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, 2023

Date of reporting period: September 30, 2023

Item 1.   Reports to Stockholders.

 

September 30, 2023

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
Schedules of Investments	15
Statements of Assets and Liabilities	85
Statements of Operations	87
Statements of Changes in Net Assets	88
Financial Highlights	90
Notes to Financial Statements	92
Report of Independent Registered Public Accounting Firm	112
Trustees and Officers of the Trust	113
Disclosure of Fund Expenses	117
Liquidity Risk Management Program	118
Board of Trustees Considerations in Approving the Advisory Agreement	119
Notice to Shareholders	122

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, 2023 (Unaudited)

To Our Shareholders:

During the one-year reporting period ending September 30, 2023, global financial markets gyrated in response to concerns about central bank monetary policy, the strength of the global economy, a crisis in the U.S. regional banking sector, the politically charged U.S. debt-ceiling standoff, and the implications of a higher-for-longer interest-rate environment.

The U.S. equity market experienced numerous periods of volatility as the Federal Reserve (Fed) maintained its interest rate-hiking cycle for much of the reporting period in an effort to tame rising inflation. Headline inflation, as measured by the U.S. consumer-price index (CPI), decelerated during the reporting period. The Fed raised the federal-funds rate in six increments totaling 225 basis points (2.25%) to a range of 5.25% to 5.50% during the reporting period. These included a 25-basis point increase following the central bank meeting in July 2023, which was sandwiched between pauses in its rate-hiking cycle in June and September.

In a statement announcing the pause in September, the Federal Open Market Committee (FOMC) reiterated its commitment to bringing inflation down to its 2% target rate and cautioned that “tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain.” The Fed members also commented that it “would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals.” The Fed’s so-called dot plot of economic projections indicated a median federal-funds rate of 5.6% at the end of 2023, unchanged from its previous estimate issued in June, implying that the central bank could opt for an additional 25-basis point increase at one of its two remaining policy meetings in 2023.

In early March 2023, the financial markets’ focus turned to the banking sector as two U.S.-based regional banks–Silicon Valley Bank (SVB) and Signature Bank–failed after depositors withdrew funds on fears regarding the valuation of the institutions’ bond portfolios. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver to SVB after the California Department of Financial Protection and Innovation– which oversees the operations of state-licensed financial institutions, including banks and credit unions–closed the bank. Occurring on the heels of the collapse of Silvergate Capital a few days earlier, SVB’s failure prompted investors to reconsider the safety of their positions across the banking industry. SVB is a unique entity, with a client base highly concentrated among startup, venture capital-backed companies. The deposits of the bank increased tremendously over the past few years and poor liquidity management of these assets appears to have been a significant contributor to the collapse. Both Silvergate Capital and Signature Bank, which was shut down by New York state regulators in mid-March, were closely aligned with the highly speculative cryptocurrency industry. In early May, U.S. regulators took control of California-based First Republic Bank. The California Department of Financial Protection and Innovation issued a statement announcing that it had taken over the bank and appointed the FDIC as receiver. The FDIC subsequently announced that it had accepted J.P. Morgan Chase Bank’s bid to “assume all deposits, including all uninsured deposits, and substantially all assets of First Republic Bank."

The administration of President Joe Biden and the Republican Party majority in the U.S. House of Representatives engaged in a heated debate about raising the U.S. government’s $31.4 trillion debt ceiling for much of the first half of 2023. The debt ceiling comprises the total amount of money that the U.S. government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. U.S. Treasury Secretary Janet Yellen had warned that the U.S. would no longer be able to meet its financial obligations as of early June. After numerous one-on-one discussions, Biden and Kevin McCarthy, who had been elected Speaker of the House of Representatives after the Republicans secured a majority in the lower house of Congress following the national election in November 2022, reached an agreement on the debt ceiling during the last week of May. Both the U.S. House of Representatives and the Senate passed the legislation–the Fiscal Responsibility Act–by wide margins, with strong support from Republicans and Democrats. The bill suspended the debt ceiling through January 1, 2025; maintains non-military spending close to current levels for the 2024 fiscal year, which was to begin in October; and implements a 1% cap on increases in non-military spending for the 2025 fiscal year. The fast-track approval of the legislation enabled the government to avoid a potential default on its debt.

Despite the budget agreement, credit-rating agency Fitch Ratings downgraded U.S. debt one notch from AAA—the agency’s highest credit rating—to AA+ with a stable outlook. In a news release announcing the downgrade, Fitch

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LETTER TO SHAREHOLDERS (Continued)

September 30, 2023 (Unaudited)

cited “expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to 'AA' and 'AAA' rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions.” The agency also expressed its view that, despite June’s bipartisan agreement on the government’s debt ceiling, there has been “a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters.”

At the end of the reporting period on September 30, Congress again avoided a shutdown of the federal government, agreeing on a bipartisan stopgap bill to fund the government through mid-November. The House of Representatives voted 335-91 in support of the agreement, while the Senate, where the Democratic Party holds a slim majority, approved the measure by a vote of 88-9. The bill included, among other appropriations, $16 billion for disaster relief, but provided no additional financial aid for Ukraine for its ongoing conflict with Russia. Leaders of both political parties indicated that they would propose separate legislation authorizing more assistance to Ukraine.

Geopolitical Events

The ongoing Russia-Ukraine war dominated the geopolitical news during the reporting period. Ukraine’s president, Volodymyr Zelenskyy, traveled to Washington, D.C., to address a joint session of the U.S. Congress in late December 2022, in an effort to secure additional financial aid from the U.S. and its allies. President Biden reiterated the U.S. government’s support for Ukraine in its conflict with Russia. In late December, the U.S. Congress approved $45 billion in additional financial assistance to Ukraine. In February 2023, nearly a year after the conflict began, President Biden made an unannounced trip to Ukraine to meet with President Volodymyr Zelenskyy and to encourage ongoing support from U.S. allies. The visit occurred as Russian President Vladimir Putin increased military activity in eastern Ukraine. President Biden’s trip was particularly risky as there was no protection from U.S. military personnel on the ground in Ukraine. In March, President Xi Jinping of China met with Russian President Vladimir Putin in Moscow to discuss China’s proposal to end the conflict with Ukraine. The Biden administration criticised the plan as “the ratification of Russian conquest” as it proposed a ceasefire that would recognize Russia’s right to occupy territory in Ukraine and provide Putin with time to bolster the nation’s military forces.

The Wagner Group, a Russian paramilitary organization, began to retreat from the city of Bakhmut, Ukraine, in late May. The mercenaries were scheduled to complete their retreat by the beginning of June, and would be replaced by regular Russian troops. The Wagner Group had been fighting in Bakhmut since the summer of 2022. The withdrawal from the city occurred after the group’s leader, Yevgeny Prigozhin, claimed that Russian Defense Minister Sergei Shoigu and Valery Gerasimov, Chief of the General Staff, had intentionally withheld ammunition from Wagner Group fighters. In late June, the Wagner Group organized a short-lived mutiny against Russian President Vladimir Putin’s regime. The group occupied Rostov-On-Don in southern Russia, a significant command center for the Russian government’s invasion of Ukraine. Prigozhin agreed to be exiled to Belarus, and the mercenaries retreated from Rostov-On-Don. Prigozhin and nine other passengers later died in an airplane crash near Moscow on August 24, raising questions about the circumstances surrounding his death.

Late in the reporting period, China, the world’s second-largest economy, experienced relatively weak credit growth, a downturn in exports, and a year-over-year decline in consumer prices. Lower demand for goods and services from Chinese consumers could have a negative impact on other countries’ exports of iron ore, crude oil, factory equipment, and luxury goods into the country. A large property developer filed for protection under Chapter 15 of the U.S. bankruptcy code, which safeguards non-U.S. companies that are undergoing debt restructurings from creditors seeking to sue the firms or to freeze their assets in the U.S. Additionally, in contrast to inflationary worries in most global economies, there were concerns regarding a bout of deflation in China. According to the National Bureau of Statistics of China, the country’s producer-price index (PPI), which tracks the average change over time in selling prices received by domestic producers of manufactured goods, was down 3.0% year-over-year in August— the eleventh consecutive month-over-month decline. Prices for the mining, raw materials, and processing industries fell by 9.0%, 4.0%, and 3.1%, respectively, during the previous 12-month period.

Economic Performance

U.S. inflation cooled during the reporting period. According to the Department of Labor, the U.S. consumer-price index (CPI) fell from an annual rate of 7.7% in September 2022, to 3.7% in August 2023. The most recent inflation data indicated that the CPI increased 0.6% month-over-month in August. However, the 4.3% annual increase in core inflation, as measured by the CPI for all items less food and energy, represented a 0.4- percentage point decline

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SEI Institutional International Trust

from the 4.7% year-over-year upturn in July. Core inflation rose 0.3% month-over-month in August, following a 0.2-percentage point uptick in July. The government noted that more than half of the month-over-month increase in the overall CPI was attributable to higher gasoline prices, which climbed 10.6% in August. Housing costs also contributed to the upturn in inflation for the month. Food prices rose 0.2% in August, matching the previous month’s increase.

According to the third estimate from the Department of Commerce, U.S. gross domestic product (GDP) grew at annualized rate of 2.1% in the second quarter of 2023, unchanged from the government’s second estimate released in August, and down 0.1 percentage point from the 2.2% rise in the first three months of the year. The largest increases for the second quarter were in nonresidential fixed investment (purchases of both nonresidential structures and equipment and software), consumer spending, and state and local government spending. These gains offset reductions in exports and residential fixed investment (purchases of private residential structures and residential equipment that property owners use for rentals). The marginal decline in the GDP growth rate for the second quarter compared to the first three months of the year was due to slowdowns in consumer and federal government spending, as well as a decrease in exports.

The Office for National Statistics reported that consumer prices in the U.K. rose 0.4% month-over-month in August (the most recent reporting period)—up sharply from the 0.3% decrease in July. Inflation advanced 6.3% over the previous 12-month period, down marginally from the 6.4% annual upturn in July. Prices for alcohol and tobacco, along with clothing and footwear, were the largest contributors to the rise in inflation in August, while food and alcoholic beverages, and alcohol and tobacco posted the most notable price increases over the previous 12-month period. Core inflation, which excludes volatile food prices, rose at an annual rate of 5.9% in August, down from the 6.4% rise in July.

Eurostat pegged the inflation rate for the eurozone at 4.3% for the 12-month period ending in September 2023, down 0.9% from the 5.2% annual increase in August. Prices for food, alcohol and tobacco rose 8.8% in September, but the pace of acceleration slowed from the 9.7% annual rate for the previous month. Energy prices fell 4.7% year-over-year, following a 3.3% decline in August. Core inflation, which excludes volatile energy and food prices, rose at an annual rate of 4.5% in September, down 0.8% from August.

Market Developments

Global equity markets, as measured by the MSCI All-Country (AC) World Index, garnered positive returns despite periods of volatility over the reporting period. Developed markets significantly outperformed their emerging-market counterparts, though both asset classes posted double-digit gains. The Nordic countries garnered the highest returns among developed markets for the reporting period, attributable mainly to robust performance in Denmark. Despite posting a double-digit gain during the period, the Pacific ex Japan region was the primary underperformer due to weakness in Hong Kong. Eastern Europe was the top-performing region within the emerging markets for the reporting period due to notable strength in Hungary, Greece, and Poland. Conversely, the Gulf Cooperating Council (GCC) countries (Saudi Arabia, United Arab Emirates, Qatar, Kuwait, and Oman) were the most notable laggards among the emerging markets for the period.

Global fixed-income assets ended the reporting period in positive territory, with the Bloomberg Global Aggregate Bond Index returning 2.24% in U.S. dollar terms. High-yield bonds, which posted double-digit returns, and emerging-market debt were the strongest performers. Both asset classes outperformed global corporate and government bonds. Over the reporting period, rates rose significantly across all maturities of the U.S. Treasury yield curve. The yield on the 10-year U.S. Treasury note ended the one-year reporting period up 76 basis points to 4.59%, while the 2-year yield rose 81 basis points to 5.03%. Bond prices fall as interest rates rise. The spread between 10- and 2-year notes widened from -39 to -44 basis points over the reporting period. The yield curve remained inverted, with yields on shorter-term bonds exceeding those on longer-dated securities. In an unusual move, yields on the 1-, 2- and 3-month Treasury bills climbed by corresponding margins of 276, 240 and 222 basis points to 5.55%, 5.60%, and 5.55% during the period. The significant upturn in ultra-short-term bond yields reflected expectations for rates to remain higher for longer; longer-term bond yields showed signs of concerns regarding how monetary tightening might have a negative impact on economic growth.

Global commodity prices, as measured by the Bloomberg Commodity Total Return Index, dipped 1.30% in U.S. dollar terms during the reporting period. However, gold prices rallied and ended the period in positive territory as

SEI Institutional International Trust

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LETTER TO SHAREHOLDERS (Continued)

September 30, 2023 (Unaudited)

the U.S. dollar weakened (gold prices move inversely to the U.S. dollar) and the Fed began to slow the pace of its interest-rate hikes. Prices for West Texas Intermediate crude oil and Brent crude oil declined during much of first nine months of the reporting period before rallying sharply in the summer of 2023 on expectations that production output cuts from the Organization of the Petroleum Exporting Countries (OPEC) and Russia would continue through the end of the year. Wheat prices moved lower over the period, hampered by Russia’s shipments of large quantities of cheaply priced grain. The New York Mercantile Exchange (NYMEX) natural gas price tumbled more than 50% over the reporting period. The downturn was attributable mainly to a steep decline in late 2022 and early 2023, as an unusually mild winter in the U.S. continued to weigh on demand during the home-heating season.

Our View

While predictions of a downturn in business activity during 2023 have been widely held since the end of last year, the U.S. economy has mostly surprised to the upside. Recession calls are now in the minority, with the latest plane analogy going from “hard landing” to “soft landing,” and even to “no landing.” Strong July results for retail sales, services consumption, industrial production, and housing starts resulted in the inflation-adjusted gross domestic product reaching an annualized 5.9% rate of gain in August. We do not believe this trend is sustainable. Although the consensus has swung away from this view, there is a reasonable probability of a recession in 2024.

Other major economies outside the U.S. are showing signs of weakness, despite advances during the first half of this year. Germany is already in recession and the U.K. may not be far behind. In these developed economies, businesses and consumers alike are feeling pressure from rising interest rates and persistent core inflation.

Hopes that China’s economy would offset slowing growth elsewhere have proven to be elusive. Although Chinese domestic travel and services consumption experienced a post-COVID-19 bounce, the economic data have been mostly disappointing. Consumer sentiment remains extremely depressed, with the latest quarterly reading showing a partial reversal of the early 2023 post-lockdown bounce. Chinese consumers and financial market participants appear largely unimpressed with the government’s efforts, both fiscal and monetary, to turn the economy around.

Inflation continues to fall as COVID-19-era supply-chain disruptions abate. However, it is SEI’s strong conviction that there has been a regime change when it comes to long-run inflation, and that it will run sustainably higher in the U.S. than the Federal Reserve’s (Fed) 2% target. Structurally tight labor markets, the shifting of global supply chains away from China, higher financing costs, the disruptions caused by the transition to a carbon-neutral regime, and a likely boost in corporate tax rates in the years ahead suggest to us that an inflation rate over 3% is more likely than one under 2%.

The Fed’s rate-hiking cycle is nearing an end, but this does not mean that the federal-funds rate will be moving lower anytime soon. We believe there could be one more interest-rate increase from the Fed, but as labor-market pressures ease, even this appears increasingly unlikely. The latest Federal Open Market Committee projections indicate an intention to keep the federal-funds rate higher for longer. In our view, it is unlikely the central bank will begin cutting rates before the second half of 2024.

Other major central banks are in similar positions. Given Europe’s stubborn inflation and lower policy-rate stance, the European Central Bank may raise its key interest rate once or twice more this cycle. The U.K. is closest to a wage-price spiral, which may force the Bank of England to implement a monetary policy that is tighter than it would prefer. Meanwhile, the Bank of Japan is under increasing pressure to start raising its policy interest rate in order to firm up the yen.

Bond yields have risen despite lower inflation rates. We believe markets are responding to the increase in government debt issuance at a time when central banks are adding to supply pressures via quantitative tightening (i.e., selling bonds out of their portfolios).

SEI expects bond yields to remain elevated as investors adjust their expectations regarding the probability of higher-for-longer central bank interest-rate policy. We also believe that the term premium (the excess yield required to offset the additional risk in longer-dated bonds) will turn positive as investors demand compensation for taking on a greater level of uncertainty around future interest-rate risk.

Equity markets have entered a corrective phase. U.S. large-capitalization stocks are expected to trade in a broad range, with the S&P 500 Index currently closer to the upper end of this range. Growth companies with high price-to-

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earnings ratios are vulnerable to rising bond yields, and more cyclical and economically sensitive names within this cohort could face pressure from declining profit margins.

Sincerely,

James Smigiel

Head and Chief Investment Officer of Non-Traditional Asset Management

SEI Institutional International Trust

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LETTER TO SHAREHOLDERS (Concluded)

September 30, 2023 (Unaudited)

Index Definitions

The MSCI All Country (AC) World Index is a market capitalization-weighted index that tracks the performance of over 2,000 companies, and is representative of the market structure of 48 developed and emerging-market countries in North and South America, Europe, Africa, and the Pacific Rim. The index is calculated with net dividends reinvested in U.S. dollars.

The MSCI Emerging Markets Index (Net) is a free float-adjusted (i.e., including only shares that are available for public trading) market capitalization-weighted index that tracks the performance of emerging-market equities.

The Bloomberg Global Aggregate Bond Index is a market capitalization-weighted index that tracks the performance of investment-grade (rated BBB- or higher by S&P Global Ratings/Fitch Ratings or Baa3 or higher by Moody’s Investors Service) fixed-income securities denominated in 13 currencies. The index reflects reinvestment of all distributions and changes in market prices.

The Bloomberg Commodity Total Return Index comprises futures contracts and tracks the performance of a fully collateralized investment in the index. This combines the returns of the index with the returns on cash collateral invested in 13-week (three-month) U.S. Treasury bills.

Producer-price indexes (PPI) measure the average change over time in selling prices received by domestic producers of goods and services.

The S&P 500 Index is a market-weighted index that tracks the performance of the 500 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

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2023 (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, 2023: Acadian Asset Management LLC (Acadian), Causeway Capital Management LLC (Causeway), Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust (Macquarie), Lazard Asset Management LLC (Lazard), Pzena Investment Management, LLC (Pzena), and WCM Investment Management LLC (WCM).

During the period, Lazard was added to the Fund, while Intech Investment Management LLC and JOHCM (USA) Inc. were removed from the Fund.

III. Return vs. Benchmark

For the year ended September 30, 2023, the Fund’s Class F shares outperformed the MSCI EAFE Index (Net)—which tracks the performance of developed-market equities outside North America—returning 27.81% versus the Index return of 25.65%.

IV. Fund Attribution

As of the end of the reporting period, global equity markets had recovered sharply from a difficult year in 2022, with the MSCI EAFE Index bottoming in October 2022, and recovering since then. The global economy avoided a recession and it appeared that markets were pricing in an economic downturn in 2022. All of this produced a sharp rebound as risk had been repriced. Economic data remained fairly strong over the period and company earnings moved higher. While inflation remained high and interest rates were elevated, most investors believed that central banks were closer to the end of their monetary policy tightening than the beginning. Oil prices were virtually flat over the reporting period, with natural gas prices down significantly (which was especially helpful for Europe). The U.S. Dollar index declined modestly over the 12- month period. These measures served to ease financial conditions, though this was partly offset by higher interest rates. Ultimately, the “rate of increase” of inflation moderated, which is a

positive environment for corporate earnings and investor risk appetite.

The market backdrop and avoidance of recession caused the cyclical and economically sensitive industries to outperform over the reporting period. Specifically, shares of semiconductor companies, banks, providers of capital goods, energy companies, and auto manufacturers have done well. Relative laggards were defensive areas, including food and beverage, telecommunications, healthcare equipment, and pharmaceutical firms.

Regionally, Europe outperformed, Japan performed in line with the benchmark MSCI EAFE Index, and Pacific ex Japan was a laggard. The Japanese yen was relatively weak over the reporting period, but the U.S. dollar return for the Tokyo Stock Price Index (TOPIX) was in line with that of the MSCI EAFE Index for the period.

The Value factor was, by far, the strongest-performing alpha source (the investment approach taken by an active investment manager in an effort to generate excess returns relative to a benchmark) over the reporting period. With the avoidance of recession, the rise in interest rates, and the outperformance of more economically sensitive sectors, we would expect value to outperform in this environment. The Momentum factor produced flat relative returns during the period. Quality stocks lagged the overall market due primarily to its higher exposure to the consumer staples and healthcare sectors, as we had expected. Low volatility also underperformed amid a sharp upturn in a market where risk was rewarded.

The Fund outperformed its benchmark, the MSCI EAFE Index, due primarily to an overweight allocation to value. The Fund also had a higher volatility bias, which is to be expected given our preference for value. This positioning benefited Fund performance as defensive stocks lagged during the period.

From a sector perspective, an overweight to the consumer discretionary sector and underweight to utilities and communication services had a positive impact on Fund performance for the reporting period. Regional effects were noteworthy, especially in Japan, which was the strongest-performing market in local currency terms over the period. Consequently, the Fund’s underweight in Japan detracted from performance. However, the Japanese yen also depreciated significantly as Japan has been one of the only countries that has kept interest rates low and maintained loose monetary policy. Therefore, the Fund’s

SEI Institutional International Trust

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2023 (Unaudited)

International Equity Fund (Concluded)

underweight allocation to the Japanese yen offset the underweight to the equity market.

The Fund managers’ results bolstered performance over the reporting period. Causeway was the standout performer, as its results exceeded our expectations. In our view, it is not unusual to have a manager performing above expectations while another underperforms. While Causeway’s value bias benefited Fund performance, stock selection also was very strong, particularly its holdings in luxury auto-maker Rolls Royce and Unicredit, a commercial bank. Pzena also performed well during the reporting period, attributable to its value bias. Conversely, the performance of Macquarie and WCM (quality managers) lagged, which was consistent with expectations. Acadian (multi-factor quantitative) also underperformed, as its momentum bias was not able to capture shifting trends given the volatile environment and several changes in leadership at the company. The Fund had a relatively small allocation to Lazard, which was appointed as a sub-advisor for the Fund in February 2023.

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	27.81%	5.67%	3.09%	3.85%	3.62%
International Equity Fund, Class I	27.63%	5.44%	2.84%	3.59%	3.37%
International Equity Fund, Class Y	28.26%	5.96%	3.35%	4.08%	3.69%
MSCI EAFE Index (Net)	25.65%	5.75%	3.24%	3.82%	4.38%

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, 2023. 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

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2023 (Unaudited)

Emerging Markets 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, 2023: Aikya Investment Management Limited (Aikya), JOHCM (USA) Inc. (JO Hambro), KBI Global Investors (North America) Ltd. (KBI), Qtron Investments LLC (Qtron), and Robeco Institutional Asset Management US Inc. (Robeco).

During the Fund’s fiscal year, Aikya was added to the Fund, while RWC Asset Advisors (US) LLC (RWC) and Neuberger Berman Investment Advisers LLC (Neuberger Berman) were terminated from the Fund.

III. Return vs. Benchmark

For the year ended September 30, 2023, the Fund’s Class F shares outperformed the MSCI Emerging Markets Index (Net)—which tracks the performance of global emerging market equities—returning 12.32% versus the Index return of 11.70%.

IV. Fund Attribution

Emerging-market equities garnered positive returns during the 12-month reporting period. The majority of gains were registered in the first four months of the period, when Chinese equities rallied following the sudden removal of COVID lockdowns, as discussed in the shareholder letter. The rally faded, however, as consumer sentiment and economic growth in China stalled, and China ended the reporting period underperforming the benchmark MSCI Emerging Markets Index. India was a strong performer due to robust domestic growth in the second half of the reporting period. Taiwan and Korea also performed well, led by strong gains in the information technology (IT) hardware sector and consumer companies, respectively. Latin America underperformed the benchmark index, hampered by Brazilian equities following weak returns in the IT and consumer-related sectors. However, Mexico outperformed the benchmark index as the country benefited from positive impact of nearshoring (the process of transferring a business operation to a nearby country, especially in preference to a more distant one). The Europe, Middle East and Africa (EMEA) region

underperformed the index as well, primarily due to weak performance in South Africa as the country struggled with economic and political turmoil. The Eastern Europe market rallied, however, as the region rebounded from the selloff following Russia’s invasion of Ukraine.

From a sector standpoint, IT was the strongest performer sector, as demand for artificial intelligence (AI) fueled gains. The energy sector also performed well, rallying on higher oil prices in the summer of 2023. Utilities and real estate were among the weakest-performing sectors, as utilities underperformed in China and India, while the Chinese real estate sector continued to grapple with weak growth and demand.

The Value factor was the strongest-performing alpha source (the investment approach taken by an active investment manager in an effort to generate excess returns relative to a benchmark) as cheap markets such as Korea outperformed. Chinese state-owned banks, which are cheap relative to the benchmark index, also outperformed as investors perceived these stocks as defensive relative to the broader Chinese economy. The Quality factor was the next-strongest performer among alpha sources due to notable gains in IT hardware stocks in Taiwan and Korea, fueled by the AI craze. The Momentum factor was the weakest performer, but performed in line with the index. This was attributable to rotation in market leadership, from India to China and back to India, and from the underperformance and then resurgence in IT.

Robeco was the Fund’s top-performing manager during the reporting period due to the strong performance from value stocks. This resulted in significant gains from banks and consumer discretionary companies, especially banks in Greece and auto stocks in Korea. Qtron was another contributor due to strong multi-factor model-driven results in the IT, utilities, and consumer discretionary sectors. Qtron had positive exposure to all three alpha sources. KBI was another contributor to Fund performance as well due to strong performance of value, resulting in gains in financials and energy stocks. Momentum was not a meaningful tailwind for JO Hambro, which slightly lagged the benchmark index due to weak results in the industrials and communication services sectors. Neuberger Berman saw bottom-up-driven gains in the health care and consumer staples sectors, and losses in financials and industrials. Specifically, the manager’s lack of exposure to Chinese banks in particular weighed on performance. Aikya detracted from Fund performance for the period due to bottom-updriven losses in the consumer staples and financials.

SEI Institutional International Trust

9

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2023 (Unaudited)

Emerging Markets Equity Fund (Concluded)

From a regional standpoint, Taiwan was the biggest contributor to Fund performance due to exposure to IT stocks that benefited from the AI theme. India was another major contributor due to positive bottom-up results in the IT sector and by the lack of exposure to underperforming Indian utilities. The United Arab Emirates (UAE) was another strong contributor due to positive real estate stock results that capitalized on strong demographic trends in the country. Brazil was the biggest detractor due to losses in the consumer sectors. Vietnam was another detractor from performance as the country faced a difficult economic backdrop.

Regarding sector performance, financials was the biggest contributor due to positive results in Greek and Korean banks on which the Fund’s value managers capitalized. IT was another contributor due to strong results in IT hardware and software stocks that benefited from AI demand. Utilities also contributed to performance as the Fund was underweight to the underperforming Indian utilities sector. Industrials was the largest detractor from Fund performance due to weak bottom-up results in Asia. Consumer staples was another notable detractor attributable primarily to bottom-up losses in the food and beverages sector.

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	12.32%	-1.95%	0.16%	1.39%	3.66%
Emerging Markets Equity Fund, Class Y	12.63%	-1.70%	0.40%	1.62%	3.74%
MSCI Emerging Markets Index (Net)	11.70%	-1.73%	0.55%	2.07%	2.42%

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, 2023. 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

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2023 (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, 2023: 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, 2023, 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 1.88% versus the Index return of 2.99%.

IV. Fund Attribution

Global bond yields rose over the reporting period as the market reassessed the likely path of central bank monetary policy against a backdrop of sticky inflation, tight labor markets and a surprisingly resilient U.S. economy. However, the performance of fixed-income securities was protected to an extent by the additional yield cushion that had been built into bond markets throughout 2022. At the regional level, China was the strongest-performing bond market amid investors’ concerns about economic growth and disinflation. Japan, meanwhile, was the worst performing G7 market as the Bank of Japan tries to carefully engineer a route back to policy normalization. Credit spreads tightened over the reporting period despite concerns earlier in the year regarding the banking sector. In the currency space, the U.S. dollar weakened against all other G10 currencies, with the exception of the Japanese yen (JPY).

The Fund underperformed the benchmark index for the reporting period. Fund performance was hampered by an overweight duration position in New Zealand and an underweight in China. Currency detractors included a long position in the JPY and short positions in the Swiss franc (CHF) euro (EUR), and New Zealand dollar (NZD). Positive contributors to Fund performance included

an overweight to corporate credit, an underweight to European rates, off-index exposure to U.S. bonds, and overweight allocations to Mexican, Colombian and Polish local-currency bonds. Long currency positions in the British pound sterling (GBP) and Korean won (KRW) also enhanced the Fund’s relative performance. Among the Fund’s managers, Wellington performed roughly in line with its customized index, while Colchester outperformed its customized index. Colchester benefited from duration underweight positions in Europe and Japan, overweights in local-currency emerging market bonds, and long currency positions in the GBP, KRW and Czech koruna (CZK).

AllianceBernstein underperformed its customized index despite the positive impact of an overweight allocation to corporate credit. The main detractors included overweight duration positions in the UK and New Zealand, as well as an underweight to China. Long currency positions in the JPY and Norwegian krone (NOK) also weighed on performance.

Regarding derivatives, the Fund used 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	1.88%	-3.17%	-0.02%	1.52%	3.45%
International Fixed Income Fund, Class Y	2.30%	-2.89%	0.24%	1.73%	3.52%
Bloomberg Global Aggregate ex-USD Index, Hedged	2.99%	-2.62%	0.83%	2.30%	4.73%

SEI Institutional International Trust

11

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2023 (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, 2023. 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

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2023 (Unaudited)

Emerging Markets Debt Fund

I. Objective

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

II. Multi-Manager Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corp. (SIMC). The Fund utilized the following sub-advisors as of September 30, 2023: 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 ending September 30, 2023, the Fund’s Class F shares outperformed a hybrid of 50% J.P. Morgan EMBI Global Diversified Index (JPM EMBI GD)–which tracks the performance of external debt instruments in the emerging markets–and 50% J.P. 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 13.13%, versus the Index return of 11.58%.

IV. Fund Attribution

For the 12-month period ending September 30, 2023, the hard-currency and local-currency markets returned 10.01% and 13.10%, respectively. Hard currency spreads tightened from 560 basis points (bps) (5.60%) to 430 bps over the reporting period, generating a significant positive return. High yield hard currency spreads moved from 993 to 789 bps and investment-grade spreads moved from 191 to 128 bps. The Fund’s overweight allocation to high-yield issues benefited from the sector’s outperformance relative to investment-grade bonds. A wedge of 661 bps remains between investment-grade and high-yield spreads, comparatively to a long-term average of 388 bps, supporting the Fund’s overweight to high yield.

The local-currency market benefited from both lower local yields and stronger emerging markets foreign exchange (EM FX) for the reporting period. Local rates

generated positive returns over the period as central banks in emerging markets begun tightening monetary policy into signs of disinflation. EM FX generated positive returns in the initial part of the reporting period before weakening against a strong U.S. dollar in the last few months of the period.

The Fund outperformed its blended benchmark during the reporting period. An overweight to high-yield hard-currency exposure such as Romania in euro exposure, state-owned oil company Pemex in Mexico, and El Salvador enhanced Fund performance. Underweight positions in high-investment-grade countries such as Bahrain and Oman detracted from Fund performance. Regarding currency exposure, overweight allocations to Hungary, Brazil and Columbia, and underweight to Turkey, bolstered Fund performance, while overweight exposure to South Africa and the Chinese renminbi had a negative impact. The Fund had a small short position in the U.S. dollar, which contributed to performance for the 12 month period. Among the Fund’s managers, Colchester and Ninety One outperformed the Fund’s blended benchmark. Colchester was positioned with a bias toward currencies such as Brazil and Mexico with relatively higher real yields, while being underweight to Asia, and outperformed as a result. Ninety One outperformed due to an inflation position in Mexico, as well as overweight positions in the Hungarian forint and Columbian peso.

Stone Harbor, Marathon and Neuberger Berman outperformed the blended benchmark as spreads tightened over the reporting period. The performance of Stone Harbor and Neuberger benefited from overweight allocations to high-yield hard-currency exposures, including Argentina, El Salvador and Angola. Marathon benefited from its quasi-sovereign exposure to Pemex and trades in high-quality Gulf Cooperation Council (GCC) credits, which saw spread-tightening over the period.

Regarding derivatives, the Fund employed currency forwards and swap contracts over the reporting period in an effort 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 benchmark index 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.

