,000		USD	5,829		(88)
12/21/16		HUF	2,462,498		USD	8,970		4
12/21/16-12/21/16		HUF	2,612,804		USD	9,462		(50)
12/21/16-12/21/16		KRW	12,394,079		USD	11,055		(196)
09/27/18		EUR	5,781		CZK	154,374		(3)
								$(690)

  SEI Institutional International Trust / Annual Report / September 30, 2016   59

SCHEDULE OF INVESTMENTS

September 30, 2016

Emerging Markets Debt Fund (Continued)

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at September 30, 2016, is as follows:

Counterparty	Currency to Deliver ($ Thousands)		Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Barclays PLC		$(14,820)		$14,717		$(103)
Citibank		(14,024)		14,665		641
Citigroup		(322,293)		322,753		460
Goldman Sachs		(214,085)		213,904		(181)

Counterparty	Currency to Deliver ($ Thousands)		Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
HSBC		$(8,776)		$8,730		$(46)
JPMorgan Chase Bank		(213,826)		212,296		(1,530)
Standard Bank		(64,609)		64,678		69
						$(690)

For the year ended September 30, 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 year.

A list of the open OTC swap agreements held by the Fund at September 30, 2016, is as follows:

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date	Currency	Notional Amount (Thousands)		Net Unrealized Appreciation (Depreciation) ($ Thousands)
Citibank	0.35%	6-Month CZK - PRIBOR	06/27/21	CZK		15,000		$              -
Goldman Sachs	28-Day MXN - TIIE	6.38%	09/16/26	MXN		26,000		(4)
Goldman Sachs	1.99%	6-Month HUF - BUBOR	07/25/26	HUF		500,000		(16)
Goldman Sachs	7.23%	COP Overnight Interbank Reference Rate	05/04/26	COP		3,031,228		(61)
Goldman Sachs	28-Day MXN - TIIE	6.17%	03/05/26	MXN		47,200		(41)
Goldman Sachs	28-Day MXN - TIIE	6.21%	12/08/25	MXN		16,624		(11)
Goldman Sachs	28-Day MXN - TIIE	6.36%	05/21/25	MXN		23,145		1
Goldman Sachs	3.45%	6-Month HUF - BUBOR	05/11/25	HUF		800,000		(444)
Goldman Sachs	1-Year BRL-CDI	10.84%	01/03/23	BRL		5,012		(165)
Goldman Sachs	1-Day BRL - CETIP	11.99%	01/02/23	BRL		3,000		(9)
Goldman Sachs	28-Day MXN - TIIE	5.90%	09/12/22	MXN		75,956		(55)
Goldman Sachs	3-Month MYR - KLIBOR	3.42%	09/23/21	MYR		14,000		(7)
Goldman Sachs	0.33%	6-Month CZK - PRIBOR	09/01/21	CZK		40,000		2
Goldman Sachs	0.38%	6-Month CZK - PRIBOR	08/02/21	CZK		30,000		(2)
Goldman Sachs	0.28%	6-Month CZK - PRIBOR	07/08/21	CZK		40,000		6
Goldman Sachs	5.63%	28-Day MXN - TIIE	06/11/21	MXN		63,409		59
Goldman Sachs	0.45%	6-Month CZK - PRIBOR	05/24/21	CZK		30,000		(7)
Goldman Sachs	3-Month MYR - KLIBOR	3.74%	03/23/21	MYR		10,300		32
Goldman Sachs	28-Day MXN - TIIE	5.37%	03/17/21	MXN		46,500		(65)
Goldman Sachs	CFETS 7-Day China Fixing Repo Rates	2.49%	02/04/21	CNY		18,000		(28)
Goldman Sachs	1-Day BRL-CDI	12.73%	01/04/21	BRL		10,608		108
Goldman Sachs	0.57%	6-Month CZK - PRIBOR	12/16/20	CZK		90,000		(51)
Goldman Sachs	0.42%	6-Month CZK - PRIBOR	10/23/20	CZK		42,000		(11)
Goldman Sachs	0.59%	6-Month CZK - PRIBOR	03/13/20	CZK		25,000		(13)
Goldman Sachs	1-Day BRL - CETIP	13.39%	01/02/19	BRL		14,395		141
Goldman Sachs	1-Day BRL - CETIP	13.42%	01/02/19	BRL		19,336		196
Goldman Sachs	4.63%	28-Day MXN - TIIE	09/21/18	MXN		168,578		36
Goldman Sachs	1-Year BRL-CDI	11.81%	01/02/18	BRL		9,833		(116)
Goldman Sachs	1-Year BRL-CDI	11.98%	01/02/18	BRL		3,338		(35)
Goldman Sachs	1-Day BRL - CETIP	12.86%	01/02/18	BRL		35,816		(75)
Goldman Sachs	1-Day BRL - CETIP	13.27%	01/02/17	BRL		27,961		(105)
JPMorgan Chase Bank	28-Day MXN - TIIE	6.13%	06/18/26	MXN		40,000		(43)
JPMorgan Chase Bank	4.29%	6-Month HUF - BUBOR	08/04/24	HUF		300,000		(228)
JPMorgan Chase Bank	0.36%	6-Month CZK - PRIBOR	09/29/21	CZK		20,000		-
JPMorgan Chase Bank	1.38%	6-Month HUF - BUBOR	06/17/21	HUF		654,998		(40)
JPMorgan Chase Bank	CFETS 7-Day China Fixing Repo Rates	2.83%	05/09/21	CNY		8,000		4
JPMorgan Chase Bank	0.39%	6-Month CZK - PRIBOR	04/04/21	CZK		25,000		(3)
JPMorgan Chase Bank	0.30%	6-Month CZK - PRIBOR	02/26/21	CZK		61,000		2
JPMorgan Chase Bank	7.16%	Columbia Overnight Interbank Reference Rate	02/11/21	COP		10,000,000		(163)
JPMorgan Chase Bank	CFETS 7-Day China Fixing Repo Rates	2.44%	01/26/21	CNY		17,000		(33)
JPMorgan Chase Bank	7.11%	Columbia Overnight Interbank Reference Rate	01/22/21	COP		9,929,262		(153)
JPMorgan Chase Bank	0.44%	6-Month CZK - PRIBOR	11/20/20	CZK		30,000		(9)
JPMorgan Chase Bank	0.50%	6-Month CZK - PRIBOR	05/05/20	CZK		140,000		(42)
JPMorgan Chase Bank	0.54%	6-Month CZK - PRIBOR	02/16/20	CZK		250,000		(111)
JPMorgan Chase Bank	1-Day COP - Columbia IBR Overnight Interbank	6.96%	11/17/17	COP		28,888,912		30
JPMorgan Chase Bank	1.77%	3-Month HUF - BUBOR	07/17/17	HUF		5,732,291		(196)
								$        (1,725)

  60   SEI Institutional International Trust / Annual Report / September 30, 2016

		Credit Default Swaps
Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pays)/ Receives Rate	Termination Date	Notional Amount (Thousands)			Net Unrealized Depreciation ($Thousands)
JPMorgan Chase Bank	United Mexican States	SELL	1.00	6/20/26		(1,200	)		$        (10)
		Cross Currency Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date	Currency	Notional Amount (Thousands)			Net Unrealized Appreciation ($ Thousands)
JPMorgan Chase Bank	3 Month USD LIBOR	9.53%	10/29/17	TRY		60,000			$        197

For the year ended September 30, 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 year.

Percentages are based on Net Assets of $1,554,152 ($ Thousands).

** Rate shown is the 7-day effective yield as of September 30, 2016.

^†  Investment in Affiliated Security (see Note 5).

