N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05601

SEI Institutional International Trust

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

CT Corporation

155 Federal Street

Boston, MA 02110

(Name and address of agent for service)

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

Date of fiscal year end: September 30, 2017

Date of reporting period: September 30, 2017

Item 1. Reports to Stockholders.

September 30, 2017

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	69
Statements of Operations	71
Statements of Changes in Net Assets	72
Financial Highlights	74
Notes to Financial Statements	76
Report of Independent Registered Public Accounting Firm	93
Trustees and Officers of the Trust	94
Disclosure of Fund Expenses (Unaudited)	97
Board of Trustees Considerations in Approving the Advisory Agreement	98
Notice to Shareholders	101

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, 2017 (Unaudited)

To Our Shareholders:

Looking back, the expectations we shared for the Funds’ most recently completed fiscal year, from the start of October 2016 through the end of September 2017, largely came to pass. The pace of interest-rate increases by the Federal Reserve (“Fed”) followed the market’s more modest expectations rather than those projected by Federal Open Market Committee members. The European Central Bank’s (“ECB”) commitment to stimulus efforts entrenched euro weakness relative to the U.S. dollar for part of the period; the same can be said for the Bank of Japan (“BOJ”) and the yen. China continued to guide its currency lower, hitting a low near the end of the fiscal period. The global oil supply-demand imbalance persisted throughout the year; the Organization of Petroleum Exporting Countries’ (“OPEC”) agreement to curb production in January temporarily bolstered markets, but prices retraced due to record U.S. inventories and rising U.S. production before rebounding during the final quarter of the period.

Geopolitical events

Geopolitical threats and an assortment of other noneconomic influences continued in various regions: civil war and domestic struggle in parts of the Middle East and Africa, the suffering of refugees and migrants in bordering countries and Europe, and acts of global terror.

Severe unrest continued in certain areas of the Middle East, driven by the opposing and overlapping regional interests of extremist groups, nationalist fighters and state actors. Syrian government forces appeared to consolidate military gains in and around Aleppo, with assistance from Russia, while Iraqi forces, supported by U.S. military resources, made notable progress in reversing Islamic State gains. The U.S. military increased its air support during the period, targeting both Syrian government and extremist positions, while also raising the profile of its involvement in Afghanistan by targeting Islamic State strongholds.

Despite the considerable aforementioned instability in the Middle East, the price of oil remained mostly insulated from regional developments. Oil-price weakness, which began to moderate in 2016, remained primarily attributable to oversupply. Energy-export-dependent Venezuela succumbed to the economically depressive effects of low oil prices during the period, as food shortages and a breakdown of the rule of law appeared to worsen, despite an eventual rebound in the price of oil. Brazil’s prospects also paled, then recovered partially, as a corruption investigation centering on its lead state-run oil company enveloped a cross-section of political leaders. The OPEC reached an agreement in late 2016 with the cooperation of non-OPEC producers to enact production cuts in pursuit of a balanced market.

The lasting effect of the Syrian migrant crisis on the European Union (“EU”) remains unknown. Immigration served as one of the key points of contention leading up to Great Britain’s Brexit vote to leave the European Union prior to the reporting year. Prime Minister May triggered Article 50 during the fiscal period and began the formal withdrawal process.

Immigration-driven uncertainty also took center stage in the months leading up to the U.S. presidential election, which Donald Trump ultimately won in November with a tough stance on immigration. President Trump’s early actions following his inauguration in January demonstrated a commitment to follow through on tighter U.S. immigration policy.

A raft of political surprises unfolded late in the fiscal period. The U.K. Conservative party relinquished its parliamentary majority and was forced to seek a partner to form a minority government. Emmanuel Macron’s early-May victory in the French presidential election amounted to a significant win for the establishment. In the U.S., a high-profile special prosecutor was appointed to investigate the possibility of collusion between Donald Trump’s presidential campaign and Russia. In Brazil, an ongoing top-level corruption scandal was blown wide open in mid-May as potential evidence emerged of a taped conversation featuring President Michel Temer approving a large hush-money bribe.

Toward the end of the fiscal year, political tensions weighed heavily on investor attitudes. President Trump stated that aggression from North Korea would be met with “fire and fury” while controversy over Trump’s response to violent clashes between protesters in Charlottesville, Virginia drove sentiment after the president dissolved two advisory councils. Setbacks in the Trump administration’s efforts to repeal and replace Obamacare sparked volatility, as investors assumed that tax and budget resolutions would have to wait until health care legislation was resolved.

  SEI Institutional International Trust / Annual Report / September 30, 2017   1

LETTER TO SHAREHOLDERS (Continued)

September 30, 2017 (Unaudited)

Economic performance

U.S. economic growth accelerated in the fourth quarter of 2016, slumped early in 2017, and then rebounded solidly in the second quarter as both consumer and government spending boosted the economy. The labor market remained historically strong throughout the year: the unemployment rate fell, finishing the period at 4.2%, while the labor-force participation rate ended at 63.1%, marginally higher than a year ago. Average hourly earnings gained, bouncing around a mean of about 0.2% growth per month over the year; although a modest increase in price pressures weighed on real personal income growth as the period progressed. The Fed raised its target interest rate in mid-December 2016, and again in both March and June 2017, representing two of three projected rate increases in 2017. The Fed also announced that it would start to reduce the size of its balance sheet and reverse some of the quantitative easing that has been so supportive of bond prices in recent years.

The ECB held its benchmark interest rate unchanged at a historic low through the fiscal period, while the Bank of England did the same with the hope of stimulating the U.K. economy following the Brexit vote. Quarterly growth in the eurozone expanded at its quickest pace since 2015, emphasizing the area’s notable economic performance at a time that many thought would be plagued by political uncertainty. Year-on-year growth was 2.3% at the end of the second quarter of 2017, with France, Italy and Greece all beating expectations. The U.K. economy grew at 1.5% year-on-year through the second quarter of 2017, but slowed significantly toward the end of the fiscal period as a weakened pound dampened consumer spending to its lowest level in three years.

Japanese GDP grew 1.4% year-on-year at the end of the second quarter of 2017, while the BOJ maintained stimulus to try to rejuvenate the economy. Meanwhile, economic growth in China expanded by 6.9% year-on-year in the second quarter of 2017 after China’s government provided substantial fiscal stimulus early in the period to support the government’s growth targets.

Market developments

For the fiscal period ending September 30, 2017, geopolitical events dominated global equity markets. Market movements were driven by periods of risk-on and risk-off rallies. The early part of the fiscal period was marked by continued, but uninspiring, economic expansion and populist movements surprisingly sweeping political elections in the U.K. and the U.S. The second half saw a synchronized global economic recovery.

Investors positioned defensively into the U.S. presidential elections. Though candidate Trump presented a source of uncertainty to markets, promises of deregulation, corporate-tax reform and fiscally expansionary policies sparked a sharp rally in cyclical assets, and defensive assets that were bid up during prior years sold off. OPEC’s decision to curb output and the Fed’s rate hike also contributed to the sharp rally for traditional value sectors (financials, industrials and energy).

The turn of the calendar year marked the beginning of the reversal of the cyclical rally (dubbed the Trump reflation trade). The first few months saw setbacks for the Trump administration after Washington failed to pass a replacement for the Affordable Care Act and controversies involving Russian election meddling plagued the new administration. There was a realization that the growth expected from promised regulatory changes would take a while to play out, and markets began to unwind the reflation trade. At the same time, assets such as defensive sectors and technology stocks that sold off during the reflation trade rallied during this period. The risk-on sentiment that pushed equities higher over the quarter was also visible in fixed income markets, with credit outperforming government bonds. U.S. Treasury yields rose across the curve with short-term yields rising more than long-term yields. Yields for 10-year government bonds began the fiscal period around 1.6% and ended around 2.3%, reflecting increased optimism around economic growth, but remained below their late-2016 peak.

Stocks rallied toward the end of the fiscal period amid signs of global economic synchronization, strong earnings and continued central-bank stimulus.

The U.K. stunned investors prior to the start of the fiscal year with the British vote to leave the EU and joined the list of frustrations for European equities that included Italian banks with oversized debt. The result was a lack of enthusiasm for stocks in the region despite continued stimulus from the ECB. European stocks experienced a small rally after the Brexit vote as investors looked past the results, and saw an even greater rally after Donald Trump’s surprising victory in the U.S. elections. President Trump’s promises of deregulation and fiscal stimulus, along with

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the Fed’s three rate increases during the period, sparked a cyclical rally in European stocks, with banks leading the way. At the turn of the year, despite political volatility from French and Dutch elections and the possibility of further fragmentation in the EU, signs of economic recovery emerged in the region, and European equities rallied on the back of recovering economic growth and victories for pro-EU parties in elections nearer the end of the fiscal period.

Looking back on market performance for the full period, the MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 18.65% in U.S. dollar terms. U.S. markets marginally lagged, as the S&P 500 Index returned 18.61%.

The U.S. equity market began the fiscal year with investors focused on the presidential election campaign. Value stocks in general and the financial sector, in particular, rose sharply after the election, while high-dividend-yield segments of the market, such as utilities and real-estate investment trusts (“REITs”), lagged as they were seen as less attractive in a rising interest-rate environment. One trend that reversed as the fiscal year progressed was the underperformance of growth stocks. Many growth managers outperformed value managers, as internet-commerce and information-technology stocks were market leaders for the final three quarters of the fiscal year, and information technology became the second best-performing sector (after financials) for the full fiscal year. The latter group’s rally in the final fiscal quarter provided a boost to growth stocks, propelling the Russell 1000 Growth Index to 21.94% for the period, while the Russell 1000 Value Index returned 15.12%.

Small-cap stocks outperformed as well. U.S. small caps (Russell 2000 Index) outpaced large caps (Russell 1000 Index), delivering 20.74% and 18.54%, respectively.

After hitting lows early in the fiscal period on the heels of deflationary fears caused by low commodity prices and Brexit-related concerns, rates began to rise. Economic growth exceeded expectations, and Trump’s victory sparked expectations of reflationary fiscal policy. The market began to price in a December 2016 Fed rate hike, causing Treasury yields to rise, particularly those at the front end of the yield curve. The Fed voted to increase the federal-funds rate target range to 1.00 -1.25% after a third rate hike during the period in June 2017, and increased its projection for the pace of rate hikes in 2017 from two to three, citing strengthening labor-market conditions and firming inflation as the rationale.

Inflation-sensitive assets, such as commodities and Treasury inflation-protected securities, were mixed. The Bloomberg Commodity Total Return Index (which represents the broad commodity market) eased 0.29% lower during the period, as the energy and agriculture sectors dragged down the index, while the Bloomberg Barclays 1-10 Year US TIPS Index (USD) ebbed 0.14%.

Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, fell 1.26% in U.S. dollar terms during the reporting period, while the high-yield market was strong, with the BofA Merrill Lynch US High Yield Constrained Index delivering 9.05%.

U.S. investment-grade corporate debt was positive, as the Bloomberg Barclays Investment Grade US Corporate Index returned 2.21%. U.S. asset-backed and mortgage-backed securities were both marginally positive during the fiscal year, although both faced headwinds late in the period from rising interest-rate expectations.

Emerging-market debt delivered positive performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, gained 7.32% in U.S. dollar terms during the reporting period thanks to an impressive rally in the second half of the 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 4.61%.

Our view

Neither devastating hurricanes nor all-around political dysfunction have done much to halt the U.S. equity market’s rise. Even the game of nuclear chess being played between North Korea’s Kim Jong-un and President Donald Trump has failed to elicit much of a response. To be sure, all good things eventually come to an end. Yet when we consider valuations, the upward momentum of the U.S. economy and earnings, and the likely path of Fed policy and inflation, we reason that the U.S. equity bull market isn’t dead yet.

On the issue of valuations, there is no denying that U.S. equities are trading at elevated levels. But the exceedingly low level of prevailing interest rates is an important mitigating factor. There has been a strong inverse relationship

  SEI Institutional International Trust / Annual Report / September 30, 2017   3

LETTER TO SHAREHOLDERS (Concluded)

September 30, 2017 (Unaudited)

between bond yields and valuations over the past four decades, which we believe justifies structurally elevated valuations.

The overriding question among investors is a simple one: is a recession on the horizon? We contend that the answer is “no.” Financial stress, a harbinger of recession, is virtually non-existent. Recent economic data also point to the continuation of slow-but-steady economic growth.

A large portion of the world appears to be growing at a slightly better-than-trend pace. The breadth of the improvement is particularly impressive; as of July 2017, 72% of the countries that make up the Organization for Economic Cooperation and Development’s (“OECD”) Composite Leading Indicator index have posted improvement over the past year—and 75% of countries in the index came in above 100. This means above-trend growth will likely continue in the months ahead on a global basis.

According to the OECD’s calculations, Brazil’s economic situation is improving at the fastest rate. The eurozone as a whole looks set to grow above trend, as does Japan. China’s momentum remains toward the upside, even though recent economic data suggest some deceleration. The U.S. economy, by contrast, is growing somewhat below trend. India also is signaling below-trend growth, but has begun to rebound. On balance, things are looking up in much of the world.

One of the big surprises of 2017 is the extensive weakness of the U.S. dollar, which has fallen by about 8% against a trade-weighted basket of foreign currencies since the end of last year. The U.S. dollar can appreciate and depreciate in long cycles. If the peak at the end of 2016 proves to be the top of the current cycle, the most recent upswing would be shorter in duration than previously experienced—but the magnitude of the trough-to-peak rise would be similar to that of the up-cycle that occurred from April 1995 to March 2002 (about 41%).

The drop in the greenback coincides with the improved global macroeconomic outlook. Economic growth of developed economies around the world is converging with that of the U.S. While U.S. monetary policy is further along the path toward tightening, other central banks have already begun to raise rates (Canada) or may do so soon (the U.K.). Even the ECB is expected to announce its first steps away from unconventional monetary stimulus by the end of this year.

Political considerations are coming into play as well. Participants in the currency markets have adopted a far more sanguine view regarding the political stability of the eurozone following a series of national elections this year that enhanced the position of parties favoring further European integration. While confidence in the eurozone has increased, international confidence in the U.S. has ebbed. The Trump administration’s decision to pull out of the Trans-Pacific Partnership and Paris climate accord was controversial in the U.S.; it was especially confounding to those outside the U.S., and raised questions of whether it is relinquishing its role as leader of the free world. Confidence in the existing international economic order was also hurt by the threat of additional U.S. trade discord with Canada, Mexico, South Korea and China. Trump was voted into office partially owing to his populist stance on trade; but we think a trade war could be as dangerous an economic blunder today as it was during the Great Depression.

We continue to expect a U.S. business-friendly tax package to be enacted and signed by the Trump administration before the end of the year. However, the absence of such legislation could further dampen investors’ expectations for U.S. economic growth—thereby causing a serious correction in the overall U.S. equity market, especially hurting economically sensitive small-company and value stocks.

As noted above, the upturn in global economic activity has spurred the world’s major central banks to reassess their policy stance. The danger is that they could make a policy mistake, either by acting too quickly or not fast enough. The BOE faces the greatest policy challenge, with an accelerating inflation rate at a time when its overall economic growth has been somewhat below that of the U.S. and eurozone. Although the BOE has signaled its intention to reverse the easing implemented in the aftermath of the Brexit vote, it is unclear whether the correct policy course calls for further tightening moves.

In the run-up to this October’s all-important National Congress of the Communist Party of China, the country’s economic policy has been geared toward growth. President Xi Jinping’s government has been focused on restraining rampant speculation in the property markets and curtailing growth of the shadow-banking system—with

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mixed success. As soon as China’s economy begins to weaken and financial markets exhibit signs of stress, its economic planners tend to reengage the accelerator.

It may be time to step on the brake again following the National Congress and the likely strengthening of President Xi’s political power coming out of that meeting. The current inflation rate for Chinese manufacturing producer prices is near the peak levels recorded in 2004, 2008 and 2011. A cyclical slowdown in China’s economy would likely be bad news for commodity prices and other emerging economies. Since the overall consumer price index remains at less than a 2% rate, we expect the People’s Bank of China to try a gentle tap on the brake.

While we would not rule out a correction in asset values more notable than others that occurred in the past 18 months, our investment mantra of buying on the dip still holds.

Our equity strategies remain positioned for further cyclical improvement around the world. They generally have a smaller-company and value bias versus their benchmarks. We tend to favor momentum-oriented opportunities, and view equity markets outside the U.S. as more attractive than U.S. equity markets. Indeed, our caution toward equities is most pronounced in the U.S., where the outlook for earnings growth is more modest than elsewhere in the world.

On the fixed-income side, we expect yields will slowly move higher as global growth becomes more entrenched and central banks begin to remove the extraordinary stimulative measures of quantitative easing and zero (or negative) interest rates. Our underlying managers are generally short duration versus their benchmarks, favor credit-spread strategies and are positioned for a further narrowing of the yield curve, especially in the U.S.

On behalf of SEI Investments, I thank you for your continued confidence. We are working every day to maintain that confidence, and 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, 2017   5

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2017 (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 during the year ending September 30, 2017: 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 and WCM Investment Management. For the year ended September 30, 2017, sub-adviser Henderson Global Investors (North America) Inc. was terminated from the Fund.

III. Return vs. Benchmark

For the year ended September 30, 2017, the Fund’s Class F shares outperformed the MSCI EAFE Index (the “Index”), returning 19.23% versus the Index return of 19.10%.

IV. Fund Attribution

International developed stocks continued their upward march during the fiscal year, leading U.S. equities but trailing their emerging-market peers. The financial sector was the top-performing sector, reflecting the emergence of synchronized global growth early in 2017, as noted in the shareholder letter. While technology was the second-best performing sector on the back of strong growth in semiconductors, the materials and energy sectors trailed close behind, indicating the better position the global economy was in compared to a year earlier. Within the Fund, the technology and healthcare sectors added the most to performance. Strong security selection within technology and exposure to ex-benchmark names in emerging markets helped. Technology stocks in both emerging markets and the U.S. appreciated on strong fundamentals and market preference for growth stocks. An underweight to healthcare, as well as strong stock selection in pharmaceuticals and biotechnology stocks, also benefited performance. Auto stocks drove selection within the consumer-discretionary sector, which contributed to performance. The biggest detractors to performance came from the consumer-staples and industrials sectors. For staples, an overweight and

selection within the lagging sector provided a headwind to performance. Poor stock selection within industrials also drove the underperformance.

Regionally, Europe was the best-performing region due to a strong rally and passive flows after presidential elections across the continent resulted in ¬friendly outcomes. An underweight to the Pacific ex-Japan region provided a substantial tailwind to the Fund, as the region lagged thanks to macroeconomic headwinds in the area’s largest country, Australia. The next best-performing country in the Fund was the U.K. The portfolio added value by avoiding the weak healthcare and utilities sectors, while selection was positive across multiple sectors. The portfolio also benefited from an underweight to Japan, which faced economic headwinds as well. The economic issues were a drag on Japanese equity performance, and being underweight during the fiscal year helped. Most managers in the Fund were underweight to Japan. Within Europe, stock selection within the biggest countries lagged but was strong in countries near the periphery and northern Europe.

Manager performance was mixed. Acadian Asset Management LLC was the best-performing manager due to strong stock selection in European airlines and pharmaceutical companies. Ex-benchmark positions in emerging markets also helped. Causeway Capital Management LLC was the next best-performing manager due to strong stock selection in European banks and U.K. stocks in general. Blackcrane Capital, LLC was slightly positive due to strong stock selection in auto sectors. Neuberger Berman also outperformed due to its tilt towards Europe. The manager also benefited from ex-benchmark positions. WCM Investment Management nearly matched the benchmark, as an underweight to cyclical parts of the benchmark detracted from the strong stock selection in consumer and technology sectors. INTECH Investment Management LLC’s mathematical model produced benchmark-like results as well, with poor stock selection in Europe. Henderson Global Investors (North America) Inc. detracted from performance with poor stock selection. NWQ Investment Management Company, LLC was the worst-performing manager due to poor stock selection in the consumer sectors and French and Israeli stocks.

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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 F		19.23%		5.80%		8.14%		-0.87%		3.78%
International Equity Fund, Class I		19.00%		5.53%		7.86%		-1.12%		3.84%
International Equity Fund, Class Y		19.59%		6.02%		8.28%		-0.81%		3.80%
MSCI EAFE Index		19.10%		5.04%		8.38%		1.34%		4.65%

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

Investment in the International Equity Fund, Class F,

Class I and Class Y, versus the MSCI EAFE Index

¹ For the year ended September 30, 2017. Past performance is no indication of future performance. Class F shares (formerly 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 F shares adjusted for the higher expenses of the Class I shares. Returns for Class I shares are substantially similar to those of Class F shares and differ only to the extent that Class I shares have higher total annual fund operating expenses than Class F 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 F shares. Returns for Class Y shares are substantially similar to those of Class F shares and differ only to the extent that Class Y shares have lower total annual fund operating expenses than Class F 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, 2017   7

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2017 (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, 2017: J O Hambro Capital Management Limited, KBI Global Investors (North America) Ltd., Lazard Asset Management LLC, Macquarie Investment Management (formerly Delaware Investment Fund Advisers, a series of Delaware Management Business Trust), Neuberger Berman Investment Advisers LLC, PanAgora Asset Management Inc. and RWC Asset Advisors (US) LLC. For the year ended September 30, 2017, no manager changes were made.

III. Return vs. Benchmark

For the year ended September 30, 2017, the Fund’s Class F shares outperformed the MSCI Emerging Markets Index (the “Index”), returning 23.10% versus the Index return of 22.91%.

IV. Fund Attribution

Emerging markets outpaced both the U.S. and developed international markets, as measured by the S&P 500 Index and the MSCI EAFE Index, during the fiscal year. All sectors had positive absolute returns during the period. Information technology delivered the strongest performance, followed by the real-estate sector and cyclicals, particularly energy and materials, while defensive sectors such as consumer staples and healthcare lagged. The technology sector was one of the strongest-performing sectors due to strong fundamental data. The concentration of technology stocks at the top of the benchmark also benefited from healthy passive inflows throughout the fiscal year. Cyclical sectors fared well due to strong synchronized global growth that served as a tailwind, as noted in the shareholder letter. The financials sector also benefited Fund performance. A recovering Russian economy helped Russian bank stocks outperform, and bank holdings in other countries rallied, driven by macroeconomic improvements. Within technology, the Fund benefited from an overweight to the strong-performing sector, and stock selection in Russian technology stocks helped. Healthy passive inflows, which benefit technology stocks the most,

rewarded an overweight position in technology. Stock selection and a slight overweight in materials also helped.

Regionally, the best-performing countries were China, Taiwan and India. With strong passive inflows, the biggest countries in the benchmark (East Asian countries due to the large technology companies in those countries) were rewarded the most. The inclusion of Chinese ‘A’ shares in the benchmark also boosted Chinese equities. Stock selection was especially strong in China. Solid fundamental data in technology and consumer stocks were rewarded during the fiscal year and contributed to positive portfolio results. Indian banks were a boost to performance as investors favored private banks with strong management and competitive models over the inefficient state-run banks in India. An underweight to Malaysia helped, as Malaysia experienced a headwind from falling oil prices. Within the Europe, Middle East and Africa region, the overweight to Russia paid off due to a recovering economy. The improving economy was a boost to Russian cyclicals, and the Fund’s exposure to Russian cyclicals, as well as Russian retailing and technology companies, helped. Fund holdings in Latin America contributed to performance as well, although not by as much as holdings in other regions. Brazilian holdings helped, as the Fund owned stocks with the smallest exposure to the political scandal that plagued Brazil during the first half of 2017.

Fund manager results were generally positive. All managers except KBI Global Investors (North America) Ltd outperformed the benchmark. Macquarie Investment Management had the best performance, driven by strong stock selection within Asia. The manager’s selection in technology stocks was especially helpful. The same can be said for Neuberger Berman Investment Advisers LLC, which had strong selection in the technology sector as well. Both managers also had strong stock selection in banks. For Neuberger Berman Investment Advisers LLC, the manager’s focus on quality companies at reasonable prices was in favor during the period. RWC Asset Advisors (US) LLC and Lazard Asset Management LLC also outperformed through strong stock selection. RWC Asset Advisors (US) LLC benefited from materials stocks in South Africa that had strong results which provided a tailwind, while Lazard Asset Management LLC’s investments in Chinese educational stocks were rewarded by strong market growth and demand. PanAgora Asset Management Inc. outperformed through strong stock selection in financials and the consumer-discretionary sector despite areas of weakness in

  8   SEI Institutional International Trust / Annual Report / September 30, 2017

technology stocks. J O Hambro Capital Management Limited added value and outperformed partially due to a momentum-style tailwind. KBI Global Investors (North America) Ltd suffered a style headwind, as dividend stocks moved out of favor with the rise in global interest rates, which detracted.

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 F		23.10%		5.57%		4.53%		0.46%		4.89%
Emerging Markets Equity Fund, Class Y		23.46%		5.84%		4.69%		0.54%		4.93%
MSCI Emerging Markets Index (Gross)		22.91%		5.28%		4.36%		1.65%		6.47%

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

¹ For the year ended September 30, 2017. Past performance is no indication of future performance. Class F shares (formerly 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 F shares. Returns for Class Y shares are substantially similar to those of Class F shares and differ only to the extent that Class Y shares have lower total annual fund operating expenses than Class F 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, 2017   9

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2017 (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, 2017: AllianceBernstein, L.P., FIL Investment Advisors and Wellington Management Company LLP. For the year ended September 30, 2017, sub-adviser FIL Investment Advisors was terminated from the Fund.

III. Return vs. Benchmark

For the year ended September 30, 2017, the Fund’s Class F shares outperformed the Bloomberg Barclays Global Aggregate ex-USD Index (the “Index”), returning -1.03% versus the Index return of -0.55%.

IV. Fund Attribution

Investor appetite for risk was generally strong through the fiscal year, as credit-sensitive sectors outperformed interest rate-sensitive assets, as noted in the shareholder letter. Government-bond yields rose sharply early in the reporting period in response to Trump’s election victory, although 2017 saw a degree of desynchronization across the core markets. Bond yields drifted higher as the eurozone economy surprised to the upside, while the U.S. reflation trade stalled after the Trump administration’s economic agenda struggled to gain traction. U.K. gilt yields also tracked slightly lower through much of 2017 on fears over Brexit. Japanese government-bond yields, meanwhile, remained tightly range-bound, consistent with the Bank of Japan’s yield-curve control policy. Overall, government yields finished the period higher.

Spread sectors outperformed duration-matched sovereigns, as lower-quality fared particularly well. Investors’ risk appetites extended to emerging markets, with U.S. dollar weakness in 2017 providing an additional boost to local-currency debt. Risk assets, in general, benefited from a combination of synchronized global growth, benign inflation and continued accommodative central-bank policy.

The benchmark Bloomberg Barclays Global Aggregate ex-USD Index returned -0.55% during the period. Some

of the capital loss attributable to rising government yields was offset by coupon income as well as spread compression in the credit sectors.

The Fund’s outperformance was driven primarily by its pro-cyclical positioning; the overweight to corporate credit was beneficial in the spread-tightening environment, as was the underweight duration stance in G3 markets (Colombia, Mexico and Venezuela) as yields rose across core sovereign markets. Our overweight to local-currency emerging-market debt also added to excess performance thanks to yield convergence across developed markets and appreciating currencies against the U.S. dollar. Finally, our off-index exposure to Treasury inflation-protected securities added alpha as implied inflation rose during the period.

At the sub-adviser level, AllianceBernstein LP. was the best-performing manager, thanks to its relatively aggressive credit-beta stance. FIL Investment Advisors was terminated in March and posted flat performance against the benchmark up until termination. Wellington Management Company LLP’s performance was also relatively flat to benchmark. Its credit strategies contributed, although its macro and quant strategies both detracted.

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 F†		-1.03%		2.71%		2.96%		3.49%		4.28%
International Fixed Income Fund, Class Y†		-0.76%		N/A		N/A		N/A		3.07%*
Bloomberg Barclays Global Aggregate ex-USD Index		-0.55%		3.40%		3.74%		4.29%		5.66%

  10   SEI Institutional International Trust / Annual Report / September 30, 2017

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

¹ For the year ended September 30, 2017. Past performance is no indication of future performance. Class F shares (formerly Class A shares) were offered beginning September 1, 1993. Class Y shares were offered beginning October 30, 2015. 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.

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

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

N/A — Not Available

  SEI Institutional International Trust / Annual Report / September 30, 2017   11

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2017 (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, 2017: Investec Asset Management Ltd., Neuberger Berman Investment Advisers LLC and Stone Harbor Investment Partners LP. For the year ended September 30, 2017, no manager changes were made.

III. Return vs. Benchmark

For the year ended September 30, 2017, the Fund’s Class F shares outperformed a hybrid of 50% J.P. Morgan EMBI Global Diversified Index and 50% J.P. Morgan GBI-EM Global Diversified (the “Index”), returning 6.93% versus the Index return of 5.98%.

IV. Fund Attribution

The fiscal year ended September 30, 2017 began with a surprise outcome in the U.S. presidential election and a subsequent selloff across emerging-markets debt, followed by the recovery and outperformance of those assets through the remainder of the reporting period in 2017.

The beginning of the period saw a Hillary Clinton victory in the U.S. presidential election priced into the markets. A Clinton victory was seen as potentially beneficial for emerging markets, especially for local-currency debt. Donald Trump ran a campaign based on isolationist policies that could be detrimental for many emerging-market countries, with the promise to put “America First” by, among other things, killing trade deals like the North American Free Trade Agreement (“NAFTA”) and the threat to impose new tariffs on imports through a Border Adjustment Tax (“BAT”). In addition, Trump campaigned on tax reform, a commitment to infrastructure spending and replacing the healthcare system. After the surprise victory, markets that had anticipated a Clinton presidency priced in Donald Trump and his policies, which were expected to increase inflation and strengthen the U.S. dollar. This occurred in conjunction with markets anticipating what would be the first of three U.S. Federal Reserve interest-rate hikes during the fiscal

year, as noted in the shareholder letter, which put further pressure on emerging-market rates.

However, the fear was short-lived. Emerging-market assets sold off in the fourth quarter of 2016 and began their recovery by the first quarter of 2017. This happened, in part, because the Trump trade—a reaction to inflation and U.S. dollar expectations linked to Trump’s campaign promises—quickly began to fade. By the time Donald Trump took office in January 2017, the tough trade rhetoric he had pushed for the entire election had softened, while he backed away from the threat of BAT implementation and talking about a “renegotiation” of NAFTA rather than simply “killing” the trade deal. It also became clear that his agenda to repeal healthcare and reform the tax code would be much more difficult to push through Congress than originally anticipated. This unwinding of expectations helped spur a rally in emerging-market rates and currencies.

Another important driver to the strong performance of emerging-market debt since Trump’s election was the improved fundamentals across the emerging-markets debt asset class. Helped in part by the stabilization of commodity prices, emerging markets saw their current-account balances improve in 2017. Additionally, inflation in many emerging-market economies fell, allowing certain central banks to cut rates at a time when developed markets were either raising rates or keeping them on hold. While the surprise U.S. election result and subsequent rally drove emerging-market performance for the first part of the year, continued fundamental improvement throughout the period drove strong performance of the asset class over the fiscal year.

While emerging-market debt is an asset class that can be affected by macro events like the U.S. election, it is also driven by idiosyncratic happenings in each of the emerging-market debt universe countries. Argentina experienced a large rally after the market-friendly Mauricio Macri was elected and began to implement economic reform. Implementation of reforms has gone smoothly and the country’s economic indicators have improved. However, sentiment was hurt early in the summer by polls showing increased support for former president Cristina Fernandez de Kirchner; a good performance by the former president’s party in October’s mid-term legislative election could constrict Macri’s ability to continue implementing economic reform. However, a surprisingly strong showing by Macri’s party in the August primary led to a rally.

Mexico was affected more than most other countries during the first months after Trump’s surprise win. The

  12   SEI Institutional International Trust / Annual Report / September 30, 2017

peso, seen as a proxy for emerging-market sentiment, sold off to an all-time low against the U.S. dollar in January 2017. Around the same time the peso was hitting its historic low, several key members of the Trump administration began to take a softer tone when discussing the future of U.S.-Mexico trade relations, which helped stop the currency from sliding further and led to modest recovery. Mexico’s central bank took the additional step of issuing foreign-exchange hedges, a move that would support Mexico’s currency. Eventually the peso began to trade more in line with its underlying fundamentals and passed through its pre-U.S. election level.

Turkey experienced a failed coup d’état attempt in the summer of 2016. The failed attempt to overthrow President Erdogan strengthened his seemingly authoritarian control over the country. In the months following the attempt, Erdogan jailed thousands of opponents and declared martial law. Turkey’s political strife coincided with an already-weak economy, which drove the weak performance of the Turkish lira against the U.S. dollar during the 12-month period.

A relatively low-yielding currency with seemingly little upside benefited from the outcome of France’s presidential election. Markets feared that a victory by Marine Le Pen could have led to France’s exit from the European Union. Emmanuel Macron’s victory was received positively by markets and led to a rally in emerging-European economies like Hungary.

Finally, Venezuela, long reliant on income from oil sales, was crippled by low energy prices. The weak fundamentals underlying Venezuela’s economy were exacerbated when the U.S. implemented sanctions in August to restrict U.S. institutions from buying new debt issued by the Venezuelan government and the state-owned oil company PDVSA. Although the sanctions had no immediate economic impact, they essentially choked off Venezuelan president Nicolas Maduro’s access to new cash, an important source of funding for the government to provide services and service existing debt in a time of persistently-low oil prices. Although the sanctions did not directly affect most bonds that were already issued and, more importantly, do not directly affect any bonds that the Fund holds, the sanctions have the potential to affect liquidity for both sovereign and PDVSA bonds going forward.

The top contributors to Fund performance over the fiscal year were hard-currency securities within Argentina, an overweight to, and security selection within, Mexico and an underweight to the Turkish lira.

The top detractors to the Fund during the reporting period were cash positioning (cash holdings in the Fund are U.S. dollar-denominated, while emerging-market currencies strengthened meaningfully against the U.S. dollar over the period), an underweight to local-currency debt in Hungary and a small overweight to Venezuelan debt.

All managers contributed to relative performance during the fiscal year. Neuberger Berman Investment Advisers LLC was the top-performing manager, due primarily to positioning within Mexico and external Argentinian and Indonesian debt, as well as underweights to Hungary and South Korea. Cash positioning was a detractor. Investec Asset Management Ltd. also contributed on the merits of positioning in Mexico and Turkey, an overweight to local Russian debt and underweights to local Brazil debt, as well as external Malaysian debt. Holdings in cash detracted. Stone Harbor Investment Partners LP benefited due to strong selection within Argentina and overweights to Brazil and Ukraine, while an underweight to local Hungary debt, an overweight to Venezuela and cash positioning detracted.