SEI Institutional International Trust

13

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

September 30, 2023 (Unaudited)

Emerging Markets Debt Fund (Concluded)

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

AVERAGE ANNUAL TOTAL RETURN1
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Emerging Markets Debt Fund, Class F	13.13%	-3.46%	-0.58%	-0.05%	5.89%
Emerging Markets Debt Fund, Class Y	13.50%	-3.20%	-0.32%	0.17%	5.98%
JP Morgan EMBI Global Diversified Index	10.01%	-4.56%	-0.35%	2.47%	6.54%
JP Morgan GBI-EM Global Diversified Index	13.10%	-2.70%	-0.00%	-0.84%	X.XX%
50/50 Hybrid of the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI-EM Global Diversified Index	11.58%	-3.61%	-0.14%	0.86%	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, 2023. 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

SCHEDULE OF INVESTMENTS

September 30, 2023

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 — 95.9%
Australia — 2.7%
Adbri Ltd *		36,642	$	48
Ampol		54,892		1,197
ANZ Group Holdings Ltd		59,877		992
Aristocrat Leisure Ltd		113,995		3,005
Audinate Group *		6,506		57
Base Resources Ltd		271,387		30
Bellevue Gold *		646,979		578
BHP Group Ltd		116,778		3,335
BlueScope Steel Ltd		933,040		11,706
Brambles Ltd		608,925		5,628
Cochlear Ltd		14,298		2,356
CSR Ltd ‡		669,497		2,441
Fortescue Metals Group Ltd		131,251		1,772
GPT Group ‡		250,000		629
Helia Group Ltd		156,150		352
Iluka Resources Ltd		579,958		2,875
Inghams Group		53,436		115
Insurance Australia Group Ltd		310,959		1,140
Medibank Pvt		586,831		1,303
Neuren Pharmaceuticals *		74,700		533
New Hope		232,041		951
Northern Star Resources Ltd		70,236		474
Nufarm Ltd		30,265		93
Orica Ltd		130,606		1,314
Orora Ltd		2,269,436		4,028
Premier Investments Ltd		30,909		499
Pro Medicus Ltd		35,250		1,897
Qantas Airways Ltd *		2,534,336		8,473
Rio Tinto PLC		207,468		13,102
Rio Tinto PLC ADR		130,750		8,321
Santos Ltd		188,573		961
Seven Group Holdings Ltd		44,940		904
Sonic Healthcare Ltd		132,573		2,550
South32 Ltd		1,211,425		2,651

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Super Retail Group Ltd		92,810	$	718
Technology One Ltd		123,506		1,236
Telstra Group Ltd		175,223		435
Vicinity Centres ‡		550,000		602
Washington H Soul Pattinson		86,065		1,810
Whitehaven Coal Ltd		1,479,952		6,791
Woolworths Group Ltd		124,649		3,002
				100,904
Austria — 0.4%
ANDRITZ AG		44,869		2,272
Erste Group Bank AG		98,710		3,430
OMV AG		166,029		7,966
Raiffeisen Bank International AG		39,393		576
Vienna Insurance Group AG Wiener Versicherung Gruppe		5,873		164
Wienerberger AG		2,047		52
				14,460
Belgium — 0.3%
Anheuser-Busch InBev SA/NV		203,432		11,310
Lotus Bakeries		94		765
				12,075
Bermuda — 0.0%
Conduit Holdings Ltd		958		5
Brazil — 1.1%
Ambev SA *		9,464,400		24,809
Banco Bradesco SA ADR *		1,667,850		4,753
Banco do Brasil SA		948,200		8,951
MercadoLibre Inc *		3,310		4,197
				42,710
Canada — 1.6%
AGF Management, Cl B		20,400		108
Alimentation Couche-Tard Inc		189,842		9,686
Black Diamond Group Ltd		4,100		22
Canadian Pacific Kansas City		258,199		19,240
Canfor Corp *		87,567		1,093
Cascades Inc		4,484		41
Celestica Inc *		119,384		2,935
Coveo Solutions Inc *		4,242		32
Dexterra Group Inc		104		–
Ensign Energy Services Inc *		37,800		91
Exco Technologies Ltd		9,200		51
iA Financial Corp Inc		64,397		4,058
Magna International Inc, Cl A		291,942		15,706
Martinrea International Inc		88,935		823
MEG Energy Corp *		104,300		2,039
Mullen Group Ltd		53,775		534
Pason Systems Inc		17,325		173
Thomson Reuters		35,406		4,351

SEI Institutional International Trust

15

SCHEDULE OF INVESTMENTS

September 30, 2023

International Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Torex Gold Resources Inc *		7,008	$	73
				61,056
China — 1.9%
Agricultural Bank of China Ltd, Cl H		746,000		277
Alibaba Group Holding Ltd *		2,199,500		23,845
Autohome Inc ADR		1,788		54
Beijing Capital International Airport Co Ltd, Cl H *		4,888,000		2,260
China CITIC Bank Corp Ltd, Cl H		1,518,126		704
China Construction Bank Corp, Cl H		20,432,000		11,485
China Minsheng Banking, Cl H		207,000		71
China Overseas Land & Investment Ltd		3,361,000		6,944
China Pacific Insurance Group Co Ltd, Cl H		528,000		1,314
Haier Smart Home Co Ltd, Cl H		2,274,800		7,109
Lenovo Group Ltd		24,000		25
MINISO Group Holding ADR		10,995		285
New China Life Insurance Co Ltd, Cl H		260,300		624
PetroChina Co Ltd, Cl H		9,954,000		7,459
SITC International Holdings Co Ltd		1,358,000		2,278
Tencent Holdings Ltd		167,400		6,488
Vipshop Holdings Ltd ADR *		80,091		1,282
Yangzijiang Shipbuilding Holdings Ltd		183,700		224
				72,728
Denmark — 3.2%
AP Moller - Maersk A/S, Cl B		5,853		10,583
Danske Bank A/S		599,587		13,991
Demant A/S *		41,884		1,740
DSV A/S		73,996		13,857
Genmab A/S *		22,224		7,914
Novo Nordisk, Cl B		724,850		66,267
Pandora A/S		43,488		4,517
ROCKWOOL A/S, Cl B		1,480		360
Zealand Pharma, Cl A *		18,921		822
				120,051
Finland — 0.9%
Kone Oyj, Cl B		148,624		6,282
Nokia Oyj		6,761,254		25,541
Nordea Bank Abp		113,937		1,258
Orion Oyj, Cl B		43,560		1,717
Puuilo		4,370		37
Vaisala Oyj, Cl A		564		20
Wartsila OYJ Abp, Cl B		85,387		972
				35,827
France — 9.6%
Accor SA		654,436		22,131
Air Liquide SA		151,301		25,605
Alstom SA (A)		676,617		16,190
Amundi SA		453,454		25,613
AXA SA		492,003		14,679
Beneteau SA		30,414		369

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
BNP Paribas SA		81,465	$	5,212
Bouygues SA		313,483		10,999
Carrefour SA		466,507		8,043
Christian Dior SE		448		331
Cie de Saint-Gobain		99,309		5,981
Cie Generale des Etablissements Michelin SCA		994,527		30,609
Danone SA		701,315		38,804
Dassault Aviation SA		39,312		7,425
Hermes International		12,610		23,094
Ipsen SA		62,682		8,243
Jacquet Metals SACA		5,998		102
Kering SA		37,842		17,304
LVMH Moet Hennessy Louis Vuitton SE		7,745		5,875
Orange SA		884,670		10,172
Publicis Groupe SA		213,792		16,243
Rexel SA		1,652,809		37,273
Safran SA		4,705		740
Savencia SA		510		29
Sodexo SA		152,841		15,781
Sopra Steria Group SACA		537		111
Stef SA		602		68
Technip Energies NV		58,227		1,453
Thales SA		11,269		1,588
Valeo		325,577		5,629
Vinci SA		76,225		8,476
Wendel SE		3,315		263
				364,435
Germany — 9.4%
adidas AG		80,076		14,126
Allianz SE		65,145		15,567
BASF SE		643,728		29,272
Bayer AG		478,630		23,032
Bayerische Motoren Werke AG		19,371		1,977
Beiersdorf AG		10,382		1,343
Carl Zeiss Meditec AG		8,200		719
Cewe Stiftung & Co KGAA		1,443		135
Commerzbank AG		42,027		480
Covestro AG *		432,561		23,384
CTS Eventim AG & Co KGaA		20,863		1,189
Daimler Truck Holding AG		1,268,069		44,063
Deutsche Boerse AG		37,537		6,506
Deutsche Lufthansa AG *		719,264		5,716
Deutsche Telekom AG		833,556		17,534
Deutz AG		21,725		96
Duerr AG		24,234		659
E.ON SE		780,525		9,255
Evonik Industries AG		625,315		11,470
Fresenius Medical Care AG & Co KGaA		411,229		17,781
GEA Group AG		1,749		65
Gerresheimer AG		12,543		1,321
HeidelbergCement AG		155,597		12,112

16

SEI Institutional International Trust

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
HOCHTIEF AG		28,929	$	2,933
HUGO BOSS AG		30,746		1,951
Infineon Technologies AG		111,630		3,706
Kloeckner & Co SE		9,107		66
Knorr-Bremse AG		170,915		10,890
Krones AG		5,055		522
LANXESS AG		204,775		5,214
Mercedes-Benz Group AG		28,574		1,993
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		17,760		6,940
Nemetschek SE		907		56
PSI Software AG		31		1
Rational AG		945		600
RWE AG		296,137		11,021
SAP SE		474,343		61,682
Scout24 AG		15,476		1,076
Siemens AG		37,305		5,358
SMA Solar Technology AG *		14,908		970
Stabilus SE		4,070		228
thyssenkrupp AG		260,955		1,996
Traton		32,379		683
Vitesco Technologies Group AG *		5,387		438
				356,126
Greece — 0.0%
National Bank of Greece SA *		46,101		261
Piraeus Financial Holdings *		101,276		301
				562
Hong Kong — 1.2%
AIA Group Ltd		152,200		1,231
Cafe de Coral Holdings Ltd		1,364		2
Chaoda Modern Agriculture Holdings Ltd *		2,440,000		7
Futu Holdings ADR *		30,269		1,750
Galaxy Entertainment Group Ltd *		3,080,000		18,427
GigaCloud Technology, Cl A *		2,091		18
Johnson Electric Holdings Ltd		66,877		82
Melco Resorts & Entertainment Ltd ADR *		44,046		436
MGM China Holdings Ltd *		804,400		1,046
Prudential PLC		1,831,605		19,870
Sands China Ltd *		265,200		806
United Energy Group *		8,140,000		1,192
				44,867
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		49,088		374
OTP Bank Nyrt		155,564		5,641
				6,015
India — 0.2%
Great Eastern Shipping Co Ltd/The		18,529		189
ICICI Bank Ltd ADR		253,218		5,854
				6,043

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Indonesia — 0.0%
Adaro Energy Indonesia Tbk PT		1,080,400	$	199
Delta Dunia Makmur Tbk PT		6,958,800		222
Gudang Garam Tbk PT		112,200		179
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		1,387,440		91
				691
Ireland — 0.6%
AerCap Holdings NV *		9,259		580
Bank of Ireland Group PLC		1,267,412		12,466
Cairn Homes PLC		25,663		30
Ryanair Holdings PLC ADR *		105,565		10,262
				23,338
Israel — 0.7%
Camtek *		30,768		1,916
Check Point Software Technologies Ltd *		92,036		12,267
Isracard Ltd		–		–
Melisron		7,930		497
Nice Ltd ADR *		16,647		2,830
Nova *		13,956		1,569
Perion Network Ltd *		37,614		1,152
Plus500 Ltd		73,919		1,242
Teva Pharmaceutical Industries Ltd ADR *		105,739		1,079
Wix.com Ltd *		46,192		4,240
				26,792
Italy — 3.3%
A2A SpA		800,515		1,429
Assicurazioni Generali SpA		69,886		1,433
Azimut Holding SpA		7,259		159
Banca Mediolanum SpA		134,052		1,150
Banco BPM		112,942		542
BPER Banca		178,513		547
Brunello Cucinelli SpA		10,630		811
Buzzi SpA		68,424		1,878
Coca-Cola HBC AG		123,159		3,381
Danieli & C Officine Meccaniche SpA		3,674		77
Enel SpA		7,056,194		43,480
Eni SpA		383,427		6,193
Ferrari NV		36,977		10,950
Infrastrutture Wireless Italiane SpA		87,031		1,038
Intesa Sanpaolo SpA		2,074,076		5,358
Iveco Group NV *		36,933		346
Leonardo SpA		301,658		4,363
Piaggio & C SpA		20,238		65
PRADA SpA		131,600		771
Recordati Industria Chimica e Farmaceutica SpA		18,849		892
Saipem *		448,305		686
Stellantis NV		693,770		13,376
Telecom Italia SpA/Milano *		1,453,356		456
Terna - Rete Elettrica Nazionale		173,127		1,306

SEI Institutional International Trust

17

SCHEDULE OF INVESTMENTS

September 30, 2023

International Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
UniCredit SpA		1,077,516	$	25,931
				126,618
Japan — 15.0%
77 Bank Ltd/The		64,664		1,374
A&D HOLON Holdings Co Ltd		18,000		205
Advance Residence Investment ‡		452		1,027
Advantest Corp		142,400		3,990
AEON Financial Service Co Ltd		123,900		1,070
Aisan Industry Co Ltd		29,600		265
ANA Holdings Inc *		320,600		6,731
Anest Iwata Corp		4,800		38
Anritsu Corp		85,000		608
AOKI Holdings Inc		5,200		35
Arcs Co Ltd		12,400		226
Asahi Group Holdings Ltd		208,400		7,807
Asia Pile Holdings Corp		6,900		32
Asics		11,300		396
Ateam Inc		5,700		23
Avant Group Corp		2,800		24
Axial Retailing Inc		4,900		123
Bandai Namco Holdings Inc		218,100		4,446
Bank of Iwate Ltd/The		7,300		128
Bank of Kyoto Ltd/The		14,700		838
Bank of Saga Ltd/The		2,900		40
baudroie inc *		1,200		43
Bewith		1,900		31
BIPROGY Inc		173,700		4,346
Bridgestone Corp		186,600		7,289
Business Brain Showa-Ota Inc		2,600		38
Business Engineering Corp		1,200		26
Canon Marketing Japan Inc		84,200		2,188
Capcom Co Ltd		126,500		4,565
Carlit Holdings Co Ltd		5,800		37
Central Security Patrols		1,500		31
Chiba Kogyo Bank Ltd/The		6,100		36
Chino Corp		2,700		37
Chiyoda *		64,300		163
Chori Co Ltd		3,000		60
COLOPL Inc *		9,800		39
Comforia Residential REIT ‡		278		618
Copro-Holdings		3,400		28
Cosel Co Ltd		2,600		22
CyberAgent Inc		58,100		314
Cybernet Systems		3,800		20
Cybozu		5,800		79
Dai-Ichi Cutter Kogyo		3,200		28
Dai-ichi Life Holdings Inc		16,500		342
Dainichiseika Color & Chemicals Manufacturing Co Ltd		3,200		49
Daitron Co Ltd		1,400		28
Daiwa House Industry Co Ltd		88,500		2,381
Daiwa Securities Group Inc		750,000		4,338

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Densan System Holdings		1,500	$	29
Denso Corp		246,000		3,958
Dentsu Group Inc		16,200		478
Digital Arts Inc		4,800		149
Digital Hearts Holdings		3,300		22
dip		5,300		131
Disco Corp		800		148
East Japan Railway Co		37,400		2,144
Eiken Chemical Co Ltd		12,500		114
Elecom Co Ltd		5,800		68
en Japan Inc		77,800		1,214
Entrust		5,500		35
ERI Holdings		4,300		57
eSOL		1,900		9
Exedy Corp		4,300		75
Ezaki Glico		16,200		446
FANUC Corp *		581,600		15,173
Fibergate		5,900		53
Forum Engineering Inc		4,300		38
Fuji Corp/Aichi		12,100		188
Fuji Electric Co Ltd		68,300		3,088
Fuji Kosan		4,100		49
FUJIFILM Holdings Corp		85,100		4,937
Fujimori Kogyo		1,000		25
Fujitsu Ltd		58,000		6,841
Fukuoka Financial Group Inc		345,300		8,282
Fukuyama Transporting		2,400		63
Furyu Corp		15,300		158
Futaba Industrial Co Ltd		21,600		111
Future		12,000		121
Gakken Holdings Co Ltd		6,700		39
Gakujo Co Ltd		2,200		30
Gecoss		4,100		27
Glory Ltd		5,100		102
GungHo Online Entertainment Inc *		45,900		726
Gunma Bank		199,800		934
Gunze Ltd		1,900		57
H2O Retailing Corp		43,100		524
Hanwa		3,300		105
Heiwa Corp		46,100		663
Hikari Tsushin Inc		8,300		1,267
Hisamitsu Pharmaceutical Co Inc		3,400		124
Hitachi Ltd		4,700		292
Hito Communications Holdings Inc		5,800		56
Hodogaya Chemical Co Ltd		700		15
Hokuriku Electric Power *		122,100		659
Honda Motor Co Ltd		266,400		3,003
Horiba Ltd		12,400		673
Hulic Co Ltd		184,200		1,655
Ichikoh Industries Ltd		7,800		30
IG Port		1,000		28
Iida Group Holdings Co Ltd		240,900		4,014

18

SEI Institutional International Trust

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
I'll		2,400	$	62
INFRONEER Holdings		76,900		798
Inpex Corp		249,300		3,769
Intelligent Wave Inc		7,400		46
Invincible Investment Corp ‡		4,720		1,955
I-PEX Inc		19,400		207
IR Japan Holdings Ltd		4,600		54
Isetan Mitsukoshi Holdings		47,800		555
Isuzu Motors Ltd		736,000		9,275
ITmedia		4,900		38
Ito En		47,000		1,515
ITOCHU Corp		190,400		6,898
Iwaki Co Ltd		3,800		45
Iwatani		27,900		1,409
J Front Retailing		119,600		1,225
JAC Recruitment Co Ltd		8,800		150
Japan Airport Terminal Co Ltd		21,900		930
Japan Best Rescue System		5,600		27
Japan Electronic Materials Corp		12,400		114
Japan Exchange Group Inc		72,900		1,355
Japan Lifeline Co Ltd		19,200		150
Japan Medical Dynamic Marketing		26,400		133
Japan Post Insurance Co Ltd		341,400		5,766
Japan Transcity		4,500		20
JCU Corp		3,900		81
Jeol Ltd		47,300		1,413
JK Holdings		3,700		24
J-Stream Inc		2,900		10
JTEKT Corp		13,500		128
Justsystems Corp		10,000		201
JVCKenwood Corp		26,100		119
Kakaku.com Inc		33,100		336
Kamigumi Co Ltd		48,000		991
Kanaden		3,100		27
Kao Corp		314,500		11,699
Kato Works		3,500		28
KAWADA TECHNOLOGIES Inc		1,000		42
Kawasaki Heavy Industries Ltd		24,700		599
Kawasaki Kisen Kaisha (A)		150,600		5,151
KDDI Corp		171,300		5,254
Keikyu Corp		55,300		471
Kenedix Residential Next Investment *‡		452		692
Kenko Mayonnaise Co Ltd		12,200		119
Keyence Corp		28,500		10,600
Kimura Unity Co Ltd		6,200		57
Koike Sanso Kogyo		1,300		33
Kokuyo Co Ltd		185,700		2,951
Komatsu Ltd		1,139,300		30,867
Komori Corp		12,000		85
Konica Minolta Inc		456,300		1,488
Konoike Transport Co Ltd		2,500		32
Kotobuki Spirits Co Ltd		96,500		1,563

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kubota Corp		31,100	$	459
Kureha Corp		10,600		591
Kusuri no Aoki Holdings		9,000		522
Lawson Inc		72,200		3,325
Lifedrink Co Inc		4,200		106
M&A Capital Partners		4,000		72
Macnica Holdings Inc		40,500		1,908
Makita Corp		446,700		11,052
Maruwa Co Ltd/Aichi		8,800		1,385
Maruzen Showa Unyu Co Ltd		3,400		86
Matching Service Japan		7,000		53
Mazda Motor Corp		710,100		8,073
MCJ Co Ltd		4,200		32
Medical System Network Co Ltd, Cl A		12,800		35
Medipal Holdings Corp		83,900		1,421
Megachips Corp *		7,800		218
Megmilk Snow Brand Co Ltd		25,400		390
Meidensha Corp		13,300		200
MEITEC Group Holdings		6,700		121
Menicon		18,400		237
Micronics Japan Co Ltd		21,100		300
Mimasu Semiconductor Industry Co Ltd		17,000		317
MINEBEA MITSUMI Inc		885,700		14,491
Mitsubishi Electric Corp		860,900		10,667
Mitsubishi Heavy Industries Ltd		37,500		2,097
Mitsubishi Shokuhin Co Ltd		15,200		397
Mitsui Fudosan Logistics Park ‡		248		783
Mitsui OSK Lines Ltd (A)		40,000		1,102
MIXI Inc		70,200		1,115
Mizuho Financial Group Inc		274,900		4,681
Mizuno Corp		48,400		1,537
Morito Co Ltd		4,300		39
Mory Industries		700		19
MS&AD Insurance Group Holdings Inc		171,200		6,304
Murata Manufacturing Co Ltd		1,010,700		18,517
Nagoya Railroad Co Ltd		56,700		839
Naigai Trans Line Ltd		5,300		90
NEC Corp		163,100		9,029
NEOJAPAN Inc		5,700		39
NET One Systems Co Ltd		7,000		133
Nexon Co Ltd		39,000		699
Nichiban		2,000		25
Nichirei Corp		62,500		1,376
Nifco Inc/Japan		29,200		757
Nihon Chouzai Co Ltd		12,400		123
Nihon Denkei Co Ltd		4,400		61
Nihon Flush		4,100		24
Nihon Trim Co Ltd		5,200		106
Nintendo Co Ltd		70,400		2,939
Nippon Concept Corp		4,100		49
Nippon Seisen Co Ltd		1,400		45
Nippon Shinyaku Co Ltd		26,900		1,141

SEI Institutional International Trust

19

SCHEDULE OF INVESTMENTS

September 30, 2023

International Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Nippon Shokubai Co Ltd		2,500	$	91
Nippon Steel Corp		70,400		1,654
Nippon Thompson Co Ltd		13,600		50
Nippon Yusen KK		110,600		2,880
Nipro		64,000		519
Nissan Motor Co Ltd *		917,800		4,061
Nisshinbo Holdings Inc		88,600		660
Nissin Corp		2,200		39
Nissin Foods Holdings Co Ltd		33,300		2,773
Nisso Corp		3,900		20
Nissui Corp		251,200		1,232
Nitto Kohki Co Ltd		2,200		29
Nittoc Construction Co Ltd		10,000		73
Noda Corp		2,900		27
North Pacific Bank Ltd		97,500		236
Obara Group Inc		5,000		129
OBIC Business Consultants Co Ltd		5,000		208
Obic Co Ltd		22,300		3,390
Okabe Co Ltd		8,200		41
Okuwa Co Ltd		77,900		454
Ono Pharmaceutical Co Ltd		328,900		6,321
Onward Holdings Co Ltd		83,900		293
Open House Group Co Ltd		41,100		1,397
Optim Corp *		7,100		41
Optorun Co Ltd		31,300		386
Oracle Corp Japan *		27,500		2,046
Oriental Land Co Ltd/Japan		253,100		8,326
Orix JREIT Inc ‡		742		892
Oro Co Ltd		2,100		30
Otsuka Corp		114,600		4,863
Panasonic Holdings Corp		144,900		1,633
Pegasus Co Ltd		8,800		36
Persol Holdings Co Ltd		1,636,000		2,668
Pickles Holdings Co Ltd		6,100		54
Pigeon Corp		36,200		410
Pola Orbis Holdings Inc		86,400		1,040
PR Times *		6,000		70
Pronexus Inc		3,300		26
Proto Corp		4,400		36
QB Net Holdings Co Ltd		2,400		26
Qol Holdings Co Ltd		20,400		254
Rakus		7,900		109
Recruit Holdings Co Ltd		76,800		2,372
Resona Holdings Inc		2,936,400		16,299
Ricoh Co Ltd		145,500		1,258
Ride On Express Holdings Co Ltd		6,000		42
Riken Technos Corp		7,100		34
Riken Vitamin Co Ltd		9,500		141
Riso Kagaku Corp		2,300		36
Rohto Pharmaceutical Co Ltd		95,100		2,584
RS Technologies Co Ltd *		1,600		31
Ryobi		8,200		167

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Ryohin Keikaku Co Ltd		31,600	$	410
Sakai Chemical Industry Co Ltd		1,800		25
Sakai Heavy Industries Ltd		1,000		36
Sakai Moving Service Co Ltd		4,600		77
Sakata INX		8,000		69
Sangetsu Corp		48,600		949
Sanken Electric Co Ltd		4,000		243
Sankyo Co Ltd		125,700		5,773
Santen Pharmaceutical Co Ltd		392,900		3,616
Sanwa Holdings Corp		254,000		3,384
Sanyo Shokai Ltd		13,700		183
Sato Holdings Corp		7,000		99
Sawai Group Holdings		10,000		307
SB Technology		2,800		42
SCREEN Holdings Co Ltd		59,600		2,908
Seiko Epson Corp (A)		91,500		1,441
Seino Holdings Co Ltd		9,200		129
Sekisui Kasei		8,300		26
SERAKU Co Ltd		3,000		26
Seven & i Holdings Co Ltd		282,900		11,100
Shibuya Corp		2,900		49
SHIFT *		8,300		1,519
Shikoku Electric Power		101,800		698
Shimamura Co Ltd		15,900		1,574
Shimojima Co Ltd		3,100		24
Shindengen Electric Manufacturing Co Ltd		10,600		217
Shinnihon Corp		3,900		32
Shinnihonseiyaku Co Ltd		2,300		24
Shizuoka Financial Group		75,000		613
Shofu Inc		6,300		91
Siix		2,400		24
Sinfonia Technology Co Ltd		4,200		45
SKY Perfect JSAT Holdings		13,800		65
SMK Corp		1,300		22
SMS Co Ltd *		13,900		237
Solasto		27,500		114
Soliton Systems KK		5,500		42
Sotetsu Holdings		29,500		581
Step Co Ltd		1,900		22
Strike Co Ltd		800		18
Subaru Corp		1,558,300		30,346
Sumitomo Bakelite		11,700		511
Sumitomo Forestry Co Ltd		26,400		673
Sumitomo Mitsui Financial Group Inc		248,300		12,225
Sumitomo Pharma Co Ltd *		76,500		275
Sun* *		8,300		79
Sun-Wa Technos Corp		2,600		37
Suzuken Co Ltd/Aichi Japan		26,600		824
Suzuki Motor Corp		28,800		1,161
System Research		1,400		27
T&D Holdings Inc		348,000		5,755
Taihei Dengyo Kaisha Ltd		800		22

20

SEI Institutional International Trust

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Taisho Pharmaceutical Holdings Co Ltd		23,400	$	966
Taiyo Nippon Sanso Corp		68,100		1,618
Takara & Co Ltd		2,600		43
Takara Holdings Inc		5,700		46
Takeda Pharmaceutical Co Ltd		779,100		24,231
Takeuchi Manufacturing		2,000		66
Takuma Co Ltd		4,300		45
TechMatrix Corp		12,700		135
Techno Quartz Inc		1,200		32
Teijin Ltd		70,800		689
Temairazu Inc		6,600		112
Tera Probe Inc		2,447		69
TIS Inc		48,200		1,064
Tocalo Co Ltd		4,500		41
Tochigi Bank Ltd/The		12,400		27
Toho Co Ltd/Kobe		2,700		61
Tohoku Electric Power Co Inc		116,500		755
Tokai Carbon		215,700		1,693
Tokyo Seimitsu Co Ltd		59,200		2,971
Tokyu Corp		62,000		716
Tomy Co Ltd		61,400		890
Tonami Holdings Co Ltd		800		25
Toray Industries Inc		3,079,100		16,053
TOTO Ltd		26,400		683
Toyo Engineering Corp *		26,300		121
Toyo Kanetsu		2,300		52
Transcosmos Inc *		5,100		109
Trend Micro Inc/Japan *		51,600		1,960
Trusco Nakayama Corp		14,500		238
Tsubakimoto Chain Co		8,600		223
Tsubakimoto Kogyo		700		23
TYK Corp/Tokyo		11,000		25
United Arrows Ltd		13,700		180
V Technology Co Ltd		4,600		64
Valor Holdings Co Ltd		8,900		130
ValueCommerce Co Ltd		25,300		216
VINX Corp		2,300		20
Vision *		13,600		138
Visional Inc *		15,000		758
Vital KSK Holdings		5,500		37
Warabeya Nichiyo Holdings Co Ltd		25,400		481
Waseda Academy Co Ltd		3,100		30
WingArc1st Inc		12,700		217
Xebio Holdings Co Ltd		7,200		48
Yamae Group Holdings Co Ltd		2,800		69
Yamaha Motor Co Ltd		132,200		3,483
Yamaichi Electronics Co Ltd		6,300		73
Yamato Kogyo		20,700		991
Yamazaki Baking Co Ltd		32,700		602
Yamazen Corp		10,200		80
Yokowo Co Ltd		7,900		83
Yorozu Corp		5,500		35

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Yoshinoya Holdings		25,300	$	477
Yossix Holdings Co Ltd		4,600		85
Zenkoku Hosho		5,100		168
Zeon		109,100		1,143
ZERIA Pharmaceutical		1,600		24
ZIGExN Co Ltd		12,900		45
Zuken Inc		5,000		121
				568,369
Luxembourg — 0.5%
ArcelorMittal SA		727,508		18,312
L'Occitane International		153,500		458
				18,770
Malaysia — 0.0%
Genting Plantations Bhd		31,100		36
Taliworks Corp Bhd		143,900		24
				60
Mexico — 0.0%
Grupo Herdez SAB de CV		27,929		65
Netherlands — 6.9%
ABN AMRO Bank NV		192,300		2,736
Adyen NV *		6,361		4,753
Akzo Nobel NV		237,223		17,199
ASM International NV		14,162		5,960
ASML Holding NV, Cl G		9,089		5,350
Heineken Holding NV		18,530		1,401
ING Groep NV		2,976,989		39,556
James Hardie Industries PLC *		320,392		8,435
Koninklijke Ahold Delhaize NV		750,940		22,675
Koninklijke KPN NV		1,070,215		3,534
Koninklijke Philips NV		1,835,974		36,867
Koninklijke Vopak NV		32,063		1,101
NN Group NV		121,053		3,901
Randstad NV		562,860		31,215
Shell PLC		1,883,805		60,744
TomTom NV *		8,612		62
Universal Music Group NV		40,841		1,069
Wolters Kluwer NV		110,023		13,355
				259,913
New Zealand — 0.0%
Spark New Zealand Ltd		291,429		842
Norway — 0.2%
Bouvet ASA		9,949		53
DNB Bank ASA		189,437		3,838
Equinor ASA		31,226		1,031
Frontline		47,905		900
Hoegh Autoliners ASA		15,224		110
Seadrill *		10,073		458
Stolt-Nielsen Ltd		1,480		43

SEI Institutional International Trust

21

SCHEDULE OF INVESTMENTS

September 30, 2023

International Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Wallenius Wilhelmsen ASA, Cl B		12,734	$	101
				6,534
Portugal — 0.3%
Banco Comercial Portugues, Cl R *		3,664,273		1,010
Jeronimo Martins SGPS SA		459,285		10,338
Mota-Engil SGPS		16,657		61
				11,409
Qatar — 0.0%
Ooredoo QPSC		171,417		503
Saudi Arabia — 0.4%
Al-Dawaa Medical Services		1,965		50
Arabian Centres		9,678		52
Dar Al Arkan Real Estate Development Co *		918,852		3,866
Elm Co		41,370		8,602
Etihad Etisalat Co		94,878		1,127
Saudi Electricity Co		447,510		2,277
Saudi Marketing		15,873		98
				16,072
Singapore — 0.5%
Genting Singapore Ltd		700,600		434
IGG Inc *		460,000		189
Keppel DC REIT ‡		592,300		903
Oversea-Chinese Banking Corp Ltd		121,400		1,139
Seatrium *		17,995,400		1,767
Sembcorp Industries		410,300		1,530
Singapore Airlines Ltd		1,274,800		6,033
United Overseas Bank Ltd		341,500		7,131
				19,126
South Africa — 0.2%
Anglo American PLC		312,800		8,650
DataTec Ltd		100,188		191
				8,841
South Korea — 2.1%
BNK Financial Group Inc		604,863		3,067
JLS Co Ltd		2,440		13
Samsung Electronics Co Ltd		1,058,884		53,531
SaraminHR Co Ltd		1,991		31
Shinhan Financial Group Co Ltd		353,824		9,312
SK Hynix Inc		143,316		12,134
				78,088
Spain — 2.8%
Aena SME SA		95,382		14,400
Amadeus IT Group SA, Cl A		380,577		23,080
Banco Bilbao Vizcaya Argentaria SA		398,624		3,254
Banco Santander SA		1,302,956		4,992
CaixaBank SA		5,392,064		21,614
Cia de Distribucion Integral Logista Holdings SA		2,009		51
Iberdrola SA		909,646		10,204

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Indra Sistemas SA		35,279	$	512
Industria de Diseno Textil SA		707,031		26,417
				104,524
Sweden — 2.6%
AddTech, Cl B		26,445		426
Alfa Laval AB		24,744		856
Atlas Copco AB, Cl A		1,098,243		14,885
Beijer Ref AB, Cl B		39,419		419
Betsson, Cl B		44,087		488
Elekta, Cl B		69,306		475
Essity AB, Cl B		548,080		11,901
Evolution AB		55,115		5,613
Fastighets Balder, Cl B *		224,226		1,017
H & M Hennes & Mauritz AB, Cl B		1,039,714		14,878
Husqvarna AB, Cl B		112,532		867
Investor AB, Cl B		85,557		1,652
Lifco, Cl B		30,501		539
Munters Group		40,961		530
Saab AB, Cl B		44,993		2,306
Securitas AB, Cl B		1,887,912		15,059
SKF AB, Cl B		146,066		2,449
Thule Group		30,133		796
Troax Group		615		9
Volvo AB, Cl B		1,082,188		22,472
				97,637
Switzerland — 4.9%
ABB Ltd		444,953		15,954
Accelleron Industries		22,275		580
Alcon Inc		76,714		5,949
BKW		9,856		1,740
Burckhardt Compression Holding AG		197		107
Cie Financiere Richemont SA, Cl A		15,944		1,952
dormakaba Holding AG		2,385		1,176
DSM-Firmenich		4,561		387
Julius Baer Group Ltd		354,928		22,837
Kuehne + Nagel International AG		45,429		12,961
Landis+Gyr Group		7,018		509
Lonza Group AG		5,777		2,688
Novartis AG		350,475		35,963
Partners Group Holding AG		4,926		5,570
Schindler Holding AG		25,938		5,189
Siegfried Holding		732		628
Sika AG		23,590		6,011
Swatch Group AG/The		75,431		19,410
Swissquote Group Holding SA		2,598		476
UBS Group AG		1,413,791		35,066
Zurich Insurance Group AG		17,973		8,254
				183,407
Taiwan — 1.5%
Acer Inc		1,623,000		1,829
Ampire Co Ltd		–		–

22

SEI Institutional International Trust

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Apacer Technology Inc		23,000	$	39
ASROCK		82,000		540
Asustek Computer Inc		120,000		1,365
Compal Electronics Inc		311,000		296
Emerging Display Technologies Corp		48,000		47
Global Lighting Technologies Inc		13,000		21
Hon Hai Precision Industry Co Ltd		9,925,000		31,991
ITE Technology Inc		50,728		247
Lite-On Technology Corp		1,121,000		4,232
Micro-Star International Co Ltd		65,000		331
Novatek Microelectronics Corp		446,000		5,857
Pegatron Corp		84,000		199
Quanta Computer Inc		456,000		3,413
Realtek Semiconductor Corp		79,000		970
Taiwan FU Hsing Industrial Co Ltd		21,000		28
Wistron Corp		1,062,000		3,363
Zyxel Group Corp		155,000		240
				55,008
Thailand — 0.2%
Bangkok Bank PCL NVDR		749,900		3,450
Lanna Resources PCL NVDR		155,400		67
PTT Exploration & Production PCL NVDR		484,500		2,275
PTT PCL NVDR		1,835,000		1,688
				7,480
United Kingdom — 15.0%
4imprint Group PLC		596		38
Accenture PLC, Cl A		16,164		4,964
AG Barr PLC		22,151		133
AJ Bell PLC		26,807		90
Aon PLC, Cl A		24,780		8,034
AstraZeneca PLC		171,637		23,258
Aviva PLC		2,073,078		9,863
BAE Systems PLC		464,074		5,652
Barclays PLC		16,152,055		31,334
Berkeley Group Holdings PLC		93,144		4,669
BP PLC		3,668,472		23,794
BP PLC ADR		604,309		23,399
Breedon Group		7,305		29
British American Tobacco PLC		384,238		12,086
Bytes Technology Group		9,436		57
Centrica PLC		5,823,391		10,978
Coca-Cola Europacific Partners PLC		30,357		1,897
Compass Group PLC		537,229		13,114
Computacenter PLC		34,397		1,062
CRH PLC		3,585		199
Diageo PLC		970,357		35,934
Experian PLC		133,156		4,374
Ferguson PLC		37,802		6,259
Ferrexpo PLC *		524,939		488
Greggs PLC		71,696		2,142
GSK PLC		818,467		14,905

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Howden Joinery Group PLC		134,110	$	1,205
HSBC Holdings PLC		2,994,866		23,574
Hunting PLC		29,771		111
ICON PLC *		37,207		9,162
International Consolidated Airlines Group SA *		1,294,591		2,339
Intertek Group PLC		213,780		10,729
Investec PLC		1,346,466		7,930
J Sainsbury PLC		7,983,038		24,632
Just Group PLC		553,597		486
Legal & General Group PLC		2,292,070		6,225
Man Group PLC/Jersey		834,115		2,275
NatWest Group PLC		4,577,550		13,169
Ninety One PLC		348,352		729
Pagegroup PLC		214,227		1,096
Pets at Home Group Plc		145,000		593
Polar Capital Holdings PLC		163		1
QinetiQ Group PLC		90,352		352
Reckitt Benckiser Group PLC		536,849		37,965
RELX PLC		389,734		13,217
Rolls-Royce Holdings PLC *		16,515,284		44,529
Sage Group PLC/The		439,261		5,302
Segro PLC ‡		256,890		2,256
Smith & Nephew PLC		1,292,211		16,135
Speedy Hire PLC		81,426		32
Standard Chartered PLC		1,639,069		15,164
STERIS PLC		26,561		5,828
Tesco PLC		7,436,276		23,980
TORM PLC, Cl A		6,386		173
Travis Perkins PLC		1,381,789		14,241
Unilever PLC		656,792		32,563
Vodafone Group PLC		3,892,519		3,650
WH Smith PLC		474,925		7,791
Whitbread PLC		19,547		826
				567,012
United States — 5.5%
Arch Capital Group Ltd *		79,145		6,309
Atlassian Corp Ltd, Cl A *		37,287		7,514
CyberArk Software *		12,692		2,079
DHT Holdings		57,557		593
EPAM Systems Inc *		13,045		3,335
Linde		12,493		4,652
Mettler-Toledo International Inc *		3,155		3,496
Monday.com Ltd *		35,671		5,679
Nestle SA		222,682		25,252
RHI Magnesita NV		760		26
Roche Holding AG		285,295		78,107
Sanofi		441,322		47,416
Schneider Electric SE		43,313		7,199
Spotify Technology *		59,992		9,277
Tenaris SA		35,484		563
Viemed Healthcare Inc *		9,827		66

SEI Institutional International Trust

23

SCHEDULE OF INVESTMENTS

September 30, 2023

International Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Waste Connections Inc		35,701	$	4,795
				206,358
Total Common Stock
(Cost $3,378,231) ($ Thousands)				3,625,321
PREFERRED STOCK — 0.7%
Brazil — 0.0%
Gerdau SA (B)		7,665		37
Schulz SA (B)		20,100		30
				67
Germany — 0.7%
FUCHS PETROLUB SE, 2.800%		3,890		152
Henkel AG & Co KGaA (B)		153,025		10,929
Schaeffler AG (B)		198,812		1,148
Volkswagen AG, 7.200%		115,587		13,332
				25,561
Total Preferred Stock
(Cost $30,854) ($ Thousands)				25,628
EXCHANGE TRADED FUND — 0.0%
United States — 0.0%
iShares Core MSCI EAFE ETF		26,037		1,676
Total Exchange Traded Fund
(Cost $1,671) ($ Thousands)				1,676
		Number of Rights
RIGHTS — 0.0%
Australia — 0.0%
Orora LTD, Expires 10/28/2023 *		559,733		18
Total Rights
(Cost $—) ($ Thousands)				18
	Shares
AFFILIATED PARTNERSHIP — 0.2%
SEI Liquidity Fund, LP
5.410% **†(C)		7,032,522		7,071
Total Affiliated Partnership
(Cost $7,033) ($ Thousands)				7,071

