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, 2020

Date of reporting period: September 30, 2020

Item 1. Reports to Stockholders.

September 30, 2020

ANNUAL REPORT

SEI Institutional International Trust

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.

TABLE OF CONTENTS

Letter to Shareholders	1
Management’s Discussion and Analysis of Fund Performance	6
Schedule of Investments	14
Statements of Assets and Liabilities	72
Statements of Operations	74
Statements of Changes in Net Assets	75
Financial Highlights	77
Notes to Financial Statements	79
Report of Independent Registered Public Accounting Firm	97
Trustees and Officers of the Trust	98
Disclosure of Fund Expenses	101
Liquidity Risk Management Program	102
Board of Trustees Considerations in Approving the Advisory Agreement	103
Notice to Shareholders	106

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT reports are available on the Commission’s website at http://www.sec.gov.

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, 2020 (Unaudited)

To Our Shareholders:

The fiscal year ending September 30, 2020, began with strong returns in the equity markets over the final months of 2019. After hitting all-time highs in February, concerns about the international spread of a novel coronavirus (COVID-19) dominated investor concerns, and by the end of March most equity indexes had fallen into bear-market territory. Plans to reopen economic activity and developments in the race for COVID-19 treatments encouraged investors in April and May; global financial markets rallied sharply amid renewed “risk-on” sentiment, with U.S. equity markets eclipsing their pre-pandemic peaks before the end of the fiscal year. Despite tension around a U.S.-China trade deal and ongoing Brexit concerns in late 2019, the lingering effects of COVID-19 demanded plenty of attention from investors.

The Federal Reserve (Fed) cut interest rates three times prior to March. Two off-cycle moves in February brought the federal-funds rate to near zero and were designed to bolster the economy in response to the economic threat posed by the coronavirus outbreak; the emergency actions were the first since the global financial crisis. Additionally, the Fed committed to purchasing unlimited amounts of Treasurys and established or renewed multiple facilities designed to support the economy.

Christine Lagarde succeeded Mario Draghi as European Central Bank (ECB) President in November. The ECB restarted its asset-purchase program in November with a monthly pace of €20 billion and stated it intends to continue to fully reinvest the principal payments from maturing securities purchased under the program. In response to COVID-19, the ECB announced a new quantitative easing (QE) package in March—the Pandemic Emergency Purchase Programme
— amounting to €750 billion, which should bring total QE-related asset purchases to more than €1.3 trillion in 2020.

The Japanese yen, typically viewed as a safe-haven asset in “risk-off” environments, finished the period 2.5% higher against the U.S. dollar, while the Bank of Japan indicated it would continue a negative rate policy through 2023. The Chinese yuan finished the fiscal year up 5.3%; the currency rebounded from an 11-year low reached before the start of the fiscal year after a U.S.-China phase-one trade agreement was signed.

West Texas Intermediate crude-oil prices stayed mostly range-bound over the first quarter of the reporting period. From January onward, the commodity became a victim of an oil-production impasse between Saudi Arabia and Russia and travel restrictions that sapped usage due to the coronavirus pandemic. Between the high price toward the end of 2019 and the April lows, crude-oil prices fell over 80%. Record supply cuts and a pickup in global fuel demand toward the end of the reporting period helped drive a partial price recovery, and oil finished down over 25% for the 12-month period.

Geopolitical events

Market volatility accelerated in the first quarter of 2020 following concerns about COVID-19 and its eventual economic effect: as the outbreak spread from China to other countries, governments issued stay-at-home orders and initiated widespread lockdowns. Beyond the threat to public health, the outbreak and resulting containment measures evoked concerns about the potential halt to global economic activity. The official daily infection rate continued to trend generally higher, with over 33 million cases worldwide at the end of September, while in the U.S., the total recorded number of COVID-19-related deaths surpassed 200,000 by the end of September—out of about 1,000,000 total worldwide. Nevertheless, markets remained generally optimistic over the last half of the reporting period as forward-looking investors attempted to spot sources of encouragement.

At least 68 countries and territories postponed elections between February 21 and July 26, also citing concerns about COVID-19 containment, according to the Wall Street Journal; at least 49 countries and territories committed to holding their elections as scheduled. The U.S. presidential election cycle formally progressed to its final phase before Election Day, as President Donald Trump accepted the Republican Party’s nomination and former Vice President Joe Biden accepted the Democratic Party’s nomination at their respective quadrennial conventions during August. The U.S. general election will proceed in early November.

The United States-Mexico-Canada trade agreement was ratified by all three countries in December and officially replaced the North American Free Trade Agreement on July 1. The Trump administration announced in September that it would not pursue a 10% tariff on U.S. imports of Canadian aluminum previously announced in August, as trade is now expected to normalize in the coming months following high import levels earlier in 2020. President Trump

  SEI Institutional International Trust / Annual Report / September 30, 2020   1

LETTER TO SHAREHOLDERS (Continued)

September 30, 2020 (Unaudited)

and France’s President Emmanuel Macron successfully walked back threats of tariffs that originated with French plans for a digital tax that would have targeted U.S.-based multi-national technology companies. The prospect of a digital tax re-surfaced in other countries—including the U.K., Italy, Austria and Turkey—which prompted more threats of retailiatory tariffs by Treasury Secretary Steven Mnuchin. Sajid Javid, the UK’s former Chancellor of the Exchequer, disappointed Secretary Mnuchin by explaining during a joint interview in late January at the World Economic Forum that the U.K. would prioritize trade negotiations with the EU over a deal with the U.S.

China and the U.S. formalized a “phase one” trade deal in mid-January that offered tariff relief to China (via the reduction of existing tariffs and the delay of additional scheduled tariffs). In exchange, China committed to purchasing $200 billion in U.S. products over a two-year period; addressing its long-standing practice of forcing the transfer of intellectual property and technology to Chinese counterparts in exchange for access to the Chinese market; and promising to continue opening its financial-services industry to foreign investors. The tense U.S.-China relationship was stressed in May by a U.S. push for more transparency in the ownership of U.S.-listed Chinese companies and the U.S. government’s barring of certain Chinese securities from its retirement plans.

Under Boris Johnson, the UK’s Conservative Party consolidated its power in a mid-December election—winning a majority of seats in the House of Commons and gaining approval for Prime Minister Boris Johnson’s EU departure deal. The country officially left the EU at the end of January 2020, giving way to an 11-month transition period to negotiate terms of the future U.K.-EU relationship. Johnson emerged from his personal battle with COVID-19 in April, having been hospitalized in intensive care and temporarily deputizing Foreign Secretary Dominic Raab to fulfill his role while incapacitated.

Japan’s ruling Liberal Democratic Party selected Yoshihide Suga to succeed Prime Minister Shinzo Abe, who resigned in August due to health issues. Elsewhere in Asia, China-Taiwan tensions flared in September after a high-level U.S. government official’s visit to Taiwan; China was angered by what it saw as one of its territories assuming sovereignty by inappropriately conducting international diplomacy. Chinese planes made a show of force to coincide with the visit, prompting Taiwan to quickly mobilize its military jets. The island’s government had previously condemned nearby Chinese military drills as provocations. In Beijing, a military spokesman accused Taiwan’s ruling Democratic Progressive Party of “collusion” with the U.S., and said the U.S. is trying to “use Taiwan to control China.”

Economic performance

U.S. gross domestic product (GDP) grew 2.1% in the fourth quarter of 2019, driven by an increase in net trade but weakened by a sharp slowdown in consumer spending. The economy saw a decline of 5.0% in the first quarter of 2020, the largest drop since the global financial crisis, but reflected just two weeks of lockdowns that began across the country in March. The economy contracted by a worst-ever 31.4% in the second quarter, falling in all 50 states. The abrupt halt to the 10-year economic expansion came amid mandated lockdowns throughout most of the country.

The U.S. unemployment rate touched a 50-year low of 3.5% during the fiscal year before jumping as high as 14.7% in April and settling at 7.9% in the final reading; the number of Americans filing for initial unemployment benefits hit record numbers as many non-essential businesses were forced to close in the wake of the pandemic. The labor-force participation rate ended at 61.4%, down from 63.2% a year earlier. Average hourly earnings gained 4.7% over the fiscal year, as the increase in unemployment tended to hit lower-wage workers hardest.

Broad economic activity in the eurozone slowed to its weakest pace since records began in 1995 during the first quarter of 2020; the 13.6% annualized decline wiped away three years of growth in the area. The region officially fell into recession after a 40.3% contraction in the second quarter and far exceeded that in the U.S. as measures imposed to limit the spread of COVID-19 reflected the closing of everything from restaurants to factories. The magnitude and speed of the contraction solidified the case for continued accommodative policy by the ECB for some time.

The Bank of England’s Monetary Policy Committee cut its Bank Rate to 0.1% in March, the lowest in the 325-year history of its lending rate, during the fiscal year. It also announced a £200 billion asset-purchase program, mostly of government bonds, to be conducted at a monthly pace that will eclipse previous rounds of QE. Additionally, it launched a so-called funding-for-lending scheme to spur banks to lend to small- and medium-sized enterprises, as well as a commercial paper facility with no cap limit, both to be financed by central-bank reserves. Following its mid-June meeting, the central bank announced that it would expand its stock of asset purchases to £745 billion. The U.K.

  2   SEI Institutional International Trust / Annual Report / September 30, 2020

economy shrank a record 19.8% seasonally-adjusted at annual rates through the second quarter of 2020; while the decline was less severe than originally thought, it was also the largest since records have been kept.

Japanese GDP contracted 7.2% in seasonally-adjusted annualized terms in the fourth quarter of 2019 as the country’s sales tax hike weakened consumer and business spending; an additional 2.2% decline in the first quarter of 2020 confirmed that Japan had fallen into recession for the first time in over four years. Japan’s economy contracted 28.1% in the second quarter as capital expenditures were hit hard by the pandemic. The Bank of Japan expanded monetary stimulus as pandemic pain worsened late in the period. Meanwhile, GDP in China shrank by 6.8% year-on-year and seasonally-adjusted in the first quarter of 2020, its worst pace in several decades, as consumer spending, exports and fixed-asset investments all were affected by the lockdowns in January and early February; a 3.2% gain in the second quarter came as restrictions eased and the country rolled out stimulus measures intended to aid the economy.

Market developments

The S&P 500 Index finished the fiscal year up 15.15%, despite falling over 30% from its peak on February 19, 2020, to the trough on March 23. Prior to the coronavirus onset, investors enjoyed the continuation of the modest U.S. economic expansion, reasonably strong corporate profitability and accommodative Fed monetary policy. Over the full reporting period, mega-cap stocks, a narrow group of companies with unusually large weights in the broad equity index, outperformed, and growth companies in the information technology sector generally led, while many value stocks underperformed. Commodity-sensitive stocks, particularly those within the energy sector, lagged the most.

U.S. large-cap stocks (Russell 1000 Index) finished the reporting period up 16.01%; small-cap stocks (Russell 2000 Index) were hit harder in the coronavirus-driven selloff, as investors tended to avoid smaller companies with lesser financial strength, and edged just 0.39% higher over the fiscal year.

Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and COVID-19 grew. The MSCI Europe Index (Net) fell 0.79% in U.S. dollar terms and was 7.33% lower in euros; the euro finished up 6.68% versus the U.S. dollar for the period. The MSCI ACWI Index (Net), a proxy for global equities in both developed and emerging markets, climbed 10.44% in U.S. dollar terms.

Despite a strong rally over the second half of the year, the FTSE UK Series All-Share Index lost 12.30% in U.S. dollar terms over the full reporting period, while it fell 16.59% in sterling.

Emerging-market equities were higher. After gaining 9.56% in the final quarter of the fiscal year, the MSCI Emerging Markets Index (Net) finished the reporting period up 10.54% in U.S. dollar terms. U.S.-China trade news generally drove performance for the first three months; however, a rally after the U.S. and China agreed to a “phase-one” trade deal in January was wiped out until COVID-19 concerns in China began to decelerate.

Global government bonds outperformed global high-yield bonds as the escalation of COVID-19 hit the bond market’s most economically sensitive sectors the hardest. The global high-yield market, as measured by the ICE BofA Global High Yield Constrained Index, was 3.84% higher during the reporting period, while global government bonds, as measured by the Bloomberg Barclays Global Treasury Index, did better and climbed 5.84%.

A continuing theme for U.S. fixed-income markets was the inverted yield curve. The spread between 2-year and 5-year Treasurys yields was inverted early in the reporting period, as was the spread between 3-year and 5-year Treasurys. Notably, the spread between 3-month and 10-year rates was inverted for only the second time in about 12 years during the fiscal year, a signal of impending recession to some market watchers that occurred long before any knowledge of the pandemic. The differential reverted during the period and eventually stayed in positive territory from March onward.

Yields for 10-year U.S. government bonds ended the period down 99 basis points at 0.69%, after hitting an all-time low of 0.54% in March as investors rushed to “safe-haven” securities; 2-year yields declined during the fiscal year to finish down 150 basis points at 0.13%.

Inflation-sensitive assets, such as commodities and Treasury inflation-protected securities (TIPS), were mixed. The Bloomberg Commodity Total Return Index (which represents the broad commodity market) finished down 8.20% over the full one-year period, after an oil-production impasse between Saudi Arabia and Russia created a downdraft in the

  SEI Institutional International Trust / Annual Report / September 30, 2020   3

LETTER TO SHAREHOLDERS (Concluded)

September 30, 2020 (Unaudited)

oil market around the same time that demand contracted due to the coronavirus pandemic; the Bloomberg Barclays 1-10 Year US TIPS Index (USD) moved 7.75% higher during the reporting period.

U.S. investment-grade corporate debt was higher; the Bloomberg Barclays US Corporate Investment Grade Index returned 7.90% as investors remained eager to buy higher-yielding securities. U.S. asset- and mortgage-backed securities also managed to rise during the fiscal year.

Coronavirus concerns and the steep drop in global oil prices led to a declining outlook for economic growth in emerging markets; the JP Morgan Global Bond Index-Emerging Markets (GBI-EM) Global Diversified Index, which tracks local-currency-denominated EM bonds, declined 1.45% in U.S. dollar terms. The JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index, which tracks EM debt denominated in external currencies (such as the U.S. dollar), managed a 1.29% gain for the fiscal year.

Our view

It has already been an eventful and exhausting year, but we have a sense that the next few months could prove critical to the future course of the global economy and financial markets. Most countries were in V-shaped recovery mode during the third quarter, moving sharply off their low points in May and June. We assume that future lockdowns to contain COVID-19 outbreaks will be far more limited in scope. For developed countries, treatments have improved, vulnerable populations appear to be better-protected, and younger, generally healthier people are accounting for a much larger share of confirmed new cases.

But we doubt there will be a full return to normal economic behavior until safe and effective vaccines are introduced and distributed globally. The news on this score has been positive, and probably is a key reason for the continued buoyancy of equities and other risk assets. According to the World Health Organization, researchers were testing 38 vaccines in clinical trials at the end of September, while 93 more were in pre-clinical testing. Ten vaccines have been approved for large-scale efficacy and safety trials. We think it is realistic to assume that a few different vaccines will be generally available by this time next year, which means that social-distancing measures must still be followed well into 2021 and, most likely, into 2022.

There’s no disputing that U.S. economic activity remains far below normal. Although incomes are now recovering as more people get back to work, the lack of additional income support may drag down consumer spending as we head into the end of the year. Business sentiment appears to have bottomed, but the outlook remains sufficiently uncertain to keep us in a watch-and-wait mode. We would not be surprised to see the official U.S. unemployment rate move up in the months ahead as hard-hit industries eliminate jobs now that government support has run out.

In August, Fed Chairman Jerome Powell officially unveiled a new framework for conducting the central bank’s monetary policy. The Fed has decided to see how low the U.S. unemployment rate can get before it causes the inflation rate to exceed the 2% mark by a meaningful extent.

The FOMC’s own inflation projection does not envision a return to 2% inflation until the end of its forecast window in 2023, so it may be a long time before the federal-funds rate rises.

In our view, all that’s really left in the Fed’s monetary toolbox is quantitative easing, along with the provision of lifeline support to corporations as well as state and local governments through its various credit facilities. Monetization of debt will likely continue until the pandemic crisis is well past and the U.S. unemployment rate approaches its previous lows.

The U.S. presidential election will have a major impact on the economy and financial markets in the months and years ahead. Still, we firmly believe that it would be a mistake to pursue even a short-term investment strategy that necessitates accurately predicting: (1) the election winner; (2) the policies proposed by the newly inaugurated president; (3) the ways in which Congress will modify those proposals throughout the legislative process; or (4) the impact those new laws would have on the economy and financial markets.

Regardless of the election’s outcome, we assume that both candidates would see their platforms tempered before they’re put into practice. There is a high degree of institutional inertia, which is partly deliberate (constitutional checks and balances) and partly happenstance (increasing polarization of opinion in the country tends to favor a draw). While there could be some market volatility plausibly attributed to the election, it is usually best to pay strict attention to the fundamentals and to ignore the politics.

  4   SEI Institutional International Trust / Annual Report / September 30, 2020

The U.K. is undergoing its own unique political melodrama, with Prime Minister Boris Johnson facing a rebellion among his own backbenchers and intense criticism from senior Conservatives over his proposal to renege on the withdrawal treaty that would allow Northern Ireland to trade without border restrictions with Ireland and the rest of the EU. The move to abrogate the treaty, if successful, would almost certainly lead to a hard Brexit—a reversion to the World Trade Organization’s most-favored-nation trading rules with the EU. It also could breathe new life into the separatist movement in Northern Ireland itself, not to mention Scotland.

Prime Minister Johnson’s decision reflects his government’s frustration with EU negotiators. There are two main sticking points, one small (EU fishing industry demanding full access to U.K. waters) and one large (EU demanding the UK’s continued adherence to EU strictures on government financial assistance to private-sector businesses).

Obviously, a hard Brexit will not help matters. But the worst impact potentially will be sustained by financial companies and other service- producing entities, since World Trade Organization rules deal mostly with tradable goods. The increase in tariffs, for the most part, will be bearable once border-related issues are worked out. In the meantime, the U.K. and the rest of Europe are facing a second wave of COVID-19 that could turn what’s been a V-shaped recovery into something looking more like a W.

This year’s pandemic and postponement of the summer Olympics proved to be a bitter ending to Japanese Prime Minister Shinzo Abe’s record-breaking term in office. His push to lift Japan out of its deflationary spiral was somewhat successful. Prices mostly stopped declining in the aggregate, but there were few occasions when overall consumer-price inflation rose above 1%. Pandemic pressures have caused a return to outright deflation in recent months.

In our view, it is unlikely that radical changes will be made to the direction of policy under Japan’s new Prime Minister Yoshihide Suga. In the near-term, the priority will be on the response to the coronavirus; fiscal policy will remain quite expansionary. The Bank of Japan will continue to buy most of the government-issued bonds, along with other types of corporate debt and equity, as it has been doing as part of its Quantitative and Qualitative Easing program over the past four years.

The contrast of the big Asian stock markets versus other large emerging-market equities is dramatic. China’s strong gains can be chalked up to its rebound in economic activity. Although travel and other services are still constrained due to lingering concerns about the virus, infrastructure-related spending and manufacturing have experienced an almost-complete recovery to pre-pandemic levels. Investors seem to be unfazed by the deterioration in the US-China economic relationship or by the increasingly fraught diplomatic relations between China and other countries.

Emerging markets are already showing some good news. The price of raw industrials bottomed in early May, and have since enjoyed a sharp move higher. If industrial commodity prices advance in a sustained, multi-year fashion as they have in previous cycles, it’s a good bet that emerging-market corporate profits will also rise sharply.

Our optimism is somewhat tempered by the rising debt burden facing many emerging countries. Much of the increase in emerging-market debt has been tied to the corporate sector—especially in China, where private domestic, non-financial debt has reached an eye-watering 216% of GDP. Of more concern are the mostly small-to-medium-sized countries that are running current-account deficits and are too dependent on external hard-currency debt, or do not have the reserves to easily cover their debt service.

The actions of the world’s major central banks back in March, especially the Fed’s provision of U.S. dollar liquidity, have helped to ease the strain on the market for emerging-country debt. Governments and other official lenders, meanwhile, have granted loan forbearance to nearly 80 countries; it’s a tougher job to get private creditors to agree to do the same. Nonetheless, emerging-market sovereign yields on dollar-denominated debt have fallen back toward their previous record lows, more than reversing the spike endured in March, prior to the Fed’s rescue operations.

Sincerely,

William T. Lawrence, CFA

Head and Chief Investment Officer of Traditional Asset Management, SEI

  SEI Institutional International Trust / Annual Report / September 30, 2020   5

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2020 (Unaudited)

International Equity Fund

I. Objective

The International Equity Fund (the “Fund”) seeks 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, 2020: Acadian Asset Management LLC (“Acadian”), Causeway Capital Management LLC (“Causeway”), INTECH Investment Management LLC (“INTECH”), JO Hambro Capital Management Limited (“JO Hambro”), Lazard Asset Management LLC (“Lazard”), NWQ Investment Management Company, LLC (“NWQ”) and WCM Investment Management LLC (“WCM”).

During the period, JO Hambro was added to the Fund, while Blackcrane Capital, LLC (“Blackcrane”), and Neuberger Berman Investment Advisers LLC (“Neuberger Berman”), were removed from the Fund.

III. Return vs. Benchmark

For the year ended September 30, 2020, the Fund’s Class F shares outperformed the MSCI EAFE Index (Net)—which tracks the performance of developed-market equities outside North America—returning 3.44% versus the Index return of 0.49%.

IV. Fund Attribution

As noted in the shareholder letter, developed-market equities rose steadily at the start of the fiscal year as the global economy found footing; the eventual outbreak of COVID-19 in early 2020 forced lockdowns and stay-at-home orders across most countries, sending major equity indexes lower as investors dealt with the economic uncertainty. Over the last half of the reporting period, markets generally rallied as central banks enacted significant monetary and fiscal stimulus measures.

Although Japanese economic growth remained lackluster during the reporting period, Japan was the best-performing country in the MSCI EAFE Index over the full fiscal year. Europe also performed well and was boosted by the strong performance of its healthcare sector. During the worst of the selloff, the European Central Bank announced massive amounts of monetary stimulus, which was eventually accompanied by large amounts of fiscal stimulus from its member nations, to

support the region’s economy. The European Union also made progress in issuing the region’s first common bonds, signaling to investors its determination in helping the region’s economy recuperate. The Pacific ex-Japan region was dragged down by results from Australia’s energy and banking sector. The U.K. was the worst-performing region as the twin headwinds of COVID-19 and a collapse in oil prices put heavy pressure on the region’s equity prices. Lack of progress in Brexit negotiations was also a dampener on equity prices.

The best-performing sectors in the benchmark were information technology and healthcare, with investors flocking to sectors believed to have the most durable and sustainable long-term growth prospects. Healthcare also outperformed given the outbreak-driven demand for healthcare services. Information technology was the Fund’s most significant contributor as stability and momentum managers had favorable results within the sector. The materials sector also did well on strong results from non-commodity-related companies. Real estate contributed as the Fund’s aversion to the sector’s rich valuations and lack of growth opportunities helped avoid losses from the otherwise poorly performing sector. The biggest detractors came from defensive sectors like consumer staples and utilities, which generally matched or outperformed the benchmark and that the Fund was underweight. Energy was the benchmark’s worst-performing sector given the weakness in the oil industry, although the Fund’s underweight was beneficial.

From a regional point of view, Europe was the biggest contributor due to favorable exposure and results in the European industrials and healthcare sectors. Exposure to ex-benchmark emerging-market Asian technology also contributed. An underweight to Pacific ex-Japan, especially the region’s underperforming banks, was beneficial. The U.K. also contributed, primarily due to the Fund’s underweight to the region’s lagging energy sector, which took a hit during the crude oil selloff in the spring. Japan was the biggest regional detractor due to negative results in the Fund’s Japanese healthcare and consumer sectors.

WCM was the Fund’s best-performing manager and outperformed due to tailwinds to stability, especially stocks on the faster growing end of the stability spectrum. During the fiscal year, stocks with durable and stable growth prospects continued to be favored by investors as the COVID-19 break altered expectations for future growth. Acadian also contributed and saw favorable results from its quantitative model-driven selection; headwinds to value were not enough to offset

  6   SEI Institutional International Trust / Annual Report / September 30, 2020

the tailwinds from momentum. Blackcrane contributed and enjoyed a tailwind to momentum, as companies with strong fundamental momentum were heavily rewarded. During the period, momentum became more aligned with stability as companies with strong and consistent earnings growth prospects continued to outperform and trend higher. Stability manager Neuberger Berman also benefited from a similar tailwind to stability, and both of the Fund’s momentum managers, INTECH and JO Hambro, enjoyed positive tailwinds to momentum and added to alpha as well.

The Fund’s three value managers—Causeway, NWQ and Lazard—were the only detractors. Performance for our value managers was in line with expectations given the continued headwinds that value faced as investors preferred stability and momentum throughout most of the fiscal year.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

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		3.44%		0.24%		4.88%		4.25%		3.43%
International Equity Fund, Class I		3.19%		-0.01%		4.60%		3.98%		3.17%
International Equity Fund, Class Y		3.68%		0.48%		5.12%		4.39%		3.47%
MSCI EAFE Index (Net)		0.49%		0.62%		5.26%		4.62%		4.25%

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 (Net)

¹  For the year ended September 30, 2020. Past performance is no indication of future performance. Class F 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. The Fund’s Class Y shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

  SEI Institutional International Trust / Annual Report / September 30, 2020   7

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2020 (Unaudited)

Emerging Market Equity Fund

I. Objective

The Emerging Markets Equity Fund (the “Fund”) seeks 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, 2020: JO Hambro Capital Management Limited (“JO Hambro”), KBI Global Investors (North America) Ltd. (“KBI”), Lazard Asset Management LLC (“Lazard”), Neuberger Berman Investment Advisers LLC (“Neuberger Berman”), Qtron Investments LLC (“Qtron”) and RWC Asset Advisors (US) LLC (“RWC”).

During the period, Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust (“Macquarie”), was removed from the Fund.

III. Return vs. Benchmark

For the year ended September 30, 2020, the Fund’s Class F shares underperformed the MSCI Emerging Markets Index (Net)—which tracks the performance of global emerging market equities—returning 8.75% versus the Index return of 10.54%.

IV. Fund Attribution

Emerging markets finished on a positive note after a rollercoaster performance during the fiscal year. The fourth quarter of 2019 was a positive one, with markets rallying on hopes of a pickup in global economic growth before the outbreak of COVID-19 sent major equity markets into freefall; most global economies enacted business lockdowns and stay-at-home orders. Oil also experienced a major disruption as expected cuts to crude were not realized, sending oil prices crashing and contributing to the equity market freefall, especially in commodity-exporting nations.

Asian countries outperformed the benchmark, led by Chinese equities. China was the first to be impacted by COVID-19 but was also the first to recover, boosted by fiscal and monetary stimulus from the government. Strong demand for online retail and internet platforms (from consumers staying home), as well as technology components, partially fueled the strong performance of Chinese equities. Strong demand for technology components like memory and 5G also helped both Taiwan and Korea outperform. India lagged Asia but kept

pace with the benchmark as COVID-19 exacerbated the country’s economic slowdown.

The Europe, Middle East and Africa region lagged the benchmark as the drop in oil prices, as well as the shock to overall commodity demand, was a drag on South Africa and Russia and the commodity exporters in both countries. A drop in global tourism also impacted Greece and Turkey, which were among the biggest laggards in the region and the benchmark.

Latin America also lagged the benchmark and was the worst-performing region due to weak performance from Brazil, which was affected by both high cases for COVID-19 and the drop in commodity prices. Mexico outperformed the region but lagged the benchmark due to weak performance in banks and consumer stocks.

The best-performing sectors in the benchmark were information technology on strong demand due to significant work-from-home use, as well as healthcare due to pandemic demand. Online retailing and consumer discretionary also outperformed as consumers were forced to stay at home. The worst-performing sectors were energy, which was weakened by price cuts and a slump in demand, and financials, as many emerging-market banks suffered from the drop in local growth.

An overweight to information technology was the largest contributor to Fund performance. Overweights to materials and industrials also contributed due to strong results in select metals, chemicals and capital goods companies. Consumer discretionary was the biggest detractor given the Fund’s low exposure to online retailing stocks amid elevated valuations. Weak selection within the healthcare and consumer staples sectors further challenged Fund performance.

KBI was the biggest detractor as the manager’s dividend-yield process faced headwinds. Investors preferred companies with faster and more durable growth prospects over cheaper companies that tended to have impaired business fundamentals. Neuberger Berman also detracted and lagged expectations given the manager’s stability profile and strong preference for stability. Stability generally outperformed, influenced by investor preferences for fast-growing companies with durable prospects, as well as the large index weights of the big internet and technology companies; Neuberger Berman was tilted towards the smaller, cheaper, and slower-growing end of that stability spectrum. The manager did not have exposure to the expensive and fast-growing online retailing companies that dominated index performance during the reporting period. Lazard was the smallest detractor during the period and

  8   SEI Institutional International Trust / Annual Report / September 30, 2020

underperformed largely due to an oversized exposure to high-quality banks in countries like India and Colombia that were hit by slowing economic growth.

JO Hambro was the top-performing manager and benefited from its momentum philosophy. Momentum outperformed as internet, technology and healthcare companies outperformed for most of the fiscal year. Macquarie also contributed and benefited from an underweight to banks and selection within energy and information technology. Qtron’s quantitative model led to above-benchmark returns in all sectors except healthcare and the consumer sectors. RWC contributed slightly during the fiscal year and was helped by an overweight to information technology and strong selection within materials and internet stocks.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

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		8.75%		0.28%		8.42%		1.36%		4.34%
Emerging Markets Equity Fund, Class Y		8.99%		0.52%		8.69%		1.51%		4.40%
MSCI Emerging Markets Index (Gross)		10.91%		2.79%		9.37%		2.87%		6.04%
MSCI Emerging Markets Index (Net)		10.54%		2.42%		8.97%		2.50%		N/A

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 (Net) and the MSCI Emerging Markets Index (Gross)

¹  For the year ended September 30, 2020. Past performance is no indication of future performance. Class F 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 is derived from the performance of Class F shares. The Fund’s Class Y shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed 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

  SEI Institutional International Trust / Annual Report / September 30, 2020   9

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2020 (Unaudited)

International Fixed Income Fund

I. Objective

The International Fixed Income Fund (the Fund) seeks 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, 2020: AllianceBernstein L.P. (“AllianceBernstein”), Colchester Global Investors Limited (“Colchester”) and Wellington Management Company LLP (“Wellington”).

No manager changes were made during the Fund’s fiscal year.

III. Return vs. Benchmark

For the year ended September 30, 2020, the Fund’s Class F shares underperformed the Bloomberg Barclays Global Aggregate ex-USD Index, Hedged (the “Index”)—which tracks the performance of the global investment-grade fixed-rate debt markets outside of the U.S.—returning 0.73% versus the Index return of 1.82%.

IV. Fund Attribution

Global fixed income delivered decent performance over the period, although international (ex-U.S. dollar) indexes produced more modest returns given that the U.S. was the best-performing major bond market. Weakness in the U.S. dollar essentially meant that hedged indexes inherently underperformed their unhedged equivalents.

U.S. fixed income started the reporting period with a significant yield advantage over other G7 markets, which gave U.S. bonds a strong starting point from which to outperform through the fiscal year as escalating COVID-19 concerns prompted a sharp rally in sovereign yields. The strong performance of duration-sensitive assets was matched by the weakness in risk assets as credit spreads widened significantly through late February and March. The selloff in credit was dramatic, with spreads widening at a far quicker pace than what was experienced during the global financial crisis. The subsequent retracement in spreads was equally fast, aided by unprecedented levels of monetary support from the U.S. Federal Reserve, European Central Bank and other global central banks, as noted in the shareholder letter. On an excess return basis, sterling and euro corporates outperformed U.S. corporates. Local-currency emerging-market debt (EMD) lagged other risk-sensitive

sectors—including hard-currency debt—during the period as bond gains were pared by general weakness within the EM currency complex.

The Fund underperformed its benchmark during the reporting period. The biggest performance detractor was the overweight to corporate credit, which was a significant drag in March when investor risk aversion peaked. Duration underweights in Japan, core Europe and the U.K. during February/early March also weighed on relative performance as core markets caught a “safe-haven” bid. Active currency positioning was an overall detractor, through long positions in the Mexican peso, Colombian peso, Chilean peso and Russian ruble, as well as shorts in the Swiss franc and New Zealand dollar.

This underperformance was largely offset by out-of-index exposure to the U.S. bond market (both U.S. Treasurys and spread sectors) and an overweight to Mexican local bonds. Currency overweights to British pounds and Swedish krona, as well as shorts in Turkish lira, Hungarian forint and Thai baht also pared losses on other active currency positions.

Wellington lagged during the period. Most of the underperformance was generated at the start of the reporting period due to an ill-timed pivot to overweight duration, and during mid-2020, when the portfolio was short euros. AllianceBernstein was challenged by its overweight exposure to corporate credit (including some off-index high yield) during a period of heightened risk aversion.

Colchester outperformed and benefited from overweights in emerging local-currency debt markets (Mexico and Colombia), off-index exposure to U.S. Treasury inflation-protected securities, as well as currency overweights in Norwegian krone, Swedish krona, British pound, Mexican peso and Colombian peso.

The Fund used financial futures, interest-rate swaps and over-the-counter options during the reporting period to hedge existing exposures and gain exposure to particular areas of the market. The use of derivatives did not have a material impact on performance.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

  10   SEI Institutional International Trust / Annual Report / September 30, 2020

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		0.73%		3.73%		3.46%		3.26%		4.22%
International Fixed Income Fund, Class Y		0.88%		3.96%		3.69%		3.38%		4.26%
Bloomberg Barclays Global Aggregate ex-USD Index, Hedged		1.82%		4.94%		4.33%		4.06%		5.58%

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, 2020. Past performance is no indication of future performance. Class F 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 is derived from the performance of Class F shares. The Fund’s Class Y shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

  SEI Institutional International Trust / Annual Report / September 30, 2020   11

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2020 (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, 2020: Colchester Global Investors Limited (“Colchester”), Marathon Asset Management, L.P. (“Marathon”), Neuberger Berman Investment Advisers LLC (“Neuberger Berman”), Ninety One UK Ltd (fka Investec Asset Management Ltd.) (“Ninety One”) and Stone Harbor Investment Partners LP (“Stone Harbor”).

No manager changes were made during the Fund’s fiscal year.

III. Return vs. Benchmark

For the year ended September 30, 2020, the Fund’s Class F shares underperformed a hybrid of 50% JP Morgan EMBI Global Diversified Index (which tracks the performance of external debt instruments in the emerging markets) and 50% JP Morgan GBI-EM Global Diversified Index (which tracks the performance of debt instruments issued in domestic currencies by emerging-market governments), returning -0.53% versus the Index return of -0.02%.

IV. Fund Attribution

Emerging markets began the period strongly, with both hard- and local-currency indexes posting positive returns in the fourth quarter of 2019. Emerging-market debt benefited from positive growth with high real yields and (relatively) attractive spreads, providing positive carry through the end of the calendar year.

The severity of the COVID-19 pandemic began to be realized around mid-February. Much of the damage was done by late March, with spread assets repricing two to three times wider. Emerging-market governments responded to the global slowdown and local lockdowns with fiscal packages aimed at providing help to local businesses and consumers alike (though these fiscal packages were modest in size compared to those seen in developed markets), and central banks slashed policy rates to spur consumption; some also implemented asset purchase programs aimed at maintaining liquidity.

Hard-currency markets, as represented by the JP Morgan EMBI Global Diversified Index, saw spreads widen from under 300 basis points over U.S. Treasurys in February to slightly over 700 basis points at peak crisis in March. The ensuing recovery was mostly concentrated in higher-quality assets. The spread of the investment-grade portion of the index ended February at 196 basis points, widened to more than 400 basis points during March, and ended September back at 196 basis points. Sub-investment-grade spreads remained more than 150 basis points wider at the end of the fiscal year than where they stood at the end of February, a sign that investors remained uncomfortable moving into the riskier names of an already risky asset class.

Local rates provided a positive absolute return for the year as inflation continued to be benign and many emerging-market central banks cut policy rates in response to local lockdowns and the slowdown in global trade. Virtually every country in JP Morgan’s local-currency index saw its central bank cut its policy rate at least one time since February, though most cut rates at least twice. In all, central banks of local-index countries produced more than 50 rate cuts since February. Unlike local rates, emerging-market currencies have experienced significant weakening since the coronavirus pandemic. Many currencies weakened more than 10% to the U.S. dollar and, although they have recovered somewhat in the months since the pandemic’s initial outbreak, a majority of currencies in the local index are weaker on a 12-month basis.

The Fund underperformed its blended benchmark during the fiscal year. Overweights to Venezuela (which continued to experience a political crisis along with U.S. sanctions) and the Russian ruble (which weakened over the period with the twin problems of an economic slowdown and lower oil prices) detracted over the period. An underweight to the Polish zloty and positioning in South Africa (which was experiencing fiscal difficulties before the coronavirus slowdown began) further weakened Fund performance. Argentina and Ecuador contributed to performance as each country reached a debt restructuring deal with creditors over the summer of 2020. An underweight to Turkey (where questionable governance at the central bank produced low policy rates despite an economy dogged by high inflation) also contributed to relative return.

Colchester outperformed its local-currency benchmark, benefiting from overweights to Mexico and Colombia, but detracted from overall Fund performance due to its overweight to Brazil and underweight to Poland. Ninety One also outperformed its local-currency benchmark,

  12   SEI Institutional International Trust / Annual Report / September 30, 2020

benefiting from an off-benchmark position to Egypt and an underweight to Turkey, but detracted from overall Fund performance due to positioning in South Africa and an underweight to Poland.

Stone Harbor outperformed and benefited from overweights to Ecuador and Mexico; the manager was hurt by exposure to Venezuela and an underweight to China. Marathon outperformed and was helped by an off-benchmark position in Israel and security selection in Ecuador, while exposure to Venezuela and an underweight to Saudi Arabia detracted. Neuberger Berman also outperformed thanks to overweights to Argentina and Egypt, while exposure to South Africa and Turkey detracted.

Currency forwards and swap contracts were used in the Fund for the one-year period ending September 30, 2020, as a way to either hedge particular positions or gain exposure to additional areas of the market. Currency forwards had a material impact on the Fund during the period as 50% of the Index is directly affected by foreign currencies. Positive and negative impacts differed on a country-to-country basis, depending on whether the forward increased or decreased currency exposure and whether the currency strengthened or weakened relative to the U.S. dollar.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

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		-0.53%		0.19%		4.60%		2.12%		7.16%
Emerging Markets Debt Fund, Class Y		-0.33%		0.45%		4.86%		2.27%		7.23%
JP Morgan EMBI Global Diversified Index		1.29%		3.49%		6.15%		5.43%		8.06%
JP Morgan GBI-EM Global Diversified Index		-1.45%		0.17%		4.78%		0.52%		N/A
50/50 Hybrid of the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI-EM Global Diversified Index		-0.02%		1.89%		5.53%		3.02%		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, 2020. Past performance is no indication of future performance. Class F shares were offered beginning June 26, 1997. The Fund’s Class Y shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed 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.