(A) This security or a partial position of this security is on loan at September 30, 2016 (see Note 9). The total market value of securities on loan at September 30, 2016 was $34,829 ($ Thousands).

(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2016, the value of these securities amounted to $168,861 ($ Thousands), representing 10.9% of the net assets of the Fund.

(C) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2016.

(D) Step Bonds – The rate reflected on the Schedule of Investments is the effective yield on September 30, 2016. The coupon on a step bond changes on a specified date.

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

(F) Security is in default on interest payment.

(G) Securities considered illiquid. The total value of such securities as of September 30, 2016 was $588 ($ Thousands) and represented 0.0% of Net Assets (Unaudited).

(H) This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2016 was $36,124 ($ Thousands).

ARS — Argentine Peso

BRL — Brazilian Real

BUBOR — Budapest Interbank Offered Rate

CDI — Average One-Day Interbank Deposit Rate

CETIP — Central of Custody and Financial Settlement of Securities

CFETS — China Foreign Exchange Trade System

CLP — Chilean Peso

CNY — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

DOP — Dominican Peso

EUR — Euro

HUF — Hungarian Forint

IBR — Interbank Rate

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — Indian Rupee

JSE — Johannesburg Stock Exchange

KES — Kenyan Shilling

KLIBOR — Kuala Lumpur Interbank Offered Rate

KRW — Korean Won

LIBOR — London Interbank Offered Rate

L.P. — Limited Partnership

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

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

THB — Thai Bhat

TIIE — Equilibrium Interbank Offered Rate

TRY — Turkish Lira

TWD — Taiwan Dollar

USD — United States Dollar

ZAR — South African Rand

The following is a list of the level of inputs used as of September 30, 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	$	–	$	1,497,451	$	3,907	$	1,501,358
Loan Participations		–		2,856		131		2,987
Affiliated Partnership		–		36,124		–		36,124
Total Investments in Securities	$	–	$	1,536,431	$	4,038	$	1,540,469
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	258	$	–	$	–	$	258
Unrealized Depreciation		(163)		–		–		(163)
Forwards Contracts *
Unrealized Appreciation		–		5,538		–		5,538
Unrealized Depreciation		–		(6,228)		–		(6,228)
OTC Swaps
Credit Default Swaps *
Unrealized Depreciation		–		(10)		–		(10)
Interest Rate Swaps *
Unrealized Appreciation		–		617		–		617
Unrealized Depreciation		–		(2,342)		–		(2,342)
Cross Currency Swaps *
Unrealized Appreciation		–		197		–		197
Total Other Financial Instruments	$	95	$	(2,228)	$	–	$	(2,133)

(1) Of the $4,038 ($ Thousands) in Level 3 securities as of September 30, 2016, $4,038 ($ Thousands) or 0.26% 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

  SEI Institutional International Trust / Annual Report / September 30, 2016   61

SCHEDULE OF INVESTMENTS

September 30, 2016

Emerging Markets Debt Fund (Concluded)

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

For the year ended September 30, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 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.

  62   SEI Institutional International Trust / Annual Report / September 30, 2016

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

September 30, 2016

	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Assets:
Investments, at value †		$      2,780,803*		$      1,581,676*		$        500,696		$        1,504,345*
Affiliated investments, at value ††		319,345		252,646		–		36,124
Cash		79,747		19,696		7,673		34,705
Cash pledged as collateral for forward foreign currency contracts, futures contracts and swap contracts		–		–		1,483		6,095
Foreign currency, at value †††		876		1,586		21		–
Receivable for fund shares sold		1,376		574		252		1,022
Receivable for investment securities sold		2,794		9,951		3,077		8,730
Dividends and interest receivable		5,495		2,029		3,678		21,534
Unrealized gain on forward foreign currency contracts		–		–		2,970		5,538
Unrealized gain on foreign spot currency contracts		1		18		737		4
Receivable from custodian		–		–		–		685
Due from broker		–		–		–		136
Swap contracts, at value ††††		–		–		–		814
Foreign tax reclaim receivable		5,934		96		–		–
Other receivable		–		361		–		–
Receivable for variation margin		70		–		181		108
Prepaid expenses		23		12		5		12
Total Assets		3,196,464		1,868,645		520,773		1,619,852
Liabilities:
Payable upon return on securities loaned		284,416		245,981		–		36,124
Payable for investment securities purchased		3,265		10,775		5,204		16,806
Payable for fund shares redeemed		2,747		2,816		555		1,803
Swap contracts, at value ††††		–		–		241		2,465
Payable to custodian		–		–		–		127
Foreign currency payable to custodian, at value †††		–		–		–		137
Payable for variation margin		267		–		123		114
Administration fees payable		1,065		591		188		570
Unrealized loss on foreign currency spot contracts		5		9		367		75
Unrealized loss on forward foreign currency contracts		–		–		3,765		6,228
Trustees fees payable		1		–		–		–
Chief compliance officer fees payable		3		2		1		2
Administrative servicing fees payable		4		–		–		–
Shareholder servicing fees payable		558		313		102		295
Investment advisory fees payable		1,018		1,253		68		664
Accrued expense payable		293		460		101		290
Accrued foreign capital gains tax on appreciated securities		–		1,267		–		–
Total Liabilities		293,642		263,467		10,715		65,700
Net Assets		$        2,902,822		$      1,605,178		$        510,058		$        1,554,152
† Cost of investments		$        2,706,061		$      1,531,267		$        489,497		$        1,503,969
†† Cost of affiliated investments		319,345		252,646		–		36,124
††† Cost of foreign currency		888		1,596		20		(273)
†††† Cost (Premiums paid (received))		–		–		207		(113)
* Includes market value of securities on loan		269,416		231,057		–		34,829

  SEI Institutional International Trust / Annual Report / September 30, 2016   63

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands) (Concluded)

September 30, 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)		$       3,614,866		$         1,717,609		$            514,395		$         1,625,843
Undistributed (distributions in excess of) net investment income (accumulated net investment loss)		35,332		5,897		(16,951)		(27,958)
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency contracts and swap contracts		(822,350)		(167,484)		2,924		(41,954)
Net unrealized appreciation on investments		74,742		50,409		11,199		376
Net unrealized appreciation (depreciation) on futures contracts		479		–		(64)		95
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(247)		14		(1,262)		(712)
Net unrealized depreciation on swap contracts		–		–		(183)		(1,538)
Accumulated foreign capital gains tax on appreciated securities		–		(1,267)		–		–
Net Assets		$       2,902,822		$         1,605,178		$            510,058		$         1,554,152
Net Asset Value, Offering and Redemption Price Per Share — Class A		$                9.58		$                 10.09		$                10.51		$                10.08
		($2,729,762,106 ÷		($1,532,960,226 ÷		($497,156,668 ÷		($1,453,586,378 ÷
		285,093,839 shares)		152,003,932 shares)		47,292,738 shares)		144,167,180 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class I		$                9.55		N/A		N/A		N/A
		($4,341,001 ÷ 454,435 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class Y		$                9.59		$                 10.11		$                10.50		$                10.12
		($168,719,025 ÷ 17,591,244 shares)		($72,217,619 ÷ 7,146,286 shares)		($12,901,333 ÷ 1,228,294 shares)		($100,565,451 ÷ 9,933,976 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.

