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)

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: 610-676-1000

Date of fiscal year end: September 30, 2018

Date of reporting period: September 30, 2018

Item 1. Reports to Stockholders.

September 30, 2018

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	7
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	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, 2018 (Unaudited)

To Our Shareholders:

Financial markets completed the fiscal year in an environment defined by strong investor appetite for higher-risk market segments. Fixed-income performance ran the gamut regarding strength across markets—with high-yield debt near the top end and U.S. Treasurys at the bottom, in keeping with the risk-on sentiment. However, the sudden return of volatility to the markets toward the end of the first half of the reporting period saw the VIX index rise to a three-year high. Risk-asset prices fell sharply in February, with the S&P 500 Index touching down 10% from its earlier highs; robust economic data and consumer confidence in a healthy economy likely prevented a more sizeable market correction and drove the index to a new all-time high mark before the end of the fiscal year. By the end of the reporting period, trade war concerns continued to catalyze while markets looked to gain support from robust macro data and earnings momentum.

Most of the expectations we had at the start of the Funds’ most recently completed fiscal year, from the start of October 2017 through the end of September 2018, were actualized. The pace of interest-rate increases by the Federal Reserve (“Fed”) largely followed the market’s projections. U.S. Treasury yields increased across the curve during the fiscal year as a combination of policy, fundamental and political events influenced the markets. Short-term rates rose by a greater magnitude than long-term rates after the Federal Reserve raised rates four times during the reporting period, and the yield curve flattened to a post-recession low. Strength in the euro relative to the U.S. dollar over the first half of the fiscal year prevented a quick end to the European Central Bank’s (“ECB”) stimulus commitment; the European Central Bank announced it would end its bond-buying program by the end of 2018, assuming that economic data continued to support the bank’s medium-term inflation outlook. The Japanese yen finished the period near where it began as the Bank of Japan (“BOJ”) held monetary policy stable through the fiscal year. China’s currency slid to a 10-year low against the U.S. dollar toward the end of the fiscal period amid trade-related tensions. Venezuela announced it would restructure and refinance after the country defaulted on several overdue coupon payments.

Oil prices gained during the fiscal year, supported by rising global demand and geopolitical tensions, as well as news that Saudi Arabia and Russia would extend an agreement to curb output.

We suggested that market sentiment would remain attuned to geopolitical developments; these accounted for the only significant exceptions to the global tranquility trend. Also, a fixation on tax reform and continued yield-curve flattening drove market movements throughout the latter part of the fiscal year.

Geopolitical events

In the U.S., President Trump demonstrated a commitment to follow through on tighter U.S. immigration policy that authorized U.S. border agents to separate children from parents who crossed the border illegally. The ongoing special counsel investigation into the possibility of collusion between Donald Trump’s presidential campaign and Russia remained topical. A one-on-one meeting between the U.S. president and Russian President Vladimir Putin raised concerns across the political spectrum—particularly after a subsequent press conference in which Trump second-guessed U.S. intelligence agencies’ unanimous assessment of Russia’s interference in the 2016 U.S. elections.

While longer-term market reactions to geopolitical events were mostly muted, rogue-state nuclear programs earned a significant share of the spotlight: North Korean Supreme Leader Kim Jong-Un announced a willingness to mothball his country’s efforts and, in an unprecedented display of unity, crossed the border as he clasped hands with South Korean President Moon Jae-in in April 2018. Trump also stated that aggression from North Korea would be met with “fire and fury.” An eventual meeting with North Korea’s leader garnered headlines but ended with vague commitments. Elsewhere, Israeli Prime Minister Benjamin Netanyahu televised evidence of the Iranian Republic’s plans to reignite its nuclear ambitions—raising questions about Iran’s adherence to the terms of its multi-party disarmament agreement. Although the International Atomic Energy Agency refuted the claims, President Trump backed out of the accord and imposed sanctions on Iran.

  SEI Institutional International Trust / Annual Report / September 30, 2018   1

LETTER TO SHAREHOLDERS (Continued)

September 30, 2018 (Unaudited)

The U.S. escalated its trade fight with China late in the fiscal year, enacting tariffs of 10% on $200 billion of Chinese products and promising to increase them to 25% in the New Year. President Donald Trump pointed to an additional prospective $267 billion in Chinese products that could also be subjected to tariffs if China were to retaliate—which it did, although on a significantly smaller scale (applying duties of 5% to 10% on $60 billion of U.S. exports to China). China asked the World Trade Organization to impose sanctions on the U.S. late in the fiscal period in response to disputes dating back several years. NAFTA’s successor came into focus before the end of the reporting period—first when the U.S. and Mexico came to an agreement in August, and then when the U.S. and Canada finally ironed out their differences in the last few hours of September. Now called the United States-Mexico-Canada Agreement, the revised deal is expected to strengthen its predecessor’s provisions and improve labor standards. The U.S. is projected to offer Canada and Mexico relief from automobile-related trade barriers as a result of the new agreement, although aluminum and steel tariffs will remain.

Immigration became a key point of contention in the U.S. and Europe during the second half of the period. The Trump administration enacted a zero-tolerance policy that targeted illegal immigration at the southern border; this attracted condemnation from across the political spectrum for its practice of separating and detaining families, including children. In Europe, the governing coalitions in Italy and Germany pointed a spotlight on the issue, forcing action at a European Council meeting in late June with a deal that seeks to establish an EU-wide approach centered on financial-burden sharing and more restrictive borders.

A raft of political surprises unfolded during the reporting period. U.K. Prime Minister Theresa May declared that Brexit negotiations had reached an impasse in the final weeks of the fiscal year. EU leaders rejected her so-called Chequers plan, which had become a rallying point for cabinet officials. May reminded EU officials that she believes no deal is better than a bad deal. The swearing in of Italy’s Prime Minister Giuseppe Conte—a relative newcomer to politics—signaled continued viability of the euro-skeptic coalition, which formed from the two populist parties that won the country’s March election. Financial markets were rattled in May by the anti-EU implications of the new Italian government taking shape, then again as a rejection of the coalition’s first choice for economy minister seemed to set the stage for another round of elections and associated delays. Spain’s government also experienced turnover as center-right Prime Minister Mariano Rajoy suffered a no-confidence vote and was replaced by socialist leader Pedro Sanchez at the beginning of June.

Economic performance

U.S. economic growth slowed to a 2.9% rate at the start of the fiscal period, as strong consumer spending drove a surge in imports. First-quarter economic growth was reported at 2.0% annualized—in line with the typically mild pace of the three-month period ending March, yet slower than the rate of expansion recorded in the fourth quarter. Second-quarter GDP grew 4.2%, its highest annualized growth rate since 2014, primarily on strong business expenditures and a jump in exports ahead of expected retaliatory tariffs. Consumer spending also accelerated, by 4.0%, after growing by the slowest rate in five years during the previous quarter.

The labor market remained robust throughout the year: the unemployment rate fell, finishing the period at 3.7%, a 49-year low, while the labor-force participation rate ended at 62.7%, down slightly from 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 historically strong labor market and improving wage growth helped boost the debt profile of the U.S. consumer. The Fed raised its target interest rate four times during the period, with one additional rate increase still projected toward the end of 2018. The Fed also began to unwind its balance sheet by $10 billion per month in October 2017; the pace accelerated to $40 billion per month by the end of the reporting period, reversing 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 raised its official bank rate for the first time since the global financial crisis, by 0.25%, and did so again toward the end of the fiscal year. Broad economic growth slowed in the eurozone during the first and second quarters, after growing at its quickest pace since 2011 during the fourth quarter at a time that many thought would be plagued by political uncertainty. Year-on-year growth was 2.1% at the end of the second quarter of 2018. The U.K. economy grew just 1.2% year-on-year through the second quarter of 2018 as Brexit uncertainty continued to hurt the economy and a weakened pound dampened consumer spending to nearly its lowest level in almost six years.

  2   SEI Institutional International Trust / Annual Report / September 30, 2018

Japanese GDP grew just 1.3% year-on-year at the end of the second quarter of 2018; the BOJ maintained monetary stimulus in an attempt to drive higher inflation. Meanwhile, economic growth in China expanded by 6.7% year-on-year in the second quarter of 2018 after China’s government provided substantial fiscal stimulus early in the period to support the government’s growth goals, targeted at 6.5%.

Market developments

For the fiscal year ending September 30, 2018, growth stocks in general, and the technology sector, in particular, outperformed. Stocks corrected in the first quarter of 2018, with the S&P 500 Index falling close to 10% from its all-time high, precipitated by indications of accelerating U.S. inflation and similar concerns that future interest-rate increases by the Fed could come quicker than anticipated. The index recovered and reached a new all-time high before the end of the fiscal year, extending the current bull market to the second-longest on record. Equity market gains for the period were concentrated in large internet commerce companies and the information technology sector. Corporate tax reform provided an additional earnings boost during the fiscal year that supported the market’s positive momentum. Cyclical areas of the market outperformed their defensive peers, except for the healthcare sector, which outperformed during the period. High dividend-yield segments of the market, such as utilities, consumer staples and real-estate investment trusts, underperformed as they were seen as less attractive in a rising interest-rate environment. Value stocks lagged significantly; single-digit returns were the norm among traditional value sectors, such as financials and materials.

Energy stocks outperformed globally, while the telecommunications services sector ended in the red, presumably weakened by the repeal of net-neutrality regulations in the U.S.

Growth typically outperformed value, as internet-commerce and information technology stocks were among the best-performing sectors for the full fiscal year, while the utilities and consumer staples sectors lagged. The final quarter of the fiscal period helped propel the FTSE Russell 1000 Growth Index to 26.30% for the reporting year, while the FTSE Russell 1000 Value Index returned 9.45% over the same period.

Large-cap stocks outperformed, with U.S. large caps (FTSE Russell 1000 Index) outpacing small caps (FTSE Russell 2000 Index), delivering 17.76% and 15.24%, respectively.

European inflation accelerated above the ECB’s goal during the fiscal year, while growth slowed, but remained in expansion territory; unemployment fell to a 10-year low. Equities remained bolstered by accommodative monetary policy from the ECB, which only slightly began to remove stimulus; the euro finished down 1.77% versus the U.S. dollar for the year.

Looking back on market performance for the full period, the FTSE UK Series All-Share Index was up 2.90% in U.S. dollar terms and 5.87% in sterling, as Brexit concerns continued to overshadow the outlook for businesses. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 9.77% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 17.91%.

Emerging markets failed to keep pace with the developed world across asset classes amid a synchronized global economic expansion. The MSCI Emerging Markets Index finished the fiscal year down 0.81% in U.S. dollar terms, giving up its year-to-date gains over the second half of the period. Latin America finished down for the reporting period after a second-half selloff. Asian markets also declined over the final six months and finished down for the year as trade concerns drove market weakness.

The risk-on sentiment that pushed global equities higher overall was also visible in fixed-income markets, with high-yield outperforming government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Yields for 10-year government bonds rose and ended the period 72 basis points higher at 3.05%, while 2-year yields climbed 134 basis points during the year to 2.81%. The U.S. Treasury yield curve flattened to a 10-year low, with short-term yields rising more than long-term yields. The Fed hiked rates four times during the fiscal period and pushed short-term yields higher, while longer-term bond yields were flat as inflationary and long-term economic growth expectations remained subdued.

  SEI Institutional International Trust / Annual Report / September 30, 2018   3

LETTER TO SHAREHOLDERS (Continued)

September 30, 2018 (Unaudited)

Front-end Treasury yields moved higher in response to the Fed increasing the fed-funds target rate to 2.00%-2.25%, marking the eighth rate hike during this tightening cycle. The Fed’s interest-rate projections, known as the dot plot, still suggest one more rate hike in 2018 and additional hikes in 2019, subject to inflation moving toward, and staying in a band around, the Federal Open Market Committee’s 2% target. Jerome Powell succeeded Janet Yellen as Fed Chair, Randal Quarles was named vice chair for bank supervision and Marvin Goodfriend, a former Fed economist, was chosen to fill one of three open governor seats. President Trump signed the Tax Cuts and Jobs Act into law, introducing several new policies, including a cap on state and local tax deductions, a one-time repatriation tax on overseas cash, a move to a territorial tax system and a permanent drop in the corporate tax rate from 35% to 21%.

Inflation-sensitive assets, such as commodities and Treasury Inflation-Protected Securities, gained. The Bloomberg Commodity Total Return Index (which represents the broad commodity market) rose 2.59% during the period; oil price increases flowed through to U.S. inflation rates and outpaced weakness driven by trade concerns in the agriculture and metals sectors, while the Bloomberg Barclays US TIPS Index (USD) edged 0.41% higher. Despite correcting over 10% during the final quarter of the period, the price of oil recovered and ended near its high for the year, up 41.8%.

Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, slipped 1.32% in U.S. dollar terms during the reporting period, while the high-yield market did better, with the ICE BofAML US High Yield Constrained Index up 2.94%.

U.S. investment-grade corporate debt was lower, as the Bloomberg Barclays Investment Grade US Corporate Index returned -1.19%. U.S. asset-backed securities managed marginal gains during the fiscal year, while mortgage-backed securities eased slightly lower, as both faced headwinds from rising interest rates and expectations for further rate increases.

Emerging-market debt delivered weak performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, lost 7.40% in U.S. dollar terms during the reporting period, trending lower after rallying in the first 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), fared better but still finished lower, down 1.92%.

Our view

The ratcheting-up of trade-war tensions between the U.S. and China has become the leading preoccupation of investors. And with good reason: Whatever happens between the two countries has global implications. China and the U.S. together accounted for 42% of world nominal gross domestic product (GDP) last year.

China’s currency has fallen sharply not only against the dollar but also against a broader basket of currencies. The weaker currency partially offsets the impact from tariffs imposed by the U.S. The competitiveness of Chinese exporters against other countries has also improved as a result of this year’s devaluation.

On the downside, the weak Chinese currency makes it almost certain that the Trump administration will increase the tariff rate to 25% at the beginning of January. It also could raise the ire of other big importers of Chinese goods, perhaps making it easier for the U.S. to enlist the support of other WTO members in its attempt to sanction China over unfair trading practices.

The U.S. is in strong shape economically. Although nobody wins in a trade war, even White House advisors with a pro-trade bias believe that the U.S. will be the least hurt of the two countries. Investors appear to have reached the same conclusion. While the U.S. flirts with new all-time highs, the Shenzhen Stock Exchange Composite Index fell into bear territory in the third quarter, declining more than 25% from the peak recorded in late January. Remember that China makes up more than 31% of the MSCI Emerging Markets Index.

Although the near-term view is fraught with uncertainty, we continue to believe in diversifying portfolios with emerging-market exposure. The alpha opportunities (that is, the ability to achieve returns in excess of benchmarks) also are much greater, given the economic and political idiosyncrasies inherent in the asset class. The price-to-earnings ratio for emerging-market stocks is running at about a 30% discount to that of the U.S. stock market, near attractive relative-valuation levels last seen in early 2016.

  4   SEI Institutional International Trust / Annual Report / September 30, 2018

As the trade war with China heats up, the Trump administration has turned more conciliatory toward other countries with which it has picked fights. Broad agreement has been reached with USMCA, which replaces NAFTA. The threat of tariffs on European and Japanese autos and auto parts has also been taken off the table. This may be a temporary truce, but we are hopeful that it represents a realization by the White House that it’s better to gain allies in its battle against China than fight on multiple fronts.

In Europe, there are business-as-usual problems: sluggish economic growth, still-high unemployment and the never-ending disagreements over how expansive monetary policy should be. Europe also faces trade tensions of its own. The U.K. is far more dependent on the EU as an export market than the other way around. A “hard” Brexit will likely affect the U.K.’s export of financial and other services (keep in mind that manufacturing accounts for only 10% of the U.K.’s GDP nowadays, while services account for 80%).

Although a last-minute agreement or a mighty kicking of the can down the road is possible, widespread fear of a hard Brexit can be seen in the economic data. The Organisation for Economic Co-operation and Development’s Leading Economic Indicators show that the U.K. has experienced the most dramatic deterioration of the world’s major developed economies.

As if the future departure of the EU’s second-largest member isn’t bad enough, Italian yields have risen sharply higher this year as the Lega/Five-Star coalition pushes to make good on some of its campaign promises. Italy is the third-largest eurozone economy and has the fourth largest debt-to-GDP ratio in the world; a debt crisis in Italy would not be as easy to handle as the Greek one (which wasn’t all that easy).

A complicating factor for Italy and other highly-indebted countries is the tapering of asset purchases by the ECB. Since the program’s inception, the ECB’s purchases of Italian bonds equate to 53% of the country’s cumulative deficit. Italy will be losing a significant price- and risk-insensitive buyer of its bonds at an inopportune time. The ECB is set to finish its taper at the end of the year.

It’s been quite a run for U.S. equities for much of the past nine years. The relative performance of the U.S. against other developed- (MSCI World ex USA Index) and developing-country (MSCI Emerging Markets Index) stock markets has been stellar, whether the yardstick is in U.S. dollar or local-currency terms.

The fundamental outlook remains favorable for U.S. equities despite trade-war concerns and the rising trend in interest rates. Tax cuts, deregulation and strong revenue growth have provided an ideal backdrop for U.S. equities to appreciate, but performance could be constrained if earnings estimates fade in light of increasing tariffs on tradable goods. The multiple on those estimated earnings also could fall if interest rates climb at a faster-than-expected pace. That said, we still think it’s premature to turn negative on the near-term outlook given today’s mosaic of economic fundamentals. In our view, risks to the U.S. stock market are evenly balanced.

The multi-year persistence of high corporate profit margins is unusual. Margins have spiked higher in the past two quarters, reflecting the impact of the tax cut and the acceleration of sales growth. In the latter stages of an economic expansion, margins usually contract on a sustained basis as higher costs for labor, interest expenses and depreciation take a larger slice of the pie.

Besides rising trade tensions with China, we see the Federal Reserve (Fed) as another, more traditional, major potential threat to the U.S. equity bull market. The question is how high the federal-funds rate will ultimately go, and whether that level proves to be sufficient to keep inflation near the central bank’s 2% target or turns out to be overkill. We agree with the Fed’s view that the funds rate is still below the so-called neutral rate of interest. Additional rate increases appear appropriate, as long as the Fed doesn’t keep hiking beyond the neutral rate—a level that has historically seen the stock market run into real trouble.

One can argue about whether the valuations embedded in the U.S. equity market are high, especially when measured against other global stock markets, although earnings growth in the latter has been less robust. The extreme appreciation in some large technology companies also suggests that the U.S. stock market could be subject to a sharp rotation from previous winners to the laggards somewhere down the road. SEI equity strategies certainly tilt in the direction of more value-oriented companies and industries in our actively-managed portfolios.

  SEI Institutional International Trust / Annual Report / September 30, 2018   5

LETTER TO SHAREHOLDERS (Concluded)

September 30, 2018 (Unaudited)

Predicting the future is a hazardous venture most of the time. Given the uncertainties facing investors at present, the prediction game is, perhaps, even more challenging. Accordingly, we believe in a diversified approach to investing. Although maintaining exposure to risk assets may feel uncomfortable, we think that investors with long time horizons should know that mistiming entries and exits into and out of equities can be costly. Today, mistiming an exit is the greater concern.

Sincerely,

William T. Lawrence, CFA

Managing Director, Portfolio Management Team

  6   SEI Institutional International Trust / Annual Report / September 30, 2018

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2018 (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-advisors 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-advisors as of September 30, 2018: 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 and WCM Investment Management.

III. Return vs. Benchmark

For the year ended September 30, 2018, the Fund’s Class F shares underperformed the MSCI EAFE Index (Net) (the “Index”), returning 2.11% versus the Index return of 2.74%.

IV. Fund Attribution

International developed stocks ended the fiscal year slightly positive, masking volatile performance within the period. While the first quarter of the period began strong, the beginning of 2018 saw inflationary concerns and fears of an escalating trade war that drove volatility higher. As noted in the shareholder letter, tax reform and strong earnings growth supported U.S. equities and international developed equities lagged.

Japan was the best-performing region in the benchmark index as a weaker yen helped exports. Energy and healthcare stocks led Japanese equities, and corporate profitability and margins continued to improve. Japanese Prime Minister Shinzo Abe will likely be reelected into his current role, helping to increase visibility for government policies. The Pacific ex-Japan region held up as the strong performance of commodity producers lifted Australian stocks. The U.K. was also positive during the period, with strong performance from energy stocks and the healthcare sector. Fears of a hard Brexit remain as the 2019 Brexit deadline looms closer, and no new deal has yet been reached with the EU. Europe was the worst-performing region in the index. Fears of tariffs on European auto exports depressed the prices of auto companies, while the lack of imminent rate hikes by the European Central Bank was a drag on the financials sector. Fears over Italy’s budget situation and

the country’s potential exit from the EU were also a headwind for the sector; concerns over European banks’ Turkish exposure exacerbated the situation.

The energy sector had outsized gains compared to the rest of the sectors, with stronger energy prices and supply issues lifting oil companies. Financials and telecommunication services were the worst-performing sectors, with poor sentiment around European financials serving as a headwind for the sector.

Weakened by poor selection in auto-related stocks and off-benchmark exposure to emerging-market internet companies, the Fund’s most prominent detractors were the consumer discretionary and technology sectors. From a regional perspective, most managers were underweight Japan, which detracted as Japan was the best-performing region.

Manager performance was mixed during the fiscal year. Stability growth manager WCM led with favorable security selection in the technology and healthcare sectors supported by a market tailwind for defensive stocks. Quantitative managers INTECH and Acadian also performed well, with strong selection across multiple sectors including financials, industrials and materials. Neuberger Berman was in line with the benchmark, as low exposure to Japan offset strong selection in the Pacific ex-Japan region and Europe. Value managers NWQ and Causeway saw negative returns as a value headwind compounded poor stock selection. NWQ underperformed in the healthcare and consumer discretionary sector, while Causeway lagged in the consumer staples and information technology sectors. Blackcrane was the worst performer as trade war fear punished its stock selection in cyclicals. Financials and auto-related stocks were the biggest detractors.

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		2.11%		8.75%		4.62%		4.03%		3.72%
International Equity Fund, Class I		1.86%		8.46%		4.34%		3.77%		3.72%
International Equity Fund, Class Y		2.40%		9.00%		4.82%		4.12%		3.75%
MSCI EAFE Index		2.74%		9.23%		4.42%		5.38%		4.58%

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

  SEI Institutional International Trust / Annual Report / September 30, 2018   7

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2018 (Unaudited)

International Equity Fund (Concluded)

¹  For the year ended September 30, 2018. 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.

  8   SEI Institutional International Trust / Annual Report / September 30, 2018

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2018 (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-advisors 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-advisors as of September 30, 2018: JO Hambro Capital Management Limited, KBI Global Investors (North America) Ltd., Lazard Asset Management LLC, Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust, Neuberger Berman Investment Advisers LLC, PanAgora Asset Management Inc. and RWC Asset Advisors (US) LLC. For the year ended September 30, 2018, no manager changes were made.

III. Return vs. Benchmark

For the year ended September 30, 2018, the Fund’s Class F shares underperformed the MSCI Emerging Markets Index (Gross) (the “Index”), returning -5.71% versus the Index return of -0.44%.

IV. Fund Attribution

Emerging markets were slightly negative during the fiscal year and underperformed both the U.S. and other international developed markets. Emerging markets gained at the end of 2017 but underperformed in 2018, as noted in the shareholder letter, due to a rising U.S. dollar and trade tensions between the U.S. and other countries (particularly China). Asian emerging markets had the best performance during the period, although select countries like India and Indonesia faced pressure from capital outflows due to higher rates in the U.S. and a stronger U.S. dollar. In addition to its current account deficit, India also faced higher import costs from rising oil prices. Chinese equities underperformed after markets sold off, weakened by rising trade tensions and tariffs placed by the U.S. on Chinese exports. This coincided with weak fundamental results from the largest company in China and the index. In the Europe, Middle East and Africa region, both Turkish and South African assets lagged as a rising dollar put pressure on weak macroeconomic positions in both countries. Turkey had a difficult time after Turkish President Erdogan voiced displeasure with the country’s central bank and threatened its independence. Brazil saw rising oil costs put pressure on its economy. Additionally, uncertainty

over upcoming elections added to investor concern, putting further pressure on Brazilian assets. Mexican assets also came under pressure as investors feared the outcome of a victory by leftist candidate Obrador. Mexican stocks eventually rallied after his win.

Energy and healthcare were the best-performing sectors in the benchmark. The energy sector benefited from stronger oil prices. Real estate and the consumer discretionary sectors lagged, with real estate suffering from higher rates; auto stocks traded lower on trade tensions and acted as a drag on the consumer discretionary sector.

The financials and technology sectors were the Fund’s biggest detractors, with poor selection in banks, and software and services companies also lagging. An overweight to the energy sector benefited.

From a regional perspective, the Fund’s most prominent detractors were in emerging-market Asia, where poor selection in materials, financials and technology stocks in Taiwan and China detracted. Selection in Russia and Turkey also lagged. Fund performance was strong in South Africa, where an underweight to the weak household durables sector added value. Ex-benchmark names in Europe also helped.

Fund performance lagged the broader benchmark, with weak performance from Neuberger Berman and RWC. Selection was poor for both managers, especially within the consumer discretionary sector and other cyclical areas. JO Hambro also underperformed as momentum failed to maintain the same robust performance as last year; poor selection in the technology and industrial sectors also detracted. Lazard and Macquarie lagged the benchmark with poor selection in technology and consumer stocks. PanAgora was in line with the benchmark as its quantitative process saw a momentum headwind but was rewarded by a value tailwind. KBI was the only manager that outperformed the benchmark as a value and low-volatility tailwind boosted its dividend focus. The manager’s strong stock selection within and lack of exposure to emerging-market Asian technology stocks meaningfully contributed.

  SEI Institutional International Trust / Annual Report / September 30, 2018   9

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2018 (Unaudited)

Emerging Market Equity Fund (Concluded)

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		-5.71%		11.88%		2.64%		4.01%		4.42%
Emerging Markets Equity Fund, Class Y		-5.46%		12.18%		2.85%		4.11%		4.59%
MSCI Emerging Markets Index (Gross)		-0.44%		12.77%		3.99%		5.76%		6.17%

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

¹  For the year ended September 30, 2018. 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.

  10   SEI Institutional International Trust / Annual Report / September 30, 2018

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2018 (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-advisors 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-advisors as of September 30, 2018: AllianceBernstein L.P., Colchester Global Investors Limited and Wellington Management Company, LLP.

During the period, Colchester Global Investors Limited was added to the Fund.

III. Return vs. Benchmark

For the year ended September 30, 2018, the Fund’s Class F shares underperformed the Bloomberg Barclays Global Aggregate ex-US Index, Hedged (the “Index”), returning 1.38% versus the Index return of 2.40%.

IV. Fund Attribution

Supported by tightening monetary policy in the U.S., global bond yields rose during the fiscal year, as noted in the shareholder letter. Following a period of synchronized global growth in 2017, the U.S. economy continued to accelerate in 2018 while the rest of the world saw somewhat softer growth. The interest-rate environment was generally more benign for European fixed-income markets, with Italy an exception. Elsewhere, the Bank of Japan signaled its reflationary intent and announced that the 10-year Japanese government bond yield would be allowed to fluctuate within a wider band. The U.K. gilt market performed relatively well during the period, but the future path of U.K. yields is unpredictable, given Brexit and political uncertainties. Emerging markets, meanwhile, were the main casualty of global liquidity tightening and a strengthening U.S. dollar. Credit-sensitive sectors marginally outperformed, while corporate spreads finished the period slightly wider.

The Fund’s benchmark index was lower on an unhedged basis but gained in hedged (USD) terms due to interest-rate differentials between the U.S. and other developed markets. The capital loss attributable to rising yields was more than offset by coupon income during the period.

Before fees, the Fund performed in line with its benchmark. Overweights to duration in Canada, Australia and New Zealand, as well as underweights to core

Europe and the U.K., contributed to relative performance. An overweight to corporate credit (including off-index high yield) generated additional yield that was mitigated by spread widening. Short euro and British pound exposures also contributed. Overweights to Brazilian and South African bonds, as well as overweights to the Swedish krona and South African rand, detracted.

Colchester was the best-performing manager during the period, benefiting from underweights to core Europe, the U.K. and Indonesia, and an overweight in New Zealand. A short exposure to the euro also added value. Wellington outperformed due to active country positions in Canada and core Europe, and its short euro exposure. AllianceBernstein detracted due to its overweight to corporates.

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		1.38%		2.50%		3.09%		3.94%		4.16%
International Fixed Income Fund, Class Y		1.68%		2.75%		3.24%		4.02%		4.19%
Bloomberg Barclays Global Aggregate ex-USD Index, Hedged		2.40%		3.07%		3.80%		4.25%		5.53%

  SEI Institutional International Trust / Annual Report / September 30, 2018   11

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2018 (Unaudited)

International Fixed Income Fund (Concluded)

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, Hedged

¹  For the year ended September 30, 2018. 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. Class Y shares performance for the period prior to October 30, 2015 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.

  12   SEI Institutional International Trust / Annual Report / September 30, 2018

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2018 (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-advisors 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-advisors as of September 30, 2018: Investec Asset Management Ltd., Neuberger Berman Investment Advisers LLC and Stone Harbor Investment Partners LP. For the year ended September 30, 2018, no manager changes were made.

III. Return vs. Benchmark

For the year ended September 30, 2018, the Fund’s Class F shares underperformed a hybrid of 50% JP Morgan EMBI Global Diversified Index and 50% JP Morgan GBI Emerging Markets Global Diversified (the “Index”), returning -6.81% versus the Index return of -4.60%.

IV. Fund Attribution

Spreads on the Fund’s hard-currency benchmark moved from 287 basis points at the beginning of the period to a tight of 261 basis points on February 1, before ending the fiscal year at 335 basis points. Nominal yields on the local-currency benchmark widened from 6.18% to 6.62%.

Emerging markets continued to benefit from capital inflows at the start of the period. The Fund’s overweight to higher-risk assets, namely higher-beta hard-currency issuers, as well as wider-yielding local sovereigns, benefited the Fund. Argentinean debt outperformed after Argentinean President Macri had a strong showing in his country’s October 2017 mid-term elections and cemented the market’s perception of his ability to push through social and fiscal reform. However, the reporting period was not without its idiosyncratic events. As noted in the shareholder letter, Venezuela announced it would restructure and refinance after the country defaulted on several overdue coupon payments.

The U.S. dollar started 2018 relatively soft with emerging-market currencies performing well. The Fund benefitted from an overweight to South Africa, as the more market-friendly Cyril Ramaphosa was able to expedite his step into the presidency. Jacob Zuma’s removal was interpreted positively, and the Fund benefited from its rand exposure. As markets questioned some of the

assumptions made in 2017 (fueled by a decision from the central bank to cut rates despite inflation running above 20%), Argentina saw a change of fortunes which concurrently prompted Macri to open discussions with the International Monetary Fund for a credit line. The combined activities began what would be a turbulent fiscal year for the Argentinian peso that was unaided by the broader macro picture.

At the beginning of the New Year, U.S. fiscal policy gave greater weight to a positive U.S. growth outlook, reducing the growth differential between emerging and developed markets. U.S. Treasury yields edged higher and helped drive emerging-market currency underperformance. Areas of the market where capital had entered most insistently in 2017 saw the first signs of flight. With inflation bottoming and oil prices above $60 a barrel, local nominal yields began edging higher. Hopes of North American Free Trade Agreement negotiations being completed before the Mexican election faded and pressured the Mexican peso; the Fund took advantage to overweight the peso, which benefited eventual returns. The snap election in Turkey was the other significant political event late in the second quarter of 2018 as President Erdogan took 51% of the vote. This gave rise to concern about the independence of Turkish institutions, such as the central bank. The Fund’s overweight to the lira detracted.

Trade between the U.S. and China was the center of discussion for much of the third quarter. The Fund benefited from its underweight to Chinese renminbi as China allowed the currency to adjust naturally to tariffs applied by the U.S.

Stone Harbor and Neuberger detracted from performance with the heaviest risk-on stance through the fiscal year. Stone Harbor’s Russian ruble and South African rand exposures detracted, while its Ecuador dollar bond position added to performance. As the most defensively positioned manager, Investec contributed to performance and benefited from local exposure in Turkey. Neuberger benefited from local exposure early in the fiscal year before taking a cautious stance for the remainder of the period. Its addition to hard-currency, high-yield spreads (particularly in Argentina, Turkey and Ghana) was mixed toward the end of the year. An overweight to various Middle Eastern countries contributed following the announcement of its pending index inclusion.