  SEI Institutional International Trust / Annual Report / September 30, 2020   13

SCHEDULE OF INVESTMENTS

September 30, 2020

International Equity Fund

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

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK — 94.1%
Argentina — 0.5%
MercadoLibre Inc *		17,228	$	18,649
Australia — 3.2%
a2 Milk Co Ltd/The *(A)		1,652,395		16,737
Australia & New Zealand Banking Group Ltd		125,050		1,551
Avita Therapeutics Inc *		199,996		990
BlueScope Steel Ltd		896,249		8,179
Brambles Ltd		224,767		1,707
Coles Group Ltd		37,256		456
CSL Ltd		83,863		17,347
CSR Ltd		792,249		2,430
Evolution Mining Ltd		849,680		3,512
Fortescue Metals Group Ltd		1,647,033		19,346
Harvey Norman Holdings Ltd		896,394		2,925
Iluka Resources Ltd		221,712		1,434
Newcrest Mining Ltd		712,097		15,960
Orica Ltd		318,520		3,529
Orora Ltd		1,270,565		2,199
OZ Minerals Ltd		349,366		3,528
Rio Tinto Ltd		202,214		13,723
South32 Ltd		6,544,807		9,649
Technology One Ltd		57,602		329
Wesfarmers Ltd		26,392		844
				126,375
Austria — 0.2%
BAWAG Group AG		161,151		5,823
Verbund AG, Cl A		37,632		2,058
				7,881
Belgium — 1.2%
Ageas SA/NV		495,494		20,274
Colruyt SA		58,532		3,798
Groupe Bruxelles Lambert SA		145,793		13,167
UCB SA		48,928		5,555

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Umicore SA		91,664	$	3,804
				46,598
Canada — 1.2%
Air Canada, Cl A *		543,100		6,379
BRP Inc *		10,000		527
Canadian Pacific Railway Ltd		53,934		16,419
Dollarama Inc		75,700		2,893
Nutrien Ltd (A)		339,890		13,285
Stantec Inc (A)		68,200		2,064
Sun Life Financial Inc		150,900		6,130
				47,697
China — 1.5%
Baidu Inc ADR *		232,815		29,472
Beijing Capital International Airport Co Ltd, Cl H		5,718,000		3,447
China Communications Services Corp Ltd, Cl H		4,389,584		2,591
China Lesso Group Holdings Ltd		327,000		593
Industrial & Commercial Bank of China Ltd, Cl H		9,454,000		4,932
STMicroelectronics NV		48,311		1,486
Tencent Holdings Ltd		233,100		15,717
				58,238
Denmark — 3.1%
Ambu A/S, Cl B (A)		47,633		1,347
AP Moller - Maersk A/S, Cl B		1,656		2,625
Carlsberg AS, Cl B		95,260		12,840
DSV PANALPINA A/S		113,970		18,522
Genmab A/S *		6,406		2,320
H Lundbeck A/S		151,129		4,985
Novo Nordisk A/S, Cl B		429,553		29,697
Novozymes A/S, Cl B		16,007		1,004
Orsted A/S		73,960		10,152
Pandora A/S *		43,948		3,147
ROCKWOOL International A/S, Cl B		18,518		7,091
Scandinavian Tobacco Group A/S		644,917		9,567
Vestas Wind Systems A/S		118,670		19,181
				122,478
Finland — 1.1%
Kone Oyj, Cl B		167,622		14,722
Neste Oyj		146,007		7,669
Nokia Oyj *		1,229,753		4,818
Nokia Oyj ADR *		1,095,554		4,284
Orion Oyj, Cl B		207,978		9,399
Stora Enso Oyj, Cl R		131,736		2,059
				42,951
France — 8.6%
Air France-KLM *(A)		201,300		696
Airbus SE *		163,947		11,928
Amundi SA *		54,884		3,873

  14   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
AXA SA		615,052		$            11,343
BioMerieux		4,660		730
BNP Paribas SA		556,412		20,173
Bollore SA		2,803,117		10,462
Carrefour SA		1,421,223		22,769
Cie de Saint-Gobain *		88,633		3,728
Cie Generale des Etablissements Michelin SCA, Cl B		7,894		842
CNP Assurances *		112,984		1,412
Credit Agricole SA *		1,023,476		8,957
Criteo SA ADR *		60,571		738
Danone SA		165,707		10,703
Edenred		81,226		3,649
Engie SA *		1,213,062		16,222
EssilorLuxottica SA *		54,965		7,477
Iliad SA		761		140
Ipsen SA		45,627		4,784
IPSOS		18,645		467
L’Oreal SA		30,317		9,857
LVMH Moet Hennessy Louis Vuitton SE		30,077		14,067
Nexans SA *		25,765		1,489
Pernod Ricard SA		48,610		7,756
Peugeot SA *		447,567		8,116
Publicis Groupe SA		381,789		12,342
Renault SA *		107,400		2,788
Rexel SA *		527,080		6,628
Sanofi		505,274		50,526
Sartorius Stedim Biotech		24,563		8,478
Schneider Electric SE		78,011		9,670
Thales SA		215,152		16,193
TOTAL SE		380,375		12,980
Ubisoft Entertainment SA *		78,877		7,118
Valeo SA		153,850		4,728
Vinci SA		113,140		9,473
Vivendi SA		308,400		8,578
Wendel SE		15,501		1,408
				333,288
Germany — 8.5%
adidas AG *		27,977		9,029
Allianz SE		106,120		20,359
BASF SE		395,561		24,049
Bayer AG		508,676		31,330
Bayerische Motoren Werke AG		62,482		4,525
CECONOMY AG *		237,111		1,167
Deutsche Boerse AG		56,898		9,977
Deutsche Post AG		1,078,925		49,071
E.ON SE		431,930		4,763
Evonik Industries AG		50,057		1,296
Fresenius Medical Care AG & Co KGaA		219,531		18,533
Hamburger Hafen und Logistik AG		24,359		427
Hannover Rueck SE		7,749		1,197
HeidelbergCement AG		22,099		1,352

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
HelloFresh SE *		138,970		$            7,755
Infineon Technologies AG		609,071		17,132
KION Group AG		111,152		9,495
Linde PLC		68,010		16,077
Rheinmetall AG		49,680		4,468
RWE AG		277,463		10,378
SAP SE		204,390		31,769
Scout24 AG		22,886		1,998
Siemens AG		402,821		50,900
Siemens Energy AG *		201,411		5,432
thyssenkrupp AG *		26,790		135
				332,614
Greece — 0.0%
Aegean Airlines SA *		12,601		46
National Bank of Greece SA *		89,899		114
				160
Hong Kong — 1.9%
AIA Group Ltd		1,451,200		14,386
BOC Hong Kong Holdings Ltd		385,000		1,024
Chaoda Modern Agriculture Holdings Ltd *		2,440,000		16
CITIC Ltd		839,084		620
CK Hutchison Holdings Ltd		194,500		1,178
Country Garden Services Holdings Co Ltd		402,000		2,604
Hong Kong Exchanges & Clearing Ltd		325,734		15,358
Lenovo Group Ltd		2,622,000		1,739
Link REIT ‡		293,100		2,399
Nine Dragons Paper Holdings Ltd		1,683,000		2,133
Power Assets Holdings Ltd		10,000		53
Sands China Ltd *		1,242,800		4,840
SJM Holdings Ltd		8,483,340		10,119
Techtronic Industries Co Ltd		444,000		5,914
Topsports International Holdings Ltd		5,332,000		7,428
West China Cement Ltd		3,744,000		557
Wharf Real Estate Investment Co Ltd		166,000		680
Zoomlion Heavy Industry Science and Technology Co Ltd		1,226,800		1,189
				72,237
India — 0.2%
HDFC Bank Ltd ADR *		180,834		9,034
Ireland — 1.5%
Experian PLC		409,652		15,433
ICON PLC *		158,190		30,229
Ryanair Holdings PLC *		59,824		797
Ryanair Holdings PLC ADR *		156,760		12,817
				59,276
Israel — 0.8%
Bank Leumi Le-Israel BM		1,668,755		7,381
Check Point Software Technologies Ltd *		100,467		12,090
Isracard Ltd		–		–
Mizrahi Tefahot Bank Ltd		30,121		536

  SEI Institutional International Trust / Annual Report / September 30, 2020   15

SCHEDULE OF INVESTMENTS

September 30, 2020

International Equity Fund (Continued)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Nice Ltd *		9,345	$	2,123
Nice Ltd ADR *(A)		41,714		9,470
				31,600
Italy — 2.7%
A2A SpA		293,978		428
Assicurazioni Generali SpA		819,445		11,537
Banca Mediolanum SpA		299,871		2,158
De’ Longhi SpA *		2,846		97
Enel SpA		1,195,704		10,378
EXOR NV		115,844		6,309
Ferrari NV		54,815		10,059
Fiat Chrysler Automobiles NV *		495,169		6,073
FinecoBank Banca Fineco SpA *		669,767		9,246
Hera SpA		636,483		2,353
Pirelli & C SpA *		1,251,944		5,370
Recordati Industria Chimica e Farmaceutica SpA		181,268		9,287
Telecom Italia SpA/Milano		6,763,117		2,721
Tenaris SA		888,739		4,430
UniCredit SpA *		2,842,801		23,463
				103,909
Japan — 18.7%
77 Bank Ltd/The		33,364		515
Advantest Corp		208,000		10,087
AEON Financial Service Co Ltd		29,500		268
Arcland Sakamoto Co Ltd		33,873		694
ASKUL Corp		14,400		588
Bandai Namco Holdings Inc		76,600		5,601
Canon Marketing Japan Inc		106,500		2,125
Capcom Co Ltd		193,300		10,797
Chugai Pharmaceutical Co Ltd		132,300		5,931
CyberAgent Inc		167,800		10,364
Dai Nippon Printing Co Ltd		491,900		9,959
Daifuku Co Ltd		10,300		1,037
Daito Trust Construction Co Ltd		81,900		7,252
Daiwa House Industry Co Ltd		290,800		7,456
Disco Corp		800		194
East Japan Railway Co		129,200		7,940
FANUC Corp		102,200		19,674
Fuji Electric Co Ltd		36,800		1,163
FUJIFILM Holdings Corp		213,800		10,536
Fujitsu Ltd		258,100		35,298
Glory Ltd		57,200		1,273
Hakuhodo DY Holdings Inc		106,900		1,380
Haseko Corp		231,200		3,033
Hikari Tsushin Inc		3,700		879
Hitachi Ltd		369,667		12,509
ITOCHU Corp		207,800		5,310
Itoki Corp		21,300		73
Japan Airlines Co Ltd *		319,000		5,972
Japan Exchange Group Inc		364,400		10,164

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Japan Post Holdings Co Ltd *		313,900	$	2,135
Japan Post Insurance Co Ltd		45,200		710
Kao Corp		124,200		9,294
KDDI Corp		430,900		10,858
Keyence Corp		28,200		13,134
Kokuyo Co Ltd		103,900		1,303
Komatsu Ltd		447,900		9,844
Konami Holdings Corp		132,000		5,705
K’s Holdings Corp		82,700		1,115
Kyocera Corp		60,700		3,466
Kyowa Kirin Co Ltd		223,400		6,347
Lion Corp		41,300		849
Mabuchi Motor Co Ltd		389,800		15,123
Mebuki Financial Group Inc		77,900		176
Mitsubishi Electric Corp		294,600		3,988
Mitsubishi Estate Co Ltd		556,000		8,375
Mixi Inc (A)		121,300		3,257
Mizuno Corp *		41,500		750
MS&AD Insurance Group Holdings Inc		671,000		17,987
Murata Manufacturing Co Ltd		266,100		17,168
Nexon Co Ltd		293,600		7,314
Nihon Unisys Ltd		159,700		5,031
Nikon Corp		90,100		606
Nintendo Co Ltd		39,100		22,187
Nippon Telegraph & Telephone Corp		585,800		11,933
Nippon Telegraph & Telephone Corp ADR		840,932		17,374
Nitori Holdings Co Ltd		38,800		8,054
Nitto Denko Corp		44,100		2,874
Nomura Holdings Inc		537,100		2,437
NTT DOCOMO Inc		475,200		17,512
ORIX Corp		672,800		8,349
Otsuka Corp		199,100		10,181
Panasonic Corp		1,264,500		10,705
PeptiDream Inc *		221,200		10,352
Persol Holdings Co Ltd *		139,100		2,263
Rakuten Inc *		906,100		9,770
Recruit Holdings Co Ltd *		278,700		11,111
Renesas Electronics Corp *		32,900		240
Rohm Co Ltd		200,800		15,480
Sankyo Co Ltd		103,300		2,708
Sanwa Holdings Corp		178,600		1,896
SBI Holdings Inc/Japan		518,000		13,398
Secom Co Ltd		52,400		4,791
Seiko Holdings Corp *		42,200		569
Sekisui House Ltd		745,614		13,146
Seria Co Ltd		7,600		323
Seven & i Holdings Co Ltd		494,900		15,293
Shin-Etsu Chemical Co Ltd		88,086		11,490
Shiseido Co Ltd		135,700		7,780
Sompo Holdings Inc		197,500		6,801
Sony Corp ADR		77,850		5,975
Sumitomo Dainippon Pharma Co Ltd		96,100		1,267

  16   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Sumitomo Mitsui Financial Group Inc		317,400	$	8,811
Sumitomo Mitsui Trust Holdings Inc		365,822		9,708
Suruga Bank Ltd		45,700		165
Suzuki Motor Corp *		151,937		6,490
Sysmex Corp		2,600		248
T&D Holdings Inc		257,000		2,523
Takeda Pharmaceutical Co Ltd		1,077,400		38,421
TDK Corp		24,500		2,674
Terumo Corp		250,900		9,985
TIS Inc		238,900		5,062
Tokyo Electric Power Co Holdings Inc *		1,117,600		3,074
Tokyo Electron Ltd (A)		49,700		12,958
Tomy Co Ltd		135,700		1,166
Toppan Printing Co Ltd		92,600		1,303
Toshiba Corp		142,000		3,607
Toyo Suisan Kaisha Ltd		36,600		1,935
Toyota Industries Corp		110,578		6,982
Toyota Motor Corp ADR (A)		115,231		15,261
Universal Entertainment *		317,053		5,808
Yamada Holdings Co Ltd		296,800		1,478
Z Holdings Corp *		1,632,900		10,873
ZOZO Inc		95,500		2,662
				730,060
Malta — 0.0%
BGP Holdings *(B)		198,683		–
Mexico — 0.3%
Arca Continental SAB de CV		1,940,380		8,378
Grupo Financiero Banorte SAB de CV, Cl O *		1,077,720		3,729
				12,107
Netherlands — 6.3%
Aalberts NV		44,615		1,609
Adyen NV *		4,775		8,799
Akzo Nobel NV		357,544		36,264
ArcelorMittal SA *		299,342		4,003
ASML Holding NV		26,828		9,896
ASR Nederland NV		180,815		6,100
Galapagos NV *		19,180		2,726
ING Groep NV *		5,070,405		36,025
Koninklijke Ahold Delhaize NV		963,857		28,556
Koninklijke DSM NV		135,711		22,373
Koninklijke Philips NV *		303,632		14,292
Koninklijke Vopak NV		43,888		2,476
NN Group NV		128,474		4,823
PostNL NV *		1,207,552		3,688
Prosus NV *		103,775		9,584
Randstad NV *		153,948		8,034
Royal Dutch Shell PLC ADR, Cl B		429,732		10,408
Wolters Kluwer NV		436,924		37,286
				246,942

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
New Zealand — 0.3%
a2 Milk Co Ltd/The *		569,604	$	5,783
Fisher & Paykel Healthcare Corp Ltd		175,906		3,861
				9,644
Norway — 0.8%
Aker BioMarine AS *		47,749		475
Atlantic Sapphire ASA *		1,293,932		15,224
Equinor ASA		544,173		7,708
Kahoot! AS *		1,409,188		6,469
				29,876
Portugal — 0.0%
EDP - Energias de Portugal SA		305,767		1,503
Singapore — 0.7%
City Developments Ltd		1,883,900		10,558
DBS Group Holdings Ltd		467,400		6,864
Hong Leong Finance Ltd		61,282		102
Oversea-Chinese Banking Corp Ltd		1,022,635		6,350
Venture Corp Ltd		83,000		1,174
				25,048
South Africa — 0.0%
DataTec Ltd *		100,188		133
Investec PLC		416,323		775
				908
South Korea — 2.3%
BNK Financial Group Inc		353,064		1,525
Kangwon Land Inc		490,300		8,999
KT Corp ADR		389,057		3,739
Kumho Petrochemical Co Ltd		101,720		9,548
LG Electronics Inc		93,216		7,343
Samsung Electronics Co Ltd		457,615		22,751
SK Hynix Inc		257,292		18,440
SK Telecom Co Ltd ADR		787,189		17,649
				89,994
Spain — 1.8%
Aena SME SA *		53,573		7,486
Amadeus IT Group SA, Cl A		284,786		15,857
Banco Bilbao Vizcaya Argentaria SA *		4,074,280		11,331
Banco Santander SA *		3,188,173		5,962
CaixaBank SA		4,907,558		10,422
Cia de Distribucion Integral Logista Holdings SA		57,814		992
Siemens Gamesa Renewable Energy SA		372,398		10,045
Unicaja Banco SA *		11,477,455		8,625
				70,720
Sweden — 3.1%
Alfa Laval AB *		34,212		757
Atlas Copco AB, Cl A		222,603		10,625
Axfood AB		33,444		767
Betsson AB		131,332		1,011

  SEI Institutional International Trust / Annual Report / September 30, 2020   17

SCHEDULE OF INVESTMENTS

September 30, 2020

International Equity Fund (Continued)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Byggmax Group AB *		148,444	$	878
Elanders AB, Cl B *		3,872		30
Electrolux AB, Cl B		396,816		9,269
Essity AB, Cl B		591,372		19,967
Evolution Gaming Group AB		33,346		2,214
Getinge AB, Cl B		170,531		3,717
Hennes & Mauritz AB, Cl B *		70,739		1,220
Husqvarna AB, Cl B		725,567		7,983
ICA Gruppen AB (A)		109,424		5,569
Kinnevik AB *		88,053		3,588
NCC AB, Cl B		176,215		3,216
Sandvik AB *		322,819		6,300
Securitas AB, Cl B *		93,252		1,427
SKF AB, Cl B		209,999		4,331
Swedish Match AB		198,481		16,231
Tele2 AB, Cl B (A)		375,530		5,317
Telefonaktiebolaget LM Ericsson ADR (A)		218,705		2,382
Telefonaktiebolaget LM Ericsson, Cl B		385,497		4,223
Telia Co AB		163,350		671
Volvo AB, Cl B *		533,128		10,284
				121,977
Switzerland — 8.9%
ABB Ltd		796,088		20,276
Adecco Group AG		388,625		20,500
Alcon Inc *		186,979		10,623
Cie Financiere Richemont SA, Cl A		308,640		20,672
Clariant AG *		161,467		3,190
Coca-Cola HBC AG *		500,359		12,384
Credit Suisse Group AG		1,135,097		11,397
dormakaba Holding AG		2,973		1,613
EMS-Chemie Holding AG		7,574		6,802
Geberit AG		10,772		6,391
Lonza Group AG		42,038		25,956
Nestle SA		107,994		12,855
Novartis AG		577,522		50,191
Partners Group Holding AG		8,954		8,264
Roche Holding AG		189,991		65,244
Schindler Holding AG		20,643		5,643
Sika AG		50,315		12,371
Sonova Holding AG *		3,121		789
Straumann Holding AG		7,808		7,897
Swatch Group AG/The		20,157		4,700
Swiss Life Holding AG		8,627		3,273
Tecan Group AG		3,228		1,613
UBS Group AG (A)		1,909,976		21,317
Vifor Pharma AG		29,978		4,086
Zurich Insurance Group AG		22,328		7,792
				345,839
Taiwan — 1.9%
Acter Group Corp Ltd		16,000		106
Asustek Computer Inc		107,000		940

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Chicony Electronics Co Ltd		687,000	$	2,007
Chipmos Technologies Inc *		1,894,000		1,879
Compal Electronics Inc		3,330,000		2,200
eGalax_eMPIA Technology Inc		406,000		745
Foxconn Technology Co Ltd		605,000		1,082
General Interface Solution Holding Ltd		206,000		895
Gigabyte Technology Co Ltd		445,000		1,171
Global Mixed Mode Technology Inc		91,000		482
Hon Hai Precision Industry Co Ltd		2,871,000		7,716
Lite-On Technology Corp		2,772,000		4,427
MediaTek Inc		894,252		18,926
Micro-Star International Co Ltd		542,000		2,511
Novatek Microelectronics Corp		93,000		859
Pegatron Corp		552,000		1,225
Sanyang Motor Co Ltd		264,000		205
Simplo Technology Co Ltd		246,000		2,561
Sitronix Technology Corp		173,000		786
Synnex Technology International Corp		1,787,000		2,558
Taiwan Semiconductor Manufacturing Co Ltd ADR		228,545		18,528
Topco Scientific Co Ltd		219,000		869
				72,678
Turkey — 0.0%
BIM Birlesik Magazalar AS *		97,034		878
United Arab Emirates — 0.0%
Abu Dhabi Islamic Bank PJSC		202,345		237
United Kingdom — 7.9%
Aggreko PLC		165,796		789
Anglo American PLC		203,130		4,905
Antofagasta PLC		129,878		1,709
AstraZeneca PLC		82,366		9,010
AstraZeneca PLC ADR		66,820		3,662
Aviva PLC		3,414,771		12,587
B&M European Value Retail SA		166,334		1,061
Balfour Beatty PLC *		1,931,941		5,579
Barclays PLC *		10,929,043		13,803
Barratt Developments PLC *		702,432		4,308
BHP Group PLC		511,341		10,916
BP PLC		2,850,167		8,302
British American Tobacco PLC		478,024		17,190
BT Group PLC, Cl A		1,065,250		1,353
Compass Group PLC *		553,170		8,330
Computacenter PLC		62,379		1,911
Dialog Semiconductor PLC *		45,565		1,988
Evraz PLC		1,669,026		7,410
Ferguson PLC		51,964		5,247
Ferrexpo PLC		524,939		1,198
GlaxoSmithKline PLC		670,993		12,577
GVC Holdings PLC *		374,324		4,686
Hays PLC *		1,583,408		2,308
Howden Joinery Group PLC *		64,573		492

  18   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Inchcape PLC *		215,309	$	1,225
Indivior PLC *		415,882		630
International Consolidated Airlines Group SA (A)		3,842,716		4,690
Investec PLC		657,648		1,213
J Sainsbury PLC		273,832		675
JET2 PLC		61,134		530
Johnson Matthey PLC		94,700		2,878
Kingfisher PLC *		3,641,566		13,956
Legal & General Group PLC		2,331,659		5,644
London Stock Exchange Group PLC		103,547		11,869
M&G PLC		1,861,325		3,834
Micro Focus International PLC *		226,117		717
National Grid PLC		974,019		11,202
Next PLC *		40,361		3,093
Ninety One PLC *(A)		375,849		987
Ocado Group PLC *		5,768		205
Pagegroup PLC *		97,734		472
Playtech Plc *		36,739		172
Plus500 Ltd		44,090		895
Prudential PLC		1,511,808		21,684
QinetiQ Group PLC		171,097		613
Reckitt Benckiser Group PLC		60,193		5,891
RELX PLC		193,542		4,313
Rio Tinto PLC		76,571		4,607
Rio Tinto PLC ADR		79,425		4,796
Rolls-Royce Holdings PLC *(A)		5,048,574		8,421
Royal Mail PLC *		646,648		1,992
Smith & Nephew PLC		541,054		10,586
Tate & Lyle PLC		239,520		2,059
Taylor Wimpey PLC *		6,401,196		8,953
Tesco PLC		4,941,464		13,575
Unilever PLC		36,791		2,269
Vodafone Group PLC		5,140,903		6,844
WH Smith PLC		325,213		4,005
				306,816
United States — 4.9%
Accenture PLC, Cl A		112,246		25,366
Aon PLC, Cl A		38,530		7,949
Aptiv PLC *		113,689		10,423
ASML Holding NV, Cl G		35,225		13,008
Atlassian Corp PLC, Cl A *		97,277		17,684
Axis Capital Holdings Ltd		308,388		13,582
Coca-Cola European Partners PLC		100,448		3,898
Flex Ltd *		1,018,773		11,349
IHS Markit Ltd		125,000		9,814
Lululemon Athletica Inc *		40,222		13,248
Medtronic PLC		93,264		9,692
Mettler-Toledo International Inc *		10,220		9,870
Nomad Foods Ltd *		399,072		10,168
ResMed Inc		76,878		13,179
Shopify Inc, Cl A *		12,800		13,094

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
STERIS PLC		56,651	$	9,981
				192,305
Total Common Stock (Cost $3,401,185) ($ Thousands)				3,670,517
PREFERRED STOCK — 2.0%
Germany — 1.3%
Henkel AG & Co KGaA, 2.200%		84,950		8,880
Porsche Automobil Holding SE, 3.900%		59,634		3,550
Volkswagen AG, 3.200%		251,643		40,422
				52,852
South Korea — 0.7%
Hyundai Motor Co (C)		132,660		9,616
Samsung Electronics Co Ltd (C)		381,858		16,452
				26,068
Total Preferred Stock (Cost $73,157) ($ Thousands)				78,920
	Number of Rights
RIGHTS — 0.0%*
Taiwan — 0.0%
Simplo Technology Co Ltd ‡‡		5,445		–
Total Rights (Cost $—) ($ Thousands)				–
	Shares
AFFILIATED PARTNERSHIP — 2.5%
SEI Liquidity Fund, L.P. 0.100% **†(D)		94,804,714		94,836
Total Affiliated Partnership (Cost $94,827) ($ Thousands)				94,836
CASH EQUIVALENT — 1.8%
SEI Daily Income Trust, Government Fund, Cl F 0.010%**†		71,396,914		71,397
Total Cash Equivalent (Cost $71,397) ($ Thousands)				71,397
Total Investments in Securities — 100.4% (Cost $3,640,566) ($ Thousands)			$	3,915,670

  SEI Institutional International Trust / Annual Report / September 30, 2020   19

SCHEDULE OF INVESTMENTS

September 30, 2020

International Equity Fund (Concluded)

A list of the open futures contracts held by the Fund at September 30, 2020, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Euro STOXX 50		817		Dec-2020	$	31,923	$	30,600	$	(1,013)
FTSE 100 Index		195		Dec-2020		15,055		14,726		(410)
Hang Seng Index		21		Nov-2020		3,150		3,175		24
SPI 200 Index		76		Dec-2020		8,155		7,901		(115)
TOPIX Index		147		Dec-2020		21,957		22,643		539
					$	80,240	$	79,045	$	(975)

Percentages are based on Net Assets of $3,899,792 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of September 30, 2020.

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

^‡  Real Estate Investment Trust.

^‡‡ Expiration date not available.

(A) Certain securities or partial positions of certain securities are on loan at September 30, 2020 (See Note 9). The total market value of securities on loan at September 30, 2020 was $90,323 ($ Thousands).

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

(C) There is currently no rate available.

(D) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of September 30, 2020 was $94,836 ($ Thousands).

ADR — American Depositary Receipt

Cl — Class

FTSE— Financial Times and Stock Exchange

L.P. — Limited Partnership

Ltd. — Limited

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

REIT — Real Estate investment Trust

SPI — Share Price Index

TOPIX- Tokyo Price Index

The following is a list of the level of inputs used as of September 30, 2020, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Common Stock		3,667,301		3,216		–^		3,670,517
Preferred Stock		78,920		–		–		78,920
Rights		–		–		–		–
Affiliated Partnership		–		94,836		–		94,836
Cash Equivalent		71,397		–		–		71,397
Total Investments in Securities		3,817,618		98,052		–		3,915,670
Other Financial Instruments	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		563		–		–		563
Unrealized Depreciation		(1,538)		–		–		(1,538)
Total Other Financial Instruments		(975)		–		–		(975)

^One security with a market value of $0.

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

For the year ended September 30, 2020, there were no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the year ended September 30, 2020 ($ Thousands):

Security Description	Value     9/30/2019	Purchases at   Cost	Proceeds from  Sales	Realized Gain	Change in Unrealized Appreciation	Value     9/30/2020	Shares	Income	Capital Gains
SEI Liquidity Fund, L.P.	$122,509	$ 728,493	$ (756,182)	$13	$ 3	$94,836	94,804,714	$1,027	$ —
SEI Daily Income Trust, Government Fund, Cl F	83,730	358,479	(370,812)	—	—	71,397	71,396,914	439	—
Totals	$206,239	$1,086,972	$(1,126,994)	$13	$ 3	$166,233		$1,466	$ —

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

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

  20   SEI Institutional International Trust / Annual Report / September 30, 2020

SCHEDULE OF INVESTMENTS

September 30, 2020

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 — 95.6%
Argentina — 0.2%
MercadoLibre Inc *		2,718	$	2,942
Austria — 0.1%
Erste Group Bank AG		66,053		1,381
Brazil — 3.7%
Ambev SA *		630,200		1,407
Arezzo Industria e Comercio SA		145,800		1,392
Atacadao SA *		225,310		814
B3 SA - Brasil Bolsa Balcao		631,020		6,171
Banco Bradesco SA ADR *		1,115,411		3,826
Banco do Brasil SA *		456,813		2,407
Banco Santander Brasil SA		450,800		2,231
CCR SA		331,800		750
Cia de Saneamento do Parana *		132,783		597
Cosan Ltd, Cl A		51,454		764
Cosan SA		184,600		2,242
CPFL Energia SA		133,655		655
Cyrela Brazil Realty SA Empreendimentos e Participacoes		333,098		1,383
Duratex SA *		584,887		1,851
Energisa SA		436,168		3,196
Engie Brasil Energia SA		49,200		353
Gerdau SA ADR		608,335		2,251
Hypera SA *		192,500		1,015
JBS SA		186,066		683
Lojas Renner SA		129,100		910
Magazine Luiza SA		32,799		521
Notre Dame Intermedica Participacoes SA		121,400		1,404
Petrobras Distribuidora SA		298,489		1,076
Petroleo Brasileiro SA		21,549		153
Petroleo Brasileiro SA ADR		833,246		5,933
Porto Seguro SA		107,757		921

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Qualicorp Consultoria e Corretora de Seguros SA		132,618	$	803
Rumo SA *		2,306,197		7,807
SLC Agricola SA		130,921		598
TIM Participacoes SA *		885,600		2,046
TIM Participacoes SA ADR *		42,119		486
TOTVS SA		456,657		2,187
Vale SA ADR, Cl B		228,963		2,422
WEG SA		81,666		947
YDUQS Participacoes SA		125,688		611
				62,813
Canada — 0.9%
First Quantum Minerals Ltd		1,264,992		11,241
Ivanhoe Mines Ltd, Cl A *		427,514		1,549
Pan American Silver Corp		38,277		1,231
Parex Resources Inc *		134,497		1,413
				15,434
Chile — 0.2%
Falabella SA		227,607		665
Sociedad Quimica y Minera de Chile SA ADR (A)		65,886		2,136
				2,801
China — 25.7%
Communication Services — 7.4%
Baidu Inc ADR *		21,156		2,678
Focus Media Information Technology Co Ltd, Cl A		5,911,041		7,034
JOYY Inc ADR		32,084		2,588
Momo Inc ADR *		149,967		2,064
NetEase Inc ADR		34,764		15,806
Tencent Holdings Ltd		1,233,777		83,189
Tencent Music Entertainment Group ADR *		174,702		2,580
Weibo Corp ADR *		41,089		1,497
Wuhu Sanqi Interactive Entertainment Network Technology Group Co Ltd, Cl A		1,273,000		7,444
				124,880
Consumer Discretionary — 9.8%
Alibaba Group Holding Ltd ADR		235,928		69,358
Alibaba Group Holding Ltd		699,208		25,193
ANTA Sports Products Ltd		68,000		712
BYD Co Ltd, Cl H		61,000		971
Chow Tai Seng Jewellery Co Ltd, Cl A		428,493		1,574
Great Wall Motor Co Ltd, Cl H		782,000		1,002
Gree Electric Appliances Inc of Zhuhai, Cl A		496,600		3,917
Hangzhou Robam Appliances Co Ltd, Cl A		808,661		3,900
Huazhu Group Ltd ADR		100,693		4,354
JD.com Inc ADR		180,732		14,027
New Oriental Education & Technology Group Inc ADR *		36,907		5,518
Oppein Home Group Inc, Cl A		125,254		1,990

  SEI Institutional International Trust / Annual Report / September 30, 2020   21

SCHEDULE OF INVESTMENTS

September 30, 2020

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Pinduoduo Inc ADR *		57,979	$	4,299
Shanghai Yuyuan Tourist Mart Group Co Ltd, Cl A		1,922,200		2,502
Shenzhou International Group Holdings Ltd		68,100		1,163
Suofeiya Home Collection Co Ltd, Cl A		635,400		2,470
TAL Education Group ADR *		19,545		1,486
Trip.com Group Ltd ADR *		158,839		4,946
Vipshop Holdings Ltd ADR *		35,753		559
Yum China Holdings Inc *		39,001		2,065
Zhejiang Supor Co Ltd, Cl A *		104,010		1,209
Zhongsheng Group Holdings Ltd		1,897,867		11,974
				165,189
Consumer Staples — 0.7%
Angel Yeast Co Ltd, Cl A		49,600		445
Kweichow Moutai Co Ltd, Cl A		10,000		2,462
Laobaixing Pharmacy Chain JSC, Cl A		83,520		1,020
Tingyi Cayman Islands Holding Corp		1,292,000		2,280
Tsingtao Brewery Co Ltd, Cl H		126,000		1,029
Uni-President China Holdings Ltd		646,000		595
Wuliangye Yibin Co Ltd, Cl A		79,700		2,602
Yonghui Superstores Co Ltd, Cl A		1,643,100		1,896
				12,329
Energy — 0.1%
Yantai Jereh Oilfield Services Group Co Ltd, Cl A		316,097		1,389
Financials — 3.6%
Agricultural Bank of China Ltd, Cl H		9,356,000		2,937
Bank of China Ltd, Cl H		10,387,000		3,235
China Construction Bank Corp, Cl H		17,087,328		11,156
China Life Insurance Co Ltd, Cl H		1,912,498		4,324
China Merchants Bank Co Ltd, Cl H		1,168,966		5,563
CITIC Securities Co Ltd, Cl H		193,500		434
Industrial & Commercial Bank of China Ltd, Cl H		17,355,068		9,054
Jiangsu Changshu Rural Commercial Bank Co Ltd, Cl A		3,007,774		3,454
Ping An Insurance Group Co of China Ltd, Cl H		2,030,004		21,029
				61,186
Health Care — 0.9%
BeiGene Ltd ADR *		4,364		1,250
China National Medicines Corp Ltd, Cl A		304,000		1,950
Chongqing Zhifei Biological Products Co Ltd, Cl A		237,000		4,878
Huadong Medicine Co Ltd, Cl A		323,200		1,175
Shenzhen Kangtai Biological Products Co Ltd, Cl A		21,200		569
Sichuan Kelun Pharmaceutical Co Ltd, Cl A		841,598		2,759
Zai Lab Ltd ADR *		8,078		672

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Zhejiang NHU Co Ltd, Cl A		592,525	$	2,605
				15,858
Industrials — 1.2%
China Lesso Group Holdings Ltd		2,242,000		4,066
NARI Technology Co Ltd, Cl A		1,012,783		2,950
Shenzhen Inovance Technology Co Ltd, Cl A		172,500		1,474
Sinotruk Hong Kong Ltd		1,570,580		4,059
Zhejiang Expressway Co Ltd, Cl H		4,404,000		3,185
Zhejiang Weixing New Building Materials Co
Ltd, Cl A		903,786		2,132
ZTO Express Cayman Inc ADR *		57,281		1,714
				19,580
Information Technology — 1.0%
Beijing Sinnet Technology Co Ltd, Cl A		1,034,547		3,420
Beijing Thunisoft Corp Ltd, Cl A		366,400		1,291
Chaozhou Three-Circle Group Co Ltd, Cl A		267,226		1,140
Sangfor Technologies Inc, Cl A		139,691		4,363
Shenzhen Sunway Communication Co Ltd, Cl A		833,290		6,749
				16,963
Materials — 0.7%
Anhui Conch Cement Co Ltd, Cl H		941,963		6,530
China Jushi Co Ltd, Cl A		245,900		524
China National Building Material Co Ltd, Cl H		1,084,733		1,382
Zhejiang Huayou Cobalt Co Ltd, Cl A *		641,013		3,299
Zhejiang Juhua Co Ltd, Cl A		700		1
				11,736
Real Estate — 0.3%
KWG Group Holdings Ltd		1,497,803		2,585
Longfor Group Holdings Ltd		313,197		1,775
				4,360
				433,470
Colombia — 0.2%
Bancolombia SA ADR, Cl R		63,513		1,623
Ecopetrol SA ADR		73,423		722
Grupo de Inversiones Suramericana SA		148,552		795
				3,140
Cyprus — 0.1%
TCS Group Holding PLC GDR		73,758		1,958
Czech Republic — 0.2%
Moneta Money Bank AS		1,277,345		2,937
Egypt — 0.1%
Commercial International Bank Egypt SAE		525,769		2,221
Germany — 0.4%
Delivery Hero SE *		53,642		6,169
Greece — 0.3%
Cairo Mezz PLC *		444,897		38

  22   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Eurobank Ergasias Services and Holdings SA *		5,653,895	$	2,501
Hellenic Telecommunications Organization SA		62,188		895
JUMBO SA *		25,080		438
OPAP SA		89,224		845
				4,717
Hong Kong — 10.8%
3SBio Inc *(A)		2,435,500		2,772
AIA Group Ltd		265,400		2,631
A-Living Services Co Ltd, Cl H		1,193,812		6,089
ASM Pacific Technology Ltd		279,400		2,860
AviChina Industry & Technology Co Ltd, Cl H		1,455,000		836
BAIC Motor Corp Ltd, Cl H		4,836,000		1,986
Beijing Enterprises Holdings Ltd		961,000		2,903
Beijing Enterprises Water Group Ltd		3,926,000		1,531
Chaoda Modern Agriculture Holdings Ltd *		2,056,181		13
China Conch Venture Holdings Ltd		418,500		1,948
China Education Group Holdings Ltd		1,694,000		3,120
China Gas Holdings Ltd		1,574,200		4,507
China High Precision Automation Group Ltd *		1,385,624		–
China Medical System Holdings Ltd		2,642,000		2,930
China Meidong Auto Holdings Ltd		284,000		1,094
China Mengniu Dairy Co Ltd		235,000		1,113
China Mobile Ltd		1,483,909		9,542
China Resources Beer Holdings Co Ltd		173,465		1,066
China Resources Cement Holdings Ltd		1,010,203		1,392
China Resources Land Ltd		794,000		3,622
China State Construction International Holdings Ltd		2,131,123		1,401
Chinasoft International Ltd		1,530,004		1,119
CNOOC Ltd		10,717,462		10,359
Country Garden Services Holdings Co Ltd		290,801		1,884
CSPC Pharmaceutical Group Ltd		584,000		1,144
Dali Foods Group Co Ltd		4,392,000		2,703
Far East Horizon Ltd		705,884		575
Fuyao Glass Industry Group Co Ltd, Cl H		264,400		976
Galaxy Entertainment Group Ltd *		401,800		2,717
Geely Automobile Holdings Ltd		2,898,000		5,843
GF Securities Co Ltd, Cl H		669,200		853
Greentown Management Holdings Co Ltd *		1,223,429		484
Haier Electronics Group Co Ltd		783,407		2,849
Hansoh Pharmaceutical Group Co Ltd *		150,000		735
Hengan International Group Co Ltd		119,000		870
Hong Kong Exchanges & Clearing Ltd		149,500		7,049
Huatai Securities Co Ltd, Cl H		2,454,000		4,041
Huazhu Group Ltd *		14,900		661
Innovent Biologics Inc *		126,000		941
JD.com Inc, Cl A *		106,450		4,114
Kaisa Group Holdings Ltd		1,557,000		803
Kingboard Laminates Holdings Ltd		1,541,500		2,127
Kunlun Energy Co Ltd		1,750,000		1,158

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Lenovo Group Ltd		1,468,000	$	974
Li Ning Co Ltd		701,114		3,296
Link REIT ‡		382,816		3,133
Livzon Pharmaceutical Group Inc, Cl H		125,072		572
Logan Group Co Ltd		3,874,000		6,196
Lonking Holdings Ltd		2,166,000		578
Luye Pharma Group Ltd		2,380,500		1,393
Meituan Dianping, Cl B *		399,238		12,600
Minth Group Ltd		1,302,000		5,708
Nine Dragons Paper Holdings Ltd		2,747,070		3,481
Q Technology Group Co Ltd		603,000		679
Shanghai Industrial Holdings Ltd		1,305,000		1,744
Shanghai Industrial Urban Development Group Ltd		261,000		25
Shanghai Pharmaceuticals Holding Co Ltd, Cl H		906,800		1,525
Shenzhen International Holdings Ltd		14,524		23
Shimao Group Holdings Ltd		237,500		990
Sino Biopharmaceutical Ltd		847,269		933
SITC International Holdings Co Ltd		387,000		539
SJM Holdings Ltd		2,299,000		2,742
Sunny Optical Technology Group Co Ltd		363,629		5,621
Techtronic Industries Co Ltd		161,425		2,150
Tianneng Power International Ltd (A)		514,000		928
Topsports International Holdings Ltd		775,000		1,080
United Laboratories International Holdings Ltd/The		668,602		692
Wuxi Biologics Cayman Inc *		70,361		1,729
Xiabuxiabu Catering Management China Holdings Co Ltd (A)		1,600,500		1,983
Xiaomi Corp, Cl B *		1,349,400		3,609
Xinyi Glass Holdings Ltd		1,720,000		3,477
Yihai International Holding Ltd		83,000		1,305
ZhongAn Online P&C Insurance Co Ltd, Cl H *(A)		313,100		1,569
Zhou Hei Ya International Holdings Co Ltd (A)		969,500		1,016
Zoomlion Heavy Industry Science and Technology Co Ltd		1,714,710		1,663
				181,314
Hungary — 0.4%
OTP Bank Nyrt *		20,205		608
Richter Gedeon Nyrt		303,336		6,414
				7,022
India — 9.3%
Ambuja Cements Ltd		757,374		2,236
Apollo Hospitals Enterprise Ltd		72,837		2,125
Aurobindo Pharma Ltd		66,294		718
Bajaj Auto Ltd		65,984		2,580
Bharat Electronics Ltd		542,788		708
Britannia Industries Ltd		16,480		850
Dr Reddy’s Laboratories Ltd ADR		15,819		1,100

