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, 2022

Date of reporting period: September 30, 2022

Item 1.   Reports to Stockholders.

 

September 30, 2022

ANNUAL REPORT

SEI Institutional International Trust

❯ International Equity Fund

❯ Emerging Markets Equity Fund

❯ International Fixed Income Fund

❯ Emerging Markets Debt Fund

Paper copies of the Funds’ shareholder reports are no longer sent by mail, unless you specifically request them from the Funds or from your financial intermediary, such as a broker-dealer or bank. Shareholder reports are available online and you will be notified by mail each time a report is posted on the Funds’ website and provided with a link to access the report online.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, 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.

seic.com

TABLE OF CONTENTS

Letter to Shareholders	1
Management’s Discussion and Analysis of Fund Performance	7
Schedule of Investments	15
Statements of Assets and Liabilities	81
Statements of Operations	83
Statements of Changes in Net Assets	84
Financial Highlights	86
Notes to Financial Statements	88
Report of Independent Registered Public Accounting Firm	107
Trustees and Officers of the Trust	108
Disclosure of Fund Expenses	111
Liquidity Risk Management Program	112
Board of Trustees Considerations in Approving the Advisory Agreement	113
Notice to Shareholders	116

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, 2022 (Unaudited)

To Our Shareholders:

Asset class performance was negative during the reporting period ending September 30, 2022. While equity markets withstood high volatility and concerns over new COVID-19 variants in late 2021, a potential recession, higher interest rates, and surging inflation weakened the backdrop for risk assets during the second half of the fiscal year. Stocks and bonds simultaneously faced steep price declines amid extreme volatility.

Risk assets came under pressure during the final months of the fiscal year following the U.S. Federal Reserve’s (Fed) more aggressive talk and actions. We expect further up-and-down volatility across asset classes. Short-term gyrations notwithstanding, the primary trend in risk assets still appears to be negative.

Tightening supply-chain dynamics contributed to higher prices for both consumers and producers. Intermediate- and long-term interest rates increased from historically low levels due to evidence of rising global inflation.

The U.S. Treasury yield curve flattened, especially over the last few months of the fiscal year, as the Fed hiked its benchmark interest rate. U.S. Treasury yields on the shorter end of the curve rose in greater magnitude than those on the long end. The yield on two-year Treasurys jumped by 394 basis points over the reporting period, while the yields on 10- and 30-year Treasurys rose 231 and 171 basis points, respectively.

Geopolitical events

COVID-19 was an unavoidable and significant theme across the period, claiming its six-millionth victim globally in February 2022 (including more than 900,000 in the U.S.). The first quarter of the period was defined predominantly by markets digesting the potential impact of the Omicron variant discovered in South Africa. Case numbers soared as the new variant proved to be highly transmissible, yet generally less severe.

The U.S. Congress voted to raise the debt ceiling (that is, the federal government’s borrowing limit) twice during the period—first with an October 2021 stopgap hike of $480 billion, and then with a December increase of $2.5 trillion—which is expected to cover spending through early 2023. President Joe Biden signed the Infrastructure Investment and Jobs Act—a multi-year infrastructure funding bill—into law in November 2021. The initiative appropriated $1.2 trillion (including $550 billion above baseline spending), with nearly $300 billion of new spending to fund transportation projects over the next decade, another $65 billion apiece dedicated to broadband internet and power grid projects, and $55 billion reserved for water infrastructure.

In late February 2022, Russia invaded Ukraine. Western nations responded with an array of sanctions, bans, and other coordinated actions—largely focused on disrupting Russia’s financial, energy, technology and transportation activities, as well as state-owned enterprises and high-profile individuals in public and business positions. In addition to mounting fierce resistance to Russia’s invasion, Ukraine submitted a formal application for admission to the European Union (EU).

The imposition of coordinated sanctions effectively blocked Russian entities from trade in major foreign currencies. The Central Bank of the Russian Federation was forced to increase its benchmark rate by 10.5 percentage points to 20.0%; offer unlimited liquidity support to banks as they faced runs; raise capital controls on exporters and residents; and shutter its financial markets. By mid-March, the EU had instituted a broad ban on investments in Russia as well as exports to and imports from the country (although imports of Russian metals and energy were still permitted).

Energy took center stage as inflation drove prices higher. Russia began reducing natural gas pipeline supply to Europe in mid-June, limiting the ability of European nations to stockpile gas for winter, and driving prices in the region much higher.

The North Atlantic Treaty Organization (NATO) announced a plan in the final quarter of the reporting period to increase its high-readiness Response Force (NRF) from 40,000 to 300,000 after activating NRF troops for the first time in its history following Russia’s attack on Ukraine. Sweden and Finland’s paths to join NATO brightened at the end of June. Turkey unblocked their applications and signed a trilateral memorandum of support for their memberships in exchange for weapons sales, and prioritization by the Scandinavian countries of Turkish extradition requests for purported Kurdish militants.

The U.S. followed NATO’s planned increases with its own European expansion announcement. The buildout will include a permanent Army base in Poland, rotations through Romania and the Baltics, more Navy ships in Spain, air defenses in Italy, and fighter jets in the U.K.

SEI Institutional International Trust / Annual Report / September 30, 2022

1

LETTER TO SHAREHOLDERS (Continued)

September 30, 2022 (Unaudited)

Economic performance

U.S. gross domestic product (GDP) continued to slow in July after accelerating sharply from the beginning of the year. GDP contracted by an annualized rate of 1.6% during the first quarter of 2022, and retreated by a 0.6% annualized rate during the second quarter of 2022. The reading marked two consecutive quarters of negative GDP, which meets a widely cited—but unofficial—technical definition of a recession. Many economists view a recession as a significant and sustained decline in economic activity (accompanied by high unemployment) that lasts more than a few months.

Nevertheless, consumer spending, which drives nearly 70% of U.S. economic activity, advanced by 0.4% in August (as measured by the personal consumption expenditures–PCE–price index). This appears to be a combination of wage inflation (consumers have more money) and price inflation (goods cost more to purchase). Many economists and market watchers expect spending to fall if current economic conditions persist.

The U.S. labor market remained quite healthy during the fiscal year and the third quarter of 2022. The U.S. unemployment rate held at 3.5% in September, just above a 50-year low. New claims for unemployment benefits declined throughout the final quarter of the fiscal year, falling back below 200,000 per week in late September for the first time since the spring.

The Federal Open Market Committee (FOMC) increased the federal funds rate by 0.50% (the first hike of its size since 2000) at its early-May 2022 meeting, by 0.75% (the first of its size since 1994) at its mid-June meeting, and then by 0.75% again in July and September, raising the benchmark rate’s target range to 3.0%-3.25%. The central bank also began to accelerate its balance-sheet reduction in September, doubling the amount of monthly Treasury and mortgage holdings that mature without being replaced to maximum paces of $60 billion and $35 billion, respectively.

Market developments

The S&P 500 Index returned -15.47% during the fiscal year. Large-cap value stocks (as measured by the Russell 1000 Value Index) declined 11.36% and led large-cap growth stocks (as measured by the Russell 1000 Growth Index), which fell 22.59%. At the sector level, energy, utilities and consumer staples stocks were the strongest performers within the S&P 500 Index, while telecommunications, consumer discretionary and information technology lagged. Overall, U.S. equities outpaced major developed markets during the fiscal year.

Small-cap stocks, which tend to be sensitive to the success or decline in a local economy, underperformed large caps overall during the period. U.S. large-cap stocks (Russell 1000 Index) finished the reporting period down 17.22%, while small-cap stocks (Russell 2000 Index) fell 23.50%. There has been a significant amount of bad news priced into small-cap stocks. Small-cap earnings generally have held up well—especially for consumer and leisure stocks—but investors remained concerned about whether this trend can continue.

Developed markets, as measured by the MSCI World Index (Net), finished down 19.63% for the year, but outperformed emerging markets. The MSCI Emerging Markets Index (Net) finished the reporting period with a 28.11% loss in U.S.-dollar terms. Emerging-market stocks remained defensively positioned as emerging economies adopted aggressive monetary policies in an effort to combat high inflation and a rising U.S. dollar. Latin America was the only region to post positive equity performance for the 2022 year to date, while European emerging stock markets were the weakest performers. The MSCI Europe ex UK Index posted a 27.82% decline in U.S.-dollar terms.

The MSCI Europe Index (Net) tumbled 24.80% in U.S.-dollar terms over the reporting period. The MSCI ACWI Index (Net), a proxy for global equities in both developed and emerging markets, fell 20.66% in U.S.-dollar terms. The FTSE UK Series All-Share Index recorded a 20.52% drop in U.S.-dollar terms over the full reporting period.

U.S. investment-grade corporate debt, as represented by the Bloomberg US Corporate Investment Grade Index, returned -18.53%, while the U.S. high-yield market, as measured by the ICE BofA US High Yield Constrained Index, was down 14.06% during the reporting period. Within the high-yield market, energy remained the largest sector, and it easily outperformed the broader market. Lower-quality issues also outperformed, as CCC rated securities led the index, followed by B and BB rated issues. U.S. asset-backed securities managed a small gain as the health of U.S. consumers improved during the fiscal year; mortgage-backed securities were down slightly.

The global fixed income market, as measured by the Bloomberg Global Aggregate Bond Index, was down 20.43% for the reporting period. Emerging-market debt (EMD) fared similarly. The J.P. Morgan Global Bond Index-Emerging Markets (GBI-EM) Global Diversified Index, which tracks local-currency-denominated EM bonds, fell 20.63% in U.S.-dollar terms. The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index, which tracks EMD-denominated in external currencies (such as the U.S. dollar), was down 24.28%.

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SEI Institutional International Trust / Annual Report / September 30, 2022

Inflation-sensitive assets, such as commodities and Treasury Inflation-Protected Securities (TIPS), were mixed during the year. The Bloomberg Commodity Total Return Index (which represents the broad commodity market) finished up 6.64% over the reporting period due to increased demand expectations, as well as constrained supply in certain markets.

The U.S. dollar pushed into new-high territory following a strong August 2022 reading of the U.S. Consumer-Price Index and after Fed Chair Jerome Powell indicated that further interest-rate increases were on the way. Fed rate hikes attract investment in U.S. dollar-denominated assets. The large rate differential in favor of the U.S., along with the perception that the country is better positioned economically, are two major reasons behind the U.S. dollar’s extraordinary appreciation thus far in 2022. Outside of the U.S., a declining currency may give a competitive boost to domestic firms that export goods and services to the U.S. market, but it also exacerbates the inflationary pressures stemming from imports that are priced in dollars—most importantly, oil and liquefied natural gas.

Our view

The conflict in Ukraine and Russia’s suspension of natural-gas exports, high global inflation and central banks’ aggressive response to it, and a severe COVID-related slowdown in China are not exactly new; they have simply increased in intensity. Most importantly, they have forced monetary policy-makers globally to admit that they have a major inflation problem on their hands—one that is neither transitory nor likely to be resolved easily.

In our opinion, investors should be prepared to see a federal funds rate that could exceed 5%. Other central banks are following the Fed’s lead, talking tough and following up with outsized policy-rate increases. In the U.K., the bond market has gone haywire and the country’s currency has come under intense downward pressure. To use a newly popular phrase among economists and financial-market participants, things are “starting to break.”

We think that Europe will continue to be the area most under the gun owing to Russia’s suspension of natural-gas exports. Although storage facilities within the EU are now 80%-to-90% full, the continent still needs to have a steady flow of natural gas to get through the high-usage winter months. European governments may be forced to impose disruptive energy-saving restrictions on businesses and citizens. Heavy users of electricity, from aluminum smelters to glassmakers, already have been shutting down.

The U.K. has rolled out a plan to cap the cost of residential electricity at £2,500 per year over the next 18 months. Along with other measures previously announced, funding totals £180 billion, or 6.5% of the nation’s GDP. Other countries that have allocated funds for energy-related relief in excess of 3% of GDP include Croatia, Greece, Italy and Latvia.

We would not be surprised to see more energy-related relief come down the pike. Fiscal deficits could balloon in the same way they did during the early months of the COVID crisis as policy-makers do what they must to protect their populations.

Central bankers are forced by their mandates to lean hard against the rising trend in prices, although they are essentially working at cross-purposes against their own governments’ stimulus efforts. Unfortunately, they’re running just to keep up with the Fed. Interest-rate differentials versus the U.S. are still wide, with only Canada on par with the U.S.

Several large U.S. multinational companies have warned that U.S-dollar strength is beginning to exert a negative impact on revenues, suggesting that the currency’s value has risen well beyond its purchasing power parity (PPP) level. But discrepancies can last for a long time between PPP and market-based exchange rates.

Nonetheless, we would not be surprised to see at least a temporary reversal in the dollar’s trend. Given a catalyst—coordinated government action to weaken the dollar or a surprisingly weak U.S. unemployment report, for example—traders might cover their long positions in a major way, causing the dollar to fall abruptly.

The rise in U.S. hourly compensation has been extensive, with annualized gains exceeding 6% even when measured over a three-year span. This is the sharpest increase in almost four decades. Similar to the 1970s experience, compensation gains have been accelerating even as productivity growth has slowed. We are concerned about this divergence. The difference between the change in compensation and the change in productivity equals the change in unit labor costs.

Although unit labor costs are more volatile than inflation, there is still a strong positive correlation between the two.

Unfortunately, history shows that it usually takes an outright recession to beat down inflation, especially when it gets this intense. It does not appear as though Fed Chair Powell’s hope for a soft landing will happen. Unit labor costs have run far ahead of inflation, and we see no reason to expect a major reversal in the near term, even if the economy stumbles into a bona fide recession.

SEI Institutional International Trust / Annual Report / September 30, 2022

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LETTER TO SHAREHOLDERS (Continued)

September 30, 2022 (Unaudited)

U.S. companies have been able to push higher employment and supply costs onto the consumer. There hasn’t been much of a decline in profit margins yet—they’ve remained above all the previous cyclical peaks going back to 1947. But we suspect that margins are on the cusp of a substantial erosion. It’s typical for profit margins to decline well before an economic recession materializes.

If the economy does fall into recession and profits decline, analysts will probably be forced to mark down earnings estimates aggressively to catch up with reality. Investors aren’t waiting for those earnings revisions. They have been pushing equity prices lower in reaction to the Fed’s aggressive shift and in anticipation of a recession, both in the U.S. and globally.

A fed funds rate in the 4.4%-to-4.9% range in 2023, as projected by Fed policymakers, might still be lower than the actual out-turn. But unless the Fed is truly ready to engineer a severe recession, we think PCE price inflation could settle in a 3%-to-4% range instead of the sub-2% pace recorded over much of the past 25 years.

Several asset classes look sharply oversold again, including equities, bonds, currencies and commodities.

The dollar’s sharp climb has reversed most of this year’s appreciation in the commodities complex. If the dollar breaks to the downside, commodities should break to the upside.

We are still bullish on commodities despite the demand destruction that is occurring in Europe and other parts of the globe. Years of underinvestment in fossil fuels and metals mines will likely lead to periodic shortages over the next few years.

In recent weeks, the Chinese central government has allowed Hong Kong and Macau to open up. This might be a preview of what will happen on the Mainland once the Communist Party National Congress installs President Xi Jinping for an unprecedented third term as General Secretary of the party in October.

President Xi’s position may seem unassailable, but we suspect he’s looking for a way out of his zero-COVID policy. The loosening of restrictions and return to stronger economic growth is the only logical way out.

Other emerging economies would be big beneficiaries of a revival in Chinese economic activity, yet dollar strength is a central factor for investors in emerging-market (EM) equities. The relative performance of the MSCI Emerging Market Total Return Index versus the MSCI World Index peaked in 2010, more-or-less concurrent with the trough in the trade-weighted value of the dollar. EM equities now have surrendered nearly all of the relative gains versus advanced-country stock markets that they achieved between 2000 and 2010 as the dollar has grown stronger.

The rate-hiking cycle actually began far sooner in less-developed economies, during the latter months of 2020. Interest-rate hikes in EMs have accelerated significantly this year, in both frequency and magnitude. At the end of the reporting period, yields on three-month government bonds had reached double digits in Brazil (14.3%), Colombia (10.4%), Hungary (10.0%) and Turkey (17.8%). Among these four, only Brazil’s rate is comfortably above the inflation rate. Turkey, by contrast, is facing an inflation rate of close to 80%. There is little wonder that the Brazilian real has maintained its value against the dollar this year, while the Turkish lira has declined by almost 30%.

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SEI Institutional International Trust / Annual Report / September 30, 2022

The bottom line is that a global recession is forming on the horizon, with Europe and the U.K. more vulnerable to a downturn than the U.S. in the near term.

Short-term gyrations notwithstanding, the primary trend in risk assets still appears negative. Inflation in the U.S. has probably peaked, but we do not expect it to fall as rapidly or as far as the Fed projects. The central bank may still be underestimating the extent to which it needs to tighten monetary policy in order to slow the economy and produce slack in the labor markets.

Sincerely,

James Smigiel

Head and Chief Investment Officer of Non-Traditional Asset Management

SEI Institutional International Trust / Annual Report / September 30, 2022

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LETTER TO SHAREHOLDERS (Concluded)

September 30, 2022 (Unaudited)

Index Definitions

Bloomberg Global Aggregate ex-USD Index, Hedged: is a broad-based benchmark that measures the global investment-grade fixed income markets.

Bloomberg US Corporate Investment Grade Index: is a broad-based benchmark that measures the investment-grade, fixed-rate, taxable corporate bond market.

Bloomberg US Aggregate Bond Index:The Bloomberg Barclays U.S. Aggregate Bond Index is a benchmark index composed of U.S. securities in Treasury, government-related, corporate and securitized sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity and have an outstanding par value of at least $250 million.

Dow Jones Industrial Average:The Index measures the stock performance of 30 large companies listed on stock exchanges in the United States.

FTSE UK Series All-Share Index:is a capitalization-weighted index, comprising around 600 of more than 2,000 companies traded on the London Stock Exchange.

ICE BofA US High Yield Constrained Index:tracks the performance of below-investment-grade, U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market; exposure to individual issuers is capped at 2%.

JP Morgan EMBI Global Diversified Index:tracks the performance of external debt instruments (including U.S.-dollar-denominated and other external-currency-denominated Brady bonds, loans, eurobonds and local-market instruments) in emerging markets.

JP Morgan GBI Emerging Markets Global Diversified Index:tracks the performance of debt instruments issued in local currencies by emerging-market governments.

MSCI EAFE Index: is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

MSCI Europe Index: is a free float-adjusted market-capitalization-weighted index designed to measure the performance of large- and mid-capitalization stocks across developed-market countries in Europe.

MSCI Emerging Markets Index:is a free float-adjusted market-capitalization-weighted index designed to measure the performance of global emerging-market equities.

MSCI World Index: is a free float-adjusted market-capitalization-weighted index that is designed to measure the equity-market performance of developed markets.

Russell 1000^® Index:includes 1,000 of the largest U.S. stocks based on market cap and current index membership; it is used to measure the activity of the U.S. large-cap equity market.

Russell 2000^® Index:The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

S&P 500 Index: is an unmanaged, market-weighted index that consists of approximately 500 of the largest publicly-traded U.S. companies and is considered representative of the broad U.S. stock market.

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SEI Institutional International Trust / Annual Report / September 30, 2022

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (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, 2022: Acadian Asset Management LLC (Acadian), Causeway Capital Management LLC (Causeway), Intech Investment Management LLC (INTECH), JOHCM (USA) Inc. (JO Hambro), Delaware Investments Fund Advisers, a series of Macquarie Asset Management Business Trust (Macquarie), Pzena Investment Management, LLC (Pzena) and WCM Investment Management LLC (WCM).

During the period, Lazard Asset Management LLC (Lazard) was removed from the Fund, while Pzena was added to the Fund.

III. Return vs. Benchmark

For the year ended September 30, 2022, the Fund’s Class F shares underperformed the MSCI EAFE Index (Net)—which tracks the performance of developed-market equities outside North America—returning -26.82% versus the Index return of -25.13%.

IV. Fund Attribution

Global equity markets fell precipitously over the 12-month reporting period, with much of it coming in the second and third quarters of 2022. There has been a confluence of factors and economic pressures affecting the global economy in various ways. First, we believe that global equities, particularly in the U.S., were expensively valued coming into the fall of 2021. This was especially prevalent in the mega-cap U.S. technology stocks that benefited heavily from the COVID-19 lockdown period. The lockdowns, coupled with fiscal stimulus, hampered supply (both labor and raw materials) and boosted consumer spending – all of which has led to a significant increase in inflation. Accordingly, interest rates have moved quickly higher, as the primary determinant of long bond yields is inflation expectations. In response, the U.S. Federal Reserve (Fed) has raised short-term interest rates significantly over the past 12 months. This has caused a de-rating in equities, especially growth stocks, as fears of excessive monetary policy tightening could cause a recession. As noted in the shareholder letter, the Ukraine-Russia war and skyrocketing

energy prices, especially in Europe, have led to a “perfect storm” for global financial markets.

This backdrop led to relative outperformance of inflation-sensitive pockets such as energy and materials. Technology, cyclical industrials and consumer cyclical stocks have underperformed. Within geographical regions, Europe underperformed over the reporting period due to rising energy prices and the Russia-Ukraine conflict. The UK outperformed due to more of its benchmark index comprising banks and energy. Canada and Australia, as well as resource-rich emerging markets such as Latin America, outperformed during the period.

Value was the best-performing alpha source over the 12-month period due to its overweights to the energy and financials sectors. We also believe that higher interest rates are relatively beneficial for undervalued stocks and detrimental to overpriced growth stocks. That is, value investing performed well across sectors during the reporting period. Momentum also performed fairly well as it has rotated into cheaply priced industries, which has been beneficial. Quality stocks underperformed as their long-duration nature made them more susceptible to the rising interest rates. Low-volatility stocks performed very well amid the risk-off environment over the period, which is consistent with expectations.

Stock selection within sectors had a broadly negative impact on Fund performance for the reporting period, particularly in health care. Regionally, the Fund holds approximately 4% of net assets in emerging Asia, which is not represented in the benchmark MSCI EAFE Index. This exposure had a negative impact on Fund performance as China has been a big underperformer due to its COVID-19 lockdowns. Currency was a strong contributor to Fund performance for the fiscal year due to the underweight to Japan, and the yen was very weak. The Fund’s out-of-benchmark position in the U.S. dollar has also enhanced performance as the greenback strengthened over the period. The Fund’s overweight to value stocks benefited performance, but this allocation preference also caused the Fund to overweight higher-volatility and small-cap stocks, and mega-cap stocks led the way as they are viewed as “safe havens.”

Causeway was the best-performing manager during the reporting period attributable to tailwinds to its value style, which resulted in strong gains from the energy and consumer discretionary sectors. We replaced Lazard (value) with Pzena in July 2022, which boosted the Fund’s value exposure as we still think that value is very attractive. WCM underperformed by a wide margin during the period as its quality, high-growth bias was heavily out of favor. The

SEI Institutional International Trust / Annual Report / September 30, 2022

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (Unaudited)

International Equity Fund (Concluded)

manager was especially hurt by its technology holdings. The Fund’s largest manager, multifactor quantitative manager Acadian, outperformed over the period, bolstered by its value and momentum bias.

JO Hambro was the biggest detractor during the reporting period. JO Hambro is a momentum manager, and we have observed that it hasn’t rotated into value stocks such as energy and banks. The portfolio also had a very large weight in semiconductors, which detracted from performance for the period. Overall, JO Hambro’s high-growth, expensive portfolio did not perform well over the period. Macquarie was a detractor from performance as its overweight allocation to Europe and quality bias was out of favor during the period.

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	-26.82%	-1.52%	-1.44%	3.24%	2.96%
International Equity Fund, Class I	-27.05%	-1.77%	-1.69%	2.97%	2.71%
International Equity Fund, Class Y	-26.70%	-1.29%	-1.21%	3.43%	3.02%
MSCI EAFE Index (Net)	-25.13%	-1.83%	-0.84%	3.67%	3.79%

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, 2022. 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.

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SEI Institutional International Trust / Annual Report / September 30, 2022

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (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 Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: JOHCM (USA) Inc. (JO Hambro), KBI Global Investors (North America) Ltd. (KBI), Neuberger Berman Investment Advisers LLC (Neuberger Berman), Qtron Investments LLC (Qtron), Robeco Institutional Asset Management US Inc. (Robeco), and RWC Asset Advisors (US) LLC (RWC).

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

III. Return vs. Benchmark

For the year ended September 30, 2022, the Fund’s Class F shares underperformed the MSCI Emerging Markets Index (Net)—which tracks the performance of global emerging market equities—returning -29.26% versus the Index return of -28.11%.

IV. Fund Attribution

Emerging-market (EM) equities experienced negative returns during the fiscal year, with the majority of losses occurring in 2022. The Europe, the Middle East and Africa (EMEA) region was the worst performer during the period, marked by the sharp selloff in Russian assets and the expulsion of Russian equities from the MSCI Emerging Markets Index after Russia invaded Ukraine in February 2022, as noted in the shareholder letter. Eastern European stocks suffered from the fallout, with investors pricing in effects of the invasion into securities closer to Ukraine. Russia’s invasion sent shockwaves to the global commodity market, which was already experiencing rising commodity prices fueled by supply/demand imbalances. This was a tailwind to the Middle East, which escaped the global selloff and posted positive returns for the reporting period. Asia was the next-weakest-performing market, with Chinese equities weighing on the region. Regulatory pressure continued to broadly hamper investor sentiment, which was exacerbated by periods of COVID-19 resurgence that led to damaging shutdowns of major Chinese economic hubs, which dampened demand. As developed markets dealt with higher inflation, a series of sharp rate hikes from the U.S. Federal Reserve triggered fears of overtightening and a slowdown in global economic growth, and Asian

exporters such as Korea and Taiwan also experienced broad selloffs. India and Indonesia were the only major Asian countries that escaped the damage as their strong economies helped shield equity values against global selloffs. Latin America was the lone region that garnered a positive return in U.S. dollar terms during the period. Rising commodity prices boosted the equity returns from the market. Most notably, Brazil experienced strong gains in the first three quarters of 2022, benefiting from higher prices for commodities exports.

From a sector perspective, utilities was the best-performing sector within the MSCI Emerging Markets Index, as rising energy prices helped utilities post record profits. Cyclical sectors such as financials and energy also saw strong gains as rising rates in developed markets and higher commodity prices lifted both energy stocks and banks in commodity-exporting countries. Information technology (IT) and communication services were the biggest market laggards, as regulatory uncertainty in China continued to buffet Chinese internet stocks, while global IT stocks suffered from higher interest rates and lower demand forecasts.

Quality was the Fund’s best-performing alpha source over the fiscal year as defensive and profitable companies fared better during market selloffs. High-quality consumer staples and IT companies were among the top performers during the reporting period. Momentum was the next-best-performing alpha source as a trend formed around outperformers in cyclicals that momentum latched onto, while avoiding underperforming stocks in China and Korea. Value was the third-best-performing alpha source, but also was a positive performer due to strong gains within banks and energy.

Health care was the biggest sector contributor to Fund performance due to strong bottom-up results. Consumer discretionary was also a significant contributor due to favorable results within autos and an underweight to the underperforming retailing sector. Real estate also had a positive impact on performance due to the lack of exposure to underperforming Chinese real estate companies. Financials was the most notable laggard due to overexposure to strong banks in countries affected by slowing global growth concerns, as well as underexposure to banks in commodity-exporting countries. The Fund’s positioning in the energy sector weighed on performance, attributable in part to exposure to Russian energy producers that were sanctioned.

From a regional perspective, China was the biggest contributor to Fund performance for the reporting period due to an underweight to the country, especially from value investors with low exposure to ecommerce and real

SEI Institutional International Trust / Annual Report / September 30, 2022

9

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (Unaudited)

Emerging Market Equity Fund (Concluded)

estate sectors. This was enough to bring the net results in EM Asia to a positive return, offsetting losses in India and Taiwan. India was a major detractor from performance due to the lack of exposure to expensive companies within the country, many of which underperformed to a lesser extent in the market selloff. Chile was the largest contributor within Latin America due to favorable exposure to its lithium miners. Brazil was the biggest detractor from Fund performance, though Latin America was a net contributor over the reporting period. The EMEA region was a net detractor from performance. Russia was the biggest overall country detractor due to sanctions hitting Russian assets after Russia’s invasion of Ukraine. An underweight to Saudi Arabia also weighed on Fund performance as rising oil prices lifted the country’s stock prices. Hungary was another notable detractor given the country’s proximity to the Ukraine conflict.

Among Fund managers, Qtron was a significant contributor to Fund performance for the fiscal year, with strong quantitative model-driven results in health care, consumer discretionary, and communication services. JO Hambro was also a big contributor due to the tailwinds to momentum stocks that saw strong returns from real estate and materials stocks in the manager’s portfolio. KBI was a detractor from performance despite tailwinds to value and dividend-yield stocks. The manager’s exposure to Russia had a detrimental effect on relative performance. Neuberger Berman was another detractor due to the lack of exposure to commodity stocks and weak results within industrials and real estate. RWC also detracted from performance due to weak bottom-up results within financials and IT. Robeco was the biggest detractor from Fund performance over the period despite tailwinds to value stocks. The manager’s exposure to Russia and export-sensitive Korea weighed on results.

In February 2022, the liquidity of Russian and Ukrainian securities was hindered as a result of the Russian invasion of Ukraine. Consequently, Russian security exchanges were closed and existing equity holdings cannot be liquidated. Additional impacts on liquidity include the exclusion of Russian-related securities from major equity and fixed-income indices, the restriction of foreign investors from selling assets in the country, and sanctions implemented by western countries on many securities.

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	-29.26%	-3.00%	-3.28%	0.55%	3.36%
Emerging Markets Equity Fund, Class Y	-29.10%	-2.77%	-3.05%	0.75%	3.44%
MSCI Emerging Markets Index (Net)	-28.11%	-2.07%	-1.81%	1.05%	1.28%

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)

¹  For the year ended September 30, 2022. Past performance is no indication of future performance. Class F shares were offered beginning January 17, 1995. 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.

10

SEI Institutional International Trust / Annual Report / September 30, 2022

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (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, 2022: 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, 2022, the Fund’s Class F shares underperformed the Bloomberg 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 -10.15% versus the Index return of -9.86%.

IV. Fund Attribution

Global fixed-income markets suffered during the reporting period against a backdrop of rising government bond yields and widening credit spreads. Virtually all benchmark indices registered significant losses, with only the Chinese local-currency bond market able to garner a positive return. As noted in the shareholder letter, the repricing of interest-rate risk was particularly severe as it became increasingly apparent that central banks had fallen well behind the curve in tackling inflation. However, what began as an inflation and interest-rate issue extended to a growth and credit story as the U.S. Federal Reserve indicated its willingness to accept some economic pain in order to restore its inflation-fighting credibility. At a regional level, sterling fixed income was the worst-performing developed market, while the Japanese bond market held up relatively well as the Bank of Japan persevered with its yield curve control policy in spite of currency weakness and elevated inflation. The U.S. dollar was the strongest-performing G10 currency during the period.

The Fund modestly underperformed its benchmark for the fiscal year due to an overweight to corporate credit and long-currency exposures to the Japanese yen, Swedish krona, UK sterling, Korean won, Colombian peso, and Malaysian ringgit. Fund performance benefited from the

duration underweight, led by positioning in core developed rates markets, including Europe and the UK. The Fund’s duration underweights to South Korea and Canada also bolstered relative performance. The most significant currency contributors to performance included short positions in the New Zealand and Australian dollars, Swiss franc, and Thai baht.

Among the Fund’s managers, Wellington notably outperformed its customized benchmark during the reporting period attributable to duration underweights to the UK, Europe and South Korea. A short position in U.S. rates in the front end of the yield curve also added to performance. Short currency positions in the Turkish lira, Swiss Franc, and New Zealand dollar also benefited relative performance.

Colchester’s outperformance of its customized benchmark was led by underweights to UK and European rates (including the core and peripheral markets). Performance also was bolstered by short currency positions in the New Zealand dollar, euro, Thai baht, Swiss franc, Australian dollar, and Israeli new shekel.

AllianceBernstein underperformed its customized benchmark over the period because of an overweight in corporate credit and overweight duration positions in Australia and the U.S.

The Fund used foreign exchange (FX) forwards, 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.

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 Fixed Income Fund, Class F	-10.15%	-3.54%	-0.11%	1.41%	3.51%
International Fixed Income Fund, Class Y	-10.00%	-3.34%	0.12%	1.57%	3.57%
Bloomberg Global Aggregate ex-USD Index, Hedged	-9.86%	-2.99%	0.71%	2.21%	4.79%

SEI Institutional International Trust / Annual Report / September 30, 2022

11

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (Unaudited)

International Fixed Income Fund (Concluded)

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

¹  For the year ended September 30, 2022. Past performance is no indication of future performance. Class F shares were offered beginning September 1, 1993. The Fund’s Class Y shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, 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.

12

SEI Institutional International Trust / Annual Report / September 30, 2022

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (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 Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: Colchester Global Investors Limited (Colchester), Marathon Asset Management, L.P. (Marathon), Neuberger Berman Investment Advisers LLC (Neuberger Berman), Ninety One UK Ltd. (Ninety One) and Stone Harbor Investment Partners LP, a division of Virtus Fixed Income Advisers, LLC (Stone Harbor).

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

III. Return vs. Benchmark

For the year ended September 30, 2022, the Fund’s Class F shares underperformed a hybrid of 50% JP Morgan EMBI Global Diversified Index (JPM EMBI GD) (which tracks the performance of external debt instruments in the emerging markets) and 50% JP Morgan GBI Emerging Markets Global Diversified Index (JPM GBI-EM GD) (which tracks the performance of debt instruments issued in domestic currencies by emerging-market governments), returning -24.04% versus the Index return of -22.45%.

IV. Fund Attribution

For the 12-month period ending September 30, 2022, the hard-currency market returned -24.28% and the local-currency market returned -20.63%, as measured by the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI Emerging Markets Global Diversified Index, respectively. Much of the downturn in both markets resulted from higher interest rates. For example, the 10-year U.S. Treasury note, which has a comparable duration to that of the hard-currency index, yielded 1.48% in September 2021, and ended this year at 3.83%. Markets were trending sideways until February 2022, which saw the first of four months in which absolute returns fell below -5% for the Fund and its blended benchmark. As noted in the shareholder letter, Russia launched an invasion of Ukraine in February, which had a negative impact on risk assets globally. The Fund covered much of its risk in the Russia-Belarus-Ukraine block. Russian exposure would ultimately contribute to Fund performance at the end of the fiscal year, while the overweight exposure to Ukraine was a detractor. There were

similar market declines in April, June and September 2022, with emerging-market (EM) foreign exchange (FX) lagging the U.S. dollar, EM central banks hiking interest rates aggressively—causing local interest rates to move higher—and yields on U.S. Treasurys continuing to march upward, weighing on the hard-currency return profile.

The Fund underperformed its blended benchmark during the fiscal year. An overweight to high-yield hard-currency exposure in Argentina, state-owned oil company Pemex in Mexico, and Ecuador detracted from performance. Overweight currency exposure in Russia and underweight currency exposure in China added to Fund performance, while overweights to Indonesia-based electric power company PLN and Malaysia-based greenhouse solutions provider GHS detracted from performance.

Among Fund managers, Colchester and Ninety One outperformed the blended index for the reporting period. Colchester had a bias to invest in higher real-yield currencies that outperformed, including Brazil and Mexico. The underweights to Eastern Europe and Asia also had a positive impact on Fund performance. Ninety One contributed to performance due to high-carry positions in local Zambian securities. The performance of both Colchester and Ninety One benefited from long positions in the Russian ruble.

Stone Harbor, Neuberger Berman and Marathon underperformed the blended benchmark as their hard currency-focused opportunity set lagged the mixed local and hard currency index. Stone Harbor and Neuberger Berman held overweights to high-yield hard-currency exposures, including Argentina, Ecuador and Angola, which drove underperformance. Marathon dialed into longer-dated investment-grade securities which have repriced lower and show attractive convexity characteristics, though the manager’s bias toward the sector caused the Fund to underperform over the period.

The Fund used currency forwards and swap contracts during the fiscal year ending September 30, 2022, to either hedge particular positions or gain exposure to additional areas of the market. Currency forwards had a material impact on Fund performance during the period as 50% of the blended benchmark is directly affected by foreign currencies. Positive and negative effects 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.

SEI Institutional International Trust / Annual Report / September 30, 2022

13

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2022 (Unaudited)

Emerging Markets Debt Fund (Concluded)

AVERAGE ANNUAL TOTAL RETURN1
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Emerging Markets Debt Fund, Class F	-24.04%	-7.51%	-4.37%	-1.80%	5.61%
Emerging Markets Debt Fund, Class Y	-23.87%	-7.30%	-4.13%	-1.61%	5.69%
JP Morgan EMBI Global Diversified Index	-24.28%	-7.15%	-2.62%	1.08%	6.40%
JP Morgan GBI-EM Global Diversified Index	-20.63%	-7.06%	-3.92%	-2.43%	X.XX%
50/50 Hybrid of the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI-EM Global Diversified Index	-22.45%	-7.07%	-3.22%	-0.63%	X.XX%

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, 2022. 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.