  64   SEI Institutional International Trust / Annual Report / September 30, 2016

STATEMENTS OF OPERATIONS ($ Thousands)

For the year ended September 30, 2016

	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Investment Income:
Dividends	$	78,416	$	37,075	$	–	$	–
Dividends from affiliated investments(1)		152		19		–		–
Interest Income		489		161		10,188		97,007
Security lending income — net (1)(2)		2,391		1,303		–		168
Less: foreign taxes withheld		(7,194)		(4,089)		(32)		(1,183)
Total Investment Income		74,254		34,469		10,156		95,992
Expenses:
Investment advisory fees		14,236		15,380		1,501		12,214
Administration fees		12,686		6,596		2,252		6,466
Shareholder servicing fees — Class A		6,650		3,510		1,230		3,359
Shareholder servicing fees — Class I		12		–		–		–
Administrative servicing fees — Class I		12		–		–		–
Printing fees		556		280		96		284
Proxy fees		547		316		112		313
Custodian/wire agent fees		290		655		84		494
Professional fees		280		174		40		115
Registration fees		64		33		11		39
Trustees’ fees		41		22		7		21
Overdraft fees		22		15		8		12
Chief compliance officer fees		15		8		3		8
Other expenses		144		82		170		147
Total Expenses		35,555		27,071		5,514		23,472
Less:
Waiver of investment advisory fees		(111)		(1,400)		(304)		(3,817)
Fees paid indirectly		–		(6)		–		–
Net Expenses		35,444		25,665		5,210		19,655
Net Investment Income		38,810		8,804		4,946		76,337
Net Realized Gain (Loss) on:
Investments		(79,685)		(78,102)		7,415		5,256
Futures contracts		(10,073)		–		1,261		(1,249)
Swap contracts		–		–		(2,969)		(9,765)
Purchased and written options		–		–		(15)		–
Foreign currency transactions		(1,906)		(1,081)		(16,154)		(76,847)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		200,439		354,258		42,472		224,524
Futures contracts		2,335		–		(327)		351
Swap contracts		–		–		2,026		2,845
Foreign capital gains tax on appreciated securities		5		(1,097)		–		–
Foreign currency translation of other assets and liabilities denominated in foreign currencies		49		52		(3,295)		(948)
Net Increase in Net Assets Resulting from Operations	$	149,974	$	282,834	$	35,360	$	220,504

(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.

  SEI Institutional International Trust / Annual Report / September 30, 2016   65

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the years ended September 30,

	International Equity Fund(1)				Emerging Markets Equity Fund(1)
	2016		2015		2016		2015
Operations:
Net Investment income	$	38,810	$	29,907	$	8,804	$	11,695
Net realized gain (loss) on investments and futures contracts		(89,758)		69,794		(78,102)		(42,913)
Net realized loss on forward foreign currency contracts and foreign currency transactions		(1,906)		(1,670)		(1,081)		(1,467)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		202,774		(267,021)		354,258		(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		49		(103)		52		18
Net change in unrealized appreciation (depreciation) on foreign capital tax gains on appreciated securities		5		–		(1,097)		1,853
Net Increase (Decrease) in Net Assets Resulting from Operations		149,974		(169,093)		282,834		(363,100)
Dividends and Distributions to Shareholders:
Net investment income:
Class A		(27,578)		(52,424)		(10,995)		(18,640)
Class I		(54)		(85)		N/A		N/A
Class Y		(1,652)		–		(481)		–
Total Dividends and Distributions		(29,284)		(52,509)		(11,476)		(18,640)
Capital Share Transactions:
Class A:
Proceeds from shares issued		578,672		691,524		351,777		494,958
Reinvestment of dividends & distributions		25,415		48,485		10,181		17,391
Cost of shares redeemed		(553,805)		(634,524)		(427,796)		(753,872)
Net Increase (Decrease) from Class A Transactions		50,282		105,485		(65,838)		(241,523)
Class I:
Proceeds from shares issued		3,755		1,300		N/A		N/A
Reinvestment of dividends & distributions		23		53		N/A		N/A
Cost of shares redeemed		(4,492)		(1,323)		N/A		N/A
Net Increase (Decrease) from Class I Transactions		(714)		30		N/A		N/A
Class Y:
Proceeds from shares issued		59,717		154,735		31,024		57,875
Reinvestment of dividends & distributions		1,652		–		481		–
Cost of shares redeemed		(32,774)		(22,503)		(18,477)		(6,060)
Net Increase from Class Y Transactions		28,595		132,232		13,028		51,815
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		78,163		237,747		(52,810)		(189,708)
Net Increase (Decrease) in Net Assets		198,853		16,145		218,548		(571,448)
Net Assets:
Beginning of Year		2,703,969		2,687,824		1,386,630		1,958,078
End of Year	$	2,902,822	$	2,703,969	$	1,605,178	$	1,386,630
Undistributed Net Investment Income Included in Net Assets at End of Year	$	35,332	$	25,838	$	5,897	$	6,484
Capital Share Transactions:
Class A:
Shares issued		62,276		70,760		40,420		49,684
Reinvestment of distributions		2,678		5,082		1,181		1,729
Shares redeemed		(60,234)		(65,342)		(48,860)		(74,085)
Total Class A Transactions		4,720		10,500		(7,259)		(22,672)
Class I:
Shares issued		401		134		N/A		N/A
Reinvestment of distributions		2		5		N/A		N/A
Shares redeemed		(491)		(136)		N/A		N/A
Total Class I Transactions		(88)		3		N/A		N/A
Class Y:
Shares issued		6,756		16,463		3,926		5,824
Reinvestment of distributions		174		–		56		–
Shares redeemed		(3,548)		(2,254)		(2,044)		(616)
Total Class Y Transactions		3,382		14,209		1,938		5,208
Net Increase (Decrease) in Shares Outstanding from Share Transactions		8,014		24,712		(5,321)		(17,464)

(1) Class Y shares of the Fund commenced operations on December 31, 2014.

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

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

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

  66   SEI Institutional International Trust / Annual Report / September 30, 2016

	International Fixed Income Fund(1)				Emerging Markets Debt Fund(2)
	2016		2015		2016		2015
Operations:
Net Investment Income	$	4,946	$	5,222	$	76,337	$	67,633
Net Realized Gain (Loss) on Investments, Futures Contracts and Swap Contracts		5,692		(403)		(5,758)		(29,296)
Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions		(16,154)		40,448		(76,847)		(56,413)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts and Swap Contracts		44,171		(23,230)		227,720		(173,772)
Net Change in Unrealized Depreciation on Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(3,295)		(11,844)		(948)		(2,079)
Net Increase (Decrease) in Net Assets Resulting from Operations		35,360		10,193		220,504		(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:
Class A:
Proceeds from Shares Issued		102,110		116,276		381,535		466,451
Reinvestment of Dividends & Distributions		25,432		34,693		–		24,076
Cost of Shares Redeemed		(133,070)		(150,275)		(360,386)		(395,413)
Net Increase (Decrease) from Class A Transactions		(5,528)		694		21,149		95,114
Class Y:
Proceeds from Shares Issued		17,670		–		29,615		94,421
Reinvestment of Dividends & Distributions		–		–		–		441
Cost of Shares Redeemed		(5,517)		–		(23,066)		(8,277)
Net Increase from Class Y Transactions		12,153		–		6,549		86,585
Net Increase in Net Assets derived from Capital Share Transactions		6,625		694		27,698		181,699
Net Increase (Decrease) in Net Assets		14,101		(27,827)		248,202		(39,781)
Net Assets:
Beginning of Year		495,957		523,784		1,305,950		1,345,731
End of Year	$	510,058	$	495,957	$	1,554,152	$	1,305,950
Undistributed (Distributions in Excess of) Net Investment Income (Accumulated Net Investment Loss) Included in Net Assets at End of Year	$	(16,951)	$	19,687	$	(27,958)	$	(26,663)
Capital Share Transactions:
Class A:
Shares Issued		9,984		10,971		41,702		48,643
Reinvestment of Distributions		2,578		3,346		–		2,455
Shares Redeemed		(13,033)		(14,238)		(39,212)		(41,303)
Total Class A Transactions		(471)		79		2,490		9,795
Class Y:
Shares Issued		1,784		–		3,391		9,882
Reinvestment of Distributions		–		–		–		47
Shares Redeemed		(556)		–		(2,494)		(892)
Total Class Y Transactions		1,228		–		897		9,037
Net Increase in Shares Outstanding from Share Transactions		757		79		3,387		18,832

(1) Class Y shares of the Fund commenced operations on October 30, 2015.