Currency forwards and swap contracts were used in the Fund for the one-year period ending September 30, 2017 as a way to either hedge particular positions or gain exposure to additional areas of the market. Foreign-exchange 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 F		6.93%		2.55%		0.83%		5.00%		8.23%
Emerging Markets Debt Fund, Class Y		7.18%		2.79%		0.97%		5.07%		8.27%
J.P. Morgan EMBI Global Diversified Index		4.61%		6.50%		4.91%		7.46%		8.75%
J.P. Morgan GBI-EM Global Diversified Index		7.32%		0.26%		-0.91%		3.80%		N/A
50/50 Hybrid of the J.P. Morgan EMBI Global Diversified Index and the J.P. Morgan GBI-EM Global Diversified Index		5.98%		3.41%		2.02%		5.70%		N/A

  SEI Institutional International Trust / Annual Report / September 30, 2017   13

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2017 (Unaudited)

Emerging Markets Debt Fund (Concluded)

Comparison of Change in the Value of a $100,000 Investment in the Emerging Markets Debt Fund, Class F 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, 2017. Past performance is no indication of future performance. Class F shares (formerly 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 F shares. Returns for Class Y shares are substantially similar to those of Class F shares and differ only to the extent that Class Y shares have lower total annual fund operating expenses than Class F 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, 2017

SCHEDULE OF INVESTMENTS

September 30, 2017

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 — 93.2%
Argentina — 0.0%
Ternium ADR		27,562	$	853
Australia — 2.1%
AGL Energy		114,498		2,100
Aristocrat Leisure		764,014		12,589
Australia & New Zealand Banking Group		14,066		327
Australian Stock Exchange		31,909		1,313
Bank of Queensland		63,761		649
Bendigo & Adelaide Bank		66,422		605
BlueScope Steel		359,284		3,093
Brambles		268,377		1,895
Challenger		94,687		925
CIMIC Group		20,454		709
Cochlear		47,663		5,954
Computershare		85,319		969
CSL		162,152		17,044
CSR		178,014		661
Dexus ‡		155,424		1,159
Downer EDI		147,742		785
Fortescue Metals Group		433,449		1,748
Goodman Group ‡		40,040		259
Insurance Australia Group		1,857,176		9,283
LendLease Group		97,759		1,375
Mineral Resources		61,149		780
National Australia Bank		22,476		555
Orica		40,754		632
OZ Minerals		504,373		2,936
Qantas Airways		2,343,806		10,722
Rio Tinto		7,207		376
Seek		13,392		174
South32		3,048,099		7,821
Treasury Wine Estates		58,461		628
				88,066
Austria — 0.6%
ANDRITZ		117,300		6,782

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Erste Group Bank *		14,715	$	636
Immobilien Anlagen		32,000		919
Lenzing		20,778		3,014
OMV		170,296		9,923
Raiffeisen International Bank Holding *		28,151		944
S IMMO		10,145		179
Vienna Insurance Group		5,476		162
voestalpine		18,117		924
Wienerberger		19,669		481
				23,964
Belgium — 1.1%
Ageas		424,064		19,933
AGFA-Gevaert *		70,231		335
Groupe Bruxelles Lambert		123,200		12,963
KBC Group		50,068		4,244
Solvay (A)		7,302		1,091
Telenet Group Holding *		9,700		642
UCB		51,333		3,655
Umicore		1,468		121
				42,984
Brazil — 0.4%
Embraer		2,148,200		12,177
Raia Drogasil *		238,200		5,645
				17,822
Canada — 3.2%
Alimentation Couche-Tard, Cl B		205,725		9,360
Bank of Montreal		61,400		4,636
Canadian Imperial Bank of Commerce (A)		131,834		11,508
Canadian Natural Resources		322,116		10,788
Canadian Pacific Railway (A)		105,325		17,650
Cogeco Communications		10,970		807
Encana		1,919,849		22,550
Entertainment One		106,941		370
Gildan Activewear		363,528		11,333
High Liner Foods		9,000		101
Manulife Financial		671,300		13,586
Royal Bank of Canada		141,893		10,953
Suncor Energy		221,650		7,750
Toronto-Dominion Bank		173,386		9,739
				131,131
China — 1.9%
Alibaba Group Holding ADR *		96,900		16,736
Baidu ADR *		127,300		31,531
Ctrip.com International ADR *		148,413		7,827
STMicroelectronics		520,327		10,070
Tencent Holdings		269,200		11,587
				77,751
Denmark — 2.1%
AP Moller – Maersk, Cl A		456		838
AP Moller – Maersk, Cl B		180		342

  SEI Institutional International Trust / Annual Report / September 30, 2017   15

SCHEDULE OF INVESTMENTS

September 30, 2017

International Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Bavarian Nordic *(A)		35,887	$	1,605
Chr Hansen Holding		120,221		10,313
Coloplast, Cl B		119,218		9,678
Danske Bank		42,246		1,690
Dfds		24,291		1,388
H Lundbeck		173,189		9,996
ISS		507,538		20,415
Novozymes, Cl B		184,593		9,475
Scandinavian Tobacco Group (B)		783,114		13,896
Schouw		5,421		589
Vestas Wind Systems		42,843		3,845
				84,070
Finland — 0.7%
Cargotec, Cl B		31,119		1,955
Neste		178,680		7,805
Orion, Cl B		100,058		4,644
Stora Enso, Cl R		484,560		6,846
UPM-Kymmene		247,924		6,721
Wartsila, Cl B		13,603		963
				28,934
France — 7.8%
Aeroports de Paris		4,735		766
Air France-KLM *		493,305		7,780
Air Liquide		48,302		6,444
Airbus		18,966		1,803
Arkema		99,014		12,144
Aroundtown		52,528		376
Atos		55,766		8,653
BNP Paribas		137,217		11,071
Boiron		1,900		170
Bouygues		11,160		530
Carrefour		692,722		14,000
Cie Generale des Etablissements Michelin, Cl B		6,812		995
CNP Assurances		106,230		2,490
Credit Agricole		166,975		3,036
Dassault Systemes		3,978		402
Derichebourg		85,621		898
Elior Group (A)(B)		185,190		4,904
Engie		968,080		16,446
Essilor International		64,582		7,998
Eurazeo		6,620		592
Erofins Scientific		15,427		9,750
Eutelsat Communications		18,184		539
Gaztransport Et Technigaz		3,902		212
Hermes International		22,424		11,308
Ipsen		59,104		7,857
IPSOS		18,645		645
Kering		10,505		4,186
Lagardere		6,748		226
Les Nouveaux Constructeurs		1,043		66

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
L’Oreal		34,312	$	7,297
LVMH Moet Hennessy Louis Vuitton		45,288		12,499
Natixis		131,149		1,050
Nexity		18,692		1,142
Pernod Ricard		57,615		7,973
Peugeot		488,541		11,638
Publicis Groupe		187,879		13,125
Remy Cointreau		486		58
Safran		30,650		3,132
Sanofi		167,842		16,669
Schneider Electric *		436,592		38,003
SCOR		28,161		1,181
SEB		117		21
Societe Generale		275,171		16,114
Sodexo		61,583		7,681
SPIE		261,185		7,188
Television Francaise 1		18,686		273
Thales		122,867		13,912
Total		148,479		7,977
UBISOFT Entertainment *		6,237		429
Valeo		192,338		14,275
Vetoquinol		352		23
Wendel		3,496		566
Zodiac Aerospace		15,004		434
				318,947
Germany — 6.3%
Adidas		70,330		15,914
Allianz		80,728		18,128
AURELIUS Equity Opportunities & KGaA (A)		198,164		13,035
BASF		258,094		27,473
Beiersdorf		120,566		12,975
Borussia Dortmund GmbH & KGaA		42,113		408
Brenntag		91,547		5,099
Commerzbank *		31,311		426
Continental		31,340		7,957
Covestro (B)		21,740		1,870
CTS Eventim & KGaA		138,095		6,029
Deutsche Boerse		150,098		16,274
Deutsche Lufthansa		413,508		11,493
Deutsche Post		21,314		949
Evotec *		25,996		617
Fraport Frankfurt Airport Services Worldwide		6,879		653
Gerresheimer		6,047		468
Hamburger Hafen und Logistik		7,969		251
Hannover Rueck		34,105		4,111
HeidelbergCement		2,883		296
Heidelberger Druckmaschinen *		275,287		1,123
Hella KGaA Hueck		165,202		9,741
Hochtief		52,812		8,912
HUGO BOSS		1,958		173
Indus Holding		60,562		4,480
Infineon Technologies		100,884		2,537

  16   SEI Institutional International Trust / Annual Report / September 30, 2017

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Kloeckner		96,437	$	1,237
Koenig & Bauer		17,940		1,479
LANXESS		4,328		342
Linde		76,114		15,877
Merck		7,329		815
Muenchener Rueckversicherungs		845		181
OSRAM Licht		26,452		2,111
Puma		2,210		860
Rheinmetall		2,554		288
RWE *		15,769		358
SAP		251,583		27,568
SAP ADR (A)		121,800		13,355
Siemens		112,747		15,888
Siltronic *		2,621		325
Suedzucker		26,401		567
Talanx		15,921		644
TUI		293,862		4,994
Uniper (A)		91,866		2,520
				260,801
Hong Kong — 2.8%
AIA Group		2,073,800		15,293
ASM Pacific Technology		374,800		5,398
BOC Hong Kong Holdings		572,000		2,779
Chaoda Modern Agriculture *		2,440,000		58
China Merchants Holdings International		1,977,338		6,101
China Mobile		2,238,240		22,681
CLP Holdings		19,500		200
CNOOC		13,537,000		17,470
Galaxy Entertainment Group *		2,378,000		16,745
Hang Lung Group		50,000		180
Hang Seng Bank		37,500		914
Henderson Land Development		1,076,831		7,135
Hongkong & Shanghai Hotels		212,500		355
I-CABLE Communications *		57,541		2
Jardine Strategic Holdings		13,000		562
Melco Resorts & Entertainment ADR		39,200		945
MTR		40,000		234
New World Development		182,000		261
Samsonite International		1,654,200		7,095
Sands China		333,600		1,736
SITC International Holdings		1,274,220		1,155
Swire Properties		177,800		603
Techtronic Industries		1,272,000		6,791
Wheelock		43,000		303
				114,996
India — 0.2%
HDFC Bank ADR		99,237		9,563
Indonesia — 0.0%
Telekomunikasi Indonesia Persero		1,858,000		646

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Ireland — 0.8%
Allied Irish Banks		2,949,069	$	17,728
CRH		36,830		1,405
Experian		715,895		14,398
				33,531
Israel — 1.1%
Azrieli Group		3,231		179
Bank Hapoalim		921,884		6,457
Bank Leumi Le-Israel		2,477,985		13,177
Check Point Software Technologies *		141,144		16,093
Elbit Systems		5,507		809
Frutarom Industries		6,781		523
Israel Discount Bank, Cl A *		324,589		820
Mizrahi Tefahot Bank		101,887		1,828
Teva Pharmaceutical Industries ADR (A)		252,452		4,443
				44,329
Italy — 3.4%
Autogrill		121,385		1,579
Azimut Holding		273,670		5,921
Buzzi Unicem		429,126		11,587
CNH Industrial		190,870		2,293
Enel		985,553		5,936
EXOR		98,885		6,272
Ferrari		88,346		9,765
Fiat Chrysler Automobiles *		1,282,258		22,981
GEDI Gruppo Editoriale *		69,934		62
Hera		156,915		493
Juventus Football Club *		195,403		183
Leonardo		6,270		117
Luxottica Group		114,558		6,405
Maire Tecnimont (A)		114,992		636
Prysmian		16,018		541
Recordati		234,942		10,832
Saras		692,920		1,858
Societa Iniziative Autostradali e Servizi		74,009		1,182
Tenaris (A)		1,160,933		16,469
UniCredit *		1,705,649		36,336
				141,448
Japan — 17.0%
77 Bank		53,800		1,329
Aeon Mall		82,000		1,459
Amada Holdings		34,700		381
ANA Holdings		82,800		3,133
Arcland Sakamoto		33,400		503
Asahi Breweries		22,800		923
Asahi Glass		210,200		7,796
Asahi Kasei		217,000		2,670
Bandai Namco Holdings		4,800		165
Benesse		108,400		3,910
Bridgestone		138,700		6,291
Brother Industries		38,800		902

  SEI Institutional International Trust / Annual Report / September 30, 2017   17

SCHEDULE OF INVESTMENTS

September 30, 2017

International Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Canon Marketing Japan		144,800	$	3,459
Central Japan Railway		3,400		596
Dai Nippon Printing		486,500		11,639
Daikin Industries		125,000		12,654
Daikyo		100,100		1,965
Daito Trust Construction		67,600		12,311
Daiwa House Industry		232,200		8,014
Disco		6,700		1,362
East Japan Railway		222,200		20,500
en-japan		19,700		722
Fanuc *		2,100		425
Fuji Film Holdings		262,900		10,199
Fujitsu		1,564,000		11,614
Fujitsu General		19,600		396
Furukawa Electric		116,400		6,391
Goldcrest		21,700		514
Gree		71,100		486
GungHo Online Entertainment *(A)		191,400		517
Hakudo		5,300		100
Haseko		248,700		3,314
Hikari Tsushin		1,700		213
Hitachi *		2,151,000		15,151
Hitachi Chemical		7,800		214
Hitachi Construction Machinery *		17,700		524
Hitachi High-Technologies		4,900		178
Hitachi Metals		16,800		234
Hoya *		123,400		6,660
Itochu (A)		91,600		1,500
Japan Airlines		679,700		22,994
Japan Tobacco		307,400		10,071
Kajima		82,000		814
Kansai Electric Power		130,400		1,668
Kansai Paint		384,600		9,676
Kao		116,500		6,851
KDDI		948,000		24,987
Keikyu		27,000		547
Keyence		93,300		49,524
Kirin Brewery		71,200		1,675
Koito Manufacturing *		202,110		12,676
Kokuyo		61,200		1,036
Komatsu		609,300		17,327
Konami Holdings		127,200		6,113
Kose		54,400		6,229
K’s Holdings		62,200		1,378
Kuraray		55,200		1,032
Kyocera *		18,500		1,147
Kyushu Electric Power		15,600		166
Lion		31,200		569
Mabuchi Motor		284,600		14,234
Makita		24,700		995
Marubeni		25,600		175
McDonald’s Holdings Japan		10,600		469

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Mebuki Financial Group		15,200	$	59
MISUMI Group		13,900		366
Mitsubishi Chemical Holdings *		650,200		6,192
Mitsubishi Electric		44,300		692
Mitsubishi Gas Chemical		211,200		4,948
Mitsubishi Tanabe Pharma		52,600		1,206
Mitsui OSK Lines		7,200		218
Mixi *		84,900		4,095
Mochida Pharmaceutical		6,000		441
Morinaga Milk Industry		29,000		1,108
MS&AD Insurance Group Holdings		532,000		17,123
Nabtesco		123,200		4,575
NH Foods		43,000		1,182
Nidec		18,000		2,210
Nikon *		213,700		3,704
Nippon Express		12,900		840
Nippon Light Metal Holdings		214,000		608
Nippon Paint Holdings		10,100		343
Nippon Soda		166,000		1,009
Nippon Telegraph & Telephone		94,300		4,320
Nippon Telegraph & Telephone ADR		439,238		20,082
Nippon Valqua Industries		11,600		283
Nisshin Oillio Group		4,800		157
Nitori Holdings		8,700		1,244
Nitto Kogyo		13,600		240
North Pacific Bank		232,900		737
NSK		28,200		380
Oenon Holdings		24,200		67
Oji Holdings		39,000		210
Okasan Securities Group *		117,000		671
Omron *		311,000		15,831
Oracle Japan *		3,800		298
Otsuka		8,100		519
Panasonic		629,800		9,123
Persol Holdings (A)		520,722		12,134
Pigeon		354,464		12,108
Plenus		37,900		837
Pola Orbis Holdings		6,100		185
Prima Meat Packers		137,000		926
Recruit Holdings		199,600		4,321
Rohm		161,200		13,805
Ryohin Keikaku		2,500		736
Saizeriya		74,900		2,059
Santen Pharmaceutical		446,200		7,028
Sawada Holdings *		3,700		33
SBI Holdings *		55,700		838
Seiko Epson		6,600		160
Sekisui Chemical		98,400		1,935
Sekisui House		1,018,800		17,165
Seven & I Holdings		244,700		9,445
Sharp *(A)		25,100		757
Shimamura		1,400		168

  18   SEI Institutional International Trust / Annual Report / September 30, 2017

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Shin-Etsu Chemical		5,200	$	465
Shionogi		150,000		8,197
Shiseido		8,800		352
Showa		20,500		252
SMC		27,900		9,837
Stanley Electric		24,700		846
Start Today		26,100		827
Sumitomo (A)		151,800		2,183
Sumitomo Chemical		31,000		194
Sumitomo Heavy Industries		17,600		705
Sumitomo Mitsui Financial Group		248,900		9,552
Sumitomo Mitsui Trust Holdings		380,822		13,739
Sumitomo Rubber Industries		33,800		619
Suzuken		11,400		405
Suzuki Motor		33,800		1,772
Sysmex		102,200		6,519
T&D Holdings		23,500		341
Taisei		17,000		891
Takeda Pharmaceutical		206,500		11,400
THK *		19,000		646
TIS		53,400		1,575
Tochigi Bank		65,000		277
Toho		11,200		391
Tokyo Electric Power Holdings *		845,200		3,409
Tokyo Electron		51,100		7,844
Tomy		19,300		267
Toppan Printing		8,000		79
Topre		188,800		5,795
Tosoh		162,500		3,661
TOTO		260,200		10,957
Toyota Motor		107,600		6,414
Toyota Motor ADR (A)		148,433		17,689
Trend Micro *		6,600		325
Ube Industries		215,300		6,216
Ulvac		36,500		2,293
USS		42,800		863
Wacoal Holdings		418,852		11,944
Warabeya Nichiyo		13,300		339
West Japan Railway		8,800		612
Yakult Honsha		15,500		1,117
Yamaha Motor		35,700		1,069
Yaskawa Electric		49,600		1,571
Yokogawa Electric		11,000		187
Yokohama Rubber		7,700		159
				698,183
Malaysia — 0.1%
Malaysian Pacific Industries		63,100		200
Tenaga Nasional		522,600		1,772
				1,972
Malta — 0.0%
BGP Holdings *		198,683		–

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Mexico — 0.3%
Alfa, Cl A		4,914,400	$	6,211
Wal-Mart de Mexico		2,761,800		6,342
				12,553
Netherlands — 5.6%
ABN AMRO Group (B)		50,461		1,512
AerCap Holdings *		179,600		9,179
Akzo Nobel		208,377		19,244
Arcadis		18,155		391
ArcelorMittal *		116,981		3,018
ASML Holding		118,129		20,117
ASR Nederland		71,120		2,846
Coca-Cola European Partners		7,500		315
Heineken		85,048		8,411
Heineken Holding		36,000		3,383
ING Groep		1,514,909		27,938
Koninklijke DSM		255,757		20,941
NN Group		4,956		207
Randstad Holding		18,078		1,119
Refresco Group (B)		348,609		7,023
RELX (AEX)		60,725		1,293
Royal Dutch Shell, Cl A		701,781		21,214
Royal Dutch Shell, Cl B		1,040,427		32,029
Royal Dutch Shell ADR, Cl B (A)		278,352		17,408
Unilever		329,530		19,494
Wolters Kluwer		304,927		14,093
				231,175
New Zealand — 0.1%
Air New Zealand		896,722		2,184
Fisher & Paykel Healthcare		43,051		398
Meridian Energy		103,207		212
Spark New Zealand		189,082		499
				3,293
Norway — 1.2%
Aker Solutions *		1,623,185		8,593
DNB		15,546		313
Marine Harvest *		859,245		17,001
Norsk Hydro		1,442,752		10,494
Statoil		6,479		130
Telenor		650,214		13,755
				50,286
Poland — 0.0%
Emperia Holding *		3,171		82
Portugal — 0.0%
CTT Correios de Portugal		61,914		373
Jeronimo Martins		52,423		1,035
Navigator		50,665		247
				1,655

  SEI Institutional International Trust / Annual Report / September 30, 2017   19

SCHEDULE OF INVESTMENTS

September 30, 2017

International Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Russia — 0.2%
Yandex, Cl A *		230,338	$	7,590
Singapore — 1.0%
CapitaLand Commercial Trust ‡		129,700		158
City Developments		1,516,300		12,651
DBS Group Holdings		687,700		10,544
Hong Leong Finance		56,400		107
Oversea-Chinese Banking		1,349,500		11,091
Singapore Airlines		133,700		989
Singapore Technologies Engineering		1,934,200		4,900
Sunningdale Tech		120,900		175
United Overseas Bank		48,500		839
UOL Group		103,100		616
				42,070
South Africa — 0.1%
Investec		416,323		3,022
South Korea — 2.2%
Amorepacific		7,278		1,649
KT ADR		490,614		6,805
LG Display ADR		309,560		4,154
Samsung Electronics		18,310		40,989
SK Hynix		12,263		888
SK Telecom		85,516		19,039
SK Telecom ADR		675,621		16,614
				90,138
Spain — 1.7%
ACS Actividades de Construccion y Servicios		295,899		10,968
Aena (B)		13,208		2,385
Amadeus IT Holding, Cl A		31,887		2,073
Banco Bilbao Vizcaya Argentaria		1,555,556		13,905
Banco de Sabadell		131,452		274
Bankinter		131,920		1,248
CaixaBank		1,896,787		9,508
Ence Energia y Celulosa		75,481		393
Endesa		405,987		9,155
Iberdrola		261,042		2,028
Industria de Diseno Textil		126,549		4,770
International Consolidated Airlines Group *		97,940		780
Mapfre		177,058		577
Melia Hotels International		71,989		1,041
Repsol		242,281		4,465
Unicaja Banco *(B)		4,092,000		6,289
				69,859
Sweden — 2.3%
Alfa Laval		384,287		9,364
Atlas Copco, Cl A		480,459		20,302
Atlas Copco, Cl B		16,696		646
Boliden		44,645		1,508
Electrolux, Cl B		319,001		10,810
Granges (A)		56,966		651

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Industrivarden, Cl C		6,979	$	176
Investor, Cl B		51,365		2,532
Kinnevik		11,904		387
Millicom International Cellular		192,479		12,675
NCC, Cl B		29,859		707
Nordea Bank		670,248		9,065
Oriflame Holding		64,368		2,189
Sandvik		510,602		8,789
Skanska, Cl B		7,503		174
Ssab Svenskt Stal, Cl A *		80,829		389
Telefonaktiebolaget LM Ericsson ADR		1,643,012		9,447
Volvo, Cl B		334,816		6,440
				96,251
Switzerland — 7.1%
ABB		1,015,347		25,121
Adecco Group		208,369		16,237
Aryzta		242,744		7,461
Baloise Holding		8,304		1,315
Barry Callebaut *		141		216
Cie Financiere Richemont		301,410		27,568
Coca-Cola HBC		35,493		1,202
Emmi		1,041		683
EMS-Chemie Holding		1,356		902
Geberit		4,156		1,968
Givaudan		4,895		10,659
Idorsia *		16,929		303
Julius Baer Group		147,452		8,732
Kuehne & Nagel International		1,633		303
LafargeHolcim		9,516		557
Lonza Group		40,802		10,711
Nestle		327,622		27,460
Novartis		342,167		29,315
Pargesa Holding		1,843		153
Partners Group Holding		15,782		10,716
Roche Holding		169,059		43,191
Schindler Holding		5,494		1,207
SGS		4,389		10,537
Siegfried Holding		422		139
Sika		356		2,651
Sonova Holding		41,612		7,066
Straumann Holding		6,797		4,369
Swiss Life Holding		36,212		12,765
Swiss Re		57,488		5,210
Tecan Group		3,617		749
UBS Group		393,725		6,734
Zurich Insurance Group		49,820		15,210
				291,410
Taiwan — 0.6%
General Interface Solution Holding		214,000		2,128
HannStar Display		7,204,000		2,791
Hon Hai Precision Industry		2,968,764		10,280

  20   SEI Institutional International Trust / Annual Report / September 30, 2017

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Primax Electronics		164,000	$	406
Taiwan Semiconductor Manufacturing ADR		250,840		9,419
UPC Technology		733,000		389
				25,413
Thailand — 0.0%
Bangchak		818,300		982
Banpu		834,200		440
				1,422
Turkey — 0.1%
Tupras Turkiye Petrol Rafinerileri		82,890		2,834
Turkiye Is Bankasi, Cl C		92,120		176
Turkiye Vakiflar Bankasi Tao, Cl D		758,569		1,338
				4,348
United Kingdom — 14.1%
3i Group		360,582		4,417
Abcam		27,895		382
Anglo American		125,572		2,257
Aon		86,500		12,638
Ashtead Group		510,521		12,322
Associated British Foods		95,811		4,104
AstraZeneca		386,556		25,698
AstraZeneca ADR (A)		19,065		646
Aviva		2,520,581		17,399
BAE Systems		111,988		949
Balfour Beatty		2,312,426		8,352
Bank of Ireland Group *		1,366,167		11,184
Barclays		12,622,922		32,745
Barratt Developments		168,267		1,387
Berkeley Group Holdings		66,360		3,309
BHP Billiton (LSE)		419,207		7,393
BP		4,206,244		26,936
BP ADR		175,984		6,763
British American Tobacco		518,259		32,485
Bunzl		293,630		8,931
Burberry Group		61,541		1,453
Carnival		258,631		16,458
Cobham *		5,763,786		11,267
Compass Group		1,085,963		23,064
DCC		63,735		6,195
Diageo		305,358		10,050
easyJet		34,938		570
Evraz		38,582		162
Ferrexpo		80,631		316
G4S		93,470		349
Genus		13,935		392
GlaxoSmithKline		1,394,407		27,847
Glencore		1,117,483		5,127
Hays		1,246,426		3,167
Howden Joinery Group		1,103,780		6,383
HSBC Holdings		902,498		8,925
Imperial Brands ADR		12,508		541

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Inchcape		57,618	$	667
Indivior *		326,107		1,486
InterContinental Hotels Group		33,314		1,765
Intertek Group		6,862		459
Investec (LSE)		455,248		3,329
JD Sports Fashion		95,690		481
Legal & General Group		683,357		2,383
Lloyds Banking Group		23,508,682		21,362
London Stock Exchange Group		17,141		881
Micro Focus International		136,197		4,362
Mondi		205,971		5,541
NEX Group		75,308		669
Pagegroup		34,532		231
Persimmon		106,231		3,680
Provident Financial		3,051		34
Prudential		952,903		22,840
QinetiQ Group		319,745		1,059
Reckitt Benckiser Group		158,330		14,472
Redrow		61,682		490
RELX		662,261		14,545
Rio Tinto (LSE)		10,290		479
Royal Bank of Scotland Group *		5,800,199		20,879
RSA Insurance Group		197,746		1,653
Schroders		105,802		4,762
Segro ‡		98,617		709
Smith & Nephew		47,772		864
Smiths Group		455,874		9,645
Spectris		196,504		6,354
SSE		634,804		11,898
SSP Group		45,002		325
St. James’s Place		545,080		8,381
Standard Life Aberdeen		121,375		706
Subsea 7 *		476,602		7,825
Tate & Lyle		97,498		848
Taylor Wimpey		564,507		1,481
Tesco *		6,658,381		16,719
Travis Perkins		508,433		9,877
Unilever		11,890		689
Vodafone Group		5,365,472		15,031
Weir Group		473,423		12,481
Wm Morrison Supermarkets		60,144		189
Worldpay Group (B)		898,037		4,904
				579,998
United States — 5.0%
Accenture, Cl A		99,226		13,402
Agilent Technologies		87,266		5,602
Alphabet, Cl C *		8,086		7,755
Axis Capital Holdings		298,339		17,098
Barracuda Networks *		373,776		9,057
Canadian Pacific Railway (NYSE)		79,234		13,314
Chubb		100,906		14,384
Constellium, Cl A *		23,630		242

  SEI Institutional International Trust / Annual Report / September 30, 2017   21

SCHEDULE OF INVESTMENTS

September 30, 2017

International Equity Fund (Concluded)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Core Laboratories (A)		101,951	$	10,063
Delphi Automotive		49,400		4,861
Facebook, Cl A *		50,641		8,653
Flextronics International *		671,017		11,119
ICON *		218,119		24,839
International Game Technology		92,063		2,260
Luxoft Holding, Cl A *		222,618		10,641
Masonite International *		117,839		8,154
Nielsen Holdings		145,200		6,019
ProPetro Holding *		507,495		7,283
Sensata Technologies Holding *		157,900		7,590
STMicroelectronics (NYSE), Cl Y		59,255		1,151
TE Connectivity		71,934		5,975
UBS Group (NYSE)		1,038,014		17,802
				207,264
Total Common Stock (Cost $3,257,189) ($ Thousands)				3,837,820
PREFERRED STOCK — 1.7%
Germany — 1.2%
Fuchs Petrolub		12,778		757
Henkel		76,061		10,354
Volkswagen		251,595		41,046
				52,157
South Korea — 0.5%
Hyundai Motor		99,732		8,151
Samsung Electronics		6,339		11,412
				19,563
Total Preferred Stock (Cost $67,272) ($ Thousands)				71,720
		Number of Rights
RIGHTS — 0.0%
Singapore — 0.0%
CapitaLand Commercial Trust, Expires 10/24/2017 *		21,530		5
Total Rights (Cost $—) ($ Thousands)				5

Description	Shares		Market Value ($ Thousands)
AFFILIATED PARTNERSHIP — 3.2%
SEI Liquidity Fund, L.P. 1.110% **†(C)		131,088,732	$	131,091
Total Affiliated Partnership (Cost $131,087) ($ Thousands)				131,091
CASH EQUIVALENT — 2.6%
SEI Daily Income Trust, Government Fund, Cl F
0.840%**†		106,620,178		106,620
Total Cash Equivalent (Cost $106,620) ($ Thousands)				106,620
Total Investments in Securities— 100.7% (Cost $3,562,168) ($ Thousands)			$	4,147,256

  22   SEI Institutional International Trust / Annual Report / September 30, 2017

A list of the open futures contracts held by the Fund at September 30, 2017, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount ($ Thousands)		Value ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		1,048		Dec-2017		43,788		44,305		1,087
FTSE 100 Index		245		Dec-2017		23,846		24,092		(154	)
Hang Seng Index		34		Oct-2017		5,953		5,989		36
SPI 200 Index		90		Dec-2017		10,229		10,007		(69	)
Topix Index		196		Dec-2017		28,350		29,165		1,745
						112,166		113,558		2,645

Percentages are based on Net Assets of $4,118,501 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of September 30, 2017.

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

^‡  Real Estate Investment Trust.

(A) Certain securities or partial positions of certain securities are on loan at September 30, 2017 (see Note 9). The total market value of securities on loan at September 30, 2017 was $130,618 ($ 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, 2017, the value of these securities amounted to $42,783 ($ Thousands), representing 1.0% of the Net Assets of the Fund.

(C) 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, 2017 was $131,091 ($ Thousands).

ADR — American Depositary Receipt

AEX — Amsterdam Stock Exchange

Cl — Class

DJ — Dow Jones

FTSE — Financial Times and Stock Exchange

L.P. — Limited Partnership

LSE — London Stock Exchange

NYSE — New York Stock Exchange

SPI — Share Price Index

The following is a list of the level of inputs used as of September 30, 2017, 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	$	3,814,027		$	23,793	$	–	$	3,837,820
Preferred Stock		71,720			–		–		71,720
Rights		5			–		–		5
Affiliated Partnership		–			131,091		–		131,091
Cash Equivalent		106,620			–		–		106,620
Total Investments in Securities	$	3,992,372		$	154,884	$	—	$	4,147,256
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	2,868		$	–	$	–	$	2,868
Unrealized Depreciation		(223	)		–		–		(223	)
Total Other Financial Instruments	$	2,645		$	–	$	–	$	2,645

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

For the year ended September 30, 2017, 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, 2017, 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 following in a summary of the transactions with affiliates for the year ended September 30, 2017 ($ Thousands):

Security Description	Value at 9/30/2016		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 9/30/2017		Dividend Income
SEI Liquidity Fund, L.P.	$	284,416	$	1,464,028	$	(1,617,354	)	$	(3	)	$	4	$	131,091	$	1,925
SEI Daily Income Trust, Government Fund, Cl F		34,929		636,119		(564,428	)		—			—		106,620		589
Totals	$	319,345	$	2,100,147	$	(2,181,782	)	$	(3	)	$	4	$	237,711	$	2,514

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

  SEI Institutional International Trust / Annual Report / September 30, 2017   23

SCHEDULE OF INVESTMENTS

September 30, 2017

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 — 92.9%
Argentina — 0.5%
Arcos Dorados Holdings, Cl A *		240,500	$	2,417
Cresud SACIF y A ADR *		84,609		1,580
Grupo Supervielle ADR		56,116		1,386
IRSA Inversiones y Representaciones ADR *		75,700		1,858
YPF ADR		141,126		3,144
				10,385
Austria — 0.2%
Erste Group Bank		107,171		4,630
Brazil — 6.4%
Ambev		352,400		2,344
Ambev ADR		154,570		1,019
Arezzo Industria e Comercio		69,300		1,102
Atacadao Distribuicao Comercio e Industria *		965,900		4,733
B2W Cia Digital *		1,495,884		9,907
B3 - Brasil Bolsa Balcao *		668,200		5,042
Banco Bradesco ADR *		1,144,864		12,674
Banco do Brasil *		330,100		3,647
Banco Santander Brasil ADR		117,500		1,027
BB Seguridade Participacoes		48,200		434
Braskem ADR		25,510		682
BRF ADR *(A)		182,300		2,627
CCR		174,013		979
Cia de Saneamento Basico do Estado de Sao Paulo *		73,400		771
Cielo		253,931		1,761
Cosan Industria e Comercio		404,237		4,616
Cyrela Brazil Realty Empreendimentos e Participacoes		173,700		754
EDP - Energias do Brasil *		398,900		1,914
Energisa		488,038		3,919
Engie Brasil Energia		31,600		365

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Estacio Participacoes		54,400	$	533
Fleury		99,800		929
Gerdau ADR		86,032		295
Hypermarcas		502,660		5,099
JBS		214,000		576
Kroton Educacional		1,026,500		6,481
Lojas Renner		258,590		2,943
Magazine Luiza		8,000		187
MRV Engenharia e Participacoes		269,500		1,166
Petroleo Brasileiro ADR *(A)		1,410,203		14,158
Porto Seguro *		93,000		1,108
Qualicorp		288,207		3,419
Rumo *		2,215,686		8,462
Smiles		54,900		1,388
Telefonica Brasil ADR		374,481		5,932
TIM Participacoes ADR		247,200		4,519
Vale *		264,400		2,680
Vale ADR, Cl B *(A)		433,567		4,366
				124,558
Canada — 0.7%
First Quantum Minerals		1,099,951		12,322
Parex Resources *		115,671		1,392
				13,714
Chile — 0.6%
Banco Santander Chile		19,521,854		1,453
Centros Comerciales Sudamericanos		709,481		2,172
Cia Cervecerias Unidas ADR		74,377		2,003
Embotelladora Andina ADR, Cl B		10,559		291
Enel Generacion Chile		557,757		488
SACI Falabella		376,290		3,675
Sociedad Quimica y Minera de Chile ADR		26,800		1,492
				11,574
China — 21.3%
51job ADR *		8,838		536
AAC Technologies Holdings		87,633		1,472
Agricultural Bank of China		15,534,932		6,961
Air China		1,294,000		1,075
Alibaba Group Holding ADR *(A)		308,171		53,224
Angang Steel (A)		8,952,768		7,897
Anhui Conch Cement (A)		826,000		3,294
ANTA Sports Products (A)		1,074,069		4,517
Baidu ADR *		133,249		33,004
Bank of China		12,244,105		6,035
Beijing Capital International Airport		1,216,000		1,812
Bitauto Holdings ADR *		24,416		1,091
Changyou.com ADR *		98,500		3,902
China Communications Services		2,440,000		1,256
China Construction Bank		17,490,379		14,511
China Life Insurance		1,033,000		3,075
China Merchants Bank		925,076		3,251
China National Building Material (A)		8,041,000		5,570

  24   SEI Institutional International Trust / Annual Report / September 30, 2017

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
China Petroleum & Chemical		7,072,839	$	5,297
China Railway Construction (A)		938,500		1,190
China Shenhua Energy		2,003,000		4,708
China Telecom		3,486,000		1,785
China Vanke		411,700		1,355
Chongqing Rural Commercial Bank		1,772,612		1,123
CITIC Securities		3,165,900		6,964
COSCO SHIPPING Holdings *(A)		1,202,538		645
Ctrip.com International ADR *		206,230		10,877
Dongfeng Motor Group (A)		2,722,000		3,596
ENN Energy Holdings (A)		303,000		2,196
Fosun International (A)		169,000		356
Great Wall Motor		463,500		570
Guangzhou R&F Properties		2,208,000		5,117
Huaneng Power International		1,120,000		693
Industrial & Commercial Bank of China		35,423,868		26,305
JD.com ADR *		193,642		7,397
Jiangsu Expressway		742,000		1,136
KWG Property Holding		441,370		472
Longfor Properties		373,500		942
NetEase ADR		23,974		6,325
New Oriental Education & Technology Group ADR		29,779		2,628
PICC Property & Casualty		2,773,700		4,894
Ping An Insurance Group of China		2,256,357		17,318
SINA *		177,159		25,877
Sino-Ocean Group Holding		3,069,500		2,047
Sinopec Engineering Group		1,606,000		1,417
Sinopec Shanghai Petrochemical		9,304,000		5,539
Sinotrans		1,006,000		511
Sinotrans Shipping		465,500		134
Sinotruk Hong Kong		266,500		369
Sohu.com *		171,500		9,338
TAL Education Group ADR *(A)		48,780		1,644
Tencent Holdings		1,476,425		63,551
Tingyi Cayman Islands Holding (A)		2,254,000		3,394
TravelSky Technology		735,000		1,915
Tsingtao Brewery (A)		288,000		1,102
Uni-President China Holdings		3,953,400		3,892
Vipshop Holdings ADR *		278,771		2,450
Want Want China Holdings (A)		2,982,000		2,096
Weibo ADR *(A)		46,760		4,626
Weichai Power (A)		1,476,000		1,618
Zhejiang Expressway		2,292,000		2,849
Zhuzhou CRRC Times Electric (A)		1,044,200		5,849
ZTE *		1,030,200		3,370
ZTO Express Cayman ADR *(A)		252,700		3,548
				413,508
Colombia — 0.2%
Bancolombia ADR, Cl R		89,055		4,078