14

SEI Institutional International Trust / Annual Report / September 30, 2022

SCHEDULE OF INVESTMENTS

September 30, 2022

International Equity Fund

^†Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 94.5%
Australia — 4.2%
Aristocrat Leisure Ltd		20,451	$	434
ASX Ltd		5,140		238
Australia & New Zealand Banking Group Ltd		1,231,798		18,125
Australian Clinical Labs Ltd		44,233		101
BHP Group Ltd		709,062		17,717
BlueScope Steel Ltd		925,872		9,038
Brambles Ltd		18,233		134
Cogstate Ltd *		1,526		2
Commonwealth Bank of Australia		12,676		741
Computershare Ltd		701,167		11,241
CSL Ltd		31,886		5,829
CSR Ltd		807,866		2,314
Endeavour Group Ltd/Australia		45,838		207
Fortescue Metals Group Ltd		545,913		5,891
Goodman Group ‡		88,261		897
GrainCorp Ltd, Cl A		52,680		266
Grange Resources Ltd		118,704		54
Iluka Resources Ltd		548,642		3,193
Imdex Ltd		106,532		122
Incitec Pivot Ltd		2,387,950		5,458
Jumbo Interactive Ltd		12,841		98
Macquarie Group Ltd		22,557		2,212
Mineral Resources Ltd		78,728		3,322
National Australia Bank Ltd		60,901		1,133
OFX Group Ltd		14,631		24
Orica Ltd		119,277		1,021
Orora Ltd		1,681,935		3,259
Pilbara Minerals Ltd *		1,732,931		5,026
Ramsay Health Care Ltd		13,832		510
Ridley Corp Ltd		80,728		106
Shaver Shop Group Ltd		30,839		21
Sierra Rutile Holdings Ltd *		548,642		74
South32 Ltd		7,289,268		17,393
Technology One Ltd		48,696		330

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Telstra Corp Ltd		775,517	$	1,925
Wesfarmers Ltd		47,586		1,308
Whitehaven Coal Ltd		4,061,718		23,687
Woolworths Group Ltd		22,497		491
				143,942
Austria — 0.4%
ANDRITZ AG		72,724		3,076
OMV AG		230,693		8,346
Raiffeisen Bank International AG		39,393		466
Verbund AG, Cl A		8,382		715
Vienna Insurance Group AG Wiener Versicherung Gruppe		15,025		306
				12,909
Belgium — 0.2%
Anheuser-Busch InBev SA/NV		116,287		5,265
Elia Group SA/NV		8,203		965
Groupe Bruxelles Lambert NV		8,077		565
Sipef NV		128		7
				6,802
Brazil — 1.1%
Ambev SA		8,068,500		23,196
Gerdau SA ADR		329,566		1,490
JBS SA		1,867,800		8,716
Petroleo Brasileiro SA ADR		308,960		3,812
				37,214
Canada — 2.2%
Advantage Energy Ltd *		253,283		1,830
Algoma Steel Group Inc		21,983		142
Alimentation Couche-Tard Inc		165,065		6,681
Amerigo Resources Ltd		25,300		18
Aritzia Inc *		27,800		918
Atco Ltd/Canada, Cl I		38,705		1,196
Athabasca Oil Corp *		178,800		277
Birchcliff Energy Ltd		269,560		1,925
Black Diamond Group Ltd		4,100		11
Canadian National Railway Co		121,608		13,203
Canadian Pacific Railway Ltd		130,655		8,717
Canfor Corp *		120,381		1,762
Celestica Inc *		145,600		1,233
Crescent Point Energy Corp		436,300		2,699
Dexterra Group Inc		104		–
Dundee Precious Metals Inc		12,791		57
Empire Co Ltd, Cl A		145,400		3,636
Enerplus Corp		69,631		991
Enghouse Systems Ltd		6,600		139
Ensign Energy Services Inc *		37,800		62
Exco Technologies Ltd		9,200		52
Fairfax Financial Holdings Ltd		900		413
Finning International Inc		17,500		309
Gear Energy Ltd		115,938		96

SEI Institutional International Trust / Annual Report / September 30, 2022

15

SCHEDULE OF INVESTMENTS

September 30, 2022

International Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
George Weston Ltd		62,200	$	6,547
iA Financial Corp Inc		33,297		1,701
Kelt Exploration Ltd *		98,529		374
Leon's Furniture Ltd		16,100		188
Linamar Corp		2,600		102
Manulife Financial Corp		129,400		2,042
Martinrea International Inc		60,100		374
MEG Energy Corp *		364,500		4,101
MTY Food Group Inc		2,300		95
Mullen Group Ltd		66,075		685
North West Co Inc/The (A)		29,200		680
NuVista Energy Ltd *		48,900		349
Parex Resources Inc		28,100		413
Pason Systems Inc		7,700		74
Peyto Exploration & Development Corp		209,700		1,682
Pipestone Energy Corp *		68,278		184
Power Corp of Canada		52,800		1,196
Russel Metals Inc		31,084		581
Stelco Holdings Inc		53,100		1,330
Tidewater Midstream and Infrastructure Ltd		59,900		43
TMX Group Ltd		1,600		148
Tourmaline Oil Corp		65,700		3,433
Uni-Select Inc *		62,513		1,660
Viemed Healthcare Inc *		32,726		198
Westshore Terminals Investment Corp		2,900		56
Whitecap Resources Inc (A)		88,200		561
				75,164
China — 1.8%
Alibaba Group Holding Ltd *		2,314,394		23,095
Beijing Capital International Airport Co Ltd, Cl H		8,022,000		4,328
Shenzhou International Group Holdings Ltd		238,200		1,839
STMicroelectronics NV		248,130		7,708
Tencent Holdings Ltd		209,867		7,088
Trip.com Group Ltd ADR *		566,627		15,475
				59,533
Denmark — 3.5%
AP Moller - Maersk A/S, Cl A		530		936
AP Moller - Maersk A/S, Cl B		11,813		21,457
Carlsberg AS, Cl B		16,655		1,947
Coloplast A/S, Cl B		6,371		647
Danske Bank A/S		599,587		7,460
Demant A/S *		6,373		157
DSV A/S		36,449		4,268
Genmab A/S *		34,007		10,935
Novo Nordisk A/S, Cl B		613,339		61,072
Orsted AS		68,664		5,470
Pandora A/S		101,500		4,745
Solar A/S, Cl B		624		41
				119,135

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Finland — 1.1%
Kesko Oyj, Cl B		602,662	$	11,239
Marimekko Oyj		4,590		39
Neste Oyj		26,709		1,164
Nokia Oyj		4,631,838		19,877
Orion Oyj, Cl B		111,563		4,696
UPM-Kymmene Oyj		24,182		767
Uponor Oyj		9,306		122
Vaisala Oyj, Cl A		564		20
				37,924
France — 11.1%
ABC arbitrage		1,721		11
Accor SA		576,624		12,067
Air Liquide SA		333,318		38,082
AKWEL		367		5
Alstom SA (A)		803,945		12,999
Amundi SA		418,848		17,430
Aubay		449		19
AXA SA		741,276		16,178
Beneteau SA		30,414		312
BioMerieux		3,830		303
BNP Paribas SA		113,924		4,810
Bouygues SA		270,219		7,066
Capgemini SE		5,911		946
Carrefour SA		465,141		6,448
Cie Generale des Etablissements Michelin SCA		752,385		16,851
Credit Agricole SA		40,554		329
Danone SA		611,228		28,890
Dassault Aviation SA		35,170		4,000
Derichebourg SA		5,660		23
Engie SA		556,286		6,400
Eurazeo SE		3,611		188
Eurofins Scientific SE		99,284		5,892
Fnac Darty SA		8,726		241
Hermes International		1,268		1,491
Ipsen SA		68,954		6,379
IPSOS		18,645		833
Jacquet Metals SACA		5,998		75
Lectra		1,656		46
Legrand SA		8,935		577
L'Oreal SA		20,470		6,542
LVMH Moet Hennessy Louis Vuitton SE		10,964		6,462
Orange SA		653,710		5,910
Pernod Ricard SA		69,329		12,714
Publicis Groupe SA		496,797		23,530
Rexel SA		1,695,715		25,403
Sanofi		528,016		40,190
Sartorius Stedim Biotech		35,828		10,985
Savencia SA		539		27
Schneider Electric SE		91,319		10,310
SCOR SE		269,863		3,900

16

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Societe BIC SA		364	$	23
Societe Generale SA		104,829		2,072
Sodexo SA		197,610		14,835
Somfy SA		1,942		180
SPIE SA		21,148		443
Stef SA		602		44
Thales SA		55,998		6,168
TotalEnergies SE		146,857		6,887
Trigano SA		1,315		115
Valeo		184,967		2,794
Veolia Environnement SA		29,109		556
Vetoquinol SA		50		4
Vilmorin & Cie SA		1,420		56
Vinci SA		126,058		10,189
Virbac SA		69		18
Wavestone		3,176		137
Wendel SE		5,144		368
				379,753
Germany — 7.7%
adidas AG		97,290		11,180
Allianz SE		4,268		672
AT&S Austria Technologie & Systemtechnik AG		744		24
BASF SE		459,533		17,629
Bayer AG		491,097		22,618
Bayerische Motoren Werke AG		17,820		1,207
Brenntag SE		9,093		549
Carl Zeiss Meditec AG		34,097		3,540
Covestro AG		765,370		21,874
Daimler Truck Holding AG *		609,919		13,783
Deutsche Boerse AG		115,874		18,987
Deutsche Post AG		61,297		1,847
Deutsche Telekom AG		658,315		11,201
Deutz AG		21,725		67
Duerr AG		18,372		382
E.ON SE		123,380		948
Elmos Semiconductor SE		636		24
Fresenius Medical Care AG & Co KGaA		551,168		15,522
GEA Group AG		14,875		481
Hannover Rueck SE		3,061		459
HUGO BOSS AG		130,138		6,057
Knorr-Bremse AG		153,520		6,590
Krones AG		5,055		444
Linde PLC		21,604		5,847
Mercedes-Benz Group AG		29,602		1,496
Merck KGaA		145,981		23,622
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,197		529
Nemetschek SE		9,534		452
PSI Software AG		31		1
Rheinmetall AG		8,779		1,351
RWE AG		673,423		24,742

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
SAP SE		418,712	$	34,109
Siemens AG		117,022		11,433
Siemens Healthineers AG		16,973		728
Stabilus SE		1,707		75
Telefonica Deutschland Holding AG		434,194		878
Vitesco Technologies Group AG *		5,387		262
Wacker Chemie AG		20,170		2,073
				263,683
Hong Kong — 1.7%
AIA Group Ltd		706,000		5,878
Bank of East Asia Ltd/The		96,200		105
Chaoda Modern Agriculture Holdings Ltd *		2,440,000		11
First Pacific Co Ltd		436,000		133
Galaxy Entertainment Group Ltd		2,647,000		15,558
Hong Kong & China Gas Co Ltd		695,000		612
Hong Kong Exchanges & Clearing Ltd		196,728		6,724
Jardine Matheson Holdings Ltd		8,600		435
Johnson Electric Holdings Ltd		68,837		69
Li Ning Co Ltd		463,000		3,513
Orient Overseas International Ltd		252,500		4,394
PAX Global Technology Ltd		125,000		94
Power Assets Holdings Ltd		116,000		582
Sands China Ltd *		6,014,800		14,978
SITC International Holdings Co Ltd		1,207,000		2,214
Stella International Holdings Ltd		6,500		6
Swire Pacific Ltd, Cl A		69,000		516
WH Group Ltd		1,356,000		853
				56,675
Hungary — 0.0%
MOL Hungarian Oil & Gas PLC		49,088		273
India — 0.0%
Kewal Kiran Clothing Ltd		25,668		128
Indonesia — 0.3%
ABM Investama Tbk PT		303,500		79
Adaro Energy Indonesia Tbk PT		12,532,400		3,232
Bank Rakyat Indonesia Persero Tbk PT		13,839,518		4,050
Bukit Asam Tbk PT		1,292,900		352
Delta Dunia Makmur Tbk PT *		6,958,800		172
Indika Energy Tbk PT		683,100		134
Medco Energi Internasional Tbk PT		5,232,400		314
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		2,616,700		185
Sumber Tani Agung Resources Tbk PT		1,577,400		121
Triputra Agro Persada PT		677,010		29
United Tractors Tbk PT		702,300		1,508
				10,176
Ireland — 1.5%
Accenture PLC, Cl A		49,138		12,643
Bank of Ireland Group PLC		1,267,412		8,126
Experian PLC		198,471		5,808

SEI Institutional International Trust / Annual Report / September 30, 2022

17

SCHEDULE OF INVESTMENTS

September 30, 2022

International Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ICON PLC *		60,288	$	11,080
Ryanair Holdings PLC ADR *		207,182		12,104
				49,761
Israel — 1.4%
Bank Hapoalim BM		2,013,017		17,037
Bank Leumi Le-Israel BM		2,062,818		17,663
Check Point Software Technologies Ltd *		64,149		7,186
FIBI Holdings Ltd		17,608		793
First International Bank Of Israel Ltd/The		641		26
ICL Group Ltd		65,372		525
Israel Discount Bank Ltd, Cl A		553,130		2,793
Mizrahi Tefahot Bank Ltd		62,337		2,188
YH Dimri Construction & Development Ltd		33		2
				48,213
Italy — 2.9%
Assicurazioni Generali SpA		107,542		1,468
Azimut Holding SpA		122,503		1,747
Banca IFIS SpA		4,498		50
CNH Industrial NV		915,638		10,244
Danieli & C Officine Meccaniche SpA		3,674		44
Davide Campari-Milano NV		30,641		271
Enel SpA		7,916,255		32,453
EXOR NV		41,964		2,553
Ferrari NV		36,076		6,678
FinecoBank Banca Fineco SpA		40,607		501
Intesa Sanpaolo SpA		317,884		526
Iren SpA		14,926		20
Leonardo SpA		343,912		2,434
Moncler SpA		4,664		190
Recordati Industria Chimica e Farmaceutica SpA		18,809		688
Snam SpA		124,499		503
Stellantis NV		112,513		1,328
Tenaris SA		624,732		8,080
Terna - Rete Elettrica Nazionale		138,019		840
UniCredit SpA		2,652,764		26,846
				97,464
Japan — 13.1%
77 Bank Ltd/The		73,664		910
A&D HOLON Holdings Co Ltd		3,900		22
Adastria Co Ltd		5,700		85
Advantest Corp (A)		127,720		5,898
AEON Financial Service Co Ltd		172,700		1,714
Ai Holdings Corp		1,700		24
Aisan Industry Co Ltd		12,100		57
Alps Alpine Co Ltd		40,800		295
Anest Iwata Corp		4,800		28
Anritsu Corp (A)		33,900		368
AOKI Holdings Inc		5,200		25
Arcland Service Holdings Co Ltd		1,800		27
Arcs Co Ltd		28,200		402

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ARTERIA Networks Corp		9,000	$	74
Asahi Group Holdings Ltd		122,100		3,806
ASAHI YUKIZAI CORP		1,600		24
Astellas Pharma Inc		53,100		703
Awa Bank Ltd/The		7,800		102
Axial Retailing Inc		3,200		72
Bandai Namco Holdings Inc		16,600		1,082
Bank of Iwate Ltd/The		2,000		25
Belc Co Ltd		1,100		41
Benefit One Inc		4,900		69
BIPROGY Inc		171,500		3,716
Bridgestone Corp		114,100		3,690
Brother Industries Ltd (A)		91,000		1,572
Business Brain Showa-Ota Inc		2,600		25
Canon Inc		304,400		6,648
Canon Marketing Japan Inc		94,900		2,101
Capcom Co Ltd		63,530		1,599
Central Glass Co Ltd		2,100		48
Chiba Kogyo Bank Ltd/The		13,000		25
Chori Co Ltd		3,400		45
Chubu Shiryo Co Ltd		2,800		20
COLOPL Inc		9,800		46
Comture Corp		5,100		80
Cosel Co Ltd		2,600		15
Daihen Corp		1,400		36
Dai-ichi Life Holdings Inc		389,800		6,197
Daito Trust Construction Co Ltd		78,600		7,352
Daiwa House Industry Co Ltd		68,900		1,401
Daiwa Industries Ltd		3,300		26
DeNA Co Ltd		19,500		247
Dentsu Group Inc		26,700		759
Digital Arts Inc		3,000		130
Disco Corp		2,100		463
Doshisha Co Ltd		2,300		23
Drecom Co Ltd		7,100		42
Earth Corp		3,600		129
Eco's Co Ltd/Japan		1,800		22
EDION Corp (A)		25,700		209
Eiken Chemical Co Ltd		3,800		47
Eizo Corp		3,400		86
en Japan Inc		26,300		406
Enigmo Inc		20,500		70
Exedy Corp		8,300		95
FANUC Corp		156,842		22,021
FJ Next Holdings Co Ltd		5,100		36
Forum Engineering Inc		5,100		32
Fuji Corp/Aichi		5,300		69
Fujitsu Ltd		93,500		10,251
Fukuoka Financial Group Inc		345,300		6,149
Funai Soken Holdings Inc		8,800		150
Furyu Corp		14,600		102
Futaba Industrial Co Ltd		10,000		22

18

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
G-7 Holdings Inc, Cl 7		2,600	$	26
Gakujo Co Ltd		4,000		39
Glory Ltd		93,100		1,366
GungHo Online Entertainment Inc		60,200		925
Gunze Ltd		1,600		43
H.U. Group Holdings Inc (A)		21,100		384
Heiwa Corp		21,700		336
Heiwado Co Ltd		19,800		273
Himaraya Co Ltd		3,000		19
Hino Motors Ltd		43,400		179
Hirose Electric Co Ltd		3,100		406
Hito Communications Holdings Inc		2,200		25
Hodogaya Chemical Co Ltd		700		14
Honda Motor Co Ltd		153,800		3,338
Hoosiers Holdings Co Ltd		12,200		65
Horiba Ltd		1,900		74
Hoya Corp		4,400		424
Ichikoh Industries Ltd		7,800		21
Ichimasa Kamaboko Co Ltd		1,400		7
Iida Group Holdings Co Ltd		240,900		3,261
Inaba Seisakusho Co Ltd		2,500		23
Infocom Corp		2,600		34
Insource Co Ltd		2,900		53
I-PEX Inc		12,800		110
Isuzu Motors Ltd		1,289,300		14,255
ITOCHU Corp (A)		44,300		1,069
JAC Recruitment Co Ltd		20,300		311
Japan Aviation Electronics Industry Ltd		8,500		125
Japan Exchange Group Inc		373,995		5,054
Japan Post Insurance Co Ltd (A)		392,100		5,491
Japan Tobacco Inc		88,500		1,454
JFE Holdings Inc (A)		31,100		289
JP-Holdings Inc		36,900		69
Justsystems Corp		8,200		189
JVCKenwood Corp		26,100		35
Kakiyasu Honten Co Ltd		1,300		20
Kanematsu Corp		7,200		71
Kao Corp		370,700		15,082
KAWADA TECHNOLOGIES Inc		1,000		25
KDDI Corp		244,000		7,133
Kenko Mayonnaise Co Ltd		3,000		32
Keyence Corp		31,508		10,414
Kimura Unity Co Ltd		6,200		32
Kirin Holdings Co Ltd		42,100		648
Kitz Corp		6,600		37
Kobe Bussan Co Ltd		22,000		529
Kokuyo Co Ltd		224,500		2,845
Komatsu Ltd		1,074,400		19,561
Komeri Co Ltd		3,900		74
Komori Corp		12,000		58
Konica Minolta Inc (A)		610,400		1,881
Kubota Corp		98,000		1,362

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kumagai Gumi Co Ltd		2,300	$	40
Lasertec Corp		44,700		4,496
Lawson Inc		76,300		2,496
Lifedrink Co Inc		2,100		25
Lixil Corp (A)		24,300		356
Locondo Inc		2,700		21
Maezawa Kasei Industries Co Ltd		3,700		33
Makita Corp (A)		392,900		7,624
Mandom Corp		6,200		65
Marubeni Corp		138,200		1,206
Maruzen Showa Unyu Co Ltd		3,400		72
Mazda Motor Corp		710,100		4,715
Medical System Network Co Ltd, Cl A		12,800		35
Megmilk Snow Brand Co Ltd		25,400		300
MEIJI Holdings Co Ltd (A)		10,300		457
Meitec Corp		3,000		47
METAWATER Co Ltd		11,500		150
Mitsubishi Corp (A)		12,000		328
Mitsubishi Electric Corp		1,447,900		13,099
Mitsubishi Shokuhin Co Ltd		21,900		493
Mitsui & Co Ltd		181,100		3,853
Mitsui OSK Lines Ltd (A)		17,100		306
MIXI Inc (A)		70,200		1,114
Mizuno Corp		48,400		861
Morinaga Milk Industry Co Ltd		5,500		161
Morita Holdings Corp		2,600		23
Morito Co Ltd		4,300		21
MS&AD Insurance Group Holdings Inc		171,900		4,552
Murata Manufacturing Co Ltd		220,500		10,148
Musashino Bank Ltd/The		3,300		39
Nachi-Fujikoshi Corp		1,100		27
Nagaileben Co Ltd		5,200		70
Naigai Trans Line Ltd		1,400		20
NEC Corp		5,200		166
NEC Networks & System Integration Corp		7,700		84
New Art Holdings Co Ltd		2,300		22
Nihon Chouzai Co Ltd		16,300		143
Nikon Corp (A)		692,900		6,566
Nippon Concept Corp		4,100		44
NIPPON EXPRESS HOLDINGS INC		4,100		208
Nippon Shinyaku Co Ltd		1,000		51
Nippon Steel Corp (A)		103,400		1,435
Nippon Telegraph & Telephone Corp		574,900		15,505
Nippon Yusen KK (A)		88,200		1,497
Nishio Rent All Co Ltd		1,200		24
Nissan Chemical Corp		14,900		666
Nisshinbo Holdings Inc		113,500		824
Nitto Denko Corp		4,900		265
Nitto Kohki Co Ltd		2,200		24
Nittoc Construction Co Ltd		8,600		53
Nojima Corp		4,000		37
OBIC Business Consultants Co Ltd		2,900		90

SEI Institutional International Trust / Annual Report / September 30, 2022

19

SCHEDULE OF INVESTMENTS

September 30, 2022

International Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Ohsho Food Service Corp		4,900	$	217
Okabe Co Ltd		8,200		37
OKUMA Corp		1,800		62
Okuwa Co Ltd (A)		81,900		511
Omron Corp		5,200		238
Ono Pharmaceutical Co Ltd		283,215		6,615
Oracle Corp Japan		8,200		435
Oriental Land Co Ltd/Japan		3,300		448
ORIX Corp (A)		506,032		7,088
Otsuka Holdings Co Ltd		14,700		465
Panasonic Holdings Corp		494,600		3,473
Persol Holdings Co Ltd		179,900		3,328
Pickles Holdings Co Ltd		6,100		41
Plenus Co Ltd		5,800		77
Pola Orbis Holdings Inc		15,100		171
Proto Corp		4,400		31
QB Net Holdings Co Ltd		2,400		22
Qol Holdings Co Ltd		14,100		118
Raccoon Holdings Inc		5,000		36
Recruit Holdings Co Ltd		414,500		11,939
Resona Holdings Inc		2,607,500		9,541
Ride On Express Holdings Co Ltd		6,000		44
Riken Corp		3,200		50
Riken Technos Corp		7,100		25
Riken Vitamin Co Ltd		7,000		85
Rinnai Corp		1,300		93
Riso Kagaku Corp		1,400		23
Sakai Heavy Industries Ltd		1,000		20
Sakai Moving Service Co Ltd		2,400		78
Sangetsu Corp		17,800		197
Sanken Electric Co Ltd		1,400		43
Sankyo Co Ltd		147,600		4,468
Sanshin Electronics Co Ltd		3,900		45
Sanwa Holdings Corp (A)		202,900		1,742
SCREEN Holdings Co Ltd		4,400		239
Scroll Corp		23,400		113
Secom Co Ltd		7,300		416
Seiko Epson Corp (A)		260,300		3,554
Seino Holdings Co Ltd		25,400		204
SERAKU Co Ltd		3,000		20
Seria Co Ltd		8,400		147
Seven & i Holdings Co Ltd		131,800		5,294
Shimadzu Corp		17,900		470
Shimamura Co Ltd		67,900		5,746
Shindengen Electric Manufacturing Co Ltd		7,500		181
Shinnihon Corp		3,900		19
Shofu Inc		1,600		26
SIGMAXYZ Holdings Inc		15,200		118
Sinfonia Technology Co Ltd		4,200		39
SMK Corp		1,300		21
SMS Co Ltd		7,600		153
SoftBank Corp (A)		222,600		2,223

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Soliton Systems KK		5,500	$	39
Sompo Holdings Inc		76,900		3,077
Sony Group Corp		92,374		5,950
Sprix Ltd		1,500		10
Step Co Ltd		1,900		23
Studio Alice Co Ltd		1,700		25
Subaru Corp		676,600		10,224
Sumitomo Mitsui Financial Group Inc		460,600		12,767
Sumitomo Pharma Co Ltd		16,800		119
Sumitomo Rubber Industries Ltd		21,100		168
Sun Corp		1,900		25
Sun-Wa Technos Corp		2,600		23
Suzuki Motor Corp		13,500		420
T&D Holdings Inc		839,700		7,981
Taiho Kogyo Co Ltd, Cl A		4,600		21
Takeda Pharmaceutical Co Ltd		1,049,100		27,240
Takuma Co Ltd		4,300		37
Temairazu Inc		1,900		69
TIS Inc		103,900		2,758
Tobishima Corp		4,100		30
Toho Co Ltd/Kobe		2,700		30
Tokio Marine Holdings Inc		315,600		5,609
Tokyo Electron Ltd (A)		28,400		6,997
Tokyo Gas Co Ltd		27,500		464
Tokyo Seimitsu Co Ltd		16,100		474
Tokyotokeiba Co Ltd		7,500		214
Tomy Co Ltd		124,000		1,061
Tonami Holdings Co Ltd		800		19
Topcon Corp		4,400		49
Toray Industries Inc		1,859,000		9,149
Toshiba Corp		60,300		2,148
Tosho Co Ltd		5,000		42
Totetsu Kogyo Co Ltd		2,500		40
Trend Micro Inc/Japan		9,300		501
Trusco Nakayama Corp		9,000		124
Tsubakimoto Chain Co		8,600		182
Tsukuba Bank Ltd		19,500		25
Tsuruha Holdings Inc		2,700		158
United Arrows Ltd		13,700		173
Ushio Inc		9,900		103
Valor Holdings Co Ltd		20,700		255
ValueCommerce Co Ltd		4,700		72
VINX Corp		2,300		23
Warabeya Nichiyo Holdings Co Ltd		26,700		410
Workman Co Ltd		15,100		478
Xebio Holdings Co Ltd		7,200		48
Yamae Group Holdings Co Ltd		2,100		23
Yamaha Motor Co Ltd		30,300		568
Yamaichi Electronics Co Ltd		3,700		46
Yonex Co Ltd		4,200		39
Yossix Holdings Co Ltd		4,600		64

20

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Zuken Inc		5,000	$	121
				448,106
Jordan — 0.1%
Hikma Pharmaceuticals PLC		109,525		1,651
Malaysia — 0.0%
Genting Plantations Bhd		31,100		38
Heineken Malaysia Bhd		22,200		114
Sime Darby Plantation Bhd		206,500		182
Taliworks Corp Bhd		151,400		30
				364
Malta — 0.0%
BGP Holdings *(B)		198,683		–
Mexico — 0.0%
Grupo Herdez SAB de CV		27,929		52
Netherlands — 5.8%
Aalberts NV		476		16
ABN AMRO Bank NV		42,905		384
Adyen NV *		3,799		4,736
Aegon NV		300,977		1,196
Akzo Nobel NV		270,227		15,308
ArcelorMittal SA		567,576		11,289
ASM International NV		17,152		3,839
ASML Holding NV, Cl G		13,397		5,564
ASR Nederland NV		9,156		352
Heineken Holding NV		52,932		3,622
Heineken NV		26,701		2,331
IMCD NV		1,259		149
ING Groep NV		3,322,208		28,455
James Hardie Industries PLC		38,368		758
Koninklijke Ahold Delhaize NV		1,023,478		26,059
Koninklijke DSM NV		6,991		795
Koninklijke Philips NV		644,520		9,919
NN Group NV		62,428		2,427
Pharming Group NV *		52,412		54
Prosus NV		96,037		4,994
Randstad NV (A)		624,910		26,961
RELX PLC		325,525		7,931
Shell PLC		791,779		19,741
Unibail-Rodamco-Westfield *‡		10,445		432
Wolters Kluwer NV		220,784		21,490
				198,802
New Zealand — 0.0%
EBOS Group Ltd		3,681		78
Mainfreight Ltd		10,177		388
Spark New Zealand Ltd		128,745		364
				830
Norway — 0.5%
Aker BP ASA		39,638		1,137
Bouvet ASA		9,949		50

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
DNB Bank ASA		64,933	$	1,030
Equinor ASA		407,146		13,416
Grieg Seafood ASA		46,610		315
Kongsberg Gruppen ASA		4,689		142
Mowi ASA		17,602		224
Norsk Hydro ASA		139,318		747
Sparebanken Vest		1,610		12
Stolt-Nielsen Ltd		1,480		29
Wallenius Wilhelmsen ASA, Cl B		6,051		30
Yara International ASA		23,052		808
				17,940
Poland — 0.0%
Enea SA *		63,733		79
PGE Polska Grupa Energetyczna SA *		16,182		20
Polski Koncern Naftowy ORLEN SA		36,350		392
Tim SA/Siechnice		5,020		26
				517
Portugal — 0.3%
Jeronimo Martins SGPS SA		499,340		9,296
Navigator Co SA/The		59,154		201
Sonae SGPS SA		158,771		128
				9,625
Qatar — 0.0%
Mekdam Holding Group		22,573		46
Ooredoo QPSC		171,417		418
Qatar Electricity & Water Co QSC		19,105		92
				556
Saudi Arabia — 0.8%
Arab National Bank		12,123		99
Dar Al Arkan Real Estate Development Co *		1,507,436		6,351
Etihad Etisalat Co		284,481		2,681
Sahara International Petrochemical Co		46,809		512
Saudi Basic Industries Corp		490,830		11,486
Saudi Electricity Co		969,527		6,277
Saudi Investment Bank/The		196,996		889
Savola Group/The		55,341		414
				28,709
Singapore — 0.4%
DBS Group Holdings Ltd		469,900		10,881
First Resources Ltd		130,100		125
Golden Agri-Resources Ltd		3,452,400		634
Jardine Cycle & Carriage Ltd		19,000		445
Keppel Corp Ltd		52,700		254
Oversea-Chinese Banking Corp Ltd		41,300		339
Singapore Exchange Ltd		73,800		484
				13,162
South Africa — 0.1%
DataTec Ltd		100,188		245
Investec PLC		634,672		2,546

SEI Institutional International Trust / Annual Report / September 30, 2022

21

SCHEDULE OF INVESTMENTS

September 30, 2022

International Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Ninety One Ltd		18,651	$	36
				2,827
South Korea — 1.4%
BNK Financial Group Inc		691,155		2,886
JLS Co Ltd		3,880		20
KT Corp ADR		17,478		213
LG Electronics Inc		361		20
POSCO Holdings Inc		49,351		7,199
Samsung Electronics Co Ltd		537,198		19,725
Shinhan Financial Group Co Ltd		353,824		8,219
SK Hynix Inc		137,292		7,853
				46,135
Spain — 2.9%
Acciona SA		1,790		314
Aena SME SA *		103,315		10,718
Amadeus IT Group SA, Cl A *		874,889		40,546
CaixaBank SA (A)		5,122,555		16,492
Corp ACCIONA Energias Renovables SA		89,604		3,343
Iberdrola SA		742,842		6,924
Industria de Diseno Textil SA		929,238		19,169
Laboratorios Farmaceuticos Rovi SA		11,284		485
Naturgy Energy Group SA		7,438		172
Telefonica SA *		197,081		651
				98,814
Sweden — 1.9%
Atlas Copco AB, Cl A		267,438		2,486
Betsson AB, Cl B		41,781		244
Bilia AB, Cl A		23,007		262
Bjorn Borg AB		5,112		11
Clas Ohlson AB, Cl B		10,229		61
Electrolux AB, Cl B (A)		174,478		1,813
Epiroc AB, Cl A		21,574		309
EQT AB		250,493		4,840
Essity AB, Cl B		582,231		11,503
Evolution AB		72,468		5,728
Fenix Outdoor International AG		374		27
H & M Hennes & Mauritz AB, Cl B (A)		644,610		5,960
International Petroleum Corp *		146,371		1,172
Investor AB, Cl B		17,794		260
Inwido AB		12,107		95
New Wave Group AB, Cl B		30,426		401
Nibe Industrier AB, Cl B		33,267		297
Nordea Bank Abp		83,080		711
Securitas AB, Cl B (A)		1,382,910		9,600
SkiStar AB		16,502		164
Swedbank AB, Cl A		722,623		9,485
Telefonaktiebolaget LM Ericsson, Cl B (A)		1,672,872		9,779
				65,208
Switzerland — 8.1%
ABB Ltd		76,791		1,988

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Alcon Inc		201,550	$	11,736
Burckhardt Compression Holding AG		598		224
Cie Financiere Richemont SA, Cl A		28,800		2,725
Coca-Cola HBC AG		15,849		331
Comet Holding AG		2,258		326
Credit Suisse Group AG		1,004,802		3,985
dormakaba Holding AG		3,839		1,299
Geberit AG		4,905		2,108
Georg Fischer AG		1,517		72
Julius Baer Group Ltd		82,087		3,591
Kuehne + Nagel International AG		65,665		13,405
Lonza Group AG		20,983		10,242
Mobilezone Holding AG		16,721		251
Nestle SA		282,986		30,683
Novartis AG		379,587		29,010
Partners Group Holding AG		3,426		2,764
Roche Holding AG		306,799		100,122
Sika AG		24,376		4,912
Sonova Holding AG		17,398		3,838
Straumann Holding AG		30,978		2,840
Swatch Group AG/The		126,056		28,383
Swiss Life Holding AG		746		330
u-blox Holding AG		871		106
UBS Group AG		972,292		14,141
Zurich Insurance Group AG		17,308		6,917
				276,329
Taiwan — 0.7%
Asustek Computer Inc		163,000		1,195
Evergreen Marine Corp Taiwan Ltd		781,600		3,564
Global Mixed Mode Technology Inc		72,000		273
Hon Hai Precision Industry Co Ltd		6,231,000		19,952
Taiwan FU Hsing Industrial Co Ltd		21,000		27
				25,011
Thailand — 0.2%
Bangchak Corp PCL NVDR		210,500		164
Banpu PCL NVDR (A)		13,565,300		4,398
Esso Thailand PCL NVDR		2,110,300		714
Lanna Resources PCL NVDR		259,800		135
PTT Exploration & Production PCL NVDR		144,200		615
Sabina PCL NVDR		37,100		24
Star Petroleum Refining PCL NVDR		1,527,400		428
Thai Oil PCL NVDR		783,700		1,062
				7,540
United Arab Emirates — 0.0%
Emaar Properties PJSC		450,043		706
United Kingdom — 15.9%
4imprint Group PLC		103		4
Admiral Group PLC		26,083		554
AG Barr PLC		22,151		112
Anglo American PLC		597,549		17,938

22

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Aon PLC, Cl A		25,606	$	6,859
Aptiv PLC *		69,296		5,420
Ashtead Group PLC		149,174		6,698
AstraZeneca PLC		248,186		27,277
Atlassian Corp PLC, Cl A *		74,842		15,761
Aviva PLC		1,530,127		6,561
B&M European Value Retail SA		1,247,120		4,241
BAE Systems PLC		853,609		7,498
Balfour Beatty PLC		406,180		1,389
Barclays PLC		11,889,362		18,913
Berkeley Group Holdings PLC		54,492		1,990
BP PLC		1,438,179		6,871
British American Tobacco PLC		229,757		8,237
BT Group PLC, Cl A		254,447		342
Burberry Group PLC		23,586		471
Cairn Homes PLC		52,973		43
Centrica PLC		4,118,423		3,231
Chemring Group PLC		58,142		182
Clarkson PLC		734		21
Coca-Cola Europacific Partners PLC		58,868		2,509
Compass Group PLC		943,459		18,782
Computacenter PLC		62,379		1,340
Crest Nicholson Holdings plc		46,254		94
Croda International PLC		10,092		721
Devro PLC		11,083		21
Diageo PLC		520,143		21,890
FDM Group Holdings PLC		4,079		28
Ferguson PLC		125,026		12,966
Ferrexpo PLC		524,939		701
Firstgroup PLC		273,980		319
Frasers Group PLC *		75,852		568
Glencore PLC		2,689,862		14,132
Greggs PLC		85,192		1,609
GSK PLC		1,505,724		21,742
GSK PLC ADR		173,417		5,104
Gulf Keystone Petroleum Ltd		18,572		41
Haleon PLC *		952,192		2,968
Hays PLC		537,309		605
Howden Joinery Group PLC		271,166		1,515
HSBC Holdings PLC		2,535,154		13,124
IG Group Holdings PLC		322,479		2,732
Imperial Brands PLC		103,829		2,134
Inchcape PLC		217,715		1,648
Indivior PLC *		204,652		649
International Distributions Services PLC		97,790		199
Intertek Group PLC		217,960		8,941
Investec PLC		779,649		3,160
J Sainsbury PLC		7,358,763		14,248
Just Group PLC		553,597		344
London Stock Exchange Group PLC		76,631		6,470
M&G PLC		293,999		541
Man Group PLC/Jersey		834,115		2,065

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
MP Evans Group PLC		3,072	$	28
National Grid PLC		30,116		310
NatWest Group PLC		4,961,495		12,355
Next PLC		6,252		332
Ninety One PLC		500,336		1,017
Numis Corp PLC		1,540		4
Pagegroup PLC		279,050		1,146
Pearson PLC		90,542		864
Playtech Plc *		7,860		38
Plus500 Ltd		130,443		2,386
Polar Capital Holdings PLC		163		1
Prudential PLC		2,279,693		22,308
QinetiQ Group PLC		90,352		330
Reckitt Benckiser Group PLC		393,616		26,083
RELX PLC		460,415		11,248
Rio Tinto PLC		254,215		13,751
Rolls-Royce Holdings PLC *		30,861,711		23,630
Sage Group PLC/The		205,619		1,584
Schroders PLC		40,970		176
Segro PLC ‡		173,823		1,450
Severn Trent PLC		19,268		504
Smith & Nephew PLC		1,555,030		17,945
Smurfit Kappa Group PLC		14,485		414
Speedy Hire PLC		272,398		112
Spirax-Sarco Engineering PLC		5,319		611
SSE PLC		45,906		775
Standard Chartered PLC		1,560,746		9,759
STERIS PLC		27,447		4,564
TechnipFMC PLC *		1,751,083		14,814
Telecom Plus PLC		4,583		88
Tesco PLC		5,816,237		13,346
Thungela Resources Ltd		3,967		74
Travis Perkins PLC		1,574,408		13,512
Unilever PLC		692,923		30,440
United Utilities Group PLC		18,986		187
Vodafone Group PLC		4,943,242		5,531
WH Smith PLC *		542,813		7,155
WPP PLC		77,164		637
				544,032
United States — 1.2%
EPAM Systems Inc *		16,886		6,116
Globant SA *		29,374		5,495
Lululemon Athletica Inc *		19,577		5,473
Mettler-Toledo International Inc *		3,260		3,534
QIAGEN NV *		189,037		7,804
ResMed Inc		28,151		6,145
Waste Connections Inc		28,557		3,859
ZIM Integrated Shipping Services Ltd		51,061		1,200
				39,626

SEI Institutional International Trust / Annual Report / September 30, 2022

23

SCHEDULE OF INVESTMENTS

September 30, 2022

International Equity Fund (Concluded)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Total Common Stock
(Cost $3,782,601) ($ Thousands)			$	3,225,291
PREFERRED STOCK — 1.0%
Brazil — 0.4%
Itau Unibanco Holding ADR (C)		993,703		5,138
Petroleo Brasileiro SA (C)		1,334,900		7,394
				12,532
Germany — 0.6%
Bayerische Motoren Werke AG (C)		9,223		599
Sartorius AG (C)		16,650		5,757
Schaeffler AG, 3.600%		228,253		1,023
Volkswagen AG, 2.590%		111,173		13,579
				20,958
Total Preferred Stock
(Cost $39,512) ($ Thousands)				33,490
EXCHANGE TRADED FUND — 0.2%
United States — 0.2%
iShares Trust iShares ESG Aware MSCI EAFE ETF		103,730		5,822
Total Exchange Traded Fund
(Cost $6,713) ($ Thousands)				5,822
		Number of Rights
RIGHTS — 0.1%
Sweden — 0.1%
Securitas AB, Cl B, Expires 10/18/2022 *(A)		5,531,640		2,250
Total Rights
(Cost $3,716) ($ Thousands)				2,250
	Shares
AFFILIATED PARTNERSHIP — 3.3%
SEI Liquidity Fund, LP
2.930% **†(D)		113,798,625		113,836
Total Affiliated Partnership
(Cost $113,813) ($ Thousands)				113,836

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 2.0%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**†		68,912,893	$	68,913
Total Cash Equivalent
(Cost $68,913) ($ Thousands)				68,913
Total Investments in Securities — 101.1%
(Cost $4,015,268) ($ Thousands)			$	3,449,602

24

SEI Institutional International Trust / Annual Report / September 30, 2022

A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation/ (Depreciation) (Thousands)
Long Contracts
Euro STOXX 50		863		Dec-2022	$	30,569	$	28,026	$	(1,938	)
FTSE 100 Index		220		Dec-2022		18,437		16,981		(1,026	)
Hang Seng Index		20		Oct-2022		2,274		2,193		(81	)
SPI 200 Index		87		Dec-2022		9,962		9,042		(557	)
TOPIX Index		162		Dec-2022		21,178		20,549		(604	)
					$	82,420	$	76,791	$	(4,206	)

	Percentages are based on Net Assets of $3,412,855 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
†	Investment in Affiliated Security (see Note 5).
‡	Real Estate Investment Trust.
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 9).
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	No interest rate available.
(D)	This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2022 was $113,836 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)(1)			Total ($)
Common Stock		3,225,291		–		–	^		3,225,291
Preferred Stock		33,490		–		–			33,490
Exchange Traded Fund		5,822		–		–			5,822
Rights		2,250		–		–			2,250
Affiliated Partnership		–		113,836		–			113,836
Cash Equivalent		68,913		–		–			68,913
Total Investments in Securities		3,335,766		113,836		–			3,449,602

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(4,206	)		–		–		(4,206	)
Total Other Financial Instruments		(4,206	)		–		–		(4,206	)

^One security with a market value of $0.

(1) A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

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

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, 2022 ($ Thousands):

Security Description	Value 9/30/2021		Purchases at Cost		Proceeds from Sales			Realized Loss			Change in Unrealized Appreciation		Value 9/30/2022		Shares		Income		Capital Gains
SEI Liquidity Fund, LP	$	161,647	$	948,689	$	(996,504	)	$	(6	)	$	10	$	113,836		113,798,625	$	1,219	$	—
SEI Daily Income Trust, Government Fund, Cl F		48,039		316,037		(295,164	)		1			—		68,913		68,912,893		373		—
Totals	$	209,686	$	1,264,726	$	(1,291,668	)	$	(5	)	$	10	$	182,749			$	1,592	$	—

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

See “Glossary” for abbreviations.