Currency forwards and swap contracts were used in the Fund for the one-year period ending September 30, 2018 as a way to either hedge particular positions or

  SEI Institutional International Trust / Annual Report / September 30, 2018   13

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2018 (Unaudited)

Emerging Markets Debt Fund (Concluded)

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		-6.81%		5.07%		0.48%		4.87%		7.47%
Emerging Markets Debt Fund, Class Y		-6.57%		5.34%		0.67%		4.97%		7.52%
JP Morgan EMBI Global Diversified Index		-1.92%		6.04%		5.38%		7.54%		8.22%
JP Morgan GBI-EM Global Diversified Index		-7.40%		5.17%		-1.68%		2.70%		N/A
50/50 Hybrid of the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI-EM Global Diversified Index		-4.60%		5.68%		1.86%		5.18%		N/A

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 JP Morgan EMBI Global Diversified Index and the JP Morgan GBI-EM Global Diversified Index

¹  For the year ended September 30, 2018. 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, 2018

SCHEDULE OF INVESTMENTS

September 30, 2018

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 — 92.7%
Argentina — 0.0%
Ternium SA ADR		25,885	$	784
Australia — 2.1%
Alumina Ltd		397,740		797
Aristocrat Leisure Ltd		731,111		15,045
ASX Ltd		31,001		1,428
BlueScope Steel Ltd		565,168		6,944
Coca-Cola Amatil		28,212		199
Cochlear Ltd		59,073		8,576
Computershare Ltd		74,891		1,081
CSL Ltd		126,294		18,377
Downer EDI Ltd		147,742		843
Flight Centre Travel Group Ltd		9,188		353
Goodman Group ‡		118,901		891
Insurance Australia Group Ltd		1,270,757		6,730
LendLease Group		91,055		1,295
Macquarie Group Ltd		5,863		535
Origin Energy Ltd *		53,837		322
Orora Ltd		275,440		662
OZ Minerals Ltd		392,394		2,649
Qantas Airways Ltd		2,343,806		10,006
REA Group Ltd		10,087		627
Rio Tinto Ltd		15,337		874
Santos Ltd		165,327		868
SEEK Ltd		53,792		808
Sonic Healthcare Ltd		14,965		270
South32 Ltd		3,699,417		10,493
Treasury Wine Estates Ltd		147,673		1,869
				92,542
Austria — 0.5%
BAWAG Group AG (A)		170,477		7,920
CA Immobilien Anlagen AG		28,301		1,012
Erste Group Bank AG *		56,659		2,355
OMV AG		153,671		8,637

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Raiffeisen Bank International AG		28,151	$	811
Verbund - Oesterreichische Elektrizitaetswirtschafts, Cl A		13,474		664
voestalpine AG		14,892		681
				22,080
Belgium — 1.2%
Ageas		448,293		24,113
AGFA-Gevaert NV *		181,477		834
Colruyt SA (B)		7,856		445
Groupe Bruxelles Lambert SA		118,093		12,386
KBC Ancora		3,739		190
KBC Group NV		96,844		7,210
UCB SA		60,501		5,439
Umicore SA		35,246		1,972
				52,589
Brazil — 0.2%
Banco do Brasil SA *		66,800		492
Cia Siderurgica Nacional		116,800		273
Cosan SA		110,000		890
IRB Brasil Resseguros S/A		210,500		3,487
Porto Seguro SA		15,400		229
Qualicorp Consultoria e Corretora de Seguros		67,300		273
Raia Drogasil SA *		299,200		5,428
				11,072
Canada — 3.6%
Alimentation Couche-Tard Inc, Cl B		164,907		8,243
Autohome Inc ADR *		37,028		2,866
Bank of Montreal		54,800		4,517
Canadian Imperial Bank of Commerce (B)		127,251		11,915
Canadian Natural Resources Ltd		380,856		12,439
Canadian Pacific Railway Ltd		131,030		27,739
Cogeco Communications Inc		10,970		549
Dollarama Inc		176,667		5,561
Encana Corp		1,478,087		19,359
Gildan Activewear Inc		423,753		12,884
Manulife Financial Corp		1,164,427		20,800
Royal Bank of Canada		149,493		11,975
Suncor Energy Inc		228,513		8,836
Toronto-Dominion Bank/The (B)		163,386		9,921
				157,604
China — 1.4%
Alibaba Group Holding Ltd ADR *		72,580		11,958
Angang Steel Co Ltd, Cl H		550,000		492
Baidu Inc ADR *		108,394		24,788
China Construction Bank Corp, Cl H		697,000		609
China Petroleum & Chemical Corp, Cl H		910,000		912
Industrial & Commercial Bank of China Ltd, CI H		5,360,000		3,918
PetroChina Co Ltd, Cl H		622,000		504

  SEI Institutional International Trust / Annual Report / September 30, 2018   15

SCHEDULE OF INVESTMENTS

September 30, 2018

International Equity Fund (Continued)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
STMicroelectronics NV		368,649	$	6,710
Tencent Holdings Ltd		227,900		9,413
				59,304
Denmark — 2.0%
AP Moller - Maersk A/S, CI B		828		1,163
Carlsberg, Cl B		8,800		1,056
Chr Hansen Holding A/S		125,499		12,745
Coloplast A/S, Cl B		7,690		787
DSV A/S		5,852		532
GN Store Nord A/S		61,118		2,979
H Lundbeck A/S		177,657		10,977
ISS A/S		549,289		19,335
Novo Nordisk A/S, CI B		243,326		11,461
Novozymes A/S, Cl B		110,629		6,076
Orsted A/S		36,597		2,487
Rockwool International A/S, Cl B		3,868		1,657
Scandinavian Tobacco Group A/S (A)		906,514		13,907
Tryg A/S		23,381		582
William Demant Holding A/S *		38,556		1,450
				87,194
Finland — 0.9%
Elisa OYJ, CI A		9,839		417
Fortum OYJ		80,898		2,029
Kesko, Cl B		5,808		315
Neste Oyj		171,850		14,212
Orion Oyj, Cl B		82,925		3,142
Stora Enso OYJ, Cl R		518,730		9,926
Tieto OYJ		26,470		819
UPM-Kymmene OYJ		229,249		9,000
Valmet OYJ		67,894		1,515
				41,375
France — 6.6%
Aeroports de Paris		6,078		1,369
Air Liquide SA		36,860		4,851
Airbus SE		35,136		4,415
Alstom SA		8,361		374
Arkema SA		39,547		4,901
Atos SE		38,415		4,573
BNP Paribas SA		269,466		16,497
Boiron SA		1,900		128
Carrefour SA		979,104		18,764
CNP Assurances		42,502		1,025
Covivio ‡		7,765		809
Credit Agricole SA		7,275		105
Dassault Aviation SA		458		848
Dassault Systemes SE		5,502		823
Edenred		12,647		482
Eiffage SA		32,615		3,643
Electricite de France SA		93,724		1,646
Engie SA (B)		478,820		7,044

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Essilor International Cie Generale d’Optique SA		60,897	$	9,015
Eurazeo SA		4,442		350
Faurecia SA		14,686		884
Gaztransport Et Technigaz		4,661		353
Gecina SA ‡		7,058		1,179
Hermes International		6,416		4,252
ICADE ‡		3,276		303
Ipsen SA		55,322		9,304
IPSOS		18,645		571
Kering SA		14,167		7,597
Les Nouveaux Constructeurs SA		367		21
L’Oreal SA		54,751		13,208
LVMH Moet Hennessy Louis Vuitton SE		41,667		14,741
Natixis SA		176,188		1,196
Nexity SA		23,599		1,304
Pernod Ricard SA		129,556		21,263
Peugeot SA		467,710		12,620
Publicis Groupe SA		227,813		13,622
Remy Cointreau SA		4,380		571
Safran SA		46,051		6,456
Sanofi		222,022		19,743
Sartorius Stedim Biotech		10,743		1,479
Schneider Electric SE		76,958		6,194
SCOR SE		23,126		1,074
SPIE SA (B)		261,185		5,200
TechnipFMC PLC		549,390		17,293
Teleperformance		1,867		352
Thales SA		89,313		12,692
TOTAL SA		204,506		13,264
Ubisoft Entertainment SA *		41,728		4,528
Valeo SA		312,610		13,580
Veolia Environnement SA		5,889		118
				286,624
Germany — 7.8%
adidas AG		52,143		12,773
Allianz SE		85,214		19,003
AURELIUS Equity Opportunities SE & Co KGaA (B)		250,264		13,249
Axel Springer SE		9,394		632
BASF SE		303,219		26,960
Bayer AG		159,350		14,161
Beiersdorf AG		6,065		685
Brenntag AG		91,547		5,653
Continental AG		37,249		6,488
Covestro AG		19,658		1,595
CTS Eventim AG & Co KGaA		181,573		8,145
Delivery Hero *		13,304		640
Deutsche Boerse AG		109,694		14,703
Deutsche Lufthansa AG		413,508		10,163
Deutsche Post AG		258,457		9,219
Deutsche Telekom		353,961		5,708

  16   SEI Institutional International Trust / Annual Report / September 30, 2018

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Deutsche Wohnen AG		8,677	$	416
Gerresheimer AG		72,961		6,165
Hamburger Hafen und Logistik AG		21,501		505
Hannover Rueck SE		1,355		192
Hella GmbH & Co KGaA		108,726		6,067
HOCHTIEF AG		44,766		7,425
HUGO BOSS AG		11,189		862
Infineon Technologies AG		956,220		21,735
Innogy SE (B)		10,994		491
Kloeckner & Co SE		96,437		1,116
Linde AG		143,207		33,882
MAN SE		2,367		257
MTU Aero Engines Holding		4,331		976
Puma SE *		664		328
RWE AG *		74,564		1,840
SAP SE		405,803		49,962
SAP SE ADR (B)		85,708		10,542
Scout24 AG (A)		91,640		4,275
Siemens AG		133,669		17,131
Symrise		3,184		291
TAG Immobilien AG		32,775		780
TUI AG		445,684		8,564
Uniper SE		43,887		1,351
United Internet AG		93,292		4,416
Vonovia SE		34,613		1,692
Wirecard AG		18,103		3,926
zooplus AG *(B)		27,592		4,798
				339,762
Greece — 0.0%
Aegean Airlines SA		12,601		111
Hong Kong — 2.0%
AIA Group Ltd		2,424,400		21,657
BOC Hong Kong Holdings Ltd		200,000		951
Chaoda Modern Agriculture Holdings Ltd *		2,440,000		28
China Merchants Port Holdings Co Ltd		2,107,720		4,035
China Mobile Ltd		2,957,240		29,157
Dairy Farm International Holdings		19,700		177
Galaxy Entertainment Group Ltd *		491,000		3,115
Hang Seng Bank Ltd		63,700		1,731
HK Electric Investments & HK Electric Investments Ltd		472,000		476
HKT Trust & HKT Ltd		396,000		545
Hong Kong & China Gas		268,000		532
Hysan Development Co Ltd		53,000		268
Link ‡		93,000		916
Melco Resorts & Entertainment Ltd ADR		38,100		806
Samsonite International SA (A)		2,489,011		9,225
Techtronic Industries Co Ltd		2,125,000		13,578
Wharf Real Estate Investment Co Ltd		116,000		749
				87,946

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
India — 0.3%
HDFC Bank Ltd ADR		125,247	$	11,786
Indonesia — 0.0%
Bukit Asam Tbk PT		1,795,500		521
Ireland — 1.0%
AIB Group PLC		2,502,100		12,816
Experian PLC		608,875		15,646
Kerry Group PLC, CI A		74,426		8,234
Ryanair Holdings PLC ADR *		63,678		6,116
				42,812
Israel — 1.1%
Bank Hapoalim BM		754,056		5,522
Bank Leumi Le-Israel BM		2,546,791		16,798
Check Point Software Technologies Ltd *		173,266		20,388
First International Bank Of Israel Ltd		55,335		1,252
Frutarom Industries Ltd		6,781		702
Israel Discount Bank Ltd, CI A		524,464		1,751
Mizrahi Tefahot Bank Ltd		55,976		981
NICE Systems *		4,073		461
				47,855
Italy — 2.4%
Brembo SpA		46,485		609
Buzzi Unicem SpA		514,109		10,677
CNH Industrial NV		31,832		383
Davide Campari-Milano		25,681		219
Enel SpA		27,569		141
Eni SpA		16,138		305
ERG SpA		97,887		1,994
EXOR NV		124,692		8,374
Ferrari NV		19,637		2,705
Fiat Chrysler Automobiles NV *		570,029		10,027
Hera SpA		739,313		2,303
Italgas		49,281		267
Luxottica Group SpA		108,023		7,342
Maire Tecnimont SpA		189,106		852
Mediobanca Banca di Credito Finanziario SpA		87,223		872
Moncler		19,787		853
Piaggio & C		140,715		322
Poste Italiane SpA		89,045		712
Recordati SpA		230,404		7,803
Saras SpA		692,920		1,483
Societa Iniziative Autostradali e Servizi SpA		114,852		1,701
Tenaris SA		1,046,143		17,534
UniCredit SpA		1,893,872		28,517
				105,995
Japan — 16.7%
77 Bank Ltd/The		67,000		1,594
Aeon Co Ltd		50,900		1,227
AGC		181,200		7,522

  SEI Institutional International Trust / Annual Report / September 30, 2018   17

SCHEDULE OF INVESTMENTS

September 30, 2018

International Equity Fund (Continued)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Arcland Sakamoto Co Ltd		44,400	$	604
Asahi Group Holdings Ltd		65,200		2,827
Asahi Kasei Corp		96,200		1,459
Asics		14,600		218
Bank of Kyoto Ltd/The		3,500		183
Benesse Holdings Inc		40,300		1,148
Bridgestone Corp		194,800		7,363
Canon Marketing Japan Inc		144,800		3,075
Capcom Co Ltd		174,900		4,439
Casio Computer *		79,600		1,301
Chubu Electric Power		14,200		215
Chugoku Electric Power		15,100		194
CyberAgent Inc		180,400		9,609
Dai Nippon Printing Co Ltd		486,500		11,316
Daifuku Co Ltd		6,400		326
Daiichi Sankyo Co Ltd		171,200		7,423
Daikin Industries Ltd		108,100		14,395
Daikyo Inc		89,500		1,822
Daito Trust Construction Co Ltd (B)		67,200		8,647
Daiwa House Industry Co Ltd		230,100		6,823
Don Quijote Holdings Co Ltd		21,000		1,063
East Japan Railway Co		206,100		19,152
Eisai Co Ltd		18,200		1,772
en-japan Inc		19,700		989
FamilyMart UNY Holdings Co Ltd		12,700		1,323
FANUC Corp		83,900		15,822
Fast Retailing		600		306
FUJIFILM Holdings Corp		254,100		11,443
Fujitsu Ltd		177,100		12,623
Fukuoka Financial Group Inc		800		22
Goldcrest Co Ltd		21,700		355
Hakuhodo DY Holdings Inc		74,700		1,311
Haseko Corp		515,300		6,692
Hikari Tsushin Inc		4,100		811
Hisamitsu Pharmaceutical Co Inc		11,100		851
Hitachi Construction Machinery Co Ltd		15,400		515
Hitachi Ltd		18,400		625
Hoshizaki Corp		119,600		12,383
Hoya Corp		108,500		6,448
Idemitsu Kosan Co Ltd		21,100		1,116
Iida Group Holdings Co Ltd		23,400		416
ITOCHU Corp (B)		257,700		4,719
Japan Airlines Co Ltd		514,400		18,495
Japan Post Holdings Co Ltd		189,200		2,252
Japan Tobacco Inc		307,400		8,027
JFE Holdings Inc		6,900		158
JXTG Holdings Inc		611,400		4,620
Kakaku.com		12,000		235
Kansai Paint Co Ltd (B)		384,600		7,090
Kao Corp		116,500		9,409
KDDI Corp		1,005,800		27,796
Keihan Holdings		5,300		203

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Keisei Electric Railway Co Ltd		13,200	$	465
Keyence Corp		56,300		32,704
Kikkoman Corp		28,700		1,708
Kirin Holdings Co Ltd		146,900		3,765
Kobayashi Pharmaceutical Co Ltd		5,100		375
Kohnan Shoji Co Ltd		33,900		857
Koito Manufacturing Co Ltd (B)		205,610		13,504
Kokuyo Co Ltd		85,700		1,544
Konami Holdings Corp (B)		112,600		4,411
Kose Corp		54,400		10,369
K’s Holdings Corp		154,800		1,874
Kura Corp		7,900		513
M3 Inc		25,400		576
Mabuchi Motor Co Ltd		392,200		15,832
Marubeni Corp		114,300		1,047
Marui Group		8,700		215
Mazda Motor		24,000		288
McDonald’s Holdings Co Japan Ltd		10,600		466
Medipal Holdings Corp		12,600		263
Mitsubishi Chemical Holdings Corp		247,600		2,371
Mitsubishi Corp		41,400		1,276
Mitsubishi Gas Chemical Co Inc		159,800		3,403
Mitsui & Co Ltd		13,300		237
Mitsui Engineering & Shipbuilding *		11,000		198
Mixi Inc		128,300		3,079
Mizuno Corp		23,400		589
Mochida Pharmaceutical Co Ltd		6,000		496
Morinaga Milk Industry Co Ltd		8,700		236
MS&AD Insurance Group Holdings Inc		572,800		19,133
Nabtesco Corp *		188,700		5,017
NET One Systems		573,600		13,776
NGK Spark Plug (B)		20,100		586
Nidec Corp (B)		17,900		2,576
Nihon Unisys Ltd		69,200		1,786
Nikon Corp		363,400		6,831
Nippon Express Co Ltd		4,200		276
Nippon Soda Co Ltd		6,800		209
Nippon Telegraph & Telephone Corp		118,200		5,341
Nippon Telegraph & Telephone Corp ADR		439,238		19,785
Nissan Chemical Corp		17,200		909
Nisshin Seifun Group Inc		34,500		756
Nitori Holdings Co Ltd		3,100		445
North Pacific Bank Ltd		232,900		789
NTT Data Corp		295,200		4,088
Obic Co Ltd		11,700		1,107
Oji Holdings Corp		147,000		1,068
Omron Corp		97,100		4,103
Oracle Corp Japan		5,400		435
Oriental Land Co Ltd/Japan		41,100		4,299
Otsuka Corp		35,500		1,325
Outsourcing Inc *(B)		1,018,500		14,948
Panasonic Corp		629,800		7,338

  18   SEI Institutional International Trust / Annual Report / September 30, 2018

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Pola Orbis Holdings Inc		16,000	$	585
Recruit Holdings Co Ltd		178,600		5,963
Ricoh		119,400		1,282
Rohm Co Ltd		183,900		13,406
Rohto Pharmaceutical Co Ltd		16,000		562
Ryohin Keikaku Co Ltd		5,200		1,547
Saizeriya Co Ltd		59,600		1,165
Sanwa Shutter		275,600		3,283
Sawada Holdings Co Ltd		3,700		36
SBI Holdings Inc/Japan		22,900		712
Seiko Holdings Corp (B)		28,400		800
Sekisui House Ltd		743,400		11,339
Seven & i Holdings Co Ltd		263,600		11,743
Shimadzu		9,600		301
Shimamura		1,900		180
Shionogi & Co Ltd		151,800		9,922
Shiseido Co Ltd		44,200		3,424
Showa Corp		45,600		701
Showa Shell Sekiyu KK		31,600		670
SMC Corp/Japan		27,900		8,931
SoftBank Group		2,800		283
Sojitz Corp		122,300		441
Sompo Holdings Inc		327,200		13,940
Sony Corp		140,000		8,586
Sony Financial Holdings Inc		19,100		421
Square Enix Holdings Co Ltd		18,200		753
Sumitomo Corp		191,000		3,186
Sumitomo Dainippon Pharma Co Ltd (B)		89,600		2,058
Sumitomo Metal Mining Co Ltd		42,500		1,491
Sumitomo Mitsui Financial Group Inc		303,900		12,270
Sumitomo Mitsui Trust Holdings Inc		380,822		15,677
Suzuken Co Ltd/Aichi Japan		41,000		1,946
Suzuki Motor Corp		4,900		281
Sysmex Corp		107,800		9,282
Taisei Corp		9,300		424
Taisho Pharmaceutical Holdings		2,200		269
Takeda Pharmaceutical Co Ltd (B)		602,700		25,793
TDK		3,400		371
Terumo Corp		8,700		515
TIS Inc		69,000		3,450
Tochigi Bank Ltd/The		65,000		217
Tokyo Electric Power Co Holdings Inc *		845,200		4,152
Tokyo Electron Ltd		14,000		1,924
Tokyu Fudosan Holdings Corp (B)		100,200		699
TOTO Ltd (B)		8,900		369
Toyota Motor Corp		107,600		6,721
Toyota Motor Corp ADR (B)		148,433		18,458
Tsuruha Holdings Inc		7,100		874
Ube Industries Ltd		204,000		5,550
Valqua		16,800		472
Wacoal Holdings Corp		418,852		12,021
Yamaha Corp		20,900		1,108

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Yamaha Motor Co Ltd		9,100	$	255
Yamato Holdings Co Ltd		27,100		832
Yamazaki Baking Co Ltd		71,100		1,423
Yaskawa Electric Corp		49,600		1,474
ZOZO		162,100		4,909
				731,806
Malaysia — 0.0%
Malayan Banking Bhd		176,000		416
Petronas Dagangan Bhd		59,400		377
Tenaga Nasional Bhd		154,600		578
				1,371
Malta — 0.0%
BGP Holdings *(C)		198,683		–
Mexico — 0.4%
Alfa SAB de CV, CI A		5,363,760		6,901
Grupo Aeroportuario del Centro Norte Sab, CI B		102,856		736
Mexichem SAB de CV		445,540		1,526
Wal-Mart de Mexico SAB de CV		3,487,100		10,587
				19,750
Netherlands — 6.5%
ABN AMRO Group NV		81,140		2,210
Aegon NV (B)		824,301		5,350
AerCap Holdings NV *		190,563		10,961
Akzo Nobel NV		270,988		25,350
ASML Holding NV		99,268		18,552
ASR Nederland NV		213,849		10,199
Heineken Holding NV		95,314		8,635
Heineken NV		84,366		7,914
ING Groep NV		2,073,697		26,938
Koninklijke Ahold Delhaize NV		630,963		14,474
Koninklijke DSM NV		205,604		21,789
Koninklijke KPN		542,463		1,431
Koninklijke Philips NV		318,925		14,534
Koninklijke Volkerwessels NV		31,666		666
NN Group NV		138,344		6,175
NXP Semiconductors NV		194,530		16,632
RELX		79,579		1,673
Royal Dutch Shell PLC, CI A		782,036		26,864
Royal Dutch Shell PLC, Cl B		761,760		26,712
Royal Dutch Shell PLC ADR, CI B (B)		278,352		19,743
Unilever NV		53,876		3,001
Wolters Kluwer NV		245,042		15,278
				285,081
New Zealand — 0.1%
a2 Milk *		59,747		446
Air New Zealand Ltd		813,826		1,667
Fisher & Paykel Healthcare Corp Ltd		107,525		1,073
				3,186

  SEI Institutional International Trust / Annual Report / September 30, 2018   19

SCHEDULE OF INVESTMENTS

September 30, 2018

International Equity Fund (Continued)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Norway — 1.8%
Aker BP ASA		19,131	$	812
Aker Solutions ASA *		1,623,185		11,541
Atlantic Sapphire *		600,694		4,278
Equinor ASA		231,170		6,515
Leroy Seafood Group		76,357		623
Marine Harvest ASA		1,221,540		28,284
Northern Drilling Ltd *		596,449		5,581
Salmar ASA		21,271		1,061
Telenor ASA		691,287		13,506
Yara International ASA		134,182		6,586
				78,787
Poland — 0.0%
Polish Oil & Gas *		442,292		776
Portugal — 0.2%
Altri SGPS SA		55,465		532
Galp Energia SGPS SA, Cl B		401,083		7,962
				8,494
Russia — 0.1%
Severstal PJSC GDR		19,075		317
Tatneft PJSC ADR		64,767		4,955
				5,272
Singapore — 1.0%
CapitaLand Commercial Trust ‡		324,100		422
City Developments Ltd		1,905,900		12,707
DBS Group Holdings Ltd		946,100		18,066
Genting Singapore Ltd		466,300		362
Hong Leong Finance Ltd		111,300		209
Oversea-Chinese Banking Corp Ltd		991,300		8,300
Singapore Airlines Ltd		123,800		883
Singapore Exchange Ltd		381,600		2,058
United Overseas Bank Ltd		23,600		468
				43,475
South Africa — 0.1%
Investec PLC (B)		416,323		2,935
Reunert Ltd		92,931		499
				3,434
South Korea — 2.2%
BNK Financial Group Inc		155,928		1,209
Daelim Industrial Co Ltd		4,671		348
KT Corp ADR		490,614		7,285
LG Electronics Inc		15,243		976
Samsung Electronics Co Ltd		704,018		29,481
SK Hynix Inc		111,732		7,363
SK Innovation Co Ltd		15,122		2,931
SK Telecom Co Ltd		97,374		24,755
SK Telecom Co Ltd ADR		742,654		20,705
				95,053

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Spain — 1.4%
ACS Actividades de Construccion y Servicios SA		254,165	$	10,828
Aena SME SA		5,404		938
Amadeus IT Group SA, Cl A		122,766		11,410
Bankinter SA		112,267		1,034
CaixaBank SA		2,035,083		9,308
Cia de Distribucion Integral Logista Holdings SA		35,441		911
Ence Energia y Celulosa SA		261,506		2,658
Industria de Diseno Textil SA		126,549		3,838
International Consolidated Airlines Group SA		125,812		1,082
Liberbank *		516,746		289
Naturgy Energy Group		12,298		336
Red Electrica Corp SA		37,961		795
Repsol SA		159,626		3,183
Unicaja Banco SA (A)		10,026,905		16,363
				62,973
Sweden — 1.9%
Assa Abloy AB, Cl B		564,508		11,340
Atlas Copco AB, Cl A		296,202		8,533
Atlas Copco AB, Cl B		37,264		994
Axfood		48,823		913
Betsson		203,606		1,568
Boliden AB		17,511		488
Epiroc AB, CI A *		93,879		1,048
Epiroc AB,CI B *		73,261		754
Hexagon AB, Cl B		193,135		11,315
ICA Gruppen (B)		74,403		2,359
Lundin Petroleum AB		32,570		1,246
Millicom International Cellular SA		305,675		17,547
Oriflame Holding AG		51,427		1,315
Peab		62,088		568
Sandvik AB		330,677		5,866
Swedbank AB, CI A		221,202		5,480
Swedish Match AB		118,489		6,062
Swedish Orphan Biovitrum AB *		225,722		6,599
Tele2 AB, CI B		44,007		529
				84,524
Switzerland — 7.2%
ABB Ltd		1,196,387		28,403
Adecco Group AG		229,653		12,117
Aryzta AG *(B)		303,980		2,907
Baloise Holding AG		8,304		1,273
Barry Callebaut AG		371		706
Chocoladefabriken Lindt & Sprungli		47		708
Cie Financiere Richemont SA		258,304		21,155
Clariant AG		42,437		1,110
Coca-Cola HBC AG		6,830		233
Flughafen Zurich AG		1,667		339
Givaudan SA		8,654		21,378

  20   SEI Institutional International Trust / Annual Report / September 30, 2018

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Julius Baer Group Ltd		196,290	$	9,869
Kuehne + Nagel International AG		3,263		519
Lonza Group AG		41,142		14,110
Nestle SA		149,589		12,530
Novartis AG		429,070		37,074
Pargesa Holding SA		8,307		670
Partners Group Holding AG		14,814		11,807
Roche Holding AG		227,432		55,356
Schindler Holding AG		809		202
SGS SA		3,743		9,902
SIG Combibloc Group *		233,910		2,694
Sika AG		81,540		11,929
Sonova Holding AG		39,210		7,840
Straumann Holding AG		1,600		1,209
Swatch Group AG/The		498		199
Swatch Group Registered		2,285		179
Swiss Life Holding AG		39,998		15,233
Swiss Re AG		44,382		4,116
Swisscom AG		3,342		1,524
Tecan Group AG		3,617		860
Temenos Group		5,323		867
Transocean Ltd *		1,021,160		14,245
UBS Group AG		479,596		7,610
Vifor Pharma AG		9,178		1,599
Zurich Insurance Group AG		6,103		1,938
				314,410
Taiwan — 0.6%
China Development Financial Holding Corp		5,091,000		1,901
Chong Hong Construction Co Ltd		130,000		331
L.M. Development Co Ltd		12,000		17
Machvision Inc		36,000		436
MediaTek Inc		787,000		6,354
Simplo Technology Co Ltd		189,000		1,297
Taiwan Semiconductor Manufacturing Co Ltd ADR		316,585		13,980
				24,316
Thailand — 0.1%
Bangchak Corp PCL		989,000		1,078
PTT Exploration & Production PCL		306,200		1,468
				2,546
Turkey — 0.1%
Akbank T.A.S.		2,286,164		2,634
Turk Hava Yollari AO *		179,464		570
				3,204
United Kingdom — 14.2%
3i Group PLC		236,385		2,901
Abcam PLC		103,162		1,926
Admiral Group PLC		5,637		153
Anglo American PLC (B)		111,202		2,499
Antofagasta PLC		14,239		159

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Aon PLC		75,147	$	11,556
Ashtead Group PLC		298,980		9,501
AstraZeneca PLC		301,876		23,474
Aviva PLC		2,686,713		17,150
Balfour Beatty PLC		2,483,272		8,876
Bank of Ireland Group PLC		1,743,248		13,505
Barclays PLC		11,098,418		24,862
Barratt Developments PLC		28,610		212
Berkeley Group Holdings PLC		20,913		1,003
BHP Billiton PLC		361,305		7,874
BP PLC		3,598,046		27,650
BP PLC ADR		181,995		8,390
British American Tobacco PLC		578,712		27,051
British Land		25,721		207
Bunzl PLC		396,563		12,479
Burberry Group PLC		120,238		3,159
Carnival PLC		276,860		17,200
Cobham PLC *		7,539,418		11,479
Compass Group PLC		1,582,374		35,203
Computacenter PLC		62,379		1,030
CRH PLC		188,190		6,165
Croda International PLC		26,496		1,797
DCC PLC		63,735		5,789
Diageo PLC		281,386		9,977
easyJet PLC		30,728		526
Evraz PLC		551,309		4,073
Ferguson PLC		318,117		27,027
Games Workshop Group PLC		7,754		383
Genus PLC		13,935		434
GlaxoSmithKline PLC		1,103,978		22,124
Hargreaves Lansdown PLC		48,139		1,403
Hays PLC		1,583,408		4,212
Howden Joinery Group PLC		144,818		885
HSBC Holdings PLC		174,885		1,528
IMI PLC		498,171		7,127
Inchcape PLC		127,876		1,116
Indivior PLC *		326,107		783
InterContinental Hotels Group PLC		23,094		1,440
Intertek Group PLC		30,747		2,002
Investec PLC		407,105		2,865
J Sainsbury		48,276		203
JD Sports Fashion PLC		95,690		573
Johnson Matthey PLC		46,600		2,165
Kingfisher PLC		3,183,244		10,710
Legal & General Group PLC		1,144,962		3,915
Lloyds Banking Group PLC		29,837,549		23,062
London Stock Exchange Group PLC		190,968		11,421
Micro Focus International PLC		551,985		10,290
Mondi PLC		180,298		4,947
NMC Health		17,596		779
Pagegroup PLC		91,024		679
Pearson PLC		136,252		1,581

  SEI Institutional International Trust / Annual Report / September 30, 2018   21

SCHEDULE OF INVESTMENTS

September 30, 2018

International Equity Fund (Concluded)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Persimmon PLC		59,929	$	1,848
Prudential PLC		1,518,168		34,834
QinetiQ Group PLC		319,745		1,193
Reckitt Benckiser Group PLC		121,519		11,118
RELX PLC		766,895		16,161
Rolls-Royce Holdings PLC		1,179,862		15,192
Royal Bank of Scotland Group PLC		5,800,199		18,909
Royal Mail PLC		150,459		936
RSA Insurance Group PLC		197,746		1,483
Schroders PLC		108,400		4,375
Segro PLC ‡		191,650		1,594
Sky PLC		44,043		993
Spectris PLC		136,515		4,224
SSE PLC		1,259,117		18,817
SSP Group Plc		137,139		1,296
St James’s Place PLC		605,805		9,038
Stagecoach Group		137,645		281
Tate & Lyle PLC		322,683		2,873
Taylor Wimpey PLC		564,507		1,265
Tesco PLC		5,259,051		16,446
Thomas Cook Group PLC		535,508		404
Vodafone Group PLC		6,732,675		14,443
				619,203
United States — 5.0%
Accenture PLC, Cl A		93,566		15,925
Atlassian, CI A *		17,637		1,696
Axis Capital Holdings Ltd		337,488		19,476
Chubb Ltd		95,146		12,715
Core Laboratories NV (B)		125,569		14,545
Facebook Inc, CI A *		64,060		10,535
Flex Ltd *		843,202		11,063
ICON PLC *		205,801		31,642
Luxoft Holding Inc, CI A *		171,818		8,136
Mettler-Toledo International Inc *		20,000		12,180
Microsoft Corp		81,886		9,365
Nice Ltd ADR *		39,465		4,517
Nomad Foods Ltd *		258,875		5,245
Norwegian Cruise Line Holdings *		147,866		8,492
nVent Electric PLC		301,821		8,197
Sensata Technologies Holding PLC *		215,213		10,664
Shopify Inc, CI A *(B)		85,235		14,018
Tower Semiconductor Ltd *		190,100		4,136
UBS Group AG (B)		1,099,814		17,300
				219,847
Total Common Stock (Cost $3,642,926) ($ Thousands)				4,055,464

Description	Shares		Market Value   ($ Thousands)
PREFERRED STOCK — 1.6%
Brazil — 0.0%
Braskem SA		83,100	$	1,213
Germany — 1.1%
Henkel AG & Co KGaA		60,780		7,134
Sartorius		6,052		983
Volkswagen AG		222,007		39,091
				47,208
South Korea — 0.5%
Hyundai Motor Co		99,732		7,040
Samsung Electronics Co Ltd		398,400		13,594
				20,634
Total Preferred Stock (Cost $68,288) ($ Thousands)				69,055
AFFILIATED PARTNERSHIP — 5.7%
SEI Liquidity Fund, L.P.     2.170% **†(D)		248,892,942		248,878
Total Affiliated Partnership (Cost $248,893) ($ Thousands)				248,878
CASH EQUIVALENT — 3.5%
SEI Daily Income Trust, Government Fund, CI F
1.850%**†		153,815,769		153,816
(Cost $153,816) ($ Thousands)				153,816
Total Investments in Securities — 103.5% (Cost $4,113,923) ($ Thousands)			$	4,527,213

  22   SEI Institutional International Trust / Annual Report / September 30, 2018

A list of the open futures contracts held by the Fund at September 30, 2018, is as follows:

Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation/ (Depreciation) (Thousands)
DJ Euro Stoxx 50 Index		1,587		Dec-2018	$	62,058	$	62,432	$	876
FTSE 100 Index		356		Dec-2018		34,078		34,756		975
Hang Seng Index		24		Oct-2018		4,245		4,275		38
SPI 200 Index		144		Dec-2018		16,115		16,134		78
TOPIX Index		270		Dec-2018		40,825		43,203		3,121
					$	157,321	$	160,800	$	5,088

For the year ended September 30, 2018, the total amount of all futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

Percentages are based on Net Assets of $4,372,626 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of September 30, 2018.

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

^‡  Real Estate Investment Trust.

(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, 2018, the value of these securities amounted to $60,763 ($ Thousands), representing 1.39% of the Net Assets of the Fund.

(B) Certain securities or partial positions of certain securities are on loan at September 30, 2018 (see Note 9). The total market value of securities on loan at September 30, 2018 was $163,269 ($ Thousands).

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

(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, 2018 was $248,878 ($ Thousands).