  SEI Institutional International Trust / Annual Report / September 30, 2020   23

SCHEDULE OF INVESTMENTS

September 30, 2020

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Escorts Ltd		147,194	$	2,646
Essel Propack Ltd		923,632		3,054
GMM Pfaudler Ltd		28,388		1,543
Grasim Industries Ltd		92,199		934
HCL Technologies Ltd		518,059		5,725
HDFC Bank Ltd *		328,388		4,827
HDFC Bank Ltd ADR *		71,233		3,559
HDFC Life Insurance Co Ltd *		110,044		838
Hero MotoCorp Ltd		148,059		6,343
Hindalco Industries Ltd		379,893		908
Hindustan Unilever Ltd		32,765		920
Housing Development Finance Corp Ltd		411,916		9,741
ICICI Bank Ltd *		1,329,504		6,450
ICICI Bank Ltd ADR *		462,301		4,544
ICICI Lombard General Insurance Co Ltd		187,287		3,307
IndusInd Bank Ltd *		604,800		4,365
Infosys Ltd		394,085		5,444
Infosys Ltd ADR		265,853		3,671
Ipca Laboratories Ltd		36,366		1,070
JM Financial Ltd		506,635		532
Jubilant Foodworks Ltd		21,720		691
LIC Housing Finance Ltd		194,234		729
Mahindra & Mahindra Ltd		270,324		2,230
Manappuram Finance Ltd		516,889		1,109
Metropolis Healthcare Ltd		12,312		300
Motherson Sumi Systems Ltd		1,910,388		2,993
Mphasis Ltd		96,297		1,809
Multi Commodity Exchange of India Ltd		81,248		1,903
Muthoot Finance Ltd		115,536		1,777
Petronet LNG Ltd		767,232		2,297
Reliance Industries Ltd		889,619		26,842
SBI Cards & Payment Services Ltd		155,447		1,791
Shriram Transport Finance Co Ltd		110,254		931
Spandana Sphoorty Financial Ltd *		96,705		677
Strides Pharma Science Ltd		188,369		1,847
Tata Consultancy Services Ltd		320,658		10,864
UltraTech Cement Ltd		53,503		2,944
United Breweries Ltd		123,786		1,610
United Spirits Ltd *		253,792		1,782
UPL Ltd		626,546		4,303
Vedanta Ltd		518,151		965
Wipro Ltd		245,158		1,045
WNS Holdings Ltd ADR *		17,029		1,089
Zee Entertainment Enterprises Ltd		699,938		1,993
				155,259
Indonesia — 1.0%
Ace Hardware Indonesia Tbk PT		18,894,300		2,028
Astra International Tbk PT		2,483,700		748
Bank Central Asia Tbk PT		3,049,767		5,564
Bank Mandiri Persero Tbk PT		4,540,700		1,517
Bank Negara Indonesia Persero Tbk PT		1,768,400		529
Bank Rakyat Indonesia Persero Tbk PT		20,689,905		4,244

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Indofood Sukses Makmur Tbk PT		2,458,477	$	1,182
Kalbe Farma Tbk PT		8,412,200		877
				16,689
Jordan — 0.1%
Hikma Pharmaceuticals PLC		42,916		1,436
Malaysia — 0.8%
Dialog Group Bhd		1,285,300		1,179
Frontken Corp Bhd		1,091,900		958
Inari Amertron Bhd		5,046,975		2,795
Kossan Rubber Industries		561,200		1,853
Petronas Gas Bhd		227,100		900
PPB Group Bhd		822,800		3,768
Public Bank Bhd		140,200		530
RHB Bank Bhd		1,875,200		2,065
				14,048
Mexico — 1.1%
America Movil SAB de CV ADR, Cl L		202,222		2,526
Arca Continental SAB de CV		68,800		297
Cemex SAB de CV ADR *		215,242		818
Fomento Economico Mexicano SAB de CV		477,029		2,684
Gruma SAB de CV, Cl B		295,491		3,275
Grupo Aeroportuario del Sureste SAB de CV, Cl B		45,605		530
Grupo Financiero Banorte SAB de CV, Cl O *		752,719		2,604
Grupo Mexico SAB de CV, Ser B		1,273,684		3,247
Promotora y Operadora de Infraestructura SAB de CV		82,200		579
Qualitas Controladora SAB de CV		191,603		725
Wal-Mart de Mexico SAB de CV		169,300		406
				17,691
Netherlands — 0.2%
Prosus NV *		40,810		3,769
Peru — 0.3%
Credicorp Ltd		41,800		5,183
Philippines — 0.3%
BDO Unibank Inc		1,048,215		1,875
First Gen Corp		599,361		290
Globe Telecom Inc		31,155		1,337
International Container Terminal Services Inc		585,258		1,324
				4,826
Poland — 0.7%
Cyfrowy Polsat SA		85,560		598
Dino Polska SA *		136,680		8,068
Polski Koncern Naftowy ORLEN SA		39,130		464
Powszechny Zaklad Ubezpieczen SA *		276,225		1,770
				10,900
Qatar — 0.3%
Commercial Bank PSQC/The		420,581		470

  24   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Masraf Al Rayan QSC		782,506	$	895
Ooredoo QPSC		756,566		1,399
Qatar Gas Transport Co Ltd		1,069,057		791
Qatar National Bank QPSC		239,874		1,201
				4,756
Russia — 3.2%
Detsky Mir PJSC		1,465,592		2,224
Inter RAO UES PJSC		9,685,000		700
LUKOIL PJSC ADR		205,075		11,780
Magnit GDR *		159,457		2,042
Magnit PJSC GDR		13,117		196
Novatek PJSC GDR		751		103
QIWI plc ADR		108,712		1,886
Sberbank of Russia PJSC		533,262		1,567
Sberbank of Russia PJSC ADR		1,260,466		14,709
X5 Retail Group NV GDR		62,031		2,300
Yandex NV, Cl A *		254,878		16,631
				54,138
Saudi Arabia — 0.7%
Advanced Petrochemical Co		39,986		631
Al Rajhi Bank		193,515		3,396
Arab National Bank		102,807		557
Jarir Marketing Co		22,918		1,146
Riyad Bank		332,731		1,657
Samba Financial Group		118,058		849
Saudi Arabian Fertilizer Co		82,608		1,806
Saudi Arabian Oil Co		87,445		837
Saudi Telecom Co		27,365		734
Savola Group/The		72,020		923
				12,536
South Africa — 3.3%
Absa Group Ltd		148,252		793
AngloGold Ashanti Ltd		9,999		259
AngloGold Ashanti Ltd ADR		167,341		4,414
Bid Corp Ltd		160,798		2,484
Bidvest Group Ltd/The		53,538		443
Capitec Bank Holdings Ltd *		77,752		4,833
Exxaro Resources Ltd		87,967		658
FirstRand Ltd		1,828,072		4,519
Gold Fields Ltd ADR		259,966		3,195
Impala Platinum Holdings Ltd		97,797		850
Kumba Iron Ore Ltd		38,672		1,151
Mr Price Group Ltd		556,286		4,404
Naspers Ltd, Cl N		91,875		16,342
Nedbank Group Ltd		188,227		1,136
Old Mutual Ltd		2,051,244		1,274
Sanlam Ltd		216,409		674
Shoprite Holdings Ltd (A)		91,536		752
Sibanye Stillwater Ltd		1,050,424		2,893
SPAR Group Ltd/The		65,425		745

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Standard Bank Group Ltd		510,750	$	3,308
				55,127
South Korea — 12.7%
BGF retail Co Ltd		14,911		1,576
Celltrion Healthcare Co Ltd *		6,013		453
Celltrion Inc *		7,812		1,717
Cheil Worldwide Inc		49,727		890
Chong Kun Dang Pharmaceutical Corp		7,769		1,107
CJ CheilJedang Corp		2,976		1,008
CJ ENM Co Ltd		84,589		10,292
CJ Logistics Corp *		6,037		916
Com2uSCorp		28,665		2,808
Coway Co Ltd		61,335		4,184
Daelim Industrial Co Ltd		10,636		706
DB HiTek Co Ltd		40,164		1,296
DB Insurance Co Ltd		38,506		1,484
E-MART Inc		20,043		2,434
Hana Financial Group Inc		126,404		3,040
Hankook Tire & Technology Co Ltd		31,915		858
Hansol Chemical Co Ltd		5,858		752
Hanwha Solutions Corp		9,089		298
Hite Jinro Co Ltd		22,928		711
Hyundai Glovis Co Ltd		7,005		861
Hyundai Mobis Co Ltd		3,801		747
Hyundai Motor Co		10,141		1,544
Iljin Materials Co Ltd		13,880		538
Kakao Corp		17,354		5,411
Kangwon Land Inc		78,015		1,432
KB Financial Group Inc		96,370		3,087
Kia Motors Corp		118,334		4,744
Korea Investment Holdings Co Ltd		10,408		645
Korea Zinc Co Ltd		6,073		1,956
Kumho Petrochemical Co Ltd		27,312		2,564
LG Chem Ltd		17,129		9,572
LG Corp		13,451		854
LG Electronics Inc		60,920		4,799
LG Household & Health Care Ltd		1,582		1,960
LG Innotek Co Ltd		9,473		1,256
Mando Corp		55,616		1,696
NAVER Corp		30,305		7,687
NCSoft Corp		19,669		13,564
Orion Corp/Republic of Korea		50,608		5,690
POSCO ADR		18,699		783
Posco International Corp		59,658		683
Samsung Biologics Co Ltd *		2,980		1,758
Samsung C&T Corp		10,055		901
Samsung Electro-Mechanics Co Ltd		28,815		3,423
Samsung Electronics Co Ltd		1,495,759		74,364
Samsung SDI Co Ltd		8,527		3,163
Seegene Inc		3,544		795
Shinhan Financial Group Co Ltd		30,500		716
SK Hynix Inc		142,970		10,247

  SEI Institutional International Trust / Annual Report / September 30, 2020   25

SCHEDULE OF INVESTMENTS

September 30, 2020

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
SK Telecom Co Ltd		19,457	$	3,963
WONIK IPS Co Ltd *		106,267		3,052
Yuhan Corp		36,409		2,002
				212,987
Switzerland — 0.1%
Wizz Air Holdings Plc *		26,136		1,049
Taiwan — 12.8%
Accton Technology Corp		736,200		5,691
Airtac International Group		114,000		2,594
ASE Technology Holding Co Ltd		833,372		1,714
Asia Cement Corp		2,469,000		3,552
ASMedia Technology Inc		38,000		1,931
Asustek Computer Inc		165,862		1,457
Bizlink Holding Inc		306,000		2,408
Chailease Holding Co Ltd		1,707,800		7,767
Chilisin Electronics Corp		400,000		1,379
Chroma ATE Inc		486,000		2,593
Chunghwa Telecom Co Ltd		955,000		3,533
Compeq Manufacturing Co Ltd		478,000		681
CTBC Financial Holding Co Ltd		995,896		635
Delta Electronics Inc		876,500		5,757
Elite Material Co Ltd		144,000		734
eMemory Technology Inc		48,200		860
Epistar Corp *		932,000		1,149
Fubon Financial Holding Co Ltd		2,738,000		3,984
Gigabyte Technology Co Ltd		280,000		737
Globalwafers Co Ltd		232,000		3,103
Hiwin Technologies Corp		449,300		4,463
Hon Hai Precision Industry Co Ltd		479,000		1,287
Hotai Motor Co Ltd		114,000		2,559
Innolux Corp		5,999,000		1,965
Kinsus Interconnect Technology Corp		480,000		1,105
LandMark Optoelectronics Corp		263,000		2,281
Largan Precision Co Ltd		15,446		1,811
MediaTek Inc		380,137		8,045
Mega Financial Holding Co Ltd		772,177		743
Merida Industry Co Ltd		175,000		1,419
Micro-Star International Co Ltd		944,000		4,374
momo.com Inc		29,000		709
Nien Made Enterprise Co Ltd		95,000		1,137
Novatek Microelectronics Corp		330,000		3,047
Parade Technologies Ltd		98,600		3,619
Poya International Co Ltd		16,000		307
Realtek Semiconductor Corp		102,379		1,315
Ruentex Development Co Ltd		646,500		873
Silergy Corp		18,890		1,122
Silicon Motion Technology Corp ADR		37,880		1,431
Simplo Technology Co Ltd		57,000		593
Sinbon Electronics Co Ltd		148,000		922
Sino-American Silicon Products Inc		306,155		1,033
Swancor Holding Co Ltd		203,000		1,027

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Synnex Technology International Corp		604,000	$	865
Taishin Financial Holding Co Ltd		2,854,000		1,266
Taiwan Cement Corp		770,156		1,106
Taiwan Cooperative Financial Holding Co Ltd		945,629		638
Taiwan Semiconductor Manufacturing Co Ltd		5,748,952		86,853
Taiwan Semiconductor Manufacturing Co Ltd ADR		120,310		9,754
Tong Hsing Electronic Industries Ltd		404,000		1,870
Topco Scientific Co Ltd		115,000		456
Tripod Technology Corp		203,000		778
Unimicron Technology Corp		370,853		966
Uni-President Enterprises Corp		2,103,000		4,542
United Microelectronics Corp		3,713,480		3,689
Win Semiconductors Corp		85,000		848
Wistron Corp		1,029,718		1,066
Yuanta Financial Holding Co Ltd		2,152,928		1,330
				215,473
Thailand — 1.7%
Advanced Info Service PCL		457,200		2,476
Carabao Group PCL		343,800		1,278
Carabao Group PCL NVDR (A)		198,629		739
Charoen Pokphand Foods PCL		1,102,000		980
Charoen Pokphand Foods PCL NVDR		1,342,100		1,193
Com7 PCL		1,173,000		1,479
Com7 PCL NVDR		471,500		594
CP ALL PCL *		1,065,300		2,034
Home Product Center PCL		20,873,454		9,521
Intouch Holdings PCL NVDR		528,200		858
Minor International PCL NVDR *(A)		2,591,664		1,647
PTT Exploration & Production PCL NVDR		235,200		588
PTT PCL		1,918,900		1,953
PTT PCL NVDR		632,328		644
Siam Cement PCL		12,487		–
Thai Beverage PCL		4,246,250		1,894
				27,878
Turkey — 0.6%
Aselsan Elektronik Sanayi Ve Ticaret AS		321,920		809
Ford Otomotiv Sanayi AS		58,066		662
Haci Omer Sabanci Holding AS		629,042		681
Koza Altin Isletmeleri AS *		69,194		705
Migros Ticaret AS *(A)		290,177		1,554
Turk Hava Yollari AO *(A)		1,313,088		1,792
Turkcell Iletisim Hizmetleri AS		449,240		888
Turkiye Sise ve Cam Fabrikalari AS (A)		1,772,355		1,687
Ulker Biskuvi Sanayi AS *		201,675		601
				9,379
United Arab Emirates — 0.2%
Aldar Properties PJSC		4,179,647		2,294
Dubai Islamic Bank PJSC		783,536		924

  26   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Emaar Properties PJSC *		1,056,677	$	804
				4,022
United Kingdom — 1.4%
Anglo American PLC		125,860		3,049
Antofagasta PLC		78,067		1,028
Halyk Savings Bank of Kazakhstan JSC GDR		66,132		706
KAZ Minerals PLC		581,829		3,940
Mail.Ru Group Ltd GDR *		74,228		2,046
NAC Kazatomprom JSC GDR		57,894		845
Network International Holdings PLC		429,536		1,522
Novatek PJSC GDR		7,334		1,002
Polymetal International PLC		203,003		4,427
Polyus PJSC GDR		16,784		1,757
Rio Tinto PLC		38,558		2,320
Tullow Oil PLC *(A)		2,881,615		569
VTB Bank PJSC GDR		1,147,366		955
				24,166
United States — 1.2%
360 DigiTech Inc ADR *		35,350		422
DouYu International Holdings Ltd ADR *		61,193		808
NIO Inc ADR *		393,296		8,346
Pagseguro Digital Ltd, Cl A *		171,276		6,459
Southern Copper Corp		45,441		2,057
Vasta Platform Ltd, Cl A *		103,994		1,605
				19,697
Vietnam — 0.3%
Hoa Phat Group JSC		2,260,634		2,578
Vincom Retail JSC *		1,461,675		1,739
				4,317
Total Common Stock (Cost $1,241,383) ($ Thousands)				1,603,645
PREFERRED STOCK — 1.0%
Brazil — 0.5%
Banco Bradesco SA *(B)		330,158		1,142
Bradespar SA, 3.560% *		89,428		715
Centrais Eletricas Brasileiras SA, 4.880%		99,600		553
Cia Energetica de Minas Gerais (B)		172,551		309
Cia Paranaense de Energia, 2.720% *		155,677		1,718
Itau Unibanco Holding SA (B)		274,466		1,101
Lojas Americanas SA *(B)		75,000		376
Petroleo Brasileiro SA *(B)		677,212		2,367
				8,281
Chile — 0.1%
Embotelladora Andina SA (B)		278,442		613
South Korea — 0.4%
LG Household & Health Care Ltd (B)		3,427		2,077

Description	Shares		Market Value     ($ Thousands)
PREFERRED STOCK (continued)
Samsung Electronics Co Ltd (B)		118,755	$	5,115
				7,192
Total Preferred Stock (Cost $15,408) ($ Thousands)				16,086
	Number of Warrants
WARRANTS — 0.0%
Thailand — 0.0%
Minor International PCL, Expires 07/31/2023 *		117,803		28
Minor International PCL, Expires 09/30/2021 *		162,947		2
Total Warrants (Cost $—) ($ Thousands)				30
	Number of Rights
RIGHTS — 0.0%
Taiwan — 0.0%
Simplo Technology Co Ltd *‡‡		1,414		–
Total Rights (Cost $—) ($ Thousands)				–
	Face Amount   (Thousands)
DEBENTURE BOND — 0.0%
Brazil — 0.0%
Vale, Ser 1997
0.000% (C)(D)	BRL	8		–
Total Debenture Bond (Cost $—) ($ Thousands)				–
	Shares
AFFILIATED PARTNERSHIP — 1.2%
SEI Liquidity Fund, L.P. 0.100% **†(E)		20,013,695		20,023
Total Affiliated Partnership (Cost $20,015) ($ Thousands)				20,023

  SEI Institutional International Trust / Annual Report / September 30, 2020   27

SCHEDULE OF INVESTMENTS

September 30, 2020

Emerging Market Equity Fund (Concluded)

Description	Shares		Market Value     ($ Thousands)
CASH EQUIVALENT — 1.6%
SEI Daily Income Trust, Government Fund, Cl F 0.010%**†		27,198,619	$	27,199
Total Cash Equivalent (Cost $27,199) ($ Thousands)				27,199
Total Investments in Securities — 99.4% (Cost $1,304,005) ($  Thousands)			$	1,666,983

A list of the open futures contracts held by the Fund at September 30, 2020, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized       Appreciation (Thousands)
MSCI Emerging Markets		537		Dec-2020	$	28,761	$	29,226	$	466

Percentages are based on Net Assets of $1,677,233 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of September 30, 2020.

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

^‡  Real Estate Investment Trust.

^‡‡  Expiration date not available.

(A) Certain securities or partial positions of certain securities are on loan at September 30, 2020 (See Note 9). The total market value of securities on loan at September 30, 2020 was $18,725 ($ Thousands).

(B) There is currently no rate available.

(C) Perpetual security with no stated maturity date.

(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. The total market value of such securities as of September 30, 2020 was $20,023 ($ Thousands).

ADR — American Depositary Receipt

BRL — Brazilian Real

Cl — Class

GDR — Global Depositary Receipt

JSC — Joint-Stock Company

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

REIT — Real Estate investment Trust

Ser — Series

USD — U.S. Dollar

VAR — Variable Rate

The following is a list of the level of inputs used as of September 30, 2020, 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		1,599,649		3,996		–		1,603,645
Preferred Stock		14,009		2,077		–		16,086
Warrants		–		30		–		30
Rights		–		–		–		–
Debenture Bond		–		–		–		–
Affiliated Partnership		–		20,023		–		20,023
Cash Equivalent		27,199		–		–		27,199
Total Investments in Securities		1,640,857		26,126		–		1,666,983
Other Financial Instruments	Level 1   ($)		Level 2   ($)		Level 3   ($)		Total   ($)
Futures Contracts*
Unrealized Appreciation		466		–		–		466
Total Other Financial Instruments		466		–		–		466

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

For the year ended September 30, 2020, there were no transfers in or out of Level 3.

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

  28   SEI Institutional International Trust / Annual Report / September 30, 2020

The following is a summary of the transactions with affiliates for the year ended September 30, 2020 ($ Thousands):

Security Description	Value 9/30/2019	Purchases at Cost	Proceeds from Sales	Realized Gain	Change in Unrealized  Appreciation	Value 9/30/2020	Shares	Income	Capital Gains
SEI Liquidity Fund, L.P.	$48,638	$202,332	$(230,948)	$1	$—	$20,023	20,013,695	$ 339	$—
SEI Daily Income Trust, Government Fund, Cl F	29,816	257,448	(260,065)	—	—	27,199	27,198,619	180	—
Totals	$78,454	$459,780	$(491,013)	$1	$—	$47,222		$ 519	$—

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, 2020   29

SCHEDULE OF INVESTMENTS

September 30, 2020

International Fixed Income Fund

^†Percentages based on total investments.

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS — 92.3%
Australia — 2.8%
Australia & New Zealand Banking Group
4.500%, 03/19/2024 (A)	$	200	$	220
Australia & New Zealand Banking Group MTN
5.000%, 08/16/2023	AUD	750		606
3.625%, 07/18/2022	EUR	300		378
Australia Government Bond
4.750%, 04/21/2027	AUD	820		749
4.500%, 04/21/2033		195		198
3.750%, 04/21/2037		1,463		1,439
3.250%, 04/21/2025		843		685
3.000%, 03/21/2047		3,161		2,929
2.750%, 04/21/2024		1,230		961
2.750%, 06/21/2035		1,243		1,088
2.750%, 05/21/2041		609		533
2.500%, 05/21/2030		607		504
1.750%, 06/21/2051		305		220
BHP Billiton Finance
4.750%, VAR EUR Swap Annual 5 Yr+4.363%, 04/22/2076	EUR	101		121
Commonwealth Bank of Australia MTN
3.000%, 05/03/2022		330		408
0.375%, 04/11/2024		455		547
Glencore Finance Europe MTN
1.625%, 01/18/2022		240		285
1.500%, 10/15/2026		120		144
National Australia Bank
5.000%, 03/11/2024	AUD	750		618
National Australia Bank MTN
2.250%, 06/06/2025	EUR	206		271
Westpac Banking Corp MTN
1.500%, 03/24/2021		220		261
0.500%, 05/17/2024		885		1,070
				14,235

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Austria — 1.4%
JAB Holdings BV
1.000%, 12/20/2027	EUR	400	$	467
Republic of Austria Government Bond (A)
4.150%, 03/15/2037		326		652
3.650%, 04/20/2022		1,045		1,307
2.400%, 05/23/2034		110		175
2.100%, 09/20/2117		50		124
0.850%, 06/30/2120		9		13
0.750%, 10/20/2026		749		950
0.750%, 03/20/2051		515		707
0.500%, 02/20/2029		885		1,120
0.000%, 07/15/2024 (E)		765		919
Republic of Austria Government Bond, Ser 97-6
6.250%, 07/15/2027		525		904
				7,338
Belgium — 2.0%
Anheuser-Busch InBev MTN
2.250%, 05/24/2029	GBP	205		282
2.125%, 12/02/2027	EUR	410		537
1.125%, 07/01/2027		230		283
Anheuser-Busch InBev Finance
2.600%, 05/15/2024	CAD	550		440
Kingdom of Belgium Government Bond
4.250%, 03/28/2041 (A)	EUR	470		997
3.750%, 06/22/2045		259		553
3.000%, 06/22/2034 (A)		346		579
2.600%, 06/22/2024 (A)		243		320
1.700%, 06/22/2050 (A)		246		394
1.600%, 06/22/2047 (A)		351		542
1.000%, 06/22/2031 (A)		490		651
0.900%, 06/22/2029 (A)		305		398
0.800%, 06/22/2025 (A)		263		329
0.500%, 10/22/2024 (A)		810		994
0.200%, 10/22/2023 (A)		1,050		1,264
0.000%, 10/22/2027 (A) (E)		1,425		1,727
Kingdom of Belgium Government Bond, Ser 44
5.000%, 03/28/2035 (A)		64		130
				10,420
Brazil — 0.0%
Odebrecht Finance
7.125%, 06/26/2042 (B)	$	280		17
4.375%, 04/25/2025 (B)		200		10
				27
Canada — 6.8%
Bank of Montreal
0.750%, 09/21/2022	EUR	235		282
Bank of Montreal MTN
0.125%, 04/19/2021		280		330

  30   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Bank of Nova Scotia MTN
0.750%, 09/17/2021	EUR	570	$	676
Bell Canada MTN
4.700%, 09/11/2023	CAD	80		66
Canada Housing Trust No. 1 (A)
2.250%, 12/15/2025		2,235		1,814
1.750%, 06/15/2022		2,465		1,892
Canadian Government Bond
5.750%, 06/01/2033		1,205		1,451
5.000%, 06/01/2037		816		1,003
2.750%, 12/01/2048		400		420
2.750%, 12/01/2048		300		315
2.500%, 06/01/2024		1,761		1,425
2.250%, 06/01/2029		3,965		3,410
1.500%, 06/01/2026 (F)		7,545		6,011
1.000%, 09/01/2022		525		399
1.000%, 06/01/2027		1,375		1,071
0.750%, 09/01/2021		655		493
Canadian Imperial Bank of Commerce
0.239%, 07/25/2022 (E)	EUR	445		526
Export Development Canada MTN
2.400%, 06/07/2021	AUD	1,259		916
Husky Energy
4.400%, 04/15/2029	$	205		214
Province of Alberta Canada MTN
1.000%, 11/15/2021	GBP	650		847
Province of Manitoba Canada
3.850%, 12/01/2021	CAD	710		554
Province of Ontario Canada
4.700%, 06/02/2037		1,355		1,439
4.650%, 06/02/2041		540		590
2.800%, 06/02/2048		2,200		1,909
2.600%, 06/02/2025		1,614		1,314
2.400%, 06/02/2026		585		475
Province of Ontario Canada MTN
0.161%, VAR ICE LIBOR GBP 3 Month+0.090%, 11/10/2020	GBP	600		776
Province of Quebec Canada
6.250%, 06/01/2032	CAD	720		815
3.500%, 12/01/2048		520		511
Rogers Communications
4.000%, 06/06/2022		165		130
Royal Bank of Canada MTN
0.500%, 12/16/2020	EUR	1,000		1,175
Toronto-Dominion Bank
0.000%, 02/09/2024 (E)		490		582
Toyota Credit Canada MTN
2.200%, 02/25/2021	CAD	1,500		1,131
				34,962
China — 5.4%
China Development Bank
4.880%, 02/09/2028	CNY	10,600		1,673

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
3.650%, 05/21/2029	CNY	18,120	$	2,635
3.480%, 01/08/2029		23,680		3,404
3.390%, 07/10/2027		9,530		1,381
3.230%, 01/10/2025		11,360		1,650
China Government Bond
3.390%, 03/16/2050		44,030		5,922
3.120%, 12/05/2026		39,150		5,755
2.850%, 06/04/2027		22,770		3,270
2.680%, 05/21/2030		9,350		1,320
1.990%, 04/09/2025		3,270		460
Prosus
3.680%, 01/21/2030 (A)	$	275		297
Weibo
3.500%, 07/05/2024		200		210
				27,977
Colombia — 0.5%
Colombian TES
10.000%, 07/24/2024	COP	1,833,400		584
7.750%, 09/18/2030		2,685,700		804
7.500%, 08/26/2026		1,100,600		329
7.250%, 10/18/2034		164,600		47
7.000%, 05/04/2022		312,500		87
7.000%, 06/30/2032		968,800		272
6.000%, 04/28/2028		1,690,100		463
5.750%, 11/03/2027		176,100		48
				2,634
Czech Republic — 0.2%
Czech Republic Government Bond
4.700%, 09/12/2022	CZK	7,470		352
2.500%, 08/25/2028		14,630		718
				1,070
Denmark — 0.4%
Danske Bank MTN
5.875%, VAR EUR Swap Annual 7 Yr+5.471% (D)	EUR	344		415
Kingdom of Denmark
4.500%, 11/15/2039	DKK	2,040		611
1.500%, 11/15/2023		4,025		676
Orsted
6.250%, VAR EUR Swap Annual 5 Yr+4.750%, 06/26/2099	EUR	210		279
				1,981
Egypt — 0.0%
Egypt Government International Bond MTN
4.750%, 04/11/2025 (A)		170		194
Finland — 0.6%
Finland Government Bond (A)
1.375%, 04/15/2047		130		206
0.000%, 09/15/2030 (E)		1,397		1,692

  SEI Institutional International Trust / Annual Report / September 30, 2020   31

SCHEDULE OF INVESTMENTS

September 30, 2020

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Government of Finland
0.875%, 09/15/2025 (A)	EUR	355	$	448
Nordea Kiinnitysluottopankki MTN
0.250%, 03/18/2026		480		583
				2,929
France — 6.9%
BNP Paribas MTN
3.375%, 01/23/2026	GBP	490		696
2.875%, 10/01/2026	EUR	160		209
1.250%, 03/19/2025		375		458
BNP Paribas Home Loan SFH
0.375%, 05/07/2025		400		486
BPCE
5.150%, 07/21/2024	$	310		347
BPCE MTN
1.125%, 01/18/2023	EUR	300		360
BPCE SFH MTN
3.750%, 09/13/2021		200		244
Bpifrance Financement
0.064%, 11/25/2022 (E)		600		709
Caisse Francaise de Financement Local MTN
3.000%, 10/02/2028		100		148
0.500%, 01/19/2026		500		614
Cie de Financement Foncier
0.375%, 12/11/2024		300		364
Cie de Financement Foncier MTN
5.500%, 01/26/2027	GBP	387		648
CNP Assurances
1.875%, 10/20/2022	EUR	200		241
Credit Agricole Home Loan SFH MTN
1.250%, 03/24/2031		300		404
0.250%, 02/23/2024		700		840
Dexia Credit Local MTN
0.625%, 02/03/2024		200		242
0.500%, 01/17/2025		300		363
0.000%, 05/29/2024 (E)		1,200		1,424
Electricite de France MTN
5.375%, VAR EUR Swap Annual 12 Yr+3.794% (D)		200		257
4.000%, 11/12/2025		350		493
2.250%, 04/27/2021		100		119
Elis SA
1.000%, 04/03/2025		100		109
Engie
3.250%, VAR EUR Swap Annual 5 Yr+3.169% (D)		500		627
Engie MTN
0.875%, 03/27/2024		300		363
0.375%, 02/28/2023		100		119
French Republic Government Bond OAT
5.750%, 10/25/2032		403		816
4.500%, 04/25/2041		334		736

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
4.000%, 10/25/2038	EUR	99	$	198
4.000%, 04/25/2055 (A)		195		490
3.250%, 05/25/2045		2,061		4,126
2.750%, 10/25/2027		242		350
2.500%, 05/25/2030		238		356
1.750%, 05/25/2023		2,359		2,944
1.750%, 06/25/2039 (A)		60		92
1.750%, 05/25/2066 (A)		165		291
0.750%, 05/25/2028		279		357
0.750%, 11/25/2028		277		356
0.500%, 05/25/2029		284		358
0.000%, 03/25/2025 (E)		633		763
0.000%, 02/25/2021 (E)		2,055		2,415
0.000%, 05/25/2021 (E)		1,685		1,983
0.000%, 05/25/2022 (E)		868		1,029
0.000%, 02/25/2026 (E)		530		640
0.000%, 11/25/2029 (E)		297		359
Orange MTN
2.500%, 03/01/2023		500		623
1.750%, VAR EUAMDB05+2.181% (D)		400		469
SNCF Reseau MTN
2.000%, 02/05/2048		300		458
SNCF Reseau EPIC MTN
5.500%, 12/01/2021	GBP	205		281
4.250%, 10/07/2026	EUR	200		298
2.250%, 12/20/2047		300		484
1.125%, 05/19/2027		300		383
1.125%, 05/25/2030		200		259
Societe Generale
4.250%, 04/14/2025 (A)	$	325		347
Societe Generale MTN
1.125%, 01/23/2025	EUR	100		120
SPCM SA
2.000%, 02/01/2026		117		137
Suez
2.875%, VAR EUR Swap Annual 5 Yr+2.504% (D)		300		358
TOTAL MTN
3.369%, VAR EUR Swap Annual 5 Yr+3.350% (D)		260		332
1.750%, VAR EUR Swap Annual 5 Yr+1.765% (D)		115		135
Total Capital International MTN
4.250%, 11/26/2021	AUD	640		476
UNEDIC ASSEO MTN
1.250%, 05/25/2033	EUR	700		945
				35,648
Germany — 5.4%
Allianz
2.241%, VAR Euribor 3 Month+2.650%, 07/07/2045		600		741

  32   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
BMW Finance MTN
0.454%, 01/29/2021	JPY	200,000	$	1,893
Bundesobligation
0.000%, 10/18/2024 (E)	EUR	1,830		2,210
Bundesrepublik Deutschland Bundesanleihe
4.000%,01/04/2037		411		834
3.250%, 07/04/2042		1,121		2,344
2.500%, 08/15/2046		1,242		2,478
0.500%, 02/15/2026		138		173
0.281%, 08/15/2026		1,882		2,301
0.250%, 02/15/2027		2,160		2,690
0.281%, 02/15/2030 (E)		895		1,105
Bundesrepublik Deutschland Bundesanleihe, Ser 03
4.750%, 07/04/2034		95		193
Cheplapharm Arzneimittel GmbH
3.500%, 02/11/2027 (A)		191		216
Commerzbank MTN
4.000%, VAR EUR Swap Annual 5 Yr+4.350%, 12/05/2030		200		239
Daimler International Finance BV MTN
0.250%, 11/06/2023		430		504
Deutsche Telekom International Finance BV MTN
0.625%, 04/03/2023		330		394
E.ON MTN
0.000%, 12/18/2023 (E)		550		645
IHO Verwaltungs GmbH
3.625%, 05/15/2025 (A)		175		206
Kreditanstalt fuer Wiederaufbau
2.600%, 06/20/2037	JPY	160,000		2,159
0.500%, 09/15/2027	EUR	510		640
0.125%, 06/07/2023		1,135		1,358
Kreditanstalt fuer Wiederaufbau MTN
2.800%, 02/17/2021	AUD	1,230		890
Landwirtschaftliche Rentenbank MTN
0.625%, 05/18/2027	EUR	225		283
Merck Financial Services GmbH MTN
0.125%, 07/16/2025		400		472
Vertical Midco GmbH
4.375%, 07/15/2027 (A)		240		286
Volkswagen Bank GmbH MTN
0.625%, 09/08/2021		200		236
Volkswagen Financial Services MTN
2.750%, 10/02/2020	GBP	850		1,099
Volkswagen International Finance
1.125%, 10/02/2023	EUR	400		479
Volkswagen Leasing GmbH MTN
1.125%, 04/04/2024		520		618
WEPA Hygieneprodukte GmbH
2.875%, 12/15/2027		298		343
				28,029

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Hungary — 0.2%
Hungary Government Bond
3.000%, 06/26/2024	HUF	297,650	$	1,014
Indonesia — 0.5%
Indonesia Government International Bond
8.375%, 03/15/2034	IDR	797,000		1,500
1.450%, 09/18/2026	EUR	300		356
Indonesia Treasury Bond
7.375%, 05/15/2048	IDR	7,641,000		507
				2,363
Ireland — 0.5%
AerCap Ireland Capital DAC
6.500%, 07/15/2025	$	200		216
4.500%, 09/15/2023		205		211
Allied Irish Banks MTN
4.125%, VAR EUR Swap Annual 5 Yr+3.950%, 11/26/2025	EUR	177		208
CRH Funding MTN
1.875%, 01/09/2024		310		384
Ireland Government Bond
5.400%, 03/13/2025		351		522
1.500%, 05/15/2050		250		378
1.100%, 05/15/2029		670		879
				2,798
Israel — 0.2%
Israel Government Bond
5.500%, 01/31/2042	ILS	276		141
4.250%, 03/31/2023		2,521		812
2.000%, 03/31/2027		925		297
				1,250
Italy — 6.8%
Assicurazioni Generali MTN
5.500%, VAR Euribor 3 Month+5.350%, 10/27/2047	EUR	230		317
Enel
3.500%, VAR EUR Swap Annual 5 Yr+3.564%, 05/24/2080		175		217
Enel Finance International MTN
5.750%, 09/14/2040	GBP	145		287
Eni
4.250%, 05/09/2029 (A)	$	515		580
Intesa Sanpaolo MTN
5.017%, 06/26/2024 (A)		530		557
3.625%, 12/05/2022	EUR	200		255
Italy Buoni Poliennali Del Tesoro
5.000%, 09/01/2040 (A)		1,393		2,615
3.850%, 09/01/2049 (A)		245		425
3.750%, 05/01/2021 (A)		386		463
3.500%, 03/01/2030 (A)		665		972
3.350%, 03/01/2035 (A)		1,493		2,249

  SEI Institutional International Trust / Annual Report / September 30, 2020   33

SCHEDULE OF INVESTMENTS

September 30, 2020

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
3.100%, 03/01/2040 (A)	EUR	267	$	399
3.000%, 08/01/2029		1,609		2,255
2.800%, 03/01/2067 (A)		90		131
2.700%, 03/01/2047 (A)		55		79
2.450%, 09/01/2033 (A)		552		753
2.450%, 09/01/2050 (A)		420		572
2.000%, 02/01/2028		512		661
1.850%, 07/01/2025 (A)		6,560		8,268
1.800%, 03/01/2041 (A)		1,526		1,874
1.650%, 12/01/2030 (A)		1,509		1,904
1.350%, 04/15/2022		4,630		5,560
0.950%, 03/01/2023		1,546		1,860
0.300%, 08/15/2023 (A)		784		928
UniCredit MTN
6.572%, 01/14/2022 (A)	$	350		372
4.875%, VAR EUAMDB05+4.739%, 02/20/2029	EUR	220		273
				34,826
Japan — 14.8%
Development Bank of Japan
2.300%, 03/19/2026	JPY	220,000		2,339
1.050%, 06/20/2023		10,000		97
Government of Japan 10 Year Bond
0.900%, 06/20/2022		859,850		8,294
0.100%, 06/20/2026		74,300		713
0.100%, 03/20/2027		71,550		687
Government of Japan 20 Year Bond
1.900%, 09/20/2022		406,050		4,003
1.700%, 06/20/2033		1,207,550		13,656
1.400%, 09/20/2034		444,650		4,902
1.000%, 12/20/2035		50,000		526
0.700%, 03/20/2037		38,450		387
0.500%, 09/20/2036		451,400		4,415
0.200%, 06/20/2036		169,400		1,585
Government of Japan 20 Year Bond, Ser 140
1.700%, 09/20/2032		210,750		2,369
Government of Japan 20 Year Bond, Ser 143
1.600%, 03/20/2033		40,450		452
Government of Japan 20 Year Bond, Ser 144
1.500%, 03/20/2033		87,200		964
Government of Japan 30 Year Bond
0.800%, 09/20/2047		549,500		5,539
0.300%, 06/20/2046		74,600		669
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/2038		119,300		1,532
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/2039		387,700		4,934
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/2040		212,700		2,629
Government of Japan 30 Year Bond, Ser 36
2.000%, 03/20/2042		252,050		3,147