(2) Class Y shares of the Fund commenced operations on December 31, 2014.

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

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

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

  SEI Institutional International Trust / Annual Report / September 30, 2016   67

FINANCIAL HIGHLIGHTS

For the years or period ended September 30

For a Share Outstanding Throughout Each Year or Period

	Net Asset Value, Begin- ning of Period		Net Invest- ment Income(1)		Net Realized and Unrea- lized Gains (Losses) on Invest- ments(1)		Total from Operations		Dividends from Net Invest- ment Income		Distri- butions from Net Realized Gains		Total Dividends and Distri- butions		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 Invest- ment Income to Average Net Assets		Portfolio Turnover Rate†
International Equity Fund
Class A
2016		$9.16		$0.13		$0.39		$0.52		$(0.10)		$       –		$(0.10)		$9.58		5.63	%	$	2,729,762		1.27%(2)(3)		1.27%(2)(3)		1.28%(2)(3)		1.36%		45%
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
Class I
2016		$9.15		$0.10		$0.38		$0.48		$(0.08)		$       –		$(0.08)		$9.55		5.27	%	$	4,341		1.52%(3)(4)		1.52%(3)(4)		1.52%(3)(4)		1.09%		45%
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
Class Y
2016		$9.18		$0.16		$0.37		$0.53		$(0.12)		$       –		$(0.12)		$9.59		5.77	%	$	168,719		1.02%(3)(5)		1.02%(3)(5)		1.03%(3)(5)		1.70%		45%
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		$0.05		$1.68		$1.73		$(0.07)		$       –		$(0.07)		$10.09		20.66	%	$	1,532,960		1.76%(3)(7)		1.76%(3)(7)		1.86%(3)(8)		0.59%		79%
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
Class Y
2016		$8.45		$0.09		$1.66		$1.75		$(0.09)		$       –		$(0.09)		$10.11		20.95	%	$	72,218		1.52%(3)(9)		1.52%(3)(9)		1.62%(3)(10)		0.96%		79%
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		$0.10		$0.62		$0.72		$(0.57)		$(0.02)		$(0.59)		$10.51		7.32	%	$	497,157		1.05%(3)(11)		1.05%(3)(11)		1.11%(3)(12)		0.98%		106%
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
Class Y
2016(14)		$10.45		$0.12		$0.55		$0.67		$(0.60)		$(0.02)		$(0.62)		$10.50		6.79	%	$	12,901		0.80%(3)(15)		0.80%(3)(15)		0.87%(3)(16)		1.23%		106%
Emerging Markets Debt Fund
Class A
2016		$8.66		$0.49		$0.93		$1.42		$       –		$       –		$       –		$10.08		16.40	%	$	1,453,586		1.39%(3)(17)		1.39%(3)(17)		1.65%(3)(18)		5.30%		86%
2015		10.20		0.47		(1.81)		(1.34)		(0.19)		(0.01)		(0.20)		8.66		(13.35	)		1,227,567		1.36(17)		1.36(17)		1.61(18)		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(17)		1.36(17)		1.80(18)		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(17)		1.36(17)		1.81(18)		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(17)		1.36(17)		1.80(18)		4.85		102
Class Y
2016		$8.67		$0.52		$0.93		$1.45		$       –		$       –		$       –		$10.12		16.72	%	$	100,566		1.14%(3)(19)		1.14%(3)(19)		1.40%(3)(20)		5.55%		86%
2015(6)		9.63		0.37		(1.28)		(0.91)		(0.05)		–		(0.05)		8.67		(9.48	)		78,383		1.11(19)		1.11(19)		1.36(20)		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.

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

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

(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 1.52%, 1.49%, 1.49%, 1.50% and 1.51% for 2016, 2015, 2014, 2013 and 2012.

(5) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.02% 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 1.76%, 1.71%, 1.96%, 1.96% and 1.96% for 2016, 2015, 2014, 2013 and 2012.

(8) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.86%, 1.81%, 2.02%, 2.04% and 2.06% for 2016, 2015, 2014, 2013 and 2012.

  68   SEI Institutional International Trust / Annual Report / September 30, 2016

(9) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.52% and 1.46% for 2016 and 2015.

(10) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.62% and 1.46% for 2016 and 2015.

(11) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.05%, 1.02%, 1.02%, 1.02% and 1.02% for 2016, 2015, 2014, 2013 and 2012.

(12) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.11%, 1.07%, 1.20%, 1.20% and 1.20% for 2016, 2015, 2014, 2013 and 2012.

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

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

(15) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.80% for 2016.

(16) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.87% for 2016.

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

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

(19) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.14% and 1.11% for 2016 and 2015.

(20) 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 / Annual Report / September 30, 2016   69

NOTES TO FINANCIAL STATEMENTS

September 30, 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 Funds are investment companies in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Therefore, the Funds follow the accounting and reporting guidelines for investment companies. The preparation of financial statements, in conformity with 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

  70   SEI Insititution International Trust / Annual Report / September 30, 2016

is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.

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

  SEI Insititution International Trust / Annual Report / September 30, 2016   71

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2016

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

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

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

Level 1 — quoted prices in active markets for identical investments

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

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

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

The valuation techniques used by the Funds to measure fair value during the year ended September 30, 2016 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended September 30, 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

  72   SEI Insititution International Trust / Annual Report / September 30, 2016

are treated as ordinary income for Federal income tax purposes.

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open forward foreign currency contracts as of September 30, 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 September 30, 2016, if applicable.

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

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

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open option/swaption contracts as of September 30, 2016, if applicable.

  SEI Insititution International Trust / Annual Report / September 30, 2016   73

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2016

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

into swap agreements in order to, among other things, change the maturity or duration of the investment portfolio; protect a Fund’s value from changes in interest rates; or expose a Fund to a different security or market.

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. Centrally cleared swaps are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for centrally cleared swaps are provided by an independent source. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of Centrally Cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Schedule of Investments or the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.

Counterparty risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. Refer to each Fund’s Schedule of Investments for details regarding open swap contracts as of September 30, 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

  74   SEI Insititution International Trust / Annual Report / September 30, 2016

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. The 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.

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.

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

  SEI Insititution International Trust / Annual Report / September 30, 2016   75

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2016

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.

As of September 30, 2016, the International Fixed Income Fund and the Emerging Markets Debt Fund are the sellers (“providing protection”) on a total notional amount of $2.1 million and $1.2 million, respectively. 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 Funds are 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	$                –	$                  –	$              (241,118)	$                –	$              (241,118)
Maximum potential amount of future payments	–	–	2,110,000	–	2,110,000
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	–	–	–	–		2,110,000		2,110,000
Total	$                  –	$                  –	$                  –	$                  –	$	2,110,000	$	2,110,000

* 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.