ADR — American Depositary Receipt

Cl — Class

CV — Convertible Security

DJ — Dow Jones

FTSE — Financial Times and Stock Exchange

GDR — Global Depositary Receipt

L.P. — Limited Partnership

Ltd. — Limited

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

SPI — Share Price Index

TOPIX — Tokyo Price Index

The following is a list of the level of inputs used as of September 30, 2018, 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	$	4,055,464	$	–	$	–	$	4,055,464
Preferred Stock		69,055		–		–		69,055
Affiliated Partnership		–		248,878		–		248,878
Cash Equivalent		153,816		–		–		153,816
Total Investments in Securities	$	4,278,335	$	248,878	$	–	$	4,527,213
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	5,088	$	—	$	—	$	5,088
Total Other Financial Instruments	$	5,088	$	—	$	—	$	5,088

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

For the year ended September 30, 2018, 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, 2018, 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, 2018 ($ Thousands):

Security Description	Value at 9/30/2017		Purchases at Cost		Proceeds from Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 9/30/2018		Income
SEI Liquidity Fund, L.P.		$131,091		$1,236,605		$(1,118,801)		$2		$(19)		$248,878		$1,844
SEI Daily Income Trust, Government Fund, Cl F		106,620		253,976		(206,780)		—		—		153,816		1,797
Totals		$ 237,711		$ 1,490,581		$ (1,325,581)		$ 2		$ (19)		$ 402,694		$ 3,641

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

  SEI Institutional International Trust / Annual Report / September 30, 2018   23

SCHEDULE OF INVESTMENTS

September 30, 2018

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 — 91.3%
Argentina — 0.5%
Arcos Dorados Holdings Inc, Cl A		219,600	$	1,373
Cresud SACIF y A ADR		81,909		1,160
IRSA Inversiones y Representaciones SA ADR (A)		73,300		1,242
MercadoLibre Inc *		1,613		549
Tenaris SA ADR		122,760		4,115
				8,439
Austria — 0.2%
Erste Group Bank AG *		73,701		3,063
Brazil — 5.1%
Ambev SA		388,700		1,791
Ambev SA ADR		378,819		1,731
Atacadao Distribuicao Comercio e Industria Ltda *		948,300		3,517
Azul SA ADR *		77,026		1,370
B2W Cia Digital *		1,288,084		8,873
B3 SA - Brasil Bolsa Balcao *		671,100		3,932
Banco Bradesco SA ADR *		835,500		5,915
Banco do Brasil SA *		267,900		1,972
Banco Santander Brasil SA		110,100		983
Banco Santander Brasil SA ADR		166,189		1,464
BK Brasil Operacao e Assessoria a Restaurantes SA *		698,917		2,368
BRF SA ADR *(A)		265,400		1,454
CCR SA		219,200		461
Cielo SA		389,400		1,190
Cosan SA		257,500		2,083
CVC Brasil Operadora e Agencia de Viagens SA		285,300		3,065
Duratex SA *		1,053,100		2,379
EDP - Energias do Brasil SA		15,700		50

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Energisa SA		592,114	$	4,544
Engie Brasil Energia SA		127,700		1,137
Estacio Participacoes SA		88,400		553
Hapvida Participacoes e Investimentos SA *(B)		442,778		2,661
Hypera SA *		195,460		1,394
IRB Brasil Resseguros S/A		30,600		507
JBS SA		396,600		929
Kroton Educacional SA		624,400		1,770
Localiza Rent a Car SA *		234,700		1,344
Magazine Luiza SA		60,185		1,854
MRV Engenharia e Participacoes SA		178,300		545
Notre Dame Intermedica Participacoes SA *		434,900		2,863
Petrobras Distribuidora SA		376,774		1,837
Petroleo Brasileiro SA ADR		555,301		6,703
Porto Seguro SA		39,300		585
Rumo SA *		1,619,436		6,054
SLC Agricola SA		13,700		208
Telefonica Brasil SA ADR		150,400		1,463
TIM Participacoes SA ADR		199,998		2,898
Ultrapar Participacoes SA		47,900		447
Vale SA ADR, CI B		485,436		7,204
				92,098
Canada — 0.9%
First Quantum Minerals Ltd		1,058,659		12,048
Pan American Silver Corp		79,086		1,167
Parex Resources Inc *		128,102		2,175
Yamana Gold Inc		458,688		1,142
				16,532
Chile — 0.4%
Cencosud SA		571,134		1,354
Cia Cervecerias Unidas SA ADR		52,991		1,478
Embotelladora Andina SA ADR, Cl B		10,559		242
Empresas COPEC SA		128,461		1,979
SACI Falabella		228,763		1,857
Sociedad Quimica y Minera de Chile SA ADR (A)		24,500		1,120
				8,030
China — 19.5%
AAC Technologies Holdings Inc		152,633		1,586
Agile Group Holdings Ltd		1,258,000		1,778
Agricultural Bank of China Ltd, Cl H		13,438,932		6,595
Air China Ltd, Cl H		1,306,000		1,262
Alibaba Group Holding Ltd ADR *		244,040		40,208
Angang Steel Co Ltd, Cl H (A)		6,434,000		5,756
Anhui Conch Cement Co Ltd, Cl H		1,143,500		6,905
ANTA Sports Products Ltd		591,069		2,836
Baidu Inc ADR *		122,085		27,918
Bank of China Ltd, Cl H		7,393,105		3,288
Bank of Hangzhou Co Ltd		271,413		308
BeiGene Ltd ADR *		5,546		955

  24   SEI Institutional International Trust / Annual Report / September 30, 2018

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Beijing Capital International Airport Co Ltd, Cl H		504,000	$	613
Changyou.com Ltd ADR *		98,500		1,300
China Construction Bank Corp, Cl H		20,864,379		18,238
China Grand Automotive Services Co Ltd		311,200		292
China Longyuan Power Group Corp Ltd, Cl H		2,543,000		2,138
China Merchants Bank Co Ltd, Cl H		549,076		2,231
China Molybdenum Co Ltd, Cl H (A)		1,917,000		804
China National Building Material Co Ltd, Cl H		6,390,585		5,676
China Pacific Insurance Group Co Ltd, Cl H		123,600		477
China Petroleum & Chemical Corp, Cl H		7,068,000		7,082
China Railway Group Ltd, Cl H		661,000		655
China Vanke Co Ltd, Cl H		875,500		2,898
Chongqing Rural Commercial Bank Co Ltd, CI H		1,356,612		742
CITIC Securities Co Ltd, Cl H		3,416,146		6,077
Country Garden Holdings Co Ltd		650,000		820
CRRC Corp Ltd		1,767,225		1,615
Ctrip.com International Ltd ADR *(A)		90,837		3,376
Daqin Railway Co Ltd		358,700		429
Dongfeng Motor Group Co Ltd, Cl H		1,156,000		1,191
Foshan Haitian Flavouring & Food Co Ltd		42,267		487
Fosun International Ltd		210,500		371
Guangzhou R&F Properties Co Ltd		1,220,000		2,242
Hangzhou Hikvision Digital Technology Co Ltd		340,000		1,420
Huaneng Power International Inc, Cl H		2,044,000		1,345
Industrial & Commercial Bank of China Ltd, CI H		37,539,868		27,442
JD.com Inc ADR *		88,492		2,309
Jiangsu Expressway Co Ltd, Cl H		226,000		290
Kingsoft Corp Ltd		894,000		1,705
Kweichow Moutai Co Ltd		12,200		1,294
Lens Technology Co Ltd		1,488,500		2,137
Longfor Group Holdings Ltd		259,500		670
Luzhou Laojiao Co Ltd		12,000		83
Momo Inc ADR *		63,734		2,792
NetEase Inc ADR		15,043		3,434
New Oriental Education & Technology Group Inc ADR *		62,591		4,632
Ninestar Corp		35,250		132
PetroChina Co Ltd, Cl H		480,000		389
PICC Property & Casualty Co Ltd, Cl H		1,321,000		1,560
Ping An Insurance Group Co of China Ltd, CI H		2,177,357		22,122
Shenzhou International Group Holdings Ltd		42,000		539
SINA Corp/China *		100,500		6,983
Sinopec Engineering Group Co Ltd, Cl H		1,917,000		2,190
Sinopec Shanghai Petrochemical Co Ltd, Cl H		7,434,000		4,541
Sinopharm Group Co Ltd, Cl H		554,400		2,714
Sinotrans Ltd, CI H		875,000		357
Sinotruk Hong Kong Ltd (A)		344,500		750

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Sohu.com Ltd ADR *(A)		147,600	$	2,934
Tencent Holdings Ltd		1,348,325		55,691
Tingyi Cayman Islands Holding Corp		2,164,000		3,977
TravelSky Technology Ltd, Cl H		303,000		788
Tsingtao Brewery Co Ltd, Cl H		340,000		1,599
Uni-President China Holdings Ltd		3,804,400		4,060
Vipshop Holdings Ltd ADR *		349,875		2,183
Want Want China Holdings Ltd		1,904,000		1,603
Weibo Corp ADR *		54,243		3,967
Weichai Power Co Ltd, Cl H		1,274,000		1,579
XCMG Construction Machinery Co Ltd		473,399		272
Zhejiang Expressway Co Ltd, Cl H		1,008,000		839
Zhejiang Huace Film & TV Co Ltd		2,129,129		2,964
Zhuzhou CRRC Times Electric Co Ltd, Cl H		1,785,147		10,198
Zijin Mining Group Co Ltd, Cl H		4,598,000		1,769
ZTO Express Cayman Inc ADR *		295,161		4,891
				350,293
Colombia — 0.3%
Bancolombia SA ADR, Cl R		88,105		3,676
Ecopetrol SA		842,571		1,143
Ecopetrol SA ADR		22,583		608
				5,427
Czech Republic — 0.3%
CEZ AS		125,198		3,192
Komercni banka as		68,435		2,808
				6,000
Egypt — 0.2%
Commercial International Bank Egypt SAE GDR		762,988		3,479
Greece — 0.3%
Eurobank Ergasias SA *		4,267,059		3,216
National Bank of Greece SA *		1,032,951		2,100
				5,316
Hong Kong — 8.3%
A-Living Services Co Ltd, Cl H *(B)		25,750		40
ASM Pacific Technology Ltd		298,100		3,036
Beijing Enterprises Water Group Ltd		4,400,000		2,345
Brilliance China Automotive Holdings Ltd		4,090,184		6,618
Chaoda Modern Agriculture Holdings Ltd *		2,056,181		24
China Conch Venture Holdings Ltd		1,172,500		4,091
China Everbright International Ltd (A)		5,360,100		4,631
China Everbright Ltd		1,108,000		1,985
China Gas Holdings Ltd		420,600		1,191
China High Precision Automation Group Ltd *(C)		1,385,624		–
China Medical System Holdings Ltd		4,769,200		6,631
China Mengniu Dairy Co Ltd *		2,181,541		7,263
China Mobile Ltd		925,541		9,125
China Mobile Ltd ADR		206,385		10,098
China Resources Cement Holdings Ltd		238,000		277

  SEI Institutional International Trust / Annual Report / September 30, 2018   25

SCHEDULE OF INVESTMENTS

September 30, 2018

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
China Resources Power Holdings Co Ltd		316,000	$	559
China State Construction International Holdings Ltd		5,343,923		5,648
China Taiping Insurance Holdings Co Ltd		951,591		3,338
China Traditional Chinese Medicine Holdings Co Ltd		2,746,000		1,867
China Travel International Investment Hong Kong Ltd		992,000		319
CIMC Enric Holdings Ltd		1,926,000		2,009
CITIC Ltd		3,668,000		5,466
CNOOC Ltd		8,254,607		16,351
CSPC Pharmaceutical Group Ltd		896,000		1,903
Genscript Biotech Corp *		588,000		993
Guangdong Investment Ltd		430,000		764
Guangzhou Automobile Group Co Ltd, Cl H		1,325,200		1,468
Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd, Cl H		86,000		307
Haier Electronics Group Co Ltd		1,351,100		3,669
Hua Hong Semiconductor Ltd (B)		413,000		890
Huatai Securities Co Ltd, Cl H (B)		2,437,600		3,495
Lee & Man Paper Manufacturing Ltd		1,584,000		1,470
Li Ning Co Ltd *		1,494,500		1,413
Nine Dragons Paper Holdings Ltd		1,384,000		1,496
People’s Insurance Co Group of China Ltd/     The, Cl H		3,911,000		1,759
Postal Savings Bank of China Co Ltd, Cl H (B)		1,251,000		788
Sands China Ltd		567,263		2,570
Semiconductor Manufacturing International Corp *(A)		5,852,397		6,312
Shandong Weigao Group Medical Polymer Co Ltd, Cl H		2,416,000		2,387
Shanghai Pharmaceuticals Holding Co Ltd, CI H		119,000		297
Shimao Property Holdings Ltd		1,273,000		3,176
Sino Biopharmaceutical Ltd		5,579,800		5,206
SJM Holdings Ltd		1,991,000		1,842
Sun Art Retail Group Ltd		1,064,000		1,384
Sunny Optical Technology Group Co Ltd		593,678		6,851
Techtronic Industries Co Ltd		819,500		5,237
YiChang HEC ChangJiang Pharmaceutical Co Ltd, Cl H (B)		49,000		204
Yuexiu Property Co Ltd		2,320,000		415
				149,208
Hungary — 0.4%
MOL Hungarian Oil & Gas PLC		258,749		2,788
OTP Bank Nyrt		102,329		3,792
				6,580
India — 8.4%
Adani Ports & Special Economic Zone Ltd		425,030		1,928
APS Holdings Corp *		1		–
Ashok Leyland Ltd		750,163		1,233
Aurobindo Pharma Ltd		25,060		257

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Axis Bank Ltd *		315,666	$	2,670
Bajaj Auto Ltd		151,864		5,630
Bharat Forge Ltd		164,453		1,364
Bharat Heavy Electricals Ltd		225,218		213
Britannia Industries Ltd		4,843		389
Can Fin Homes Ltd		39,500		130
Cipla Ltd/India		269,285		2,430
CreditAccess Grameen Ltd *		171,093		693
Cummins India Ltd		232,629		2,160
Dabur India Ltd		397,380		2,340
Dewan Housing Finance Corp Ltd		426,225		1,617
Escorts Ltd		86,624		731
Exide Industries Ltd		378,602		1,386
Godrej Consumer Products Ltd		49,989		530
HCL Technologies Ltd		193,360		2,902
HDFC Bank Ltd		123,547		3,419
HDFC Bank Ltd ADR		44,781		4,214
Hindalco Industries Ltd		590,815		1,872
Hindustan Petroleum Corp Ltd		28,534		99
Hindustan Unilever Ltd		235,723		5,230
Housing Development Finance Corp Ltd		398,472		9,644
ICICI Bank Ltd		1,380,083		5,817
ICICI Bank Ltd ADR		591,882		5,025
Indian Oil Corp Ltd		58,273		123
Infosys Ltd		840,173		8,461
Infosys Ltd ADR (A)		56,734		577
JM Financial Ltd		528,780		631
JSW Steel Ltd		45,472		239
Kotak Mahindra Bank Ltd		42,203		665
Larsen & Toubro Ltd		116,458		2,044
Mahindra & Mahindra Ltd		163,551		1,942
Maruti Suzuki India Ltd		9,652		978
Motherson Sumi Systems Ltd		390,122		1,382
Muthoot Finance Ltd		50,970		284
National Aluminium Co Ltd		408,948		342
NCC Ltd/India		497,469		501
Nestle India Ltd		2,113		283
NMDC Ltd *		176,884		276
Oil & Natural Gas Corp Ltd		61,455		150
Power Grid Corp of India Ltd		1,072,884		2,788
Prestige Estates Projects Ltd		181,899		527
Reliance Capital Ltd		96,977		378
Reliance Industries Ltd		705,392		12,241
Reliance Industries Ltd GDR (B)		660,566		22,690
SH Kelkar & Co Ltd (B)		385,654		1,086
Shriram Transport Finance Co Ltd		219,692		3,488
Sobha Ltd		11,445		63
Sun Pharmaceutical Industries Ltd		226,300		1,946
Tata Chemicals Ltd		194,563		1,858
Tata Consultancy Services Ltd		352,321		10,613
Tata Global Beverages Ltd		119,745		386
Tata Motors Ltd *		125,327		387

  26   SEI Institutional International Trust / Annual Report / September 30, 2018

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Tech Mahindra Ltd		182,096	$	1,873
United Spirits Ltd *		394,190		2,797
Vedanta Ltd		1,017,849		3,262
Wipro Ltd		102,239		457
Yes Bank Ltd		367,762		932
				150,573
Indonesia — 1.2%
Adaro Energy Tbk PT		6,247,100		769
Astra International Tbk PT		8,564,600		4,224
Bank Negara Indonesia Persero Tbk PT		3,796,500		1,885
Bank Rakyat Indonesia Persero Tbk PT		27,268,705		5,764
Matahari Department Store Tbk PT		4,459,000		2,072
Perusahaan Gas Negara Persero Tbk		8,235,100		1,244
Surya Citra Media Tbk PT		6,332,400		797
United Tractors Tbk PT		2,034,097		4,505
				21,260
Italy — 0.1%
PRADA SpA		376,600		1,805
Luxembourg — 0.2%
National Commercial Bank *		234,190		2,734
Malaysia — 0.7%
AirAsia Group Bhd		1,045,900		799
Genting Bhd		117,900		222
Inari Amertron Bhd		5,020,275		2,766
Malayan Banking Bhd		931,100		2,203
Petronas Chemicals Group Bhd		267,600		605
Petronas Dagangan Bhd		394,700		2,504
Sime Darby Bhd		1,322,700		834
Tenaga Nasional Bhd		249,100		931
Top Glove Corp Bhd		80,800		208
UEM Sunrise Bhd		2,293,195		460
Westports Holdings Bhd		1,622,500		1,490
				13,022
Mexico — 3.5%
Alfa SAB de CV, CI A		239,500		308
America Movil SAB de CV, Ser L		1,172,174		943
America Movil SAB de CV ADR, CI L		90,435		1,452
Arca Continental SAB de CV		51,900		335
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand ADR		236,478		1,835
Cemex SAB de CV ADR *		158,083		1,113
Coca-Cola Femsa SAB de CV ADR		92,838		5,685
Fomento Economico Mexicano SAB de CV		441,085		4,367
Fomento Economico Mexicano SAB de CV ADR		52,157		5,162
Gruma SAB de CV, Cl B		203,780		2,593
Grupo Aeroportuario del Sureste SAB de CV ADR		10,596		2,174
Grupo Financiero Banorte SAB de CV, Cl 0		1,880,666		13,616

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Grupo GICSA SA de CV *		652,401	$	312
Grupo Mexico SAB de CV, Ser B		715,500		2,061
Grupo Televisa SAB ADR		140,825		2,498
Industrias Bachoco SAB de CV ADR		5,760		311
Infraestructura Energetica Nova SAB de CV (A)		614,619		3,057
Megacable Holdings SAB de CV		107,700		556
Mexichem SAB de CV		1,430,672		4,902
Wal-Mart de Mexico SAB de CV		3,053,694		9,271
				62,551
Netherlands — 0.1%
SBM Offshore NV		65,402		1,184
VEON Ltd ADR (A)		201,860		586
				1,770
Panama — 0.2%
Copa Holdings SA, CIA		41,401		3,305
Peru — 0.8%
Cia de Minas Buenaventura SAA ADR		153,600		2,060
Credicorp Ltd		55,961		12,484
				14,544
Philippines — 0.5%
Ayala Corp		62,230		1,069
BDO Unibank Inc		934,535		2,072
Cebu Air Inc		201,950		262
DMCI Holdings Inc		1,750,500		369
Globe Telecom Inc		21,975		895
GT Capital Holdings Inc		91,095		1,382
Manila Electric Co		130,950		824
Metropolitan Bank & Trust Co		2,197,830		2,725
				9,598
Poland — 1.1%
Dino Polska SA *(B)		195,007		5,269
Energa SA *		175,242		372
Grupa Lotos SA		33,334		679
PLAY Communications SA (B)		276,243		1,508
Polski Koncern Naftowy ORLEN SA		106,640		2,922
Powszechna Kasa Oszczednosci Bank Polski SA		328,991		3,829
Powszechny Zaklad Ubezpieczen SA		543,187		5,850
				20,429
Portugal — 0.3%
Galp Energia SGPS SA, Cl B		259,779		5,157
Jeronimo Martins SGPS SA		37,709		555
				5,712
Qatar — 0.1%
Industries Qatar QSC		3,831		131
Ooredoo QPSC		25,934		492

  SEI Institutional International Trust / Annual Report / September 30, 2018   27

SCHEDULE OF INVESTMENTS

September 30, 2018

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Qatar National Bank QPSC		6,071	$	295
				918
Russia — 4.9%
Detsky Mir PJSC		952,100		1,352
Gazprom PJSC ADR		1,173,390		5,849
LUKOIL PJSC ADR		336,566		25,764
Mail.Ru Group Ltd GDR *		133,635		3,628
Mobile TeleSystems PJSC ADR		213,744		1,823
Novatek PJSC GDR		568		101
Novolipetsk Steel PJSC GDR		22,907		618
Rosneft Oil Co PJSC GDR		518,764		3,895
Sberbank of Russia PJSC		776,669		2,411
Sberbank of Russia PJSC ADR (A)		1,819,537		22,925
Surgutneftegas PJSC ADR		73,763		306
X5 Retail Group NV GDR		269,802		6,098
Yandex NV, CI A *		410,497		13,501
				88,271
South Africa — 4.0%
Absa Group Ltd		15,754		169
African Rainbow Minerals Ltd		28,491		259
AngloGold Ashanti Ltd ADR		56,300		483
Barloworld Ltd		213,841		1,861
Bid Corp Ltd		142,180		2,963
Capitec Bank Holdings Ltd (A)		58,152		4,209
Exxaro Resources Ltd		72,086		740
FirstRand Ltd (A)		1,382,479		6,630
Foschini Group Ltd/The		167,069		2,047
Imperial Holdings Ltd		122,597		1,516
JSE Ltd		233,412		2,626
Kumba Iron Ore Ltd		47,312		1,073
Liberty Holdings Ltd		133,234		1,062
Mondi Ltd		46,298		1,271
MTN Group Ltd		138,954		860
Naspers Ltd, Cl N		65,710		14,170
Nedbank Group Ltd		35,681		667
Old Mutual Ltd		526,877		1,128
Petra Diamonds Ltd *(A)		1,391,641		686
Pick n Pay Stores Ltd		273,194		1,328
Resilient REIT Ltd		91,275		375
RMB Holdings Ltd (A)		609,176		3,407
Sanlam Ltd		110,106		616
Sasol Ltd		133,416		5,162
SPAR Group Ltd/The		135,075		1,758
Standard Bank Group Ltd (A)		740,568		9,158
Truworths International Ltd		434,847		2,566
Vodacom Group Ltd		96,688		860
Wilson Bayly Holmes-Ovcon Ltd		45,758		497
Woolworths Holdings Ltd/South Africa		220,337		772
				70,919
South Korea — 14.1%
Com2uSCorp		29,218		3,861

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Coway Co Ltd		87,683	$	6,861
DB Insurance Co Ltd		69,760		4,578
Dentium Co Ltd		24,476		2,218
Doosan Bobcat Inc (A)		119,554		4,354
Grand Korea Leisure Co Ltd (A)		12,299		277
Hana Financial Group Inc		93,210		3,744
Hankook Tire Co Ltd		5,443		246
HDC Hyundai Development Co-Engineering & Construction, CI E *		6,621		304
Hotel Shilla Co Ltd (A)		7,401		724
Hyosung Advanced Materials Corp *		1		–
Hyosung TNC Co Ltd *		2		–
Hyundai Engineering & Construction Co Ltd		90,814		5,526
Hyundai Marine & Fire Insurance Co Ltd		98,393		3,721
Hyundai Motor Co		29,180		3,407
Industrial Bank of Korea		60,155		827
Kangwon Land Inc		46,656		1,207
KB Financial Group Inc		84,019		4,105
KB Financial Group Inc ADR		55,597		2,684
KCC Corp		5,190		1,586
Kia Motors Corp		65,339		2,068
Korea Aerospace Industries Ltd *(A)		109,449		3,463
Korea Electric Power Corp		34,707		918
Korea Investment Holdings Co Ltd		4,680		321
KT&G Corp		33,581		3,148
LG Chem Ltd		15,303		5,042
LG Corp		38,923		2,548
LG Household & Health Care Ltd (A)		2,531		2,911
LG Uplus Corp		238,701		3,938
Lotte Chemical Corp (A)		9,541		2,391
Lotte Chilsung Beverage Co Ltd (A)		1,241		1,557
Lotte Confectionery Co Ltd		4,626		753
Lotte Corp *(A)		28,243		1,454
Lotte Shopping Co Ltd		3,930		742
LS Industrial Systems Co Ltd		30,520		2,053
Mando Corp (A)		73,758		2,294
NAVER Corp		4,119		2,659
NCSoft Corp (A)		31,644		12,623
Netmarble Corp (A)(B)		13,630		1,413
NH Investment & Securities Co Ltd		117,994		1,521
OCI Co Ltd		10,540		1,045
Orange Life Insurance Ltd (B)		94,971		2,920
Orion Corp/Republic of Korea (A)		32,023		3,046
Partron Co Ltd (A)		204,225		1,381
POSCO		13,623		3,617
Samsung Electronics Co Ltd		1,635,666		68,494
Samsung Engineering Co Ltd *(A)		416,749		7,251
Samsung Life Insurance Co Ltd (A)		25,014		2,194
Samsung SDI Co Ltd		7,326		1,707
Samsung SDS Co Ltd		5,780		1,204
SFA Engineering Corp (A)		60,300		1,990
SK Holdings Co Ltd		2,848		737

  28   SEI Institutional International Trust / Annual Report / September 30, 2018

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
SK Hynix Inc (A)		349,144	$	23,009
SK Innovation Co Ltd		20,658		4,004
SK Telecom Co Ltd		55,589		14,132
SK Telecom Co Ltd ADR		345,820		9,641
SKCKOLONPI Inc		31,475		1,334
Ssangyong Cement Industrial Co Ltd (A)		36,047		210
Woori Bank		27,382		417
				252,380
Switzerland — 0.0%
Wizz Air Holdings Plc *(B)		23,365		877
Taiwan — 9.7%
Accton Technology Corp		1,132,200		3,152
Acer Inc		1,165,000		963
Advanced Ceramic X Corp		122,900		833
Airtac International Group		253,681		2,484
ASE Technology Holding Co Ltd		881,372		2,150
ASMedia Technology Inc		109,000		1,917
Asustek Computer Inc		119,000		1,029
AU Optronics Corp		4,270,000		1,804
Catcher Technology Co Ltd		955,040		10,510
Cathay Financial Holding Co Ltd		2,764,584		4,754
Chailease Holding Co Ltd		465,892		1,633
China Development Financial Holding Corp		4,226,000		1,578
Chipbond Technology Corp		178,000		344
Chlitina Holding Ltd		159,000		1,203
Compal Electronics Inc		2,721,000		1,689
CTBC Financial Holding Co Ltd		1,631,000		1,229
Cub Elecparts Inc		3		–
Eclat Textile Co Ltd		162,000		2,006
Elite Advanced Laser Corp		677,776		1,503
Elite Material Co Ltd		885,400		2,494
eMemory Technology Inc		163,200		1,550
Feng TAY Enterprise Co Ltd		252,000		1,552
First Financial Holding Co Ltd		1,539,954		1,049
Formosa Chemicals & Fibre Corp		1,019,000		4,272
Formosa Plastics Corp		297,000		1,138
Fubon Financial Holding Co Ltd		1,229,000		2,085
Gigabyte Technology Co Ltd		58,000		91
Globalwafers Co Ltd		191,000		2,105
Hiwin Technologies Corp		175,421		1,451
Hon Hai Precision Industry Co Ltd		2,992,607		7,763
Hota Industrial Manufacturing Co Ltd		1		–
Hu Lane Associate Inc		79,200		245
Inventec Corp		3,534,000		3,171
Largan Precision Co Ltd		16,446		1,958
MediaTek Inc		2,074,079		16,744
Merida Industry Co Ltd		352,000		1,649
Nanya Technology Corp		890,000		1,693
Parade Technologies Ltd		204,600		3,116
President Chain Store Corp		95,000		1,115
Silicon Motion Technology Corp ADR		77,010		4,135

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Taiwan Semiconductor Manufacturing Co Ltd		6,107,717	$	52,510
Taiwan Semiconductor Manufacturing Co Ltd ADR		304,393		13,442
Uni-President Enterprises Corp		691,000		1,804
United Microelectronics Corp		2,328,000		1,231
Walsin Lihwa Corp		602,000		405
Wistron Corp		2,353,236		1,534
Yuanta Financial Holding Co Ltd		4,278,000		2,256
				173,339
Thailand — 2.2%
Advanced Info Service PCL		416,300		2,587
Amata Corp PCL		1,274,500		950
Bangkok Bank PCL		744,800		4,836
Central Pattana PCL		888,600		2,281
CP ALL PCL (A)		1,631,000		3,480
CP ALL PCL NVDR		1,365,110		2,913
Home Product Center PCL		7,206,200		3,521
KCE Electronics PCL		590,500		771
Minor International PCL NVDR		3,728,747		4,727
PTT Exploration & Production PCL		583,100		2,795
PTT Global Chemical PCL NVDR		805,800		2,024
PTT PCL		1,874,800		3,145
PTT PCL NVDR		1,580,700		2,652
Star Petroleum Refining PCL NVDR		555,500		256
Thai Oil PCL		406,886		1,113
Thai Oil PCL NVDR		354,500		970
Thanachart Capital PCL NVDR		239,000		397
Tisco Financial Group PCL		136,500		354
				39,772
Turkey — 0.6%
Akbank T.A.S.		1,615,550		1,861
Anadolu Efes Biracilik Ve Malt Sanayii AS		175,824		617
Eregli Demir ve Celik Fabrikalari TAS		1,331,081		2,444
Haci Omer Sabanci Holding AS		119,545		152
Mavi Giyim Sanayi Ve Ticaret AS, Cl B (B)		168,906		1,008
Sok Marketler Ticaret AS *		1,098,866		1,622
TAV Havalimanlari Holding AS		332,048		1,729
Turk Hava Yollari AO *		24,159		77
Turkcell Iletisim Hizmetleri AS		286,281		550
Turkcell Iletisim Hizmetleri AS ADR		104,235		502
Turkiye Garanti Bankasi AS		236,490		304
				10,866
United Arab Emirates — 0.4%
Abu Dhabi Commercial Bank PJSC		345,359		745
Dubai Investments PJSC		1,369,222		700
Dubai Islamic Bank PJSC		1,011,730		1,485
Emaar Properties PJSC		2,909,076		3,923
				6,853
United Kingdom — 1.3%
Anglo American PLC (A)		136,647		3,088

  SEI Institutional International Trust / Annual Report / September 30, 2018   29

SCHEDULE OF INVESTMENTS

September 30, 2018

Emerging Market Equity Fund (Concluded)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Etalon Group PLC GDR		56,800	$	133
KAZ Minerals PLC		686,669		4,921
Magnitogorsk Iron & Steel Works PJSC GDR		68,189		705
Mail.Ru Group Ltd GDR *		17,965		485
Novatek PJSC GDR		15,339		2,822
Tullow Oil PLC *		2,766,678		9,500
Vivo Energy PLC (B)		707,939		1,192
				22,846
United States — 0.4%
Corp America Airports SA *		195,416		1,669
Liberty Latin America Ltd, Cl C *		129,512		2,672
Pagseguro Digital Ltd, CI A *		125,451		3,471
				7,812
Vietnam — 0.1%
Vincom Retail JSC *		1,331,000		2,391
Total Common Stock (Cost $1,481,915) ($ Thousands)				1,639,012
EXCHANGE TRADED FUND — 2.6%
United States — 2.6%
iShares MSCI Emerging Markets ETF		1,081,755		46,429
Total Exchange Traded Fund (Cost $47,530) ($ Thousands)				46,429
PREFERRED STOCK — 2.2%
Brazil — 1.4%
Banco Bradesco SA *		191,689		1,372
Banco do Estado do Rio Grande do Sul SA		77,000		287
Braskem SA		24,200		353
Cia Brasileira de Distribuicao *		27,500		599
Cia Brasileira de Distribuicao ADR		107,800		2,315
Itau Unibanco Holding SA		516,796		5,711
Itau Unibanco Holding SA ADR		328,654		3,608
Itausa - Investimentos Itau SA		599,911		1,511
Lojas Americanas SA *		864,349		3,422
Petroleo Brasileiro SA *		388,147		2,051
Petroleo Brasileiro SA ADR, CI A *		212,141		2,219
Telefonica Brasil SA		216,200		2,120
				25,568
Colombia — 0.1%
Banco Davivienda SA		45,419		523
Grupo Aval Acciones y Valores SA		1,466,661		576
				1,099
South Korea — 0.7%
Samsung Electronics Co Ltd		359,084		12,253

Description	Shares		Market Value   ($ Thousands)
PREFERRED STOCK (continued)
Total Preferred Stock (Cost $39,505) ($ Thousands)			$	38,920
	Number of Participation Notes
PARTICIPATION NOTES — 1.3%
China — 0.3%
Han’s Laser, Expires 04/09/2019 *		828,350		5,095
Ping An Insurance, Expires 09/23/2019 *		115,800		1,152
				6,247
India — 0.0%
Motherson Sumi Systems Ltd, Expires 09/21/2021 *		155,000		549
Luxembourg — 0.1%
Hoa Phat Group JSC, Expires 11/20/2020 *		827,736		1,483
Saudi Arabia — 0.1%
HBSC Bank Savola Group, Expires 01/24/2020 *		177,564		1,425
Switzerland — 0.7%
Hangzhou Kikvi, Expires 08/12/2019 *		1,862,989		7,794
Maanshan Iron, Expires 09/18/2019 *		2,928,488		1,743
Spring Airline, Expires 06/03/2019 *		572,000		2,983
				12,520
Vietnam — 0.1%
Hoa Phat Group JSC, Expires 07/24/2018 *		579,083		1,038
Total Participation Notes (Cost $25,367) ($ Thousands)				23,262
	Face Amount (Thousands)
DEBENTURE BOND — 0.0%
Brazil — 0.0%
Vale, Ser 1997
0.000%, 09/30/2049 (D)	BRL	8		–
Total Debenture Bond (Cost $—) ($ Thousands)				–

  30   SEI Institutional International Trust / Annual Report / September 30, 2018

Description	Shares		Market Value   ($ Thousands)
AFFILIATED PARTNERSHIP — 3.7%
SEI Liquidity Fund, L.P.
2.170% **†(E)		66,696,615	$	66,697
Total Affiliated Partnership (Cost $66,697) ($ Thousands)				66,697
CASH EQUIVALENT — 0.7%
SEI Daily Income Trust, Government Fund, CI F
1.850%**†		12,932,281		12,932
(Cost $12,932) ($ Thousands)				12,932
Total Investments in Securities — 101.8% (Cost $1,673,946) ($ Thousands)			$	1,827,252

Percentages are based on Net Assets of $1,794,554 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of September 30, 2018.

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

(A) Certain securities or partial positions of certain securities are on loan at September 30, 2018 (see Note 9). The total market value of securities on loan at September 30, 2018 was $61,593 ($ 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, 2018, the value of these securities amounted to $46,041 ($ Thousands), representing 2.57% of the Net Assets of the Fund.

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

(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) 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, 2018 was $66,697 ($ Thousands).

ADR — American Depositary Receipt

BRL — Brazilian Real

Cl — Class

ETF — Exchange-Traded Fund

GDR — Global Depositary Receipt

JSC — Joint-Stock Company

JSE — Johannesburg Stock Exchange

L.P. — Limited Partnership

Ltd. — Limited

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

Ser — Series

The following is a list of the level of inputs used as of September 30, 2018, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,639,012	$	–	$	–	$	1,639,012
Exchange Traded Fund		46,429		–		–		46,429
Preferred Stock		38,920		–		–		38,920
Participation Notes		–		23,262		–		23,262
Debenture Bond		–		–		–		–
Affiliated Partnership		–		66,697		–		66,697
Cash Equivalent		12,932		–		–		12,932
Total Investments in Securities	$	1,737,293	$	89,959	$	–	$	1,827,252

For the year ended September 30, 2018, 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, 2018, 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, 2018 ($ Thousands):

Security Description	Value at 9/30/2017		Purchases at Cost		Proceeds from Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value   9/30/2018		Income
SEI Liquidity Fund, L.P.		$ 154,588		$ 322,158		$ (410,046)		$ (3)		$ —		$ 66,697		$ 1,048
SEI Daily Income Trust, Government Fund, Cl F		7,827		216,620		(211,515)		—		—		12,932		157
Totals		$ 162,415		$ 538,778		$ (621,561)		$ (3)		$ —		$ 79,629		$ 1,205

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

  SEI Institutional International Trust / Annual Report / September 30, 2018   31

SCHEDULE OF INVESTMENTS

September 30, 2018

International Fixed Income Fund

^†Percentages based on total investments.