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

SEI Institutional International Trust / Annual Report / September 30, 2022

25

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Market Equity Fund

^†Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 94.5%
Austria — 0.1%
Erste Group Bank AG		83,077	$	1,820
Brazil — 5.6%
Ambev SA		542,200		1,559
Ambev SA ADR		352,410		997
Arcos Dorados Holdings Inc, Cl A		275,303		2,007
Arezzo Industria e Comercio SA		129,300		2,361
Atacadao SA		372,200		1,327
B3 SA - Brasil Bolsa Balcao		1,766,747		4,295
Banco Bradesco SA ADR		1,092,036		4,019
Banco do Brasil SA		817,348		5,810
Banco Santander Brasil SA		788,600		4,429
BB Seguridade Participacoes SA		629,175		3,091
Centrais Eletricas Brasileiras SA		91,500		729
Cia Brasileira de Aluminio		234,974		500
Cia Energetica de Minas Gerais ADR		394,546		797
Cosan SA		1,936,200		6,211
CPFL Energia SA		616,295		3,847
CSN Mineracao SA		466,300		284
Gerdau SA ADR		195,560		884
Hapvida Participacoes e Investimentos S/A		1,006,107		1,414
Hypera SA		122,898		1,011
JBS SA		198,158		925
Klabin SA		607,850		2,043
MercadoLibre Inc *		2,798		2,316
MRV Engenharia e Participacoes SA		284,200		653
Multiplan Empreendimentos Imobiliarios SA		452,000		2,021
Pagseguro Digital Ltd, Cl A *		117,270		1,552
Petro Rio SA *		338,600		1,725
Petroleo Brasileiro SA ADR		316,911		3,911

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Rumo SA		127,400	$	437
Sendas Distribuidora SA		1,468,600		4,765
SLC Agricola SA		92,806		742
TIM SA/Brazil		871,300		1,948
TIM SA/Brazil ADR		46,719		522
TOTVS SA		68,775		375
Vale SA ADR, Cl B		290,498		3,869
Vibra Energia SA		676,097		2,160
WEG SA		93,153		552
				76,088
Canada — 0.5%
First Quantum Minerals Ltd		145,230		2,478
Ivanhoe Mines Ltd, Cl A *		196,226		1,270
Parex Resources Inc		163,882		2,406
				6,154
Chile — 0.7%
Banco de Chile		6,309,255		561
Banco Santander Chile ADR		31,166		437
Cencosud SA		434,194		555
Empresas CMPC SA		767,067		1,180
Enel Chile SA		30,162,900		881
Sociedad Quimica y Minera de Chile SA ADR		62,814		5,700
				9,314
China — 18.9%
37 Interactive Entertainment Network Technology Group Co Ltd, Cl A		822,400		2,013
Agricultural Bank of China Ltd, Cl H		11,503,000		3,443
Alibaba Group Holding Ltd *		3,340,252		33,332
Alibaba Group Holding Ltd ADR *		7,473		598
Aluminum Corp of China Ltd, Cl A		551,082		319
Aluminum Corp of China Ltd, Cl H		946,000		306
Anhui Conch Cement Co Ltd, Cl H		768,389		2,429
ANTA Sports Products Ltd		55,000		577
Autohome Inc ADR		104,517		3,006
Baidu Inc ADR *		31,660		3,720
Bank of Chengdu Co Ltd, Cl A		316,700		729
Bank of China Ltd, Cl H		17,606,923		5,750
Bank of Communications Co Ltd, Cl H		4,675,707		2,465
Bank of Jiangsu Co Ltd, Cl A		734,392		768
Bank of Nanjing Co Ltd, Cl A		602,834		893
BeiGene Ltd ADR *		2,680		361
Bosideng International Holdings Ltd		5,150,317		2,540
BYD Co Ltd, Cl H		60,645		1,494
China CITIC Bank Corp Ltd, Cl H		2,597,449		1,031
China Construction Bank Corp, Cl H		15,295,721		8,828
China Jushi Co Ltd, Cl A		357,977		663
China Lesso Group Holdings Ltd		1,844,000		1,707
China Longyuan Power Group Corp Ltd, Cl H		220,336		275
China Merchants Bank Co Ltd, Cl H		403,878		1,869
China National Building Material Co Ltd, Cl H		866,263		660

26

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
China Pacific Insurance Group Co Ltd, Cl H		165,337	$	304
China Petroleum & Chemical Corp, Cl H		8,984,000		3,836
China Shenhua Energy Co Ltd, Cl H		439,014		1,306
China Tourism Group Duty Free Corp Ltd, Cl A		82,400		2,276
China Yangtze Power Co Ltd, Cl A		253,476		811
Contemporary Amperex Technology Co Ltd, Cl A		8,084		455
Daqin Railway Co Ltd, Cl A		12,400		12
Daqo New Energy Corp ADR *		13,276		705
Dongfeng Motor Group Co Ltd, Cl H		3,584,000		1,916
ENN Energy Holdings Ltd		124,483		1,660
Full Truck Alliance Co Ltd ADR *		77,019		505
G-bits Network Technology Xiamen Co Ltd, Cl A		56,883		1,984
GigaDevice Semiconductor Inc, Cl A		145,632		1,910
Great Wall Motor Co Ltd, Cl H		884,000		1,008
Greentown China Holdings Ltd		403,687		758
Haier Smart Home Co Ltd, Cl A		986,261		3,426
Haier Smart Home Co Ltd, Cl H		1,993,200		6,065
Heilongjiang Agriculture Co Ltd, Cl A		334,924		626
Henan Shenhuo Coal & Power Co Ltd, Cl A		247,141		584
Hengli Petrochemical Co Ltd, Cl A		788,600		1,871
Huaibei Mining Holdings Co Ltd, Cl A		251,050		594
Huayu Automotive Systems Co Ltd, Cl A		206,779		479
Industrial & Commercial Bank of China Ltd, Cl H		18,235,140		8,554
JD.com Inc ADR		74,102		3,727
Jiangsu Changshu Rural Commercial Bank Co Ltd, Cl A		2,318,292		2,595
KE Holdings Inc ADR *		37,829		663
Kingsoft Corp Ltd		373,200		987
Kweichow Moutai Co Ltd, Cl A		18,800		4,948
Li Auto Inc ADR *		69,443		1,598
Longfor Group Holdings Ltd		679,358		1,947
LONGi Green Energy Technology Co Ltd, Cl A		64,696		434
Lufax Holding Ltd ADR		792,159		2,012
Luxi Chemical Group Co Ltd, Cl A		227,016		413
Luxshare Precision Industry Co Ltd, Cl A		356,277		1,470
Montage Technology Co Ltd, Cl A		196,530		1,442
NARI Technology Co Ltd, Cl A		605,780		2,112
NetEase Inc ADR		15,261		1,154
Ningbo Tuopu Group Co Ltd, Cl A		122,500		1,267
NIO Inc ADR *		76,080		1,200
PetroChina Co Ltd, Cl H		2,970,473		1,214
PICC Property & Casualty Co Ltd, Cl H		7,600,160		7,859
Pinduoduo Inc ADR *		75,745		4,740
Ping An Insurance Group Co of China Ltd, Cl A		742,800		4,337
Ping An Insurance Group Co of China Ltd, Cl H		2,182,083		10,885
Poly Developments and Holdings Group Co Ltd, Cl A		380,480		964

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Shaanxi Coal Industry Co Ltd, Cl A		234,856	$	753
Shanghai International Port Group Co Ltd, Cl A		679,157		531
Shenzhen Salubris Pharmaceuticals Co Ltd, Cl A		56,000		192
Shenzhen Topband Co Ltd, Cl A		1,352,500		1,961
Sichuan Kelun Pharmaceutical Co Ltd, Cl A		986,998		3,064
Sinotrans Ltd, Cl A		943,347		470
Sinotrans Ltd, Cl H		330,658		83
TAL Education Group ADR *		55,136		272
Tencent Holdings Ltd		890,940		30,092
Tencent Music Entertainment Group ADR *		181,048		735
Tongling Nonferrous Metals Group Co Ltd, Cl A		1,126,600		413
Trip.com Group Ltd ADR *		121,398		3,315
Tsingtao Brewery Co Ltd, Cl A		57,343		855
Tsingtao Brewery Co Ltd, Cl H		287,000		2,706
Uni-President China Holdings Ltd		633,172		531
Vipshop Holdings Ltd ADR *		629,052		5,290
Weichai Power Co Ltd, Cl A		469,273		635
Weichai Power Co Ltd, Cl H		3,063,000		2,902
Wingtech Technology Co Ltd, Cl A		278,100		1,856
Xianhe Co Ltd, Cl A		623,079		2,013
Xtep International Holdings Ltd (A)		1,090,500		1,148
Yantai Jereh Oilfield Services Group Co Ltd, Cl A		218,997		1,007
Yifeng Pharmacy Chain Co Ltd, Cl A		420,300		2,938
Yintai Gold Co Ltd, Cl A		377,140		686
Yum China Holdings Inc		23,861		1,129
Zhejiang Expressway Co Ltd, Cl H (A)		2,102,000		1,428
Zhejiang HangKe Technology Inc Co, Cl A		223,932		1,571
Zhejiang Juhua Co Ltd, Cl A		643,706		1,256
Zhejiang Semir Garment Co Ltd, Cl A		465,246		313
Zhejiang Supor Co Ltd, Cl A		106,600		692
Zhongsheng Group Holdings Ltd (A)		524,500		2,080
Zhuzhou CRRC Times Electric Co Ltd, Cl H		103,400		433
ZTE Corp, Cl H		276,780		494
ZTO Express Cayman Inc ADR		37,519		902
				254,135
Colombia — 0.0%
Bancolombia SA ADR, Cl R		21,248		518
Greece — 0.6%
Alpha Services and Holdings SA *		3,882,104		3,046
Eurobank Ergasias Services and Holdings SA *		3,494,853		2,916
Hellenic Telecommunications Organization SA		32,029		465
National Bank of Greece SA *		198,615		585
OPAP SA		46,492		557
				7,569

SEI Institutional International Trust / Annual Report / September 30, 2022

27

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hong Kong — 9.5%
3SBio Inc		940,500	$	666
A-Living Smart City Services Co Ltd, Cl H (A)		116,500		92
Baidu Inc, Cl A *		69,850		1,028
BeiGene Ltd *		76,600		790
Beijing Enterprises Holdings Ltd		273,673		767
Budweiser Brewing Co APAC Ltd		1,176,100		3,063
Chaoda Modern Agriculture Holdings Ltd *		2,056,181		9
China Everbright Bank Co Ltd, Cl H		4,381,900		1,203
China Feihe Ltd		2,983,000		2,083
China High Precision Automation Group Ltd *(B)		1,385,624		–
China Hongqiao Group Ltd		615,521		504
China International Capital Corp Ltd, Cl H		2,412,800		3,480
China Medical System Holdings Ltd		2,794,000		3,328
China Meidong Auto Holdings Ltd		1,476,000		2,336
China Mengniu Dairy Co Ltd		740,000		2,925
China Merchants Port Holdings Co Ltd		1,352,000		1,698
China Overseas Land & Investment Ltd		636,500		1,656
China Resources Beer Holdings Co Ltd		90,000		624
China Resources Land Ltd		4,120,613		16,139
China Resources Pharmaceutical Group Ltd		689,572		471
China Resources Power Holdings Co Ltd		126,000		195
China Tower Corp Ltd, Cl H		6,790,000		725
Chinasoft International Ltd		482,601		295
CITIC Ltd		846,000		797
Country Garden Services Holdings Co Ltd		349,000		510
CSPC Pharmaceutical Group Ltd		508,000		504
Galaxy Entertainment Group Ltd		703,000		4,132
Geely Automobile Holdings Ltd		2,513,221		3,439
Guangzhou Automobile Group Co Ltd, Cl H		4,636,000		3,294
Haidilao International Holding Ltd		459,000		890
Hong Kong Exchanges & Clearing Ltd		59,000		2,017
JD Health International Inc *		61,450		350
JD.com Inc, Cl A		422,369		10,655
Jiumaojiu International Holdings Ltd (A)		1,116,000		1,815
JS Global Lifestyle Co Ltd		292,582		282
Kingboard Holdings Ltd		180,454		508
Kuaishou Technology, Cl B *		237,700		1,525
Kunlun Energy Co Ltd		8,732,000		6,284
Lenovo Group Ltd		3,839,214		2,655
Li Auto Inc, Cl A *		64,200		739
Li Ning Co Ltd		350,339		2,658
LK Technology Holdings Ltd		840,000		949
Meituan, Cl B *		578,741		12,163
NetEase Inc		370,030		5,583
Nongfu Spring Co Ltd, Cl H (A)		95,200		551
People's Insurance Co Group of China Ltd/The, Cl H		2,346,934		680
Shandong Weigao Group Medical Polymer Co Ltd, Cl H		2,009,722		2,692
Shenzhen International Holdings Ltd		17,532		13

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Sunny Optical Technology Group Co Ltd		89,400	$	850
Tianqi Lithium Corp, Cl H *		28,400		248
Topsports International Holdings Ltd		830,484		580
Vinda International Holdings Ltd (A)		471,000		1,107
WH Group Ltd		1,452,696		914
Wuxi Biologics Cayman Inc *		199,686		1,189
Xiaomi Corp, Cl B *(A)		390,558		442
Xinyi Solar Holdings Ltd		4,028,458		4,230
Yadea Group Holdings Ltd		3,860,000		6,169
Yuexiu Property Co Ltd		662,165		798
Zoomlion Heavy Industry Science and Technology Co Ltd		5,237,100		1,812
				128,101
Hungary — 0.9%
MOL Hungarian Oil & Gas PLC		624,225		3,465
OTP Bank Nyrt		182,918		3,336
Richter Gedeon Nyrt		282,616		4,838
				11,639
India — 13.8%
Aditya Birla Fashion and Retail Ltd *		158,404		674
Ambuja Cements Ltd		150,526		949
Apollo Hospitals Enterprise Ltd		59,979		3,209
Apollo Tyres Ltd		381,442		1,297
Aptus Value Housing Finance India Ltd *		642,385		2,417
Ashok Leyland Ltd		1,215,769		2,264
Asian Paints Ltd		10,784		441
Avenue Supermarts Ltd *		6,658		356
Axis Bank Ltd		163,639		1,463
Bajaj Finance Ltd		9,425		842
Bharat Electronics Ltd		2,276,356		2,807
Bharti Airtel Ltd		334,555		3,274
Campus Activewear Ltd *		215,693		1,504
Cartrade Tech Ltd *		88,701		664
Cholamandalam Investment and Finance Co Ltd		59,027		527
Cipla Ltd/India		53,836		734
Coal India Ltd		467,067		1,210
Container Corp Of India Ltd		255,532		2,222
Coromandel International Ltd		80,990		986
DLF Ltd		179,081		778
Eicher Motors Ltd		15,438		692
EPL Ltd		798,497		1,720
GAIL India Ltd		2,029,069		2,156
GMM Pfaudler Ltd		72,474		1,708
Grasim Industries Ltd		53,990		1,105
Havells India Ltd		39,221		647
HCL Technologies Ltd		624,400		7,091
HDFC Bank Ltd		360,118		6,239
Hero MotoCorp Ltd		102,077		3,177
Hindalco Industries Ltd		67,089		318
Hindustan Aeronautics Ltd		24,380		697

28

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hindustan Petroleum Corp Ltd		216,896	$	573
Hindustan Unilever Ltd		46,792		1,543
Housing Development Finance Corp Ltd		380,278		10,610
ICICI Bank Ltd		1,270,196		13,336
ICICI Bank Ltd ADR		566,062		11,870
Indian Hotels Co Ltd, Cl A		116,373		471
Indraprastha Gas Ltd		187,494		912
Indus Towers Ltd		291,899		705
IndusInd Bank Ltd		257,073		3,715
Infosys Ltd		255,349		4,377
Infosys Ltd ADR		421,732		7,157
InterGlobe Aviation Ltd *		38,189		866
IRB Infrastructure Developers Ltd		700,624		1,785
ITC Ltd		358,500		1,457
JB Chemicals & Pharmaceuticals Ltd		74,971		1,763
Jindal Steel & Power Ltd		119,331		622
Kotak Mahindra Bank Ltd		46,384		1,029
KPIT Technologies Ltd		78,439		629
Larsen & Toubro Ltd		38,474		869
LIC Housing Finance Ltd		112,251		567
Mahindra & Mahindra Financial Services Ltd		254,463		574
Mahindra & Mahindra Ltd		106,330		1,645
Marico Ltd		108,872		717
Maruti Suzuki India Ltd		39,421		4,255
Mindtree Ltd		39,884		1,528
Motherson Sumi Wiring India Ltd		695,554		740
NHPC Ltd		1,166,116		509
NTPC Ltd		693,086		1,354
Oil & Natural Gas Corp Ltd		3,023,437		4,683
Petronet LNG Ltd		1,060,898		2,594
Power Finance Corp Ltd		369,119		472
Power Grid Corp of India Ltd		1,663,485		4,319
PVR Ltd *		94,448		2,061
Rainbow Children's Medicare Ltd		168,457		1,298
Redington Ltd		369,124		626
Reliance Industries Ltd		510,711		14,822
SBI Life Insurance Co Ltd		46,571		712
SRF Ltd		15,417		471
State Bank of India		1,006,911		6,521
Sun Pharmaceutical Industries Ltd		149,542		1,737
Tata Consultancy Services Ltd		104,133		3,816
Tata Elxsi Ltd		3,240		337
Tata Steel Ltd		397,329		480
Titan Co Ltd		12,065		384
Torrent Pharmaceuticals Ltd		110,436		2,106
Torrent Power Ltd		300,924		1,792
United Breweries Ltd		78,906		1,651
UPL Ltd		468,674		3,845
Vedanta Ltd		156,931		515
WNS Holdings Ltd ADR *		8,585		703
				186,291

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Indonesia — 2.6%
Adaro Energy Indonesia Tbk PT		2,156,400	$	556
Aneka Tambang Tbk		20,176,400		2,557
Astra International Tbk PT		8,596,100		3,720
Bank Central Asia Tbk PT		5,900,140		3,294
Bank Mandiri Persero Tbk PT		2,841,931		1,745
Bank Negara Indonesia Persero Tbk PT		6,253,482		3,658
Bank Rakyat Indonesia Persero Tbk PT		42,756,222		12,513
Indofood Sukses Makmur Tbk PT		191,585		76
Kalbe Farma Tbk PT		7,012,620		841
Merdeka Copper Gold Tbk PT *		5,964,877		1,535
Telkom Indonesia Persero Tbk PT		13,765,880		4,012
United Tractors Tbk PT		382,000		820
				35,327
Kuwait — 0.1%
Agility Public Warehousing Co KSC		220,007		474
National Bank of Kuwait SAKP		331,157		1,043
				1,517
Malaysia — 0.5%
AMMB Holdings Bhd		945,189		791
CIMB Group Holdings Bhd		1,769,688		1,951
Hong Leong Bank Bhd		114,935		507
Kuala Lumpur Kepong Bhd		194,000		864
Petronas Chemicals Group Bhd		550,833		991
Public Bank Bhd		837,812		763
Sime Darby Bhd		525,803		242
Sime Darby Plantation Bhd		595,000		523
				6,632
Mexico — 2.0%
Alfa SAB de CV, Cl A		804,516		512
America Movil SAB de CV ADR, Cl L		59,924		987
Arca Continental SAB de CV		125,484		905
Cemex SAB de CV ADR *		167,985		576
Fomento Economico Mexicano SAB de CV		108,000		678
Fomento Economico Mexicano SAB de CV ADR		10,702		672
Gruma SAB de CV, Cl B		61,850		590
Grupo Aeroportuario del Sureste SAB de CV, Cl B		68,830		1,356
Grupo Financiero Banorte SAB de CV, Cl O		1,967,341		12,623
Grupo Mexico SAB de CV, Ser B		652,253		2,206
Orbia Advance Corp SAB de CV		221,600		374
Sitios Latinoamerica SAB de CV *		59,924		27
Wal-Mart de Mexico SAB de CV		1,464,178		5,150
				26,656
Peru — 0.2%
Credicorp Ltd		20,559		2,525
Philippines — 0.2%
Ayala Land Inc		169,200		66
BDO Unibank Inc		1,166,749		2,211

SEI Institutional International Trust / Annual Report / September 30, 2022

29

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
International Container Terminal Services Inc		111,915	$	298
Monde Nissin Corp		907,500		188
				2,763
Poland — 0.5%
Dino Polska SA *		54,335		3,303
KGHM Polska Miedz SA		128,899		2,259
LPP SA		310		486
				6,048
Portugal — 0.1%
Jeronimo Martins SGPS SA		104,913		1,953
Qatar — 0.5%
Commercial Bank PSQC/The		454,211		874
Industries Qatar QSC		167,999		776
Ooredoo QPSC		148,479		362
Qatar Islamic Bank SAQ		178,179		1,203
Qatar National Bank QPSC		633,960		3,450
				6,665
Russia — 0.0%
Alrosa PJSC		605,728		–
Gazprom PJSC		279,264		–
Gazprom PJSC ADR *		35,029		–
LUKOIL PJSC		109,206		–
Magnit PJSC GDR *		83,607		–
Mobile TeleSystems PJSC		1,398,028		–
Rosneft Oil Co PJSC		230,389		–
Sberbank of Russia PJSC		417,388		–
Sberbank of Russia PJSC ADR *		58,444		–
Surgutneftegas PJSC ADR *(A)		501,658		–
				–
				–
Saudi Arabia — 2.6%
ACWA Power Co		5,420		241
Al Rajhi Bank *		131,108		2,807
Alinma Bank		55,667		533
Bank Al-Jazira		82,404		490
Banque Saudi Fransi		33,466		370
Bupa Arabia for Cooperative Insurance Co		11,972		533
Etihad Etisalat Co		75,060		707
Jarir Marketing Co		29,467		1,302
Rabigh Refining & Petrochemical Co *		130,617		477
Riyad Bank		130,498		1,096
SABIC Agri-Nutrients Co		61,346		2,548
Sahara International Petrochemical Co		76,852		840
Saudi Arabian Mining Co *		4,794		88
Saudi Arabian Oil Co		705,956		6,721
Saudi Basic Industries Corp		37,615		880
Saudi Electricity Co		125,866		815
Saudi National Bank/The		706,205		11,783
Saudi Tadawul Group Holding Co		35,757		1,901

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Saudi Telecom Co		139,405	$	1,451
				35,583
Singapore — 0.1%
Yangzijiang Shipbuilding Holdings Ltd		2,313,283		1,653
South Africa — 3.6%
Absa Group Ltd		375,452		3,673
African Rainbow Minerals Ltd (A)		28,717		391
Bid Corp Ltd		182,750		2,835
Bidvest Group Ltd/The		220,925		2,410
Cie Financiere Richemont SA		81,459		772
Clicks Group Ltd		21,281		338
Exxaro Resources Ltd		21,261		238
FirstRand Ltd		532,357		1,790
Foschini Group Ltd/The		76,421		500
Gold Fields Ltd		162,443		1,319
Gold Fields Ltd ADR (A)		358,698		2,902
Growthpoint Properties Ltd ‡		1,101,417		722
Impala Platinum Holdings Ltd		93,652		877
Kumba Iron Ore Ltd		34,356		734
Mr Price Group Ltd		181,862		1,745
MTN Group Ltd		175,784		1,168
Naspers Ltd, Cl N		112,160		14,009
Nedbank Group Ltd		323,166		3,581
Old Mutual Ltd		753,547		408
Sanlam Ltd		184,065		524
Sasol Ltd		72,432		1,141
Shoprite Holdings Ltd		174,406		2,097
Sibanye Stillwater Ltd		1,003,795		2,321
Vodacom Group Ltd		276,353		1,870
Woolworths Holdings Ltd/South Africa		201,764		683
				49,048
South Korea — 11.9%
BGF retail Co Ltd		28,787		3,312
BH Co Ltd		70,194		1,245
Celltrion Inc		5,476		665
Cheil Worldwide Inc		46,949		740
CJ CheilJedang Corp		24,771		7,067
Coway Co Ltd		74,885		2,800
DB HiTek Co Ltd (A)		14,187		364
DB Insurance Co Ltd		18,338		703
Doosan Bobcat Inc		14,351		282
Doosan Fuel Cell Co Ltd *		15,369		303
GS Engineering & Construction Corp		18,926		295
GS Holdings Corp		26,549		769
Hana Financial Group Inc		507,822		12,470
Hankook Tire & Technology Co Ltd		80,996		1,977
Hanmi Pharm Co Ltd		2,232		354
Hanwha Solutions Corp		47,768		1,556
HYBE Co Ltd *		1,102		102
Hyundai Engineering & Construction Co Ltd		21,538		559
Hyundai Glovis Co Ltd		4,512		508

30

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hyundai Marine & Fire Insurance Co Ltd		108,789	$	2,215
Hyundai Mipo Dockyard Co Ltd		22,418		1,596
Hyundai Mobis Co Ltd		5,118		676
Hyundai Motor Co		12,741		1,555
Hyundai Steel Co		25,123		488
Industrial Bank of Korea		48,589		321
Kakao Corp		43,873		1,726
Kia Corp		191,039		9,508
Korea Aerospace Industries Ltd		18,249		615
KT&G Corp		9,307		562
Kumho Petrochemical Co Ltd		13,404		1,073
L&F Co Ltd (A)		3,579		435
LG Chem Ltd		26,771		9,885
LG Corp		14,002		718
LG Electronics Inc		73,518		3,989
LG Innotek Co Ltd		3,152		594
LG Uplus Corp		428,143		3,202
Lotte Shopping Co Ltd		5,792		347
NAVER Corp		4,317		575
NCSoft Corp		7,415		1,774
NICE Information Service Co Ltd		12,867		120
Orion Corp/Republic of Korea (A)		66,678		4,769
POSCO Holdings Inc		2,079		303
Samsung Biologics Co Ltd *		1,691		947
Samsung C&T Corp		4,771		342
Samsung Electronics Co Ltd		1,322,233		48,551
Samsung SDI Co Ltd		9,875		3,714
Samsung SDS Co Ltd		7,655		610
Shinhan Financial Group Co Ltd		24,820		576
Shinsegae Inc		4,336		693
SK Chemicals Co Ltd		16,744		1,054
SK Hynix Inc		251,409		14,381
SK Square Co Ltd *		28,378		708
SK Telecom Co Ltd		64,433		2,275
SL Corp		27,217		608
Soulbrain Co Ltd		10,146		1,247
Woori Financial Group Inc		67,361		500
Youngone Corp		21,121		652
				159,975
Taiwan — 12.9%
Accton Technology Corp		176,200		1,503
Alchip Technologies Ltd		56,000		1,513
ASE Technology Holding Co Ltd		378,000		940
ASPEED Technology Inc		8,189		451
AUO Corp		2,127,000		973
Bizlink Holding Inc		207,000		1,818
Catcher Technology Co Ltd		171,000		926
Chailease Holding Co Ltd		343,780		1,964
Chroma ATE Inc		293,000		1,648
Chunghwa Telecom Co Ltd		1,043,525		3,735
CTBC Financial Holding Co Ltd		14,202,817		8,836
Delta Electronics Inc		703,000		5,584

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
E Ink Holdings Inc		233,000	$	1,538
Evergreen Marine Corp Taiwan Ltd		219,600		1,001
Far Eastern New Century		511,000		519
Feng TAY Enterprise Co Ltd		88,000		435
First Financial Holding Co Ltd		587,000		479
Formosa Chemicals & Fibre Corp		70,000		152
Formosa Plastics Corp		194,501		529
Fubon Financial Holding Co Ltd		2,354,857		3,683
Globalwafers Co Ltd		44,000		502
Hiwin Technologies Corp		318,119		1,762
Hon Hai Precision Industry Co Ltd		1,170,149		3,747
Keystone Microtech Corp		158,000		892
Largan Precision Co Ltd		16,000		839
Lite-On Technology Corp		437,662		878
Lotus Pharmaceutical Co Ltd *		316,000		1,612
Macronix International Co Ltd		3,998,000		3,898
MediaTek Inc		109,871		1,896
Micro-Star International Co Ltd		1,326,000		4,464
momo.com Inc		161,600		2,697
Nan Ya Plastics Corp		265,209		557
Nien Made Enterprise Co Ltd		164,000		1,295
Pegatron Corp		280,673		515
Pou Chen Corp		711,000		636
President Chain Store Corp		100,000		887
Radiant Opto-Electronics Corp		235,000		742
Realtek Semiconductor Corp		30,000		253
RichWave Technology Corp		165,400		504
Shanghai Commercial & Savings Bank Ltd/The *		219,133		338
Silergy Corp		70,160		915
SinoPac Financial Holdings Co Ltd		2,127,466		1,154
Taiwan Semiconductor Manufacturing Co Ltd		5,578,278		73,942
Taiwan Semiconductor Manufacturing Co Ltd ADR		115,416		7,913
Tong Hsing Electronic Industries Ltd *		389,313		2,024
Unimicron Technology Corp		553,000		2,024
Uni-President Enterprises Corp		3,170,000		6,704
United Microelectronics Corp		3,618,484		4,049
Winbond Electronics Corp		667,000		412
Wiwynn Corp *		195,000		4,928
Yageo Corp		141,000		1,190
Yuanta Financial Holding Co Ltd		1,669,800		1,024
Zhen Ding Technology Holding Ltd		227,000		753
				174,173
Thailand — 2.7%
Bangkok Dusit Medical Services PCL NVDR		1,637,595		1,277
Bumrungrad Hospital PCL NVDR		136,600		819
Central Pattana PCL		1,458,300		2,508
Charoen Pokphand Foods PCL NVDR		720,557		477
Chularat Hospital PCL NVDR (A)		6,866,368		669
Home Product Center PCL		12,120,854		4,316

SEI Institutional International Trust / Annual Report / September 30, 2022

31

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Market Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Indorama Ventures PCL NVDR		653,901	$	671
Kasikornbank PCL		510,100		1,938
Kasikornbank PCL NVDR		1,569,300		5,963
Kiatnakin Phatra Bank PCL NVDR		393,454		714
Krung Thai Bank PCL NVDR		1,827,100		806
Land & Houses PCL NVDR		3,584,500		842
PTT Exploration & Production PCL		913,600		3,896
PTT Exploration & Production PCL NVDR		196,917		840
PTT PCL NVDR		7,949,000		7,148
Supalai PCL NVDR		660,915		331
Thai Oil PCL NVDR		532,800		722
Thai Union Group PCL, Cl F		3,493,400		1,728
Thanachart Capital PCL NVDR		637,047		652
				36,317
Turkey — 0.7%
Akbank TAS		1,376,647		835
BIM Birlesik Magazalar AS		543,797		3,379
Ford Otomotiv Sanayi AS		30,650		539
Haci Omer Sabanci Holding AS		629,042		870
KOC Holding AS		285,943		694
Tofas Turk Otomobil Fabrikasi AS		131,019		645
Turk Hava Yollari AO *		272,523		1,032
Turkiye Petrol Rafinerileri AS *		46,858		728
				8,722
United Arab Emirates — 1.7%
Abu Dhabi Islamic Bank PJSC		356,641		878
Aldar Properties PJSC		1,032,539		1,179
Borouge PLC		3,523,456		2,724
Dubai Islamic Bank PJSC		2,244,802		3,642
Emaar Properties PJSC		5,593,438		8,777
Emirates NBD Bank PJSC		500,858		1,751
Emirates Telecommunications Group Co PJSC		81,939		521
Fertiglobe plc		2,017,460		3,135
First Abu Dhabi Bank PJSC		120,927		586
				23,193
United Kingdom — 0.6%
Anglo American PLC		161,950		4,873
Endeavour Mining PLC		27,585		500
Network International Holdings PLC *		602,217		2,037
Tullow Oil PLC *		791,504		372
				7,782
United States — 0.0%
Kosmos Energy Ltd *		72,600		375
Vietnam — 0.4%
Hoa Phat Group JSC		538,217		474
Vincom Retail JSC *		655,545		765
Vinhomes JSC		2,176,000		4,602
				5,841

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Total Common Stock
(Cost $1,370,306) ($ Thousands)			$	1,274,377
PREFERRED STOCK — 2.1%
Brazil — 1.1%
Banco Bradesco SA (C)		324,797		1,191
Centrais Eletricas Brasileiras SA (C)		71,557		597
Cia Energetica de Minas Gerais (C)		1,158,340		2,311
Itau Unibanco Holding SA, 4.160%		387,711		2,007
Petroleo Brasileiro SA ADR, Cl A (C)		656,230		7,271
Petroleo Brasileiro SA (C)		396,935		2,199
				15,576
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Cl B (C)		9,393		883
South Korea — 0.9%
Hyundai Motor Co (C)		58,398		3,405
LG Chem Ltd (C)		11,840		2,062
LG Electronics *(C)		29,217		748
Samsung Electronics Co Ltd (C)		164,339		5,338
				11,553
Total Preferred Stock
(Cost $34,310) ($ Thousands)				28,012
	Face Amount (Thousands)
DEBENTURE BOND — 0.0%
Brazil — 0.0%
Vale SA, Ser 1997
0.000% (D)(E)	BRL	8		1
Total Debenture Bond
(Cost $—) ($ Thousands)				1
	Shares
AFFILIATED PARTNERSHIP — 0.6%
SEI Liquidity Fund, LP
2.930% **†(F)		8,461,652		8,462
Total Affiliated Partnership
(Cost $8,462) ($ Thousands)				8,462

32

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 1.5%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**†		19,914,053	$	19,914
Total Cash Equivalent
(Cost $19,914) ($ Thousands)				19,914
Total Investments in Securities — 98.7%
(Cost $1,432,992) ($ Thousands)			$	1,330,766

A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Depreciation (Thousands)
Long Contracts
MSCI Emerging Markets		468		Dec-2022	$	22,545	$	20,393	$	(2,152	)

	Percentages are based on Net Assets of $1,348,379 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
†	Investment in Affiliated Security (see Note 5).
‡	Real Estate Investment Trust.
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 9).
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	No interest rate available.
(D)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(E)	Perpetual security with no stated maturity date.
(F)	This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2022 was $8,462 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)(1)			Total ($)
Common Stock		1,274,377		–		–	^		1,274,377
Preferred Stock		28,012		–		–			28,012
Debenture Bond		–		1		–			1
Affiliated Partnership		–		8,462		–			8,462
Cash Equivalent		19,914		–		–			19,914
Total Investments in Securities		1,322,303		8,463		–			1,330,766

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(2,152	)		–		–		(2,152	)
Total Other Financial Instruments		(2,152	)		–		–		(2,152	)

^One security with market value of $0.

(1) A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level

3 investments at the end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

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

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

SEI Institutional International Trust / Annual Report / September 30, 2022

33

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Market Equity Fund (Concluded)

The following is a summary of the transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

Security Description	Value 9/30/2021		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)			Change in Unrealized Depreciation			Value 9/30/2022		Shares		Income		Capital Gains
SEI Liquidity Fund, LP	$	17,858	$	223,201	$	(232,590	)	$	(4	)	$	(3	)	$	8,462		8,461,652	$	208	$	—
SEI Daily Income Trust, Government Fund, Cl F		60,832		200,148		(241,066	)		—			—			19,914		19,914,053		124		—
Totals	$	78,690	$	423,349	$	(473,656	)	$	(4	)	$	(3	)	$	28,376			$	332	$	—

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

See “Glossary” for abbreviations.

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

34

SEI Institutional International Trust / Annual Report / September 30, 2022

SCHEDULE OF INVESTMENTS

September 30, 2022

International Fixed Income Fund

^†Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS — 91.7%
Australia — 2.5%
Australia & New Zealand Banking Group MTN
5.000%, 08/16/2023	AUD	750	$	485
Australia Government Bond
4.750%, 04/21/2027		1,070		719
4.500%, 04/21/2033		801		541
3.750%, 04/21/2037		393		244
3.250%, 04/21/2025		843		538
3.000%, 03/21/2047		1,699		903
2.750%, 11/21/2027		3,982		2,447
2.750%, 05/21/2041		1,042		550
2.500%, 05/21/2030		1,492		875
2.250%, 05/21/2028		33		20
1.750%, 06/21/2051		427		167
1.000%, 12/21/2030		1,059		544
0.500%, 09/21/2026		2,364		1,344
Commonwealth Bank of Australia
0.125%, 10/15/2029	EUR	270		213
Commonwealth Bank of Australia MTN
0.375%, 04/11/2024		455		430
Glencore Capital Finance DAC MTN
0.750%, 03/01/2029		450		330
Glencore Finance Europe MTN
1.500%, 10/15/2026		120		105
National Australia Bank
5.000%, 03/11/2024	AUD	750		486
National Australia Bank MTN
2.250%, 06/06/2025	EUR	206		198
Westpac Banking MTN
1.250%, 01/14/2033		310		248

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Westpac Banking Corp MTN
0.500%, 05/17/2024	EUR	505	$	477
				11,864
Austria — 1.0%
JAB Holdings BV
1.000%, 12/20/2027		400		325
Republic of Austria Government Bond (A)
4.150%, 03/15/2037		561		624
2.400%, 05/23/2034		110		102
2.100%, 09/20/2117		50		37
1.850%, 05/23/2049		545		432
0.850%, 06/30/2120		87		36
0.750%, 10/20/2026		1,197		1,104
0.023%, 02/20/2031		730		570
0.000%, 04/20/2025 (B)		647		602
Republic of Austria Government Bond, Ser 97-6
6.250%, 07/15/2027		789		908
				4,740
Belgium — 1.0%
Ageas
1.875%, 11/24/2051 (C)		200		139
Kingdom of Belgium Government Bond
4.250%, 03/28/2041 (A)		470		525
3.750%, 06/22/2045		419		450
3.000%, 06/22/2034 (A)		580		573
1.700%, 06/22/2050 (A)		250		182
1.600%, 06/22/2047 (A)		351		257
1.400%, 06/22/2053 (A)		315		206
1.000%, 06/22/2026 (A)		370		348
1.000%, 06/22/2031 (A)		490		422
0.350%, 06/22/2032 (A)		620		483
0.007%, 10/22/2031 (A)		266		206
0.000%, 10/22/2027 (A)(B)		1,133		988
Kingdom of Belgium Government Bond, Ser 44
5.000%, 03/28/2035 (A)		64		75
				4,854
Brazil — 0.0%
OEC Finance
7.125%, 12/26/2046	$	176		4
4.375%, 10/25/2029		111		3
				7
Canada — 6.9%
Bank of Nova Scotia
1.950%, 02/01/2023		850		843
0.010%, 03/18/2025	EUR	645		588
Bell Canada MTN
4.700%, 09/11/2023	CAD	80		58

SEI Institutional International Trust / Annual Report / September 30, 2022

35

SCHEDULE OF INVESTMENTS

September 30, 2022

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Canada Housing Trust No. 1
2.250%, 12/15/2025 (A)	CAD	1,325	$	921
Canadian Government Bond
5.750%, 06/01/2033		621		555
2.750%, 12/01/2048		400		271
2.750%, 12/01/2048		243		165
2.500%, 06/01/2024		2,460		1,754
2.250%, 06/01/2029 (G)		3,329		2,282
1.500%, 06/01/2026		6,744		4,576
1.500%, 06/01/2031		268		170
1.000%, 06/01/2027		1,375		901
0.500%, 12/01/2030		1,028		603
Canadian Pacific Railway
1.350%, 12/02/2024	$	805		744
Canadian When Issued Government Bond
2.000%, 12/01/2051	CAD	501		288
CDP Financial
1.125%, 04/06/2027 (A)	EUR	1,062		957
CPPIB Capital
3.250%, 06/15/2027 (A)	$	565		535
CPPIB Capital MTN
0.250%, 04/06/2027	EUR	1,765		1,532
Enbridge MTN
3.190%, 12/05/2022	CAD	1,650		1,199
OMERS Finance Trust
3.500%, 04/19/2032 (A)	$	555		505
Ontario Teachers' Finance Trust
2.000%, 04/16/2031 (A)		1,914		1,574
1.850%, 05/03/2032 (A)	EUR	444		378
0.500%, 05/06/2025		1,066		982
Ontario Teachers' Finance Trust MTN
0.900%, 05/20/2041		707		453
Province of Alberta Canada
0.500%, 04/16/2025		400		370
Province of British Columbia Canada
2.950%, 12/18/2028	CAD	1,653		1,145
2.750%, 06/18/2052		835		470
Province of Ontario Canada
4.700%, 06/02/2037		1,355		1,035
4.650%, 06/02/2041		540		413
2.800%, 06/02/2048		2,200		1,253
2.400%, 06/02/2026		585		406
Province of Ontario Canada MTN
0.250%, 12/15/2026	GBP	2,337		2,103
Province of Quebec Canada
6.250%, 06/01/2032	CAD	720		619
3.500%, 12/01/2048		520		338
3.100%, 12/01/2051		780		471
Province of Quebec Canada MTN
3.700%, 05/20/2026	AUD	568		354
Province of Saskatchewan Canada
3.250%, 06/08/2027	$	295		280

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
PSP Capital
1.625%, 10/26/2028 (A)	$	617	$	522
Royal Bank of Canada MTN
1.125%, 12/15/2025	GBP	230		218
0.250%, 01/29/2024	EUR	189		180
Toronto-Dominion Bank
0.000%, 02/09/2024 (B)		490		464
				33,475
Cayman Islands — 0.0%
Odebrecht Holdco Finance Ltd
0.000%, 09/10/2058 (D)	$	311		1
China — 10.6%
Agricultural Development Bank of China
3.740%, 07/12/2029	CNY	8,500		1,261
China Development Bank
4.880%, 02/09/2028		10,600		1,648
3.700%, 10/20/2030		9,430		1,396
3.660%, 03/01/2031		4,680		691
3.650%, 05/21/2029		18,120		2,666
3.480%, 01/08/2029		23,680		3,450
3.400%, 01/08/2028		7,190		1,042
3.390%, 07/10/2027		16,630		2,415
3.230%, 01/10/2025		11,360		1,634
3.120%, 09/13/2031		9,540		1,354
China Government Bond
3.810%, 09/14/2050		19,820		3,081
3.720%, 04/12/2051		40,930		6,279
3.530%, 10/18/2051		1,480		221
3.270%, 11/19/2030		13,260		1,944
3.020%, 05/27/2031		22,640		3,238
2.850%, 06/04/2027		14,060		2,009
2.800%, 03/24/2029		45,790		6,482
2.750%, 02/17/2032		8,540		1,195
2.690%, 08/12/2026		16,200		2,301
2.680%, 05/21/2030		9,380		1,315
2.370%, 01/20/2027		16,030		2,245
2.180%, 06/25/2024		17,530		2,475
Export-Import Bank of China
3.180%, 03/11/2032		4,450		634
Prosus NV MTN
2.031%, 08/03/2032	EUR	245		154
1.985%, 07/13/2033 (A)		320		192
				51,322
Colombia — 0.9%
Colombian TES
10.000%, 07/24/2024	COP	2,757,800		584
9.250%, 05/28/2042		828,200		133
7.750%, 09/18/2030		5,638,800		929
7.500%, 08/26/2026		1,565,300		291
7.250%, 10/18/2034		3,974,900		579

36

SEI Institutional International Trust / Annual Report / September 30, 2022

SCHEDULE OF INVESTMENTS

September 30, 2022

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
7.000%, 03/26/2031	COP	2,189,200	$	338
7.000%, 06/30/2032		3,657,100		547
6.250%, 07/09/2036		481,100		61
6.000%, 04/28/2028		2,966,000		481
5.750%, 11/03/2027		1,919,300		315
				4,258
Czech Republic — 0.2%
Czech Republic Government Bond
2.500%, 08/25/2028	CZK	14,630		498
1.200%, 03/13/2031		8,010		229
				727
Denmark — 0.2%
Denmark Government Bond
4.500%, 11/15/2039	DKK	2,040		338
0.000%, 11/15/2031 (B)		2,049		214
Kommunekredit MTN
0.125%, 09/26/2040	EUR	275		159
Orsted
6.250%, EUR Swap Annual 5 Yr + 4.750%, 06/26/2099 (C)		210		206
				917
Finland — 0.3%
Finland Government Bond (A)
2.625%, 07/04/2042		139		131
0.875%, 09/15/2025		355		335
0.125%, 09/15/2031		610		477
0.125%, 04/15/2052		135		64
Nordea Bank Abp MTN
6.125%, USD Swap Semi 30/360 5 Yr Curr + 3.388% (C)(E)	$	200		187
Nordea Kiinnitysluottopankki MTN
0.250%, 03/18/2026	EUR	480		429
				1,623
France — 5.7%
BNP Paribas
7.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.899% (A)(C)(E)	$	265		244
BNP Paribas MTN
3.375%, 01/23/2026	GBP	490		485
BNP Paribas Home Loan SFH
0.375%, 05/07/2025	EUR	400		368
BPCE
1.000%, 01/20/2026 (A)	$	950		821
BPCE MTN
2.000%, 06/05/2025	AUD	440		259
Caisse Francaise de Financement Local MTN
3.000%, 10/02/2028	EUR	100		97
0.500%, 01/19/2026		500		453

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Cie de Financement Foncier
0.375%, 12/11/2024	EUR	300	$	279
Cie de Financement Foncier MTN
5.500%, 01/26/2027	GBP	387		433
CNP Assurances MTN
2.500%, 06/30/2051 (C)	EUR	200		154
Credit Agricole Assurances
4.750%, 09/27/2048 (C)		200		181
Credit Agricole Home Loan SFH MTN
1.250%, 03/24/2031		300		252
0.250%, 02/23/2024		700		664
Dexia Credit Local MTN
0.625%, 02/03/2024		200		191
0.500%, 01/17/2025		300		279
0.000%, 05/29/2024 (B)		1,200		1,126
Electricite de France
5.625%, USD Swap Semi 30/360 10 Yr Curr + 3.041% (A)(C)(E)	$	200		180
Electricite de France MTN
5.375%, EUR Swap Annual 12 Yr + 3.794% (C)(E)	EUR	200		182
4.000%, 11/12/2025		350		351
Faurecia
2.750%, 02/15/2027		230		173
French Republic Government Bond OAT
5.750%, 10/25/2032		271		335
4.500%, 04/25/2041		389		456
4.000%, 04/25/2055 (A)		139		163
2.750%, 10/25/2027		339		339
2.500%, 05/25/2030		442		436
1.750%, 06/25/2039 (A)		256		211
1.750%, 05/25/2066 (A)		84		59
1.500%, 05/25/2050 (A)		1,786		1,261
1.250%, 05/25/2036 (A)		672		534
1.000%, 05/25/2027		4,748		4,399
0.750%, 05/25/2028		345		310
0.750%, 05/25/2052		202		112
0.500%, 05/25/2029		395		343
0.500%, 06/25/2044 (A)		1,380		823
0.100%, 07/25/2031 (A)		179		172
0.000%, 03/25/2025 (B)		2,978		2,777
0.000%, 02/25/2025 (B)		1,057		987
0.000%, 02/25/2027 (B)		3,798		3,379
0.000%, 11/25/2029 (B)		504		416
Kapla Holding SAS
4.250%, Euribor 3 Month + 3.250%, 12/15/2026 (C)		200		175
SNCF Reseau MTN
4.250%, 10/07/2026		200		209
2.250%, 12/20/2047		300		237
2.000%, 02/05/2048		300		222
1.125%, 05/19/2027		300		276

SEI Institutional International Trust / Annual Report / September 30, 2022

37

SCHEDULE OF INVESTMENTS

September 30, 2022

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
1.125%, 05/25/2030	EUR	200	$	175
Societe Generale
2.797%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.300%, 01/19/2028 (A)(C)	$	300		253
Societe Nationale SNCF
1.000%, 05/25/2040	EUR	700		458
TotalEnergies MTN
1.625% (C)(E)		270		206
TotalEnergies Capital International MTN
2.500%, 03/25/2026		400		384
Westfield America Management
2.625%, 03/30/2029	GBP	155		125
2.125%, 03/30/2025		210		201
				27,605
Germany — 4.2%
Bundesobligation (B)
0.000%, 04/11/2025	EUR	1,775		1,665
0.000%, 10/09/2026		3,135		2,849
Bundesrepublik Deutschland Bundesanleihe
4.000%, 01/04/2037		234		279
3.250%, 07/04/2042		685		785
1.700%, 08/15/2032		1,055		995
1.250%, 08/15/2048		1,013		827
0.170%, 08/15/2050		128		70
0.000%, 08/15/2031 (B)		176		144
0.000%, 05/15/2035 (B)		671		498
0.000%, 05/15/2036 (B)		1,061		770
Cheplapharm Arzneimittel GmbH
3.500%, 02/11/2027 (A)		191		153
Deutsche Bank MTN
1.000%, 11/19/2025 (C)		400		361
Deutsche Telekom MTN
1.750%, 12/09/2049		100		62
Deutsche Telekom International Finance BV MTN
0.625%, 04/03/2023		5		5
E.ON MTN
0.000%, 12/18/2023 (B)		550		520
HeidelbergCement Finance Luxembourg MTN
1.750%, 04/24/2028		120		104
1.625%, 04/07/2026		400		363
HOCHTIEF MTN
1.750%, 07/03/2025		400		367
Kreditanstalt fuer Wiederaufbau
2.600%, 06/20/2037	JPY	241,000		2,134
0.500%, 09/15/2027	EUR	510		451
0.125%, 06/07/2023		1,020		989
Kreditanstalt fuer Wiederaufbau MTN
0.875%, 09/15/2026	GBP	2,600		2,467