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 0.9%
SEI Daily Income Trust, Government Fund, Institutional Class
5.210%**†		34,469,085	$	34,469
Total Cash Equivalent
(Cost $34,469) ($ Thousands)				34,469
Total Investments in Securities — 97.7%
(Cost $3,452,258) ($ Thousands)			$	3,694,183

24

SEI Institutional International Trust

A list of the open futures contracts held by the Fund at September 30, 2023, 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		315		Dec-2023	$	14,428	$	14,021	$	(241	)
FTSE 100 Index		88		Dec-2023		8,321		8,239		87
Hang Seng Index		13		Oct-2023		1,504		1,485		(17	)
SPI 200 Index		40		Dec-2023		4,699		4,573		(94	)
TOPIX Index		57		Dec-2023		9,160		8,875		(188	)
					$	38,112	$	37,193	$	(453	)

A list of the open OTC Swap agreement held by the Fund at September 30, 2023, is as follows:

Total Return Swap

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount (Thousands)

Value (Thousands)

Upfront Payments/ Receipts (Thousands)

Net Unrealized Appreciation (Depreciation) (Thousands)

Morgan Stanley

Custom Basket of International Equity Securities

Federal Funds Effective Rate (Daily) + custom spread

Asset Returns

Annually

02/03/2027

USD

1,159

$

760

$

–

$

760

$

760

$

–

$

760

The following table represents the top 50 individual stock exposures comprising the Custom Basket Total Return Swap as of September 30, 2023:

United States Custom Basket of Long Securities

Shares		Description	Notional Amount (Thousands)		Value (Thousands)			Percentage of Basket
	149,121	UNILEVER PLC	$	7,585	$	(209	)	654.4	%
	111,716	CRH PLC		6,008		172		518.4
	13,210	L OREAL		5,777		(291	)	498.4
	30,324	AIR LIQUIDE		5,436		(316	)	469.0
	8,662	ASML		5,168		(81	)	445.9
	504,881	STANDARD CHARTERED PLC		4,651		9		401.3
	232,100	TOYOTA MOTOR CORP		4,429		(275	)	382.1
	178,953	UNICREDITO SPA		4,139		158		357.1
	454,863	HSBC HOLDINGS PLC		3,555		18		306.7
	30,029	VINCI SA		3,443		(112	)	297.1
	132,000	YAKULT HONSHA CO LTD		3,369		(163	)	290.7
	123,586	3I GROUP PLC		3,193		(73	)	275.5
	33,775	LEGRAND SA		3,138		(22	)	270.8
	103,300	CHUGAI PHARMACEUTICAL CO LTD		2,962		235		255.6
	80,103	EXPERIAN PLC		2,792		(168	)	240.9
	15,802	SAFRAN SA		2,569		(88	)	221.7
	251,660	INFORMA PLC		2,371		(71	)	204.6
	294,695	B&M EUROPEAN VALUE RETAIL SA		2,108		(3	)	181.9
	72,296	COCA-COLA HBC AG-DI		2,048		(68	)	176.7
	157,601	SAGE GROUP PLC/THE		2,009		(111	)	173.3
	22,166	NEXT PLC		1,977		(7	)	170.6
	40,658	SPECTRIS PLC		1,700		(20	)	146.7
	61,270	HALMA PLC		1,631		(185	)	140.7
	35,553	WHITBREAD PLC		1,621		(121	)	139.9
	589,155	MARKS & SPENCER GROUP PLC		1,605		93		138.5
	568,934	ROLLS-ROYCE HOLDINGS PLC		1,604		(73	)	138.4

SEI Institutional International Trust

25

SCHEDULE OF INVESTMENTS

September 30, 2023

International Equity Fund (Continued)

Shares		Description	Notional Amount (Thousands)		Value (Thousands)			Percentage of Basket
	106,000	CHUBU ELECTRIC POWER CO INC	$	1,510	$	(159	)	130.3	%
	55,988	HIKMA PHARMACEUTICALS PLC		1,432		(8	)	123.6
	109,542	MEDIOBANCA		1,427		23		123.1
	27,043	BERKELEY GROUP HOLDINGS/THE		1,411		(59	)	121.7
	37,673	ACCOR SA		1,392		(121	)	120.1
	38,570	RELX PLC		1,321		(16	)	114.0
	36,500	BUNZL PLC		1,293		7		111.6
	6,590	DASSAULT AVIAT.		1,268		(26	)	109.4
	55,805	ABCAM PLC-SPON ADR		1,263		(3	)	109.0
	579,870	CENTRICA PLC		1,220		(129	)	105.3
	16,282	EURONEXT NV		1,132		3		97.7
	9,151	NESTLE AG		1,076		(40	)	92.8
	5,156	SOPRA STERIA GROUP		1,063		4		91.7
	32,871	AXA		1,030		(52	)	88.9
	38,752	ASSOCIATED BRITISH FOODS PLC		1,000		(24	)	86.3
	37,179	KLEPIERRE		988		(76	)	85.2
	6,918	GAMES WORKSHOP GROUP PLC		985		(91	)	85.0
	237,172	BALFOUR BEATTY PLC		977		(50	)	84.3
	14,741	TOTALENERGIES SE		973		(2	)	84.0
	14,706	ASHTEAD GROUP PLC		949		(53	)	81.9
	8,496	SODEXHO		925		(50	)	79.8
	26,648	SCOR S.A.		881		(52	)	76.0
	79,531	BRITVIC PLC		873		(29	)	75.3
	19,917	VERALLIA		861		(77	)	74.3
	10,994	KINGSPAN GROUP		805		20		69.5
	250,000	MONEYSUPERMARKET.COM		788		(49	)	68.0
	442,375	TRITAX BIG BOX REIT PLC		781		(27	)	67.4
	171,754	BREEDON GROUP PLC		737		(49	)	63.6
	165,717	AIB GROUP		717		29		61.9
	46,378	BURFORD CAPITAL LTD		690		(52	)	59.5
	596,418	CENTAMIN PLC		666		(60	)	57.5
	8,397	PUBLICIS		657		(21	)	56.7
	9,830	4IMPRINT GROUP PLC		623		6		53.8
	9,818	AMUNDI SA		570		(17	)	49.2
	22,483	TECHNIP ENERGIES NV		562		(2	)	48.5
	92,482	BYTES TECHNOLOGY GROUP PLC		557		4		48.1
	100,451	EASYJET PLC		555		(51	)	47.9
	17,428	SPIE SA - W/I		524		(14	)	45.2
	147,570	SAINSBURY (J) PLC		511		(57	)	44.1
	263,944	INTL CONSOLIDATED AIRLINE-DI		503		(27	)	43.4
	101,837	DOMINO'S PIZZA GROUP PLC		498		(31	)	43.0
	231,850	LONDONMETRIC PROPERTY PLC		498		(12	)	43.0
	12,816	DIPLOMA PLC		497		(28	)	42.9
	27,619	ELIS SA		497		(11	)	42.9
	4,920	EIFFAGE		489		(21	)	42.2
	21,716	INDIVIOR PLC		487		(17	)	42.0

United States Custom Basket of Short Securities

Shares			Description	Notional Amount (Thousands)			Value (Thousands)		Percentage of Basket
	(88,900	)	KYOCERA CORP	$	(4,600	)	$	88	(396.9	)%
	(215,800	)	AOZORA BANK LTD		(4,552	)		139	(392.8	)
	(197,600	)	AEON CO LTD		(3,950	)		30	(340.8	)
	(100,600	)	KAO CORP		(3,845	)		110	(331.8	)
	(100,200	)	TAISEI CORP		(3,619	)		93	(312.3	)
	(28,000	)	COSMOS PHARMACEUTICAL CORP		(3,051	)		186	(263.2	)
	(766,715	)	NOKIA OYJ		(3,008	)		117	(259.5	)
	(72,000	)	TREND MICRO INC		(2,948	)		218	(254.4	)
	(51,800	)	NIPPON EXPRESS HOLDINGS INC		(2,730	)		26	(235.5	)

26

SEI Institutional International Trust

Shares			Description	Notional Amount (Thousands)			Value (Thousands)			Percentage of Basket
	(118,200	)	SUMITOMO CORP	$	(2,525	)	$	166		(217.9	)%
	(19,527	)	SPIRAX-SARCO ENGINEERING PLC		(2,400	)		134		(207.1	)
	(78,200	)	KINTETSU GROUP HOLDINGS CO LTD		(2,388	)		172		(206.0	)
	(140,000	)	BROTHER INDUSTRIES LTD		(2,344	)		88		(202.2	)
	(18,300	)	FUJITSU LTD		(2,316	)		162		(199.8	)
	(137,200	)	MISUMI GROUP INC		(2,312	)		168		(199.5	)
	(706,400	)	YAMADA HOLDINGS CO LTD		(2,261	)		90		(195.1	)
	(18,700	)	NITORI HOLDINGS CO LTD		(2,229	)		139		(192.3	)
	(55,600	)	MCDONALDS HOLDINGS COJAPAN LTD		(2,177	)		54		(187.8	)
	(144,300	)	ASTELLAS PHARMA INC		(2,172	)		170		(187.4	)
	(78,000	)	DAI NIPPON PRINTING CO LTD		(2,141	)		112		(184.7	)
	(146,100	)	SEINO HOLDINGS CO LTD		(2,137	)		89		(184.4	)
	(16,000	)	HIROSE ELECTRIC CO LTD		(1,917	)		63		(165.4	)
	(39,200	)	HAMAMATSU PHOTONICS KK		(1,761	)		110		(151.9	)
	(42,988	)	QIAGEN NV		(1,724	)		(15	)	(148.7	)
	(233,200	)	SHIMIZU CORP		(1,665	)		43		(143.7	)
	(62,300	)	SUMITOMO HEAVY IND LTD		(1,645	)		65		(141.9	)
	(47,227	)	UPM-KYMMENE OYJ		(1,618	)		(2	)	(139.6	)
	(86,300	)	SCSK CORP		(1,543	)		37		(133.1	)
	(92,527	)	MONDI PLC		(1,533	)		(14	)	(132.3	)
	(84,100	)	UBE CORP		(1,510	)		92		(130.3	)
	(624,400	)	SEVEN BANK LTD		(1,375	)		76		(118.6	)
	(77,600	)	USS CO LTD		(1,336	)		53		(115.3	)
	(37,100	)	AGC INC		(1,334	)		32		(115.1	)
	(72,600	)	IIDA GROUP HOLDINGS CO LTD		(1,328	)		121		(114.6	)
	(124,900	)	AMADA CO LTD		(1,324	)		67		(114.2	)
	(136,000	)	KS HOLDINGS CORP		(1,300	)		52		(112.2	)
	(96,320	)	SCA B		(1,284	)		(43	)	(110.8	)
	(184,500	)	ASAHI KASEI CORP		(1,242	)		83		(107.2	)
	(40,100	)	SUZUKEN CO LTD		(1,224	)		(17	)	(105.6	)
	(30,677	)	ORION OYJ B		(1,201	)		(6	)	(103.6	)
	(66,700	)	YAMATO HOLDINGS CO LTD		(1,163	)		76		(100.3	)
	(66,500	)	KEWPIE CORP		(1,117	)		48		(96.4	)
	(180,100	)	THE HACHIJUNI BANK LTD		(1,093	)		99		(94.3	)
	(556,600	)	SATS LTD		(1,058	)		(2	)	(91.3	)
	(75,400	)	OLYMPUS CORP		(1,042	)		62		(89.9	)
	(96,002	)	ST JAMES'S PLACE PLC		(1,028	)		55		(88.7	)
	(135,200	)	ANRITSU CORP		(1,018	)		53		(87.8	)
	(906,200	)	MAPLETREE PAN ASIA COMMERCIAL		(1,017	)		70		(87.7	)
	(52,415	)	EVONIK INDUSTR		(1,017	)		57		(87.7	)
	(100,700	)	LION CORP		(1,015	)		21		(87.6	)
	(196,100	)	LINK REIT		(948	)		(12	)	(81.8	)
	(100,500	)	HAKUHODO DY HOLDINGS INC		(924	)		98		(79.7	)
	(10,088	)	SGS SA-REG		(923	)		75		(79.6	)
	(58,600	)	SEKISUI CHEMICAL CO LTD		(902	)		58		(77.8	)
	(62,500	)	MITSUBISHI ESTATE CO LTD		(879	)		62		(75.8	)
	(50,100	)	JAPAN POST INSURANCE CO LTD		(874	)		41		(75.4	)
	(118,700	)	SPORE EXCH		(865	)		18		(74.6	)
	(27,100	)	MABUCHI MOTOR CO LTD		(849	)		39		(73.3	)
	(73,947	)	NORDIC VLSI		(842	)		72		(72.6	)
	(58,100	)	NOK CORP		(830	)		59		(71.6	)
	(63,000	)	BENESSE HOLDINGS INC		(809	)		38		(69.8	)
	(37,918	)	GN STORE NORD		(726	)		39		(62.6	)
	(355,000	)	NEW WORLD DEV		(716	)		27		(61.8	)
	(139,850	)	SCHRODERS PLC		(715	)		21		(61.7	)
	(400,000	)	SINGAPORE TELECOMMUNICATIONS		(704	)		(3	)	(60.7	)
	(2,774	)	SONOVA H AG ORD		(693	)		35		(59.8	)
	(64,682	)	ELECTROLUX B		(682	)		10		(58.8	)
	(728,800	)	SUNTEC REIT		(652	)		34		(56.3	)
	(51,300	)	USHIO INC		(643	)		20		(55.5	)

SEI Institutional International Trust

27

SCHEDULE OF INVESTMENTS

September 30, 2023

International Equity Fund (Concluded)

Shares			Description	Notional Amount (Thousands)			Value (Thousands)			Percentage of Basket
	(22,727	)	CORPORACION ACCIONA ENERGIAS RENOVABLES	$	(642	)	$	56		(55.4	)%
	(41,300	)	KINDEN CORP		(621	)		20		(53.6	)
	(54,655	)	ALK-ABELL B		(619	)		4		(53.4	)
	(75,235	)	BILLERUD AB		(590	)		(111	)	(50.9	)
	(14,500	)	SHO-BOND HOLDINGS CO LTD		(583	)		13		(50.3	)
	(34,900	)	FUJI CORP		(583	)		41		(50.3	)
	(21,046	)	SIGNIFY NV		(563	)		(4	)	(48.6	)
	(31,900	)	MEITEC GROUP HOLDINGS INC		(559	)		(18	)	(48.2	)
	(143,495	)	BANK OF QUEENSLAND LTD		(546	)		15		(47.1	)
	(15,800	)	HANWA CO LTD		(540	)		38		(46.6	)
	(41,300	)	AIR WATER INC		(530	)		15		(45.7	)
	(30,800	)	OSAKA GAS CO LTD		(530	)		23		(45.7	)
	(104,517	)	ERICSSON LM-B SHS		(527	)		2		(45.5	)
	(5,518	)	REPLY SPA		(520	)		-		(44.9	)
	(18,467	)	BOLIDEN		(514	)		(20	)	(44.3	)
	(74,864	)	SES SA		(513	)		23		(44.3	)
	(68,600	)	NISSHINBO HOLDINGS INC		(512	)		2		(44.2	)
	(27,500	)	WELCIA HOLDINGS CO LTD		(499	)		24		(43.1	)
	(63,152	)	PENNON GROUP PLC		(499	)		49		(43.1	)
	(127,951	)	ATLAS ARTERIA		(494	)		38		(42.6	)
	(336,105	)	XINYI GLASS		(482	)		48		(41.6	)
	(26,660	)	LATOUR B		(468	)		(4	)	(40.4	)
	(32,800	)	SG HOLDINGS CO LTD		(464	)		44		(40.0	)
	(17,535	)	ALSTOM		(452	)		33		(39.0	)
	(5,783	)	NEXI SPA		(37	)		2		(3.2	)

	Percentages are based on Net Assets of $3,781,258 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2023.
†	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, 2023.
(B)	No interest rate available.
(C)	This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2023 was $7,071 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2023, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):
Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Common Stock		3,381,846		243,475		–		3,625,321
Preferred Stock		25,628		–		–		25,628
Exchange Traded Fund		1,676		–		–		1,676
Rights		18		–		–		18
Affiliated Partnership		–		7,071		–		7,071
Cash Equivalent		34,469		–		–		34,469
Total Investments in Securities		3,443,637		250,546		–		3,694,183

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		87			–		–		87
Unrealized Depreciation		(540	)		–		–		(540	)
OTC Swap
Total Return Swap*
Unrealized Appreciation		–			760		–		760
Total Other Financial Instruments		(453	)		760		–		307

* Futures 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.

28

SEI Institutional International Trust

The following is a summary of the transactions with affiliates for the year ended September 30, 2023 ($ Thousands):

Security Description	Value 9/30/2022		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)		Change in Unrealized Appreciation/​(Depreciation)		Value 9/30/2023		Income		Capital Gains
SEI Liquidity Fund, LP	$	113,836	$	675,230	$	(782,067	)	$	57	$	15	$	7,071	$	721		$ —
SEI Daily Income Trust, Government Fund, Institutional Class		68,913		544,134		(578,578	)		—		—		34,469		1,957		—
Totals	$	182,749	$	1,219,364	$	(1,360,645	)	$	57	$	15	$	41,540	$	2,678	$	—

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

29

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets 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 — 93.4%
Austria — 0.3%
Erste Group Bank AG		120,469	$	4,186
Brazil — 4.5%
Ambev SA *		501,400		1,314
Ambev SA ADR *		1,050,057		2,709
Arcos Dorados Holdings Inc, Cl A		233,058		2,205
Azul SA ADR *		117,787		1,012
B3 SA - Brasil Bolsa Balcao		183,200		449
Banco Bradesco SA ADR *		108,725		310
Banco BTG Pactual SA *		128,361		796
Banco do Brasil SA		698,183		6,591
BB Seguridade Participacoes SA		129,034		806
Cia Energetica de Minas Gerais ADR		394,546		955
CPFL Energia SA		650,995		4,400
Cyrela Brazil Realty SA Empreendimentos e Participacoes		112,300		453
Engie Brasil Energia SA		70,117		581
Gerdau SA ADR		202,268		965
Klabin SA		130,703		625
Lojas Renner SA *		412,800		1,105
MercadoLibre Inc *		1,318		1,671
Multiplan Empreendimentos Imobiliarios SA *		507,100		2,497
Natura & Co Holding SA *		2,064,900		6,019
Petroleo Brasileiro SA ADR *		245,416		3,679
PRIO SA *		449,065		4,217
Raia Drogasil SA		85,515		472
Rumo SA		628,100		2,872
Sendas Distribuidora S/A		2,249,900		5,480
SLC Agricola SA		28,792		226
Suzano SA		44,183		477

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Telefonica Brasil SA		55,222	$	474
TIM SA/Brazil		501,400		1,498
TIM SA/Brazil ADR (A)		38,243		570
Ultrapar Participacoes SA		42,256		159
Vale SA		195,700		2,639
Vale SA ADR, Cl B		157,413		2,109
WEG SA		315,853		2,293
YDUQS Participacoes SA		312,800		1,238
				63,866
Canada — 0.1%
Ivanhoe Mines Ltd, Cl A *		170,233		1,466
Chile — 0.7%
Banco de Chile		59,089,197		5,985
Banco Santander Chile ADR		7,331		135
Cencosud SA		220,791		416
Enel Chile ADR		72,258		214
Enel Chile SA		35,066,953		2,120
Sociedad Quimica y Minera de Chile SA ADR		5,033		300
				9,170
China — 25.9%
37 Interactive Entertainment Network Technology Group Co Ltd, Cl A		1,523,600		4,554
3SBio Inc		497,592		416
Agricultural Bank of China Ltd, Cl H		13,609,000		5,060
Alibaba Group Holding Ltd *		3,882,972		42,095
Aluminum Corp of China Ltd, Cl A		833,082		718
Anhui Conch Cement Co Ltd, Cl H		797,500		2,110
Anhui Yingjia Distillery, Cl A		125,900		1,274
ANTA Sports Products Ltd		55,024		616
Avary Holding Shenzhen, Cl A		142,300		397
Baidu Inc ADR *		74,584		10,020
Bank of Beijing, Cl A		771,502		489
Bank of China Ltd, Cl H		14,975,701		5,217
Bank of Communications Co Ltd, Cl H		4,166,707		2,516
Bank of Jiangsu Co Ltd, Cl A		734,392		724
Baoshan Iron & Steel Co Ltd, Cl A		489,876		409
BBMG Corp, Cl A		665,673		201
BeiGene Ltd ADR *		881		158
Beijing Enterprises Holdings Ltd		657,404		2,261
Beijing Tongrentang, Cl A		22,800		171
BOE Technology Group Co Ltd, Cl A		1,041,700		552
Bosideng International Holdings Ltd		4,066,050		1,745
Budweiser Brewing Co APAC Ltd		906,000		1,780
BYD Co Ltd, Cl H		210,756		6,493
BYD Electronic International Co Ltd		597,500		2,714
China CITIC Bank Corp Ltd, Cl H		1,020,874		474
China Communications Services Corp Ltd, Cl H		6,540,712		2,744
China Construction Bank Corp, Cl H		13,522,513		7,601
China Everbright Bank, Cl A		637,500		268
China Everbright Bank Co Ltd, Cl H		4,398,900		1,317

30

SEI Institutional International Trust

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
China Hongqiao Group Ltd		53,499	$	52
China Life Insurance Co Ltd, Cl H		174,628		271
China Medical System Holdings Ltd		2,383,990		3,598
China Meidong Auto Holdings Ltd		4,508,000		2,463
China Merchants Securities Co Ltd, Cl A		237,776		457
China Overseas Land & Investment Ltd		1,976,500		4,083
China Pacific Insurance Group Co Ltd, Cl H		321,858		801
China Petroleum & Chemical Corp, Cl H		4,006,981		2,179
China Resources Land Ltd		3,547,455		14,086
China Shenhua Energy Co Ltd, Cl H		92,624		300
China Tower Corp Ltd, Cl H		6,790,000		649
Chinasoft International Ltd		733,101		520
Chongqing Brewery Co Ltd, Cl A		176,000		2,059
CITIC Ltd		270,605		248
CITIC Securities Co Ltd, Cl H		920,000		1,857
CMOC Group Ltd, Cl A		2,428,000		1,975
Contemporary Amperex Technology Co Ltd, Cl A		8,127		227
Daqin Railway Co Ltd, Cl A		526,000		525
Dongfeng Motor Group Co Ltd, Cl H		3,584,000		1,410
Focus Media Information Technology Co Ltd, Cl A		488,275		479
Foshan Haitian Flavouring & Food Co Ltd, Cl A		1,172,985		6,144
Fuyao Glass Industry Group Co Ltd, Cl H		128,000		585
Ganfeng Lithium Group, Cl A		98,000		602
Great Wall Motor Co Ltd, Cl H		812,500		963
Gree Electric Appliances Inc of Zhuhai, Cl A		117,926		588
GRG Banking Equipment, Cl A		172,800		287
Guangzhou Automobile Group Co Ltd, Cl H		4,654,000		2,293
Guangzhou Kingmed Diagnostics Group Co Ltd, Cl A		451,383		3,868
H World Group Ltd ADR *		7,728		305
Haidilao International Holding Ltd		2,653,500		7,074
Haier Smart Home Co Ltd, Cl A		986,261		3,206
Haier Smart Home Co Ltd, Cl H		2,144,859		6,703
Hangzhou Robam Appliances Co Ltd, Cl A		57,800		214
Heilongjiang Agriculture, Cl A		264,318		477
Heilongjiang Agriculture Co Ltd, Cl A		554,882		1,001
Huayu Automotive Systems Co Ltd, Cl A		152,175		392
Humanwell Healthcare Group, Cl A		110,100		366
Industrial & Commercial Bank of China Ltd, Cl H		27,324,267		13,104
Inner Mongolia ERDOS Resources Co Ltd, Cl A		21,140		27
Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd, Cl A		26,598		15
iQIYI Inc ADR *		1,564,351		7,415
JD.com Inc ADR		45,130		1,315
JD.com Inc, Cl A		90,700		1,319
Jiangsu Yuyue Medical Equipment & Supply, Cl A		105,100		496
Jiangxi Copper Co Ltd, Cl A		582,200		1,538

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Jointown Pharmaceutical Group Co Ltd, Cl A		397,916	$	590
JOYY Inc ADR		8,956		341
KE Holdings Inc ADR *		16,744		260
Kingsoft Corp Ltd		402,500		1,450
Kuaishou Technology, Cl B *		106,770		849
Kunlun Energy Co Ltd		7,726,635		6,648
Kweichow Moutai Co Ltd, Cl A		1,694		420
Lenovo Group Ltd		2,796,000		2,867
Li Auto Inc ADR *		46,611		1,662
Li Ning Co Ltd		64,198		268
Lingyi iTech Guangdong, Cl A		519,500		407
Lufax Holding Ltd ADR		792,159		840
Meituan, Cl B *		715,615		10,358
MINISO Group Holding ADR		16,194		419
NARI Technology Co Ltd, Cl A		540,696		1,645
NetEase Inc		957,230		19,191
NetEase Inc ADR		24,408		2,445
New Oriental Education & Technology Group Inc *		217,964		1,290
Nongfu Spring Co Ltd, Cl H		84,200		483
Offshore Oil Engineering Co Ltd, Cl A		407,100		362
PDD Holdings Inc ADR *		32,409		3,178
People's Insurance Co Group of China Ltd/The, Cl H		1,924,371		688
PetroChina Co Ltd, Cl H		6,063,728		4,544
PICC Property & Casualty Co Ltd, Cl H		8,697,638		11,136
Ping An Insurance Group Co of China Ltd, Cl A		789,914		5,266
Ping An Insurance Group Co of China Ltd, Cl H		2,135,384		12,110
Satellite Chemical Co Ltd, Cl A *		125,497		264
SDIC Capital, Cl A		173,752		164
SF Holding Co Ltd, Cl A		433,800		2,438
Shandong Weigao Group Medical Polymer Co Ltd, Cl H		1,479,101		1,296
Shanghai Construction Group, Cl A		619,800		234
Shanghai Electric Group, Cl A *		480,200		308
Shanghai Rural Commercial Bank Co Ltd, Cl A		584,571		484
Shanxi Lu'an Environmental Energy Development Co Ltd, Cl A		130,600		341
Shenzhen Envicool Technology, Cl A		529,208		1,910
Shenzhen International Holdings Ltd		18,203		11
Shenzhen Transsion Holdings, Cl A		18,000		361
Sinopharm Group Co Ltd, Cl H		272,822		791
Sinotruk Hong Kong Ltd		39,977		77
Tencent Holdings Ltd		519,524		20,137
Tongcheng Travel Holdings *		24,877		54
Topsports International Holdings Ltd		5,589,541		4,225
TravelSky Technology Ltd, Cl H		130,818		226
Trip.com Group Ltd *		121,850		4,294
Trip.com Group Ltd ADR *		12,837		449

SEI Institutional International Trust

31

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Tsingtao Brewery Co Ltd, Cl A		48,180	$	578
Uni-President China Holdings Ltd		185,190		130
Vipshop Holdings Ltd ADR *		644,174		10,313
Weichai Power Co Ltd, Cl H		465,000		630
Western Mining, Cl A		425,886		751
Wuchan Zhongda Group Co Ltd, Cl A		654,800		426
Wuxi Biologics Cayman Inc *		125,221		728
Xiaomi Corp, Cl B *		920,192		1,441
Xinyi Solar Holdings Ltd		3,896,458		2,896
Yadea Group Holdings Ltd		1,620,439		3,000
Yangzijiang Shipbuilding Holdings Ltd		487,062		592
Youngor Group, Cl A		302,700		295
Yuexiu Property Co Ltd		398,165		458
Yum China Holdings Inc		74,224		4,136
Yunnan Aluminium, Cl A		161,185		334
Yutong Bus, Cl A		129,100		235
Zhejiang Expressway Co Ltd, Cl H		1,420,000		1,057
Zhejiang Supor Co Ltd, Cl A *		65,322		435
Zhongjin Gold, Cl A		224,553		335
Zhongsheng Group Holdings Ltd		767,000		2,147
Zijin Mining Group Co Ltd, Cl H		434,798		659
Zoomlion Heavy Industry Science and Technology, Cl A		719,900		677
ZTE Corp, Cl H		99,985		301
ZTO Express Cayman Inc ADR *		19,724		477
				364,442
Colombia — 0.0%
Bancolombia SA ADR, Cl R		18,154		484
Czech Republic — 0.0%
Komercni banka AS		4,100		120
Greece — 0.8%
Alpha Services and Holdings SA *		3,749,183		4,996
Eurobank Ergasias Services and Holdings SA *		2,912,615		4,499
Hellenic Telecommunications Organization SA		30,511		446
JUMBO SA *		22,624		623
Motor Oil Hellas Corinth Refineries SA		24,059		610
National Bank of Greece SA *		71,854		406
OPAP SA		17,846		300
				11,880
Hong Kong — 1.0%
AIA Group Ltd		877,200		7,093
Chaoda Modern Agriculture Holdings Ltd *		2,056,181		6
China High Precision Automation Group Ltd *		1,385,624		40
Galaxy Entertainment Group Ltd *		431,000		2,579
Vitasoy International Holdings Ltd		3,506,000		4,237
WH Group Ltd		304,507		159
				14,114

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hungary — 1.3%
MOL Hungarian Oil & Gas PLC		550,911	$	4,197
OTP Bank Nyrt		272,432		9,879
Richter Gedeon Nyrt		184,583		4,486
				18,562
India — 12.6%
Angel One		13,209		294
Apollo Tyres Ltd		66,980		297
Ashok Leyland Ltd		2,643,100		5,634
Asian Paints Ltd		13,970		532
Aurobindo Pharma Ltd		29,824		328
Axis Bank Ltd		105,809		1,321
Bajaj Auto Ltd		12,914		787
Bajaj Finance Ltd		11,332		1,066
Bank of Baroda		185,732		479
Bharat Electronics Ltd		543,097		905
Bharat Petroleum Corp Ltd		103,828		433
Bharti Airtel Ltd		454,484		5,070
Bosch Ltd		630		144
Britannia Industries Ltd		7,846		429
Canara Bank		495,200		2,244
Cholamandalam Investment and Finance Co Ltd		21,157		310
Coal India Ltd		291,642		1,037
Container Corp Of India Ltd		69,506		599
Divi's Laboratories Ltd		13,400		608
DLF Ltd		654,999		4,188
Dr Reddy's Laboratories Ltd ADR		114,279		7,642
Exide Industries Ltd		781,286		2,452
Federal Bank Ltd		173,676		308
GAIL India Ltd		340,029		509
Grasim Industries Ltd		30,502		713
HCL Technologies Ltd		766,612		11,399
HDFC Asset Management Co Ltd		51,234		1,633
HDFC Bank Ltd		632,071		11,618
HDFC Bank Ltd ADR		110,471		6,519
Hero MotoCorp Ltd		142,778		5,257
Hindalco Industries Ltd		110,106		653
Hindustan Aeronautics		30,158		700
Hindustan Unilever Ltd		27,588		819
ICICI Bank Ltd		249,025		2,855
ICICI Bank Ltd ADR		567,343		13,117
IndiaMart InterMesh		60,268		2,088
Indian Oil Corp Ltd		408,776		448
Indraprastha Gas Ltd		126,189		691
Infosys Ltd		172,492		2,982
Infosys Ltd ADR		487,047		8,333
ITC Ltd		271,253		1,452
Jindal Steel & Power Ltd		91,654		774
Jio Financial Services *		139,783		389
JSW Energy		435,755		2,295
JSW Steel Ltd		29,834		280

32

SEI Institutional International Trust

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kotak Mahindra Bank Ltd		21,770	$	455
KPIT Technologies Ltd		232,652		3,228
L&T Finance Holdings		198,131		318
Larsen & Toubro Ltd		53,760		1,957
Life Insurance Corp of India		65,529		513
Lupin		22,688		320
Mahindra & Mahindra GDR		258,934		4,881
Mahindra & Mahindra Ltd		43,754		819
Manappuram Finance Ltd		177,099		320
Maruti Suzuki India Ltd		34,546		4,414
Max Healthcare Institute		44,799		306
MRF		329		425
Muthoot Finance Ltd		32,304		487
Nestle India Ltd		2,693		730
NTPC Ltd		366,016		1,082
Oil & Natural Gas Corp Ltd		447,259		1,033
Petronet LNG Ltd		1,192,652		3,446
PI Industries		7,390		307
Polycab India		7,412		477
Power Finance Corp Ltd		285,588		866
Power Grid Corp of India Ltd		2,131,627		5,128
Reliance Industries Ltd		288,589		8,149
SBI Life Insurance Co Ltd		46,655		733
Shriram Transport Finance Co Ltd		123,927		2,864
Siemens Ltd		10,829		479
Sobha Ltd		246,988		2,099
State Bank of India		144,218		1,040
Sun Pharmaceutical Industries Ltd		22,649		316
Tata Consultancy Services Ltd		118,876		5,051
Tata Motors Ltd		147,595		1,120
Tata Steel Ltd		546,192		848
Tech Mahindra Ltd		24,029		354
Titan Co Ltd		7,202		273
Torrent Pharmaceuticals Ltd		72,388		1,682
UltraTech Cement Ltd		11,515		1,145
UPL Ltd		435,002		3,228
Wipro Ltd		59,534		291
WNS Holdings Ltd ADR *		7,788		533
Zomato *		1,929,746		2,359
				176,707
Indonesia — 2.9%
Ace Hardware Indonesia Tbk PT		34,378,000		1,668
Aneka Tambang Tbk		17,257,900		2,027
Astra International Tbk PT		1,762,352		710
Bank Central Asia Tbk PT		13,541,426		7,732
Bank Mandiri Persero Tbk PT		1,737,487		677
Bank Negara Indonesia Persero Tbk PT		981,855		656
Bank Rakyat Indonesia Persero Tbk PT		49,154,009		16,618
Indofood CBP Sukses Makmur Tbk PT		850,160		609
Indofood Sukses Makmur Tbk PT		2,986,985		1,281
Kalbe Farma Tbk PT		47,441,800		5,387
Merdeka Battery Materials *		28,172,000		1,468

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Sumber Alfaria Trijaya Tbk PT		4,030,500	$	772
Telkom Indonesia Persero Tbk PT		2,259,367		548
United Tractors Tbk PT		377,099		689
				40,842
Japan — 0.4%
Unicharm Corp		140,600		4,985
Jordan — 0.2%
Hikma Pharmaceuticals PLC		95,822		2,442
Kuwait — 0.1%
Kuwait Finance House KSCP		187,234		443
National Bank of Kuwait SAKP		239,832		703
				1,146
Malaysia — 0.7%
CIMB Group Holdings Bhd		674,132		779
Gamuda Bhd		2,938,860		2,773
Malayan Banking Bhd		908,500		1,701
Petronas Dagangan Bhd		44,500		212
Public Bank Bhd		5,168,000		4,469
				9,934
Mexico — 3.0%
Alsea SAB de CV *		1,000,900		3,663
America Movil SAB de CV ADR		52,708		913
Arca Continental SAB de CV		68,201		623
Banco del Bajio SA		64,593		203
Cemex SAB de CV ADR *		464,765		3,021
Coca-Cola Femsa SAB de CV		72,800		570
Fibra Uno Administracion SA de CV ‡		432,314		725
Fomento Economico Mexicano SAB de CV		828,900		9,062
Fomento Economico Mexicano SAB de CV ADR		15,629		1,706
Gruma SAB de CV, Cl B		95,767		1,640
Grupo Aeroportuario del Centro Norte SAB de CV, Cl B		112,200		1,223
Grupo Financiero Banorte SAB de CV, Cl O		1,649,118		13,861
Grupo Mexico SAB de CV, Ser B		596,984		2,829
Promotora y Operadora de Infraestructura SAB de CV		112,091		1,002
Ternium SA ADR		7,115		284
Vista Energy ADR *		13,921		423
Wal-Mart de Mexico SAB de CV		118,710		449
				42,197
Panama — 0.2%
Copa Holdings SA, Cl A		27,144		2,419
Peru — 0.0%
Credicorp Ltd		1,871		239
Philippines — 0.3%
BDO Unibank Inc		1,452,921		3,644