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS — 91.5%
Argentina — 0.1%
Argentina POM Politica Monetaria
43.077%, VAR Argentina Central Bank 7D Repo Ref Rate+0.000%, 06/21/2020	ARS		3,576	$	103
Argentine Bonos del Tesoro
16.000%, 10/17/2023			7,121		143
Provincia de Buenos Aires
9.125%, 03/16/2024	$		170		157
					403
Australia — 2.2%
Australia & New Zealand Banking Group MTN
5.000%, 08/16/2023	AUD		750		591
3.625%, 07/18/2022	EUR		300		393
Australia Government Bond
5.500%, 04/21/2023	AUD		1,675		1,382
4.750%, 04/21/2027			820		690
4.500%, 04/15/2020			540		405
4.500%, 04/21/2033			195		169
4.250%, 04/21/2026			1,425		1,151
3.750%, 04/21/2037			393		315
3.000%, 03/21/2047			1,520		1,068
2.750%, 04/21/2024			1,230		907
Australia Government Bond, Ser 122
5.250%, 03/15/2019			625		459
Australia Government Bond, Ser 124
5.750%, 05/15/2021			2,583		2,044
National Australia Bank
5.000%, 03/11/2024			750		593
Westpac Banking Corp MTN
1.500%, 03/24/2021	EUR		220		265
					10,432
Austria — 1.7%
JAB Holdings BV
1.250%, 05/22/2024			400		468

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Republic of Austria Government Bond
4.150%, 03/15/2037 (A)	EUR		406	$	707
3.650%, 04/20/2022 (A)			290		383
3.150%, 06/20/2044 (A)			475		772
2.100%, 09/20/2117 (A)			75		96
1.950%, 06/18/2019 (A)			1,870		2,210
1.150%, 10/19/2018 (A)			205		238
0.750%, 10/20/2026 (A)			1,912		2,263
0.083%, 07/15/2023 (A)(B)			360		418
Republic of Austria Government Bond, Ser 97-6
6.250%, 07/15/2027			288		497
					8,052
Belgium — 2.1%
Anheuser-Busch InBev MTN
2.250%, 05/24/2029	GBP		205		252
1.500%, 03/17/2025	EUR		415		497
Kingdom of Belgium Government Bond
3.750%, 09/28/2020 (A)			2,126		2,677
3.750%, 06/22/2045			387		654
3.000%, 06/22/2034 (A)			620		897
1.900%, 06/22/2038 (A)			200		249
1.600%, 06/22/2047 (A)			310		350
1.000%, 06/22/2031 (A)			1,149		1,322
0.800%, 06/22/2025 (A)			493		588
0.800%, 06/22/2027 (A)			785		919
0.800%, 06/22/2028 (A)			340		394
Kingdom of Belgium Government Bond, Ser 44
5.000%, 03/28/2035 (A)			64		115
Kingdom of Belgium Government Bond, Ser 65
4.250%, 09/28/2022			790		1,079
					9,993
Brazil — 0.6%
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 08/15/2050	BRL		1,490		1,173
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2021			3,533		895
Minerva Luxembourg
6.500%, 09/20/2026 (A)	$		290		271
Odebrecht Finance
7.125%, 06/26/2042			280		97
4.375%, 04/25/2025			200		64
Petrobras Global Finance BV
5.999%, 01/27/2028			215		198
					2,698
Canada — 7.5%
Bank of Montreal MTN
0.125%, 04/19/2021	EUR		280		326

  32   SEI Institutional International Trust / Annual Report / September 30, 2018

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Bank of Nova Scotia MTN
0.750%, 09/17/2021	EUR		570	$	675
Bell Canada MTN
4.700%, 09/11/2023	CAD		80		65
3.250%, 06/17/2020			95		74
Canada Housing Trust No. 1
3.800%, 06/15/2021 (A)			4,830		3,870
2.250%, 12/15/2025 (A)			2,235		1,673
1.750%, 06/15/2022 (A)			2,465		1,855
Canadian Government Bond
1.000%, 06/01/2027			1,375		946
Canadian Imperial Bank of Commerce
0.239%, 07/25/2022 (B)	EUR		445		512
CDP Financial
4.400%, 11/25/2019 (A)	$		850		864
Export Development Canada MTN
2.400%, 06/07/2021	AUD		1,259		911
Government of Canada
5.750%, 06/01/2033	CAD		1,205		1,308
2.750%, 12/01/2048			400		331
2.500%, 06/01/2024			1,043		813
1.750%, 09/01/2019			6,755		5,212
1.500%, 06/01/2026 (C)			5,970		4,326
1.000%, 09/01/2022			1,455		1,071
0.750%, 09/01/2021			955		708
National Bank of Canada
1.500%, 03/25/2021	EUR		345		416
Province of British Columbia Canada
3.250%, 12/18/2021	CAD		1,150		910
Province of Manitoba Canada
3.850%, 12/01/2021			710		571
Province of Ontario Canada
4.700%, 06/02/2037			1,355		1,261
4.650%, 06/02/2041			540		511
2.800%, 06/02/2048			2,200		1,563
2.600%, 06/02/2025			1,614		1,226
2.400%, 06/02/2026			585		435
Province of Quebec Canada
6.250%, 06/01/2032			720		745
3.500%, 12/01/2048			520		426
Province of Quebec Canada MTN
3.700%, 05/20/2026	AUD		540		402
Rogers Communications
4.000%, 06/06/2022	CAD		165		131
Royal Bank of Canada
1.625%, 08/04/2020	EUR		530		636
0.125%, 03/11/2021			560		653
Toronto-Dominion Bank MTN
0.375%, 01/12/2021			345		405
Yamana Gold Inc
4.950%, 07/15/2024	$		286		282
					36,113

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Colombia — 0.4%
Colombian TES
10.000%, 07/24/2024	COP		1,940,600	$	769
7.750%, 09/18/2030			2,160,100		767
7.500%, 08/26/2026			1,100,600		389
					1,925
Czech Republic — 0.1%
Czech Republic Government Bond
4.700%, 09/12/2022	CZK		7,470		374
2.500%, 08/25/2028			6,710		311
					685
Denmark — 0.5%
Danske Bank
3.875%, 09/12/2023 (A)	$		270		264
3.875%, VAR EUR Swap Annual 5 Yr+2.625%, 10/04/2023	EUR		375		436
2.000%, 09/08/2021 (A)	$		360		341
Danske Bank MTN
5.875%, VAR EUR Swap Annual 5 Yr+5.471%, 10/29/2049	EUR		344		407
Kingdom of Denmark
4.500%, 11/15/2039	DKK		2,040		544
1.500%, 11/15/2023			4,025		677
					2,669
Finland — 0.2%
Government of Finland
2.625%, 07/04/2042 (A)	EUR		135		206
1.500%, 04/15/2023 (A)			235		292
0.500%, 09/15/2027 (A)			535		615
					1,113
France — 7.3%
BNP Paribas
7.625%, VAR USD Swap Semi 30/360 5 Year Curr+6.314%, 12/29/2049 (A)	$		240		252
4.625%, 03/13/2027 (A)			380		375
BPCE
5.250%, 04/16/2029	GBP		200		295
0.550%, 07/10/2019	JPY		200,000		1,768
0.411%, VAR ICE LIBOR JPY 3 Month+0.450%, 12/13/2018			200,000		1,761
BPCE MTN
1.125%, 01/18/2023	EUR		300		350
BPCE SFH
1.750%, 11/29/2019			600		714
BPCE SFH MTN
3.750%, 09/13/2021			200		258
Bpifrance Financement
0.064%, 11/25/2022 (B)			600		692
Caisse Francaise de Financement Local MTN
3.000%, 10/02/2028			100		138

  SEI Institutional International Trust / Annual Report / September 30, 2018   33

SCHEDULE OF INVESTMENTS

September 30, 2018

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Caisse Nationale de Reassurance Mutuelle Agricole Groupama
6.000%, 01/23/2027	EUR		200	$	279
CNP Assurances
4.500%, VAR Euribor 3 Month+4.600%, 06/10/2047			200		255
Credit Agricole
6.500%, VAR EUR Swap Annual 5 Yr+5.120%, 12/31/2049			276		351
Credit Agricole MTN
1.875%, 12/20/2026			200		234
Credit Agricole Assurances
4.750%, VAR EUR Swap Annual 5 Yr+5.350%, 09/27/2048			300		382
Dexia Credit Local MTN
2.000%, 01/22/2021			200		244
0.625%, 01/21/2022			1,550		1,835
Electricite de France MTN
5.500%, 03/27/2037	GBP		200		320
5.375%, VAR EUR Swap Annual 12 Yr+3.794%, 12/12/2049	EUR		200		251
4.000%, 11/12/2025			350		486
Engie MTN
0.875%, 03/27/2024			300		351
0.375%, 02/28/2023			100		115
French Republic Government Bond OAT
5.750%, 10/25/2032			403		757
4.000%, 10/25/2038			345		590
3.500%, 04/25/2020			680		839
3.250%, 05/25/2045			1,730		2,749
1.750%, 05/25/2023			2,690		3,380
1.750%, 06/25/2039 (A)			60		74
1.750%, 05/25/2066 (A)			165		185
1.250%, 05/25/2036 (A)			960		1,106
0.050%, 03/25/2023 (B)			485		564
0.000%, 02/25/2020 (B)			1,990		2,328
0.000%, 05/25/2020 (B)			2,513		2,942
0.000%, 05/25/2021 (B)			1,685		1,974
0.000%, 05/25/2022 (B)			868		1,015
La Financiere Atalian
4.000%, 05/15/2024			160		179
Loxam SAS
6.000%, 04/15/2025 (A)			150		186
Orange MTN
2.500%, 03/01/2023			500		631
RCI Banque MTN
0.375%, 07/10/2019			450		525
SNCF Reseau
1.125%, 05/25/2030			200		231
SNCF Reseau EPIC
5.500%, 12/01/2021	GBP		205		301
1.125%, 05/19/2027	EUR		300		357

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Societe Generale
6.750%, VAR EUR Swap Annual 5 Yr+5.538%, 10/07/2166	EUR		242	$	303
0.552%, 06/13/2019	JPY		100,000		882
Total Capital International MTN
4.250%, 11/26/2021	AUD		640		483
UNEDIC ASSEO MTN
0.300%, 11/04/2021	EUR		600		705
					34,992
Germany — 4.8%
Bayer Capital BV
1.500%, 06/26/2026			100		116
BMW Finance MTN
0.454%, 01/29/2021	JPY		200,000		1,770
Bundesrepublik Deutschland
4.000%, 01/04/2037	EUR		1,135		2,026
3.250%, 07/04/2042			2,025		3,500
2.500%, 07/04/2044			552		856
2.500%, 08/15/2046			130		204
0.500%, 02/15/2026			977		1,161
0.500%, 02/15/2028			345		404
0.281%, 08/15/2026 (B)			1,882		2,144
0.250%, 02/15/2027			2,160		2,498
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/2031			120		221
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/2034			95		176
Deutsche Telekom International Finance BV MTN
0.625%, 04/03/2023			330		384
E.ON International Finance MTN
6.000%, 10/30/2019	GBP		300		410
innogy Finance BV MTN
4.750%, 01/31/2034			100		152
1.000%, 04/13/2025	EUR		170		195
Kreditanstalt fuer Wiederaufbau
2.600%, 06/20/2037	JPY		65,000		788
0.500%, 09/15/2027	EUR		510		581
0.125%, 06/07/2023			1,695		1,972
Kreditanstalt fuer Wiederaufbau MTN
3.750%, 05/29/2020	NZD		1,110		754
2.800%, 02/17/2021	AUD		1,230		898
1.125%, 09/15/2032	EUR		500		583
Volkswagen Bank GmbH MTN
0.625%, 09/08/2021			200		233
Volkswagen International Finance
5.125%, VAR EUR Swap Annual 10 Yr+3.350%, 09/04/2166			265		337
1.125%, 10/02/2023			600		696
					23,059

  34   SEI Institutional International Trust / Annual Report / September 30, 2018

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Guernsey — 0.1%
Credit Suisse Group Funding Guernsey MTN
1.250%, 04/14/2022	EUR		570	$	673
Hungary — 0.1%
Republic of Hungary
3.000%, 06/26/2024	HUF		75,010		272
Indonesia — 0.0%
Republic of Indonesia MTN
2.150%, 07/18/2024 (A)	EUR		200		235
Ireland — 1.3%
Allied Irish Banks MTN
4.125%, VAR EUR Swap Annual 5 Yr+3.950%, 11/26/2025			177		218
Bank of Ireland
7.375%, VAR EUR Swap Annual 5 Yr+6.956%, 12/29/2049			300		377
1.750%, 03/19/2019			450		528
Bank of Ireland MTN
0.375%, 05/07/2022			555		650
CRH Finance DAC MTN
1.375%, 10/18/2028			170		190
CRH Funding MTN
1.875%, 01/09/2024			310		378
Europcar Mobility Group
4.125%, 11/15/2024 (A)			100		115
Ireland Government Bond
4.500%, 04/18/2020			205		256
4.400%, 06/18/2019			600		721
3.400%, 03/18/2024			125		170
2.400%, 05/15/2030			92		121
2.000%, 02/18/2045			265		322
1.000%, 05/15/2026			1,579		1,875
0.900%, 05/15/2028			215		248
0.800%, 03/15/2022			205		245
					6,414
Israel — 0.4%
Israel Electric MTN
4.250%, 08/14/2028 (A)	$		265		251
Israel Government Bond - Fixed
4.250%, 03/31/2023	ILS		2,521		801
2.000%, 03/31/2027			925		254
Teva Pharmaceutical Finance Netherlands II
1.125%, 10/15/2024	EUR		220		228
Teva Pharmaceutical Finance Netherlands III BV
6.000%, 04/15/2024	$		200		203
					1,737

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Italy — 5.6%
Assicurazioni Generali MTN
5.500%, VAR Euribor 3 Month+5.350%, 10/27/2047	EUR		330	$	406
Buoni Poliennali Del Tesoro
4.000%, 02/01/2037			130		163
Cooperativa Muratori & Cementisti-CMC di Ravenna SC
6.000%, 02/15/2023 (A)			110		71
Enel
5.000%, VAR EUR Swap Annual 5 Yr+3.648%, 01/15/2075			105		128
Enel Finance International MTN
5.625%, 08/14/2024	GBP		160		239
1.000%, 09/16/2024	EUR		225		257
FCA Bank MTN
2.625%, 04/17/2019			350		412
Intesa Sanpaolo
7.750%, VAR EUR Swap Annual 5 Yr+7.192%, 07/11/2166			400		498
Intesa Sanpaolo MTN
3.500%, 01/17/2022			200		246
Italy Buoni Poliennali Del Tesoro
5.500%, 11/01/2022			690		902
5.000%, 08/01/2034			230		320
5.000%, 08/01/2039			430		599
5.000%, 09/01/2040			590		819
4.750%, 09/01/2044 (A)			140		191
3.750%, 05/01/2021			386		472
3.750%, 09/01/2024			870		1,071
3.500%, 03/01/2030 (A)			2,750		3,271
3.450%, 03/01/2048 (A)			750		834
2.800%, 03/01/2067 (A)			90		86
2.500%, 11/15/2025			2,255		2,559
2.450%, 09/01/2033 (A)			1,017		1,066
2.050%, 08/01/2027			660		713
2.000%, 02/01/2028			1,095		1,173
1.450%, 05/15/2025			544		583
1.350%, 04/15/2022			4,108		4,663
0.950%, 03/01/2023			1,530		1,681
0.700%, 05/01/2020			1,545		1,784
0.350%, 06/15/2020			1,390		1,596
Unione di Banche Italiane
1.000%, 01/27/2023			185		215
					27,018
Japan — 17.7%
Development Bank of Japan
2.300%, 03/19/2026	JPY		80,000		814
1.050%, 06/20/2023			90,000		829
Government of Japan 5 Year Bond
0.100%, 12/20/2019			549,500		4,851
0.100%, 03/20/2020			410,800		3,628

  SEI Institutional International Trust / Annual Report / September 30, 2018   35

SCHEDULE OF INVESTMENTS

September 30, 2018

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Government of Japan 10 Year Bond
0.900%, 06/20/2022	JPY		859,850	$	7,846
0.100%, 06/20/2026			457,750		4,047
0.100%, 03/20/2027			168,150		1,484
0.100%, 06/20/2027			153,700		1,355
Government of Japan 20 Year Bond
1.900%, 09/20/2022			583,400		5,538
1.700%, 06/20/2033			1,220,450		12,758
1.400%, 09/20/2034			444,650		4,480
1.000%, 12/20/2035			50,000		475
0.700%, 03/20/2037			52,300		470
0.500%, 09/20/2036			459,900		4,009
0.200%, 06/20/2036			169,400		1,403
Government of Japan 20 Year Bond, Ser 106
2.200%, 09/20/2028			46,600		494
Government of Japan 20 Year Bond, Ser 128
1.900%, 06/20/2031			55,000		582
Government of Japan 20 Year Bond, Ser 140
1.700%, 09/20/2032			729,400		7,605
Government of Japan 20 Year Bond, Ser 143
1.600%, 03/20/2033			58,550		604
Government of Japan 20 Year Bond, Ser 144
1.500%, 03/20/2033			149,750		1,526
Government of Japan 30 Year Bond
0.800%, 09/20/2047			397,850		3,438
0.300%, 06/20/2046			134,250		1,024
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/2038			85,400		997
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/2039			295,100		3,404
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/2040			127,000		1,409
Government of Japan 30 Year Bond, Ser 38
1.800%, 03/20/2043			259,650		2,805
Government of Japan 40 Year Bond
0.400%, 03/20/2056			304,100		2,171
Government of Japan 40 Year Bond, Ser 6
1.900%, 03/20/2053			15,400		172
Government of Japan CPI Linked Bond
0.100%, 03/10/2026			344,567		3,155
Japan Treasury Discount Bill
0.000%, 11/12/2018 (B)			152,350		1,341
Mizuho Financial Group MTN
0.956%, 10/16/2024	EUR		385		444
					85,158
Kazakhstan — 0.1%
Tengizchevroil Finance International
4.000%, 08/15/2026 (A)	$		385		364
Luxembourg — 0.1%
Arena Luxembourg Finance SarI
2.875%, 11/01/2024	EUR		165		192

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Enel Finance International MTN
5.750%, 09/14/2040	GBP		145	$	236
INEOS Finance
2.125%, 11/15/2025 (A)	EUR		100		113
Samsonite Finco SARL
3.500%, 05/15/2026			100		113
					654
Malaysia — 1.0%
Malaysia Government Bond
5.734%, 07/30/2019	MYR		2,233		550
4.181%, 07/15/2024			3,360		821
4.048%, 09/30/2021			3,380		826
3.955%, 09/15/2025			3,440		829
3.882%, 03/10/2022			780		190
3.795%, 09/30/2022			3,430		830
3.654%, 10/31/2019			1,771		429
3.441%, 02/15/2021			787		190
					4,665
Mexico — 1.8%
Mexican Bonos
8.000%, 06/11/2020	MXN		23,696		1,271
7.500%, 06/03/2027			2,435		127
6.500%, 06/09/2022			22,900		1,175
5.750%, 03/05/2026			11,907		562
Mexican Bonos, Ser M
6.500%, 06/10/2021			6,746		350
Mexican Bonos, Ser M20
10.000%, 12/05/2024			48,700		2,886
7.750%, 05/29/2031			28,570		1,495
Mexican Bonos, Ser M30
10.000%, 11/20/2036			11,460		725
					8,591
Netherlands — 2.9%
ABN AMRO Bank
5.750%, VAR EUR Swap Annual 5 Yr+5.452%, 12/31/2049	EUR		400		492
Aegon MTN
6.625%, 12/16/2039	GBP		165		318
Constellium
4.250%, 02/15/2026 (A)	EUR		100		118
Cooperatieve Rabobank UA
6.625%, VAR EUR Swap Annual 5 Yr+6.697%, 12/29/2049			200		257
2.500%, VAR EUR Swap Annual 5 Yr+1.400%, 05/26/2026			260		315
0.557%, 12/19/2018	JPY		100,000		881
Cooperatieve Rabobank UA MTN
5.250%, 09/14/2027	GBP		195		290
4.625%, 05/23/2029			130		185
ING Bank
5.800%, 09/25/2023 (A)	$		315		332

  36   SEI Institutional International Trust / Annual Report / September 30, 2018

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
ING Groep
3.150%, 03/29/2022	$		330	$	322
Kingdom of Netherlands
4.000%, 01/15/2037 (A)	EUR		855		1,511
3.750%, 01/15/2042 (A)			40		73
2.750%, 01/15/2047 (A)			190		309
2.500%, 01/15/2033 (A)			550		783
2.000%, 07/15/2024 (A)			345		445
1.250%, 01/15/2019 (A)			335		391
0.500%, 07/15/2026 (A)			570		670
0.250%, 01/15/2020 (A)			3,195		3,753
0.250%, 07/15/2025 (A)			922		1,073
MARB BondCo PLC
7.000%, 03/15/2024 (A)	$		282		267
Minejesa Capital BV
4.625%, 08/10/2030			300		275
Netherlands Government Bond
0.080%, 01/15/2024 (A)(B)	EUR		500		579
Shell International Finance
2.000%, 11/15/2018	$		560		560
					14,199
New Zealand — 2.2%
New Zealand Government Bond
5.500%, 04/15/2023	NZD		7,159		5,465
3.000%, 04/15/2020			5,164		3,488
3.000%, 04/20/2029			380		261
2.750%, 04/15/2025			461		315
New Zealand Government Inflation Linked Bond
2.000%, 09/20/2025			610		457
New Zealand Local Government Funding Agency Bond
4.500%, 04/15/2027			1,100		793
					10,779
Norway — 0.3%
DNB Bank
6.500%, VAR USD Swap Semi 30/360 5 Year Curr+5.080%, 12/29/2049	$		355		364
DNB Boligkreditt MTN
3.875%, 06/16/2021	EUR		390		501
Norway Government Bond
2.000%, 05/24/2023 (A)	NOK		2,680		336
1.750%, 02/17/2027 (A)			2,085		253
					1,454
Poland — 1.5%
Republic of Poland Government Bond
4.000%, 10/25/2023	PLN		2,498		723
3.250%, 07/25/2025			1,890		522
2.750%, 04/25/2028			2,820		735
2.500%, 01/25/2023			2,706		736
2.500%, 07/25/2026			2,560		665

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
2.000%, 04/25/2021	PLN		5,958	$	1,625
1.500%, 04/25/2020			1,100		299
0.670%, 11/15/2018	JPY		200,000		1,762
Republic of Poland Government Bond, Ser 1019
5.500%, 10/25/2019	PLN		1,045		296
					7,363
Portugal — 0.6%
EDP - Energias de Portugal
5.375%, VAR EUR Swap Annual 5 Yr+5.043%, 09/16/2075	EUR		200		251
EDP Finance MTN
2.000%, 04/22/2025			370		442
Portugal Obrigacoes do Tesouro OT
4.125%, 04/14/2027 (A)			640		884
4.100%, 04/15/2037 (A)			145		204
2.200%, 10/17/2022 (A)			775		964
					2,745
Saudi Arabia — 0.1%
Saudi Government International Bond MTN
2.375%, 10/26/2021 (A)	$		275		265
Singapore — 1.6%
Medco Platinum Road Pte
6.750%, 01/30/2025			310		292
Singapore Government Bond
3.500%, 03/01/2027	SGD		1,040		821
3.125%, 09/01/2022			2,255		1,712
3.000%, 09/01/2024			2,649		2,009
2.250%, 08/01/2036			250		168
2.000%, 07/01/2020			3,260		2,389
Temasek Financial I MTN
2.375%, 01/23/2023 (A)	$		495		475
					7,866
Slovak Republic — 0.0%
Slovakia Government Bond
3.375%, 11/15/2024	EUR		75		102
Slovenia — 0.1%
Slovenia Government Bond
1.250%, 03/22/2027			305		362
South Korea — 0.4%
Hyundai Capital Services MTN
3.500%, 03/30/2022	AUD		680		492
Korea Treasury Bond
3.000%, 09/10/2024	KRW		884,000		829
1.500%, 12/10/2026			994,000		840
					2,161

  SEI Institutional International Trust / Annual Report / September 30, 2018   37

SCHEDULE OF INVESTMENTS

September 30, 2018

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Spain — 4.1%
Ayt Cedulas Cajas Global
3.750%, 12/14/2022	EUR		600	$	795
Banco Bilbao Vizcaya Argentaria
8.875%, VAR EUR Swap Annual 5 Yr+9.177%, 12/29/2049			200		259
5.875%, VAR EUR Swap Annual 5 Yr+5.779%, 08/24/2166			200		236
Banco de Sabadell
0.875%, 11/12/2021			400		474
Banco Santander
6.750%, VAR EUR Swap Annual 5 Yr+6.803%, 07/25/2166			200		250
Banco Santander MTN
3.250%, 04/04/2026			300		363
Bankia
0.875%, 01/21/2021			300		355
CaixaBank
6.750%, VAR EUR Swap Annual 5 Yr+6.498%, 12/31/2049			200		251
1.250%, 01/11/2027			500		590
Ferrovial Emisiones MTN
3.375%, 06/07/2021			475		596
Gas Natural Fenosa Finance BV
3.375%, VAR EUR Swap Annual 9 Yr+3.079%, 12/29/2049			100		116
Gas Natural Fenosa Finance BV MTN
1.250%, 04/19/2026			300		342
Government of Spain
4.900%, 07/30/2040 (A)			705		1,188
4.700%, 07/30/2041 (A)			319		526
3.450%, 07/30/2066 (A)			110		147
2.900%, 10/31/2046 (A)			365		457
2.750%, 10/31/2024 (A)			406		526
1.950%, 04/30/2026 (A)			3,850		4,736
1.950%, 07/30/2030 (A)			85		101
1.600%, 04/30/2025 (A)			168		204
1.500%, 04/30/2027 (A)			1,275		1,503
1.400%, 04/30/2028 (A)			357		413
0.450%, 10/31/2022			175		204
0.400%, 04/30/2022			700		818
0.050%, 01/31/2021			1,396		1,624
Iberdrola Finanzas MTN
1.000%, 03/07/2025			500		581
Instituto de Credito Oficial MTN
6.000%, 03/08/2021			180		239
Kutxabank
1.250%, 09/22/2025			300		358
Santander Consumer Finance MTN
0.900%, 02/18/2020			300		353
Spain Government Bond
2.350%, 07/30/2033 (A)			362		441

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Telefonica Emisiones SAU MTN
1.528%, 01/17/2025	EUR		500	$	587
					19,633
Supra-National — 3.7%
Asian Development Bank MTN
2.350%, 06/21/2027	JPY		140,000		1,473
European Financial Stability Facility MTN
1.800%, 07/10/2048	EUR		540		651
1.700%, 02/13/2043			340		406
0.500%, 07/11/2025			695		807
0.200%, 04/28/2025			600		684
0.125%, 10/17/2023			2,200		2,544
European Investment Bank
1.900%, 01/26/2026	JPY		129,100		1,291
European Investment Bank MTN
6.000%, 08/06/2020	AUD		2,737		2,112
1.250%, 05/12/2025	SEK		7,500		862
1.000%, 03/14/2031	EUR		405		468
0.250%, 10/14/2024			1,725		1,994
0.250%, 09/14/2029			745		802
European Stability Mechanism MTN
1.000%, 09/23/2025			570		684
European Union MTN
2.875%, 04/04/2028			575		798
International Bank for Reconstruction & Development MTN
3.500%, 01/22/2021	NZD		1,120		762
2.800%, 01/13/2021	AUD		1,230		899
International Finance MTN
2.375%, 07/19/2023	CAD		1,000		763
					18,000
Sweden — 1.1%
Intrum Justitia
2.750%, 07/15/2022 (A)	EUR		330		371
Nordea Bank Abp
0.425%, 05/28/2019	JPY		100,000		882
Nordea Bank Abp MTN
3.500%, VAR EUR Swap Annual 5 Yr+3.003%, 03/12/2167	EUR		370		406
Skandinaviska Enskilda Banken
2.904%, 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			465		468
Stadshypotek MTN
0.625%, 11/10/2021	EUR		530		627
Svenska Handelsbanken
5.250%, VAR USD Swap Semi 30/360 5 Year Curr+3.335%, 12/29/2049	$		325		320

  38   SEI Institutional International Trust / Annual Report / September 30, 2018

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Swedbank
6.000%, VAR USD Swap Semi 30/360 5 Year Curr+4.106%, 03/17/2166	$		200	$	202
Sweden Government Bond
3.500%, 06/01/2022	SEK		3,040		388
3.500%, 03/30/2039			375		59
1.000%, 11/12/2026			1,725		202
Sweden Government Bond, Ser 1047
5.000%, 12/01/2020			3,370		424
Sweden Government Bond, Ser 1052
4.250%, 03/12/2019			3,630		417
Vattenfall
3.000%, VAR EUR Swap Annual 5 Yr+2.511%, 03/19/2077	EUR		175		199
					5,166
Switzerland — 1.3%
Aquarius & Investments for Swiss Reinsurance
6.375%, VAR USD Swap Semi 30/360 5 Year Curr+5.210%, 09/01/2024	$		340		347
Credit Suisse
0.285%, 12/18/2018	JPY		200,000		1,761
Credit Suisse MTN
0.750%, 09/17/2021	EUR		220		261
Credit Suisse Group
7.500%, VAR USD Swap Semi 30/360 5 Year Curr+4.598%, 12/31/2049 (A)	$		270		284
7.500%, VAR USD Swap Semi 30/360 5 Year Curr+4.600%, 01/17/2167 (A)			200		206
Government of Switzerland
3.000%, 05/12/2019	CHF		110		115
2.000%, 04/28/2021			735		803
2.000%, 05/25/2022			75		84
1.500%, 04/30/2042			305		374
1.250%, 06/11/2024			405		451
LafargeHolcim Sterling Finance Netherlands BV MTN
3.000%, 05/12/2032	GBP		350		420
Swiss Reinsurance via ELM
2.600%, VAR Euribor 6 Month+3.050%, 09/01/2166	EUR		220		261
UBS MTN
4.750%, VAR EUR Swap Annual 5 Yr+3.400%, 02/12/2026			200		252
UBS Group Funding Switzerland
4.125%, 09/24/2025 (A)	$		220		218
1.750%, 11/16/2022	EUR		427		517
					6,354
Thailand — 0.3%
Thailand Government Bond
4.875%, 06/22/2029	THB		11,215		407
4.675%, 06/29/2044			16,575		619

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
3.650%, 12/17/2021	THB		11,020	$	356
3.625%, 06/16/2023			5,375		176
					1,558
Turkey — 0.1%
Turkiye Vakiflar Bankasi TAO
2.375%, 05/04/2021	EUR		265		293
United Arab Emirates — 0.1%
DP World
2.375%, 09/25/2026 (A)			295		341
United Kingdom — 9.1%
Anglian Water Services Financing
6.875%, 08/21/2023	GBP		230		370
Anglo American Capital MTN
1.625%, 09/18/2025	EUR		220		247
Arqiva Financing MTN
4.040%, 06/30/2020	GBP		220		296
Aviva MTN
3.875%, VAR EUR Swap Annual 5 Yr+3.480%, 07/03/2044	EUR		121		148
3.375%, VAR Euribor 3 Month+3.550%, 12/04/2045			515		603
Barclays MTN
3.125%, 01/17/2024	GBP		235		305
2.000%, VAR EUR Swap Annual 5 Yr+1.900%, 02/07/2028	EUR		375		417
1.500%, 04/01/2022			590		697
Barclays Bank MTN
10.000%, 05/21/2021	GBP		180		277
BAT International Finance MTN
1.250%, 03/13/2027	EUR		333		367
BG Energy Capital MTN
5.000%, 11/04/2036	GBP		100		173
BP Capital Markets MTN
1.117%, 01/25/2024	EUR		165		196
Centrica MTN
4.375%, 03/13/2029	GBP		164		239
4.250%, 09/12/2044			100		146
CK Hutchison Finance 16 II
0.875%, 10/03/2024	EUR		212		241
CNH Industrial Finance Europe MTN
2.875%, 05/17/2023			220		275
Coca-Cola European Partners
2.375%, 05/07/2025			400		501
Delphi Automotive
1.500%, 03/10/2025			420		483
DS Smith MTN
1.375%, 07/26/2024			430		492
EC Finance
2.375%, 11/15/2022 (A)			100		116

  SEI Institutional International Trust / Annual Report / September 30, 2018   39

SCHEDULE OF INVESTMENTS

September 30, 2018

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
FCE Bank MTN
1.615%, 05/11/2023	EUR		165	$	192
Gatwick Funding MTN
5.250%, 01/23/2024	GBP		250		373
HBOS Capital Funding
6.461%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+2.850%, 11/29/2049			115		151
Heathrow Funding MTN
2.750%, 08/09/2049			160		183
1.875%, 05/23/2022	EUR		750		913
HSBC Holdings
6.750%, 09/11/2028	GBP		350		574
6.000%, VAR EUR Swap Annual 5 Yr+5.338%, 12/29/2049	EUR		345		444
Imperial Brands Finance
0.500%, 07/27/2021			150		175
InterContinental Hotels Group MTN
3.750%, 08/14/2025	GBP		174		239
International Game Technology
4.750%, 02/15/2023	EUR		160		200
Lecta
6.500%, 08/01/2023 (A)			113		135
Legal & General Group MTN
5.375%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+4.580%, 10/27/2045	GBP		135		186
Lloyds Banking Group MTN
1.750%, VAR EUR Swap Annual 5 Yr+1.300%, 09/07/2028	EUR		230		259
1.000%, 11/09/2023			280		319
National Westminster Bank MTN
3.875%, 10/19/2020			123		154
Nationwide Building Society MTN
4.625%, 02/08/2021			550		708
2.000%, VAR EUR Swap Annual 5 Yr+1.500%, 07/25/2029			230		261
Next
3.625%, 05/18/2028	GBP		190		246
Northumbrian Water Finance
6.875%, 02/06/2023			190		297
5.625%, 04/29/2033			70		118
Rio Tinto Finance MTN
4.000%, 12/11/2029			124		184
2.875%, 12/11/2024	EUR		290		377
Royal Bank of Scotland Group
4.706%, VAR ICE LIBOR USD 3 Month+2.320%, 09/29/2017	$		200		188
Royal Bank of Scotland Group MTN
2.500%, 03/22/2023	EUR		465		565
Santander UK Group Holdings PLC MTN
3.625%, 01/14/2026	GBP		100		133

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Santander UK PLC
6.222%, VAR ICE LIBOR GBP 3 Month+1.130%, 05/24/2167	GBP		170	$	220
Santander UK PLC MTN
4.250%, 04/12/2021	EUR		350		450
1.125%, 01/14/2022			330		390
Severn Trent Utilities Finance MTN
3.625%, 01/16/2026	GBP		175		242
Sky PLC MTN
6.000%, 05/21/2027			50		81
2.250%, 11/17/2025	EUR		275		340
SSE PLC MTN
0.875%, 09/06/2025			395		446
Standard Chartered
3.849%, VAR ICE LIBOR USD 3 Month+1.510%, 01/29/2049 (A)	$		500		416
Standard Chartered MTN
5.125%, 06/06/2034	GBP		100		138
3.625%, 11/23/2022	EUR		160		201
Thames Water Utilities Cayman Finance MTN
4.625%, 06/04/2046	GBP		155		242
Unilever NV
0.375%, 02/14/2023	EUR		220		255
United Kingdom Gilt
4.750%, 12/07/2030	GBP		115		201
4.500%, 12/07/2042			230		450
4.250%, 12/07/2027			95		154
4.250%, 06/07/2032			1,720		2,933
4.250%, 03/07/2036			435		772
4.250%, 09/07/2039			370		679
4.250%, 12/07/2040			100		186
4.250%, 12/07/2046			1,185		2,323
3.750%, 09/07/2020			631		869
3.750%, 09/07/2021			945		1,333
3.750%, 07/22/2052			80		153
3.500%, 01/22/2045			1,445		2,487
3.250%, 01/22/2044			400		658
2.750%, 09/07/2024			200		283
2.500%, 07/22/2065			1,295		2,071
1.750%, 07/22/2019			1,860		2,444
1.625%, 10/22/2028			229		300
1.500%, 01/22/2021			1,450		1,918
1.500%, 07/22/2047			130		154
1.250%, 07/22/2027			1,015		1,298
0.750%, 07/22/2023			2,170		2,774
Virgin Media Finance MTN
4.500%, 01/15/2025	EUR		121		144
Wales & West Utilities Finance PLC
6.250%, 11/30/2021	GBP		240		357
Western Power Distribution West Midlands PLC
5.750%, 04/16/2032			100		167

  40   SEI Institutional International Trust / Annual Report / September 30, 2018

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
3.875%, 10/17/2024	GBP		230	$	324
Wm Morrison Supermarkets MTN
3.500%, 07/27/2026			225		308
Yorkshire Water Services Odsal Finance
6.588%, 02/21/2023			195		303
Zurich Finance PLC MTN
6.625%, 10/30/2049 (D)			235		343
					43,970
United States — 6.3%
AbbVie
1.375%, 05/17/2024	EUR		220		259
American International Group
2.503%, VAR ICE LIBOR GBP 3 Month+1.705%, 03/15/2067	GBP		100		118
Antero Resources
5.125%, 12/01/2022	$		260		264
AT&T
5.000%, 03/01/2021			550		569
1.800%, 09/05/2026	EUR		720		837
Bank of America MTN
2.375%, 06/19/2024			835		1,041
1.625%, 09/14/2022			261		316
1.379%, VAR Euribor 3 Month+1.030%, 02/07/2025			165		193
Bausch Health
4.500%, 05/15/2023 (A)			170		195
Belden
3.375%, 07/15/2027			127		145
3.375%, 07/15/2027			100		114
Berkshire Hathaway
0.625%, 01/17/2023			265		310
0.500%, 03/13/2020			225		263
BWAY Holding Co
4.750%, 04/15/2024 (A)			175		208
Carnival
1.625%, 02/22/2021			180		216
Chubb INA Holdings
1.550%, 03/15/2028			325		376
Citigroup
2.040%, 09/16/2020	JPY		200,000		1,823
Citigroup MTN
0.750%, 10/26/2023	EUR		735		844
Crown European Holdings
2.875%, 02/01/2026 (A)			100		114
2.250%, 02/01/2023 (A)			160		190
CVS Health Corp
4.300%, 03/25/2028	$		265		263
3.125%, 03/09/2020			835		835
Dell International
6.020%, 06/15/2026 (A)			77		82
5.450%, 06/15/2023 (A)			124		131

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Discovery Communications
2.500%, 09/20/2024	GBP		255	$	324
Dover MTN
2.125%, 12/01/2020	EUR		267		323
Fidelity National Information Services
0.400%, 01/15/2021			284		331
Ford Credit Canada MTN
2.939%, 02/19/2019	CAD		1,200		929
Ford Motor Credit MTN
0.111%, VAR Euribor 3 Month+0.430%, 05/14/2021	EUR		750		863
GE Capital UK Funding Unlimited MTN
6.250%, 05/05/2038	GBP		165		302
General Electric
1.500%, 05/17/2029	EUR		170		189
General Motors Financial MTN
0.955%, 09/07/2023			540		614
Goldman Sachs Group
2.625%, 04/25/2021	$		425		416
Goldman Sachs Group MTN
2.000%, 07/27/2023	EUR		900		1,091
1.625%, 07/27/2026			170		196
Halfmoon Parent
4.125%, 11/15/2025 (A)	$		136		135
3.750%, 07/15/2023 (A)			105		105
Hess
4.300%, 04/01/2027			333		323
IHS Markit
4.750%, 08/01/2028			102		102
4.125%, 08/01/2023			326		326
4.000%, 03/01/2026 (A)			85		81
Kinder Morgan Energy Partners
4.300%, 05/01/2024			330		333
Mallinckrodt International Finance
5.750%, 08/01/2022 (A)			37		34
4.875%, 04/15/2020 (A)			137		136
Mastercard
1.100%, 12/01/2022	EUR		445		531
McKesson
3.125%, 02/17/2029	GBP		135		172
0.625%, 08/17/2021	EUR		355		416
Moody’s
1.750%, 03/09/2027			265		316
Morgan Stanley
1.875%, 03/30/2023			490		595
Morgan Stanley MTN
2.625%, 03/09/2027	GBP		295		376
1.375%, 10/27/2026	EUR		360		408
0.081%, VAR Euribor 3 Month+0.400%, 05/21/2021			850		987