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Landwirtschaftliche Rentenbank MTN
0.625%, 05/18/2027	EUR	225	$	200
0.000%, 12/13/2028 (B)		1,085		897
Siemens Financieringsmaatschappij
1.200%, 03/11/2026 (A)	$	775		676
Volkswagen Bank GmbH MTN
1.875%, 01/31/2024	EUR	400		382
1.250%, 12/15/2025		416		377
Volkswagen International Finance
3.875% (C)(E)		300		237
Volkswagen Leasing GmbH MTN
1.125%, 04/04/2024		520		492
ZF Europe Finance BV
2.000%, 02/23/2026		200		163
				20,282
Hungary — 0.2%
Hungary Government Bond
3.000%, 06/26/2024	HUF	297,650		586
1.500%, 08/23/2023		183,970		390
				976
Indonesia — 1.3%
Indonesia Treasury Bond
8.750%, 05/15/2031	IDR	7,551,000		534
8.375%, 03/15/2034		32,395,000		2,257
7.500%, 06/15/2035		2,199,000		144
7.375%, 05/15/2048		13,040,000		850
7.000%, 09/15/2030		11,991,000		772
6.500%, 06/15/2025		3,115,000		202
6.500%, 02/15/2031		18,489,000		1,148
5.500%, 04/15/2026		5,153,000		325
				6,232
Ireland — 0.6%
AerCap Ireland Capital DAC
1.150%, 10/29/2023	$	1,000		950
CRH Funding MTN
1.875%, 01/09/2024	EUR	310		298
Ireland Government Bond
1.500%, 05/15/2050		250		175
1.100%, 05/15/2029		670		604
1.000%, 05/15/2026		285		269
0.113%, 10/18/2031		304		236
Smurfit Kappa Acquisitions ULC
2.875%, 01/15/2026		265		250
				2,782
Israel — 0.1%
Israel Government Bond - Fixed
5.500%, 01/31/2042	ILS	675		239
2.000%, 03/31/2027		925		246
1.000%, 03/31/2030		593		141
				626

38

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Italy — 4.8%
doValue
5.000%, 08/04/2025	EUR	230	$	206
Eni
3.375% (C)(E)		135		100
Eni MTN
0.375%, 06/14/2028		130		104
Intesa Sanpaolo MTN
2.125%, 05/26/2025		330		307
0.750%, 12/04/2024		350		322
Italy Buoni Poliennali Del Tesoro
5.000%, 09/01/2040 (A)		1,065		1,106
4.000%, 04/30/2035 (A)		2,330		2,176
3.500%, 03/01/2030 (A)		527		499
3.100%, 03/01/2040 (A)		472		385
3.000%, 08/01/2029		853		786
2.800%, 12/01/2028		123		113
2.800%, 03/01/2067 (A)		292		202
2.700%, 03/01/2047 (A)		55		41
2.500%, 12/01/2032		406		333
2.450%, 09/01/2033 (A)		552		446
2.150%, 03/01/2072 (A)		76		44
2.000%, 02/01/2028		670		601
1.800%, 03/01/2041 (A)		247		161
1.750%, 05/30/2024		1,930		1,855
1.700%, 09/01/2051 (A)		507		289
1.500%, 04/30/2045 (A)		1,034		597
1.450%, 03/01/2036 (A)		529		365
1.100%, 04/01/2027		131		115
0.950%, 12/01/2031 (A)		2,794		2,037
0.950%, 06/01/2032		1,195		857
0.500%, 07/15/2028		2,352		1,903
0.019%, 04/01/2026		5,474		4,754
0.000%, 04/15/2024 (B)		1,429		1,343
Rimini Bidco
6.250%, Euribor 3 Month + 5.250%, 12/14/2026 (A)(C)		200		165
Societa Cattolica Di Assicurazione SPA
4.250%, 12/14/2047 (C)		200		177
UniCredit MTN
4.875%, EUAMDB05 + 4.739%, 02/20/2029 (C)		220		209
1.250%, 06/16/2026 (C)		460		410
				23,008
Japan — 17.1%
Development Bank of Japan
2.300%, 03/19/2026	JPY	180,000		1,330
Development Bank of Japan MTN
0.875%, 10/10/2025	EUR	1,145		1,054
Japan Finance Organization for Municipalities MTN
0.050%, 02/12/2027		720		620

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Japan Government Five Year Bond
0.100%, 09/20/2024	JPY	61,150	$	424
Japan Government Forty Year Bond
0.400%, 03/20/2056		444,450		2,245
Japan Government Forty Year Bond, Ser 6
1.900%, 03/20/2053		38,700		301
Japan Government Ten Year Bond
0.600%, 09/20/2023		644,100		4,481
0.500%, 09/20/2024		1,143,450		7,985
0.400%, 06/20/2025		514,550		3,597
0.100%, 12/20/2026		666,550		4,619
0.100%, 09/20/2027		697,900		4,827
Japan Government Thirty Year Bond
2.300%, 03/20/2040		214,950		1,821
1.000%, 03/20/2052		28,350		178
0.800%, 09/20/2047		663,400		4,154
0.400%, 12/20/2049		309,900		1,692
0.300%, 06/20/2046		85,800		485
0.300%, 06/20/2046		74,600		422
Japan Government Thirty Year Bond, Ser 29
2.400%, 09/20/2038		133,650		1,145
Japan Government Thirty Year Bond, Ser 30
2.300%, 03/20/2039		448,100		3,795
Japan Government Thirty Year Bond, Ser 33
2.000%, 09/20/2040		416,300		3,386
Japan Government Thirty Year Bond, Ser 36
2.000%, 03/20/2042		427,900		3,483
Japan Government Thirty Year Bond, Ser 37
1.900%, 09/20/2042		36,550		293
Japan Government Thirty Year Bond, Ser 38
1.800%, 03/20/2043		207,550		1,636
Japan Government Twenty Year Bond
1.800%, 09/20/2031		316,950		2,482
1.700%, 06/20/2033		1,020,800		8,023
1.400%, 09/20/2034		503,250		3,841
1.000%, 12/20/2035		50,000		363
0.700%, 03/20/2037		38,450		266
0.500%, 09/20/2036		557,400		3,776
0.200%, 06/20/2036		206,200		1,344
Japan Government Twenty Year Bond, Ser 144
1.500%, 03/20/2033		82,950		640
Japan Treasury Discount Bill
0.000%, 10/24/2022 (D)		280,100		1,935
0.000%, 12/19/2022 (D)		158,000		1,092
0.000%, 01/06/2023 (D)		355,700		2,458
0.000%, 03/10/2023 (D)		267,700		1,851
Mizuho Financial Group
5.414%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.050%, 09/13/2028 (C)	$	260		254

SEI Institutional International Trust / Annual Report / September 30, 2022

39

SCHEDULE OF INVESTMENTS

September 30, 2022

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Nissan Motor
2.652%, 03/17/2026	EUR	165	$	149
NTT Finance
1.162%, 04/03/2026 (A)	$	345		301
				82,748
Luxembourg — 0.1%
Altice Financing
2.250%, 01/15/2025	EUR	215		185
Prologis International Funding II
2.375%, 11/14/2030		200		168
Vivion Investments Sarl
3.000%, 08/08/2024		200		177
				530
Malaysia — 1.3%
Malaysia Government Bond
4.392%, 04/15/2026	MYR	2,816		615
4.232%, 06/30/2031		2,626		554
4.065%, 06/15/2050		308		57
3.955%, 09/15/2025		5,605		1,211
3.885%, 08/15/2029		2,890		605
3.828%, 07/05/2034		3,332		661
3.757%, 05/22/2040		1,747		326
3.733%, 06/15/2028		2,316		484
3.502%, 05/31/2027		7,477		1,573
2.632%, 04/15/2031		1,040		195
				6,281
Mexico — 2.3%
Mexican Bonos
8.000%, 11/07/2047	MXN	24,285		1,018
7.750%, 11/23/2034		23,735		1,018
7.750%, 11/13/2042		40,580		1,674
7.500%, 06/03/2027		17,901		815
5.750%, 03/05/2026		14,711		642
5.750%, 03/05/2026		1,530		67
5.500%, 03/04/2027		11,009		464
Mexican Bonos, Ser M20
10.000%, 12/05/2024		11,942		589
8.500%, 05/31/2029		10,038		470
7.750%, 05/29/2031		43,706		1,929
Mexican Bonos, Ser M30
10.000%, 11/20/2036		41,751		2,128
8.500%, 11/18/2038		5,364		241
Mexico Government International Bond
2.875%, 04/08/2039	EUR	280		184
				11,239
Netherlands — 2.2%
ABN AMRO Bank
3.324%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.900%, 03/13/2037 (A)(C)	$	400		285

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
ASR Nederland
3.375%, 05/02/2049 (C)	EUR	255	$	208
BNG Bank MTN
0.250%, 02/22/2023		1,260		1,229
0.000%, 01/20/2031 (B)		900		688
Cooperatieve Rabobank UA
4.375% (C)(E)		200		162
Cooperatieve Rabobank UA MTN
5.250%, 09/14/2027	GBP	195		194
4.625%, 05/23/2029		290		270
1.250%, 05/31/2032	EUR	300		247
Heineken MTN
1.000%, 05/04/2026		335		303
ING Groep
3.869%, U.S. SOFR + 1.640%, 03/28/2026 (C)	$	505		479
ING Groep MTN
2.125%, 05/26/2031 (C)	EUR	300		261
Nederlandse Waterschapsbank MTN
1.250%, 05/27/2036		281		216
0.625%, 01/18/2027		225		201
0.000%, 11/16/2026 (B)		1,067		933
Netherlands Government Bond (A)
4.000%, 01/15/2037		236		268
2.500%, 01/15/2033		874		860
0.750%, 07/15/2027 (A)		511		470
0.500%, 07/15/2026		390		362
0.240%, 01/15/2038		1,479		975
0.118%, 01/15/2052		421		207
0.000%, 01/15/2027 (B)		685		614
0.000%, 07/15/2031 (B)		1,014		812
VZ Secured Financing BV
3.500%, 01/15/2032		234		164
				10,408
New Zealand — 1.1%
New Zealand Government Bond
5.500%, 04/15/2023	NZD	2,356		1,343
3.000%, 04/20/2029		345		181
2.750%, 04/15/2025		1,896		1,035
2.750%, 04/15/2037		80		36
2.750%, 05/15/2051		565		225
2.000%, 05/15/2032		3,785		1,754
1.750%, 05/15/2041		766		276
1.500%, 05/15/2031		548		249
New Zealand Local Government Funding Agency Bond
4.500%, 04/15/2027		803		445
				5,544
Norway — 1.5%
DNB Boligkreditt MTN
0.375%, 11/20/2024	EUR	795		740

40

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Equinor MTN
6.875%, 03/11/2031	GBP	185	$	221
Norway Government Bond (A)
3.500%, 10/06/2042	NOK	1,935		180
3.000%, 03/14/2024		7,018		644
2.000%, 04/26/2028		3,667		316
1.750%, 03/13/2025		1,213		108
1.750%, 02/17/2027		10,007		864
1.750%, 09/06/2029		6,471		539
1.500%, 02/19/2026		14,994		1,301
1.375%, 08/19/2030		9,406		750
1.250%, 09/17/2031		14,924		1,153
Var Energi
5.000%, 05/18/2027 (A)	$	415		396
				7,212
Peru — 0.0%
Volcan Cia Minera SAA
4.375%, 02/11/2026 (A)		10		8
Poland — 0.6%
Republic of Poland Government Bond
3.750%, 05/25/2027	PLN	1,980		343
2.750%, 04/25/2028		3,008		484
2.750%, 10/25/2029		4,584		693
2.500%, 07/25/2026		1,354		229
2.500%, 07/25/2027		1,860		304
1.750%, 04/25/2032		1,090		140
1.250%, 10/25/2030		3,666		472
0.250%, 10/25/2026		2,272		344
				3,009
Portugal — 0.4%
EDP Finance BV MTN
0.375%, 09/16/2026	EUR	440		381
Portugal Obrigacoes do Tesouro OT (A)
4.100%, 04/15/2037		452		478
1.950%, 06/15/2029		492		459
0.700%, 10/15/2027		735		656
				1,974
Romania — 0.2%
Romania Government Bond
4.250%, 06/28/2023	RON	2,655		511
3.650%, 07/28/2025		1,540		268
				779
Singapore — 3.1%
Singapore Government Bond
3.500%, 03/01/2027	SGD	2,994		2,081
3.375%, 09/01/2033		1,192		824
3.000%, 09/01/2024		6,783		4,690
2.875%, 07/01/2029		200		134
2.875%, 09/01/2030		347		231

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
2.750%, 07/01/2023	SGD	1,441	$	999
2.750%, 04/01/2042		691		438
2.750%, 03/01/2046		200		126
2.625%, 08/01/2032		214		139
2.375%, 06/01/2025		3,785		2,565
2.250%, 08/01/2036		1,467		888
2.125%, 06/01/2026		1,790		1,186
Temasek Financial I MTN
2.375%, 01/23/2023 (A)	$	495		492
				14,793
Slovenia — 0.1%
Slovenia Government Bond
1.250%, 03/22/2027	EUR	556		517
South Africa — 0.2%
Anglo American Capital MTN
1.625%, 09/18/2025		415		382
1.625%, 03/11/2026		230		208
Bidvest Group UK PLC
3.625%, 09/23/2026 (A)	$	230		195
				785
South Korea — 1.1%
Export-Import Bank of Korea
0.829%, 04/27/2025	EUR	399		370
Korea Housing Finance
0.010%, 06/29/2026 (A)		150		131
Korea Treasury Bond
2.625%, 09/10/2035	KRW	700,180		419
2.000%, 06/10/2031		2,084,740		1,239
1.875%, 06/10/2029		496,110		301
1.500%, 12/10/2026		1,626,980		1,017
1.500%, 12/10/2030		1,797,120		1,034
1.250%, 03/10/2026		101,780		64
1.125%, 09/10/2025		1,252,200		801
				5,376
Spain — 3.3%
Banco Bilbao Vizcaya Argentaria
2.250%, 06/12/2024	EUR	200		194
Banco de Sabadell
0.625%, 11/07/2025 (C)		400		361
Banco Santander
5.294%, 08/18/2027	$	200		188
CaixaBank
1.250%, 01/11/2027	EUR	500		453
CaixaBank MTN
1.500%, GUKG1 + 1.320%, 12/03/2026 (C)	GBP	300		277
1.375%, 06/19/2026	EUR	300		259
Grifols Escrow Issuer SA
3.875%, 10/15/2028 (A)		100		72

SEI Institutional International Trust / Annual Report / September 30, 2022

41

SCHEDULE OF INVESTMENTS

September 30, 2022

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Iberdrola International BV
1.874% (C)(E)	EUR	400	$	333
Lorca Telecom Bondco
4.000%, 09/18/2027		130		111
Spain Government Bond
6.000%, 01/31/2029		80		93
4.700%, 07/30/2041 (A)		699		798
3.450%, 07/30/2066 (A)		272		250
2.350%, 07/30/2033 (A)		658		590
1.950%, 07/30/2030 (A)		188		171
1.900%, 10/31/2052 (A)		346		227
1.850%, 07/30/2035 (A)		862		708
1.500%, 04/30/2027 (A)		393		367
1.400%, 04/30/2028 (A)		1,014		924
1.000%, 07/30/2042 (A)		1,170		737
0.850%, 07/30/2037 (A)		497		335
0.600%, 10/31/2029 (A)		174		145
0.500%, 04/30/2030 (A)		418		342
0.500%, 10/31/2031 (A)		431		335
0.054%, 01/31/2028		3,295		2,792
0.000%, 05/31/2024 (B)		2,802		2,650
0.000%, 05/31/2025 (B)		1,411		1,299
0.000%, 01/31/2026 (B)		770		696
Telefonica Europe BV
4.375%, EUR Swap Annual 6 Yr + 4.107% (C)(E)		200		185
				15,892
Supra-National — 1.8%
Asian Development Bank MTN
2.350%, 06/21/2027	JPY	410,000		3,114
European Financial Stability Facility MTN
0.500%, 07/11/2025	EUR	1,420		1,318
European Investment Bank
1.900%, 01/26/2026	JPY	50,000		366
European Investment Bank MTN
1.250%, 05/12/2025	SEK	13,180		1,125
0.875%, 12/15/2023	GBP	946		1,010
0.250%, 10/14/2024	EUR	156		147
European Stability Mechanism MTN
1.000%, 09/23/2025		570		535
International Bank for Reconstruction & Development MTN (B)
0.000%, 01/15/2027		268		233
0.000%, 02/21/2030		33		26
International Finance MTN
2.375%, 07/19/2023	CAD	1,000		719
				8,593
Sweden — 0.8%
Balder Finland MTN
1.375%, 05/24/2030	EUR	380		243

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Heimstaden Bostad Treasury BV MTN
1.375%, 03/03/2027	EUR	380	$	305
0.250%, 10/13/2024		135		119
Kommunivest I Sverige AB MTN
1.000%, 10/02/2024	SEK	5,830		501
Samhallsbyggnadsbolaget i Norden MTN
1.125%, 09/04/2026	EUR	140		103
SBB Treasury MTN
1.125%, 11/26/2029		160		96
Skandinaviska Enskilda Banken MTN
0.250%, 06/20/2024		460		432
Stadshypotek
0.500%, 07/11/2025		1,470		1,351
Svenska Handelsbanken
4.375%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.942% (C)(E)	$	200		162
Swedbank
5.625%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.134% (C)(E)		200		185
Swedbank Hypotek MTN
0.050%, 05/28/2025	EUR	195		178
Sweden Government Bond
0.125%, 05/12/2031 (A)	SEK	5,545		419
				4,094
Switzerland — 0.4%
Credit Suisse Group
6.373%, U.S. SOFR + 3.340%, 07/15/2026 (A)(C)	$	265		256
Credit Suisse Group MTN
1.250%, EUSA1 + 0.750%, 07/17/2025 (C)	EUR	134		122
Government of Switzerland
1.500%, 04/30/2042	CHF	408		443
1.250%, 06/11/2024		739		757
Swiss Re Finance Luxembourg
5.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.582%, 04/02/2049 (A)(C)	$	200		175
				1,753
Thailand — 0.3%
Thailand Government Bond
4.875%, 06/22/2029	THB	16,455		484
4.675%, 06/29/2044		17,119		502
3.300%, 06/17/2038		3,522		87
2.125%, 12/17/2026		7,336		191
2.000%, 12/17/2031		12,933		314
1.875%, 06/17/2049		3,746		63
				1,641

42

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
United Arab Emirates — 0.0%
Sweihan PV Power PJSC
3.625%, 01/31/2049 (A)	$	298	$	236
United Kingdom — 5.1%
Allwyn Entertainment Financing UK
4.446%, Euribor 3 Month + 4.125%, 02/15/2028 (A)(C)	EUR	100		90
Aptiv
1.500%, 03/10/2025		440		404
Ashtead Capital
5.500%, 08/11/2032 (A)	$	270		251
Aviva
6.125%, UK Govt Bonds 5 Year Note Generic Bid Yield + 2.850%, 11/14/2036 (C)	GBP	220		226
Barclays
8.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.431% (C)(E)	$	270		236
Barclays MTN
4.000%, 06/26/2029	AUD	500		274
BAT Capital
4.906%, 04/02/2030	$	105		93
BAT International Finance MTN
2.250%, 09/09/2052	GBP	100		43
1.250%, 03/13/2027	EUR	333		275
BAT Netherlands Finance BV MTN
3.125%, 04/07/2028		160		140
BCP V Modular Services Finance II
4.750%, 11/30/2028		235		184
BG Energy Capital MTN
2.250%, 11/21/2029		400		349
BP Capital Markets (E)
3.625% (C)		281		222
3.250% (C)		612		532
BP Capital Markets MTN
0.831%, 11/08/2027		130		110
Cadent Finance MTN
2.750%, 09/22/2046	GBP	100		61
2.625%, 09/22/2038		100		67
Castle UK Finco
5.571%, Euribor 3 Month + 5.250%, 05/15/2028 (A)(C)	EUR	100		77
CCEP Finance Ireland DAC
0.500%, 09/06/2029		335		262
CK Hutchison Europe Finance 21
0.750%, 11/02/2029		375		284
CK Hutchison Finance 16 II
0.875%, 10/03/2024		212		197
CK Hutchison Group Telecom Finance
2.625%, 10/17/2034	GBP	260		179

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
1.500%, 10/17/2031	EUR	330	$	240
CNH Industrial Finance Europe MTN
2.875%, 05/17/2023		220		215
1.750%, 09/12/2025		130		121
CPUK Finance MTN
3.690%, 08/28/2028	GBP	100		92
3.588%, 08/28/2025		215		217
DS Smith MTN
1.375%, 07/26/2024	EUR	430		402
Gatwick Funding MTN
5.250%, 01/23/2024	GBP	250		273
Heathrow Funding MTN
2.750%, 08/09/2049		315		182
HSBC Holdings
6.000%, EUR Swap Annual 5 Yr + 5.338% (C)(E)	EUR	200		192
5.210%, U.S. SOFR + 2.610%, 08/11/2028 (C)	$	270		252
3.000%, BPSW1 + 1.650%, 07/22/2028 (C)	GBP	167		151
HSBC Holdings MTN
6.000%, 03/29/2040		70		63
Jaguar Land Rover Automotive
4.500%, 10/01/2027 (A)	$	200		136
Lloyds Banking Group
4.716%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.750%, 08/11/2026 (C)		335		322
Natwest Group
3.622%, UK Govt Bonds 5 Year Note Generic Bid Yield + 3.550%, 08/14/2030 (C)	GBP	410		403
Northumbrian Water Finance
6.875%, 02/06/2023		190		213
Pinewood Finance
3.625%, 11/15/2027 (A)		170		153
Santander UK MTN
1.250%, 09/18/2024	EUR	500		475
Santander UK Group Holdings PLC MTN
3.625%, 01/14/2026	GBP	100		99
Sky PLC MTN
2.250%, 11/17/2025	EUR	275		261
Standard Chartered
4.316%, ICE LIBOR USD 3 Month + 1.510%, 07/30/2171 (A)(C)(E)	$	500		377
Thames Water Utilities Finance MTN
4.625%, 06/04/2046	GBP	155		131
United Kingdom Gilt
5.000%, 03/07/2025		43		49
4.750%, 12/07/2038		76		91
4.500%, 12/07/2042		356		423
4.250%, 03/07/2036		56		63
4.250%, 09/07/2039		53		60

SEI Institutional International Trust / Annual Report / September 30, 2022

43

SCHEDULE OF INVESTMENTS

September 30, 2022

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
4.250%, 12/07/2040	GBP	262	$	299
4.250%, 12/07/2046		476		558
4.250%, 12/07/2049		393		467
3.500%, 01/22/2045		1,189		1,239
3.250%, 01/22/2044		457		459
2.750%, 09/07/2024		868		942
2.500%, 07/22/2065		993		902
1.750%, 09/07/2037		213		174
1.500%, 07/22/2047		194		136
1.250%, 10/22/2041		163		115
1.250%, 07/31/2051		901		561
1.125%, 01/31/2039		237		170
1.000%, 04/22/2024		77		82
0.875%, 10/22/2029		1,668		1,485
0.625%, 06/07/2025		78		79
0.625%, 10/22/2050		904		464
0.500%, 10/22/2061		1,407		615
0.375%, 10/22/2026		4,089		3,871
United Kingdom Gilt - Inflation Linked
1.250%, 11/22/2027		479		565
Virgin Media Finance
5.000%, 07/15/2030 (A)	$	235		173
Vodafone Group MTN
4.200%, 12/13/2027	AUD	780		469
Western Power Distribution West Midlands PLC MTN
3.875%, 10/17/2024	GBP	230		245
Zurich Finance PLC MTN
6.625%, 10/30/2049 (C)		235		262
				24,544
United States — 8.2%
AbbVie
2.625%, 11/15/2028	EUR	610		562
Air Lease
2.100%, 09/01/2028	$	186		145
1.875%, 08/15/2026		110		93
Air Lease MTN
2.875%, 01/15/2026		40		36
Aircastle
5.250%, 08/11/2025 (A)		261		246
4.250%, 06/15/2026		4		4
4.125%, 05/01/2024		22		21
Ally Financial
4.700%, H15T7Y + 3.481% (C)(E)		116		83
Altria Group
3.125%, 06/15/2031	EUR	310		248
2.200%, 06/15/2027		330		285
American Honda Finance
1.950%, 10/18/2024		159		152
0.300%, 07/07/2028		320		256
American Medical Systems Europe BV
1.375%, 03/08/2028		250		216

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
American Tower
1.300%, 09/15/2025	$	535	$	474
0.875%, 05/21/2029	EUR	420		321
AT&T
4.375%, 09/14/2029	GBP	100		96
2.875% (C)(E)	EUR	200		172
1.650%, 02/01/2028	$	870		715
Aviation Capital Group LLC (A)
5.500%, 12/15/2024		80		77
3.500%, 11/01/2027		8		7
1.950%, 01/30/2026		108		91
1.950%, 09/20/2026		231		187
Bank of America MTN
7.000%, 07/31/2028	GBP	200		226
3.559%, ICE LIBOR USD 3 Month + 1.060%, 04/23/2027 (C)	$	79		73
3.384%, U.S. SOFR + 1.330%, 04/02/2026 (C)		767		724
2.375%, 06/19/2024	EUR	835		806
Becton Dickinson Euro Finance Sarl
1.336%, 08/13/2041		300		176
1.213%, 02/12/2036		129		85
0.334%, 08/13/2028		280		223
Berkshire Hathaway
0.500%, 01/15/2041		170		89
Berkshire Hathaway Finance
2.625%, 06/19/2059	GBP	144		90
Booking Holdings
2.375%, 09/23/2024	EUR	355		343
0.500%, 03/08/2028		110		90
Boston Scientific
0.625%, 12/01/2027		410		344
Broadcom
3.187%, 11/15/2036 (A)	$	185		127
Capital One Financial
1.650%, 06/12/2029	EUR	570		439
CCO Holdings
4.500%, 06/01/2033 (A)	$	127		94
Celanese US Holdings
6.050%, 03/15/2025		130		127
5.900%, 07/05/2024		195		192
Charles Schwab
5.375%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.971% (C)(E)		380		370
Charter Communications Operating
3.900%, 06/01/2052		225		139
Chubb INA Holdings
1.550%, 03/15/2028	EUR	325		283
0.875%, 06/15/2027		115		99
0.300%, 12/15/2024		190		174

44

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Citigroup
4.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.597% (C)(E)	$	71	$	60
2.572%, U.S. SOFR + 2.107%, 06/03/2031 (C)		310		244
Citigroup MTN
0.750%, 10/26/2023	EUR	115		110
0.500%, 10/08/2027 (C)		505		426
Comcast
0.250%, 05/20/2027		190		161
0.000%, 09/14/2026 (B)		550		472
Consolidated Edison
0.650%, 12/01/2023	$	1,065		1,014
Continental Resources
2.875%, 04/01/2032 (A)		170		125
Corebridge Financial
3.500%, 04/04/2025 (A)		330		313
Delta Airlines
4.500%, 10/20/2025 (A)		480		466
DH Europe Finance II
1.800%, 09/18/2049	EUR	105		62
Digital Dutch Finco BV
0.625%, 07/15/2025		136		119
Digital Intrepid Holding BV
0.625%, 07/15/2031		410		268
Directv Financing
5.875%, 08/15/2027 (A)	$	215		185
Discovery Communications
5.300%, 05/15/2049		18		13
5.200%, 09/20/2047		36		27
4.650%, 05/15/2050		14		10
3.900%, 11/15/2024		665		647
Eli Lilly
1.375%, 09/14/2061	EUR	195		97
Emerson Electric
0.375%, 05/22/2024		350		328
Entegris Escrow
4.750%, 04/15/2029 (A)	$	290		255
Essential Properties
2.950%, 07/15/2031		215		157
Exxon Mobil
0.835%, 06/26/2032	EUR	600		441
Fidelity National Information Services
0.625%, 12/03/2025		185		165
0.125%, 12/03/2022		500		489
GE Capital UK Funding Unlimited MTN
5.875%, 01/18/2033	GBP	160		165
General Motors Financial MTN
1.694%, 03/26/2025	EUR	277		253
Gilead Sciences
0.750%, 09/29/2023	$	545		523

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Global Payments
2.900%, 11/15/2031	$	455	$	348
GLP Capital
3.250%, 01/15/2032		189		142
Goldman Sachs Group
0.627%, U.S. SOFR + 0.538%, 11/17/2023 (C)		715		711
Goldman Sachs Group MTN
2.125%, 09/30/2024	EUR	885		845
0.250%, 01/26/2028		292		231
GSK Consumer Healthcare Capital US
3.024%, 03/24/2024 (A)	$	265		256
International Business Machines
0.300%, 02/11/2028	EUR	240		199
Johnson Controls International PLC
1.375%, 02/25/2025		395		367
JPMorgan Chase
7.900%, ICE LIBOR USD 3 Month + 3.470% (C)(E)	$	66		66
7.063%, ICE LIBOR USD 3 Month + 3.320% (C)(E)		3		3
5.717%, U.S. SOFR + 2.580%, 09/14/2033 (C)		260		246
2.947%, U.S. SOFR + 1.170%, 02/24/2028 (C)		295		261
Kraft Heinz Foods
2.250%, 05/25/2028	EUR	175		154
Kyndryl Holdings
2.050%, 10/15/2026	$	455		365
Las Vegas Sands
3.900%, 08/08/2029		275		227
Liberty Mutual Group
3.625%, 05/23/2059 (C)	EUR	300		250
MassMutual Global Funding II MTN
0.850%, 06/09/2023 (A)	$	998		972
McKesson
3.125%, 02/17/2029	GBP	315		285
Medtronic Global Holdings SCA
3.000%, 10/15/2028	EUR	255		242
1.375%, 10/15/2040		110		71
1.125%, 03/07/2027		400		355
0.250%, 07/02/2025		115		104
Metropolitan Life Global Funding I MTN
1.950%, 01/13/2023 (A)	$	1,000		993
Mileage Plus Holdings LLC
6.500%, 06/20/2027 (A)		350		343
Mondelez International
0.250%, 03/17/2028	EUR	470		380
Mondelez International Holdings Netherlands BV
0.625%, 09/09/2032 (A)		450		320

SEI Institutional International Trust / Annual Report / September 30, 2022

45

SCHEDULE OF INVESTMENTS

September 30, 2022

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Morgan Stanley
0.406%, 10/29/2027 (C)	EUR	370	$	311
Morgan Stanley MTN
2.239%, U.S. SOFR + 1.178%, 07/21/2032 (C)	$	805		605
0.529%, U.S. SOFR + 0.455%, 01/25/2024 (C)		1,000		984
National Grid North America MTN
1.000%, 07/12/2024	EUR	300		282
Newell Brands
6.375%, 09/15/2027	$	195		193
Office Properties Income Trust
4.500%, 02/01/2025		270		240
ONEOK
6.350%, 01/15/2031		89		87
Oracle
3.650%, 03/25/2041		160		109
Penske Truck Leasing Lp
2.700%, 03/14/2023 (A)		1,275		1,262
PepsiCo
3.200%, 07/22/2029	GBP	302		288
Philip Morris International
1.450%, 08/01/2039	EUR	115		63
0.625%, 11/08/2024		285		264
Philip Morris International MTN
2.875%, 03/03/2026		170		161
PPG Industries
1.875%, 06/01/2025		395		369
Principal Life Global Funding II
1.250%, 06/23/2025 (A)	$	315		283
Prologis Euro Finance
0.375%, 02/06/2028	EUR	286		231
Public Storage
0.500%, 09/09/2030		260		190
Realty Income
1.125%, 07/13/2027	GBP	385		334
Royal Caribbean Cruises
11.500%, 06/01/2025 (A)	$	185		197
Sabra Health Care LP
3.900%, 10/15/2029		241		197
Southern
1.875%, 09/15/2081 (C)	EUR	200		136
Starbucks
3.107%, SOFRINDX + 0.420%, 02/14/2024 (C)	$	330		328
Thermo Fisher Scientific Finance I BV
0.800%, 10/18/2030	EUR	260		205
0.000%, 11/18/2025 (B)		206		183
Time Warner Cable
5.750%, 06/02/2031	GBP	295		286
Toyota Motor Credit MTN
0.625%, 11/21/2024	EUR	465		433

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
TWDC Enterprises 18
2.758%, 10/07/2024	CAD	800	$	561
Tyco Electronics Group
0.000%, 02/16/2029 (B)	EUR	308		238
UnitedHealth Group
1.250%, 01/15/2026	$	175		156
US Bancorp MTN
0.850%, 06/07/2024	EUR	226		212
Verizon Communications
2.100%, 03/22/2028	$	445		376
1.125%, 11/03/2028	GBP	240		196
Verizon Communications MTN
4.050%, 02/17/2025	AUD	680		427
VF
0.250%, 02/25/2028	EUR	395		315
Visa
2.000%, 06/15/2029		362		324
Vistra
7.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.740% (A)(C)(E)	$	68		59
Vornado Realty
3.400%, 06/01/2031		226		173
Warnermedia Holdings (A)
5.050%, 03/15/2042		220		165
3.755%, 03/15/2027		137		123
Wells Fargo
3.900%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.453% (C)(E)		132		112
Wells Fargo MTN
2.125%, 12/20/2023	GBP	345		367
0.500%, 04/26/2024	EUR	500		468
Welltower
4.500%, 12/01/2034	GBP	140		124
Western Digital
3.100%, 02/01/2032	$	150		102
2.850%, 02/01/2029		32		25
Western Union
2.750%, 03/15/2031		355		267
WPC Eurobond BV
1.350%, 04/15/2028	EUR	530		426
				39,568
Total Global Bonds
(Cost $553,413) ($ Thousands)				442,823
U.S. TREASURY OBLIGATIONS — 4.2%
U.S. Treasury Bills
3.256%, 12/29/2022 (F)	$	5,841		5,796
3.151%, 02/02/2023 (F)		12,248		12,103

46

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Bond
2.000%, 08/15/2051	$	352	$	240
U.S. Treasury Inflation Indexed Bond
0.125%, 10/15/2026		2,391		2,227
U.S. Treasury Notes
0.500%, 03/31/2025		94		86
0.375%, 01/31/2026		20		17
Total U.S. Treasury Obligations
(Cost $20,732) ($ Thousands)				20,469
ASSET-BACKED SECURITIES — 0.3%
Other Asset-Backed Securities — 0.3%
Elmwood CLO XII, Ser 2021-5A, Cl D
5.760%, ICE LIBOR USD 3 Month + 3.050%, 01/20/2035 (A)(C)		750		641
Neuberger Berman Loan Advisers Euro CLO 3 DAC, Ser 2022-3A, Cl D
3.200%, 10/25/2034 (A)(C)	EUR	663		526
				1,167
Total Asset-Backed Securities
(Cost $1,507) ($ Thousands)				1,167

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 0.0%
Agency Mortgage-Backed Obligation — 0.0%
FNMA Connecticut Avenue Securities, Ser 2014-C04, Cl 2M2
8.084%, ICE LIBOR USD 1 Month + 5.000%, 11/25/2024(C)	$	19	$	19
Non-Agency Mortgage-Backed Obligation — 0.0%
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
4.021%, 09/25/2034(C)		6		6
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1
3.104%, 12/25/2034(C)		19		18
LSTAR Commercial Mortgage Trust, Ser 2016-4, Cl A2
2.579%, 03/10/2049(A)		46		46
				70
Total Mortgage-Backed Securities
(Cost $91) ($ Thousands)				89
Total Investments in Securities — 96.2%
(Cost $575,743) ($ Thousands)			$	464,548

A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:

Type of Contract	Number of Contracts			Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ (Depreciation) (Thousands)
Long Contracts
Australian 10-Year Bond		65			Dec-2022	$	5,342		$	4,895		$	(112	)
Australian 3-Year Bond		12			Dec-2022		890			822			(9	)
Euro-Bobl		5			Dec-2022		586			587			1
Euro-Bund		77			Dec-2022		11,030			10,447			(404	)
Euro-Bund		8			Dec-2022		1,084			1,085			1
Euro-Buxl		13			Dec-2022		1,997			1,868			(119	)
Euro-OAT		26			Dec-2022		3,606			3,365			(158	)
Japanese 10-Year Bond		17			Dec-2022		17,455			17,418			(7	)
Korea 10-Year Bond		20			Dec-2022		1,483			1,499			8
Long Gilt 10-Year Bond		27			Dec-2022		2,842			2,905			7
U.S. 2-Year Treasury Note		11			Dec-2022		2,296			2,259			(37	)
U.S. 5-Year Treasury Note		12			Dec-2022		1,287			1,290			3
U.S. 10-Year Treasury Note		40			Dec-2022		4,481			4,483			2
U.S. 10-Year Treasury Note		22			Dec-2022		2,593			2,465			(128	)
U.S. Long Treasury Bond		23			Dec-2022		3,157			2,907			(250	)
U.S. Ultra Long Treasury Bond		4			Dec-2022		556			548			(8	)
Ultra 10-Year U.S. Treasury Note		13			Dec-2022		1,583			1,540			(43	)
							62,268			60,383			(1,253	)
Short Contracts
Australian 3-Year Bond		(17	)		Dec-2022	$	(1,252	)	$	(1,165	)	$	13
Canadian 5-Year Bond		(22	)		Dec-2022		(1,920	)		(1,799	)		14
Canadian 10-Year Bond		(26	)		Dec-2022		(2,466	)		(2,339	)		20

SEI Institutional International Trust / Annual Report / September 30, 2022

47

SCHEDULE OF INVESTMENTS

September 30, 2022

International Fixed Income Fund (Continued)

Type of Contract	Number of Contracts			Expiration Date	Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ (Depreciation) (Thousands)
Euro FX		(240	)	Dec-2022	$	(30,566	)	$	(29,584	)	$	982
Euro-Bobl		(34	)	Dec-2022		(4,202	)		(3,989	)		118
Euro-BTP		(10	)	Dec-2022		(1,054	)		(1,097	)		(24	)
Euro-Buxl		(4	)	Dec-2022		(639	)		(575	)		53
Euro-OAT		(10	)	Dec-2022		(1,373	)		(1,294	)		63
Euro-Schatz		(247	)	Dec-2022		(26,709	)		(25,931	)		177
Japanese 10-Year Bond		(4	)	Dec-2022		(4,248	)		(4,098	)		11
Japanese 10-Year Government Bond E-MINI		(48	)	Dec-2022		(5,007	)		(4,927	)		10
Long Gilt 10-Year Bond		(44	)	Dec-2022		(5,000	)		(4,735	)		208
U.S. 2-Year Treasury Note		(62	)	Dec-2022		(12,909	)		(12,734	)		175
U.S. 5-Year Treasury Note		(105	)	Dec-2022		(11,699	)		(11,288	)		411
U.S. Ultra Long Treasury Bond		(8	)	Dec-2022		(1,201	)		(1,096	)		105
Ultra 10-Year U.S. Treasury Note		(35	)	Dec-2022		(4,410	)		(4,147	)		264
						(114,655	)		(110,798	)		2,600
					$	(52,387	)	$	(50,415	)	$	1,347

A list of the open forward foreign currency contracts held by the Fund at September 30, 2022, is as follows:

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
ANZ		12/08/22		EUR	9,830		USD	9,467	$	(208	)
Bank of America		10/07/22		USD	186		MXN	3,710		(1	)
Bank of America		10/07/22		CHF	495		USD	505		2
Bank of America		10/07/22		USD	499		NZD	835		(27	)
Bank of America		10/07/22		AUD	740		USD	497		21
Bank of America		10/07/22		USD	751		CHF	720		(19	)
Bank of America		10/07/22		USD	872		JPY	124,700		(10	)
Bank of America		10/07/22		EUR	995		USD	1,006		31
Bank of America		10/07/22		USD	1,143		HUF	493,834		—
Bank of America		10/07/22		USD	1,480		AUD	2,220		(53	)
Bank of America		11/07/22		USD	1,449		EUR	1,507		30
Bank of America		10/07/22		USD	2,141		EUR	2,141		(43	)
Bank of America		10/07/22		MXN	3,760		USD	188		1
Bank of America		10/07/22 - 11/07/22		GBP	8,915		USD	9,547		(409	)
Bank of America		10/07/22		USD	9,191		GBP	8,583		391
Bank of America		10/07/22		USD	249		GBP	216		(8	)
Bank of America		10/07/22		JPY	141,000		USD	999		25
Bank of America		10/26/22		PEN	3,888		USD	997		21
Bank of America		11/07/22		HUF	493,834		USD	1,134		1
Barclays PLC		10/07/22		USD	18		NOK	190		(1	)
Barclays PLC		10/07/22		USD	36		CHF	35		—
Barclays PLC		10/07/22		AUD	55		USD	37		2
Barclays PLC		10/07/22		USD	18		GBP	17		1
Barclays PLC		10/07/22		USD	38		GBP	33		(1	)
Barclays PLC		10/07/22		USD	125		JPY	17,900		(1	)
Barclays PLC		10/07/22		USD	254		NZD	415		(20	)
Barclays PLC		10/07/22		EUR	289		USD	291		8
Barclays PLC		10/07/22		EUR	19		USD	18		—
Barclays PLC		10/07/22		CHF	520		USD	543		14
Barclays PLC		10/07/22		GBP	666		USD	772		28
Barclays PLC		10/07/22		USD	488		EUR	503		5
Barclays PLC		10/07/22		USD	309		EUR	304		(11	)

48

SEI Institutional International Trust / Annual Report / September 30, 2022

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC		10/07/22		USD	1,330		PLN	6,335	$	(48	)
Barclays PLC		10/07/22		PLN	3,274		USD	687		25
Barclays PLC		10/07/22		TRY	6,700		USD	358		(2	)
Barclays PLC		10/07/22		JPY	54,000		USD	380		7
BNP Paribas		10/04/22		BRL	4,699		USD	904		35
BNP Paribas		10/07/22		USD	302		CZK	7,470		(5	)
BNP Paribas		10/07/22		USD	500		EUR	498		(12	)
BNP Paribas		10/07/22		USD	621		AUD	925		(26	)
BNP Paribas		11/07/22		USD	482		GBP	452		23
BNP Paribas		10/07/22		USD	250		GBP	217		(8	)
BNP Paribas		10/07/22		USD	491		CHF	485		2
BNP Paribas		12/07/22		USD	904		CHF	882		(2	)
BNP Paribas		10/07/22		USD	2,063		MYR	9,582		3
BNP Paribas		10/07/22 - 11/07/22		USD	2,072		PLN	10,479		42
BNP Paribas		10/07/22 - 11/07/22		CHF	2,285		USD	2,347		24
BNP Paribas		10/07/22		ILS	2,341		USD	704		46
BNP Paribas		10/07/22 - 11/18/22		USD	2,556		NZD	4,281		(135	)
BNP Paribas		10/07/22 - 10/27/22		USD	2,574		CAD	3,428		(79	)
BNP Paribas		10/07/22 - 10/20/22		AUD	2,951		USD	2,013		116
BNP Paribas		10/07/22 - 11/18/22		NZD	5,873		USD	3,449		129
BNP Paribas		10/07/22 - 11/07/22		PLN	10,479		USD	2,075		(43	)
BNP Paribas		10/07/22		NOK	11,094		USD	1,117		99
BNP Paribas		10/07/22 - 11/07/22		MYR	19,164		USD	4,203		73
BNP Paribas		10/07/22		EUR	49,638		USD	49,737		1,100
BNP Paribas		11/07/22		EUR	628		USD	610		(7	)
BNP Paribas		10/07/22 - 03/10/23		JPY	376,634		USD	2,659		18
BNP Paribas		10/13/22		ZAR	31,311		USD	1,798		57
BNP Paribas		10/27/22		CAD	1,222		USD	892		3
BNP Paribas		11/07/22		GBP	448		USD	483		(17	)
BNP Paribas		11/22/22		USD	1,784		CLP	1,654,617		(71	)
Brown Brothers Harriman		10/11/22		USD	1,263		CNY	9,003		7
Brown Brothers Harriman		10/11/22 - 10/20/22		USD	3,780		CNY	26,749		(9	)
Brown Brothers Harriman		10/14/22		EUR	9,840		USD	10,450		804
Brown Brothers Harriman		10/20/22		CNY	7,607		USD	1,101		29
Brown Brothers Harriman		10/20/22		CNY	9,003		USD	1,263		(6	)
Brown Brothers Harriman		11/07/22		USD	489		GBP	452		16
Brown Brothers Harriman		11/07/22		NZD	1,292		USD	733		2
Brown Brothers Harriman		11/17/22		USD	67		GBP	62		2
Brown Brothers Harriman		12/08/22		USD	297		EUR	303		1
CIBC		11/07/22		SGD	1,037		USD	723		—
Citigroup		10/07/22		USD	246		NOK	2,460		(21	)
Citigroup		10/07/22		GBP	332		USD	352		(18	)
Citigroup		10/07/22		USD	498		AUD	740		(22	)
Citigroup		10/07/22		USD	500		NZD	830		(30	)
Citigroup		10/07/22		USD	523		RON	2,713		13
Citigroup		10/07/22 - 11/07/22		NZD	556		USD	320		6
Citigroup		10/07/22		USD	582		DKK	4,529		14
Citigroup		10/07/22		USD	661		ILS	2,341		(2	)
Citigroup		10/07/22		USD	491		CHF	485		2
Citigroup		10/07/22		USD	250		CHF	245		(1	)