SEI Institutional International Trust

33

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
International Container Terminal Services Inc		56,864	$	208
				3,852
Poland — 1.0%
Bank Polska Kasa Opieki SA		125,276		2,897
KGHM Polska Miedz SA		150,883		3,870
LPP SA		800		2,383
ORLEN SA		137,339		1,847
PGE Polska Grupa Energetyczna SA *		93,064		160
Powszechny Zaklad Ubezpieczen SA		373,758		3,542
				14,699
Qatar — 0.1%
Commercial Bank PSQC/The		329,639		489
Ooredoo QPSC		202,224		594
Qatar Islamic Bank SAQ		82,629		421
Qatar National Bank QPSC		62,541		265
				1,769
Russia — 0.0%
Alrosa PJSC (B)		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 (B)		230,389		–
Sberbank of Russia PJSC		417,388		–
Sberbank of Russia PJSC ADR *		58,444		–
Surgutneftegas PJSC ADR *(A)		501,658		–
				—
Saudi Arabia — 1.9%
Al Rajhi Bank		41,642		754
Alinma Bank		45,993		410
Arab National Bank		87,962		563
Arabian Centres		54,013		287
Arabian Drilling Co		44,440		2,223
Banque Saudi Fransi		167,896		1,635
Bupa Arabia for Cooperative Insurance Co		7,425		412
Dr Sulaiman Al Habib Medical Services Group Co		4,732		297
Elm Co		4,047		842
Etihad Etisalat Co		345,447		4,104
Leejam Sports Co JSC		16,142		612
National Industrialization Co *		38,674		131
National Medical Care		5,542		181
Riyad Bank		67,167		497
SABIC Agri-Nutrients Co		41,985		1,490
Sahara International Petrochemical Co		49,293		498
Saudi Airlines Catering		81,024		2,225
Saudi Arabian Oil Co		235,773		2,197
Saudi Aramco Base Oil		10,340		410

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Saudi Awwal Bank		110,815	$	1,020
Saudi Basic Industries Corp		14,446		318
Saudi National Bank/The		352,900		3,088
Saudi Telecom Co		303,463		3,043
				27,237
South Africa — 3.7%
African Rainbow Minerals Ltd		28,717		259
Anglo American PLC		78,948		2,201
AVI Ltd		1,620,445		6,420
Bid Corp Ltd		16,118		361
Bidvest Group Ltd/The		206,220		2,986
Capitec Bank Holdings Ltd		48,057		4,378
Exxaro Resources Ltd		21,261		195
FirstRand Ltd		480,582		1,629
Gold Fields Ltd		47,683		520
Gold Fields Ltd ADR		204,434		2,220
Growthpoint Properties Ltd ‡		766,836		429
Harmony Gold Mining Co Ltd ADR		96,946		365
Impala Platinum Holdings Ltd		19,677		103
Kumba Iron Ore Ltd		54,546		1,317
MTN Group Ltd		48,722		292
Naspers, Cl N *		138,794		22,290
Nedbank Group Ltd		233,523		2,508
NEPI Rockcastle		65,262		361
Old Mutual Ltd		2,040,592		1,306
Sanlam Ltd		181,131		631
Sibanye Stillwater Ltd		328,658		510
Standard Bank Group Ltd		106,729		1,041
				52,322
South Korea — 12.5%
BGF retail Co Ltd		18,633		1,948
CJ CheilJedang Corp		16,065		3,647
Classys		9,861		275
Cosmax Inc *		34,546		3,299
Coway Co Ltd		74,885		2,286
DB HiTek Co Ltd		8,811		319
DB Insurance Co Ltd		10,692		708
Doosan Bobcat Inc		15,466		584
Doosan Enerbility Co Ltd *		56,188		683
Eugene Technology		28,846		821
GS Holdings Corp		16,037		473
HAESUNG DS Co Ltd		6,228		259
Hana Financial Group Inc		434,601		13,615
Hankook Tire & Technology Co Ltd		105,463		3,085
Hanmi Pharm Co Ltd		1,399		310
Hanon Systems		128,997		899
Hanwha Aerospace Co Ltd		1,833		142
HD Hyundai Co Ltd		8,741		429
HPSP Co Ltd (A)		93,525		2,084
Hugel Inc *		2,024		187
Hyundai Glovis Co Ltd		4,512		616

34

SEI Institutional International Trust

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hyundai Marine & Fire Insurance Co Ltd		18,927	$	455
Hyundai Mobis Co Ltd		14,936		2,658
Hyundai Motor Co		6,319		894
Hyundai Steel Co		60,337		1,697
Industrial Bank of Korea		77,564		644
KB Financial Group Inc		28,914		1,179
Kia Corp		267,861		16,123
Korea Aerospace Industries Ltd		18,050		652
Korea Shipbuilding & Offshore Engineering Co Ltd *		3,757		309
Kumho Petrochemical Co Ltd		5,753		571
LG Chem Ltd		14,641		5,361
LG Corp		148,254		9,216
LG Electronics Inc		97,530		7,277
LG Energy Solution Ltd *		821		290
LG Uplus Corp		574,831		4,414
Meritz Financial Group		8,233		337
NAVER Corp		19,874		2,971
NCSoft Corp		4,677		769
NH Investment & Securities Co Ltd		376,345		2,849
NongShim Co Ltd		953		333
Orion Corp/Republic of Korea		20,577		1,961
Pan Ocean Co Ltd		596,067		2,182
POSCO Holdings Inc		9,242		3,641
Samsung C&T Corp		42,570		3,394
Samsung Electronics Co Ltd		1,138,478		57,555
Samsung SDI Co Ltd		5,909		2,233
Samsung SDS Co Ltd		4,565		457
Samsung Securities		16,234		442
SK Hynix Inc		90,203		7,637
Woori Financial Group Inc		81,074		735
Youngone Corp		10,516		376
				176,281
Taiwan — 12.9%
Accton Technology Corp		23,000		353
Acer Inc		263,000		296
Advantech		443,000		4,743
Alchip Technologies Ltd		25,000		2,096
AP Memory Technology		154,000		1,833
ASE Technology Holding Co Ltd		293,664		1,002
Catcher Technology Co Ltd		138,826		786
Cathay Financial Holding Co Ltd		591,000		816
Chailease Holding Co Ltd		396,936		2,229
Cheng Shin Rubber Industry Co Ltd		277,500		366
Chroma ATE Inc		285,000		2,444
Chunghwa Telecom Co Ltd		83,031		298
Compal Electronics Inc		322,689		307
CTBC Financial Holding Co Ltd		16,939,817		12,870
Delta Electronics Inc		876,000		8,823
Elite Material Co Ltd		137,000		1,822
Far EasTone Telecommunications Co Ltd		182,000		410
Feng TAY Enterprise Co Ltd		36,400		207

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
First Financial Holding Co Ltd		521,180	$	429
Formosa Plastics Corp		296,501		733
Foxconn Technology Co Ltd		179,000		320
Fubon Financial Holding Co Ltd		2,434,807		4,584
Hon Hai Precision Industry Co Ltd		575,631		1,855
Largan Precision Co Ltd		4,738		314
Lite-On Technology Corp		72,636		274
Macronix International Co Ltd		4,520,000		4,432
Makalot Industrial Co Ltd		64,000		667
MediaTek Inc		99,443		2,274
Mega Financial Holding Co Ltd		924,072		1,080
Micro-Star International Co Ltd		1,155,353		5,878
MPI		85,000		541
Nan Ya Plastics Corp		446,209		921
Nanya Technology Corp		66,000		135
Nien Made Enterprise Co Ltd		122,000		1,171
Novatek Microelectronics Corp		73,293		962
Pegatron Corp		120,304		286
Pou Chen Corp		496,429		441
Powertech Technology Inc		93,000		293
President Chain Store Corp		37,947		308
Quanta Computer Inc		240,000		1,796
Radiant Opto-Electronics Corp		147,169		561
Realtek Semiconductor Corp		45,000		553
SinoPac Financial Holdings Co Ltd		500,209		270
Supreme Electronics Co Ltd		290,000		495
Taishin Financial Holding Co Ltd		1,067,249		592
Taiwan Cooperative Financial Holding Co Ltd		289,800		230
Taiwan Semiconductor Manufacturing Co Ltd		4,167,470		67,956
Taiwan Semiconductor Manufacturing Co Ltd ADR		153,715		13,358
Unimicron Technology Corp		950,000		5,126
Uni-President Enterprises Corp		4,547,875		9,885
United Microelectronics Corp		4,044,967		5,680
Voltronic Power Technology		5,500		271
Winbond Electronics Corp		284,134		223
Wiwynn Corp		78,642		3,667
WPG Holdings Ltd		246,000		462
Yuanta Financial Holding Co Ltd		1,262,090		980
Zhen Ding Technology Holding Ltd		122,712		375
				182,079
Thailand — 2.1%
Advanced Info Service PCL NVDR		130,900		820
Bangkok Bank PCL NVDR		124,369		572
Bangkok Chain Hospital NVDR		505,722		274
Bangkok Dusit Medical Services PCL NVDR		38		–
Bumrungrad Hospital PCL NVDR		85,163		627
Chularat Hospital PCL NVDR		2		–
CP ALL PCL NVDR		273,900		455
Hana Microelectronics NVDR		599,900		980

SEI Institutional International Trust

35

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kasikornbank PCL NVDR		1,753,700	$	6,068
Krung Thai Bank PCL NVDR		1,114,230		581
Minor International PCL NVDR		643,200		552
PTT Exploration & Production PCL		1,571,300		7,379
PTT Exploration & Production PCL NVDR		60,260		283
PTT Oil & Retail Business		6,832,800		3,509
PTT PCL NVDR		6,316,000		5,811
Supalai PCL NVDR		660,915		365
Thanachart Capital PCL NVDR		390,911		537
				28,813
Turkey — 0.7%
BIM Birlesik Magazalar AS		311,724		3,123
Haci Omer Sabanci Holding AS		240,277		523
KOC Holding AS		510,697		2,733
Tofas Turk Otomobil Fabrikasi AS		45,433		490
Turk Hava Yollari AO *		78,921		698
Turkcell Iletisim Hizmetleri AS		816,148		1,587
Turkiye Sise ve Cam Fabrikalari AS		292,200		582
				9,736
United Arab Emirates — 2.2%
Abu Dhabi Islamic Bank PJSC		256,334		786
Aldar Properties PJSC		1,003,119		1,573
Dubai Islamic Bank PJSC		2,715,167		4,325
Emaar Properties PJSC		6,843,299		14,976
Emirates NBD Bank PJSC		1,190,803		5,771
Emirates Telecommunications Group Co PJSC		102,440		570
Fertiglobe plc		2,375,650		2,257
				30,258
United Kingdom — 0.6%
Unilever PLC		179,874		8,918
United States — 0.3%
Globant SA *		12,519		2,477
NAC Kazatomprom JSC GDR		36,042		1,532
				4,009
Vietnam — 0.4%
Vinhomes JSC *		2,647,400		4,956
Total Common Stock
(Cost $1,248,138) ($ Thousands)				1,314,130
PREFERRED STOCK — 3.9%
Brazil — 2.6%
Banco Bradesco SA *(C)		2,156,500		6,140
Cia Energetica de Minas Gerais (C)		1,006,539		2,490
Itau Unibanco Holding SA *(C)		309,981		1,683
Itau Unibanco Holding SA ADR *(C)		2,887,052		15,503
Itausa SA *(C)		220,448		398

Description	Shares		Market Value ($ Thousands)
PREFERRED STOCK (continued)
Petroleo Brasileiro SA ADR, Cl A (C)		736,238	$	10,094
				36,308
South Korea — 1.3%
Hyundai Motor Co (C)		79,876		6,236
LG Chem Ltd (C)		13,313		3,063
LG Electronics Inc (C)		36,988		1,237
Samsung Electronics Co Ltd (C)		209,079		8,423
				18,959
Total Preferred Stock
(Cost $55,680) ($ Thousands)				55,267
	Face Amount (Thousands)
DEBENTURE BOND — 0.0%
Brazil — 0.0%
Vale SA, Ser 1997
1.641%, (D)(E)	BRL	8		–
Total Debenture Bond
(Cost $—) ($ Thousands)				–
	Shares
AFFILIATED PARTNERSHIP — 0.2%
SEI Liquidity Fund, LP
5.410% **†(F)		2,566,956		2,574
Total Affiliated Partnership
(Cost $2,567) ($ Thousands)				2,574
CASH EQUIVALENT — 1.6%
SEI Daily Income Trust, Government Fund, Institutional Class
5.210%**†		23,146,052		23,146
Total Cash Equivalent
(Cost $23,146) ($ Thousands)				23,146
Total Investments in Securities — 99.1%
(Cost $1,329,531) ($ Thousands)			$	1,395,117

36

SEI Institutional International Trust

A list of the open futures contracts held by the Fund at September 30, 2023, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Depreciation(Thousands)
Long Contracts
MSCI Emerging Markets		480		Dec-2023	$	23,699	$	22,932	$	(767	)

	Percentages are based on Net Assets of $1,407,218 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2023.
†	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, 2023.
(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, 2023 was $2,574 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2023, 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		584,274		729,856		–	^		1,314,130
Preferred Stock		36,308		18,959		–			55,267
Debenture Bond		–		–		–			–
Affiliated Partnership		–		2,574		–			2,574
Cash Equivalent		23,146		–		–			23,146
Total Investments in Securities		643,728		751,389		–			1,395,117

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(767	)		–		–		(767	)
Total Other Financial Instruments		(767	)		–		–		(767	)

^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

37

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Equity Fund (Concluded)

The following is a summary of the transactions with affiliates for the year ended September 30, 2023 ($ Thousands):

Security Description	Value 9/30/2022		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)		Change in Unrealized Appreciation/​(Depreciation)		Value 9/30/2023		Income		Capital Gains
SEI Liquidity Fund, LP	$	8,462	$	161,625	$	(167,523	)	$	3	$	7	$	2,574	$	192	$	—
SEI Daily Income Trust, Government Fund, Institutional Class		19,914		268,364		(265,132	)		—		—		23,146		910		—
Totals	$	28,376	$	429,989	$	(432,655	)	$	3	$	7	$	25,720	$	1,102	$	—

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.

38

SEI Institutional International Trust

SCHEDULE OF INVESTMENTS

September 30, 2023

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 — 93.1%
Australia — 2.5%
Australia Government Bond
4.750%, 04/21/2027	AUD	1,070	$	705
4.500%, 04/21/2033		1,193		772
3.750%, 04/21/2037		393		231
3.250%, 04/21/2025		843		536
3.250%, 04/21/2029		898		553
3.000%, 03/21/2047		1,125		538
2.750%, 05/21/2041		2,334		1,143
2.500%, 05/21/2030		1,401		812
2.250%, 05/21/2028		33		20
1.750%, 06/21/2051		1,514		516
0.500%, 09/21/2026		2,364		1,374
Commonwealth Bank of Australia
0.125%, 10/15/2029	EUR	270		230
Commonwealth Bank of Australia MTN
0.500%, 07/27/2026		410		395
Glencore Capital Finance DAC MTN
0.750%, 03/01/2029		450		388
Glencore Finance Europe MTN
1.500%, 10/15/2026		120		117
National Australia Bank
5.000%, 03/11/2024	AUD	750		485
0.010%, 01/06/2029	EUR	388		337
National Australia Bank MTN
2.250%, 06/06/2025		206		212
0.875%, 02/19/2027		355		340
New South Wales Treasury
3.500%, 11/20/2037	AUD	1,166		615
Treasury Corp of Victoria MTN
2.000%, 11/20/2037		1,335		571

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Westpac Banking MTN
1.250%, 01/14/2033	EUR	310	$	261
				11,151
Austria — 0.8%
Republic of Austria Government Bond (A)
4.150%, 03/15/2037		561		625
2.900%, 02/20/2033		603		611
2.100%, 09/20/2117		122		81
1.500%, 02/20/2047		593		415
0.750%, 10/20/2026		865		852
Republic of Austria Government Bond, Ser 97-6
6.250%, 07/15/2027		663		776
				3,360
Belgium — 1.1%
Ageas
1.875%, 11/24/2051 (B)		200		153
Anheuser-Busch InBev MTN
9.750%, 07/30/2024	GBP	250		314
KBC Group
4.250%, EUSA5 + 3.594% (B)(C)	EUR	200		182
Kingdom of Belgium Government Bond
4.250%, 03/28/2041 (A)		30		34
3.750%, 06/22/2045		419		435
3.450%, 06/22/2043 (A)		719		714
3.300%, 06/22/2054 (A)		367		342
3.000%, 06/22/2034 (A)		580		585
1.600%, 06/22/2047 (A)		41		28
0.900%, 06/22/2029 (A)		866		811
0.350%, 06/22/2032 (A)		1,587		1,299
				4,897
Brazil — 0.0%
OEC Finance
7.125%cash/0% PIK, 12/26/2046	$	195		14
4.375%cash/0% PIK, 10/25/2029		119		5
				19
Canada — 8.3%
Bank of Montreal MTN
0.125%, 01/26/2027	EUR	906		849
Bank of Nova Scotia
0.010%, 03/18/2025		326		326
0.010%, 01/14/2027		362		338
Bell Telephone of Canada or Bell Canada MTN
5.150%, 02/09/2053	CAD	175		114
3.000%, 03/17/2031		465		285
Canada Housing Trust No. 1
2.100%, 09/15/2029 (A)		2,190		1,419
Canadian Government Bond
3.500%, 12/01/2045		556		385

SEI Institutional International Trust

39

SCHEDULE OF INVESTMENTS

September 30, 2023

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
3.250%, 09/01/2028	CAD	2,468	$	1,745
2.750%, 06/01/2033		323		215
2.750%, 12/01/2048		400		243
2.750%, 12/01/2048		19		12
2.500%, 06/01/2024		509		370
2.500%, 12/01/2032		643		419
2.250%, 06/01/2029		2,172		1,459
2.000%, 06/01/2032		1,046		658
1.750%, 12/01/2053		517		241
1.500%, 06/01/2026 (D)		5,843		3,997
0.500%, 12/01/2030		1,028		592
Canadian Government Real Return Bond
4.000%, 12/01/2031		333		278
Canadian Pacific Railway
1.350%, 12/02/2024	$	805		763
Canadian When Issued Government Bond
2.000%, 12/01/2051	CAD	1,816		920
CDP Financial
1.125%, 04/06/2027 (A)	EUR	1,062		1,030
CPPIB Capital MTN
0.250%, 04/06/2027		1,765		1,665
CU MTN
5.896%, 11/20/2034	CAD	586		448
Dollarama
5.533%, 09/26/2028		471		348
Enbridge Pipelines MTN
2.820%, 05/12/2031		400		242
Loblaw
5.008%, 09/13/2032		483		342
Metro
4.657%, 02/07/2033		490		337
OMERS Finance Trust (A)
4.000%, 04/20/2028	$	250		238
3.500%, 04/19/2032		555		483
Ontario Teachers' Finance Trust
2.000%, 04/16/2031 (A)		1,914		1,528
1.850%, 05/03/2032 (A)	EUR	444		401
0.500%, 05/06/2025		1,066		1,068
Ontario Teachers' Finance Trust MTN
0.100%, 05/19/2028		772		692
Province of British Columbia Canada
4.200%, 07/06/2033	$	505		473
2.950%, 12/18/2028	CAD	1,653		1,129
Province of Ontario Canada
4.700%, 06/02/2037		1,355		980
4.650%, 06/02/2041		540		384
2.800%, 06/02/2048		2,200		1,144
Province of Ontario Canada MTN
0.375%, 04/08/2027	EUR	1,078		1,021
0.250%, 12/15/2026	GBP	2,337		2,449
Province of Quebec Canada
6.250%, 06/01/2032	CAD	720		586

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
3.500%, 12/01/2048	CAD	520	$	308
Province of Quebec Canada MTN
3.700%, 05/20/2026	AUD	568		356
Rogers Communications
3.800%, 11/02/2023	CAD	800		591
Royal Bank of Canada MTN
0.010%, 10/05/2028	EUR	637		560
Saputo
5.250%, 11/29/2029	CAD	472		340
TELUS
5.250%, 11/15/2032		482		338
Toronto-Dominion Bank
5.103%, 01/09/2026	$	250		247
Toronto-Dominion Bank MTN
0.864%, 03/24/2027	EUR	877		840
TransCanada PipeLines
5.330%, 05/12/2032	CAD	241		169
				36,365
Cayman Islands — 0.0%
Odebrecht Holdco Finance Ltd
0.000%, 09/10/2058 (E)	$	311		–
Chile — 0.0%
Chile Government International Bond
4.125%, 07/05/2034	EUR	220		221
China — 11.2%
Agricultural Development Bank of China
3.740%, 07/12/2029	CNY	8,500		1,221
China Development Bank
4.880%, 02/09/2028		10,600		1,581
3.700%, 10/20/2030		9,430		1,364
3.660%, 03/01/2031		4,680		676
3.650%, 05/21/2029		18,120		2,590
3.480%, 01/08/2029		23,680		3,356
3.400%, 01/08/2028		7,190		1,013
3.390%, 07/10/2027		16,630		2,341
3.230%, 01/10/2025		11,360		1,570
3.120%, 09/13/2031		9,540		1,326
China Government Bond
3.810%, 09/14/2050		16,250		2,515
3.720%, 04/12/2051		36,700		5,611
3.530%, 10/18/2051		2,650		393
3.120%, 10/25/2052		2,050		284
2.850%, 06/04/2027		12,570		1,741
2.750%, 02/17/2032		16,390		2,242
2.640%, 01/15/2028		19,040		2,615
2.620%, 09/25/2029		37,340		5,092
2.600%, 09/01/2032		18,060		2,441
2.460%, 02/15/2026		21,120		2,896
2.370%, 01/20/2027		10,830		1,477
2.180%, 08/25/2025		26,340		3,595

40

SEI Institutional International Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Export-Import Bank of China
3.180%, 03/11/2032	CNY	4,450	$	621
Prosus NV MTN
2.031%, 08/03/2032	EUR	245		182
1.985%, 07/13/2033 (A)		320		226
				48,969
Colombia — 1.2%
Colombian TES
10.000%, 07/24/2024	COP	2,757,800		688
9.250%, 05/28/2042		828,200		163
7.750%, 09/18/2030		5,638,800		1,163
7.500%, 08/26/2026		1,565,300		356
7.250%, 10/18/2034		3,974,900		714
7.000%, 03/26/2031		1,906,700		369
7.000%, 06/30/2032		3,506,900		653
6.250%, 07/09/2036		481,100		76
6.000%, 04/28/2028		2,966,000		605
5.750%, 11/03/2027		1,919,300		395
				5,182
Czech Republic — 0.2%
Czech Republic Government Bond
2.500%, 08/25/2028	CZK	14,630		574
2.000%, 10/13/2033		700		24
1.200%, 03/13/2031		8,010		271
				869
Denmark — 0.2%
Denmark Government Bond
4.500%, 11/15/2039	DKK	2,040		337
0.000%, 11/15/2031 (F)		2,049		229
Kommunekredit MTN
0.125%, 09/26/2040	EUR	275		162
Orsted MTN
3.625%, 03/01/2026		325		340
				1,068
Finland — 0.4%
Finland Government Bond (A)
3.000%, 09/15/2033		448		458
0.500%, 09/15/2028		390		362
0.125%, 04/15/2052		207		87
Nordea Bank Abp MTN
6.125%, USSW5 + 3.388% (B)(C)	$	200		192
Nordea Kiinnitysluottopankki MTN
0.250%, 03/18/2026	EUR	480		467
				1,566
France — 5.4%
Agence Francaise de Developpement EPIC
3.500%, 02/25/2033		500		519
0.125%, 09/29/2031		600		481

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Banque Federative du Credit Mutuel
3.875%, EUSA5 + 2.200%, 06/16/2032 (B)	EUR	300	$	300
BNP Paribas
8.500%, H15T5Y + 4.354% (A)(B)(C)	$	200		196
BNP Paribas MTN
3.375%, 01/23/2026	GBP	248		285
BNP Paribas Home Loan SFH
0.375%, 05/07/2025	EUR	400		400
BPCE
1.000%, 01/20/2026 (A)	$	950		850
BPCE MTN
2.000%, 06/05/2025	AUD	440		267
Caisse de Refinancement de l'Habitat MTN
0.125%, 04/30/2027	EUR	500		467
Caisse Francaise de Financement Local MTN
3.000%, 10/02/2028		500		513
0.500%, 01/19/2026		500		492
Cie de Financement Foncier
0.010%, 11/10/2027		600		548
Cie de Financement Foncier MTN
5.500%, 01/26/2027	GBP	387		473
CNP Assurances MTN
2.500%, 06/30/2051 (B)	EUR	200		168
Credit Agricole Assurances
4.750%, 09/27/2048 (B)		200		201
Credit Agricole Home Loan SFH MTN
1.250%, 03/24/2031		300		268
0.500%, 02/19/2026		300		295
Credit Mutuel Home Loan SFH
0.750%, 09/15/2027		500		473
Electricite de France MTN (C)
7.500%, EUSA5 + 4.860% (B)		200		215
5.375%, EUSA12 + 3.794% (B)		200		206
French Republic Government Bond OAT
4.000%, 04/25/2055 (A)		139		150
3.000%, 05/25/2054 (A)		142		126
2.500%, 05/25/2030		135		137
2.500%, 05/25/2043 (A)		1,451		1,262
1.750%, 06/25/2039 (A)		256		210
1.750%, 05/25/2066 (A)		84		52
1.500%, 05/25/2050 (A)		1,786		1,166
1.250%, 05/25/2036 (A)		240		195
1.000%, 05/25/2027		4,748		4,658
0.750%, 05/25/2052		202		101
0.750%, 05/25/2053 (A)		691		336
0.500%, 05/25/2040 (A)		696		446
0.000%, 02/25/2027 (F)		2,107		2,006
0.000%, 11/25/2029 (F)		504		441
SNCF Reseau MTN
2.250%, 12/20/2047		300		221

SEI Institutional International Trust

41

SCHEDULE OF INVESTMENTS

September 30, 2023

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
2.000%, 02/05/2048	EUR	300	$	206
1.875%, 03/30/2034		1,700		1,495
1.125%, 05/19/2027		300		292
1.125%, 05/25/2030		200		181
Soc Nationale SNCF
1.000%, 05/25/2040		700		456
Societe Generale SFH MTN
0.125%, 02/02/2029		500		441
TotalEnergies MTN
1.625% (B)(C)		270		239
TotalEnergies Capital International MTN
2.500%, 03/25/2026		400		409
Veolia Environnement
1.625% (B)(C)		300		277
Westfield America Management
2.625%, 03/30/2029	GBP	155		149
2.125%, 03/30/2025		210		239
				23,508
Germany — 3.6%
Bundesobligation
0.000%, 10/09/2026 (F)	EUR	2,486		2,413
Bundesrepublik Deutschland Bundesanleihe
3.250%, 07/04/2042		840		916
1.250%, 08/15/2048		1,335		990
0.000%, 05/15/2035 (F)		457		347
0.000%, 05/15/2036 (F)		1,748		1,284
Deutsche Bank MTN
1.000%, 11/19/2025 (B)		100		101
Deutsche Bank NY
7.079%, SOFRRATE + 3.650%, 02/10/2034 (B)	$	245		221
Deutsche Telekom MTN
1.750%, 12/09/2049	EUR	100		68
E.ON MTN
0.000%, 12/18/2023 (F)		550		577
Fresenius & KGaA MTN
5.000%, 11/28/2029		200		214
Kreditanstalt fuer Wiederaufbau
4.125%, 07/15/2033	$	950		903
2.600%, 06/20/2037	JPY	241,000		1,927
0.500%, 09/15/2027	EUR	510		483
Kreditanstalt fuer Wiederaufbau MTN
0.875%, 09/15/2026	GBP	2,600		2,826
Landwirtschaftliche Rentenbank MTN
0.625%, 05/18/2027	EUR	225		216
0.000%, 12/13/2028 (F)		585		523
Mercedes-Benz Finance North America
5.375%, 11/26/2025 (A)	$	290		288
Siemens Financieringsmaatschappij
1.200%, 03/11/2026 (A)		775		700

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Volkswagen Bank GmbH MTN
1.875%, 01/31/2024	EUR	400	$	420
Volkswagen Financial Services MTN
0.875%, 01/31/2028		150		136
Volkswagen International Finance
3.875% (B)(C)		300		262
				15,815
Hungary — 0.2%
Hungary Government Bond
9.500%, 10/21/2026	HUF	96,610		272
4.750%, 11/24/2032		38,380		86
4.500%, 03/23/2028		101,260		244
Hungary Government International Bond
0.125%, 09/21/2028	EUR	135		113
				715
Indonesia — 1.5%
Indonesia Government International Bond
1.000%, 07/28/2029		260		226
Indonesia Treasury Bond
8.750%, 05/15/2031	IDR	7,551,000		547
8.375%, 03/15/2034		31,922,000		2,300
7.500%, 06/15/2035		2,199,000		149
7.375%, 05/15/2048		13,040,000		884
7.000%, 09/15/2030		11,991,000		785
6.500%, 06/15/2025		2,225,000		144
6.500%, 02/15/2031		17,235,000		1,093
5.500%, 04/15/2026		5,153,000		327
				6,455
Ireland — 0.5%
AerCap Ireland Capital DAC
1.150%, 10/29/2023	$	1,000		996
AIB Group MTN
2.250%, EUSA1 + 1.300%, 04/04/2028 (B)	EUR	266		258
Ireland Government Bond
1.700%, 05/15/2037		192		162
1.500%, 05/15/2050		250		167
0.200%, 10/18/2030		690		595
				2,178
Israel — 0.1%
Israel Government Bond - Fixed
5.500%, 01/31/2042	ILS	675		201
2.000%, 03/31/2027		925		225
1.000%, 03/31/2030		593		128
				554
Italy — 5.0%
Enel
2.250% (B)(C)	EUR	322		299
Eni
3.375% (B)(C)		135		120

42

SEI Institutional International Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Genertel
4.250%, 12/14/2047 (B)	EUR	200	$	203
Italy Buoni Poliennali Del Tesoro
5.000%, 09/01/2040 (A)		1,065		1,126
4.000%, 04/30/2035 (A)		2,330		2,294
3.800%, 08/01/2028		590		616
3.700%, 06/15/2030		750		763
3.500%, 03/01/2030 (A)		527		533
3.400%, 04/01/2028		670		689
3.100%, 03/01/2040 (A)		113		94
2.800%, 12/01/2028		123		122
2.800%, 03/01/2067 (A)		292		190
2.700%, 03/01/2047 (A)		55		40
2.500%, 12/01/2032		355		318
2.450%, 09/01/2033 (A)		552		483
2.150%, 03/01/2072 (A)		76		41
2.000%, 02/01/2028		1,046		1,018
1.800%, 03/01/2041 (A)		247		165
1.750%, 05/30/2024		1,930		2,014
1.700%, 09/01/2051 (A)		507		278
1.500%, 04/30/2045 (A)		1,034		598
1.450%, 03/01/2036 (A)		529		385
1.100%, 04/01/2027		82		79
0.950%, 12/01/2031 (A)		2,340		1,884
0.950%, 06/01/2032		1,166		921
0.500%, 07/15/2028		2,352		2,104
0.019%, 04/01/2026		3,907		3,753
UniCredit
3.127%, H15T1Y + 1.550%, 06/03/2032 (A)(B)	$	305		233
UniCredit MTN
1.250%, 06/16/2026 (B)	EUR	460		461
				21,824
Japan — 15.9%
Development Bank of Japan
2.300%, 03/19/2026	JPY	180,000		1,264
Development Bank of Japan MTN
0.875%, 10/10/2025	EUR	1,145		1,141
Japan Finance Organization for Municipalities MTN
0.050%, 02/12/2027		720		674
Japan Government Five Year Bond
0.300%, 12/20/2027	JPY	129,350		869
Japan Government Forty Year Bond
0.400%, 03/20/2056		449,750		2,062
Japan Government Ten Year Bond
0.500%, 09/20/2024		877,500		5,912
0.400%, 06/20/2025		78,100		527
0.100%, 12/20/2026		894,850		5,990
0.100%, 09/20/2027		458,350		3,057
0.100%, 06/20/2028		254,550		1,689
0.100%, 12/20/2030		694,800		4,507

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Japan Government Thirty Year Bond
2.300%, 03/20/2040	JPY	355,050	$	2,741
0.800%, 09/20/2047		491,400		2,801
0.400%, 12/20/2049		434,950		2,163
0.300%, 06/20/2046		74,600		383
0.300%, 06/20/2046		27,600		142
Japan Government Thirty Year Bond, Ser 29
2.400%, 09/20/2038		109,400		857
Japan Government Thirty Year Bond, Ser 30
2.300%, 03/20/2039		373,850		2,893
Japan Government Thirty Year Bond, Ser 33
2.000%, 09/20/2040		369,400		2,737
Japan Government Thirty Year Bond, Ser 36
2.000%, 03/20/2042		289,200		2,133
Japan Government Thirty Year Bond, Ser 37
1.900%, 09/20/2042		36,550		265
Japan Government Thirty Year Bond, Ser 38
1.800%, 03/20/2043		158,250		1,127
Japan Government Twenty Year Bond
1.800%, 09/20/2031		316,950		2,317
1.700%, 06/20/2033		731,300		5,333
1.400%, 09/20/2034		478,000		3,383
1.000%, 12/20/2035		34,400		232
0.900%, 06/20/2042		80,100		494
0.700%, 03/20/2037		38,450		246
0.600%, 09/20/2037		81,600		512
0.500%, 09/20/2036		557,400		3,500
0.200%, 06/20/2036		206,200		1,250
Japan Government Twenty Year Bond, Ser 144
1.500%, 03/20/2033		21,450		154
Japan Government Two Year Bond
0.005%, 06/01/2025		100,700		675
Japan Treasury Discount Bill
0.000%, 11/20/2023 (E)		406,450		2,725
0.000%, 12/25/2023 (E)		358,200		2,401
Mizuho Financial Group
0.470%, 09/06/2029 (B)	EUR	259		224
Nissan Motor
2.652%, 03/17/2026		165		166
NTT Finance
1.162%, 04/03/2026 (A)	$	345		310
				69,856
Luxembourg — 0.1%
Blackstone Property Partners Europe Holdings Sarl MTN
2.000%, 10/20/2025	GBP	109		118
Vivion Investments Sarl
3.000%, 08/08/2024	EUR	200		193
				311

SEI Institutional International Trust

43

SCHEDULE OF INVESTMENTS

September 30, 2023

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Malaysia — 1.3%
Malaysia Government Bond
4.392%, 04/15/2026	MYR	2,816	$	611
4.232%, 06/30/2031		2,626		568
4.065%, 06/15/2050		908		181
3.955%, 09/15/2025		2,751		590
3.885%, 08/15/2029		2,790		593
3.828%, 07/05/2034		3,332		693
3.757%, 05/22/2040		1,767		353
3.733%, 06/15/2028		2,316		492
3.502%, 05/31/2027		6,076		1,284
2.632%, 04/15/2031		1,040		202
				5,567
Mexico — 3.0%
Mexican Bonos
8.000%, 11/07/2047	MXN	32,082		1,518
8.000%, 07/31/2053		29,228		1,372
7.750%, 11/23/2034		22,761		1,116
7.750%, 11/13/2042		39,824		1,845
7.500%, 06/03/2027		6,308		331
5.750%, 03/05/2026		18,020		930
5.500%, 03/04/2027		26,450		1,310
Mexican Bonos, Ser M20
8.500%, 05/31/2029		19,969		1,074
7.750%, 05/29/2031		20,006		1,014
Mexican Bonos, Ser M30
10.000%, 11/20/2036		41,137		2,376
8.500%, 11/18/2038		3,530		179
Mexico Government International Bond
2.875%, 04/08/2039	EUR	280		210
				13,275
Netherlands — 2.1%
ASR Nederland
3.375%, 05/02/2049 (B)		255		235
BNG Bank MTN
0.000%, 01/20/2031 (F)		900		745
Cooperatieve Rabobank UA
4.375% (B)(C)		200		187
Cooperatieve Rabobank UA MTN
5.250%, 09/14/2027	GBP	195		229
4.625%, 05/23/2029		290		322
1.250%, 05/31/2032	EUR	300		262
Heineken MTN
1.000%, 05/04/2026		335		331
ING Groep
6.500%, USSW5 + 4.446% (B)(C)	$	200		189
3.869%, SOFRRATE + 1.640%, 03/28/2026 (B)		505		487
ING Groep MTN
2.125%, 05/26/2031 (B)	EUR	300		292