  SEI Institutional International Trust / Annual Report / September 30, 2018   41

SCHEDULE OF INVESTMENTS

September 30, 2018

International Fixed Income Fund (Continued)

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
National Capital Trust I
5.620%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+1.930%, 12/17/2166	GBP		150	$	197
5.620%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+1.930%, 12/17/2166 (A)			35		46
National Grid North America MTN
1.000%, 07/12/2024	EUR		300		347
Nordea Bank Abp MTN
2.250%, 05/27/2021 (A)	$		425		412
Philip Morris International
0.625%, 11/08/2024	EUR		285		322
Philip Morris International MTN
1.875%, 03/03/2021			300		363
PNC Funding
3.300%, 03/08/2022	$		150		149
Priceline Group
2.375%, 09/23/2024			355		441
QEP Resources
5.250%, 05/01/2023			108		105
Quintiles IMS
2.875%, 09/15/2025	EUR		220		252
Santander Holdings USA
3.700%, 03/28/2022	$		460		454
Seagate HDD Cayman
4.875%, 03/01/2024			85		84
4.750%, 06/01/2023			17		17
4.750%, 01/01/2025			123		118
Sigma Finance Netherlands BV
4.875%, 03/27/2028 (A)			200		196
SM Energy
6.625%, 01/15/2027			125		129
Southern Co/The
2.750%, 06/15/2020			700		693
Sprint Spectrum
4.738%, 03/20/2025 (A)			265		265
Tenet Healthcare
4.375%, 10/01/2021			110		110
Terraform Global Operating
6.125%, 03/01/2026 (A)			55		53
Toyota Motor Credit MTN
0.625%, 11/21/2024	EUR		465		533
United Technologies Corp
3.950%, 08/16/2025	$		85		85
1.250%, 05/22/2023	EUR		225		267
1.150%, 05/18/2024			164		191
US Bancorp MTN
0.850%, 06/07/2024			701		808
Verizon Communications
3.500%, 11/01/2021	$		590		592

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Verizon Communications MTN
4.750%, 02/17/2034	GBP		170	$	256
4.050%, 02/17/2025	AUD		680		495
Wells Fargo & Co MTN
2.000%, 04/27/2026	EUR		210		253
1.375%, 06/30/2022	GBP		195		248
Wells Fargo Bank MTN
5.250%, 08/01/2023			350		511
Western Digital Corp
4.750%, 02/15/2026	$		328		317
WPC Eurobond BV
2.125%, 04/15/2027	EUR		380		436
					30,405
Uruguay — 0.0%
Republic of Uruguay
9.875%, 06/20/2022 (A)	UYU		3,181		95
8.500%, 03/15/2028 (A)			2,325		61
					156
Total Global Bonds (Cost $452,660) ($ Thousands)					441,087
U.S. TREASURY OBLIGATIONS — 3.3%
U.S. Treasury Bill
2.130%, 12/13/2018 (B)	$		13,546		13,488
U.S. Treasury Bond STRIPS (B)
3.040%, 08/15/2045			1,070		455
2.927%, 11/15/2045			1,030		434
U.S. Treasury Inflation Protected Securities
1.250%, 07/15/2020			1,170		1,183
Total U.S. Treasury Obligations (Cost $15,637) ($ Thousands)					15,560
MORTGAGE-BACKED SECURITIES — 0.9%
Agency Mortgage-Backed Obligation — 0.4%
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA1, CI M2
4.066%, VAR ICE LIBOR USD 1 Month+1.850%, 10/25/2027			430		438
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, CI M2
4.816%, VAR ICE LIBOR USD 1 Month+2.600%, 12/25/2027			74		76
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQA2, CI M2
5.016%, VAR ICE LIBOR USD 1 Month+2.800%, 05/25/2028			128		131

  42   SEI Institutional International Trust / Annual Report / September 30, 2018

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, CI M2
5.116%, VAR ICE LIBOR USD 1 Month+2.900%, 07/25/2028	$		228	$	234
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-HQA1, CI M3
8.566%, VAR ICE LIBOR USD 1 Month+6.350%, 09/25/2028			250		307
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA1, CI M1
3.416%, VAR ICE LIBOR USD 1 Month+1.200%, 07/25/2029			307		310
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA2, CI M2
5.666%, VAR ICE LIBOR USD 1 Month+3.450%, 10/25/2029			470		518
					2,014
Non-Agency Mortgage-Backed Obligation — 0.5%
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
4.750%, 09/25/2034 (D)			13		13
COMM Mortgage Trust, Ser 2013-CR8, Cl A4
3.334%, 06/10/2046			81		80
COMM Mortgage Trust, Ser 2014-CCRE14, Cl A3
3.955%, 02/10/2047			70		72
Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, Cl AMFX
4.877%, 04/15/2037			12		12
FNMA Connecticut Avenue Securities, Ser 2013-C01, CI M1
4.216%, VAR ICE LIBOR USD 1 Month+2.000%, 10/25/2023			3		3
FNMA Connecticut Avenue Securities, Ser 2014-C01, Cl M1
3.816%, VAR ICE LIBOR USD 1 Month+1.600%, 01/25/2024			112		112
FNMA Connecticut Avenue Securities, Ser 2014-C04, CI 2M2
7.216%, VAR ICE LIBOR USD 1 Month+5.000%, 11/25/2024			359		405
FNMA Connecticut Avenue Securities, Ser 2016-C02, CI 1M1
4.366%, VAR ICE LIBOR USD 1 Month+2.150%, 09/25/2028			64		64
FNMA Connecticut Avenue Securities, Ser 2016-C04, CI 1M2
6.466%, VAR ICE LIBOR USD 1 Month+4.250%, 01/25/2029			95		107

Description		Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA Connecticut Avenue Securities, Ser 2016-C05, CI 2M1
3.566%, VAR ICE LIBOR USD 1 Month+1.350%, 01/25/2029	$		39	$	39
FNMA Connecticut Avenue Securities, Ser 2016-C06, CI 1M1
3.516%, VAR ICE LIBOR USD 1 Month+1.300%, 04/25/2029			402		405
FNMA Connecticut Avenue Securities, Ser 2016-C07, CI 2M2
6.566%, VAR ICE LIBOR USD 1 Month+4.350%, 05/25/2029			153		172
FNMA Connecticut Avenue Securities, Ser 2017-C01, CI 1M1
3.516%, VAR ICE LIBOR USD 1 Month+1.300%, 07/25/2029			151		152
GSR Mortgage Loan Trust, Ser 2005-AR1, CI 4A1
3.030%, 01/25/2035 (D)			52		50
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, Cl A3
2.829%, 10/15/2045			125		122
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1
4.128%, 12/25/2034 (D)			48		49
LSTAR Commercial Mortgage Trust, Ser 2016-4, CI A2
2.579%, 03/10/2049 (A)			159		153
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl D
5.304%, 10/12/2052 (A)(D)			15		1
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl E
5.304%, 10/12/2052 (A)(D)			10		1
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, CI A4
3.185%, 03/10/2046			100		99
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, CI A3
3.290%, 05/15/2048			120		118
Wells Fargo Commercial Mortgage Trust, Ser 2015-C30, CI A3
3.411%, 09/15/2058			80		79
					2,308
Total Mortgage-Backed Securities (Cost $4,212) ($ Thousands)					4,322
Total Investments in Securities — 95.7% (Cost $472,509) ($ Thousands)				$	460,969

  SEI Institutional International Trust / Annual Report / September 30, 2018   43

SCHEDULE OF INVESTMENTS

September 30, 2018

International Fixed Income Fund (Continued)

A list of the open futures contracts held by the Fund at September 30, 2018, is as follows:

Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount (Thousands)			Value     (Thousands)			Unrealized Appreciation/   (Depreciation)   (Thousands)
Australian 3-Year Bond		24		Dec-2018	$	1,913		$	1,932		$	(3	)
Australian 10-Year Bond		29		Dec-2018		2,691			2,704			(14	)
Australian 10-Year Bond		(3)		Dec-2018		(279	)		(280	)		1
Canadian 10-Year Bond		11		Dec-2018		1,136			1,129			(11	)
Canadian 10-Year Bond		(25)		Dec-2018		(2,581	)		(2,565	)		30
Euro		(240)		Dec-2018		(35,147	)		(35,046	)		101
Euro-Bob		(72)		Dec-2018		(11,010	)		(10,930	)		70
Euro-Bob		(2)		Dec-2018		(306	)		(304	)		(1	)
Euro-BTP		5		Dec-2018		718			719			1
Euro-Bund		36		Dec-2018		6,678			6,640			(72	)
Euro-Bund		(6)		Dec-2018		(1,116	)		(1,107	)		2
Euro-Buxl 30 Year Bond		9		Dec-2018		1,856			1,822			(30	)
Euro-Buxl 30 Year Bond		(7)		Dec-2018		(1,441	)		(1,417	)		21
Euro-OAT		52		Dec-2018		9,217			9,123			(80	)
Euro-OAT		(13)		Dec-2018		(2,309	)		(2,281	)		20
Euro-Schatz		(24)		Dec-2018		(3,139	)		(3,116	)		1
Euro-Schatz		14		Dec-2018		1,827			1,818			(3	)
Japanese 10-Year Bond		18		Dec-2018		24,293			23,785			(32	)
Japanese 10-Year Bond E-MINI		(32)		Dec-2018		(4,337	)		(4,228	)		6
Japanese 10-Year Bond E-MINI		24		Dec-2018		3,247			3,171			(5	)
Long Gilt 10-Year Bond		(27)		Dec-2018		(4,246	)		(4,258	)		43
Long Gilt 10-Year Bond		1		Dec-2018		159			158			–
U.S. 2-Year Treasury Note		62		Dec-2018		13,073			13,066			(7	)
U.S. 5-Year Treasury Note		(147)		Dec-2018		(16,554	)		(16,534	)		20
U.S. 10-Year Treasury Note		(82)		Dec-2018		(9,734	)		(9,740	)		(6	)
U.S. 10-Year Treasury Note		5		Dec-2018		600			594			(6	)
U.S. Ultra Long Treasury Bond		4		Dec-2018		616			617			1
Ultra 10-Year U.S. Treasury Note		(47)		Dec-2018		(5,998	)		(5,922	)		76
					$	(30,173	)	$	(30,450	)	$	123

A list of the open forward foreign currency contracts held by the Fund at September 30, 2018, is as follows:

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
ANZ		10/11/18	USD		1,297	NZD		1,967	$	7
ANZ		10/11/18	AUD		11,430	USD		8,314		44
ANZ		10/18/18	EUR		10,406	USD		11,948		(154	)
Bank of America		10/04/18	GBP		24,094	USD		31,319		(103	)
Bank of America		10/04/18	EUR		27,630	USD		32,296		199
Bank of America		11/05/18	USD		79	JPY		8,880		–
Bank of America		11/05/18	SEK		693	USD		79		1
Barclays PLC		10/04/18	USD		488	EUR		419		(1	)
Barclays PLC		10/04/18	USD		1,034	CAD		1,350		10
Barclays PLC		10/04/18	CAD		16,098	USD		12,336		(119	)
Barclays PLC		10/04/18	JPY		54,300	USD		491		13
Barclays PLC		10/12/18 - 11/05/18	GBP		21,521	USD		28,153		54
Barclays PLC		12/13/18	USD		677	INR		47,117		(35	)

  44   SEI Institutional International Trust / Annual Report / September 30, 2018

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
BNP Paribas		10/04/18 - 11/05/18	AUD		706	USD		509	$	(1	)
BNP Paribas		10/04/18	CHF		1,838	USD		1,887		5
BNP Paribas		10/04/18	JPY		5,603,472	USD		50,669		1,328
BNP Paribas		10/11/18	USD		1,223	EUR		1,040		(14	)
BNP Paribas		10/12/18	GBP		12,850	USD		16,910		147
BNP Paribas		11/05/18	CZK		16,323	USD		739		3
Brown Brothers Harriman		10/04/18	USD		745	JPY		81,535		(27	)
Brown Brothers Harriman		10/04/18	JPY		38,773	USD		345		4
Brown Brothers Harriman		10/11/18	AUD		994	USD		716		(4	)
Brown Brothers Harriman		10/11/18	EUR		2,419	USD		2,809		(2	)
Brown Brothers Harriman		10/12/18	TRY		57	USD		9		(1	)
Brown Brothers Harriman		10/19/18	MXN		13,254	USD		685		(21	)
BT Brokerage		10/04/18	EUR		5,785	USD		6,758		38
BT Brokerage		10/04/18	HUF		74,958	USD		270		1
BT Brokerage		10/04/18	JPY		2,801,316	USD		25,329		662
CIBC		11/05/18	USD		263	EUR		226		–
CIBC		11/05/18	USD		330	JPY		37,350		–
CIBC		11/05/18	USD		430	GBP		329		–
Citigroup		10/02/18	USD		1,356	BRL		5,507		23
Citigroup		10/04/18	GBP		40	USD		53		–
Citigroup		10/04/18	GBP		70	USD		91		(1	)
Citigroup		10/04/18	USD		60	EUR		52		–
Citigroup		10/04/18	USD		122	EUR		105		–
Citigroup		10/04/18 - 10/12/18	USD		1,415	GBP		1,097		16
Citigroup		10/10/18	CAD		20,012	USD		15,510		25
Citigroup		10/04/18	CAD		79	USD		61		–
Citigroup		10/04/18	JPY		54,300	USD		489		11
Citigroup		10/04/18	JPY		72,714	EUR		554		3
Citigroup		10/12/18	USD		365	CLP		244,583		6
Citigroup		10/12/18	COP		1,443,474	USD		473		(13	)
Citigroup		10/25/18	USD		683	SGD		929		(2	)
Citigroup		11/05/18	USD		58	AUD		81		–
Citigroup		11/05/18	SGD		1,084	USD		793		(1	)
Citigroup		11/05/18	NOK		5,280	USD		648		(1	)
Citigroup		11/05/18	AUD		7,513	USD		5,424		(12	)
Citigroup		11/05/18	HUF		74,958	USD		270		–
Citigroup		12/07/18	UYU		5,086	USD		148		(2	)
Citigroup		12/13/18	USD		674	INR		47,050		(33	)
Credit Suisse First Boston		10/04/18	USD		343	JPY		37,787		(10	)
Credit Suisse First Boston		10/04/18	USD		1,867	EUR		1,587		(24	)
Credit Suisse First Boston		10/12/18	USD		736	GBP		565		1
Credit Suisse First Boston		11/05/18	CHF		1,838	USD		1,891		2
Credit Suisse First Boston		11/15/18	USD		673	NOK		5,456		(2	)
Credit Suisse First Boston		11/15/18	USD		700	NOK		5,705		2
Credit Suisse First Boston		12/13/18	JPY		78,354	USD		693		–
Deutsche Bank		10/11/18	EUR		18,044	USD		21,180		208
Deutsche Bank		11/05/18	USD		1,352	BRL		5,507		24
Goldman Sachs		10/04/18	JPY		412,567	USD		3,786		153
HSBC		10/04/18	EUR		502	USD		586		2
HSBC		10/04/18	USD		586	JPY		65,160		(12	)

  SEI Institutional International Trust / Annual Report / September 30, 2018   45

SCHEDULE OF INVESTMENTS

September 30, 2018

International Fixed Income Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
HSBC		10/04/18	GBP		376	USD		492	$	2
HSBC		10/04/18	GBP		750	USD		972		(6	)
HSBC		10/04/18	USD		1,223	EUR		1,050		(3	)
HSBC		10/04/18	CAD		4,004	USD		3,083		(15	)
HSBC		10/04/18	JPY		174,129	USD		1,578		45
HSBC		10/12/18	USD		669	CLP		445,105		6
HSBC		10/25/18	SGD		947	USD		690		(4	)
HSBC		11/05/18	PLN		6,640	USD		1,800		(3	)
HSBC		12/13/18	INR		43,507	USD		596		3
JPMorgan Chase Bank		10/04/18 - 11/05/18	USD		165	SEK		1,467		1
JPMorgan Chase Bank		10/04/18 - 11/05/18	USD		88	SEK		775		(1	)
JPMorgan Chase Bank		10/04/18 - 11/05/18	USD		215	AUD		300		2
JPMorgan Chase Bank		10/04/18	USD		79	AUD		109		–
JPMorgan Chase Bank		10/04/18	USD		129	CAD		169		2
JPMorgan Chase Bank		10/04/18	USD		170	CAD		219		–
JPMorgan Chase Bank		10/04/18	CAD		101	USD		78		–
JPMorgan Chase Bank		10/04/18 - 11/05/18	CAD		272	USD		210		(1	)
JPMorgan Chase Bank		10/04/18 - 11/05/18	USD		208	GBP		161		2
JPMorgan Chase Bank		10/04/18	USD		322	GBP		245		(2	)
JPMorgan Chase Bank		10/04/18	USD		729	NOK		6,040		13
JPMorgan Chase Bank		10/04/18	ILS		937	USD		260		2
JPMorgan Chase Bank		10/04/18	GBP		698	USD		922		12
JPMorgan Chase Bank		10/04/18	GBP		387	USD		503		(2	)
JPMorgan Chase Bank		10/04/18 - 11/05/18	USD		145	EUR		125		1
JPMorgan Chase Bank		10/04/18 - 11/05/18	USD		1,365	EUR		1,171		(5	)
JPMorgan Chase Bank		10/04/18 - 11/05/18	EUR		3,113	USD		3,636		17
JPMorgan Chase Bank		10/04/18	EUR		716	USD		831		(1	)
JPMorgan Chase Bank		10/04/18	CZK		3,829	USD		172		–
JPMorgan Chase Bank		11/05/18	USD		68	JPY		7,668		–
JPMorgan Chase Bank		10/04/18 - 11/05/18	USD		4,209	JPY		472,042		(48	)
JPMorgan Chase Bank		10/04/18 - 11/05/18	SEK		2,461	USD		280		2
JPMorgan Chase Bank		10/04/18	SEK		2,005	USD		222		(3	)
JPMorgan Chase Bank		10/04/18	PLN		6,640	USD		1,809		8
JPMorgan Chase Bank		10/04/18	AUD		190	USD		138		1
JPMorgan Chase Bank		10/04/18 - 11/05/18	AUD		7,391	USD		5,341		(6	)
JPMorgan Chase Bank		10/04/18 - 11/05/18	NOK		2,381	USD		293		1
JPMorgan Chase Bank		10/04/18 - 11/05/18	NOK		9,484	USD		1,144		(21	)
JPMorgan Chase Bank		10/04/18 - 10/11/18	NZD		9,975	USD		6,651		38
JPMorgan Chase Bank		10/17/18	NZD		18,714	USD		12,189		(216	)
JPMorgan Chase Bank		10/04/18	THB		52,611	USD		1,609		(18	)
JPMorgan Chase Bank		10/04/18 - 11/05/18	JPY		94,906	USD		850		13
JPMorgan Chase Bank		10/12/18	USD		631	GBP		487		5
JPMorgan Chase Bank		10/17/18	USD		3,787	GBP		2,902		(1	)
JPMorgan Chase Bank		10/12/18	COP		784,017	USD		258		(6	)
JPMorgan Chase Bank		10/17/18	CAD		560	USD		426		(8	)
JPMorgan Chase Bank		10/17/18	USD		2,641	SEK		23,865		46
JPMorgan Chase Bank		10/17/18	CHF		2,986	USD		3,073		12
JPMorgan Chase Bank		10/17/18 - 11/15/18	USD		4,800	NOK		39,978		114
JPMorgan Chase Bank		10/17/18	PLN		7,535	USD		2,025		(20	)
JPMorgan Chase Bank		10/17/18	SGD		8,672	USD		6,297		(53	)
JPMorgan Chase Bank		10/17/18	AUD		9,977	USD		7,085		(134	)
JPMorgan Chase Bank		10/26/18	EUR		9,222	USD		10,856		125

  46   SEI Institutional International Trust / Annual Report / September 30, 2018

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		10/17/18	EUR		14,765	USD		17,147	$	(22	)
JPMorgan Chase Bank		10/17/18	HUF		993,394	USD		3,551		(22	)
JPMorgan Chase Bank		10/25/18	USD		678	COP		2,053,103		14
JPMorgan Chase Bank		10/25/18	USD		1,685	CLP		1,149,590		59
JPMorgan Chase Bank		10/25/18	BRL		8,851	USD		2,127		(86	)
JPMorgan Chase Bank		10/25/18	MXN		29,119	USD		1,535		(16	)
JPMorgan Chase Bank		10/25/18	TWD		71,746	USD		2,339		(20	)
JPMorgan Chase Bank		10/25/18	THB		114,930	USD		3,536		(21	)
JPMorgan Chase Bank		10/25/18	KRW		1,835,000	USD		1,643		(12	)
JPMorgan Chase Bank		10/25/18	JPY		2,503,340	USD		22,439		360
JPMorgan Chase Bank		11/05/18	CHF		28	USD		29		–
JPMorgan Chase Bank		11/05/18	USD		91	CHF		89		–
JPMorgan Chase Bank		11/15/18	EUR		599	NOK		5,740		8
Morgan Stanley		10/04/18	USD		570	CAD		740		2
Morgan Stanley		10/04/18 - 11/05/18	USD		867	JPY		97,165		(11	)
Morgan Stanley		10/04/18	SGD		1,424	USD		1,044		2
Morgan Stanley		10/04/18	USD		2,050	GBP		1,570		(3	)
Morgan Stanley		10/04/18 - 11/05/18	ILS		6,983	USD		1,927		3
Morgan Stanley		10/04/18	CZK		12,494	USD		567		4
Morgan Stanley		11/05/18	SEK		17,283	USD		1,954		5
Morgan Stanley		10/04/18 - 11/15/18	SEK		21,830	USD		2,413		(45	)
Morgan Stanley		10/11/18	EUR		341	AUD		552		4
Morgan Stanley		11/05/18	NZD		6,583	USD		4,357		(6	)
Morgan Stanley		11/05/18	DKK		7,862	USD		1,229		1
Morgan Stanley		11/05/18	EUR		335	USD		391		1
Morgan Stanley		11/05/18	EUR		58,227	USD		67,660		(150	)
RBC		10/04/18	EUR		20	USD		24		–
RBC		10/04/18	USD		4,940	EUR		4,202		(59	)
RBC		10/04/18 - 11/05/18	MXN		99,886	USD		5,232		(94	)
RBC		11/05/18	USD		129	CAD		168		1
RBC		11/05/18	CAD		18,012	USD		13,858		(90	)
RBS		11/06/18	EUR		20,250	USD		23,718		134
Standard Chartered		11/15/18	USD		1,383	KRW		1,540,480		7
Standard Chartered		11/15/18	KRW		769,449	USD		685		(9	)
Standard Chartered		12/11/18	TWD		40,697	USD		1,330		(14	)
Standard Chartered		12/13/18	USD		675	INR		49,800		3
State Street		10/04/18	USD		437	EUR		375		(1	)
State Street		10/04/18	JPY		4,633	USD		42		1
State Street		10/04/18	USD		5,092	GBP		3,887		(23	)
State Street		10/04/18	EUR		27,551	USD		32,112		107
State Street		11/05/18	GBP		212	USD		277		–
TD Securities		10/04/18	USD		1	CAD		1		–
TD Securities		10/04/18	USD		69	EUR		59		(1	)
TD Securities		10/04/18	EUR		2,848	USD		3,332		24
UBS		10/04/18	EUR		32	USD		37		–
UBS		10/04/18	USD		249	SGD		340		–
UBS		10/04/18	DKK		7,862	USD		1,237		12
UBS		10/11/18	EUR		783	USD		896		(14	)
UBS		10/12/18	AUD		957	GBP		522		(11	)
UBS		10/12/18	GBP		1,590	USD		2,086		11

  SEI Institutional International Trust / Annual Report / September 30, 2018   47

SCHEDULE OF INVESTMENTS

September 30, 2018

International Fixed Income Fund (Concluded)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
UBS		10/12/18	GBP		624	USD		810	$	(3	)
									$	2,323

A list of the open OTC swap agreements held by the Fund at September 30, 2018, 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)	$	(77	)	$	(61	)	$	(16	)
Credit Suisse	CMBX.NA.BB.6	Sell	5.00%	Monthly	05/11/2063	(240)		(50	)		(30	)		(20	)
Credit Suisse	CMBX.NA.BB.6	Sell	5.00%	Monthly	05/11/2063	(130)		(27	)		(17	)		(10	)
Credit Suisse	CMBX.NA.BBB.6	Sell	3.00%	Monthly	05/11/2063	(373)		(44	)		(27	)		(17	)
Credit Suisse	CMBX.NA.BBB.6	Sell	3.00%	Monthly	05/11/2063	(127)		(15	)		(9	)		(6	)
Credit Suisse	CMBX.NA.BBB.6	Sell	3.00%	Monthly	05/11/2063	(134)		(15	)		(8	)		(7	)
Credit Suisse	CMBX.NA.BBB.6	Sell	3.00%	Monthly	05/11/2063	(460)		(54	)		(34	)		(20	)
Deutsche Bank	CMBX.NA.BBB.6	Sell	3.00%	Monthly	05/11/2063	(406)		(48	)		(29	)		(19	)
							$	(330	)	$	(215	)	$	(115	)

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2018, is as follows:

Credit Default Swap
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 28		Sell		1.00%		Quarterly		12/20/2022	EUR	(5,360	)	$	134	$	135	$	(1)
												$	134	$	135	$	(1)

Percentages are based on Net Assets of $481,911 ($ 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, 2018, the value of these securities amounted to $62,534 ($ Thousands), representing 12.98% of the Net Assets of the Fund.

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

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

(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.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

CLP — Chilean Peso

COP — Colombian Peso

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GBP — British Pound Sterling

HUF — Hungarian Forint

ICE — Intercontinental Exchange

ILS — Israeli New Sheckels

INR — Indian Rupee

JPY — Japanese Yen

KRW — Korean Won

L.P. — Limited Partnership

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLC — Public Limited Company

PLN — Polish Zloty

SGD — Singapore Dollar

SEK — Swedish Krona

Ser — Series

STRIPS — Separately Traded Registered Interest and Principal Securities

THB — Thai Bhat

TRY — Turkish Lira

TWD — Taiwan Dollar

USD — United States Dollar

UYU — Uruguayan Peso

VAR — Variable Rate

  48   SEI Institutional International Trust / Annual Report / September 30, 2018

The following is a list of the level of inputs used as of September 30, 2018, 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	$	–	$	441,087	$	–	$	441,087
U.S. Treasury Obligations		–		15,560		–		15,560
Mortgage-Backed Securities		–		4,322		–		4,322
Total Investments in Securities	$	–	$	460,969	$	–	$	460,969

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	394	$	—	$	—	$	394
Unrealized Depreciation		(270)		—		—		(270)
Forwards Contracts *
Unrealized Appreciation		—		4,228		—		4,228
Unrealized Depreciation		—		(1,905)		—		(1,905)
OTC Swaps
Credit Default Swaps *
Unrealized Depreciation		—		(115)		—		(115)
Centrally Cleared Swaps
Credit Default Swaps *
Unrealized Depreciation		—		(1)		—		(1)
Total Other Financial Instruments	$	124	$	2,207	$	—	$	2,331

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

For the year ended September 30, 2018, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2018, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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

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

  SEI Institutional International Trust / Annual Report / September 30, 2018   49

SCHEDULE OF INVESTMENTS

September 30, 2018

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 — 90.5%
Angola — 0.7%
Angolan Government International Bond
9.375%, 05/08/2048	$		2,550	$	2,692
8.250%, 05/09/2028 (A)			989		1,022
8.250%, 05/09/2028			1,923		1,986
Republic of Angola Via Avenir II BV MTN
10.009%, VAR ICE LIBOR USD 6 Month+7.500%, 07/01/2023			4,066		4,534
					10,234
Argentina — 5.2%
Adecoagro
6.000%, 09/21/2027 (A)			785		689
Agua y Saneamientos Argentinos
6.625%, 02/01/2023			1,230		971
Argentina Treasury Bill
0.000%, 10/12/2018 (B)	ARS		5,948		162
Argentina Treasury Bond
2.500%, 07/22/2021			6,000		222
Argentine Bonos del Tesoro
18.200%, 10/03/2021			21,053		413
Argentine Republic Government International Bond
8.280%, 12/31/2033	$		1,655		1,493
8.280%, 12/31/2033			1,262		1,117
7.820%, 12/31/2033	EUR		8,150		8,917
7.820%, 12/31/2033			18,952		20,945
7.500%, 04/22/2026	$		5,755		5,130
6.875%, 04/22/2021			1,028		982
6.875%, 01/26/2027			1,031		876
6.875%, 01/11/2048			3,034		2,336
6.250%, 04/22/2019			5,200		5,208
5.875%, 01/11/2028			2,003		1,585
5.625%, 01/26/2022			614		553
5.000%, 01/15/2027	EUR		2,585		2,404
4.625%, 01/11/2023	$		304		257
2.260%, 12/31/2038	EUR		14,905		10,193
2.260%, 3.38%, 3/31/2019, 12/31/2038 (C)			564		386

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Autonomous City of Buenos Aires Argentina
46.591%, VAR 30-35d Argentina BADLAR Private Banks+3.250%, 03/29/2024	ARS		48,886	$	1,043
46.591%, VAR 30-35d Argentina BADLAR Private Banks+3.250%, 03/29/2024			17,544		374
45.036%, VAR 30-35d Argentina BADLAR Private Banks+3.750%, 02/22/2028			10,166		227
Banco Central de la Republica Argentina
47.922%, 11/21/2018 (B)			174,019		3,926
Bonos De La Nacion Argentina
4.500%, 06/21/2019	$		1,463		1,430
Bonos de la Nacion Argentina con Ajuste por CER
4.000%, 03/06/2020	ARS		35,000		1,009
4.000%, 03/06/2020			8,400		242
3.750%, 02/08/2019			33,185		1,013
Bonos de la Nacion Argentina En Moneda Dua
4.500%, 02/13/2020	$		1,507		1,424
Pampa Energia
7.500%, 01/24/2027 (A)			343		303
7.375%, 07/21/2023 (A)			270		251
Provincia de Buenos Aires
7.875%, 06/15/2027			2,762		2,297
5.375%, 01/20/2023	EUR		620		605
Provincia de Cordoba
7.125%, 06/10/2021	$		600		558
7.125%, 06/10/2021 (A)			531		494
Provincia del Chaco Argentina
9.375%, 08/18/2024			654		504
Rio Energy
6.875%, 02/01/2025 (A)			1,471		1,214
Transportadora de Gas del Sur
6.750%, 05/02/2025 (A)			238		228
YPF MTN
36.750%, VAR 30-35d Argentina BADLAR Private Banks+4.000%, 07/07/2020			368		158
					82,139
Azerbaijan — 1.2%
Republic of Azerbaijan
4.750%, 03/18/2024			700		710
Southern Gas Corridor
6.875%, 03/24/2026 (A)			1,437		1,596
6.875%, 03/24/2026			8,050		8,937
State Oil of the Azerbaijan Republic
6.950%, 03/18/2030			2,810		3,039
State Oil of the Azerbaijan Republic MTN
4.750%, 03/13/2023			2,240		2,247

  50   SEI Institutional International Trust / Annual Report / September 30, 2018

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
4.750%, 03/13/2023	$		2,923	$	2,933
					19,462
Bahrain — 0.0%
Bahrain Government International Bond
7.000%, 10/12/2028 (A)			641		635
Belarus — 0.1%
Republic of Belarus International Bond
7.625%, 06/29/2027			1,040		1,109
Belize — 0.1%
Belize Government International Bond
0.000%, 02/20/2034			2,637		1,292
Bermuda — 0.3%
Government of Bermuda
4.854%, 02/06/2024			2,580		2,689
3.717%, 01/25/2027			1,521		1,446
					4,135
Brazil — 6.6%
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/2019 (A)			660		673
Brazil Letras do Tesouro Nacional (B)
16.298%, 01/01/2019	BRL		41,355		10,192
11.925%, 01/01/2020			14,000		3,173
10.726%, 01/01/2022			8,000		1,452
10.506%, 07/01/2021			29,000		5,599
8.754%, 07/01/2020			45,155		9,744
8.172%, 04/01/2020			8,000		1,770
Brazil Loan Trust 1
5.477%, 07/24/2023 (A)	$		1,664		1,677
5.477%, 07/24/2023			235		237
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/2028			1,176		1,126
5.333%, 02/15/2028			4,581		4,386
5.333%, 02/15/2028 (A)			224		215
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2021	BRL		87,158		22,074
10.000%, 01/01/2023			55,309		13,512
10.000%, 01/01/2025			7,481		1,777
10.000%, 01/01/2027			6,000		1,391
10.000%, 01/01/2029			1,032		239
Brazilian Government International Bond
4.625%, 01/13/2028	$		2,125		1,945
Cosan Luxembourg
7.000%, 01/20/2027 (A)			253		249
CSN Resources
6.500%, 07/21/2020			1,000		969
ESAL GmbH
6.250%, 02/05/2023 (A)			821		814

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Federal Republic of Brazil
8.250%, 01/20/2034	$		748	$	877
Gol Finance
7.000%, 01/31/2025 (A)			1,720		1,389
JBS Investments GmbH
7.750%, 10/28/2020			720		735
7.250%, 04/03/2024			1,034		1,052
Klabin Finance
5.250%, 07/16/2024			790		764
Marfrig Holdings Europe BV
8.000%, 06/08/2023			1,100		1,104
Minerva Luxembourg
6.500%, 09/20/2026 (A)			2,293		2,147
6.500%, 09/20/2026			1,401		1,311
Nexa Resources
5.375%, 05/04/2027 (A)			2,891		2,809
Petrobras Global Finance BV
7.375%, 01/17/2027			1,958		1,983
6.250%, 03/17/2024			2,199		2,203
Rumo Luxembourg
7.375%, 02/09/2024 (A)			898		917
Suzano Austria GmbH
6.000%, 01/15/2029 (A)			688		691
Swiss Insured Brazil Power Finance Sarl
9.850%, 07/16/2032 (A)	BRL		6,802		1,571
					102,767
Cameroon — 0.1%
Republic of Cameroon International Bond
9.500%, 11/19/2025 (A)	$		1,861		1,959
Chile — 0.9%
Banco de Credito e Inversiones
3.500%, 10/12/2027 (A)			1,256		1,146
Bonos de la Tesoreria de la Republica
6.000%, 01/01/2020	CLP		80,000		127
6.000%, 01/01/2043			1,635,000		2,812
5.000%, 03/01/2035			155,000		236
4.700%, 09/01/2030 (A)			135,000		205
4.500%, 02/28/2021			350,000		541
4.000%, 03/01/2023 (A)			120,000		182
Cencosud
4.375%, 07/17/2027 (A)	$		1,819		1,651
Empresa de Transporte de Pasajeros Metro
5.000%, 01/25/2047 (A)			2,000		2,015
Empresa Electrica Angamos
4.875%, 05/25/2029 (A)			1,323		1,309
Empresa Nacional del Petroleo
4.500%, 09/14/2047 (A)			332		298
4.375%, 10/30/2024			200		200
3.750%, 08/05/2026			2,290		2,179
3.750%, 08/05/2026 (A)			387		368

  SEI Institutional International Trust / Annual Report / September 30, 2018   51

SCHEDULE OF INVESTMENTS

September 30, 2018

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Geopark
6.500%, 09/21/2024 (A)	$		492	$	495
Republic of Chile
5.500%, 08/05/2020	CLP		323,000		504
					14,268
China — 1.1%
Alibaba Group Holding
4.200%, 12/06/2047	$		310		283
Charming Light Investments MTN
4.375%, 12/21/2027			1,600		1,510
China Minmetals
4.450%, VAR US Treas Yield Curve Rate T Note Const Mat 3 Yr+6.070%, 05/13/2021			640		631
3.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.717%, 05/13/2166			2,297		2,124
Chinalco Capital Holdings
4.250%, 04/21/2022			740		712
CNAC HK Finbridge
5.125%, 03/14/2028			780		784
4.625%, 03/14/2023			294		296
Country Garden Holdings Co Ltd
4.750%, 07/25/2022			1,220		1,131
4.750%, 01/17/2023			972		888
Dianjian International Finance
4.600%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.933%, 09/13/2166			303		289
HBIS Group Hong Kong
4.250%, 04/07/2020			684		669
Huarong Finance
4.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.773%, 12/29/2049			1,588		1,523
Industrial & Commercial Bank of China
6.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.382%, 12/29/2049			1,270		1,287
Leader Goal International Ltd
4.250%, 07/19/2166			212		202
Longfor Group Holdings
4.500%, 01/16/2028			592		533
Sinopec Group Overseas Development
3.250%, 09/13/2027 (A)			1,388		1,275
Tsinghua Unic
5.375%, 01/31/2023			1,530		1,308
Vanke Real Estate Hong Kong MTN
3.975%, 11/09/2027			1,185		1,069
					16,514