SEI Institutional International Trust / Annual Report / September 30, 2022

49

SCHEDULE OF INVESTMENTS

September 30, 2022

International Fixed Income Fund (Continued)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		10/07/22		USD	789		CZK	20,349	$	22
Citigroup		11/07/22		USD	490		GBP	451		13
Citigroup		10/07/22 - 11/17/22		USD	1,165		GBP	1,015		(31	)
Citigroup		10/07/22		EUR	616		USD	617		14
Citigroup		11/07/22		EUR	1,258		USD	1,222		(13	)
Citigroup		10/07/22 - 12/02/22		USD	2,303		JPY	325,524		(43	)
Citigroup		10/07/22		MXN	2,500		USD	126		1
Citigroup		11/07/22 - 12/08/22		USD	2,343		EUR	2,429		47
Citigroup		10/07/22		USD	1,126		EUR	1,123		(25	)
Citigroup		10/07/22		RON	2,713		USD	555		18
Citigroup		11/07/22		RON	2,713		USD	520		(14	)
Citigroup		10/07/22 - 10/27/22		CAD	15,149		USD	11,717		692
Citigroup		11/07/22		CAD	1,335		USD	970		(2	)
Citigroup		10/07/22		JPY	285,700		USD	2,016		42
Citigroup		10/20/22		AUD	1,291		USD	902		72
Citigroup		10/21/22		TWD	83,485		USD	2,787		158
Citigroup		10/27/22		USD	914		KRW	1,206,118		(74	)
Citigroup		10/27/22		KRW	1,217,887		USD	874		25
Citigroup		11/07/22		CHF	240		USD	243		(2	)
Citigroup		11/07/22		ILS	2,341		USD	662		2
Citigroup		11/07/22		DKK	4,529		USD	584		(14	)
Citigroup		11/07/22		CZK	20,349		USD	787		(22	)
Commonwealth Bank Of Australia		11/07/22		AUD	1,178		USD	764		6
Credit Suisse First Boston		10/13/22		USD	1,781		ZAR	31,354		(37	)
Credit Suisse First Boston		10/20/22		AUD	1,265		USD	873		60
Credit Suisse First Boston		10/20/22		USD	1,714		AUD	2,474		(123	)
Goldman Sachs		10/07/22		USD	178		TRY	3,350		2
Goldman Sachs		10/07/22		NZD	205		USD	124		8
Goldman Sachs		10/07/22		USD	1,319		GBP	1,133		(54	)
Goldman Sachs		10/07/22 - 10/20/22		USD	1,499		AUD	2,237		(60	)
Goldman Sachs		10/07/22		USD	4,533		EUR	4,495		(128	)
Goldman Sachs		10/07/22		USD	9,263		GBP	8,585		320
Goldman Sachs		11/07/22		USD	1,868		GBP	1,672		—
Goldman Sachs		10/20/22		CNH	133,008		USD	19,703		1,040
Goldman Sachs		11/07/22		USD	181		MXN	3,670		—
Goldman Sachs		11/07/22		USD	209		SGD	300		—
Goldman Sachs		11/07/22		USD	381		CNY	2,717		1
Goldman Sachs		11/07/22		USD	1,042		JPY	150,400		—
Goldman Sachs		11/07/22		USD	3,083		EUR	3,140		(1	)
Goldman Sachs		11/07/22		GBP	8,585		USD	9,268		(319	)
Goldman Sachs		11/17/22		GBP	650		USD	757		31
Goldman Sachs		11/18/22		USD	891		NZD	1,488		(50	)
Goldman Sachs		11/30/22		PLN	2,317		USD	465		—
Goldman Sachs		12/01/22		USD	859		NOK	9,331		(2	)
HSBC		10/04/22		USD	930		BRL	4,739		(54	)
HSBC		10/07/22		CAD	–		USD	–		—
HSBC		10/07/22		USD	553		CAD	730		(22	)
HSBC		10/07/22		MYR	748		USD	167		6
HSBC		10/20/22		CNH	4,567		USD	680		39
HSBC		10/21/22		USD	931		TWD	27,638		(61	)

50

SEI Institutional International Trust / Annual Report / September 30, 2022

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
HSBC		10/27/22		USD	1,865		KRW	2,497,290	$	(124	)
HSBC		10/27/22		KRW	1,223,574		USD	934		81
HSBC		11/22/22		CLP	811,491		USD	853		13
HSBC		11/30/22		USD	902		PLN	4,338		(31	)
HSBC		11/30/22		EUR	15,553		USD	14,960		(337	)
HSBC		12/07/22		SGD	1,267		USD	882		(2	)
HSBC		12/21/22		USD	883		INR	72,671		3
HSBC		12/21/22		INR	71,706		USD	891		17
JPMorgan Chase Bank		10/03/22		USD	353		PLN	1,692		(10	)
JPMorgan Chase Bank		10/03/22 - 11/30/22		USD	3,114		PLN	14,932		(97	)
JPMorgan Chase Bank		10/03/22		PLN	12,452		USD	2,755		233
JPMorgan Chase Bank		10/07/22		USD	250		MXN	5,070		2
JPMorgan Chase Bank		10/07/22		USD	301		RON	1,562		8
JPMorgan Chase Bank		10/07/22		NOK	380		USD	37		2
JPMorgan Chase Bank		10/07/22 - 11/17/22		GBP	659		USD	717		(19	)
JPMorgan Chase Bank		10/07/22		USD	778		SEK	8,300		(29	)
JPMorgan Chase Bank		10/07/22		GBP	920		USD	1,044		17
JPMorgan Chase Bank		10/07/22		CHF	1,015		USD	1,055		24
JPMorgan Chase Bank		10/07/22		USD	1,051		CHF	1,025		(10	)
JPMorgan Chase Bank		10/07/22		USD	1,233		CAD	1,660		(25	)
JPMorgan Chase Bank		10/07/22 - 12/12/22		USD	1,338		CHF	1,319		4
JPMorgan Chase Bank		10/07/22 - 12/06/22		USD	1,560		THB	59,166		9
JPMorgan Chase Bank		10/07/22		RON	1,562		USD	320		11
JPMorgan Chase Bank		10/07/22		USD	1,792		GBP	1,552		(59	)
JPMorgan Chase Bank		10/07/22		USD	2,045		AUD	3,038		(92	)
JPMorgan Chase Bank		10/07/22		CAD	2,165		USD	1,592		17
JPMorgan Chase Bank		12/07/22		CHF	861		USD	899		18
JPMorgan Chase Bank		10/07/22 - 11/07/22		CHF	1,479		USD	1,503		(3	)
JPMorgan Chase Bank		10/07/22		USD	2,477		SGD	3,584		21
JPMorgan Chase Bank		10/07/22		USD	2,866		NZD	4,790		(157	)
JPMorgan Chase Bank		10/07/22 - 11/07/22		USD	2,909		EUR	3,002		36
JPMorgan Chase Bank		10/07/22 - 12/12/22		USD	2,948		GBP	2,690		57
JPMorgan Chase Bank		10/07/22		NZD	3,515		USD	2,123		135
JPMorgan Chase Bank		10/07/22		SGD	3,584		USD	2,564		66
JPMorgan Chase Bank		10/07/22		DKK	4,529		USD	611		14
JPMorgan Chase Bank		10/07/22		AUD	5,915		USD	3,989		186
JPMorgan Chase Bank		10/07/22		EUR	6,197		USD	6,180		108
JPMorgan Chase Bank		10/07/22		USD	6,627		EUR	6,629		(132	)
JPMorgan Chase Bank		10/07/22 - 11/07/22		EUR	7,191		USD	6,975		(76	)
JPMorgan Chase Bank		10/07/22		USD	9,651		JPY	1,378,106		(127	)
JPMorgan Chase Bank		10/07/22		SEK	13,688		USD	1,274		41
JPMorgan Chase Bank		10/07/22 - 10/13/22		ZAR	55,529		USD	3,125		36
JPMorgan Chase Bank		10/07/22		JPY	695,562		USD	4,966		159
JPMorgan Chase Bank		10/11/22		USD	297		CNY	1,991		(17	)
JPMorgan Chase Bank		10/12/22		EUR	21,419		USD	21,413		419
JPMorgan Chase Bank		10/12/22		COP	702,154		USD	157		4
JPMorgan Chase Bank		10/12/22		COP	4,434,182		USD	1,004		40
JPMorgan Chase Bank		10/14/22		IDR	35,162,856		USD	2,356		50
JPMorgan Chase Bank		10/20/22		USD	1,025		AUD	1,475		(77	)
JPMorgan Chase Bank		10/26/22		USD	701		JPY	100,607		(4	)

SEI Institutional International Trust / Annual Report / September 30, 2022

51

SCHEDULE OF INVESTMENTS

September 30, 2022

International Fixed Income Fund (Continued)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		10/26/22 - 12/19/22		JPY	3,702,994		USD	25,937	$	262
JPMorgan Chase Bank		10/26/22		JPY	170,309		USD	1,179		—
JPMorgan Chase Bank		10/27/22		USD	918		CAD	1,180		(59	)
JPMorgan Chase Bank		10/31/22		IDR	45,980,508		USD	3,057		48
JPMorgan Chase Bank		11/07/22 - 12/12/22		USD	826		NOK	8,872		(10	)
JPMorgan Chase Bank		11/07/22 - 12/12/22		USD	283		NZD	506		3
JPMorgan Chase Bank		11/18/22		USD	930		NZD	1,499		(83	)
JPMorgan Chase Bank		11/07/22		RON	1,562		USD	300		(8	)
JPMorgan Chase Bank		11/07/22		NZD	1,710		USD	970		3
JPMorgan Chase Bank		11/07/22		USD	2,211		ZAR	39,820		(2	)
JPMorgan Chase Bank		11/07/22 - 12/12/22		SEK	3,486		USD	311		(4	)
JPMorgan Chase Bank		11/07/22		SGD	3,584		USD	2,478		(22	)
JPMorgan Chase Bank		11/07/22		THB	58,003		USD	1,529		(12	)
JPMorgan Chase Bank		11/21/22		ILS	8,581		USD	2,651		227
JPMorgan Chase Bank		11/21/22 - 12/06/22		THB	200,769		USD	5,670		327
JPMorgan Chase Bank		11/22/22		CLP	832,176		USD	936		74
JPMorgan Chase Bank		11/30/22 - 12/20/22		PLN	15,032		USD	3,089		80
JPMorgan Chase Bank		12/01/22 - 12/12/22		USD	2,070		SEK	23,170		26
JPMorgan Chase Bank		12/05/22 - 12/08/22		CNY	50,842		USD	7,400		246
JPMorgan Chase Bank		12/12/22		USD	130		SGD	184		(2	)
JPMorgan Chase Bank		12/12/22		USD	733		NOK	7,568		(37	)
JPMorgan Chase Bank		12/12/22		USD	2,425		GBP	2,099		(81	)
JPMorgan Chase Bank		12/12/22		USD	4,150		AUD	6,278		(110	)
JPMorgan Chase Bank		12/12/22		USD	5,912		SEK	63,241		(187	)
JPMorgan Chase Bank		12/12/22		CAD	7,673		USD	5,822		236
JPMorgan Chase Bank		12/12/22		CHF	7,727		USD	7,956		48
JPMorgan Chase Bank		12/12/22		AUD	9,802		USD	6,708		400
JPMorgan Chase Bank		12/12/22		NOK	13,702		USD	1,368		109
JPMorgan Chase Bank		12/12/22		SGD	15,437		USD	11,015		244
JPMorgan Chase Bank		12/12/22		NZD	18,978		USD	11,589		855
JPMorgan Chase Bank		12/12/22		KRW	1,194,780		USD	872		39
JPMorgan Chase Bank		12/15/22		MXN	23,636		USD	1,158		(2	)
JPMorgan Chase Bank		12/15/22		MXN	95,746		USD	4,706		6
JPMorgan Chase Bank		01/06/23		JPY	355,700		USD	2,504		18
JPMorgan Chase Bank		01/13/23		USD	286		CNY	1,855		(24	)
JPMorgan Chase Bank		04/13/23		CNY	1,855		USD	276		14
Merrill Lynch		10/04/22 - 11/03/22		BRL	14,150		USD	2,653		49
Merrill Lynch		10/13/22		USD	946		ZAR	15,632		(77	)
Merrill Lynch		10/20/22		USD	1,757		CNH	12,518		—
Merrill Lynch		11/14/22		EUR	15,553		USD	14,949		(330	)
Merrill Lynch		11/18/22		MXN	17,757		USD	862		(14	)
Merrill Lynch		11/22/22		CLP	851,730		USD	879		(3	)
Merrill Lynch		12/01/22		SEK	18,285		USD	1,687		34
Merrill Lynch		12/02/22		JPY	126,268		USD	884		6
Merrill Lynch		12/21/22		USD	867		INR	70,855		(4	)
Midland Walwyn Capital Inc.		10/07/22		USD	161		MYR	748		1
Midland Walwyn Capital Inc.		10/07/22 - 11/07/22		USD	5,253		JPY	755,158		(21	)
Midland Walwyn Capital Inc.		11/07/22		MYR	748		USD	161		—
Morgan Stanley		10/04/22		BRL	4,785		USD	944		60
Morgan Stanley		10/07/22		USD	185		PLN	870		(9	)

52

SEI Institutional International Trust / Annual Report / September 30, 2022

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Morgan Stanley		10/07/22		USD	225		CAD	296	$	(10	)
Morgan Stanley		11/07/22		USD	240		AUD	375		1
Morgan Stanley		10/07/22		USD	247		AUD	370		(9	)
Morgan Stanley		10/07/22		USD	538		HKD	4,225		—
Morgan Stanley		11/07/22		USD	119		NOK	1,300		—
Morgan Stanley		10/07/22 - 11/07/22		USD	456		NOK	4,764		(19	)
Morgan Stanley		10/07/22 - 11/07/22		USD	721		SEK	8,138		13
Morgan Stanley		10/07/22		USD	486		CHF	480		2
Morgan Stanley		11/07/22		USD	732		CHF	715		(4	)
Morgan Stanley		10/07/22 - 11/07/22		CHF	725		USD	739		2
Morgan Stanley		10/07/22		CHF	605		USD	612		(3	)
Morgan Stanley		10/07/22 - 11/07/22		USD	1,782		GBP	1,639		49
Morgan Stanley		10/07/22		USD	869		GBP	762		(19	)
Morgan Stanley		10/13/22		USD	870		ZAR	15,673		1
Morgan Stanley		10/07/22		USD	2,331		ZAR	39,820		(116	)
Morgan Stanley		10/07/22		GBP	1,366		USD	1,590		65
Morgan Stanley		10/07/22 - 11/07/22		GBP	2,023		USD	2,196		(63	)
Morgan Stanley		11/07/22		USD	1,196		NZD	2,121		3
Morgan Stanley		10/07/22 - 11/07/22		USD	2,481		NZD	4,175		(120	)
Morgan Stanley		10/07/22 - 11/07/22		SEK	5,428		USD	478		(12	)
Morgan Stanley		10/07/22 - 11/07/22		AUD	7,708		USD	5,060		103
Morgan Stanley		10/07/22		HKD	4,225		USD	539		—
Morgan Stanley		11/07/22		HKD	4,225		USD	539		—
Morgan Stanley		10/07/22 - 11/18/22		NZD	4,957		USD	2,993		190
Morgan Stanley		11/07/22		NZD	4,002		USD	2,257		(6	)
Morgan Stanley		10/07/22		CZK	27,819		USD	1,128		19
Morgan Stanley		10/07/22 - 11/14/22		USD	48,235		EUR	50,284		1,037
Morgan Stanley		10/07/22		USD	3,056		EUR	3,070		(47	)
Morgan Stanley		10/07/22 - 11/07/22		USD	62,900		JPY	9,053,572		(321	)
Morgan Stanley		10/07/22 - 10/28/22		EUR	17,197		USD	17,267		403
Morgan Stanley		10/07/22 - 11/07/22		EUR	49,151		USD	47,231		(1,027	)
Morgan Stanley		10/07/22		HUF	493,834		USD	1,208		65
Morgan Stanley		10/07/22 - 11/07/22		JPY	16,014,930		USD	113,472		2,639
Morgan Stanley		10/27/22		KRW	1,224,960		USD	924		70
Morgan Stanley		11/07/22		NOK	4,520		USD	418		3
Morgan Stanley		01/13/23		CNY	1,855		USD	289		27
Morgan Stanley		11/07/22		CNY	161,750		USD	22,617		(162	)
Morgan Stanley		12/07/22		USD	899		SGD	1,265		(17	)
Morgan Stanley		04/13/23		USD	290		CNY	1,855		(28	)
National Bank of Australia		11/07/22		CAD	1,663		USD	1,212		1
RBC		10/07/22		AUD	185		USD	127		8
RBC		10/07/22		EUR	248		USD	248		5
RBC		10/07/22		GBP	436		USD	497		10
RBC		10/07/22		USD	709		CAD	930		(32	)
RBC		10/07/22		USD	963		JPY	137,687		(11	)
RBC		10/07/22		USD	2,766		MXN	55,985		17
RBC		10/07/22		CAD	12,475		USD	9,516		437
RBC		10/07/22		MXN	46,112		USD	2,278		(14	)
RBC		10/07/22		JPY	115,981		USD	839		37
RBC		11/07/22		USD	522		JPY	75,262		(1	)
RBS		10/27/22		USD	886		CAD	1,142		(55	)

SEI Institutional International Trust / Annual Report / September 30, 2022

53

SCHEDULE OF INVESTMENTS

September 30, 2022

International Fixed Income Fund (Continued)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
RBS		11/17/22		GBP	10,867		USD	12,915	$	778
RBS		12/02/22		USD	1,694		JPY	243,547		(1	)
Sanford C. Bernstein & Co., LLC		10/07/22		USD	205		JPY	29,367		(2	)
Sanford C. Bernstein & Co., LLC		10/07/22		EUR	745		USD	743		13
Sanford C. Bernstein & Co., LLC		10/07/22		MXN	3,850		USD	192		1
SCB Securities		10/07/22		USD	25		MYR	117		—
SCB Securities		11/07/22		MYR	117		USD	25		—
SCB Securities		11/07/22		JPY	534,193		USD	3,712		9
Standard Chartered		10/07/22		MYR	117		USD	26		1
Standard Chartered		10/07/22		NZD	130		USD	79		6
Standard Chartered		10/07/22		THB	58,003		USD	1,583		45
Standard Chartered		10/21/22		USD	1,875		TWD	55,860		(116	)
Standard Chartered		10/27/22		USD	892		KRW	1,207,730		(50	)
Standard Chartered		10/27/22		KRW	1,250,879		USD	878		6
State Street		10/07/22		EUR	121		USD	120		1
State Street		10/07/22		NZD	200		USD	123		9
State Street		10/07/22		USD	251		JPY	36,100		(2	)
State Street		10/07/22		USD	268		EUR	276		3
State Street		10/07/22 - 11/07/22		USD	306		MXN	6,210		1
State Street		10/07/22		USD	365		NZD	610		(20	)
State Street		10/07/22		AUD	555		USD	372		15
State Street		10/07/22		USD	1,005		AUD	1,475		(56	)
State Street		10/07/22		USD	1,111		CHF	1,075		(19	)
State Street		10/07/22		GBP	758		USD	880		34
State Street		11/07/22		GBP	452		USD	486		(19	)
State Street		10/07/22 - 11/07/22		USD	2,614		GBP	2,377		40
State Street		10/07/22		USD	743		GBP	653		(14	)
State Street		10/07/22		MXN	3,680		USD	180		(3	)
State Street		10/07/22 - 11/07/22		USD	8,362		CAD	11,458		(23	)
State Street		10/07/22 - 11/07/22		CAD	11,358		USD	8,301		35
State Street		10/07/22		JPY	70,600		USD	495		7
State Street		11/07/22		EUR	3,321		USD	3,262		1
TD Securities		10/07/22		USD	418		CAD	551		(17	)
TD Securities		10/07/22		USD	447		AUD	651		(28	)
TD Securities		10/07/22		NZD	4,621		USD	2,834		220
TD Securities		10/07/22		AUD	6,394		USD	4,386		275
TD Securities		10/07/22		GBP	17,244		USD	20,045		795
UBS		10/07/22		USD	179		TRY	3,350		1
UBS		10/07/22		USD	250		GBP	217		(8	)
UBS		10/07/22		USD	262		AUD	389		(12	)
UBS		10/07/22		CAD	335		USD	246		2
UBS		10/07/22		CHF	365		USD	371		—
UBS		10/07/22		USD	490		NOK	5,360		2
UBS		10/07/22		USD	526		JPY	75,735		(2	)
UBS		11/07/22		GBP	219		USD	246		1
UBS		10/07/22 - 11/07/22		GBP	339		USD	364		(14	)
UBS		10/07/22		CHF	720		USD	741		9
UBS		10/07/22 - 11/07/22		USD	853		EUR	867		(3	)
UBS		10/07/22		EUR	874		USD	870		14
UBS		10/07/22		AUD	1,100		USD	748		41

54

SEI Institutional International Trust / Annual Report / September 30, 2022

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
UBS		11/07/22		USD	243		CHF	240	$	1
UBS		10/07/22		USD	862		CHF	845		(3	)
UBS		10/07/22		JPY	230,000		USD	1,612		22
UBS		10/20/22		AUD	9,908		USD	6,845		474
UBS		11/07/22		USD	178		PLN	900		4
UBS		11/07/22		USD	239		GBP	224		11
UBS		11/07/22		PLN	905		USD	182		—
UBS		11/07/22		USD	2,701		MXN	54,685		1
UBS		11/07/22		NOK	5,360		USD	490		(2	)
UBS		11/07/22		SEK	5,450		USD	487		(5	)
UBS		11/07/22		MXN	46,112		USD	2,278		(1	)
UBS		11/18/22		MXN	18,048		USD	878		(12	)
UBS		12/02/22		USD	630		JPY	89,131		(10	)
UBS		12/07/22		USD	1,553		CHF	1,512		(6	)
UBS		12/07/22		CHF	2,377		USD	2,477		46
Westpac Banking		11/07/22		USD	1,397		EUR	1,432		9
									$	11,684

A list of the open OTC swap agreements held by the Fund at September 30, 2022, 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 (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		63		–		63
												$	122	$	–	$	122

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2022, 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)
2.00%	Daily GBP Overnight Index Ave (SONIA) Rate			Annually		03/31/2024		GBP		1,400	$	73		$	–		$	73
3-MONTH NZD RATE		2.58%		Quarterly		11/01/2024		NZD		980		(23	)		–			(23	)
3-MONTH NZD RATE		2.0525%		Quarterly		11/02/2024		NZD		2,620		(65	)		–			(65	)
2.8%	Overnight CNY Interbank Deposit Rate			Quarterly		04/02/2026		CNY		12,090		25			–			25
1.897%	Daily GBP Overnight Index Ave (SONIA) Rate			Annually		03/31/2027		GBP		1,150		163			–			163
2.0339%	Daily GBP Overnight Index Ave (SONIA) Rate			Annually		05/10/2027		GBP		1,082		149			–			149
2.055%		FLOATING		Annually		05/11/2027		GBP		828		115			–			115
CNY/REPO/1W/CNRR007/0.00000		2.3493%		Quarterly		08/05/2027		CNY		48,010		40			–			40
CNY/REPO/1W/CNRR007/0.00000		2.4003%		Quarterly		08/11/2027		CNY		7,840		4			–			4
6-MONTH EURIBOR		1.5455%		Annually		08/18/2027		EUR		7,610		(435	)		–			(435	)
6-MONTH EURIBOR		1.7940%		Annually		08/18/2032		EUR		3,720		(370	)		–			(370	)
1.395%	Daily GBP Overnight Index Ave (SONIA) Rate			Annually		10/03/2047		GBP		230		98			(46	)		144

SEI Institutional International Trust / Annual Report / September 30, 2022

55

SCHEDULE OF INVESTMENTS

September 30, 2022

International Fixed Income 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)
2.8945%	Daily GBP Overnight Index Ave (SONIA) Rate			Annually		09/07/2052		GBP		150	$	22		$	–		$	22
Daily GBP Overnight Index Ave (SONIA) Rate		2.9865%		Annually		09/15/2052		GBP		570		(76	)		–			(76	)
											$	(280	)	$	(46	)	$	(234	)

	Percentages are based on Net Assets of $483,133 ($ 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, 2022, the value of these securities amounted to $58,953 ($ Thousands), representing 12.2% of the Net Assets of the Fund.
(B)	No interest rate available.
(C)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(D)	Zero coupon security.
(E)	Perpetual security with no stated maturity date.
(F)	Interest rate represents the security's effective yield at the time of purchase.
(G)	Security, or a portion thereof, has been pledged as collateral on open futures contracts. The total market value of such securities as of September 30, 2022 was $1,497 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Global Bonds		–		442,823		–		442,823
U.S. Treasury Obligations		–		20,469		–		20,469
Asset-Backed Securities		–		1,167		–		1,167
Mortgage-Backed Securities		–		89		–		89
Total Investments in Securities		–		464,548		–		464,548

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		2,646			–			–		2,646
Unrealized Depreciation		(1,299	)		–			–		(1,299	)
Forwards Contracts*
Unrealized Appreciation		–			19,284			–		19,284
Unrealized Depreciation		–			(7,600	)		–		(7,600	)
OTC Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			122			–		122
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			735			–		735
Unrealized Depreciation		–			(969	)		–		(969	)
Total Other Financial Instruments		1,347			11,572			–		12,919

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

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.

See “Glossary” for abbreviations.

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

56

SEI Institutional International Trust / Annual Report / September 30, 2022

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Markets Debt Fund

^†Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS — 92.4%
Angola — 1.3%
Angolan Government International Bond
9.500%, 11/12/2025	$	325	$	303
9.375%, 05/08/2048		3,350		2,262
8.750%, 04/14/2032		2,104		1,556
8.750%, 04/14/2032 (A)		2,813		2,080
8.250%, 05/09/2028 (A)		2,182		1,716
8.250%, 05/09/2028		1,085		853
Angolan Government International Bond MTN
9.125%, 11/26/2049 (A)		828		557
9.125%, 11/26/2049		409		275
8.000%, 11/26/2029 (B)		1,277		958
8.000%, 11/26/2029 (A)		731		548
Republic of Angola Via Avenir II BV MTN
7.845%, ICE LIBOR USD 6 Month + 7.500%, 07/01/2023 (C)		2,476		2,486
Republic of Angola Via Avenir Issuer II Ireland DAC
6.927%, 02/19/2027		2,668		2,388
				15,982
Argentina — 1.0%
Argentine Republic Government International Bond
3.875%, 01/09/2038 (D)		124		29
3.500%, 07/09/2041 (D)		10,230		2,181
1.500%, 07/09/2035 (D)		30,747		5,562
1.500%, 07/09/2046 (D)		1,056		200
1.000%, 07/09/2029		1,117		214
0.500%, 07/09/2029	EUR	13		2
0.500%, 07/09/2030 (D)	$	11,905		2,375
0.125%, 07/09/2030	EUR	403		73
MSU Energy
6.875%, 02/01/2025 (A)	$	285		185
Provincia de Buenos Aires MTN
3.000%, 09/01/2037 (D)	EUR	666		138

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Provincia de Cordoba
6.875%, 12/10/2025 (A)(D)	$	540	$	409
YPF
8.750%, 04/04/2024 (A)		507		430
				11,798
Armenia — 0.0%
Republic of Armenia International Bond
3.600%, 02/02/2031 (B)		805		544
Azerbaijan — 1.0%
Republic of Azerbaijan International Bond (B)
5.125%, 09/01/2029		2,045		1,866
3.500%, 09/01/2032		1,624		1,307
Southern Gas Corridor CJSC
6.875%, 03/24/2026 (A)(B)		1,132		1,113
6.875%, 03/24/2026		5,562		5,471
State Oil of the Azerbaijan Republic
6.950%, 03/18/2030		2,380		2,308
6.950%, 03/18/2030		230		223
				12,288
Bahamas — 0.1%
Bahamas Government International Bond
6.000%, 11/21/2028		950		570
Bahrain — 0.5%
Bahrain Government International Bond
5.450%, 09/16/2032		4,179		3,333
Bahrain Government International Bond MTN
4.250%, 01/25/2028 (B)		797		696
CBB International Sukuk Programme WLL
3.875%, 05/18/2029 (A)		1,094		959
Oil and Gas Holding BSCC
8.375%, 11/07/2028 (A)		560		551
8.375%, 11/07/2028		250		246
7.625%, 11/07/2024 (A)		220		218
				6,003
Belarus — 0.1%
Development Bank of the Republic of Belarus JSC
6.750%, 05/02/2024		972		185
Republic of Belarus International Bond
5.875%, 02/24/2026		1,564		383
				568
Benin — 0.2%
Benin Government International Bond
6.875%, 01/19/2052	EUR	158		97
4.950%, 01/22/2035		389		240
4.875%, 01/19/2032 (A)		2,449		1,632

SEI Institutional International Trust / Annual Report / September 30, 2022

57

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
4.875%, 01/19/2032	EUR	102	$	68
				2,037
Bermuda — 0.3%
Bermuda Government International Bond
5.000%, 07/15/2032 (A)	$	896		851
5.000%, 07/15/2032		409		388
4.750%, 02/15/2029		2,067		1,986
3.717%, 01/25/2027		774		725
2.375%, 08/20/2030		221		176
				4,126
Brazil — 7.0%
Braskem Netherlands Finance BV
5.875%, 01/31/2050 (A)(B)		904		640
Brazil Letras do Tesouro Nacional
0.000%, 07/01/2023 (E)	BRL	14,000		2,357
0.000%, 01/01/2024 (E)		58,000		9,230
0.000%, 01/01/2025 (E)		34,000		4,929
Brazil Loan Trust 1
5.477%, 07/24/2023 (A)	$	57		56
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/2028		788		761
5.333%, 02/15/2028		616		595
5.333%, 02/15/2028 (A)		134		130
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 05/15/2035	BRL	268		200
6.000%, 05/15/2045		119		89
6.000%, 08/15/2050		519		387
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2023		45,091		8,263
10.000%, 01/01/2025		68,290		12,211
10.000%, 01/01/2027		66,279		11,572
10.000%, 01/01/2029		50,353		8,568
10.000%, 01/01/2031		25,306		4,221
10.000%, 01/01/2033		3,882		653
Brazilian Government International Bond
5.625%, 01/07/2041 (B)	$	757		611
5.625%, 02/21/2047		1,389		1,069
5.000%, 01/27/2045 (B)		2,079		1,509
4.750%, 01/14/2050		3,213		2,185
3.750%, 09/12/2031		4,057		3,279
2.875%, 06/06/2025		3,491		3,264
Centrais Eletricas Brasileiras
4.625%, 02/04/2030 (A)		226		189
CSN Inova Ventures
6.750%, 01/28/2028 (A)		592		513
CSN Resources
4.625%, 06/10/2031 (A)		625		426
Gol Finance
7.000%, 01/31/2025 (A)		998		468
Iochpe-Maxion Austria GmbH
5.000%, 05/07/2028 (A)		620		473

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
MC Brazil Downstream Trading SARL
7.250%, 06/30/2031 (A)	$	1,225	$	922
7.250%, 06/30/2031		350		263
Minerva Luxembourg
4.375%, 03/18/2031 (A)		297		225
MV24 Capital BV
6.748%, 06/01/2034 (A)		369		312
Nexa Resources
5.375%, 05/04/2027 (A)		2,591		2,293
Suzano Austria GmbH (A)
7.000%, 03/16/2047		399		363
6.000%, 01/15/2029		288		268
5.000%, 01/15/2030		494		428
				83,922
Cameroon — 0.0%
Republic of Cameroon International Bond
5.950%, 07/07/2032	EUR	543		350
Cayman Islands — 0.1%
Neon Capital MTN
2.015%, 01/06/2028 (C)	JPY	245,168		1,320
Chile — 1.7%
Alfa Desarrollo SpA
4.550%, 09/27/2051 (A)	$	226		149
ATP Tower Holdings LLC
4.050%, 04/27/2026 (A)		255		202
Banco de Credito e Inversiones
3.500%, 10/12/2027 (A)		1,046		945
Bonos de la Tesoreria de la Republica
1.900%, 09/01/2030	CLP	628,173		629
Bonos de la Tesoreria de la Republica en pesos
6.000%, 01/01/2043		375,000		357
5.000%, 10/01/2028 (A)		1,115,000		1,071
5.000%, 03/01/2035		390,000		346
4.700%, 09/01/2030 (A)		1,260,000		1,156
4.500%, 03/01/2026		1,015,000		973
2.800%, 10/01/2033 (A)		640,000		470
Cencosud
4.375%, 07/17/2027 (A)	$	1,819		1,652
Chile Government International Bond
4.340%, 03/07/2042 (B)		547		434
4.000%, 01/31/2052		287		209
3.625%, 10/30/2042		925		664
3.500%, 01/31/2034		228		186
3.250%, 09/21/2071		687		392
3.100%, 05/07/2041		243		165
3.100%, 01/22/2061		308		178
2.750%, 01/31/2027		1,303		1,173
2.550%, 01/27/2032 (B)		893		700
2.550%, 07/27/2033 (B)		7,743		5,796

58

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
2.450%, 01/31/2031	$	236	$	189
1.875%, 05/27/2030	EUR	230		187
Empresa de los Ferrocarriles del Estado
3.830%, 09/14/2061	$	350		234
Empresa Nacional del Petroleo
5.250%, 11/06/2029		749		692
3.450%, 09/16/2031 (A)		331		259
Nacional del Cobre de Chile
3.750%, 01/15/2031 (A)		234		199
3.700%, 01/30/2050 (A)		452		299
3.150%, 01/14/2030		600		500
3.000%, 09/30/2029		224		188
				20,594
China — 5.6%
Blossom Joy
3.100% (C)(F)		202		190
China Government Bond
3.810%, 09/14/2050	CNY	5,900		917
3.720%, 04/12/2051		3,000		460
3.530%, 10/18/2051		11,400		1,706
3.280%, 12/03/2027		48,650		7,104
3.270%, 11/19/2030		55,330		8,111
3.020%, 10/22/2025		37,700		5,423
3.020%, 05/27/2031		1,500		214
2.890%, 11/18/2031		40,670		5,756
2.880%, 11/05/2023		25,000		3,561
2.850%, 06/04/2027		46,160		6,596
2.800%, 03/24/2029		10,930		1,547
2.760%, 05/15/2032		1,080		152
2.750%, 06/15/2029		3,000		424
2.750%, 02/17/2032		3,000		420
2.690%, 08/12/2026		4,000		568
2.240%, 05/25/2025		3,000		422
1.990%, 04/09/2025		60,830		8,511
China Government International Bond
3.250%, 10/19/2023	$	1,592		1,578
1.875%, 12/03/2022		200		199
1.250%, 10/26/2026 (A)		1,460		1,306
0.550%, 10/21/2025		1,150		1,026
0.400%, 10/21/2023 (B)		2,410		2,314
China Minmetals
3.750% (C)(F)		1,647		1,645
Chinalco Capital Holdings
4.100% (C)(F)		224		218
2.125%, 06/03/2026		173		156
CNAC HK Finbridge
5.125%, 03/14/2028		246		237
4.125%, 07/19/2027		1,363		1,269
3.000%, 09/22/2030		561		453
Dianjian Haiyu
4.300% (C)(F)		204		200

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Dianjian International Finance
4.600% (C)(F)	$	303	$	300
Huarong Finance II MTN
5.500%, 01/16/2025		229		206
Leader Goal International Ltd MTN
4.250% (C)(F)		212		211
Meituan
3.050%, 10/28/2030 (B)		204		135
Minmetals Bounteous Finance BVI
3.375% (C)(F)		805		771
Powerchina Roadbridge Group British Virgin Islands
3.080% (C)(F)		285		261
Prosus NV MTN
3.061%, 07/13/2031 (A)		907		623
Shimao Group Holdings
5.600%, 07/15/2026		1,949		232
5.200%, 01/30/2025 (B)		1,406		169
Tencent Holdings Ltd MTN
3.240%, 06/03/2050 (A)		450		273
Wanda Properties International
7.250%, 01/29/2024		600		420
Wanda Properties Overseas
6.950%, 12/05/2022		200		189
6.875%, 07/23/2023		232		184
				66,657
Colombia — 4.9%
AI Candelaria Spain
7.500%, 12/15/2028 (A)		975		841
Colombia Government International Bond
9.850%, 06/28/2027	COP	5,060,000		977
7.375%, 09/18/2037 (B)	$	260		225
6.125%, 01/18/2041		3,138		2,306
5.625%, 02/26/2044		132		87
5.200%, 05/15/2049		3,364		2,074
5.000%, 06/15/2045		3,397		2,056
4.500%, 03/15/2029 (B)		2,077		1,704
4.375%, 03/21/2023	COP	2,871,000		599
4.125%, 02/22/2042	$	3,224		1,833
4.125%, 05/15/2051 (B)		1,675		899
3.875%, 04/25/2027		763		647
3.875%, 02/15/2061		822		419
3.250%, 04/22/2032		2,555		1,727
3.125%, 04/15/2031		332		230
3.000%, 01/30/2030		2,945		2,110
Colombian TES
10.000%, 07/24/2024	COP	9,150,800		1,938
9.250%, 05/28/2042		11,156,000		1,792
7.750%, 09/18/2030		4,918,900		811
7.500%, 08/26/2026		30,231,300		5,624
7.250%, 10/18/2034		20,633,000		3,003
7.250%, 10/26/2050		4,553,000		573

SEI Institutional International Trust / Annual Report / September 30, 2022

59

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
7.000%, 03/26/2031	COP	31,776,700	$	4,909
7.000%, 03/26/2031		1,211,900		187
7.000%, 06/30/2032		26,128,900		3,905
6.250%, 11/26/2025		17,313,500		3,207
6.250%, 07/09/2036		7,144,600		909
6.000%, 04/28/2028		14,454,100		2,343
5.750%, 11/03/2027		22,541,100		3,703
3.000%, 03/25/2033		1,051,100		581
2.250%, 04/18/2029		883,500		512
Ecopetrol
6.875%, 04/29/2030	$	492		413
5.875%, 11/02/2051		346		205
Empresas Publicas de Medellin ESP (A)
8.375%, 11/08/2027	COP	2,351,000		382
7.625%, 09/10/2024		3,116,000		599
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/2024 (A)		1,127,000		220
7.875%, 08/12/2024		884,000		173
Geopark
5.500%, 01/17/2027 (A)(B)	$	974		760
Gran Tierra Energy
7.750%, 05/23/2027 (A)		293		228
Grupo Aval
4.375%, 02/04/2030 (A)		812		588
Millicom International Cellular (A)
6.250%, 03/25/2029		288		244
5.125%, 01/15/2028		508		423
SierraCol Energy Andina
6.000%, 06/15/2028 (A)		1,237		804
				57,770
Costa Rica — 0.2%
Costa Rica Government International Bond
7.158%, 03/12/2045		387		326
7.000%, 04/04/2044		1,229		1,021
7.000%, 04/04/2044		230		191
6.125%, 02/19/2031 (B)		797		729
				2,267
Czech Republic — 2.2%
Czech Republic Government Bond
6.000%, 02/26/2026	CZK	72,840		2,932
4.200%, 12/04/2036		7,740		273
2.750%, 07/23/2029		91,430		3,098
2.500%, 08/25/2028		168,950		5,753
2.400%, 09/17/2025		165,160		5,993
2.000%, 10/13/2033		38,630		1,115
1.250%, 02/14/2025		48,060		1,715
1.200%, 03/13/2031		29,710		850
1.000%, 06/26/2026		46,200		1,564
0.950%, 05/15/2030		5,750		166
0.250%, 02/10/2027		44,470		1,413

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
0.050%, 11/29/2029	CZK	49,560	$	1,361
				26,233
Dominican Republic — 1.4%
Dominican Republic International Bond
9.750%, 06/05/2026	DOP	19,150		346
7.450%, 04/30/2044	$	2,443		2,049
7.450%, 04/30/2044 (A)		687		576
6.850%, 01/27/2045 (B)		1,386		1,077
6.500%, 02/15/2048		2,764		2,036
6.400%, 06/05/2049		1,171		843
6.000%, 02/22/2033 (A)		1,498		1,217
6.000%, 02/22/2033 (B)		3,727		3,029
5.875%, 04/18/2024 (A)		47		47
5.875%, 01/30/2060		3,002		1,978
5.500%, 02/22/2029		927		798
5.300%, 01/21/2041		1,551		1,048
4.500%, 01/30/2030		1,873		1,472
4.500%, 01/30/2030 (A)		206		162
				16,678
Ecuador — 0.8%
Ecuador Government International Bond
6.699%, 07/31/2030 (A)(E)		1,613		463
5.500%, 07/31/2030 (A)(D)		5,547		2,612
5.500%, 07/31/2030 (D)		1,047		493
2.500%, 07/31/2035 (A)(D)		2,985		982
2.500%, 07/31/2035 (D)		12,129		3,992
1.500%, 07/31/2040 (B)(D)		2,884		843
1.500%, 07/31/2040 (A)(D)		1,768		517
				9,902
Egypt — 2.0%
Egypt Government Bond
14.664%, 10/06/2030	EGP	4,750		203
14.556%, 10/13/2027		11,537		510
14.406%, 07/07/2027		17,842		788
14.382%, 01/12/2031		4,531		190
14.292%, 01/05/2028		19,000		828
Egypt Government International Bond
16.100%, 05/07/2029		14,920		688
8.875%, 05/29/2050 (A)	$	2,766		1,532
8.875%, 05/29/2050		1,650		914
8.700%, 03/01/2049		1,190		657
8.700%, 03/01/2049 (A)		529		292
7.903%, 02/21/2048		854		444
7.903%, 02/21/2048 (A)		290		151
7.625%, 05/29/2032 (A)		2,092		1,259
7.625%, 05/29/2032 (B)		3,855		2,320
6.588%, 02/21/2028 (A)		429		300
Egypt Government International Bond MTN
8.500%, 01/31/2047 (A)		830		460
8.500%, 01/31/2047		2,691		1,492
8.150%, 11/20/2059		539		290