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Government of Japan 30 Year Bond, Ser 37
1.900%, 09/20/2042	JPY	166,850	$	2,058
Government of Japan 30 Year Bond, Ser 38
1.800%, 03/20/2043		207,550		2,527
Government of Japan 40 Year Bond
0.400%, 03/20/2056		351,250		3,099
Government of Japan 40 Year Bond, Ser 6
1.900%, 03/20/2053		38,700		506
Japan Bank for International Cooperation
2.125%, 11/16/2020	$	2,200		2,205
Mitsubishi UFJ Financial Group
0.339%, 07/19/2024	EUR	250		295
Mizuho Financial Group MTN
0.956%, 10/16/2024		385		466
Mizuho Financial Group Cayman
3 4.600%, 03/27/2024 (A)	$	450		494
Nissan Motor
4.345%, 09/17/2027 (A)		205		205
Takeda Pharmaceutical
1.125%, 11/21/2022 (A)	EUR	430		515
0.750%, 07/09/2027		125		149
				76,358
Luxembourg — 0.1%
Prologis International Funding II
2.375%, 11/14/2030		200		274
SIG Combibloc PurchaseCo Sarl
1.875%, 06/18/2023 (A)		114		136
				410
Malaysia — 1.3%
Malaysia Government Bond
4.232%, 06/30/2031	MYR	635		172
4.181%, 07/15/2024		3,360		866
4.048%, 09/30/2021		3,380		832
3.955%, 09/15/2025		3,440		893
3.885%, 08/15/2029		2,032		535
3.882%, 03/10/2022		568		141
3.828%, 07/05/2034		2,337		609
3.795%, 09/30/2022		3,430		856
3.502%, 05/31/2027		7,477		1,917
				6,821
Mexico — 1.8%
Mexican Bonos
8.000%, 11/07/2047	MXN	18,935		948
7.750%, 11/23/2034		4,820		245
7.750%, 11/13/2042		25,845		1,268
7.500%, 06/03/2027		2,763		139
5.750%, 03/05/2026		14,711		682
Mexican Bonos, Ser M
6.500%, 06/10/2021		5,356		246
Mexican Bonos, Ser M20
10.000%, 12/05/2024		46,390		2,497

  34   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
8.500%, 05/31/2029	MXN	8,114	$	435
7.750%, 05/29/2031		25,298		1,292
Mexican Bonos, Ser M30
10.000%, 11/20/2036		22,113		1,335
8.500%, 11/18/2038		3,304		175
				9,262
Netherlands — 2.5%
ABN AMRO Bank
4.750%, 07/28/2025	$	305		343
ABN AMRO Bank MTN
1.250%, 01/10/2033	EUR	300		411
Akzo Nobel Sweden Finance MTN
2.625%, 07/27/2022		340		418
BNG Bank MTN
0.250%, 02/22/2023		1,505		1,796
Cooperatieve Rabobank UA
3.250%, VAR EUR Swap Annual 5 Yr+3.702% (D)		200		221
Cooperatieve Rabobank UA MTN
5.250%, 09/14/2027	GBP	195		314
4.625%, 05/23/2029		130		206
1.250%, 05/31/2032	EUR	300		409
Heineken MTN
1.000%, 05/04/2026		335		412
ING Groep
5.750%, VAR US Treas Yield Curve Rate
T Note Const Mat 5 Yr+4.342% (D)	$	200		208
Intertrust Group BV
3.375%, 11/15/2025 (A)	EUR	180		215
Lincoln Financing SARL
3.625%, 04/01/2024 (A)		170		191
Nederlandse Waterschapsbank MTN
1.250%, 05/27/2036		281		387
0.625%, 01/18/2027		225		280
Netherlands Government Bond (A)
4.000%, 01/15/2037		389		776
2.750%, 01/15/2047		288		592
2.500%, 01/15/2033		550		874
2.000%, 07/15/2024		345		446
0.500%, 07/15/2026		570		713
0.500%, 01/15/2040		382		504
0.250%, 07/15/2025		922		1,129
0.000%, 01/15/2022 (E)		914		1,080
0.000%, 07/15/2030 (E)		865		1,056
Q-Park Holding
2.000%, 03/01/2027		122		128
				13,109
New Zealand — 1.0%
New Zealand Government Bond
6.000%, 05/15/2021	NZD	900		617
5.500%, 04/15/2023		1,608		1,211

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
3.000%, 04/20/2029	NZD	873	$	704
2.750%, 04/15/2025		1,289		957
2.750%, 04/15/2037		687		582
1.500%, 05/15/2031		956		696
New Zealand Local Government Funding Agency Bond
4.500%, 04/15/2027		479		396
				5,163
Norway — 0.6%
DNB Bank
6.500%, VAR USD Swap Semi 30/360 5 Yr Curr+5.080% (D)	$	355		368
Norway Government Bond (A)
3.000%, 03/14/2024	NOK	2,516		295
2.000%, 05/24/2023		5,358		600
2.000%, 04/26/2028		3,738		444
1.750%, 02/17/2027		4,149		481
1.750%, 09/06/2029		2,174		256
1.500%, 02/19/2026		2,403		272
1.375%, 08/19/2030		1,510		173
				2,889
Poland — 0.2%
Republic of Poland Government Bond
2.750%, 10/25/2029	PLN	1,493		435
2.500%, 07/25/2027		1,860		529
				964
Portugal — 0.6%
EDP - Energias de Portugal
4.496%, VAR EUR Swap Annual 5 Yr+4.287%, 04/30/2079	EUR	300		379
Portugal Obrigacoes do Tesouro OT (A)
4.100%, 04/15/2037		277		500
2.200%, 10/17/2022		775		961
1.950%, 06/15/2029		199		271
0.900%, 10/12/2035		251		306
0.700%, 10/15/2027		735		905
				3,322
Qatar — 0.1%
Qatar Government International Bond
3.400%, 04/16/2025 (A)	$	385		422
Romania — 0.1%
Romania Government Bond
3.650%, 07/28/2025	RON	1,540		376
Saudi Arabia — 0.1%
SABIC Capital II BV
4.000%, 10/10/2023 (A)	$	345		371

  SEI Institutional International Trust / Annual Report / September 30, 2020   35

SCHEDULE OF INVESTMENTS

September 30, 2020

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Saudi Government International Bond MTN
2.375%, 10/26/2021 (A)	$	275	$	279
				650
Singapore — 2.5%
Singapore Government Bond
3.500%, 03/01/2027	SGD	1,341		1,157
3.375%, 09/01/2033		112		106
3.125%, 09/01/2022		3,592		2,777
3.000%, 09/01/2024		5,560		4,488
2.875%, 07/01/2029		1,258		1,081
2.875%, 09/01/2030		189		165
2.750%, 04/01/2042		114		106
2.750%, 03/01/2046		200		193
2.375%, 07/01/2039		963		836
2.250%, 08/01/2036		412		348
2.125%, 06/01/2026		1,259		1,002
Temasek Financial I MTN
2.375%, 01/23/2023 (A)	$	495		516
				12,775
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		391
South Africa — 0.1%
Anglo American Capital MTN
1.625%, 09/18/2025		220		270
South Korea — 0.6%
Hyundai Capital Services MTN
3.500%, 03/30/2022	AUD	680		494
Korea Treasury Bond
3.000%, 09/10/2024	KRW	1,206,590		1,110
2.000%, 03/10/2049		361,670		337
1.875%, 06/10/2029		401,030		355
1.500%, 12/10/2026		994,000		863
				3,159
Spain — 4.4%
Arena Luxembourg Finance
1.875%, 02/01/2028	EUR	175		184
Ayt Cedulas Cajas Global
3.750%, 12/14/2022		600		767
Banco Bilbao Vizcaya Argentaria
5.875%, VAR EUR Swap Annual 5 Yr+5.660% (D)		200		231
2.250%, 06/12/2024		200		257

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Banco de Sabadell
0.625%, VAR EUSA1+0.970%, 11/07/2025	EUR	400	$	462
Banco Santander
5.250%, VAR EUR Swap Annual 5 Yr+4.999% (D)		200		227
5.179%, 11/19/2025	$	400		453
1.000%, 03/03/2022	EUR	400		478
CaixaBank
1.250%, 01/11/2027		500		642
Gas Natural Fenosa Finance BV MTN
1.250%, 04/19/2026		300		371
Instituto de Credito Oficial MTN
6.000%, 03/08/2021		180		217
Naturgy Finance BV
4.125%, VAR EUR Swap Annual 8 Yr+3.353% (D)		200		243
Spain Government Bond
6.000%, 01/31/2029		104		182
5.750%, 07/30/2032		102		195
4.900%, 07/30/2040 (A)		28		58
4.700%, 07/30/2041 (A)		781		1,599
3.450%, 07/30/2066 (A)		192		390
2.350%, 07/30/2033 (A)		605		879
1.950%, 07/30/2030 (A)		141		194
1.850%, 07/30/2035 (A)		135		187
1.600%, 04/30/2025 (A)		504		643
1.500%, 04/30/2027 (A)		393		510
1.400%, 04/30/2028 (A)		1,009		1,308
1.250%, 10/31/2030 (A)		1,278		1,647
1.200%, 10/31/2040 (A)		1,170		1,469
1.000%, 10/31/2050 (A)		412		475
0.800%, 07/30/2027 (A)		3,965		4,918
0.600%, 10/31/2029 (A)		151		184
0.500%, 04/30/2030 (A)		251		303
0.000%, 04/30/2023 (E)		1,869		2,215
Telefonica Europe BV
4.375%, VAR EUR Swap Annual 6 Yr+4.107% (D)		300		370
3.750%, VAR EUR Swap Annual 5 Yr+3.858% (D)		100		119
				22,377
Supra-National — 2.4%
Asian Development Bank MTN
2.350%, 06/21/2027	JPY	290,000		3,216
European Financial Stability Facility MTN
0.500%, 07/11/2025	EUR	695		855
European Investment Bank
1.900%, 01/26/2026	JPY	397,500		4,182
European Investment Bank MTN
1.250%, 05/12/2025	SEK	13,180		1,544
0.250%, 10/14/2024	EUR	156		189

  36   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
European Stability Mechanism MTN
1.000%, 09/23/2025	EUR	570	$	718
International Bank for Reconstruction & Development MTN
2.800%, 01/13/2021	AUD	1,230		888
International Finance MTN
2.375%, 07/19/2023	CAD	1,000		789
				12,381
Sweden — 0.7%
Kommunivest I Sverige AB MTN
1.000%, 10/02/2024	SEK	5,830		676
Skandinaviska Enskilda Banken MTN
0.250%, 06/20/2024	EUR	460		553
Stadshypotek MTN
0.375%, 02/22/2023		485		581
Swedbank
5.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.134% (D)	$	200		209
Swedbank Hypotek
0.375%, 03/11/2022	EUR	360		427
Sweden Government Bond
3.500%, 06/01/2022	SEK	3,040		361
3.500%, 03/30/2039		1,205		212
1.000%, 11/12/2026		1,725		208
Vattenfall MTN
6.250%, 03/17/2021	EUR	213		257
				3,484
Switzerland — 0.8%
Credit Suisse MTN
0.750%, 09/17/2021		220		261
Credit Suisse Group
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+4.600% (D)	$	286		302
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+4.600% (A)(D)		200		211
Credit Suisse Group Funding Guernsey MTN
1.250%, 04/14/2022	EUR	295		353
Government of Switzerland
2.000%, 04/28/2021	CHF	735		813
2.000%, 05/25/2022		75		86
1.500%, 04/30/2042		408		623
1.250%, 06/11/2024		405		474
Swiss Re Finance Luxembourg
5.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.582%, 04/02/2049 (A)	$	200		227
UBS MTN
4.750%, VAR EUR Swap Annual 5 Yr+3.400%, 02/12/2026	EUR	200		237

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
UBS Group Funding Switzerland
1.750%, 11/16/2022	EUR	427	$	520
				4,107
Thailand — 0.5%
Thailand Government Bond
4.875%, 06/22/2029	THB	16,455		669
4.675%, 06/29/2044		17,119		801
3.650%, 12/17/2021		11,020		361
3.625%, 06/16/2023		5,375		183
3.300%, 06/17/2038		3,522		134
2.125%, 12/17/2026		7,336		247
				2,395
Turkey — 0.1%
Turkiye Vakiflar Bankasi TAO
2.375%, 05/04/2021	EUR	265		307
United Arab Emirates — 0.1%
Abu Dhabi Government International Bond MTN
2.500%, 04/16/2025 (A)	$	255		271
DP World Crescent MTN
4.848%, 09/26/2028		265		293
				564
United Kingdom — 7.3%
Barclays Bank MTN
10.000%, 05/21/2021	GBP	180		245
BAT International Finance MTN
1.250%, 03/13/2027	EUR	333		399
BG Energy Capital MTN
2.250%, 11/21/2029		400		538
BP Capital Markets
4.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.036% (D)	$	470		490
3.250%, VAR EUR Swap Annual 5 Yr+3.880% (D)	EUR	110		132
BP Capital Markets MTN
1.117%, 01/25/2024		165		200
0.831%, 11/08/2027		130		156
Centrica MTN
4.375%, 03/13/2029	GBP	164		254
CK Hutchison Finance 16 II
0.875%, 10/03/2024	EUR	212		253
CNH Industrial Finance Europe MTN
2.875%, 05/17/2023		220		275
1.750%, 09/12/2025		130		158
CPUK Finance
3.588%, 08/28/2025		215		285
DS Smith MTN
1.375%, 07/26/2024		430		514
Gatwick Funding MTN
5.250%, 01/23/2024	GBP	250		348

  SEI Institutional International Trust / Annual Report / September 30, 2020   37

SCHEDULE OF INVESTMENTS

September 30, 2020

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Heathrow Funding MTN
2.750%, 08/09/2049	GBP	160	$	188
1.875%, 05/23/2022	EUR	235		280
HSBC Holdings
6.375%, VAR USD ICE Swap 11:00 NY 5 Yr+4.368% (D)	$	200		209
3.000%, VAR BPSW1+1.650%, 07/22/2028	GBP	167		231
HSBC Holdings MTN
6.000%, 03/29/2040		70		121
Imperial Brands Finance
0.500%, 07/27/2021	EUR	150		176
Nationwide Building Society MTN
4.625%, 02/08/2021		550		657
Natwest Group
2.540%, VAR ICE LIBOR USD 3 Month+2.320% (D)	$	200		190
Northumbrian Water Finance
6.875%, 02/06/2023	GBP	190		280
Rolls-Royce MTN
0.875%, 05/09/2024	EUR	140		142
Santander UK Group Holdings PLC MTN
3.625%, 01/14/2026	GBP	100		142
Santander UK PLC MTN
4.250%, 04/12/2021	EUR	350		421
Severn Trent Utilities Finance MTN
3.625%, 01/16/2026	GBP	175		258
Sky PLC MTN
6.000%, 05/21/2027		50		86
2.250%, 11/17/2025	EUR	275		359
Standard Chartered
1.778%, VAR ICE LIBOR USD 3 Month+1.510% (A)(D)	$	500		423
Thames Water Utilities Finance MTN
4.625%, 06/04/2046	GBP	155		291
United Kingdom Gilt
5.000%, 03/07/2025		43		68
4.500%, 12/07/2042		279		640
4.250%, 03/07/2036		56		112
4.250%, 09/07/2039		53		112
4.250%, 12/07/2040		561		1,211
4.250%, 12/07/2046		1,259		2,975
4.250%, 12/07/2049		108		267
3.750%, 07/22/2052		80		192
3.500%, 01/22/2045		902		1,875
3.250%, 01/22/2044		457		906
2.750%, 09/07/2024		248		356
2.500%, 07/22/2065		1,197		2,613
2.250%, 09/07/2023		19		26
1.750%, 09/07/2022		654		875
1.750%, 09/07/2037		74		113
1.500%, 07/22/2047		356		542

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
1.250%, 10/22/2041	GBP	79	$	112
1.000%, 04/22/2024		52		70
0.750%, 07/22/2023		2,170		2,871
0.625%, 06/07/2025		497		663
0.625%, 10/22/2050		400		496
0.500%, 10/22/2061		680		816
0.125%, 01/31/2023		7,050		9,146
United Kingdom Gilt - Inflation Linked
1.250%, 11/22/2027		265		460
United Kingdom Treasury
4.750%, 12/07/2038		51		113
Western Power Distribution West Midlands PLC
3.875%, 10/17/2024		230		331
Wm Morrison Supermarkets MTN
3.500%, 07/27/2026		225		329
Zurich Finance PLC MTN
6.625%, 10/30/2049 (C)		235		333
				37,324
United States — 8.9%
AbbVie (A)
2.625%, 11/15/2028	EUR	100		137
2.300%, 11/21/2022	$	800		828
Aircastle
5.250%, 08/11/2025 (A)		221		216
4.400%, 09/25/2023		10		10
Alleghany
3.625%, 05/15/2030		336		378
Altria Group
3.125%, 06/15/2031	EUR	310		415
American Honda Finance
1.950%, 10/18/2024		159		200
0.350%, 08/26/2022		375		443
American Tower
1.950%, 05/22/2026		275		349
1.300%, 09/15/2025	$	535		541
AT&T
3.825%, 11/25/2020	CAD	1,125		846
2.875%, VAR EUAMDB05+3.140% (D)	EUR	200		226
1.800%, 09/05/2026		365		460
1.650%, 02/01/2028	$	870		872
1.600%, 05/19/2028	EUR	390		484
AutoNation
4.750%, 06/01/2030	$	172		203
Aviation Capital Group LLC (A)
5.500%, 12/15/2024		80		83
4.375%, 01/30/2024		27		27
3.875%, 05/01/2023		6		6
3.500%, 11/01/2027		5		4
Bank of America
6.500%, VAR ICE LIBOR USD 3 Month+4.174% (D)		67		74

  38   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Bank of America MTN
2.375%, 06/19/2024	EUR	835	$	1,058
Bank of New York Mellon
4.700% (C)(D)	$	40		42
Becton Dickinson
0.632%, 06/04/2023		200		236
Berkshire Hathaway
0.625%, 01/17/2023	EUR	265		315
Berkshire Hathaway Finance
2.625%, 06/19/2059	GBP	144		226
Boardwalk Pipelines
4.800%, 05/03/2029	$	119		130
Booking Holdings
4.625%, 04/13/2030		80		96
2.375%, 09/23/2024		355		444
Broadcom
4.250%, 04/15/2026		195		220
Capital One Financial
1.650%, 06/12/2029	EUR	300		360
0.800%, 06/12/2024		291		341
Carnival
1.625%, 02/22/2021		180		206
1.000%, 10/28/2029		316		231
Carrier Global Corp
1.923%, 02/15/2023 (A)	$	290		298
Catalent Pharma Solutions
2.375%, 03/01/2028 (A)	EUR	119		134
Charles Schwab
5.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.971% (D)	$	395		428
Chubb INA Holdings
1.550%, 03/15/2028	EUR	325		408
0.875%, 06/15/2027		115		138
0.300%, 12/15/2024		190		223
Citigroup
0.457%, 02/18/2021	JPY	100,000		946
Citigroup MTN
1.500%, VAR Euribor 3 Month+1.074%, 07/24/2026	EUR	325		400
0.750%, 10/26/2023		365		436
Comcast
0.750%, 02/20/2032		180		212
CyrusOne
1.450%, 01/22/2027		154		179
Delta Airlines Inc
4.500%, 10/20/2025 (A)		125		128
DH Europe Finance
1.700%, 01/04/2022		150		180
1.200%, 06/30/2027		335		412
DH Europe Finance II
0.450%, 03/18/2028	$	154		179

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Discover Bank
4.682%, VAR USD Swap Semi 30/360 5 Yr Curr+1.730%, 08/09/2028	$	400	$	419
Dover Corp
0.750%, 11/04/2027	EUR	440		520
Emerson Electric
0.375%, 05/22/2024		350		415
Exxon Mobil
4.327%, 03/19/2050	$	200		250
0.835%, 06/26/2032	EUR	600		695
FedEx
0.700%, 05/13/2022		108		128
Fidelity National Information Services
0.625%, 12/03/2025		185		221
0.400%, 01/15/2021		700		822
0.125%, 12/03/2022		500		588
Fifth Third Bancorp
4.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.215% (D)	$	65		65
GE Capital UK Funding Unlimited MTN
6.250%, 05/05/2038	GBP	165		270
5.875%, 11/04/2020		500		649
5.875%, 01/18/2033		160		250
General Motors Financial
0.850%, 02/26/2026	EUR	125		139
General Motors Financial MTN
0.955%, 09/07/2023		275		321
Gilead Sciences Inc
0.750%, 09/29/2023		725		727
Goldman Sachs Group
2.625%, 04/25/2021	$	425		430
Goldman Sachs Group MTN
2.125%, 09/30/2024	EUR	536		672
2.000%, 07/27/2023		352		435
1.625%, 07/27/2026		170		212
Harley-Davidson Financial Services
3.875%, 05/19/2023		110		139
0.900%, 11/19/2024		335		389
Host Hotels & Resorts
3.500%, 09/15/2030		200		192
Intercontinental Exchange
0.700%, 06/15/2023	$	535		536
International Business Machines
2.850%, 05/13/2022		990		1,031
International Business Machines MTN
0.875%, 01/31/2025	EUR	593		724
International Flavors & Fragrances
1.800%, 09/25/2026		100		123
IQVIA
2.875%, 06/15/2028 (A)		180		213

  SEI Institutional International Trust / Annual Report / September 30, 2020   39

SCHEDULE OF INVESTMENTS

September 30, 2020

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Johnson Controls International PLC
1.375%, 02/25/2025	EUR	395	$	485
JPMorgan Chase MTN
1.090%, VAR Euribor 3 Month+0.760%, 03/11/2027		810		981
Lear
4.250%, 05/15/2029	$	35		38
3.800%, 09/15/2027		193		204
3.500%, 05/30/2030		42		43
Liberty Mutual Group
3.625%, VAR EUR Swap Annual 5 Yr+3.700%, 05/23/2059	EUR	300		347
LYB International Finance II BV
1.875%, 03/02/2022		355		424
Marriott International
4.650%, 12/01/2028	$	120		128
MassMutual Global Funding II MTN
0.850%, 06/09/2023 (A)		998		1,009
Medtronic Global Holdings SCA
1.125%, 03/07/2027	EUR	400		494
0.375%, 10/15/2028		163		192
0.250%, 07/02/2025		115		136
Metropolitan Life Global Funding I MTN
1.950%, 01/13/2023 (A)	$	1,000		1,034
Moody’s
1.750%, 03/09/2027	EUR	375		482
Morgan Stanley
1.875%, 03/30/2023		490		600
Morgan Stanley MTN
1.375%, 10/27/2026		360		447
0.000%, VAR Euribor 3 Month+0.400%, 05/21/2021		850		999
National Grid North America MTN
1.000%, 07/12/2024		300		364
National Oil Well
3.600%, 12/01/2029	$	205		199
Noble Energy
3.250%, 10/15/2029		205		227
ONEOK
6.350%, 01/15/2031		89		103
Philip Morris International
0.625%,11/08/2024	EUR	285		341
Philip Morris International MTN
2.875%, 03/03/2026		170		227
1.875%, 03/03/2021		300		355
Plains All American Pipeline
4.500%, 12/15/2026	$	204		217
3.550%, 12/15/2029		79		76
PNC Financial Services Group
2.200%, 11/01/2024		885		936
PNC Funding
3.300%, 03/08/2022		150		156

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Principal Life Global Funding II
1.250%, 06/23/2025 (A)	$	315	$	321
Prudential Financial
5.875%, VAR ICE LIBOR USD 3 Month+4.175%, 09/15/2042		199		210
Ralph Lauren Corp
2.950%, 06/15/2030		390		407
Ross Stores
4.700%, 04/15/2027		265		312
Schlumberger Finance France SAS
1.000%, 02/18/2026	EUR	305		367
Seagate HDD Cayman
4.750%, 06/01/2023	$	6		7
Simon International Finance SCA
1.250%, 05/13/2025		134		159
Southern Power
0.777%, VAR ICE LIBOR USD 3 Month+0.550%, 12/20/2020		400		400
Starbucks Corp
1.300%, 05/07/2022		350		355
Toyota Motor Credit MTN
0.625%, 11/21/2024	EUR	465		557
UnitedHealth Group
1.250%, 01/15/2026	$	175		180
US Bancorp MTN
0.850%, 06/07/2024	EUR	226		272
Verizon Communications
4.016%, 12/03/2029	$	391		468
0.875%, 04/08/2027	EUR	175		212
Verizon Communications MTN
4.750%, 02/17/2034	GBP	170		300
4.050%, 02/17/2025	AUD	680		546
ViacomCBS
3.700%, 06/01/2028	$	180		200
Wells Fargo MTN
2.125%, 12/20/2023	GBP	345		462
2.000%, 04/27/2026	EUR	210		264
1.375%, 06/30/2022	GBP	195		255
0.500%, 04/26/2024	EUR	500		588
Welltower Inc
4.500%, 12/01/2034		140		211
WPC Eurobond BV
1.350%, 04/15/2028		405		480
				45,760
Total Global Bonds (Cost $446,985) ($ Thousands)				474,837
U.S. TREASURY OBLIGATIONS — 4.5%
U.S. Treasury Bills
0.078%, 10/20/2020 (E)	$	21,925		21,924

  40   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Inflation Protected Securities
0.750%, 07/15/2028	$	306	$	353
U.S. Treasury Notes
1.625%, 11/15/2022		432		446
1.500%, 08/15/2022		437		448
Total U.S. Treasury Obligations (Cost $23,127) ($ Thousands)				23,171
MORTGAGE-BACKED SECURITIES — 0.3%
Agency Mortgage-Backed Obligation — 0.2%
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-HQA1, Cl M3
6.498%, VAR ICE LIBOR USD 1 Month+6.350%, 09/25/2028		196		204
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA2, Cl M2
3.598%, VAR ICE LIBOR USD 1 Month+3.450%, 10/25/2029		470		484
FNMA Connecticut Avenue Securities, Ser 2014-C04, Cl 2M2
5.148%, VAR ICE LIBOR USD 1 Month+5.000%, 11/25/2024		188		193
FNMA Connecticut Avenue Securities, Ser 2016-C04, Cl 1M2
4.398%, VAR ICE LIBOR USD 1 Month+4.250%, 01/25/2029		63		65
FNMA Connecticut Avenue Securities, Ser 2016-C07, Cl 2M2
4.498%, VAR ICE LIBOR USD 1 Month+4.350%, 05/25/2029		86		89
				1,035
Non-Agency Mortgage-Backed Obligation — 0.1%
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
2.743%, 09/25/2034 (C)		9		8
COMM Mortgage Trust, Ser 2014-CCRE14, Cl A3
3.955%, 02/10/2047		70		75
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1
3.025%, 12/25/2034 (C)		29		29
LSTAR Commercial Mortgage Trust, Ser 2016-4, Cl A2
2.579%, 03/10/2049 (A)		142		144
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl A3
3.290%, 05/15/2048		108		116

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust, Ser 2015-C30, Cl A3
3.411%, 09/15/2058	$	75	$	82
				454
Total Mortgage-Backed Securities (Cost $1,474) ($ Thousands)				1,489
MUNICIPAL BOND — 0.0%
New York — 0.0%
Port Authority of New York & New Jersey, Ser AAA, RB
1.086%, 07/01/2023		330		335
Total Municipal Bond (Cost $330) ($ Thousands)				335
Total Investments in Securities — 97.1% (Cost $471,916) ($ Thousands)			$	499,832

  SEI Institutional International Trust / Annual Report / September 30, 2020   41

SCHEDULE OF INVESTMENTS

September 30, 2020

International Fixed Income Fund (Continued)

A list of the open futures contracts held by the Fund at September 30, 2020, 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		12		Dec-2020	$	1,022		$	1,009		$	3
Australian 10-Year Bond		(14)		Dec-2020		(1,507	)		(1,499	)		(14	)
Australian 10-Year Bond		21		Dec-2020		2,247			2,249			18
Canadian 5-Year Bond		(19)		Dec-2020		(1,864	)		(1,845	)		(2	)
Canadian 10-Year Bond		(44)		Dec-2020		(5,060	)		(5,000	)		2
Canadian 10-Year Bond		45		Dec-2020		5,158			5,114			15
Euro		(240)		Dec-2020		(35,533	)		(35,206	)		327
Euro-Bob		17		Dec-2020		2,709			2,695			1
Euro-Bob		(10)		Dec-2020		(1,589	)		(1,585	)		1
Euro-BTP		(11)		Dec-2020		(1,878	)		(1,904	)		(36	)
Euro-Bund		11		Dec-2020		2,263			2,251			2
Euro-Bund		9		Dec-2020		1,855			1,842			4
Euro-Buxl		19		Dec-2020		4,922			4,961			68
Euro-Buxl		(7)		Dec-2020		(1,815	)		(1,828	)		(20	)
Euro-OAT		49		Dec-2020		9,648			9,685			–
Euro-Schatz		(49)		Dec-2020		(6,513	)		(6,452	)		(1	)
Japanese 10-Year Bond		22		Dec-2020		31,463			31,711			54
Japanese 10-Year Government Bond E-MINI		8		Dec-2020		1,144			1,153			1
Long Gilt 10-Year Bond		76		Jan-2021		13,362			13,373			(24	)
Short-Term Euro-BTP		23		Dec-2020		3,055			3,055			–
U.S. 2-Year Treasury Note		(66)		Jan-2021		(14,580	)		(14,583	)		(3	)
U.S. 2-Year Treasury Note		41		Jan-2021		9,058			9,059			1
U.S. 5-Year Treasury Note		(21)		Jan-2021		(2,647	)		(2,647	)		–
U.S. 5-Year Treasury Note		(95)		Jan-2021		(11,957	)		(11,973	)		(16	)
U.S. 10-Year Treasury Note		(7)		Dec-2020		(978	)		(977	)		1
U.S. 10-Year Treasury Note		27		Dec-2020		3,763			3,767			4
U.S. Ultra Long Treasury Bond		9		Dec-2020		2,017			1,996			(21	)
U.S. Ultra Long Treasury Bond		(18)		Dec-2020		(4,015	)		(3,993	)		22
Ultra 10-Year U.S. Treasury Note		(33)		Dec-2020		(5,263	)		(5,277	)		(14	)
					$	(1,513	)	$	(849	)	$	373

A list of the open forward foreign currency contracts held by the Fund at September 30, 2020, is as follows:

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Bank of America		10/02/20	EUR		466	USD		551	$	5
Bank of America		10/02/20	USD		551	JPY		58,497		3
Bank of America		10/02/20	AUD		6,910	USD		5,107		154
Bank of America		10/15/20	USD		1,233	EUR		1,045		(8	)
Bank of America		11/10/20	KRW		6,100	USD		5		—
Bank of America		11/19/20	USD		559	GBP		440		9
Bank of America		11/27/20	ZAR		25,862	USD		1,547		6
Barclays PLC		10/02/20	USD		26	AUD		35		(1	)
Barclays PLC		10/02/20	NZD		26	USD		18		—
Barclays PLC		10/02/20	CHF		28	USD		31		—
Barclays PLC		10/02/20	USD		30	NZD		45		—
Barclays PLC		10/02/20	USD		15	SEK		137		1
Barclays PLC		10/02/20	USD		15	SEK		137		—
Barclays PLC		10/02/20	SGD		35	USD		26		—

  42   SEI Institutional International Trust / Annual Report / September 30, 2020

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC		10/02/20	USD		43	CAD		57	$	(1	)
Barclays PLC		10/02/20	USD		44	NOK		399		(2	)
Barclays PLC		10/02/20	CAD		46	USD		35		1
Barclays PLC		10/02/20	CAD		20	USD		15		—
Barclays PLC		10/02/20	USD		76	CHF		69		(1	)
Barclays PLC		10/02/20	AUD		264	USD		192		2
Barclays PLC		11/04/20	AUD		25	USD		18		—
Barclays PLC		10/02/20 - 11/04/20	USD		301	GBP		235		3
Barclays PLC		10/02/20	USD		105	GBP		80		(2	)
Barclays PLC		10/02/20	SEK		519	USD		59		1
Barclays PLC		10/02/20	NOK		835	USD		93		3
Barclays PLC		11/04/20	NOK		150	USD		16		—
Barclays PLC		10/02/20	USD		3,660	JPY		386,591		4
Barclays PLC		10/02/20	USD		14	JPY		1,500		—
Barclays PLC		10/02/20	ILS		4,438	USD		1,323		25
Barclays PLC		10/02/20	ZAR		4,920	USD		294		(1	)
Barclays PLC		10/02/20 - 11/04/20	USD		9,376	EUR		8,026		40
Barclays PLC		10/02/20	USD		65	EUR		55		(1	)
Barclays PLC		10/02/20	CZK		25,007	USD		1,144		62
Barclays PLC		10/02/20	EUR		36,709	USD		43,946		899
Barclays PLC		11/04/20	EUR		84	USD		98		(1	)
Barclays PLC		10/02/20	GBP		23,270	USD		31,235		1,152
Barclays PLC		10/02/20 - 11/04/20	GBP		30,554	USD		39,404		(97	)
Barclays PLC		10/02/20	JPY		9,413	USD		90		1
Barclays PLC		10/02/20	JPY		6,557,674	USD		62,079		(62	)
Barclays PLC		11/04/20	USD		547	MXN		12,260		7
Barclays PLC		11/18/20	TWD		211	USD		7		—
BNP Paribas		10/02/20	USD		776	CAD		1,023		(10	)
BNP Paribas		10/02/20	USD		1,429	EUR		1,200		(22	)
BNP Paribas		10/02/20	PLN		3,559	USD		970		50
BNP Paribas		11/04/20	PLN		3,559	USD		912		(9	)
BNP Paribas		10/02/20	MYR		8,712	USD		2,100		4
BNP Paribas		11/04/20	MYR		8,712	USD		2,084		(16	)
BNP Paribas		10/02/20 - 11/04/20	EUR		36,352	USD		43,563		934
BNP Paribas		10/15/20	IDR		19,266,370	USD		1,279		(15	)
BNP Paribas		11/04/20	BRL		10	USD		2		—
BNP Paribas		11/04/20	USD		191	CHF		177		2
BNP Paribas		11/04/20	CHF		1,977	USD		2,132		(23	)
BNP Paribas		11/04/20	AUD		7,090	USD		5,003		(78	)
BNP Paribas		11/04/20	CZK		25,007	USD		1,075		(8	)
BNP Paribas		11/27/20	USD		664	ZAR		11,405		15
BNP Paribas		11/27/20	ZAR		11,399	USD		666		(14	)
Brown Brothers Harriman		10/08/20	USD		1,356	MXN		30,700		34
Brown Brothers Harriman		10/09/20	USD		15	CAD		20		—
Brown Brothers Harriman		10/09/20	USD		708	CNY		4,826		—
Brown Brothers Harriman		10/09/20	USD		1,399	CNY		9,489		(5	)
Brown Brothers Harriman		10/15/20	USD		1,107	EUR		949		7
Brown Brothers Harriman		10/15/20	USD		5,094	EUR		4,296		(55	)
Brown Brothers Harriman		10/15/20 - 11/04/20	EUR		15,354	USD		18,196		181
Brown Brothers Harriman		10/22/20	EUR		20,737	USD		23,746		(579	)

  SEI Institutional International Trust / Annual Report / September 30, 2020   43

SCHEDULE OF INVESTMENTS

September 30, 2020

International Fixed Income Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Brown Brothers Harriman		10/21/20	CNY		9,489	USD		1,397	$	3
Brown Brothers Harriman		10/22/20	PLN		52	USD		14		—
Brown Brothers Harriman		10/27/20	USD		14	NZD		21		—
Brown Brothers Harriman		10/29/20	USD		74	AUD		106		2
Brown Brothers Harriman		10/29/20	AUD		586	USD		420		1
Brown Brothers Harriman		10/29/20	AUD		9,281	USD		6,651		(1	)
Brown Brothers Harriman		11/19/20	GBP		319	USD		411		(1	)
Citi		10/21/20	CNY		70,683	USD		10,116		(285	)
Citi		10/27/20	USD		1,761	NZD		2,693		18
Citi		11/10/20	KRW		1,303,795	USD		1,116		(4	)
Citigroup		10/02/20	CHF		14	USD		15		—
Citigroup		10/02/20	USD		14	CAD		19		—
Citigroup		11/04/20	USD		9	NOK		85		—
Citigroup		10/02/20	USD		43	NOK		374		(3	)
Citigroup		10/02/20	NZD		89	USD		60		1
Citigroup		10/02/20 - 11/04/20	USD		123	NZD		188		1
Citigroup		10/02/20	USD		44	JPY		4,698		—
Citigroup		10/02/20	USD		216	JPY		22,620		(2	)
Citigroup		10/02/20	GBP		272	USD		357		5
Citigroup		10/02/20	GBP		113	USD		146		(1	)
Citigroup		10/02/20	USD		745	GBP		584		10
Citigroup		11/04/20	USD		2,483	EUR		2,126		11
Citigroup		10/02/20	USD		770	EUR		643		(16	)
Citigroup		10/02/20	JPY		3,125	USD		30		—
Citigroup		10/02/20	JPY		1,571	USD		15		—
Citigroup		10/02/20	DKK		7,862	USD		1,265		27
Citigroup		10/02/20	NOK		4,375	USD		503		35
Citigroup		11/04/20	NOK		4,375	USD		459		(8	)
Citigroup		10/02/20	SGD		6,853	USD		5,052		32
Citigroup		11/04/20	SGD		6,890	USD		5,005		(44	)
Citigroup		10/02/20	CAD		22,457	USD		17,196		384
Citigroup		10/02/20	EUR		135	USD		160		2
Citigroup		11/04/20	EUR		66,949	USD		77,996		(555	)
Citigroup		10/02/20	MXN		49,920	USD		2,292		31
Citigroup		11/04/20	MXN		49,920	USD		2,207		(46	)
Citigroup		11/04/20	USD		77	SEK		696		1
Citigroup		11/04/20	AUD		80	USD		57		(1	)
Citigroup		11/04/20	ILS		4,438	USD		1,283		(15	)
Citigroup		11/04/20	SEK		8,658	USD		955		(13	)
Commonwealth Bank Of Australia		10/02/20	AUD		30	USD		21		—
Commonwealth Bank Of Australia		10/02/20	EUR		287	USD		340		4
Commonwealth Bank Of Australia		10/21/20	CNY		7,407	USD		1,078		(12	)
Commonwealth Bank Of Australia		11/04/20	USD		6,525	GBP		5,074		35
Credit Suisse First Boston		10/08/20	USD		1,416	MXN		29,895		(63	)
Credit Suisse First Boston		10/08/20	MXN		60,680	USD		2,776		29
Credit Suisse First Boston		10/09/20	CAD		1,770	USD		1,343		18
Credit Suisse First Boston		10/15/20	GBP		915	EUR		1,011		3
Credit Suisse First Boston		10/27/20	NZD		2,688	USD		1,766		(10	)
Goldman Sachs		10/02/20	GBP		191	USD		246		(1	)