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Colombia — 5.2%
Bogota Distrito Capital
9.750%, 07/26/2028 (A)	COP		7,785,000	$	2,825
9.750%, 07/26/2028			370,000		134
Colombian TES
11.000%, 07/24/2020			5,128,900		1,899
10.000%, 07/24/2024			29,992,500		11,889
7.750%, 09/18/2030			1,040,700		369
7.500%, 08/26/2026			30,375,100		10,724
7.000%, 09/11/2019			17,456,100		6,017
7.000%, 05/04/2022			40,600,800		14,205
7.000%, 06/30/2032			3,443,600		1,134
6.250%, 11/26/2025			12,322,300		4,082
4.750%, 04/04/2035			1,951,000		1,956
Emgesa ESP
8.750%, 01/25/2021			870,000		307
Empresas Publicas de Medellin ESP
8.375%, 02/01/2021			3,962,000		1,343
8.375%, 11/08/2027 (A)			1,760,000		563
7.625%, 09/10/2024 (A)			3,116,000		1,005
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/2024 (A)			1,127,000		388
7.875%, 08/12/2024			884,000		305
Republic of Colombia
9.850%, 06/28/2027			3,803,000		1,585
9.850%, 06/28/2027			1,257,000		524
8.125%, 05/21/2024	$		550		660
7.750%, 04/14/2021	COP		3,331,000		1,175
7.375%, 09/18/2037	$		1,091		1,375
6.125%, 01/18/2041			3,194		3,617
6.000%, 04/28/2028	COP		17,838,400		5,635
5.000%, 06/15/2045	$		3,257		3,254
4.500%, 01/28/2026			1,636		1,667
4.375%, 07/12/2021			1,350		1,374
4.375%, 03/21/2023	COP		1,782,000		570
4.375%, 03/21/2023			1,089,000		349
					80,930
Costa Rica — 1.1%
Banco Nacional de Costa Rica
6.250%, 11/01/2023 (A)	$		753		743
5.875%, 04/25/2021 (A)			597		593
Instituto Costarricense de Electricidad
6.950%, 11/10/2021			400		403
6.375%, 05/15/2043			250		195
Republic of Costa Rica
7.158%, 03/12/2045 (A)			1,237		1,085
7.158%, 03/12/2045			3,436		3,013
7.158%, 03/12/2045			6,634		5,817
7.000%, 04/04/2044			2,387		2,092
7.000%, 04/04/2044			2,108		1,848
7.000%, 04/04/2044 (A)			956		838

  52   SEI Institutional International Trust / Annual Report / September 30, 2018

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
5.625%, 04/30/2043	$		300	$	231
					16,858
Croatia — 1.1%
Croatia Government International Bond
6.625%, 07/14/2020			700		735
6.000%, 01/26/2024			5,322		5,782
6.000%, 01/26/2024 (A)			200		217
3.000%, 03/11/2025	EUR		3,564		4,471
3.000%, 03/20/2027			1,860		2,286
2.750%, 01/27/2030			2,169		2,541
2.700%, 06/15/2028			1,196		1,414
					17,446
Czech Republic — 1.1%
Czech Republic Government Bond
4.200%, 12/04/2036	CZK		28,000		1,518
2.750%, 07/23/2029			25,920		1,219
2.500%, 08/25/2028			41,920		1,942
2.400%, 09/17/2025			59,820		2,748
2.000%, 10/13/2033			18,820		795
1.500%, 10/29/2019			63,310		2,852
0.703%, 07/17/2019 (B)			134,450		5,994
					17,068
Dominican Republic — 1.4%
Dominican Republic International Bond
11.250%, 02/05/2027	DOP		14,500		300
7.450%, 04/30/2044	$		1,900		2,023
7.450%, 04/30/2044 (A)			1,395		1,486
6.875%, 01/29/2026			2,000		2,135
6.875%, 01/29/2026			443		473
6.850%, 01/27/2045			830		840
6.850%, 01/27/2045 (A)			2,488		2,519
6.850%, 01/27/2045			400		405
6.600%, 01/28/2024			656		691
6.500%, 02/15/2048			3,171		3,108
6.000%, 07/19/2028 (A)			1,817		1,848
6.000%, 07/19/2028			1,381		1,404
5.950%, 01/25/2027			2,613		2,661
5.875%, 04/18/2024 (A)			71		73
5.500%, 01/27/2025			1,249		1,254
5.500%, 01/27/2025			179		180
					21,400
Ecuador — 1.5%
Ecuador Government International Bond
10.500%, 03/24/2020			273		284
9.650%, 12/13/2026			779		776
9.650%, 12/13/2026 (A)			660		657
9.625%, 06/02/2027			777		768
8.875%, 10/23/2027			6,646		6,305
8.875%, 10/23/2027 (A)			574		544
8.750%, 06/02/2023			2,261		2,263

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
7.950%, 06/20/2024	$		3,912	$	3,739
7.875%, 01/23/2028			2,434		2,190
7.875%, 01/23/2028 (A)			5,451		4,904
Petroamazonas EP
4.625%, 02/16/2020 (A)			380		375
4.625%, 11/06/2020 (A)			1,055		1,018
					23,823
Egypt — 3.4%
Egypt Government International Bond
14.800%, 01/30/2023	EGP		73,250		3,591
7.903%, 02/21/2048 (A)	$		2,945		2,805
6.588%, 02/21/2028 (A)(D)			1,291		1,233
5.577%, 02/21/2023 (A)			1,445		1,401
Egypt Government International Bond MTN
8.500%, 01/31/2047 (A)			3,166		3,173
8.500%, 01/31/2047			9,055		9,074
7.500%, 01/31/2027 (A)			1,702		1,732
7.500%, 01/31/2027 (D)			1,413		1,438
6.125%, 01/31/2022 (A)			1,194		1,194
5.625%, 04/16/2030 (A)	EUR		1,968		2,140
5.625%, 04/16/2030			3,322		3,612
4.750%, 04/16/2026			2,311		2,570
Egypt Treasury Bills (B)
18.922%, 02/05/2019	EGP		13,000		680
17.389%, 10/30/2018			323,975		17,844
					52,487
El Salvador — 0.1%
Republic of El Salvador
8.250%, 04/10/2032 (A)	$		126		128
7.750%, 01/24/2023			2,020		2,107
					2,235
Gabon — 0.1%
Gabonese Republic
6.950%, 06/16/2025 (A)			2,012		1,927
6.375%, 12/12/2024 (A)			41		38
					1,965
Georgia — 0.0%
Republic of Georgia
6.875%, 04/12/2021 (A)			421		440
Ghana — 0.9%
Ghana Government Bond
10.750%, 10/14/2030			6,475		8,053
10.750%, 10/14/2030 (A)			244		303
8.627%, 06/16/2049			2,467		2,467
7.625%, 05/16/2029 (D)			2,023		2,025
Tullow Oil
7.000%, 03/01/2025 (A)			660		644
					13,492

  SEI Institutional International Trust / Annual Report / September 30, 2018   53

SCHEDULE OF INVESTMENTS

September 30, 2018

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Guatemala — 0.0%
Comunicaciones Celulares Via Comcel Trust
6.875%, 02/06/2024 (A)	$		390	$	399
Honduras — 0.0%
Honduras Government International Bond
6.250%, 01/19/2027			326		335
Hungary — 1.7%
Republic of Hungary
7.625%, 03/29/2041			5,308		7,404
5.500%, 06/24/2025	HUF		609,080		2,511
3.000%, 06/26/2024			884,280		3,212
3.000%, 10/27/2027			2,411,270		8,281
2.750%, 12/22/2026			752,070		2,565
1.750%, 10/26/2022			730,360		2,578
					26,551
India — 0.1%
Vedanta Resources
8.250%, 06/07/2021	$		820		845
Indonesia — 7.0%
Eterna Capital Pte
8.000%, 12/11/2022			227		218
7.500%, 12/11/2022			503		508
Indika Energy Capital II
6.875%, 04/10/2022			45		45
Indika Energy Capital III
5.875%, 11/09/2024			330		310
5.875%, 11/09/2024			236		221
Indo Energy Finance II
6.375%, 01/24/2023			1,585		1,549
Indonesia Treasury Bond
8.750%, 05/15/2031	IDR		75,616,000		5,201
8.375%, 03/15/2034			95,294,000		6,270
8.250%, 05/15/2029			8,000,000		547
8.250%, 05/15/2036			66,134,000		4,323
7.500%, 08/15/2032			37,830,000		2,348
7.500%, 05/15/2038			116,892,000		7,052
Perusahaan Listrik Negara MTN
6.150%, 05/21/2048 (A)	$		857		890
5.450%, 05/21/2028 (A)			462		475
Perusahaan Penerbit SBSN Indonesia III
4.400%, 03/01/2028			573		561
Republic of Indonesia
11.000%, 09/15/2025	IDR		3,200,000		247
9.000%, 03/15/2029			139,572,000		9,801
8.500%, 10/12/2035	$		1,179		1,615
8.500%, 10/12/2035			525		719
8.375%, 03/15/2024	IDR		138,717,000		9,374
8.375%, 09/15/2026			31,281,000		2,114
8.250%, 06/15/2032			24,199,000		1,587

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
7.750%, 01/17/2038	$		1,797	$	2,354
7.000%, 05/15/2022	IDR		121,630,000		7,971
7.000%, 05/15/2027			78,640,000		4,882
6.625%, 05/15/2033			50,461,000		2,897
6.125%, 05/15/2028			90,163,000		5,246
5.625%, 05/15/2023			87,051,000		5,304
4.350%, 01/11/2048	$		469		430
Republic of Indonesia MTN
11.625%, 03/04/2019			2,324		2,410
11.625%, 03/04/2019 (A)			975		1,011
11.625%, 03/04/2019			80		83
5.875%, 01/15/2024			2,876		3,084
5.875%, 01/15/2024			4,575		4,905
5.250%, 01/17/2042			2,366		2,411
5.125%, 01/15/2045 (A)			1,670		1,673
4.750%, 01/08/2026			1,044		1,058
4.125%, 01/15/2025			1,331		1,309
3.750%, 06/14/2028	EUR		2,104		2,676
3.375%, 04/15/2023 (A)	$		1,939		1,885
Star Energy Geothermal Wayang Windu
6.750%, 04/24/2033			1,968		1,862
					109,426
Iraq — 0.3%
Iraq International Bond
5.800%, 01/15/2028			4,493		4,253
Israel — 0.0%
Israel Electric MTN
4.250%, 08/14/2028 (A)			697		661
Ivory Coast — 1.3%
Ivory Coast Government International Bond
6.625%, 03/22/2048	EUR		2,259		2,447
6.375%, 03/03/2028 (A)	$		1,851		1,786
6.375%, 03/03/2028			1,125		1,086
6.125%, 06/15/2033 (A)			1,500		1,369
5.750%, 12/31/2032			2,181		2,062
5.750%, 12/31/2032			3,413		3,227
5.750%, 12/31/2032			2,716		2,567
5.250%, 03/22/2030 (D)	EUR		2,503		2,758
5.125%, 06/15/2025			1,541		1,801
5.125%, 06/15/2025 (A)			930		1,087
					20,190
Jamaica — 0.0%
Digicel Group
7.125%, 04/01/2022 (A)	$		337		221
Government of Jamaica
6.750%, 04/28/2028			200		217
					438

  54   SEI Institutional International Trust / Annual Report / September 30, 2018

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Jordan — 0.4%
Jordan Government International Bond
7.375%, 10/10/2047 (A)	$		1,601	$	1,505
7.375%, 10/10/2047			2,684		2,523
5.750%, 01/31/2027			2,200		2,082
					6,110
Kazakhstan — 1.1%
Development Bank of Kazakhstan
4.125%, 12/10/2022			770		759
KazAgro National Management Holding JSC MTN
4.625%, 05/24/2023 (A)			349		344
KazMunayGas National JSC
6.375%, 10/24/2048 (A)			720		755
5.750%, 04/19/2047 (A)			2,652		2,612
5.750%, 04/19/2047			263		259
5.375%, 04/24/2030 (A)			1,834		1,864
5.375%, 04/24/2030			2,300		2,337
4.750%, 04/24/2025 (A)			950		959
KazTransGas JSC
4.375%, 09/26/2027 (A)			932		887
Nostrum Oil & Gas Finance BV
7.000%, 02/16/2025 (A)			441		388
Republic of Kazakhstan MTN
6.500%, 07/21/2045			4,350		5,354
					16,518
Kenya — 0.4%
Kenya Government International Bond
8.250%, 02/28/2048			2,683		2,589
7.250%, 02/28/2028 (A)			1,418		1,379
6.875%, 06/24/2024 (A)			543		545
6.875%, 06/24/2024			473		474
5.875%, 06/24/2019 (A)			805		813
					5,800
Lebanon — 0.9%
Lebanon Government International Bond
6.850%, 03/23/2027			1,322		1,037
6.650%, 04/22/2024			5,061		4,183
Lebanon Government International Bond MTN
6.650%, 11/03/2028			10,222		7,744
6.650%, 02/26/2030			177		132
6.600%, 11/27/2026			760		594
					13,690
Luxembourg — 0.1%
Rede D’Or Finance S.A.R.L.
4.950%, 01/17/2028			2,328		2,008

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Malaysia — 2.5%
1MDB Energy
5.990%, 05/11/2022	$		1,000	$	1,020
1MDB Global Investments
4.400%, 03/09/2023			8,600		8,118
Gohl Capital
4.250%, 01/24/2027			1,150		1,096
Malaysia Government Bond
5.248%, 09/15/2028	MYR		1,050		270
4.935%, 09/30/2043			2,200		537
4.392%, 04/15/2026			7,081		1,737
4.254%, 05/31/2035			1,827		419
4.232%, 06/30/2031			6,200		1,464
4.181%, 07/15/2024			4,186		1,023
4.160%, 07/15/2021			20		5
4.059%, 09/30/2024			8,000		1,941
3.955%, 09/15/2025			7,520		1,811
3.899%, 11/16/2027			2,500		593
3.892%, 03/15/2027			1,369		324
3.800%, 08/17/2023			20,495		4,948
3.659%, 10/15/2020			1,419		344
3.654%, 10/31/2019			4,500		1,090
3.620%, 11/30/2021			4,891		1,182
3.502%, 05/31/2027			1,050		242
3.492%, 03/31/2020			26,554		6,419
3.480%, 03/15/2023			2,858		680
3.418%, 08/15/2022			4,289		1,024
Malaysia Government Investment Issue
4.070%, 09/30/2026			11,606		2,792
					39,079
Mauritius — 0.1%
Liquid Telecommunications Financing
8.500%, 07/13/2022 (A)	$		1,286		1,314
Mexico — 9.9%
Alfa
6.875%, 03/25/2044			1,750		1,803
America Movil
7.125%, 12/09/2024	MXN		18,110		881
6.000%, 06/09/2019			12,420		651
Axtel
6.375%, 11/14/2024 (A)	$		480		474
Banco Inbursa Institucion De Banca Multiple Grupo Financiero Inbursa
4.375%, 04/11/2027 (A)			573		539
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 (A)			1,852		1,806
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026			2,836		2,765

  SEI Institutional International Trust / Annual Report / September 30, 2018   55

SCHEDULE OF INVESTMENTS

September 30, 2018

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Cemex
7.750%, 04/16/2026	$		670	$	732
Cometa Energia
6.375%, 04/24/2035 (A)			1,156		1,135
Comision Federal de Electricidad
7.350%, 11/25/2025	MXN		39,785		1,921
5.750%, 02/14/2042 (A)	$		500		494
4.750%, 02/23/2027 (A)			658		649
Elementia
5.500%, 01/15/2025			670		637
Mexican Bonos
7.750%, 11/13/2042	MXN		98,500		5,069
7.500%, 06/03/2027			311,539		16,211
6.500%, 06/09/2022			98,000		5,030
5.750%, 03/05/2026			87,650		4,134
5.750%, 03/05/2026			206,700		9,750
5.000%, 12/11/2019			105,663		5,464
Mexican Bonos, Ser M
6.500%, 06/10/2021			46,219		2,396
Mexican Bonos, Ser M20
10.000%, 12/05/2024			313,265		18,567
8.000%, 12/07/2023			138,703		7,490
Mexican Bonos, Ser M30
8.500%, 11/18/2038			28,699		1,596
Mexico Cetes
7.970%, 12/06/2018 (B)			600,000		3,161
Mexico City Airport Trust
5.500%, 07/31/2047 (A)	$		2,551		2,277
Mexico Government International Bond
4.600%, 02/10/2048			520		489
Petroleos Mexicanos
9.500%, 09/15/2027			169		205
7.470%, 11/12/2026	MXN		155,079		7,049
7.190%, 09/12/2024			163,872		7,561
6.625%, 06/15/2035	$		4,931		4,899
6.625%, 06/15/2038			2,088		2,005
6.500%, 03/13/2027			1,076		1,099
6.500%, 03/13/2027			3,624		3,702
6.375%, 01/23/2045			807		747
6.350%, 02/12/2048			1,118		1,024
6.350%, 02/12/2048 (A)			742		680
5.625%, 01/23/2046			489		415
5.350%, 02/12/2028 (A)			5,972		5,629
4.500%, 01/23/2026			2,443		2,284
4.250%, 01/15/2025			1,575		1,487
Petroleos Mexicanos MTN
6.750%, 09/21/2047			3,002		2,864
6.750%, 09/21/2047			2,927		2,793
6.750%, 09/21/2047 (A)			73		70
6.375%, 01/23/2045 (A)			806		746
4.875%, 02/21/2028	EUR		3,822		4,648
4.625%, 09/21/2023 (A)	$		1,185		1,174

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
4.250%, 01/15/2025	$		2,450	$	2,313
United Mexican States MTN
5.750%, 10/12/2110			5,236		5,270
					154,785
Mongolia — 0.7%
Mongolia Government International Bond
5.625%, 05/01/2023			5,095		4,942
Mongolia Government International Bond MTN
10.875%, 04/06/2021 (A)			1,205		1,354
8.750%, 03/09/2024			3,150		3,445
5.125%, 12/05/2022			438		419
Trade & Development Bank of Mongolia MTN
9.375%, 05/19/2020 (A)			355		376
9.375%, 05/19/2020			350		371
					10,907
Montenegro — 0.0%
Montenegro Government International Bond
3.375%, 04/21/2025	EUR		563		649
Morocco — 0.2%
OCP
6.875%, 04/25/2044	$		1,325		1,416
5.625%, 04/25/2024 (A)			1,900		1,951
					3,367
Netherlands — 0.1%
Marfrig Holdings Europe BV
8.000%, 06/08/2023 (A)			470		472
Petrobras Global Finance BV
5.750%, 02/01/2029			2,025		1,808
					2,280
Nigeria — 1.2%
Nigeria Government International Bond
7.875%, 02/16/2032			5,382		5,498
7.875%, 02/16/2032 (A)			488		498
7.696%, 02/23/2038			1,314		1,286
7.143%, 02/23/2030 (A)			2,525		2,463
7.143%, 02/23/2030			811		791
Nigeria Government International Bond MTN
7.625%, 11/28/2047 (A)			1,686		1,613
6.500%, 11/28/2027 (A)			4,082		3,927
6.500%, 11/28/2027 (D)			3,470		3,339
					19,415
Oman — 1.3%
Oman Government International Bond
6.750%, 01/17/2048 (A)			1,164		1,132
6.750%, 01/17/2048			3,119		3,034
6.500%, 03/08/2047 (A)			2,100		1,995
6.500%, 03/08/2047			1,556		1,478
5.625%, 01/17/2028 (A)			1,076		1,057

  56   SEI Institutional International Trust / Annual Report / September 30, 2018

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
5.625%, 01/17/2028	$		6,824	$	6,705
5.375%, 03/08/2027 (A)			690		670
4.750%, 06/15/2026 (A)			237		225
4.125%, 01/17/2023 (A)			555		541
3.875%, 03/08/2022			1,066		1,040
3.625%, 06/15/2021 (D)			1,326		1,296
Oztel Holdings SPC
6.625%, 04/24/2028 (A)			1,237		1,239
					20,412
Pakistan — 0.2%
Pakistan Government International Bond
8.250%, 09/30/2025 (D)			1,000		1,041
8.250%, 09/30/2025 (A)			714		743
7.875%, 03/31/2036			200		187
6.875%, 12/05/2027 (A)			1,438		1,364
6.875%, 12/05/2027			526		499
					3,834
Panama — 0.1%
Republic of Panama
9.375%, 04/01/2029			630		893
8.125%, 04/28/2034			478		639
					1,532
Papua New Guinea — 0.1%
Papua New Guinea Government International Bond
8.375%, 10/04/2028 (A)			1,287		1,303
8.375%, 10/04/2028			1,046		1,059
					2,362
Paraguay — 0.1%
Paraguay Government International Bond
6.100%, 08/11/2044			1,010		1,055
6.100%, 08/11/2044 (A)			221		231
5.600%, 03/13/2048			241		240
Telefonica Celular del Paraguay
6.750%, 12/13/2022			200		204
6.750%, 12/13/2022			200		204
					1,934
Peru — 1.1%
Abengoa Transmision Sur
6.875%, 04/30/2043 (A)			273		302
Fondo MIVIVIENDA
7.000%, 02/14/2024 (A)	PEN		3,704		1,208
Kallpa Generacion
4.125%, 08/16/2027 (A)	$		723		669
Peru LNG Srl
5.375%, 03/22/2030 (A)			754		751
Petroleos del Peru
5.625%, 06/19/2047 (A)			366		364
4.750%, 06/19/2032 (A)			613		594

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Republic of Peru
8.200%, 08/12/2026	PEN		8,849	$	3,168
6.950%, 08/12/2031			4,795		1,587
6.950%, 08/12/2031			2,240		741
6.900%, 08/12/2037			2,094		674
6.900%, 08/12/2037			1,343		432
6.850%, 02/12/2042			613		195
6.350%, 08/12/2028			1,570		501
6.350%, 08/12/2028 (A)			1,465		467
6.350%, 08/12/2028			346		110
6.150%, 08/12/2032 (A)			7,495		2,313
5.700%, 08/12/2024 (A)			4,932		1,560
3.750%, 03/01/2030	EUR		1,463		2,025
					17,661
Philippines — 0.0%
Republic of Philippines
3.900%, 11/26/2022	PHP		45,000		779
Poland — 2.4%
Republic of Poland Government Bond
4.000%, 10/25/2023	PLN		476		138
3.250%, 07/25/2025			13,521		3,736
2.750%, 08/25/2023			6,642		2,014
2.750%, 04/25/2028			34,047		8,870
2.500%, 01/25/2023			16,804		4,572
2.500%, 07/25/2026			17,501		4,544
2.250%, 04/25/2022			10,212		2,778
2.000%, 04/25/2021			912		249
1.750%, 07/25/2021			14,130		3,822
1.554%, 07/25/2020 (B)			11,300		2,981
0.927%, 10/25/2018 (B)			11,574		3,136
Republic of Poland Government Bond, Ser 0922
5.750%, 09/23/2022			2,096		643
					37,483
Qatar — 0.2%
Ooredoo International Finance MTN
3.750%, 06/22/2026	$		750		714
Qatar Government International Bond
5.103%, 04/23/2048			1,003		1,043
4.500%, 04/23/2028			1,526		1,571
					3,328
Romania — 0.9%
Romanian Government International Bond
5.800%, 07/26/2027	RON		14,080		3,753
4.250%, 06/28/2023			16,055		3,978
3.500%, 12/19/2022			1,220		295
3.400%, 03/08/2022			9,000		2,181
3.250%, 04/29/2024			3,720		872

  SEI Institutional International Trust / Annual Report / September 30, 2018   57

SCHEDULE OF INVESTMENTS

September 30, 2018

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Romanian Government International Bond MTN
3.875%, 10/29/2035	EUR		1,430	$	1,682
2.500%, 02/08/2030			935		1,033
					13,794
Russia — 3.7%
Credit Bank of Moscow Via CBOM Finance
5.875%, 11/07/2021 (A)	$		1,116		1,081
GTH Finance BV
7.250%, 04/26/2023			406		422
6.250%, 04/26/2020			580		589
GTLK Europe DAC
5.950%, 07/19/2021			470		460
Petropavlovsk
8.125%, 11/14/2022 (A)			730		547
Ritekro (E)
10.490%, 11/07/2022 (B)			914		675
Rusal Capital DAC
5.125%, 02/02/2022			860		559
Russian Federal Bond - OFZ
8.500%, 09/17/2031	RUB		43,633		667
8.150%, 02/03/2027			699,720		10,544
7.750%, 09/16/2026			325,541		4,802
7.700%, 03/23/2033			98		1
7.600%, 07/20/2022			46,640		704
7.050%, 01/19/2028			1,121,118		15,680
7.000%, 08/16/2023			300,364		4,404
6.961%, 11/24/2021			22,770		339
Russian Foreign Bond - Eurobond
7.500%, 03/31/2030	$		595		656
5.875%, 09/16/2043			2,200		2,380
5.625%, 04/04/2042			800		841
5.250%, 06/23/2047			3,200		3,066
4.750%, 05/27/2026			2,600		2,596
4.250%, 06/23/2027			1,000		959
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)(D)			2,292		2,281
SCF Capital Designated Activity
5.375%, 06/16/2023 (A)			729		705
VEON Holdings BV
7.504%, 03/01/2022			290		310
Vnesheconombank Via VEB Finance
6.902%, 07/09/2020			1,310		1,316
6.800%, 11/22/2025			580		568
6.800%, 11/22/2025 (A)			150		147
					57,299

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Saudi Arabia — 0.1%
Saudi Government International Bond MTN
4.500%, 04/17/2030	$		1,811	$	1,819
Senegal — 0.5%
Senegal Government International Bond
6.750%, 03/13/2048 (D)			3,774		3,374
6.250%, 05/23/2033			2,400		2,235
6.250%, 05/23/2033 (A)			910		848
4.750%, 03/13/2028	EUR		1,383		1,551
					8,008
Serbia — 0.6%
Republic of Serbia
7.250%, 09/28/2021	$		8,125		8,845
7.250%, 09/28/2021 (A)			200		218
4.875%, 02/25/2020			200		203
					9,266
South Africa — 6.2%
Eskom Holdings SOC
7.125%, 02/11/2025			2,583		2,480
7.125%, 02/11/2025 (A)			951		913
5.750%, 01/26/2021			1,883		1,831
Eskom Holdings SOC MTN
7.500%, 09/15/2033	ZAR		35,200		1,858
6.750%, 08/06/2023	$		2,344		2,251
6.350%, 08/10/2028 (A)			322		321
Republic of South Africa
10.500%, 12/21/2026	ZAR		253,336		19,390
9.000%, 01/31/2040			100,359		6,526
8.875%, 02/28/2035			62,275		4,095
8.750%, 01/31/2044			59,952		3,773
8.750%, 02/28/2048			152,507		9,582
8.500%, 01/31/2037			42,699		2,681
8.250%, 03/31/2032			56,921		3,617
8.000%, 01/31/2030			80,170		5,116
7.250%, 01/15/2020			20,500		1,442
7.000%, 02/28/2031			114,021		6,606
6.500%, 02/28/2041			39,901		1,965
6.300%, 06/22/2048	$		320		310
6.250%, 03/31/2036	ZAR		200,387		10,086
5.875%, 09/16/2025 (D)	$		911		926
5.875%, 06/22/2030			1,402		1,394
5.650%, 09/27/2047			1,616		1,474
4.875%, 04/14/2026			3,200		3,050
4.850%, 09/27/2027			2,950		2,775
4.300%, 10/12/2028			1,396		1,252
SASOL Financing USA
6.500%, 09/27/2028			687		696
5.875%, 03/27/2024			442		450

  58   SEI Institutional International Trust / Annual Report / September 30, 2018

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Transnet SOC MTN
9.500%, 05/13/2021 (A)	ZAR		13,360	$	921
					97,781
South Korea — 0.1%
Korea Housing Finance
3.000%, 10/31/2022 (A)	$		908		880
Sri Lanka — 1.2%
Republic of Sri Lanka
6.825%, 07/18/2026 (A)			909		892
6.250%, 07/27/2021			853		854
6.200%, 05/11/2027			1,093		1,025
5.875%, 07/25/2022 (A)			1,755		1,724
Sri Lanka Government International Bond
11.750%, 06/15/2027	LKR		236,000		1,438
11.500%, 12/15/2021			200,000		1,220
11.500%, 08/01/2026			6,000		36
6.850%, 11/03/2025	$		1,669		1,647
6.825%, 07/18/2026			500		491
6.750%, 04/18/2028			2,140		2,065
6.750%, 04/18/2028 (A)			3,756		3,624
6.250%, 07/27/2021 (D)			981		983
5.875%, 07/25/2022			989		972
5.750%, 04/18/2023 (A)			1,077		1,048
					18,019
Supra-National — 0.4%
Banque Ouest Africaine de Developpement
5.000%, 07/27/2027 (A)			865		833
European Investment Bank MTN
8.500%, 09/17/2024	ZAR		9,200		645
7.200%, 07/09/2019	IDR		31,560,000		2,082
Inter-American Development Bank MTN
7.875%, 03/14/2023			50,880,000		3,344
					6,904
Thailand — 1.6%
Bank of Thailand Bill (B)
1.458%, 03/14/2019	THB		24,500		753
1.456%, 02/28/2019			48,785		1,500
1.422%, 12/06/2018			46,365		1,430
1.266%, 12/06/2018			61,000		1,882
1.256%, 11/29/2018			45,215		1,395
1.171%, 10/04/2018			58,180		1,799
PTTEP Treasury Center
4.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.177%, 12/18/2166 (A)	$		652		653
Thailand Government Bond
5.670%, 03/13/2028	THB		3,000		115
4.875%, 06/22/2029			22,000		798
3.875%, 06/13/2019			68,000		2,134
3.775%, 06/25/2032			17,000		561

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
3.650%, 06/20/2031	THB		84,500	$	2,774
3.625%, 06/16/2023			55,000		1,799
3.400%, 06/17/2036			94,500		2,976
2.875%, 12/17/2028			17,000		528
2.875%, 06/17/2046			3,431		98
2.550%, 06/26/2020			40,000		1,250
2.125%, 12/17/2026			15,000		445
1.875%, 06/17/2022			57,000		1,740
					24,630
Tunisia — 0.3%
Banque Centrale de Tunisie International Bond
5.750%, 01/30/2025	$		2,482		2,184
5.625%, 02/17/2024	EUR		1,850		2,100
					4,284
Turkey — 4.9%
Export Credit Bank of Turkey
6.125%, 05/03/2024 (A)	$		547		490
5.875%, 04/24/2019 (A)			200		197
5.375%, 10/24/2023 (A)			1,033		914
5.000%, 09/23/2021 (A)			538		494
Export Credit Bank of Turkey MTN
5.375%, 02/08/2021 (A)			896		842
Hazine Mustesarligi Varlik Kiralama
5.004%, 04/06/2023			1,221		1,143
KOC Holding
5.250%, 03/15/2023			2,300		2,155
Republic of Turkey
7.375%, 02/05/2025			4,106		4,146
6.875%, 03/17/2036			1,020		928
6.000%, 01/14/2041			3,548		2,922
5.750%, 03/22/2024			333		313
5.125%, 03/25/2022			573		544
4.875%, 10/09/2026			2,502		2,143
4.875%, 04/16/2043			1,030		751
4.250%, 04/14/2026			1,028		861
TC Ziraat Bankasi
4.250%, 07/03/2019 (A)			940		909
TC Ziraat Bankasi MTN
5.125%, 05/03/2022 (A)			1,063		929
5.125%, 09/29/2023 (A)			655		558
4.750%, 04/29/2021 (A)			561		501
Turk Telekomunikasyon
4.875%, 06/19/2024			1,750		1,527
Turkey Government Bond
16.200%, 06/14/2023	TRY		10,635		1,536
12.400%, 03/08/2028			7,087		920
12.200%, 01/18/2023			34,983		4,324
11.000%, 03/02/2022			34,649		4,262
11.000%, 02/24/2027			17,861		2,075
10.700%, 02/17/2021			6,560		830

  SEI Institutional International Trust / Annual Report / September 30, 2018   59

SCHEDULE OF INVESTMENTS

September 30, 2018

Emerging Markets Debt Fund (Continued)

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
10.700%, 08/17/2022	TRY		26,936	$	3,195
10.600%, 02/11/2026			13,409		1,527
10.500%, 08/11/2027			73,346		8,461
10.400%, 03/20/2024			2,250		272
9.500%, 01/12/2022			13,693		1,634
9.400%, 07/08/2020			22,531		2,963
9.200%, 09/22/2021			9,387		1,142
9.000%, 07/24/2024			9,803		1,186
8.500%, 09/14/2022			4,534		488
7.400%, 02/05/2020			10,971		1,491
7.100%, 03/08/2023			17,230		1,775
7.000%, 06/05/2020	$		665		672
3.000%, 08/02/2023	TRY		8,631		1,409
Turkey Government International Bond
7.000%, 03/11/2019	$		784		788
6.125%, 10/24/2028			3,113		2,804
5.750%, 05/11/2047			1,386		1,080
5.125%, 02/17/2028			5,184		4,406
Turkiye Garanti Bankasi
6.125%, VAR USD Swap Semi 30/360 5 Year Curr+4.220%, 05/24/2027 (A)			1,170		977
Turkiye Is Bankasi MTN
6.125%, 04/25/2024			1,080		894
Turkiye Vakiflar Bankasi TAO MTN
5.750%, 01/30/2023			324		277
Yapi ve Kredi Bankasi MTN
6.100%, 03/16/2023			1,225		1,078
5.850%, 06/21/2024 (A)			429		368
					76,101
Ukraine  —  2.2%
Metinvest BV
7.750%, 04/23/2023 (A)			607		582
Ukraine Government International Bond
7.750%, 09/01/2020 (A)			477		481
7.750%, 09/01/2021 (A)			2,950		2,972
7.750%, 09/01/2022 (A)			262		261
7.750%, 09/01/2023 (A)			1,023		1,004
7.750%, 09/01/2024			1,283		1,243
7.750%, 09/01/2025 (A)			2,785		2,649
7.750%, 09/01/2026			2,175		2,042
7.750%, 09/01/2026 (A)			3,174		2,981
7.750%, 09/01/2027 (D)			3,723		3,458
7.750%, 09/01/2027 (A)			2,888		2,682
7.375%, 09/25/2032 (A)			7,159		6,216
2.966%, 05/31/2040 (F)			975		512
2.868%, 05/31/2040 (A)(F)			9,386		4,926
Ukreximbank Via Biz Finance
9.625%, 04/27/2022 (A)			1,711		1,741
					33,750

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
United Arab Emirates — 0.2%
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/2047 (A)	$		1,248	$	1,215
4.600%, 11/02/2047			330		321
3.650%, 11/02/2029 (A)			1,247		1,182
MAF Global Securities
5.500%, VAR USD Swap Semi 30/360 5 Year Curr+3.476%, 12/29/2049			870		829
					3,547
United Kingdom — 0.0%
MARB BondCo
6.875%, 01/19/2025 (A)			269		250
Vedanta Resources
6.375%, 07/30/2022 (A)			216		208
6.125%, 08/09/2024 (A)			301		280
					738
Uruguay — 0.9%
Republic of Uruguay
9.875%, 06/20/2022 (A)	UYU		31,830		951
8.500%, 03/15/2028 (A)			65,160		1,709
7.625%, 03/21/2036	$		4,950		6,678
5.100%, 06/18/2050			1,264		1,289
4.125%, 11/20/2045			346		321
Uruguay Government International Bond
9.875%, 06/20/2022	UYU		8,520		255
4.375%, 10/27/2027	$		2,237		2,278
Uruguay Monetary Regulation Bill
10.132%, 02/08/2019 (B)	UYU		17,100		498
					13,979
Venezuela — 0.7%
Petroleos de Venezuela
9.750%, 05/17/2035 (D)(G)	$		1,000		235
9.000%, 11/17/2021 (D)(G)			4,300		989
6.000%, 05/16/2024 (G)(H)			8,092		1,770
6.000%, 05/16/2024 (G)			7,785		1,702
6.000%, 11/15/2026 (G)(H)			10,066		2,164
5.500%, 04/12/2037 (G)			740		163
5.375%, 04/12/2027 (G)			4,364		945
Republic of Venezuela
9.250%, 09/15/2027 (G)			2,300		625
8.250%, 10/13/2024 (G)			2,160		576
7.750%, 10/13/2019 (G)			6,270		1,641
					10,810
Zambia — 0.3%
Republic of Zambia
8.970%, 07/30/2027			4,401		3,125
8.500%, 04/14/2024 (A)			1,254		894
5.375%, 09/20/2022 (A)			105		73