60

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
7.600%, 03/01/2029 (A)	$	583	$	407
7.600%, 03/01/2029		200		140
7.500%, 02/16/2061 (A)		658		338
7.300%, 09/30/2033 (A)		3,223		1,854
7.300%, 09/30/2033		3,000		1,726
7.053%, 01/15/2032 (A)(B)		1,152		694
6.375%, 04/11/2031 (A)	EUR	1,327		754
6.375%, 04/11/2031		2,720		1,546
5.800%, 09/30/2027 (B)	$	1,132		792
5.800%, 09/30/2027 (A)		498		349
5.625%, 04/16/2030	EUR	732		415
4.750%, 04/11/2025		457		352
4.750%, 04/11/2025 (A)		443		341
4.750%, 04/16/2026		670		463
				23,489
El Salvador — 0.3%
El Salvador Government International Bond
9.500%, 07/15/2052	$	6,373		2,165
8.625%, 02/28/2029		1,328		478
8.250%, 04/10/2032		965		346
7.625%, 02/01/2041 (A)		545		172
7.625%, 02/01/2041 (B)		527		167
7.125%, 01/20/2050		640		202
6.375%, 01/18/2027 (A)		838		308
				3,838
Ethiopia — 0.0%
Ethiopia International Bond
6.625%, 12/11/2024 (A)		477		240
6.625%, 12/11/2024		400		201
				441
Gabon — 0.3%
Gabon Government International Bond
7.000%, 11/24/2031 (A)		3,224		2,117
6.625%, 02/06/2031 (A)		1,158		759
6.625%, 02/06/2031		240		157
6.375%, 12/12/2024 (A)		481		438
				3,471
Georgia — 0.0%
Georgia Government International Bond
2.750%, 04/22/2026		480		408
Ghana — 0.8%
Ghana Government International Bond
10.750%, 10/14/2030 (A)(B)		786		568
10.750%, 10/14/2030		4,824		3,488
8.950%, 03/26/2051 (A)		613		225
8.875%, 05/07/2042		1,286		473
8.750%, 03/11/2061		693		253
8.750%, 03/11/2061 (A)		23		8
8.625%, 04/07/2034		2,756		1,017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
7.875%, 02/11/2035	$	1,318	$	488
7.875%, 02/11/2035 (A)		425		157
7.750%, 04/07/2029 (B)		870		328
7.625%, 05/16/2029		2,188		832
6.375%, 02/11/2027 (A)		451		179
Republic of Ghana Government Bonds
20.750%, 03/06/2023	GHS	1,920		173
19.250%, 12/18/2023		4,011		317
Tullow Oil (A)
10.250%, 05/15/2026	$	351		297
7.000%, 03/01/2025		1,241		802
				9,605
Guatemala — 0.5%
CT Trust
5.125%, 02/03/2032 (A)(B)		962		724
Guatemala Government Bond
5.375%, 04/24/2032		540		469
5.250%, 08/10/2029 (A)		2,189		1,961
5.250%, 08/10/2029		200		179
4.900%, 06/01/2030		1,385		1,210
4.650%, 10/07/2041		971		680
4.500%, 05/03/2026		185		174
3.700%, 10/07/2033		700		508
3.700%, 10/07/2033 (A)(B)		226		164
				6,069
Honduras — 0.1%
Honduras Government International Bond
6.250%, 01/19/2027		326		267
5.625%, 06/24/2030		1,407		1,013
				1,280
Hong Kong — 0.1%
NWD
4.125%, 07/18/2029		757		611
Hungary — 0.5%
Hungary Government International Bond
5.500%, 06/16/2034		381		321
5.250%, 06/16/2029		432		390
5.250%, 06/16/2029 (A)		378		341
3.125%, 09/21/2051		3,571		1,887
2.125%, 09/22/2031		1,810		1,236
1.750%, 06/05/2035	EUR	1,812		1,098
1.500%, 11/17/2050		552		248
				5,521
India — 0.4%
Adani Electricity Mumbai
3.949%, 02/12/2030 (A)	$	540		408
Export-Import Bank of India MTN
3.250%, 01/15/2030		1,060		884
2.250%, 01/13/2031		615		461

SEI Institutional International Trust / Annual Report / September 30, 2022

61

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Greenko Power II MTN
4.300%, 12/13/2028	$	500	$	392
Network i2i
5.650%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.277% (A)(C)(F)		260		237
Power Finance MTN
3.950%, 04/23/2030 (A)		569		478
Reliance Industries (A)
3.625%, 01/12/2052		671		421
2.875%, 01/12/2032		800		627
Vedanta Resources
7.125%, 05/31/2023		200		185
Vedanta Resources Finance II
13.875%, 01/21/2024 (A)		286		239
8.950%, 03/11/2025		540		367
				4,699
Indonesia — 6.0%
Freeport Indonesia
6.200%, 04/14/2052 (A)		662		508
Freeport Indonesia MTN
5.315%, 04/14/2032 (A)		1,099		909
Indonesia Asahan Aluminium Persero (A)
5.800%, 05/15/2050		1,165		877
5.710%, 11/15/2023		618		616
4.750%, 05/15/2025		240		234
Indonesia Government International Bond
8.500%, 10/12/2035		1,265		1,534
4.750%, 02/11/2029		119		115
4.650%, 09/20/2032 (B)		464		435
4.300%, 03/31/2052		311		237
4.150%, 09/20/2027		372		353
3.550%, 03/31/2032		249		216
3.500%, 01/11/2028		1,859		1,687
3.050%, 03/12/2051 (B)		1,187		787
2.850%, 02/14/2030		2,929		2,509
2.150%, 07/28/2031 (B)		1,973		1,537
1.400%, 10/30/2031	EUR	520		379
1.300%, 03/23/2034		514		337
1.100%, 03/12/2033		690		461
Indonesia Government International Bond MTN
5.250%, 01/17/2042	$	3,260		2,944
5.125%, 01/15/2045		333		291
4.625%, 04/15/2043		698		592
3.750%, 06/14/2028	EUR	1,057		985
Indonesia Treasury Bond
9.000%, 03/15/2029	IDR	36,550,000		2,605
8.750%, 05/15/2031		47,748,000		3,378
8.375%, 03/15/2024		20,173,000		1,363
8.375%, 03/15/2034		63,445,000		4,420
8.375%, 04/15/2039		44,180,000		3,110

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
8.250%, 05/15/2029	IDR	34,660,000	$	2,386
8.250%, 06/15/2032		12,030,000		832
8.250%, 05/15/2036		74,289,000		5,127
8.125%, 05/15/2024		77,240,000		5,212
7.500%, 08/15/2032		26,770,000		1,763
7.500%, 06/15/2035		17,596,000		1,156
7.500%, 05/15/2038		22,482,000		1,481
7.500%, 04/15/2040		30,705,000		2,023
7.125%, 06/15/2042		13,000,000		830
7.000%, 05/15/2027		28,700,000		1,884
7.000%, 09/15/2030		28,348,000		1,824
6.500%, 06/15/2025		5,895,000		383
6.500%, 02/15/2031		29,150,000		1,809
6.375%, 04/15/2032		47,056,000		2,873
5.125%, 04/15/2027		34,000,000		2,094
Medco Bell Pte
6.375%, 01/30/2027 (A)(B)	$	466		374
Minejesa Capital BV (A)
5.625%, 08/10/2037		995		711
4.625%, 08/10/2030		386		318
Pertamina Persero MTN
3.650%, 07/30/2029 (A)		1,035		896
Perusahaan Listrik Negara
1.875%, 11/05/2031 (A)	EUR	891		629
Perusahaan Listrik Negara MTN
6.150%, 05/21/2048	$	740		612
6.150%, 05/21/2048 (A)		657		543
4.375%, 02/05/2050 (A)		265		170
Perusahaan Penerbit SBSN Indonesia III
4.700%, 06/06/2032		355		333
Perusahaan Perseroan Persero Perusahaan Listrik Negara
4.875%, 07/17/2049		311		217
Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN
5.250%, 05/15/2047		480		354
3.375%, 02/05/2030		750		604
3.000%, 06/30/2030 (B)		565		438
				71,295
Iraq — 0.1%
Iraq International Bond
5.800%, 01/15/2028		859		704
Israel — 0.5%
Bank Leumi Le-Israel
3.275%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.631%, 01/29/2031 (A)(C)		431		365
Israel Government Bond - Fixed
1.300%, 04/30/2032	ILS	16,370		3,848
Leviathan Bond
6.750%, 06/30/2030 (A)	$	394		352

62

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
State of Israel
4.500%, 04/03/2120	$	1,199	$	973
3.800%, 05/13/2060		200		151
				5,689
Ivory Coast — 0.4%
Ivory Coast Government International Bond
6.875%, 10/17/2040	EUR	1,619		992
6.625%, 03/22/2048		3,715		2,138
6.625%, 03/22/2048		795		458
6.625%, 03/22/2048 (A)		523		301
5.875%, 10/17/2031 (A)		205		145
5.250%, 03/22/2030		720		514
4.875%, 01/30/2032		370		242
				4,790
Jamaica — 0.1%
Digicel International Finance (A)
8.750%, 05/25/2024	$	530		485
8.750%, 05/25/2024		435		398
				883
Jordan — 0.2%
Jordan Government International Bond
7.750%, 01/15/2028 (A)		932		880
7.375%, 10/10/2047 (B)		667		486
7.375%, 10/10/2047 (A)		228		166
5.850%, 07/07/2030 (A)		559		454
5.850%, 07/07/2030		505		410
4.950%, 07/07/2025 (B)		270		249
				2,645
Kazakhstan — 1.5%
Development Bank of Kazakhstan JSC
4.125%, 12/10/2022		770		768
2.950%, 05/06/2031 (B)		1,130		879
2.950%, 05/06/2031 (A)		465		362
Kazakhstan Government International Bond
4.875%, 10/14/2044 (A)		993		764
4.875%, 10/14/2044		2,204		1,696
Kazakhstan Government International Bond MTN
6.500%, 07/21/2045 (A)		3,697		3,415
2.375%, 11/09/2028	EUR	350		302
KazMunayGas National JSC
6.375%, 10/24/2048 (A)	$	720		501
6.375%, 10/24/2048		200		139
5.750%, 04/19/2047 (A)		2,292		1,525
5.750%, 04/19/2047		63		42
5.375%, 04/24/2030 (A)		984		779
5.375%, 04/24/2030		4,706		3,726
3.500%, 04/14/2033		1,818		1,194
3.500%, 04/14/2033 (A)		212		139

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
KazTransGas JSC
4.375%, 09/26/2027	$	1,015	$	858
4.375%, 09/26/2027 (A)		165		139
Tengizchevroil Finance International
3.250%, 08/15/2030 (A)		450		320
2.625%, 08/15/2025		200		165
				17,713
Kenya — 0.4%
Kenya Government International Bond
8.250%, 02/28/2048		801		482
8.000%, 05/22/2032 (B)		1,548		1,046
8.000%, 05/22/2032 (A)(B)		301		203
7.000%, 05/22/2027 (B)		1,914		1,468
7.000%, 05/22/2027 (A)		493		378
6.875%, 06/24/2024 (A)		662		561
6.300%, 01/23/2034		540		329
				4,467
Kuwait — 0.1%
Meglobal Canada ULC MTN
5.875%, 05/18/2030 (A)		222		220
NBK SPC
1.625%, U.S. SOFR + 1.050%, 09/15/2027 (A)(C)		680		583
NBK Tier 1 Financing 2
4.500%, CMTUSD6Y + 2.832% (A)(C)(F)		513		458
				1,261
Lebanon — 0.3%
Lebanon Government International Bond
8.250%, 05/17/2034 (G)		7,412		417
8.200%, 05/17/2033 (G)		2,700		156
6.850%, 03/23/2027 (G)		742		43
6.750%, 11/29/2027 (G)		1,123		65
6.650%, 04/22/2024 (G)		2,250		130
6.000%, 01/27/2023 (G)		560		32
Lebanon Government International Bond MTN
8.250%, 12/31/2023 (G)		11,902		716
7.000%, 03/20/2028 (G)		2,048		118
6.850%, 05/25/2029 (G)		1,996		115
6.650%, 02/26/2030 (G)		3,095		178
6.600%, 11/27/2026 (G)		1,613		93
6.400%, 05/26/2023 (G)		2,649		159
6.375%, 12/31/2023 (G)		5,489		302
6.150%, 12/31/2023 (G)		5,287		291
6.100%, 10/04/2022 (G)		9,077		513
6.100%, 10/04/2022 (G)		569		32
5.800%, 04/14/2023 (G)		6,672		367
				3,727

SEI Institutional International Trust / Annual Report / September 30, 2022

63

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Macau — 0.0%
Studio City Finance (A)
6.500%, 01/15/2028	$	371	$	181
6.000%, 07/15/2025		87		48
				229
Malaysia — 6.2%
1MDB Global Investments
4.400%, 03/09/2023		3,600		3,448
4.400%, 03/09/2023		6,400		6,130
Malaysia Government Bond
5.248%, 09/15/2028	MYR	3,617		817
4.935%, 09/30/2043		2,200		469
4.921%, 07/06/2048		3,070		648
4.762%, 04/07/2037		200		43
4.696%, 10/15/2042		2,800		589
4.642%, 11/07/2033		500		107
4.392%, 04/15/2026		3,480		760
4.254%, 05/31/2035		16,524		3,368
4.232%, 06/30/2031		1,200		253
4.181%, 07/15/2024		4,186		911
4.065%, 06/15/2050		3,119		576
4.059%, 09/30/2024		8,780		1,910
3.955%, 09/15/2025		35,156		7,595
3.906%, 07/15/2026		17,274		3,707
3.900%, 11/30/2026		4,085		876
3.899%, 11/16/2027		3,026		646
3.885%, 08/15/2029		7,420		1,554
3.882%, 03/14/2025		26,583		5,746
3.828%, 07/05/2034		32,019		6,348
3.800%, 08/17/2023		17,826		3,867
3.757%, 04/20/2023		1,500		325
3.757%, 05/22/2040		19,430		3,624
3.733%, 06/15/2028		22,341		4,672
3.582%, 07/15/2032		4,537		911
3.502%, 05/31/2027		8,086		1,701
3.480%, 03/15/2023		5,486		1,187
3.478%, 06/14/2024		4,234		912
2.632%, 04/15/2031		20,421		3,815
Malaysia Government Investment Issue
4.369%, 10/31/2028		1,200		259
4.119%, 11/30/2034		1,248		257
4.070%, 09/30/2026		6,500		1,406
Malaysia Wakala Sukuk
2.070%, 04/28/2031	$	1,230		1,032
Petronas Capital MTN
4.550%, 04/21/2050		1,401		1,246
3.500%, 04/21/2030		819		746
2.480%, 01/28/2032		1,924		1,578
				74,039

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Mexico — 9.9%
America Movil
7.125%, 12/09/2024	MXN	18,110	$	824
Banco Mercantil del Norte (A)(F)
7.500%, US Treas Yield Curve Rate T Note Const Mat 10 Yr + 5.470% (C)	$	476		406
6.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.967% (C)		609		564
Banco Nacional de Comercio Exterior SNC
2.720%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.000%, 08/11/2031 (A)(C)		1,191		1,024
Cemex (A)
5.450%, 11/19/2029		750		670
5.125%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.534% (C)(F)		200		160
3.875%, 07/11/2031		572		451
Comision Federal de Electricidad
7.350%, 11/25/2025	MXN	39,785		1,787
6.264%, 02/15/2052 (A)	$	671		471
4.750%, 02/23/2027 (A)		258		232
4.688%, 05/15/2029 (A)		1,872		1,563
4.688%, 05/15/2029		1,587		1,325
3.875%, 07/26/2033		720		501
3.348%, 02/09/2031 (A)		391		279
FEL Energy VI Sarl
5.750%, 12/01/2040 (A)		181		124
Mexican Bonos
8.000%, 11/07/2047	MXN	65,574		2,750
7.750%, 11/13/2042		116,507		4,805
7.500%, 06/03/2027		153,394		6,984
5.750%, 03/05/2026		48,685		2,125
Mexican Bonos, Ser M20
10.000%, 12/05/2024		81,082		4,003
8.500%, 05/31/2029		106,096		4,970
7.750%, 05/29/2031		259,328		11,446
Mexican Bonos, Ser M30
8.500%, 11/18/2038		197,796		8,871
Mexican Udibonos
4.500%, 12/04/2025		137,940		6,806
4.000%, 11/30/2028		97,935		4,714
3.500%, 11/16/2023		180,187		8,882
Mexico City Airport Trust
5.500%, 07/31/2047 (A)	$	715		447
Mexico Government International Bond
4.875%, 05/19/2033		2,092		1,839
4.750%, 04/27/2032 (B)		695		624
4.600%, 02/10/2048		394		287
4.280%, 08/14/2041		676		492
3.771%, 05/24/2061		4,182		2,467
3.750%, 04/19/2071		466		270

64

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
3.500%, 02/12/2034	$	203	$	154
2.659%, 05/24/2031 (B)		3,251		2,493
2.375%, 02/11/2030	EUR	550		440
Mexico Government International Bond MTN
5.750%, 10/12/2110 (B)	$	2,756		2,127
5.550%, 01/21/2045 (B)		482		413
4.750%, 03/08/2044		386		296
Minera Mexico
4.500%, 01/26/2050 (A)		627		436
Petroleos Mexicanos
7.690%, 01/23/2050 (A)		427		262
7.690%, 01/23/2050		3,003		1,839
7.470%, 11/12/2026	MXN	15,660		658
7.190%, 09/12/2024 (B)		45,182		2,029
6.950%, 01/28/2060 (A)	$	308		171
6.840%, 01/23/2030		916		683
6.700%, 02/16/2032		10,578		7,422
6.700%, 02/16/2032 (A)		183		128
6.625%, 06/15/2035		4,353		2,775
6.500%, 01/23/2029 (A)		785		604
6.500%, 01/23/2029 (B)		955		735
6.500%, 06/02/2041		640		371
6.375%, 01/23/2045		710		392
6.350%, 02/12/2048		678		364
6.350%, 02/12/2048 (A)		430		231
5.950%, 01/28/2031 (A)		540		365
5.950%, 01/28/2031		1,490		1,006
5.350%, 02/12/2028 (A)		279		212
Petroleos Mexicanos MTN
8.750%, 06/02/2029 (A)		2,109		1,804
6.750%, 09/21/2047		2,535		1,413
6.750%, 09/21/2047		553		308
4.875%, 02/21/2028	EUR	755		542
Poinsettia Finance
6.625%, 06/17/2031	$	4,910		4,469
				118,305
Mongolia — 0.4%
Development Bank of Mongolia
7.250%, 10/23/2023 (A)		784		747
Mongolia Government International Bond
5.125%, 04/07/2026		381		315
3.500%, 07/07/2027		1,351		996
Mongolia Government International Bond MTN
8.750%, 03/09/2024		2,651		2,512
				4,570
Morocco — 0.1%
Morocco Government International Bond
5.500%, 12/11/2042		200		147
4.000%, 12/15/2050		673		384

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
3.000%, 12/15/2032	$	1,269	$	888
				1,419
Mozambique — 0.0%
Mozambique International Bond
5.000%, 09/15/2031 (A)(D)		245		167
5.000%, 09/15/2031 (D)		200		137
				304
Nigeria — 0.9%
IHS Netherlands Holdco
8.000%, 09/18/2027 (A)		299		251
Nigeria Government International Bond
9.248%, 01/21/2049 (B)		322		206
7.875%, 02/16/2032		923		591
7.696%, 02/23/2038		1,811		1,054
7.696%, 02/23/2038 (A)		601		350
Nigeria Government International Bond MTN
8.375%, 03/24/2029		1,976		1,410
8.375%, 03/24/2029 (A)		2,985		2,130
8.250%, 09/28/2051 (A)		2,100		1,178
7.625%, 11/28/2047 (A)		478		265
7.375%, 09/28/2033		2,953		1,779
7.375%, 09/28/2033 (A)		799		481
6.500%, 11/28/2027 (A)		667		482
6.500%, 11/28/2027		130		94
				10,271
Oman — 0.8%
Oman Government International Bond
7.000%, 01/25/2051 (B)		1,399		1,153
6.750%, 10/28/2027		3,535		3,486
6.750%, 01/17/2048		3,769		3,017
6.250%, 01/25/2031		1,418		1,321
				8,977
Pakistan — 0.2%
Pakistan Government International Bond
8.250%, 09/30/2025		1,000		395
7.875%, 03/31/2036		200		72
6.875%, 12/05/2027		319		120
Pakistan Government International Bond MTN
8.875%, 04/08/2051		805		287
7.375%, 04/08/2031		2,521		920
6.000%, 04/08/2026 (A)		2,277		875
				2,669
Panama — 1.2%
Aeropuerto Internacional de Tocumen
5.125%, 08/11/2061 (A)		311		222
AES Panama Generation Holdings SRL
4.375%, 05/31/2030 (A)		492		387

SEI Institutional International Trust / Annual Report / September 30, 2022

65

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Banco Nacional de Panama
2.500%, 08/11/2030 (A)(B)	$	791	$	580
Cable Onda
4.500%, 01/30/2030 (A)		208		164
Empresa de Transmision Electrica
5.125%, 05/02/2049 (A)		635		476
Panama Government International Bond
9.375%, 04/01/2029 (B)		804		934
8.125%, 04/28/2034		478		559
4.500%, 04/16/2050 (B)		689		480
4.500%, 04/01/2056		2,524		1,703
4.500%, 01/19/2063		1,357		895
4.300%, 04/29/2053		200		133
3.870%, 07/23/2060		1,793		1,064
3.750%, 03/16/2025		859		826
3.298%, 01/19/2033		1,160		895
3.160%, 01/23/2030		165		135
2.252%, 09/29/2032		6,728		4,733
				14,186
Papua New Guinea — 0.0%
Papua New Guinea Government International Bond
8.375%, 10/04/2028		282		228
8.375%, 10/04/2028 (A)		275		223
				451
Paraguay — 0.4%
Bioceanico Sovereign Certificate Ltd
0.000%, 06/05/2034 (E)		1,605		1,013
Paraguay Government International Bond
6.100%, 08/11/2044		1,260		1,043
5.600%, 03/13/2048		403		302
5.400%, 03/30/2050		571		420
4.950%, 04/28/2031		880		783
2.739%, 01/29/2033		1,074		770
				4,331
Peru — 3.5%
Atlantica Transmision Sur
6.875%, 04/30/2043 (A)		259		257
Fondo MIVIVIENDA
7.000%, 02/14/2024 (A)	PEN	3,704		911
Inkia Energy
5.875%, 11/09/2027 (A)	$	204		188
Kallpa Generacion (A)
4.875%, 05/24/2026		263		243
4.125%, 08/16/2027		936		812
Peru Government Bond
6.950%, 08/12/2031	PEN	2,903		649
5.350%, 08/12/2040		708		122
5.200%, 09/12/2023		800		198
Peruvian Government International Bond
8.750%, 11/21/2033 (B)	$	490		590

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
8.200%, 08/12/2026	PEN	15	$	4
8.200%, 08/12/2026		3,397		884
6.950%, 08/12/2031		154		34
6.950%, 08/12/2031		19,744		4,415
6.900%, 08/12/2037		3,326		694
6.850%, 02/12/2042		613		126
6.350%, 08/12/2028		11,856		2,710
6.350%, 08/12/2028		2,121		485
6.150%, 08/12/2032		20,915		4,337
5.940%, 02/12/2029		8,016		1,763
5.940%, 02/12/2029		10,794		2,374
5.700%, 08/12/2024 (A)		4,932		1,218
5.625%, 11/18/2050 (B)	$	417		393
5.400%, 08/12/2034	PEN	8,155		1,528
5.400%, 08/12/2034		1,243		233
3.750%, 03/01/2030	EUR	200		179
3.600%, 01/15/2072	$	326		197
3.550%, 03/10/2051		590		394
3.230%, 07/28/2121		2,105		1,138
3.000%, 01/15/2034 (B)		1,768		1,327
2.844%, 06/20/2030		173		142
2.783%, 01/23/2031		6,942		5,497
1.950%, 11/17/2036	EUR	1,050		656
1.250%, 03/11/2033		2,088		1,357
Petroleos del Peru
5.625%, 06/19/2047	$	7,056		4,236
5.625%, 06/19/2047 (A)		917		551
4.750%, 06/19/2032 (A)		1,201		848
4.750%, 06/19/2032		754		533
				42,223
Philippines — 0.6%
Philippine Government International Bond
3.900%, 11/26/2022	PHP	45,000		760
3.200%, 07/06/2046	$	805		535
3.000%, 02/01/2028		471		428
1.950%, 01/06/2032		5,087		3,865
1.750%, 04/28/2041	EUR	402		236
1.648%, 06/10/2031	$	1,728		1,297
				7,121
Poland — 2.3%
Republic of Poland Government Bond
3.750%, 05/25/2027	PLN	16,154		2,793
3.250%, 07/25/2025		8,670		1,572
2.750%, 04/25/2028		19,665		3,166
2.750%, 10/25/2029		17,097		2,585
2.500%, 04/25/2024		5,096		960
2.500%, 07/25/2026		34,110		5,762
2.500%, 07/25/2027		10,957		1,792
1.750%, 04/25/2032 (B)		37,016		4,753
1.250%, 10/25/2030		17,995		2,317

66

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
0.250%, 10/25/2026	PLN	9,365	$	1,419
				27,119
Qatar — 1.1%
Ooredoo International Finance MTN
2.625%, 04/08/2031 (A)	$	363		300
Qatar Energy
3.300%, 07/12/2051 (A)		234		166
3.125%, 07/12/2041 (A)		292		213
2.250%, 07/12/2031 (A)		705		568
2.250%, 07/12/2031		2,776		2,236
Qatar Government International Bond
5.103%, 04/23/2048		567		548
4.817%, 03/14/2049		2,837		2,624
4.400%, 04/16/2050 (B)		3,302		2,902
4.400%, 04/16/2050 (A)		249		219
4.000%, 03/14/2029 (A)		759		727
3.750%, 04/16/2030		3,181		2,986
				13,489
Romania — 2.4%
Romania Government Bond
6.700%, 02/25/2032	RON	24,775		4,281
5.850%, 04/26/2023		1,720		337
4.850%, 07/25/2029		2,915		465
4.750%, 10/11/2034		2,535		356
4.400%, 09/25/2023		790		151
4.250%, 06/28/2023		2,730		526
4.150%, 01/26/2028		2,145		344
4.150%, 10/24/2030		2,875		422
4.000%, 10/25/2023		3,430		651
3.650%, 07/28/2025		12,120		2,108
3.650%, 09/24/2031		5,510		756
3.250%, 06/24/2026		3,585		590
2.500%, 10/25/2027		10,790		1,607
Romanian Government International Bond
5.250%, 11/25/2027 (A)	$	740		669
5.125%, 06/15/2048 (B)		244		169
5.000%, 02/12/2029	RON	13,270		2,158
4.000%, 02/14/2051	$	1,774		985
3.625%, 03/27/2032 (A)		1,168		841
3.624%, 05/26/2030 (B)	EUR	409		301
3.000%, 02/27/2027 (A)	$	394		332
2.750%, 04/14/2041 (A)	EUR	2,688		1,347
2.625%, 12/02/2040 (A)		296		148
2.000%, 04/14/2033 (A)		179		104
Romanian Government International Bond MTN
4.625%, 04/03/2049		1,242		799
4.125%, 03/11/2039		1,057		673
3.875%, 10/29/2035 (B)		1,700		1,141
3.750%, 02/07/2034		2,160		1,460
3.750%, 02/07/2034 (A)		195		132

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
3.375%, 02/08/2038 (A)	EUR	890	$	537
3.375%, 01/28/2050 (A)		1,085		546
3.375%, 01/28/2050		2,100		1,057
2.875%, 05/26/2028		261		201
2.875%, 04/13/2042		675		339
2.875%, 04/13/2042 (A)		260		131
2.500%, 02/08/2030 (A)		657		458
2.125%, 03/07/2028		715		543
2.124%, 07/16/2031		158		98
2.000%, 01/28/2032		40		24
2.000%, 04/14/2033		1,665		963
				28,750
Russia — 1.0%
Gazprom OAO Via Gaz Capital
4.950%, 02/06/2028 (A)	$	497		239
Gazprom PJSC via Gaz Finance
4.599%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.264% (A)(F)		774		271
Russian Federal Bond - OFZ
8.500%, 09/17/2031 (G)	RUB	118,055		608
8.150%, 02/03/2027 (G)		251,767		1,297
7.700%, 03/23/2033 (G)		98,296		507
7.700%, 03/16/2039 (G)		83,896		432
7.050%, 01/19/2028 (G)		271,518		1,399
7.000%, 07/30/2036 (G)		86,250		445
6.900%, 05/23/2029 (G)		82,879		427
6.900%, 07/23/2031 (G)		142,859		736
6.700%, 03/14/2029 (G)		326,479		1,682
6.100%, 07/18/2035 (G)		74,413		384
4.500%, 07/16/2025 (G)		521,504		2,688
Russian Foreign Bond - Eurobond
7.500%, 03/31/2030 (G)	$	–		–
4.375%, 03/21/2029 (G)		3,000		1,290
Vnesheconombank Via VEB Finance
6.800%, 11/22/2025		580		28
6.800%, 11/22/2025 (A)		150		7
				12,440
Saudi Arabia — 0.9%
EIG Pearl Holdings Sarl (A)
4.387%, 11/30/2046		822		580
3.545%, 08/31/2036		657		524
Global Sukuk
1.602%, 06/17/2026 (B)		2,527		2,239
KSA Sukuk
2.250%, 05/17/2031 (A)		1,716		1,428
Saudi Arabian Oil
1.625%, 11/24/2025		703		632
Saudi Arabian Oil MTN
4.250%, 04/16/2039 (A)		920		788
4.250%, 04/16/2039 (B)		160		137

SEI Institutional International Trust / Annual Report / September 30, 2022

67

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Saudi Government International Bond
5.250%, 01/16/2050	$	680	$	636
Saudi Government International Bond MTN
4.625%, 10/04/2047 (A)		812		690
4.500%, 10/26/2046		580		489
3.450%, 02/02/2061		1,061		720
3.250%, 10/22/2030		1,641		1,475
3.250%, 11/17/2051 (A)		1,380		936
				11,274
Senegal — 0.2%
Senegal Government International Bond
6.750%, 03/13/2048		952		591
5.375%, 06/08/2037	EUR	978		575
4.750%, 03/13/2028		827		653
4.750%, 03/13/2028 (A)		113		89
				1,908
Serbia — 0.2%
Serbia International Bond
3.125%, 05/15/2027		320		255
2.125%, 12/01/2030	$	917		598
1.650%, 03/03/2033 (B)	EUR	270		146
1.500%, 06/26/2029		1,373		886
Serbia International Bond MTN
2.050%, 09/23/2036		1,141		584
Serbia Treasury Bonds
5.875%, 02/08/2028	RSD	28,920		225
4.500%, 01/11/2026		15,250		118
4.500%, 08/20/2032		10,270		66
				2,878
South Africa — 6.8%
AngloGold Ashanti Holdings
3.750%, 10/01/2030	$	229		178
Bidvest Group UK PLC
3.625%, 09/23/2026 (A)		344		291
Eskom Holdings SOC
7.125%, 02/11/2025 (A)		2,564		2,270
4.314%, 07/23/2027		1,189		960
Eskom Holdings SOC MTN
8.450%, 08/10/2028		800		680
8.450%, 08/10/2028 (A)		391		332
7.500%, 09/15/2033	ZAR	35,200		1,354
6.750%, 08/06/2023 (A)	$	1,063		1,005
6.750%, 08/06/2023		846		800
Republic of South Africa
10.500%, 12/21/2026	ZAR	158,644		9,094
9.000%, 01/31/2040		69,545		3,052
8.875%, 02/28/2035		257,363		11,701
8.750%, 01/31/2044		118,076		4,983
8.750%, 02/28/2048		140,353		5,881
8.500%, 01/31/2037		235,300		10,099
8.250%, 03/31/2032		164,074		7,510

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
8.000%, 01/31/2030	ZAR	55,029	$	2,619
7.000%, 02/28/2031		69,504		2,989
6.500%, 02/28/2041		23,055		775
6.300%, 06/22/2048	$	540		378
6.250%, 03/31/2036	ZAR	69,274		2,446
5.875%, 09/16/2025	$	852		837
5.750%, 09/30/2049		4,934		3,165
5.650%, 09/27/2047		946		607
5.000%, 10/12/2046		357		217
4.850%, 09/27/2027 (B)		420		375
Republic of South Africa Government International Bond
7.300%, 04/20/2052		2,148		1,638
5.875%, 04/20/2032		3,984		3,287
Sasol Financing USA
6.500%, 09/27/2028		360		324
5.875%, 03/27/2024		442		429
4.375%, 09/18/2026		351		306
				80,582
South Korea — 0.1%
Export-Import Bank of Korea MTN
8.000%, 05/15/2024	IDR	8,800,000		587
7.250%, 12/07/2024		700,000		46
5.750%, 03/05/2024		12,200,000		789
				1,422
Sri Lanka — 0.4%
Sri Lanka Government International Bond
7.850%, 03/14/2029 (G)	$	1,598		391
7.550%, 03/28/2030 (G)		1,255		307
6.850%, 03/14/2024 (G)		512		126
6.850%, 11/03/2025 (G)		1,339		344
6.825%, 07/18/2026 (A)(G)		909		228
6.825%, 07/18/2026 (G)		500		125
6.750%, 04/18/2028 (A)(B)(G)		5,535		1,356
6.750%, 04/18/2028 (G)		2,648		649
6.350%, 06/28/2024 (A)(G)		864		214
6.200%, 05/11/2027 (B)(G)		1,924		472
5.750%, 04/18/2023 (G)		434		109
				4,321
Supra-National — 0.6%
Africa Finance
2.875%, 04/28/2028 (A)		1,679		1,357
African Export-Import Bank
3.798%, 05/17/2031 (A)		200		162
African Export-Import Bank MTN
3.994%, 09/21/2029 (A)		363		303
Banque Ouest Africaine de Developpement
5.000%, 07/27/2027 (A)		865		788
4.700%, 10/22/2031 (A)		683		551
4.700%, 10/22/2031		280		226

68

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
European Bank for Reconstruction & Development MTN
6.450%, 12/13/2022	IDR	9,486,000	$	623
5.200%, 05/28/2024		11,593,600		745
Inter-American Development Bank MTN
7.875%, 03/14/2023		44,650,000		2,947
				7,702
Taiwan — 0.1%
TSMC Arizona
4.250%, 04/22/2032 (B)	$	444		409
3.250%, 10/25/2051		220		157
2.500%, 10/25/2031		200		159
				725
Thailand — 2.5%
GC Treasury Center MTN
4.300%, 03/18/2051 (A)		735		521
Thailand Government Bond
5.670%, 03/13/2028	THB	3,000		91
3.775%, 06/25/2032		181,773		5,055
3.650%, 06/20/2031		58,000		1,594
3.625%, 06/16/2023		30,000		807
3.400%, 06/17/2036		193,984		4,927
3.300%, 06/17/2038		93,684		2,308
2.875%, 12/17/2028		20,155		533
2.875%, 06/17/2046		3,431		74
2.400%, 12/17/2023		88,000		2,352
2.125%, 12/17/2026		10,313		269
2.000%, 12/17/2031		104,004		2,521
2.000%, 06/17/2042		88,320		1,701
1.600%, 12/17/2029		7,000		168
1.600%, 06/17/2035		27,023		570
1.585%, 12/17/2035		73,597		1,536
1.450%, 12/17/2024		67,979		1,781
1.250%, 03/12/2028		63,538		1,673
1.000%, 06/17/2027		39,000		960
				29,441
Tunisia — 0.3%
Tunisian Republic
6.375%, 07/15/2026 (A)(B)	EUR	1,413		791
6.375%, 07/15/2026		622		349
5.750%, 01/30/2025 (B)	$	426		253
5.625%, 02/17/2024	EUR	3,550		2,303
				3,696
Turkey — 1.5%
Aydem Yenilenebilir Enerji
7.750%, 02/02/2027 (A)	$	655		478
Hazine Mustesarligi Varlik Kiralama
7.250%, 02/24/2027 (A)		2,508		2,408
Turkey Government Bond
1.500%, 06/18/2025	TRY	35,314		2,796

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Turkey Government International Bond
6.875%, 03/17/2036	$	550	$	399
6.500%, 09/20/2033		300		217
6.375%, 10/14/2025		819		739
6.125%, 10/24/2028		1,295		1,031
5.950%, 01/15/2031		2,985		2,193
5.875%, 06/26/2031		2,181		1,581
5.750%, 05/11/2047		708		424
5.125%, 02/17/2028		711		551
4.875%, 10/09/2026		1,017		832
4.875%, 04/16/2043		3,947		2,222
4.750%, 01/26/2026		248		210
Turkiye Ihracat Kredi Bankasi
6.125%, 05/03/2024 (A)		247		231
5.750%, 07/06/2026		671		556
Turkiye Sise ve Cam Fabrikalari
6.950%, 03/14/2026 (A)		500		459
Yapi ve Kredi Bankasi MTN
5.850%, 06/21/2024 (A)(B)		429		403
				17,730
Uganda — 0.1%
Republic of Uganda Government Bonds
14.250%, 06/22/2034	UGX	3,800,000		844
Ukraine — 0.5%
NAK Naftogaz Ukraine via Kondor Finance
7.625%, 11/08/2026 (A)(G)	$	990		203
7.125%, 07/19/2024 (G)	EUR	720		141
NPC Ukrenergo
6.875%, 11/09/2028 (A)(G)	$	1,031		197
State Agency of Roads of Ukraine
6.250%, 06/24/2030 (G)		1,016		186
6.250%, 06/24/2030 (A)(G)		363		67
Ukraine Government International Bond
15.840%, 02/26/2025 (G)	UAH	66,553		1,030
9.750%, 11/01/2030 (G)	$	497		105
7.750%, 09/01/2025 (A)(G)		24		6
7.750%, 09/01/2027 (A)(G)		2,445		480
7.750%, 09/01/2028 (G)		1,905		387
7.750%, 09/01/2028 (A)(G)		636		129
7.750%, 09/01/2029 (G)		1,425		293
7.750%, 09/01/2029 (A)(G)		223		46
7.375%, 09/25/2034 (G)		2,001		369
7.253%, 03/15/2035 (G)		1,009		185
6.876%, 05/21/2031 (G)		6,242		1,141
6.876%, 05/21/2031 (A)(G)		281		51
6.750%, 06/20/2028 (G)	EUR	1,299		242
3.000%, 08/01/2041 (A)(C)(G)	$	2,206		615
1.258%, 08/01/2041 (C)(G)		410		114
				5,987

SEI Institutional International Trust / Annual Report / September 30, 2022

69

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
United Arab Emirates — 1.6%
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/2047	$	580	$	517
4.600%, 11/02/2047 (A)		2,523		2,249
3.650%, 11/02/2029 (A)		207		192
Abu Dhabi Government International Bond MTN
3.875%, 04/16/2050		260		212
3.000%, 09/15/2051		720		495
3.000%, 09/15/2051 (A)		519		357
2.500%, 04/16/2025		1,853		1,756
1.700%, 03/02/2031 (B)		970		769
1.625%, 06/02/2028 (B)		1,599		1,351
DAE Funding LLC
3.375%, 03/20/2028 (A)		550		466
DP World MTN (A)
6.850%, 07/02/2037		210		213
5.625%, 09/25/2048		439		383
4.700%, 09/30/2049		826		623
DP World Crescent MTN
4.848%, 09/26/2028		475		458
DP World Salaam
6.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.750% (C)(F)		877		852
Emirate of Dubai Government International Bonds MTN
3.900%, 09/09/2050		490		328
Finance Department Government of Sharjah MTN
4.000%, 07/28/2050 (A)		2,703		1,590
Galaxy Pipeline Assets Bidco
2.940%, 09/30/2040 (B)		3,622		2,749
2.940%, 09/30/2040 (A)		593		450
2.625%, 03/31/2036 (A)		580		448
2.160%, 03/31/2034		1,595		1,310
MDGH GMTN RSC MTN
4.500%, 11/07/2028 (A)		548		538
3.950%, 05/21/2050		200		162
Sharjah Sukuk Program MTN
3.854%, 04/03/2026		359		332
UAE International Government Bond MTN
4.951%, 07/07/2052		332		319
2.000%, 10/19/2031 (A)		620		497
				19,616
United Kingdom — 0.0%
Standard Chartered Bank MTN
8.250%, 05/18/2029 (A)	IDR	6,861,000		472
United States — 0.5%
JPMorgan Chase Bank MTN (A)
7.500%, 06/15/2035		36,336,000		2,386

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
7.000%, 09/18/2030 (C)	IDR	50,431,000	$	3,246
Sagicor Financial
5.300%, 05/13/2028 (A)	$	520		486
				6,118
Uruguay — 0.5%
Uruguay Government International Bond
8.250%, 05/21/2031	UYU	13,840		276
5.100%, 06/18/2050	$	170		155
4.975%, 04/20/2055 (B)		1,762		1,573
4.375%, 01/23/2031		4,008		3,834
				5,838
Uzbekistan — 0.3%
Republic of Uzbekistan International Bond
3.900%, 10/19/2031		505		353
Republic of Uzbekistan International Bond MTN
5.375%, 02/20/2029 (B)		1,233		1,031
3.700%, 11/25/2030		205		146
Uzauto Motors AJ
4.850%, 05/04/2026 (A)(B)		1,169		924
Uzbekneftegaz JSC
4.750%, 11/16/2028 (A)		810		611
				3,065
Venezuela — 0.1%
Petroleos de Venezuela
9.750%, 05/17/2035 (G)		1,000		20
9.000%, 11/17/2021 (B)(G)		4,300		86
6.000%, 05/16/2024 (G)		10,192		204
6.000%, 05/16/2024 (G)		7,785		156
6.000%, 11/15/2026 (G)		13,215		264
5.500%, 04/12/2037 (G)		1,740		35
5.375%, 04/12/2027 (G)		4,563		91
Venezuela Government International Bond
9.250%, 09/15/2027 (G)		2,300		174
9.250%, 05/07/2028 (G)		2,941		222
8.250%, 10/13/2024 (G)		3,304		231
7.750%, 10/13/2019 (G)		3,976		258
				1,741
Vietnam — 0.1%
Mong Duong Finance Holdings BV
5.125%, 05/07/2029 (A)		1,111		870
Zambia — 1.1%
First Quantum Minerals (A)
7.500%, 04/01/2025		404		389
6.875%, 03/01/2026		403		372
6.875%, 10/15/2027		529		476
Zambia Government Bond
13.000%, 08/29/2026	ZMW	1,375		59
13.000%, 12/18/2027		5,630		216

70

SEI Institutional International Trust / Annual Report / September 30, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
13.000%, 01/25/2031	ZMW	12,744	$	443
11.000%, 01/25/2026		18,620		816
11.000%, 06/28/2026		78,885		3,236
10.000%, 06/28/2024		66,325		3,618
Zambia Government International Bond
8.970%, 07/30/2027 (B)(G)	$	2,431		1,143
8.500%, 04/14/2024 (G)		200		95
5.375%, 09/20/2022 (G)		3,557		1,672
5.375%, 09/20/2022 (A)(G)		299		140
				12,675
Total Global Bonds
(Cost $1,435,858) ($ Thousands)				1,102,013
U.S. TREASURY OBLIGATIONS — 1.0%
U.S. Treasury Bond
3.000%, 08/15/2052		11,614		10,023