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Czech Republic — 0.2%
CEZ		28,956	$	581
Komercni Banka		68,250		2,980
				3,561
Egypt — 0.2%
Commercial International Bank Egypt SAE GDR		911,421		4,142
Greece — 0.4%
Eurobank Ergasias *		4,031,961		3,565
Hellenic Telecommunications Organization		103,411		1,251
JUMBO		18,292		303
National Bank of Greece *		8,609,353		2,921
OPAP		14,030		148
Titan Cement		5,429		138
				8,326
Hong Kong — 7.8%
ASM Pacific Technology		290,000		4,177
Beijing Enterprises Holdings		474,200		2,550
Beijing Enterprises Water Group		3,460,000		2,786
Brilliance China Automotive Holdings (A)		4,989,808		13,288
Chaoda Modern Agriculture *		2,056,181		49
China Conch Venture Holdings		766,500		1,492
China Everbright International (A)		5,056,100		6,344
China Gas Holdings (A)		818,000		2,451
China High Precision Automation Group *		1,385,624		—
China Medical System Holdings		4,895,200		8,549
China Mengniu Dairy *(A)		1,358,000		3,799
China Mobile		1,235,541		12,520
China Mobile ADR		111,540		5,640
China Overseas Land & Investment		1,112,549		3,618
China Resources Power Holdings		1,772,000		3,199
China State Construction International
Holdings		5,177,923		7,544
China Taiping Insurance Holdings		678,791		1,816
China Travel International Investment Hong Kong		786,000		288
CITIC		3,032,000		4,480
CNOOC		4,940,607		6,376
CSPC Pharmaceutical Group		564,000		944
Fuyao Glass Industry Group (B)		30,400		110
Galaxy Entertainment Group *		944,548		6,651
Geely Automobile Holdings		569,000		1,603
Guangzhou Automobile Group		1,704,000		3,944
Haier Electronics Group		1,319,100		3,215
Hengan International Group (A)		149,500		1,384
Li Ning *		2,994,500		2,668
Minth Group		668,350		3,500
People’s Insurance Group of China		4,215,000		1,883
Semiconductor Manufacturing International *(A)		1,994,000		2,252
Shandong Weigao Group Medical Polymer		1,132,000		801

  SEI Institutional International Trust / Annual Report / September 30, 2017   25

SCHEDULE OF INVESTMENTS

September 30, 2017

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Shanghai Industrial Holdings		295,000	$	893
Shimao Property Holdings		1,201,500		2,606
Sihuan Pharmaceutical Holdings Group		1,520,000		553
Sino Biopharmaceutical		3,574,200		3,780
SMI Holdings Group (A)		1,911,200		1,006
Sun Art Retail Group (A)		2,367,000		2,197
Sunny Optical Technology Group		835,394		13,284
Techtronic Industries		782,000		4,175
United RUSAL		2,253,000		1,699
Yuexiu Property		6,198,000		1,262
				151,376
Hungary — 0.2%
MOL Hungarian Oil & Gas		161,408		1,843
Richter Gedeon Nyrt		85,263		2,125
				3,968
India — 8.6%
Adani Ports & Special Economic Zone		1,111,515		6,411
Apollo Tyres		171,448		645
APS Holdings *		1		–
Aurobindo Pharma		146,689		1,553
Axis Bank		350,513		2,732
Bajaj Auto		111,081		5,288
Bharat Forge		323,712		2,919
Bharat Petroleum		92,280		666
Bharti Infratel		1,027,078		6,264
Cummins India		231,979		3,283
Dabur India		591,637		2,763
Dewan Housing Finance		387,915		3,264
Glenmark Pharmaceuticals		174,650		1,600
HCL Technologies		579,172		7,757
HDFC Bank ADR		76,559		7,378
Hero MotoCorp		52,111		3,011
Hexaware Technologies		83,114		343
Hindalco Industries		577,782		2,128
Hindustan Petroleum		169,941		1,110
Hindustan Unilever		136,726		2,457
Housing Development Finance		201,845		5,383
ICICI Bank		1,095,787		4,640
ICICI Bank ADR		1,173,866		10,048
Indiabulls Housing Finance		141,972		2,623
Indian Oil		135,150		829
Infosys		439,661		6,057
Infosys ADR (A)		56,388		823
ITC		362,200		1,432
Mahindra & Mahindra		24,117		463
Mahindra & Mahindra Financial Services		387,071		2,444
Maruti Udyog		3,375		412
Muthoot Finance		126,454		919
National Aluminium		154,450		185
NHPC		1,617,096		670
NMDC		219,795		396

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Oil & Natural Gas		429,502	$	1,124
Oil India		87,864		476
Parag Milk Foods (B)		276,910		1,042
PC Jeweller		85,641		434
Petronet LNG		599,012		2,120
Power Finance		3,184,180		5,942
Power Grid Corp of India		1,069,379		3,454
Prestige Estates Projects		456,135		1,908
Reliance Capital		149,206		1,339
Reliance Home Finance *		88,684		135
Reliance Industries		405,282		4,845
Reliance Industries GDR (B)		762,422		18,184
Rural Electrification		337,479		790
SH Kelkar (B)		384,504		1,481
Shriram Transport Finance		202,782		3,273
Tata Chemicals		191,289		1,884
Tata Consultancy Services		165,890		6,187
Tata Global Beverages		398,744		1,256
Tata Motors ADR *		83,348		2,606
Tata Steel		55,651		556
Tech Mahindra		358,583		2,513
Vedanta		1,346,407		6,478
Zee Entertainment Enterprises		130,355		1,038
				167,961
Indonesia — 1.8%
Adaro Energy		6,555,500		888
Astra International		5,383,800		3,158
Bank Central Asia		1,594,573		2,403
Bank Negara Indonesia Persero		3,751,300		2,061
Bank Rakyat Indonesia Persero		7,207,361		8,174
Matahari Department Store		4,500,300		3,099
Perusahaan Gas Negara Persero		2,115,700		247
Sumber Alfaria Trijaya		33,071,700		1,706
Surya Citra Media		5,994,700		975
Tambang Batubara Bukit Asam		1,035,800		804
Telekomunikasi Indonesia Persero		15,821,315		5,497
United Tractors		2,170,130		5,156
				34,168
Jordan — 0.1%
Hikma Pharmaceuticals (A)		49,350		802
Malaysia — 0.3%
AirAsia		354,700		290
AMMB Holdings		356,900		369
Bursa Malaysia		53,300		126
Genting		281,400		636
Inari Amertron		4,324,350		2,601
Kuala Lumpur Kepong		97,500		567
Petronas Dagangan		73,700		425
Top Glove		255,600		336
UEM Sunrise *		2,512,095		678

  26   SEI Institutional International Trust / Annual Report / September 30, 2017

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Westports Holdings		469,900	$	424
				6,452
Mexico — 3.5%
America Movil, Ser L		1,068,474		951
America Movil ADR, Cl L		199,935		3,549
Cemex ADR *		306,518		2,783
Coca-Cola Femsa ADR		105,272		8,120
El Puerto de Liverpool (A)		53,700		435
Fomento Economico Mexicano		425,700		4,076
Fomento Economico Mexicano ADR		45,873		4,382
Genomma Lab Internacional, Cl B *		158,600		202
Gentera		1,192,800		1,938
Gruma, Cl B		79,885		1,176
Grupo Aeroportuario del Sureste, Cl B		19,620		375
Grupo Financiero Banorte, Cl O		2,122,322		14,652
Grupo Financiero Santander Mexico, Cl B		276,900		564
Grupo Financiero Santander Mexico ADR		368,965		3,723
Grupo GICSA *		2,047,600		1,350
Grupo Mexico, Ser B		1,614,200		4,958
Grupo Televisa ADR		154,225		3,805
Industrias Bachoco ADR		5,760		383
Infraestructura Energetica Nova		533,700		2,997
Kimberly-Clark de Mexico, Cl A		319,100		652
Megacable Holdings		164,200		686
Unifin Financiera		564,300		1,897
Wal-Mart de Mexico		2,249,234		5,165
				68,819
Netherlands — 0.1%
VEON ADR		221,060		924
Norway — 0.0%
Yara International		17,095		766
Peru — 0.9%
Cia de Minas Buenaventura ADR		420,887		5,383
Credicorp		55,399		11,358
				16,741
Philippines — 0.8%
Ayala		122,380		2,337
BDO Unibank		1,897,736		4,883
Cebu Air		201,950		436
DMCI Holdings		1,652,700		507
Globe Telecom		10,370		418
GT Capital Holdings		59,375		1,357
International Container Terminal Services		166,080		340
Metropolitan Bank & Trust		1,261,910		2,149
Pilipinas Shell Petroleum		941,740		1,261
PLDT		40,600		1,333
Semirara Mining & Power, Cl A		263,280		242
Vista Land & Lifescapes		2,371,200		297
				15,560

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Poland — 0.9%
Dino Polska *(B)		222,000	$	4,042
Energa		267,913		985
Eurocash		29,662		315
KGHM Polska Miedz		62,071		2,000
Orange Polska *		228,925		332
PLAY Communications *(B)		375,904		3,825
Polski Koncern Naftowy Orlen		33,209		1,109
Powszechna Kasa Oszczednosci Bank
Polski *		215,822		2,093
Powszechny Zaklad Ubezpieczen (A)		198,615		2,507
				17,208
Portugal — 0.2%
Galp Energia, Cl B		237,080		4,203
Qatar — 0.1%
Industries Qatar QSC		5,690		143
Ooredoo QSC		33,024		752
Qatar National Bank		20,129		676
				1,571
Russia — 5.0%
Detsky Mir		952,100		1,699
Etalon Group GDR		56,800		235
Gazprom ADR		1,721,417		7,213
LUKOIL ADR		254,406		13,483
Magnit GDR		181,447		7,430
Mail.Ru Group GDR *		147,545		4,847
Mobile TeleSystems ADR		167,132		1,745
Novatek GDR		241		28
Novolipetsk Steel GDR		147,532		3,356
Rosneft Oil GDR		686,493		3,813
Sberbank of Russia ADR		1,870,354		26,677
Surgutneftegas ADR		123,038		624
X5 Retail Group GDR *		392,967		17,640
Yandex, Cl A *		247,258		8,147
				96,937
South Africa — 3.7%
AngloGold Ashanti ADR		58,100		540
Aspen Pharmacare Holdings		133,112		2,993
AVI		102,853		746
Barclays Africa Group		165,855		1,707
Barloworld		130,437		1,203
Bid (A)		141,785		3,191
Bidvest Group		25,142		322
Capitec Bank Holdings		38,116		2,425
Discovery		105,952		1,104
Exxaro Resources		191,178		1,739
FirstRand		1,770,420		6,822
Foschini Group		44,056		443
Gold Fields ADR		449,277		1,936
Imperial Holdings		94,580		1,339

  SEI Institutional International Trust / Annual Report / September 30, 2017   27

SCHEDULE OF INVESTMENTS

September 30, 2017

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Investec		80,288	$	583
JSE		243,200		2,231
Liberty Holdings		190,704		1,486
Life Healthcare Group Holdings		1,582,254		2,777
MMI Holdings		543,731		699
Mondi		87,546		2,344
MTN Group		86,193		794
Murray & Roberts Holdings		269,889		320
Naspers, Cl N		75,295		16,283
NEPI Rockcastle		21,753		296
Novus Holdings		26,043		13
Petra Diamonds *		832,419		938
Pick n Pay Stores		160,306		684
Sappi		171,159		1,167
Sasol		107,285		2,948
SPAR Group		110,108		1,362
Standard Bank Group		406,550		4,752
Telkom		402,637		1,768
Truworths International		247,748		1,417
Vodacom Group		135,676		1,619
Wilson Bayly Holmes-Ovcon		45,758		499
Woolworths Holdings		241,346		1,070
				72,560
South Korea — 12.6%
Amorepacific (A)		3,000		680
BGF retail (A)		55,294		4,007
Cheil Worldwide		22,184		353
CJ CGV (A)		31,048		1,746
CJ O Shopping		3,621		626
Com2uSCorp (A)		23,510		2,566
Coway		86,852		7,128
DGB Financial Group		75,445		692
Dongbu Insurance		19,852		1,265
Doosan Bobcat (A)		93,943		2,998
GS Home Shopping		4,031		764
Hana Financial Group		51,446		2,127
Hanon Systems		85,481		940
Hyosung		20,667		2,625
Hyundai Engineering & Construction		10,079		338
Hyundai Marine & Fire Insurance (A)		131,488		5,201
Hyundai Motor		42,788		5,622
Hyundai Robotics *		15,490		5,761
Industrial Bank of Korea		88,400		1,111
ING Life Insurance Korea (A)(B)		168,533		6,982
Kangwon Land		123,447		3,772
KB Financial Group		38,347		1,878
KB Financial Group ADR		60,897		2,986
KCC		8,106		2,650
Kia Motors		52,720		1,457
Korea Aerospace Industries (A)		122,013		4,655
Korea Electric Power		71,634		2,439
KT ADR		39,817		552

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
KT&G		42,527	$	3,917
LG		19,200		1,351
LG Chem		17,130		5,863
LG Electronics (A)		21,509		1,547
LG Household & Health Care (A)		1,567		1,281
LG Uplus		302,138		3,522
Lotte Chilsung Beverage		1,985		2,390
Lotte Confectionery (A)		16,137		2,382
LS Cable		17,261		1,188
Mando (A)		23,192		5,153
Meritz Fire & Marine Insurance (A)		44,892		966
Meritz Securities (A)		181,440		697
NAVER (A)		6,333		4,119
NCSoft (A)		16,145		6,548
Netmarble Games *(B)		2,921		386
NH Investment & Securities		157,898		1,875
Orion *(A)		31,938		2,705
Partron (A)		196,020		1,588
POSCO		15,858		4,389
Posco Daewoo		26,679		450
Samsung Electronics		30,127		67,443
Samsung Engineering *(A)		288,340		2,769
Samsung Life Insurance		25,835		2,549
Seoul Semiconductor (A)		101,019		2,214
SFA Engineering (A)		86,576		3,126
Shinhan Financial Group		67,056		2,945
SK Holdings		3,958		995
SK Hynix		241,976		17,514
SK Innovation		11,952		2,077
SK Telecom		27,311		6,081
SK Telecom ADR		345,820		8,504
SPC Samlip (A)		10,606		1,199
Woori Bank (A)		111,519		1,738
				245,392
Switzerland — 0.2%
Wizz Air Holdings *(B)		93,725		3,598
Taiwan — 10.0%
Accton Technology		1,066,200		3,428
Acer		1,411,000		705
Advanced Ceramic X		118,900		1,655
Advanced Semiconductor Engineering		2,415,745		2,956
Airtac International Group		241,681		3,331
Asustek Computer		363,000		2,987
Catcher Technology		252,040		2,348
Cathay Financial Holding		738,885		1,175
Chailease Holding		1,141,404		2,752
China Development Financial Holding		1,803,000		541
Chipbond Technology		574,000		958
Compal Electronics		2,646,000		1,880
CTBC Financial Holding		4,391,000		2,751
Cub Elecparts		155,500		1,828

  28   SEI Institutional International Trust / Annual Report / September 30, 2017

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Delta Electronics		948,100	$	4,877
Eclat Textile		219,040		2,662
Elite Advanced Laser		554,160		2,056
Elite Material		683,400		3,245
eMemory Technology		163,200		2,091
Epistar *		1,152,000		1,466
Evergreen Marine Taiwan *		1,585,000		915
Farglory Land Development		364,043		411
First Financial Holding		2,409,480		1,545
FLEXium Interconnect		500,462		1,914
Formosa Chemicals & Fibre		355,000		1,079
Formosa Plastics		272,000		823
Foxconn Technology		671,570		1,938
Hiwin Technologies		347,312		3,064
Hon Hai Precision Industry		5,230,303		18,111
Hota Industrial Manufacturing		1,375,251		6,485
Hu Lane Associate		207,700		1,164
Inventec		3,631,000		2,682
Kingpak Technology		283,110		2,542
King’s Town Bank		424,000		447
Largan Precision		15,446		2,715
Lite-On Technology		1,347,936		1,925
MediaTek		999,100		9,374
Merry Electronics		213,000		1,342
Micro-Star International		1,125,000		2,419
Nan Ya Plastics		201,000		495
Nanya Technology		1,392,000		3,939
Parade Technologies		282,600		4,492
Pegatron		1,496,000		3,883
Phison Electronics		315,000		3,740
President Chain Store		212,000		1,786
Quanta Computer		293,000		674
Radiant Opto-Electronics		461,000		1,079
Silicon Motion Technology ADR (A)		43,940		2,110
Taiwan Semiconductor Manufacturing		6,633,717		47,362
Taiwan Semiconductor Manufacturing ADR		278,066		10,441
Win Semiconductors		461,200		2,951
Wistron		2,611,315		2,088
WPG Holdings		1,239,000		1,649
Yuanta Financial Holding		4,869,000		2,095
				195,371
Thailand — 1.5%
Bangkok Bank Foreign (A)		376,600		2,202
Beauty Community		4,425,900		2,123
Carabao Group		335,300		877
CP Seven Eleven PCL (A)		1,328,500		2,659
Kasikornbank		340,800		2,115
Kiatnakin Bank NVDR (A)		445,500		932
Krung Thai Bank NVDR (A)		2,721,500		1,534
Land and Houses PCL NVDR (A)		3,276,900		973
PTT		237,150		2,901
PTT NVDR		74,900		916

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
PTT Global Chemical		1,080,700	$	2,495
PTT Global Chemical NVDR		304,400		703
Star Petroleum Refining NVDR		312,800		166
Thai Oil		2,099,700		5,824
Thai Oil NVDR		386,200		1,071
Thanachart Capital NVDR		662,100		968
Tisco Financial Group		276,600		639
Tisco Financial Group NVDR		240,200		555
				29,653
Turkey — 1.8%
Akbank Turk		2,007,428		5,306
Anadolu Efes Biracilik Ve Malt Sanayii		192,588		1,133
Arcelik		300,086		1,917
Aselsan Elektronik Sanayi Ve Ticaret		189,025		1,398
Coca-Cola Icecek		97,197		1,018
Emlak Konut Gayrimenkul Yatirim Ortakligi *‡		2,669,427		2,012
Eregli Demir ve Celik Fabrikalari		1,178,808		2,562
Ford Otomotiv Sanayi		125,073		1,604
KOC Holding		107,066		492
Mavi Giyim Sanayi Ve Ticaret, Cl B *(B)		133,500		1,915
TAV Havalimanlari Holding		270,328		1,342
Tofas Turk Otomobil Fabrikasi		265,385		2,305
Turkcell Iletisim Hizmetleri		1,022,102		3,647
Turkcell Iletisim Hizmetleri ADR		114,135		1,007
Turkiye Garanti Bankasi		1,384,085		3,768
Turkiye Is Bankasi, Cl C		685,689		1,307
Ulker Biskuvi Sanayi		373,314		2,031
				34,764
United Arab Emirates — 0.7%
Abu Dhabi Commercial Bank		435,745		843
Aldar Properties		3,419,100		2,171
Dubai Investments		1,903,333		1,202
Dubai Islamic Bank		2,012,356		3,318
Emaar Properties		2,611,962		6,041
First Abu Dhabi Bank		231,914		644
				14,219
United Kingdom — 1.3%
Anglo American		122,768		2,204
KAZ Minerals *		882,525		9,158
Mail.Ru Group (LSE) GDR *(A)		21,577		711
Novatek (LSE) GDR		19,315		2,266
RusHydro ADR		692,509		994
Tullow Oil *(A)		3,597,778		8,983
				24,316
United States — 0.1%
Globant *		36,080		1,446

  SEI Institutional International Trust / Annual Report / September 30, 2017   29

SCHEDULE OF INVESTMENTS

September 30, 2017

Emerging Market Equity Fund (Concluded)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
PriceSmart		6,400	$	571
				2,017
Total Common Stock (Cost $1,529,001) ($ Thousands)				1,807,822
PREFERRED STOCK — 2.8%
Brazil — 2.2%
Banco Bradesco *		233,972		2,602
Banco do Estado do Rio Grande do Sul		250,700		1,386
Braskem		36,000		482
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR *		267,450		6,331
Cia Energetica de Minas Gerais		355,500		899
Cia Energetica de Sao Paulo, Cl B		66,100		301
Cia Paranaense de Energia		67,600		599
Itau Unibanco Holding		602,996		8,293
Itau Unibanco Holding ADR		392,354		5,375
Itausa - Investimentos Itau		737,210		2,575
Metalurgica Gerdau, Cl A *		674,600		1,120
Petroleo Brasileiro ADR, Cl A *		497,355		4,804
Randon Implementos e Participacoes		746,600		1,633
Suzano Papel e Celulose, Cl A		572,800		3,332
Telefonica Brasil		182,000		2,898
				42,630
Colombia — 0.1%
Banco Davivienda		193,315		2,189
Bancolombia		40,841		470
				2,659
South Korea — 0.5%
Samsung Electronics		5,148		9,268
Total Preferred Stock (Cost $48,904) ($ Thousands)				54,557
	Number of   Participation Notes
PARTICIPATION NOTES — 2.0%
China — 0.2%
Wuliangye Yibin, Expires 06/29/2020 *		525,700		4,530
India — 0.1%
Zee Entertainment Enterprises, Expires 09/03/2019 *		194,847		1,554
Luxembourg — 0.6%
Hoa Phat Group JSC, Expires 11/20/2020 *		786,731		1,333
Mahindra & Mahindra Financial Services, Expires 11/26/2018 *		780,015		4,934

Description	Number of   Participation Notes		Market Value   ($ Thousands)
PARTICIPATION NOTES (continued)
National Commercial Bank, Expires 11/07/2017 *		228,475	$	3,117
Savola Group, Expires 12/20/2020 *		186,361		2,257
				11,641
Saudi Arabia — 0.3%
Al Tayyar Travel Group, Expires 03/05/2018 *		236,863		2,166
HBSC Bank Savola Group, Expires 01/24/2020 *		284,680		3,431
				5,597
Switzerland — 0.5%
Hangzhou Hikvision, Expires 08/22/2018 *		1,788,489		8,616
United States — 0.2%
Motherson Sumi Systems, Expires 09/21/2021 *		726,846		3,742
Vietnam — 0.1%
Hoa Phat Group, Expires 07/24/2018 *		1,444,409		2,448
Total Participation Notes (Cost $30,699) ($ Thousands)				38,128
	Shares
EXCHANGE TRADED FUND — 0.1%
United States — 0.1%
iShares MSCI Emerging Markets ETF (A)		50,335		2,256
Total Exchange Traded Fund (Cost $2,251) ($ Thousands)				2,256
	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, 2017

Description	Shares		Market Value     ($ Thousands)
AFFILIATED PARTNERSHIP — 7.9%
SEI Liquidity Fund, L.P. 1.110% **†(D)		154,587,294	$	154,588
Total Affiliated Partnership (Cost $154,588) ($ Thousands)				154,588
CASH EQUIVALENT — 0.4%
SEI Daily Income Trust, Government Fund, Cl F
0.840%**†		7,827,213		7,827
Total Cash Equivalent (Cost $7,827) ($ Thousands)				7,827
Total Investments in Securities— 106.1% (Cost $1,773,270) ($ Thousands)			$	2,065,178

Percentages are based on Net Assets of $1,946,409 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of September 30, 2017.

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

^‡  Real Estate Investment Trust.

(A) Certain securities or partial positions of certain securities are on loan at September 30, 2017 (see Note 9). The total market value of securities on loan at September 30, 2017 was $146,754 ($ 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, 2017, the value of these securities amounted to $41,565 ($ Thousands), representing 2.1% of the Net Assets of the Fund.

(C) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(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, 2017 was $154,588 ($ Thousands).

ADR — American Depositary Receipt

BRL — Brazilian Real

Cl — Class

ETF — Exchange Traded Fund

GDR — Global Depositary Receipt

JSC — Joint-Stock Company

L.P. — Limited Partnership

LSE — London Stock Exchange

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

PCL — Public Company Limited

QSC — Qatari Shareholding Company

Ser — Series

USD —United States Dollar

The following is a list of the level of inputs used as of September 30, 2017, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,793,233	$	14,589	$	–	$	1,807,822
Preferred Stock		54,557		–		–		54,557
Participation Notes		–		38,128		–		38,128
Exchange Traded Fund		2,256		–		–		2,256
Debenture Bond		–		–		–		–
Affiliated Partnership		–		154,588		–		154,588
Cash Equivalent		7,827		–		–		7,827
Total Investments in Securities	$	1,857,873	$	207,305	$	–	$	2,065,178

For the year ended September 30, 2017, 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, 2017, 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 following is a summary of the transactions with affiliates for the year ended September 30, 2017 ($ Thousands):

Security Description	Value at 9/30/2016		Purchases at Cost		Proceeds from Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 9/30/2017		Dividend Income
SEI Liquidity Fund, L.P.		$245,981		$568,910		$(660,304)		$1		$—		$154,588		$1,130
SEI Daily Income Trust, Government Fund, Cl F		6,665		174,215		(173,053)		—		—		7,827		60
Totals		$252,646		$743,125		$(833,357)		$1		$—		$162,415		$1,190

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

  SEI Institutional International Trust / Annual Report / September 30, 2017   31

SCHEDULE OF INVESTMENTS

September 30, 2017

International Fixed Income Fund

^†Percentages based on total investments.

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS — 89.8%
Angola — 0.0%
Republic of Angola Via Northern Lights III
7.000%, 08/17/2019	$		193	$	198
Argentina — 0.3%
Argentina POM Politica Monetaria
26.250%, VAR Argentina Central Bank 7D Repo Ref Rate+0.000%, 06/21/2020	ARS		1,179		72
Argentine Bonos del Tesoro
16.000%, 10/17/2023			9,727		578
Provincia de Buenos Aires
9.125%, 03/16/2024	$		170		196
Provincia de Cordoba
7.125%, 06/10/2021 (A)			280		300
Republic of Argentina
5.625%, 01/26/2022			266		280
5.000%, 01/15/2027	EUR		115		134
					1,560
Australia — 2.3%
Australia & New Zealand Banking Group MTN
3.625%, 07/18/2022			300		413
Commonwealth Bank of Australia MTN
1.375%, 01/22/2019			560		677
Government of Australia
5.750%, 07/15/2022	AUD		885		800
4.500%, 04/15/2020			270		225
4.500%, 04/21/2033			285		261
4.250%, 04/21/2026			2,070		1,808
3.750%, 04/21/2037			573		476
2.750%, 04/21/2024			1,785		1,414
Government of Australia, Ser 122
5.250%, 03/15/2019			2,000		1,645

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Government of Australia, Ser 124
5.750%, 05/15/2021	AUD		2,350	$	2,070
Westpac Banking MTN
1.500%, 03/24/2021	EUR		220		274
1.375%, 04/17/2020			230		282
					10,345
Austria — 2.2%
JAB Holdings
2.000%, 05/18/2028			300		366
Republic of Austria
4.150%, 03/15/2037 (A)			115		205
3.650%, 04/20/2022 (A)			290		404
3.150%, 06/20/2044 (A)			475		770
1.950%, 06/18/2019 (A)			4,875		6,017
1.150%, 10/19/2018 (A)			300		361
0.750%, 10/20/2026 (A)			1,612		1,940
Republic of Austria MTN 2.100%, 09/20/2117 (A)			45		54
					10,117
Bahrain — 0.1%
Bahrain Government International Bond
7.000%, 10/12/2028	$		265		270
Belgium — 2.7%
Kingdom of Belgium
3.750%, 06/22/2045	EUR		233		402
3.000%, 06/22/2034 (A)			350		523
1.600%, 06/22/2047 (A)			450		511
1.000%, 06/22/2031 (A)			710		827
0.800%, 06/22/2025 (A)			715		872
0.800%, 06/22/2027 (A)			1,925		2,288
Kingdom of Belgium, Ser 44
5.000%, 03/28/2035 (A)			94		177
Kingdom of Belgium, Ser 58
3.750%, 09/28/2020 (A)			3,091		4,121
Kingdom of Belgium, Ser 69
1.250%, 06/22/2018			2,020		2,420
					12,141
Bermuda — 0.0%
XLIT
3.250%, VAR Euribor 3
Month+2.900%, 06/29/2047			161		187
Brazil — 0.6%
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 08/15/2050	BRL		610		652
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2021			2,675		875
Cosan
5.950%, 09/20/2024	$		270		277

  32   SEI Institutional International Trust / Annual Report / September 30, 2017

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Minerva Luxembourg
6.500%, 09/20/2026 (A)	$		290		$293
Odebrecht Finance
7.125%, 06/26/2042			280		105
4.375%, 04/25/2025			200		76
Petrobras Global Finance
5.999%, 01/27/2028 (A)			215		215
Rumo Luxembourg
7.375%, 02/09/2024 (A)			375		406
					2,899
Canada — 7.6%
Bank of Nova Scotia MTN
0.750%, 09/17/2021	EUR		570		693
Bell Canada
3.350%, 06/18/2019	CAD		29		24
Bell Canada MTN
4.700%, 09/11/2023			80		69
3.250%, 06/17/2020			95		78
Canada Housing Trust No. 1
3.800%, 06/15/2021 (A)			2,465		2,099
1.750%, 06/15/2022 (A)			2,465		1,941
CDP Financial
4.400%, 11/25/2019 (A)	$		850		895
Export Development Canada MTN
2.400%, 06/07/2021	AUD		1,259		982
Government of Canada
5.750%, 06/01/2033	CAD		660		763
4.000%, 06/01/2041			407		412
1.750%, 09/01/2019			2,080		1,670
1.500%, 06/01/2026			4,780		3,646
1.250%, 09/01/2018			1,075		858
1.000%, 09/01/2022			2,975		2,293
0.750%, 03/01/2021			2,440		1,894
0.750%, 09/01/2021			955		737
Muskrat Falls 3.630%,
06/01/2029 (A)			340		291
National Bank of Canada
1.500%, 03/25/2021	EUR		345		429
Province of British Columbia
3.250%, 12/18/2021	CAD		1,150		962
2.250%, 03/01/2019			575		464
Province of Manitoba Canada
3.850%,12/01/2021			710		606
Province of Ontario Canada
4.700%, 06/02/2037			1,355		1,312
4.650%, 06/02/2041			540		528
3.500%, 06/02/2024			870		738
3.450%, 06/02/2045			355		291
2.800%, 06/02/2048			2,200		1,595
2.600%, 06/02/2025			1,614		1,286
2.400%, 06/02/2026			585		455
1.950%, 01/27/2023			1,000		785

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Province of Ontario Canada MTN
1.875%, 05/21/2024	EUR		150		$193
Province of Quebec Canada
6.250%, 06/01/2032	CAD		720		790
3.700%, 05/20/2026	AUD		540		429
3.500%, 12/01/2045	CAD		420		347
3.000%, 09/01/2023			850		702
2.750%, 09/01/2025			2,175		1,750
2.250%, 07/17/2023	EUR		100		131
Rogers Communications
4.000%, 06/06/2022	CAD		165		139
Royal Bank of Canada
1.625%, 08/04/2020	EUR		290		360
Toronto-Dominion Bank MTN
0.375%, 01/12/2021			345		414
Yamana Gold
4.950%, 07/15/2024	$		286		293
					34,344
China — 0.1%
Sinopec Group Overseas Development
2.625%, 10/17/2020	EUR		240		303
Colombia — 0.1%
Ecopetrol
7.375%, 09/18/2043	$		121		138
Republic of Colombia MTN
3.875%, 03/22/2026	EUR		150		204
					342
Czech Republic — 0.1%
Government of Czech Republic
4.700%, 09/12/2022	CZK		10,860		599
Denmark — 0.8%
Danske Bank
3.875%, VAR EUR Swap Annual 5 Yr+2.625%, 10/04/2023	EUR		375		459
3.500%, 04/16/2018			155		187
2.000%, 09/08/2021 (A)	$		360		355
Danske Bank MTN
5.875%, VAR EUR Swap Annual 5 Yr+5.471%, 10/29/2049	EUR		344		453
5.375%, VAR ICE LIBOR GDP 3 Month+1.940%, 09/29/2021	GBP		170		236
Kingdom of Denmark
4.500%, 11/15/2039	DKK		2,360		630
4.000%, 11/15/2017			1,600		256
1.500%, 11/15/2023			5,850		1,017
					3,593

  SEI Institutional International Trust / Annual Report / September 30, 2017   33

SCHEDULE OF INVESTMENTS

September 30, 2017

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Dominican Republic — 0.1%
Dominican Republic International Bond
5.950%, 01/25/2027 (A)	$		261	$	281
Egypt — 0.1%
Egypt Government International Bond MTN
7.500%, 01/31/2027 (A)			282		307
Finland — 0.3%
Government of Finland
2.625%, 07/04/2042 (A)	EUR		195		300
1.500%, 04/15/2023 (A)			340		436
0.500%, 09/15/2027 (A)			420		491
					1,227
France — 6.6%
BNP Paribas
4.625%, 03/13/2027 (A)	$		380		402
BNP Paribas MTN
2.950%, 05/23/2022 (A)			795		802
BPCE
5.250%, 04/16/2029	GBP		100		157
3.750%, 09/13/2021	EUR		200		272
1.750%, 11/29/2019			600		741
1.125%, 01/18/2023			300		362
Caisse Centrale du Credit Immobilier de France MTN
1.125%, 04/22/2019			100		121
Caisse Francaise de Financement Local
3.000%, 10/02/2028			100		143
Caisse Francaise de Financement Local MTN
3.625%, 02/26/2018			63		76
CNP Assurances
4.500%, VAR Euribor 3 Month+4.600%, 06/10/2047			200		267
Credit Agricole
6.500%, VAR EUR Swap Annual 5 Yr+5.120%, 12/31/2049			280		368
Credit Agricole MTN
1.875%, 12/20/2026			200		246
1.375%, 05/03/2027			900		1,077
Dexia Credit Local MTN
2.000%, 01/22/2021			200		253
1.625%, 10/29/2018			565		682
1.375%, 09/18/2019			500		610
0.625%, 01/21/2022			1,550		1,876
Electricite de France
5.500%, 03/27/2037	GBP		200		347
Electricite de France MTN
5.375%, VAR EUR Swap Annual 12 Yr+3.794%, 12/12/2049	EUR		200		265
Elis
3.000%, 04/30/2022			250		304

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Engie
0.875%, 03/27/2024			300	$	360
Europcar Groupe
5.750%, 06/15/2022			145		181
French Republic Government Bond OAT
4.000%, 10/25/2038			505		870
3.250%, 05/25/2045			1,790		2,816
2.500%, 05/25/2030			1,845		2,554
2.000%, 05/25/2048 (A)			250		306
1.750%, 05/25/2023			800		1,040
1.750%, 06/25/2039 (A)			85		104
1.750%, 05/25/2066 (A)			240		263
1.250%, 05/25/2036 (A)			1,105		1,262
1.000%, 05/25/2019			1,615		1,960
1.000%, 05/25/2027			2,110		2,552
0.000%, 05/25/2020			543		650
0.000%, 05/25/2021			1,350		1,616
0.000%, 05/25/2022			2,108		2,511
Groupama
6.000%, 01/23/2027			200		292
Loxam SAS
4.250%, 04/15/2024 (A)			190		240
RCI Banque MTN
1.250%, 06/08/2022			200		243
SNCF Reseau
1.125%, 05/25/2030			200		233
Synlab Bondco
6.250%, 07/01/2022 (A)			160		201
Total Capital International MTN
4.250%, 11/26/2021	AUD		640		526
					30,151
Germany — 4.4%
Allianz
5.625%, VAR Euribor 3 Month+5.000%, 10/17/2042	EUR		200		287
3.099%, VAR Euribor 3 Month+3.350%, 07/06/2047			100		127
Bundesobligation
0.250%, 10/16/2020			1,675		2,032
0.000%, 04/08/2022			2,640		3,172
Bundesrepublik Deutschland
4.000%, 01/04/2037			2,265		4,100
2.500%, 07/04/2044			257		393
2.500%, 08/15/2046			190		292
0.250%, 02/15/2027			1,765		2,059
0.000%, 08/15/2026			2,227		2,563
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/2031			175		333
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/2034			280		532
Daimler
1.500%, 07/03/2029			225		265

  34   SEI Institutional International Trust / Annual Report / September 30, 2017

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
E.ON International Finance MTN
6.000%, 10/30/2019	GBP		300	$	442
Kreditanstalt fuer Wiederaufbau
1.125%, 09/15/2032	EUR		500		593
0.500%, 09/15/2027			510		593
Kreditanstalt fuer Wiederaufbau MTN
2.800%, 02/17/2021	AUD		1,230		974
Volkswagen International Finance
2.700%, VAR EUR Swap Annual 5 Yr+2.540%, 12/31/2049	EUR		300		352
1.125%, 10/02/2023			600		714
0.500%, 03/30/2021			200		237
					20,060
Guernsey — 0.2%
Credit Suisse Group Funding Guernsey MTN
1.250%, 04/14/2022			570		693
Hong Kong — 0.1%
CK Hutchison Finance 16 II
0.875%, 10/03/2024			400		466
Hungary — 0.1%
Republic of Hungary
3.000%, 06/26/2024	HUF		109,020		443
Indonesia — 0.1%
Republic of Indonesia MTN
4.750%, 01/08/2026	$		350		382
2.150%, 07/18/2024 (A)	EUR		200		243
					625
Ireland — 1.3%
AIB Mortgage Bank MTN
0.625%, 07/27/2020			305		368
Allied Irish Banks MTN
7.375%, VAR EUR Swap Annual 5 Yr+7.339%, 12/29/2049			200		263
4.125%, VAR EUR Swap Annual 5 Yr+3.950%, 11/26/2025			177		224
Ardagh Packaging Finance
4.125%, 05/15/2023 (A)			245		308
Bank of Ireland
10.000%, 12/19/2022			100		167
7.375%, VAR EUR Swap Annual 5 Yr+6.956%, 12/29/2049			200		263
1.750%, 03/19/2019			450		548
0.375%, 05/07/2022			555		665
Bank of Ireland MTN
4.250%, VAR EUR Swap Annual 5 Yr+3.550%, 06/11/2024			220		274
Ireland Government Bond
4.500%, 10/18/2018			345		429
4.500%, 04/18/2020			300		399