  60   SEI Institutional International Trust / Annual Report / September 30, 2018

Description		Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Zambia Government International Bond
5.375%, 09/20/2022 (D)	$		642	$	448
					4,540
Total Global Bonds (Cost $1,544,900) ($ Thousands)					1,417,152
U.S. TREASURY OBLIGATION — 1.4%
U.S. Treasury Bill
2.221%, 02/07/2019 (B)			21,863		21,686
Total U.S. Treasury Obligation (Cost $21,691) ($ Thousands)					21,686
		Shares
AFFILIATED PARTNERSHIP — 2.0%
SEI Liquidity Fund, L.P.
2.170% **†(I)			30,589,075		30,585
Total Affiliated Partnership (Cost $30,589) ($ Thousands)					30,585
Total Investments in Securities — 93.9% (Cost $1,597,180) ($ Thousands)				$	1,469,423

A list of the open futures contracts held by the Fund at September 30, 2018, is as follows:

Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation/ (Depreciation) (Thousands)
Euro-Bund		(223)		Dec-2018	$	(41,682)	$	(41,129)	$	445
Euro-Bund		(48)		Dec-2018		(8,959)		(8,853)		91
Euro-Buxl 30 Year Bond		(27)		Dec-2018		(5,555)		(5,467)		74
JSE Bond Future R2035		799		Nov-2018		5,261		5,336		8
JSE Bond Future R2040		930		Nov-2018		6,135		6,192		(19)
JSE Bond Future R209		(70)		Nov-2018		(380)		(355)		6
U.S. 5-Year Treasury Note		59		Dec-2018		6,689		6,636		(53)
U.S. 10-Year Treasury Note		215		Dec-2018		25,833		25,538		(295)
U.S. Ultra Long Treasury Bond		12		Dec-2018		1,916		1,851		(65)
					$	(10,742)	$	(10,251)	$	192

A list of the open forward foreign currency contracts held by the Fund at September 30, 2018, is as follows:

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		10/02/18	USD		1,757	BRL		7,258	$	61
Citigroup		12/11/18	USD		2,157	BRL		9,066		101
Citigroup		10/02/18	USD		5,140	BRL		19,902		(156	)

  SEI Institutional International Trust / Annual Report / September 30, 2018   61

SCHEDULE OF INVESTMENTS

September 30, 2018

Emerging Markets Debt Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation   (Depreciation) (Thousands)
Citigroup		10/02/18	BRL		10,838	USD		2,859	$	145
Citigroup		10/02/18 - 12/04/18	BRL		44,337	USD		10,698		(366)
Citigroup		10/02/18 - 11/27/18	ARS		207,378	USD		6,192		1,259
Citigroup		10/02/18	ARS		26,218	USD		639		(4)
Citigroup		10/03/18 - 12/19/18	USD		12,709	PLN		47,212		123
Citigroup		11/09/18	USD		4,030	PLN		14,686		(42)
Citigroup		10/03/18 - 01/15/19	EUR		26,487	PLN		114,526		171
Citigroup		10/03/18 - 11/05/18	USD		1,159	EUR		999		3
Citigroup		10/03/18 - 12/19/18	USD		42,938	EUR		36,460		(463)
Citigroup		10/03/18 - 12/19/18	EUR		44,149	USD		51,899		500
Citigroup		10/03/18 - 12/05/18	EUR		17,701	USD		20,557		(98)
Citigroup		10/03/18	PLN		102,852	EUR		23,883		(161)
Citigroup		10/05/18 - 04/03/19	USD		7,226	MXN		144,288		290
Citigroup		10/05/18 - 12/19/18	USD		12,180	CLP		8,144,910		178
Citigroup		10/05/18 - 04/03/19	MXN		206,598	USD		10,765		(153)
Citigroup		10/11/18	ZAR		9,392	USD		711		47
Citigroup		10/09/18 - 12/19/18	ZAR		138,149	USD		9,301		(409)
Citigroup		10/10/18 - 12/19/18	USD		22,641	THB		741,976		361
Citigroup		12/19/18	USD		7,976	THB		240,529		(516)
Citigroup		10/11/18 - 12/19/18	USD		4,234	ZAR		62,997		187
Citigroup		10/11/18 - 03/01/19	RON		39,064	EUR		8,249		(59)
Citigroup		10/19/18	USD		3,331	CZK		73,706		(8)
Citigroup		10/23/18 - 11/23/18	USD		6,482	ARS		247,389		(719)
Citigroup		10/25/18	USD		11,519	COP		33,594,778		(199)
Citigroup		10/26/18	IDR		11,461,146	USD		767		–
Citigroup		10/29/18	USD		3,058	TWD		93,600		22
Citigroup		10/29/18	EUR		3,790	HUF		1,229,786		16
Citigroup		11/05/18	THB		104,700	USD		3,207		(35)
Citigroup		11/06/18 - 12/19/18	USD		24,987	RUB		1,740,524		1,435
Citigroup		11/09/18	USD		1,220	RON		4,829		(16)
Citigroup		11/09/18	USD		6,146	KRW		6,859,300		42
Citigroup		11/16/18	KRW		3,312,376	USD		2,927		(61)
Citigroup		12/19/18	GBP		3,250	USD		4,249		(4)
Citigroup		12/19/18	PLN		3,355	USD		912		(1)
Citigroup		12/19/18	USD		4,533	GBP		3,440		(31)
Citigroup		12/19/18	USD		5,165	PEN		17,170		27
Citigroup		12/19/18	USD		7,627	TRY		51,640		544
Citigroup		12/19/18	EUR		8,581	CZK		219,070		(110)
Citigroup		12/19/18	USD		10,819	SGD		14,819		50
Citigroup		12/19/18	ILS		32,358	USD		8,858		(99)
Citigroup		12/19/18	RUB		394,760	USD		5,619		(361)
Citigroup		12/19/18 - 01/09/19	TWD		563,066	USD		18,524		(105)
Citigroup		12/19/18	PHP		1,112,578	USD		20,403		(63)
Citigroup		01/23/19	HUF		94,994	EUR		292		(2)
Citigroup		03/01/19 - 03/07/19	EUR		8,381	RON		40,358		180
Goldman Sachs		12/04/18 - 01/15/19	USD		11,849	BRL		48,411		186
Goldman Sachs		10/02/18	USD		3,305	BRL		12,662		(134)
Goldman Sachs		10/02/18	BRL		670	USD		179		11
Goldman Sachs		10/02/18 - 01/15/19	BRL		66,146	USD		16,093		(419)
Goldman Sachs		10/03/18	EUR		2,693	USD		3,154		26
Goldman Sachs		10/03/18 - 12/19/18	USD		11,308	EUR		9,537		(175)
Goldman Sachs		10/03/18	EUR		19,536	PLN		84,318		182

  62   SEI Institutional International Trust / Annual Report / September 30, 2018

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation   (Depreciation) (Thousands)
Goldman Sachs		10/03/18	PLN		23,376	EUR		5,402	$	(67)
Goldman Sachs		10/09/18	CNY		19,622	USD		2,860		9
Goldman Sachs		10/10/18 - 11/23/18	ARS		220,341	USD		5,276		144
Goldman Sachs		10/11/18 - 03/07/19	EUR		1,361	RON		6,401		5
Goldman Sachs		10/11/18	RON		12,224	EUR		2,620		(2)
Goldman Sachs		10/11/18 - 12/19/18	USD		13,362	ZAR		202,430		853
Goldman Sachs		10/11/18	USD		2,660	ZAR		35,511		(154)
Goldman Sachs		10/11/18	ZAR		10,021	USD		744		36
Goldman Sachs		10/11/18 - 12/19/18	ZAR		74,952	USD		5,041		(239)
Goldman Sachs		10/15/18	PHP		149,820	USD		2,760		(11)
Goldman Sachs		10/18/18	MYR		2,437	USD		600		11
Goldman Sachs		10/24/18	USD		969	ARS		29,609		(266)
Goldman Sachs		10/25/18 - 12/19/18	COP		52,961,403	USD		17,259		(565)
Goldman Sachs		10/29/18	EUR		373	HUF		120,529		–
Goldman Sachs		10/29/18 - 01/23/19	HUF		1,970,446	EUR		6,058		(42)
Goldman Sachs		11/06/18	USD		4,549	RUB		309,117		156
Goldman Sachs		11/06/18	RUB		45,754	USD		693		(4)
Goldman Sachs		11/09/18 - 12/19/18	KRW		16,602,812	USD		14,850		(134)
Goldman Sachs		11/19/18	USD		6,986	CLP		4,614,925		19
Goldman Sachs		11/29/18 - 04/03/19	MXN		406,452	USD		21,155		(308)
Goldman Sachs		12/19/18	USD		1,962	PEN		6,536		15
Goldman Sachs		12/05/18	USD		627	PEN		2,073		–
Goldman Sachs		12/07/18	TRY		14,127	USD		2,092		(161)
Goldman Sachs		12/07/18 - 12/19/18	USD		16,027	TRY		105,870		782
Goldman Sachs		12/19/18	USD		1,273	IDR		19,885,630		44
Goldman Sachs		12/19/18	USD		3,976	COP		12,336,170		175
Goldman Sachs		12/20/18	EUR		5,724	CZK		152,011		193
Goldman Sachs		12/19/18	EUR		11,085	CZK		283,225		(133)
Goldman Sachs		12/19/18	USD		28,045	PLN		104,158		277
Goldman Sachs		12/19/18	RON		53,650	USD		13,388		21
Goldman Sachs		12/19/18	CZK		96,258	USD		4,364		4
Goldman Sachs		12/19/18	CZK		64,371	EUR		2,519		30
Goldman Sachs		12/20/18	CZK		165,445	EUR		6,354		(65)
Goldman Sachs		12/19/18	INR		359,390	USD		4,866		(27)
Goldman Sachs		12/19/18	IDR		36,312,240	USD		2,398		(7)
Goldman Sachs		01/16/19	USD		3,610	EGP		68,960		138
Goldman Sachs		01/16/19	EGP		68,960	USD		3,666		(83)
Goldman Sachs		01/31/19	USD		1,579	KZT		564,909		(62)
Goldman Sachs		04/03/19	USD		480	MXN		9,228		–
JPMorgan Chase Bank		10/02/18	USD		354	BRL		1,388		(6)
JPMorgan Chase Bank		10/02/18	USD		6,076	BRL		24,974		177
JPMorgan Chase Bank		11/05/18	BRL		10,810	USD		2,705		5
JPMorgan Chase Bank		10/02/18 - 12/04/18	BRL		83,994	USD		20,152		(826)
JPMorgan Chase Bank		10/03/18	EUR		508	PLN		2,186		4
JPMorgan Chase Bank		10/03/18	PLN		997	EUR		232		(1)
JPMorgan Chase Bank		10/03/18 - 11/09/18	EUR		7,260	USD		8,516		61
JPMorgan Chase Bank		11/09/18	EUR		21,672	USD		25,176		(71)
JPMorgan Chase Bank		11/09/18	USD		0	EUR		0		–
JPMorgan Chase Bank		10/03/18 - 11/09/18	USD		32,167	EUR		27,509		(212)
JPMorgan Chase Bank		10/04/18	USD		4,207	INR		306,236		16

  SEI Institutional International Trust / Annual Report / September 30, 2018   63

SCHEDULE OF INVESTMENTS

September 30, 2018

Emerging Markets Debt Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation   (Depreciation) (Thousands)
JPMorgan Chase Bank		10/04/18	INR		306,207	USD		4,298	$	75
JPMorgan Chase Bank		10/05/18	USD		3,029	CLP		2,007,968		16
JPMorgan Chase Bank		10/05/18	USD		2,681	CLP		1,767,622		(1)
JPMorgan Chase Bank		10/05/18 - 04/03/19	MXN		263,277	USD		13,321		(443)
JPMorgan Chase Bank		10/09/18	USD		2,857	CNY		19,622		(5)
JPMorgan Chase Bank		10/11/18	ZAR		50,011	USD		3,682		152
JPMorgan Chase Bank		10/09/18 - 10/11/18	ZAR		113,019	USD		7,513		(465)
JPMorgan Chase Bank		10/10/18 - 10/23/18	USD		3,319	ARS		102,356		(858)
JPMorgan Chase Bank		10/12/18 - 10/25/18	USD		8,815	COP		26,705,001		182
JPMorgan Chase Bank		10/16/18 - 11/05/18	USD		7,091	THB		234,451		168
JPMorgan Chase Bank		11/05/18	USD		398	THB		12,856		(1)
JPMorgan Chase Bank		10/16/18 - 11/05/18	THB		129,273	USD		3,906		(95)
JPMorgan Chase Bank		12/19/18	USD		2,284	CZK		53,938		159
JPMorgan Chase Bank		10/19/18	USD		3,754	CZK		82,804		(20)
JPMorgan Chase Bank		10/19/18 - 04/03/19	USD		22,321	MXN		428,761		362
JPMorgan Chase Bank		04/03/19	USD		2,387	MXN		45,502		(21)
JPMorgan Chase Bank		10/25/18	COP		4,523,035	USD		1,472		(52)
JPMorgan Chase Bank		10/26/18	IDR		54,316,914	USD		3,634		1
JPMorgan Chase Bank		10/26/18	IDR		8,549,557	USD		571		(1)
JPMorgan Chase Bank		10/29/18	EUR		1,576	HUF		509,807		1
JPMorgan Chase Bank		10/31/18 - 12/07/18	TRY		91,621	USD		13,129		(1,497)
JPMorgan Chase Bank		10/31/18	RUB		263,477	USD		3,955		(57)
JPMorgan Chase Bank		11/05/18	EUR		1,479	USD		1,744		22
JPMorgan Chase Bank		11/06/18	USD		4,464	RUB		304,337		168
JPMorgan Chase Bank		11/09/18	USD		456	PLN		1,660		(5)
JPMorgan Chase Bank		11/09/18	USD		2,399	RON		9,508		(30)
JPMorgan Chase Bank		11/09/18	CNY		19,622	USD		2,852		3
JPMorgan Chase Bank		11/13/18	USD		3,003	SGD		4,100		2
JPMorgan Chase Bank		11/13/18	SGD		4,113	USD		3,014		(1)
JPMorgan Chase Bank		11/20/18	ARS		84,427	USD		2,011		71
JPMorgan Chase Bank		11/23/18	ARS		21,118	USD		494		10
JPMorgan Chase Bank		12/04/18	USD		497	IDR		7,591,980		7
JPMorgan Chase Bank		12/04/18	USD		242	IDR		3,642,237		–
JPMorgan Chase Bank		12/04/18	IDR		589,523	USD		39		(1)
JPMorgan Chase Bank		12/04/18	KRW		3,191,178	USD		2,865		(15)
JPMorgan Chase Bank		12/05/18	USD		3,293	PEN		10,971		26
JPMorgan Chase Bank		12/19/18	EUR		7,585	CZK		200,890		230
JPMorgan Chase Bank		12/19/18	TWD		191,740	USD		6,252		(85)
JPMorgan Chase Bank		12/19/18	INR		359,390	USD		4,925		32
JPMorgan Chase Bank		12/20/18	EUR		252	CZK		6,586		4
JPMorgan Chase Bank		12/20/18	EUR		2,436	CZK		62,333		(25)
JPMorgan Chase Bank		03/07/19	RON		13,500	EUR		2,821		(38)
Standard Bank		10/02/18 - 12/04/18	MYR		63,396	USD		15,536		211
Standard Bank		12/03/18	MYR		12,200	USD		2,944		(7)
Standard Bank		10/02/18	TWD		371,326	USD		12,186		25
Standard Bank		10/29/18	TWD		91,294	USD		2,998		(6)
Standard Bank		10/23/18	USD		674	MYR		2,800		3
Standard Bank		10/31/18	USD		818	IDR		12,274,200		3
Standard Bank		12/19/18	USD		5,375	IDR		80,652,870		(32)
Standard Bank		12/04/18	IDR		5,285,166	USD		355		4

  64   SEI Institutional International Trust / Annual Report / September 30, 2018

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation     (Depreciation) (Thousands)
Standard Bank		12/19/18	USD		3,356	COP		10,406,190	$	146
Standard Bank		12/19/18	USD		9,996	SGD		13,690		44
Standard Bank		12/19/18	KRW		6,381,220	USD		5,674		(88)
State Street		10/02/18	USD		4,564	BRL		17,888		(84)
State Street		10/02/18	BRL		9,406	USD		2,408		52
State Street		10/03/18	EUR		18,750	USD		21,753		(26)
State Street		04/03/19	USD		3,052	MXN		63,544		251
State Street		04/03/19	MXN		29,392	USD		1,409		(118)
									$	(740)

A list of the open OTC swap agreements held by the Fund at September 30, 2018, 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)
JPMorgan Chase	0.845%	6-MONTH HUF - BUBOR	Semi-Annually	10/10/2019	HUF		3,000,000	$	(119	)	$	–	$	(119	)
Goldman Sachs	1-DAY BRL - CETIP	9.73%	Annually	01/02/2020	BRL		4,194		19			–		19
JPMorgan Chase	1-DAY BRL - CETIP	9.61%	Annually	01/02/2020	BRL		3,480		44			–		44
JPMorgan Chase	1-DAY BRL - CETIP	9.07%	Annually	01/02/2020	BRL		5,738		73			–		73
JPMorgan Chase	1-DAY BRL - CETIP	11.46%	Annually	01/02/2020	BRL		3,649		39			–		39
Goldman Sachs	0.52%	3-MONTH HUF - BUBOR	Annually	01/18/2020	HUF		9,000,000		(109	)		–		(109	)
Goldman Sachs	3-MONTH MosPrime - RUB	6.78%	Annually	02/22/2020	RUB		1,080,956		(396	)		–		(396	)
Goldman Sachs	0.585%	6-MONTH CZK - PRIBOR	Semi-Annually	03/13/2020	CZK		25,000		21			–		21
Goldman Sachs	3-MONTH MosPrime - RUB	6.53%	Annually	03/27/2020	RUB		1,400,000		(573	)		–		(573	)
JPMorgan Chase	0.6925%	6-MONTH HUF - BUBOR	Semi-Annually	04/20/2020	HUF		1,750,000		(2	)		–		(2	)
JPMorgan Chase	1-DAY COP - COLIBR	5.43%	Annually	07/17/2020	COP		13,194,199		9			–		9
Goldman Sachs	1-DAY BRL - CETIP	12.725%	Annually	01/04/2021	BRL		10,608		260			–		260
JPMorgan Chase	1-DAY BRL - CETIP	10.89%	Annually	01/04/2021	BRL		170		1			–		1
JPMorgan Chase	1-DAY BRL - CETIP	10.04%	Annually	01/04/2021	BRL		3,557		10			–		10
JPMorgan Chase	1-DAY BRL - CETIP	9.275%	Annually	01/04/2021	BRL		5,815		(9	)		–		(9	)
JPMorgan Chase	1-DAY BRL - CETIP	8.87%	Annually	01/04/2021	BRL		8,089		(31	)		–		(31	)
JPMorgan Chase	1-DAY BRL - CETIP	9.18%	Annually	01/04/2021	BRL		3,419		(7	)		–		(7	)
JPMorgan Chase	1-DAY BRL - CETIP	8.66%	Annually	01/04/2021	BRL		3,303		(16	)		–		(16	)
JPMorgan Chase	1-DAY BRL - CETIP	9.61%	Annually	01/04/2021	BRL		4,626		1			–		1
Goldman Sachs	28-DAY MXN - TIIE	5.37%	Monthly	03/17/2021	MXN		46,500		(146	)		–		(146	)
JPMorgan Chase	1.3775%	6-MONTH HUF - BUBOR	Semi-Annually	06/17/2021	HUF		654,998		(7	)		–		(7	)
JPMorgan Chase	6-MONTH PZL - WIBOR	2.42%	Annually	12/12/2021	PLN		3,300		23			–		23
Citibank	6-MONTH PZL - WIBOR	2.431%	Annually	12/14/2021	PLN		11,000		77			–		77
Goldman Sachs	6-MONTH HUF - BUBOR	1.265%	Semi-Annually	01/10/2022	HUF		1,537,322		18			–		18
Goldman Sachs	0.8725%	6-MONTH CZK - PRIBOR	Semi-Annually	03/09/2022	CZK		25,000		51			–		51
JPMorgan Chase	1-DAY CLP - CHILIBOR	3.430%	Semi-Annually	05/10/2022	CLP		420,527		(6	)		–		(6	)
JPMorgan Chase	0.955%	6-MONTH CZK - PRIBOR	Semi-Annually	05/17/2022	CZK		28,773		60			–		60
JPMorgan Chase	1-DAY CLP - CHILIBOR	3.410%	Semi-Annually	07/11/2022	CLP		900,000		(15	)		–		(15	)
Goldman Sachs	1-DAY COP - COLIBR	5.443%	Quarterly	09/07/2022	COP		2,205,023		4			–		4
Citibank	1.165%	6-MONTH CZK - PRIBOR	Semi-Annually	09/08/2022	CZK		43,406		90			–		90
Goldman Sachs	28-DAY MXN - TIIE	5.900%	Monthly	09/12/2022	MXN		75,956		(282	)		–		(282	)
JPMorgan Chase	1-DAY COP - COLIBR	5.30%	Quarterly	09/19/2022	COP		9,500,000		(7	)		–		(7	)
Goldman Sachs	6-MONTH HUF - BUBOR	0.8385%	Annually	09/21/2022	HUF		1,390,000		(199	)		–		(199	)
JPMorgan Chase	1-DAY COP - COLIBR	5.38%	Quarterly	09/25/2022	COP		5,391,885		(2	)		–		(2	)
Goldman Sachs	3-MONTH COP - COLIBR	5.23%	Quarterly	11/28/2022	COP		2,149,850		(3	)		–		(3	)
Goldman Sachs	1-DAY BRL - CETIP	11.985%	Annually	01/02/2023	BRL		3,000		36			–		36
Goldman Sachs	1-DAY BRL - CETIP	10.04%	Annually	01/03/2023	BRL		5,012		(16	)		–		(16	)
Goldman Sachs	1-DAY COP - COLIBR	5.595%	Quarterly	07/06/2023	COP		3,186,193		5			–		5

  SEI Institutional International Trust / Annual Report / September 30, 2018   65

SCHEDULE OF INVESTMENTS

September 30, 2018

Emerging Markets Debt Fund (Continued)

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	28-DAY MXN - TIIE	6.355%		Monthly		05/21/2025		MXN		23,145	$	(109)	$	–	$	(109)
Goldman Sachs	28-DAY MXN - TIIE	6.205%		Monthly		12/08/2025		MXN		16,624		(92)		–		(92)
Goldman Sachs	28-DAY MXN - TIIE	6.165%		Monthly		03/05/2026		MXN		47,200		(276)		–		(276)
JPMorgan Chase	28-DAY MXN - TIIE	6.13%		Monthly		06/18/2026		MXN		40,000		(248)		–		(248)
Goldman Sachs	28-DAY MXN - TIIE	6.381%		Monthly		09/16/2026		MXN		26,000		(145)		–		(145)
JPMorgan Chase	1-DAY CLP - CHILIBOR	3.45%		Semi-Annually		06/02/2027		CLP		937,139		(15)		–		(15)
Goldman Sachs	8.024%	3-MONTH ZAR - JIBAR		Quarterly		05/18/2028		ZAR		51,000		103		–		104
											$	(1,886)	$	–	$	(1,885)

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

Argentina

Sell

5.00%

Quarterly

06/20/2023

$(1,895)

$(48)

$

148

$

(196)

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)
JPMorgan Chase		3-MONTH USD - LIBOR		29.52%		Annually		03/11/2020		USD		$78,803	$	265	$	–	$	265
JPMorgan Chase		22.94%		3-MONTH USD - LIBOR		Quarterly		03/11/2024		TRY		4,437		(273)		–		(273)
													$	(8)	$	–	$	(8)

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2018, 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)
0.5275%	3-MONTH HUF - BUBOR	Annually	02/05/2020	HUF		1,000,000	$	(13	)	$	–	$	(13	)
2.439%	6-MONTH HUF - BUBOR	Semi-Annually	06/08/2028	HUF		220,205		39			–		39
2.379%	6-MONTH HUF - BUBOR	Semi-Annually	06/07/2028	HUF		279,795		54			–		54
3.061%	6-MONTH PZL - WIBOR	Semi-Annually	05/21/2028	PLN		6,500		(24	)		–		(24	)
1.94%	6-MONTH CZK - PRIBOR	Semi-Annually	02/26/2028	CZK		14,000		27			–		27
1.70%	6-MONTH HUF - BUBOR	Semi-Annually	01/22/2028	HUF		455,025		173			–		173
2.76%	6-MONTH PZL - WIBOR	Semi-Annually	07/03/2027	PLN		1,700		5			–		5
28-DAY MXN - TIIE	7.51%	Monthly	04/20/2027	MXN		8,110		(17	)		–		(17	)
28-DAY MXN - TIIE	7.915%	Monthly	01/22/2027	MXN		41,115		(27	)		–		(27	)
28-DAY MXN - TIIE	7.72%	Monthly	12/03/2026	MXN		8,000		(10	)		–		(10	)
28-DAY MXN - TIIE	7.815%	Monthly	02/20/2025	MXN		25,000		(12	)		–		(12	)
1-DAY BRL - CETIP	11.45%	Annually	01/02/2025	BRL		4,453		(2	)		–		(2	)
1-DAY BRL - CETIP	12.34%	Annually	01/02/2025	BRL		5,215		33			–		33
28-DAY MXN - TIIE	7.35%	Monthly	10/25/2024	MXN		22,000		(35	)		–		(35	)
28-DAY MXN - TIIE	7.605%	Monthly	03/07/2024	MXN		53,000		(42	)		–		(42	)
1.73%	6-MONTH CZK - PRIBOR	Semi-Annually	03/26/2023	CZK		19,260		25			–		25
1-DAY BRL - CETIP	11.475%	Annually	01/02/2023	BRL		3,524		12			–		12
1-DAY BRL - CETIP	10.9%	Annually	01/02/2023	BRL		10,996		(2	)		–		(2	)
1-DAY BRL - CETIP	9.255%	Annually	01/02/2023	BRL		2,368		(27	)		–		(27	)
28-DAY MXN - TIIE	6.71%	Monthly	07/07/2022	MXN		130,137		(267	)		–		(267	)
28-DAY MXN - TIIE	6.745%	Monthly	06/23/2022	MXN		26,758		(53	)		–		(53	)
28-DAY MXN - TIIE	7.575%	Monthly	01/28/2022	MXN		67,966		(31	)		–		(31	)
6-MONTH PZL -  WIBOR	2.505%	Annually	01/10/2022	PLN		22,509		53			–		53
1-DAY BRL - CETIP	9.46%	Annually	01/03/2022	BRL		13,267		(69	)		–		(69	)

  66   SEI Institutional International Trust / Annual Report / September 30, 2018

Fund Pays	Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)		Upfront Payments/ Receipts (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
6-MONTH HUF - BUBOR		1.65%		Annually		09/10/2020		HUF		4,500,000	$	16	$	–	$	16
3-MONTH PLN -  WIBOR		2.024%		Annually		03/12/2020		PLN		120,000		44		–		44
2.70%		6-MONTH HUF - BUBOR		Semi-Annually		06/13/2028		HUF		453,115		43		–		43
3.043%		6-MONTH PZL - WIBOR		Semi-Annually		09/27/2028		PLN		3,000		(4)		–		(4)
											$	(111)	$	–	$	(111)

For the year ended September 30, 2018 the total amount of all open swap agreements, as presented in the table above, are representative of the volume of activity for the derivative type during the year.

Percentages are based on Net Assets of $1,565,000 ($ Thousands).

** Rate shown is the 7-day effective yield as of September 30, 2018.

^†  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, 2018, the value of these securities amounted to $199,275 ($ Thousands), representing 12.7% of the Net Assets of the Fund.

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

(C) Step Bonds — Represents the current rate, the step rate, the step date and the final maturity date.

(D) Certain securities or partial positions of certain securities are on loan at September 30, 2018 (see Note 9). The total market value of securities on loan at September 30, 2018 was $29,593 ($ Thousands).

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

(F) 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.

(G) Security is in default on interest payment.

(H) Securities considered illiquid. The total value of such securities as of September 30, 2018 was $3,934 ($ Thousands) and represented 0.2% of the Net Assets of the Fund.

(I) 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, 2018 was $30,585 ($ Thousands).

ARS — Argentine Peso

BADLAR — Buenos Aires Deposits of Large Amount 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

CHILIBOR — Chile Interbank Offered Rate

Cl — Class

CLOIS — CLP Sinacofi Chile Interbank Rate Average

CLP — Chilean Peso

CNY — Chinese Yuan Onshore

COLIBR — Colombia Interbank Overnight Rate

COP — Colombian Peso

CZK — Czech Koruna

DOP — Dominican Peso

EGP — Egyptian Pound

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

ICE — Intercontinental Exchange

IDR — Indonesian Rupiah

INR — Indian Rupee

ILS — Israeli New Sheckels

JIBAR — Johannesburg Interbank Agreed Rate

JSC — Joint-Stock Company

JSE — Johannesburg Stock Exchange

KRW — Korean Won

KZT — Kazakhstani Tenge

L.P. — Limited Partnership

LIBOR — London Interbank Offered Rate

LKR — Sri Lankan Rupee

MosPrime — Moscow Prime Offered Rate

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

PEN — Peruvian Nuevo Sol

PHP — Philippine Peso

PLC — Public Limited Company

PLN — Polish Zloty

PRIBOR — Prague Interbank Offered Rate

RON — Romanian Leu

RUB — Russian Ruble

Ser — Series

SGD — Singapore Dollar

THB — Thai Bhat

THE — 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, 2018, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Global Bonds	$	–	$	1,416,477	$	675	$	1,417,152
U.S. Treasury Obligation		–		21,686		–		21,686
Affiliated Partnership		–		30,585		–		30,585
Total Investments in Securities	$	–	$	1,468,748	$	675	$	1,469,423
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	624	$	–	$	–	$	624
Unrealized Depreciation		(432)		–		–		(432)
Forwards Contracts *
Unrealized Appreciation		–		11,752		–		11,752
Unrealized Depreciation		–		(12,492)		–		(12,492)
OTC Swaps
Interest Rate Swaps *
Unrealized Appreciation		–		944		–		944
Unrealized Depreciation		–		(2,829)		–		(2,829)

  SEI Institutional International Trust / Annual Report / September 30, 2018   67

SCHEDULE OF INVESTMENTS

September 30, 2018

Emerging Markets Debt Fund (Concluded)

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Credit Default Swaps *
Unrealized Depreciation	$	—	$	(196)	$	—	$	(196)
Cross Currency Swaps *
Unrealized Appreciation		—		265		—		265
Unrealized Depreciation		—		(273)		—		(273)
Centrally Cleared Swaps
Interest Rate Swaps *
Unrealized Appreciation		—		524		—		524
Unrealized Depreciation		—		(635)		—		(635)
Total Other Financial Instruments	$	192	$	(2,940)	$	—	$	(2,748)

(1) Of the $675 ($ Thousands) in Level 3 securities as of September 30, 2018, $675 ($ 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, 2018, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2018, 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, 2018 ($ Thousands):

Security Description	Value at 9/30/2017		Purchases at Cost		Proceeds from Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 9/30/2018		Income
SEI Liquidity Fund, L.P.		$ 14,597		$ 104,814		$ (88,820)		$ —		$ (6)		$ 30,585		$ 111
Totals		$ 14,597		$ 104,814		$ (88,820)		$ —		$ (6)		$ 30,585		$ 111

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

  68   SEI Institutional International Trust / Annual Report / September 30, 2018

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

September 30, 2018

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Assets:
Investments, at value †		$	4,124,519*		$	1,747,623*		$	460,969		$	1,438,838*
Affiliated investments, at value ††			402,694			79,629			–			30,585
Cash			80,824			32,929			14,188			89,320
Cash pledged as collateral for forward foreign currency contracts			–			–			960			4,800
Cash pledged as collateral for futures contracts			7,830			–			393			2,014
Cash pledged as collateral for swap contracts			–			–			–			1,289
Foreign currency, at value †††			956			–			691			10,783
Receivable for fund shares sold			2,729			2,655			367			1,110
Receivable for investment securities sold			12,184			8,284			230			20,961
Dividends and interest receivable			8,284			3,245			2,988			20,992
Unrealized gain on forward foreign currency contracts			–			–			4,228			11,752
Unrealized gain on foreign spot currency contracts			17			2			288			85
Due from broker			–			–			754			231
Swap contracts, at value ††††			–			–			–			1,209
Foreign tax reclaim receivable			8,750			144			–			–
Receivable for variation margin			434			–			234			21
Prepaid expenses			–			16			–			13
Total Assets			4,649,221			1,874,527			486,290			1,634,003
Liabilities:
Payable upon return on securities loaned			248,894			66,696			–			30,592
Payable for investment securities purchased			19,657			6,342			1,301			19,128
Payable for fund shares redeemed			2,941			2,989			176			1,044
Swap contracts, at value ††††			–			–			330			3,151
Foreign currency payable to custodian, at value †††			–			528			–			–
Payable for variation margin			1,033			–			96			362
Administration fees payable			1,053			632			177			553
Unrealized loss on foreign currency spot contracts			35			2			88			234
Unrealized loss on forward foreign currency contracts			–			–			1,905			12,492
Trustees fees payable			6			2			1			2
Chief compliance officer fees payable			5			2			1			2
Administrative servicing fees payable			4			–			–			–
Shareholder servicing fees payable			698			335			90			289
Investment advisory fees payable			1,793			1,501			118			760
Other payables			–			4			–			43
Accrued expense payable			476			518			96			351
Accrued foreign capital gains tax on appreciated securities			–			422			–			–
Total Liabilities			276,595			79,973			4,379			69,003
Net Assets		$	4,372,626		$	1,794,554		$	481,911		$	1,565,000
† Cost of investments		$	3,711,214		$	1,594,317		$	472,509		$	1,566,591
†† Cost of affiliated investments			402,709			79,629			–			30,589
††† Cost of foreign currency			955			(516)			688			10,880
†††† Cost (Premiums paid (received))			–			–			(80)			148
* Includes market value of securities on loan			237,782			61,593			–			29,593

  SEI Institutional International Trust / Annual Report / September 30, 2018   69

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

September 30, 2018

	International Equity Fund				Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Net Assets:
Paid-in Capital — (unlimited authorization — no par value)			$	3,927,775		$	1,674,036		$	496,157		$	1,765,745
Undistributed (distributions in excess of) net investment income				48,291			1,589			(4,667)			(40,703)
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency contracts and swap contracts				(21,807)			(33,941)			283			(29,174)
Net unrealized appreciation (depreciation) on investments				413,290			153,306			(11,540)			(127,757)
Net unrealized appreciation on futures contracts				5,088			–			124			192
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies				(11)			(14)			1,670			(1,103)
Net unrealized depreciation on swap contracts				–			–			(116)			(2,200)
Accumulated foreign capital gains tax on appreciated securities				–			(422)			–			–
Net Assets			$	4,372,626		$	1,794,554		$	481,911		$	1,565,000
Net Asset Value, Offering and Redemption Price Per Share — Class F			$	11.38		$	11.47		$	10.27		$	9.30
		($4,024,987,529 ÷ 353,653,709 shares)			($1,668,959,903 ÷ 145,487,103 shares)			($438,907,628 ÷ 42,728,982 shares)			($1,451,127,749 ÷ 156,060,478 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class I			$	11.37			N/A			N/A			N/A
				($2,662,238 ÷ 234,081 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class Y			$	11.39		$	11.49		$	10.29		$	9.28
		($344,976,569 ÷ 30,294,056 shares)			($125,594,206 ÷ 10,934,847 shares)			($43,003,329 ÷ 4,180,703 shares)			($113,872,472 ÷ 12,270,971 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, 2018

STATEMENTS OF OPERATIONS ($ Thousands)