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Nederlandse Waterschapsbank MTN
1.250%, 05/27/2036	EUR	281	$	226
0.625%, 01/18/2027		225		218
0.000%, 11/16/2026 (F)		1,067		1,016
Netherlands Government Bond (A)
4.000%, 01/15/2037		236		269
2.500%, 01/15/2030		318		326
2.500%, 01/15/2033		874		880
2.500%, 07/15/2033		245		245
0.500%, 07/15/2026		390		385
0.240%, 01/15/2038		1,262		840
0.118%, 01/15/2052		421		184
0.000%, 01/15/2027 (F)		685		657
0.000%, 07/15/2031 (F)		692		579
				9,104
New Zealand — 1.6%
New Zealand Government Bond
4.250%, 05/15/2034	NZD	1,080		591
3.500%, 04/14/2033		836		435
3.000%, 04/20/2029		1,366		732
2.750%, 04/15/2025		1,028		591
2.750%, 04/15/2037		2,111		941
2.750%, 05/15/2051		645		236
2.000%, 05/15/2032		304		141
1.750%, 05/15/2041		938		326
1.500%, 05/15/2031		3,313		1,521
New Zealand Government Inflation Linked Bond
2.500%, 09/20/2035		769		547
2.500%, 09/20/2040		800		540
New Zealand Local Government Funding Agency Bond
4.500%, 04/15/2027		803		463
				7,064
Norway — 1.3%
Equinor MTN
6.875%, 03/11/2031	GBP	185		246
Norway Government Bond (A)
3.000%, 08/15/2033	NOK	10,333		896
2.125%, 05/18/2032		5,160		419
2.000%, 04/26/2028		2,972		255
1.750%, 02/17/2027		10,007		870
1.750%, 09/06/2029		6,471		536
1.500%, 02/19/2026		6,144		543
1.375%, 08/19/2030		9,406		746
1.250%, 09/17/2031		14,924		1,140
				5,651
Panama — 0.1%
Panama Government International Bond
6.875%, 01/31/2036	$	285		285

44

SEI Institutional International Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Peru — 0.0%
Volcan Cia Minera SAA
4.375%, 02/11/2026 (A)	$	10	$	6
Poland — 1.0%
Republic of Poland Government Bond
3.750%, 05/25/2027	PLN	4,221		924
2.750%, 04/25/2028		2,890		598
2.750%, 10/25/2029		3,091		614
2.500%, 07/25/2026		3,123		668
1.750%, 04/25/2032		2,411		403
1.250%, 10/25/2030		3,666		634
0.250%, 10/25/2026		2,272		451
				4,292
Portugal — 0.4%
EDP - Energias de Portugal
1.875%, 08/02/2081 (B)	EUR	300		281
Portugal Obrigacoes do Tesouro OT (A)
4.100%, 04/15/2037		452		486
1.950%, 06/15/2029		492		486
0.700%, 10/15/2027		735		707
				1,960
Romania — 0.2%
Romania Government Bond
8.250%, 09/29/2032	RON	435		99
7.900%, 02/24/2038		110		25
6.700%, 02/25/2032		625		130
3.650%, 07/28/2025		1,540		313
Romanian Government International Bond MTN
3.875%, 10/29/2035	EUR	265		218
				785
Singapore — 2.8%
Singapore Government Bond
3.500%, 03/01/2027	SGD	3,682		2,702
3.375%, 09/01/2033		443		323
3.000%, 09/01/2024		3,890		2,825
2.875%, 09/01/2030		347		246
2.750%, 04/01/2042		301		206
2.750%, 03/01/2046		200		136
2.625%, 08/01/2032		214		148
2.375%, 06/01/2025		4,769		3,416
2.250%, 08/01/2036		1,216		789
2.125%, 06/01/2026		1,790		1,261
1.875%, 10/01/2051		88		50
				12,102
Slovak Republic — 0.1%
Slovakia Government Bond
4.000%, 10/19/2032	EUR	389		408

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Slovenia — 0.1%
Slovenia Government Bond
1.250%, 03/22/2027	EUR	556	$	542
South Africa — 0.1%
Anglo American Capital MTN
1.625%, 09/18/2025		415		419
Bidvest Group UK PLC
3.625%, 09/23/2026 (A)	$	230		204
				623
South Korea — 1.3%
Export-Import Bank of Korea
0.829%, 04/27/2025	EUR	399		401
Korea Housing Finance
0.010%, 06/29/2026 (A)		150		142
Korea Treasury Bond
3.375%, 06/10/2032	KRW	872,000		616
2.625%, 09/10/2035		700,180		449
2.000%, 06/10/2031		2,084,740		1,344
1.875%, 06/10/2029		496,110		329
1.500%, 12/10/2026		738,360		508
1.500%, 12/10/2030		1,713,530		1,076
1.250%, 03/10/2026		101,780		71
1.125%, 09/10/2025		1,184,330		833
				5,769
Spain — 3.6%
Banco de Sabadell
1.000%, 04/26/2027	EUR	300		288
CaixaBank
5.875% (B)(C)		200		190
3.500%, GUKG1 + 2.100%, 04/06/2028 (B)	GBP	300		331
1.250%, 01/11/2027	EUR	300		292
CaixaBank MTN
1.500%, GUKG1 + 1.320%, 12/03/2026 (B)	GBP	300		328
Grifols Escrow Issuer SA
3.875%, 10/15/2028 (A)	EUR	100		89
Iberdrola International BV
1.874% (B)(C)		400		383
Spain Government Bond
6.000%, 01/31/2029		80		95
4.700%, 07/30/2041 (A)		699		776
3.550%, 10/31/2033 (A)		2,204		2,263
3.450%, 07/30/2043 (A)		226		210
3.450%, 07/30/2066 (A)		272		229
2.350%, 07/30/2033 (A)		396		368
1.950%, 07/30/2030 (A)		188		179
1.900%, 10/31/2052 (A)		580		358
1.850%, 07/30/2035 (A)		481		407
1.500%, 04/30/2027 (A)		393		389

SEI Institutional International Trust

45

SCHEDULE OF INVESTMENTS

September 30, 2023

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
1.400%, 04/30/2028 (A)	EUR	978	$	946
1.000%, 07/30/2042 (A)		944		576
0.850%, 07/30/2037 (A)		497		345
0.800%, 07/30/2029		703		638
0.600%, 10/31/2029 (A)		174		155
0.500%, 04/30/2030 (A)		353		307
0.054%, 01/31/2028		2,312		2,111
0.000%, 05/31/2025 (F)		1,207		1,205
0.000%, 01/31/2026 (F)		2,315		2,262
Telefonica Europe BV
4.375%, EUSA6 + 4.107% (B)(C)		200		207
				15,927
Supranational — 0.4%
European Investment Bank MTN
0.500%, 11/13/2037		945		661
European Union
3.250%, 07/04/2034		1,073		1,103
				1,764
Supra-National — 1.1%
Asian Development Bank MTN
2.350%, 06/21/2027	JPY	410,000		2,959
European Investment Bank
2.875%, 01/12/2033	EUR	1,015		1,028
1.900%, 01/26/2026	JPY	50,000		349
International Bank for Reconstruction & Development MTN (F)
0.000%, 01/15/2027	EUR	268		254
0.000%, 02/21/2030		33		28
				4,618
Sweden — 1.0%
Balder Finland MTN
1.375%, 05/24/2030		380		258
Heimstaden Bostad Treasury BV MTN
1.375%, 03/03/2027		380		323
0.250%, 10/13/2024		135		134
Skandinaviska Enskilda Banken MTN
3.000%, 12/06/2027	SEK	6,000		531
Stadshypotek
0.500%, 07/11/2025	EUR	1,470		1,468
Stadshypotek MTN
2.500%, 12/01/2027	SEK	6,000		520
Svenska Handelsbanken
4.750%, H15T5Y + 4.048% (B)(C)	$	200		153
Swedbank
5.625%, H15T5Y + 4.134% (B)(C)		200		191
Swedbank Hypotek MTN
0.050%, 05/28/2025	EUR	195		194
Sweden Government Bond
1.750%, 11/11/2033	SEK	3,645		301

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Sweden Inflation Linked Bond
0.125%, 12/01/2027	SEK	3,335	$	371
				4,444
Switzerland — 0.5%
Government of Switzerland
3.500%, 04/08/2033	CHF	214		284
1.500%, 04/30/2042		408		474
1.250%, 06/11/2024		739		806
UBS Group MTN
3.250%, 04/02/2026 (B)	EUR	550		568
1.250%, EUSA1 + 0.750%, 07/17/2025 (B)		134		138
				2,270
Thailand — 0.4%
Thailand Government Bond
4.675%, 06/29/2044	THB	2,840		89
3.300%, 06/17/2038		3,522		94
2.750%, 06/17/2052		4,755		107
1.875%, 06/17/2049		12,489		239
1.600%, 12/17/2029		10,718		273
0.950%, 06/17/2025		42,847		1,146
				1,948
United Kingdom — 5.5%
Annington Funding MTN
3.184%, 07/12/2029	GBP	355		360
Aptiv
1.500%, 03/10/2025	EUR	440		448
Aviva
6.125%, GUKG5 + 2.850%, 11/14/2036 (B)	GBP	220		267
Barclays
7.119%, SOFRRATE + 3.570%, 06/27/2034 (B)	$	233		224
Barclays MTN
4.000%, 06/26/2029	AUD	500		277
BAT International Finance MTN
2.250%, 09/09/2052	GBP	100		47
BG Energy Capital MTN
5.125%, 12/01/2025		215		261
2.250%, 11/21/2029	EUR	400		379
BP Capital Markets (C)
3.625% (B)		281		259
3.250% (B)		612		605
Cadent Finance MTN
2.750%, 09/22/2046	GBP	100		68
2.625%, 09/22/2038		100		76
CCEP Finance Ireland DAC
0.500%, 09/06/2029	EUR	335		290
Centrica MTN
4.375%, 03/13/2029	GBP	179		204

46

SEI Institutional International Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
CK Hutchison Europe Finance 21
0.750%, 11/02/2029	EUR	375	$	318
CK Hutchison Finance 16 II
0.875%, 10/03/2024		212		216
CK Hutchison Group Telecom Finance
2.625%, 10/17/2034	GBP	260		212
1.500%, 10/17/2031	EUR	330		272
CNH Industrial Finance Europe MTN
1.750%, 09/12/2025		130		132
CPUK Finance MTN
3.690%, 08/28/2028	GBP	100		107
3.588%, 08/28/2025		215		248
Gatwick Funding MTN
5.250%, 01/23/2024		100		122
HSBC Holdings
6.364%, EUSA5 + 3.300%, 11/16/2032 (B)	EUR	249		269
3.000%, BPSW1 + 1.650%, 07/22/2028 (B)	GBP	167		181
HSBC Holdings MTN
6.000%, 03/29/2040		70		75
Lloyds Banking Group
8.000%, H15T5Y + 3.913% (B)(C)	$	200		179
National Gas Transmission MTN
1.125%, 01/14/2033	GBP	430		339
National Grid MTN
3.875%, 01/16/2029	EUR	330		340
National Grid Electricity Distribution West Midlands MTN
3.875%, 10/17/2024	GBP	230		274
Natwest Group
3.622%, GUKG5 + 3.550%, 08/14/2030 (B)		410		470
Santander UK MTN
1.250%, 09/18/2024	EUR	500		515
Santander UK Group Holdings MTN
0.603%, 09/13/2029 (B)		135		115
Sky PLC MTN
2.250%, 11/17/2025		275		281
Standard Chartered
7.141%, US0003M + 1.510%, 07/30/2172 (A)(B)(C)	$	300		278
0.800%, 11/17/2029 (B)	EUR	325		283
United Kingdom Gilt
4.500%, 12/07/2042	GBP	126		148
4.250%, 12/07/2040		24		27
4.250%, 12/07/2046		476		530
4.250%, 12/07/2049		375		415
4.125%, 01/29/2027		2,359		2,838
4.000%, 10/22/2063		1,493		1,574
3.750%, 01/29/2038		1,342		1,473
3.750%, 10/22/2053		1,649		1,656

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
3.500%, 01/22/2045	GBP	1,084	$	1,081
3.250%, 01/22/2044		546		528
1.500%, 07/31/2053		251		146
1.250%, 07/31/2051		3,381		1,874
0.875%, 10/22/2029		1,668		1,673
0.375%, 10/22/2026		600		648
Virgin Money UK MTN
3.125%, SONIO/N + 2.569%, 06/22/2025 (B)		191		225
Vodafone Group MTN
4.200%, 12/13/2027	AUD	780		477
				24,304
United States — 7.0%
Air Products and Chemicals
4.000%, 03/03/2035	EUR	280		288
Aircastle
4.125%, 05/01/2024	$	22		22
Altria Group
3.125%, 06/15/2031	EUR	310		279
2.200%, 06/15/2027		330		323
American Medical Systems Europe BV
1.375%, 03/08/2028		250		236
American Tower
1.300%, 09/15/2025	$	535		490
0.875%, 05/21/2029	EUR	420		362
Amgen
5.150%, 03/02/2028	$	205		202
AT&T
3.950%, 04/30/2031	EUR	108		110
1.650%, 02/01/2028	$	870		734
Bank of America MTN
3.384%, SOFRRATE + 1.330%, 04/02/2026 (B)		700		670
2.375%, 06/19/2024	EUR	425		444
Becton Dickinson Euro Finance Sarl
1.336%, 08/13/2041		300		187
1.213%, 02/12/2036		129		94
0.334%, 08/13/2028		280		248
Berkshire Hathaway
0.500%, 01/15/2041		170		96
Booking Holdings
4.500%, 11/15/2031		123		132
2.375%, 09/23/2024		355		370
0.500%, 03/08/2028		110		100
Boston Scientific
0.625%, 12/01/2027		410		380
Capital One Financial
1.650%, 06/12/2029		570		494
Cargill
3.875%, 04/24/2030		325		338
CCO Holdings
4.500%, 06/01/2033 (A)	$	127		97

SEI Institutional International Trust

47

SCHEDULE OF INVESTMENTS

September 30, 2023

International Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Charles Schwab
5.375%, H15T5Y + 4.971% (B)(C)	$	254	$	244
Chubb INA Holdings
1.550%, 03/15/2028	EUR	325		308
0.875%, 06/15/2027		115		109
0.300%, 12/15/2024		190		192
Citigroup
4.000%, H15T5Y + 3.597% (B)(C)	$	71		62
Columbia Pipelines Holding
6.055%, 08/15/2026 (A)		120		120
Comcast
0.250%, 05/20/2027	EUR	190		176
0.000%, 09/14/2026 (F)		550		519
Consolidated Edison
0.650%, 12/01/2023	$	1,065		1,056
Corebridge Financial
3.500%, 04/04/2025		330		317
Corning
3.875%, 05/15/2026	EUR	162		170
Delta Airlines
4.500%, 10/20/2025 (A)	$	176		171
DH Europe Finance II
1.800%, 09/18/2049	EUR	105		67
Digital Dutch Finco BV
0.625%, 07/15/2025		136		133
Digital Intrepid Holding BV
0.625%, 07/15/2031		410		309
Discovery Communications
3.900%, 11/15/2024	$	665		647
Eli Lilly
5.000%, 02/27/2026		590		588
1.375%, 09/14/2061	EUR	195		96
Exxon Mobil
0.835%, 06/26/2032		600		480
Fiserv
4.500%, 05/24/2031		218		228
1.625%, 07/01/2030		258		229
GE Capital UK Funding Unlimited MTN
5.875%, 01/18/2033	GBP	160		192
GE HealthCare Technologies
5.550%, 11/15/2024	$	435		433
General Motors Financial
0.600%, 05/20/2027	EUR	310		285
Global Payments
4.875%, 03/17/2031		359		370
Goldman Sachs Group MTN
1.250%, 02/07/2029		639		571
Haleon US Capital LLC
3.024%, 03/24/2024	$	265		261
Honeywell International
4.125%, 11/02/2034	EUR	620		644

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Intel
4.875%, 02/10/2026	$	250	$	247
International Business Machines
3.625%, 02/06/2031	EUR	275		282
0.300%, 02/11/2028		240		218
John Deere Capital MTN
4.750%, 06/08/2026	$	230		227
JPMorgan Chase MTN
1.963%, EUR003M + 1.130%, 03/23/2030 (B)	EUR	255		237
Kyndryl Holdings
2.050%, 10/15/2026	$	455		397
McKesson
3.125%, 02/17/2029	GBP	315		339
Medtronic Global Holdings SCA
1.375%, 10/15/2040	EUR	110		74
1.125%, 03/07/2027		400		385
0.250%, 07/02/2025		115		114
Mileage Plus Holdings LLC
6.500%, 06/20/2027 (A)	$	262		260
Mondelez International
0.250%, 03/17/2028	EUR	370		334
Mondelez International Holdings Netherlands BV
0.625%, 09/09/2032 (A)		450		353
Morgan Stanley
4.813%, EUR003M + 1.762%, 10/25/2028 (B)		435		467
0.406%, 10/29/2027 (B)		370		347
Morgan Stanley MTN
5.795%, SOFRRATE + 0.455%, 01/25/2024 (B)	$	1,000		1,000
MPT Operating Partnership
3.325%, 03/24/2025	EUR	145		135
National Grid North America MTN
1.000%, 07/12/2024		300		310
Ovintiv
6.250%, 07/15/2033	$	68		66
Pfizer Investment Enterprises Pte
4.450%, 05/19/2026		340		332
Philip Morris International
1.450%, 08/01/2039	EUR	115		71
0.625%, 11/08/2024		285		291
Philip Morris International MTN
2.875%, 03/03/2026		170		175
Principal Life Global Funding II
1.250%, 06/23/2025 (A)	$	315		291
Prologis Euro Finance
0.375%, 02/06/2028	EUR	286		256
Public Storage Operating
0.500%, 09/09/2030		260		211

48

SEI Institutional International Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Realty Income
1.125%, 07/13/2027	GBP	385	$	392
Sabra Health Care LP
3.900%, 10/15/2029	$	121		100
Southern
5.500%, 03/15/2029		320		318
1.875%, 09/15/2081 (B)	EUR	200		167
Starbucks
5.770%, SOFRINDX + 0.420%, 02/14/2024 (B)	$	330		330
State Street
5.272%, 08/03/2026		225		223
Thermo Fisher Scientific Finance I BV
0.800%, 10/18/2030	EUR	260		222
0.000%, 11/18/2025 (F)		206		201
Time Warner Cable
5.750%, 06/02/2031	GBP	295		335
Toyota Motor Credit MTN
0.625%, 11/21/2024	EUR	465		474
TWDC Enterprises 18
2.758%, 10/07/2024	CAD	800		575
UnitedHealth Group
1.250%, 01/15/2026	$	175		159
Veralto
5.500%, 09/18/2026 (A)		335		333
Verizon Communications
4.250%, 10/31/2030	EUR	310		327
2.100%, 03/22/2028	$	445		382
1.125%, 11/03/2028	GBP	240		235
Verizon Communications MTN
4.050%, 02/17/2025	AUD	680		432
VF
0.250%, 02/25/2028	EUR	395		345
Visa
2.000%, 06/15/2029		362		349
Vistra
7.000%, H15T5Y + 5.740% (A)(B)(C)	$	68		62
Wells Fargo (C)
7.625%, H15T5Y + 3.606% (B)		50		50
3.900%, H15T5Y + 3.453% (B)		91		80
Wells Fargo MTN
2.125%, 12/20/2023	GBP	345		418
0.500%, 04/26/2024	EUR	500		518
Welltower OP LLC
4.500%, 12/01/2034	GBP	140		141
Western Digital
2.850%, 02/01/2029	$	32		26

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
WPC Eurobond BV
1.350%, 04/15/2028	EUR	530	$	478
				30,764
Total Global Bonds
(Cost $477,776) ($ Thousands)				408,355
U.S. TREASURY OBLIGATIONS — 2.4%
U.S. Treasury Bill
5.329%, 11/16/2023 (G)	$	4,939		4,906
U.S. Treasury Inflation Indexed Bonds
1.375%, 07/15/2033		478		442
0.125%, 10/15/2026		1,734		1,612
U.S. Treasury Note
4.125%, 07/31/2028		3,866		3,783
Total U.S. Treasury Obligations
(Cost $10,886) ($ Thousands)				10,743
COMMERCIAL PAPER — 0.4%
Commercial Paper — 0.4%
Intercontinental Exchange
5.414%, 10/20/2023 (A)(G)		1,000		997
Oracle
5.277%, 10/05/2023 (A)(G)		700		699
				1,696
Total Commercial Paper
(Cost $1,696) ($ Thousands)				1,696
ASSET-BACKED SECURITY — 0.2%
Other Asset-Backed Securities — 0.2%
Elmwood CLO XII, Ser 2021-5A, Cl D
8.638%, TSFR3M + 3.312%, 01/20/2035 (A)(B)		750		737
Total Asset-Backed Security
(Cost $750) ($ Thousands)				737

SEI Institutional International Trust

49

SCHEDULE OF INVESTMENTS

September 30, 2023

International Fixed Income Fund (Continued)

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
10.429%, SOFR30A + 5.114%, 11/25/2024(B)	$	1	$	1
Non-Agency Mortgage-Backed Obligation — 0.0%
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
5.891%, 09/25/2034(B)		6		4
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1
4.326%, 12/25/2034(B)		18		17

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
LSTAR Commercial Mortgage Trust, Ser 2016-4, Cl A2
2.579%, 03/10/2049(A)	$	31	$	30
				51
Total Mortgage-Backed Securities
(Cost $56) ($ Thousands)				52
	Shares
PURCHASED OPTION — 0.0%
Total Purchased Option
(Cost $6) ($ Thousands)				7
Total Investments in Securities — 96.1%
(Cost $491,170) ($ Thousands)			$	421,590

A list of the exchange traded option contracts held by the Fund at September 30, 2023, is as follows:

Description	Number of Contracts		Notional Amount (Thousands)		Exercise Price		Expiration Date		Value (Thousands)
PURCHASED OPTION — 0.0%
Call Options
December 2023, U.S. 5 Year Future Option		26	$	2,739	$	107.00		11/18/2023	$	7
Total Purchased Option			$	2,739					$	7

A list of the open futures contracts held by the Fund at September 30, 2023, is as follows:

Type of Contract	Number of Contracts			Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ (Depreciation)(Thousands)
Long Contracts
Canadian 5-Year Bond		66			Dec-2023	$	5,288		$	5,271		$	(63	)
Canadian 10-Year Bond		10			Dec-2023		860			852			(8	)
Euro-Bobl		65			Dec-2023		8,121			7,966			(47	)
Euro-BTP		13			Dec-2023		1,558			1,510			(36	)
Euro-Bund		13			Dec-2023		1,845			1,771			(37	)
Euro-Buxl		12			Dec-2023		1,659			1,555			(79	)
Euro-OAT		42			Dec-2023		5,686			5,478			(108	)
Euro-Schatz		95			Dec-2023		10,667			10,560			(3	)
Japanese 10-Year Bond		12			Dec-2023		11,864			11,657			(85	)
Japanese 10-Year Government Bond E-MINI		2			Dec-2023		196			194			(1	)
Korea 10-Year Bond		63			Dec-2023		5,175			5,038			(48	)
Korea 3-Year Bond		52			Dec-2023		4,047			3,971			(5	)
Long Gilt 10-Year Bond		8			Dec-2023		933			919			4
Long Gilt 10-Year Bond		9			Dec-2023		1,065			1,034			(1	)
U.S. 5-Year Treasury Note		63			Dec-2023		6,674			6,638			(36	)
U.S. 10-Year Treasury Note		18			Dec-2023		1,980			1,945			(35	)
U.S. Long Treasury Bond		21			Dec-2023		2,523			2,389			(133	)
							70,141			68,748			(721	)
Short Contracts
Australian 10-Year Bond		(8	)		Dec-2023	$	(591	)	$	(578	)	$	15
Australian 3-Year Bond		(10	)		Dec-2023		(672	)		(680	)		1
Canadian 5-Year Bond		(22	)		Dec-2023		(1,763	)		(1,757	)		21

50

SEI Institutional International Trust

Type of Contract	Number of Contracts			Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ (Depreciation)(Thousands)
Canadian 10-Year Bond		(3	)		Dec-2023	$	(256	)	$	(255	)	$	–
Euro-Bund		(27	)		Dec-2023		(3,746	)		(3,677	)		39
Euro-OAT		(10	)		Dec-2023		(1,362	)		(1,304	)		30
Euro-Schatz		(69	)		Dec-2023		(7,857	)		(7,670	)		27
Japanese 10-Year Bond		(4	)		Dec-2023		(3,972	)		(3,886	)		30
Japanese 10-Year Government Bond E-MINI		(3	)		Dec-2023		(298	)		(292	)		2
U.S. 2-Year Treasury Note		(41	)		Dec-2023		(8,331	)		(8,311	)		19
U.S. Long Treasury Bond		(3	)		Dec-2023		(341	)		(341	)		–
U.S. Ultra Long Treasury Bond		(23	)		Dec-2023		(2,842	)		(2,730	)		113
Ultra 10-Year U.S. Treasury Note		(59	)		Dec-2023		(6,773	)		(6,582	)		191
							(38,804	)		(38,063	)		488
						$	31,337		$	30,685		$	(233	)

A list of the open forward foreign currency contracts held by the Fund at September 30, 2023, is as follows:

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Bank of America		10/04/23		USD	110		CZK	2,520	$	(1	)
Bank of America		10/04/23		USD	132		MXN	2,320		2
Bank of America		10/04/23		CHF	200		USD	225		6
Bank of America		10/04/23		USD	286		CAD	385		(1	)
Bank of America		10/04/23		USD	289		NZD	490		6
Bank of America		10/04/23		NZD	375		USD	221		(4	)
Bank of America		10/04/23		USD	664		EUR	620		(8	)
Bank of America		10/04/23		MXN	3,780		USD	220		2
Bank of America		10/04/23		JPY	32,700		USD	225		6
Bank of America		11/02/23		USD	330		JPY	49,000		—
Bank of America		11/03/23		USD	130		MXN	2,260		(1	)
Bank of America		11/03/23		CHF	2,676		USD	2,932		(3	)
Bank of America		11/27/23		JPY	243,650		USD	1,693		45
Bank of America		01/24/24		USD	231		CNY	1,558		(14	)
Bank of America		01/24/24		CNY	1,558		USD	235		18
Bank of America		04/10/24		CNY	1,558		USD	232		15
Barclays PLC		10/04/23		CHF	148		USD	166		4
Barclays PLC		10/04/23		USD	168		SEK	1,830		—
Barclays PLC		10/04/23		USD	224		NZD	380		4
Barclays PLC		10/04/23		USD	357		CAD	481		(1	)
Barclays PLC		10/04/23		USD	88		MXN	1,530		—
Barclays PLC		10/04/23		USD	332		MXN	5,665		(6	)
Barclays PLC		10/04/23		USD	109		NOK	1,180		2
Barclays PLC		10/04/23		USD	363		NOK	3,840		(2	)
Barclays PLC		10/04/23		RON	561		USD	123		4
Barclays PLC		10/04/23		USD	613		JPY	90,200		(9	)
Barclays PLC		10/04/23		SEK	1,220		USD	110		(2	)
Barclays PLC		10/04/23		SGD	1,649		USD	1,220		12
Barclays PLC		10/04/23		MXN	2,240		USD	131		2
Barclays PLC		10/04/23		USD	3,040		EUR	2,791		(85	)
Barclays PLC		10/04/23		ZAR	7,350		USD	394		4
Barclays PLC		10/04/23		ZAR	1,030		USD	54		—
Barclays PLC		10/04/23		CAD	10,319		USD	7,633		1
Barclays PLC		10/04/23		CAD	300		USD	222		—

SEI Institutional International Trust

51

SCHEDULE OF INVESTMENTS

September 30, 2023

International Fixed Income Fund (Continued)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC		10/04/23		NOK	10,430		USD	985	$	5
Barclays PLC		10/04/23		NOK	1,790		USD	168		—
Barclays PLC		10/04/23		GBP	12,837		USD	16,232		563
Barclays PLC		10/04/23		THB	56,022		USD	1,605		66
Barclays PLC		10/04/23		EUR	65,473		USD	71,375		2,053
Barclays PLC		10/04/23		HUF	284,360		USD	809		34
Barclays PLC		11/02/23		CHF	98		USD	107		(1	)
Barclays PLC		11/02/23		USD	110		JPY	16,300		—
Barclays PLC		11/03/23		USD	8		PLN	35		—
Barclays PLC		11/03/23		CHF	200		USD	220		—
Barclays PLC		11/03/23		EUR	208		USD	221		—
Barclays PLC		11/03/23		USD	220		GBP	179		(1	)
Barclays PLC		11/03/23		USD	222		SEK	2,420		1
Barclays PLC		11/03/23		USD	273		NZD	460		3
Barclays PLC		11/03/23		USD	132		MXN	2,300		—
Barclays PLC		11/03/23		USD	220		MXN	3,790		(3	)
Barclays PLC		11/03/23		RON	561		USD	120		—
Barclays PLC		11/03/23		SGD	1,679		USD	1,233		2
Barclays PLC		11/03/23		PLN	4,758		USD	1,089		(1	)
Barclays PLC		11/03/23		CZK	24,648		USD	1,070		—
Barclays PLC		11/03/23		MXN	39,651		USD	2,237		(33	)
Barclays PLC		11/03/23		THB	75,002		USD	2,057		(9	)
Barclays PLC		11/03/23		HUF	284,360		USD	766		(5	)
BMO Capital		10/04/23		GBP	147		USD	182		3
BNP Paribas		10/04/23		USD	44		CHF	39		(2	)
BNP Paribas		10/04/23		USD	112		EUR	103		(3	)
BNP Paribas		10/04/23		GBP	177		USD	225		9
BNP Paribas		10/04/23		NZD	190		USD	112		(2	)
BNP Paribas		10/04/23		USD	224		AUD	350		2
BNP Paribas		10/04/23		EUR	257		USD	274		2
BNP Paribas		10/04/23		USD	291		GBP	234		(5	)
BNP Paribas		10/04/23		CAD	300		USD	222		—
BNP Paribas		10/04/23		MXN	1,510		USD	88		1
BNP Paribas		10/04/23		USD	1,647		JPY	239,766		(40	)
BNP Paribas		10/04/23		CHF	1,830		USD	2,084		84
BNP Paribas		10/04/23		ILS	2,341		USD	617		2
BNP Paribas		10/04/23		MYR	8,957		USD	1,933		26
BNP Paribas		10/04/23		JPY	6,424,138		USD	44,128		1,070
BNP Paribas		10/10/23		USD	112		CNY	813		(1	)
BNP Paribas		10/10/23		CNY	184,998		USD	25,387		(43	)
BNP Paribas		10/12/23		EUR	12,093		USD	13,096		289
BNP Paribas		11/02/23		USD	2,408		JPY	357,266		—
BNP Paribas		11/02/23		JPY	6,356,809		USD	42,838		3
BNP Paribas		11/03/23		USD	23		NOK	245		—
BNP Paribas		11/03/23		USD	218		CAD	295		—
BNP Paribas		11/03/23		USD	221		GBP	180		(1	)
BNP Paribas		11/03/23		USD	222		CHF	200		(2	)
BNP Paribas		11/03/23		USD	273		NZD	460		3
BNP Paribas		11/03/23		EUR	592		USD	627		—

52

SEI Institutional International Trust

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
BNP Paribas		11/03/23		USD	1,207		SEK	13,055	$	(3	)
BNP Paribas		11/03/23		GBP	1,388		USD	1,701		7
BNP Paribas		11/03/23		GBP	90		USD	109		(1	)
BNP Paribas		11/03/23		AUD	1,540		USD	990		(4	)
BNP Paribas		11/03/23		NZD	1,894		USD	1,129		(9	)
BNP Paribas		11/03/23		ILS	2,341		USD	613		(3	)
BNP Paribas		11/03/23		SEK	4,682		USD	433		1
BNP Paribas		11/03/23		SEK	2,410		USD	221		(2	)
BNP Paribas		11/03/23		MYR	8,957		USD	1,909		(13	)
BNP Paribas		11/03/23		NOK	12,644		USD	1,192		2
BNP Paribas		11/03/23		MXN	27,839		USD	1,590		(4	)
BNP Paribas		12/07/23		SEK	11,580		USD	1,052		(18	)
BNP Paribas		12/26/23		JPY	358,200		USD	2,450		15
Brown Brothers Harriman		10/12/23		USD	402		EUR	380		—
Brown Brothers Harriman		10/12/23		USD	4,849		EUR	4,446		(141	)
Brown Brothers Harriman		10/12/23		EUR	5,271		USD	5,734		151
Brown Brothers Harriman		10/19/23		JPY	6,139		USD	43		2
Brown Brothers Harriman		10/27/23		USD	132		NZD	222		1
Brown Brothers Harriman		10/27/23		USD	400		CAD	539		(1	)
Brown Brothers Harriman		10/27/23		CAD	113		USD	84		—
Brown Brothers Harriman		10/27/23		CAD	388		USD	287		—
Brown Brothers Harriman		11/08/23		USD	528		AUD	827		6
Brown Brothers Harriman		11/16/23		MXN	8,125		USD	471		7
Brown Brothers Harriman		11/16/23		MXN	5,786		USD	327		(4	)
Brown Brothers Harriman		11/17/23		GBP	219		USD	275		7
Brown Brothers Harriman		11/17/23		USD	472		GBP	381		(8	)
Brown Brothers Harriman		12/07/23		SEK	3,179		USD	286		(8	)
CIBC		10/04/23		GBP	265		USD	331		7
CIBC		10/04/23		USD	334		JPY	49,100		(4	)
Citigroup		10/04/23		EUR	91		USD	97		1
Citigroup		10/04/23		USD	112		SEK	1,235		2
Citigroup		10/04/23		USD	166		NOK	1,780		1
Citigroup		10/04/23		USD	223		CAD	300		(2	)
Citigroup		10/04/23		USD	447		CHF	400		(9	)
Citigroup		10/04/23		NOK	1,185		USD	111		—
Citigroup		10/04/23		SEK	1,840		USD	166		(3	)
Citigroup		10/04/23		RON	2,713		USD	596		19
Citigroup		10/12/23		EUR	12,822		USD	13,806		226
Citigroup		10/12/23		EUR	11,753		USD	12,405		(43	)
Citigroup		11/03/23		USD	219		GBP	179		(1	)
Citigroup		11/03/23		USD	221		CHF	200		(1	)
Citigroup		11/03/23		GBP	523		USD	642		3
Citigroup		11/03/23		AUD	622		USD	403		1
Citigroup		11/03/23		RON	2,713		USD	578		1
Citigroup		11/17/23		USD	706		GBP	578		—
Citigroup		11/17/23		GBP	10,738		USD	13,389		283
Citigroup		01/11/24		USD	173		CNH	1,253		—
Credit Agricole		10/04/23		USD	105		SEK	1,160		2
Credit Agricole		10/04/23		USD	223		JPY	32,700		(4	)

SEI Institutional International Trust

53

SCHEDULE OF INVESTMENTS

September 30, 2023

International Fixed Income Fund (Continued)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Credit Agricole		10/04/23		MXN	3,790		USD	221	$	3
Credit Agricole		10/04/23		JPY	32,500		USD	224		6
Credit Agricole		10/10/23		USD	112		CNY	813		—
Credit Agricole		11/02/23		JPY	437,306		USD	2,955		8
Credit Agricole		04/10/24		USD	221		CNY	1,558		(4	)
Goldman Sachs		10/04/23		EUR	103		USD	113		4
Goldman Sachs		10/04/23		CHF	200		USD	224		6
Goldman Sachs		10/04/23		USD	222		EUR	207		(2	)
Goldman Sachs		10/04/23		USD	222		GBP	179		(3	)
Goldman Sachs		10/04/23		USD	223		NOK	2,370		—
Goldman Sachs		10/04/23		USD	266		NZD	450		4
Goldman Sachs		10/04/23		USD	447		AUD	690		(2	)
Goldman Sachs		10/04/23		USD	448		CHF	400		(11	)
Goldman Sachs		10/04/23		USD	572		MXN	9,785		(9	)
Goldman Sachs		10/04/23		AUD	690		USD	444		(2	)
Goldman Sachs		10/04/23		USD	893		JPY	130,700		(17	)
Goldman Sachs		10/04/23		CAD	600		USD	447		3
Goldman Sachs		10/04/23		CAD	605		USD	447		(1	)
Goldman Sachs		10/04/23		USD	1,431		SEK	15,860		29
Goldman Sachs		10/04/23		ZAR	2,480		USD	131		(1	)
Goldman Sachs		10/04/23		MXN	7,580		USD	442		6
Goldman Sachs		10/04/23		NOK	4,740		USD	446		—
Goldman Sachs		10/04/23		NOK	3,590		USD	335		(3	)
Goldman Sachs		10/04/23		JPY	179,400		USD	1,225		23
Goldman Sachs		10/10/23		USD	221		CNY	1,609		1
Goldman Sachs		10/10/23		CNY	3,958		USD	546		2
Goldman Sachs		11/02/23		USD	568		JPY	84,400		1
Goldman Sachs		11/02/23		USD	551		JPY	81,500		(2	)
Goldman Sachs		11/02/23		JPY	122,300		USD	827		3
Goldman Sachs		11/03/23		USD	130		ZAR	2,480		1
Goldman Sachs		11/03/23		USD	162		AUD	250		—
Goldman Sachs		11/03/23		USD	207		CAD	280		—
Goldman Sachs		11/03/23		USD	311		GBP	255		—
Goldman Sachs		11/03/23		USD	328		CHF	300		1
Goldman Sachs		11/03/23		USD	441		SEK	4,790		1
Goldman Sachs		11/03/23		USD	820		NZD	1,380		8
Goldman Sachs		11/03/23		NZD	1,102		USD	657		(4	)
Goldman Sachs		11/03/23		USD	2,450		EUR	2,311		—
Goldman Sachs		11/03/23		ZAR	2,480		USD	132		1
Goldman Sachs		11/03/23		ZAR	2,520		USD	132		(1	)
Goldman Sachs		11/03/23		CNY	11,327		USD	1,556		(22	)
HSBC		10/27/23		CAD	1,095		USD	810		—
HSBC		01/11/24		USD	853		CNH	6,210		3
JPMorgan Chase Bank		10/02/23		USD	1,038		PEN	3,888		(13	)
JPMorgan Chase Bank		10/02/23		PEN	3,888		USD	1,038		13
JPMorgan Chase Bank		10/04/23		USD	110		NOK	1,180		1
JPMorgan Chase Bank		10/04/23		USD	111		GBP	89		(3	)
JPMorgan Chase Bank		10/04/23		USD	445		CHF	400		(7	)
JPMorgan Chase Bank		10/04/23		CAD	450		USD	333		—