  76   SEI Insititution International Trust / Annual Report / September 30, 2016

Emerging Markets Debt 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	$                  –	$            (123,393)	$                  –	$                  –	$            (123,393)
Maximum potential amount of future payments	–	1,200,000	–	–	1,200,000
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	—	—	—		1,200,000	—		1,200,000
Total	$                  —	$                  —	$                  —	$	1,200,000	$                  —	$	1,200,000

* 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 year. For Funds that held derivatives throughout the year with only one type of risk exposure, additional information can be found on the Schedules of Investments and the Statements of Operations. The fair value of derivative instruments as of year end was as follows:

	Asset Derivatives			Liability Derivatives
	Year ended September 30, 2016 ($ Thousands)			Year ended September 30, 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	$	151*	Net Assets – Unrealized depreciation on futures contracts	$	215*
	Net Assets — Unrealized appreciation on swap contracts		–†	Net Assets – Unrealized depreciation on swap contracts		149†
Credit contracts	Net Assets — Unrealized appreciation on swap contracts		–†	Net Assets – Unrealized depreciation on swap contracts		34†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		2,970	Unrealized loss on forward foreign currency contracts		3,765
Total derivatives not accounted for as hedging instruments		$	3,121		$	4,163

  SEI Institutional International Trust / Annual Report / September 30, 2016   77

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2016

	Asset Derivatives			Liability Derivatives
	Year ended September 30, 2016 ($ Thousands)			Year ended September 30, 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	$	258*	Net Assets — Unrealized depreciation on futures contracts	$	163*
	Net Assets — Unrealized appreciation on swap contracts		617†	Net Assets — Unrealized depreciation on swap contracts		2,342†
Credit Contracts	Net Assets — Unrealized appreciation on swap contracts		—†	Net Assets — Unrealized depreciation on swap contracts		10†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		5,538	Unrealized loss on forward foreign currency contracts		6,228
	Net Assets — Unrealized appreciation on swap contracts		197†	Net Assets — Unrealized depreciation on swap contracts		—†
Total derivatives not accounted for as hedging instruments		$	6,610		$	8,743

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

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

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 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	$	—	$	1,261	$	—	$	(3,019)	$	(1,758)
Foreign exchange contracts		(15)		—		(7,860)		—		(7,875)
Credit contracts		—		—		—		50		50
Total	$	(15)	$	1,261	$	(7,860)	$	(2,969)	$	(9,583)
Derivatives Not Accounted for as Hedging Instruments			Futures		Forward Currency Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts			$	(1,249)	$	—	$	(608)	$	(1,857)
Foreign exchange contracts				—		(14,914)		(8,898)		(23,812)
Credit contracts				—		—		(259)		(259)
Total			$	(1,249)	$	(14,914)	$	(9,765)	$	(25,928)
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			$	(327)	$	—	$	1,960	$	1,633
Foreign exchange contracts				—		(4,110)		—		(4,110)
Credit contracts				—		—		66		66
Total			$	(327)	$	(4,110)	$	2,026	$	(2,411)

  78   SEI Insititution International Trust / Annual Report / September 30, 2016

Derivatives Not Accounted for as Hedging Instruments	Futures		Forward     Currency     Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	351	$	—	$	1,901	$	2,252
Foreign exchange contracts		—		(1,438)		954		(484)
Credit contracts		—		—		(10)		(10)
Total	$	351	$	(1,438)	$	2,845	$	1,758

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 September 30, 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	$	70	$	—	$	70	$	267	$	–	$	267
International Fixed Income Fund		171		10		181		123		–		123
Emerging Markets Debt Fund		108		—		108		114		–		114

Securities with an aggregate market value of $3,040 ($ Thousands) have been pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2016 for the International Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative

instruments as of September 30, 2016 amounted to $3,569 ($ Thousands) for the International Fixed Income Fund.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial

  SEI Insititution International Trust / Annual Report / September 30, 2016   79

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2016

derivative transactions entered into by a Fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election

to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.

The following is a summary by derivative type of the market value of OTC financial derivative instruments and collateral (received)/pledged as of September 30, 2016 ($ Thousands):

	Financial Derivative Assets						Financial Derivative Liabilities
International Fixed Income 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*
Bank of America	$	483	$	–	$	483	$	5	$	–	$	5	$	478		$	–	$	478
Bank of Montreal		300		–		300		176		–		176		124			–		124
Barclays PLC		27		–		27		140		–		140		(113	)		–		(113	)
BNP Paribas		5		–		5		26		–		26		(21	)		–		(21	)
Brown Brothers Harriman		84		–		84		552		–		552		(468	)		–		(468	)
Citigroup		1,003		–		1,003		108		–		108		895			–		895
Commonwealth Bank Of Australia		3		–		3		–		–		–		3			–		3
Credit Suisse		–		–		–		–		28		28		(28	)		–		(28	)
Credit Suisse First Boston		39		–		39		60		–		60		(21	)		–		(21	)
Deutsche Bank		–		–		–		15		6		21		(21	)		–		(21	)
Goldman Sachs		486		–		486		273		–		273		213			–		213
HSBC		37		–		37		123		–		123		(86	)		–		(86	)
ITG		36		–		36		893		–		893		(857	)		–		(857	)
JPMorgan Chase Bank		37		–		37		35		–		35		2			–		2
Merrill Lynch		2		–		2		1		–		1		1			–		1
Morgan Stanley		63		–		63		32		–		32		31			–		31
National Australia Capital Markets		–		–		–		498		–		498		(498	)		–		(498	)
National Bank of Australia		154		–		154		771		–		771		(617	)		–		(617	)
RBC		127		–		127		18		–		18		109			–		109
Royal Bank of Scotland		1		–		1		3		–		3		(2	)		–		(2	)
SG Cowen		5		–		5		2		–		2		3			–		3
Standard Chartered		35		–		35		5		–		5		30			–		30
State Street		2		–		2		20		–		20		(18	)		–		(18	)
TD Securities		–		–		–		2		–		2		(2	)		–		(2	)
UBS Securities		2		–		2		2		–		2		–			–		–
USAllianz		35		–		35		–		–		–		35			–		35
Wells Fargo		–		–		–		1		–		1		(1	)		–		(1	)
WestPac Banking		4		–		4		4		–		4		–			–		–
Total	$	2,970	$	–	$	2,970	$	3,765	$	34	$	3,799

  80   SEI Insititution International Trust / Annual Report / September 30, 2016

	Financial Derivative Assets						Financial Derivative Liabilities
Emerging Markets Debt 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)
Barclays PLC	$	33	$	–	$	33	$	136	$	–	$	136	$	(103	)	$	–		$	(103	)
Citibank		641		–		641		–		–		–		641			–			641
Citigroup		2,371		–		2,371		1,911		–		1,911		460			–			460
Goldman Sachs		1,440		581		2,021		1,621		1,321		2,942		(921	)		690			(231	)
HSBC		13		–		13		59		–		59		(46	)		–			(46	)
JPMorgan Chase Bank		687		233		920		2,217		1,031		3,248		(2,328	)		2,328	(2)		–
Standard Bank		353		–		353		284		–		284		69			–			69
Total	$	5,538	$	814	$	6,352	$	6,228	$	2,352	$	8,580

(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.

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

No securities have been pledged or have been received as collateral for OTC financial derivative instruments as governed by ISDA Master Agreements as of September 30, 2016.