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
3.400%, 03/18/2024	EUR		185	$	263
2.000%, 02/18/2045			265		321
1.000%, 05/15/2026			395		477
0.800%, 03/15/2022			300		370
Ryanair
1.125%, 08/15/2023			580		691
					6,030
Israel — 0.4%
Israel Government Bond
4.250%, 03/31/2023	ILS		3,661		1,244
Teva Pharmaceutical Finance Netherlands II
1.250%, 03/31/2023	EUR		415		477
1.125%, 10/15/2024			220		243
					1,964
Italy — 7.6%
Assicurazioni Generali MTN
7.750%, VAR Euribor 3 Month+7.113%, 12/12/2042			300		444
Buoni Poliennali Del Tesoro
4.000%, 02/01/2037			555		765
Enel
5.000%, VAR EUR Swap Annual 5 Yr+3.648%, 01/15/2075			105		135
Enel Finance International
MTN 5.625%, 08/14/2024	GBP		160		260
FCA Bank MTN
2.875%, 01/26/2018	EUR		210		251
2.625%, 04/17/2019			350		430
Intesa Sanpaolo
3.500%, 01/17/2022			200		266
Intesa Sanpaolo MTN
5.017%, 06/26/2024 (A)	$		200		203
3.928%, 09/15/2026	EUR		165		210
0.625%, 03/23/2023			300		361
Italy Buoni Poliennali Del Tesoro
5.500%, 11/01/2022			1,000		1,451
5.000%, 08/01/2034			335		515
5.000%, 09/01/2040			280		429
4.750%, 09/01/2044 (A)			350		524
4.000%, 09/01/2020			1,565		2,058
3.750%, 05/01/2021			561		743
3.750%, 09/01/2024			1,265		1,715
3.500%, 03/01/2030 (A)			2,125		2,797
3.450%, 03/01/2048 (A)			630		758
2.700%, 03/01/2047 (A)			827		874
2.500%, 12/01/2024			625		784
2.050%, 08/01/2027			520		609
2.000%, 12/01/2025			265		318
1.500%, 08/01/2019			1,075		1,309
1.350%, 04/15/2022			5,297		6,437
1.250%, 12/01/2026			1,850		2,058

35

  SEI Institutional International Trust / Annual Report / September 30, 2017   35

SCHEDULE OF INVESTMENTS

September 30, 2017

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
1.200%, 04/01/2022	EUR		1,630	$	1,969
0.750%, 01/15/2018			720		854
0.700%, 05/01/2020			460		553
0.350%, 06/15/2020			2,020		2,404
0.300%, 10/15/2018			700		833
UniCredit MTN
6.950%, 10/31/2022			361		521
3.000%, 01/31/2024			240		328
Unione di Banche Italiane
1.000%, 01/27/2023			185		225
					34,391
Japan — 17.8%
Government of Japan 5 Year Bond
0.200%, 06/20/2019	JPY		245,600		2,194
0.100%, 12/20/2019			607,750		5,425
Government of Japan 10 Year Bond
0.900%, 06/20/2022			748,750		6,956
0.100%, 06/20/2026			457,750		4,094
0.100%, 06/20/2027			207,750		1,853
Government of Japan 20 Year Bond
1.700%, 06/20/2033			1,220,450		13,064
1.400%, 09/20/2034			444,650		4,577
1.000%, 12/20/2035			50,000		483
0.500%, 09/20/2036			520,050		4,593
0.200%, 06/20/2036			169,400		1,419
Government of Japan 20 Year Bond, Ser 106
2.200%, 09/20/2028			46,600		508
Government of Japan 20 Year Bond, Ser 128
1.900%, 06/20/2031			55,000		597
Government of Japan 20 Year Bond, Ser 140
1.700%, 09/20/2032			877,850		9,380
Government of Japan 20 Year Bond, Ser 143
1.600%, 03/20/2033			58,550		618
Government of Japan 20 Year Bond, Ser 144
1.500%, 03/20/2033			146,650		1,530
Government of Japan 30 Year Bond
0.300%, 06/20/2046			131,200		1,006
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/2038			85,400		1,020
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/2039			221,750		2,616
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/2040			127,000		1,438
Government of Japan 30 Year Bond, Ser 38
1.800%, 03/20/2043			377,400		4,154
Government of Japan 40 Year Bond
0.400%, 03/20/2056			441,950		3,140
Government of Japan 40 Year Bond, Ser 6
1.900%, 03/20/2053			22,400		254
Japanese Government CPI Linked Bond
0.100%, 03/10/2024			283,518		2,606
0.100%, 03/10/2025			52,071		480

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
0.100%, 03/10/2026	JPY		740,089	$	6,841
					80,846
Kazakhstan — 0.1%
Tengizchevroil Finance International
4.000%, 08/15/2026 (A)	$		385		381
Luxembourg — 0.1%
Altice Financing MTN
5.250%, 02/15/2023	EUR		235		292
Mexico — 1.9%
Mexican Bonos
8.000%, 06/11/2020	MXN		38,211		2,172
7.750%, 11/13/2042			11,690		682
5.750%, 03/05/2026			11,907		611
Mexican Bonos, Ser M
6.500%, 06/10/2021			7,361		403
Mexican Bonos, Ser M20
10.000%, 12/05/2024			58,566		3,819
Petroleos Mexicanos MTN
3.750%, 02/21/2024	EUR		360		453
United Mexican States MTN
4.125%, 01/21/2026	$		400		421
					8,561
Netherlands — 2.9%
ABN AMRO Bank
5.750%,VAR EUR Swap Annual 5 Yr+5.452%, 12/31/2049	EUR		400		509
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
2.500%, VAR EUR Swap Annual 5 Yr+1.400%, 05/26/2026			260		325
Cooperatieve Rabobank UA
6.625%, VAR EUR Swap Annual 5 Yr+6.697%, 12/29/2049			200		267
Cooperatieve Rabobank UA MTN
5.250%, 09/14/2027	GBP		195		309
ING Bank MTN
6.875%, VAR ICE LIBOR GDP 3 Month+2.550%, 05/29/2023			337		468
ING Groep
3.150%, 03/29/2022	$		330		336
Kingdom of Netherlands
4.000%, 01/15/2037 (A)	EUR		635		1,144
3.750%, 01/15/2042 (A)			60		110
2.750%, 01/15/2047 (A)			50		80
2.000%, 07/15/2024 (A)			625		834
1.250%, 01/15/2019 (A)			485		588
0.500%, 07/15/2026 (A)			1,500		1,785
0.250%, 01/15/2020			3,845		4,637
0.250%, 07/15/2025 (A)			699		826
0.250%, 07/15/2025 (A)			223		263

  36   SEI Institutional International Trust / Annual Report / September 30, 2017

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
MARB BondCo
7.000%, 03/15/2024 (A)		$	282	$	278
Petrobras Global Finance
6.125%, 01/17/2022			54		58
Shell International Finance
2.000%, 11/15/2018			560		562
					13,379
New Zealand — 1.0%
New Zealand Government Bond
5.500%, 04/15/2023	NZD		1,840		1,531
3.000%, 04/15/2020			1,535		1,134
2.500%, 09/20/2035			1,661		1,293
2.000%, 09/20/2025			610		472
Westpac Securities MTN
0.875%, 06/24/2019	EUR		100		121
					4,551
Norway — 0.4%
DNB Bank
6.500%, VAR USD Swap Semi 30/360 5 Year Curr+5.080%, 12/29/2049	$		355		381
Government of Norway
2.000%, 05/24/2023 (A)	NOK		3,895		511
Kommunalbanken MTN
1.000%, 03/15/2018 (A)	$		800		798
					1,690
Panama — 0.1%
Carnival
1.875%, 11/07/2022	EUR		390		492
Poland — 0.7%
Republic of Poland
3.250%, 07/25/2025	PLN		2,745		758
2.500%, 07/25/2018			710		197
2.500%, 07/25/2026			2,160		557
2.500%, 07/25/2027			1,770		450
Republic of Poland MTN
1.500%, 01/19/2026	EUR		600		745
Republic of Poland, Ser 1019
5.500%, 10/25/2019	PLN		1,520		448
					3,155
Portugal — 0.2%
EDP - Energias de Portugal
5.375%, VAR EUR Swap Annual 5 Yr+5.043%, 09/16/2075	EUR		300		395
EDP Finance MTN
2.000%, 04/22/2025			370		458
					853

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Qatar — 0.0%
Qatar Government International Bond
5.250%, 01/20/2020	$		100	$	106
Romania — 0.0%
Romanian Government International Bond MTN
2.875%, 05/26/2028	EUR		150		184
Saudi Arabia — 0.1%
Saudi Government International Bond MTN
2.375%, 10/26/2021 (A)	$		275		271
Singapore — 0.4%
Government of Singapore
4.000%, 09/01/2018	SGD		495		373
3.125%, 09/01/2022			275		216
3.000%, 09/01/2024			859		675
Temasek Financial I MTN
2.375%, 01/23/2023 (A)	$		495		494
					1,758
Slovak Republic — 0.0%
Slovakia Government Bond
3.375%, 11/15/2024	EUR		110		156
Slovenia — 0.1%
Slovenia Government Bond
1.500%, 03/25/2035			206		237
South Africa — 0.7%
Republic of South Africa
8.750%, 02/28/2048	ZAR		28,009		1,876
8.000%, 01/31/2030			11,800		804
7.000%, 02/28/2031			2,705		167
4.665%, 01/17/2024	$		100		102
4.300%, 10/12/2028			200		189
					3,138
South Korea — 0.1%
Hyundai Capital Services
3.500%, 03/30/2022			680		527
Spain — 4.9%
Ayt Cedulas Cajas Global
4.750%, 05/25/2027	EUR		400		620
3.750%, 12/14/2022			600		831
Banco de Sabadell
0.875%, 11/12/2021			400		486
Banco Popular Espanol
3.750%, 01/22/2019			100		124
2.125%, 10/08/2019			100		124

  SEI Institutional International Trust / Annual Report / September 30, 2017   37

SCHEDULE OF INVESTMENTS

September 30, 2017

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Bankia
4.125%, 03/24/2036	EUR		200	$	300
0.875%, 01/21/2021			300		364
CaixaBank
1.250%, 01/11/2027			500		606
0.313%, VAR Euribor 3 Month+0.075%, 01/09/2018			200		236
Cirsa Funding Luxembourg
5.875%, 05/15/2023			165		205
5.750%, 05/15/2021			100		125
Criteria Caixa SAU MTN
1.500%, 05/10/2023			500		601
Ferrovial Emisiones MTN
3.375%, 06/07/2021			475		627
Gas Natural Fenosa Finance BV
3.375%, VAR EUR Swap Annual 9 Yr+3.079%, 12/29/2049			100		122
Government of Spain
6.000%, 01/31/2029			465		790
4.700%, 07/30/2041 (A)			464		749
4.200%, 01/31/2037 (A)			475		716
2.900%, 10/31/2046 (A)			1,675		2,000
2.750%, 10/31/2024 (A)			591		786
1.950%, 04/30/2026 (A)			675		839
1.950%, 07/30/2030 (A)			120		142
1.500%, 04/30/2027 (A)			450		532
1.450%, 10/31/2027 (A)			620		722
1.400%, 01/31/2020			1,360		1,667
1.300%, 10/31/2026 (A)			1,334		1,565
1.150%, 07/30/2020			935		1,145
0.750%, 07/30/2021			367		445
0.400%, 04/30/2022			1,020		1,213
0.250%, 04/30/2018			1,500		1,780
Instituto de Credito Oficial
6.000%, 03/08/2021			465		662
Kutxabank
1.250%, 09/22/2025			300		366
Santander Consumer Finance MTN
0.900%, 02/18/2020			300		361
Santander Issuances MTN
3.250%, 04/04/2026			100		127
Telefonica Emisiones MTN
5.375%, 02/02/2018	GBP		185		252
					22,230
Supra-National — 0.8%
European Financial Stability Facility
3.875%, 06/08/2037			190		328
1.800%, 07/10/2048	EUR		540		666
1.200%, 02/17/2045			245		265
European Investment Bank
1.900%, 01/26/2026	JPY		50,000		515

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
European Investment Bank MTN
1.250%, 05/12/2025	SEK		7,500	$	931
International Bank for Reconstruction & Development MTN
2.800%, 01/13/2021	AUD		1,230		975
					3,680
Sweden — 0.9%
Intrum Justitia
2.750%, 07/15/2022 (A)	EUR		330		395
Kingdom of Sweden
3.500%, 03/30/2039	SEK		545		89
1.000%, 11/12/2026			2,505		315
Kingdom of Sweden, Ser
1047 5.000%, 12/01/2020			4,900		702
Kingdom of Sweden, Ser
1052 4.250%, 03/12/2019			5,275		693
Nordea Bank MTN
6.125%, VAR USD Swap Semi 30/360 5 Year Curr+3.388%, 12/31/2049	$		280		300
Skandinaviska Enskilda Banken
1.887%, VAR ICE LIBOR USD 3 Month+0.570%, 09/13/2019 (A)			200		201
Skandinaviska Enskilda Banken MTN
5.750%, VAR USD Swap Semi 30/360 5 Year Curr+3.850%, 11/29/2049			265		274
Stadshypotek MTN
4.250%, 10/10/2017	AUD		600		471
Svenska Handelsbanken
5.250%, VAR USD Swap Semi 30/360 5 Year Curr+3.335%, 12/29/2049	$		370		379
Vattenfall
3.000%, VAR EUR Swap Annual 5 Yr+2.511%, 03/19/2077	EUR		175		204
					4,023
Switzerland — 1.2%
Aquarius & Investments for Swiss Reinsurance
6.375%, VAR USD Swap Semi 30/360 5 Year Curr+5.210%, 09/01/2024	$		340		358
Credit Suisse Group
7.500%, VAR USD Swap Semi 30/360 5 Year Curr+4.598%, 12/31/2049 (A)			270		305
Dufry Finance
4.500%, 08/01/2023			220		277
Government of Switzerland
3.000%, 05/12/2019	CHF		160		175
2.000%, 04/28/2021			1,070		1,209
2.000%, 05/25/2022			110		127
1.500%, 04/30/2042			300		386
1.250%, 06/11/2024			585		666

  38   SEI Institutional International Trust / Annual Report / September 30, 2017

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Swiss Reinsurance via ELM
2.600%, VAR Euribor 6 Month+3.050%, 09/01/2025	EUR		220	$	264
UBS MTN
4.750%, VAR EUR Swap Annual 5 Yr+3.400%, 02/12/2026			200		262
UBS Group
5.750%, VAR EUR Swap Annual 5 Yr+5.287%, 12/29/2049			340		450
UBS Group Funding Switzerland
4.125%, 09/24/2025 (A)	$		220		231
1.750%, 11/16/2022	EUR		427		533
					5,243
Thailand — 0.4%
Thailand Government Bond
4.875%, 06/22/2029	THB		16,300		604
4.675%, 06/29/2044			11,340		432
3.650%, 12/17/2021			16,020		519
3.625%, 06/16/2023			7,815		256
					1,811
Turkey — 0.4%
Coca-Cola Icecek
4.215%, 09/19/2024	$		360		364
Turkey Government Bond
11.000%, 02/24/2027	TRY		2,030		581
Turkey Government International Bond
5.125%, 05/18/2020	EUR		415		539
Turkiye Yakiflar Bankasi TAO
2.375%, 05/04/2021			185		220
					1,704
United Kingdom — 11.2%
Anglian Water Services Financing
6.875%, 08/21/2023	GBP		230		398
Anglo American Capital
3.750%, 04/10/2022 (A)	$		280		287
Arqiva Financing MTN
4.040%, 06/30/2020	GBP		220		312
Aviva MTN
3.875%, VAR EUR Swap Annual 5 Yr+3.480%, 07/03/2044	EUR		223		289
3.375%, VAR Euribor 3 Month+3.550%, 12/04/2045			280		349
Bank of Scotland MTN
4.750%, 06/08/2022			455		653
Barclays
8.000%, VAR EUR Swap Annual 5 Yr+6.750%, 12/15/2049			340		452
3.125%, 01/17/2024			235		327
Barclays MTN
2.625%, VAR EUR Swap Annual 5 Yr+2.450%, 11/11/2025			365		447

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
1.875%, 03/23/2021	EUR		575	$	711
Barclays Bank MTN
10.000%, 05/21/2021	GBP		180		305
BP Capital Markets MTN
2.177%, 09/28/2021	EUR		245		313
Canary Wharf Finance II
6.455%, 04/22/2030	GBP		13		23
5.952%, 01/22/2035			20		37
CNH Industrial Finance Europe MTN
2.875%, 05/17/2023	EUR		220		283
Coventry Building Society MTN
4.625%, 04/19/2018	GBP		230		315
Delphi Automotive
1.500%, 03/10/2025	EUR		420		501
FCE Bank MTN
1.615%, 05/11/2023			510		622
HBOS Capital Funding
6.461%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+2.850%, 11/29/2049	GBP		115		162
Heathrow Funding MTN
6.000%, 03/20/2020			100		149
1.875%, 05/23/2022	EUR		750		947
HSBC Holdings
6.000%, VAR EUR Swap Annual 5 Yr+5.338%, 12/29/2049			345		460
Imperial Brands Finance
0.500%, 07/27/2021			150		178
International Game Technology
4.750%, 02/15/2023			160		211
Lecta
6.500%, 08/01/2023 (A)			113		141
Lloyds Banking Group MTN
1.000%, 11/09/2023			280		333
Nationwide Building Society MTN
4.625%, 02/08/2021			550		752
4.125%, VAR EUR Swap Annual 5 Yr+3.300%, 03/20/2023			295		355
0.500%, 10/29/2019			345		412
Northumbrian Water Finance
6.875%, 02/06/2023	GBP		190		320
Royal Bank of Scotland MTN
3.875%, 10/19/2020	EUR		123		163
Royal Bank of Scotland Group
3.655%, VAR ICE LIBOR USD 3 Month+2.320%, 09/29/2017	$		200		192
Royal Bank of Scotland Group MTN
2.500%, 03/22/2023	EUR		465		590
Santander UK
6.222%, VAR ICE LIBOR GDP 3 Month+1.130%, 05/29/2049	GBP		170		219
3.625%, 01/14/2026			100		144

  SEI Institutional International Trust / Annual Report / September 30, 2017   39

SCHEDULE OF INVESTMENTS

September 30, 2017

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Santander UK MTN
4.250%, 04/12/2021	EUR		350	$	475
1.125%, 01/14/2022			330		402
Santander UK Group Holdings
2.875%, 08/05/2021	$		260		261
Standard Chartered
5.125%, 06/06/2034	GBP		100		146
2.821%, VAR ICE LIBOR USD 3 Month+1.510%, 01/30/2049 (A)	$		500		428
Standard Chartered MTN
3.625%, 11/23/2022	EUR		160		210
TSB Banking Group MTN
5.750%, VAR ICE LIBOR GDP 3 Month+3.430%, 05/06/2026	GBP		104		152
United Kingdom Gilt
4.750%, 12/07/2030			1,035		1,912
4.500%, 12/07/2042			335		680
4.250%, 12/07/2027			125		214
4.250%, 06/07/2032			2,500		4,478
4.250%, 06/07/2032			110		197
4.250%, 03/07/2036			635		1,174
4.250%, 09/07/2039			670		1,274
4.250%, 12/07/2040			275		529
3.750%, 09/07/2021			1,375		2,069
3.750%, 07/22/2052			115		230
3.500%, 01/22/2045			2,470		4,401
3.250%, 01/22/2044			990		1,682
2.500%, 07/22/2065			1,215		2,034
2.000%, 09/07/2025			265		379
1.750%, 07/22/2019			6,905		9,480
1.500%, 01/22/2021			875		1,209
1.250%, 07/22/2018			281		380
0.500%, 07/22/2022			2,228		2,949
Virgin Media Finance MTN
4.500%, 01/15/2025	EUR		121		149
Wales & West Utilities Finance
6.250%, 11/30/2021	GBP		240		385
Western Power Distribution West Midlands
3.875%, 10/17/2024			230		344
					50,575
United States — 5.2%
Altria Group
4.750%, 05/05/2021	$		180		195
American Express Credit
0.625%, 11/22/2021	EUR		367		439
American International Group
2.032%, VAR ICE LIBOR GDP 3 Month+1.705%, 03/15/2067	GBP		150		192
Amgen
1.250%, 02/25/2022	EUR		550		673
Anthem
2.300%, 07/15/2018	$		150		151

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
AT&T
3.550%, 09/14/2037	GBP		205	$	265
1.050%, 09/04/2023	EUR		555		663
Bank of America
%, 02/07/2025			165		198
Bank of America MTN
3.824%, VAR ICE LIBOR USD 3 Month+1.575%, 01/20/2028	$		195		200
2.375%, 06/19/2024	EUR		835		1,071
1.625%, 09/14/2022			261		323
0.220%, VAR Euribor 3 Month+0.550%, 09/14/2018			375		444
Belden
3.375%, 07/15/2027			127		151
Berkshire Hathaway
0.625%, 01/17/2023			485		576
0.500%, 03/13/2020			570		682
Carnival
1.625%, 02/22/2021			180		223
Charter Communications Operating
4.908%, 07/23/2025	$		375		401
Citigroup MTN
0.750%, 10/26/2023	EUR		735		862
Community Health Systems
6.250%, 03/31/2023			175		172
5.125%, 08/01/2021			98		97
DH Europe Finance
1.700%, 01/04/2022			535		671
Discovery Communications
2.500%, 09/20/2024	GBP		255		334
Dover MTN
2.125%, 12/01/2020	EUR		267		335
FedEx
1.000%, 01/11/2023			560		673
Fidelity National Information Services
0.400%, 01/15/2021			284		336
General Electric
1.500%, 05/17/2029			170		201
General Motors Financial MTN
0.955%, 09/07/2023			840		980
Goldman Sachs Group
2.625%, 04/25/2021	$		425		427
Goldman Sachs Group MTN
2.000%, 07/27/2023	EUR		900		1,126
1.625%, 07/27/2026			170		201
Hess
4.300%, 04/01/2027	$		333		330
Hewlett Packard Enterprise
4.900%, 10/15/2025			415		439
Honeywell International
1.300%, 02/22/2023	EUR		520		638

  40   SEI Institutional International Trust / Annual Report / September 30, 2017

Description Face Amount (Thousands) Market Value     ($ Thousands)

GLOBAL BONDS (continued)
Liberty Mutual Finance Europe
1.750%, 03/27/2024 (A)	EUR		163	$	198
Mallinckrodt International Finance
5.750%, 08/01/2022 (A)	$		37		36
4.875%, 04/15/2020 (A)			137		137
Mastercard
1.100%, 12/01/2022	EUR		445		543
McKesson
1.500%, 11/17/2025			278		335
0.625%, 08/17/2021			355		422
Morgan Stanley
2.625%, 03/09/2027			295		397
1.875%, 03/30/2023			490		612
Morgan Stanley MTN
1.375%, 10/27/2026			360		418
Mylan
3.950%, 06/15/2026			93		95
1.250%, 11/23/2020			151		183
Nabors Industries
5.500%, 01/15/2023		$	187		183
National Capital Trust I
5.620%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+1.930%, 12/17/2018 (A)	GBP		35		49
5.620%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+1.930%, 09/29/2049			150		211
National Grid North America
1.000%, 07/12/2024	EUR		300		357
Nordea Bank MTN
2.250%, 05/27/2021 (A)		$	425		423
Philip Morris International MTN 1.875%, 03/03/2021	EUR		300		375
PNC Funding
3.300%, 03/08/2022		$	150		155
QEP Resources
5.250%, 05/01/2023			108		105
Seagate HDD Cayman
4.750%, 06/01/2023			17		17
4.750%, 01/01/2025			123		120
Societe Generale MTN
2.500%, 04/08/2021 (A)			500		501
Tenet Healthcare
4.500%, 04/01/2021			155		158
4.375%, 10/01/2021			110		112
US Bancorp MTN
0.850%, 06/07/2024	EUR		701		828
Valeant Pharmaceuticals International
4.500%, 05/15/2023 (A)			170		171
Verizon Communications
4.750%, 02/17/2034	GBP		170		267
4.050%, 02/17/2025	AUD		680		528

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
VMware
2.950%, 08/21/2022	$		113	$	114
Wells Fargo
2.000%, 04/27/2026	EUR		210		264
Wells Fargo Bank MTN
5.250%, 08/01/2023	GBP		350		554
					23,537
Uruguay — 0.0%
Republic of Uruguay
9.875%, 06/20/2022 (A)	UYU		3,181		118
8.500%, 03/15/2028 (A)			2,325		83
					201
Total Global Bonds
(Cost $402,335) ($ Thousands)					407,117
MORTGAGE-BACKED SECURITIES — 2.1%
Agency Mortgage-Backed Obligation — 0.5%
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2014-HQ2, Cl M1
2.684%, VAR ICE LIBOR USD 1 Month+1.450%, 09/25/2024	$		13		13
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA1, Cl M2
3.084%, VAR ICE LIBOR USD 1 Month+1.850%, 10/25/2027			490		501
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, Cl M2
3.834%, VAR ICE LIBOR USD 1 Month+2.600%, 12/25/2027			130		132
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQ2, Cl M1
2.334%, VAR ICE LIBOR USD 1 Month+1.100%, 05/25/2025			21		21
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQA2, Cl M2
4.037%, VAR ICE LIBOR USD 1 Month+2.800%, 05/25/2028			208		215
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, Cl M2
4.137%, VAR ICE LIBOR USD 1 Month+2.900%, 07/25/2028			276		285
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-HQA1, Cl M3
7.584%, VAR ICE LIBOR USD 1 Month+6.350%, 09/25/2028			250		301
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA1, Cl M1
2.437%, VAR ICE LIBOR USD 1 Month+1.200%, 07/25/2029			361		365

  SEI Institutional International Trust / Annual Report / September 30, 2017   41

SCHEDULE OF INVESTMENTS

September 30, 2017

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)	Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA2, Cl M2
4.687%, VAR ICE LIBOR USD 1
Month+3.450%, 10/25/2029	$     470	$	497
			2,330
Non-Agency Mortgage-Backed Obligation — 1.6%
Bear Stearns Adjustable Rate Mortgage
Trust, Ser 2004-6, Cl 3A 3.622%, 09/25/2034 (B)	28		28
Citigroup Commercial Mortgage Trust, Ser 2014-GC19, Cl D 5.065%, 03/10/2047 (A)(B)	20		18
Citigroup Commercial Mortgage Trust, Ser 2015-GC29, Cl A3 2.935%, 04/10/2048	30		30
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4 3.238%, 05/25/2035 (B)	291		293
COMM Mortgage Trust, Ser 2008-LS1, Cl A4B 6.372%, 12/10/2049 (B)	7		7
COMM Mortgage Trust, Ser 2012-CR4, Cl A3 2.853%, 10/15/2045	130		131
COMM Mortgage Trust, Ser 2012-CR5, Cl A3 2.540%, 12/10/2045	125		125
COMM Mortgage Trust, Ser 2013-CR6, Cl A4 3.101%, 03/10/2046	120		123
COMM Mortgage Trust, Ser 2013-CR6, Cl D 4.266%, 03/10/2046 (A)(B)	515		476
COMM Mortgage Trust, Ser 2013-CR8, Cl A4 3.334%, 06/10/2046	120		124
COMM Mortgage Trust, Ser 2014-CCRE14,
Cl A3 3.955%, 02/10/2047	70		74
COMM Mortgage Trust, Ser 2014-CR21, Cl A3 3.528%, 12/10/2047	75		78
COMM Mortgage Trust, Ser 2014-UBS2, Cl A5 3.961%, 03/10/2047	60		64
COMM Mortgage Trust, Ser 2014-UBS4, Cl A5 3.694%, 08/10/2047	180		188
COMM Mortgage Trust, Ser 2015-DC1, Cl A5 3.350%, 02/10/2048	155		158
COMM Mortgage Trust, Ser 2015-PC1, Cl A4 3.620%, 07/10/2050	50		52
COMM Mortgage Trust, Ser 2016-DC2, Cl A5 3.765%, 02/10/2049	140		146
Commercial Mortgage Pass-Through Certificates, Ser 2008-C1, Cl A3
6.520%, 02/15/2041 (B)	9		9
Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, Cl AMFX
4.877%, 04/15/2037	20		20

Description		Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
CSAIL Commercial Mortgage Trust, Ser 2015-
C3, Cl A3 3.447%, 08/15/2048	$		85	$	87
CSAIL Commercial Mortgage Trust, Ser 2015-
C4, Cl A4 3.808%, 11/15/2048			165		173
CSAIL Commercial Mortgage Trust, Ser 2016-
C7, Cl A5 3.502%, 11/15/2049			80		82
FNMA Connecticut Avenue Securities,
Ser 2013-C01, Cl M1 3.234%, VAR ICE LIBOR USD 1
Month+2.000%, 10/25/2023			28		28
FNMA Connecticut Avenue Securities,
Ser 2014-C01, Cl M1 2.834%, VAR ICE LIBOR USD 1
Month+1.600%, 01/25/2024			243		245
FNMA Connecticut Avenue Securities,
Ser 2014-C02, Cl 2M1 2.184%, VAR ICE LIBOR USD 1
Month+0.950%, 05/25/2024			1		1
FNMA Connecticut Avenue Securities,
Ser 2014-C04, Cl 2M2 6.237%, VAR ICE LIBOR USD 1
Month+5.000%, 11/25/2024			449		503
FNMA Connecticut Avenue Securities,
Ser 2016-C02, Cl 1M1 3.384%, VAR ICE LIBOR USD 1
Month+2.150%, 09/25/2028			259		262
FNMA Connecticut Avenue Securities,
Ser 2016-C04, Cl 1M2 5.487%, VAR ICE LIBOR USD 1
Month+4.250%, 01/25/2029			95		104
FNMA Connecticut Avenue Securities,
Ser 2016-C05, Cl 2M1 2.584%, VAR ICE LIBOR USD 1
Month+1.350%, 01/25/2029			118		118
FNMA Connecticut Avenue Securities,
Ser 2016-C06, Cl 1M1 2.534%, VAR ICE LIBOR USD 1
Month+1.300%, 04/25/2029			578		585
FNMA Connecticut Avenue Securities,
Ser 2016-C07, Cl 2M2 5.587%, VAR ICE LIBOR USD 1
Month+4.350%, 05/25/2029			153		167
FNMA Connecticut Avenue Securities,
Ser 2017-C01, Cl 1M1 2.537%, VAR ICE LIBOR USD 1
Month+1.300%, 07/25/2029			244		246
GS Mortgage Securities Trust, Ser 2014-
GC20, Cl D 5.021%, 04/10/2047 (A)(B)			80		57

  42   SEI Institutional International Trust / Annual Report / September 30, 2017

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1 2.751%, 01/25/2035 (B)	$		80	$	77
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl A3A1 3.538%, 09/15/2047			185		192
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-C1, Cl A4 5.716%, 02/15/2051			5		5
JPMorgan Chase Commercial Mortgage Securities, Ser 2008-C2, Cl A4FL 2.736%, VAR LIBOR USD 1 Month+1.500%, 02/12/2051			231		226
JPMorgan Chase Commercial Mortgage Securities, Ser 2008-C2, Cl A4 6.068%, 02/12/2051			20		20
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, Cl A3 2.829%, 10/15/2045			135		137
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-LC9, Cl A5 2.840%, 12/15/2047			135		136
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1 3.175%, 12/25/2034 (B)			64		65
LB-UBS Commercial Mortgage Trust, Ser 2008-C1, Cl A2 6.296%, 04/15/2041 (B)			32		33
LSTAR Commercial Mortgage Trust, Ser 2016-4, Cl A2 2.458%, 03/10/2049 (A)			159		157
Morgan Stanley Capital I Trust, Ser 2006- T21, Cl D 5.408%, 10/12/2052 (A)(B)			15		11
Morgan Stanley Capital I Trust, Ser 2006- T21, Cl E 5.408%, 10/12/2052 (A)(B)			10		1
Morgan Stanley Capital I Trust, Ser 2016- UB12, Cl A3 3.337%, 12/15/2049			155		158
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1 3.872%, 01/05/2043 (A)(B)			135		134
TAGUS-Sociedade de Titularizacao de Creditos, Ser 2014-2, Cl SNR 2.980%, 02/16/2018	EUR		69		82
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4 3.185%, 03/10/2046	$		100		102
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C6, Cl A3 2.971%, 04/10/2046			70		71

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust,
Ser 2015-C28, Cl A3 3.290%, 05/15/2048	$		120	$	123
Wells Fargo Commercial Mortgage Trust, Ser 2015-C30, Cl A3 3.410%, 09/15/2058			80		82
Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl A4 3.560%, 01/15/2059			140		145
Wells Fargo Commercial Mortgage Trust, Ser C38, Cl A5 3.453%, 07/15/2050			205		210
WFRBS Commercial Mortgage Trust, Ser 2012-C10, Cl A3 2.875%, 12/15/2045			125		127
WFRBS Commercial Mortgage Trust, Ser 2012-C6, Cl D 5.766%, 04/15/2045 (A)(B)			55		55
					7,151
Total Mortgage-Backed Securities (Cost $9,347) ($ Thousands)					9,481
U.S. TREASURY OBLIGATIONS — 1.1%
U.S. Treasury Bond 3.750%, 11/15/2043			1,150		1,348
U.S. Treasury Bond STRIPS 2.951%, 08/15/2045 (C)			1,070		473
2.841%, 11/15/2045 (C)			525		230
U.S. Treasury Inflation Indexed Bonds 0.250%,
01/15/2025 (D)			1,324		1,312
U.S. Treasury Note 1.000%, 09/30/2019			1,700		1,684
Total U.S. Treasury Obligations (Cost $5,090) ($ Thousands)					5,047
CORPORATE OBLIGATIONS — 0.4%
United States — 0.4%
CenturyLink
6.450%, 06/15/2021			144		150
5.800%, 03/15/2022			158		157
Cox Communications
2.950%, 06/30/2023 (A)			127		125
Dell International
5.450%, 06/15/2023 (A)			240		262
Navient MTN
5.500%, 01/15/2019			248		256
Santander Holdings USA
3.700%, 03/28/2022 (A)			460		469

  SEI Institutional International Trust / Annual Report / September 30, 2017   43

SCHEDULE OF INVESTMENTS

September 30, 2017

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Seagate
4.875%, 03/01/2024 (A)	$	85	$	84
Sprint Spectrum
3.360%, 09/20/2021 (A)		246		250

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Uniti Group
6.000%, 04/15/2023 (A)	$	162	$	155
Total Corporate Obligations (Cost $1,887) ($ Thousands)				1,908
Total Investments in Securities— 93.4% (Cost $418,659) ($ Thousands)			$	423,553

A list of the open futures contracts held by the Fund at September 30, 2017, is as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Notional Amount ($ Thousands)			Value ($ Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
90-Day Euro$		(28	)		Sep-2018		(6,882	)		(6,875	)		7
Australian 10-Year Bond		28			Dec-2017		2,793			2,791			(2	)
Australian 3-Year Bond		14			Dec-2017		1,248			1,220			(5	)
Canadian 10-Year Bond		81			Dec-2017		8,904			8,763			(97	)
Euro		(180	)		Dec-2017		(27,103	)		(26,695	)		408
Euro-Bob		58			Dec-2017		8,936			8,995			(1	)
Euro-Bund		33			Dec-2017		6,284			6,281			(2	)
Euro-Bund		(69	)		Dec-2017		(13,081	)		(13,134	)		(16	)
Euro-Buxl 30 Year Bond		19			Dec-2017		3,771			3,667			(66	)
Euro-Buxl 30 Year Bond		(3	)		Dec-2017		(574	)		(579	)		(3	)
Euro-OAT 10 Year Bond		(2	)		Dec-2017		(371	)		(367	)		3
Euro-OAT 10 Year Bond		23			Dec-2017		4,205			4,218			4
Euro-Schatz		(101	)		Dec-2017		(13,348	)		(13,389	)		1
Euro-Schatz		18			Dec-2007		2,406			2,386			(1	)
Japanese 10-Year Bond		19			Dec-2017		25,598			25,378			(15	)
Japanese 10-Year Bond E-MINI		1			Dec-2017		140			134			(1	)
Japanese 10-Year Bond E-MINI		(56	)		Dec-2017		(7,479	)		(7,481	)		(2	)
Long Gilt 10-Year Bond		4			Dec-2017		655			665			(18	)
Long Gilt 10-Year Bond		(16	)		Dec-2017		(2,672	)		(2,659	)		3
U.S. 10-Year Treasury Note		(2	)		Dec-2017		(251	)		(251	)		—
U.S. 10-Year Treasury Note		(105	)		Dec-2017		(13,258	)		(13,158	)		100
U.S. 10-Year Treasury Note		7			Dec-2017		886			877			(9	)
U.S. 2-Year Treasury Note		(33	)		Dec-2017		(7,127	)		(7,118	)		8
U.S. 5-Year Treasury Note		(117	)		Dec-2017		(13,798	)		(13,748	)		50
U.S. Long Treasury Bond		10			Dec-2017		1,544			1,528			(15	)
U.S. Long Treasury Bond		(2	)		Dec-2017		(311	)		(306	)		5
U.S. Ultra Long Treasury Bond		(16	)		Dec-2017		(2,671	)		(2,642	)		29
Ultra 10-Year U.S. Treasury Note		(36	)		Dec-2017		(4,893	)		(4,836	)		57
Ultra 10-Year U.S. Treasury Note		1			Dec-2017		136			134			(1	)
							(46,313	)		(46,201	)		421