  44   SEI Institutional International Trust / Annual Report / September 30, 2020

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Goldman Sachs		10/02/20	USD		725	JPY		76,800	$	3
Goldman Sachs		10/02/20 - 11/04/20	USD		859	ZAR		14,720		21
Goldman Sachs		10/02/20	USD		935	GBP		698		(32	)
Goldman Sachs		10/02/20	USD		957	EUR		802		(17	)
Goldman Sachs		10/02/20 - 11/04/20	USD		847	TRY		6,610		7
Goldman Sachs		10/02/20	USD		140	TRY		1,075		—
Goldman Sachs		10/02/20 - 11/04/20	TRY		10,678	USD		1,424		39
Goldman Sachs		11/04/20	TRY		8,513	USD		1,083		(14	)
Goldman Sachs		10/08/20	USD		1,055	MXN		23,712		18
Goldman Sachs		10/15/20	USD		687	INR		52,133		20
Goldman Sachs		10/27/20	MYR		6	USD		2		—
Goldman Sachs		11/04/20	ZAR		18,538	USD		1,076		(31	)
Goldman Sachs		11/13/20	USD		0	CLP		78		—
HSBC		10/02/20	AUD		120	USD		85		(1	)
HSBC		10/02/20	USD		838	CAD		1,105		(11	)
HSBC		10/02/20	USD		613	GBP		483		11
HSBC		10/02/20	USD		263	GBP		202		(2	)
HSBC		10/02/20	GBP		1,126	USD		1,489		33
HSBC		10/15/20	EUR		2,245	USD		2,639		6
HSBC		10/02/20 - 11/04/20	EUR		358	USD		418		(2	)
HSBC		10/02/20	BRL		7,363	USD		1,324		17
HSBC		10/15/20	INR		51,967	USD		703		(2	)
HSBC		10/16/20	SEK		19,796	USD		2,167		(45	)
HSBC		10/27/20	NZD		2,714	USD		1,790		(3	)
HSBC		11/04/20	JPY		20,861	USD		198		—
HSBC		11/18/20	USD		1,840	TWD		52,699		(6	)
JPMorgan Chase Bank		10/02/20	CHF		14	USD		15		—
JPMorgan Chase Bank		10/02/20	SGD		20	USD		15		—
JPMorgan Chase Bank		10/02/20	USD		29	SGD		40		—
JPMorgan Chase Bank		10/02/20	USD		56	NZD		85		1
JPMorgan Chase Bank		10/02/20	USD		45	NZD		67		—
JPMorgan Chase Bank		10/02/20	USD		16	NOK		150		—
JPMorgan Chase Bank		10/02/20	USD		119	NOK		1,076		(4	)
JPMorgan Chase Bank		11/04/20	USD		29	CAD		39		—
JPMorgan Chase Bank		10/02/20 - 11/04/20	USD		119	CAD		157		(2	)
JPMorgan Chase Bank		10/02/20	USD		35	AUD		50		1
JPMorgan Chase Bank		10/02/20	USD		122	AUD		168		(2	)
JPMorgan Chase Bank		10/02/20	AUD		98	USD		71		1
JPMorgan Chase Bank		10/02/20 - 11/04/20	AUD		65	USD		46		—
JPMorgan Chase Bank		10/02/20 - 11/04/20	USD		38	CHF		35		—
JPMorgan Chase Bank		10/02/20	USD		144	CHF		131		(1	)
JPMorgan Chase Bank		10/02/20	CAD		166	USD		126		2
JPMorgan Chase Bank		10/02/20	CAD		20	USD		15		—
JPMorgan Chase Bank		10/02/20 - 11/04/20	USD		34	SEK		310		—
JPMorgan Chase Bank		10/02/20	USD		250	SEK		2,178		(7	)
JPMorgan Chase Bank		10/02/20	NZD		295	USD		199		4
JPMorgan Chase Bank		11/04/20	NZD		25	USD		16		—
JPMorgan Chase Bank		10/02/20	USD		430	ZAR		7,290		7
JPMorgan Chase Bank		10/02/20	USD		631	EUR		540		2
JPMorgan Chase Bank		10/02/20	USD		269	EUR		225		(5	)

  SEI Institutional International Trust / Annual Report / September 30, 2020   45

SCHEDULE OF INVESTMENTS

September 30, 2020

International Fixed Income Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		10/02/20 - 11/04/20	GBP		293	USD		383	$	4
JPMorgan Chase Bank		10/02/20 - 11/04/20	GBP		714	USD		917		(6	)
JPMorgan Chase Bank		10/02/20	SEK		874	USD		99		1
JPMorgan Chase Bank		10/02/20	SEK		170	USD		19		—
JPMorgan Chase Bank		10/02/20 - 11/04/20	USD		592	JPY		62,827		3
JPMorgan Chase Bank		10/02/20	USD		482	JPY		50,530		(3	)
JPMorgan Chase Bank		10/02/20	NOK		1,124	USD		127		7
JPMorgan Chase Bank		11/04/20	NOK		150	USD		16		—
JPMorgan Chase Bank		10/02/20 - 11/04/20	USD		1,625	GBP		1,268		15
JPMorgan Chase Bank		10/02/20	USD		218	GBP		167		(3	)
JPMorgan Chase Bank		10/02/20	EUR		2,263	USD		2,676		22
JPMorgan Chase Bank		10/02/20	EUR		78	USD		91		—
JPMorgan Chase Bank		10/02/20	RON		1,562	USD		384		8
JPMorgan Chase Bank		11/04/20	RON		1,562	USD		375		—
JPMorgan Chase Bank		10/02/20	ZAR		2,570	USD		155		1
JPMorgan Chase Bank		10/02/20 - 11/04/20	ZAR		25,768	USD		1,535		(9	)
JPMorgan Chase Bank		10/02/20	JPY		10,915	USD		104		1
JPMorgan Chase Bank		10/02/20	JPY		48,140	USD		455		(1	)
JPMorgan Chase Bank		10/02/20	THB		71,207	USD		2,269		22
JPMorgan Chase Bank		11/04/20	THB		71,207	USD		2,246		(1	)
JPMorgan Chase Bank		10/05/20	USD		880	KRW		1,031,807		2
JPMorgan Chase Bank		10/05/20	USD		44	KRW		51,349		—
JPMorgan Chase Bank		10/05/20	KRW		1,083,156	USD		910		(16	)
JPMorgan Chase Bank		10/08/20	USD		1,233	JPY		130,725		6
JPMorgan Chase Bank		10/08/20	MXN		23,662	USD		1,096		25
JPMorgan Chase Bank		10/09/20	USD		1,392	CAD		1,825		(26	)
JPMorgan Chase Bank		10/09/20	CAD		15,783	USD		11,769		(47	)
JPMorgan Chase Bank		10/15/20	USD		1,325	IDR		19,619,595		(7	)
JPMorgan Chase Bank		10/16/20	USD		1,097	NOK		9,686		(61	)
JPMorgan Chase Bank		10/19/20	USD		1,616	RUB		123,160		(32	)
JPMorgan Chase Bank		10/21/20 - 10/22/20	THB		134,214	USD		4,293		57
JPMorgan Chase Bank		10/26/20	USD		364	EUR		307		(4	)
JPMorgan Chase Bank		10/26/20 - 12/15/20	EUR		43,515	USD		51,596		521
JPMorgan Chase Bank		10/27/20	USD		50	NZD		75		(1	)
JPMorgan Chase Bank		10/27/20	NZD		15,036	USD		10,145		209
JPMorgan Chase Bank		10/28/20	USD		208	SGD		283		—
JPMorgan Chase Bank		10/28/20	USD		864	PLN		3,255		(21	)
JPMorgan Chase Bank		10/28/20	CAD		2,593	USD		1,968		26
JPMorgan Chase Bank		10/28/20	USD		80	GBP		63		1
JPMorgan Chase Bank		10/28/20	USD		3,520	GBP		2,716		(9	)
JPMorgan Chase Bank		10/28/20	AUD		3,858	USD		2,814		49
JPMorgan Chase Bank		10/28/20	USD		46	NOK		439		1
JPMorgan Chase Bank		10/28/20	USD		3,855	NOK		35,045		(109	)
JPMorgan Chase Bank		10/28/20	CHF		6,809	USD		7,486		68
JPMorgan Chase Bank		10/28/20	USD		6,829	SEK		60,021		(119	)
JPMorgan Chase Bank		10/28/20	SGD		10,007	USD		7,365		33
JPMorgan Chase Bank		10/30/20	USD		97	MXN		2,170		1
JPMorgan Chase Bank		10/30/20	USD		437	COP		1,659,231		(7	)
JPMorgan Chase Bank		10/30/20	MXN		65,756	USD		3,059		90
JPMorgan Chase Bank		10/30/20	KRW		1,031,807	USD		880		(6	)

  46   SEI Institutional International Trust / Annual Report / September 30, 2020

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		10/30/20	JPY		2,462,370	USD		23,571	$	226
JPMorgan Chase Bank		11/02/20	USD		44	IDR		656,879		—
JPMorgan Chase Bank		11/02/20	IDR		27,404,940	USD		1,846		7
JPMorgan Chase Bank		11/04/20	CNY		105,629	USD		15,425		(108	)
JPMorgan Chase Bank		11/27/20	USD		837	ZAR		14,236		12
JPMorgan Chase Bank		11/27/20	USD		697	ZAR		11,533		(10	)
Morgan Stanley		10/02/20	USD		15	SGD		20		—
Morgan Stanley		10/02/20	SGD		42	USD		31		—
Morgan Stanley		10/02/20	USD		13	NZD		20		—
Morgan Stanley		10/02/20	USD		33	NZD		49		(1	)
Morgan Stanley		11/04/20	USD		14	NOK		130		1
Morgan Stanley		10/02/20	USD		37	NOK		327		(1	)
Morgan Stanley		10/02/20	USD		58	CAD		76		(1	)
Morgan Stanley		10/02/20	USD		16	CHF		15		—
Morgan Stanley		10/02/20	USD		75	CHF		68		(1	)
Morgan Stanley		10/02/20	USD		72	GBP		56		—
Morgan Stanley		10/02/20	USD		86	GBP		66		(1	)
Morgan Stanley		10/02/20 - 11/04/20	USD		58	AUD		82		—
Morgan Stanley		10/02/20	USD		104	AUD		143		(1	)
Morgan Stanley		10/02/20 - 11/04/20	USD		1,239	SEK		11,192		12
Morgan Stanley		10/02/20	USD		53	SEK		465		(1	)
Morgan Stanley		10/02/20	USD		1,317	BRL		7,353		(13	)
Morgan Stanley		10/02/20	CHF		2,047	USD		2,274		46
Morgan Stanley		10/02/20 - 11/04/20	CHF		29	USD		31		—
Morgan Stanley		10/02/20 - 10/29/20	AUD		2,414	USD		1,730		1
Morgan Stanley		10/02/20 - 11/04/20	AUD		95	USD		67		(1	)
Morgan Stanley		10/02/20	USD		210	EUR		180		1
Morgan Stanley		10/02/20	USD		4,386	EUR		3,670		(82	)
Morgan Stanley		10/02/20	NZD		3,304	USD		2,234		50
Morgan Stanley		11/04/20	NZD		3,750	USD		2,456		(22	)
Morgan Stanley		10/02/20 - 11/19/20	GBP		7,343	USD		9,547		54
Morgan Stanley		10/02/20 - 11/04/20	GBP		48	USD		61		(1	)
Morgan Stanley		10/02/20 - 11/04/20	USD		630	JPY		66,832		3
Morgan Stanley		10/02/20 - 11/04/20	USD		8,570	JPY		901,891		(19	)
Morgan Stanley		10/02/20	SEK		9,583	USD		1,110		40
Morgan Stanley		10/02/20 - 10/16/20	NOK		9,978	USD		1,099		33
Morgan Stanley		11/04/20	NOK		280	USD		29		(1	)
Morgan Stanley		10/02/20 - 12/10/20	EUR		11,468	USD		13,552		86
Morgan Stanley		10/02/20 - 11/04/20	EUR		25	USD		29		—
Morgan Stanley		10/02/20	CAD		76	USD		58		1
Morgan Stanley		10/02/20 - 11/04/20	CAD		20,408	USD		15,249		(33	)
Morgan Stanley		10/02/20	HUF		314,649	USD		1,063		47
Morgan Stanley		11/04/20	HUF		314,649	USD		1,007		(8	)
Morgan Stanley		10/02/20 - 11/04/20	JPY		6,378,519	USD		60,573		95
Morgan Stanley		10/02/20	JPY		180,892	USD		1,704		(10	)
Morgan Stanley		10/15/20	GBP		1,015	EUR		1,127		10
Morgan Stanley		11/04/20	DKK		7,862	USD		1,232		(8	)
RBC		10/02/20	USD		1,888	JPY		200,000		8
RBC		10/02/20	USD		2,401	EUR		2,020		(32	)
RBS		11/13/20	COP		3,207	USD		1		—
Standard Chartered		11/10/20	USD		1,099	KRW		1,308,383		24

  SEI Institutional International Trust / Annual Report / September 30, 2020   47

SCHEDULE OF INVESTMENTS

September 30, 2020

International Fixed Income Fund (Concluded)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Standard Chartered		11/18/20	TWD		51,987	USD		1,783	$	(27	)
State Street		10/02/20	EUR		100	USD		118		1
State Street		10/02/20	USD		134	EUR		113		(1	)
State Street		10/02/20	NZD		325	USD		219		5
State Street		10/02/20	USD		2,739	JPY		286,900		(20	)
State Street		10/02/20 - 11/04/20	GBP		912	USD		1,200		21
State Street		10/02/20	GBP		7,677	USD		9,898		(27	)
State Street		11/04/20	USD		73	MXN		1,625		—
State Street		11/04/20	SGD		226	USD		165		—
TD Securities		10/02/20	USD		398	JPY		41,999		—
UBS		10/02/20	USD		285	EUR		241		(3	)
UBS		10/02/20	USD		303	ZAR		5,140		5
UBS		10/02/20	USD		147	ZAR		2,430		(1	)
UBS		10/02/20	EUR		1,059	USD		1,254		12
UBS		10/02/20	TRY		1,060	USD		142		4
UBS		10/02/20	ZAR		2,430	USD		148		2
UBS		10/02/20	ZAR		5,140	USD		306		(2	)
									$	3,228

A list of the open OTC swap agreements held by the Fund at September 30, 2020, is as follows:

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 Depreciation (Thousands)

Goldman Sachs

CMBX.NA.BBB.6

Sell

3.00%

Monthly

05/11/2063

$(882)

$

(294)

$

(105)

$

(189

)

Interest Rate Swaps
Counterparty	Fund Pays		Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)		Upfront Payments (Thousands)		Net Unrealized Appreciation (Thousands)
Deutsche Bank		China 7-Day Reverse Repo Rate		2.985%		Quarterly		06/03/2024		CNY		23,220	$	59	$	–	$	59
Deutsche Bank		China 7-Day Reverse Repo Rate		2.755%		Quarterly		09/09/2024		CNY		31,000		38		–		38
													$	97	$	–	$	97

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2020, 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)
6-MONTH GBP - LIBOR	5.635%		Semi-Annual		02/28/2025		GBP		1,230	$	28		$	–	$	28
1.6460%	6-MONTH GBP - LIBOR		Semi-Annual		10/03/2047		GBP		460		(169	)		–		(169	)
6-MONTH GBP - LIBOR	4.385%		Semi-Annual		07/20/2050		GBP		1,060		(45	)		–		(45	)
										$	(186	)	$	–	$	(186	)

  48   SEI Institutional International Trust / Annual Report / September 30, 2020

Percentages are based on Net Assets of $514,528 ($ 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, 2020, the value of these securities amounted to $82,580 ($ Thousands), representing 16.0% of the Net Assets of the Fund.

(B) Security is in default on interest payment.

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

(D) Perpetual security with no stated maturity date.

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

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

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

CLP — Chilean Peso

CNY — Chinese Yuan Onshore

COP — Colombian Peso

CZK — Czech Koruna

DAC — Designated Activity Company

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

IDR — Indonesian Rupiah

ILS — Israeli New Sheckels

INR — Indian Rupee

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Company

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLC — Public Limited Company

PLN — Polish Zloty

RON — Romanian Leu

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

Ser — Series

THB — Thai Bhat

TRY — Turkish Lira

TWD — Taiwan Dollar

USD — U.S. Dollar

VAR — Variable Rate

ZAR — South African Rand

The following is a list of the level of inputs used as of September 30, 2020, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

	Level 1			Level 2			Level 3		Total
Investments in Securities	($)			($)			($)		($)
Global Bonds		–			474,837			–		474,837
U.S. Treasury Obligations		–			23,171			–		23,171
Mortgage-Backed Securities		–			1,489			–		1,489
Municipal Bond		–			335			–		335
Total Investments in Securities		–			499,832			–		499,832
Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		524			–			–		524
Unrealized Depreciation		(151	)		–			–		(151	)
Forwards Contracts*
Unrealized Appreciation		–			6,431			–		6,431
Unrealized Depreciation		–			(3,203	)		–		(3,203	)
OTC Swaps
Credit Default Swaps*
Unrealized Depreciation		–			(189	)		–		(189	)
Interest Rate Swaps*
Unrealized Appreciation		–			97			–		97
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			28			–		28
Unrealized Depreciation		–			(214	)		–		(214	)
Total Other Financial Instruments		373			2,950			–		3,323

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

For the year ended September 30, 2020, there were no transfers in or out of Level 3.

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, 2020   49

SCHEDULE OF INVESTMENTS

September 30, 2020

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 — 95.4%
Albania — 0.0%
Albania Government International Bond
3.500%, 10/09/2025	EUR	403	$	484
Angola — 0.7%
Angolan Government International Bond
9.375%, 05/08/2048	$	2,800		2,183
8.250%, 05/09/2028		1,085		862
Angolan Government International Bond MTN
9.125%, 11/26/2049		1,061		825
9.125%, 11/26/2049 (A)(B)		670		521
8.000%, 11/26/2029 (A)		1,357		1,071
8.000%, 11/26/2029		1,017		803
Republic of Angola Via Avenir II BV MTN
7.867%, VAR ICE LIBOR USD 6 Month+7.500%, 07/01/2023		4,007		3,546
4.981%, VAR ICE LIBOR USD 6 Month+4.500%, 12/07/2023		483		418
Republic of Angola Via Avenir Issuer II
Ireland DAC 6.927%, 02/19/2027		700		555
				10,784
Argentina — 1.6%
Adecoagro
6.000%, 09/21/2027 (A)(B)		663		656
Argentina Treasury Bond BONCER
2.000%, 11/09/2026	ARS	102,998		579
Argentine Republic Government International Bond
1.000%, 07/09/2029	$	5,966		2,721
0.500%, 07/09/2029	EUR	13		6
0.125%, 0.500%, 07/09/2021, 07/09/2030 (C)	$	17,129		7,194
0.125%, 07/09/2030	EUR	403		186
0.125%, 1.125%, 07/09/2021, 07/09/2035 (C)	$	5,406		2,033
0.125%, 2.000%, 07/09/2021, 01/09/2038 (C)		7,301		3,139

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
0.125%, 2.500%, 07/09/2021, 07/09/2041 (C)	$	9,247	$	3,671
0.125%, 1.125%, 07/09/2021, 07/09/2046 (C)		4,969		1,907
Provincia de Buenos Aires
7.875%, 06/15/2027 (D)		350		136
5.375%, 01/20/2023 (D)	EUR	620		298
Provincia de Cordoba
7.125%, 06/10/2021 (A)	$	531		324
Rio Energy
6.875%, 02/01/2025 (A)		1,040		637
				23,487
Armenia — 0.1%
Republic of Armenia International Bond
3.950%, 09/26/2029		758		734
Azerbaijan — 1.0%
Republic of Azerbaijan International Bond
5.125%, 09/01/2029		1,711		1,798
Southern Gas Corridor CJSC
6.875%, 03/24/2026 (A)		1,437		1,632
6.875%, 03/24/2026		4,625		5,252
State Oil of the Azerbaijan Republic
6.950%, 03/18/2030		2,110		2,487
State Oil of the Azerbaijan Republic MTN
4.750%, 03/13/2023		2,353		2,435
4.750%, 03/13/2023		500		517
				14,121
Bahrain — 0.5%
Bahrain Government International Bond
6.750%, 09/20/2029		200		214
6.125%, 08/01/2023		520		551
5.625%, 09/30/2031 (A)		717		699
5.625%, 09/30/2031		462		450
5.450%, 09/16/2032 (A)		1,929		1,832
5.450%, 09/16/2032		364		343
CBB International Sukuk Programme SPC
3.950%, 09/16/2027 (A)		1,929		1,885
Oil and Gas Holding BSCC (A)
8.375%, 11/07/2028		560		621
7.625%, 11/07/2024		1,158		1,235
				7,830
Belarus — 0.3%
Republic of Belarus International Bond
7.625%, 06/29/2027		1,754		1,708
6.200%, 02/28/2030		358		334
Republic of Belarus Ministry of Finance
6.378%, 02/24/2031		721		672
6.378%, 02/24/2031 (A)		604		563
5.875%, 02/24/2026		1,077		997

  50   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
5.875%, 02/24/2026 (A)	$	410	$	380
				4,654
Belize — 0.0%
Belize Government International Bond
4.938%, 02/20/2038		1,117		486
Benin — 0.1%
Benin Government International Bond
5.750%, 03/26/2026 (A)	EUR	1,688		1,873
Bermuda — 0.4%
Bermuda Government International Bond
4.854%, 02/06/2024	$	268		294
4.750%, 02/15/2029		1,204		1,436
3.717%, 01/25/2027		1,521		1,666
3.375%, 08/20/2050		330		339
2.375%, 08/20/2030 (A)		1,720		1,739
2.375%, 08/20/2030		221		224
				5,698
Brazil — 5.3%
Brazil Letras do Tesouro Nacional (E)
11.065%, 07/01/2021	BRL	5,000		871
5.851%, 01/01/2024		20,000		2,947
Brazil Loan Trust
1 5.477%, 07/24/2023 (A)	$	1,034		1,058
5.477%, 07/24/2023		217		221
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/2028		1,745		1,791
5.333%, 02/15/2028		1,176		1,207
5.333%, 02/15/2028 (A)		179		184
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 05/15/2045	BRL	562		412
6.000%, 08/15/2050		1,670		1,246
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2021		1,510		273
10.000%, 01/01/2023		101,817		20,064
10.000%, 01/01/2025		32,832		6,591
10.000%, 01/01/2027		41,212		8,313
10.000%, 01/01/2029		34,338		7,033
10.000%, 01/01/2031		6,682		1,373
Brazilian Government International Bond
5.625%, 01/07/2041	$	360		390
5.625%, 02/21/2047		709		771
5.000%, 01/27/2045		2,078		2,093
4.625%, 01/13/2028		618		670
3.875%, 06/12/2030		6,250		6,250
Centrais Eletricas Brasileiras
4.625%, 02/04/2030 (A)		226		227
CSN Islands XI
6.750%, 01/28/2028 (A)		592		573

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
CSN Resources
7.625%, 04/17/2026 (A)	$	763	$	772
Gol Finance
7.000%, 01/31/2025 (A)(B)		998		699
JBS Investments II GmbH
5.750%, 01/15/2028 (A)		466		485
Minerva Luxembourg
6.500%, 09/20/2026 (A)		741		769
MV24 Capital BV
6.748%, 06/01/2034 (A)		1,215		1,227
Nexa Resources
5.375%, 05/04/2027 (A)		2,591		2,691
Petrobras Global Finance BV
6.900%, 03/19/2049		2,296		2,566
5.999%, 01/27/2028		437		485
5.093%, 01/15/2030		256		269
Raizen Fuels Finance
5.300%, 01/20/2027 (A)		661		718
Suzano Austria GmbH (A)
7.000%, 03/16/2047		399		472
6.000%, 01/15/2029		288		328
5.000%, 01/15/2030		494		532
Vale Overseas Ltd
3.750%, 07/08/2030	BRL	180		185
Votorantim Cimentos International
7.250%, 04/05/2041	$	536		687
				77,443
Cameroon — 0.0%
Republic of Cameroon International Bond
9.500%, 11/19/2025 (A)		283		291
Cayman Islands — 0.3%
Bioceanico Sovereign Certificate Ltd
2.471%, 06/05/2034 (E)		2,303		1,710
Neon Capital MTN
2.015%, 01/06/2028 (E)(F)	JPY	306,529		2,168
				3,878
Chile — 1.4%
Banco de Credito e Inversiones
3.500%, 10/12/2027 (A)	$	1,046		1,139
Bonos de la Tesoreria de la Republica en pesos
6.000%, 01/01/2043	CLP	1,515,000		2,636
4.700%, 09/01/2030 (A)		815,000		1,215
Celulosa Arauco y Constitucion
5.150%, 01/29/2050 (A)	$	576		610
Cencosud
4.375%, 07/17/2027 (A)		1,819		1,979
Chile Government International Bond
3.500%, 01/25/2050		1,423		1,622
2.550%, 01/27/2032		540		570

  SEI Institutional International Trust / Annual Report / September 30, 2020   51

SCHEDULE OF INVESTMENTS

September 30, 2020

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
2.450%, 01/31/2031	$	3,509	$	3,690
Empresa de Transporte de Pasajeros Metro
3.650%, 05/07/2030 (A)		217		240
Empresa Nacional del Petroleo
3.750%, 08/05/2026 (B)		749		795
Geopark
6.500%, 09/21/2024 (A)		492		466
Nacional del Cobre de Chile
5.625%, 10/18/2043		442		595
4.500%, 09/16/2025 (A)		735		828
4.375%, 02/05/2049 (A)		506		598
3.750%, 01/15/2031 (A)		234		260
3.700%, 01/30/2050 (A)		1,216		1,286
3.625%, 08/01/2027 (A)(B)		368		402
3.625%, 08/01/2027		353		386
3.150%, 01/14/2030		300		319
3.150%, 01/14/2030 (A)		297		316
3.000%, 09/30/2029 (A)		442		467
				20,419
China — 2.4%
Alibaba Group Holding
4.200%, 12/06/2047		310		394
Charming Light Investments MTN
4.375%, 12/21/2027		1,341		1,520
China Government Bond
3.390%, 03/16/2050	CNY	8,350		1,123
3.130%, 11/21/2029		6,500		949
3.120%, 12/05/2026		9,040		1,329
2.850%, 06/04/2027		9,640		1,384
2.680%, 05/21/2030		36,100		5,095
1.990%, 04/09/2025		60,830		8,550
China Government International Bond
3.250%, 10/19/2023	$	1,762		1,907
1.875%, 12/03/2022		752		775
China Minmetals
4.450%, VAR US Treas Yield Curve Rate
T Note Const Mat 3 Yr+6.070%, 11/13/2168		640		645
3.750%, VAR US Treas Yield Curve Rate
T Note Const Mat 5 Yr+4.717% (G)		2,047		2,082
Chinalco Capital Holdings
4.250%, 04/21/2022 (B)		740		752
4.100%, VAR US Treas Yield Curve Rate
T Note Const Mat 5 Yr+5.788% (G)		224		227
CNAC HK Finbridge
5.125%, 03/14/2028		780		888
Country Garden Holdings
4.800%, 08/06/2030		407		423
Dianjian Haiyu
4.300% (G)		204		210

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Dianjian International Finance
4.600%, VAR US Treas Yield
Curve Rate T Note Const Mat 5 Yr+6.933% (G)	$	303	$	312
ENN Clean Energy International Investment
7.500%, 02/27/2021		475		476
Huarong Finance 2017
4.500%, VAR US Treas Yield Curve
Rate T Note Const Mat 5 Yr+7.773% (G)		1,378		1,392
Leader Goal International Ltd MTN
4.250% (F)(G)		212		216
Minmetals Bounteous Finance BVI
3.375%, VAR US Treas Yield Curve Rate
T Note Const Mat 5 Yr+5.209% (G)		805		812
Shimao Group Holdings
5.600%, 07/15/2026		400		437
Sinopec Group Overseas Development 2018
2.500%, 08/08/2024		2,394		2,496
Tencent Holdings LTD MTN
3.240%, 06/03/2050 (A)	THB	450		457
Wanda Properties International
7.250%, 01/29/2024	$	400		398
				35,249
Colombia — 5.5%
Colombia Government International Bond
3.125%, 04/15/2031		3,061		3,141
3.000%, 01/30/2030		1,842		1,883
Colombian TES
10.000%, 07/24/2024	COP	9,671,700		6,270
7.750%, 09/18/2030		2,839,000		3,844
7.500%, 08/26/2026		2,033,500		9,576
7.250%, 10/18/2034		9,926,900		2,816
7.000%, 05/04/2022		83,500		2,798
7.000%, 06/30/2032		1,931,400		3,349
6.250%, 11/26/2025		2,448,500		9,227
6.000%, 04/28/2028		2,148,200		8,812
5.750%, 11/03/2027		4,339,900		9,321
4.750%, 04/04/2035		1,170,600		1,023
2.250%, 04/18/2029		805,600		580
Ecopetrol
7.375%, 09/18/2043	$	268		336
6.875%, 04/29/2030		1,228		1,470
5.875%, 05/28/2045		420		458
Emgesa ESP
8.750%, 01/25/2021	COP	870,000		229
Empresas Publicas de Medellin ESP (A)
8.375%, 11/08/2027		2,351,000		630
7.625%, 09/10/2024		3,116,000		846
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/2024 (A)		1,127,000		317
7.875%, 08/12/2024		884,000		249

  52   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Grupo Aval
4.375%, 02/04/2030 (A)	$	812	$	784
Republic of Colombia
9.850%, 06/28/2027	COP	5,060,000		1,685
8.125%, 05/21/2024	$	908		1,094
7.750%, 04/14/2021	COP	3,331,000		884
7.375%, 09/18/2037	$	749		1,054
6.125%, 01/18/2041		2,137		2,741
5.625%, 02/26/2044		132		164
5.000%, 06/15/2045		2,530		2,948
4.500%, 01/28/2026		581		644
4.375%, 03/21/2023	COP	2,871,000		753
4.000%, 02/26/2024	$	965		1,029
				80,955
Costa Rica — 0.6%
Costa Rica Government International Bond
7.158%, 03/12/2045		500		455
7.158%, 03/12/2045		4,816		4,385
7.158%, 03/12/2045 (A)		387		352
7.000%, 04/04/2044		1,208		1,093
7.000%, 04/04/2044		230		208
6.125%, 02/19/2031		1,362		1,280
Instituto Costarricense de Electricidad
6.375%, 05/15/2043		250		198
Republic of Costa Rica
5.625%, 04/30/2043 (A)		450		371
				8,342
Croatia — 0.1%
Croatia Government International Bond
6.375%, 03/24/2021		1,181		1,211
1.500%, 06/17/2031	EUR	650		791
				2,002
Czech Republic — 1.2%
Czech Republic Government Bond
4.200%, 12/04/2036	CZK	9,570		608
2.750%, 07/23/2029		97,920		4,946
2.500%, 08/25/2028		18,330		900
2.400%, 09/17/2025		99,550		4,710
2.000%, 10/13/2033		24,480		1,185
1.200%, 03/13/2031		40,700		1,807
1.000%, 06/26/2026		16,430		727
0.950%, 05/15/2030		61,080		2,668
				17,551
Dominican Republic — 1.7%
Dominican Republic International Bond
11.250%, 02/05/2027	DOP	14,500		270
9.750%, 06/05/2026 (A)		29,200		508
8.900%, 02/15/2023 (A)		43,400		740
7.450%, 04/30/2044	$	1,672		1,881
7.450%, 04/30/2044 (A)		687		773

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
6.850%, 01/27/2045 (A)	$	129	$	136
6.850%, 01/27/2045		2,391		2,518
6.600%, 01/28/2024		656		719
6.500%, 02/15/2048		3,120		3,156
6.400%, 06/05/2049		959		962
5.950%, 01/25/2027		638		685
5.875%, 04/18/2024 (A)		71		75
5.875%, 01/30/2060 (A)		3,727		3,522
5.875%, 01/30/2060		2,782		2,629
5.500%, 01/27/2025		949		1,009
4.875%, 09/23/2032 (A)		2,441		2,428
4.500%, 01/30/2030 (A)		3,240		3,183
				25,194
Ecuador — 0.8%
Ecuador Government International Bond
6.500%, 07/31/2030 (A)(E)		2,297		1,066
0.500%, 5.000%, 07/31/2021, 07/31/2030 (A)(C)		5,415		3,655
0.500%, 5.000%, 07/31/2021, 07/31/2030 (C)		360		243
0.500%, 1.000%, 07/31/2021, 07/31/2035 (A)(C)		9,663		5,339
0.500%, 0.500%, 07/31/2021, 07/31/2040 (A)(C)		2,978		1,485
				11,788
Egypt — 3.2%
Egypt Government Bond
14.406%, 07/07/2027	EGP	17,842		1,124
14.196%, 07/07/2023		21,779		1,375
Egypt Government International Bond
18.000%, 11/06/2028		30,307		2,236
17.700%, 08/07/2025		29,457		2,071
16.300%, 04/09/2024		15,034		1,002
16.100%, 05/07/2029		14,920		1,021
8.875%, 05/29/2050 (A)	$	4,440		4,394
8.700%, 03/01/2049 (A)		816		794
8.700%, 03/01/2049		800		778
7.903%, 02/21/2048 (A)		421		388
7.625%, 05/29/2032 (A)		6,199		6,052
7.625%, 05/29/2032		621		606
5.250%, 10/06/2025 (A)		2,585		2,579
Egypt Government International Bond MTN
8.500%, 01/31/2047		4,131		3,991
8.150%, 11/20/2059 (A)		485		451
8.150%, 11/20/2059		277		258
7.053%, 01/15/2032 (A)		547		521
6.375%, 04/11/2031	EUR	1,230		1,338
6.375%, 04/11/2031 (A)		300		326
6.125%, 01/31/2022 (A)	$	865		886
5.625%, 04/16/2030	EUR	2,433		2,578
5.625%, 04/16/2030 (A)		244		258

  SEI Institutional International Trust / Annual Report / September 30, 2020   53

SCHEDULE OF INVESTMENTS

September 30, 2020

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
4.750%, 04/11/2025	EUR	457	$	522
4.750%, 04/16/2026		670		747
Egypt Treasury Bills (E)
13.474%, 01/05/2021	EGP	84,700		5,201
13.528%, 04/06/2021		87,225		5,184
				46,681
El Salvador — 0.6%
El Salvador Government International Bond
9.500%, 07/15/2052	$	568		537
8.250%, 04/10/2032 (A)		326		294
Republic of El Salvador
8.250%, 04/10/2032		3,324		3,000
7.750%, 01/24/2023		2,488		2,401
7.650%, 06/15/2035		499		429
7.625%, 02/01/2041		327		274
7.125%, 01/20/2050		640		498
5.875%, 01/30/2025		1,396		1,217
				8,650
Gabon — 0.1%
Gabon Government International Bond
6.625%, 02/06/2031		603		538
6.625%, 02/06/2031 (A)		247		220
Gabonese Republic
6.950%, 06/16/2025 (A)		465		435
6.375%, 12/12/2024		946		892
				2,085
Georgia — 0.0%
Republic of Georgia
6.875%, 04/12/2021 (A)		66		67
Ghana — 1.3%
Ghana Government International Bond
24.750%, 07/19/2021	GHS	–		–
19.750%, 03/25/2024		5,311		912
19.000%, 11/02/2026		11,055		1,826
10.750%, 10/14/2030	$	2,854		3,459
8.950%, 03/26/2051 (A)		3,695		3,191
8.750%, 03/11/2061 (A)		658		554
8.750%, 03/11/2061		233		196
8.627%, 06/16/2049 (A)		593		498
8.125%, 03/26/2032 (A)		246		215
7.875%, 03/26/2027 (A)		1,357		1,288
7.875%, 03/26/2027		72		68
7.875%, 02/11/2035 (A)		1,589		1,338
7.875%, 02/11/2035		1,055		888
7.625%, 05/16/2029		995		897
7.625%, 05/16/2029 (A)		653		589
6.375%, 02/11/2027 (A)		2,568		2,308
Kosmos Energy
7.125%, 04/04/2026 (A)		182		160

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Republic of Ghana
8.125%, 01/18/2026 (A)	$	83	$	83
Tullow Oil
7.000%, 03/01/2025 (A)		783		364
				18,834
Guatemala — 0.2%
Comunicaciones Celulares Via Comcel Trust
6.875%, 02/06/2024 (A)		390		399
Guatemala Government Bond
6.125%, 06/01/2050		962		1,147
5.375%, 04/24/2032		600		688
4.900%, 06/01/2030		558		618
				2,852
Honduras — 0.1%
Honduras Government International Bond
6.250%, 01/19/2027		326		357
5.625%, 06/24/2030 (A)		736		787
5.625%, 06/24/2030		299		320
				1,464
Hong Kong — 0.1%
AIA Group
3.200%, 09/16/2040 (A)		200		207
NWD
4.125%, 07/18/2029		757		769
				976
Hungary — 1.4%
Hungary Government Bond
6.750%, 10/22/2028	HUF	489,630		2,138
6.375%, 03/29/2021	$	2,228		2,291
5.500%, 06/24/2025	HUF	500,750		1,909
3.000%, 06/26/2024		413,620		1,409
3.000%, 10/27/2027		1,192,460		4,123
3.000%, 08/21/2030		727,940		2,513
2.750%, 12/22/2026		1,072,960		3,638
2.500%, 10/24/2024		653,680		2,199
Hungary Government International Bond
1.750%, 06/05/2035	EUR	265		326
				20,546
India — 0.2%
Adani Electricity Mumbai
3.949%, 02/12/2030 (A)	$	540		528
Export-Import Bank of India MTN
3.250%, 01/15/2030 (A)		1,060		1,068
Network i2i
5.650%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.277% (A)(G)		275		275
Power Finance MTN
3.950%, 04/23/2030 (A)		569		549

  54   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Vedanta Holdings Mauritius II
13.000%, 08/21/2023 (A)	$	601	$	619
				3,039
Indonesia — 7.2%
Indonesia Asahan Aluminium Persero
6.757%, 11/15/2048 (A)		331		425
6.757%, 11/15/2048		257		330
5.800%, 05/15/2050 (A)		2,234		2,609
5.710%, 11/15/2023 (A)		618		686
5.450%, 05/15/2030 (A)		1,051		1,215
4.750%, 05/15/2025 (A)		1,370		1,507
Indonesia Government International Bond
9.000%, 03/15/2029	IDR	2,750,000		3,236
8.750%, 05/15/2031		779,000		4,556
8.500%, 10/12/2035	$	1,969		3,148
8.375%, 03/15/2024	IDR	173,000		1,474
8.375%, 03/15/2034		2,065,000		10,243
8.375%, 04/15/2039		801,000		5,779
8.250%, 05/15/2029		8,743,000		5,030
8.250%, 06/15/2032		2,030,000		864
8.250%, 05/15/2036		2,516,000		5,148
8.125%, 05/15/2024		6,235,000		5,533
7.750%, 01/17/2038	$	1,797		2,776
7.500%, 08/15/2032	IDR	6,770,000		1,826
7.500%, 05/15/2038		8,662,000		3,909
7.000%, 05/15/2022		233,000		2,814
7.000%, 05/15/2027		3,129,000		4,370
6.625%, 05/15/2033		4,323,000		1,557
6.125%, 05/15/2028		9,066,000		586
5.625%, 05/15/2023		3,267,000		223
5.250%, 01/08/2047 (A)	$	170		220
4.750%, 02/11/2029		985		1,168
4.350%, 01/08/2027 (A)		206		236
3.500%, 01/11/2028		2,300		2,514
2.850%, 02/14/2030		1,059		1,112
1.400%, 10/30/2031	EUR	300		343
0.900%, 02/14/2027		428		490
Indonesia Government International Bond MTN
5.250%, 01/17/2042	$	3,200		4,046
5.125%, 01/15/2045		410		515
4.625%, 04/15/2043		1,320		1,544
3.850%, 07/18/2027		400		450
Indonesia Treasury Bond
7.500%, 06/15/2035	IDR	1,796,000		2,151
7.500%, 04/15/2040		1,221,000		2,111
7.000%, 09/15/2030		3,842,000		6,327
6.500%, 06/15/2025		2,680,000		3,652
6.500%, 02/15/2031		1,038,000		67
JPMorgan Chase Bank MTN
7.500%, 06/15/2035 (A)		1,500,000		2,807

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Medco Bell Pte
6.375%, 01/30/2027 (A)	$	466	$	401
Pertamina Persero MTN
6.450%, 05/30/2044		529		685
3.650%, 07/30/2029 (A)		1,035		1,110
Perusahaan Listrik Negara
1.875%, 11/05/2031 (A)	EUR	691		776
Perusahaan Listrik Negara MTN
6.150%, 05/21/2048 (A)	$	657		845
6.150%, 05/21/2048		250		322
4.375%, 02/05/2050 (A)		265		274
Perusahaan Penerbit SBSN Indonesia III
4.325%, 05/28/2025		2,135		2,409
				106,419
Iraq — 0.1%
Iraq International Bond
5.800%, 01/15/2028		1,405		1,252
Israel — 0.6%
Bank Leumi Le-Israel
3.275%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+1.631%, 01/29/2031 (A)		431		433
Leviathan Bond (A)
6.750%, 06/30/2030		394		408
6.500%, 06/30/2027		959		995
State of Israel
4.500%, 04/03/2120		2,842		3,893
3.875%, 07/03/2050		2,695		3,234
				8,963
Ivory Coast — 0.6%
Ivory Coast Government International Bond
6.875%, 10/17/2040	EUR	1,515		1,594
6.625%, 03/22/2048		1,552		1,533
6.625%, 03/22/2048		271		268
5.875%, 10/17/2031		1,729		1,832
5.875%, 10/17/2031 (A)		1,157		1,226
5.750%, 12/31/2032	$	1,162		1,075
5.250%, 03/22/2030	EUR	855		907
5.125%, 06/15/2025		371		443
				8,878
Jamaica — 0.1%
Government of Jamaica
7.875%, 07/28/2045	$	736		931
Jordan — 0.2%
Jordan Government International Bond
7.375%, 10/10/2047 (A)		228		226
7.375%, 10/10/2047		141		140
5.850%, 07/07/2030 (A)		1,238		1,199