Written options transactions entered into during the year ended September 30, 2016 are summarized as follows:

International Fixed Income Fund	Number of   Contracts			Premium ($ Thousands)
Balance at the beginning of year		—		$	—
Written		22,788,000			158
Expired		(19,159,000	)		(99	)
Closing buys		(3,629,000	)		(59	)
Balance at the end of year		—		$	—

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.

  SEI Insititution International Trust / Annual Report / September 30, 2016   81

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2016

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%		–		1.24%
Class I		0.505%		0.45%		0.25%		0.25%		1.49%
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%
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 September 30, 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 Investment Advisers LLC

NWQ Investment Management Company, 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 Investment Advisers 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 Investment Advisers 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 year ended September 30, 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 year ended September 30, 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 Government Fund, an affiliated money market fund to manage excess cash or to serve as margin or collateral for derivative positions (the SEI Daily Income Trust Prime Obligation Fund was closed on July 22, 2016). Additionally, the Funds may invest cash collateral from the securities lending program in the SEI Liquidity Fund, L.P., also an affiliated fund.

  82   SEI Insititution International Trust / Annual Report / September 30, 2016

The following is summary of the transactions with affiliates for the year ended September 30, 2016 ($ Thousands):

International Equity Fund
Security Description	Value 9/30/2015	Purchases at Cost	Proceeds from Sales		Value 9/30/2016		Dividend Income
SEI Liquidity Fund, L.P.	$ 233,929	$1,341,953		$(1,291,466)		$ 284,416		$ 2,391
SEI Daily Income Trust, Prime Obligation Fund, Class A	91,924	161,865		(253,789)		–		132
SEI Daily Income Trust, Government Fund, Class A	–	78,819		(43,890)		34,929		20
Totals	$325,853	$1,582,637		$(1,589,145)		$319,345		$ 2,543
Emerging Markets Equity Fund
Security Description	Value 9/30/2015	Purchases at Cost	Proceeds from Sales		Value 9/30/2016		Dividend Income
SEI Liquidity Fund, L.P.	$135,645	$844,490		$(734,154)		$245,981		$1,303
SEI Daily Income Trust, Prime Obligation Fund, Class A	12,203	186,265		(198,468)		–		15
SEI Daily Income Trust, Government Fund, Class A	–	40,933		(34,268)		6,665		4
Totals	$147,848	$1,071,688		$(966,890)		$252,646		$1,322
Emerging Markets Debt Fund
Security Description	Value 9/30/2015	Purchases at Cost	Proceeds from Sales		Value 9/30/2016		Dividend Income
SEI Liquidity Fund, L.P.	$20,810	$207,275		$(191,961)		$36,124		$168

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 year ended September 30, 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 year ended September 30, 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		$–		$–		$80,216		$209,232
Other		1,325,332		1,132,223(1)		418,203		961,056
Sales
U.S. Government		–		–		50,254		90,096
Other		1,184,199		1,170,208(1)		438,796		1,022,935

(1) includes 17a-7 related party transactions of $5,462 ($ Thousands)

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.

  SEI Insititution International Trust / Annual Report / September 30, 2016   83

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2016

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

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, undistributed net investment income or accumulated net realized gain, as appropriate, in the period that the differences arise.

Accordingly, the following permanent differences, primarily attributable to different treatment for gains and losses on paydowns of mortgage and asset-backed securities for tax purposes, investments in swaps, investments in passive foreign investment companies, distribution reclassification, REIT income reclassification and foreign currency transactions have been reclassified to/from the following accounts as of September 30, 2016:

	Paid-in- Capital ($ Thousands)		Accumulated Realized Gain/(Loss) ($Thousands)		Undistributed Net Investment Income ($ Thousands)
International Equity Fund		$    –		$         32		$        (32)
Emerging Markets Equity Fund		–		(2,085)		2,085
International Fixed Income Fund		–		14,512		(14,512)
Emerging Markets Debt Fund		–		77,632		(77,632)

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	2016		$            29,284		$                                                      –		$            29,284
	2015		52,509		–		52,509
Emerging Markets Equity Fund	2016		11,476		–		11,476
	2015		18,640		–		18,640
International Fixed Income Fund	2016		27,843		41		27,884
	2015		38,714		–		38,714
Emerging Markets Debt Fund	2016		–		–		–
	2015		27,003		550		27,553

As of September 30, 2016, 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 Appreciation (Depreciation) ($ Thousands)		Other Temporary Differences ($ Thousands)		Total Accumulated Losses ($ Thousands)
International Equity Fund	$	38,542	$	–	$	(801,314)	$	–	$	–	$	51,148	$	(420)	$	(712,044)
Emerging Markets Equity Fund		12,421		–		(137,671)		–		–		12,821		(2)		(112,431)
International Fixed Income Fund		2,957		–		–		–		(3,557)		9,542		(13,279)		(4,337)
Emerging Markets Debt Fund		7,701		–		(37,895)		–		–		(5,964)		(35,533)		(71,691)

Post-October losses represent losses realized on investment transactions from November 1, 2015 through September 30, 2016 that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

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 9/30/16 ($ Thousands)
International Equity Fund	$	19,275	$	690,357	$	709,632
Emerging Markets Equity Fund		–		10,206		10,206

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

  84   SEI Insititution International Trust / Annual Report / September 30, 2016

short-term or long-term capital losses rather than being considered all short-term as under previous law.

	Short-Term ($ Thousands)		Long-Term ($ Thousands)		Total Capital Loss Carryforwards 9/30/2016* ($Thousands)
International Equity Fund		$61,715		$29,967		$91,682
Emerging Markets Equity Fund		34,589		92,876		127,465
Emerging Markets Debt Fund		10,382		27,513		37,895

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

For Federal income tax purposes, the cost of securities owned at September 30, 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 September 30, 2016, was as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
International Equity Fund	$	3,049,232	$	283,168	$	(232,252	)	$	50,916
Emerging Markets Equity Fund		1,820,248		185,276		(171,202	)		14,074
International Fixed Income Fund		489,645		21,700		(10,649	)		11,051
Emerging Markets Debt Fund		1,544,278		75,574		(79,383	)		(3,809	)

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

  SEI Insititution International Trust / Annual Report / September 30, 2016   85

NOTES TO FINANCIAL STATEMENTS (Concluded)

September 30, 2016

underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

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

9. SECURITIES LENDING

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

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

The following is a summary of securities lending agreements held by certain Funds which would be subject to offset as of September 30, 2016 ($ Thousands):

	Securities Loaned at Value		Cash Collateral Received(1)		Net Amount
International Equity Fund	$	269,416	$	269,416	$	–
Emerging Markets Equity Fund		231,057		231,057		–
Emerging Markets Debt Fund		34,829		34,829		–

(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 September 30, 2016, SPTC held of record the following:

Fund	Class A		Class I		Class Y
International Equity Fund		97.22%		47.00%		19.59%
Emerging Markets Equity Fund		91.05%		–		39.07%
International Fixed Income Fund		96.86%		–		100.00%
Emerging Markets Debt Fund		97.41%		–		20.83%

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 September 30, 2016.

  86   SEI Insititution International Trust / Annual Report / September 30, 2016

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Shareholders and Board of Trustees

SEI Institutional International Trust:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of SEI Institutional International Trust, comprised of the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund, and the Emerging Markets Debt Fund (collectively, the “Funds”), as of September 30, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2016, by correspondence with the custodian, transfer agent and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds comprising the SEI Institutional International Trust as of September 30, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

November 28, 2016

  SEI Institutional International Trust / Annual Report / September 30, 2016   87

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited)

The following chart lists Trustees and Officers as of September 30, 2016.