For the year ended September 30, 2018

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Investment Income:
Dividends		$	110,759		$	48,304		$	–		$	–
Dividends from affiliated investments(1)			1,797			157			–			–
Interest Income			2,577			626			7,819			103,140
Security lending income — net(1)(2)			1,844			1,048			–			111
Less: foreign taxes withheld			(11,712)			(5,029)			(18)			(1,056)
Total Investment Income			105,265			45,106			7,801			102,195
Expenses:
Investment advisory fees			21,836			20,597			1,396			13,477
Administration fees			12,821			8,435			2,094			7,066
Shareholder servicing fees — Class F			9,969			4,580			1,060			3,683
Shareholder servicing fees — Class I			7			–			–			–
Administrative servicing fees — Class I			7			–			–			–
Printing fees			484			207			49			168
Custodian/wire agent fees			420			887			96			514
Professional fees			210			43			23			71
Registration fees			101			39			11			51
Trustees’ fees			72			33			8			27
Chief compliance officer fees			15			7			2			5
Other expenses			208			102			124			152
Total Expenses			46,150			34,930			4,863			25,214
Less:
Waiver of investment advisory fees			–			(2,117)			(232)			(3,861)
Waiver of administration fees			–			–			–			(51)
Waiver of shareholder servicing fees — Class F			(80)			–			–			–
Fees paid indirectly			–			(8)			–			–
Net Expenses			46,070			32,805			4,631			21,302
Net Investment Income			59,195			12,301			3,170			80,893
Net Realized Gain (Loss) on:
Investments			194,081			26,799			373			(2,560)
Affiliated investments			2			(3)			–			–
Futures contracts			4,812			–			3,481			(714)
Swap contracts			–			–			278			3,375
Foreign currency transactions			(1,351)			(1,413)			15,798			(23,921)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments			(171,779)			(138,602)			(16,434)			(163,167)
Affiliated investments			(19)			–			–			(6)
Futures contracts			2,443			–			(297)			(437)
Swap contracts			–			–			67			(4,447)
Foreign capital gains tax on appreciated securities			–			178			–			–
Foreign currency translation of other assets and liabilities denominated in foreign currencies			(177)			(12)			(91)			605
Net Increase (Decrease) in Net Assets Resulting from Operations		$	87,207		$	(100,752)		$	6,345		$	(110,379)

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

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

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

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

  SEI Institutional International Trust / Annual Report / September 30, 2018   71

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the years ended September 30,

	International Equity Fund				Emerging Markets Equity Fund
	2018		2017		2018		2017
Operations:
Net investment income	$	59,195	$	46,422	$	12,301	$	10,064
Net realized gain on investments and futures contracts		198,895		116,693		26,796		120,195
Net realized loss on forward foreign currency contracts and foreign currency transactions		(1,351)		(411)		(1,413)		(396)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(169,355)		512,512		(138,602)		241,499
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(177)		413		(12)		(16)
Net change in unrealized appreciation on foreign capital tax gains on appreciated securities		—		—		178		667
Net Increase (Decrease) in Net Assets Resulting from Operations		87,207		675,629		(100,752)		372,013
Dividends and Distributions to Shareholders:
Net investment income:
Class F		(51,106)		(35,403)		(24,002)		(11,400)
Class I		(29)		(34)		N/A		N/A
Class Y		(5,482)		(3,118)		(2,093)		(816)
Total Dividends and Distributions		(56,617)		(38,555)		(26,095)		(12,216)
Capital Share Transactions:
Class F:
Proceeds from shares issued		756,783		1,137,139		339,824		332,975
Reinvestment of dividends & distributions		47,452		32,564		22,506		10,641
Cost of shares redeemed		(603,276)		(694,561)		(396,610)		(395,178)
Net Increase (Decrease) from Class F Transactions		200,959		475,142		(34,280)		(51,562)
Class I:
Proceeds from shares issued		445		585		N/A		N/A
Reinvestment of dividends & distributions		17		16		N/A		N/A
Cost of shares redeemed		(787)		(2,586)		N/A		N/A
Net Decrease from Class I Transactions		(325)		(1,985)		N/A		N/A
Class Y:
Proceeds from shares issued		63,040		152,319		27,272		56,280
Reinvestment of dividends & distributions		5,170		3,059		1,938		788
Cost of shares redeemed		(45,309)		(49,930)		(19,938)		(24,072)
Net Increase from Class Y Transactions		22,901		105,448		9,272		32,996
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		223,535		578,605		(25,008)		(18,566)
Net Increase (Decrease) in Net Assets		254,125		1,215,679		(151,855)		341,231
Net Assets:
Beginning of Year		4,118,501		2,902,822		1,946,409		1,605,178
End of Year	$	4,372,626	$	4,118,501	$	1,794,554	$	1,946,409
Undistributed Net Investment Income Included in Net Assets at End of Year	$	48,291	$	43,508	$	1,589	$	9,162
Capital Share Transactions:
Class F:
Shares issued		65,585		116,607		27,336		31,049
Reinvestment of distributions		4,098		3,517		1,764		1,136
Shares redeemed		(52,335)		(68,912)		(31,382)		(36,420)
Total Class F Transactions		17,348		51,212		(2,282)		(4,235)
Class I:
Shares issued		38		60		N/A		N/A
Reinvestment of distributions		2		2		N/A		N/A
Shares redeemed		(68)		(254)		N/A		N/A
Total Class I Transactions		(28)		(192)		N/A		N/A
Class Y:
Shares issued		5,473		15,234		2,190		5,141
Reinvestment of distributions		447		330		152		84
Shares redeemed		(3,898)		(4,883)		(1,562)		(2,216)
Total Class Y Transactions		2,022		10,681		780		3,009
Net Increase (Decrease) in Shares Outstanding from Share Transactions		19,342		61,701		(1,502)		(1,226)

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, 2018

	International Fixed Income Fund				Emerging Markets Debt Fund
	2018		2017		2018		2017
Operations:
Net investment income	$	3,170	$	3,187	$	80,893	$	74,480
Net realized gain (loss) on investments, futures contracts and swap contracts		4,132		(1,868)		101		14,403
Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions		15,798		(4,226)		(23,921)		(26,694)
Net change in unrealized appreciation (depreciation) on investments, futures contracts and swap contracts		(16,664)		(5,820)		(168,057)		39,359
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(91)		3,023		605		(996)
Net Increase (Decrease) in Net Assets Resulting from Operations		6,345		(5,704)		(110,379)		100,552
Dividends and Distributions to Shareholders:
Net investment income:
Class F		–		(7,649)		(82,188)		(27,727)
Class Y		–		(502)		(6,903)		(2,409)
Net realized gains:
Class F		–		(4,277)		–		–
Class Y		–		(232)		–		–
Total Dividends and Distributions		–		(12,660)		(89,091)		(30,136)
Capital Share Transactions:
Class F:
Proceeds from shares issued		86,729		63,281		336,208		339,041
Reinvestment of dividends & distributions		–		10,886		74,710		25,042
Cost of shares redeemed		(69,108)		(137,899)		(233,447)		(423,845)
Net Increase (Decrease) from Class F Transactions		17,621		(63,732)		177,471		(59,762)
Class Y:
Proceeds from shares issued		10,342		26,673		28,991		39,682
Reinvestment of dividends & distributions		–		715		6,442		2,335
Cost of shares redeemed		(5,961)		(1,786)		(15,406)		(39,851)
Net Increase from Class Y Transactions		4,381		25,602		20,027		2,166
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		22,002		(38,130)		197,498		(57,596)
Net Increase (Decrease) in Net Assets		28,347		(56,494)		(1,972)		12,820
Net Assets:
Beginning of Year		453,564		510,058		1,566,972		1,554,152
End of Year	$	481,911	$	453,564	$	1,565,000	$	1,566,972
Distributions in Excess of Net Investment Income Included in Net Assets at End of Year	$	(4,667)	$	(25,881)	$	(40,703)	$	(7,385)
Capital Share Transactions:
Class F:
Shares issued		8,460		6,257		33,864		34,114
Reinvestment of distributions		–		1,084		7,328		2,623
Shares redeemed		(6,748)		(13,617)		(23,439)		(42,597)
Total Class F Transactions		1,712		(6,276)		17,753		(5,860)
Class Y:
Shares issued		1,010		2,630		2,913		4,007
Reinvestment of distributions		–		71		633		244
Shares redeemed		(582)		(176)		(1,528)		(3,932)
Total Class Y Transactions		428		2,525		2,018		319
Net Increase (Decrease) in Shares Outstanding from Share Transactions		2,140		(3,751)		19,771		(5,541)

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, 2018   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 Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate†
International Equity Fund
Class F(2)
2018		$11.29		$0.16		$0.08		$0.24		$(0.15)		$–		$(0.15)		$11.38		2.11	%		$4,024,987	1.09%(3)	1.09%(3)	1.09%(3)		1.35%		40%
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
Class I
2018		$11.27		$0.12		$0.09		$0.21		$(0.11)		$–		$(0.11)		$11.37		1.86	%		$2,662	1.34%(5)	1.34%(5)	1.34%(5)		1.06%		40%
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
Class Y
2018		$11.31		$0.18		$0.09		$0.27		$(0.19)		$–		$(0.19)		$11.39		2.40	%		$344,977	0.84%(6)	0.84%(6)	0.84%(6)		1.60%		40%
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)
2018		$12.32		$0.08		$(0.77)		$(0.69)		$(0.16)		$–		$(0.16)		$11.47		(5.71)	%		$1,668,960	1.69%(8)	1.69%(8)	1.80%(9)		0.61%		70%
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
Class Y
2018		$12.35		$0.11		$(0.76)		$(0.65)		$(0.21)		$–		$(0.21)		$11.49		(5.46)	%		$125,594	1.44%(10)	1.44%(10)	1.55%(11)		0.89%		70%
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)
2018		$10.13		$0.07		$0.07		$0.14		$–		$–		$–		$10.27		1.38	%		$438,908	1.02%(12)	1.02%(12)	1.07%(13)		0.66%		71%
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
Class Y
2018		$10.12		$0.09		$0.08		$0.17		$–		$–		$–		$10.29		1.68	%		$43,003	0.77%(14)	0.77%(14)	0.82%(15)		0.91%		71%
2017		10.50		0.09		(0.17)		(0.08)		(0.20)		(0.10)		(0.30)		10.12		(0.76)			37,982	0.77(14)	0.77(14)	0.83(15)		0.94		113
2016(16)		10.45		0.12		0.55		0.67		(0.60)		(0.02)		(0.62)		10.50		6.79			12,901	0.80(4)(14)	0.80(4)(14)	0.87(4)(15)		1.23		106
Emerging Markets Debt Fund
Class F(2)
2018		$10.55		$0.51		$(1.19)		$(0.68)		$(0.57)		$–		$(0.57)		$9.30		(6.81)	%		$1,451,128	1.36%(17)	1.36%(17)	1.61%(18)		5.08%		80%
2017		10.08		0.51		0.17		0.68		(0.21)		–		(0.21)		10.55		6.93			1,458,611	1.36(17)	1.36(17)	1.63(18)		5.06		79
2016		8.66		0.49		0.93		1.42		–		–		–		10.08		16.40			1,453,586	1.39(4)(17)	1.39(4)(17)	1.65(4)(18)		5.30		86
2015		10.20		0.47		(1.81)		(1.34)		(0.19)		(0.01)		(0.20)		8.66		(13.35)			1,227,567	1.36(17)	1.36(17)	1.61(18)		4.91		71
2014		10.38		0.49		(0.29)		0.20		(0.31)		(0.07)		(0.38)		10.20		1.90			1,345,731	1.36(17)	1.36(17)	1.80(18)		4.73		92
Class Y
2018		$10.57		$0.53		$(1.18)		$(0.65)		$(0.64)		$–		$(0.64)		$9.28		(6.57)	%		$113,872	1.11%(19)	1.11%(19)	1.36%(20)		5.34%		80%
2017		10.12		0.53		0.17		0.70		(0.25)		–		(0.25)		10.57		7.18			108,361	1.11(19)	1.11(19)	1.38(20)		5.31		79
2016		8.67		0.52		0.93		1.45		–		–		–		10.12		16.72			100,566	1.14(4)(19)	1.14(4)(19)	1.40(4)(20)		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(19)	1.11(19)	1.36(20)		5.24		71

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

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

  74   SEI Institutional International Trust / Annual Report / September 30, 2018

** 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 1.09%, 1.15%, 1.27%, 1.24% and 1.24% for 2018, 2017, 2016, 2015 and 2014.

(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 1.34%, 1.40%, 1.52%, 1.49% and 1.49% for 2018, 2017, 2016, 2015 and 2014.

(6) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.84%, 0.90%, 1.02% and 0.99% for 2018, 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 1.69%, 1.74%, 1.76%, 1.71% and 1.96% for 2018, 2017, 2016, 2015 and 2014.

(9) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.80%, 1.82%, 1.86%, 1.71% and 2.02% for 2018, 2017, 2016, 2015 and 2014.

(10) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.44%, 1.49%, 1.52% and 1.46% for 2018, 2017, 2016 and 2015.

(11) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.55%, 1.58%, 1.62% and 1.46% for 2018, 2017, 2016 and 2015.

(12) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.02%, 1.02%, 1.05%, 1.02% and 1.02% for 2018, 2017, 2016, 2015 and 2014.

(13) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.07%, 1.08%, 1.11%, 1.07% and 1.20% for 2018, 2017, 2016, 2015 and 2014.

(14) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.77%, 0.77% and 0.80% for 2018, 2017 and 2016.

(15) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.82%, 0.83% and 0.87% for 2018, 2017 and 2016.

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

(17) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.36%, 1.36%, 1.39%, 1.36% and 1.36% for 2018, 2017, 2016, 2015 and 2014.

(18) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.61%, 1.63%, 1.65%, 1.61% and 1.80% for 2018, 2017, 2016, 2015 and 2014.

(19) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.11%, 1.11%, 1.14% and 1.11% for 2018, 2017, 2016 and 2015.

(20) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.36%, 1.38%, 1.40% and 1.36% for 2018, 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, 2018   75

NOTES TO FINANCIAL STATEMENTS

September 30, 2018

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 Insititution International Trust / Annual Report / September 30, 2018

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 Insititution International Trust / Annual Report / September 30, 2018   77

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2018

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, 2018 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended September 30, 2018, 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 Insititution International Trust / Annual Report / September 30, 2018

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, 2018, 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, 2018, 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, 2018, if applicable.

  SEI Insititution International Trust / Annual Report / September 30, 2018   79

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2018

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, 2018, 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 Insititution International Trust / Annual Report / September 30, 2018

participate in future gains and losses with respect to the security.

Loan Participations and Brady Bonds — To the extent consistent with its investment objective and strategies, a Fund may invest in U.S. dollar-denominated fixed- and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in a Fund having a contractual relationship only with the Lenders, not with the sovereign borrowers. The Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.

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

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

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

are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

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

3. CREDIT DERIVATIVES

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

The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment

  SEI Insititution International Trust / Annual Report / September 30, 2018   81

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2018

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 writedown.

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, 2018, 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 $1.9 million, respectively. The notional amounts of the swaps are not recorded in the financial statements; however the notional amounts approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund was the seller of protection and a credit event were to occur. Those credit default swaps (“CDS”) for which the Funds are providing protection at balance sheet date are summarized as follows:

International Fixed Income Fund
Written Credit Derivative Contracts	Single Name CDS		CDS Index
Reference Asset	Corp US$	Sovereign US$	ABS US$	Corp US$	Total
Fair value of written credit derivatives	$                    —	$                    —	$            (330,410)	$            134,281	$                (196,129)
Maximum potential amount of future payments	—	—	2,240,000	6,225,609	8,465,609
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	$                    —	$                    —	$	6,225,609	$                    —	$	—	$	6,225,609
>101	—	—		—	—		2,240,000		2,240,000
Total	$                    —	$                    —	$	6,225,609	$                    —		$    2,240,000	$	8,465,609

* 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 Insititution International Trust / Annual Report / September 30, 2018

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	$                  —	$            (48,389)	$                  —	$                  —	$            (48,389)
Maximum potential amount of future payments	—	1,894,629	—	—	1,894,629
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	—	—		1,894,629	—	—		1,894,629
Total	$                 —	$                —	$	1,894,629	$                  —	$                —	$	1,894,629

* 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, 2018 ($ Thousands)			Year ended September 30, 2018 ($ 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	$	394*	Net Assets — Unrealized depreciation on             futures contracts	$	270*
Credit contracts	Net Assets – Unrealized appreciation on             swap contracts		—†	Net Assets — Unrealized depreciation on             swap contracts		116†
Foreign exchange contracts	Unrealized gain on forward foreign                     currency contracts		4,228	Unrealized loss on forward foreign                         currency contracts		1,905
Total derivatives not accounted for as     hedging instruments		$	4,622		$	2,291

  SEI Insititution International Trust / Annual Report / September 30, 2018   83

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2018

	Asset Derivatives			Liability Derivatives
	Year ended September 30, 2018 ($ Thousands)			Year ended September 30, 2018 ($ 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	$	624*	Net Assets — Unrealized depreciation on     futures contracts	$	432*
	Net Assets — Unrealized appreciation on swap contracts		1,468†	Net Assets — Unrealized depreciation on     swap contracts		3,464†
Credit Contracts	Net Assets — Unrealized appreciation on     swap contracts		—†	Net Assets — Unrealized depreciation on     swap contracts		196†
Foreign exchange contracts	Unrealized gain on forward foreign     currency contracts		11,752	Unrealized loss on forward foreign     currency contracts		12,492
	Net Assets — Unrealized appreciation on     swap contracts		265†	Net Assets — Unrealized depreciation on     swap contracts		273†
Total derivatives not accounted for as     hedging instruments		$	14,109		$	16,857

* 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, 2018.

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	$	1,067	$	—	$	110	$	1,177
Foreign exchange contracts		2,434		16,398		—		18,832
Credit contracts		—		—		168		168
Equity contracts		(20)		—		—		(20)
Total	$	3,481	$	16,398	$	278	$	20,157
Derivatives Not Accounted for as Hedging Instruments	Futures		Forward              Currency             Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	(714)	$	—	$	2,748	$	2,034
Foreign exchange contracts		—		2,944		530		3,474
Credit contracts		—		—		97		97
Total	$	(714)	$	2,944	$	3,375	$	5,605
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	$	(297)	$	—	$	—	$	(297)
Foreign exchange contracts		—		(29)		—		(29)
Credit contracts		—		—		67		67
Total	$	(297)	$	(29)	$	67	$	(259)

  84   SEI Insititution International Trust / Annual Report / September 30, 2018

Derivatives Not Accounted for as Hedging Instruments	Futures		Forward             Currency             Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	(437)	$	—	$	(4,303)	$	(4,740)
Foreign exchange contracts		—		915		89		1,004
Credit contracts		—		—		(233)		(233)
Total	$	(437)	$	915	$	(4,447)	$	(3,969)

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, 2018, ($ 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	$	434	$	—	$	434	$	1,033	$	—	$	1,033
International Fixed Income Fund		234		—		234		94		2		96
Emerging Markets Debt Fund		10		11		21		298		64		362

Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2018 amounted to $7,830 ($ Thousands) for the International Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2018 amounted to $393 ($ Thousands) for the International Fixed Income

Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2018 amounted to $3,303 ($ Thousands) for the Emerging Markets Debt Fund.

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

  SEI Insititution International Trust / Annual Report / September 30, 2018   85

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2018

(“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, 2018 ($ 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	$	51	$	—	$	51	$	154	$	—	$	154	$	(103)	$	—	$	(103)
Bank of America		199		—		199		103		—		103		96		—		96
Barclays		77		—		77		155		—		155		(78)		—		(78)
BNP Paribas		1,483		—		1,483		15		—		15		1,468		—		1,468
Brown Brothers Harriman		4		—		4		55		—		55		(51)		—		(51)
BT Brokerage		701		—		701		—		—		—		701		—		701
CIBC		—		—		—		—		—		—		—		—		—
Citigroup		84		—		84		67		—		67		17		—		17
Credit Suisse		5		—		5		36		96		132		(127)		260		133
Deutsche Bank		232		—		232		—		19		19		213		—		213
Goldman Sachs		153		—		153		—		—		—		153		—		153
HSBC		58		—		58		44		—		44		14		—		14
JPMorgan Chase Bank		857		—		857		744		—		744		113		700		813
Morgan Stanley		21		—		21		213		—		213		(192)		—		(192)
RBC		1		—		1		242		—		242		(241)		—		(241)
Royal Bank of Scotland		134		—		134		—		—		—		134		—		134
Standard Chartered		10		—		10		23		—		23		(13)		—		(13)
State Street		108		—		108		24		—		24		84		—		84
TD Securities		24		—		24		1		—		1		23		—		23
UBS		24		—		24		29		—		29		(5)		—		(5)
	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^
Citibank	$	—	$	167	$	167	$	—	$	—	$	—	$	167	$	—	$	167
Citigroup		5,743		—		5,743		4,241		—		4,241		1,502		—		1,502
Goldman Sachs		3,319		518		3,837		3,056		2,345		5,401		(1,564)		—		(1,564)
JPMorgan Chase Bank		1,951		525		2,476		4,832		954		5,786		(3,310)		—		(3,310)
Standard Bank		435		—		435		132		—		132		303		—		303
State Street		304		—		304		230		—		230		74		—		74

^{^}  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, 2018.

  86   SEI Insititution International Trust / Annual Report / September 30, 2018

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, 2018 ($ Thousands):

	International Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long	$	142,103	$	—	$	—
Ending Notional Balance Long		157,321		—		—
Interest Contracts
Average Notional Balance Long		—		67,546		37,165
Average Notional Balance Short		—		80,783		94,061
Ending Notional Balance Long		—		68,024		45,834
Ending Notional Balance Short		—		63,973		56,576
Currency Contracts
Average Notional Balance Short		—		32,350		—
Ending Notional Balance Short		—		35,147		—
Forward Foreign Currency Contracts:
Average Notional Balance Long		—		729,395		3,176,975
Average Notional Balance Short		—		727,908		3,179,447
Ending Notional Balance Long		—		780,241		1,241,532
Ending Notional Balance Short		—		777,718		1,242,421
Swaps: Credit Contracts
Average Notional Balance Long		—		132		—
Average Notional Balance Short		—		8,660		989
Ending Notional Balance Short		—		6,855		1,895
Interest Contracts
Average Notional Balance Long		—		8,179		308,327
Average Notional Balance Short		—		8,179		308,327
Ending Notional Balance Long		—		—		257,861
Ending Notional Balance Short		—		—		257,861
Foreign Exchange Contracts
Average Notional Balance Long		—		—		16,955
Average Notional Balance Short		—		—		16,978
Ending Notional Balance Long		—		—		17,555
Ending Notional Balance Short		—		—		30,859

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 the Distributor, which may then be used by the 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 order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions,

  SEI Insititution International Trust / Annual Report / September 30, 2018   87

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2018

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 Limitation
International Equity Fund
Class F		0.505%		0.25%		—		1.15%
Class I		0.505%		0.25%		0.25%		1.40%
Class Y		0.505%		—		—		0.90%
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%

* Renewed as of January 31, 2018, 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, 2019 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.

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

	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%		0.370	%		0.2900	%		0.210	%		0.130%
Emerging Markets Equity Fund		0.450%		0.370	%		0.2900	%		0.210	%		0.130%
International Fixed Income Fund		0.450%		0.370	%		0.2900	%		0.210	%		0.130%
Emerging Markets Debt Fund		0.450%		0.370	%		0.2900	%		0.210	%		0.130%

Investment Sub-Advisory Agreements — As of

September 30, 2018, 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

Delaware Investment Fund Advisers, a series of

Macquarie Investment Management Business Trust

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.

Colchester Global Investors Ltd.

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 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.

  88   SEI Insititution International Trust / Annual Report / September 30, 2018

There were no such commissions for the year ended September 30, 2018.

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, 2018 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. For the year ended September 30, 2018, the Trust had not participated in the Program.

Other — The Distribution Agreement between the Distributor and the Trust provides that the Distributor may receive compensation on fund transactions effected for the Trust in accordance with 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. SEC rules require that such commissions not exceed usual and customary commissions.

Such commissions for the year ended September 30, 2018 were as follows ($ Thousands):

Emerging Markets Equity Fund $         11  

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, 2018, were as follows:

	International Equity Fund ($ Thousands)		Emerging Markets Equity Fund(1) ($ Thousands)		International Fixed Income Fund ($ Thousands)		Emerging Markets Debt Fund ($ Thousands)
Purchases
U.S. Government		$—		$—		$129,389		$506,699
Other		1,848,328		1,332,894		197,606		667,478
Sales
U.S. Government		—		—		106,250		487,922
Other		1,656,408		1,375,955		192,587		587,205

(1) Includes 17a-7 related transactions of $(12,527) ($ Thousands).

7. FEDERAL TAX INFORMATION:

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

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.

  SEI Insititution International Trust / Annual Report / September 30, 2018   89

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2018

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

Accordingly, the following permanent differences, primarily attributable to different treatment for gains and losses on paydowns of mortgage and asset-backed

securities for tax purposes, investments in swaps, investments in passive foreign investment companies, distribution reclassification, REIT income reclassification and foreign currency transactions have been reclassified to/from the following accounts as of September 30, 2018:

	Paid-in- Capital ($ Thousands)		Accumulated Realized Gain/(Loss) ($ Thousands)		Undistributed Net Investment Income ($ Thousands)
International Equity Fund		$(489,231)	$	487,026	$	2,205
Emerging Markets Equity Fund		–		(6,221)		6,221
International Fixed Income Fund		(2,011)		(16,033)		18,044
Emerging Markets Debt Fund		–		25,120		(25,120)

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	2018	$	56,617	$	—	$	56,617
	2017		38,555		—		38,555
Emerging Markets Equity Fund	2018		26,095		—		26,095
	2017		12,216		—		12,216
International Fixed Income Fund	2018		—		—		—
	2017		11,706		954		12,660
Emerging Markets Debt Fund	2018		89,091		—		89,091
	2017		30,136		—		30,136

As of September 30, 2018, the components of Distributable Earnings (Accumulated Losses) were as follows:

	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post October Losses ($ Thousands)			Late Year Ordinary Losses ($ Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
International Equity Fund	$	58,980	$	—	$	—		$	—		$	—		$	385,869		$	2		$	444,851
Emerging Markets Equity Fund		9,156		—		—			(6,818	)		—			118,182			(2	)		120,518
International Fixed Income Fund		—		1,868		—			—			—			(14,094	)		(2,020	)		(14,246	)
Emerging Markets Debt Fund		—		—		(18,571	)		—			(30,026	)		(140,851	)		(11,297	)		(200,745	)

Post-October losses represent losses realized on investment transactions from November 1, 2017 through September 30, 2018 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. For the year ended September 30, 2018, the Funds did not have any capital losses eligible to be carried forward.

During the year ended September 30, 2018, the International Equity Fund, the Emerging Markets Equity Fund and the Emerging Markets Debt Fund utilized capital loss carryforwards to offset capital gains of $195,360, $32,097 and $4,970 ($ Thousands), respectively. The International Equity Fund had expired capital losses in the amount of $489,231 ($ Thousands) for the year ended September 30, 2018.

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 Insititution International Trust / Annual Report / September 30, 2018

	Short-Term ($ Thousands)		Long-Term ($ Thousands)		Total Capital Loss Carryforwards 9/30/2018* ($ Thousands)
Emerging Markets Debt Fund		$3,829		$14,742		$18,571

* 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, 2018, 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, 2018, was as follows:

	Federal Tax Cost ($ Thousands)		Appreciated     Securities ($ Thousands)		Depreciated     Securities ($ Thousands)		Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
International Equity Fund	$	4,302,144	$	581,716	$	(195,847)	$	385,869
Emerging Markets Equity Fund		1,709,070		280,413		(162,231)		118,182
International Fixed Income Fund		445,160		5,165		(19,259)		(14,094)
Emerging Markets Debt Fund		1,596,981		13,709		(154,560)		(140,851)

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, 2018, 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 Insititution International Trust / Annual Report / September 30, 2018   91

NOTES TO FINANCIAL STATEMENTS (Concluded)

September 30, 2018

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, 2018

($ Thousands):

		Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
International Equity Fund	$		237,782	$		237,782	$		—
Emerging Markets Equity Fund			61,593			61,593			—
Emerging Markets Debt Fund			29,593			29,593			—

(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, 2018, SPTC held of record the following:

Fund	Class F	Class I		Class Y
International Equity Fund	96.69%		46.25%	37.15%
Emerging Markets Equity Fund	93.12%		—%	54.99%
International Fixed Income Fund	97.05%		—%	99.40%
Emerging Markets Debt Fund	97.77%		—%	37.36%

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

11. REGULATORY MATTERS

In August 2018, The FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. At this time, management is currently evaluating the impact of this new guidance on the financial statements and disclosures.

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, 2018.

  92   SEI Insititution International Trust / Annual Report / September 30, 2018

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

SEI Institutional International Trust:

Opinion on the Financial Statements

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 Emerging Markets Debt Fund (collectively, the “Funds”), as of September 30, 2018, 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of September 30, 2018, 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.

Basis for Opinion

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 are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2018, by correspondence with custodians, transfer agents, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more SEI Funds investment companies since 2005.

Philadelphia, Pennsylvania

November 29, 2018

  SEI Institutional International Trust / Annual Report / September 30, 2018   93

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited)

The following chart lists Trustees and Officers as of September 30, 2018.

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 72 yrs. old	Chairman of the Board of Trustees*	since 1995	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	102	Vice Chairman of The Advisors’ Inner Circle Fund III 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. President, Director and Chief Executive Officer of SEI AIpha 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 Winton Series Trust from 2014 to 2017. Vice Chairman of The Advisors’ Inner Circle Fund III, Winton Diversified Opportunities Fund (closed-end investment company), Gallery Trust, Schroder Series Trust and Schroder Global Series 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 78 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.	102	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. Trustee of Winton Series Trust from 2014 to 2017. 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 Diversified Opportunities Fund, Gallery Trust, Schroder Series Trust, Schroder Global Series 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 75 yrs. old	Trustee	since 1996	Retired since January 2012. Self-Employed Consultant, Newfound Consultants Inc. April 1997-December 2011.	102	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 1996 to 2016. Member of the independent review committee for SEI’s Canadian-registered mutual funds from 2011 to 2017. Trustee/Director of State Street Navigator Securities Lending Trust from 1996 to 2017. Trustee/Director of 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, 2018

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 61 yrs. old	Trustee	since 2003	Founder and Managing Director, Avec Capital (strategic fundraising firm) since 2008. Managing Director, Cue Capital (strategic fundraising firm) from March 2002-March 2008.	102	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 70 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.	102	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 76 yrs. old	Trustee	since 2007	Retired Private Investor since 1994.	102	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, New Covenant Funds, 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 75 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.	102	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 63 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, Ernest & Young LLP from 2006-2015. Partner Ernest & 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.	102	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.
James B. Taylor One Freedom Valley Drive Oaks, PA 19456 67 years old	Trustee	since 2018	Retired since December 2017. Chief Investment Officer at Georgia Teach Foundation from 2008 to 2017. Chief Investment Officer at Delta Air Lines from 1983 to 2007. Member of the Investment Committee at the Institute of Electrical and Electronic Engineers from 1999 to 2004. President, Vice President and Treasurer at Southern Benefits Conference from 1998 to 2000.	102	Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust.

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, 2018   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
Robert A. Nesher One Freedom Valley Drive, Oaks, PA 19456 72 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 45 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
Glenn R. Kurdziel One Freedom Valley Drive Oaks, PA 19456 44 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 55 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 since June 2007. Chief Compliance Officer of Adviser Managed Trust since December 2010. Chief Compliance Officer of SEI AIpha 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 O’Connor EQUUS from 2014 to 2016. Chief Compliance Officer of The Advisors’ Inner Circle Fund III and Winton Diversified Opportunities Fund since 2014. Chief Compliance Officer of Winton Series Trust from 2014 to 2017. Chief Compliance Officer of SEI Catholic Values Trust and Gallery Trust since 2015. Chief Compliance Officer of Schroder Series Trust and Schroder Global Series Trust since 2017.	N/A	N/A
Timothy D Barto One Freedom Valley Drive Oaks, PA 19456 50 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 47 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 42 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 50 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 37 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, 2018

DISCLOSURE OF FUND EXPENSES (Unaudited)

September 30, 2018

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 4/1/18		Ending Account Value 9/30/18		Annualized Expense Ratios		Expenses Paid During Period *
International Equity Fund
Actual Fund Return
Class F		$1,000.00		$991.30		1.08%		$5.39
Class I		1,000.00		989.60		1.33		6.63
Class Y		1,000.00		992.80		0.83		4.15
Hypothetical 5% Return
Class F		$1,000.00		$1,019.65		1.08%		$5.47
Class I		1,000.00		1,018.40		1.33		6.73
Class Y		1,000.00		1,020.91		0.83		4.20
Emerging Markets Equity Fund
Actual Fund Return
Class F		$1,000.00		$875.60		1.67%		$7.85
Class Y		1,000.00		877.40		1.42		6.68
Hypothetical 5% Return
Class F		$1,000.00		$1,016.70		1.67%		$8.44
Class Y		1,000.00		1,017.95		1.42		7.18

	Beginning Account Value 4/1/18		Ending Account Value 9/30/18		Annualized Expense Ratios		Expenses Paid During Period *
International Fixed Income Fund
Actual Fund Return
Class F	$	1,000.00		$998.10		1.02%		$5.11
Class Y		1,000.00		999.00		0.77		3.86
Hypothetical 5% Return
Class F	$	1,000.00	$	1,019.95		1.02%		$5.16
Class Y		1,000.00		1,021.21		0.77		3.90
Emerging Markets Debt Fund
Actual Fund Return
Class F	$	1,000.00		$905.10		1.36%		$6.50
Class Y		1,000.00		906.60		1.11		5.31
Hypothetical 5% Return
Class F	$	1,000.00	$	1,018.25		1.36%		$6.88
Class Y		1,000.00		1,019.50		1.11		5.62

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

  SEI Institutional International Trust / Annual Report / September 30, 2018   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 – 28, 2018 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 5–6, 2017, June 26–27, 2018 and September 11–12, 2018. In each case, the Board’s approval (or renewal) was based on its consideration

  98   SEI Institutional International Trust / Annual Report / September 30, 2018

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), and actual total expenses for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC’s contractual waiver of its management fee with respect to the Emerging Markets Equity Fund and SIMC’s and its affiliates 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, 2018   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, 2018

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders who do not have a September 30, 2018, taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2018, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended September 30, 2018, 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%	97.03%	0.00%	0.27%	0.00%
Emerging Markets Equity Fund	0.00%	0.00%	100.00%	100.00%	0.00%	79.13%	0.00%	0.00%	0.00%
International Fixed Income Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Emerging Markets Debt Fund	0.00%	0.00%	100.00%	100.00%	0.00%	0.00%	0.00%	0.11%	0.00%

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2018, the amount of foreign source income and foreign tax credit are as follows:

Fund	Foreign Source Income		Foreign Tax Credit Pass Through
International Equity	$	51,280,616	$	6,967,992
Emerging Markets Equity		13,648,839		4,720,927

(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, 2018   101

SEI INSTITUTIONAL INTERNATIONAL TRUST / ANNUAL REPORT / SEPTEMBER 30, 2018

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Officers

Robert A. Nesher

President and Chief Executive Officer

James J. Hoffmayer

Controller and Chief Financial Officer

Glenn R. Kurdziel

Assistant Controller

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

David F. McCann

Vice President, Assistant Secretary

Aaron Buser

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Bridget E. Sudall

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

For more information call

1 800 DIAL SEI

(1 800 342 5734)

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

SEI-F-018 (9/18)

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, comptroller or principal accounting officer and any person that performs a similar function.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has three Audit Committee financial experts serving on 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 last two fiscal years as follows:

		Fiscal 2018			Fiscal 2017
		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)	$204,460	$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	$372,077	$0	$0	$356,074	$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 Service 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 Registrant’s 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; 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     2018	Fiscal      2017
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 2018 and 2017 were $372,077 and $356,074, respectively. Non-audit fees consist of a service organization controls report 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. 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 on the Board. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s Charter, adopted on June 18^th 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 Registrant’s 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 1940 Act, as amended (17 CFR 270.30a-2(a)), are filed herewith.

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

SIGNATURES

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

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

Date: December 7, 2018

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 7, 2018

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

Date: December 7, 2018

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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

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

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

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

Date: December 7, 2018

/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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

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

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

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

Date: December 7, 2018

/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, 2018 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Dated: December 7, 2018

/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, 2018 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Dated: December 7, 2018

/s/ James J. Hoffmayer

James J. Hoffmayer

Controller & CFO