54

SEI Institutional International Trust

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		10/04/23		AUD	172		USD	111	$	—
JPMorgan Chase Bank		10/04/23		AUD	345		USD	222		—
JPMorgan Chase Bank		10/04/23		USD	554		NZD	930		5
JPMorgan Chase Bank		10/04/23		USD	608		JPY	89,700		(7	)
JPMorgan Chase Bank		10/04/23		USD	589		CAD	799		2
JPMorgan Chase Bank		10/04/23		USD	111		CAD	150		—
JPMorgan Chase Bank		10/04/23		USD	1,305		EUR	1,215		(18	)
JPMorgan Chase Bank		10/04/23		RON	1,562		USD	343		11
JPMorgan Chase Bank		10/04/23		EUR	2,065		USD	2,221		34
JPMorgan Chase Bank		10/04/23		CHF	2,927		USD	3,270		70
JPMorgan Chase Bank		10/04/23		NOK	4,478		USD	417		(4	)
JPMorgan Chase Bank		10/04/23		DKK	4,529		USD	663		20
JPMorgan Chase Bank		10/04/23		THB	14,086		USD	395		8
JPMorgan Chase Bank		10/04/23		JPY	16,300		USD	112		3
JPMorgan Chase Bank		10/04/23		CZK	25,908		USD	1,166		40
JPMorgan Chase Bank		10/10/23		USD	451		CNY	3,300		3
JPMorgan Chase Bank		10/10/23		USD	1,384		CNY	9,977		(13	)
JPMorgan Chase Bank		10/10/23		CNY	3,251		USD	451		4
JPMorgan Chase Bank		10/11/23		IDR	64,963,205		USD	4,252		51
JPMorgan Chase Bank		10/12/23		EUR	1,345		USD	1,433		8
JPMorgan Chase Bank		10/13/23		EUR	28,777		USD	31,135		656
JPMorgan Chase Bank		10/20/23		IDR	30,716,669		USD	2,000		14
JPMorgan Chase Bank		10/25/23		JPY	2,181,564		USD	14,897		219
JPMorgan Chase Bank		10/27/23		CAD	11,902		USD	8,794		(13	)
JPMorgan Chase Bank		10/27/23		COP	3,397,158		USD	857		23
JPMorgan Chase Bank		11/02/23		USD	440		JPY	64,900		(3	)
JPMorgan Chase Bank		11/02/23		PEN	3,888		USD	1,036		10
JPMorgan Chase Bank		11/03/23		USD	110		NOK	1,180		1
JPMorgan Chase Bank		11/03/23		USD	167		AUD	260		—
JPMorgan Chase Bank		11/03/23		USD	222		SEK	2,470		6
JPMorgan Chase Bank		11/03/23		USD	218		EUR	207		2
JPMorgan Chase Bank		11/03/23		USD	221		EUR	207		(1	)
JPMorgan Chase Bank		11/03/23		MXN	960		USD	54		(1	)
JPMorgan Chase Bank		11/03/23		CZK	1,270		USD	55		(1	)
JPMorgan Chase Bank		11/03/23		NZD	1,295		USD	770		(7	)
JPMorgan Chase Bank		11/03/23		RON	1,562		USD	333		—
JPMorgan Chase Bank		11/20/23		ILS	8,581		USD	2,328		68
JPMorgan Chase Bank		11/20/23		THB	90,159		USD	2,589		102
JPMorgan Chase Bank		11/27/23		USD	1,079		HUF	391,105		(23	)
JPMorgan Chase Bank		12/04/23		CNY	50,597		USD	6,983		(51	)
JPMorgan Chase Bank		12/04/23		THB	104,118		USD	2,990		114
JPMorgan Chase Bank		12/05/23		CZK	67,625		USD	3,015		80
JPMorgan Chase Bank		12/11/23		USD	32		CNY	230		—
JPMorgan Chase Bank		12/11/23		CHF	1,807		USD	2,069		78
JPMorgan Chase Bank		12/11/23		CAD	2,389		USD	1,767		(2	)
JPMorgan Chase Bank		12/11/23		CNY	3,300		USD	452		(7	)
JPMorgan Chase Bank		12/11/23		USD	4,271		GBP	3,367		(161	)
JPMorgan Chase Bank		12/11/23		USD	4,685		NOK	49,777		5
JPMorgan Chase Bank		12/11/23		AUD	5,735		USD	3,725		16

SEI Institutional International Trust

55

SCHEDULE OF INVESTMENTS

September 30, 2023

International Fixed Income Fund (Continued)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		12/11/23		USD	10,530		SEK	114,077	$	10
JPMorgan Chase Bank		12/11/23		SGD	18,593		USD	13,832		162
JPMorgan Chase Bank		12/11/23		NZD	22,440		USD	13,379		(98	)
JPMorgan Chase Bank		12/11/23		MXN	107,029		USD	6,169		81
JPMorgan Chase Bank		12/11/23		KRW	2,001,853		USD	1,524		30
JPMorgan Chase Bank		12/18/23		PLN	13,801		USD	3,207		53
Merrill Lynch		10/27/23		USD	1,388		CAD	1,897		16
Merrill Lynch		11/08/23		AUD	6,313		USD	4,091		13
Midland Walwyn Capital Inc.		10/04/23		RON	119		USD	26		1
Midland Walwyn Capital Inc.		10/04/23		GBP	134		USD	166		2
Midland Walwyn Capital Inc.		10/04/23		USD	166		EUR	155		(2	)
Midland Walwyn Capital Inc.		10/04/23		USD	220		GBP	178		(2	)
Midland Walwyn Capital Inc.		10/04/23		NZD	370		USD	219		(3	)
Midland Walwyn Capital Inc.		10/04/23		MYR	371		USD	80		1
Midland Walwyn Capital Inc.		10/04/23		JPY	179,200		USD	1,221		20
Midland Walwyn Capital Inc.		11/03/23		RON	119		USD	25		—
Midland Walwyn Capital Inc.		11/03/23		MYR	371		USD	79		(1	)
Morgan Stanley		10/04/23		USD	111		GBP	89		(3	)
Morgan Stanley		10/04/23		USD	524		RON	2,383		(16	)
Morgan Stanley		10/04/23		USD	952		EUR	885		(15	)
Morgan Stanley		10/04/23		USD	1,088		NZD	1,843		20
Morgan Stanley		10/04/23		USD	2,627		JPY	385,600		(42	)
Morgan Stanley		10/04/23		USD	670		AUD	1,050		8
Morgan Stanley		10/04/23		USD	2,470		AUD	3,806		(14	)
Morgan Stanley		10/04/23		NZD	5,298		USD	3,149		(34	)
Morgan Stanley		10/04/23		AUD	5,958		USD	3,868		22
Morgan Stanley		10/04/23		AUD	515		USD	331		(1	)
Morgan Stanley		10/04/23		MXN	31,763		USD	1,887		60
Morgan Stanley		10/04/23		JPY	64,900		USD	446		11
Morgan Stanley		10/10/23		CNY	1,237		USD	170		—
Morgan Stanley		10/10/23		CNY	812		USD	110		(1	)
Morgan Stanley		10/12/23		EUR	13,461		USD	14,701		444
Morgan Stanley		10/27/23		CAD	1,265		USD	937		1
Morgan Stanley		11/02/23		USD	330		JPY	49,100		1
Morgan Stanley		11/02/23		JPY	65,200		USD	441		2
Morgan Stanley		11/02/23		JPY	40,800		USD	275		—
Morgan Stanley		11/03/23		USD	273		NZD	460		4
Morgan Stanley		11/03/23		USD	508		RON	2,383		(1	)
Morgan Stanley		11/03/23		NZD	553		USD	330		(2	)
Morgan Stanley		11/03/23		USD	2,731		EUR	2,571		(6	)
Morgan Stanley		11/03/23		EUR	63,621		USD	67,554		116
RBC		10/04/23		USD	222		EUR	204		(6	)
RBC		10/04/23		USD	225		CHF	200		(6	)
RBC		10/04/23		CAD	295		USD	219		1
RBC		10/04/23		USD	316		SEK	3,440		—
RBC		10/04/23		SEK	5,842		USD	537		—
RBC		11/02/23		USD	331		JPY	49,000		(1	)
RBC		11/02/23		JPY	32,600		USD	221		1
RBS		11/03/23		USD	590		GBP	484		—

56

SEI Institutional International Trust

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
SCB Securities		10/04/23		MYR	1,125		USD	243	$	3
SCB Securities		10/10/23		CNY	836		USD	114		(1	)
SCB Securities		10/10/23		USD	25,874		CNY	189,411		162
SCB Securities		11/03/23		USD	114		CNY	836		2
SCB Securities		11/03/23		USD	206		EUR	195		1
SCB Securities		11/03/23		MYR	1,125		USD	240		(2	)
SCB Securities		11/03/23		CNY	189,411		USD	25,885		(492	)
SCB Securities		04/12/24		HKD	2,720		USD	350		1
SCB Securities		05/09/24		HKD	2,705		USD	348		1
State Street		10/04/23		NOK	96		USD	9		—
State Street		10/04/23		USD	111		EUR	102		(3	)
State Street		10/04/23		GBP	179		USD	223		5
State Street		10/04/23		NZD	190		USD	112		(2	)
State Street		10/04/23		EUR	206		USD	221		3
State Street		10/04/23		USD	221		CAD	300		1
State Street		10/04/23		USD	222		GBP	175		(8	)
State Street		10/04/23		USD	223		NZD	380		5
State Street		10/04/23		CAD	300		USD	224		2
State Street		10/04/23		USD	113		AUD	175		—
State Street		10/04/23		USD	393		AUD	605		(2	)
State Street		10/04/23		CHF	690		USD	781		26
State Street		10/04/23		AUD	167		USD	108		—
State Street		10/04/23		AUD	690		USD	445		—
State Street		10/04/23		USD	2,109		CHF	1,880		(54	)
State Street		10/04/23		MXN	2,340		USD	134		—
State Street		10/10/23		CNY	805		USD	110		—
State Street		11/03/23		USD	230		NOK	2,478		3
State Street		11/03/23		USD	972		EUR	920		4
State Street		11/03/23		MXN	3,547		USD	199		(4	)
TD Securities		10/04/23		USD	9		PLN	35		—
TD Securities		10/04/23		SGD	30		USD	22		—
TD Securities		10/04/23		USD	73		EUR	67		(2	)
TD Securities		10/04/23		USD	445		CHF	395		(14	)
TD Securities		10/04/23		USD	685		GBP	558		(4	)
TD Securities		10/04/23		PLN	4,758		USD	1,157		67
TD Securities		10/04/23		JPY	32,600		USD	221		3
TD Securities		11/03/23		USD	374		NZD	628		3
TD Securities		11/03/23		USD	1,290		AUD	2,011		9
TD Securities		11/03/23		NZD	3,598		USD	2,142		(19	)
TD Securities		11/03/23		AUD	5,640		USD	3,617		(26	)
TD Securities		11/03/23		CAD	10,754		USD	7,966		7
TD Securities		11/03/23		GBP	11,215		USD	13,723		35
UBS		10/04/23		USD	132		MXN	2,290		—
UBS		10/04/23		GBP	150		USD	186		3
UBS		10/04/23		RON	163		USD	36		1
UBS		10/04/23		USD	285		NZD	480		4
UBS		10/04/23		USD	155		AUD	241		1
UBS		10/04/23		USD	158		AUD	244		—
UBS		10/04/23		USD	333		NOK	3,560		2

SEI Institutional International Trust

57

SCHEDULE OF INVESTMENTS

September 30, 2023

International Fixed Income Fund (Concluded)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
UBS		10/04/23		CHF	395		USD	448	$	16
UBS		10/04/23		USD	411		EUR	383		(6	)
UBS		10/04/23		CZK	1,260		USD	55		—
UBS		10/04/23		USD	1,491		GBP	1,172		(60	)
UBS		10/04/23		NZD	1,500		USD	891		(10	)
UBS		10/04/23		AUD	518		USD	334		—
UBS		10/04/23		AUD	1,735		USD	1,114		(6	)
UBS		10/04/23		THB	4,894		USD	137		3
UBS		10/04/23		SEK	8,650		USD	775		(21	)
UBS		10/04/23		MXN	97,590		USD	5,795		181
UBS		11/03/23		RON	163		USD	35		—
UBS		11/03/23		USD	220		NOK	2,360		2
UBS		11/03/23		NZD	506		USD	303		(1	)
UBS		11/03/23		USD	1,318		EUR	1,248		4
UBS		11/03/23		ZAR	10,860		USD	577		2
UBS		11/03/23		MXN	38,701		USD	2,171		(45	)
UBS		01/11/24		CNH	143,587		USD	19,781		(26	)
Westpac Banking		10/04/23		JPY	55,571		USD	383		10
Westpac Banking		11/03/23		DKK	4,529		USD	645		1
Westpac Banking		11/20/23		JPY	162,800		USD	1,136		36
									$	6,513

A list of the open OTC swap agreements held by the Fund at September 30, 2023, is as follows:

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)		Upfront Payments (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
Deutsche Bank	China 7-Day Reverse Repo Rate		2.985%		Quarterly		06/03/2024		CNY		23,220	$	27	$	–	$	27
Deutsche Bank	China 7-Day Reverse Repo Rate		2.755%		Quarterly		09/09/2024		CNY		31,000		37		–		37
												$	64	$	–	$	64

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2023, 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)
China 7-Day Reverse Repo Rate			2.8000%		Quarterly		04/02/2026		CNY		12,090	$	29		$	–	$	29
	3-MONTH NZD RATE		2.58%		Quarterly		11/01/2024		NZD		980		(20	)		–		(20	)
	3-MONTH NZD RATE		2.0525%		Quarterly		11/02/2024		NZD		2,620		(56	)		–		(56	)
	6-MONTH EURIBOR		1.5455%		Semi-Annually		08/18/2027		EUR		5,175		(368	)		–		(368	)
	3-MONTH NZD RATE		4.18%		Quarterly		04/26/2033		NZD		2,350		(106	)		–		(106	)
	1.041%		1-DAY JPY-TONAR		Annually		06/09/2053		JPY		124,710		99			–		99
China 7-Day Fixing Repo Rates			2.4197%		Quarterly		09/28/2028		CNY		19,590		6			–		6
												$	(416	)	$	–	$	(416	)

Percentages are based on Net Assets of $438,855 ($ Thousands).

58

SEI Institutional International Trust

(A)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2023, the value of these securities amounted to $51,086 ($ Thousands), representing 11.6% of the Net Assets of the Fund.
(B)	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.
(C)	Perpetual security with no stated maturity date.
(D)	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, 2023 was $1,912 ($ Thousands).
(E)	Zero coupon security.
(F)	No interest rate available.
(G)	Interest rate represents the security's effective yield at the time of purchase.

The following is a summary of the level of inputs used as of September 30, 2023, 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		–		408,355		–		408,355
U.S. Treasury Obligations		–		10,743		–		10,743
Commercial Paper		–		1,696		–		1,696
Asset-Backed Security		–		737		–		737
Mortgage-Backed Securities		–		52		–		52
Purchased Option		7		–		–		7
Total Investments in Securities		7		421,583		–		421,590

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		492			–			–		492
Unrealized Depreciation		(725	)		–			–		(725	)
Forward Contracts*
Unrealized Appreciation		–			8,569			–		8,569
Unrealized Depreciation		–			(2,056	)		–		(2,056	)
OTC Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			64			–		64
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			134			–		134
Unrealized Depreciation		–			(550	)		–		(550	)
Total Other Financial Instruments		(233	)		6,161			–		5,928

* 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.

SEI Institutional International Trust

59

SCHEDULE OF INVESTMENTS

September 30, 2023

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 — 95.4%
Angola — 0.9%
Angolan Government International Bond
9.500%, 11/12/2025 (A)	$	112	$	110
9.375%, 05/08/2048		3,260		2,397
8.750%, 04/14/2032		3,728		2,991
8.750%, 04/14/2032 (A)		489		392
8.250%, 05/09/2028 (A)		854		738
8.250%, 05/09/2028		735		636
Angolan Government International Bond MTN
9.125%, 11/26/2049		299		214
8.000%, 11/26/2029		980		805
Republic of Angola Via Avenir Issuer II Ireland DAC
6.927%, 02/19/2027		2,480		2,285
				10,568
Argentina — 0.9%
Argentine Republic Government International Bond
3.625%, 07/09/2035 (B)		14,877		3,670
3.500%, 07/09/2041 (B)		8,553		2,188
0.750%, 07/09/2030 (B)		7,034		2,000
0.500%, 07/09/2029	EUR	13		3
MSU Energy
6.875%, 02/01/2025 (A)	$	285		209
Provincia de Buenos Aires MTN
6.375%, 09/01/2037 (B)		5,624		1,830
4.000%, 09/01/2037 (B)	EUR	666		162
Provincia de Cordoba
6.875%, 12/10/2025 (A)(B)	$	450		374
				10,436
Armenia — 0.2%
Republic of Armenia International Bond
3.950%, 09/26/2029		200		161
3.600%, 02/02/2031		2,352		1,768
				1,929

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Australia — 0.0%
AngloGold Ashanti Holdings
3.750%, 10/01/2030	$	229	$	184
Azerbaijan — 0.8%
Republic of Azerbaijan International Bond
5.125%, 09/01/2029		1,457		1,355
3.500%, 09/01/2032		540		439
3.500%, 09/01/2032 (A)		150		122
Southern Gas Corridor CJSC
6.875%, 03/24/2026 (A)		690		686
6.875%, 03/24/2026		4,195		4,170
State Oil of the Azerbaijan Republic
6.950%, 03/18/2030		1,840		1,854
6.950%, 03/18/2030		430		433
				9,059
Bahamas — 0.1%
Bahamas Government International Bond
6.000%, 11/21/2028		950		782
Bahrain — 1.0%
Bahrain Government International Bond
7.750%, 04/18/2035 (A)		838		836
5.625%, 09/30/2031		2,040		1,829
5.625%, 09/30/2031 (A)		420		377
5.450%, 09/16/2032		2,082		1,810
Bahrain Government International Bond MTN
5.625%, 05/18/2034 (A)		2,477		2,117
5.250%, 01/25/2033		1,280		1,090
5.250%, 01/25/2033 (A)		200		170
4.250%, 01/25/2028		1,306		1,194
CBB International Sukuk Programme WLL
3.875%, 05/18/2029 (A)		1,094		958
3.875%, 05/18/2029		546		478
Oil and Gas Holding BSCC
8.375%, 11/07/2028 (A)		560		590
8.375%, 11/07/2028		450		474
				11,923
Benin — 0.1%
Benin Government International Bond
6.875%, 01/19/2052	EUR	158		111
4.950%, 01/22/2035		819		594
4.875%, 01/19/2032		102		80
				785
Bermuda — 0.2%
Bermuda Government International Bond
5.000%, 07/15/2032	$	409		381
4.750%, 02/15/2029		954		904
3.717%, 01/25/2027		431		403

60

SEI Institutional International Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
2.375%, 08/20/2030	$	221	$	178
				1,866
Bolivia — 0.0%
Bolivian Government International Bond
4.500%, 03/20/2028		602		341
Brazil — 6.9%
Braskem Netherlands Finance BV (A)
8.500%, 01/12/2031		900		892
7.250%, 02/13/2033		1,289		1,187
Brazil Letras do Tesouro Nacional
0.000%, 01/01/2025 (C)	BRL	77,318		13,582
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/2028	$	1,170		1,135
5.333%, 02/15/2028 (A)		112		109
Brazil Notas do Tesouro Nacional Serie F
10.000%, 01/01/2033	BRL	36,812		6,694
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 05/15/2035		268		227
6.000%, 05/15/2045		119		100
6.000%, 08/15/2050		519		436
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2025		38,488		7,607
10.000%, 01/01/2027		72,088		14,051
10.000%, 01/01/2029		72,861		13,820
10.000%, 01/01/2031		20,635		3,826
Brazilian Government International Bond
6.000%, 10/20/2033	$	3,600		3,396
5.625%, 02/21/2047		1,589		1,258
5.000%, 01/27/2045		1,719		1,271
4.750%, 01/14/2050		6,517		4,500
3.750%, 09/12/2031		785		660
Centrais Eletricas Brasileiras
4.625%, 02/04/2030 (A)		226		196
CSN Resources
4.625%, 06/10/2031 (A)		625		476
Iochpe-Maxion Austria GmbH
5.000%, 05/07/2028 (A)		620		534
MC Brazil Downstream Trading SARL
7.250%, 06/30/2031 (A)		1,184		908
7.250%, 06/30/2031		338		259
Minerva Luxembourg
4.375%, 03/18/2031 (A)		297		230
MV24 Capital BV
6.748%, 06/01/2034 (A)		349		308
Nexa Resources
5.375%, 05/04/2027 (A)		2,591		2,396
Petrobras Global Finance BV
6.500%, 07/03/2033		873		833
Suzano Austria GmbH (A)
7.000%, 03/16/2047		399		384
6.000%, 01/15/2029		288		280

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
5.000%, 01/15/2030	$	494	$	451
				82,006
Cameroon — 0.1%
Republic of Cameroon International Bond
5.950%, 07/07/2032	EUR	960		673
Cayman Islands — 0.1%
Neon Capital MTN
2.015%, 01/06/2028 (D)	JPY	183,835		1,109
Chile — 2.1%
Alfa Desarrollo SpA
4.550%, 09/27/2051 (A)	$	226		154
ATP Tower Holdings LLC
4.050%, 04/27/2026 (A)		255		221
Banco de Credito e Inversiones
3.500%, 10/12/2027 (A)		1,046		955
Bonos de la Tesoreria de la Republica
1.900%, 09/01/2030	CLP	913,031		940
Bonos de la Tesoreria de la Republica en pesos
7.000%, 05/01/2034 (A)		525,000		623
6.000%, 04/01/2033 (A)		610,000		671
5.000%, 10/01/2028 (A)		1,075,000		1,137
5.000%, 03/01/2035		275,000		278
4.700%, 09/01/2030 (A)		720,000		734
4.500%, 03/01/2026		995,000		1,060
2.800%, 10/01/2033 (A)		640,000		539
Cencosud
4.375%, 07/17/2027 (A)	$	1,819		1,672
Chile Government International Bond
4.950%, 01/05/2036		5,536		5,078
4.125%, 07/05/2034	EUR	210		211
3.860%, 06/21/2047	$	550		401
3.500%, 01/31/2034		1,949		1,609
3.250%, 09/21/2071		379		214
3.100%, 05/07/2041		976		662
3.100%, 01/22/2061		2,493		1,425
2.750%, 01/31/2027		730		670
2.550%, 07/27/2033		1,802		1,383
2.450%, 01/31/2031 (E)		327		269
Corp Nacional del Cobre de Chile
5.950%, 01/08/2034 (A)		1,964		1,901
Empresa de los Ferrocarriles del Estado
3.830%, 09/14/2061		350		218
3.068%, 08/18/2050		250		143
Empresa Nacional del Petroleo
6.150%, 05/10/2033 (A)		200		192
5.250%, 11/06/2029		749		700
4.500%, 09/14/2047		200		141
3.450%, 09/16/2031 (A)		331		264

SEI Institutional International Trust

61

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Nacional del Cobre de Chile (A)
5.125%, 02/02/2033	$	282	$	259
3.750%, 01/15/2031		234		201
3.700%, 01/30/2050 (E)		452		293
				25,218
China — 3.0%
Blossom Joy
3.100% (D)(F)		202		190
China Government Bond
3.810%, 09/14/2050	CNY	5,200		805
3.720%, 04/12/2051		3,000		459
3.530%, 10/18/2051		7,980		1,182
3.280%, 12/03/2027		21,300		3,018
3.270%, 11/19/2030		3,100		442
3.190%, 04/15/2053		4,700		667
3.120%, 10/25/2052		10,690		1,481
3.020%, 05/27/2031		1,500		210
2.880%, 02/25/2033		42,230		5,849
2.800%, 03/24/2029		3,500		483
2.800%, 03/25/2030		21,690		2,986
2.790%, 12/15/2029		3,600		495
2.750%, 06/15/2029		3,000		412
2.750%, 02/17/2032		3,000		410
2.690%, 08/12/2026		4,000		552
2.670%, 05/25/2033		6,400		873
2.640%, 01/15/2028		58,370		8,016
2.620%, 09/25/2029		3,000		409
2.620%, 06/25/2030		7,500		1,021
2.600%, 09/01/2032		3,000		406
China Government International Bond
3.250%, 10/19/2023	$	1,192		1,191
1.250%, 10/26/2026 (A)		559		499
0.550%, 10/21/2025		626		569
0.400%, 10/21/2023		2,010		2,005
Chinalco Capital Holdings
4.100% (D)(F)		224		219
2.125%, 06/03/2026		173		157
Dianjian Haiyu
4.300% (D)(F)		204		201
Meituan
3.050%, 10/28/2030		204		158
Powerchina Roadbridge Group British Virgin Islands
3.080% (D)(F)		285		265
Shimao Group Holdings
5.600%, 07/15/2026 (G)		1,949		59
5.200%, 01/30/2025 (G)		1,406		54
Tencent Holdings Ltd MTN
3.240%, 06/03/2050 (A)		450		259
				36,002

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Colombia — 5.6%
AI Candelaria Spain (A)
7.500%, 12/15/2028	$	333	$	303
5.750%, 06/15/2033		780		552
Colombia Government International Bond
9.850%, 06/28/2027	COP	5,060,000		1,169
8.000%, 04/20/2033	$	5,257		5,191
7.500%, 02/02/2034		2,898		2,736
6.125%, 01/18/2041		3,587		2,803
5.625%, 02/26/2044		132		94
5.200%, 05/15/2049		2,642		1,731
5.000%, 06/15/2045		1,173		768
4.500%, 03/15/2029		863		749
4.125%, 02/22/2042		1,266		764
4.125%, 05/15/2051		1,789		995
3.875%, 02/15/2061		1,035		535
3.000%, 01/30/2030		1,571		1,204
Colombian TES
13.250%, 02/09/2033	COP	16,307,500		4,354
10.000%, 07/24/2024		4,883,600		1,218
9.250%, 05/28/2042		13,135,000		2,580
7.750%, 09/18/2030		3,596,100		742
7.500%, 08/26/2026		21,350,800		4,854
7.250%, 10/18/2034		31,459,900		5,653
7.250%, 10/26/2050		4,553,000		705
7.000%, 03/26/2031		14,994,400		2,903
7.000%, 03/26/2031		1,211,900		235
7.000%, 06/30/2032		34,959,700		6,512
6.250%, 11/26/2025		4,047,300		921
6.250%, 07/09/2036		4,494,700		713
6.000%, 04/28/2028		34,259,100		6,984
5.750%, 11/03/2027		20,037,100		4,121
Ecopetrol
8.875%, 01/13/2033	$	357		349
6.875%, 04/29/2030		492		449
5.875%, 11/02/2051		346		220
Ecopetrol SA
8.625%, 01/19/2029		651		653
Empresas Publicas de Medellin ESP (A)
8.375%, 11/08/2027	COP	2,351,000		465
7.625%, 09/10/2024		3,116,000		728
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/2024 (A)		1,127,000		265
7.875%, 08/12/2024		884,000		208
Geopark
5.500%, 01/17/2027 (A)	$	261		224
Gran Tierra Energy
7.750%, 05/23/2027 (A)(E)		543		466
Grupo Aval
4.375%, 02/04/2030 (A)		812		618

62

SEI Institutional International Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
SierraCol Energy Andina
6.000%, 06/15/2028 (A)	$	578	$	459
				67,193
Costa Rica — 0.4%
Costa Rica Government International Bond
7.000%, 04/04/2044		230		218
7.000%, 04/04/2044		58		55
6.550%, 04/03/2034 (A)		1,185		1,152
6.550%, 04/03/2034		2,885		2,803
				4,228
Czech Republic — 2.2%
Czech Republic Government Bond
6.200%, 06/16/2031	CZK	12,770		606
6.000%, 02/26/2026		72,840		3,250
5.500%, 12/12/2028		39,470		1,778
5.000%, 09/30/2030		19,660		866
4.900%, 04/14/2034		6,780		297
4.200%, 12/04/2036		7,740		317
3.500%, 05/30/2035		18,690		720
2.750%, 07/23/2029		55,670		2,173
2.500%, 08/25/2028		131,680		5,164
2.000%, 10/13/2033		116,520		3,970
1.950%, 07/30/2037		5,510		171
1.750%, 06/23/2032		18,680		642
1.500%, 04/24/2040		6,150		166
1.200%, 03/13/2031		44,790		1,518
1.000%, 06/26/2026		46,200		1,809
0.950%, 05/15/2030		5,750		197
0.250%, 02/10/2027		44,470		1,661
0.050%, 11/29/2029		18,530		607
				25,912
Dominican Republic — 1.8%
Dominican Republic Central Bank Notes
13.000%, 12/05/2025 (A)	DOP	276,320		5,038
Dominican Republic International Bond
11.250%, 09/15/2035 (A)		30,550		553
9.750%, 06/05/2026		19,150		339
7.450%, 04/30/2044 (A)	$	687		626
7.450%, 04/30/2044		2,443		2,226
7.050%, 02/03/2031		4,702		4,539
6.850%, 01/27/2045		1,729		1,468
6.500%, 02/15/2048		2,764		2,230
6.400%, 06/05/2049		651		515
6.000%, 02/22/2033		1,579		1,392
5.875%, 04/18/2024 (A)		24		23
5.875%, 01/30/2060		3,598		2,570
5.500%, 02/22/2029		240		219
4.875%, 09/23/2032		135		109
				21,847

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Ecuador — 0.8%
Ecuador Government International Bond
9.365%, 07/31/2030 (C)	$	50	$	15
6.000%, 07/31/2030 (A)(B)		2,028		1,031
6.000%, 07/31/2030 (B)		6,159		3,132
3.500%, 07/31/2035 (A)(B)		2,529		935
3.500%, 07/31/2035 (B)		9,316		3,446
2.500%, 07/31/2040 (A)(B)		1,165		380
2.500%, 07/31/2040 (B)		121		39
0.000%, 07/31/2030 (A)(C)		690		204
				9,182
Egypt — 1.2%
Egypt Government Bond
14.664%, 10/06/2030	EGP	4,750		100
Egypt Government International Bond
8.875%, 05/29/2050	$	2,395		1,293
8.875%, 05/29/2050 (A)		492		266
8.700%, 03/01/2049 (A)		389		207
8.500%, 01/31/2047		2,691		1,430
7.903%, 02/21/2048 (A)		428		218
7.625%, 05/29/2032		4,925		2,832
5.800%, 09/30/2027		685		449
Egypt Government International Bond MTN
7.500%, 02/16/2061 (A)		261		131
7.300%, 09/30/2033		917		509
6.375%, 04/11/2031	EUR	2,720		1,604
6.375%, 04/11/2031 (A)		2,134		1,258
5.800%, 09/30/2027 (A)	$	1,545		1,014
5.625%, 04/16/2030	EUR	614		359
4.750%, 04/11/2025 (A)		981		835
4.750%, 04/11/2025		457		389
4.750%, 04/16/2026		842		621
4.750%, 04/16/2026 (A)		524		387
3.875%, 02/16/2026 (A)	$	318		225
Government of Egypt
5.875%, 06/11/2025 (A)		326		265
				14,392
El Salvador — 0.6%
El Salvador Government International Bond
9.500%, 07/15/2052		6,424		4,899
8.625%, 02/28/2029 (E)		727		593
8.250%, 04/10/2032		627		496
7.650%, 06/15/2035		677		477
7.125%, 01/20/2050		164		106
6.375%, 01/18/2027 (A)		412		335
				6,906
Ethiopia — 0.2%
Ethiopia International Bond
6.625%, 12/11/2024 (A)		2,451		1,576

SEI Institutional International Trust

63

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
6.625%, 12/11/2024	$	400	$	257
				1,833
Gabon — 0.1%
Gabon Government International Bond (A)
7.000%, 11/24/2031		900		667
6.950%, 06/16/2025		608		541
6.375%, 12/12/2024		321		292
				1,500
Georgia — 0.0%
Georgian Railway JSC
4.000%, 06/17/2028 (A)		481		416
Ghana — 1.0%
Ghana Government International Bond
10.750%, 10/14/2030 (A)		1,055		706
10.750%, 10/14/2030		5,024		3,361
8.950%, 03/26/2051 (G)		2,095		887
8.875%, 05/07/2042 (G)		1,491		628
8.750%, 03/11/2061 (G)		693		293
8.627%, 06/16/2049 (G)		789		333
8.625%, 04/07/2034 (G)		3,277		1,441
8.125%, 03/26/2032 (G)		515		226
7.875%, 02/11/2035 (G)		1,101		488
7.750%, 04/07/2029 (G)		450		198
7.625%, 05/16/2029 (G)		1,289		569
6.375%, 02/11/2027		281		124
Republic of Ghana Government Bonds
19.250%, 12/18/2023	GHS	4,011		332
10.000%, 02/02/2038		505		13
9.850%, 02/03/2037		502		13
9.700%, 02/05/2036		502		13
9.550%, 02/06/2035		502		13
9.400%, 02/07/2034		502		14
9.250%, 02/08/2033		1,267		35
9.100%, 02/10/2032		1,267		37
8.950%, 02/11/2031		1,268		39
8.800%, 02/12/2030		1,014		33
8.650%, 02/13/2029		656		24
8.500%, 02/15/2028		2,783		117
8.350%, 02/16/2027		6,621		322
Tullow Oil (A)
10.250%, 05/15/2026	$	330		287
7.000%, 03/01/2025 (E)		1,241		958
				11,504
Guatemala — 1.0%
CT Trust
5.125%, 02/03/2032 (A)		762		595
Guatemala Government Bond
7.050%, 10/04/2032 (A)		865		868
7.050%, 10/04/2032		533		535
6.600%, 06/13/2036 (E)		2,191		2,101

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
6.600%, 06/13/2036 (A)	$	4,237	$	4,062
6.125%, 06/01/2050		2,015		1,732
4.900%, 06/01/2030		496		450
4.500%, 05/03/2026		185		175
3.700%, 10/07/2033 (A)(E)		1,008		772
3.700%, 10/07/2033		700		536
Millicom International Cellular
4.500%, 04/27/2031 (A)		507		362
				12,188
Honduras — 0.1%
Honduras Government International Bond
6.250%, 01/19/2027		326		306
5.625%, 06/24/2030 (E)		1,281		1,090
				1,396
Hong Kong — 0.0%
NWD MTN Ltd
4.125%, 07/18/2029		757		455
Hungary — 2.8%
Hungary Government Bond
9.500%, 10/21/2026	HUF	534,110		1,502
6.750%, 10/22/2028		2,782,390		7,334
5.500%, 06/24/2025		313,990		816
4.750%, 11/24/2032		1,583,070		3,571
4.500%, 03/23/2028		1,099,400		2,649
4.500%, 05/27/2032		202,680		453
3.250%, 10/22/2031		294,420		612
3.000%, 10/27/2027		383,810		881
3.000%, 08/21/2030		380,180		800
3.000%, 10/27/2038		729,400		1,213
3.000%, 04/25/2041		349,900		546
2.250%, 04/20/2033		652,560		1,193
2.000%, 05/23/2029		875,310		1,817
Hungary Government International Bond
6.750%, 09/25/2052 (A)	$	2,579		2,445
6.750%, 09/25/2052		201		190
6.125%, 05/22/2028 (A)		1,640		1,634
6.125%, 05/22/2028		2,297		2,288
3.125%, 09/21/2051		2,328		1,283
3.125%, 09/21/2051 (A)(E)		299		165
2.125%, 09/22/2031 (A)		1,475		1,086
1.750%, 06/05/2035	EUR	926		659
1.500%, 11/17/2050		552		285
Magyar Export-Import Bank Zrt
6.125%, 12/04/2027 (A)	$	231		227
				33,649
India — 0.5%
Adani Electricity Mumbai
3.949%, 02/12/2030		810		594
3.949%, 02/12/2030 (A)		540		396