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

Name, Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by  Trustee2	Other Directorships Held by Trustee
INTERESTED TRUSTEES
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 70 yrs. old	Chairman of the Board of Trustees*	since 1995	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	100	Vice Chairman of The Advisors’ Inner Circle Fund III, Winton Series Trust and Winton Diversified Opportunities Fund since 2014. Vice Chairman of Gallery Trust since 2015. President and Director of SEI Structured Credit Fund, LP. Director of SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Multi-Strategy Funds PLC, SEI Global Nominee Ltd and SEI Investments—Unit Trust Management (UK) Limited. Director and President of SEI Opportunity Fund, L.P. to 2010. President, Director and Chief Executive Officer of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, Adviser Managed Trust, The KP Funds and SEI Catholic Values Trust.
William M. Doran One Freedom Valley Drive Oaks, PA 19456 76 yrs. old	Trustee*	since 1995	Self-employed consultant since 2003. Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003, counsel to the Trust, SEI, SIMC, the Administrator and the Distributor.	100	Director of SEI since 1974; Secretary of SEI since 1978. Director of SEI Investments Distribution Co. since 2003. Director of SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Investments (Asia) Limited, SEI Global Nominee Ltd. and SEI Investments—Unit Trust Management (UK) Limited. Trustee of SEI Liquid Asset Trust from 1982 to 2016. Trustee of O’Connor EQUUS from 2014 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The Advisors’ Inner Circle Fund III, Winton Series Trust, Winton Diversified Opportunities Fund, Gallery Trust, Bishop Street Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, Adviser Managed Trust, The KP Funds and SEI Catholic Values Trust.
TRUSTEES
George J. Sullivan Jr. One Freedom Valley Drive, Oaks, PA 19456 73 yrs. old	Trustee	since 1996	Retired since January 2012. Self-Employed Consultant, Newfound Consultants Inc. April 1997—December 2011.	100	Member of the independent review committee for SEI’s Canadian-registered mutual funds. Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 1996 to 2016. Trustee/Director of State Street Navigator Securities Lending Trust, The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, Adviser Managed Trust, The KP Funds and SEI Catholic Values Trust.

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

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

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

  88   SEI Institutional International Trust / Annual Report / September 30, 2016

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee2	Other Directorships Held by Trustee
TRUSTEES (continued)
Nina Lesavoy One Freedom Valley Drive, Oaks, PA 19456 59 yrs. old	Trustee	since 2003	Founder and Managing Director, Avec Capital (strategic fundraising firm) since 2008. Managing Director, Cue Capital (strategic fundraising firm) from March 2002—March 2008.	100	Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2003 to 2016. Trustee/Director of SEI Structured Credit Fund, L.P., SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, Adviser Managed Trust and SEI Catholic Values Trust.
James M. Williams One Freedom Valley Drive, Oaks, PA 19456 69 yrs. old	Trustee	since 2004	Vice President and Chief Investment Officer, J. Paul Getty Trust, Non-Profit Foundation for Visual Arts, since December 2002. President, Harbor Capital Advisors and Harbor Mutual Funds, 2000—2002. Director of SEI Alpha Strategy Portfolios, L.P. from 2007 to 2013. Manager, Pension Asset Management, Ford Motor Company, 1997—1999.	100	Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013, Trustee of SEI Liquid Asset Trust from 2004 to 2016. Trustee/Director of Ariel Mutual Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, Adviser Managed Trust and SEI Catholic Values Trust.
Mitchell A. Johnson One Freedom Valley Drive, Oaks, PA 19456 74 yrs. old	Trustee	since 2007	Private Investor since 1994.	100	Director, Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2007 to 2016. Trustee of the Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, Adviser Managed Trust, The KP Funds and SEI Catholic Values Trust.
Hubert L. Harris, Jr. One Freedom Valley Drive, Oaks, PA 19456 73 yrs. old	Trustee	since 2008	Retired since December 2005. Owner of Harris Plantation, Inc. since 1995. Chief Executive Officer of Harris CAPM, a consulting asset and property management entity. Chief Executive Officer, INVESCO North America, August 2003—December 2005. Chief Executive Officer and Chair of the Board of Directors, AMVESCAP Retirement, Inc., January 1998— August 2003.	100	Director of AMVESCAP PLC from 1993-2004. Served as a director of a bank holding company, 2003-2009. Director, Aaron’s Inc., 2012—present. Chair of the Board of Trustees, Georgia Tech Foundation, Inc. (nonprofit corporation), 2007—2009, and member of the Executive Committee, 2003—2011; currently emeritus trustee. Member of the advisory board of the Georgia Tech Ivan Allen School of Liberal Arts and the Sam Nunn School of International Affairs, 2009-present. Member of the Board of Councilors of the Carter Center (nonprofit corporation). Director of SEI Alpha Strategy Portfolios, LP from 2008 to 2013. Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, Adviser Managed Trust and SEI Catholic Values Trust.
Susan C. Cote One Freedom Valley Drive Oaks, PA 19456 61 years old	Trustee	since 2016	Retired since July 2015. Americas Director of Asset Management, Ernst & Young LLP from 2006—2013. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006—2015. Partner Ernst & Young LLP from 1997—2015. Prudential, 1983—1997. Retirement Investment Committee-Treasurer and Chair of Finance, Investment and Audit Committee of the New York Women’s Foundation. Independent Consultant to SEI Liquid Asset Allocation Trust.	100	Trustee of SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, SEI Insurance Products Trust, Adviser Managed Trust and SEI Catholic Values Trust.
OFFICERS
Robert A. Nesher One Freedom Valley Drive, Oaks, PA 19456 70 yrs. Old	President and CEO	since 2005	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	N/A	N/A
James J. Hoffmayer One Freedom Valley Drive Oaks, PA 19456 43 yrs. old	Controller and Chief Financial Officer	since 2016	Senior Director, Funds Accounting and Fund Administration, SEI Investments Global Funds Services (since September 2016); Senior Director of Fund Administration, SEI Investments Global Funds Services (since October 2014). Director of Financial Reporting, SEI Investments Global Funds Services (November 2004 —October 2014).	N/A	N/A

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

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

  SEI Institutional International Trust / Annual Report / September 30, 2016   89

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) (Concluded)

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee2	Other Directorships Held by Trustee
OFFICERS (continued)
Russell Emery One Freedom Valley Drive Oaks, PA 19456 53 yrs. old	Chief Compliance Officer	since 2006	Chief Compliance Officer of SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Tax Exempt Trust, The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds since March 2006. Chief Compliance Officer of SEI Liquid Asset Trust from 2006 to 2016. Chief Compliance Officer of SEI Structured Credit Fund, LP June 2007. Chief Compliance Officer of Adviser Managed Trust since December 2010. Chief Compliance Officer of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Chief Compliance Officer of SEI Insurance Products Trust and The KP Funds since 2013. Chief Compliance Officer of O’Connor EQUUS from 2014 to 2016. Chief Compliance Officer of The Advisors’ Inner Circle Fund III, Winton Series Trust and Winton Diversified Opportunities Fund since 2014. Chief Compliance Officer of SEI Catholic Values Trust and Gallery Trust since 2015.	N/A	N/A
Timothy D Barto One Freedom Valley Drive Oaks, PA 19456 48 yrs. old	Vice President and Secretary	since 2002	Vice President and Secretary of SEI Institutional Transfer Agent, Inc. since 2009. General Counsel and Secretary of SIMC and the Administrator since 2004. Vice President of SIMC and the Administrator since 1999. Vice President and Assistant Secretary of SEI since 2001.	N/A	N/A
Aaron Buser One Freedom Valley Drive, Oaks, PA 19456 45 yrs. old	Vice President and Assistant Secretary	since 2008	Vice President and Assistant Secretary of SEI Institutional Transfer Agent, Inc. since 2009. Vice President and Assistant Secretary of SIMC since 2007. Attorney Stark & Stark (law firm), March 2004—July 2007.	N/A	N/A
David F. McCann One Freedom Valley Drive, Oaks, PA 19456 40 yrs. old	Vice President and Assistant Secretary	since 2009	Vice President and Assistant Secretary of SEI Institutional Transfer Agent, Inc. since 2009. Vice President and Assistant Secretary of SIMC since 2008. Attorney, Drinker Biddle & Heath, LLP (law firm), May 2005 —October 2008.	N/A	N/A
Stephen G. MacRae One Freedom Valley Drive, Oaks, PA 19456 47 yrs. old	Vice President	since 2012	Director of Global Investment Product Management January 2004 to present. Global Funds Services, March 2005 to June 2006.	N/A	N/A
Bridget E. Sudall One Freedom Valley Drive Oaks, PA 19456 36 yrs. old	Anti-Money Laundering Compliance Officer and Privacy Officer	since 2015	Anti-Money Laundering Compliance Officer and Privacy Officer (since 2015), Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, April 2011—March 2015, Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, July 2007—April 2011.	N/A	N/A