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Note
2.750%, 08/15/2032	$	1,459	$	1,334
Total U.S. Treasury Obligations
(Cost $11,706) ($ Thousands)				11,357
	Shares
AFFILIATED PARTNERSHIP — 4.6%
SEI Liquidity Fund, LP
2.930% **†(H)		55,210,382		55,210
Total Affiliated Partnership
(Cost $55,215) ($ Thousands)				55,210
Total Investments in Securities — 98.0%
(Cost $1,502,779) ($ Thousands)			$	1,168,580

A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:

Type of Contract	Number of Contracts			Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ (Depreciation) (Thousands)
Long Contracts
Korea 3-Year Bond		22			Dec-2022	$	1,633		$	1,567		$	(18	)
R186 Bond Future		503			Nov-2022		3,275			3,003			(30	)
R2030 Bond Future		577			Nov-2022		3,092			2,817			(36	)
R2032 Bond Future		619			Nov-2022		3,136			2,858			(43	)
R2035 Bond Future		320			Nov-2022		1,657			1,483			(52	)
R2037 Bond Future		431			Nov-2022		2,125			1,904			(63	)
R213 Bond Future		867			Nov-2022		4,198			3,792			(96	)
U.S. 2-Year Treasury Note		42			Dec-2022		8,775			8,627			(148	)
U.S. 5-Year Treasury Note		163			Dec-2022		18,165			17,524			(641	)
U.S. 10-Year Treasury Note		35			Dec-2022		4,048			3,922			(126	)
U.S. Long Treasury Bond		15			Dec-2022		2,040			1,896			(144	)
U.S. Ultra Long Treasury Bond		43			Dec-2022		6,426			5,891			(535	)
							58,570			55,284			(1,932	)
Short Contracts
Euro-Bobl		(34	)		Dec-2022	$	(4,146	)	$	(3,989	)	$	100
Euro-Bund		(80	)		Dec-2022		(11,519	)		(10,854	)		500
Euro-Buxl		(26	)		Dec-2022		(4,124	)		(3,735	)		330
							(19,789	)		(18,578	)		930
						$	38,781		$	36,706		$	(1,002	)

A list of the open forward foreign currency contracts held by the Fund at September 30, 2022, is as follows:

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC		10/05/22		USD	947		EUR	951	$	(15	)
Barclays PLC		10/05/22		EUR	81		USD	81		1
Barclays PLC		12/21/22		EUR	2,052		USD	2,016		(7	)
Barclays PLC		12/21/22		USD	1,823		RON	9,318		4

SEI Institutional International Trust / Annual Report / September 30, 2022

71

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Markets Debt Fund (Continued)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC		12/21/22		CNY	5,360		USD	778	$	23
Barclays PLC		12/21/22		TRY	59,690		USD	2,954		42
Barclays PLC		12/21/22		TRY	41,118		USD	1,999		(8	)
BNP Paribas		10/11/22		USD	1,841		CNY	13,316		37
BNP Paribas		10/11/22		CNY	6,658		USD	959		20
BNP Paribas		11/25/22		CNY	142		USD	20		—
BNP Paribas		12/12/22		COP	16,048,318		USD	3,584		132
BNP Paribas		12/21/22		MXN	145		USD	7		—
BNP Paribas		12/21/22		EUR	278		PLN	1,369		(1	)
Citigroup		10/05/22 - 10/28/22		USD	1,334		EUR	1,332		(28	)
Citigroup		10/05/22 - 12/12/22		USD	1,596		COP	7,175,573		(36	)
Citigroup		10/05/22 - 10/28/22		EUR	4,822		USD	4,891		162
Citigroup		10/05/22 - 12/21/22		COP	2,666,343		USD	593		18
Citigroup		10/06/22		USD	2,860		KRW	3,871,999		(155	)
Citigroup		10/06/22		ILS	12,679		USD	3,765		200
Citigroup		10/17/22 - 12/21/22		USD	5,381		PLN	25,480		(267	)
Citigroup		10/17/22		ZAR	34,702		USD	1,967		38
Citigroup		10/19/22 - 11/16/22		USD	574		UGX	2,273,628		13
Citigroup		10/19/22 - 11/16/22		UGX	903,437		USD	235		2
Citigroup		10/19/22 - 11/14/22		UGX	1,370,191		USD	353		(1	)
Citigroup		10/20/22		KRW	1,327,729		USD	954		28
Citigroup		10/24/22 - 12/21/22		EGP	161,804		USD	7,502		(143	)
Citigroup		10/31/22		USD	914		SGD	1,321		7
Citigroup		12/21/22		TWD	81,355		USD	2,692		124
Citigroup		10/31/22		TWD	29,288		USD	919		(3	)
Citigroup		11/03/22 - 12/02/22		BRL	11,797		USD	2,196		38
Citigroup		11/30/22 - 12/21/22		EUR	7,421		HUF	3,085,363		(276	)
Citigroup		12/02/22		USD	7,845		BRL	42,888		(22	)
Citigroup		12/09/22		RON	3,416		EUR	692		11
Citigroup		12/21/22		USD	156		MXN	3,179		—
Citigroup		12/21/22		EUR	215		CZK	5,346		—
Citigroup		12/21/22		USD	342		TRY	6,773		(12	)
Citigroup		12/21/22		USD	809		IDR	12,314,605		(5	)
Citigroup		12/21/22		USD	981		RON	4,884		(24	)
Citigroup		12/21/22		USD	2,149		ZAR	37,430		(81	)
Citigroup		12/21/22		USD	2,232		GHS	18,595		(475	)
Citigroup		12/21/22		USD	3,444		HUF	1,395,280		(283	)
Citigroup		12/21/22		ZMW	11,029		USD	668		(22	)
Citigroup		12/21/22		PEN	12,542		USD	3,201		70
Citigroup		12/21/22		USD	13,438		THB	490,145		(362	)
Citigroup		12/21/22		THB	14,471		USD	391		5
Citigroup		12/21/22		MXN	19,660		USD	964		—
Citigroup		12/21/22		CZK	37,568		EUR	1,505		(6	)
Citigroup		12/21/22		PHP	64,905		USD	1,091		(8	)
Citigroup		12/21/22		CZK	222,362		USD	8,954		139
Citigroup		03/22/23		NGN	236,298		USD	502		18
Citigroup		05/17/23 - 06/21/23		USD	6,492		EGP	141,357		(356	)
Goldman Sachs		10/05/22		USD	743		EUR	767		8
Goldman Sachs		10/05/22		USD	1,476		EUR	1,484		(22	)
Goldman Sachs		10/05/22 - 10/17/22		EUR	3,835		USD	3,793		33
Goldman Sachs		10/06/22		USD	1,057		ILS	3,545		(60	)

72

SEI Institutional International Trust / Annual Report / September 30, 2022

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Goldman Sachs		10/17/22		USD	2,033		KRW	2,790,444	$	(85	)
Goldman Sachs		10/18/22		USD	672		EGP	13,850		21
Goldman Sachs		05/17/23		USD	123		EGP	2,624		(9	)
Goldman Sachs		10/24/22 - 03/15/23		EGP	85,845		USD	3,935		(113	)
Goldman Sachs		10/25/22		RUB	113,223		USD	1,563		(242	)
Goldman Sachs		11/03/22		USD	924		VND	21,740,155		(15	)
Goldman Sachs		11/03/22		USD	1,238		BRL	6,515		(42	)
Goldman Sachs		11/30/22		EUR	966		HUF	393,266		(54	)
Goldman Sachs		11/30/22		ILS	9,804		USD	3,006		235
Goldman Sachs		11/30/22		HUF	1,183,744		EUR	2,821		78
Goldman Sachs		12/02/22		BRL	26,208		USD	5,060		279
Goldman Sachs		12/09/22		RON	466		EUR	93		—
Goldman Sachs		12/09/22		RON	2,345		EUR	477		10
Goldman Sachs		12/09/22		EUR	1,745		RON	8,791		7
Goldman Sachs		12/09/22		EUR	1,229		RON	6,152		(3	)
Goldman Sachs		12/12/22		USD	2,320		CLP	2,169,291		(84	)
Goldman Sachs		12/12/22 - 12/21/22		COP	28,373,814		USD	6,370		274
Goldman Sachs		12/21/22		USD	233		PHP	13,318		(7	)
Goldman Sachs		12/21/22		EUR	308		PLN	1,521		1
Goldman Sachs		12/21/22		EUR	1,909		CZK	47,654		8
Goldman Sachs		12/21/22		USD	2,919		HUF	1,187,257		(228	)
Goldman Sachs		12/21/22		PLN	4,644		EUR	958		16
Goldman Sachs		12/21/22		USD	4,148		MXN	84,836		12
Goldman Sachs		12/21/22		USD	1,405		MXN	28,573		(4	)
Goldman Sachs		12/21/22		USD	6,238		CZK	159,310		78
Goldman Sachs		12/21/22		USD	12,746		SGD	17,912		(246	)
Goldman Sachs		12/21/22		ILS	13,720		USD	3,874		(13	)
Goldman Sachs		12/21/22		TRY	19,053		USD	963		33
Goldman Sachs		12/21/22		PLN	30,410		USD	6,144		66
Goldman Sachs		12/21/22		INR	507,515		USD	6,299		115
Goldman Sachs		03/15/23		NGN	433,270		USD	906		15
HSBC		10/04/22		BRL	6,939		USD	1,319		36
HSBC		10/06/22		USD	1,909		KRW	2,597,494		(94	)
HSBC		10/06/22		ILS	10,164		USD	2,981		123
HSBC		10/06/22		KRW	2,626,290		USD	1,915		80
HSBC		10/18/22		USD	311		EGP	6,315		5
HSBC		11/30/22		USD	2,997		ILS	10,183		(119	)
HSBC		12/21/22		USD	1,294		IDR	19,390,461		(28	)
JPMorgan Chase Bank		10/04/22		USD	8,033		BRL	44,658		223
JPMorgan Chase Bank		10/04/22 - 10/17/22		USD	3,032		BRL	15,626		(149	)
JPMorgan Chase Bank		10/05/22		USD	1,442		COP	6,439,175		(40	)
JPMorgan Chase Bank		10/17/22		EUR	1,880		USD	1,885		6
JPMorgan Chase Bank		10/05/22		EUR	239		USD	230		(4	)
JPMorgan Chase Bank		10/28/22		USD	1,329		EUR	1,367		13
JPMorgan Chase Bank		10/05/22 - 12/21/22		USD	17,552		EUR	17,409		(433	)
JPMorgan Chase Bank		10/05/22 - 10/28/22		EUR	22,595		USD	23,076		908
JPMorgan Chase Bank		10/11/22 - 10/18/22		USD	4,860		PHP	273,182		(205	)
JPMorgan Chase Bank		10/12/22		PEN	9,117		USD	2,351		60
JPMorgan Chase Bank		10/12/22		COP	7,825,113		USD	1,745		44
JPMorgan Chase Bank		10/14/22 - 10/21/22		IDR	229,353,334		USD	15,377		339

SEI Institutional International Trust / Annual Report / September 30, 2022

73

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Markets Debt Fund (Continued)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		10/17/22 - 12/12/22		USD	11,240		HUF	4,625,140	$	(658	)
JPMorgan Chase Bank		10/17/22 - 12/21/22		USD	14,078		ZAR	239,037		(822	)
JPMorgan Chase Bank		10/17/22		HUF	206,829		USD	506		29
JPMorgan Chase Bank		10/17/22 - 12/21/22		ZAR	380,853		USD	22,368		1,215
JPMorgan Chase Bank		10/18/22		USD	417		EGP	8,484		8
JPMorgan Chase Bank		10/18/22		PHP	9,109		USD	163		8
JPMorgan Chase Bank		10/18/22		EGP	18,566		USD	929		(1	)
JPMorgan Chase Bank		10/20/22		TWD	29,430		USD	940		13
JPMorgan Chase Bank		10/21/22		USD	1,719		MYR	7,806		(37	)
JPMorgan Chase Bank		10/26/22		IDR	5,795,355		USD	388		8
JPMorgan Chase Bank		10/27/22		EUR	257		RSD	30,533		3
JPMorgan Chase Bank		10/28/22		JPY	180,160		USD	1,314		67
JPMorgan Chase Bank		10/28/22		IDR	57,148,726		USD	3,797		54
JPMorgan Chase Bank		10/31/22		USD	1,038		IDR	15,572,216		(19	)
JPMorgan Chase Bank		11/01/22 - 11/07/22		EGP	16,660		USD	795		(18	)
JPMorgan Chase Bank		11/03/22		USD	483		BRL	2,640		1
JPMorgan Chase Bank		11/03/22		BRL	4,104		USD	782		29
JPMorgan Chase Bank		11/14/22		USD	6		RON	31		—
JPMorgan Chase Bank		11/14/22 - 12/21/22		USD	665		MXN	13,784		12
JPMorgan Chase Bank		11/14/22		USD	177		MXN	3,584		—
JPMorgan Chase Bank		11/14/22		PLN	900		USD	192		10
JPMorgan Chase Bank		11/14/22		MXN	7,711		USD	381		—
JPMorgan Chase Bank		11/14/22		MXN	5,125		USD	251		(2	)
JPMorgan Chase Bank		11/14/22 - 12/21/22		USD	25,077		PLN	117,897		(1,449	)
JPMorgan Chase Bank		11/14/22 - 12/12/22		CNY	98,332		USD	14,355		515
JPMorgan Chase Bank		11/21/22 - 12/21/22		USD	3,943		CLP	3,545,293		(278	)
JPMorgan Chase Bank		11/21/22		USD	5,005		BRL	25,988		(254	)
JPMorgan Chase Bank		11/21/22		USD	10,254		KRW	13,327,850		(966	)
JPMorgan Chase Bank		11/21/22 - 12/12/22		BRL	28,649		USD	5,356		142
JPMorgan Chase Bank		11/21/22 - 12/14/22		KRW	840,130		USD	615		29
JPMorgan Chase Bank		11/30/22		EUR	488		HUF	202,007		(20	)
JPMorgan Chase Bank		12/05/22		USD	10,994		CNY	75,343		(393	)
JPMorgan Chase Bank		12/09/22		RON	2,370		EUR	481		8
JPMorgan Chase Bank		12/12/22		USD	100		CZK	2,461		(2	)
JPMorgan Chase Bank		12/12/22		COP	847,805		USD	189		7
JPMorgan Chase Bank		12/15/22		THB	1,183		USD	33		1
JPMorgan Chase Bank		12/21/22		USD	381		CZK	9,560		(2	)
JPMorgan Chase Bank		12/21/22		USD	391		THB	14,464		(6	)
JPMorgan Chase Bank		12/21/22		USD	3,179		GHS	27,452		(584	)
JPMorgan Chase Bank		12/21/22		EUR	5,778		USD	5,854		159
JPMorgan Chase Bank		12/21/22		CZK	9,838		EUR	393		(2	)
JPMorgan Chase Bank		12/21/22		MXN	11,746		USD	576		—
JPMorgan Chase Bank		12/21/22		ZAR	30,836		USD	1,693		(11	)
JPMorgan Chase Bank		12/21/22		TRY	31,216		USD	1,552		29
JPMorgan Chase Bank		02/09/23		GHS	1,874		USD	197		26
JPMorgan Chase Bank		05/17/23		USD	3,731		EGP	79,364		(278	)
Merrill Lynch		03/15/23		NGN	93,998		USD	199		6
Midland Walwyn Capital Inc.		11/25/22		CNY	1,268		USD	178		(1	)
Midland Walwyn Capital Inc.		12/02/22		BRL	2,265		USD	413		—
Midland Walwyn Capital Inc.		12/21/22		USD	215		THB	8,068		—

74

SEI Institutional International Trust / Annual Report / September 30, 2022

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Midland Walwyn Capital Inc.		12/21/22		USD	3,393		THB	124,887	$	(61	)
Midland Walwyn Capital Inc.		12/21/22		PLN	13,040		EUR	2,713		67
Morgan Stanley		10/05/22		USD	2,293		EUR	2,274		(65	)
Morgan Stanley		10/11/22 - 10/17/22		CNY	23,234		USD	3,350		75
Morgan Stanley		10/18/22		USD	657		EGP	13,632		26
Morgan Stanley		10/20/22		TWD	29,095		USD	930		14
Morgan Stanley		12/09/22		RON	2,365		EUR	481		10
Morgan Stanley		12/21/22		USD	254		IDR	3,822,879		(5	)
Morgan Stanley		12/21/22		EUR	939		HUF	390,846		(40	)
Morgan Stanley		12/21/22		MXN	8,857		USD	440		6
Morgan Stanley		12/21/22		ZAR	18,142		USD	1,019		16
Morgan Stanley		12/21/22		IDR	6,651,096		USD	434		—
SCB Securities		11/03/22		USD	6,338		BRL	32,885		(302	)
SCB Securities		11/25/22		CNY	11,003		USD	1,569		20
Standard Bank		10/05/22 - 12/21/22		EUR	24,953		USD	25,131		740
Standard Bank		12/21/22		EUR	5,560		USD	5,421		(58	)
Standard Bank		12/02/22		BRL	18,650		USD	3,458		56
Standard Bank		12/21/22		USD	343		ZAR	6,200		—
Standard Bank		12/21/22		USD	1,261		GHS	10,413		(276	)
Standard Bank		12/21/22		USD	1,684		HUF	673,070		(159	)
Standard Bank		12/21/22		ZAR	8,930		USD	516		22
Standard Bank		12/21/22		USD	11,153		IDR	167,688,521		(207	)
Standard Bank		12/21/22		CNY	45,262		USD	6,565		196
Standard Bank		12/21/22 - 03/15/23		ZMW	46,652		USD	2,795		(110	)
Standard Bank		12/21/22		TWD	162,325		USD	5,370		247
Standard Bank		12/21/22		PHP	310,715		USD	5,238		(24	)
Standard Bank		12/21/22		COP	1,466,130		USD	326		11
Standard Bank		03/15/23 - 05/17/23		NGN	1,453,704		USD	2,985		88
Standard Chartered		10/11/22		CNY	6,658		USD	959		20
Standard Chartered		11/17/22		PHP	29,507		USD	524		23
Standard Chartered		12/21/22		COP	4,226,010		USD	943		35
Standard Chartered		03/15/23		ZMW	9,999		USD	571		(42	)
State Street		10/17/22		BRL	10,456		USD	2,016		89
									$	(3,649	)

A list of the open OTC swap agreements held by the Fund at September 30, 2022, 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 Appreciation (Thousands)

Goldman Sachs

CDX.EM.38.V1

Buy

1.00%

Quarterly

12/20/2027

$

6,930

$

689

$

572

$

117

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

11.985%

1-DAY BRL - CETIP

Annually

01/02/2023

BRL

3,000

$

270

$

–

$

270

Goldman Sachs

10.04%

1-DAY BRL - CETIP

Annually

01/03/2023

BRL

5,012

315

–

315

SEI Institutional International Trust / Annual Report / September 30, 2022

75

SCHEDULE OF INVESTMENTS

September 30, 2022

Emerging Markets Debt Fund (Continued)

Counterparty	Fund Pays		Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
Goldman Sachs		12.80% FIXED		1-DAY BRL - CETIP		Annually		01/01/2024		BRL		11,903	$	(4	)	$	–	$	(4	)
Goldman Sachs		1-DAY BRL - CETIP		12.765% FIXED		Annually		01/02/2024		BRL		49,740		(19	)		–		(19	)
Goldman Sachs		12.82% FIXED		1-DAY BRL - CETIP		Annually		01/02/2024		BRL		13,887		(2	)		–		(2	)
Goldman Sachs		1-DAY BRL - CETIP		12.83% FIXED		Annually		01/04/2024		BRL		49,740		(5	)		–		(5	)
Goldman Sachs		12.93% FIXED		1-DAY BRL - CETIP		Annually		02/01/2024		BRL		23,806		2			–		2
Goldman Sachs		THB-THOR-OIS COMPOUND		2.45% FIXED		Quarterly		10/03/2024		THB		65,040		–			–		–
Goldman Sachs		3-MONTH THB-THOR-OIS COMPOUND		2.36% FIXED		Quarterly		10/04/2024		THB		63,732		1			–		1
Goldman Sachs		3-MONTH THB-THOR-OIS COMPOUND		2.4233% FIXED		Quarterly		10/04/2024		THB		195,119		(4	)		–		(4	)
Standard Chartered		3-MONTH THB-THOR-OIS COMPOUND		2.3883% FIXED		Quarterly		10/04/2024		THB		182,310		(1	)		–		(1	)
Goldman Sachs		6.355%		28-DAY MXN - TIIE		Monthly		05/21/2025		MXN		23,145		(92	)		–		(92	)
Goldman Sachs		6.205%		28-DAY MXN - TIIE		Monthly		12/08/2025		MXN		16,624		(76	)		–		(76	)
Goldman Sachs		6.165%		28-DAY MXN - TIIE		Monthly		03/05/2026		MXN		47,200		(228	)		–		(228	)
JPMorgan Chase		6.13%		28-DAY MXN - TIIE		Monthly		06/18/2026		MXN		40,000		(204	)		–		(204	)
Goldman Sachs		6.381%		28-DAY MXN - TIIE		Monthly		09/16/2026		MXN		26,000		(127	)		–		(127	)
Goldman Sachs		6-MONTH FBIL - MIBOR		5.87% FIXED		Semi-Annually		02/04/2027		INR		504,948		190			–		190
Goldman Sachs		INR-FBIL-MIBOR-OIS-COMPOUND		63.96% FIXED		Semi-Annually		06/24/2027		INR		188,804		(30	)		–		(30	)
Goldman Sachs		INR-FBIL-MIBOR-OIS-COMPOUND		7% FIXED		Semi-Annually		06/27/2027		INR		264,996		(47	)		–		(47	)
Goldman Sachs		CLP-CLICP		7.4455% FIXED		Semi-Annually		07/14/2027		CLP		4,372,900		108			–		108
													$	47		$	–	$	47

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2022, is as follows:

Credit Default Swap

Reference Entity/ Obligation

Buy/Sell Protection

(Pays)/Receives Rate

Payment Frequency

Termination Date

Notional Amount (Thousands)

Value (Thousands)

Upfront Payments/ Receipts (Thousands)

Net Unrealized Appreciation (Thousands)

CDX.EM.38.V1

Buy

1.00%

Quarterly

12/20/2027

9,660

$

964

$

845

$

119

76

SEI Institutional International Trust / Annual Report / September 30, 2022

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)
5.655%		1-DAY BRL - CETIP		Annually		01/02/2023		BRL		2,705	$	(11	)	$	–		$	(11	)
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg		9.3% FIXED		Semi-Annually		10/03/2025		CLP		3,475,273		(19	)		–			(19	)
11.57% FIXED		1-DAY BRL - CETIP		Annually		01/02/2026		BRL		7,697		128			–			128
2.26%	1-DAY-CLP - Sinacofi Chile Interbank Rate Avg			Semi-Annually		03/16/2026		CLP		1,623,158		(324	)		–			(324	)
5.815%		28-DAY MXN - TIIE		Monthly		04/06/2026		MXN		27,590		(149	)		–			(149	)
1-DAY FBIL - MIBOR		5.145% FIXED		Semi-Annually		08/27/2026		INR		200,000		137			–			137
1-DAY FBIL - MIBOR		5.148% FIXED		Semi-Annually		09/02/2026		INR		200,000		138			–			138
11.32%		1-DAY BRL - CETIP		Annually		01/04/2027		BRL		12,593		(7	)		–			(7	)
1-DAY COP- COLUMBIA IBR		6.395%		Quarterly		01/06/2027		COP		752,360		22			–			22
CNY - 7D CHINA FIXING REPO RATES (CNRR007)		2.355%		Quarterly		01/18/2027		CNY		15,800		(8	)		–			(8	)
1-DAY COP- COLUMBIA IBR		7.14%		Quarterly		01/31/2027		COP		10,885,264		259			–			259
1-DAY FBIL - MIBOR		5.35%		Semi-Annually		05/17/2027		INR		230,000		26			–			26
3-MONTH TWD TAIBOR		1.26% FIXED		Quarterly		07/18/2027		TWD		56,000		–			–			–
6-MONTH BUDAPEST - BUBOR		9.981% FIXED		Semi-Annually		08/04/2027		HUF		539,018		(45	)		–			(45	)
9.87%		6-MONTH BUDAPEST - BUBOR		Semi-Annually		08/05/2027		HUF		256,484		(24	)		–			(24	)
9.48% FIXED		6-MONTH BUDAPEST - BUBOR		Semi-Annually		08/16/2027		HUF		577,725		(71	)		–			(71	)
6-MONTH CZK - PRIBOR		5.462% FIXED		Semi-Annually		09/01/2027		CZK		55,223		(8	)		–			(8	)
6.45% FIXED		6-MONTH PLN - WIBOR		Annually		09/06/2027		PLN		5,962		28			–			28
6-MONTH CZK - PRIBOR		5.415% FIXED		Semi-Annually		12/21/2027		CZK		55,223		2			–			2
28-DAY MXN - TIIE		6.9225%		Monthly		08/31/2029		MXN		42,602		250			–			250
28-DAY MXN - TIIE		6.82%		Monthly		09/10/2029		MXN		17,915		110			–			110
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg		2.33%		Semi-Annually		06/05/2030		CLP		830,041		205			–			205
2.145%	1-DAY-CLP - Sinacofi Chile Interbank Rate Avg			Semi-Annually		08/24/2030		CLP		444,725		(140	)		–			(140	)
6-MONTH BUDAPEST - BUBOR		3.305% FIXED		Semi-Annually		10/04/2031		HUF		424,147		(378	)		–			(378	)
28-DAY MXN - TIIE		7.345%		Monthly		11/10/2031		MXN		15,930		89			–			89
3.69%		6-MONTH HUF - BUBOR		Semi-Annually		11/11/2031		HUF		345,651		(287	)		–			(287	)
28-DAY MXN - TIIE		7.64%		Monthly		01/01/2032		MXN		23,014		111			–			111
1-DAY COP- COLUMBIA IBR		9.02% FIXED		Quarterly		08/11/2032		COP		2,184,690		25			–			25
1.16%	1-DAY-CLP - Sinacofi Chile Interbank Rate Avg			Semi-Annually		06/23/2025		CLP		2,335,691		(483	)		–			(483	)
1.36%	1-DAY-CLP - Sinacofi Chile Interbank Rate Avg			Semi-Annually		06/17/2025		CLP		1,931,133		(388	)		–			(388	)
28-DAY MXN - TIIE		8.842% FIXED		Monthly		05/29/2025		MXN		50,000		(54	)		(3	)		(51	)
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg		7.51%		Semi-Annually		04/13/2025		CLP		1,479,240		74			–			74
5.25%		1-DAY BRL - CETIP		Annually		01/02/2023		BRL		11,519		(47	)		–			(47	)
6.61%		1-DAY BRL - CETIP		Annually		01/02/2023		BRL		4,693		(16	)		–			(16	)
9.255%		1-DAY BRL - CETIP		Annually		01/02/2023		BRL		2,368		(6	)		–			(6	)
6.77% FIXED		1-DAY BRL - CETIP		Annually		01/02/2023		BRL		6,361		(22	)		–			(22	)
6.23% FIXED		1-DAY BRL - CETIP		Annually		01/02/2023		BRL		5,579		(20	)		–			(20	)
1-DAY BRL - CETIP		4.43%		Annually		01/02/2023		BRL		12,558		53			–			53
7.5% FIXED		3-MONTH CZK - PRIBOR		Quarterly		12/21/2023		CZK		251,656		(34	)		–			(34	)
5.76%		1-DAY BRL - CETIP		Annually		01/02/2024		BRL		8,953		(146	)		–			(146	)
6.5% FIXED		1-DAY BRL - CETIP		Annually		01/02/2024		BRL		4,808		(72	)		–			(72	)
5.9725%		1-DAY BRL - CETIP		Annually		01/02/2024		BRL		5,677		(87	)		–			(87	)
4.835%		1-DAY BRL - CETIP		Annually		01/02/2024		BRL		21,544		(383	)		–			(383	)
5.715%		1-DAY BRL - CETIP		Annually		01/02/2024		BRL		3,999		(64	)		–			(64	)
4.99%		1-DAY BRL - CETIP		Annually		01/02/2024		BRL		6,670		(115	)		–			(115	)

SEI Institutional International Trust / Annual Report / September 30, 2022

77

SCHEDULE OF INVESTMENTS

September 30, 2022

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)
6-MONTH PLN - WIBOR		6.74% FIXED		Annually		09/28/2032		PLN		3,028	$	6		$	–		$	6
1-DAY BRL - CETIP		7.45% FIXED		Annually		01/02/2024		BRL		9,407		(112	)		–			(112	)
6-MONTH PLN - WIBOR		1.9865%		Annually		03/25/2024		PLN		12,430		194			–			194
6-MONTH BUDAPEST - BUBOR		7.61%		Semi-Annually		03/31/2024		HUF		804,913		(150	)		–			(150	)
6-MONTH BUDAPEST - BUBOR		7.505%		Semi-Annually		04/04/2024		HUF		347,626		(61	)		–			(61	)
1-DAY COP- COLUMBIA IBR		8.37%		Quarterly		04/13/2024		COP		11,102,749		94			–			94
6.88% FIXED		6-MONTH CZK - PRIBOR		Semi-Annually		09/01/2024		CZK		129,115		(12	)		–			(12	)
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg		9.8% FIXED		Semi-Annually		09/14/2024		CLP		3,894,490		41			–			41
1-DAY BRL - CETIP		1-DAY BRL - CETIP		Annually		01/02/2025		BRL		4,102		(84	)		–			(84	)
5.65%		1-DAY BRL - CETIP		Annually		01/02/2025		BRL		12,389		(303	)		–			(303	)
6.455%		1-DAY BRL - CETIP		Annually		01/02/2025		BRL		3,591		(73	)		–			(73	)
6.82%		1-DAY BRL - CETIP		Annually		01/02/2025		BRL		3,362		(68	)		–			(68	)
1-DAY BRL - CETIP		7.7325% FIXED		Annually		01/02/2025		BRL		10,902		(171	)		–			(171	)
11.656% FIXED		1-DAY BRL - CETIP		Annually		01/02/2025		BRL		24,924		12			–			12
6.45% FIXED		28-DAY MXN - TIIE		Monthly		04/01/2025		MXN		27,064		(102	)		–			(102	)
1-DAY FBIL - MIBOR		5.741%		Annually		01/20/2024		INR		930,000		(122	)		–			(122	)
6-MONTH PLN - WIBOR		6.86%		Annually		09/30/2032		PLN		6,859		2			–			2
											$	(2,660	)	$	(3	)	$	(2,657	)

	Percentages are based on Net Assets of $1,193,013 ($ Thousands).
**	The rate reported is the 7-day effective yield as of September 30, 2022.
†	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, 2022, the value of these securities amounted to $152,652 ($ Thousands), representing 12.8% of the Net Assets of the Fund.
(B)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 9).
(C)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(D)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(E)	Zero coupon security.
(F)	Perpetual security with no stated maturity date.
(G)	Security is in default on interest payment.
(H)	This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2022 was $55,210 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Global Bonds		–		1,102,013		–		1,102,013
U.S. Treasury Obligations		–		11,357		–		11,357
Affiliated Partnership		–		55,210		–		55,210
Total Investments in Securities		–		1,168,580		–		1,168,580

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		930			–			–		930
Unrealized Depreciation		(1,932	)		–			–		(1,932	)
Forwards Contracts*
Unrealized Appreciation		–			8,398			–		8,398
Unrealized Depreciation		–			(12,047	)		–		(12,047	)
OTC Swaps
Credit Default Swaps*
Unrealized Appreciation		–			117			–		117
Interest Rate Swaps*
Unrealized Appreciation		–			886			–		886
Unrealized Depreciation		–			(839	)		–		(839	)
Centrally Cleared Swaps
Credit Default Swaps*
Unrealized Appreciation		–			119			–		119
Interest Rate Swaps*
Unrealized Appreciation		–			2,006			–		2,006
Unrealized Depreciation		–			(4,663	)		–		(4,663	)
Total Other Financial Instruments		(1,002	)		(6,023	)		–		(7,025	)

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

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

78

SEI Institutional International Trust / Annual Report / September 30, 2022

The following is a summary of the transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

Security Description	Value 9/30/2021		Purchases at Cost		Proceeds from Sales			Realized Gain/ (Loss)		Change in Unrealized Depreciation			Value 9/30/2022		Shares		Income		Capital Gains
SEI Liquidity Fund, LP	$	51,021	$	340,271	$	(336,076	)	$	—	$	(6	)	$	55,210		55,210,382	$	251	$	—

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

See “Glossary” for abbreviations.

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

SEI Institutional International Trust / Annual Report / September 30, 2022

79

Glossary: (abbreviations which may be used in the preceding Schedules of Investments)

Currency Abbreviations

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CNH — Chinese Yuan Offshore

CNY — Chinese Yuan Onshore

COP — Colombian Peso

CZK — Czech Koruna

DKK — Danish Krone

DOP — Dominican Peso

EGP — Egyptian Pound

EUR — Euro

GBP — British Pound Sterling

GHS — Ghanaian Cedi

HKD — Hong Kong Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli New Sheckels

INR — Indian Rupee

JPY — Japanese Yen

KRW — Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

NGN — Nigerian Naira

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

PHP— Philippine Peso

PLN — Polish Zloty

RON — Romanian Leu

RSD — Dinar

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish Lira

TWD — Taiwan Dollar

UAH — Ukrainian Hryvnia

UGX — Ugandan Shilling

USD — U.S. Dollar

UYU — Uruguayan Peso

VND — Vietnamese Dong

ZAR — South African Rand

ZMW — Zambian Kwacha

Portfolio Abbreviations

ACES — Alternative Credit Enhancement Structure

ADR — American Depositary Receipt

AGC — Assured Guaranty Corporation

AGM— Assured Guaranty Municipal

ARM — Adjustable Rate Mortgage

BUBOR — Budapest Interbank Offered Rate

CDO — Collateralized Debt Obligation

CETIP — Central Custody and Financial Settlement of Securities

Cl — Class

CMO — Collateralized Mortgage Obligation

CPI — Consumer Price Index

DAC — Designated Activity Company

ETF — Exchange-Traded Fund

EURIBOR — Euro London Interbank Offered Rate

FEDEF — U.S. Federal Funds Effective Rate

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

H15T7Y — US Treasury Yield Curve Rate T Note Constant Maturity 7 Year

IO — Interest Only — face amount represents notional amount

JSC — Joint-Stock Company

LIBOR— London Interbank Offered Rate

LLLP — Limited Liability Limited Partnership

LP — Limited Partnership

MIBOR — Mumbai Interbank Offered Rate

MTN — Medium Term Note

MXN TIIE — Mexican Interbank TIIE 28-Day

NIBOR — Norwegian Interbank Offered Rate

NVDR — Non-voting Depository Receipt

OIS — Overnight Index Swap

OTC — Over The Counter

PIK — Payment-in-Kind

PJSC — Public Joint-Stock Company

PO — Principal Only

PRIBOR — Prague Interbank Offered Rate

RB — Revenue Bond

REIT — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

Re-REMIC — Resecuritization of Real Estate Mortgage Investment Conduit

Ser — Series

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

SOFRINDX — Custom SOFR Index

SPDR — Standard & Poor's Depository Receipt

STACR — Structured Agency Credit Risk

TBA — To Be Announced

WIBOR— Warsaw Interbank Offered Rate

80

SEI Institutional International Trust / Annual Report / September 30, 2022

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

September 30, 2022

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund		Emerging Markets Debt Fund
Assets:
Investments, at value †	$	3,266,853	*	$	1,302,390	*	$	464,548	$	1,113,370	*
Affiliated investments, at value ††		182,749			28,376			–		55,210
Cash		45,231			23,463			10,122		49,601
Cash pledged as collateral for forward foreign currency contracts		–			–			–		9,360
Cash pledged as collateral for futures contracts		5,985			956			704		2,692
Cash pledged as collateral for swap contracts		–			–			413		1,709
Foreign currency, at value †††		6,777			4,244			545		8,200
Receivable for fund shares sold		1,847			702			96		283
Receivable for investment securities sold		2,649			2,337			8,340		3,858
Dividends and interest receivable		12,254			2,892			3,055		19,275
Unrealized gain on forward foreign currency contracts		–			–			19,284		8,398
Unrealized gain on foreign spot currency contracts		–			–			17		38
Swap contracts, at value ††††		–			–			122		1,575
Foreign tax reclaim receivable		19,834			121			–		–
Receivable for variation margin		496			–			342		906
Prepaid expenses		35			15			5		12
Total Assets		3,544,710			1,365,496			507,593		1,274,487
Liabilities:
Payable upon return on securities loaned		113,817			8,463			–		55,214
Payable for investment securities purchased		11,716			2,493			15,267		8,080
Payable for fund shares redeemed		2,590			1,349			491		1,093
Swap contracts, at value ††††		–			–			–		839
Payable to broker		–			–			338		1,375
Payable for variation margin		406			87			255		1,122
Administration fees payable		980			539			119		429
Unrealized loss on foreign currency spot contracts		–			2			65		20
Unrealized loss on forward foreign currency contracts		–			–			7,600		12,047
Trustees fees payable		1			–			–		–
Chief compliance officer fees payable		6			3			1		1
Administrative servicing fees payable		4			–			–		–
Shareholder servicing fees payable		257			274			94		240
Investment advisory fees payable		1,510			1,139			92		640
Accrued expense payable		568			519			138		374
Accrued foreign capital gains tax on appreciated securities		–			2,249			–		–
Total Liabilities		131,855			17,117			24,460		81,474
Net Assets	$	3,412,855		$	1,348,379		$	483,133	$	1,193,013
† Cost of investments	$	3,832,542		$	1,404,616		$	575,743	$	1,447,564
†† Cost of affiliated investments		182,726			28,376			–		55,215
††† Cost of foreign currency		6,841			4,230			554		8,077
†††† Cost (premiums received)		–			–			–		572
* Includes market value of securities on loan		107,144			7,480			–		48,509

SEI Institutional International Trust / Annual Report / September 30, 2022

81

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

September 30, 2022

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Net Assets:
Paid-in Capital — (unlimited authorization — no par value)	$	4,084,397		$	1,580,496		$	552,108		$	1,682,585
Total distributable loss		(671,542	)		(232,117	)		(68,975	)		(489,572	)
Net Assets	$	3,412,855		$	1,348,379		$	483,133		$	1,193,013
Net Asset Value, Offering and Redemption Price Per Share — Class F	$	8.66		$	9.18		$	9.13		$	7.52
		($3,114,144,399 ÷ 359,709,044 shares	)		($1,229,709,245 ÷ 133,990,051 shares	)		($410,864,462 ÷ 45,017,610 shares	)		($1,108,530,852 ÷ 147,442,236 shares	)
Net Asset Value, Offering and Redemption Price Per Share — Class I	$	8.67			N/A			N/A			N/A
		($742,633 ÷ 85,639 shares	)
Net Asset Value, Offering and Redemption Price Per Share — Class Y	$	8.66		$	9.19		$	9.16		$	7.49
		($297,968,065 ÷ 34,395,985 shares	)		($118,669,954 ÷ 12,912,304 shares	)		($72,268,666 ÷ 7,886,234 shares	)		($84,481,949 ÷ 11,278,384 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.

82

SEI Institutional International Trust / Annual Report / September 30, 2022

STATEMENTS OF OPERATIONS ($ Thousands)

For the year ended September 30, 2022

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Investment Income:
Dividends	$	138,291		$	58,849		$	–		$	–
Income from affiliated investments(1)		373			124			–			–
Interest Income		244			111			8,499			84,344
Security lending income — net(2)(3)		1,219			208			–			251
Less: foreign taxes withheld		(12,521	)		(8,670	)		(100	)		(2,158	)
Total Investment Income		127,606			50,622			8,399			82,437
Expenses:
Investment advisory fees		21,459			18,190			1,627			11,911
Administration fees		12,724			7,607			2,440			6,299
Shareholder servicing fees — Class F		9,705			3,974			1,164			3,257
Shareholder servicing fees — Class I		3			–			–			–
Administrative servicing fees — Class I		3			–			–			–
Custodian/wire agent fees		517			760			96			453
Printing fees		393			158			55			133
Professional fees		208			84			28			70
Registration fees		125			52			11			39
Trustees' fees		95			39			12			31
Chief compliance officer fees		26			10			3			7
Other expenses		209			106			158			279
Total Expenses		45,467			30,980			5,594			22,479
Less:
Waiver of investment advisory fees		–			(1,732	)		(240	)		(3,238	)
Waiver of administration fees		–			–			(3	)		(388	)
Waiver of shareholder servicing fees — Class F		(78	)		–			–			–
Net Expenses		45,389			29,248			5,351			18,853
Net Investment Income		82,217			21,374			3,048			63,584
Net Realized Gain (Loss) on:
Investments		(74,622	)		(100,662	)		(6,705	)		(109,187	)
Affiliated investments		(5	)		(4	)		–			–
Futures contracts		(3,748	)		(8,171	)		7,326			(344	)
Swap contracts		–			–			79			(6,877	)
Swaption contracts		–			–			(121	)		–
Foreign currency transactions		(10,028	)		(4,012	)		(14,662	)		(34,035	)
Forward foreign currency contracts		770			–			65,354			(3,491	)
Net Realized Gain (Loss)		(87,633	)		(112,849	)		51,271			(153,934	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(1,227,954	)		(474,075	)		(116,668	)		(285,684	)
Affiliated investments		10			(3	)		–			(6	)
Futures contracts		(3,471	)		48			590			(1,071	)
Swap contracts		–			–			(82	)		255
Foreign capital gains tax on appreciated securities		–			4,663			–			–
Foreign currency translation of other assets and liabilities denominated in foreign currencies		(2,374	)		2,167			(288	)		(518	)
Forward foreign currency contracts		–			–			4,922			(1,420	)
Net Change in Unrealized Appreciation (Depreciation)		(1,233,789	)		(467,200	)		(111,526	)		(288,444	)
Net Decrease in Net Assets Resulting from Operations	$	(1,239,205	)	$	(558,675	)	$	(57,207	)	$	(378,794	)

(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.