  44   SEI Institutional International Trust / Annual Report / September 30, 2017

A list of the open forward foreign currency contracts held by the Fund at September 30, 2017, is as follows:

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
ANZ		10/04/17	USD		592	EUR		502		2
ANZ		11/28/17	CNH		14,700	USD		2,233		28
Bank of America		10/05/17	GBP		161	USD		216		–
Bank of America		10/05/17	USD		208	EUR		176		–
Bank of America		10/05/17	USD		327	EUR		273		(4	)
Bank of America		10/05/17	CHF		3,088	USD		3,211		19
Bank of America		10/05/17	ZAR		14,562	USD		1,116		37
Bank of America		10/05/17	EUR		35,277	USD		42,037		329
Bank of America		11/07/17	USD		1,249	NOK		9,907		(3	)
Bank of America		11/07/17	USD		2,197	SEK		17,801		(12	)
Bank of America		11/07/17	NOK		4,359	USD		550		1
Bank of America		11/07/17	SEK		15,174	USD		1,873		10
Bank of America		11/22/17	TWD		84,266	USD		2,796		13
Bank of Montreal		11/07/17	CAD		908	USD		731		5
Bank of Montreal		11/07/17	USD		1,032	GBP		769		–
Barclays PLC		10/05/17	EUR		38,469	USD		45,806		324
Barclays PLC		10/04/17 -  11/07/17	EUR		41,472	USD		49,071		(46	)
Barclays PLC		10/05/17	USD		71	NZD		97		(1	)
Barclays PLC		10/05/17	USD		140	AUD		176		(2	)
Barclays PLC		10/05/17	NZD		193	USD		140		1
Barclays PLC		10/05/17	USD		232	SEK		1,846		(6	)
Barclays PLC		10/05/17	USD		278	NOK		2,170		(5	)
Barclays PLC		10/05/17	USD		278	JPY		30,686		(5	)
Barclays PLC		10/05/17	USD		482	EUR		404		(4	)
Barclays PLC		10/05/17	NOK		721	USD		92		2
Barclays PLC		10/05/17	SGD		1,767	USD		1,303		1
Barclays PLC		10/05/17	SEK		3,637	USD		457		11
Barclays PLC		10/05/17	AUD		10,836	USD		8,582		80
Barclays PLC		10/05/17	GBP		18,239	USD		23,514		(956	)
Barclays PLC		10/05/17	MXN		34,633	USD		1,927		21
Barclays PLC		10/05/17	JPY		7,169,077	USD		64,932		1,237
Barclays PLC		11/07/17	ZAR		6,174	USD		453		(1	)
BNP Paribas		10/05/17	USD		140	JPY		15,200		(5	)
BNP Paribas		10/05/17	NZD		215	USD		156		1
BNP Paribas		10/05/17 - 11/10/17	USD		3,555	CAD		4,333		(91	)
BNP Paribas		10/05/17	JPY		15,400	USD		139		2
BNP Paribas		11/07/17	USD		31,761	EUR		26,972		183
BNP Paribas		10/05/17	USD		139	EUR		115		(3	)
BNP Paribas		10/13/17	ARS		7,392	USD		423		(1	)
BNP Paribas		10/26/17	USD		1,066	KRW		1,220,242		–
BNP Paribas		11/03/17	BRL		814	USD		256		–
BNP Paribas		11/07/17	SGD		530	USD		390		(1	)
BNP Paribas		11/22/17	RUB		26,517	USD		457		–
BNP Paribas		11/30/17	NZD		2,614	AUD		2,403		(3	)
BNP Paribas		12/01/17	GBP		12,673	USD		17,171		142
Brown Brothers Harriman		10/04/17	EUR		312	USD		369		–

  SEI Institutional International Trust / Annual Report / September 30, 2017   45

SCHEDULE OF INVESTMENTS

September 30, 2017

International Fixed Income Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Brown Brothers Harriman		10/04/17 - 12/15/17	EUR		6,586	USD		7,695		(106	)
Brown Brothers Harriman		10/04/17 - 12/15/17	USD		26,151	EUR		22,233		205
Brown Brothers Harriman		10/04/17	USD		4,500	EUR		3,764		(51	)
Brown Brothers Harriman		10/06/17	MXN		6,616	USD		368		4
Brown Brothers Harriman		10/17/17	USD		291	TRY		1,040		1
Brown Brothers Harriman		10/17/17	USD		48	TRY		165		(2	)
Brown Brothers Harriman		10/17/17	TRY		1,455	USD		407		–
Brown Brothers Harriman		10/20/17	USD		463	PLN		1,690		1
Brown Brothers Harriman		10/20/17	USD		221	PLN		802		(1	)
Brown Brothers Harriman		10/20/17	PLN		793	USD		217		–
Brown Brothers Harriman		11/10/17	CAD		321	USD		257		–
Brown Brothers Harriman		11/10/17	USD		734	CAD		918		–
Brown Brothers Harriman		11/10/17	USD		36	CAD		44		(1	)
Brown Brothers Harriman		11/28/17	USD		553	CNY		3,683		–
Brown Brothers Harriman		11/30/17	AUD		258	USD		203		1
Brown Brothers Harriman		11/30/17	USD		551	NZD		763		–
Brown Brothers Harriman		11/30/17	USD		1,947	AUD		2,484		1
Brown Brothers Harriman		11/30/17	USD		1,361	AUD		1,730		(5	)
Brown Brothers Harriman		12/01/17	USD		284	GBP		211		–
Brown Brothers Harriman		12/01/17	USD		3,634	GBP		2,704		(1	)
Brown Brothers Harriman		12/05/17	USD		20,626	JPY		2,314,807		3
Brown Brothers Harriman		12/05/17	USD		64	JPY		7,100		(1	)
Brown Brothers Harriman		12/07/17	USD		1,017	ZAR		13,900		2
Brown Brothers Harriman		12/07/17	ZAR		3,711	USD		272		–
Brown Brothers Harriman		12/13/17	SEK		492	USD		62		1
BT Brokerage		10/05/17	SEK		5,953	USD		745		15
BT Brokerage		10/05/17	CZK		14,410	USD		663		8
BT Brokerage		11/07/17	AUD		525	USD		411		(1	)
BT Brokerage		11/07/17	USD		1,665	CAD		2,071		(8	)
BT Brokerage		11/07/17	GBP		2,025	USD		2,726		6
BT Brokerage		11/07/17	PLN		7,202	USD		1,971		(6	)
BT Brokerage		11/07/17	EUR		34,002	USD		40,138		(132	)
BT Brokerage		11/07/17	MXN		34,633	USD		1,896		(1	)
BT Brokerage		11/07/17	JPY		2,263,300	USD		20,111		(33	)
CIBC		11/07/17	JPY		3,715,368	USD		33,067		(1	)
Citigroup		10/05/17	EUR		351	USD		419		4
Citigroup		10/04/17 - 11/07/17	EUR		41,494	USD		49,022		(121	)
Citigroup		10/05/17	USD		140	NZD		195		1
Citigroup		10/05/17	USD		192	ZAR		2,493		(8	)
Citigroup		10/05/17	USD		209	AUD		263		(3	)
Citigroup		10/05/17	USD		70	GBP		54		3
Citigroup		10/05/17	USD		144	GBP		106		(2	)
Citigroup		10/05/17	CAD		348	USD		281		3
Citigroup		10/05/17	GBP		51	USD		69		1
Citigroup		10/05/17 - 11/07/17	GBP		875	USD		1,156		(19	)
Citigroup		11/07/17	USD		124	EUR		105		–
Citigroup		10/05/17	USD		2,449	EUR		2,053		(21	)
Citigroup		10/05/17	CHF		268	USD		284		7
Citigroup		11/07/17	CHF		3,088	USD		3,184		(15	)
Citigroup		10/05/17	SEK		6,686	USD		840		21

  46   SEI Institutional International Trust / Annual Report / September 30, 2017

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Citigroup		10/05/17	NZD		8,064	USD		5,778		(51	)
Citigroup		10/05/17	JPY		15,400	USD		140		3
Citigroup		10/06/17	USD		710	MXN		12,806		(6	)
Citigroup		10/13/17	USD		439	ARS		7,617		(2	)
Citigroup		10/20/17	PLN		3,398	USD		936		3
Citigroup		10/26/17	KRW		4,244,280	USD		3,797		88
Citigroup		11/03/17	USD		1,194	BRL		3,797		2
Citigroup		11/22/17	USD		1,797	RUB		103,758		(10	)
Citigroup		11/30/17	AUD		16,029	USD		12,798		233
Credit Agricole		10/05/17	USD		14	SEK		113		–
Credit Suisse First Boston		10/03/17	BRL		5,797	USD		1,820		(12	)
Credit Suisse First Boston		10/04/17	EUR		3,020	USD		3,562		(9	)
Credit Suisse First Boston		10/05/17	USD		1,313	EUR		1,096		(17	)
Credit Suisse First Boston		10/05/17	USD		1,871	NZD		2,570		(14	)
Credit Suisse First Boston		10/06/17	USD		907	MXN		16,088		(21	)
Credit Suisse First Boston		11/07/17	HUF		117,758	USD		447		(2	)
Credit Suisse First Boston		11/10/17	USD		1,408	CAD		1,723		(30	)
Credit Suisse First Boston		12/13/17	SEK		7,157	USD		886		5
Deutsche Bank		10/04/17	EUR		22,851	USD		27,432		417
Goldman Sachs		11/30/17	NZD		4,606	USD		3,339		14
Goldman Sachs		12/05/17	USD		1,764	JPY		196,124		(17	)
Goldman Sachs		12/05/17	JPY		3,127,743	USD		28,166		293
HSBC		10/05/17	USD		276	EUR		235		2
HSBC		10/05/17	USD		986	EUR		824		(12	)
HSBC		10/05/17	CAD		1,478	USD		1,210		28
HSBC		11/07/17	GBP		5,714	USD		7,688		14
HSBC		10/05/17	GBP		645	USD		860		(6	)
HSBC		11/07/17	THB		12,319	USD		369		(1	)
JPMorgan Chase Bank		10/05/17	USD		82	NZD		114		–
JPMorgan Chase Bank		10/05/17	USD		70	NZD		97		–
JPMorgan Chase Bank		10/05/17	USD		208	EUR		176		–
JPMorgan Chase Bank		10/05/17 - 11/07/17	USD		225	JPY		24,514		(7	)
JPMorgan Chase Bank		10/05/17 - 11/07/17	EUR		246	USD		290		(1	)
JPMorgan Chase Bank		10/05/17	USD		279	CHF		268		(2	)
JPMorgan Chase Bank		10/05/17	CAD		346	USD		281		4
JPMorgan Chase Bank		10/05/17	AUD		367	USD		293		4
JPMorgan Chase Bank		10/05/17	USD		278	CAD		350		2
JPMorgan Chase Bank		10/05/17	USD		140	CAD		170		(4	)
JPMorgan Chase Bank		10/05/17	USD		769	AUD		960		(16	)
JPMorgan Chase Bank		11/07/17	USD		76	NOK		608		–
JPMorgan Chase Bank		10/05/17 - 11/07/17	USD		974	NOK		7,616		(17	)
JPMorgan Chase Bank		10/05/17	USD		1,251	EUR		1,047		(13	)
JPMorgan Chase Bank		10/05/17	USD		357	GBP		270		6
JPMorgan Chase Bank		10/05/17	USD		1,299	GBP		958		(13	)
JPMorgan Chase Bank		10/05/17	GBP		370	USD		499		3
JPMorgan Chase Bank		10/05/17 - 11/07/17	GBP		1,431	USD		1,890		(30	)
JPMorgan Chase Bank		10/05/17 - 11/07/17	NOK		2,545	USD		322		2
JPMorgan Chase Bank		10/05/17 - 11/07/17	SEK		3,333	USD		417		9
JPMorgan Chase Bank		10/05/17 - 11/07/17	USD		895	SEK		7,292		1
JPMorgan Chase Bank		10/05/17 - 11/07/17	USD		2,831	SEK		22,592		(62	)
JPMorgan Chase Bank		10/05/17	NZD		958	USD		700		7

  SEI Institutional International Trust / Annual Report / September 30, 2017   47

SCHEDULE OF INVESTMENTS

September 30, 2017

International Fixed Income Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
JPMorgan Chase Bank		11/07/17	NZD		3,618	USD		2,612		(1	)
JPMorgan Chase Bank		10/05/17	EUR		6,092	USD		7,278		75
JPMorgan Chase Bank		10/05/17	THB		47,040	USD		1,419		9
JPMorgan Chase Bank		10/05/17 - 11/07/17	JPY		3,745,868	USD		33,394		55
JPMorgan Chase Bank		11/07/17	JPY		15,500	USD		138		(1	)
JPMorgan Chase Bank		10/17/17	USD		828	TRY		2,882		(21	)
JPMorgan Chase Bank		11/07/17	SGD		1,237	USD		912		1
JPMorgan Chase Bank		11/07/17	ZAR		12,069	USD		887		(2	)
JPMorgan Chase Bank		11/10/17	CAD		23,462	USD		18,722		(45	)
JPMorgan Chase Bank		11/22/17	USD		2,808	TWD		84,262		(25	)
JPMorgan Chase Bank		12/07/17	ZAR		21,507	USD		1,604		28
Montgomery/Bank of America		11/03/17	BRL		5,797	USD		1,807		(19	)
Morgan Stanley		10/05/17	GBP		103	USD		140		2
Morgan Stanley		10/05/17	EUR		248	USD		300		6
Morgan Stanley		10/05/17	CAD		355	USD		283		(1	)
Morgan Stanley		10/05/17	USD		434	NOK		3,384		(9	)
Morgan Stanley		10/05/17	USD		1,336	NZD		1,828		(15	)
Morgan Stanley		10/05/17	DKK		3,378	USD		542		6
Morgan Stanley		10/05/17	NOK		4,359	USD		559		12
Morgan Stanley		10/05/17	PLN		5,338	USD		1,497		32
Morgan Stanley		10/05/17	JPY		56,000	USD		507		9
Morgan Stanley		11/07/17	DKK		3,378	USD		537		(1	)
Morgan Stanley		11/07/17	CZK		14,410	USD		653		(5	)
Morgan Stanley		11/07/17	CAD		21,270	USD		17,070		56
Morgan Stanley		12/01/17	USD		2,609	GBP		1,918		(32	)
National Bank of Australia		10/05/17	CAD		2,035	USD		1,659		32
National Bank of Australia		10/05/17	JPY		190,439	USD		1,726		34
National Bank of Australia		11/07/17	JPY		58,971	USD		524		(1	)
National Bank of Australia		11/07/17	USD		485	CHF		470		2
National Bank of Australia		11/07/17	USD		737	AUD		941		1
National Bank of Australia		11/07/17	AUD		9,702	USD		7,602		(6	)
National Bank of Australia		11/07/17	USD		10,316	JPY		1,160,892		17
RBC		10/05/17	USD		371	CAD		450		(11	)
RBC		10/05/17	USD		263	EUR		223		–
RBC		10/05/17	USD		1,642	EUR		1,386		(3	)
RBC		10/05/17	CAD		1,954	USD		1,581		18
RBC		10/05/17	CAD		18,741	USD		14,969		(16	)
RBS		10/04/17	USD		2,365	EUR		2,060		71
RBS		10/05/17	USD		627	AUD		780		(14	)
RBS		12/01/17	USD		732	GBP		541		(4	)
Societe Generale		10/05/17	USD		749	CAD		910		(21	)
Standard Chartered		10/04/17	USD		2,313	EUR		1,962		7
Standard Chartered		10/04/17	EUR		45,728	USD		54,340		278
State Street		10/05/17	USD		0	SEK		2		–
State Street		10/05/17	CAD		2	USD		2		–
State Street		10/05/17	EUR		45	USD		54		–
State Street		10/05/17	USD		143	GBP		106		(1	)
State Street		10/05/17	NZD		194	USD		143		3
State Street		10/05/17	USD		211	AUD		263		(4	)
State Street		10/05/17	USD		545	EUR		458		(4	)

  48   SEI Institutional International Trust / Annual Report / September 30, 2017

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
State Street		10/05/17	USD		808	NZD		1,105		(10	)
State Street		10/05/17	GBP		51	USD		69		–
State Street		10/05/17 – 11/07/17	GBP		19,738	USD		26,420		(86	)
State Street		10/05/17	JPY		15,220	USD		136		1
State Street		11/07/17	JPY		9,100	USD		81		–
State Street		10/06/17	ILS		2,477	USD		693		(8	)
State Street		11/07/17	DKK		1,263	USD		200		(1	)
TD Securities		11/07/17	USD		310	JPY		34,800		–
UBS		10/05/17	USD		301	EUR		253		(2	)
UBS		10/05/17	USD		862	SEK		6,863		(21	)
UBS		10/05/17	SEK		9,221	USD		1,158		27
UBS		10/05/17	EUR		10,046	USD		11,963		85
UBS		10/06/17	MXN		102,464	USD		5,705		65
UBS		11/07/17	MXN		46,910	USD		2,563		(4	)
										2,352

A list of the open OTC swap agreements held by the Fund at September 30, 2017, is as follows:

Credit Default Swaps
Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pays)/Receives Rate	Payment Frequency	Termination Date	Notional Amount ($ Thousands)	Value ($ Thousands)	Upfront Payments/ Receipts ($ Thousands)	Net Unrealized Appreciation (Depreciation) ($ Thousands)
Credit Suisse	CMBX.NA.BB.6	Sell	5.00%	Monthly	05/11/2063	(370)	(90)	(63)		(27	)
Credit Suisse	CMBX.NA.BB.6	Sell	5.00%	Monthly	05/11/2063	(130)	(32)	(17)		(15	)
Credit Suisse	CMBX.NA.BB.6	Sell	5.00%	Monthly	05/11/2063	(240)	(58)	(31)		(27	)
Credit Suisse	CMBX.NA.BBB.6	Sell	3.00%	Monthly	05/11/2063	(373)	(56)	(27)		(29	)
Credit Suisse	CMBX.NA.BBB.6	Sell	3.00%	Monthly	05/11/2063	(134)	(20)	(8)		(12	)
Credit Suisse	CMBX.NA.BBB.6	Sell	3.00%	Monthly	05/11/2063	(127)	(19)	(9)		(10	)
Deutsche Bank	CMBX.NA.BBB.6	Sell	3.00%	Monthly	05/11/2063	(406)	(62)	(30)		(32	)
Credit Suisse	CMBX.NA.BBB.6	Sell	3.00%	Monthly	05/11/2063	(460)	(70)	(36)		(34	)
								(221)		(186	)

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2017, is as follows:

Credit Default Swaps
Reference Entity/Obligation	Buy/Sell Protection		(Pays)/Receives Rate		Payment Frequency		Termination Date		Notional Amount ($ Thousands)		Value ($ Thousands)		Upfront Payments/ Receipts ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
ITRAXX EUROPE SERIES 27		Buy		5.00%		Quarterly		06/20/2022		1,607		(202)		(205	)		3
ITRAXX EUROPE SERIES 28		Sell		1.00%		Quarterly		12/20/2022		(6,439)		146		146			–
														(59	)		3

For the year ended September 30, 2017, 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 $453,564 ($ 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, 2017, the value of these securities amounted to $59,339 ($ Thousands), representing 13.1% of the Net Assets of the Fund.

(B) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(C) Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase.

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

ARS	—	Argentine Peso
AUD	—	Australian Dollar
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
Cl	—	Class
CNH	—	Chinese Yuan Offshore

  SEI Institutional International Trust / Annual Report / September 30, 2017   49

SCHEDULE OF INVESTMENTS

September 30, 2017

International Fixed Income Fund (Concluded)

CNY — Chinese Yuan Onshore

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

GDP — Gross Domestic Product

HUF — Hungarian Forint

ICE — Intercontinental Exchange

ILS — Israeli New Sheckels

JPY — Japanese Yen

KRW — Korean Won

L.P. — Limited Partnership

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXN — Mexican Peso

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLN — Polish Zloty

RUB — Russian Ruble

SGD — Singapore Dollar

SEK — Swedish Krona

Ser — Series

STRIPS — Separately Traded Registered Interest and Principal Securities

THB — Thai Bhat

TRY — Turkish Lira

TSX — Toronto Stock Exchange

TWD — Taiwan Dollar

UK — United Kingdom

USD — United States Dollar

UYU — Uruguayan Peso

VAR — Variable Rate

ZAR — South African Rand

The following is a list of the level of inputs used as of September 30, 2017, 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	$	–		$	407,117		$	–	$	407,117
Mortgage-Backed Securities		–			9,481			–		9,481
U.S. Treasury Obligations		–			5,047			–		5,047
Corporate Obligations		–			1,908			–		1,908
Total Investments in Securities	$	–		$	423,553		$	–	$	423,553
Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	675		$	–		$	–	$	675
Unrealized Depreciation		(254	)		–			–		(254	)
Forwards Contracts *
Unrealized Appreciation		–			4,809			–		4,809
Unrealized Depreciation		–			(2,457	)		–		(2,457	)
OTC Swaps
Credit Default Swaps *
Unrealized Depreciation		–			(186	)		–		(186	)
Centrally Cleared Swaps
Credit Default Swaps *
Unrealized Appreciation		–			3			–		3
Total Other Financial Instruments	$	421		$	2,169		$	–	$	2,590

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

For the year ended September 30, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2017, 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 accompaying notes are an integral part of the financial statements.

  50   SEI Institutional International Trust / Annual Report / September 30, 2017

SCHEDULE OF INVESTMENTS

September 30, 2017

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 — 94.9%
Angola — 0.2%
Angolan Government International Bond
9.500%, 11/12/2025 (A)	$		1,009	$	1,083
9.500%, 11/12/2025			1,675		1,799
					2,882
Argentina — 4.6%
Adecoagro
6.000%, 09/21/2027 (A)			785		782
Argentina Bonar Bonds
23.450%, VAR 30-35d Argentina BADLAR Private Banks+2.000%, 04/03/2022	ARS		7,084		403
Argentina POM Politica Monetaria
26.250%, VAR Argentina Central Bank 7D Repo Ref Rate+0.000%, 06/21/2020			151,560		9,103
Argentina Treasury Bond
2.500%, 07/22/2021			6,000		404
Argentine Bonad Bonds
2.400%, 03/18/2018	$		1,568		1,544
Argentine Bonos del Tesoro
22.750%, 03/05/2018	ARS		13,700		779
21.200%, 09/19/2018			27,802		1,594
18.200%, 10/03/2021			21,053		1,248
Cablevision
6.500%, 06/15/2021 (A)	$		79		84
City of Buenos Aires Argentina 24.702%, VAR 30-35d Argentina BADLAR Private Banks+3.250%, 03/29/2024	ARS		10,891		613
Pampa Energia
7.500%, 01/24/2027 (A)	$		343		373
7.375%, 07/21/2023 (A)			270		293
Provincia de Buenos Aires
7.875%, 06/15/2027			2,762		2,994
5.375%, 01/20/2023 (A)	EUR		608		739
Provincia de Cordoba
7.125%, 06/10/2021 (A)	$		531		570

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Provincia del Chaco Argentina
9.375%, 08/18/2024	$		654	$	663
Republic of Argentina
7.820%, 12/31/2033	EUR		6,772		8,841
7.820%, 12/31/2033			9,877		13,031
7.625%, 04/22/2046	$		991		1,100
7.500%, 04/22/2026			5,050		5,676
7.125%, 06/28/2117			446		445
5.000%, 01/15/2027	EUR		3,555		4,151
2.568%, 12/31/2033	$		1,655		1,919
2.260%, 03/31/2019 (B)	EUR		564		453
2.260%, 12/31/2038 (B)(C)			11,529		9,268
1.453%, 12/31/2033	$		2,426		2,735
0.000%, 12/15/2035 (D)	EUR		17,850		2,237
YPF MTN
24.104%, VAR 30-35d Argentina BADLAR Private Banks+4.000%, 07/07/2020	$		368		368
					72,410
Armenia — 0.0%
Republic of Armenia
7.150%, 03/26/2025 (A)			600		671
Azerbaijan — 1.4%
Republic of Azerbaijan
4.750%, 03/18/2024 (A)(C)			2,291		2,354
Southern Gas Corridor
6.875%, 03/24/2026			4,275		4,809
6.875%, 03/24/2026			2,632		2,961
6.875%, 03/24/2026 (A)			1,437		1,617
State Oil of the Azerbaijan Republic
6.950%, 03/18/2030			3,640		3,959
6.950%, 03/18/2030			963		1,047
State Oil of the Azerbaijan Republic MTN
4.750%, 03/13/2023			3,620		3,620
4.750%, 03/13/2023			1,500		1,500
					21,867
Bahrain — 0.2%
Bahrain Government International Bond
7.000%, 10/12/2028 (A)			641		654
7.000%, 10/12/2028			679		693
6.750%, 09/20/2029			1,276		1,265
					2,612
Belize — 0.1%
Belize Government International Bond
5.000%, 02/20/2034 (B)			2,637		1,635
Bermuda — 0.3%
Government of Bermuda
4.854%, 02/06/2024			2,580		2,807

  SEI Institutional International Trust / Annual Report / September 30, 2017   51

SCHEDULE OF INVESTMENTS

September 30, 2017

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
3.717%, 01/25/2027	$		1,321	$	1,337
					4,144
Brazil — 8.4%
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/2019 (A)			660		699
4.750%, 05/09/2024 (A)			848		853
Braskem Finance
5.750%, 04/15/2021			1,797		1,934
Brazil Letras do Tesouro Nacional (E)
14.103%, 01/01/2019	BRL		77,437		22,446
10.760%, 07/01/2020			29,821		7,551
10.403%, 01/01/2020			38,000		10,094
Brazil Loan Trust 1
5.477%, 07/24/2023 (A)	$		264		278
5.477%, 07/24/2023			300		315
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/2028 (A)			224		227
5.333%, 02/15/2028			5,320		5,400
5.333%, 02/15/2028			1,176		1,194
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 08/15/2022	BRL		6,000		6,143
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2021			52,528		17,189
10.000%, 01/01/2023			39,819		12,945
10.000%, 01/01/2025			39,923		12,910
Cosan Luxembourg
7.000%, 01/20/2027 (A)	$		253		274
ESAL GmbH
6.250%, 02/05/2023 (A)			104		101
Federal Republic of Brazil
8.250%, 01/20/2034			2,768		3,619
6.000%, 04/07/2026 (C)			899		998
5.625%, 01/07/2041			416		419
5.625%, 02/21/2047			679		686
5.000%, 01/27/2045			5,018		4,670
Klabin Finance
5.250%, 07/16/2024			790		824
Marfrig Holdings Europe
8.000%, 06/08/2023			1,100		1,138
Minerva Luxembourg
6.500%, 09/20/2026			1,401		1,415
6.500%, 09/20/2026 (A)			2,293		2,317
Petrobras Global Finance
8.750%, 05/23/2026			2,741		3,292
7.375%, 01/17/2027			3,853		4,242
6.250%, 03/17/2024			2,199		2,350
Rumo Luxembourg
7.375%, 02/09/2024 (A)			898		972
Ultrapar International
5.250%, 10/06/2026			330		339

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Vale Overseas
6.875%, 11/21/2036	$		920	$	1,053
VM Holding
5.375%, 05/04/2027 (A)			2,891		3,035
					131,922
Cameroon — 0.1%
Republic of Cameroon International Bond
9.500%, 11/19/2025 (A)			1,936		2,284
Chile — 0.7%
Bonos de la Tesoreria de la Republica en pesos
6.000%, 01/01/2020	CLP		80,000		134
5.000%, 03/01/2035			1,560,000		2,498
4.500%, 02/28/2021			350,000		565
Cencosud
4.375%, 07/17/2027 (A)	$		1,819		1,827
Empresa de Transporte de Pasajeros Metro
5.000%, 01/25/2047 (A)			2,000		2,197
Empresa Electrica Angamos
4.875%, 05/25/2029 (A)			1,323		1,344
Empresa Nacional del Petroleo
4.500%, 09/14/2047 (A)			332		318
4.375%, 10/30/2024			200		210
3.750%, 08/05/2026			640		640
3.750%, 08/05/2026 (A)			387		387
Geopark
6.500%, 09/21/2024 (A)			492		493
Republic of Chile
5.500%, 08/05/2020	CLP		323,000		536
					11,149
China — 0.2%
Sinopec Group Overseas Development 2014
4.375%, 04/10/2024 (A)	$		1,033		1,109
Sinopec Group Overseas Development 2017
3.250%, 09/13/2027 (A)			1,388		1,373
					2,482
Colombia — 5.4%
Bogota Distrito Capital
9.750%, 07/26/2028	COP		370,000		134
9.750%, 07/26/2028 (A)			8,820,000		3,193
Colombian TES
11.000%, 07/24/2020			5,925,800		2,290
10.000%, 07/24/2024			26,189,600		10,707
7.750%, 09/18/2030			1,040,700		386
7.500%, 08/26/2026			40,007,000		14,488
7.000%, 09/11/2019			3,623,300		1,271
7.000%, 05/04/2022			29,705,000		10,477
7.000%, 06/30/2032			7,050,500		2,411
5.000%, 11/21/2018			17,813,600		6,062
4.750%, 04/04/2035			2,017,200		2,032

  52   SEI Institutional International Trust / Annual Report / September 30, 2017

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Ecopetrol
7.375%, 09/18/2043	$		280	$	321
5.875%, 05/28/2045			745		728
Emgesa ESP
8.750%, 01/25/2021	COP		870,000		309
Empresas Publicas de Medellin ESP
8.375%, 02/01/2021			3,962,000		1,395
7.625%, 09/10/2024 (A)			3,116,000		1,057
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/2024			884,000		306
7.875%, 08/12/2024 (A)			1,127,000		391
Republic of Colombia
11.750%, 02/25/2020	$		322		394
9.850%, 06/28/2027	COP		3,803,000		1,623
9.850%, 06/28/2027			1,257,000		537
8.125%, 05/21/2024	$		550		704
7.750%, 04/14/2021	COP		3,331,000		1,208
7.375%, 09/18/2037	$		1,570		2,071
6.125%, 01/18/2041			3,194		3,756
6.000%, 04/28/2028	COP		11,502,900		3,736
5.000%, 06/15/2045 (C)	$		1,196		1,230
4.500%, 01/28/2026			1,636		1,747
4.375%, 07/12/2021 (C)			3,341		3,565
4.375%, 03/21/2023	COP		1,089,000		354
4.375%, 03/21/2023			1,782,000		580
4.000%, 02/26/2024	$		1,885		1,964
3.875%, 04/25/2027			2,575		2,616
					84,043
Costa Rica — 1.3%
Banco Nacional de Costa Rica
6.250%, 11/01/2023 (A)			753		798
5.875%, 04/25/2021 (A)			597		620
Instituto Costarricense de Electricidad
6.950%, 11/10/2021			400		434
6.375%, 05/15/2043			250		233
Republic of Costa Rica
7.158%, 03/12/2045			4,436		4,791
7.158%, 03/12/2045 (A)			1,237		1,336
7.158%, 03/12/2045			3,436		3,711
7.000%, 04/04/2044 (A)			4,191		4,453
7.000%, 04/04/2044			2,387		2,536
5.625%, 04/30/2043			510		467
5.625%, 04/30/2043 (A)			130		119
4.375%, 04/30/2025			1,720		1,690
					21,188
Croatia — 0.6%
Government of Croatia
6.000%, 01/26/2024 (A)			200		228
3.000%, 03/11/2025	EUR		5,720		7,269
3.000%, 03/20/2027			1,020		1,266
					8,763

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Dominican Republic — 1.2%
Dominican Republic International Bond
15.950%, 06/04/2021	DOP		3,800	$	95
11.500%, 05/10/2024			55,000		1,227
11.000%, 01/05/2018			6,320		134
11.000%, 07/30/2021 (A)			53,760		1,164
9.040%, 01/23/2018	$		121		123
8.625%, 04/20/2027			1,332		1,622
7.500%, 05/06/2021			404		449
7.450%, 04/30/2044			451		537
7.450%, 04/30/2044 (A)			1,865		2,222
6.875%, 01/29/2026			443		505
6.875%, 01/29/2026			2,000		2,281
6.850%, 01/27/2045			400		447
6.850%, 01/27/2045			200		224
6.850%, 01/27/2045 (A)			2,788		3,119
6.600%, 01/28/2024			656		737
5.950%, 01/25/2027			1,114		1,198
5.950%, 01/25/2027 (A)(C)			888		955
5.875%, 04/18/2024 (A)			71		77
5.500%, 01/27/2025			249		263
5.500%, 01/27/2025			690		730
					18,109
Ecuador — 0.6%
Petroamazonas EP
4.625%, 02/16/2020 (A)			380		364
Republic of Ecuador
10.750%, 03/28/2022 (A)			751		839
10.500%, 03/24/2020			273		295
9.650%, 12/13/2026 (A)			1,275		1,345
9.625%, 06/02/2027			777		816
8.750%, 06/02/2023			660		682
7.950%, 06/20/2024			4,875		4,820
					9,161
Egypt — 1.8%
Egypt Government International Bond MTN
8.500%, 01/31/2047			10,360		11,543
8.500%, 01/31/2047 (A)			865		964
7.500%, 01/31/2027			4,302		4,681
6.125%, 01/31/2022			497		514
6.125%, 01/31/2022 (A)			1,194		1,235
Egypt Treasury Bills (E)
20.471%, 12/19/2017	EGP		54,175		2,956
20.273%, 07/10/2018			12,000		599
19.927%, 01/16/2018			41,075		2,211
19.925%, 01/09/2018			34,875		1,883
16.364%, 06/19/2018			40,475		2,034
					28,620
El Salvador — 0.9%
Republic of El Salvador
8.625%, 02/28/2029	$		2,236		2,510

  SEI Institutional International Trust / Annual Report / September 30, 2017   53

SCHEDULE OF INVESTMENTS

September 30, 2017

Emerging Markets Debt Fund  (Continued)

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
8.250%, 04/10/2032 (A)	$		126	$	137
8.250%, 04/10/2032			647		706
7.750%, 01/24/2023			1,323		1,419
7.650%, 06/15/2035 (C)			2,017		2,072
7.650%, 06/15/2035			1,467		1,507
7.625%, 02/01/2041			1,542		1,577
7.375%, 12/01/2019			226		236
7.375%, 12/01/2019			417		435
6.375%, 01/18/2027			863		854
6.375%, 01/18/2027			1,650		1,633
6.375%, 01/18/2027 (A)			1,401		1,387
5.875%, 01/30/2025			210		206
5.875%, 01/30/2025			200		196
					14,875
Ethiopia — 0.0%
Federal Democratic Republic of Ethiopia
6.625%, 12/11/2024 (A)			510		524
Gabon — 0.2%
Gabonese Republic
8.200%, 12/12/2017			282		284
6.950%, 06/16/2025 (A)			1,230		1,223
6.375%, 12/12/2024			1,315		1,282
6.375%, 12/12/2024 (A)			513		500
					3,289
Georgia — 0.0%
Republic of Georgia
6.875%, 04/12/2021 (A)(C)			421		470
Ghana — 0.8%
Republic of Ghana
24.750%, 07/19/2021	GHS		3,864		1,045
24.500%, 04/22/2019			1,926		473
24.000%, 09/09/2019			963		238
10.750%, 10/14/2030	$		6,373		8,275
8.125%, 01/18/2026			2,050		2,179
					12,210
Guatemala — 0.0%
Comcel Trust
6.875%, 02/06/2024 (A)			390		416
Honduras — 0.1%
Honduras Government International Bond
6.250%, 01/19/2027			326		350
6.250%, 01/19/2027 (A)			490		527
					877
Hungary — 1.7%
Republic of Hungary
7.625%, 03/29/2041			7,530		11,659
5.500%, 06/24/2025	HUF		138,870		649