64

SEI Institutional International Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Export-Import Bank of India
5.500%, 01/18/2033	$	1,754	$	1,681
Export-Import Bank of India MTN
3.250%, 01/15/2030		860		733
2.250%, 01/13/2031		415		322
Greenko Power II
4.300%, 12/13/2028		464		396
Network i2i
5.650%, H15T5Y + 4.277% (A)(D)(F)		260		253
Power Finance MTN
3.950%, 04/23/2030 (A)		569		494
Reliance Industries (A)
3.625%, 01/12/2052		671		428
2.875%, 01/12/2032		550		439
Vedanta Resources Finance II
8.950%, 03/11/2025		760		559
				6,295
Indonesia — 6.5%
Indonesia Asahan Aluminium (A)
5.800%, 05/15/2050		1,165		944
5.710%, 11/15/2023		618		617
4.750%, 05/15/2025		240		235
Indonesia Government International Bond
8.500%, 10/12/2035		815		998
5.650%, 01/11/2053		3,113		2,957
5.450%, 09/20/2052		800		734
4.850%, 01/11/2033 (E)		3,613		3,438
4.750%, 02/11/2029		119		114
4.650%, 09/20/2032		464		433
4.550%, 01/11/2028		2,164		2,095
4.300%, 03/31/2052		311		240
4.150%, 09/20/2027		372		355
2.850%, 02/14/2030		1,261		1,072
1.400%, 10/30/2031	EUR	841		694
1.300%, 03/23/2034		743		560
1.100%, 03/12/2033		690		525
Indonesia Government International Bond MTN
3.750%, 06/14/2028		1,057		1,094
Indonesia Treasury Bond
9.000%, 03/15/2029	IDR	36,550,000		2,622
8.750%, 05/15/2031		32,485,000		2,354
8.375%, 03/15/2034		63,445,000		4,571
8.375%, 04/15/2039		44,180,000		3,248
8.250%, 05/15/2029		34,062,000		2,369
8.250%, 06/15/2032		11,041,000		780
8.250%, 05/15/2036		66,559,000		4,789
8.125%, 05/15/2024		37,060,000		2,423
7.500%, 08/15/2032		26,770,000		1,803
7.500%, 06/15/2035		17,596,000		1,193
7.500%, 05/15/2038		24,494,000		1,660
7.500%, 04/15/2040		29,005,000		1,958

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
7.125%, 06/15/2038	IDR	45,232,000	$	2,951
7.125%, 06/15/2042		16,750,000		1,098
7.125%, 06/15/2043		58,350,000		3,804
7.000%, 05/15/2027		28,700,000		1,881
7.000%, 09/15/2030		18,766,000		1,228
7.000%, 02/15/2033		47,066,000		3,064
6.875%, 08/15/2051		34,420,000		2,196
6.500%, 06/15/2025		5,895,000		383
6.500%, 02/15/2031		23,127,000		1,467
6.375%, 08/15/2028		20,708,000		1,330
6.375%, 04/15/2032		58,545,000		3,692
6.375%, 07/15/2037		1,500,000		93
5.125%, 04/15/2027		19,322,000		1,200
Medco Bell Pte
6.375%, 01/30/2027 (A)	$	466		438
Minejesa Capital BV (A)
5.625%, 08/10/2037		995		759
4.625%, 08/10/2030		386		343
Pertamina Persero MTN
3.650%, 07/30/2029 (A)		1,035		925
Perusahaan Listrik Negara
1.875%, 11/05/2031 (A)	EUR	891		724
Perusahaan Listrik Negara MTN
6.150%, 05/21/2048	$	740		655
6.150%, 05/21/2048 (A)		657		582
4.375%, 02/05/2050 (A)		265		180
Perusahaan Penerbit SBSN Indonesia III
4.700%, 06/06/2032		355		335
Perusahaan Perseroan Persero Perusahaan Listrik Negara
4.875%, 07/17/2049 (E)		311		231
1.875%, 11/05/2031	EUR	250		203
Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN
5.250%, 05/15/2047	$	480		386
3.375%, 02/05/2030		750		635
3.000%, 06/30/2030		565		463
				78,121
Iraq — 0.1%
Iraq International Bond
5.800%, 01/15/2028		1,083		1,000
Israel — 0.1%
Bank Leumi Le-Israel
3.275%, H15T5Y + 1.631%, 01/29/2031 (A)(D)		431		385
Israel Government International Bond
4.500%, 01/17/2033		559		520
4.500%, 04/03/2120		759		544

SEI Institutional International Trust

65

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Leviathan Bond
6.750%, 06/30/2030 (A)	$	394	$	362
				1,811
Ivory Coast — 0.6%
Ivory Coast Government International Bond
6.875%, 10/17/2040	EUR	1,619		1,267
6.625%, 03/22/2048		2,979		2,164
6.625%, 03/22/2048		627		455
6.125%, 06/15/2033	$	628		520
5.875%, 10/17/2031 (A)	EUR	205		179
5.750%, 12/31/2032 (B)	$	600		534
5.250%, 03/22/2030	EUR	1,783		1,578
4.875%, 01/30/2032		747		601
				7,298
Jordan — 0.3%
Jordan Government International Bond
7.500%, 01/13/2029 (A)	$	2,291		2,234
7.375%, 10/10/2047		667		549
7.375%, 10/10/2047 (A)		228		188
4.950%, 07/07/2025		270		261
				3,232
Kazakhstan — 0.9%
Kazakhstan Government International Bond
4.875%, 10/14/2044 (E)		1,517		1,298
4.875%, 10/14/2044 (A)		1,020		873
Kazakhstan Government International Bond MTN
6.500%, 07/21/2045 (A)		631		640
2.375%, 11/09/2028 (A)	EUR	475		450
1.500%, 09/30/2034		1,409		1,061
KazMunayGas National JSC
6.375%, 10/24/2048 (A)(E)	$	1,974		1,606
6.375%, 10/24/2048		200		163
5.750%, 04/19/2047 (A)		2,610		2,028
5.750%, 04/19/2047		63		49
5.375%, 04/24/2030 (A)		734		666
3.500%, 04/14/2033		615		459
3.500%, 04/14/2033 (A)		559		417
KazMunayGas National JSC MTN
5.375%, 04/24/2030		600		545
QazaqGaz NC JSC
4.375%, 09/26/2027		597		549
4.375%, 09/26/2027 (A)		165		152
Tengizchevroil Finance International
3.250%, 08/15/2030 (A)		450		341
				11,297
Kenya — 0.4%
Kenya Government International Bond
8.250%, 02/28/2048		1,318		895
7.000%, 05/22/2027		2,114		1,786

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
7.000%, 05/22/2027 (A)	$	545	$	461
6.875%, 06/24/2024 (A)		1,248		1,152
Republic of Kenya Government International Bond
6.300%, 01/23/2034		390		259
				4,553
Kuwait — 0.1%
Meglobal Canada ULC MTN
5.875%, 05/18/2030 (A)		222		220
NBK SPC
1.625%, SOFRRATE + 1.050%, 09/15/2027 (A)(D)		392		347
NBK Tier 1 Financing 2
4.500%, CMTUSD6Y + 2.832% (A)(D)(F)		513		471
				1,038
Lebanon — 0.3%
Lebanon Government International Bond
8.250%, 05/17/2034 (G)		7,412		590
Lebanon Government International Bond MTN
8.250%, 12/31/2023 (G)		7,278		583
7.000%, 03/20/2028 (G)		2,048		162
6.850%, 05/25/2029 (G)		387		31
6.650%, 11/03/2028 (G)		2,667		211
6.650%, 02/26/2030 (G)		1,870		149
6.600%, 11/27/2026 (G)		1,613		127
6.400%, 05/26/2023 (G)		2,649		212
6.375%, 12/31/2023 (G)		4,989		399
6.150%, 12/31/2023 (G)		2,616		208
6.100%, 10/04/2022 (G)		6,316		500
6.100%, 10/04/2022 (G)		569		45
5.800%, 04/14/2023 (G)		2,787		222
				3,439
Macau — 0.0%
Studio City Finance (A)
6.500%, 01/15/2028		371		314
6.000%, 07/15/2025		87		83
				397
Malaysia — 5.6%
Khazanah Capital MTN
4.876%, 06/01/2033		1,891		1,784
Khazanah Global Sukuk MTN
4.687%, 06/01/2028		749		726
Malaysia Government Bond
5.248%, 09/15/2028	MYR	3,617		822
4.935%, 09/30/2043		2,200		502
4.921%, 07/06/2048		370		84
4.893%, 06/08/2038		4,650		1,069
4.762%, 04/07/2037		2,333		526

66

SEI Institutional International Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
4.696%, 10/15/2042	MYR	3,099	$	693
4.642%, 11/07/2033		3,000		673
4.504%, 04/30/2029		8,348		1,835
4.498%, 04/15/2030		8,992		1,982
4.392%, 04/15/2026		1,705		370
4.254%, 05/31/2035		15,124		3,257
4.232%, 06/30/2031		1,200		260
4.181%, 07/15/2024		4,186		896
4.065%, 06/15/2050		8,874		1,765
3.955%, 09/15/2025		33,479		7,184
3.906%, 07/15/2026		15,148		3,254
3.900%, 11/30/2026		4,085		877
3.899%, 11/16/2027		8,750		1,878
3.885%, 08/15/2029		28,072		5,963
3.882%, 03/14/2025		8,085		1,734
3.828%, 07/05/2034		33,619		6,994
3.757%, 05/22/2040		18,430		3,681
3.733%, 06/15/2028		27,483		5,838
3.582%, 07/15/2032		12,137		2,499
3.519%, 04/20/2028		1,999		422
3.502%, 05/31/2027		7,229		1,527
2.632%, 04/15/2031		17,944		3,486
Malaysia Government Investment Issue
4.369%, 10/31/2028		1,200		261
4.119%, 11/30/2034		1,248		266
4.070%, 09/30/2026		6,500		1,400
Petronas Capital MTN
3.500%, 04/21/2030	$	550		487
2.480%, 01/28/2032		2,361		1,873
				66,868
Mexico — 8.7%
America Movil
7.125%, 12/09/2024	MXN	18,110		985
Banco Mercantil del Norte (A)(F)
7.500%, H15T10Y + 5.470% (D)	$	476		424
6.750%, H15T5Y + 4.967% (D)		2,043		1,973
5.875%, H15T5Y + 4.643% (D)		417		356
Cemex (F)
9.125%, H15T5Y + 5.157% (A)(D)		1,231		1,282
9.125%, H15T5Y + 5.157% (D)		250		260
5.125%, H15T5Y + 4.534% (A)(D)		200		187
Comision Federal de Electricidad
7.350%, 11/25/2025	MXN	39,785		2,085
6.264%, 02/15/2052 (A)	$	263		214
4.688%, 05/15/2029 (A)		638		573
4.688%, 05/15/2029		200		180
3.875%, 07/26/2033		2,287		1,730
3.348%, 02/09/2031 (A)		391		305
Mexican Bonos
8.000%, 11/07/2047	MXN	107,017		5,064
8.000%, 07/31/2053		33,575		1,576
7.750%, 11/13/2042		169,941		7,874

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
7.500%, 06/03/2027	MXN	127,146	$	6,678
7.500%, 05/26/2033		37,370		1,826
5.750%, 03/05/2026		122,956		6,343
Mexican Bonos, Ser M20
10.000%, 12/05/2024		47,227		2,685
8.500%, 05/31/2029		202,780		10,907
7.750%, 05/29/2031		252,651		12,799
Mexican Bonos, Ser M30
8.500%, 11/18/2038		119,760		6,072
Mexico City Airport Trust
5.500%, 07/31/2047 (A)	$	715		544
Mexico Government International Bond
6.350%, 02/09/2035		644		630
6.338%, 05/04/2053		2,065		1,879
3.771%, 05/24/2061		1,407		825
3.750%, 04/19/2071		1,219		693
3.500%, 02/12/2034		746		583
2.659%, 05/24/2031		1,765		1,393
Mexico Government International Bond MTN
5.750%, 10/12/2110		2,606		2,068
4.750%, 03/08/2044		386		295
Minera Mexico
4.500%, 01/26/2050 (A)		627		446
Petroleos Mexicanos
10.000%, 02/07/2033		6,389		5,688
7.690%, 01/23/2050 (A)		237		152
6.950%, 01/28/2060 (A)		308		182
6.625%, 06/15/2035		3,100		2,076
6.500%, 03/13/2027		3,763		3,318
6.500%, 01/23/2029		688		558
6.500%, 06/02/2041		279		168
6.350%, 02/12/2048		678		387
6.350%, 02/12/2048		370		211
6.350%, 02/12/2048 (A)		130		74
5.950%, 01/28/2031 (A)		470		337
Petroleos Mexicanos MTN
6.875%, 08/04/2026		632		582
6.750%, 09/21/2047		5,083		3,012
6.750%, 09/21/2047		553		328
4.875%, 02/21/2028	EUR	755		639
Poinsettia Finance
6.625%, 06/17/2031	$	5,228		4,294
Tierra Mojada Luxembourg II Sarl
5.750%, 12/01/2040 (A)		175		145
				103,885
Mongolia — 0.4%
Development Bank of Mongolia
7.250%, 10/23/2023 (A)		784		780
Mongolia Government International Bond
8.650%, 01/19/2028 (A)		1,736		1,724
8.650%, 01/19/2028		208		207

SEI Institutional International Trust

67

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
5.125%, 04/07/2026	$	581	$	542
3.500%, 07/07/2027		901		755
Mongolia Government International Bond MTN
8.750%, 03/09/2024		1,169		1,173
				5,181
Morocco — 0.3%
Morocco Government International Bond
6.500%, 09/08/2033		780		765
5.950%, 03/08/2028 (A)		1,314		1,294
4.000%, 12/15/2050		305		188
3.000%, 12/15/2032		315		240
OCP SA
5.125%, 06/23/2051 (A)		1,611		1,063
				3,550
Mozambique — 0.1%
Mozambique International Bond
9.000%, 09/15/2031 (A)(B)		1,356		1,060
9.000%, 09/15/2031 (B)		200		156
				1,216
Nigeria — 0.9%
Nigeria Government International Bond
8.747%, 01/21/2031		856		720
7.875%, 02/16/2032		923		726
7.696%, 02/23/2038		827		577
Nigeria Government International Bond MTN
8.375%, 03/24/2029		2,368		2,025
8.250%, 09/28/2051		481		332
7.375%, 09/28/2033		2,690		1,984
7.375%, 09/28/2033 (A)		707		522
6.500%, 11/28/2027 (A)		2,217		1,845
6.125%, 09/28/2028 (A)		2,474		1,967
				10,698
Oman — 1.4%
EDO Sukuk
5.875%, 09/21/2033 (A)		2,234		2,208
Oman Government International Bond
7.375%, 10/28/2032 (A)		354		374
7.000%, 01/25/2051		1,254		1,180
6.750%, 10/28/2027 (A)		1,094		1,112
6.750%, 10/28/2027		4,155		4,222
6.750%, 01/17/2048		2,839		2,605
6.750%, 01/17/2048 (A)		2,675		2,454
6.500%, 03/08/2047 (A)		611		545
6.500%, 03/08/2047		281		250
5.625%, 01/17/2028 (A)		1,979		1,927
Oman Government International Bond MTN
6.000%, 08/01/2029 (A)		245		240
				17,117

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Pakistan — 0.2%
Pakistan Government International Bond
8.250%, 09/30/2025 (E)	$	1,609	$	982
6.875%, 12/05/2027		452		230
Pakistan Government International Bond MTN
7.375%, 04/08/2031		933		432
6.000%, 04/08/2026 (A)		2,351		1,210
				2,854
Panama — 1.5%
Aeropuerto Internacional de Tocumen
5.125%, 08/11/2061 (A)		311		226
Banco Nacional de Panama
2.500%, 08/11/2030 (A)(E)		791		613
Empresa de Transmision Electrica
5.125%, 05/02/2049 (A)		635		485
Panama Government International Bond
9.375%, 04/01/2029		514		588
8.125%, 04/28/2034		478		541
6.853%, 03/28/2054		4,861		4,514
6.700%, 01/26/2036		985		972
6.400%, 02/14/2035		5,804		5,618
4.500%, 04/16/2050		735		499
4.500%, 04/01/2056		3,451		2,267
4.500%, 01/19/2063		1,077		695
4.300%, 04/29/2053		200		130
2.252%, 09/29/2032		400		289
Telecomunicaciones Digitales
4.500%, 01/30/2030 (A)		208		170
				17,607
Papua New Guinea — 0.0%
Papua New Guinea Government International Bond
8.375%, 10/04/2028		282		262
8.375%, 10/04/2028 (A)		275		256
				518
Paraguay — 0.4%
Paraguay Government International Bond
6.100%, 08/11/2044		660		579
5.850%, 08/21/2033 (A)		2,712		2,564
5.600%, 03/13/2048		903		729
5.400%, 03/30/2050		571		450
3.849%, 06/28/2033		461		378
				4,700
Peru — 3.0%
Atlantica Transmision Sur
6.875%, 04/30/2043 (A)		255		247
Fondo MIVIVIENDA
7.000%, 02/14/2024 (A)	PEN	3,704		966

68

SEI Institutional International Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Kallpa Generacion
4.125%, 08/16/2027 (A)	$	723	$	661
Peru Government Bond
7.300%, 08/12/2033 (A)	PEN	4,944		1,302
6.950%, 08/12/2031		500		130
5.350%, 08/12/2040		2,134		450
Peruvian Government International Bond
8.200%, 08/12/2026		15		4
6.950%, 08/12/2031		3,980		1,038
6.900%, 08/12/2037		3,326		834
6.900%, 08/12/2037		1,171		294
6.850%, 02/12/2042		613		151
6.350%, 08/12/2028		12,151		3,204
6.350%, 08/12/2028		1,353		357
6.150%, 08/12/2032		18,061		4,430
5.940%, 02/12/2029		8,249		2,111
5.400%, 08/12/2034		1,243		280
5.400%, 08/12/2034 (E)		17,065		3,839
3.750%, 03/01/2030	EUR	200		200
3.300%, 03/11/2041	$	410		283
3.230%, 07/28/2121		1,507		784
3.000%, 01/15/2034		1,157		891
2.783%, 01/23/2031		4,288		3,511
2.780%, 12/01/2060		1,944		1,032
2.392%, 01/23/2026		712		661
1.950%, 11/17/2036	EUR	1,550		1,122
1.250%, 03/11/2033		1,838		1,412
Petroleos del Peru
5.625%, 06/19/2047	$	3,337		2,005
5.625%, 06/19/2047 (A)		917		551
4.750%, 06/19/2032 (A)		1,201		846
4.750%, 06/19/2032		3,211		2,261
				35,857
Philippines — 0.9%
Philippine Government International Bond
6.375%, 10/23/2034		200		211
5.609%, 04/13/2033		210		211
5.500%, 01/17/2048		1,052		990
5.170%, 10/13/2027		499		494
5.000%, 07/17/2033		1,661		1,591
5.000%, 01/13/2037		464		430
2.950%, 05/05/2045		824		521
2.650%, 12/10/2045		2,048		1,233
1.950%, 01/06/2032		4,816		3,676
1.750%, 04/28/2041	EUR	402		268
1.648%, 06/10/2031	$	1,004		753
				10,378
Poland — 3.7%
Bank Gospodarstwa Krajowego MTN
5.375%, 05/22/2033		409		385
5.125%, 02/22/2033	EUR	805		865

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Republic of Poland Government Bond
7.500%, 07/25/2028	PLN	27,714	$	6,940
6.000%, 10/25/2033		4,608		1,063
3.750%, 05/25/2027		14,897		3,260
3.250%, 07/25/2025		7,070		1,572
2.750%, 04/25/2028		1,902		394
2.750%, 10/25/2029		9,045		1,797
2.500%, 07/25/2026		32,234		6,900
2.500%, 07/25/2027		8,719		1,819
1.750%, 04/25/2032		42,335		7,073
1.250%, 10/25/2030		15,629		2,702
0.250%, 10/25/2026		3,437		682
Republic of Poland Government International Bond
5.500%, 11/16/2027	$	786		787
5.500%, 04/04/2053		2,700		2,440
4.875%, 10/04/2033		5,549		5,161
				43,840
Qatar — 1.4%
Ooredoo International Finance MTN
2.625%, 04/08/2031 (A)		363		302
Qatar Government International Bond
5.750%, 01/20/2042 (A)		1,292		1,317
5.103%, 04/23/2048		1,376		1,245
4.817%, 03/14/2049 (A)		2,782		2,412
4.817%, 03/14/2049		4,199		3,640
4.500%, 04/23/2028		1,149		1,129
4.400%, 04/16/2050		1,526		1,243
4.400%, 04/16/2050 (A)		1,166		950
4.000%, 03/14/2029 (A)		759		722
3.750%, 04/16/2030		861		803
QatarEnergy
3.300%, 07/12/2051 (A)		234		152
3.125%, 07/12/2041 (A)		292		202
2.250%, 07/12/2031 (A)		705		564
2.250%, 07/12/2031		2,576		2,062
				16,743
Romania — 2.1%
Romania Government Bond
8.750%, 10/30/2028	RON	2,890		664
8.250%, 09/29/2032		4,030		920
8.000%, 04/29/2030		870		195
7.900%, 02/24/2038		1,100		250
7.350%, 04/28/2031		1,155		250
6.700%, 02/25/2032		9,780		2,037
4.850%, 07/25/2029		5,460		1,060
4.750%, 10/11/2034		2,535		448
4.150%, 10/24/2030		2,875		523
3.650%, 09/24/2031		670		115
3.250%, 06/24/2026		3,585		702
2.500%, 10/25/2027		12,395		2,258

SEI Institutional International Trust

69

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Romanian Government International Bond
7.625%, 01/17/2053 (A)	$	624	$	637
7.125%, 01/17/2033 (A)		1,562		1,597
6.625%, 02/17/2028 (A)		606		613
5.500%, 09/18/2028 (A)	EUR	1,069		1,119
5.250%, 11/25/2027 (A)	$	476		463
5.250%, 11/25/2027		384		374
5.125%, 06/15/2048		244		190
4.000%, 02/14/2051		506		322
3.624%, 05/26/2030 (A)	EUR	650		591
3.000%, 02/27/2027	$	376		341
3.000%, 02/14/2031 (A)		600		482
Romanian Government International Bond MTN
7.625%, 01/17/2053		790		807
6.375%, 09/18/2033	EUR	474		492
4.125%, 03/11/2039		610		485
3.875%, 10/29/2035		1,900		1,562
3.750%, 02/07/2034		3,744		3,123
3.375%, 02/08/2038 (A)		147		109
3.375%, 01/28/2050		1,410		880
2.875%, 04/13/2042		297		185
2.500%, 02/08/2030 (A)		657		568
2.124%, 07/16/2031		158		124
2.000%, 01/28/2032		640		487
2.000%, 04/14/2033		990		720
				25,693
Russia — 0.2%
Russian Foreign Bond - Eurobond
7.500%, 03/31/2030 (G)	$	–		–
4.375%, 03/21/2029 (G)		1,800		819
Serbia International Bond (A)
6.500%, 09/26/2033		742		705
6.250%, 05/26/2028		426		418
Vnesheconombank Via VEB Finance
6.800%, 11/22/2025		580		38
6.800%, 11/22/2025 (A)		150		8
				1,988
Saudi Arabia — 1.8%
EIG Pearl Holdings Sarl
3.545%, 08/31/2036 (A)		457		370
Gaci First Investment
5.250%, 10/13/2032		2,875		2,798
Gaci First Investment Co
5.125%, 02/14/2053		1,220		989
KSA Sukuk
4.274%, 05/22/2029 (A)		5,783		5,507
Saudi Arabian Oil MTN
4.250%, 04/16/2039 (A)		920		747
4.250%, 04/16/2039		160		130

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Saudi Government International Bond
5.500%, 10/25/2032 (A)	$	1,710	$	1,710
5.250%, 01/16/2050		680		590
Saudi Government International Bond MTN
5.000%, 04/17/2049 (A)		724		605
5.000%, 01/18/2053 (A)		2,603		2,160
4.875%, 07/18/2033 (A)		1,160		1,102
4.625%, 10/04/2047 (A)		2,683		2,129
4.000%, 04/17/2025		234		228
2.250%, 02/02/2033 (A)		2,776		2,126
				21,191
Senegal — 0.0%
Senegal Government International Bond
6.750%, 03/13/2048		917		614
Serbia — 0.4%
Serbia International Bond
3.125%, 05/15/2027	EUR	320		306
2.125%, 12/01/2030	$	729		534
1.650%, 03/03/2033	EUR	522		360
1.500%, 06/26/2029		2,863		2,329
Serbia International Bond MTN
2.050%, 09/23/2036		1,389		869
Serbia Treasury Bonds
5.875%, 02/08/2028	RSD	43,860		407
4.500%, 01/11/2026		15,250		136
4.500%, 08/20/2032		10,270		83
				5,024
Slovenia — 0.1%
Slovenia Government International Bond
5.000%, 09/19/2033 (A)	$	867		838
South Africa — 5.8%
Bidvest Group UK PLC
3.625%, 09/23/2026 (A)		344		305
Eskom Holdings SOC
4.314%, 07/23/2027		1,189		1,040
Eskom Holdings SOC MTN
8.450%, 08/10/2028 (A)		977		927
7.500%, 09/15/2033	ZAR	35,000		1,256
Republic of South Africa
10.500%, 12/21/2026		179,379		9,794
9.000%, 01/31/2040		55,102		2,156
8.875%, 02/28/2035		70,762		2,960
8.750%, 01/31/2044		115,206		4,273
8.750%, 02/28/2048		223,650		8,230
8.500%, 01/31/2037		69,791		2,710
8.250%, 03/31/2032		38,051		1,646
8.000%, 01/31/2030		183,500		8,497
7.000%, 02/28/2031		155,586		6,480
6.500%, 02/28/2041		38,413		1,151

70

SEI Institutional International Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
6.300%, 06/22/2048	$	646	$	462
6.250%, 03/31/2036	ZAR	136,324		4,428
5.875%, 09/16/2025	$	852		839
5.750%, 09/30/2049		4,534		2,993
5.650%, 09/27/2047		946		627
4.850%, 09/27/2027		420		388
4.300%, 10/12/2028		723		625
Republic of South Africa Government International Bond
7.300%, 04/20/2052		2,486		1,967
5.875%, 04/20/2032		3,082		2,620
Sasol Financing USA
6.500%, 09/27/2028		360		321
5.875%, 03/27/2024		442		438
4.375%, 09/18/2026		351		311
Sasol Financing USA LLC
8.750%, 05/03/2029 (A)		295		284
Transnet SOC
8.250%, 02/06/2028 (A)(E)		1,208		1,156
				68,884
South Korea — 0.1%
Export-Import Bank of Korea MTN
8.000%, 05/15/2024	IDR	8,800,000		572
7.250%, 12/07/2024		700,000		46
5.750%, 03/05/2024		12,200,000		785
				1,403
Sri Lanka — 0.7%
Sri Lanka Government International Bond
7.850%, 03/14/2029 (G)	$	1,598		740
7.550%, 03/28/2030 (G)		2,325		1,071
6.850%, 03/14/2024 (G)		512		242
6.850%, 11/03/2025 (G)		1,339		638
6.825%, 07/18/2026 (A)(G)		909		433
6.825%, 07/18/2026 (G)		500		238
6.750%, 04/18/2028 (G)		2,648		1,227
6.750%, 04/18/2028 (A)(G)		4,098		1,898
6.350%, 06/28/2024 (A)(G)		613		289
6.200%, 05/11/2027 (G)		1,924		887
5.750%, 04/18/2023 (G)		434		207
				7,870
Supranational — 0.4%
European Bank for Reconstruction & Development MTN
6.300%, 10/26/2027	INR	186,000		2,151
International Finance Corp MTN
0.000%, 08/16/2028 (C)	COP	16,480,000		2,391
				4,542
Supra-National — 0.3%
Africa Finance
2.875%, 04/28/2028 (A)	$	1,506		1,242

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
African Export-Import Bank
3.798%, 05/17/2031 (A)	$	200	$	155
African Export-Import Bank MTN
3.994%, 09/21/2029 (A)		363		298
Asian Infrastructure Investment Bank MTN
0.000%, 02/08/2038 (C)	MXN	15,200		183
Banque Ouest Africaine de Developpement
5.000%, 07/27/2027 (A)	$	865		767
4.700%, 10/22/2031 (A)		683		542
4.700%, 10/22/2031		280		222
European Bank for Reconstruction & Development MTN
5.200%, 05/28/2024	IDR	11,593,600		744
				4,153
Thailand — 3.0%
Bank of Thailand Bill
0.000%, 05/09/2024 (C)	THB	35,000		947
Thailand Government Bond
5.670%, 03/13/2028		3,000		92
3.775%, 06/25/2032		12,597		360
3.650%, 06/20/2031		58,000		1,652
3.450%, 06/17/2043		64,080		1,704
3.400%, 06/17/2036		162,967		4,484
3.390%, 06/17/2037		8,000		218
3.350%, 06/17/2033		31,922		885
3.300%, 06/17/2038		83,684		2,241
2.875%, 12/17/2028		95,700		2,628
2.875%, 06/17/2046		3,431		81
2.750%, 06/17/2052		1,861		42
2.650%, 06/17/2028		393,999		10,727
2.000%, 12/17/2031		23,400		591
2.000%, 06/17/2042		92,320		1,989
1.600%, 12/17/2029		32,000		814
1.600%, 06/17/2035		27,023		620
1.585%, 12/17/2035		73,597		1,672
1.450%, 12/17/2024		67,979		1,843
1.250%, 03/12/2028		56,563		1,657
1.000%, 06/17/2027		39,000		1,006
				36,253
Trinidad & Tobago — 0.1%
Trinidad & Tobago Government International Bond
5.950%, 01/14/2031 (A)	$	965		955
Tunisia — 0.2%
Tunisian Republic
6.375%, 07/15/2026	EUR	999		634
6.375%, 07/15/2026 (A)		600		381
5.750%, 01/30/2025	$	309		210
5.750%, 01/30/2025 (A)		205		140

SEI Institutional International Trust

71

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Debt Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
5.625%, 02/17/2024	EUR	876	$	821
				2,186
Turkey — 1.7%
Aydem Yenilenebilir Enerji
7.750%, 02/02/2027 (A)	$	655		577
Hazine Mustesarligi Varlik Kiralama
9.758%, 11/13/2025		432		448
Turkey Government Bond
17.800%, 07/13/2033	TRY	13,445		355
1.500%, 06/18/2025		13,818		2,056
Turkey Government International Bond
9.875%, 01/15/2028	$	818		861
9.375%, 03/14/2029		1,647		1,686
9.125%, 07/13/2030		5,599		5,620
6.500%, 09/20/2033		711		608
6.125%, 10/24/2028		1,295		1,179
5.950%, 01/15/2031		2,999		2,545
5.875%, 06/26/2031		2,181		1,829
5.750%, 05/11/2047		985		665
5.125%, 02/17/2028		711		633
Turkiye Ihracat Kredi Bankasi
9.375%, 01/31/2026 (A)		1,122		1,140
Turkiye Vakiflar Bankasi TAO
9.000%, 10/12/2028 (A)		368		367
				20,569
Uganda — 0.4%
Republic of Uganda Government Bonds
16.000%, 05/14/2037	UGX	3,397,200		913
15.000%, 05/20/2032		10,975,900		2,851
14.250%, 06/22/2034		3,800,000		937
14.000%, 05/29/2025		1,793,400		480
				5,181
Ukraine — 0.8%
NAK Naftogaz Ukraine via Kondor Finance
7.125%, 07/19/2026	EUR	720		356
NPC Ukrenergo
6.875%, 11/09/2028 (A)(G)	$	1,031		278
State Agency of Roads of Ukraine
6.250%, 06/24/2030 (G)		391		104
6.250%, 06/24/2030 (A)(G)		363		96
Ukraine Government Bond
9.990%, 05/22/2024	UAH	89,181		1,758
Ukraine Government International Bond
15.840%, 02/26/2025 (G)		66,553		1,312
9.750%, 11/01/2030 (G)	$	497		144
7.750%, 09/01/2025 (A)(G)		24		8
7.750%, 09/01/2027 (A)(G)		2,445		698
7.750%, 09/01/2028 (A)(G)		2,198		630
7.750%, 09/01/2028 (G)		1,905		546
7.750%, 09/01/2029 (G)		1,425		407
7.750%, 09/01/2029 (A)(G)		223		64

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
7.750%, 08/01/2041 (A)(D)(G)	$	2,206	$	1,004
7.750%, 08/01/2041 (D)(G)		990		451
7.375%, 09/25/2034 (G)		2,001		526
7.253%, 03/15/2035 (G)		1,009		262
6.876%, 05/21/2031 (G)		4,280		1,118
6.876%, 05/21/2031 (A)(G)		281		73
6.750%, 06/20/2028 (G)	EUR	1,299		351
				10,186
United Arab Emirates — 1.7%
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/2047	$	1,010		871
4.600%, 11/02/2047 (A)		2,523		2,177
Abu Dhabi Government International Bond
3.125%, 09/30/2049		1,049		681
Abu Dhabi Government International Bond MTN
3.125%, 04/16/2030 (A)		373		334
3.000%, 09/15/2051 (A)		1,598		999
3.000%, 09/15/2051		720		450
1.700%, 03/02/2031		496		395
1.625%, 06/02/2028		919		790
Abu Dhabi National Energy PJSC
4.696%, 04/24/2033 (A)		358		340
DAE Funding LLC
3.375%, 03/20/2028 (A)		550		485
DP World MTN (A)
6.850%, 07/02/2037		210		217
5.625%, 09/25/2048		439		388
4.700%, 09/30/2049		563		442
DP World Crescent MTN
4.848%, 09/26/2028		475		456
DP World Salaam
6.000%, H15T5Y + 5.750% (D)(F)		877		864
Emirate of Dubai Government International Bonds MTN
3.900%, 09/09/2050		490		333
Finance Department Government of Sharjah
6.500%, 11/23/2032 (A)		458		455
Finance Department Government of Sharjah MTN
4.000%, 07/28/2050 (A)		1,904		1,104
Galaxy Pipeline Assets Bidco
2.940%, 09/30/2040		3,078		2,369
2.940%, 09/30/2040 (A)		563		434
2.625%, 03/31/2036 (A)		580		448
2.160%, 03/31/2034		1,295		1,079
MDGH GMTN RSC
5.500%, 04/28/2033 (A)		775		772
MDGH GMTN RSC MTN
4.500%, 11/07/2028 (A)		548		526
3.950%, 05/21/2050		200		148

72

SEI Institutional International Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
MDGH GMTN RSC Ltd
5.500%, 04/28/2033	$	1,324	$	1,319
MDGH GMTN RSC Ltd MTN
4.375%, 11/22/2033 (A)		228		208
UAE International Government Bond MTN
4.951%, 07/07/2052 (A)		1,609		1,432
4.951%, 07/07/2052		332		296
				20,812
United Kingdom — 0.0%
Standard Chartered Bank MTN
8.250%, 05/18/2029 (A)	IDR	861,000		60
United States — 0.4%
Dominican Republic International Bond
13.625%, 02/03/2033 (A)	DOP	8,000		165
JPMorgan Chase Bank MTN (A)
7.500%, 06/15/2035	IDR	28,736,000		1,948
7.000%, 09/18/2030 (D)		43,433,000		2,842
Sagicor Financial
5.300%, 05/13/2028	$	320		300
				5,255
Uruguay — 1.0%
Uruguay Government International Bond
9.750%, 07/20/2033	UYU	170,709		4,478
8.500%, 03/15/2028		61,264		1,543
8.250%, 05/21/2031		43,034		1,030
5.750%, 10/28/2034	$	2,019		2,055
5.100%, 06/18/2050		757		670
4.975%, 04/20/2055 (E)		1,736		1,501
4.375%, 01/23/2031		465		445
				11,722
Uzbekistan — 0.3%
Republic of Uzbekistan International Bond MTN
5.375%, 02/20/2029		744		666
Uzauto Motors AJ
4.850%, 05/04/2026 (A)		1,310		1,138
4.850%, 05/04/2026		769		668
Uzbekneftegaz JSC
4.750%, 11/16/2028 (A)		810		652
				3,124
Venezuela — 0.3%
Petroleos de Venezuela
9.750%, 05/17/2035 (G)		1,000		52
9.000%, 11/17/2021 (E)(G)		4,300		226
6.000%, 05/16/2024 (G)		10,192		535
6.000%, 05/16/2024 (G)		7,785		409
6.000%, 11/15/2026 (G)		12,470		655
5.500%, 04/12/2037 (G)		1,740		91
5.375%, 04/12/2027 (G)		4,563		240