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

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

  90   SEI Institutional International Trust / Annual Report / September 30, 2016

DISCLOSURE OF FUND EXPENSES (Unaudited)

September 30, 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 4/1/16		Ending Account Value 9/30/16		Annualized Expense Ratios			Expenses Paid During Period *
International Equity Fund
Actual Fund Return
Class A		$1,000.00		$1,037.90		1.26	%		$6.44
Class I		1,000.00		1,035.80		1.51			7.71
Class Y		1,000.00		1,039.00		1.01			5.16
Hypothetical 5% Return
Class A		$1,000.00		$1,018.75		1.26	%		$6.38
Class I		1,000.00		1,017.50		1.51			7.64
Class Y		1,000.00		1,020.00		1.01			5.11
Emerging Markets Equity Fund
Actual Fund Return
Class A		$1,000.00		$1,127.40		1.75	%		$9.33
Class Y		1,000.00		1,128.30		1.50			8.00
Hypothetical 5% Return
Class A		$1,000.00		$1,016.29		1.75	%		$8.85
Class Y		1,000.00		1,017.55		1.50			7.59

	Beginning Account Value 4/1/16		Ending Account Value 9/30/16		Annualized Expense Ratios			Expenses Paid During Period *
International Fixed Income Fund
Actual Fund Return
Class A		$1,000.00		$1,034.40		1.03	%		$5.25
Class Y		1,000.00		1,035.50		0.78			3.98
Hypothetical 5% Return
Class A		$1,000.00		$1,019.90		1.03	%		$5.22
Class Y		1,000.00		1,021.16		0.78			3.95
Emerging Markets Debt Fund
Actual Fund Return
Class A		$1,000.00		$1,073.50		1.37	%		$7.12
Class Y		1,000.00		1,075.50		1.12			5.83
Hypothetical 5% Return
Class A		$1,000.00		$1,018.20		1.37	%		$6.93
Class Y		1,000.00		1,019.45		1.12			5.67

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

  SEI Institutional International Trust / Annual Report / September 30, 2016   91

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, 2016 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 meetings of the Board held during the course of the Trust’s fiscal year on December 7-9, 2015, June 20-22, 2016 and September 13-14, 2016. In each case, the Board’s approval (or renewal) was based on its consideration

  92   SEI Institutional International Trust / Annual Report / September 30, 2016

and evaluation of the factors described above, as discussed at the meetings and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and each Sub-Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support the 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 indexes/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 that 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 indexes/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 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 (including transfer agent expenses), 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 its distribution channels. In determining the appropriateness of fees, the Board also took into consideration the impact of fees incurred indirectly by the Funds as a result of investments into underlying funds, including funds from which SIMC or its affiliates earn fees. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their 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.

  SEI Institutional International Trust / Annual Report / September 30, 2016   93

BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Concluded)

Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the approval or renewal of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC’s advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of SIMC and the Sub-Advisers is reasonable and supported renewal of the Investment Advisory Agreements.

Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and their affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the approval or renewal, as applicable, of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

  94   SEI Institutional International Trust / Annual Report / September 30, 2016

SHAREHOLDER VOTING 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 / Annual Report / September 30, 2016   95

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders who do not have a September 30, 2016, taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2016, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended September 30, 2016, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

	(A) Return of Capital	(B) Long Term Capital Gains Distributions (Tax Basis)	(C) Ordinary Income Distributions (Tax Basis)	(D) Total Distributions (Tax Basis)	(E) Dividends Qualifying for Corporate Dividends Rec. Deduction (1)	(F) Qualifying Dividend Income (15% Tax Rate for QDI) (2)	(G) U.S. Government Interest (3)	(H) Interest Related Dividends (4)	(I) Short-Term Capital Gain Dividends (5)
International Equity Fund	0.00%	0.00%	100.00%	100.00%	0.00%	100.00%	0.00%	0.00%	0.00%
Emerging Markets Equity Fund	0.00%	0.00%	100.00%	100.00%	0.00%	100.00%	0.00%	0.00%	0.00%
International Fixed Income Fund	0.00%	0.15%	99.85%	100.00%	0.00%	0.00%	0.05%	0.00%	100.00%
Emerging Markets Debt Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2016, the amount of foreign source income and foreign tax credit are as follows:

Fund	Foreign Source Income		Foreign Tax Credit Pass Through
International Equity		$79,514,158		$3,062,351
Emerging Markets Equity		37,530,457		3,709,941

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

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

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

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

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

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

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

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

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

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

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

  96   SEI Institutional International Trust / Annual Report / September 30, 2016

SEI INSTITUTIONAL INTERNATIONAL TRUST ANNUAL REPORT SEPTEMBER 30, 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

James J. Hoffmayer

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-018 (9/16)

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2016 and 2015 as follows:

		Fiscal 2016			Fiscal 2015
		All fees and services to the Registrant  that were pre- approved	All fees and services to service affiliates that  were pre- approved	All other fees  and services to service affiliates that did not require pre- approval	All fees and services to the Registrant  that were pre-  approved	All fees and  services to service affiliates that  were pre- approved	All other fees and services to service affiliates that  did not require pre- approval
(a)	Audit Fees(1)	$198,500	$0	N/A	$200,500	$0	N/A
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees	$0	$0	$0	$0	$0	$0
(d)	All Other Fees(2)	$0	$325,515	$0	$0	$240,350	$0

Notes:

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

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

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

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

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

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

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

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

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

	Fiscal     2016	Fiscal     2015
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not Applicable.

(g)(1) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2016 and 2015 were $325,515 and $240,350, respectively. Non-audit fees consist of SSAE No.16 review of fund accounting and administration operations, and an attestation report in accordance with Rule 17Ad-13.

(h) During the past fiscal year, Registrant’s principal accountant provided certain non-audit services to Registrant’s investment adviser or to entities controlling, controlled by, or under common control with

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Registrant’s Board of Trustees (the “Board”). Pursuant to the Committee’s Charter, adopted on June 18, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

Item 11. Controls and Procedures.

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

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

Items 12. Exhibits.

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

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as exhibits.

SIGNATURES

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

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

Date: December 8, 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: December 8, 2016

By:	/s/ James J. Hoffmayer
	James J. Hoffmayer
	Controller & CFO

Date: December 8, 2016