Description		Face Amount (Thousands)		Market Value ($Thousands)
GLOBAL BONDS (continued)
5.375%, 02/21/2023	$		1,750	$	1,974
3.000%, 06/26/2024	HUF		1,600,150		6,504
3.000%, 10/27/2027			253,120		998
2.750%, 12/22/2026			162,000		629
1.750%, 10/26/2022			1,201,820		4,691
					27,104
Indonesia — 8.2%
Indika Energy Capital II
6.875%, 04/10/2022			45		47
Indo Energy Finance II
6.375%, 01/24/2023			745		757
Indonesia Treasury Bond
8.750%, 05/15/2031	IDR		67,036,000		5,766
8.250%, 07/15/2021			10,611,000		843
7.500%, 08/15/2032			8,200,000		638
Listrindo Capital
4.950%, 09/14/2026	$		350		355
Majapahit Holding
7.750%, 01/20/2020			894		997
Pelabuhan Indonesia III
4.875%, 10/01/2024			1,659		1,775
Pertamina Persero
6.500%, 05/27/2041 (A)			380		452
6.000%, 05/03/2042			340		383
6.000%, 05/03/2042 (A)			935		1,054
5.250%, 05/23/2021 (A)			921		996
4.875%, 05/03/2022 (A)			220		236
Pertamina Persero MTN
6.450%, 05/30/2044			439		520
6.450%, 05/30/2044 (A)			665		788
5.625%, 05/20/2043 (A)			1,434		1,544
Perusahaan Listrik Negara MTN
5.250%, 10/24/2042			1,380		1,437
Republic of Indonesia
12.800%, 06/15/2021	IDR		210,000		19
11.000%, 09/15/2025			3,200,000		304
9.000%, 03/15/2029			136,154,000		11,870
8.500%, 10/12/2035	$		525		779
8.500%, 10/12/2035			505		749
8.375%, 03/15/2024	IDR		207,380,000		17,032
8.375%, 09/15/2026			21,071,000		1,761
8.375%, 03/15/2034			95,294,000		7,790
8.250%, 06/15/2032			17,369,000		1,443
8.250%, 05/15/2036			116,070,000		9,471
7.750%, 01/17/2038	$		1,797		2,554
7.000%, 05/15/2022	IDR		122,580,000		9,419
7.000%, 05/15/2027			42,800,000		3,300
6.625%, 05/15/2033			35,776,000		2,550
6.625%, 02/17/2037	$		308		392
6.125%, 05/15/2028	IDR		26,020,000		1,881
5.625%, 05/15/2023			13,561,000		979
4.875%, 05/05/2021	$		945		1,018

  54   SEI Institutional International Trust / Annual Report / September 30, 2017

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
4.350%, 01/08/2027 (A)	$		1,481	$	1,571
3.375%, 07/30/2025	EUR		4,919		6,415
Republic of Indonesia MTN
11.625%, 03/04/2019	$		1,049		1,191
11.625%, 03/04/2019 (A)			975		1,107
11.625%, 03/04/2019			80		91
6.750%, 01/15/2044 (A)			183		245
5.875%, 01/15/2024			6,050		6,936
5.875%, 01/15/2024			2,876		3,297
5.250%, 01/17/2042			2,132		2,378
5.125%, 01/15/2045 (A)			217		240
4.750%, 01/08/2026			1,044		1,138
4.125%, 01/15/2025			1,331		1,397
4.125%, 01/15/2025			2,611		2,740
3.850%, 07/18/2027 (A)			1,098		1,128
3.750%, 06/14/2028	EUR		2,675		3,538
3.375%, 04/15/2023 (A)	$		1,939		1,971
2.150%, 07/18/2024	EUR		905		1,102
					128,384
Iraq — 1.0%
Iraq International Bond
6.752%, 03/09/2023	$		732		727
6.752%, 03/09/2023 (A)			1,895		1,882
5.800%, 01/15/2028			14,373		13,429
					16,038
Israel — 0.2%
Israel Government Bond
5.500%, 01/31/2042	ILS		287		121
3.750%, 03/31/2047			7,908		2,565
					2,686
Ivory Coast — 1.1%
Ivory Coast Government International Bond
6.375%, 03/03/2028 (A)	$		2,198		2,272
6.125%, 06/15/2033			825		810
6.125%, 06/15/2033 (A)			323		317
5.750%, 12/31/2032			3,305		3,241
5.750%, 12/31/2032 (A)			403		395
5.750%, 12/31/2032			3,413		3,347
5.750%, 12/31/2032			3,367		3,302
5.375%, 07/23/2024 (A)(C)			1,265		1,276
5.125%, 06/15/2025	EUR		1,450		1,771
5.125%, 06/15/2025 (A)			930		1,136
					17,867
Jamaica — 0.1%
Digicel Group
7.125%, 04/01/2022 (A)	$		236		214
Government of Jamaica
6.750%, 04/28/2028			565		651
					865

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Jordan — 0.1%
Jordan Government International Bond
6.125%, 01/29/2026	$		1,102	$	1,115
Kazakhstan — 1.3%
Development Bank of Kazakhstan
4.125%, 12/10/2022			770		778
KazAgro National Management Holding MTN
4.625%, 05/24/2023 (A)			349		351
4.625%, 05/24/2023			4,595		4,624
Kazakhstan Temir Zholy Finance
6.950%, 07/10/2042 (A)			250		279
6.375%, 10/06/2020 (A)			400		433
KazMunayGas National
5.750%, 04/19/2047 (A)			1,335		1,314
4.750%, 04/19/2027 (A)			1,515		1,536
KazMunayGas National MTN
6.375%, 04/09/2021			1,960		2,143
6.375%, 04/09/2021 (A)			1,660		1,815
KazTransGas
4.375%, 09/26/2027 (A)			1,216		1,207
Republic of Kazakhstan MTN
6.500%, 07/21/2045			4,350		5,357
					19,837
Kenya — 0.1%
Kenya Government International Bond
6.875%, 06/24/2024 (C)			473		483
6.875%, 06/24/2024 (A)			543		554
5.875%, 06/24/2019 (A)			805		827
					1,864
Malaysia — 4.1%
1MDB Energy
5.990%, 05/11/2022			1,000		1,090
1MDB Global Investments
4.400%, 03/09/2023			9,600		9,130
Malaysia Government Bond
5.248%, 09/15/2028	MYR		1,050		270
4.935%, 09/30/2043			2,200		528
4.392%, 04/15/2026			7,081		1,718
4.378%, 11/29/2019			5,218		1,264
4.254%, 05/31/2035			1,827		422
4.240%, 02/07/2018			35,477		8,437
4.232%, 06/30/2031			9,200		2,143
4.181%, 07/15/2024			4,186		1,008
4.160%, 07/15/2021			20		5
3.955%, 09/15/2025			9,520		2,251
3.892%, 03/15/2027			1,369		319
3.800%, 08/17/2023			23,695		5,621
3.795%, 09/30/2022			3,500		833
3.759%, 03/15/2019			32,541		7,776
3.659%, 10/15/2020			1,419		338

  SEI Institutional International Trust / Annual Report / September 30, 2017   55

SCHEDULE OF INVESTMENTS

September 30, 2017

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
3.654%, 10/31/2019	MYR		7,740	$	1,846
3.620%, 11/30/2021			7,443		1,763
3.580%, 09/28/2018			1,157		275
3.502%, 05/31/2027			1,050		236
3.492%, 03/31/2020			1,420		338
3.480%, 03/15/2023			2,858		667
3.418%, 08/15/2022			4,289		1,004
3.314%, 10/31/2017			40,620		9,622
3.260%, 03/01/2018			9,170		2,174
Malaysia Government Investment Issue
4.070%, 09/30/2026			11,606		2,722
					63,800
Mauritius — 0.1%
Liquid Telecommunications Financing
8.500%, 07/13/2022 (A)	$		1,086		1,144
Mexico — 10.2%
Alfa
6.875%, 03/25/2044			1,750		1,973
America Movil
7.125%, 12/09/2024	MXN		18,110		963
6.000%, 06/09/2019			12,420		665
Banco Inbursa Institucion de Banca Multiple
4.375%, 04/11/2027 (A)	$		573		575
Banco Nacional de Comercio Exterior SNC
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026			536		537
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026 (A)			1,852		1,854
Comision Federal de Electricidad
7.350%, 11/25/2025	MXN		39,785		2,094
5.750%, 02/14/2042 (A)	$		500		529
4.875%, 01/15/2024 (A)			237		254
4.750%, 02/23/2027 (A)			658		693
Elementia
5.500%, 01/15/2025			670		708
Fermaca Enterprises S de RL
6.375%, 03/30/2038 (A)			609		668
Mexican Bonos
8.000%, 11/07/2047	MXN		50,970		3,062
7.750%, 11/23/2034			92,281		5,393
7.750%, 11/13/2042			124,502		7,263
7.500%, 06/03/2027			11,414		656
6.500%, 06/09/2022			141,321		7,715
5.750%, 03/05/2026			87,650		4,501
5.000%, 12/11/2019			127,973		6,795
4.750%, 06/14/2018			10,801		585
Mexican Bonos, Ser M
6.500%, 06/10/2021			184,897		10,119

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Mexican Bonos, Ser M10
8.500%, 12/13/2018	MXN		107,689	$	6,029
Mexican Bonos, Ser M20
10.000%, 12/05/2024			311,035		20,281
8.500%, 05/31/2029			40,211		2,487
8.000%, 12/07/2023			11,575		678
7.750%, 05/29/2031			124,863		7,287
Mexican Bonos, Ser M30
10.000%, 11/20/2036			43,198		3,071
8.500%, 11/18/2038			66,465		4,169
Mexico City Airport Trust
5.500%, 07/31/2047 (A)	$		2,551		2,583
Mexico Government International Bond
4.150%, 03/28/2027			1,779		1,870
Petroleos Mexicanos
9.500%, 09/15/2027			169		222
7.470%, 11/12/2026	MXN		106,719		5,339
7.190%, 09/12/2024			101,382		5,103
6.625%, 06/15/2035	$		4,931		5,313
6.625%, 06/15/2038			2,088		2,217
6.500%, 03/13/2027			400		443
6.500%, 03/13/2027 (A)			2,362		2,618
6.500%, 06/02/2041			572		598
6.375%, 02/04/2021			326		357
6.375%, 01/23/2045			807		821
6.000%, 03/05/2020			335		360
5.625%, 01/23/2046			489		455
5.500%, 01/21/2021			18		19
4.875%, 01/24/2022			1,341		1,406
4.500%, 01/23/2026			643		642
4.250%, 01/15/2025			450		447
Petroleos Mexicanos MTN
6.875%, 08/04/2026			4,450		5,062
6.750%, 09/21/2047			3,373		3,589
6.750%, 09/21/2047			396		421
6.500%, 03/13/2027 (A)			196		217
6.375%, 01/23/2045 (A)			806		820
5.625%, 01/23/2046 (A)			800		744
4.875%, 02/21/2028	EUR		3,822		4,856
4.625%, 09/21/2023 (A)	$		1,185		1,224
4.250%, 01/15/2025			2,450		2,436
Sixsigma Networks Mexico
8.250%, 11/07/2021 (A)			465		482
Trust F/1401
6.950%, 01/30/2044			1,920		2,119
United Mexican States
4.600%, 01/23/2046			628		634
United Mexican States MTN
5.750%, 10/12/2110			3,818		4,093
4.750%, 03/08/2044			200		206
					159,320

  56   SEI Institutional International Trust / Annual Report / September 30, 2017

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Mongolia — 0.2%
Mongolia Government International Bond
MTN
10.875%, 04/06/2021 (A)	$		1,205	$	1,398
8.750%, 03/09/2024			1,451		1,627
Trade & Development Bank of Mongolia MTN
9.375%, 05/19/2020			350		378
9.375%, 05/19/2020 (A)			355		383
					3,786
Montenegro — 0.0%
Republic of Montenegro
5.750%, 03/10/2021 (A)	EUR		551		711
Morocco — 0.5%
Morocco Government International Bond
3.500%, 06/19/2024			3,580		4,702
OCP
6.875%, 04/25/2044	$		1,325		1,490
5.625%, 04/25/2024 (A)			1,900		2,047
					8,239
Netherlands — 0.1%
IHS Netherlands Holdco
9.500%, 10/27/2021 (A)			429		449
MARB BondCo
7.000%, 03/15/2024 (A)			99		97
Marfrig Holdings Europe
8.000%, 06/08/2023 (A)			470		486
VTR Finance
6.875%, 01/15/2024			400		424
					1,456
Nigeria — 0.9%
Nigeria Government International Bond
7.875%, 02/16/2032			5,382		5,880
7.875%, 02/16/2032 (A)(C)			488		533
6.375%, 07/12/2023			2,025		2,122
5.625%, 06/27/2022			1,200		1,221
Nigeria Treasury Bill (E)
21.326%, 04/05/2018	NGN		494,646		1,255
20.658%, 08/02/2018			1,495,300		3,609
					14,620
Oman — 0.3%
Oman Government International Bond
6.500%, 03/08/2047	$		676		695
6.500%, 03/08/2047 (A)			1,620		1,666
5.375%, 03/08/2027			659		677
4.750%, 06/15/2026 (A)			237		234
3.625%, 06/15/2021			1,326		1,333
					4,605

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Pakistan — 0.1%
Pakistan Government International Bond
8.250%, 09/30/2025	$		1,000	$	1,149
Panama — 0.1%
Republic of Panama
9.375%, 04/01/2029			630		948
8.125%, 04/28/2034			478		653
3.750%, 03/16/2025			420		439
					2,040
Paraguay — 0.1%
Republic of Paraguay
6.100%, 08/11/2044 (A)			906		1,017
4.625%, 01/25/2023			300		316
Telefonica Celular del Paraguay
6.750%, 12/13/2022			200		208
6.750%, 12/13/2022			200		208
					1,749
Peru — 2.3%
Abengoa Transmision Sur
6.875%, 04/30/2043 (A)			273		302
Cerro del Aguila
4.125%, 08/16/2027 (A)			723		720
Fondo MIVIVIENDA
7.000%, 02/14/2024 (A)	PEN		3,704		1,190
Peru Enhanced Pass-Through Finance
0.639%, 05/31/2018	$		27		27
0.638%, 05/31/2018 (A)(E)			73		72
Petroleos del Peru
5.625%, 06/19/2047 (A)			366		382
4.750%, 06/19/2032 (A)			613		630
Republic of Peru
8.200%, 08/12/2026	PEN		16,008		6,054
6.950%, 08/12/2031			1,675		578
6.950%, 08/12/2031			4,795		1,656
6.900%, 08/12/2037			2,094		719
6.900%, 08/12/2037			4,723		1,621
6.850%, 02/12/2042			613		202
6.350%, 08/12/2028			2,061		683
6.350%, 08/12/2028			2,895		959
6.350%, 08/12/2028 (A)			7,925		2,625
6.150%, 08/12/2032 (A)			19,515		6,291
5.700%, 08/12/2024			285		93
5.700%, 08/12/2024 (A)			5,999		1,948
3.750%, 03/01/2030	EUR		6,608		9,286
					36,038
Philippines — 0.1%
Republic of Philippines
3.900%, 11/26/2022	PHP		45,000		875

  SEI Institutional International Trust / Annual Report / September 30, 2017   57

SCHEDULE OF INVESTMENTS

September 30, 2017

Emerging Markets Debt Fund  (Continued)

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Poland — 3.5%
Republic of Poland
5.750%, 04/25/2029	PLN		2,550	$	858
5.250%, 10/25/2020			15,644		4,680
4.000%, 10/25/2023			28,308		8,223
3.250%, 07/25/2025			21,204		5,853
2.750%, 08/25/2023			6,504		1,937
2.500%, 07/25/2026			24,236		6,249
2.500%, 07/25/2027			29,168		7,425
2.250%, 04/25/2022			14,160		3,818
2.000%, 04/25/2021			4,980		1,351
1.750%, 07/25/2021			24,278		6,505
1.732%, 04/25/2019 (E)			4,780		1,279
1.110%, 10/25/2018 (E)			10,800		2,917
Republic of Poland, Ser 0922
5.750%, 09/23/2022			12,209		3,820
					54,915
Qatar — 0.8%
Ooredoo International Finance MTN
3.750%, 06/22/2026	$		750		749
State of Qatar
9.750%, 06/15/2030			2,637		4,170
4.500%, 01/20/2022 (A)			1,730		1,837
3.250%, 06/02/2026 (A)			5,122		5,066
					11,822
Romania — 1.4%
Government of Romania
5.850%, 04/26/2023	RON		16,940		4,896
5.800%, 07/26/2027			20,140		5,843
4.750%, 02/24/2025			24,590		6,673
3.500%, 12/19/2022			8,945		2,324
Government of Romania MTN
3.875%, 10/29/2035	EUR		1,430		1,790
					21,526
Russia — 6.8%
Credit Bank of Moscow Via CBOM Finance
5.875%, 11/07/2021 (A)	$		1,116		1,129
Evraz Group
8.250%, 01/28/2021			1,000		1,125
Gazprom OAO Via Gaz Capital
4.250%, 04/06/2024	GBP		1,660		2,316
GTLK Europe DAC
5.950%, 07/19/2021	$		270		286
Ritekro (F)
16.207%, 11/07/2022 (E)(G)			914		543
Russian Federal Bond - OFZ
8.150%, 02/03/2027	RUB		501,923		9,135
7.750%, 09/16/2026			1,323,272		23,381
7.700%, 03/23/2033			24,679		428
7.600%, 04/14/2021			487,263		8,504
7.600%, 07/20/2022			281,338		4,917

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
7.400%, 12/07/2022	RUB		120,877	$	2,093
7.100%, 10/16/2024			378,258		6,426
7.050%, 01/19/2028			641,052		10,812
7.000%, 01/25/2023			192,545		3,272
7.000%, 08/16/2023			300,364		5,099
6.800%, 12/11/2019			472,520		8,103
6.700%, 05/15/2019			236,124		4,055
6.500%, 12/03/2014 (B)			22,770		381
6.400%, 05/27/2020			87,230		1,477
Russian Foreign Bond - Eurobond
5.250%, 06/23/2047	$		1,800		1,839
4.250%, 06/23/2027			3,000		3,050
Russian Railways Via RZD Capital
7.487%, 03/25/2031	GBP		1,300		2,154
Sberbank of Russia Via SB Capital
5.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.023%, 02/26/2024 (A)	$		2,292		2,338
SCF Capital Designated Activity
5.375%, 06/16/2023 (A)			729		755
Vnesheconombank Via VEB Finance
6.902%, 07/09/2020			1,310		1,416
6.800%, 11/22/2025 (A)			150		169
6.800%, 11/22/2025			580		654
5.450%, 11/22/2017 (A)			400		402
					106,259
Saudi Arabia — 0.2%
Saudi Government International Bond MTN
4.625%, 10/04/2047			934		939
3.625%, 03/04/2028			1,363		1,346
2.875%, 03/04/2023 (A)			998		995
					3,280
Senegal — 0.2%
Senegal Government International Bond
6.250%, 05/23/2033 (A)			2,910		2,992
Serbia — 0.3%
Republic of Serbia
7.250%, 09/28/2021 (A)			200		231
7.250%, 09/28/2021			4,300		4,964
4.875%, 02/25/2020			200		209
					5,404
South Africa — 4.4%
Eskom Holdings
7.125%, 02/11/2025 (A)			951		985
7.125%, 02/11/2025			1,750		1,813
5.750%, 01/26/2021 (A)			214		218
Republic of South Africa
10.500%, 12/21/2026	ZAR		116,988		9,723
9.000%, 01/31/2040			43,665		3,006
8.875%, 02/28/2035			20		1

  58   SEI Institutional International Trust / Annual Report / September 30, 2017

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
8.750%, 01/31/2044	ZAR		47,197	$	3,155
8.750%, 02/28/2048			157,337		10,538
8.500%, 01/31/2037			66,652		4,444
8.250%, 03/31/2032			87,495		5,925
8.000%, 01/31/2030			87,465		5,961
7.000%, 02/28/2031			103,711		6,399
6.750%, 03/31/2021			3,663		265
6.500%, 02/28/2041			39,901		2,095
6.250%, 03/31/2036			78,799		4,208
5.875%, 09/16/2025 (C)	$		4,902		5,294
5.650%, 09/27/2047			1,006		1,000
4.875%, 04/14/2026			334		337
4.300%, 10/12/2028			1,694		1,596
Stillwater Mining
7.125%, 06/27/2025			636		655
Transnet SOC MTN
9.500%, 05/13/2021 (A)	ZAR		13,360		969
					68,587
South Korea — 0.0%
Kyobo Life Insurance
3.950%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.091%, 07/24/2047 (A)	$		548		553
Sri Lanka — 1.0%
Republic of Sri Lanka
11.750%, 06/15/2027	LKR		230,000		1,613
11.500%, 12/15/2021			230,000		1,586
6.850%, 11/03/2025 (A)	$		908		997
6.850%, 11/03/2025			4,639		5,093
6.825%, 07/18/2026			500		549
6.825%, 07/18/2026 (A)			909		998
6.250%, 07/27/2021			853		917
6.200%, 05/11/2027			745		782
5.875%, 07/25/2022 (A)			2,445		2,604
					15,139
Supra-National — 0.6%
Banque Ouest Africaine de Developpement
5.000%, 07/27/2027 (A)			865		889
European Investment Bank MTN
8.500%, 09/17/2024	ZAR		9,200		693
7.200%, 07/09/2019	IDR		31,560,000		2,387
Inter-American Development Bank MTN
7.875%, 03/14/2023			50,880,000		4,123
7.350%, 09/12/2018			20,140,000		1,511
					9,603
Thailand — 2.1%
Thailand Government Bond
5.670%, 03/13/2028	THB		3,000		116
4.875%, 06/22/2029			22,000		815
3.875%, 06/13/2019			68,000		2,121

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
3.850%, 12/12/2025	THB		91,664	$	3,082
3.650%, 12/17/2021			117,200		3,798
3.650%, 06/20/2031			224,108		7,433
3.625%, 06/16/2023			148,077		4,861
3.400%, 06/17/2036			102,710		3,333
2.875%, 06/17/2046			31,586		890
2.550%, 06/26/2020			40,000		1,232
2.125%, 12/17/2026			137,000		4,042
1.875%, 06/17/2022			57,000		1,719
					33,442
Tunisia — 0.1%
Banque Centrale de Tunisie
5.625%, 02/17/2024	EUR		700		854
Turkey — 5.8%
Export Credit Bank of Turkey
5.875%, 04/24/2019 (A)	$		200		207
5.375%, 10/24/2023 (A)			1,033		1,061
5.000%, 09/23/2021 (A)			538		551
Export Credit Bank of Turkey MTN
5.375%, 02/08/2021 (A)			896		928
Hazine Mustesarligi Varlik Kiralama
5.004%, 04/06/2023			1,221		1,255
Republic of Turkey
11.875%, 01/15/2030			1,600		2,544
10.700%, 02/17/2021	TRY		9,044		2,518
10.600%, 02/11/2026			12,605		3,527
10.500%, 01/15/2020			3,143		869
10.400%, 03/20/2024			2,250		625
9.500%, 01/12/2022			8,610		2,312
9.400%, 07/08/2020			29,131		7,840
9.200%, 09/22/2021			51,054		13,549
9.000%, 07/24/2024			9,803		2,535
8.800%, 11/14/2018			2,343		639
8.500%, 07/10/2019			2,790		748
8.500%, 09/14/2022			16,848		4,328
8.300%, 06/20/2018			4,251		1,166
7.400%, 02/05/2020			14,131		3,657
7.375%, 02/05/2025	$		5,525		6,418
7.100%, 03/08/2023	TRY		6,560		1,574
7.000%, 03/11/2019	$		784		831
7.000%, 06/05/2020			2,190		2,391
6.875%, 03/17/2036			1,020		1,151
6.750%, 04/03/2018			1,374		1,403
6.750%, 05/30/2040			1,480		1,644
6.625%, 02/17/2045			1,643		1,813
6.250%, 09/26/2022			530		581
6.000%, 03/25/2027			3,013		3,234
5.750%, 03/22/2024			333		354
5.750%, 05/11/2047			1,408		1,384
5.125%, 03/25/2022 (C)			1,653		1,731
4.875%, 10/09/2026			310		308

  SEI Institutional International Trust / Annual Report / September 30, 2017   59

SCHEDULE OF INVESTMENTS

September 30, 2017

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
4.250%, 04/14/2026	$		1,521	$	1,461
3.000%, 08/02/2023	TRY		7,451		2,106
Republic of Turkey MTN
3.250%, 06/14/2025	EUR		2,536		2,999
TC Ziraat Bankasi
4.250%, 07/03/2019 (A)	$		940		946
TC Ziraat Bankasi MTN
5.125%, 05/03/2022 (A)			1,063		1,080
5.125%, 09/29/2023 (A)			655		655
4.750%, 04/29/2021 (A)			561		568
Turk Telekomunikasyon
4.875%, 06/19/2024			1,750		1,791
Turkiye Garanti Bankasi
6.125%, VAR USD Swap Semi 30/360 5 Year Curr+4.220%, 05/24/2027 (A)			1,170		1,172
Turkiye Is Bankasi
6.125%, 04/25/2024			2,080		2,128
Yapi ve Kredi Bankasi MTN
5.850%, 06/21/2024 (A)			429		431
					91,013
Ukraine — 3.1%
Government of Ukraine
7.750%, 09/01/2020 (A)			4,220		4,473
7.750%, 09/01/2021 (A)			5,152		5,468
7.750%, 09/01/2022 (A)			4,854		5,147
7.750%, 09/01/2023 (A)			2,048		2,150
7.750%, 09/01/2024			2,633		2,748
7.750%, 09/01/2024 (A)			730		762
7.750%, 09/01/2025 (A)			3,454		3,575
7.750%, 09/01/2025			1,567		1,622
7.750%, 09/01/2026			4,942		5,085
7.750%, 09/01/2026 (A)			1,602		1,648
7.750%, 09/01/2027			1,910		1,959
7.750%, 09/01/2027 (A)			3,156		3,237
7.375%, 09/25/2032 (A)			5,237		5,100
2.570%, 05/31/2040 (A)(D)			6,182		3,329
Ukreximbank Via Biz Finance
9.625%, 04/27/2022 (A)			1,711		1,832
					48,135
United Arab Emirates — 0.1%
MAF Global Securities
7.125%, VAR USD Swap Semi 30/360 5 Year Curr+5.702%, 10/29/2049			1,040		1,080
5.500%, VAR USD Swap Semi 30/360 5 Year Curr+3.476%, 12/29/2049			870		899
					1,979
United Kingdom — 0.1%
Tullow Oil
6.250%, 04/15/2022			1,806		1,757
Vedanta Resources
6.375%, 07/30/2022 (A)			74		77

Description		Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
6.125%, 08/09/2024 (A)	$		488	$	495
					2,329
Uruguay — 0.9%
Republic of Uruguay
9.875%, 06/20/2022 (A)	UYU		31,830		1,184
8.500%, 03/15/2028 (A)			108,088		3,844
5.100%, 06/18/2050	$		4,489		4,736
4.375%, 10/27/2027			2,738		2,950
4.125%, 11/20/2045 (C)			346		335
Uruguay Monetary Regulation Bill
8.552%, 11/08/2017 (E)	UYU		16,487		561
					13,610
Venezuela — 0.9%
Petroleos de Venezuela
6.000%, 05/16/2024	$		7,785		2,367
6.000%, 05/16/2024			8,752		2,661
6.000%, 11/15/2026			2,693		817
5.500%, 04/12/2037			1,552		469
5.375%, 04/12/2027			6,989		2,097
Republic of Venezuela
13.625%, 08/15/2018			144		102
13.625%, 08/15/2018			826		625
11.950%, 08/05/2031			1,000		402
8.250%, 10/13/2024			1,325		447
7.750%, 10/13/2019			6,270		2,806
7.650%, 04/21/2025			1,351		453
7.000%, 03/31/2038			860		286
					13,532
Zambia — 0.6%
Republic of Zambia
8.970%, 07/30/2027			2,994		3,250
8.500%, 04/14/2024 (A)			3,220		3,439
5.375%, 09/20/2022 (A)			105		100
5.375%, 09/20/2022			2,746		2,614
					9,403
Total Global Bonds (Cost $1,450,858) ($ Thousands)					1,486,272
			Shares
AFFILIATED PARTNERSHIP — 0.9%
SEI Liquidity Fund, L.P. 1.110% **† (H)			14,595,621		14,597
Total Affiliated Partnership (Cost $14,595) ($ Thousands)					14,597
Total Investments in Securities — 95.8%     (Cost $1,465,453) ($ Thousands)				$	1,500,869

  60   SEI Institutional International Trust / Annual Report / September 30, 2017

A list of the open futures contracts held by the Fund at September 30, 2017, is as follows:

Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount ($ Thousands)		Value ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Euro-Bund		(19)		Dec-2017		(3,678)		(3,617)		30
Euro-Bund		(200)		Dec-2017		(38,257)		(38,069)		208
Euro-Buxl 30-Year Bond		(40)		Dec-2017		(7,860)		(7,720)		144
JSE Bond Future R186		1,162		Nov-2017		10,339		9,985		8
JSE Bond Future R2032		199		Nov-2017		1,404		1,359		4
JSE Bond Future R2035		180		Nov-2017		1,315		1,280		12
JSE Bond Future R207		205		Nov-2017		1,608		1,552		1
JSE Bond Future R208		352		Nov-2017		2,664		2,568		(3)
Long Gilt 10-Year Bond		(21)		Dec-2017		(3,415)		(3,490)		90
U.S. 10-Year Treasury Note		94		Dec-2017		11,861		11,779		(82)
U.S. 2-Year Treasury Note		(100)		Dec-2017		(21,624)		(21,570)		54
U.S. 5-Year Treasury Note		(255)		Dec-2017		(30,131)		(29,963)		168
U.S. 5-Year Treasury Note		(61)		Dec-2017		(7,213)		(7,168)		46
U.S. Ultra Long Treasury Bond		25		Dec-2017		4,179		4,128		(51)
						(78,808)		(78,946)		629

A list of the open forward foreign currency contracts held by the Fund at September 30, 2017, is as follows:

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC	12/20/17	CNY		122,044	USD		17,261	$	(1,016	)
Citigroup	10/03/17	USD		1,298	ARS		23,619		62
Citigroup	10/03/17 - 11/20/17	USD		2,282	COP		6,724,379		(3	)
Citigroup	10/03/17 - 11/16/17	ARS		52,383	USD		2,935		(41	)
Citigroup	10/04/17	EUR		6,756	USD		8,085		98
Citigroup	11/03/17 - 12/20/17	EUR		18,516	USD		21,816		(160	)
Citigroup	10/06/17	USD		8,859	PLN		31,339		(259	)
Citigroup	10/10/17 - 12/14/17	BRL		1,486	USD		465		(1	)
Citigroup	10/10/17	USD		3,536	BRL		11,054		(44	)
Citigroup	10/10/17 - 11/03/17	USD		4,607	EUR		3,902		13
Citigroup	12/20/17	USD		7,490	EUR		6,236		(85	)
Citigroup	10/12/17	USD		6,308	CZK		138,075		(23	)
Citigroup	10/13/17 - 12/20/17	USD		8,325	ZAR		109,791		(268	)
Citigroup	10/13/17 - 12/20/17	USD		15,176	INR		980,622		(284	)
Citigroup	10/13/17	ZAR		37,413	USD		2,886		120
Citigroup	10/13/17	INR		108,892	USD		1,670		6
Citigroup	10/18/17	USD		8,080	THB		267,233		(65	)
Citigroup	10/18/17 - 12/20/17	USD		26,244	CNY		179,925		729
Citigroup	10/19/17	TRY		1,678	USD		479		10
Citigroup	10/19/17	TRY		5,100	USD		1,401		(26	)
Citigroup	10/19/17	USD		5,923	CLP		3,861,930		118
Citigroup	10/26/17 - 12/20/17	USD		10,705	CLP		6,707,745		(221	)
Citigroup	10/19/17 - 06/20/18	USD		6,603	TRY		25,400		71
Citigroup	10/19/17 - 09/19/18	USD		10,331	TRY		38,968		(317	)
Citigroup	10/20/17	MYR		9,613	USD		2,222		(56	)
Citigroup	10/20/17	RUB		438,396	USD		7,505		(88	)
Citigroup	10/23/17 - 12/20/17	COP		62,409,960	USD		21,208		98
Citigroup	10/25/17	USD		1,471	PHP		75,200		6
Citigroup	10/26/17	EUR		3,485	CZK		90,443		(3	)

  SEI Institutional International Trust / Annual Report / September 30, 2017   61

SCHEDULE OF INVESTMENTS

September 30, 2017

Emerging Markets Debt Fund (Continued)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Citigroup	10/27/17 - 11/09/17	MXN		269,835	USD		15,040	$	239
Citigroup	10/31/17	IDR		80,688,080	USD		6,049		65
Citigroup	11/03/17 - 11/17/17	EUR		12,943	PLN		55,502		(95	)
Citigroup	11/07/17	USD		330	UYU		9,616		—
Citigroup	11/14/17	USD		895	CNH		6,319		53
Citigroup	11/14/17	CNH		19,886	USD		2,866		(118	)
Citigroup	11/15/17	USD		520	SGD		700		(4	)
Citigroup	11/16/17	EUR		5,913	HUF		1,794,839		(159	)
Citigroup	11/17/17 - 12/20/17	USD		4,819	PEN		15,676		(35	)
Citigroup	11/28/17	USD		417	IDR		5,563,300		(6	)
Citigroup	12/13/17	HUF		1,056,750	EUR		3,422		23
Citigroup	12/20/17	USD		1,491	RUB		87,558		8
Citigroup	12/20/17	USD		3,420	HUF		879,902		(55	)
Citigroup	12/20/17	CNY		15,330	USD		2,162		(134	)
Citigroup	12/20/17	ILS		15,883	USD		4,507		(3	)
Citigroup	12/20/17	SGD		16,741	USD		12,400		56
Citigroup	12/20/17	RON		87,917	USD		22,884		273
Citigroup	12/20/17	TWD		199,840	USD		6,717		106
Citigroup	03/21/18 - 06/20/18	USD		13,382	EGP		261,015		645
Citigroup	01/17/18	USD		3,838	EGP		68,960		(25	)
Goldman Sachs	10/05/17	USD		17,596	EUR		15,397		608
Goldman Sachs	10/04/17 - 10/05/17	USD		4,396	EUR		3,672		(54	)
Goldman Sachs	10/04/17	EUR		25,124	USD		29,956		253
Goldman Sachs	10/05/17	EUR		15,397	USD		17,806		(398	)
Goldman Sachs	10/10/17 - 10/27/17	USD		12,565	BRL		39,659		(43	)
Goldman Sachs	12/04/17	BRL		25,231	USD		7,928		17
Goldman Sachs	10/10/17	BRL		5,860	USD		1,851		—
Goldman Sachs	10/16/17	HUF		436,336	EUR		1,408		4
Goldman Sachs	10/18/17	USD		15,192	CNY		100,010		(152	)
Goldman Sachs	10/19/17	MYR		5,048	USD		1,194		(2	)
Goldman Sachs	10/19/17	USD		2,627	MYR		11,600		121
Goldman Sachs	12/19/17	USD		5,095	MYR		21,341		(43	)
Goldman Sachs	10/25/17	TRY		2,451	USD		703		18
Goldman Sachs	10/19/17	TRY		5,600	USD		1,550		(17	)
Goldman Sachs	10/19/17	CLP		1,498,745	USD		2,411		66
Goldman Sachs	10/25/17	USD		730	TRY		2,627		4
Goldman Sachs	09/19/18	USD		11,365	TRY		42,911		(395	)
Goldman Sachs	10/25/17	PHP		75,215	USD		1,463		(15	)
Goldman Sachs	10/26/17 - 12/20/18	CZK		635,521	EUR		24,352		(168	)
Goldman Sachs	11/03/17	USD		3,132	ILS		11,290		68
Goldman Sachs	11/03/17	ILS		11,290	USD		3,209		8
Goldman Sachs	12/20/17	ILS		32,247	USD		9,147		(10	)
Goldman Sachs	11/09/17 - 12/20/17	USD		14,409	MXN		261,041		(156	)
Goldman Sachs	11/09/17	MXN		69,791	USD		3,900		80
Goldman Sachs	11/14/17	USD		2,733	CNH		19,575		204
Goldman Sachs	11/22/17	USD		1,973	RUB		115,000		8
Goldman Sachs	11/22/17 - 12/20/17	USD		9,821	RUB		572,586		(10	)
Goldman Sachs	11/22/17	RUB		1,102,857	USD		18,378		(610	)
Goldman Sachs	11/24/17 - 12/20/17	USD		9,318	ZAR		124,987		(162	)
Goldman Sachs	11/24/17 - 12/21/17	ZAR		111,687	USD		8,341		156
Goldman Sachs	11/28/17	USD		2,040	IDR		27,136,938		(33	)