  SEI Institutional International Trust / Annual Report / September 30, 2020   55

SCHEDULE OF INVESTMENTS

September 30, 2020

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
4.950%, 07/07/2025 (A)	$	1,030	$	1,026
				2,591
Kazakhstan — 1.3%
Development Bank of Kazakhstan
4.125%, 12/10/2022		770		807
Kazakhstan Government International Bond MTN
6.500%, 07/21/2045		330		512
KazMunayGas National JSC
6.375%, 10/24/2048 (A)		1,688		2,152
5.750%, 04/19/2047 (A)		2,247		2,662
5.750%, 04/19/2047		63		75
5.375%, 04/24/2030 (A)		984		1,149
5.375%, 04/24/2030		3,678		4,293
4.750%, 04/24/2025 (A)		732		804
3.875%, 04/19/2022		1,777		1,834
KazTransGas JSC
4.375%, 09/26/2027 (A)		932		1,003
4.375%, 09/26/2027		799		859
Tengizchevroil Finance International (A)
3.250%, 08/15/2030		450		454
2.625%, 08/15/2025		1,990		1,998
				18,602
Kenya — 0.3%
Kenya Government International Bond
8.250%, 02/28/2048		1,793		1,718
8.250%, 02/28/2048 (A)		654		626
8.000%, 05/22/2032		368		363
7.000%, 05/22/2027		1,394		1,367
7.000%, 05/22/2027 (A)		362		355
				4,429
Kuwait — 0.1%
Kuwait International Government Bond
3.500%, 03/20/2027		418		470
2.750%, 03/20/2022		645		662
Meglobal Canada ULC MTN
5.875%, 05/18/2030 (A)		222		259
NBK Tier 1 Financing 2
4.500%, VAR USD Swap Semi 30/360 6 Yr Curr+2.832% (A)(G)		513		506
				1,897
Lebanon — 0.2%
Lebanon Government International Bond
8.250%, 05/17/2034 (D)		4,532		703
8.200%, 05/17/2033 (D)		2,700		418
6.650%, 04/22/2024 (D)		2,250		354
6.000%, 01/27/2023 (D)		560		88
Lebanon Government International Bond MTN
8.250%, 04/12/2021 (D)		1,073		184

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
7.000%, 03/20/2028 (D)	$	2,432	$	376
6.850%, 05/25/2029 (D)		387		60
6.650%, 02/26/2030 (D)		1,225		188
6.600%, 11/27/2026 (D)		2,201		347
6.400%, 05/26/2023 (D)		1,555		246
6.100%, 10/04/2022 (D)		1,573		259
6.100%, 10/04/2022 (D)		569		93
				3,316
Luxembourg — 0.0%
Millicom International Cellular
6.250%, 03/25/2029 (A)		449		479
Macau — 0.1%
Sands China
5.400%, 08/08/2028		635		706
Studio City Finance (A)
6.500%, 01/15/2028		371		388
6.000%, 07/15/2025		142		145
				1,239
Malaysia — 6.2%
1MDB Energy
5.990%, 05/11/2022		2,000		2,084
1MDB Global Investments
4.400%, 03/09/2023		3,000		3,003
4.400%, 03/09/2023		7,400		7,407
Gohl Capital
4.250%, 01/24/2027		850		845
Malaysia Government Bond
5.248%, 09/15/2028	MYR	1,050		299
4.935%, 09/30/2043		2,200		609
4.921%, 07/06/2048		1,768		494
4.893%, 06/08/2038		800		227
4.642%, 11/07/2033		500		139
4.392%, 04/15/2026		3,480		923
4.232%, 06/30/2031		1,200		325
4.181%, 07/15/2024		4,186		1,079
4.160%, 07/15/2021		1,920		471
4.059%, 09/30/2024		8,576		2,209
3.955%, 09/15/2025		19,783		5,135
3.906%, 07/15/2026		16,152		4,199
3.899%, 11/16/2027		2,500		655
3.885%, 08/15/2029		30,830		8,124
3.882%, 03/10/2022		5,848		1,449
3.828%, 07/05/2034		28,209		7,354
3.800%, 08/17/2023		30,074		7,583
3.795%, 09/30/2022		3,200		799
3.757%, 04/20/2023		13,915		3,492
3.757%, 05/22/2040		1,500		382
3.733%, 06/15/2028		12,719		3,299
3.659%, 10/15/2020		36,600		8,813
3.620%, 11/30/2021		18,334		4,506

  56   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
3.502%, 05/31/2027	MYR	2,412	$	618
3.480%, 03/15/2023		5,870		1,462
3.478%, 06/14/2024		6,160		1,550
3.418%, 08/15/2022		10,450		2,585
Malaysia Government Investment Issue
4.369%, 10/31/2028		1,200		324
4.119%, 11/30/2034		5,564		1,475
4.070%, 09/30/2026		6,500		1,706
Malaysia Sukuk Global
3.179%, 04/27/2026	$	1,777		1,976
Petronas Capital MTN
4.550%, 04/21/2050 (A)		563		715
4.550%, 04/21/2050		561		713
3.500%, 04/21/2030 (A)		2,200		2,459
				91,487
Mauritius — 0.0%
Liquid Telecommunications Financing
8.500%, 07/13/2022 (A)		496		501
Mexico — 8.4%
America Movil
7.125%, 12/09/2024	MXN	18,110		856
Axtel
6.375%, 11/14/2024 (A)	$	713		741
Banco Mercantil del Norte (A)
7.500%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr+5.470% (G)		476		469
6.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.967% (G)		609		600
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)		1,015		1,012
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026		844		842
Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santand
5.375%, 04/17/2025 (A)		414		461
Cemex (A)
7.375%, 06/05/2027		572		618
5.450%, 11/19/2029		750		758
Cometa Energia
6.375%, 04/24/2035 (A)		1,333		1,459
Comision Federal de Electricidad
7.350%, 11/25/2025	MXN	39,785		1,734
5.750%, 02/14/2042 (A)	$	500		551
4.750%, 02/23/2027 (A)		458		492
Grupo Televisa
6.625%, 01/15/2040		616		813
Industrias Penoles
5.650%, 09/12/2049 (A)		359		418

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Infraestructura Energetica Nova
4.750%, 01/15/2051 (A)	$	1,410	$	1,322
Mexican Bonos
8.000%, 11/07/2047	MXN	62,579		3,132
7.750%, 11/23/2034		39,185		1,990
7.750%, 11/13/2042		94,898		4,654
7.500%, 06/03/2027		146,597		7,381
6.500%, 06/09/2022		12,008		562
5.750%, 03/05/2026		87,650		4,065
Mexican Bonos, Ser M20
10.000%, 12/05/2024		305,382		16,440
8.500%, 05/31/2029		55,069		2,950
8.000%, 12/07/2023		3,082		153
7.750%, 05/29/2031		134,983		6,893
Mexican Bonos, Ser M30
8.500%, 11/18/2038		91,941		4,881
Mexican Udibonos
4.000%, 11/15/2040		39,297		2,042
4.000%, 11/03/2050		41,686		2,230
Mexico City Airport Trust
5.500%, 07/31/2047 (A)	$	715		584
Mexico Government International Bond
5.000%, 04/27/2051		397		445
4.750%, 04/27/2032		3,640		4,108
4.500%, 04/22/2029		2,486		2,788
4.500%, 01/31/2050		893		944
Mexico Government International Bond MTN
5.750%, 10/12/2110		1,906		2,206
4.750%, 03/08/2044		386		421
Minera Mexico
4.500%, 01/26/2050 (A)		627		680
Petroleos Mexicanos
9.500%, 09/15/2027		169		179
7.690%, 01/23/2050 (A)		8,402		7,033
7.470%, 11/12/2026	MXN	175,079		6,257
7.190%, 09/12/2024		108,672		4,264
6.950%, 01/28/2060 (A)	$	3,398		2,628
6.950%, 01/28/2060		5,749		4,447
6.840%, 01/23/2030		3,342		2,983
6.625%, 06/15/2035		4,400		3,654
6.500%, 01/23/2029		423		380
6.500%, 01/23/2029 (A)		785		706
6.490%, 01/23/2027 (A)		62		58
6.350%, 02/12/2048		678		510
6.350%, 02/12/2048 (A)		430		324
5.950%, 01/28/2031		1,490		1,258
5.950%, 01/28/2031 (A)		2,188		1,848
5.625%, 01/23/2046		253		185
5.350%, 02/12/2028 (A)		1,079		933
4.500%, 01/23/2026		602		538
Petroleos Mexicanos MTN
6.875%, 08/04/2026		741		713

  SEI Institutional International Trust / Annual Report / September 30, 2020   57

SCHEDULE OF INVESTMENTS

September 30, 2020

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
6.750%, 09/21/2047	$	553	$	429
4.875%, 02/21/2028	EUR	755		775
United Mexican States MTN
6.050%, 01/11/2040	$	1,116		1,397
				124,194
Mongolia — 0.4%
Development Bank of Mongolia
7.250%, 10/23/2023 (A)		784		819
Mongolia Government International Bond
5.625%, 05/01/2023		1,287		1,321
5.125%, 04/07/2026		381		384
5.125%, 04/07/2026 (A)		201		202
Mongolia Government International Bond MTN
8.750%, 03/09/2024		1,951		2,176
5.125%, 12/05/2022		500		510
				5,412
Morocco — 0.0%
Morocco Government International Bond
1.500%, 11/27/2031	EUR	481		530
Mozambique — 0.2%
Mozambique International Bond
5.000%, 09/15/2031 (A)	$	3,120		2,527
Namibia — 0.0%
Namibia International Bonds
5.250%, 10/29/2025		379		376
Netherlands — 0.0%
Minejesa Capital BV (A)
5.625%, 08/10/2037		82		84
4.625%, 08/10/2030		557		573
				657
Nigeria — 0.7%
IHS Netherlands Holdco
8.000%, 09/18/2027 (A)		299		306
Nigeria Government International Bond
9.248%, 01/21/2049		322		319
8.747%, 01/21/2031		1,719		1,754
8.747%, 01/21/2031 (A)		535		546
7.875%, 02/16/2032		1,803		1,718
7.875%, 02/16/2032 (A)		588		560
7.696%, 02/23/2038		3,163		2,851
7.696%, 02/23/2038 (A)		601		542
7.143%, 02/23/2030		682		646
Nigeria Government International Bond MTN
6.500%, 11/28/2027 (A)		1,129		1,074
6.500%, 11/28/2027		130		124
				10,440

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Oman — 0.7%
Oman Government International Bond
6.750%, 01/17/2048 (A)	$	1,059	$	875
6.750%, 01/17/2048		7,649		6,317
5.625%, 01/17/2028 (A)		366		336
4.750%, 06/15/2026		900		825
3.625%, 06/15/2021		1,326		1,318
Oman Government International Bond MTN (A)
6.000%, 08/01/2029		309		284
4.875%, 02/01/2025		917		884
				10,839
Pakistan — 0.2%
Pakistan Government International Bond
8.250%, 09/30/2025 (B)		1,000		1,062
7.875%, 03/31/2036		200		199
6.875%, 12/05/2027		1,114		1,107
Third Pakistan International Sukuk
5.500%, 10/13/2021		1,201		1,198
				3,566
Panama — 1.4%
Aeropuerto Internacional de Tocumen
6.000%, 11/18/2048 (A)		672		748
5.625%, 05/18/2036		555		615
AES Panama Generation Holdings SRL
4.375%, 05/31/2030 (A)		984		1,010
Banco Nacional de Panama
2.500%, 08/11/2030 (A)		791		783
Cable Onda
4.500%, 01/30/2030 (A)		208		216
Empresa de Transmision Electrica
5.125%, 05/02/2049 (A)		635		736
Panama Government International Bond
4.500%, 04/16/2050		1		1
2.252%, 09/29/2032		1,719		1,732
Republic of Panama
9.375%, 04/01/2029		1,004		1,542
8.125%, 04/28/2034		478		685
4.500%, 04/01/2056		4,367		5,470
3.870%, 07/23/2060		2,826		3,232
3.750%, 03/16/2025		2,016		2,200
3.160%, 01/23/2030		2,099		2,283
				21,253
Papua New Guinea — 0.2%
Papua New Guinea Government International Bond
8.375%, 10/04/2028 (A)		2,882		2,885
8.375%, 10/04/2028		306		306
				3,191

  58   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Paraguay — 0.2%
Paraguay Government International Bond
6.100%, 08/11/2044	$	1,010	$	1,306
5.400%, 03/30/2050		571		692
4.950%, 04/28/2031		847		975
				2,973
Peru — 2.9%
Abengoa Transmision Sur
6.875%, 04/30/2043 (A)		266		347
Fondo MIVIVIENDA
7.000%, 02/14/2024 (A)	PEN	3,704		1,150
Inkia Energy
5.875%, 11/09/2027 (A)	$	359		374
Kallpa Generacion (A)
4.875%, 05/24/2026		192		207
4.125%, 08/16/2027		1,197		1,251
Peru Government Bond
5.350%, 08/12/2040	PEN	708		195
Peruvian Government International Bond
8.200%, 08/12/2026		4,697		1,734
8.200%, 08/12/2026		4,478		1,654
6.950%, 08/12/2031		154		52
6.950%, 08/12/2031		23,360		7,949
6.900%, 08/12/2037		7,121		2,359
6.850%, 02/12/2042		613		197
6.550%, 03/14/2037	$	309		467
6.350%, 08/12/2028 (A)	PEN	1,465		492
6.350%, 08/12/2028		346		116
6.350%, 08/12/2028		1,570		527
6.350%, 08/12/2028		5,940		1,994
6.150%, 08/12/2032		21,790		6,950
5.940%, 02/12/2029		367		120
5.700%, 08/12/2024 (A)		4,932		1,614
5.625%, 11/18/2050	$	758		1,207
5.400%, 08/12/2034	PEN	4,002		1,164
2.844%, 06/20/2030	$	1,153		1,254
2.783%, 01/23/2031		1,840		1,988
2.392%, 01/23/2026		1,475		1,547
Petroleos del Peru
5.625%, 06/19/2047		1,993		2,292
5.625%, 06/19/2047 (A)		366		421
4.750%, 06/19/2032		1,843		1,996
4.750%, 06/19/2032 (A)		1,201		1,301
				42,919
Philippines — 0.4%
Philippine Government International Bond
4.000%, 01/15/2021		157		158
3.900%, 11/26/2022	PHP	45,000		946
3.750%, 01/14/2029	$	2,522		2,942
2.950%, 05/05/2045		530		561

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
2.457%, 05/05/2030	$	915	$	986
				5,593
Poland — 2.9%
Republic of Poland Government Bond
5.000%, 03/23/2022		2,281		2,437
3.250%, 07/25/2025	PLN	8,585		2,499
2.750%, 04/25/2028		21,486		6,214
2.750%, 10/25/2029		25,298		7,374
2.500%, 01/25/2023		16,804		4,589
2.500%, 04/25/2024		6,060		1,690
2.500%, 07/25/2026		29,930		8,482
2.500%, 07/25/2027		16,396		4,659
2.250%, 04/25/2022		13,055		3,493
2.000%, 04/25/2021		912		238
1.750%, 07/25/2021		5,000		1,312
				42,987
Qatar — 1.4%
Qatar Government International Bond
5.750%, 01/20/2042 (A)	$	574		846
5.103%, 04/23/2048 (A)		694		964
5.103%, 04/23/2048		567		788
4.817%, 03/14/2049 (A)		573		771
4.817%, 03/14/2049		3,737		5,032
4.400%, 04/16/2050 (A)		662		852
4.400%, 04/16/2050		317		408
4.000%, 03/14/2029		1,334		1,559
4.000%, 03/14/2029 (A)		2,833		3,311
3.750%, 04/16/2030 (A)		4,027		4,666
3.750%, 04/16/2030		367		425
3.400%, 04/16/2025		654		717
				20,339
Romania — 2.1%
Government of Romania
5.850%, 04/26/2023	RON	7,190		1,842
Romania Government Bond
4.850%, 04/22/2026		9,840		2,544
4.400%, 09/25/2023		790		197
4.150%, 01/26/2028		3,980		999
3.700%, 11/25/2024		1,740		425
3.650%, 07/28/2025		8,440		2,061
Romanian Government International Bond
5.125%, 06/15/2048	$	628		765
5.000%, 02/12/2029	RON	8,095		2,156
4.500%, 06/17/2024		8,245		2,070
4.250%, 06/28/2023		2,730		675
4.000%, 10/27/2021		10,545		2,569
4.000%, 02/14/2051 (A)	$	1,742		1,794
3.000%, 02/14/2031 (A)		1,224		1,256
Romanian Government International Bond MTN
4.625%, 04/03/2049 (A)	EUR	1,338		1,911

  SEI Institutional International Trust / Annual Report / September 30, 2020   59

SCHEDULE OF INVESTMENTS

September 30, 2020

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
4.625%, 04/03/2049	EUR	1,248	$	1,781
4.125%, 03/11/2039		1,258		1,674
3.875%, 10/29/2035		330		439
3.375%, 02/08/2038		973		1,212
3.375%, 01/28/2050		1,660		1,985
3.375%, 01/28/2050 (A)		471		563
2.124%, 07/16/2031		158		185
2.000%, 01/28/2032		950		1,097
				30,200
Russia — 5.5%
Gazprom OAO Via Gaz Capital (A)
5.150%, 02/11/2026	$	2,673		2,978
4.950%, 02/06/2028		640		714
Gtlk Europe Capital DAC
4.650%, 03/10/2027		596		590
GTLK Europe Capital DAC
4.949%, 02/18/2026		968		989
GTLK Europe DAC
5.950%, 07/19/2021		220		224
Rusal Capital DAC
5.125%, 02/02/2022		860		866
Russian Federal Bond - OFZ
8.500%, 09/17/2031	RUB	176,982		2,686
8.150%, 02/03/2027		827,610		12,036
7.950%, 10/07/2026		280,027		4,034
7.700%, 03/23/2033		345,745		4,978
7.700%, 03/16/2039		54,617		802
7.650%, 04/10/2030		100,827		1,437
7.250%, 05/10/2034		238,383		3,318
7.100%, 10/16/2024		139,464		1,925
7.050%, 01/19/2028		953,320		13,074
7.000%, 08/16/2023		321,552		4,374
6.900%, 05/23/2029		334,404		4,535
6.000%, 10/06/2027		16,284		211
Russian Foreign Bond - Eurobond
7.500%, 03/31/2030	$	2		2
5.875%, 09/16/2043		3,800		5,263
5.625%, 04/04/2042		2,200		2,939
5.250%, 06/23/2047		1,000		1,324
5.100%, 03/28/2035		3,200		3,922
4.375%, 03/21/2029 (B)		5,600		6,425
SCF Capital Designated Activity
5.375%, 06/16/2023 (A)		529		568
Vnesheconombank Via VEB Finance
6.800%, 11/22/2025		580		692
6.800%, 11/22/2025 (A)		150		179
				81,085
Saudi Arabia — 1.3%
Acwa Power Management And Investments One
5.950%, 12/15/2039 (A)		1,742		1,966

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Saudi Arabian Oil MTN
4.250%, 04/16/2039 (A)	$	1,597	$	1,836
4.250%, 04/16/2039		2,150		2,471
Saudi Government International Bond
5.250%, 01/16/2050		680		914
5.250%, 01/16/2050 (A)		326		438
Saudi Government International Bond MTN
5.000%, 04/17/2049 (A)		1,013		1,310
5.000%, 04/17/2049		803		1,038
4.500%, 10/26/2046		580		696
3.250%, 10/26/2026 (A)		1,884		2,049
3.250%, 10/22/2030 (A)		3,329		3,615
3.250%, 10/22/2030		395		429
2.750%, 02/03/2032		1,146		1,192
2.750%, 02/03/2032 (A)		727		756
				18,710
Senegal — 0.1%
Senegal Government International Bond
6.750%, 03/13/2048		260		246
6.250%, 07/30/2024		677		696
				942
Serbia — 0.8%
Republic of Serbia
7.250%, 09/28/2021		437		462
Serbia International Bond
3.125%, 05/15/2027		320		401
1.500%, 06/26/2029	EUR	2,344		2,653
Serbia Treasury Bonds
5.875%, 02/08/2028	RSD	203,510		2,368
4.500%, 01/11/2026		211,800		2,279
4.500%, 08/20/2032		177,880		1,874
3.750%, 01/17/2022		159,400		1,628
				11,665
South Africa — 4.1%
Eskom Holdings SOC
7.125%, 02/11/2025 (A)	$	2,085		1,899
7.125%, 02/11/2025		1,430		1,302
5.750%, 01/26/2021 (A)		1,681		1,640
Eskom Holdings SOC MTN
8.450%, 08/10/2028 (A)		471		432
7.500%, 09/15/2033	ZAR	35,200		1,492
6.750%, 08/06/2023	$	1,556		1,431
6.750%, 08/06/2023 (A)		1,329		1,222
6.350%, 08/10/2028 (A)		322		323
Republic of South Africa
10.500%, 12/21/2026	ZAR	192,764		13,374
9.000%, 01/31/2040		54,699		2,625
8.875%, 02/28/2035		41,899		2,102
8.750%, 01/31/2044		85,589		3,958
8.750%, 02/28/2048		127,725		5,885
8.500%, 01/31/2037		114,313		5,372

  60   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
8.250%, 03/31/2032	ZAR	4,180	$	215
8.000%, 01/31/2030		63,249		3,460
7.750%, 02/28/2023		5,181		333
7.000%, 02/28/2031		51,041		2,488
6.500%, 02/28/2041		16,423		613
6.300%, 06/22/2048	$	964		877
6.250%, 03/31/2036	ZAR	68,414		2,669
5.875%, 09/16/2025	$	790		844
5.750%, 09/30/2049		3,772		3,194
5.650%, 09/27/2047		386		327
5.000%, 10/12/2046		357		286
4.850%, 09/27/2027		420		414
4.850%, 09/30/2029		1,508		1,437
SASOL Financing USA
5.875%, 03/27/2024		442		425
Transnet SOC MTN
9.500%, 05/13/2021 (A)	ZAR	6,760		411
				61,050
South Korea — 0.3%
Export-Import Bank of Korea MTN
8.400%, 11/30/2021	IDR	2,400,000		1,539
7.250%, 12/07/2024		700,000		49
Korea International Bond
2.000%, 06/19/2024	$	1,026		1,074
1.000%, 09/16/2030		1,948		1,921
				4,583
Spain — 0.1%
AI Candelaria Spain SLU
7.500%, 12/15/2028 (A)		975		1,053
Sri Lanka — 0.9%
Sri Lanka Government International Bond
7.850%, 03/14/2029		1,598		1,103
7.550%, 03/28/2030		1,689		1,140
6.850%, 03/14/2024		512		374
6.850%, 11/03/2025		1,339		937
6.825%, 07/18/2026 (A)		1,584		1,103
6.825%, 07/18/2026		500		348
6.750%, 04/18/2028 (A)		4,437		2,995
6.750%, 04/18/2028		746		504
6.350%, 06/28/2024 (A)		1,294		938
6.250%, 07/27/2021		1,834		1,596
6.200%, 05/11/2027		1,186		800
5.875%, 07/25/2022 (A)		308		245
5.750%, 04/18/2023 (A)		1,031		758
5.750%, 04/18/2023		995		731
				13,572
Supra-National — 0.5%
African Export-Import Bank MTN
3.994%, 09/21/2029 (A)		363		374

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
GLOBAL BONDS (continued)
Banque Ouest Africaine de Developpement (A)
5.000%, 07/27/2027	$	865	$	931
4.700%, 10/22/2031		683		715
European Bank for Reconstruction & Development MTN
6.450%, 12/13/2022		9,486,000		644
European Investment Bank MTN
8.500%, 09/17/2024	ZAR	9,200		621
Inter-American Development Bank MTN
7.875%, 03/14/2023	IDR	880,000		3,587
International Bank for Reconstruction & Development MTN
7.450%, 08/20/2021		914,700		744
				7,616
Tanzania — 0.0%
AngloGold Ashanti Holdings
3.750%, 10/01/2030	$	229		235
Thailand — 2.6%
Thailand Government Bond
5.670%, 03/13/2028	THB	3,000		125
3.775%, 06/25/2032		210,074		8,263
3.650%, 06/20/2031		84,500		3,243
3.625%, 06/16/2023		30,000		1,022
3.400%, 06/17/2036		216,743		8,424
3.300%, 06/17/2038		99,572		3,803
2.875%, 12/17/2028		85,796		3,051
2.875%, 06/17/2046		3,431		125
2.400%, 12/17/2023		88,000		2,926
2.125%, 12/17/2026		15,000		505
1.875%, 06/17/2022		20,000		645
1.600%, 12/17/2029		40,631		1,310
1.600%, 06/17/2035		27,023		857
1.585%, 12/17/2035		32,515		1,029
1.450%, 12/17/2024		85,200		2,760
1.250%, 03/12/2028		404		12
				38,100
Trinidad & Tobago — 0.2%
Trinidad & Tobago Government International Bond
4.500%, 06/26/2030 (A)	$	1,026		1,007
4.375%, 01/16/2024		1,287		1,306
				2,313
Tunisia — 0.3%
Banque Centrale de Tunisie
8.250%, 09/19/2027		337		316
Banque Centrale de Tunisie International Bond
6.375%, 07/15/2026	EUR	1,630		1,719

  SEI Institutional International Trust / Annual Report / September 30, 2020   61

SCHEDULE OF INVESTMENTS

September 30, 2020

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
5.625%, 02/17/2024	EUR	1,650	$	1,747
				3,782
Turkey — 2.3%
Export Credit Bank of Turkey (A)
6.125%, 05/03/2024	$	247		236
5.375%, 10/24/2023		1,033		973
5.000%, 09/23/2021		538		533
Export Credit Bank of Turkey MTN
5.375%, 02/08/2021 (A)		896		894
Hazine Mustesarligi Varlik Kiralama
5.800%, 02/21/2022 (A)(B)		2,770		2,756
QNB Finansbank
6.875%, 09/07/2024 (A)		613		620
Republic of Turkey
4.875%, 04/16/2043		4,934		3,670
TC Ziraat Bankasi MTN (A)
5.125%, 05/03/2022		1,063		1,032
4.750%, 04/29/2021		311		309
Turkey Government International Bond
16.200%, 06/14/2023	TRY	11,584		1,606
12.200%, 01/18/2023		6,050		777
11.000%, 03/02/2022		3,700		468
10.700%, 08/17/2022		21,356		2,672
10.600%, 02/11/2026		13,916		1,656
10.500%, 08/11/2027		24,059		2,801
7.250%, 12/23/2023	$	1,732		1,784
6.875%, 03/17/2036		1,757		1,644
6.350%, 08/10/2024		294		293
6.125%, 10/24/2028		1,455		1,382
6.000%, 03/25/2027		597		572
6.000%, 01/14/2041		308		255
5.750%, 03/22/2024		1,918		1,882
5.750%, 05/11/2047		252		199
5.600%, 11/14/2024		870		843
5.125%, 02/17/2028		242		220
4.875%, 10/09/2026		1,017		930
4.250%, 04/14/2026		338		304
3.000%, 08/02/2023	TRY	11,253		1,486
Turkiye Garanti Bankasi
6.125%, VAR USD Swap Semi 30/360 5
Yr Curr+4.220%, 05/24/2027 (A)		$656		588
Turkiye Sise ve Cam Fabrikalari
6.950%, 03/14/2026		500		508
Yapi ve Kredi Bankasi MTN
5.850%, 06/21/2024 (A)		429		404
				34,297
Ukraine — 2.4%
Government of Ukraine
7.750%, 09/01/2023		376		382
NAK Naftogaz Ukraine via Kondor Finance
7.625%, 11/08/2026 (A)		990		949

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
7.125%, 07/19/2024	EUR	720	$	812
Ukraine Government International Bond
17.000%, 05/11/2022	UAH	71,848		2,751
16.000%, 08/11/2021		148,624		5,492
15.840%, 02/26/2025		66,553		2,633
15.700%, 01/20/2021 (A)		48,000		1,730
9.750%, 11/01/2028	$	1,807		1,951
9.750%, 11/01/2028 (A)		375		405
8.994%, 02/01/2024		1,128		1,176
7.750%, 09/01/2021		2,047		2,096
7.750%, 09/01/2022		566		579
7.750%, 09/01/2024 (A)		245		246
7.750%, 09/01/2025		1,058		1,059
7.750%, 09/01/2026 (A)		45		45
7.750%, 09/01/2026		3,153		3,133
7.750%, 09/01/2027		1,030		1,019
7.750%, 09/01/2027 (A)		223		221
7.375%, 09/25/2032		2,536		2,378
7.253%, 03/15/2033		453		416
7.253%, 03/15/2033 (A)		1,568		1,441
6.750%, 06/20/2026	EUR	1,299		1,481
4.375%, 01/27/2030 (A)		961		918
3.000%, 05/31/2040 (A)(F)	$	2,206		2,004
Ukreximbank Via Biz Finance 9.625%, 04/27/2022 (A)		570		582
				35,899
United Arab Emirates — 1.9%
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/2047 (A)		3,268		4,000
4.600%, 11/02/2047		330		404
3.650%, 11/02/2029 (A)		1,794		2,037
Abu Dhabi Government International Bond
4.125%, 10/11/2047 (A)		824		1,037
3.125%, 09/30/2049 (A)		2,552		2,731
3.125%, 09/30/2049		293		314
Abu Dhabi Government International Bond MTN
3.875%, 04/16/2050		460		561
3.875%, 04/16/2050 (A)		201		245
3.125%, 04/16/2030		300		335
2.700%, 09/02/2070		681		658
2.700%, 09/02/2070 (A)		2,830		2,734
2.500%, 04/16/2025 (A)		3,135		3,326
DP World MTN (A)
6.850%, 07/02/2037		421		525
5.625%, 09/25/2048		1,009		1,150
4.700%, 09/30/2049		134		135
DP World Salaam
6.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.750% (G)		200		209

  62   SEI Institutional International Trust / Annual Report / September 30, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Emirate of Dubai Government International Bonds MTN
5.250%, 01/30/2043	$	490	$	558
Finance Department Government of Sharjah MTN
4.000%, 07/28/2050		674		690
4.000%, 07/28/2050 (A)		2,031		2,077
MAF Sukuk MTN
3.933%, 02/28/2030		691		723
MDC-GMTN BV MTN
4.500%, 11/07/2028 (A)		1,346		1,611
MDGH - GMTN BV MTN
3.950%, 05/21/2050		200		234
3.700%, 11/07/2049 (A)		711		795
Sharjah Sukuk Program MTN
3.854%, 04/03/2026		359		390
				27,479
United Kingdom — 0.3%
Standard Chartered Bank MTN (A)
8.375%, 10/18/2039	IDR	797,000		1,487
8.250%, 05/18/2029		930,000		2,995
				4,482
United States — 0.3%
JPMorgan Chase Bank MTN
7.000%, 09/18/2030 (A)(F)		7,028,000		4,519
Uruguay — 0.8%
Republic of Uruguay
5.100%, 06/18/2050	$	535		719
Uruguay Government International Bond
9.875%, 06/20/2022	UYU	42,797		1,052
8.500%, 03/15/2028		8,397		205
4.975%, 04/20/2055	$	661		879
4.375%, 10/27/2027		2,310		2,668
4.375%, 01/23/2031		4,957		5,893
				11,416
Uzbekistan — 0.1%
Republic of Uzbekistan Bond MTN
5.375%, 02/20/2029		783		873
4.750%, 02/20/2024		232		244
				1,117
Venezuela — 0.1%
Petroleos de Venezuela
9.750%, 05/17/2035 (D)		1,000		25
9.000%, 11/17/2021 (B)(D)		4,300		108
6.000%, 05/16/2024 (D)		10,192		255
6.000%, 05/16/2024 (D)		7,785		195
6.000%, 11/15/2026 (D)		13,215		330
5.500%, 04/12/2037 (D)		1,740		43
5.375%, 04/12/2027 (D)		4,563		114

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
GLOBAL BONDS (continued)
Venezuela Government International Bond
9.250%, 09/15/2027 (D)	$	2,300	$	172
9.250%, 05/07/2028 (D)		2,941		221
8.250%, 10/13/2024 (D)		3,304		248
7.750%, 10/13/2019 (D)		3,976		298
				2,009
Vietnam — 0.1%
Mong Duong Finance Holdings BV
5.125%, 05/07/2029 (A)		684		697
Zambia — 0.1%
First Quantum Minerals (A)
7.500%, 04/01/2025		404		400
6.875%, 03/01/2026		403		388
Zambia Government International Bond
5.375%, 09/20/2022		1,053		522
5.375%, 09/20/2022 (A)		794		394
				1,704
Total Global Bonds
(Cost $1,450,538) ($ Thousands)				1,405,762
U.S. TREASURY OBLIGATION — 1.0%
U.S. Treasury Bills
0.100%, 05/20/2021 (E)		14,991		14,981
Total U.S. Treasury Obligation
(Cost $14,981) ($ Thousands)				14,981
	Shares
AFFILIATED PARTNERSHIP — 1.1%
SEI Liquidity Fund, L.P.
0.100% **†(H)		15,314,028		15,318
Total Affiliated Partnership (Cost $15,315) ($ Thousands)				15,318
Total Investments in Securities — 97.5% (Cost $1,480,834) ($ Thousands)			$	1,436,061

  SEI Institutional International Trust / Annual Report / September 30, 2020   63

SCHEDULE OF INVESTMENTS

September 30, 2020

Emerging Markets Debt Fund (Continued)

A list of the open futures contracts held by the Fund at September 30, 2020, is as follows:    

Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount (Thousands)			Value     (Thousands)			Unrealized Appreciation     (Depreciation) (Thousands)
Euro-Bund		(71)		Dec-2020	$	(14,689	)	$	(14,530	)	$	(133	)
Euro-Buxl		(18)		Dec-2020		(4,647	)		(4,700	)		(146	)
R023 Bond Future		594		Nov-2020		3,890			3,866			39
R186 Bond Future		1,511		Nov-2020		10,664			10,849			173
R2032 Bond Future		525		Nov-2020		2,804			2,712			(44	)
R2035 Bond Future		976		Nov-2020		5,188			4,968			(131	)
R2037 Bond Future		419		Nov-2020		2,110			2,014			(59	)
R2040 Bond Future		379		Nov-2020		1,943			1,871			(39	)
R208 Bond Future		117		Nov-2020		729			716			(1	)
R213 Bond Future		837		Nov-2020		4,262			4,131			(58	)
U.S. 10-Year Treasury Note		(11)		Dec-2020		(1,533	)		(1,535	)		(2	)
U.S. 10-Year Treasury Note		102		Dec-2020		14,196			14,232			36
U.S. Long Treasury Bond		(22)		Dec-2020		(3,908	)		(3,878	)		30
U.S. Ultra Long Treasury Bond		42		Dec-2020		9,382			9,316			(66	)
					$	30,391		$	30,032		$	(401	)

A list of the open forward foreign currency contracts held by the Fund at September 30, 2020, is as follows:

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC		12/16/20	IDR		31,854,320	USD		2,114	$	(3	)
Barclays PLC		12/17/20	USD		22,483	ZAR		381,050		160
Brown Brothers Harriman		10/09/20	USD		2,550	CNY		17,375		2
Citigroup		10/02/20 - 12/02/20	USD		2,297	BRL		12,241		(126	)
Citigroup		10/05/20 - 12/16/20	USD		4,576	EUR		3,858		(50	)
Citigroup		10/05/20 - 12/16/20	EUR		12,712	USD		15,070		151
Citigroup		10/05/20	EUR		521	USD		606		(5	)
Citigroup		10/07/20 - 12/16/20	USD		13,586	RUB		998,838		(761	)
Citigroup		10/07/20	RUB		80,108	USD		1,098		66
Citigroup		10/09/20 - 12/16/20	USD		18,440	CNY		127,218		226
Citigroup		10/21/20	UAH		–	USD		–		–
Citigroup		10/29/20 - 11/05/20	UAH		312,679	USD		10,954		(3,681	)
Citigroup		11/03/20	EUR		2,125	HUF		753,669		(59	)
Citigroup		11/03/20 - 12/11/20	HUF		1,536,767	EUR		4,213		(16	)
Citigroup		11/04/20	EUR		2,053	RON		9,998		(8	)
Citigroup		11/04/20 - 12/09/20	RON		6,283	EUR		1,283		–
Citigroup		12/02/20	BRL		27,576	USD		4,971		85
Citigroup		11/04/20	BRL		9,411	USD		1,662		(7	)
Citigroup		11/06/20 - 12/17/20	USD		7,393	ZAR		126,737		172
Citigroup		11/06/20	USD		3,846	ZAR		63,619		(48	)
Citigroup		11/06/20	USD		3,306	MXN		73,817		25
Citigroup		12/16/20	USD		13,502	MXN		290,390		(459	)
Citigroup		11/06/20	MXN		54,793	USD		2,494		22
Citigroup		11/06/20 - 12/16/20	MXN		28,262	USD		1,262		(11	)
Citigroup		11/06/20	ZAR		95,548	USD		5,650		(56	)
Citigroup		11/10/20	EUR		2,129	CZK		56,980		(30	)
Citigroup		11/10/20	CZK		28,275	EUR		1,045		2
Citigroup		11/10/20	CZK		9,894	EUR		364		(1	)
Citigroup		11/19/20 - 01/27/21	EGP		37,425	USD		2,192		(152	)
Citigroup		11/27/20 - 12/16/20	USD		10,751	INR		798,962		26

  64   SEI Institutional International Trust / Annual Report / September 30, 2020

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		11/27/20	IDR		11,462,626	USD		773	$	8
Citigroup		12/16/20	IDR		26,176,634	USD		1,730		(10	)
Citigroup		12/02/20	KRW		260,352	USD		220		(3	)
Citigroup		12/07/20	USD		338	UYU		13,787		(17	)
Citigroup		12/16/20	USD		432	COP		1,679,866		2
Citigroup		12/16/20	USD		465	PEN		1,667		(2	)
Citigroup		12/16/20	EUR		1,495	PLN		6,662		(32	)
Citigroup		12/16/20	PLN		2,887	EUR		635		(1	)
Citigroup		12/16/20	PLN		2,935	USD		783		24
Citigroup		12/16/20	USD		2,938	CZK		66,301		(63	)
Citigroup		12/16/20	USD		9,106	PLN		34,275		(235	)
Citigroup		12/16/20	RON		8,265	USD		1,999		20
Citigroup		12/16/20	RON		3,081	USD		737		(1	)
Citigroup		12/16/20	USD		13,656	THB		428,612		(129	)
Citigroup		12/16/20	PEN		36,210	USD		10,165		93
Citigroup		12/16/20	PHP		357,250	USD		7,319		(28	)
Citigroup		01/28/21	NGN		547,260	USD		1,289		(70	)
Goldman Sachs		10/02/20	BRL		5,985	USD		1,088		26
Goldman Sachs		10/07/20	USD		6,135	RUB		461,905		(185	)
Goldman Sachs		10/07/20 - 12/16/20	RUB		136,883	USD		1,798		45
Goldman Sachs		10/16/20 - 11/05/20	TRY		44,664	USD		6,147		391
Goldman Sachs		12/16/20	TRY		9,428	USD		1,196		(2	)
Goldman Sachs		12/16/20	USD		7,246	CNY		49,865		64
Goldman Sachs		10/21/20	USD		2,407	CNY		16,329		(6	)
Goldman Sachs		10/26/20 - 12/16/20	USD		4,899	IDR		73,751,434		27
Goldman Sachs		11/03/20	EUR		2,017	HUF		721,716		(36	)
Goldman Sachs		11/05/20 - 12/16/20	USD		4,196	TRY		32,704		(25	)
Goldman Sachs		11/05/20	UAH		10,069	USD		353		(125	)
Goldman Sachs		11/06/20	USD		486	ZAR		8,207		4
Goldman Sachs		11/06/20	MXN		12,133	USD		541		(7	)
Goldman Sachs		11/06/20	USD		7,830	MXN		175,706		98
Goldman Sachs		12/16/20	USD		7,585	MXN		163,344		(248	)
Goldman Sachs		11/06/20	ZAR		59,544	USD		3,584		28
Goldman Sachs		11/19/20 - 01/21/21	EGP		64,552	USD		3,861		(156	)
Goldman Sachs		11/27/20	IDR		4,833,064	USD		328		6
Goldman Sachs		12/16/20	IDR		12,407,849	USD		818		(7	)
Goldman Sachs		12/02/20	USD		9,284	BRL		51,932		(84	)
Goldman Sachs		12/09/20	RON		2,423	EUR		494		(1	)
Goldman Sachs		12/09/20	EUR		3,214	RON		15,727		(7	)
Goldman Sachs		12/16/20	USD		375	RON		1,544		(5	)
Goldman Sachs		12/16/20	USD		891	PEN		3,165		(10	)
Goldman Sachs		12/16/20	USD		2,061	HUF		621,215		(56	)
Goldman Sachs		12/16/20	RON		2,146	USD		519		5
Goldman Sachs		12/16/20	USD		2,936	CLP		2,263,405		(60	)
Goldman Sachs		12/16/20	USD		15,686	CZK		351,737		(438	)
Goldman Sachs		12/16/20	HUF		207,734	EUR		568		(3	)
Goldman Sachs		12/16/20	CLP		1,453,238	USD		1,886		39
Goldman Sachs		12/16/20	COP		53,323,499	USD		14,385		589
JPMorgan Chase Bank		10/05/20	USD		2,734	EUR		2,333		2
JPMorgan Chase Bank		10/05/20 - 12/15/20	USD		5,766	EUR		4,864		(58	)