SEI Institutional International Trust / Annual Report / September 30, 2022

83

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the years ended September 30,

	International Equity Fund						Emerging Markets Equity Fund
		2022		2021				2022		2021
Operations:
Net investment income	$	82,217		$	55,096		$	21,374		$	14,850
Net realized gain (loss)		(87,633	)		555,551			(112,849	)		293,083
Net change in unrealized appreciation (depreciation)		(1,233,789	)		386,925			(467,200	)		1,860
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,239,205	)		997,572			(558,675	)		309,793
Distributions:
Class F		(554,286	)		(39,497	)		(155,826	)		(9,485	)
Class I		(205	)		(11	)		N/A			N/A
Class Y		(52,585	)		(4,488	)		(13,925	)		(1,168	)
Total Dividends		(607,076	)		(43,996	)		(169,751	)		(10,653	)
Capital Share Transactions:
Class F:
Proceeds from shares issued		659,783			531,002			269,120			306,949
Reinvestment of dividends & distributions		509,776			36,357			142,940			8,760
Cost of shares redeemed		(610,971	)		(764,767	)		(300,852	)		(346,741	)
Net Increase (Decrease) from Class F Transactions		558,588			(197,408	)		111,208			(31,032	)
Class I:
Proceeds from shares issued		119			114			N/A			N/A
Reinvestment of dividends & distributions		134			7			N/A			N/A
Cost of shares redeemed		(614	)		(195	)		N/A			N/A
Net Decrease from Class I Transactions		(361	)		(74	)		N/A			N/A
Class Y:
Proceeds from shares issued		61,555			43,805			31,423			25,446
Reinvestment of dividends & distributions		48,762			4,147			13,081			1,082
Cost of shares redeemed		(47,833	)		(65,413	)		(19,189	)		(31,587	)
Net Increase (Decrease) from Class Y Transactions		62,484			(17,461	)		25,315			(5,059	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		620,711			(214,943	)		136,523			(36,091	)
Net Increase (Decrease) in Net Assets		(1,225,570	)		738,633			(591,903	)		263,049
Net Assets:
Beginning of Year		4,638,425			3,899,792			1,940,282			1,677,233
End of Year	$	3,412,855		$	4,638,425		$	1,348,379		$	1,940,282
Capital Share Transactions:
Class F:
Shares issued		60,257			40,400			22,651			20,901
Reinvestment of distributions		42,320			2,874			11,093			620
Shares redeemed		(55,594	)		(59,276	)		(25,331	)		(23,885	)
Total Class F Transactions		46,983			(16,002	)		8,413			(2,364	)
Class I:
Shares issued		10			9			N/A			N/A
Reinvestment of distributions		11			1			N/A			N/A
Shares redeemed		(54	)		(15	)		N/A			N/A
Total Class I Transactions		(33	)		(5	)		N/A			N/A
Class Y:
Shares issued		5,696			3,311			2,737			1,723
Reinvestment of distributions		4,046			328			1,014			77
Shares redeemed		(4,363	)		(5,021	)		(1,635	)		(2,163	)
Total Class Y Transactions		5,379			(1,382	)		2,116			(363	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		52,329			(17,389	)		10,529			(2,727	)

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.

84

SEI Institutional International Trust / Annual Report / September 30, 2022

	International Fixed Income Fund						Emerging Markets Debt Fund
		2022		2021				2022		2021
Operations:
Net investment income	$	3,048		$	1,885		$	63,584		$	59,764
Net realized gain (loss)		51,271			13,008			(153,934	)		15,982
Net change in unrealized appreciation (depreciation)		(111,526	)		(19,160	)		(288,444	)		(5,179	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(57,207	)		(4,267	)		(378,794	)		70,567
Distributions:
Class F		(10,083	)		(129	)		(22,758	)		(27,983	)
Class Y		(1,763	)		(20	)		(2,051	)		(2,564	)
Total Dividends		(11,846	)		(149	)		(24,809	)		(30,547	)
Capital Share Transactions:
Class F:
Proceeds from shares issued		77,857			119,835			256,735			234,390
Reinvestment of dividends & distributions		9,344			119			20,408			25,224
Cost of shares redeemed		(102,234	)		(76,680	)		(227,025	)		(238,050	)
Net Increase (Decrease) from Class F Transactions		(15,033	)		43,274			50,118			21,564
Class Y:
Proceeds from shares issued		14,290			18,226			19,549			18,734
Reinvestment of dividends & distributions		1,627			18			1,913			2,391
Cost of shares redeemed		(10,257	)		(10,071	)		(16,105	)		(15,003	)
Net Increase from Class Y Transactions		5,660			8,173			5,357			6,122
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		(9,373	)		51,447			55,475			27,686
Net Increase (Decrease) in Net Assets		(78,426	)		47,031			(348,128	)		67,706
Net Assets:
Beginning of Year		561,559			514,528			1,541,141			1,473,435
End of Year	$	483,133		$	561,559		$	1,193,013		$	1,541,141
Capital Share Transactions:
Class F:
Shares issued		7,845			11,494			28,951			22,842
Reinvestment of distributions		915			11			2,083			2,489
Shares redeemed		(10,548	)		(7,341	)		(26,047	)		(23,157	)
Total Class F Transactions		(1,788	)		4,164			4,987			2,174
Class Y:
Shares issued		1,447			1,742			2,240			1,830
Reinvestment of distributions		159			2			196			237
Shares redeemed		(1,060	)		(962	)		(1,862	)		(1,463	)
Total Class Y Transactions		546			782			574			604
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,242	)		4,946			5,561			2,778

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, 2022

85

FINANCIAL HIGHLIGHTS

For the years ended September 30

For a Share Outstanding Throughout Each Year

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(1)		Net Realized and Unrealized Gains (Losses) on Investments			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 Waivers)**			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate†
International Equity Fund
Class F
2022	$	13.57	$	0.21	$	(3.38	)	$	(3.17	)	$	(0.23	)	$	(1.51	)	$	(1.74	)	$	8.66		(26.82	)%	$	3,114,144		1.09	%		1.09	%		1.91	%		108	%
2021		10.86		0.16		2.67			2.83			(0.12	)		—			(0.12	)		13.57		26.18			4,242,911		1.08			1.08			1.19			105
2020		10.68		0.10		0.28			0.38			(0.20	)		—			(0.20	)		10.86		3.44			3,568,373		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			1.10			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			1.09			1.35			40
Class I
2022	$	13.59	$	0.17	$	(3.38	)	$	(3.21	)	$	(0.20	)	$	(1.51	)	$	(1.71	)	$	8.67		(27.05	)%	$	743		1.34	%		1.34	%		1.44	%		108	%
2021		10.87		0.12		2.69			2.81			(0.09	)		—			(0.09	)		13.59		25.91			1,611		1.33			1.33			0.93			105
2020		10.68		0.07		0.28			0.35			(0.16	)		—			(0.16	)		10.87		3.19			1,350		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			1.35			1.61			73
2018		11.27		0.12		0.09			0.21			(0.11	)		—			(0.11	)		11.37		1.86			2,662		1.34			1.34			1.06			40
Class Y
2022	$	13.58	$	0.24	$	(3.39	)	$	(3.15	)	$	(0.26	)	$	(1.51	)	$	(1.77	)	$	8.66		(26.70	)%	$	297,968		0.84	%		0.84	%		2.17	%		108	%
2021		10.86		0.19		2.68			2.87			(0.15	)		—			(0.15	)		13.58		26.55			393,903		0.83			0.83			1.44			105
2020		10.68		0.12		0.29			0.41			(0.23	)		—			(0.23	)		10.86		3.68			330,069		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			0.85			2.24			73
2018		11.31		0.18		0.09			0.27			(0.19	)		—			(0.19	)		11.39		2.40			344,977		0.84			0.84			1.60			40
Emerging Markets Equity Fund
Class F
2022	$	14.23	$	0.14	$	(3.96	)	$	(3.82	)	$	(0.15	)	$	(1.08	)	$	(1.23	)	$	9.18		(29.26	)%	$	1,229,709		1.71	%		1.81	%		1.21	%		93	%
2021		12.06		0.11		2.14			2.25			(0.08	)		—			(0.08	)		14.23		18.63			1,786,493		1.70			1.80			0.73			100
2020		11.21		0.05		0.93			0.98			(0.13	)		—			(0.13	)		12.06		8.75			1,542,551		1.71			1.81			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			1.81			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			1.80			0.61			70
Class Y
2022	$	14.25	$	0.18	$	(3.98	)	$	(3.80	)	$	(0.18	)	$	(1.08	)	$	(1.26	)	$	9.19		(29.10	)%	$	118,670		1.46	%		1.56	%		1.50	%		93	%
2021		12.07		0.14		2.15			2.29			(0.11	)		—			(0.11	)		14.25		18.96			153,789		1.45			1.55			0.98			100
2020		11.22		0.08		0.93			1.01			(0.16	)		—			(0.16	)		12.07		8.99			134,682		1.46			1.56			0.66			90
2019		11.49		0.14		(0.31	)		(0.17	)		(0.10	)		—			(0.10	)		11.22		(1.44	)		145,600		1.45			1.56			1.25			89
2018		12.35		0.11		(0.76	)		(0.65	)		(0.21	)		—			(0.21	)		11.49		(5.46	)		125,594		1.44			1.55			0.89			70

†	Returns and portfolio turnover rates are for the period indicated and have not been annualized. 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. There was no impact to the expense ratios. See Note 5 in Notes to Financial Statements
**	See Note 5 in Notes to Financial Statements.
(1)	Per share calculated using average shares.

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

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

86

SEI Institutional International Trust / Annual Report / September 30, 2022

FINANCIAL HIGHLIGHTS

For the years ended September 30

For a Share Outstanding Throughout Each Year

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(1)		Net Realized and Unrealized Gains (Losses) on Investments			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 Waivers)**			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate†
International Fixed Income Fund
Class F
2022	$	10.37	$	0.05	$	(1.08	)	$	(1.03	)	$	(0.08	)	$	(0.13	)	$	(0.21	)	$	9.13		(10.15	)%	$	410,864		1.02	%		1.07	%		0.53	%		47	%
2021		10.46		0.03		(0.12	)		(0.09	)		—			—	^		—			10.37		(0.83	)		485,178		1.02			1.07			0.32			65
2020		10.73		0.03		0.04			0.07			(0.26	)		(0.08	)		(0.34	)		10.46		0.73			445,864		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			1.07			0.42			58
2018		10.13		0.07		0.07			0.14			—			—			—			10.27		1.38			438,908		1.02			1.07			0.66			71
Class Y
2022	$	10.41	$	0.08	$	(1.10	)	$	(1.02	)	$	(0.10	)	$	(0.13	)	$	(0.23	)	$	9.16		(10.00	)%	$	72,269		0.77	%		0.82	%		0.78	%		47	%
2021		10.47		0.06		(0.12	)		(0.06	)		—			—	^		—			10.41		(0.54	)		76,381		0.77			0.82			0.57			65
2020		10.75		0.06		0.03			0.09			(0.29	)		(0.08	)		(0.37	)		10.47		0.88			68,664		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			0.82			0.66			58
2018		10.12		0.09		0.08			0.17			—			—			—			10.29		1.68			43,003		0.77			0.82			0.91			71
Emerging Markets Debt Fund
Class F
2022	$	10.06	$	0.40	$	(2.78	)	$	(2.38	)	$	(0.16	)	$	—		$	(0.16	)	$	7.52		(24.04	)%	$	1,108,531		1.36	%		1.62	%		4.52	%		88	%
2021		9.80		0.40		0.06			0.46			(0.20	)		—			(0.20	)		10.06		4.71			1,433,739		1.36			1.61			3.87			91
2020		9.93		0.40		(0.45	)		(0.05	)		(0.08	)		—			(0.08	)		9.80		(0.53	)		1,374,566		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			1.62			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			1.61			5.08			80
Class Y
2022	$	10.03	$	0.42	$	(2.77	)	$	(2.35	)	$	(0.19	)	$	—		$	(0.19	)	$	7.49		(23.87	)%	$	84,482		1.11	%		1.37	%		4.77	%		88	%
2021		9.79		0.42		0.07			0.49			(0.25	)		—			(0.25	)		10.03		4.98			107,402		1.11			1.36			4.12			91
2020		9.92		0.42		(0.45	)		(0.03	)		(0.10	)		—			(0.10	)		9.79		(0.33	)		98,869		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			1.37			5.18			114
2018		10.57		0.53		(1.18	)		(0.65	)		(0.64	)		—			(0.64	)		9.28		(6.57	)		113,872		1.11			1.36			5.34			80

^	Amount represents less than $0.005.
†	Returns and portfolio turnover rates are for the period indicated and have not been annualized. 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. There was no impact to the expense ratios. See Note 5 in Notes to Financial Statements
**	See Note 5 in Notes to Financial Statements.
(1)	Per share calculated using average shares.

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, 2022

87

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

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 assets of each Fund are segregated, and a Shareholder's interest is limited to the Fund in which shares are held. 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 — Effective September 8, 2022, and pursuant to the requirements of the 1940 Act and Rule 2a-5, the administrator, as delegated by the Board of Trustees (the “Board”), has the responsibility for the valuation of Fund investments with readily available market quotations in accordance with the Funds’ Valuation and Pricing Policy. The Trust's Board of Trustees has designated SEI Investments Management Corporation (“SIMC”) as the Valuation Designee for the Funds pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act. The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC has appointed a Valuation Committee (the

“Committee”) and has established a Valuation and Pricing Policy to implement the Rule and the Funds’ Valuation and Pricing Policy (together the “Policy”). Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust’s Fair Value Procedures established by the Funds’ Board of Trustees and were implemented through a Fair Value Committee designated by the Board.

When valuing portfolio securities, a Fund values 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. A Fund values securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of 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 (“NAV”) per share, with the exception of ETFs, which are priced as equity securities. These open-end investment companies’ shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company’s NAV is determined. 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, or in the case of an equity tranche of a CDO/CLO, a Fund will value the securities using a bid price from at least one independent broker.

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 Policy until an independent source can be secured. Debt securities held by a Fund with remaining maturities of 60 days or less will 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

88

SEI Institutional International Trust / Annual Report / September 30, 2022

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 the Fund would receive if it sold the instrument, and 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.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price. Futures and swaps cleared through a central clearing house (“centrally cleared swaps”) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time the Fund calculates its NAV, the settlement price may not be available at the time at which a 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. 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 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 SIMC, as Valuation Designee, if it receives such notification from 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 Policy provides that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board of Trustees (“Board”). However, when the change would not materially affect the valuation of a Fund’s net assets or involve a material departure in pricing methodology from that of a Fund’s existing pricing agent

or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Policy.

The Valuation Designee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed 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, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event (as defined below). When a security is valued in accordance with the Fair Value Procedures, the Valuation Designee will determine the value after taking into consideration relevant information reasonably available to the Valuation Designee. Examples of factors the Valuation Designee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Valuation Designee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

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.

The International Equity and Emerging Markets Equity Funds use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by the International Equity and Emerging Markets Equity Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the 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

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threshold established by the Committee is exceeded on a specific day, the International Equity and Emerging Markets Equity Funds shall value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the vendor. Additionally, if a local market in which the International Equity or Emerging Markets Equity Funds own securities is closed for one or more days (scheduled or unscheduled) while the Fund is open, and if such securities in a Fund’s portfolio exceed the predetermined confidence interval discussed above, then such Fund shall value such securities based on the fair value prices provided by the vendor.

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 a Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of the Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares.

A Significant Event may relate to a single issuer or to an entire market sector. If SIMC or a Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates NAV, it may request that a Committee meeting be called. In addition, with respect to certain securities, the Funds’ administrator performs price comparisons and price movement review (among other processes), to monitor the pricing data supplied by various sources. Any identified discrepancies are researched and subject to the procedures described above.

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, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended September 30, 2022, 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.

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

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

open forward foreign currency contracts as of September 30, 2022, 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, 2022, 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

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September 30, 2022

premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option/swaption is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

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

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open option/swaption contracts as of September 30, 2022, 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 the counterparty

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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, 2022, 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.

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

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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.

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4. DERIVATIVE CONTRACTS

The following tables show the derivatives categorized by underlying risk exposure. The fair value of derivative instruments as of year end was as follows ($ Thousand):

	Asset Derivatives				Liability Derivatives
	Year ended September 30, 2022				Year ended September 30, 2022
	Statements of Assets and Liabilities Location	Fair Value			Statements of Assets and Liabilities Location	Fair Value
International Equity Fund
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts	$	—	*	Net Assets — Unrealized depreciation on futures contracts	$	4,206	*
Total derivatives not accounted for as hedging instruments		$	—			$	4,206

Emerging Markets Equity Fund
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts	$	—	*	Net Assets — Unrealized depreciation on futures contracts	$	2,152	*
Total derivatives not accounted for as hedging instruments		$	—			$	2,152

International Fixed Income Fund
Interest rate contracts	Net Assets — Unrealized appreciation on swaps contracts	$	735	†	Net Assets — Unrealized depreciation on swaps contracts	$	969	†
	Unrealized appreciation on swaps contracts		122	†	Unrealized depreciation on swaps contracts		—	†
	Net Assets — Unrealized appreciation on futures contracts		2,646	*	Net Assets — Unrealized depreciation on futures contracts		1,299	*
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		19,284		Unrealized loss on forward foreign currency contracts		7,600
Total derivatives not accounted for as hedging instruments		$	22,787			$	9,868

Emerging Markets Debt Fund
Interest rate contracts	Net Assets — Unrealized appreciation on swaps contracts	$	2,006	†	Net Assets — Unrealized depreciation on swaps contracts	$	4,663	†
	Unrealized appreciation on swaps contracts		886	†	Unrealized depreciation on swaps contracts		839	†
	Net Assets — Unrealized appreciation on futures contracts		930	*	Net Assets — Unrealized depreciation on futures contracts		1,932	*
Credit contracts	Net Assets — Unrealized appreciation on swaps contracts		119	†	Net Assets — Unrealized depreciation on swaps contracts		—	†
	Unrealized appreciation on swaps contracts		117	†	Unrealized depreciation on swaps contracts		—	†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		8,398		Unrealized loss on forward foreign currency contracts		12,047
Total derivatives not accounted for as hedging instruments		$	12,456			$	19,481

* 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.

SEI Institutional International Trust / Annual Report / September 30, 2022

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The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2022:

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

Derivatives Not Accounted for as Hedging Instruments	Futures			Forward Foreign Currency Contracts		Total
International Equity Fund
Equity contracts	$	(3,748	)	$	—	$	(3,748	)
Foreign exchange contracts		—			770		770
Total	$	(3,748	)	$	770	$	(2,978	)

Derivatives Not Accounted for as Hedging Instruments	Futures			Total
Emerging Markets Equity Fund
Equity contracts	$	(8,171	)	$	(8,171	)
Total	$	(8,171	)	$	(8,171	)

Derivatives Not Accounted for as Hedging Instruments	Swaptions			Futures		Forward Foreign Currency Contracts		Swaps		Total
International Fixed Income Fund
Interest rate contracts	$	(121	)	$	7,326	$	—	$	26	$	7,231
Credit contracts		—			—		—		53		53
Foreign exchange contracts		—			—		65,354		—		65,354
Total	$	(121	)	$	7,326	$	65,354	$	79	$	72,638

Derivatives Not Accounted for as Hedging Instruments	Futures			Forward Foreign Currency Contracts			Swaps			Total
Emerging Markets Debt Fund
Interest rate contracts	$	(344	)	$	—		$	(6,991	)	$	(7,335	)
Foreign exchange contracts		—			(3,491	)		—			(3,491	)
Credit contracts		—			—			114			114
Total	$	(344	)	$	(3,491	)	$	(6,877	)	$	(10,712	)

Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($ Thousands):

Derivatives Not Accounted for as Hedging Instruments	Futures			Total
International Equity Fund
Interest rate contracts	$	(3,471	)	$	(3,471	)
Total	$	(3,471	)	$	(3,471	)

Derivatives Not Accounted for as Hedging Instruments	Futures		Total
Emerging Markets Equity Fund
Equity contracts	$	48	$	48
Total	$	48	$	48

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Derivatives Not Accounted for as Hedging Instruments	Futures		Forward Foreign Currency Contracts		Swaps			Total
International Fixed Income Fund
Interest rate contracts	$	590	$	—	$	52		$	642
Foreign exchange contracts		—		4,922		—			4,922
Credit contracts		—		—		(134	)		(134	)
Total	$	590	$	4,922	$	(82	)	$	5,430

Derivatives Not Accounted for as Hedging Instruments	Futures			Forward Foreign Currency Contracts			Swaps		Total
Emerging Markets Debt Fund
Interest rate contracts	$	(1,071	)	$	—		$	19	$	(1,052	)
Foreign exchange contracts		—			(1,420	)		—		(1,420	)
Credit contracts		—			—			236		236
Total	$	(1,071	)	$	(1,420	)	$	255	$	(2,236	)

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.

SEI Institutional International Trust / Annual Report / September 30, 2022

97

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2022

The following is a summary of the variation margin of exchange-traded or centrally cleared financial derivative instruments of the Funds as of September 30, 2022 ($ 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	$	496	$	—	$	496	$	406	$	—	$	406
Emerging Markets Equity Fund		—		—		—		87		—		87
International Fixed Income Fund		253		89		342		230		25		255
Emerging Markets Debt Fund		92		814		906		269		853		1,122

Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2022 amounted to $5,985 ($ Thousands) for the International Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2022 amounted to $956 ($ Thousands) for the Emerging Markets Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2022 amounted to $1,117 ($ Thousands) for the International Fixed Income Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2022 amounted to $4,401 ($ 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, 2022 ($ Thousands):

	Financial Derivative Assets						Financial Derivative Liabilities
International Fixed Income Fund	Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged*		Net Exposures^
ANZ	$	—	$	—	$	—	$	208	$	—	$	208	$	(208	)	$	—	$	(208	)
Bank of America		523		—		523		570		—		570		(47	)		—		(47	)
Barclays PLC		90		—		90		84		—		84		6			—		6
BNP Paribas		1,770		—		1,770		405		—		405		1,365			—		1,365
Brown Brothers Harriman		861		—		861		15		—		15		846			—		846
CIBC		—		—		—		—		—		—		-			—		-
Citigroup		1,141		—		1,141		334		—		334		807			—		807
Commonwealth Bank Of Australia		6		—		6		—		—		—		6			—		6
Credit Suisse First Boston		60		—		60		160		—		160		(100	)		—		(100	)
Deutsche Bank		—		122		122		—				—		122			—		122
Goldman Sachs		1,402		—		1,402		614		—		614		788			—		788
HSBC		159		—		159		631		—		631		(472	)		—		(472	)
JPMorgan Chase Bank		4,982		—		4,982		1,577		—		1,577		3,405			—		3,405
Merrill Lynch		89		—		89		428		—		428		(339	)		—		(339	)
Midland Walwyn Capital Inc.		1		—		1		21		—		21		(20	)		—		(20	)
Morgan Stanley		4,752		—		4,752		1,992		—		1,992		2,760			—		2,760
National Bank of Australia		1		—		1		—		—		—		1			—		1
RBC		514		—		514		58		—		58		456			—		456
RBS		778		—		778		56		—		56		722			—		722

98

SEI Institutional International Trust / Annual Report / September 30, 2022

	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^
Sanford C. Bernstein & Co., LLC	$	14	$	—	$	14	$	2	$	—	$	2	$	12		$	—	$	12
SCB Securities		9		—		9		—		—		—		9			—		9
Standard Chartered		58		—		58		166		—		166		(108	)		—		(108	)
State Street		146		—		146		156		—		156		(10	)		—		(10	)
TD Securities		1,290		—		1,290		45		—		45		1,245			—		1,245
UBS		629		—		629		78		—		78		551			—		551
Westpac Banking		9		—		9		—		—		—		9			—		9
Total Over the Counter	$	19,284	$	122	$	19,406	$	7,600	$	—	$	7,600

	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	$	70	$	—	$	70		$ 30	$	—		$ 30	$	40		$	—	$	40
BNP Paribas		189		—		189		1		—		1		188			—		188
Citigroup		873		—		873		2,565		—		2,565		(1,692	)		540		(1,152	)
Goldman Sachs		1,289		1,575		2,864		1,227		634		1,861		1,003			—		1,003
HSBC		244		—		244		241		—		241		3			—		3
JPMorgan Chase Bank		3,966		—		3,966		6,633		204		6,837		(2,871	)		181		(2,690	)
Merrill Lynch		6		—		6		—		—		—		6			—		6
Midland Walwyn Capital Inc.		67		—		67		62		—		62		5			—		5
Morgan Stanley		147		—		147		110		—		110		37			—		37
SCB Securities		20		—		20		302		—		302		(282	)		—		(282	)
Standard Bank		1,360		—		1,360		834		—		834		526			—		526
Standard Chartered		78		—		78		42		1		43		35			—		35
State Street		89		—		89		—		—		—		89			—		89
Total Over the Counter	$	8,398	$	1,575	$	9,973	$	12,047	$	839	$	12,886

^ Net Exposures represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity.

* Excess collateral pledged is not shown for financial reporting purposes.

No securities have been pledged or have been received as collateral for OTC financial derivative instruments as governed by ISDA Master Agreements as of September 30, 2022.

The following table discloses the average quarterly balances of the Funds’ derivative activity during the year ended September 30, 2022 ($ Thousands):

	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Futures Contracts:
Average Notional Balance Long	$	84,194	$	30,801	$	69,036	$	57,493
Average Notional Balance Short		–		–		122,612		30,611
Forward Foreign Currency Contracts:
Average Notional Balance Long		–		–		897,219		671,908
Average Notional Balance Short		–		–		890,573		670,675
Credit Default Swaps:
Average Notional Balance Long		–		–		487		11,893
Average Notional Balance Short		–		–		587		–
Interest Rate Swaps:
Average Notional Balance		–		–		25,675		209,581

SEI Institutional International Trust / Annual Report / September 30, 2022

99

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2022

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

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

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

SEI Investments Distribution Co. (the “Distributor”) is the distributor of the shares of the Funds. The Funds have adopted a shareholder services plan and agreement (the Service Plan) with respect to Class F (formerly Class A) and Class I Shares that allows such shares to pay service providers a fee, based on average daily net assets of each respective Class of Shares, in connection with the ongoing servicing of shareholder accounts owning such shares. The International Equity Fund has also adopted an administrative services plan and agreement (the Administrative Service Plan) with respect to Class I Shares that allows such Shares to pay service providers a fee,

based on average daily net assets of the Class I Shares, in connection with ongoing administrative services for shareholder accounts owning such Shares.

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

The Adviser, Administrator and/or Distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, 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		0.51	%		0.25	%		—			1.15	%
Class I		0.51	%		0.25	%		0.25	%		1.40	%
Class Y		0.51	%		—			—			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	%

* 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, 2023 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.

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SEI Institutional International Trust / Annual Report / September 30, 2022

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, 2022, 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

JOHCM (USA) Inc.

Delaware Investments Fund Advisers, a series of Macquarie Asset Management Business Trust

Pzena Investment Management, LLC

WCM Investment Management LLC

Emerging Markets Equity Fund

JOHCM (USA) Inc.

KBI Global Investors (North America) Ltd.

Neuberger Berman Investment Advisers LLC

Qtron Investments LLC

Robeco Institutional Asset Management US Inc.

RWC Asset Advisors (US) LLC

International Fixed Income Fund

AllianceBernstein L.P.

Colchester Global Investors Ltd.

Wellington Management Company, LLP

Emerging Markets Debt Fund

Colchester Global Investors Ltd.

Marathon Asset Management, L.P.

Neuberger Berman Investment Advisers LLC

Ninety One UK Ltd.

Stone Harbor Investment Partners LP, a division of Virtus Fixed Income Advisers, LLC

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, 2022, were as follows ($ Thousands):

International Equity Fund $ 260

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, 2022 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, LP, 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

SEI Institutional International Trust / Annual Report / September 30, 2022

101

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2022

on interfund loans is the average of the Repo Rate and the Bank Loan Rate. As of and during the year ended September 30, 2022, 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, 2022, 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	$	—	$	—	$	3,443	$	11,705
Other		4,510,986		1,594,214		292,333		1,290,807
Sales
U.S. Government		—		—		10,647		—
Other		4,482,341		1,562,847		220,552		1,195,607

7. FEDERAL TAX INFORMATION:

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

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

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

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SEI Institutional International Trust / Annual Report / September 30, 2022

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		2022	$	273,801	$	333,275	$	607,076
	2021			43,996		—		43,996
Emerging Markets Equity Fund		2022		22,606		147,145		169,751
		2021		10,653		—		10,653
International Fixed Income Fund		2022		6,393		5,453		11,846
		2021		—		149		149
Emerging Markets Debt Fund		2022		24,809		—		24,809
		2021		30,547		—		30,547

As of September 30, 2022, 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	$	68,002	$	—	$	—		$	(96,235	)	$	—		$	(643,309	)	$	—		$	(671,542	)
Emerging Markets Equity Fund		22,612		—		—			(102,401	)		—			(152,326	)		(2	)		(232,117	)
International Fixed Income Fund		47,216		—		—			(550	)		—			(112,787	)		(2,854	)		(68,975	)
Emerging Markets Debt Fund		—		—		(11,302	)		(123,683	)		(2,106	)		(347,744	)		(4,737	)		(489,572	)

Post-October losses represent losses realized on investment transactions from November 1, 2021 through September 30, 2022 that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

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

The Funds have capital losses carried forward as follows:

	Short-Term ($ Thousands)		Long-Term ($ Thousands)		Total Capital Loss Carryforwards ($ Thousands)
Emerging Markets Debt Fund	$	1,984	$	9,318	$	11,302

For Federal income tax purposes, the cost of securities owned at September 30, 2022, 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 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, 2022, was as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
International Equity Fund	$	4,089,353	$	132,859	$	(776,168	)	$	(643,309	)
Emerging Markets Equity Fund		1,483,009		127,000		(279,326	)		(152,326	)
International Fixed Income Fund		577,053		240		(113,027	)		(112,787	)
Emerging Markets Debt Fund		1,509,999		3,709		(351,453	)		(347,744	)

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, 2022, 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:

SEI Institutional International Trust / Annual Report / September 30, 2022

103

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2022

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 a Fund’s investments in active positions in currencies and securities or other investments denominated in, and/or receiving revenues in, foreign currencies and the Fund’s active management of its currency exposures, the Fund 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 Fund would be adversely affected. Due to the Fund’s active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

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, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information

in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

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. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest 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. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience

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increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund 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, LP (“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, 2022 ($ Thousands):

	Securities Loaned at Value		Cash Collateral Received(1)		Net Amount
International Equity Fund	$	107,144	$	107,144	$	—
Emerging Markets Equity Fund		7,480		7,480		—
Emerging Markets Debt Fund		48,509		48,509		—

(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, 2022

105

NOTES TO FINANCIAL STATEMENTS (Concluded)

September 30, 2022

10. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of September 30, 2022, SPTC held of record the following:

Fund	Class F		Class I		Class Y
International Equity Fund	96.56	%	—	%	49.59	%
Emerging Markets Equity Fund	96.24	%	—	%	63.52	%
International Fixed Income Fund	98.06	%	—	%	99.02	%
Emerging Markets Debt Fund	98.28	%	—	%	58.76	%

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

11. REGULATORY MATTERS

The U.K. Financial Conduct Authority stopped compelling or inducing banks to submit certain London Inter-Bank Offered Rate (LIBOR) rates. The publication of LIBOR on a representative basis ceased for the one-week and two-month U.S. dollar LIBOR settings immediately after December 31, 2021, and is expected to cease for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. The elimination of the LIBOR may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate (SOFR), which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for a Fund. The effect of any changes to, or discontinuation of, LIBOR on a Fund will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on a Fund until

new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

12. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosure and/or adjustments were required to the financial statements as of September 30, 2022.

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SEI Institutional International Trust / Annual Report / September 30, 2022

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 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, 2022, 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, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 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, 2022, by correspondence with custodians, the transfer agent, 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.

/s/ KPMG LLP

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

Philadelphia, Pennsylvania

November 29, 2022

SEI Institutional International Trust / Annual Report / September 30, 2022

107

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited)

The following chart lists Trustees and Officers as of September 30, 2022.

Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of positions in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-800-342-5794.

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 76 yrs. old	Chairman of the Board of Trustees*	since 1989	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	95	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. President, Chief Executive Officer and Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of The KP Funds 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 from 2015 to 2018. Vice Chairman of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2018. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments 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, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.
William M. Doran One Freedom Valley Drive Oaks, PA 19456 82 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 Investments, SIMC, the Administrator and the Distributor.	95	Director of SEI Investments since 1985; Secretary of SEI Investments 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 (closed-end investment company) 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 (closed-end investment company) from 2014 to 2018. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2021. 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, SEI Catholic Values Trust and SEI Exchange Traded Funds.
TRUSTEES
Nina Lesavoy One Freedom Valley Drive, Oaks, PA 19456 65 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.	95	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, SEI Catholic Values Trust and SEI Exchange Traded Funds.
James M. Williams One Freedom Valley Drive, Oaks, PA 19456 74 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.	95	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, SEI Catholic Values Trust and SEI Exchange Traded Funds.

* 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, New Covenant Funds and SEI Exchange Traded Funds.

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SEI Institutional International Trust / Annual Report / September 30, 2022

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)
Mitchell A. Johnson One Freedom Valley Drive, Oaks, PA 19456 80 yrs. old	Trustee	since 2007	Retired Private Investor since 1994.	95	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 KP Funds from 2013 to 2020. Trustee of the Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Catholic Responsible Investments 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, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.
Hubert L. Harris, Jr. One Freedom Valley Drive, Oaks, PA 19456 79 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 2005.	95	Director of AMVESCAP PLC from 1993-2004. Served as a director of a bank holding company, 2003-2009. Director, Aaron’s Inc., 2012-present. 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, SEI Catholic Values Trust and SEI Exchange Traded Funds.
Susan C. Cote One Freedom Valley Drive Oaks, PA 19456 67 years old	Trustee	since 2016	Retired since July 2015. Treasurer and Chair of Finance, Investment and Audit Committee of the New York Women's Foundation from 2009 to 2017. Americas Director of Asset Management, Ernst & Young LLP from 2006-2013. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006-2015. Partner, Ernst & Young LLP from 1997-2015. Prudential, 1983-1997. Member of the Ernst & Young LLP Retirement Investment Committee, 2009-2015.	95	Trustee of SEI Insurance Products Trust from 2015 to 2020. Trustee/Director 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, SEI Catholic Values Trust and SEI Exchange Traded Funds.
James B. Taylor One Freedom Valley Drive Oaks, PA 19456 71 years old	Trustee	since 2018	Retired since December 2017. Chief Investment Officer at Georgia Tech Foundation from 2008 to 2017. Director at Delta Air Lines from 1983 to 1985. Assistant Vice President at Delta Air Lines from 1985 to 1995. Chief Investment Officer at Delta Air Lines from 1995 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.	95	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, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.
Christine Reynolds One Freedom Valley Drive Oaks, PA 19456 64 years 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.	95	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, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.
Thomas Melendez One Freedom Valley Drive Oaks, PA 19456 62 years old	Trustee	Since 2021	Retired since 2019. Investment Officer and Institutional Equity Portfolio Manager at MFS Investment Management from 2002 to 2019. Director of Emerging Markets Group, General Manager of Operations in Argentina and Portfolio Manager for Latin America at Schroders Investment Management from 1994 to 2002.	89	Trustee of Boston Children’s Hospital, The Partnership Inc. and Brae Burn Country Club (non-profit organizations). 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, SEI Exchange Traded Funds and Adviser Managed Trust. Independent Consultant of 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, New Covenant Funds and SEI Exchange Traded Funds.

SEI Institutional International Trust / Annual Report / September 30, 2022

109

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 76 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
Ankit Puri One Freedom Valley Drive Oaks, PA 19456 38 yrs. old	Controller and Chief Financial Officer	since 2022	Director, Fund Accounting, SEI Investments Global Funds Services since July 2021. Associate Director, Fund Accounting Policy, Vanguard from September 2020 - June 2021. Senior Manager, Ernst & Young LLP, October 2017 - August 2020.	N/A	N/A
Glenn R. Kurdziel One Freedom Valley Drive Oaks, PA 19456 48 yrs. old	Assistant Controller	since 2017	Senior Manager, Funds Accounting, SEI Investments Global Funds Services since 2005.	N/A	N/A
Steven Panner One Freedom Valley Drive Oaks, PA 19456 52 yrs. old	Chief Compliance Officer	since 2022	Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund, L.P., The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund and Catholic Responsible Investments Funds since September 2022. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011.	N/A	N/A
Timothy D. Barto One Freedom Valley Drive Oaks, PA 19456 54 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 since 2004. Vice President of SIMC and the Administrator since 1999. Vice President and Assistant Secretary of SEI since 2001.	N/A	N/A
David F. McCann One Freedom Valley Drive, Oaks, PA 19456 46 yrs. old	Vice President and Assistant Secretary	since 2009	General Counsel and Secretary of SEI Institutional Transfer Agent, Inc. since 2020. Vice President and Assistant Secretary of SEI Institutional Transfer Agent, Inc. from 2009-2020. Vice President and Assistant Secretary of SIMC since 2008. Attorney, Drinker Biddle & Reath, LLP (law firm), May 2005 - October 2008.	N/A	N/A
Katherine Mason One Freedom Valley Drive Oaks, PA 19456 42 yrs. Old	Vice President and Assistant Secretary	since 2022	Consulting Attorney, Hirtle, Callaghan & Co. from October 2021-June 2022. Attorney, Stradley, Ronon, Stevens & Young from September 2007-July 2012.	N/A	N/A
Stephen G. MacRae One Freedom Valley Drive, Oaks, PA 19456 54 yrs. old	Vice President	since 2012	Director of Global Investment Product Management since January 2004.	N/A	N/A
Bridget Sudall One Freedom Valley Drive Oaks, PA 19456 41 yrs. old	Anti-Money Laundering Compliance Officer and Privacy Officer	since 2015	Anti-Money Laundering Compliance Officer and Privacy Officer of Schroder Global Series Trust and Schroder Series Trust from 2017 to 2021. Anti-Money Laundering Compliance Officer and Privacy Officer of The KP Funds from 2015 to 2020. Anti-Money Laundering Compliance Officer and Privacy Officer of Winton Series Trust from 2015 to 2017. Senior Associate and AML Officer at Morgan Stanley Alternative Investment Partners from April 2011 to March 2015. Investor Services Team Lead at Morgan Stanley Alternative Investment Partners from July 2007 to 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 New Covenant Funds and SEI Exchange Traded Funds.

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SEI Institutional International Trust / Annual Report / September 30, 2022

DISCLOSURE OF FUND EXPENSES (Unaudited)

September 30, 2022

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, 2022 to September 30, 2022.

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 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratios			Expenses Paid During Period *
International Equity Fund
Actual Fund Return
Class F	$	1,000.00	$	773.20		1.10	%	$	4.89
Class I		1,000.00		772.00		1.35			6.00
Class Y		1,000.00		773.90		0.85			3.78
Hypothetical 5% Return
Class F	$	1,000.00	$	1,019.55		1.10	%	$	5.57
Class I		1,000.00		1,018.30		1.35			6.83
Class Y		1,000.00		1,020.81		0.85			4.31
Emerging Markets Equity Fund
Actual Fund Return
Class F	$	1,000.00	$	776.60		1.71	%	$	7.62
Class Y		1,000.00		777.50		1.46			6.51
Hypothetical 5% Return
Class F	$	1,000.00	$	1,016.50		1.71	%	$	8.64
Class Y		1,000.00		1,017.75		1.46			7.38

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratios			Expenses Paid During Period *
International Fixed Income Fund
Actual Fund Return
Class F	$	1,000.00	$	936.40		1.02	%	$	4.95
Class Y		1,000.00		936.60		0.77			3.74
Hypothetical 5% Return
Class F	$	1,000.00	$	1,019.96		1.02	%	$	5.16
Class Y		1,000.00		1,021.21		0.77			3.90
Emerging Markets Debt Fund
Actual Fund Return
Class F	$	1,000.00	$	848.80		1.36	%	$	6.30
Class Y		1,000.00		849.20		1.11			5.15
Hypothetical 5% Return
Class F	$	1,000.00	$	1,018.25		1.36	%	$	6.88
Class Y		1,000.00		1,019.50		1.11			5.62

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

SEI Institutional International Trust / Annual Report / September 30, 2022

111

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

September 30, 2022

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 22, 2022, 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 remains reasonably designed to assess and manage each Fund’s liquidity risk and that the Program adequately and effectively managed each Fund’s liquidity risk during the 2021 calendar year. The SIMC Liquidity Risk Oversight Committee reported one liquidity event that occurred in January 2022 in connection with an extended market closure due to a Chinese holiday, which caused the SIT Emerging Markets Equity Fund to exceed temporarily the 15% limit on illiquid securities. The SIT Emerging Markets Equity Fund was under the 15% limitation on the sixth day, and there was no impact on the Fund’s ability to timely meet redemptions. There were no other reportable liquidity events during the period. The SIMC Liquidity Risk Oversight Committee further noted that additional monitoring processes have been implemented.

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.

112

SEI Institutional International Trust / Annual Report / September 30, 2022

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 (each member, a “Trustee” and, collectively, the “Trustees” or 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, who was engaged to prepare an assessment of the Funds in connection with the renewal of the Investment Advisory Agreements (the “Broadridge Report”); (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, 2022

113

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

At the March 21-23, 2022 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 October 20, 2021, December 6-8, 2021, January 19, 2022, March 21-23, 2022, June 20-22, 2022, and September 6-8, 2022. 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 approval or 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 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 evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported approval or renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-

114

SEI Institutional International Trust / Annual Report / September 30, 2022

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 approval or 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, 2022

115

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders who do not have a September 30, 2022, taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2022, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended September 30, 2022, 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%	54.15%	45.85%	100.00%	0.00%	39.33%	0.00%	0.04%	100.00%
Emerging Markets Equity Fund	0.00%	82.58%	17.42%	100.00%	0.00%	92.79%	0.00%	0.17%	0.00%
International Fixed Income Fund	0.00%	46.04%	53.96%	100.00%	0.00%	0.00%	2.90%	13.23%	100.00%
Emerging Markets Debt Fund	0.00%	0.00%	100.00%	100.00%	0.00%	0.00%	0.00%	87.76%	0.00%

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2022, the amount of foreign source income and foreign tax credit are as follows (Thousands):

Fund	Foreign Source Income		Foreign Tax Credit Pass Through
International Equity	$	98,332	$	8,429
Emerging Markets Equity		37,025		8,426

(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.

116

SEI Institutional International Trust / Annual Report / September 30, 2022

SEI INSTITUTIONAL INTERNATIONAL TRUST / ANNUAL REPORT / SEPTEMBER 30, 2022

Trustees

Robert A. Nesher, Chairman

William M. Doran

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Christine Reynolds

Thomas Melendez

Officers

Robert A. Nesher

President and Chief Executive Officer

Ankit Puri

Controller and Chief Financial Officer

Glenn R. Kurdziel

Assistant Controller

Stephen Panner

Chief Compliance Officer

Timothy D. Barto

Vice President and Secretary

David F. McCann

Vice President and Assistant Secretary

Katherine Mason

Vice President and Assistant Secretary

Stephen G. MacRae

Vice President

Bridget 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)

SEI-F-018 (9/22)

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 two audit committee financial experts serving on the audit committee.

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

Item 4. Principal Accountant Fees and Services.

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

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:

		Fiscal Year 2022			Fiscal Year 2021
		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)	$221,080	$0	N/A	$211,080	$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	$332,500	$0	$0	$331,000	$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 in 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 Year 2022	Fiscal Year 2021
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 2022 and 2021 were $332,500 and $331,000, 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.

(i)       Not Applicable.

(j)       Not Applicable.

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 18th 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, 2022

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, 2022

By:	/s/ Ankit Puri
	Ankit Puri
	Controller & CFO

Date: December 8, 2022

EX-99.CODE ETH

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 EXCHANGE TRADED FUNDS

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 Catholic Values Trust, SEI Exchange Traded Funds 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:

a) 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;

b) 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;

c) 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;

d) To promote compliance with applicable laws, rules, and regulations;

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

f) 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: August 2022

EX-99.CERT

CERTIFICATION

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and 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 (Registrant);

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, 2022

/s/ Robert A. Nesher

Robert A. Nesher

President & CEO

CERTIFICATION

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302

of the Sarbanes-Oxley Act of 2002

I, Ankit Puri, certify that:

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

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, 2022

/s/ Ankit Puri

Ankit Puri

Controller & CFO

EX-99.906 CERT

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, 2022 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, 2022

/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, 2022 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, 2022

/s/ Ankit Puri

Ankit Puri

Controller & CFO