  62   SEI Institutional International Trust / Annual Report / September 30, 2017

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Goldman Sachs	12/05/17	SGD		3,500	USD		2,579	$	(1	)
Goldman Sachs	12/20/17	USD		787	ARS		14,298		2
Goldman Sachs	12/20/17	USD		1,179	SGD		1,580		(14	)
Goldman Sachs	12/20/17	PLN		1,550	USD		438		13
Goldman Sachs	12/20/17	PEN		2,631	USD		803		—
Goldman Sachs	12/20/17	GBP		3,250	USD		4,324		(46	)
Goldman Sachs	12/20/17	USD		9,602	THB		317,336		(75	)
Goldman Sachs	12/20/17	USD		19,045	TWD		567,940		(257	)
Goldman Sachs	12/20/17	PLN		19,860	EUR		4,579		(16	)
Goldman Sachs	12/20/17	INR		725,830	USD		11,085		83
Goldman Sachs	12/20/17	COP		3,258,460	USD		1,108		7
Goldman Sachs	06/20/18	USD		2,416	CZK		54,000		86
Goldman Sachs	06/20/18 - 12/20/18	EUR		15,263	CZK		406,065		466
JPMorgan Chase Bank	10/03/17 - 11/03/17	BRL		32,844	USD		10,287		(76	)
JPMorgan Chase Bank	10/03/17	COP		6,087,854	USD		2,035		(38	)
JPMorgan Chase Bank	10/10/17 - 12/20/17	USD		26,673	EUR		22,646		116
JPMorgan Chase Bank	10/04/17 - 11/03/17	USD		39,631	EUR		33,294		(231	)
JPMorgan Chase Bank	10/04/17 - 11/03/17	EUR		84,248	USD		100,315		650
JPMorgan Chase Bank	11/03/17 - 11/10/17	EUR		23,436	USD		27,717		(42	)
JPMorgan Chase Bank	10/06/17	USD		2,609	RON		9,942		(52	)
JPMorgan Chase Bank	10/06/17 - 12/20/17	USD		5,649	PLN		20,033		(150	)
JPMorgan Chase Bank	10/10/17	EUR		3,590	CZK		93,576		14
JPMorgan Chase Bank	10/10/17	BRL		11,082	USD		3,482		(19	)
JPMorgan Chase Bank	10/11/17 - 11/16/17	USD		2,893	ARS		52,606		91
JPMorgan Chase Bank	10/11/17	ARS		19,820	USD		1,131		(6	)
JPMorgan Chase Bank	12/19/18	USD		2,284	CZK		53,938		239
JPMorgan Chase Bank	10/12/17	USD		8,689	CZK		190,263		(29	)
JPMorgan Chase Bank	10/13/17	USD		3,517	INR		225,681		(68	)
JPMorgan Chase Bank	10/13/17	ZAR		29,518	USD		2,277		94
JPMorgan Chase Bank	10/13/17	INR		225,681	USD		3,462		12
JPMorgan Chase Bank	10/16/17	USD		5,010	MXN		90,514		(36	)
JPMorgan Chase Bank	10/18/17	USD		820	EGP		10,947		(201	)
JPMorgan Chase Bank	10/19/17	USD		2,026	TRY		7,065		(49	)
JPMorgan Chase Bank	10/20/17	USD		791	THB		26,141		(7	)
JPMorgan Chase Bank	10/20/17	USD		2,587	MYR		11,422		119
JPMorgan Chase Bank	10/20/17	MYR		3,491	USD		806		(21	)
JPMorgan Chase Bank	10/20/17	RUB		169,422	USD		2,899		(35	)
JPMorgan Chase Bank	10/23/17	EUR		456	RON		2,098		—
JPMorgan Chase Bank	10/23/17	COP		7,602,358	USD		2,600		18
JPMorgan Chase Bank	10/25/17	TRY		11,419	USD		3,254		63
JPMorgan Chase Bank	10/26/17	USD		1,569	IDR		21,082,200		(5	)
JPMorgan Chase Bank	10/26/17	USD		1,611	UYU		47,170		10
JPMorgan Chase Bank	10/26/17	IDR		10,971,121	USD		817		3
JPMorgan Chase Bank	10/27/17	USD		1,945	PEN		6,319		(13	)
JPMorgan Chase Bank	10/27/17	USD		8,455	TRY		29,961		(89	)
JPMorgan Chase Bank	10/31/17	USD		658	ARS		11,634		2
JPMorgan Chase Bank	12/20/17	USD		1,685	ARS		30,382		(7	)
JPMorgan Chase Bank	10/31/17	USD		2,493	CNH		17,900		196
JPMorgan Chase Bank	10/31/17 - 11/14/17	CNH		44,200	USD		6,369		(270	)
JPMorgan Chase Bank	11/02/17	CLP		1,066,411	USD		1,694		27
JPMorgan Chase Bank	11/03/17 - 12/04/17	USD		12,965	BRL		41,139		(47	)

  SEI Institutional International Trust / Annual Report / September 30, 2017   63

SCHEDULE OF INVESTMENTS

September 30, 2017

Emerging Markets Debt Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		11/15/17	USD		3,062	SGD		4,124		$             (22)
JPMorgan Chase Bank		11/15/17	SGD		4,824	USD		3,542		(13)
JPMorgan Chase Bank		11/17/17	EUR		403	PLN		1,724		(4)
JPMorgan Chase Bank		11/17/17	USD		3,567	PEN		11,620		(15)
JPMorgan Chase Bank		11/22/17	USD		11,806	RUB		697,559		205
JPMorgan Chase Bank		11/22/17	RUB		288,804	USD		4,936		(37)
JPMorgan Chase Bank		11/24/17	USD		577	ZAR		7,850		—
JPMorgan Chase Bank		12/19/17	USD		2,037	KRW		2,295,920		(29)
JPMorgan Chase Bank		12/20/17	USD		7,626	CLP		4,783,572		(155)
JPMorgan Chase Bank		12/20/17	PEN		9,302	USD		2,837		(1)
JPMorgan Chase Bank		12/20/17	PHP		557,610	USD		10,842		(66)
JPMorgan Chase Bank		09/27/18	CZK		26,087	EUR		978		(33)
JPMorgan Chase Bank		12/19/18	EUR		7,585	CZK		200,890		180
Standard Bank		10/03/17	COP		11,693,895	USD		3,913		(69)
Standard Bank		10/04/17	EUR		1,367	USD		1,630		14
Standard Bank		10/04/17	EUR		1,337	USD		1,574		(6)
Standard Bank		10/04/17 - 10/23/17	USD		33,284	EUR		28,243		108
Standard Bank		10/04/17	USD		1,284	EUR		1,074		(15)
Standard Bank		10/10/17	BRL		11,474	USD		3,405		(219)
Standard Bank		10/16/17 - 12/13/17	EUR		9,945	HUF		3,042,333		(178)
Standard Bank		10/19/17	USD		3,440	TRY		12,442		42
Standard Bank		09/19/18	USD		2,888	TRY		10,912		(99)
Standard Bank		10/19/17	TRY		12,922	USD		3,569		(47)
Standard Bank		10/23/17	EUR		3,947	RON		18,179		5
Standard Bank		10/26/17	IDR		33,931,300	USD		2,529		12
Standard Bank		10/30/17 - 12/20/17	PHP		608,348	USD		11,796		(118)
Standard Bank		10/31/17	USD		2,977	CNH		20,500		102
Standard Bank		10/31/17	USD		3,304	INR		217,900		17
Standard Bank		12/20/17	USD		865	INR		55,900		(18)
Standard Bank		10/31/17	MYR		13,500	USD		3,194		(6)
Standard Bank		11/02/17	USD		5,630	CLP		3,668,837		107
Standard Bank		11/02/17	CLP		1,611,838	USD		2,593		73
Standard Bank		11/15/17	USD		2,039	MXN		36,373		(50)
Standard Bank		11/22/17	USD		287	RUB		16,647		–
Standard Bank		11/24/17	USD		2,511	ZAR		33,497		(50)
Standard Bank		11/30/17	USD		3,237	THB		107,833		–
Standard Bank		12/05/17	USD		2,599	SGD		3,500		(19)
Standard Bank		12/08/17	USD		3,221	MYR		13,700		23
Standard Bank		12/20/17	USD		1,218	TWD		36,220		(20)
Standard Bank		12/20/17	USD		11,844	IDR		157,641,438		(217)
										$            (1,655)

A list of the open OTC swap agreements held by the Fund at September 30, 2017, is as follows:

				Interest Rate Swaps
Counterparty	Fund Pays		Fund Receives	Payment Frequency	Termination Date	Currency	Notional Amount (Thousands)	Value ($ Thousands)	Upfront Payments ($ Thousands)	Net Unrealized Appreciation (Depreciation) ($ Thousands)
			COP Overnight Intrabank
JPMorgan Chase		6.960%	Reference Rate	Quarterly	11/17/2017	COP	28,888,912	26	–	26
Goldman Sachs		1-Year BRL -CDI	11.805%	Annual	01/02/2018	BRL	9,833	41	–	(67)

  64   SEI Institutional International Trust / Annual Report / September 30, 2017

			Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Payment Frequency	Termination Date	Currency	Notional Amount (Thousands)	Value ($ Thousands)			Upfront Payments ($ Thousands)		Net Unrealized Appreciation (Depreciation) ($ Thousands)
Goldman Sachs	1-Year BRL -CDI	11.975%	Annual	01/02/2018	BRL	3,338		14			–		(18	)
Goldman Sachs	1-Day BRL -CETIP	12.855%	Annual	01/02/2018	BRL	35,816		171			–		136
Goldman Sachs	3-Month KRW -KWCDC	1.3225%	Quarterly	11/04/2018	KRW	37,500,000		(101	)		–		(103	)
Goldman Sachs	1-Day BRL - CETIP	13.39%	Annual	01/02/2019	BRL	14,395		413			–		461
Goldman Sachs	1-Day BRL - CETIP	13.42%	Annual	01/02/2019	BRL	19,336		557			–		626
Goldman Sachs	0.65%	3-Month HUF - BUBOR	Quarterly	04/11/2019	HUF	8,300,000		(137	)		–		(137	)
Goldman Sachs	1.3275%	6-Month THB - BKIBOR	Semi-Annual	09/15/2019	THB	710,000		119			–		122
JPMorgan Chase	0.845%	6-Month HUF - BUBOR	Semi-Annual	10/10/2019	HUF	3,000,000		(134	)		–		(216	)
Goldman Sachs	1-Day BRL BROIS CETIP	9.73%	Annual	01/02/2020	BRL	4,194		47			–		46
JPMorgan Chase	1-Day BRL - CETIP	11.46%	Annual	01/02/2020	BRL	3,649		88			–		91
JPMorgan Chase	1-Day BRL BROIS	9.605%	Annual	01/02/2020	BRL	3,480		98			–		109
JPMorgan Chase	1-Day BRL BROIS CETIP	9.065%	Annual	01/02/2020	BRL	5,738		160			–		176
JPMorgan Chase	0.5375%	6-Month CZK - PRIBOR	Semi-Annual	02/16/2020	CZK	250,000		145			–		115
Goldman Sachs	0.585%	6-Month CZK - PRIBOR	Semi-Annual	03/13/2020	CZK	25,000		14			–		11
JPMorgan Chase	0.6925%	6-Month HUF - BUBOR	Semi-Annual	04/20/2020	HUF	1,750,000		(57	)		–		(71	)
Goldman Sachs	1-Day BRL - CDI	12.725%	Annual	01/04/2021	BRL	10,608		541			–		513
JPMorgan Chase	8.655%	1-Day BRL BROIS CETIP	Annual	01/04/2021	BRL	3,303		(4	)		–		(4	)
JPMorgan Chase	1-Day BRL BROIS CETIP	9.61%	Annual	01/04/2021	BRL	4,626		37			–		38
JPMorgan Chase	1-Day BRL BROIS CETIP	10.23%	Annual	01/04/2021	BRL	170		2			–		3
JPMorgan Chase	1-Day BRL BROIS CETIP	10.04%	Annual	01/04/2021	BRL	3,557		43			–		45
JPMorgan Chase	1-Day BRL BROIS CETIP	9.275%	Annual	01/04/2021	BRL	5,815		27			–		28
JPMorgan Chase	1-Day BRL BROIS CETIP	8.87%	Annual	01/04/2021	BRL	8,089		7			–		8
Goldman Sachs	28-Day MXN - TIIE	5.37%	Monthly	03/17/2021	MXN	46,500		(116	)		–		(120	)
JPMorgan Chase	1.3775%	6-Month HUF - BUBOR	Semi-Annual	06/17/2021	HUF	654,998		(71	)		–		(79	)
Goldman Sachs	1.3925%	3-Month KRW - KWCDC	Quarterly	11/04/2021	KRW	14,000,000		237			–		236
JPMorgan Chase	6-Month PLN - WIBOR	2.42%	Annual	12/12/2021	PLN	3,300		3			–		16
Citibank	6-Month PLN - WIBOR	2.431%	Annual	12/14/2021	PLN	11,000		11			–		54
Goldman Sachs	1.265%	6-Month HUF - BUBOR	Semi-Annual	01/10/2022	HUF	1,537,322		(128	)		–		(179	)
Goldman Sachs	0.8725%	6-Month CZK - PRIBOR	Semi-Annual	03/09/2022	CZK	25,000		23			–		17
JPMorgan Chase	1-Day CLP CLOIS	3.43%	Semi-Annual	05/10/2022	CLP	420,527		5			–		14
JPMorgan Chase	0.955%	6-Month CZK - PRIBOR	Semi-Annual	05/17/2022	CZK	28,773		23			–		20
JPMorgan Chase	3-Month ILS - TELBOR	0.8025%	Annual	06/28/2022	ILS	21,253		43			–		55
Goldman Sachs	7.54%	3-Month ZAR - JIBAR	Quarterly	07/06/2022	ZAR	105,000		(103	)		–		(107	)
JPMorgan Chase	1-Day CLP CLOIS	3.41%	Semi-Annual	07/11/2022	CLP	900,000		14			–		25
JPMorgan Chase	3-Month ILS - TELBOR	0.855%	Annual	07/12/2022	ILS	2,000		5			–		6
Goldman Sachs	1-Day COP COOIS IBRCOL	5.4425%	Quarterly	09/07/2022	COP	2,205,023		2			–		3
Citibank	1.165%	6-Month CZK -PRIBOR	Semi-Annual	09/08/2022	CZK	43,406		19			–		18
Goldman Sachs	28-Day MXN - TIIE	5.900%	Monthly	09/12/2022	MXN	75,956		(160	)		–		(162	)
JPMorgan Chase	1-Day COP COOIS IBRCOL	5.30%	Quarterly	09/19/2022	COP	9,500,000		(11	)		–		(11	)
Goldman Sachs	6-Month HUF - BUBOR	0.8385%	Annual	09/21/2022	HUF	1,390,000		(25	)		–		(24	)
JPMorgan Chase	1-Day COP COOIS IBRCOL	5.38%	Quarterly	09/25/2022	COP	5,391,885		–			–		–
Goldman Sachs	1-Day COP COOIS IBRCOL	5.36%	Quarterly	09/26/2022	COP	5,391,885		(2	)		–		(2	)
Goldman Sachs	1-Day BRL - CETIP	11.985%	Annual	01/02/2023	BRL	3,000		152			–		126
Goldman Sachs	1-Year BRL - CDI	10.89%	Annual	01/03/2023	BRL	5,012		149			–		38
Goldman Sachs	28-Day MXN - TIIE	6.355%	Monthly	05/21/2025	MXN	23,145		(47	)		–		(47	)
Goldman Sachs	28-Day MXN - TIIE	6.205%	Monthly	12/08/2025	MXN	16,624		(46	)		–		(46	)
Goldman Sachs	28-Day MXN - TIIE	6.165%	Monthly	03/05/2026	MXN	47,200		(143	)		–		(143	)
JPMorgan Chase	28-Day MXN - TIIE	6.13%	Monthly	06/18/2026	MXN	40,000		(132	)		–		(132	)
Goldman Sachs	28-Day MXN - TIIE	6.381%	Monthly	09/16/2026	MXN	26,000		(64	)		–		(64	)
Goldman Sachs	6-Month HUF - BUBOR	4.07%	Annual	04/11/2027	HUF	2,000,000		254			–		254
JPMorgan Chase	6-Month HUF - BUBOR	2.458%	Annual	05/16/2027	HUF	1,000,000		124			–		156
JPMorgan Chase	1-Day CLP CLOIS	4.06%	Semi-Annual	06/02/2027	CLP	937,139		9			–		28
Goldman Sachs	1.18%	6-Month CZK -PRIBOR	Semi-Annual	06/30/2027	CZK	65,000		119			–		113
JPMorgan Chase	6-Month HUF - BUBOR	3.85%	Annual	07/12/2027	HUF	200,000		(106	)		–		(107	)
								2,155			–		1,894

  SEI Institutional International Trust / Annual Report / September 30, 2017   65

SCHEDULE OF INVESTMENTS

September 30, 2017

Emerging Markets Debt Fund (Continued)

Credit Default Swap

Counterparty

Reference Entity/Obligation

Buy/Sell Protection

(Pays)/Receives Rate

Payment Frequency

Termination Date

Notional Amount ($ Thousands)

Value ($ Thousands)

Upfront Payments/ Receipts ($ Thousands)

Net Unrealized Appreciation (Depreciation) ($ Thousands)

JPMorgan Chase

United Mexican States

Sell

1.00%

Monthly

06/20/2026

(1,200)

(68)

(101)

37

(68)

(101)

37

Cross Currency Swaps

Counterparty

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount (Thousands)

Value ($ Thousands)

Upfront Payment ($ Thousands)

Net Unrealized Appreciation (Depreciation) ($ Thousands)

Goldman Sachs

6.879%

3-Month USD -LIBOR

Annual

05/29/2019

USD

16,204

7

–

7

JPMorgan Chase

3-Month USD -LIBOR

11.185%

Quarterly

10/25/2018

TRY

65,000

(104

)

–

(104

)

(97

)

–

(97

)

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2017, is as follows:

			Interest Rate Swaps
Fund Pays	Fund Receives	Payment Frequency	Termination Date	Currency	Notional Amount (Thousands)		Value ($ Thousands)			Upfront Payments/ Receipts ($ Thousands)		Net Unrealized Appreciation (Depreciation) ($ Thousands)
28-Day MXN - TIIE	7.915%	Monthly	01/22/2027	MXN		41,115		140			–		140
28-Day MXN - TIIE	7.72%	Monthly	12/03/2026	MXN		8,000		21			–		21
2.76%	6-Month PZL - WIBOR	Semi-Annual	07/03/2027	PLN		1,700		6			–		6
28-Day MXN - TIIE	7.51%	Monthly	04/20/2027	MXN		8,110		15			–		15
28-Day MXN - TIIE	7.605%	Monthly	03/07/2024	MXN		53,000		113			–		113
28-Day MXN - TIIE	7.575%	Monthly	01/28/2022	MXN		67,966		111			–		111
6-Month PZL - WIBOR	2.505%	Annual	01/10/2022	PLN		22,509		39			–		39
28-Day MXN - TIIE	6.71%	Monthly	07/07/2022	MXN		130,137		(28	)		–		(28	)
28-Day MXN - TIIE	6.745%	Monthly	06/23/2022	MXN		26,758		(4	)		–		(4	)
								413			–		413

For the year ended September 30, 2017 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.

  66   SEI Institutional International Trust / Annual Report / September 30, 2017

Percentages are based on Net Assets of $1,566,972 ($ Thousands).

** Rate shown is the 7-day effective yield as of September 30, 2017.

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

(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, 2017, the value of these securities amounted to $201,283 ($ Thousands), representing 12.8% of the Net Assets of the Fund.

(B) Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on September 30, 2017. The coupon on a step bond changes on a specified date.

(C) Certain securities or partial positions of certain securities are on loan at September 30, 2017 (see Note 9). The total market value of securities on loan at September 30, 2017 was $12,828 ($ Thousands).

(D) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

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

(F) Level 3 security in accordance with fair value hierarchy.

(G) Securities considered illiquid. The total value of such securities as of September 30, 2017 was $543 ($ Thousands) and represented 0.0% of the Net Assets of the Fund.

(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, 2017 was $14,597 ($ Thousands).

ARS — Argentine Peso

BADLAR — Buenos Aires Deposits of Large Amount Rate

BKIBOR — Bangkok Interbank Offered Rate

BRL — Brazilian Real

BROIS — Overnight Brazil CETIP Interbank Deposit

BUBOR — Budapest Interbank Offered Rate

CDI — Average One-Day Interbank Deposit Rate

CETIP — Central of Custody and Financial Settlement of Securities

CLOIS — CLP Sinacofi Chile Interbank Rate Average

CLP — Chilean Peso

COOIS — Colombia Overnight Interbank Reference Rate

CNH — Chinese Yuan Offshore

CNY — Chinese Yuan Onshore

COP — Colombian Peso

CZK — Czech Koruna

DOP — Dominican Peso

EGP — Egyptian Pound

EUR — Euro

GBP — British Pound Sterling

GHS — Ghanaian Cedi

HUF — Hungarian Forint

IBRCOL — Colombia Overnight Interbank Reference Rate

IDR — Indonesian Rupiah

ILS — Israeli New Sheckels

INR — Indian Rupee

JIBAR — Johannesburg Interbank Agreed Rate

JSE — Johannesburg Stock Exchange

KRW — Korean Won

KWCDC — South Korean Won Certificate of Deposit

L.P. — Limited Partnership

LIBOR — London Interbank Offered Rate

LKR — Sri Lankan Rupee

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NGN — Nigerian Naira

PEN — Peruvian Inca

PHP — Philippine Peso

PLC — Public Limited Company

PLN — Polish Zloty

PRIBOR — Prague Interbank Offered Rate

RON — Romanian Leu

RUB — Russian Ruble

SGD — Singapore Dollar

Ser — Series

TELBOR — Tel Aviv Interbank Offered Rate

THB — Thai Bhat

TIIE — Equilibrium Interbank Offered Rate

TRY — Turkish Lira

TWD — Taiwan Dollar

USD — United States Dollar

UYU — Uruguayan Peso

VAR — Variable Rate

WIBOR — Warsaw Interbank Offered Rate

ZAR — South African Rand

The Following is a list of the level of inputs used as of September 30, 2017, in valuing the Fund’s investments and other financial instruments carried at valued ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Global Bonds	$	–	$	1,485,729	$	543	$	1,486,272
Affiliated Partnership		–		14,597		–		14,597
Total Investments in Securities	$	–	$	1,500,326	$	543	$	1,500,869

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	765	$	–	$	–	$	765
Unrealized Depreciation		(136)		–		–		(136)
Forwards Contracts *
Unrealized Appreciation		–		7,613		–		7,613
Unrealized Depreciation		–		(9,268)		–		(9,268)
OTC Swaps
Interest Rate Swaps *
Unrealized Appreciation		–		3,733		–		3,733
Unrealized Depreciation		–		(1,839)		–		(1,839)
Credit Default Swaps *
Unrealized Appreciation		–		37		–		37
Cross Currency Swaps *
Unrealized Appreciation		–		7		–		7
Unrealized Depreciation		–		(104)		–		(104)
Centrally Cleared Swaps
Interest Rate Swaps *
Unrealized Appreciation		–		445		–		445
Unrealized Depreciation		–		(32)		–		(32)
Total Other Financial Instruments	$	629	$	592	$	–	$	1,221

(1) Of the $543 ($ Thousands) in Level 3 securities as of September 30, 2017, $543 ($ Thousands) or 0.04% as a percent of net assets are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs are required for those Level 3 securities that are not valued by third party pricing vendors or broker quotes. A reconciliation of Level 3 investments is presented when the Fund has significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.

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

For the year ended September 30, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities.

SEI Institutional International Trust / Annual Report / September 30, 2017     67

SCHEDULE OF INVESTMENTS

September 30, 2017

Emerging Markets Debt Fund (Concluded)

For the year ended September 30, 2017, 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 following is a summary of the transactions with affiliates for the year ended September 30, 2017 ($ Thousands):

Security Description	Value at 9/30/2016		Purchases at Cost		Proceeds from Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 9/30/2017		Dividend Income
SEI Liquidity Fund, L.P.		$36,124		$112,941		$(134,467)		$(3)		$2		$14,597		$126

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

  68   SEI Institutional International Trust / Annual Report / September 30, 2017

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

September 30, 2017

	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Assets:
Investments, at value †		$      3,909,545*		$      1,902,763*		$      423,553		$      1,486,272*
Affiliated investments, at value ††		237,711		162,415		–		14,597
Cash		81,058		32,207		11,489		46,959
Cash pledged as collateral for forward foreign currency contracts		–		–		–		4,400
Cash pledged as collateral for futures contracts		5,944		–		1,737		2,552
Cash pledged as collateral for swap contracts		–		–		–		820
Foreign currency, at value †††		498		2,332		–		10,965
Receivable for fund shares sold		1,703		1,412		81		735
Receivable for investment securities sold		16,109		15,376		41,629		7,034
Dividends and interest receivable		7,674		2,205		3,014		21,821
Unrealized gain on forward foreign currency contracts		–		–		4,809		7,613
Unrealized gain on foreign spot currency contracts		9		–		334		45
Due from broker		–		–		–		12
Swap contracts, at value ††††		–		–		–		3,742
Foreign tax reclaim receivable		6,804		134		–		–
Receivable for variation margin		589		–		109		150
Prepaid expenses		–		16		–		13
Total Assets		4,267,644		2,118,860		486,755		1,607,730
Liabilities:
Payable upon return on securities loaned		131,090		154,587		–		14,598
Payable for investment securities purchased		11,331		6,946		27,654		11,513
Payable for fund shares redeemed		2,615		6,983		375		1,131
Swap contracts, at value ††††		–		–		406		2,009
Foreign currency payable to custodian, at value †††		–		–		1,536		–
Payable for variation margin		43		–		138		166
Administration fees payable		1,028		701		169		579
Unrealized loss on foreign currency spot contracts		34		5		161		17
Unrealized loss on forward foreign currency contracts		–		–		2,457		9,268
Trustees fees payable		4		2		1		1
Chief compliance officer fees payable		5		2		1		2
Administrative servicing fees payable		3		–		–		–
Shareholder servicing fees payable		733		378		86		302
Investment advisory fees payable		1,696		1,607		92		767
Accrued expense payable		561		640		115		405
Accrued foreign capital gains tax on appreciated securities		–		600		–		–
Total Liabilities		149,143		172,451		33,191		40,758
Net Assets		$        4,118,501		$      1,946,409		$        453,564		$        1,566,972
† Cost of investments		$        3,324,461		$      1,610,855		$        418,659		$        1,450,858
†† Cost of affiliated investments		237,707		162,415		–		14,595
††† Cost of foreign currency		872		2,340		(1,537)		9,313
††††† Cost (Premiums paid (received))		–		–		280		(101)
* Includes market value of securities on loan		130,618		146,754		–		12,828

  SEI Institutional International Trust / Annual Report / September 30, 2017   69

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

September 30, 2017

	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)		$       4,193,471		$       1,699,044		$            476,166		$         1,568,247
Undistributed (distributions in excess of) net investment income		43,508		9,162		(25,881)		(7,385)
Accumulated net realized loss on investments, futures contracts, foreign currency contracts and swap contracts		(706,377)		(53,103)		(3,614)		(30,474)
Net unrealized appreciation on investments		585,088		291,908		4,894		35,416
Net unrealized appreciation on futures contracts		2,645		–		421		629
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		166		(2)		1,761		(1,708)
Net unrealized appreciation (depreciation) on swap contracts		–		–		(183)		2,247
Accumulated foreign capital gains tax on appreciated securities		–		(600)		–		–
Net Assets		$       4,118,501		$         1,946,409		$            453,564		$         1,566,972
Net Asset Value, Offering and Redemption Price Per Share — Class F(1)		$                11.29		$                 12.32		$                10.13		$                10.55
		($3,795,857,711 ÷ 336,305,928 shares)		($1,821,009,114÷ 147,768,945 shares)		($415,581,651÷ 41,016,982 shares)		($1,458,611,176÷ 138,307,457 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class I		$                11.27		N/A		N/A		N/A
		($2,954,201 ÷ 262,141 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class Y		$                11.31		$                12.35		$                10.12		$                10.57
		($319,689,135 ÷ 28,272,342 shares)		($125,399,550 ÷ 10,154,686 shares)		($37,982,435 ÷ 3,752,989 shares)		($108,360,718 ÷ 10,252,860 shares)

(1) Effective January 31, 2017, Class A Shares were renamed as Class F 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.

  70   SEI Institutional International Trust / Annual Report / September 30, 2017

STATEMENTS OF OPERATIONS ($ Thousands)

For the year ended September 30, 2017

	International Equity Fund		Emerging Markets Equity Fund			International Fixed Income Fund		Emerging Markets Debt Fund
Investment Income:
Dividends	$	94,348	$	43,295		$	–	$	–
Dividends from affiliated investments(1)		589		60			–		–
Interest Income		1,162		294			7,948		95,575
Security lending income – net(1)(2)		1,925		1,130			–		126
Less: foreign taxes withheld		(10,802)		(5,002)			(43)		(1,499)
Total Investment Income		87,222		39,777			7,905		94,202
Expenses:
Investment advisory fees		18,217		18,050			1,407		12,463
Administration fees		12,609		7,568			2,110		6,587
Shareholder servicing fees – Class F(3)		8,392		4,071			1,106		3,419
Shareholder servicing fees – Class I		9		–			–		–
Administrative servicing fees – Class I		9		–			–		–
Printing fees		626		295			79		246
Professional fees		327		94			40		130
Custodian/wire agent fees		294		928			90		524
Registration fees		113		27			9		25
Trustees’ fees		57		27			8		24
Chief compliance officer fees		19		9			3		8
Overdraft fees		15		5			9		48
Other expenses		155		85			152		143
Total Expenses		40,842		31,159			5,013		23,617
Less:
Waiver of investment advisory fees		–		(1,421)			(295)		(3,895)
Waiver of shareholder servicing fees(4)		(42)		(20)			–		–
Fees paid indirectly		–		(5)			–		–
Net Expenses		40,800		29,713			4,718		19,722
Net Investment Income		46,422		10,064			3,187		74,480
Net Realized Gain (Loss) on:
Investments		89,621		120,194			(609)		16,124
Affiliated investments		(3)		1			–		(3)
Futures contracts		27,075		–			(1,367)		(812)
Swap contracts		–		–			108		(906)
Foreign currency transactions		(411)		(396)			(4,226)		(26,694)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		510,342		241,499			(6,305)		35,038
Affiliated investments		4		–			–		2
Futures contracts		2,166		–			485		534
Swap contracts		–		–			–		3,785
Foreign capital gains tax on appreciated securities		–		667			–		–
Foreign currency translation of other assets and liabilities denominated in foreign currencies		413		(16	)		3,023		(996	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	675,629	$	372,013		$	(5,704)	$	100,552

(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.

(3) Effective January 31, 2017, Class A Shares were renamed as Class F Shares.

(4) Fees waived prior to new administrative agreement effective on January 31, 2017.

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, 2017   71

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the years ended September 30,

	International Equity Fund				Emerging Markets Equity Fund
	2017		2016		2017		2016
Operations:
Net investment income	$	46,422	$	38,810	$	10,064	$	8,804
Net realized gain (loss) on investments and futures contracts		116,693		(89,758)		120,195		(78,102)
Net realized loss on forward foreign currency contracts and foreign currency transactions		(411)		(1,906)		(396)		(1,081)
Net change in unrealized appreciation on investments and futures contracts		512,512		202,774		241,499		354,258
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts,foreign currencies and translation of other assets and liabilities denominated in foreign currencies		413		49		(16)		52
Net change in unrealized appreciation (depreciation) on foreign capital tax gains on appreciated securities		–		5		667		(1,097)
Net Increase in Net Assets Resulting from Operations		675,629		149,974		372,013		282,834
Dividends and Distributions to Shareholders:
Net investment income:
Class F(1)		(35,403)		(27,578)		(11,400)		(10,995)
Class I		(34)		(54)		N/A		N/A
Class Y		(3,118)		(1,652)		(816)		(481)
Total Dividends and Distributions		(38,555)		(29,284)		(12,216)		(11,476)
Capital Share Transactions:
Class F:
Proceeds from shares issued		1,137,139		578,672		332,975		351,777
Reinvestment of dividends & distributions		32,564		25,415		10,641		10,181
Cost of shares redeemed		(694,561)		(553,805)		(395,178)		(427,796)
Net Increase (Decrease) from Class F Transactions		475,142		50,282		(51,562)		(65,838)
Class I:
Proceeds from shares issued		585		3,755		N/A		N/A
Reinvestment of dividends & distributions		16		23		N/A		N/A
Cost of shares redeemed		(2,586)		(4,492)		N/A		N/A
Net Decrease from Class I Transactions		(1,985)		(714)		N/A		N/A
Class Y:
Proceeds from shares issued		152,319		59,717		56,280		31,024
Reinvestment of dividends & distributions		3,059		1,652		788		481
Cost of shares redeemed		(49,930)		(32,774)		(24,072)		(18,477)
Net Increase from Class Y Transactions		105,448		28,595		32,996		13,028
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		578,605		78,163		(18,566)		(52,810)
Net Increase in Net Assets		1,215,679		198,853		341,231		218,548
Net Assets:
Beginning of Year		2,902,822		2,703,969		1,605,178		1,386,630
End of Year	$	4,118,501	$	2,902,822	$	1,946,409	$	1,605,178
Undistributed Net Investment Income Included in Net Assets at End of Year	$	43,508	$	35,332	$	9,162	$	5,897
Capital Share Transactions:
Class F:
Shares issued		116,607		62,276		31,049		40,420
Reinvestment of distributions		3,517		2,678		1,136		1,181
Shares redeemed		(68,912)		(60,234)		(36,420)		(48,860)
Total Class F Transactions		51,212		4,720		(4,235)		(7,259)
Class I:
Shares issued		60		401		N/A		N/A
Reinvestment of distributions		2		2		N/A		N/A
Shares redeemed		(254)		(491)		N/A		N/A
Total Class I Transactions		(192)		(88)		N/A		N/A
Class Y:
Shares issued		15,234		6,756		5,141		3,926
Reinvestment of distributions		330		174		84		56
Shares redeemed		(4,883)		(3,548)		(2,216)		(2,044)
Total Class Y Transactions		10,681		3,382		3,009		1,938
Net Increase (Decrease) in Shares Outstanding from Share Transactions		61,701		8,014		(1,226)		(5,321)

(1) Effective January 31, 2017, Class A Shares were renamed as Class F 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.

  72   SEI Institutional International Trust / Annual Report / September 30, 2017

	International Fixed Income Fund						Emerging Markets Debt Fund
	2017			2016			2017			2016
Operations:
Net investment income	$	3,187		$	4,946		$	74,480		$	76,337
Net realized gain (loss) on investments, futures contracts and swap contracts		(1,868	)		5,692			14,403			(5,758)
Net realized loss on forward foreign currency contracts and foreign currency transactions		(4,226	)		(16,154	)		(26,694	)		(76,847)
Net change in unrealized appreciation (depreciation) on investments, futures contracts and swap contracts		(5,820	)		44,171			39,359			227,720
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts,foreign currencies and translation of other assets and liabilities denominated in foreign currencies		3,023			(3,295	)		(996	)		(948)
Net Increase (Decrease) in Net Assets Resulting from Operations		(5,704	)		35,360			100,552			220,504
Dividends and Distributions to Shareholders:
Net investment income:
Class F(1)		(7,649	)		(27,071	)		(27,727	)		–
Class Y		(502	)		(1	)		(2,409	)		–
Net realized gains:
Class F		(4,277	)		(812	)		–			–
Class Y		(232	)		–			–			–
Total Dividends and Distributions		(12,660	)		(27,884	)		(30,136	)		–
Capital Share Transactions:
Class F:
Proceeds from shares issued		63,281			102,110			339,041			381,535
Reinvestment of dividends & distributions		10,886			25,432			25,042			–
Cost of shares redeemed		(137,899	)		(133,070	)		(423,845	)		(360,386)
Net Increase (Decrease) from Class F Transactions		(63,732	)		(5,528	)		(59,762	)		21,149
Class Y:
Proceeds from shares issued		26,673			17,670			39,682			29,615
Reinvestment of dividends & distributions		715			–			2,335			–
Cost of shares redeemed		(1,786	)		(5,517	)		(39,851	)		(23,066)
Net Increase from Class Y Transactions		25,602			12,153			2,166			6,549
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		(38,130	)		6,625			(57,596	)		27,698
Net Increase (Decrease) in Net Assets		(56,494	)		14,101			12,820			248,202
Net Assets:
Beginning of Year		510,058			495,957			1,554,152			1,305,950
End of Year	$	453,564		$	510,058		$	1,566,972		$	1,554,152
Distributions in Excess of Net Investment Income Included in Net Assets at End of Year	$	(25,881	)	$	(16,951	)	$	(7,385	)	$	(27,958)
Capital Share Transactions:
Class F:
Shares issued		6,257			9,984			34,114			41,702
Reinvestment of distributions		1,084			2,578			2,623			–
Shares redeemed		(13,617	)		(13,033	)		(42,597	)		(39,212)
Total Class F Transactions		(6,276	)		(471	)		(5,860	)		2,490
Class Y:
Shares issued		2,630			1,784			4,007			3,391
Reinvestment of distributions		71			–			244			–
Shares redeemed		(176	)		(556	)		(3,932	)		(2,494)
Total Class Y Transactions		2,525			1,228			319			897
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(3,751	)		757			(5,541	)		3,387

(1) Effective January 31, 2017, Class A Shares were renamed as Class F Shares.