  SEI Institutional International Trust / Annual Report / September 30, 2020   65

SCHEDULE OF INVESTMENTS    

September 30, 2020

Emerging Markets Debt Fund (Continued)

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		10/05/20 - 12/15/20	EUR		17,552	USD		20,870	$	259
JPMorgan Chase Bank		11/04/20 - 12/15/20	EUR		1,192	USD		1,394		(5	)
JPMorgan Chase Bank		10/05/20	KRW		2,974,856	USD		2,503		(42	)
JPMorgan Chase Bank		10/15/20	PEN		1,240	USD		1,243		3
JPMorgan Chase Bank		12/18/20	USD		764	RUB		60,102		4
JPMorgan Chase Bank		10/07/20	USD		2,639	RUB		200,877		(52	)
JPMorgan Chase Bank		10/07/20	RUB		152,779	USD		2,057		89
JPMorgan Chase Bank		10/13/20	MYR		10,191	USD		2,448		(6	)
JPMorgan Chase Bank		10/16/20	TRY		4,388	USD		580		12
JPMorgan Chase Bank		10/19/20	USD		189	PEN		668		(4	)
JPMorgan Chase Bank		10/19/20	USD		208	UYU		7,800		(25	)
JPMorgan Chase Bank		10/19/20	USD		507	PHP		24,673		2
JPMorgan Chase Bank		10/19/20	USD		1,628	THB		50,939		(21	)
JPMorgan Chase Bank		10/19/20 - 10/26/20	USD		6,354	CLP		4,839,436		(208	)
JPMorgan Chase Bank		10/19/20 - 10/26/20	BRL		15,921	USD		3,018		194
JPMorgan Chase Bank		10/19/20 - 10/21/20	RUB		248,312	USD		3,279		85
JPMorgan Chase Bank		10/20/20	USD		91	COP		353,691		1
JPMorgan Chase Bank		10/20/20	COP		12,399,270	USD		3,356		141
JPMorgan Chase Bank		10/27/20 - 11/02/20	IDR		137,212,476	USD		9,263		55
JPMorgan Chase Bank		10/20/20 - 11/03/20	IDR		92,579,647	USD		6,196		(19	)
JPMorgan Chase Bank		10/21/20	USD		1,239	MYR		5,130		(3	)
JPMorgan Chase Bank		10/21/20	USD		3,442	TRY		26,108		(67	)
JPMorgan Chase Bank		10/30/20	USD		140	BRL		792		—
JPMorgan Chase Bank		10/21/20 - 10/30/20	USD		7,153	BRL		38,806		(271	)
JPMorgan Chase Bank		11/27/20	USD		6,388	CNY		44,393		129
JPMorgan Chase Bank		10/21/20	USD		1,451	CNY		9,856		(2	)
JPMorgan Chase Bank		10/21/20 - 10/26/20	PEN		11,616	USD		3,272		41
JPMorgan Chase Bank		10/22/20	ZAR		123,754	USD		7,420		18
JPMorgan Chase Bank		10/22/20	ZAR		855	USD		49		(2	)
JPMorgan Chase Bank		10/29/20	USD		1,591	CNY		10,854		5
JPMorgan Chase Bank		11/02/20	USD		103	IDR		1,532,730		—
JPMorgan Chase Bank		11/06/20 - 11/20/20	USD		2,723	MXN		61,746		62
JPMorgan Chase Bank		11/06/20	MXN		7,792	USD		354		2
JPMorgan Chase Bank		11/06/20 - 11/20/20	MXN		52,260	USD		2,340		(15	)
JPMorgan Chase Bank		11/10/20	EUR		3,232	CZK		85,264		(100	)
JPMorgan Chase Bank		11/10/20	CZK		33,934	EUR		1,291		46
JPMorgan Chase Bank		11/19/20	USD		4,545	ZAR		79,809		214
JPMorgan Chase Bank		11/20/20	USD		4,043	RON		16,685		(41	)
JPMorgan Chase Bank		11/20/20	USD		5,793	PLN		21,568		(212	)
JPMorgan Chase Bank		11/27/20	USD		253	IDR		3,790,752		—
JPMorgan Chase Bank		11/27/20	INR		189,037	USD		2,551		(3	)
JPMorgan Chase Bank		12/11/20	USD		215	THB		6,788		(1	)
JPMorgan Chase Bank		12/15/20	JPY		237,343	USD		2,242		(10	)
JPMorgan Chase Bank		12/16/20	USD		716	PEN		2,561		(3	)
JPMorgan Chase Bank		12/16/20	HUF		39,006	EUR		109		2
JPMorgan Chase Bank		12/16/20	KRW		9,178,548	USD		7,733		(149	)
JPMorgan Chase Bank		12/16/20	COP		14,074,855	USD		3,786		145
JPMorgan Chase Bank		12/16/20	COP		948,453	USD		245		(1	)
JPMorgan Chase Bank		12/17/20	USD		110	CZK		2,461		(3	)
JPMorgan Chase Bank		12/17/20	USD		4,241	HUF		1,283,476		(100	)

  66   SEI Institutional International Trust / Annual Report / September 30, 2020

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		12/30/20	EUR		4,146	RON		20,386	$	4
JPMorgan Chase Bank		02/26/21	USD		689	UAH		19,981		244
Merrill Lynch		12/16/20	SGD		15,817	USD		11,562		(29	)
Morgan Stanley		12/18/20	USD		1,182	RUB		93,542		13
Morgan Stanley		10/07/20	USD		1,277	RUB		94,668		(58	)
Morgan Stanley		10/07/20	RUB		104,691	USD		1,390		42
Morgan Stanley		10/21/20	USD		2,690	INR		198,690		3
Morgan Stanley		10/26/20	KRW		2,881,967	USD		2,480		7
Morgan Stanley		11/06/20	MXN		55,794	USD		2,480		(38	)
Morgan Stanley		11/06/20	ZAR		65,982	USD		3,825		(116	)
Morgan Stanley		11/10/20	CZK		28,275	EUR		1,043		(1	)
Morgan Stanley		11/23/20	EUR		5,390	PLN		23,691		(196	)
Morgan Stanley		11/23/20	PLN		7,058	EUR		1,606		58
Standard Bank		10/05/20	USD		2,029	EUR		1,712		(21	)
Standard Bank		12/16/20	EUR		7,797	USD		9,257		98
Standard Bank		10/05/20	EUR		818	USD		952		(8	)
Standard Bank		11/02/20 - 02/04/21	NGN		1,635,311	USD		3,744		(358	)
Standard Bank		11/06/20	USD		616	ZAR		10,682		21
Standard Bank		12/16/20	USD		3,960	MYR		16,511		21
Standard Bank		12/16/20	RUB		24,160	USD		314		5
Standard Bank		12/16/20	IDR		11,516,114	USD		767		1
Standard Bank		12/16/20	IDR		11,655,729	USD		774		—
Standard Bank		12/17/20	ZAR		1,100	USD		64		(1	)
Standard Bank		02/17/21 - 02/24/21	GHS		8,035	USD		1,291		(36	)
Standard Chartered		11/04/20 - 01/05/21	USD		953	BRL		5,399		4
Standard Chartered		10/02/20 - 01/05/21	USD		14,182	BRL		76,041		(705	)
Standard Chartered		10/02/20 - 12/02/20	BRL		52,032	USD		9,554		326
Standard Chartered		10/05/20	USD		2,524	KRW		2,984,362		29
Standard Chartered		10/07/20	RUB		274,493	USD		3,723		187
Standard Chartered		10/07/20	RUB		664,258	USD		8,417		(138	)
Standard Chartered		10/13/20	USD		2,454	MYR		10,244		13
Standard Chartered		10/21/20	MYR		19,322	USD		4,631		(22	)
Standard Chartered		10/21/20	INR		184,096	USD		2,498		3
Standard Chartered		11/05/20	TRY		5,462	USD		723		19
Standard Chartered		11/27/20	IDR		22,703,713	USD		1,525		11
Standard Chartered		12/11/20	EUR		2,024	HUF		726,042		(34	)
Standard Chartered		12/16/20	IDR		–	USD		—		—
Standard Chartered		12/16/20	USD		1,656	CLP		1,266,028		(47	)
Standard Chartered		12/17/20	PHP		17,839	USD		367		—
Standard Chartered		12/18/20	USD		7,851	RUB		624,380		127
State Street		10/05/20	EUR		11,120	USD		12,573		(467	)
State Street		10/05/20 - 12/03/20	EUR		17,257	USD		20,661		404
State Street		10/05/20 - 11/04/20	EUR		1,278	USD		1,492		(6	)
State Street		10/05/20 - 11/04/20	USD		8,356	EUR		7,166		51
State Street		10/05/20	USD		18,731	EUR		15,810		(191	)
State Street		10/07/20	RUB		32,022	USD		430		18
State Street		11/04/20 -12/16/20	USD		8,208	BRL		42,831		(615	)
State Street		11/06/20	USD		1,220	ZAR		21,264		50
State Street		11/06/20	MXN		57,607	USD		2,537		(62	)
State Street		11/10/20	EUR		1,050	CZK		27,558		(38	)

  SEI Institutional International Trust / Annual Report / September 30, 2020   67

SCHEDULE OF INVESTMENTS

September 30, 2020

Emerging Markets Debt Fund (Continued)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
State Street	11/10/20	CZK		47,135	EUR		1,806	$	77
State Street	12/16/20	USD		1,669	INR		124,042		3
State Street	12/16/20	USD		1,682	KRW		1,971,690		12
								$	(6,367)

A list of the open OTC swap agreements held by the Fund at September 30, 2020, 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)
Goldman Sachs	1-DAY BRL - CETIP	12.725%	Annually	01/04/2021	BRL		10,608	$	711		$	–	$	711
JPMorgan Chase	1-DAY BRL - CETIP	9.61%	Annually	01/04/2021	BRL		4,626		138			–		138
JPMorgan Chase	1-DAY BRL - CETIP	10.89%	Annually	01/04/2021	BRL		170		6			–		6
JPMorgan Chase	1-DAY BRL - CETIP	10.04%	Annually	01/04/2021	BRL		3,557		118			–		118
JPMorgan Chase	1-DAY BRL - CETIP	9.275%	Annually	01/04/2021	BRL		5,815		157			–		157
JPMorgan Chase	1-DAY BRL - CETIP	8.87%	Annually	01/04/2021	BRL		8,089		195			–		195
Goldman Sachs	28-DAY MXN - TIIE	5.37%	Monthly	03/17/2021	MXN		46,500		9			–		9
Goldman Sachs	3-MONTH MosPrime - RUB	7.515%	Annually	06/10/2021	RUB		1,020,770		481			–		481
JPMorgan Chase	1.3775%	6-MONTH HUF - BUBOR	Semi- Annually	06/17/2021	HUF		654,998		(14	)		–		(14	)
Goldman Sachs	6-MONTH PLN - WIBOR	2.208%	Annually	11/16/2021	PLN		6,842		73			–		73
Citibank	6-MONTH PLN - WIBOR	2.431%	Annually	12/14/2021	PLN		11,000		131			–		131
Goldman Sachs	3-MONTH MosPrime - RUB	6.29%	Annually	12/14/2021	RUB		535,000		92			–		92
Goldman Sachs	6-MONTH HUF - BUBOR	1.265%	Semi- Annually	01/10/2022	HUF		1,537,322		(59	)		–		(59	)
	1-DAY-CLP - Sinacofi Chile
JPMorgan Chase	Interbank Rate Avg	3.430%	Semi- Annually	05/10/2022	CLP		420,527		31			–		31
Goldman Sachs	28-DAY MXN - TIIE	5.900%	Monthly	09/12/2022	MXN		75,956		89			–		89
Goldman Sachs	6-MONTH HUF - BUBOR	0.8385%	Annually	09/21/2022	HUF		1,390,000		(22	)		–		(22	)
Goldman Sachs	1-DAY BRL - CETIP	11.985%	Annually	01/02/2023	BRL		3,000		297			–		297
Goldman Sachs	1-DAY BRL - CETIP	10.04%	Annually	01/03/2023	BRL		5,012		384			–		384
Goldman Sachs	3-MONTH MosPrime - RUB	7.072%	Annually	04/02/2023	RUB		715,570		310			–		310
Goldman Sachs	28-DAY MXN - TIIE	6.355%	Monthly	05/21/2025	MXN		23,145		60			–		60
Citibank	.953%	3-MONTH MYR - KLIBOR	Quarterly	08/18/2025	MYR		11,000		30			–		30
Goldman Sachs	28-DAY MXN - TIIE	6.205%	Monthly	12/08/2025	MXN		16,624		38			–		38
Goldman Sachs	28-DAY MXN - TIIE	6.165%	Monthly	03/05/2026	MXN		47,200		104			–		104
JPMorgan Chase	28-DAY MXN - TIIE	6.13%	Monthly	06/18/2026	MXN		40,000		83			–		83
Goldman Sachs	28-DAY MXN - TIIE	6.381%	Monthly	09/16/2026	MXN		26,000		68			–		68
								$	3,510		$	–	$	3,510

Cross Currency Swaps
Counterparty	Fund Pays	Fund Receives	Payment Frequency	Termination Date	Currency	Notional Amount (Thousands)		Value (Thousands)		Upfront Payment (Thousands)		Net Unrealized Appreciation (Thousands)
JPMorgan Chase	3-MONTH USD - LIBOR	12.90%	Quarterly	10/07/2025	TRY		3,070	$	69	$	–	$	69
JPMorgan Chase	3-MONTH USD - LIBOR	11.065%	Quarterly	12/07/2025	TRY		2,351		163		–		163
								$	232	$	–	$	232

  68   SEI Institutional International Trust / Annual Report / September 30, 2020

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2020, 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)
8.09%	28-DAY MXN - TIIE	Monthly	01/28/2021	MXN		133,260	$	(71	)	$	–	$	(71	)
28-DAY MXN - TIIE	4.85 FIXED	Monthly	07/25/2025	MXN		6,144		(2	)		–		(2	)
D CHINA FIXING REPO RATES (CNRR07)	.605%	Quarterly	07/16/2025	CNY		45,500		(6	)		–		(6	)
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	1.16%	Semi-Annually	06/23/2025	CLP		2,335,691		(4	)		–		(4	)
9925%	6-MONTH HUF - BUBOR	Semi-Annually	06/23/2025	HUF		734,635		36			–		36
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	.36%	Semi-Annually	06/17/2025	CLP		1,931,133		21			–		21
0.644 FIXED	6-MONTH PLN - WIBOR	Semi-Annually	06/09/2025	PLN		11,248		(25	)		–		(25	)
28-DAY MXN - TIIE	.45% FIXED	Monthly	04/01/2025	MXN		27,064		74			–		74
6-MONTH HUF - BUBOR	.725%	Annually	03/25/2025	HUF		598,334		(50	)		–		(50	)
28-DAY MXN - TIIE	.62 FIXED	Monthly	03/21/2025	MXN		19,328		59			–		59
5.0975%	INR - MIBOR	Semi-Annually	02/26/2025	INR		76,447		(31	)		–		(31	)
5.08125%	INR - MIBOR	Semi-Annually	02/25/2025	INR		152,895		(61	)		–		(61	)
1-DAY BRL - CETIP	.455%	Annually	01/02/2025	BRL		3,591		10			–		10
1-DAY BRL - CETIP	6.82%	Annually	01/02/2025	BRL		3,362		10			–		10
1-DAY BRL - CETIP	.65%	Annually	01/02/2025	BRL		12,389		(48	)		–		(48	)
1-DAY BRL - CETIP	.77 FIXED	Annually	01/02/2025	BRL		4,102		11			–		11
1-Day Mumbai Interbank Bid Rate - (MIBID)	4.26%	Semi-Annually	08/14/2025	INR		204,000		(21	)		–		(21	)
6-MONTH HUF - BUBOR	0.81%	Annually	09/12/2024	HUF		75,000		(4	)		–		(4	)
28-DAY MXN - TIIE	7.72%	Monthly	12/03/2026	MXN		8,000		47			–		47
2.969%	6-MONTH HUF - BUBOR	Semi-Annually	02/08/2029	HUF		200,000		(32	)		–		(32	)
%	6-MONTH PLN - WIBOR	Semi-Annually	06/12/2030	PLN		8,141		(21	)		–		(21	)
.33%	1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	Semi-Annually	06/05/2030	CLP		830,041		(80	)		–		(80	)
1-DAY COP - COLUMBIA IBR	5.45%	Quarterly	03/12/2030	COP		1,338,006		(33	)		–		(33	)
1-DAY COP - COLUMBIA IBR	5.47%	Quarterly	03/11/2030	COP		879,919		(22	)		–		(22	)
1-DAY COP - COLUMBIA IBR	5.4%	Quarterly	03/11/2030	COP		2,751,828		(66	)		–		(66	)
6-MONTH PLN - WIBOR	1.75%	Annually	02/26/2030	PLN		11,700		243			–		243
1.61%	6-MONTH HUF - BUBOR	Semi-Annually	01/17/2030	HUF		135,000		3			–		3
1.81%	6-MONTH CZK - PRIBOR	Semi-Annually	01/17/2030	CZK		10,000		(43	)		–		(43	)
1.805%	6-MONTH PLN - WIBOR	Semi-Annually	12/17/2029	PLN		11,500		(252	)		–		(252	)
1.4925%	6-MONTH CZK - PRIBOR	Semi-Annually	11/18/2029	CZK		33,000		97			–		97
6.82%	28-DAY MXN - TIIE	Monthly	09/10/2029	MXN		33,993		(121	)		–		(121	)
6.9225%	28-DAY MXN - TIIE	Monthly	08/31/2029	MXN		42,602		(166	)		–		(166	)
3-MONTH ZAR - JIBAR	8.49%	Quarterly	07/18/2029	ZAR		10,000		(11	)		–		(11	)
5.37	1-DAY COP- COLUMBIA IBR	Quarterly	06/21/2029	COP		1,800,000		(44	)		–		(44	)
5.915%	1-DAY COP- COLUMBIA IBR	Quarterly	05/15/2029	COP		3,600,000		(133	)		–		(133	)
28-DAY MXN - TIIE	7.51%	Monthly	04/20/2027	MXN		8,110		45			–		45
1.675%	6-MONTH CZK - PRIBOR	Semi-Annually	07/17/2024	CZK		21,146		(41	)		–		(41	)
1.64	6-MONTH CZK - PRIBOR	Semi-Annually	06/21/2024	CZK		14,000		(26	)		–		(26	)
28-DAY MXN - TIIE	.47%	Monthly	06/19/2024	MXN		95,833		3			–		3
28-DAY MXN - TIIE	6.71%	Monthly	07/07/2022	MXN		37,637		65			–		65
6-MONTH HUF - BUBOR	.645&	Annually	06/25/2022	HUF		1,811,931		(50	)		–		(50	)
28-DAY MXN - TIIE	6.745%	Monthly	06/23/2022	MXN		26,758		46			–		46
6-MONTH HUF - BUBOR	675%	Annually	06/23/2022	HUF		1,807,262		(28	)		–		(28	)
1-DAY BRL - CETIP	.885 FIXED	Annually	01/03/2022	BRL		15,625		(4	)		–		(4	)
1-DAY BRL - CETIP	2.99%	Annually	01/03/2022	BRL		20,697		(1	)		–		(1	)
1-DAY BRL - CETIP	5.89%	Annually	01/03/2022	BRL		27,057		160			–		160

  SEI Institutional International Trust / Annual Report / September 30, 2020   69

SCHEDULE OF INVESTMENTS

September 30, 2020

Emerging Markets Debt Fund (Concluded)

Fund Pays	Fund Receives	Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments/ Receipts (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
1.960%	1-DAY-CLP - Sinacofi Chile		Semi-Annually		12/12/2021		CLP
	Interbank Rate Avg								2,569,905	$	(58	)	$	–	$	(58	)
6-MONTH CZK - PRIBOR	2.135%		Annually		11/18/2021		CZK		155,000		138			–		138
6-MONTH PLN - WIBOR	2.263%		Annually		11/12/2021		PLN		7,000		40			–		40
6-MONTH CZK - PRIBOR	2.225%		Annually		11/11/2021		CZK		40,000		36			–		36
6-MONTH CZK - PRIBOR	2.07%		Annually		09/30/2021		CZK		121,000		92			–		92
6-MONTH CZK - PRIBOR	2.1%		Annually		09/30/2021		CZK		150,349		114			–		114
8.145%	28-DAY MXN - TIIE		Monthly		01/28/2021		MXN		136,359		(74	)		–		(74	)
8.125%	28-DAY MXN - TIIE		Monthly		01/28/2021		MXN		60,000		(33	)		–		(33	)
China 7-Day Reverse Repo Rate	2.5375%		Quarterly		08/31/2022		CNY		44,500		13			–		13
1-DAY COP - COLUMBIA IBR	2.87%		Annually		09/01/2022		COP		16,554,805		21			–		21
1-DAY COP - COLUMBIA IBR	.775%		Annually		09/02/2022		COP		12,743,638		13			–		13
1-DAY BRL - CETIP	5.25%		Annually		01/02/2023		BRL		11,519		33			–		33
1.7	6-MONTH CZK - PRIBOR		Semi-Annually		06/18/2024		CZK		140,000		(270	)		–		(270	)
6-MONTH PLN - WIBOR	.65 FIXED		Annually		03/26/2024		PLN		2,804		8			–		8
6-MONTH PLN - WIBOR	.63 FIXED		Annually		03/26/2024		PLN		3,196		8			–		8
1.9865%	6-MONTH PLN - WIBOR		Semi-Annually		03/25/2024		PLN		14,396		(214	)		–		(214	)
1-DAY BRL - CETIP	4.835%		Annually		01/02/2024		BRL		21,544		(76	)		–		(76	)
1-DAY BRL - CETIP	.5 FIXED		Annually		01/02/2024		BRL		4,808		21			–		21
1-DAY BRL - CETIP	5.56%		Annually		01/02/2024		BRL		18,819		(1	)		–		(1	)
.21%	1-DAY COP- COLUMBIA IBR		Quarterly		07/08/2030		COP		1,318,748		3			–		3
1-DAY BRL - CETIP	.76%		Annually		01/02/2024		BRL		8,953		8			–		8
1-DAY BRL - CETIP	.23 FIXED		Annually		01/02/2023		BRL		5,579		35			–		35
1-DAY BRL - CETIP	.77 FIXED		Annually		01/02/2023		BRL		6,361		51			–		51
1-DAY BRL - CETIP	3.8875%		Annually		01/02/2023		BRL		12,478		(24	)		–		(24	)
1-DAY BRL - CETIP	9.255%		Annually		01/02/2023		BRL		2,368		38			–		38
1-DAY BRL - CETIP	11.475%		Annually		01/02/2023		BRL		3,524		80			–		80
1-DAY BRL - CETIP	5.655		Annually		01/02/2023		BRL		2,705		12			–		12
1-DAY BRL - CETIP	6.61%		Annually		01/02/2023		BRL		4,693		35			–		35
28-DAY MXN - TIIE	.55% FIXED		Monthly		04/13/2023		MXN		52,615		56			–		56
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg	.145%		Semi-Annually		08/24/2030		CLP		444,725		(8	)		–		(8	)
										$	(470	)	$	–	$	(470	)

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 Depreciation (Thousands)

CDX.EM.34.V1

Buy

1.00%

Quarterly

12/20/2025

21,298

$

1,355

$

1,427

$

(72

)

Percentages are based on Net Assets of $1,473,435 ($ Thousands).

** The rate reported is the 7-day effective yield as of September 30, 2020.

† 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, 2020, the value of these securities amounted to $277,531 ($ Thousands), representing 18.8% of the Net Assets of the Fund.

(B) Certain securities or partial positions of certain securities are on loan at September 30, 2020 (See Note 9). The total market value of securities on loan at September 30, 2020 was $14,743 ($ Thousands).

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

(D) Security is in default on interest payment.

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

(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) Perpetual security with no stated maturity date.

(H) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of September 30, 2020 was $15,318 ($ Thousands).

  70   SEI Institutional International Trust / Annual Report / September 30, 2020

ARS — Argentine Peso

BRL — Brazilian Real

BUBOR— Budapest Interbank Offered Rate

CETIP— Central of Custody and Financial Settlement of Securities

CLP — Chilean Peso

CNY — Chinese Yuan Onshore

COP — Colombian Peso

CZK — Czech Koruna

DAC — Designated Activity Company

DOP — Dominican Peso

EGP — Egyptian Pound

EUR — Euro

GHS — Ghanaian Cedi

HUF — Hungarian Forint

IBR — Interbank Rate

ICE— Intercontinental Exchange

IDR — Indonesian Rupiah

INR — Indian Rupee

JPY — Japanese Yen

JSC — Joint-Stock Company

KLIBOR — Kuala Lumpur Interbank Offered Rate

KRW — Korean Won

LIBOR— London Interbank Offered Rate

L.P. — Limited Partnership

Ltd. — Limited

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NGN — Nigerian Naira

PEN — Peruvian Nuevo Sol

PHP— Philippine Peso

PLN — Polish Zloty

PRIBOR— Prague Interbank Offered Rate

RON — Romanian Leu

RSD — Serbian Dinar

RUB — Russian Ruble

SGD — Singapore Dollar

Ser — Series

THB — Thai Bhat

TIIE —Interbank Equilibrium Interest Rate

TRY — Turkish Lira

UAH — Ukrainian Hryvnia

ULC — Unlimited Liability Company

USD — U.S. Dollar

UYU — Uruguayan Peso

WIBOR— Warsaw Interbank Offered Rate

VAR — Variable Rate

ZAR — South African Rand

Investments in Securities	Level 1   ($)		Level 2   ($)		Level 3   ($)(1)		Total ($)
Global Bonds		–		1,405,762		–		1,405,762
U.S. Treasury Obligation		–		14,981		–		14,981
Affiliated Partnership		–		15,318		–		15,318
Total Investments in Securities		–		1,436,061		–		1,436,061

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		278			–			–		278
Unrealized Depreciation		(679	)		–			–		(679	)
Forwards Contracts*
Unrealized Appreciation		–			5,765			–		5,765
Unrealized Depreciation		–			(12,132	)		–		(12,132	)
OTC Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			3,605			–		3,605
Unrealized Depreciation		–			(95	)		–		(95	)
Cross Currency Swaps*
Unrealized Appreciation		–			232			–		232
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			1,785			–		1,785
Unrealized Depreciation		–			(2,255	)		–		(2,255	)
Credit Default Swaps*
Unrealized Depreciation		–			(72	)		–		(72	)
Total Other Financial Instruments		(401	)		(3,167	)		–		(3,568	)

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

For the year ended September 30, 2020, there were no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the period ended September 30, 2020 ($ Thousands):

Security Description	Value 9/30/2019	Purchases at Cost	Proceeds from Sales	Realized Gain	Change in Unrealized Appreciation	Value 9/30/2020	Shares	Income	Capital Gains
SEI Liquidity Fund, L.P.	$87,228	$231,055	$(302,978)	$8	$5	$15,318	15,314,028	$177	$—

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, 2020   71

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

September 30, 2020

	International Equity Fund				Emerging Markets Equity Fund				International Fixed Income Fund				Emerging Markets Debt Fund
Assets:
Investments, at value †		$	3,749,437	*		$	1,619,761	*		$	499,832			$	1,420,743*
Affiliated investments, at value ††			166,233				47,222				–				15,318
Cash			49,222				18,462				7,428				32,797
Cash pledged as collateral for forward foreign currency contracts			–				–				–				3,520
Cash pledged as collateral for futures contracts			7,756				3,370				435				2,475
Cash pledged as collateral for swap contracts			–				–				142				1,330
Foreign currency, at value †††			6,376				7,501				1,163				3,046
Receivable for fund shares sold			1,236				615				245				562
Receivable for investment securities sold			16,664				8,579				2,810				6,598
Dividends and interest receivable			9,046				2,411				2,944				20,753
Unrealized gain on forward foreign currency contracts			–				–				6,431				5,765
Unrealized gain on foreign spot currency contracts			–				–				1,051				22
Due from broker			–				–				–				1,523
Swap contracts, at value ††††			–				–				97				3,837
Foreign tax reclaim receivable			12,343				72				–				–
Receivable for variation margin			23				501				166				282
Prepaid expenses			40				17				6				16
Total Assets			4,018,376				1,708,511				522,750				1,518,587
Liabilities:
Payable upon return on securities loaned			94,816				20,013				–				15,310
Payable for investment securities purchased			16,336				3,200				3,764				14,319
Payable for fund shares redeemed			3,180				2,917				278				1,232
Swap contracts, at value ††††			–				–				294				95
Payable for variation margin			812				–				150				206
Administration fees payable			1,013				615				137				530
Unrealized loss on foreign currency spot contracts			14				9				128				68
Unrealized loss on forward foreign currency contracts			–				–				3,203				12,132
Trustees fees payable			1				–				–				–
Chief compliance officer fees payable			5				2				1				2
Administrative servicing fees payable			4				–				–				–
Shareholder servicing fees payable			479				321				91				288
Investment advisory fees payable			1,642				1,325				96				766
Accrued expense payable			282				241				80				204
Accrued foreign capital gains tax on appreciated securities			–				2,635				–				–
Total Liabilities			118,584				31,278				8,222				45,152
Net Assets		$	3,899,792			$	1,677,233			$	514,528			$	1,473,435
† Cost of investments		$	3,474,342			$	1,256,791			$	471,916			$	1,465,519
†† Cost of affiliated investments			166,224				47,214				–				15,315
††† Cost of foreign currency			6,382				7,461				1,159				3,036
†††† Cost (premiums received)			–				–				(105	)			–
* Includes market value of securities on loan			90,323				18,725				–				14,743

  72   SEI Institutional International Trust / Annual Report / September 30, 2020

	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)			$	3,678,629			$	1,480,081			$	510,034			$	1,599,424
Total distributable earnings/(loss)				221,163				197,152				4,494				(125,989)
Net Assets			$	3,899,792			$	1,677,233			$	514,528			$	1,473,435
Net Asset Value, Offering and Redemption Price Per Share — Class F			$	10.86			$	12.06			$	10.46			$	9.80
		($3,568,372,946 ÷ 328,728,110 shares)				($1,542,551,467 ÷ 127,941,213 shares)				($445,864,185 ÷ 42,641,783 shares)				($1,374,566,013 ÷ 140,280,940 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class I			$	10.87				N/A				N/A				N/A
		($1,350,165 ÷ 124,231 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class Y			$	10.86			$	12.07			$	10.47			$	9.79
		($330,068,495÷ 30,398,865 shares)				($134,681,529 ÷ 11,159,072 shares)				($68,664,161 ÷ 6,557,890 shares)				($98,868,564 ÷ 10,100,457 shares)

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

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

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

  SEI Institutional International Trust / Annual Report / September 30, 2020   73

STATEMENTS OF OPERATIONS ($ Thousands)

For the year ended September 30, 2020

	International Equity Fund				Emerging Markets Equity Fund				International Fixed Income Fund				Emerging Markets Debt Fund
Investment Income:
Dividends		$	89,618			$	39,732			$	–			$	–
Income from affiliated investments(1)			439				180				–				–
Interest Income			477				185				6,843				84,852
Security lending income — net(2)(3)			1,027				339				–				177
Less: foreign taxes withheld			(11,298	)			(4,472	)			(82	)			(1,816	)
Total Investment Income			80,263				35,964				6,761				83,213
Expenses:
Investment advisory fees			19,891				17,597				1,542				13,031
Administration fees			12,323				7,385				2,313				6,849
Shareholder servicing fees — Class F			8,983				3,845				1,113				3,571
Shareholder servicing fees — Class I			4				–				–				–
Administrative servicing fees — Class I			4				–				–				–
Printing fees			573				245				74				221
Custodian/wire agent fees			430				750				139				453
Professional fees			195				64				25				75
Trustees’ fees			82				35				11				31
Registration fees			60				26				8				24
Chief compliance officer fees			22				9				3				8
Other expenses			181				89				132				177
Total Expenses			42,748				30,045				5,360				24,440
Less:
Waiver of investment advisory fees			–				(1,676	)			(227	)			(3,524	)
Waiver of administration fees			–				–				(51	)			(300	)
Waiver of shareholder servicing fees — Class F			(72	)			–				–				–
Net Expenses			42,676				28,369				5,082				20,616
Net Investment Income			37,587				7,595				1,679				62,597
Net Realized Gain (Loss) on:
Investments			30,468				(55,201	)			3,939				(6,780	)
Affiliated investments			13				1				–				8
Futures contracts			3,147				6,223				(3,952	)			1,550
Swap contracts			–				–				(333	)			469
Purchased and written options			–				–				–				(279	)
Foreign currency transactions			(250	)			(944	)			(265	)			(37,890	)
Forward foreign currency contracts			211				–				(14,131	)			(9,493	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments			49,626				182,067				18,010				(25,953	)
Affiliated investments			3				–				–				5
Futures contracts			(2,324	)			1,306				(136	)			222
Option contracts			–				–				–				153
Swap contracts			–				–				(169	)			2,150
Foreign capital gains tax on appreciated securities			–				(2,067	)			–				–
Foreign currency translation of other assets and liabilities denominated in foreign currencies			892				80				1,095				554
Forward foreign currency contracts			–				–				(2,541	)			(2,620	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	119,373			$	139,060			$	3,196			$	(15,307	)

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

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

(3) See Note 9 in the Notes to Financial Statements for additional information.

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

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

  74   SEI Institutional International Trust / Annual Report / September 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the years ended September 30,

	International Equity Fund				Emerging Markets Equity Fund
	2020		2019		2020		2019
Operations:
Net investment income	$	37,587	$	78,036	$	7,595	$	16,194
Net realized gain (loss) on investments and futures contracts		33,628		(92,628)		(48,977)		(72,504)
Net realized loss on forward foreign currency contracts and foreign currency transactions		(39)		(1,944)		(944)		(1,474)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		47,305		(191,554)		183,373		26,765
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		892		(332)		80		6
Net change in unrealized depreciation on foreign capital tax gains on appreciated securities		—		—		(2,067)		(145)
Net Increase (Decrease) in Net Assets Resulting from Operations		119,373		(208,422)		139,060		(31,158)
Distributions:
Class F		(67,877)		(53,543)		(18,642)		(9,542)
Class I		(25)		(25)		N/A		N/A
Class Y		(7,618)		(5,551)		(2,039)		(1,045)
Total Distributions		(75,520)		(59,119)		(20,681)		(10,587)
Capital Share Transactions:
Class F:
Proceeds from shares issued		568,725		581,641		259,125		262,961
Reinvestment of dividends & distributions		62,626		49,614		17,191		8,884
Cost of shares redeemed		(794,429)		(720,379)		(408,775)		(337,016)
Net Decrease from Class F Transactions		(163,078)		(89,124)		(132,459)		(65,171)
Class I:
Proceeds from shares issued		491		398		N/A		N/A
Reinvestment of dividends & distributions		13		15		N/A		N/A
Cost of shares redeemed		(1,060)		(960)		N/A		N/A
Net Decrease from Class I Transactions		(556)		(547)		N/A		N/A
Class Y:
Proceeds from shares issued		72,880		107,012		30,639		50,713
Reinvestment of dividends & distributions		7,068		5,135		1,901		971
Cost of shares redeemed		(118,964)		(68,972)		(51,350)		(29,199)
Net Increase (Decrease) from Class Y Transactions		(39,016)		43,175		(18,810)		22,485
Net Decrease in Net Assets Derived from Capital Share Transactions		(202,650)		(46,496)		(151,269)		(42,686)
Net Decrease in Net Assets		(158,797)		(314,037)		(32,890)		(84,431)
Net Assets:
Beginning of Year		4,058,589		4,372,626		1,710,123		1,794,554
End of Year	$	3,899,792	$	4,058,589	$	1,677,233	$	1,710,123
Capital Share Transactions:
Class F:
Shares issued		56,479		55,772		23,437		23,647
Reinvestment of distributions		5,441		5,278		1,385		859
Shares redeemed		(78,402)		(69,493)		(36,491)		(30,383)
Total Class F Transactions		(16,482)		(8,443)		(11,669)		(5,877)
Class I:
Shares issued		51		38		N/A		N/A
Reinvestment of distributions		1		2		N/A		N/A
Shares redeemed		(109)		(93)		N/A		N/A
Total Class I Transactions		(57)		(53)		N/A		N/A
Class Y:
Shares issued		7,463		10,480		2,869		4,578
Reinvestment of distributions		615		547		153		94
Shares redeemed		(12,369)		(6,631)		(4,844)		(2,626)
Total Class Y Transactions		(4,291)		4,396		(1,822)		2,046
Net Decrease in Shares Outstanding from Share Transactions		(20,830)		(4,100)		(13,491)		(3,831)

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

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

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

  SEI Institutional International Trust / Annual Report / September 30, 2020   75

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands) (Concluded)

For the years ended September 30,

	International Fixed Income Fund				Emerging Markets Debt Fund
	2020		2019		2020		2019
Operations:
Net investment income	$	1,679	$	2,207	$	62,597	$	77,900
Net realized gain (loss) on investments, futures contracts and swap contracts		(346)		4,840		(5,032)		(8,302)
Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions		(14,396)		11,720		(47,383)		(48,917)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, option contracts and swap contracts		17,705		21,837		(23,423)		111,211
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(1,446)		3,144		(2,066)		(3,018)
Net Increase (Decrease) in Net Assets Resulting from Operations		3,196		43,748		(15,307)		128,874
Distributions:
Class F		(14,461)		(19,278)		(11,445)		(24,016)
Class Y		(2,410)		(2,040)		(1,066)		(2,284)
Total Distributions		(16,871)		(21,318)		(12,511)		(26,300)
Capital Share Transactions:
Class F:
Proceeds from shares issued		80,130		76,574		207,358		224,174
Reinvestment of dividends & distributions		13,322		17,932		10,357		21,787
Cost of shares redeemed		(87,928)		(100,729)		(300,839)		(308,307)
Net Increase (Decrease) from Class F Transactions		5,524		(6,223)		(83,124)		(62,346)
Class Y:
Proceeds from shares issued		16,132		28,909		23,514		30,730
Reinvestment of dividends & distributions		2,180		1,813		985		2,127
Cost of shares redeemed		(17,464)		(7,009)		(35,537)		(42,670)
Net Increase (Decrease) from Class Y Transactions		848		23,713		(11,038)		(9,813)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		6,372		17,490		(94,162)		(72,159)
Net Increase (Decrease) in Net Assets		(7,303)		39,920		(121,980)		30,415
Net Assets:
Beginning of Year		521,831		481,911		1,595,415		1,565,000
End of Year	$	514,528	$	521,831	$	1,473,435	$	1,595,415
Capital Share Transactions:
Class F:
Shares issued		7,694		7,424		21,356		23,304
Reinvestment of distributions		1,290		1,798		1,060		2,186
Shares redeemed		(8,463)		(9,831)		(31,470)		(32,215)
Total Class F Transactions		521		(609)		(9,054)		(6,725)
Class Y:
Shares issued		1,551		2,797		2,528		3,226
Reinvestment of distributions		211		182		102		214
Shares redeemed		(1,687)		(677)		(3,816)		(4,425)
Total Class Y Transactions		75		2,302		(1,186)		(985)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		596		1,693		(10,240)		(7,710)

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

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

  76   SEI Institutional International Trust / Annual Report / September 30, 2020

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)
2020		$10.68		$0.10		$0.28		$0.38		$(0.20)		$—		$(0.20)		$10.86		3.44%		$3,568,373	1.11%	1.11%	1.11%		0.94%		102%
2019		11.38		0.20		(0.75)		(0.55)		(0.15)		—		(0.15)		10.68		(4.63)		3,686,195	1.10(3)	1.10(3)	1.10(3)		1.92		73
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
Class I
2020		$10.68		$0.07		$0.28		$0.35		$(0.16)		$—		$(0.16)		$10.87		3.19%		$1,350	1.36%	1.36%	1.36%		0.63%		102%
2019		11.37		0.17		(0.74)		(0.57)		(0.12)		—		(0.12)		10.68		(4.90)		1,932	1.35(5)	1.35(5)	1.35(5)		1.61		73
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
Class Y
2020		$10.68		$0.12		$0.29		$0.41		$(0.23)		$—		$(0.23)		$10.86		3.68%		$330,069	0.86%	0.86%	0.86%		1.16%		102%
2019		11.39		0.23		(0.76)		(0.53)		(0.18)		—		(0.18)		10.68		(4.43)		370,462	0.85(6)	0.85(6)	0.85(6)		2.24		73
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
Emerging Markets Equity Fund
Class F(2)
2020		$11.21		$0.05		$0.93		$0.98		$(0.13)		$—		$(0.13)		$12.06		8.75%		$1,542,551	1.71%(7)	1.71%(7)	1.81%(8)		0.43%		90%
2019		11.47		0.10		(0.29)		(0.19)		(0.07)		—		(0.07)		11.21		(1.64)		1,564,523	1.70(7)	1.70(7)	1.81(8)		0.92		89
2018		12.32		0.08		(0.77)		(0.69)		(0.16)		—		(0.16)		11.47		(5.71)		1,668,960	1.69(7)	1.69(7)	1.80(8)		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(7)	1.74(7)	1.82(8)		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)(7)	1.76(4)(7)	1.86(4),(8)		0.59		79
Class Y
2020		$11.22		$0.08		$0.93		$1.01		$(0.16)		$—		$(0.16)		$12.07		8.99%		$134,682	1.46%(9)	1.46%(9)	1.56%(10)		0.66%		90%
2019		11.49		0.14		(0.31)		(0.17)		(0.10)		—		(0.10)		11.22		(1.44)		145,600	1.45(9)	1.45(9)	1.56(10)		1.25		89
2018		12.35		0.11		(0.76)		(0.65)		(0.21)		—		(0.21)		11.49		(5.46)		125,594	1.44(9)	1.44(9)	1.55(10)		0.89		70
2017		10.11		0.10		2.24		2.34		(0.10)		—		(0.10)		12.35		23.46		125,400	1.49(9)	1.49(9)	1.57(10)		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),(9)	1.52(4),(9)	1.62(4) (10)		0.96		79

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

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

** See Note 5 in Notes to Financial Statements.

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

(2) Effective January 31, 2017, Class A Shares converted to Class F Shares of the same Fund.