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, 2017   73

FINANCIAL HIGHLIGHTS

For the years or period ended September 30

For a Share Outstanding Throughout Each Year or Period

	Net Asset Value, Beginning of Year		Net Investment Income Loss(1)		Net Realized and Unrealized Gains (Losses) on Investments(1)			Total from Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains		Total Dividends and Distributions			Net Asset Value, End of Year		Total Return†			Net Assets End of Year ($ 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 (Loss) to Average Net Assets		Portfolio Turnover Rate†
International Equity Fund
Class F(2)
2017		$9.58		$0.13		$1.69			$1.82			$(0.11)			$       –		$(0.11)			$11.29		19.23	%	$	3,795,858		1.15%(3)		1.15%(3)		1.15%(3)		1.27%		57	%
2016		9.16		0.13		0.39			0.52			(0.10)			–		(0.10)			9.58		5.63			2,729,762		1.27(3)(4)		1.27(3)(4)		1.28(3)(4)		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(3)		1.24(3)		1.24(3)		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(3)		1.24(3)		1.24(3)		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(3)		1.25(3)		1.25(3)		1.50		47
Class I
2017		$9.55		$0.10		$1.70			$1.80			$(0.08)			$       –		$(0.08)			$11.27		19.00	%	$	2,954		1.40%(5)		1.40%(5)		1.40%(5)		0.96%		57	%
2016		9.15		0.10		0.38			0.48			(0.08)			–		(0.08)			9.55		5.27			4,341		1.52(4)(5)		1.52(4)(5)		1.52(4)(5)		1.09		45
2015		9.92		0.08		(0.69)			(0.61)			(0.16)			–		(0.16)			9.15		(6.18	)		4,956		1.49(5)		1.49(5)		1.49(5)		0.76		68
2014		9.70		0.15		0.17			0.32			(0.10)			–		(0.10)			9.92		3.33			5,342		1.49(5)		1.49(5)		1.49(5)		1.48		60
2013		8.18		0.11		1.52			1.63			(0.11)			–		(0.11)			9.70		20.19			5,953		1.50(5)		1.50(5)		1.50(5)		1.21		47
Class Y
2017		$9.59		$0.16		$1.69			$1.85			$(0.13)			$       –		$(0.13)			$11.31		19.59	%	$	319,689		0.90%(6)		0.90%(6)		0.90%(6)		1.53%		57	%
2016		9.18		0.16		0.37			0.53			(0.12)			–		(0.12)			9.59		5.77			168,719		1.02(4)(6)		1.02(4)(6)		1.03(4)(6)		1.70		45
2015(7)		9.39		0.13		(0.34	)		(0.21	)					–		–			9.18		(2.24	)		130,379		1.00(6)		1.00(6)		1.00(6)		1.72		68
Emerging Markets Equity Fund
Class F(2)
2017		$10.09		$0.07		$2.24			$2.31			$(0.08)			$       –		$(0.08)			$12.32		23.10	%	$	1,821,009		1.74%(8)		1.74%(8)		1.82%(9)		0.65%		66	%
2016		8.43		0.05		1.68			1.73			(0.07)			–		(0.07)			10.09		20.66			1,532,960		1.76(4)(8)		1.76(4)(8)		1.86(4)(9)		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(8)		1.72(8)		1.82(9)		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(8)		1.96(8)		2.02(9)		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(8)		1.96(8)		2.04(9)		0.52		78
Class Y
2017		$10.11		$0.10		$2.24			$2.34			$(0.10)			$       –		$(0.10)			$12.35		23.46	%	$	125,400		1.49%(10)		1.49%(10)		1.57%(11)		0.93%		66	%
2016		8.45		0.09		1.66			1.75			(0.09)			–		(0.09)			10.11		20.95			72,218		1.52(4)(10)		1.52(4)(10)		1.62(4)(11)		0.96		79
2015(7)		10.08		0.10		(1.73)			(1.63)			–			–		–			8.45		(16.17	)		44,012		1.47(10)		1.47(10)		1.57(11)		1.33		67
International Fixed Income Fund
Class F(2)
2017		$10.51		$0.07		$(0.18)			$(0.11)			$(0.17)			$(0.10)		$(0.27)			$10.13		(1.03	)%	$	415,582		1.02%(12)		1.02%(12)		1.08%(13)		0.66%		113	%
2016		10.38		0.10		0.62			0.72			(0.57)			(0.02)		(0.59)			10.51		7.32			497,157		1.05(4)(12)		1.05(4)(12)		1.11(4)(13)		0.98		106
2015		10.98		0.11		0.11			0.22			(0.82)			–		(0.82)			10.38		2.02			495,957		1.02(12)		1.02(12)		1.07(13)		1.00		78
2014		10.42		0.14		0.48			0.62			(0.06)			–		(0.06)			10.98		5.96			523,784		1.02(12)		1.02(12)		1.20(13)		1.32		104
2013		10.82		0.14		(0.06)			0.08			(0.48)(14)			–		(0.48)			10.42		0.77			473,382		1.02(12)		1.02(12)		1.20(13)		1.37		86
Class Y
2017		$10.50		$0.09		$(0.17)			$(0.08)			$(0.20)			$(0.10)		$(0.30)			$10.12		(0.76	)%	$	37,982		0.77%(15)		0.77%(15)		0.83%(16)		0.94%		113	%
2016(17)		10.45		0.12		0.55			0.67			(0.60)			(0.02)		(0.62)			10.50		6.79			12,901		0.80(4)(15)		0.80(4)(15)		0.87(4)(16)		1.23		106
Emerging Markets Debt Fund
Class F(2)
2017		$10.08		$0.51		$0.17			$0.68			$(0.21)			$       –		$(0.21)			$10.55		6.93	%	$	1,458,611		1.36%(18)		1.36%(18)		1.63%(19)		5.06%		79	%
2016		8.66		0.49		0.93			1.42			–			–		–			10.08		16.40			1,453,586		1.39(4)(18)		1.39(4)(18)		1.65(4)(19)		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(18)		1.36(18)		1.61(19)		4.91		71
2014		10.38		0.49		(0.29)			0.20			(0.31)			(0.07)		(0.38)			10.20		1.90			1,345,731		1.36(18)		1.36(18)		1.80(19)		4.73		92
2013		12.07		0.47		(1.02)			(0.55)			(0.68)			(0.46)		(1.14)			10.38		(5.19	)		1,182,296		1.36(18)		1.36(18)		1.81(19)		4.20		90
Class Y
2017	$	10.12	$	0.53	$	0.17		$	0.70		$	(0.25	)	$	–		$(0.25)		$	10.57		7.18	%	$	108,361		1.11%(20)		1.11%(20)		1.38%(21)		5.31%		79	%
2016		8.67		0.52		0.93			1.45			–			–		–			10.12		16.72			100,566		1.14(4)(20)		1.14(4)(20)		1.40(4)(21)		5.55		86
2015(7)		9.63		0.37		(1.28	)		(0.91	)		(0.05	)		–		(0.05	)		8.67		(9.48	)		78,383		1.11(20)		1.11(20)		1.36(21)		5.24		71

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

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

** See Note 5 in Notes to Financial Statements.

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

(2) Effective January 31, 2017, Class A Shares were renamed as Class F Shares.

(3) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.15%, 1.27%, 1.24%, 1.24% and 1.25% for 2017, 2016, 2015, 2014 and 2013.

  74   SEI Institutional International Trust / Annual Report / September 30, 2017

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

(5) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.40%, 1.52%, 1.49%, 1.49% and 1.50% for 2017, 2016, 2015, 2014 and 2013.

(6) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.90%, 1.02% and 0.99% for 2017, 2016 and 2015.

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

(8) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.74%, 1.76%, 1.71%, 1.96% and 1.96% for 2017, 2016, 2015, 2014 and 2013.

(9) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.82%, 1.86%, 1.71%, 2.02% and 2.04% for 2017, 2016, 2015, 2014 and 2013.

(10) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.49%, 1.52% and 1.46% for 2017, 2016 and 2015.

(11) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.58%, 1.62% and 1.46% for 2017, 2016 and 2015.

(12) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.02%, 1.05%, 1.02%, 1.02% and 1.02% for 2017, 2016, 2015, 2014 and 2013.

(13) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.08%, 1.11%, 1.07%, 1.20% and 1.20% for 2017, 2016, 2015, 2014 and 2013.

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

(15) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.77% and 0.80% for 2017 and 2016.

(16) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.83% and 0.87% for 2017 and 2016.

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

(18) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.36%, 1.39%, 1.36%, 1.36% and 1.36% for 2017, 2016, 2015, 2014 and 2013.

(19) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.63%, 1.65%, 1.61%, 1.80% and 1.81% for 2017, 2016, 2015, 2014 and 2013.

(20) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.11%, 1.14% and 1.11% for 2017, 2016 and 2015.

(21) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.38%, 1.40% and 1.36% for 2017, 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, 2017   75

NOTES TO FINANCIAL STATEMENTS

September 30, 2017

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. Each Fund’s prospectus provides a description of its investment goal, principal investment strategies and risks. The Trust is registered to offer Class F (formerly Class A) and Class Y shares of each of the Funds and Class I shares of the International Equity Fund.

Effective January 31, 2017, Class A Shares were renamed as Class F Shares.

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

  76   SEI Institutional International Trust / Annual Report / September 30, 2017

not be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.

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 its 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

  SEI Institutional International Trust / Annual Report / September 30, 2017   77

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2017

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

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

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

Level 1 — quoted prices in active markets for identical investments

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

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

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

The valuation techniques used by the Funds to measure fair value during the year ended September 30, 2017 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended September 30, 2017, 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 investment securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of investment securities.

The Funds report certain foreign-currency-related transactions as components of realized gains for

  78   SEI Institutional International Trust / Annual Report / September 30, 2017

financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open forward foreign currency contracts as of September 30, 2017, 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, 2017, 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, 2017, if applicable.

  SEI Institutional International Trust / Annual Report / September 30, 2017   79

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2017

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, 2017, 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

  80   SEI Institutional International Trust / Annual Report / September 30, 2017

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 Institutional International Trust / Annual Report / September 30, 2017   81

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2017

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 calculated 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, 2017, the International Fixed Income Fund and the Emerging Markets Debt Fund are the sellers (“providing protection”) on a total notional amount of $2.2 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:

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	$                –	$                  –	$              (406,163)	$                146,025	$              (260,139)
Maximum potential amount of future payments	–	–	2,240,000	6,442,994	8,682,994
Recourse provisions with the third parties any amounts paid under the credit derivative (including any purchased credit protection)	–	–	–	–	–
Collateral held by the Partnership or other third parties which the Partnership can obtain upon occurrence of triggering event	–	–	–	–	–

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

Maximum Potential Amount of Future Payments by Contract Term
	0-6 Months	6-12 Months	1-5 Years	5-10 Years		>10 Years		Total
Current credit spread* on underlying (in basis points)(1)
0-100	$                  –	$                  –	$                  –	$6,442,994	$	–	$	6,442,994
>101	–	–	–	–		2,240,000		2,240,000
Total	$                  –	$                  –	$                  –	$6,442,994	$	2,240,000	$	8,682,994

* 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.

  82   SEI Institutional International Trust / Annual Report / September 30, 2017

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	$                   –	$            (64,580)	$                  –	$                  –	$            (64,580)
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)	–	–	–	–	–
Collateral held by the Partnership or other third parties which the Partnership can obtain upon occurrence of triggering event	–	–	–	–	–

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

Maximum Potential Amount of Future Payments by Contract Term
	0-6 Months	6-12 Months	1-5 Years	5-10 Years		>10 Years		Total
Current credit spread* on underlying (in basis points)(1)
0-100	$                  –	$                  –	$                  –	$                  –	$	–	$	–
>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, 2017 ($ Thousands)			Year ended September 30, 2017 ($ 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	$	675*	Net Assets — Unrealized depreciation on futures contracts	$	254*
Credit contracts	Net Assets — Unrealized appreciation on swap contracts		3†	Net Assets — Unrealized depreciation on swap contracts		186†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		4,809	Unrealized loss on forward foreign currency contracts		2,457
Total derivatives not accounted for as hedging instruments		$	5,487		$	2,897

  SEI Institutional International Trust / Annual Report / September 30, 2017   83

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2017

	Asset Derivatives			Liability Derivatives
	Year ended September 30, 2017 ($ Thousands)			Year ended September 30, 2017 ($ 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	$	765*	Net Assets — Unrealized depreciation on futures contracts	$	136*
	Net Assets — Unrealized appreciation on swap contracts		4,178†	Net Assets — Unrealized depreciation on swap contracts		1,871†
Credit Contracts	Net Assets — Unrealized appreciation on swap contracts		37†	Net Assets — Unrealized depreciation on swap contracts		–†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		7,613	Unrealized loss on forward foreign currency contracts		9,268
	Net Assets — Unrealized appreciation on swap contracts		7†	Net Assets — Unrealized depreciation on swap contracts		104†
Total derivatives not accounted for as hedging instruments		$	12,600		$	11,379

* 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, 2017.

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

Derivatives Not Accounted for as Hedging Instruments	Futures		Forward     Currency     Contracts		Swaps		Total
International Fixed Income Fund
Interest rate contracts	$	(1,978)	$	–	$	25	$	(1,953)
Foreign exchange contracts		–		3,690		–		3,690
Credit contracts		531		–		83		614
Equity contracts		80		–		–		80
Total	$	(1,367)	$	3,690	$	108	$	2,431
Derivatives Not Accounted for as Hedging Instruments	Futures		Forward     Currency     Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	(812)	$	–	$	(936)	$	(1,748)
Foreign exchange contracts		–		3,835		–		3,835
Credit contracts		–		–		30		30
Total	$	(812)	$	3,835	$	(906)	$	2,117
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	$	485	$	–	$	149	$	634
Foreign exchange contracts		–		3,147		–		3,147
Credit contracts		–		–		(149)		(149)
Total	$	485	$	3,147	$	–	$	3,632

84   SEI Institutional International Trust / Annual Report / September 30, 2017

Derivatives Not Accounted for as Hedging Instruments	Futures		Forward     Currency     Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	534	$	–	$	4,032	$	4,566
Foreign exchange contracts		–		(965)		(294)		(1,259)
Credit contracts		–		–		47		47
Total	$	534	$	(965)	$	3,785	$	3,354

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, 2017, ($ 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	$	589	$	–	$	589	$	43	$	–	$	43
International Fixed Income Fund		109		–		109		136		2		138
Emerging Markets Debt Fund		144		6		150		157		9		166

Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2017 amounted to $5,944 ($ Thousands) for the International Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2017 amounted to $1,737 ($ Thousands) for the International Fixed Income

Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2017 amounted to $3,372 ($ Thousands) for the Emerging Markets Debt Fund.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes

SEI Institutional International Trust / Annual Report / September 30, 2017   85

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2017

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

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

The following is a summary by derivative type of the market value of OTC financial derivative instruments and collateral (received)/pledged as of September 30, 2017 ($ 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^
ANZ	$	30	$	–	$	30	$	–	$	–	$	–	$	30	$	–	$	30
Bank of America		409		–		409		19		–		19		390		–		390
Bank of Montreal		5		–		5		–		–		–		5		–		5
Barclays		1,677		–		1,677		1,026		–		1,026		651		–		651
BNP Paribas		328		–		328		104		–		104		224		–		224
Brown Brothers Harriman		219		–		220		168		–		168		51		–		51
BT Brokerage		29		–		30		181		–		181		(152)		–		(152)
CIBC		–		–		–		1		–		1		(1)		–		(1)
Citigroup		369		–		368		258		–		258		111		–		111
Credit Suisse		5		–		5		105		154		259		(254)		254		–
Deutsche Bank		417		–		417		–		32		–		385		–		385
Goldman Sachs		307		–		307		17		–		17		290		–		290
HSBC		44		–		44		19		–		19		25		–		25
JPMorgan Chase Bank		206		–		206		260		–		260		(54)		–		(54)
Montgomery/Bank of America		–		–		–		19		–		19		(19)		–		(19)
Morgan Stanley		123		–		126		63		–		63		60		–		60
National Bank of Australia		86		–		86		7		–		7		79		–		79
RBC		18		–		18		30		–		30		(12)		–		(12)
Royal Bank of Scotland		71		–		71		18		–		18		53		–		53
Societe Generale		–		–		–		21		–		21		(21)		–		(21)
Standard Chartered		285		–		285		–		–		–		285		–		285
State Street		4		–		4		114		–		114		(110)		–		(110)
UBS		177		–		177		27		–		27		150		–		150
	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^
Barclays	$	–	$	–	$	–	$	1,016	$	–	$	1,016	$	(1,016)	$	–	$	(1,016)
Citibank		–		72		72		–		–		–		72		–		72
Citigroup		2,799		–		2,799		2,578		–		2,578		221		–		221
Goldman Sachs		2,272		2,702		4,974		2,677		1,219		3,896		1,078		–		1,078
JPMorgan Chase Bank		2,039		959		2,998		1,866		620		2,486		512		–		512
Standard Bank		503		–		503		1,131		—		1,131		(628)		–		(628)

^ 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.

* 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, 2017.

86   SEI Institutional International Trust / Annual Report / September 30, 2017

The following table discloses the volume of the Fund’s futures contracts, forward foreign currency contracts and swap activity during the period ended September 30, 2017 ($ Thousands):

	International Equity Fund	International Fixed Income Fund	Emerging Markets Debt Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long	$                  95,485	$                              9,311	$                          –
Average Notional Balance Short	–	3,584	–
Ending Notional Balance Long	112,166	–	–
Interest Contracts
Average Notional Balance Long	28,604	37,801	51,393
Average Notional Balance Short	–	69,166	66,812
Ending Notional Balance Long	–	67,505	33,369
Ending Notional Balance Short	–	86,715	112,177
Currency Contracts
Average Notional Balance Long	–	523	–
Average Notional Balance Short	–	18,772	–
Ending Notional Balance Short	–	27,103	–
Forward Foreign Currency Contracts:
Average Notional Balance Long	–	714,524	1,131,448
Average Notional Balance Short	–	715,412	1,129,608
Ending Notional Balance Long	–	1,183,323	1,188,152
Ending Notional Balance Short	–	1,180,798	1,189,765
Swaps:
Credit Contracts
Average Notional Balance Long	–	134	–
Average Notional Balance Short	–	2,755	2,200
Ending Notional Balance Long	–	1,608	–
Ending Notional Balance Short	–	8,683	1,200
Interest Contracts
Average Notional Balance	–	747	244,307
Ending Notional Balance	–	–	286,695
Foreign Exchange Contracts
Average Notional Balance Long	–	–	25,034
Average Notional Balance Short	–	–	24,949
Ending Notional Balance Long	–	–	34,482
Ending Notional Balance Short	–	–	34,303

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

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

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

SEI Investments Distribution Co. (the “Distributor”) 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 F (formerly 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 F (formerly Class A) and Class I Shares will be paid to Distributor, which may then be used by Distributor 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

SEI Institutional International Trust / Annual Report / September 30, 2017 87

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2017

order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, Trustees fees and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at a specified level. The voluntary waivers by the Funds’ Adviser, Administrator and/or Distributor are limited to

the Funds’ direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (AFFE). The waivers are voluntary and the Funds’ Adviser, Administrator and/or Distributor may discontinue all or part of any of these waivers at any time.

The following is a summary of annual fees payable to the Adviser and Distributor and the contractual and voluntary expense limitation for each Fund will be as follows:

	Advisory Fee		Shareholder Servicing Fee		Administrative Servicing Fee		Voluntary Expense Limitations
International Equity Fund
Class F(1)		0.505%		0.25%		–		1.24%
Class I		0.505%		0.25%		0.25%		1.49%
Class Y		0.505%		–		–		1.00%
Emerging Markets Equity Fund*
Class F		1.05%		0.25%		–		N/A
Class Y		1.05%		–		–		N/A
International Fixed Income Fund
Class F		0.30%		0.25%		–		1.02%
Class Y		0.30%		–		–		0.77%
Emerging Markets Debt Fund
Class F		0.85%		0.25%		–		1.36%
Class Y		0.85%		–		–		1.11%

(1) Effective January 31, 2017, Class A Shares were renamed as Class F Shares.

* Renewed as of January 31, 2017, SIMC has contractually agreed to waive its advisory fee as necessary to keep the advisory fee paid by the Fund during its fiscal year from exceeding 0.95%. This fee waiver agreement shall remain in effect until January 31, 2018 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. Share classes currently not offered.

The following is a summary of annual fees payable to the Administrator:

	Previous Contractual Fees		Administrative Fees as of January 1, 2017
	9/30/16 to 12/31/16		First $1.5 Billion of Assets			Next $500 Million of Assets			Next $500 Million of Assets			Next $500 Million of Assets			Over $3 Billion of Assets
International Equity Fund		0.450%		0.450	%		0.370	%		0.2900	%		0.210	%		0.130%
Emerging Markets Equity Fund		0.450%		0.450	%		0.370	%		0.2900	%		0.210	%		0.130%
International Fixed Income Fund		0.450%		0.450	%		0.370	%		0.2900	%		0.210	%		0.130%
Emerging Markets Debt Fund		0.450%		0.450	%		0.370	%		0.2900	%		0.210	%		0.130%

Investment Sub-Advisory Agreements — As of September 30, 2017, 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

INTECH Investment Management LLC

Neuberger Berman Investment Advisers LLC

NWQ Investment Management Company, LLC

WCM Investment Management

Emerging Markets Equity Fund

Macquarie Investment Management (formerly Delaware

Investment Fund Advisers)

J O Hambro Capital Management Limited

KBI Global Investors (North America) 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.

Wellington Management Company, LLP

Emerging Markets Debt Fund

Investec Asset Management Ltd.

Neuberger Berman Investment Advisers LLC

Stone Harbor Investment Partners LP

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

Brokerage Commissions Paid to Affiliates — The Distributor may receive compensation on fund transactions effected for the Trust in accordance with

  88   SEI Institutional International Trust / Annual Report / September 30, 2017

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, 2017.

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, 2017 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. Additionally, the Funds may invest cash collateral from the securities lending program in the SEI Liquidity Fund, L.P., also an affiliated fund.

Payment to Affiliates—Certain Officers and Trustees of the Trust are also Officers and/or 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.

During the year ended September 30, 2017, the following Fund borrowed funds from SEI Institutional Managed Trust, Multi-Asset Accumulation Fund. The amount borrowed, interest paid on the borrowing and the corresponding interest rate were as follows ($ Thousands):

Account Name	Date		Amount Borrowed		Interest Paid		Rate
Emerging Markets Debt Fund		10/20/2016		$59,000		$1		0.50%

At September 30, 2017, the Trust had no outstanding borrowings.

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, 2017, 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		$–		$–		$106,455		$309,057
Other		2,463,270		1,117,111		393,081		708,908
Sales
U.S. Government		–		–		70,591		193,943
Other		1,930,919		1,156,324		481,202		898,281

7. FEDERAL TAX INFORMATION:

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

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

Dividends from net investment income and distributions from net realized capital gains are determined in

  SEI Institutional International Trust / Annual Report / September 30, 2017   89

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2017

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, 2017:

	Paid-in- Capital ($ Thousands)		Accumulated Realized Gain/(Loss) ($ Thousands)		Undistributed Net Investment Income ($ Thousands)
International Equity Fund		$     –	$	(309)	$	309
Emerging Markets Equity Fund		–		(5,417)		5,417
International Fixed Income Fund		(99)		4,065		(3,966)
Emerging Markets Debt Fund		–		23,771		(23,771)

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	2017	$	38,555	$	–	$	38,555
	2016		29,284		–		29,284
Emerging Markets Equity Fund	2017		12,216		–		12,216
	2016		11,476		–		11,476
International Fixed Income Fund	2017		11,706		954		12,660
	2016		27,843		41		27,884
Emerging Markets Debt Fund	2017		30,136		–		30,136
	2016		–		–		–

As of September 30, 2017, the components of Distributable Earnings (Accumulated Losses) were as follows:

	Undistributed Ordinary Income ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post October Losses ($ Thousands)			Late Year Ordinary Losses ($ Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)		Other Temporary Differences ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
International Equity Fund	$	56,139	$	(684,329	)	$	–		$	–		$	553,217	$	3		$	(74,970	)
Emerging Markets Equity Fund		25,946		(32,097	)		–			–			253,520		(3	)		247,366
International Fixed Income Fund		–		–			(2,227	)		(19,091	)		2,983		(4,267	)		(22,602	)
Emerging Markets Debt Fund		34,666		(23,541	)		–			–			31,616		(44,016	)		(1,275	)

Post-October losses represent losses realized on investment transactions from November 1, 2016 through September 30, 2017 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 2019 ($ Thousands)		Expires 2018 ($ Thousands)		Total Capital Loss Carryforward 9/30/2017 ($ Thousands)
International Equity Fund	$	–	$	684,329		$    684,329
Emerging Markets Equity Fund		–		10,206		10,206

During the year ended September 30, 2017, the International Equity Fund and the Emerging Markets Debt Fund utilized capital loss carryforwards to offset

capital gains of $22,516 and $14,355 ($ Thousands), respectively.

Under the Regulated Investment Company Modernization Act of 2010, Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

  90   SEI Institutional International Trust / Annual Report / September 30, 2017

	Short-Term ($ Thousands)		Long-Term ($ Thousands)		Total Capital Loss Carryforwards 9/30/2017* ($  Thousands)
Emerging Market Equity Fund		$ –		$  21,891		$  21,891
Emerging Markets Debt Fund		2,309		21,232		23,541

* 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, 2017, 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, derivatives, 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, 2017, was as follows:

	Federal Tax             Cost ($ Thousands)		Appreciated     Securities ($ Thousands)		Depreciated     Securities ($ Thousands)			Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
International Equity Fund	$	3,709,016	$	665,794	$	(112,577	)	$	553,217
Emerging Markets Equity Fund		1,811,056		376,783		(123,263	)		253,520
International Fixed Income Fund		376,255		13,243		(10,260	)		2,983
Emerging Markets Debt Fund		1,391,613		86,082		(54,466	)		31,616

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, 2017, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

8. CONCENTRATION/RISKS

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

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

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities

may not have the benefit of any security interest in the related assets.

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

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

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

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

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

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

Please refer to each Fund’s current prospectus for additional disclosure regarding the risks associated with investing in the Funds. The foregoing is not intended to

  SEI Institutional International Trust / Annual Report / September 30, 2017   91

NOTES TO FINANCIAL STATEMENTS (Concluded)

September 30, 2017

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 restricted from recovering the loaned securities or disposing of the collateral for the loan which could give rise to loss because of adverse market actions expenses and/or delays in connection with the disposition of the underlying securities.

Cash collateral received in connection with securities lending is invested in eligible securities by the lending agent. These investments may include the SEI Liquidity Fund, L.P. (“Liquidity Fund”) and the Fund bears its pro rata portion of the Liquidity Fund’s expenses and is subject to the risk of loss in the underlying investments of the Liquidity Fund 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, 2017

($ Thousands):

		Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
International Equity Fund	$		130,618	$		130,618	$		–
Emerging Markets Equity Fund			146,754			146,754			–
Emerging Markets Debt Fund			12,828			12,828			–

(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, 2017, SPTC held of record the following:

Fund	Class F	Class I		Class Y
International Equity Fund	97.14%		41.01%	36.33%
Emerging Markets Equity Fund	91.99%		–%	57.92%
International Fixed Income Fund	96.27%		–%	99.40%
Emerging Markets Debt Fund	97.63%		–%	40.07%

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. REGULATORY MATTERS

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, final rules) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amended Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. As of August 1, 2017, management has implemented the amendments to Regulation S-X, which did not have a material impact on the Funds’ financial statements and related disclosures or impact the Funds’ net assets or results of operations.

12. 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, 2017.

  92   SEI Institutional International Trust / Annual Report / September 30, 2017

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders

SEI Institutional International Trust:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of SEI Institutional International Trust, comprised of the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund, and the Emerging Markets Debt Fund (collectively, the “Funds”), as of September 30, 2017, 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, 2017, 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, 2017, 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 29, 2017

  SEI Institutional International Trust / Annual Report / September 30, 2017   93

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited)

The following chart lists Trustees and Officers as of September 30, 2017.

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.	104	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 SEI Liquid Asset Trust from 1989 to 2016. Vice Chairman of O’Connor EQUUS (closed-end investment company) from 2014 to 2016. Vice Chairman of The Advisors’ Inner Circle Fund III, Winton Series Trust, Winton Diversified Opportunities Fund (closed-end investment company) and Gallery Trust. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, and the KP Funds. President, Chief Executive Officer and 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, The New Covenant 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.	104	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, New Covenant Funds, The KP Funds and SEI Catholic Values Trust.
TRUSTEES
George J. Sullivan Jr. One Freedom Valley Drive, Oaks, PA 19456 74 yrs. old	Trustee	since 1996	Retired since January 2012. Self-Employed Consultant, Newfound Consultants Inc. April 1997-December 2011.	104	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, New Covenant Funds, 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.

  94   SEI Institutional International Trust / Annual Report / September 30, 2017

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 2002-March 2008.	104	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, New Covenant Funds, 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.	104	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, New Covenant Funds, 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	Retired Private Investor since 1994.	104	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, 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.
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.	104	Director of AMVESCAP PLC from 1993-2004. Served as a director of a bank holding company, 2003-2009. Director, Aaron’s Inc., 2012-present. President and CEO of Oasis Ornamentals LLC since 2011. Member of the Board of Councilors of the Carter Center (nonprofit corporation) and served on the board of other non-profit organizations. Director of SEI Alpha Strategy Portfolios, LP from 2008 to 2013. Trustee of Liquid Asset Trust from 2008 to 2016. 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, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
Susan C. Cote One Freedom Valley Drive Oaks, PA 19456 62 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. Member of the Ernst & Young LLP Retirement Investment Committee, Treasurer and Chair of Finance, Investment and Audit Committee of the New York Women’s Foundation.	104	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, New Covenant Funds, 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, 2017   95

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)
Glenn R. Kurdziel One Freedom Valley Drive Oaks, PA 19456 43 yrs. old	Assistant Controller	since 2017	Assistant Controller, Funds Accounting, SEI Investments Global Funds Services (March 2017); Senior Manager, Funds Accounting, SEI Investments Global Funds Services since 2005.	N/A	N/A
Russell Emery One Freedom Valley Drive Oaks, PA 19456 54 yrs. old	Chief Compliance Officer	since 2006	Chief Compliance Officer of SEI Daily Income Trust, 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 New Covenant Funds since February 2012. Chief Compliance Officer of SEI Insurance Products Trust and The KP Funds since 2013. Chief Compliance Officer of New Covenant Funds since February 2012. 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 46 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 & Reath, LLP (law firm), May 2005 - October 2008.	N/A	N/A
Stephen G. MacRae One Freedom Valley Drive, Oaks, PA 19456 49 yrs. old	Vice President	since 2012	Director of Global Investment Product Management January 2004 - to present.	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.

  96   SEI Institutional International Trust / Annual Report / September 30, 2017

DISCLOSURE OF FUND EXPENSES (Unaudited)

September 30, 2017

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 4/1/17		Ending Account Value 9/30/17		Annualized Expense Ratios		Expenses Paid During Period *
International Equity Fund
Actual Fund Return
Class F(1)		$1,000.00		$1,125.60		1.10%		$5.87
Class I		1,000.00		1,124.80		1.36		7.22
Class Y		1,000.00		1,217.60		0.85		4.75
Hypothetical 5% Return
Class F(1)		$1,000.00		$1,019.54		1.10%		$5.58
Class I		1,000.00		1,018.27		1.36		6.86
Class Y		1,000.00		1,020.79		0.85		4.32
Emerging Markets Equity Fund
Actual Fund Return
Class F(1)		$1,000.00		$1,152.50		1.74%		$9.40
Class Y		1,000.00		1,154.20		1.50		8.08
Hypothetical 5% Return
Class F(1)		$1,000.00		$1,016.34		1.74%		$8.80
Class Y		1,000.00		1,017.57		1.50		7.57

	Beginning Account Value 4/1/17		Ending Account Value 9/30/17		Annualized Expense Ratios		Expenses Paid During Period *
International Fixed Income Fund
Actual Fund Return
Class F(1)		$1,000.00		$1,010.00		1.02%		$5.13
Class Y		1,000.00		1,012.00		0.77		3.88
Hypothetical 5% Return
Class F(1)		$1,000.00		$1,019.96		1.02%		$5.15
Class Y		1,000.00		1,021.21		0.77		3.90
Emerging Markets Debt Fund
Actual Fund Return
Class F(1)		$1,000.00		$1,066.50		1.36%		$7.06
Class Y		1,000.00		1,069.30		1.11		5.77
Hypothetical 5% Return
Class F(1)		$1,000.00		$1,018.24		1.36%		$6.89
Class Y		1,000.00		1,019.49		1.11		5.63

(1) Effective January 31, 2017, Class A Shares were renamed as Class F Shares.

* 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, 2017   97

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 indexes.

At the March 27–29, 2017 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 5–7, 2016, June 26–28, 2017 and September 11–13, 2017. In each case, the Board’s approval (or renewal) was based on its consideration

  98   SEI Institutional International Trust / Annual Report / September 30, 2017

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 to support approval or renewal of the Sub-Advisory Agreement.

Fees. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratio in comparison to those of the Funds’ respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various asset levels, actual management fees (including transfer agent expenses), actual total expenses for the Funds, total expense components, historical expenses 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 with respect to the International Equity, Emerging Markets Debt and International Fixed Income Funds 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, 2017   99

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 its 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.

  100   SEI Institutional International Trust / Annual Report / September 30, 2017

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders who do not have a September 30, 2017, taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2017, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended September 30, 2017, 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%	99.55%	0.00%	0.04%	0.00%
Emerging Markets Equity Fund	0.00%	0.00%	100.00%	100.00%	0.00%	94.00%	0.00%	0.00%	0.00%
International Fixed Income Fund	0.00%	7.53%	92.47%	100.00%	0.00%	0.00%	0.26%	44.63%	100.00%
Emerging Markets Debt Fund	0.00%	0.00%	100.00%	100.00%	0.00%	0.00%	0.00%	0.17%	0.00%

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2017, the amount of foreign source income and foreign tax credit are as follows:

Fund	Foreign Source Income		Foreign Tax Credit Pass Through
International Equity		$90,051,113		$6,051,547
Emerging Markets Equity		40,791,182		3,920,532

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

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

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

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

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

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

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

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

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

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

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

  SEI Institutional International Trust / Annual Report / September 30, 2017   101

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SEI INSTITUTIONAL INTERNATIONAL TRUST ANNUAL REPORT SEPTEMBER 30, 2017

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

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 three audit committee financial experts serving its audit committee.

(a) (2) The audit committee financial experts are Susan C. Cote, George J. Sullivan, Jr. and Hubert L. Harris, Jr. Ms. Cote and 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 2017 and 2016 as follows:

		Fiscal 2017			Fiscal 2016
		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	$198,500	$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	$356,074	$0	$0	$325,515	$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. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC rules on auditor independence and whether the provision of such services would compromise the auditor’s independence.

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.

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 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. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.

The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor.

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 (or the manner of their determination) 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 pursuant to waiver of pre-approval requirement were as follows:

	Fiscal     2017	Fiscal     2016
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not Applicable.

(g)(1) The aggregate non-audit fees billed by KPMG for the fiscal years 2017 and 2016 were $356,074 and $325,515, 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.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). 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 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 last 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Items 13. 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 are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended 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, 2017

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, 2017

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

Date: December 8, 2017

EX-99.CODE

SEI TAX EXEMPT TRUST

SEI DAILY INCOME TRUST

SEI INSTITUTIONAL MANAGED TRUST

SEI INSTITUTIONAL INTERNATIONAL TRUST

SEI ASSET ALLOCATION TRUST

SEI INSTITUTIONAL INVESTMENTS TRUST

ADVISER MANAGED TRUST

NEW COVENANT FUNDS

SEI INSURANCE PRODUCTS TRUST

SEI CATHOLIC VALUES TRUST

SEI CAYMAN FOREIGN CORPORATIONS

Financial Officer Code of Ethics

1. Introduction

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

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

2. Purposes of the Code

The purposes of this Code are:

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

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

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

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

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

• To establish accountability for adherence to this Code.

3. Questions about this Code

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

4. Conduct Guidelines

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

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

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

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

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

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

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

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

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

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

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

5. Waivers of this Code

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

6. Affirmation of the Code

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

7. Reporting Violations

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

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

8. Violations of the Code

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

Dated: September 2015

EX-99.CERT

CERTIFICATION

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Robert A. Nesher, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: December 8, 2017

/s/ Robert A. Nesher

Robert A. Nesher

President & CEO

CERTIFICATION

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, James J. Hoffmayer, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: December 8, 2017

/s/ James J. Hoffmayer

James J. Hoffmayer

Controller & CFO

EX-99.906CE

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the President & CEO of SEI Institutional International Trust (the “Trust”), with respect to the Trust’s Report on Form N-CSR for the fiscal year ended September 30, 2017 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Dated: December 8, 2017

/s/ Robert A. Nesher

Robert A. Nesher

President & CEO

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the Controller & CFO of SEI Institutional International Trust (the “Trust”), with respect to the Trust’s Report on Form N-CSR for the fiscal year ended September 30, 2017 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Dated: December 8, 2017

/s/ James J. Hoffmayer

James J. Hoffmayer

Controller & CFO