(3) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.10%, 1.09%, 1.15% and 1.27% for 2019, 2018, 2017 and 2016.

(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 1.35%, 1.34%, 1.40% and 1.52% for 2019, 2018, 2017 and 2016.

(6) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.85%, 0.84%, 0.90% and 1.02% for 2019, 2018, 2017 and 2016.

(7) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.71%, 1.70%, 1.69%, 1.74%, and 1.76% for 2020, 2019, 2018, 2017 and 2016.

(8) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.81%, 1.81%, 1.80%, 1.82%, and 1.86% for 2020, 2019, 2018, 2017 and 2016.

(9) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.46%, 1.45%, 1.44%, 1.49% and 1.52% for 2020, 2019, 2018, 2017 and 2016.

(10) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.56%, 1.56%, 1.55%, 1.58% and 1.62% for 2020, 2019, 2018, 2017 and 2016.

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, 2020   77

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 Fixed Income Fund
Class F(2)
2020		$10.73		$0.03		$0.04		$0.07		$(0.26)		$(0.08)		$(0.34)		$10.46		0.73%		$445,864	1.02%	1.02%	1.08%		0.29%		64%
2019		10.27		0.04		0.88		0.92		(0.40)		(0.06)		(0.46)		10.73		9.28		452,150	1.02(3)	1.02(3)	1.07(4)		0.42		58
2018		10.13		0.07		0.07		0.14		—		—		—		10.27		1.38		438,908	1.02(3)	1.02(3)	1.07(4)		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(3)	1.02(3)	1.08(4)		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(3)(5)	1.05(3)(5)	1.11(4)(5)		0.98		106
Class Y
2020		$10.75		$0.06		$0.03		$0.09		$(0.29)		$(0.08)		$(0.37)		$10.47		0.88%		$68,664	0.77%	0.77%	0.83%		0.54%		64%
2019		10.29		0.07		0.88		0.95		(0.43)		(0.06)		(0.49)		10.75		9.54		69,681	0.77(6)	0.77(6)	0.82(7)		0.66		58
2018		10.12		0.09		0.08		0.17		—		—		—		10.29		1.68		43,003	0.77(6)	0.77(6)	0.82(7)		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(6)	0.77(6)	0.83(7)		0.94		113
2016(8)		10.45		0.12		0.55		0.67		(0.60)		(0.02)		(0.62)		10.50		6.79		12,901	0.80(5)(6)	0.80(5)(6)	0.87(5)(7)		1.23		106
Emerging Markets Debt Fund
Class F(2)
2020		$9.93		$0.40		$(0.45)		$(0.05)		$(0.08)		$—		$(0.08)		$9.80		(0.53)%		$1,374,566	1.36%	1.36%	1.61%		4.07%		95%
2019		9.30		0.47		0.32		0.79		(0.16)		—		(0.16)		9.93		8.51		1,483,467	1.36(9)	1.36(9)	1.62(10)		4.93		114
2018		10.55		0.51		(1.19)		(0.68)		(0.57)		—		(0.57)		9.30		(6.81)		1,451,128	1.36(9)	1.36(9)	1.61(10)		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(9)	1.36(9)	1.63(10)		5.06		79
2016		8.66		0.49		0.93		1.42		—		—		—		10.08		16.40		1,453,586	1.39(5)(9)	1.39(5)(9)	1.65(5)(10)		5.30		86
Class Y
2020		$9.92		$0.42		$(0.45)		$(0.03)		$(0.10)		$—		$(0.10)		$9.79		(0.33)%		$98,869	1.11%	1.11%	1.36%		4.33%		95%
2019		9.28		0.50		0.32		0.82		(0.18)		—		(0.18)		9.92		8.84		111,948	1.11(11)	1.11(11)	1.37(12)		5.18		114
2018		10.57		0.53		(1.18)		(0.65)		(0.64)		—		(0.64)		9.28		(6.57)		113,872	1.11(11)	1.11(11)	1.36(12)		5.34		80
2017		10.12		0.53		0.17		0.70		(0.25)		—		(0.25)		10.57		7.18		108,361	1.11(11)	1.11(11)	1.38(12)		5.31		79
2016		8.67		0.52		0.93		1.45		—		—		—		10.12		16.72		100,566	1.14(5)(11)	1.14(5)(11)	1.40(5)(12)		5.55		86

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

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

** See Note 5 in Notes to Financial Statements.

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

(2) Effective January 31, 2017, Class A Shares converted to Class F Shares of the same Fund.

(3) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.02%, 1.02%, 1.02% and 1.05% for 2019, 2018, 2017 and 2016.

(4) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.07%, 1.07%, 1.08% and 1.11% for 2019, 2018, 2017 and 2016.

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

(6) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.77%, 0.77%, 0.77% and 0.80% for 2019, 2018, 2017 and 2016.

(7) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.82%, 0.82%, 0.83% and 0.87% for 2019, 2018, 2017 and 2016.

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

(9) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.37%, 1.36%, 1.36% and 1.39% for 2019, 2018, 2017 and 2016.

(10) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.62%, 1.61%, 1.63% and 1.65% for 2019, 2018, 2016 and 2015.

(11) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.11%, 1.11%, 1.11% and 1.14% for 2019, 2018, 2017 and 2016.

(12) The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.37%, 1.36%, 1.38% and 1.40% for 2019, 2018, 2017 and 2016.

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

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

  78   SEI Institutional International Trust / Annual Report / September 30, 2020

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

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.

2. SIGNIFICANT ACCOUNTING POLICIES

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

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

  SEI Institutional International Trust / Annual Report / September 30, 2020   79

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2020

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

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using 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 one member 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 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

  80   SEI Institutional International Trust / Annual Report / September 30, 2020

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

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

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

Level 1 — quoted prices in active markets for identical investments

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

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

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

Level 1 or Level 2 inputs as components of the overall fair value measurement.

The valuation techniques used by the Funds to measure fair value during the year ended September 30, 2020 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended September 30, 2020, 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.

Cash and Cash Equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash and cash equivalents on the Statement of Assets and Liabilities/ Consolidated Statement of Assets and Liabilities and Consolidated Statement of Cash Flows. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

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

  SEI Institutional International Trust / Annual Report / September 30, 2020   81

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2020

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 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, 2020, 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, 2020, 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

  82   SEI Institutional International Trust / Annual Report / September 30, 2020

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, 2020, if applicable.

Swap Agreements — To the extent consistent with its investment objective and strategies, a Fund may invest in swap contracts as an efficient means to take and manage risk in the portfolio, including interest rate risk, credit risk and overall yield sensitivity. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“Centrally Cleared swaps”). Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit default swaps involve the periodic payment by a Fund or counterparty of interest based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the outstanding principal of the downgraded debt instrument. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to

the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR (London Interbank Offered Rate) or some other form of index on the notional amount. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal to manage a Fund’s exposure to interest rates. Payments received or made are recorded as realized gains or losses. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. In connection with swap agreements, securities/cash may be set aside as collateral by the Fund’s custodian. A Fund may enter into swap agreements in order to, among other things, change the maturity or duration of the investment portfolio; protect a Fund’s value from changes in interest rates; or expose a Fund to a different security or market.

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

  SEI Institutional International Trust / Annual Report / September 30, 2020   83

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2020

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, 2020, if applicable.

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

Loan Participations and Brady Bonds — To the extent consistent with its investment objective and strategies, a Fund may invest in U.S. dollar-denominated fixed- and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in a Fund having a contractual relationship only with the Lenders, not with the sovereign borrowers. 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

  84   SEI Institutional International Trust / Annual Report / September 30, 2020

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 upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event for corporate or sovereign reference obligations means bankruptcy, failure to pay, obligation acceleration, repudiation/
moratorium or restructuring. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down.

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

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

As of September 30, 2020, the International Fixed Income Fund is the seller (“providing protection”) on a total notional amount of approximately $1 million. The notional amounts of the swaps are not recorded in the financial statements; however the notional amounts approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund was the seller of protection and a credit event were to occur. Those credit default swaps (“CDS”) for which the 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	$                    —	$                    —	$            (294,546)	$                    —	$                (294,546)
Maximum potential amount of future payments	—	—	882,000	—	882,000

  SEI Institutional International Trust / Annual Report / September 30, 2020   85

NOTES TO FINANCIAL STATEMENTS (Continued)    

September 30, 2020

International Fixed Income Fund
Recourse provisions with the third parties any amounts paid under the credit derivative (including any purchased credit protection)	$        —	$        —	$        —	$        —	$        —
Collateral held by the Fund or other third parties which the Fund can obtain upon occurrence of triggering event	—	—	—	—	—

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	$                    —	$                    —	$	—	$                    —	$	—	$	—
101-200	—	—		—	—		—		—
201-300	—	—		—	—		—		—
301-400	—	—		—	—		—		—
>401	—	—		—	—		882,000		882,000
Total	$                    —	$                    —	$	—	$                    —	$	882,000	$	882,000

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

(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.

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 period end was as follows ($ Thousand):

	Asset Derivatives			Liability Derivatives
	Year Ended September 30, 2020			Year Ended September 30, 2020
	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             swaps contracts	$	125†	Net Assets — Unrealized depreciation             on swaps contracts	$	214†
	Net Assets — Unrealized appreciation             on futures contracts		524*	Net Assets — Unrealized depreciation             on futures contracts		151*
Credit contracts	Net Assets — Unrealized appreciation             on swaps contracts		—†	Net Assets — Unrealized depreciation             on swap contracts		189†
Foreign exchange contracts	Unrealized gain on forward foreign             currency contracts		6,431	Unrealized loss on forward foreign             currency contracts		3,203
Total derivatives not accounted for as hedging instruments		$	7,080		$	3,757

  86   SEI Institutional International Trust / Annual Report / September 30, 2020

	Asset Derivatives			Liability Derivatives
	Year ended September 30, 2020			Year ended September 30, 2020
	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	$	278*	Net Assets — Unrealized depreciation             on futures contracts	$	679*
	Net Assets — Unrealized appreciation           on swaps contracts		5,390†	Net Assets — Unrealized depreciation             on swaps contracts		2,350†
Credit Contracts	Net Assets — Unrealized appreciation           on swaps contracts		—†	Net Assets — Unrealized depreciation             on swap contracts		72†
Foreign exchange contracts	Unrealized gain on forward foreign           currency contracts		5,765	Unrealized loss on forward foreign           currency contracts		12,132
	Net Assets — Unrealized appreciation           on swaps contracts		232†	Net Assets — Unrealized depreciation             on swap contracts		—†
Total derivatives not accounted for as hedging instruments		$	11,665		$	15,233

* 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, 2020.

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			$	(2,237)	$	—	$	—	$	(2,237)
Foreign exchange contracts				(1,715)		(14,131)		—		(15,846)
Credit contracts				—		—		(333)		(333)
Total			$	(3,952)	$	(14,131)	$	(333)	$	(18,416)
Derivatives Not Accounted for as Hedging Instruments	Options		Futures		Forward             Currency             Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	—	$	1,550	$	—	$	469	$	2,019
Foreign exchange contracts		(279)		—		(9,493)		—		(9,772)
Total	$	(279)	$	1,550	$	(9,493)	$	469	$	(7,753)
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			$	(136)	$	—	$	59	$	(77)
Foreign exchange contracts				—		(2,541)		—		(2,541)
Credit contracts				—		—		(228)		(228)
Total			$	(136)	$	(2,541)	$	(169)	$	(2,846)

  SEI Institutional International Trust / Annual Report / September 30, 2020   87

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2020

Derivatives Not Accounted for as Hedging Instruments	Options		Futures		Forward              Currency             Contracts		Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	—	$	222	$	—	$	293	$	515
Credit contracts		—		—		—		1,154		1,154
Foreign exchange contracts		153		—		(2,620)		703		(1,764)
Total	$	153	$	222	$	(2,620)	$	2,150	$	(95)

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, 2020 ($ 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		$	23		$	—		$	23		$	812		$	—		$	812
Emerging Markets Equity Fund			501			—			501			—			—			—
International Fixed Income Fund			160			6			166			136			14			150
Emerging Markets Debt Fund			133			149			282			110			96			206

Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2020 amounted to $7,756 ($ Thousands) for the International Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2020 amounted to

$3,370 ($ Thousands) for the Emerging Markets Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2020 amounted to $577 ($ Thousands) for the International Fixed Income Fund. Cash pledged as collateral for exchange-traded and centrally cleared

  88   SEI Institutional International Trust / Annual Report / September 30, 2020

derivative instruments as of September 30, 2020 amounted to $7,325 ($ Thousands) for the Emerging Markets Debt Fund.

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

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

The following is a summary by derivative type of the market value of OTC financial derivative instruments and collateral (received)/pledged as of September 30, 2020 ($ Thousands):

	Financial Derivative Assets						Financial Derivative Liabilities
International Fixed Income Fund	Forward Foreign Currency Contracts		Swap Agreements		Total Over the   Counter		Forward Foreign Currency Contracts		Swap Agreements		Total Over the   Counter		Net Market Value of OTC     Derivatives		Collateral (Received)/   Pledged*		Net Exposures^
Bank of America	$	177	$	—	$	177	$	8	$	—	$	8	$	169	$	—	$	169
Barclays PLC		2,201		—		2,201		169		—		169		2,032		—		2,032
BNP Paribas		1,005		—		1,005		195		—		195		810		—		810
Brown Brothers Harriman		228		—		228		641		—		641		(413)		—		(413)
Citi		18		—		18		289		—		289		(271)		—		(271)
Citigroup		540		—		540		704		—		704		(164)		—		(164)
Commonwealth Bank Of Australia		39		—		39		12		—		12		27		—		27
Credit Suisse First Boston		50		—		50		73		—		73		(23)		—		(23)
Deutsche Bank		—		97		97		—		—		—		97		—		97
Goldman Sachs		108		—		108		95		189		284		(176)		—		(176)
HSBC		67		—		67		72		—		72		(5)		—		(5)
JPMorgan Chase Bank		1,436		—		1,436		627		—		627		809		—		809
Morgan Stanley		480		—		480		205		—		205		275		—		275
RBC		8		—		8		32		—		32		(24)		—		(24)
Standard Chartered		24		—		24		27		—		27		(3)		—		(3)
State Street		27		—		27		48		—		48		(21)		—		(21)
UBS		23		—		23		6		—		6		17		—		17
	Financial Derivative Assets						Financial Derivative Liabilities
Emerging Markets Debt Fund	Forward Foreign Currency Contracts		Swap Agreements		Total Over the   Counter		Forward Foreign Currency Contracts		Swap Agreements		Total Over the   Counter		Net Market Value of OTC     Derivatives		Collateral (Received)/   Pledged*		Net Exposures^
Barclays PLC	$	160	$	—	$	160	$	3	$	—	$	3	$	157	$	—	$	157
Brown Brothers Harriman		2		—		2		—		—		—		2		—		2
Citigroup		922		161		1,083		6,061		—		6,061		(4,978)		2,200		(2,778)
Goldman Sachs		1,322		2,716		4,038		1,461		81		1,542		2,496		—		2,496
JPMorgan Chase Bank		1,756		960		2,716		1,423		14		1,437		1,279		—		1,279
Merrill Lynch		—		—		—		29		—		29		(29)		—		(29)
Morgan Stanley		123		—		123		409		—		409		(286)		260		(26)
Standard Bank		146		—		146		424		—		424		(278)		—		(278)
Standard Chartered		719		—		719		946		—		946		(227)		—		(227)
State Street		615		—		615		1,376		—		1,376		(761)		—		(761)

^ 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.

  SEI Institutional International Trust / Annual Report / September 30, 2020   89

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2020

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, 2020.

The following table discloses the volume of the Funds’ futures contracts, forward foreign currency contracts and swap activity during the six months ended September 30, 2020 ($ Thousands):

	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long	$	46,978	$	25,152	$	–	$	–
Average Notional Balance Short		–		–		–		–
Ending Notional Balance Long		80,240		28,761		–		–
Ending Notional Balance Short		–		–		–		–
Interest Contracts
Average Notional Balance Long		–		–		89,924		53,978
Average Notional Balance Short		–		–		45,420		24,742
Ending Notional Balance Long		–		–		93,686		55,167
Ending Notional Balance Short		–		–		59,666		24,776
Currency Contracts
Average Notional Balance Short		–		–		34,315		–
Ending Notional Balance Short		–		–		35,533		–
Forward Foreign Currency Contracts:
Average Notional Balance Long		–		–		996,402		738,971
Average Notional Balance Short		–		–		996,648		742,672
Ending Notional Balance Long		–		–		1,078,203		711,255
Ending Notional Balance Short		–		–		1,074,046		717,673
Swaps:
Credit Contracts
Average Notional Balance Long		–		–		54		8,266
Average Notional Balance Short		–		–		4,300		947
Ending Notional Balance Long		–		–		–		21,298
Ending Notional Balance Short		–		–		882		–
Interest Contracts
Average Notional Balance		–		–		9,912		251,421
Ending Notional Balance		–		–		56,970		63,245,632
Foreign Exchange Contracts
Average Notional Balance Long		–		–		–		5,421
Ending Notional Balance Long		–		–		–		5,421
Options:
Currency
Average Notional Balance Long†		–		–		–		209

^† Represents cost.

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.

  90   SEI Institutional International Trust / Annual Report / September 30, 2020

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, 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 limitations for each Fund:

	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, 2020, 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, 2021 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, 2020, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:

Investment Sub-Adviser

International Equity Fund

Acadian Asset Management LLC

Causeway Capital Management LLC

INTECH Investment Management LLC

JO Hambro Capital Management Limited

Lazard Asset Management LLC

NWQ Investment Management Company, LLC

WCM Investment Management LLC

Emerging Markets Equity Fund

JO Hambro Capital Management Limited

KBI Global Investors (North America) Ltd.

Lazard Asset Management LLC

Neuberger Berman Investment Advisers LLC

Qtron Investments LLC

RWC Asset Advisors (US) LLC

International Fixed Income Fund

AllianceBernstein L.P.

Colchester Global Investors Ltd.

Wellington Management Company, LLP

Emerging Markets Debt Fund

Colchester Global Investors Ltd.

Marathon Asset Management, L.P.

Neuberger Berman Investment Advisers LLC

Ninety One UK Ltd.

Stone Harbor Investment Partners LP

  SEI Institutional International Trust / Annual Report / September 30, 2020   91

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2020

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.

Such commissions for the year ended September 30, 2020 were as follows ($ Thousands):

International Equity Fund	$	188
Emerging Markets Equity Fund		129

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, 2020 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. As of and during the year ended September 30, 2020, the Trust has not participated in the Program.

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments,

during the year ended September 30, 2020, were as follows:

	International Equity Fund ($ Thousands)		Emerging Markets Equity Fund ($ Thousands)		International Fixed Income Fund ($ Thousands)		Emerging Markets Debt Fund ($ Thousands)
Purchases
U.S. Government		$—		$—		$3,926		$—
Other		3,928,513		1,480,852		299,741		1,379,561
Sales
U.S. Government		—		—		12,789		—
Other		4,139,726		1,659,099		316,561		1,492,243

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

  92   SEI Institutional International Trust / Annual Report / September 30, 2020

investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital and distributable earnings, 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. The permanent difference that is credited or charged to Paid in Capital and Distributable Earnings as of September 30, 2020 is primarily related to net operating losses and distribution in excess of net investment income.

	Paid-in Capital ($ Thousands)			Distributable Earning (Accumulated Losses)
International Fixed Income Fund	$	(9,985	)		$          9,985

These reclassifications have no impact on net assets of the net asset value per share.

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	2020	$	75,520	$	—	$	75,520
	2019		59,119		—		59,119
Emerging Markets Equity Fund	2020		20,681		—		20,681
	2019		10,587		—		10,587
International Fixed Income Fund	2020		16,125		746		16,871
	2019		18,958		2,360		21,318
Emerging Markets Debt Fund	2020		12,511		—		12,511
	2019		26,300		—		26,300

As of September 30, 2020, 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	$	43,972	$	—	$	(29,194	)	$	—		$	—		$	206,384		$	1		$	221,163
Emerging Markets Equity Fund		10,009		—		(83,070	)		(44,681	)		—			314,897			(3	)		197,152
International Fixed Income Fund		—		—		(418	)		(388	)		(7,367	)		26,026			(13,359	)		4,494
Emerging Markets Debt Fund		—		—		(23,012	)		(6,212	)		(16,663	)		(60,729	)		(19,373	)		(125,989	)

Post-October losses represent losses realized on investment transactions from November 1, 2019 through September 30, 2020 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 the year ended September 30, 2020, the International Equity Fund and Emerging Markets Debt Fund utilized capital loss carryforwards to offset capital gains of $52,104 and $2,327 ($ Thousands), respectively.

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

The Funds have capital losses carried forward as follows:

	Short-Term ($ Thousands)			Long-Term ($ Thousands)			Total Capital Loss Carryforwards ($ Thousands)
International Equity Fund		$(29,194)			$—			$(29,194)
Emerging Markets Equity Fund		(73,672	)		(9,398	)		(83,070)
International Fixed Income Fund		(2	)		(416	)		(418)
Emerging Markets Debt Fund		—			(23,012	)		(23,012)

For Federal income tax purposes, the cost of securities owned at September 30, 2020, 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 derivatives, passive

  SEI Institutional International Trust / Annual Report / September 30, 2020   93

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2020

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, 2020, was as follows:

	Federal Tax Cost ($ Thousands)		Appreciated     Securities ($ Thousands)		Depreciated     Securities ($ Thousands)			Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
International Equity Fund	$	3,710,284	$	550,494	$	(344,110	)	$206,384
Emerging Markets Equity Fund		1,349,530		438,306		(123,409	)	314,897
International Fixed Income Fund		472,923		31,342		(5,316	)	26,026
Emerging Markets Debt Fund		1,493,887		53,066		(113,795	)	(60,729)

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, 2020, 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.

To the extent consistent with its Investment Strategy, a Fund may have one of more of the following principal risks:

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. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Funds acquire.

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 — As a result of the Funds’ investments in securities denominated in, and/or receiving revenues in,

foreign currencies, the Funds will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Funds would be adversely affected. 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.

Economic Risks of Global Health Events — Global health events and pandemics, such as COVID-19, have the ability to affect—quickly, drastically and substantially the economies of many nations, states, individual companies and the markets in general and can cause disruptions that cannot necessarily be foreseen. The spread of COVID-19 around the world in 2020 resulted in a substantial number of nations implementing social distancing measures, quarantines, and the shutdown of non-essential businesses and governmental services. Further, it has caused significant volatility in U.S. and international markets. The impact of the outbreak may be short term or may last for an extended period of time.

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 Funds invest. 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.

Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. The prices of the Funds’ 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 Funds’ fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest

  94   SEI Institutional International Trust / Annual Report / September 30, 2020

rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. 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. In response to these events, the Funds’ value may fluctuate and/or the Funds may experience increased redemptions from shareholders, which may impact the Funds’ liquidity or force the Funds to sell securities into a declining or illiquid market.

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Funds’ actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Funds’ expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancing and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Funds.

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

9. SECURITIES LENDING

A Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust’s Board of Trustees. These loans may not exceed 33 1/3% of the total asset value of a Fund (including the loan collateral). No Fund will lend portfolio securities to its Adviser, sub-adviser or their affiliates

unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash. Collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral between 102% and 105% of the market value of borrowed securities for domestic and foreign securities, respectively. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that a Fund may be delayed or 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, 2020 ($ Thousands):

		Securities Loaned at Value			Cash Collateral Received(1)		Net Amount
International Equity Fund	$		90,323	$		90,323		$	—
Emerging Markets Equity Fund			18,725			18,725			—
Emerging Markets Debt Fund			14,743			14,743			—

(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.

  SEI Institutional International Trust / Annual Report / September 30, 2020   95

NOTES TO FINANCIAL STATEMENTS (Concluded)

September 30, 2020

10. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of

September 30, 2020, SPTC held of record the following:

Fund	Class F		Class I		Class Y
International Equity Fund		96.88%		37.87%		45.38%
Emerging Markets Equity Fund		95.40%		—%		65.99%
International Fixed Income Fund		96.68%		—%		99.45%
Emerging Markets Debt Fund		97.87%		—%		52.36%

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. NEW ACCOUNTING PRONOUNCEMENTS

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. Management elected to early adopt the removal and modifications of certain disclosures and delay the adoption of additional disclosures until the effective date.

12. REGULATORY MATTERS

In July 2017, the Financial Conduct Authority, the United Kingdom’s financial regulatory body, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR very likely will cease to be published after that time. Various financial industry groups have begun planning for that transition, whether through marketwide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise, but there are obstacles to converting certain securities and transactions to a new benchmark. Transition planning is at an early stage, and neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the

effectiveness of new hedges placed against existing LIBOR-based investments. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies, resulting in prolonged adverse market conditions for the Fund. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. All of the aforementioned may adversely affect the Fund’s performance or NAV.

13. 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, 2020.

  96   SEI Institutional International Trust / Annual Report / September 30, 2020

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Trustees

SEI Institutional International Trust:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities 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), including the schedules of investments, as of September 30 2020, 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 related notes (collectively, the financial statements) 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, 2020, the results of their operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

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 Company 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 audit 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, 2020, by correspondence with custodians, transfer agents and brokers or by other appropriate auditing procedures when replies 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 27, 2020

  SEI Institutional International Trust / Annual Report / September 30, 2020   97

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited)

The following chart lists Trustees and Officers as of September 30, 2020.

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 1-800-835-4531.

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 74 yrs. old	Chairman of the Board of Trustees*	since 1989	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	92	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 Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 1989 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. 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 and Winton Diversified Opportunities Fund (closed-end investment company) from 2014 to 2018. Vice Chairman of Gallery Trust, Schroder Series Trust and Schroder Global Series Trust from 2015 to 2018. 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, Adviser Managed Trust, The New Covenant Funds and SEI Catholic Values Trust.
William M. Doran One Freedom Valley Drive Oaks, PA 19456 80 yrs. old	Trustee*	since 1988	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.	92	Director of SEI since 1974; Secretary of SEI since 1978. Director of SEI Investments Distribution Co. since 2003. Director of SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Investments (Asia) Limited, SEI Global Nominee Ltd. and SEI Investments—Unit Trust Management (UK) Limited. Trustee of SEI Liquid Asset Trust from 1982 to 2016. Trustee of O’Connor EQUUS from 2014 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of Winton Series Trust from 2014 to 2017. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds from 1991 to 2018. Trustee of The KP Funds from 2013 to 2018. Trustee of Winton Diversified Opportunities Fund from 2014 to 2018. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, Schroder Series Trust, Schroder Global Series Trust and SEI Catholic Values Trust.
TRUSTEES
George J. Sullivan Jr. One Freedom Valley Drive, Oaks, PA 19456 77 yrs. old	Trustee	since 1996	Retired since January 2012. Self-Employed Consultant, Newfound Consultants Inc. April 1997-December 2011.	92	Member of the independent review committee for SEI’s Canadian-registered mutual funds from 2011 to 2017. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 1996 to 2016. Trustee/Director of State Street Navigator Securities Lending Trust from 1996 to 2017. Trustee of SEI Insurance Products Trust from 2013 to 2020. 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, 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 Catholic Values Trust and New Covenant Funds.

  98   SEI Institutional International Trust / Annual Report / September 30, 2020

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 63 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.	92	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2003 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. 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, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
James M. Williams One Freedom Valley Drive, Oaks, PA 19456 72 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. Manager, Pension Asset Management, Ford Motor Company, 1997-1999.	92	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013, Trustee of SEI Liquid Asset Trust from 2004 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. 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, Adviser Managed Trust and SEI Catholic Values Trust.
Mitchell A. Johnson One Freedom Valley Drive, Oaks, PA 19456 78 yrs. old	Trustee	since 2007	Retired Private Investor since 1994.	92	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 SEI Insurance Products Trust from 2013 to 2020. 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, Adviser Managed Trust, The KP Funds, New Covenant Funds and SEI Catholic Values Trust.
Hubert L. Harris, Jr. One Freedom Valley Drive, Oaks, PA 19456 77 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.	92	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 SEI Liquid Asset Trust from 2008 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. 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, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
Susan C. Cote One Freedom Valley Drive Oaks, PA 19456 65 yrs. 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.	92	Trustee of SEI Insurance Products Trust from 2016 to 2020. Trustee of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
James B. Taylor One Freedom Valley Drive Oaks, PA 19456 69 yrs. old	Trustee	since 2018	Retired since December 2017. Chief Investment Officer at Georgia Tech 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.	92	Trustee of SEI Insurance Products Trust from 2018 to 2020. 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 and SEI Catholic Values Trust.
Christine Reynolds One Freedom Valley Drive Oaks, PA 19456 62 yrs. old	Trustee	since 2019	Retired since December 2016. Executive Vice President, Fidelity Investments from 2014-2016. President, Fidelity Pricing and Cash Management Services and Chief Financial Officer of Fidelity Funds from 2008-2014. Chief Operating Officer, Fidelity Pricing and Cash Management Services from 2007-2008. President and Treasurer, Fidelity Funds from 2004-2007. Anti-Money Laundering Officer, Fidelity Funds in 2004. Executive Vice President, Fidelity Funds from 2002-2004. Audit Partner, PricewaterhouseCoopers from 1992-2002.	92	Trustee of SEI Insurance Products Trust from 2019 to 2020. 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 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 Catholic Values Trust and New Covenant Funds.

  SEI Institutional International Trust / Annual Report / September 30, 2020   99

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 74 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
Peter A. Rodriguez One Freedom Valley Drive Oaks, PA 19456 58 yrs. old	Controller and Chief Financial Officer	since 2020	Director, Fund Accounting, SEI Investments Global Funds Services since April 2020 and previously from March 2011 to March 2015; Director, Financial Reporting from June 2017 to March 2020. Director, Centralized Operations from March 2015 to June 2017.	N/A	N/A
Glenn R. Kurdziel One Freedom Valley Drive Oaks, PA 19456 46 yrs. old	Assistant Controller	since 2017	Assistant Controller, Funds Accounting, SEI Investments Global Funds Services (March 2017); Manager, Funds Accounting, SEI Investments Global Funds Services since 2005.	N/A	N/A
Russell Emery One Freedom Valley Drive Oaks, PA 19456 57 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 Alpha Strategy Portfolios, LP from 2007 to 2013. Chief Compliance Officer of New Covenant Funds since February 2012. Chief Compliance Officer of SEI Insurance Products Trust from 2013 to 2020. Chief Compliance Officer of The KP Funds since 2013. Chief Compliance Officer of New Covenant Funds since February 2012. Chief Compliance Officer of O’Connor EQUUS from 2014 to 2016. Chief Compliance Officer of The Advisors’ Inner Circle Fund III since 2014. Chief Compliance Officer of Winton Series Trust from 2014 to 2017. Chief Compliance Officer of Winton Diversified Opportunities Fund from 2014 to 2018. 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 52 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 49 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 44 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 52 yrs. old	Vice President	since 2012	Director of Global Investment Product Management since January 2004.	N/A	N/A
Bridget E. Sudall One Freedom Valley Drive Oaks, PA 19456 39 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 Catholic Values Trust and New Covenant Funds.

  100   SEI Institutional International Trust / Annual Report / September 30, 2020

DISCLOSURE OF FUND EXPENSES (Unaudited)

September 30, 2020

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 April 1, 2020 to September 30, 2020.

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 4/1/20		Ending Account Value 9/30/20		Annualized Expense Ratios		Expenses Paid During Period *
International Equity Fund
Actual Fund Return
Class F		$1,000.00		$1,265.70		1.12%		$6.34
Class I		1,000.00		1,264.00		1.37		7.75
Class Y		1,000.00		1,267.20		0.87		4.93
Hypothetical 5% Return
Class F		$1,000.00		$1,019.40		1.12%		$5.65
Class I		1,000.00		1,018.15		1.37		6.91
Class Y		1,000.00		1,020.65		0.87		4.39
Emerging Markets Equity Fund
Actual Fund Return
Class F		$1,000.00		$1,310.90		1.72%		$9.94
Class Y		1,000.00		1,312.00		1.47		8.50
Hypothetical 5% Return
Class F		$1,000.00		$1,016.40		1.72%		$8.67
Class Y		1,000.00		1,017.65		1.47		7.41

	Beginning Account Value 4/1/20		Ending Account Value 9/30/20		Annualized Expense Ratios		Expenses Paid During Period *
International Fixed Income Fund
Actual Fund Return
Class F		$1,000.00		$1,027.50		1.02%		$5.17
Class Y		1,000.00		1,028.50		0.77		3.90
Hypothetical 5% Return
Class F		$1,000.00		$1,019.90		1.02%		$5.15
Class Y		1,000.00		1,021.15		0.77		3.89
Emerging Markets Debt Fund
Actual Fund Return
Class F		$1,000.00		$1,145.40		1.36%		$7.29
Class Y		1,000.00		1,146.50		1.11		5.96
Hypothetical 5% Return
Class F		$1,000.00		$1,018.20		1.36%		$6.86
Class Y		1,000.00		1,019.45		1.11		5.60

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

  SEI Institutional International Trust / Annual Report / September 30, 2020   101

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

September 30, 2020

Pursuant to Rule 22e-4 under the 1940 Act, the Trust, on behalf of the Funds, has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Program is overseen by the SIMC Liquidity Risk Oversight Committee, and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund.

At a meeting of the Board held on March 24, 2020, the Trustees received a report from the SIMC Liquidity Risk Oversight Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation. The SIMC Liquidity Risk Oversight Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since the Program was implemented on December 1, 2018. The SIMC Liquidity Risk Oversight Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The SIMC Liquidity Risk Oversight Committee further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

  102   SEI Institutional International Trust / Annual Report / September 30, 2020

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 which SIMC provides investment advisory services 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 a Fund’s Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and 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 (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In the case of the initial approval of a Sub-Advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required, pursuant to an exemptive order that has been granted to the Trust by the Securities and Exchange Commission. In connection with their consideration of such initial approvals and renewals, 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.

  SEI Institutional International Trust / Annual Report / September 30, 2020   103

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

At the March 23-25, 2020 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 2-4, 2019, June 22-24, 2020 and September 14-16, 2020. In each case, the Board’s approval (or renewal) was based on its consideration and evaluation of the factors described above, as discussed at the meetings and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and each Sub-Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support 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 ratios 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 and its affiliates’ voluntary waivers of management and other fees to prevent total Fund operating expenses from exceeding any applicable cap, as well as SIMC’s contractual waiver of its management fee with respect to the Emerging Markets Equity Fund to prevent the management fee 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

  104   SEI Institutional International Trust / Annual Report / September 30, 2020

evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

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

Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and 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.

  SEI Institutional International Trust / Annual Report / September 30, 2020   105

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders who do not have a September 30, 2020, taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2020, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended September 30, 2020, 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%	0.04%	100.00%	0.00%	0.05%	0.00%
Emerging Markets Equity Fund	0.00%	0.00%	100.00%	100.00%	0.05%	100.00%	0.00%	0.15%	0.00%
International Fixed Income Fund	0.00%	10.85%	89.15%	100.00%	0.00%	0.00%	0.00%	0.00%	100.00%
Emerging Markets Debt Fund	0.00%	0.00%	100.00%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2020, the amount of foreign source income and foreign tax credit are as follows:

Fund	Foreign Source Income		Foreign Tax Credit Pass Through
Emerging Markets Equity	$	13,402,348	$	4,389,845
International Equity		52,215,806		8,187,257

(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.

  106   SEI Institutional International Trust / Annual Report / September 30, 2020

SEI INSTITUTIONAL INTERNATIONAL TRUST / ANNUAL REPORT / SEPTEMBER 30, 2020

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

Christine Reynolds

Officers

Robert A. Nesher

President and Chief Executive Officer

Peter A. Rodriguez

Controller and Chief Financial Officer

Glenn R. Kurdziel

Assistant Controller

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President and Secretary

David F. McCann

Vice President and Assistant Secretary

Aaron Buser

Vice President and Assistant Secretary

Stephen G. MacRae

Vice President

Bridget E. Sudall

Anti-Money Laundering Compliance Officer and 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 (9/20)

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2020 and 2019 as follows:

		Fiscal Year 2020			Fiscal Year 2019
		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)	$208,580	$0	N/A	$206,500	$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	$534,502	$0	$0	$289,100	$0

Notes:

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

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

(e)(1) The Registrant’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules on auditor independence and whether the provision of such services would compromise the auditor’s independence.

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

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

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.

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

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

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

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

	Fiscal     2020	Fiscal      2019
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not Applicable.

(g)(1) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2020 and 2019 were $534,502 and $289,100, respectively. Non-audit fees consist of SSAE No. 16 review of fund accounting and administration operations, and an attestation report in accordance with Rule 17Ad-13.

(h) During the past fiscal year, the Registrant’s principal accountant provided certain non-audit services to the Registrant’s investment adviser or to entities controlling, controlled by, or under common control with the Registrant’s investment adviser that provide ongoing services to the 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 the Registrant’s Board of Trustees reviewed and considered these non-audit services provided by the Registrant’s principal accountant to the 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. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s Charter, adopted on June 18, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule

30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

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

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

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

SIGNATURES

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

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

Date: December 8, 2020

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

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

Date: December 8, 2020

By:	/s/ Peter A. Rodriguez
	Peter A. Rodriguez
	Controller & CFO

Date: December 8, 2020

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 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: October 2020

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

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

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

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

Date: December 8, 2020

/s/ Robert A. Nesher

Robert A. Nesher

President & CEO

CERTIFICATION

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Peter A. Rodriguez, 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

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

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

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

Date: December 8, 2020

/s/ Peter A. Rodriguez

Peter A. Rodriguez

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 and Chief Executive Officer 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, 2020 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Dated: December 8, 2020

/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 and Chief Financial Officer 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, 2020 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Dated: December 8, 2020

/s/ Peter A. Rodriguez

Peter A. Rodriguez

Controller & CFO