Description	Face Amount (Thousands)		Market Value ($ Thousands)
GLOBAL BONDS (continued)
Venezuela Government International Bond
9.250%, 05/07/2028 (G)	$	2,941	$	287
8.250%, 10/13/2024 (G)		3,304		297
7.750%, 10/13/2019 (G)		3,976		258
				3,050
Vietnam — 0.1%
Mong Duong Finance Holdings BV
5.125%, 05/07/2029 (A)		1,175		1,062
Zambia — 1.0%
Zambia Government Bond
13.000%, 08/29/2026	ZMW	1,375		53
13.000%, 12/18/2027		5,630		194
13.000%, 01/25/2031		54,942		1,548
11.000%, 01/25/2026		18,620		736
11.000%, 06/28/2026		78,885		2,968
10.000%, 06/28/2024		47,905		2,178
Zambia Government International Bond
8.970%, 07/30/2027 (G)	$	3,131		1,697
8.500%, 04/14/2024 (G)		560		306
5.375%, 09/20/2023 (G)		4,431		2,172
5.375%, 09/20/2023 (A)(G)		299		147
				11,999
Total Global Bonds
(Cost $1,284,714) ($ Thousands)				1,139,589
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill
0.000%, 12/07/2023 (H)		2,041		2,022
Total U.S. Treasury Obligation
(Cost $2,022) ($ Thousands)				2,022
	Shares
AFFILIATED PARTNERSHIP — 1.2%
SEI Liquidity Fund, LP
5.410% **†(I)		14,519,341		14,525
Total Affiliated Partnership
(Cost $14,520) ($ Thousands)				14,525
Total Investments in Securities — 96.8%
(Cost $1,301,256) ($ Thousands)			$	1,156,136

SEI Institutional International Trust

73

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Debt Fund (Continued)

A list of the open futures contracts held by the Fund at September 30, 2023, is as follows:

Type of Contract	Number of Contracts			Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ (Depreciation)(Thousands)
Long Contracts
Euro-Bobl		18			Dec-2023	$	2,294		$	2,206		$	(32	)
Euro-Schatz		10			Dec-2023		1,140			1,112			(5	)
Korea 3-Year Bond		94			Dec-2023		7,314			7,178			(9	)
U.S. 2-Year Treasury Note		61			Dec-2023		12,421			12,365			(55	)
U.S. 5-Year Treasury Note		207			Dec-2023		22,027			21,809			(218	)
U.S. 10-Year Treasury Note		59			Dec-2023		6,514			6,376			(138	)
U.S. Long Treasury Bond		37			Dec-2023		4,454			4,210			(244	)
U.S. Ultra Long Treasury Bond		16			Dec-2023		2,002			1,899			(103	)
							58,166			57,155			(804	)
Short Contracts
Euro-Bund		(122	)		Dec-2023	$	(17,122	)	$	(16,616	)	$	315
Euro-Buxl		(29	)		Dec-2023		(4,027	)		(3,757	)		225
							(21,149	)		(20,373	)		540
						$	37,017		$	36,782		$	(264	)

A list of the open forward foreign currency contracts held by the Fund at September 30, 2023, is as follows:

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC		10/03/23		USD	1,403		BRL	6,843	$	(36	)
Barclays PLC		10/04/23		EUR	9,563		USD	10,393		268
Barclays PLC		11/03/23		USD	688		BRL	3,382		(15	)
Barclays PLC		12/20/23		USD	1,190		TRY	33,230		(73	)
Barclays PLC		12/20/23		USD	3,021		EUR	2,830		(14	)
Barclays PLC		12/20/23		USD	4,551		CNY	32,868		15
Barclays PLC		12/20/23		PLN	6,818		EUR	1,464		(2	)
Barclays PLC		12/20/23		TRY	33,230		USD	1,255		138
Barclays PLC		12/20/23		HUF	150,000		USD	422		18
Barclays PLC		12/20/23		HUF	1,066,860		USD	2,865		(9	)
Barclays PLC		12/20/23		COP	5,336,463		USD	1,301		8
BNP Paribas		11/14/23		HUF	366,813		EUR	910		(28	)
BNP Paribas		11/20/23		EUR	965		PLN	4,486		3
BNP Paribas		11/21/23		CZK	23,754		EUR	964		(8	)
BNP Paribas		12/20/23		USD	105		THB	3,691		(3	)
BNP Paribas		12/20/23		USD	4,670		CNY	33,729		16
BNP Paribas		12/20/23		ZAR	7,027		USD	366		(4	)
BNP Paribas		12/20/23		THB	15,575		USD	427		(4	)
Citigroup		10/03/23		BRL	1,478		USD	300		5
Citigroup		10/03/23		USD	1,517		BRL	7,394		(40	)
Citigroup		10/04/23		EUR	867		USD	929		11
Citigroup		10/04/23		USD	6,169		EUR	5,759		(71	)
Citigroup		10/05/23		USD	2,098		ZAR	39,409		(7	)
Citigroup		10/06/23		USD	1,007		IDR	15,355,443		(13	)
Citigroup		10/06/23		USD	1,811		THB	64,267		(45	)
Citigroup		10/18/23		USD	2,106		PEN	7,767		(58	)
Citigroup		10/18/23		PEN	6,549		USD	1,768		40
Citigroup		10/20/23		EUR	159		USD	170		1
Citigroup		10/20/23		USD	2,228		EUR	2,044		(63	)
Citigroup		11/02/23		EUR	31,226		USD	33,186		89

74

SEI Institutional International Trust

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		11/02/23		EUR	1,160		USD	1,229	$	—
Citigroup		11/10/23		UYU	63,341		USD	1,664		23
Citigroup		11/13/23		USD	1,985		CZK	45,290		(18	)
Citigroup		11/13/23		PLN	8,513		USD	1,979		31
Citigroup		11/13/23		CZK	45,290		USD	1,986		19
Citigroup		11/14/23		EUR	458		HUF	178,970		(1	)
Citigroup		11/14/23		HUF	108,943		EUR	277		(1	)
Citigroup		11/20/23		EUR	958		PLN	4,505		15
Citigroup		11/20/23		RON	1,368		EUR	274		—
Citigroup		11/20/23		PLN	4,569		EUR	986		1
Citigroup		11/20/23		PLN	4,390		EUR	944		(3	)
Citigroup		11/21/23		EUR	961		CZK	23,771		13
Citigroup		11/21/23		USD	2,072		ILS	7,761		(28	)
Citigroup		11/21/23		ILS	7,706		USD	2,017		(12	)
Citigroup		11/21/23		CZK	23,754		EUR	966		(6	)
Citigroup		12/04/23		USD	2,009		BRL	9,941		(39	)
Citigroup		12/20/23		USD	657		CNY	4,778		6
Citigroup		12/20/23		USD	838		COP	3,348,573		(26	)
Citigroup		12/20/23		USD	1,361		MXN	24,175		12
Citigroup		12/20/23		USD	1,772		THB	64,370		9
Citigroup		12/20/23		USD	2,457		CZK	54,590		(88	)
Citigroup		12/20/23		USD	2,654		ZAR	50,907		30
Citigroup		12/20/23		USD	863		CLP	780,411		6
Citigroup		12/20/23		USD	2,081		CLP	1,858,242		(12	)
Citigroup		12/20/23		USD	3,341		EUR	3,114		(32	)
Citigroup		12/20/23		USD	4,087		KZT	1,946,109		(123	)
Citigroup		12/20/23		USD	5,378		PHP	305,557		17
Citigroup		12/20/23		USD	6,047		PEN	22,451		(138	)
Citigroup		12/20/23		USD	6,302		SGD	8,540		(20	)
Citigroup		12/20/23		USD	9,163		RON	42,480		(128	)
Citigroup		12/20/23		PLN	14,285		USD	3,286		22
Citigroup		12/20/23		PLN	4,442		EUR	958		3
Citigroup		12/20/23		PLN	10,731		EUR	2,305		(2	)
Citigroup		12/20/23		ZMW	6,897		USD	330		4
Citigroup		12/20/23		ZMW	13,449		USD	623		(14	)
Citigroup		12/20/23		ZAR	80,055		USD	4,197		(23	)
Citigroup		12/20/23		HUF	126,000		USD	345		6
Citigroup		12/20/23		THB	139,919		USD	3,883		12
Citigroup		12/20/23		KRW	301,503		USD	230		5
Citigroup		12/20/23		CLP	1,950,809		USD	2,177		5
Citigroup		12/20/23		COP	27,858,825		USD	6,773		19
Citigroup		12/20/23		COP	8,812,670		USD	2,082		(55	)
Citigroup		12/20/23		IDR	50,153,689		USD	3,282		44
Citigroup		03/20/24		USD	644		NGN	400,248		(196	)
Citigroup		03/20/24		NGN	400,248		USD	601		153
Deutsche Bank		11/13/23		USD	1,971		PLN	8,513		(22	)
Goldman Sachs		10/04/23		EUR	226		USD	242		2
Goldman Sachs		10/05/23		USD	2,108		ZAR	39,614		(5	)
Goldman Sachs		10/18/23		PEN	2,596		USD	698		14

SEI Institutional International Trust

75

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Debt Fund (Continued)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Goldman Sachs		11/03/23		USD	1,154		BRL	5,826	$	5
Goldman Sachs		11/13/23		MXN	17,698		USD	996		(16	)
Goldman Sachs		11/14/23		EUR	960		HUF	377,734		4
Goldman Sachs		11/14/23		HUF	751,626		EUR	1,895		(24	)
Goldman Sachs		11/21/23		EUR	959		CZK	23,661		10
Goldman Sachs		11/21/23		USD	177		ILS	677		2
Goldman Sachs		11/21/23		USD	2,055		ILS	7,718		(22	)
Goldman Sachs		11/21/23		ILS	7,508		USD	1,956		(22	)
Goldman Sachs		12/04/23		USD	2,388		BRL	11,819		(45	)
Goldman Sachs		12/04/23		BRL	10,422		USD	2,059		(7	)
Goldman Sachs		12/20/23		USD	229		COP	946,465		—
Goldman Sachs		12/20/23		USD	295		IDR	4,564,752		—
Goldman Sachs		12/20/23		USD	564		ZAR	10,766		3
Goldman Sachs		12/20/23		USD	840		ZAR	15,884		(3	)
Goldman Sachs		12/20/23		USD	1,934		THB	67,899		(55	)
Goldman Sachs		12/20/23		USD	2,836		EUR	2,636		(34	)
Goldman Sachs		12/20/23		USD	3,038		PEN	11,338		(54	)
Goldman Sachs		12/20/23		USD	3,134		TRY	90,950		(76	)
Goldman Sachs		12/20/23		USD	4,036		PLN	17,510		(34	)
Goldman Sachs		12/20/23		USD	7,579		HUF	2,769,287		(119	)
Goldman Sachs		12/20/23		USD	11,618		INR	966,430		(26	)
Goldman Sachs		12/20/23		PLN	12,095		USD	2,788		24
Goldman Sachs		12/20/23		MXN	19,469		USD	1,107		1
Goldman Sachs		12/20/23		CNY	22,461		USD	3,084		(36	)
Goldman Sachs		12/20/23		TRY	32,900		USD	1,178		73
Goldman Sachs		12/20/23		ZAR	35,040		USD	1,802		(45	)
Goldman Sachs		12/20/23		THB	81,830		USD	2,258		(6	)
Goldman Sachs		12/20/23		PHP	83,145		USD	1,465		(3	)
Goldman Sachs		12/20/23		CZK	116,820		USD	5,265		194
Goldman Sachs		12/20/23		COP	12,238,720		USD	3,027		60
Goldman Sachs		12/20/23		COP	21,833,045		USD	5,179		(114	)
Goldman Sachs		03/20/24		USD	822		NGN	515,679		(245	)
JPMorgan Chase Bank		10/03/23		BRL	2,643		USD	551		23
JPMorgan Chase Bank		10/04/23		USD	515		EUR	479		(8	)
JPMorgan Chase Bank		10/05/23		USD	2,179		ZAR	41,018		(2	)
JPMorgan Chase Bank		10/05/23		USD	3,388		IDR	52,394,122		2
JPMorgan Chase Bank		10/05/23		USD	127		IDR	1,938,693		(2	)
JPMorgan Chase Bank		10/05/23		HUF	765,390		EUR	1,977		8
JPMorgan Chase Bank		10/05/23		IDR	54,332,815		USD	3,541		25
JPMorgan Chase Bank		10/06/23		THB	72,005		USD	1,960		(18	)
JPMorgan Chase Bank		10/11/23		USD	752		INR	62,286		(2	)
JPMorgan Chase Bank		10/11/23		USD	895		IDR	13,692,035		(10	)
JPMorgan Chase Bank		10/13/23		PEN	10,653		USD	2,878		69
JPMorgan Chase Bank		10/16/23		USD	15		HUF	5,126		(1	)
JPMorgan Chase Bank		10/16/23		USD	189		ZAR	3,408		(8	)
JPMorgan Chase Bank		10/16/23		USD	2,388		PHP	132,908		(39	)
JPMorgan Chase Bank		10/16/23		HUF	168,423		USD	467		9
JPMorgan Chase Bank		10/16/23		ZAR	1,543		USD	85		3
JPMorgan Chase Bank		10/16/23		ZAR	322,264		USD	16,931		(156	)

76

SEI Institutional International Trust

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		10/17/23		USD	1,171		EGP	36,587	$	11
JPMorgan Chase Bank		10/18/23		PEN	3,750		USD	1,011		22
JPMorgan Chase Bank		10/20/23		USD	1,784		IDR	27,401,361		(12	)
JPMorgan Chase Bank		10/20/23		USD	2,648		EUR	2,429		(75	)
JPMorgan Chase Bank		10/20/23		EUR	15,174		USD	17,029		954
JPMorgan Chase Bank		10/25/23		USD	351		IDR	5,398,100		(2	)
JPMorgan Chase Bank		10/25/23		IDR	160,044,612		USD	10,414		71
JPMorgan Chase Bank		10/27/23		USD	381		COP	1,512,374		(10	)
JPMorgan Chase Bank		11/06/23		USD	2,296		PHP	125,982		(70	)
JPMorgan Chase Bank		11/06/23		IDR	52,394,122		USD	3,386		2
JPMorgan Chase Bank		11/13/23		RON	854		USD	184		2
JPMorgan Chase Bank		11/13/23		USD	2,108		MXN	36,478		(23	)
JPMorgan Chase Bank		11/13/23		USD	2,137		RON	9,684		(76	)
JPMorgan Chase Bank		11/13/23		USD	2,887		THB	104,791		2
JPMorgan Chase Bank		11/13/23		USD	5,017		PLN	20,653		(289	)
JPMorgan Chase Bank		11/13/23		ZAR	12,301		USD	645		(6	)
JPMorgan Chase Bank		11/13/23		PLN	15,065		USD	3,598		149
JPMorgan Chase Bank		11/13/23		USD	3,601		ZAR	69,276		63
JPMorgan Chase Bank		11/13/23		USD	14,446		ZAR	271,196		(101	)
JPMorgan Chase Bank		11/13/23		CNY	27,469		USD	3,849		26
JPMorgan Chase Bank		11/13/23		THB	105,471		USD	2,974		66
JPMorgan Chase Bank		11/13/23		MXN	35,094		USD	2,020		15
JPMorgan Chase Bank		11/13/23		MXN	123,001		USD	6,968		(61	)
JPMorgan Chase Bank		11/13/23		KRW	3,958,471		USD	2,973		24
JPMorgan Chase Bank		11/14/23		EUR	958		HUF	376,262		3
JPMorgan Chase Bank		11/14/23		EUR	310		HUF	120,552		(2	)
JPMorgan Chase Bank		11/14/23		HUF	43,663		EUR	112		1
JPMorgan Chase Bank		11/14/23		HUF	447,917		EUR	1,121		(24	)
JPMorgan Chase Bank		11/20/23		BRL	311		USD	63		1
JPMorgan Chase Bank		11/20/23		USD	526		CLP	453,279		(21	)
JPMorgan Chase Bank		11/20/23		USD	1,051		PHP	59,159		(6	)
JPMorgan Chase Bank		11/20/23		PLN	4,447		EUR	963		3
JPMorgan Chase Bank		11/20/23		RON	4,509		EUR	904		—
JPMorgan Chase Bank		11/20/23		USD	4,548		HUF	1,625,290		(153	)
JPMorgan Chase Bank		11/20/23		USD	6,176		BRL	30,426		(136	)
JPMorgan Chase Bank		11/20/23		USD	10,000		KRW	13,109,450		(231	)
JPMorgan Chase Bank		11/20/23		KRW	597,756		USD	454		8
JPMorgan Chase Bank		11/20/23		CLP	689,187		USD	798		29
JPMorgan Chase Bank		11/20/23		HUF	845,633		USD	2,376		89
JPMorgan Chase Bank		11/21/23		CZK	50,633		EUR	2,086		15
JPMorgan Chase Bank		12/04/23		USD	6,302		CNY	45,663		46
JPMorgan Chase Bank		12/04/23		BRL	5,170		USD	1,027		2
JPMorgan Chase Bank		12/04/23		BRL	4,038		USD	798		(3	)
JPMorgan Chase Bank		12/05/23		USD	637		PHP	36,182		2
JPMorgan Chase Bank		12/07/23		KRW	2,725,734		USD	2,019		(14	)
JPMorgan Chase Bank		12/11/23		USD	109		BRL	551		—
JPMorgan Chase Bank		12/11/23		USD	99		BRL	494		(1	)
JPMorgan Chase Bank		12/11/23		USD	3,537		HUF	1,258,376		(144	)
JPMorgan Chase Bank		12/11/23		CNY	7,897		USD	1,093		(4	)

SEI Institutional International Trust

77

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Debt Fund (Continued)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
JPMorgan Chase Bank		12/11/23		BRL	53,628		USD	10,717	$	95
JPMorgan Chase Bank		12/11/23		BRL	1,124		USD	222		—
JPMorgan Chase Bank		12/11/23		HUF	103,185		USD	285		6
JPMorgan Chase Bank		12/11/23		CLP	1,085,316		USD	1,250		41
JPMorgan Chase Bank		12/11/23		KRW	2,424,009		USD	1,845		36
JPMorgan Chase Bank		12/12/23		USD	3,096		THB	107,614		(121	)
JPMorgan Chase Bank		12/20/23		USD	338		ZAR	6,560		8
JPMorgan Chase Bank		12/20/23		EUR	366		CZK	8,979		—
JPMorgan Chase Bank		12/20/23		USD	488		GHS	5,927		2
JPMorgan Chase Bank		12/20/23		USD	1,057		CZK	24,370		1
JPMorgan Chase Bank		12/20/23		EUR	2,085		USD	2,242		26
JPMorgan Chase Bank		12/20/23		RON	2,110		USD	448		—
JPMorgan Chase Bank		12/20/23		USD	3,097		MYR	14,324		(10	)
JPMorgan Chase Bank		12/20/23		PLN	3,830		USD	875		—
JPMorgan Chase Bank		12/20/23		PLN	4,213		EUR	907		1
JPMorgan Chase Bank		12/20/23		USD	8,663		MXN	153,876		76
JPMorgan Chase Bank		12/20/23		CZK	18,997		EUR	772		(4	)
JPMorgan Chase Bank		12/20/23		ZAR	30,583		USD	1,603		(9	)
JPMorgan Chase Bank		12/20/23		CZK	116,820		USD	5,240		170
JPMorgan Chase Bank		12/20/23		CZK	7,890		USD	342		(1	)
JPMorgan Chase Bank		12/20/23		IDR	18,409,990		USD	1,206		18
JPMorgan Chase Bank		12/28/23		USD	508		KZT	252,369		4
JPMorgan Chase Bank		03/20/24		USD	559		GHS	6,585		(53	)
Merrill Lynch		12/20/23		PEN	2,470		USD	665		15
Midland Walwyn Capital Inc.		10/05/23		HUF	735,375		EUR	1,899		6
Midland Walwyn Capital Inc.		10/06/23		USD	2,051		THB	72,109		(70	)
Midland Walwyn Capital Inc.		11/06/23		USD	468		ZAR	8,902		3
Midland Walwyn Capital Inc.		11/10/23		UYU	30,922		USD	805		4
Midland Walwyn Capital Inc.		11/14/23		EUR	452		HUF	177,181		—
Midland Walwyn Capital Inc.		11/14/23		EUR	1,833		HUF	716,726		(4	)
Midland Walwyn Capital Inc.		11/21/23		CNY	1,060		USD	146		(1	)
Midland Walwyn Capital Inc.		12/07/23		USD	2,023		KRW	2,668,359		(33	)
Midland Walwyn Capital Inc.		12/20/23		USD	1,489		IDR	22,975,616		(6	)
Midland Walwyn Capital Inc.		12/20/23		MYR	1,794		USD	385		(2	)
Midland Walwyn Capital Inc.		12/20/23		USD	1,930		THB	67,899		(51	)
Midland Walwyn Capital Inc.		12/20/23		USD	2,379		MXN	41,745		(8	)
Midland Walwyn Capital Inc.		12/20/23		CNY	9,721		USD	1,338		(13	)
Midland Walwyn Capital Inc.		12/20/23		IDR	6,381,739		USD	418		6
Morgan Stanley		10/03/23		USD	13,670		BRL	68,012		(82	)
Morgan Stanley		10/03/23		BRL	80,005		USD	16,186		201
Morgan Stanley		10/05/23		HUF	739,183		EUR	1,911		9
Morgan Stanley		10/06/23		USD	1,461		IDR	22,488,286		(7	)
Morgan Stanley		10/06/23		IDR	33,278,977		USD	2,167		14
Morgan Stanley		10/13/23		TWD	65,779		USD	2,053		11
Morgan Stanley		10/18/23		PEN	787		USD	212		5
Morgan Stanley		11/06/23		ZAR	29,888		USD	1,544		(38	)
Morgan Stanley		11/14/23		HUF	293,459		EUR	731		(19	)
Morgan Stanley		11/21/23		CZK	10,480		EUR	430		2
Morgan Stanley		11/21/23		CNY	13,515		USD	1,856		(25	)

78

SEI Institutional International Trust

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Morgan Stanley		12/04/23		USD	16,058		BRL	80,005	$	(200	)
Morgan Stanley		12/20/23		USD	235		THB	8,504		1
Morgan Stanley		12/20/23		USD	1,041		MXN	18,148		(11	)
Morgan Stanley		12/20/23		MXN	17,930		USD	1,031		13
SCB Securities		10/03/23		USD	382		BRL	1,877		(7	)
SCB Securities		11/17/23		CNY	14,819		USD	2,044		(18	)
SCB Securities		12/20/23		IDR	4,145,519		USD	267		(1	)
Standard Bank		10/03/23		EUR	31,226		USD	33,900		840
Standard Bank		12/04/23		BRL	16,128		USD	3,272		75
Standard Bank		12/07/23		EUR	3,731		USD	4,030		68
Standard Bank		12/20/23		USD	917		GHS	10,783		(27	)
Standard Bank		12/20/23		USD	2,486		PHP	141,177		7
Standard Bank		12/20/23		USD	3,042		PEN	11,338		(58	)
Standard Bank		12/20/23		USD	3,373		CZK	75,090		(113	)
Standard Bank		12/20/23		USD	4,901		THB	172,590		(125	)
Standard Bank		12/20/23		USD	6,110		KRW	8,121,460		(46	)
Standard Bank		12/20/23		ZMW	7,242		USD	338		(5	)
Standard Bank		12/20/23		MYR	21,759		USD	4,684		(4	)
Standard Bank		12/20/23		CNY	32,779		USD	4,495		(58	)
Standard Bank		12/20/23		INR	44,550		USD	535		—
Standard Bank		12/20/23		THB	90,971		USD	2,529		11
Standard Bank		12/20/23		TWD	249,880		USD	7,832		21
Standard Bank		12/20/23		TWD	228,360		USD	7,130		(9	)
Standard Bank		03/20/24		USD	378		GHS	4,452		(36	)
Standard Bank		03/20/24		NGN	515,679		USD	779		202
State Street		10/04/23		EUR	485		USD	525		11
State Street		10/18/23		USD	225		PEN	853		—
State Street		11/14/23		EUR	919		HUF	359,730		(1	)
									$	(244	)

A list of the open OTC swap agreements held by the Fund at September 30, 2023, is as follows:

Interest Rate Swaps
Counterparty	Fund Pays		Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
Goldman Sachs		1 DAY BRL - CETIP		10.755% FIXED		Annually		01/02/2025		BRL		7,426	$	(2	)	$	–	$	(2	)
Goldman Sachs		1 DAY BRL - CETIP		10.7035% FIXED		Annually		01/02/2025		BRL		66,859		(23	)		–		(23	)
Goldman Sachs		1 DAY BRL - CETIP		10.745% FIXED		Annually		01/02/2025		BRL		29,931		(8	)		–		(8	)
Citibank	China 7-DAY Fixing Repo Rate			2.0847% FIXED		Quarterly		07/04/2025		CNY		130,127		23			–		23
Goldman Sachs		28-DAY MXN - TIIE		6.205%		Monthly		12/08/2025		MXN		16,624		(80	)		–		(80	)
Merrill Lynch		1 DAY BRL - CETIP		10.02% FIXED		Annually		01/02/2026		BRL		13,865		(34	)		–		(34	)
Goldman Sachs		28-DAY MXN - TIIE		6.165%		Monthly		03/05/2026		MXN		47,200		(244	)		–		(244	)
JPMorgan Chase		28-DAY MXN - TIIE		6.13%		Monthly		06/18/2026		MXN		40,000		(222	)		–		(222	)
Goldman Sachs		28-DAY MXN - TIIE		6.381%		Monthly		09/16/2026		MXN		26,000		(142	)		–		(142	)
Citibank	China 7-DAY Fixing Repo Rate			2.4016% FIXED		Quarterly		07/04/2028		CNY		60,693		28			–		28
Goldman Sachs		5.47% FIXED		6-MONTH CLP-CLICP		Semi-Annually		02/14/2033		CLP		895,943		24			–		24
JPMorgan Chase		5.244% FIXED		6-MONTH CLP-CLICP		Semi-Annually		08/07/2033		CLP		765,820		36			–		36
													$	(644	)	$	–	$	(644	)

SEI Institutional International Trust

79

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Debt Fund (Continued)

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2023, 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)
1-DAY BRL - CETIP		4.835%		Annually		01/02/2024		BRL		21,544	$	(84	)	$	–		$	(84	)
1-DAY BRL - CETIP		9.995%		Annually		01/02/2026		BRL		21,523		(53	)		–			(53	)
1-DAY BRL - CETIP		11.57% FIXED		Annually		01/02/2026		BRL		7,697		35			–			35
10.3%		1-DAY BRL - CETIP		Annually		01/02/2029		BRL		4,845		(46	)		–			(46	)
1-DAY BRL - CETIP		10.4275%		Annually		01/02/2031		BRL		5,871		(86	)		–			(86	)
1-DAY BRL - BROIS		10.17%		Annually		01/04/2027		BRL		9,344		(35	)		–			(35	)
1-DAY BRL - CETIP		12.7575%		Annually		01/04/2027		BRL		14,990		199			–			199
1-DAY BRL - CETIP		12.68% FIXED		Annually		01/04/2027		BRL		11,490		150			–			150
1-DAY BRL - CETIP		12.67% FIXED		Annually		01/04/2027		BRL		13,376		170			–			170
10.28% FIXED		COLOMBIA OVERNIGHT INTERBANK REFERENCE RATE		Quarterly		06/02/2025		COP		23,303,033		(23	)		–			(23	)
10.27% FIXED		COLOMBIA OVERNIGHT INTERBANK REFERENCE RATE		Quarterly		06/05/2025		COP		12,402,628		(12	)		–			(12	)
10.2905% FIXED		COLOMBIA OVERNIGHT INTERBANK REFERENCE RATE		Quarterly		06/07/2025		COP		5,000,000		(5	)		–			(5	)
7.14%		COLOMBIA OVERNIGHT INTERBANK REFERENCE RATE		Quarterly		01/31/2027		COP		5,450,883		74			–			74
6.395%		COLOMBIA OVERNIGHT INTERBANK REFERENCE RATE		Quarterly		01/06/2027		COP		752,360		14			–			14
1 DAY FBIL - MIBOR		6.67%		Semi-Annually		09/15/2028		INR		102,000		(3	)		–			(3	)
1 DAY FBIL - MIBOR		6.585%		Semi-Annually		08/11/2025		INR		220,000		(6	)		–			(6	)
1 DAY FBIL - MIBOR		6.4777%		Semi-Annually		08/14/2028		INR		99,000		(12	)		–			(12	)
28-DAY MXN - TIIE		8.04% FIXED		Monthly		01/07/2028		MXN		23,876		(80	)		–			(80	)
28-DAY MXN - TIIE		8.1447% FIXED		Monthly		01/07/2028		MXN		29,415		(94	)		–			(94	)
28-DAY MXN - TIIE		8.5793% FIXED		Monthly		02/03/2028		MXN		23,784		(55	)		(2	)		(53	)
28-DAY MXN - TIIE		8.905%		Monthly		08/17/2028		MXN		22,189		(35	)		–			(35	)
28-DAY MXN - TIIE		8.935%		Monthly		08/17/2028		MXN		22,189		(34	)		–			(34	)
28-DAY MXN - TIIE		8.925%		Monthly		08/25/2028		MXN		87,420		(136	)		–			(136	)
7.64%		28-DAY MXN - TIIE		Monthly		01/01/2032		MXN		23,014		140			–			140
10.0455% FIXED		28-DAY MXN - TIIE		Monthly		03/20/2025		MXN		42,233		32			–			32
6.82%		28-DAY MXN - TIIE		Monthly		09/10/2029		MXN		17,915		127			–			127
6.9225%		28-DAY MXN - TIIE		Monthly		08/31/2029		MXN		23,050		156			–			156
9.33% FIXED		28-DAY MXN - TIIE		Monthly		03/25/2026		MXN		59,098		73			–			73
28-DAY MXN - TIIE		9.69% FIXED		Monthly		07/18/2025		MXN		241,000		(245	)		–			(245	)
8.3%		3-MONTH ZAR - JIBAR		Quarterly		09/22/2025		ZAR		53,589		8			–			8
9.02% FIXED		COLOMBIA OVERNIGHT INTERBANK REFERENCE RATE		Quarterly		08/11/2032		COP		2,184,690		–			–			–
8.37%		COLOMBIA OVERNIGHT INTERBANK REFERENCE RATE		Quarterly		04/13/2024		COP		11,102,749		49			–			49
3-MONTH ZAR - JIBAR		10.21% FIXED		Quarterly		01/12/2033		ZAR		40,248		(58	)		–			(58	)
3-MONTH ZAR - JIBAR		10.14% FIXED		Quarterly		01/12/2033		ZAR		45,127		(69	)		–			(69	)
8.44%		3-MONTH ZAR - JIBAR		Quarterly		09/26/2025		ZAR		53,303		1			–			1
3-MONTH ILS - TELBOR		3.1% FIXED		Quarterly		01/16/2028		ILS		4,547		(57	)		–			(57	)
3-MONTH ILS - TELBOR		3.1% FIXED		Quarterly		01/16/2028		ILS		5,079		(64	)		–			(64	)
6-MONTH CZK - PRIBOR		5.3%		Semi-Annually		09/01/2025		CZK		17,208		(2	)		–			(2	)
10.29%		6-MONTH HUF - BUBOR		Annually		07/03/2025		HUF		962,429		(17	)		–			(17	)
10.43%		6-MONTH HUF - BUBOR		Annually		07/03/2025		HUF		1,588,844		(37	)		–			(37	)
10.76%		6-MONTH HUF - BUBOR		Annually		07/11/2025		HUF		1,512,840		(58	)		–			(58	)
10.085%		6-MONTH HUF - BUBOR		Annually		07/20/2025		HUF		1,244,350		(13	)		–			(13	)
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg		2.145%		Semi-Annually		08/24/2030		CLP		444,725		(101	)		–			(101	)
2.33%	1-DAY-CLP - Sinacofi Chile Interbank Rate Avg			Semi-Annually		06/05/2030		CLP		830,041		175			–			175
6-MONTH CZK - PRIBOR		4.353% FIXED		Semi-Annually		01/23/2028		CZK		55,908		(36	)		–			(36	)

80

SEI Institutional International Trust

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 CZK - PRIBOR		4.7% FIXED		Semi-Annually		04/11/2028		CZK		6,630	$	–		$	–	$	–
6-MONTH CZK - PRIBOR		5.47%		Semi-Annually		07/14/2025		CZK		76,740		(4	)		–		(4	)
6-MONTH CZK - PRIBOR		4.185%		Semi-Annually		07/25/2028		CZK		36,519		(34	)		–		(34	)
6-MONTH CZK - PRIBOR		5.325%		Semi-Annually		07/31/2025		CZK		85,023		(11	)		–		(11	)
6-MONTH CZK - PRIBOR		5.2507%		Semi-Annually		08/09/2025		CZK		78,843		(13	)		6		(19	)
6-MONTH CZK - PRIBOR		4.545%		Semi-Annually		08/25/2028		CZK		29,454		(7	)		–		(7	)
6-MONTH CZK - PRIBOR		5.08%		Semi-Annually		09/13/2025		CZK		82,269		(22	)		–		(22	)
1.9865%		6-MONTH PLN - WIBOR		Annually		03/25/2024		PLN		12,430		50			–		50
5.22% FIXED		6-MONTH PLN - WIBOR		Annually		05/15/2033		PLN		1,675		(7	)		–		(7	)
5.1975% FIXED		6-MONTH PLN - WIBOR		Annually		05/15/2033		PLN		1,675		(6	)		–		(6	)
5.14% FIXED		6-MONTH PLN - WIBOR		Annually		05/15/2033		PLN		3,351		(10	)		–		(10	)
4.5695%		6-MONTH PLN - WIBOR		Annually		07/21/2033		PLN		2,467		18			–		18
4.77%		6-MONTH PLN - WIBOR		Annually		09/08/2033		PLN		2,873		12			–		12
4.99%		6-MONTH PLN - WIBOR		Annually		10/02/2033		PLN		2,722		(1	)		–		(1	)
5.01%		6-MONTH PLN - WIBOR		Annually		10/03/2033		PLN		3,244		–			–		–
4.965%		6-MONTH PLN - WIBOR		Annually		06/29/2028		PLN		5,284		(20	)		–		(20	)
6-MONTH PLN - WIBOR		4.641% FIXED		Semi-Annually		08/01/2028		PLN		6,250		4			–		4
4.705% FIXED		6-MONTH PLN - WIBOR		Annually		08/01/2033		PLN		11,650		60			1		59
6-MONTH PLN - WIBOR		5.262% FIXED		Semi-Annually		08/01/2025		PLN		27,500		59			1		58
6 MONTH HUF - BUBOR		9.7167% FIXED		Semi-Annually		08/15/2025		HUF		1,261,189		4			–		4
6 MONTH HUF - BUBOR		7.04% FIXED		Semi-Annually		09/26/2028		HUF		615,300		(12	)		–		(12	)
5.605% FIXED		WIBR6M - GPW BENCHMARK		Annually		04/17/2033		PLN		3,097		(34	)		–		(34	)
China 7-DAY Fixing Repo Rate		2.283%		Quarterly		08/16/2028		CNY		16,000		(9	)		–		(9	)
6 MONTH HUF - BUBOR		9.68% FIXED		Semi-Annually		08/16/2025		HUF		829,544		2			–		2
6 MONTH HUF - BUBOR		9.7295% FIXED		Semi-Annually		08/18/2025		HUF		759,367		5			–		5
6 MONTH HUF - BUBOR		9.8% FIXED		Semi-Annually		08/17/2025		HUF		1,502,001		12			–		12
6 MONTH HUF - BUBOR		9.8% FIXED		Semi-Annually		08/17/2025		HUF		200,929		2			–		2
1-DAY BRL - CETIP		6.77% FIXED		Annually		01/02/2025		BRL		4,102		(48	)		–		(48	)
1-DAY BRL - CETIP		5.76%		Annually		01/02/2024		BRL		8,953		(32	)		–		(32	)
1-DAY BRL - CETIP		6.82%		Annually		01/02/2025		BRL		3,362		(39	)		–		(39	)
1-DAY BRL - CETIP		6.455%		Annually		01/02/2025		BRL		3,591		(45	)		–		(45	)
China 7-DAY Fixing Repo Rate		2.302%		Quarterly		08/29/2028		CNY		16,300		(7	)		–		(7	)
3-MONTH ZAR - JIBAR		7.6725 FIXED		Quarterly		01/26/2028		ZAR		78,197		(158	)		–		(158	)
3-MONTH ZAR - JIBAR		7.6672 FIXED		Quarterly		01/27/2028		ZAR		11,394		(23	)		–		(23	)
3-MONTH ZAR - JIBAR		7.6797 FIXED		Quarterly		02/01/2028		ZAR		27,540		(56	)		–		(56	)
ZAR-JIBAR-SAFEX		8.41 % FIXED		Quarterly		06/29/2025		ZAR		266,000		(13	)		–		(13	)
6-MONTH CZK - PRIBOR		5.2525% FIXED		Semi-Annually		09/04/2025		CZK		161,752		(22	)		–		(22	)
6-MONTH CZK - PRIBOR		5.2575% FIXED		Semi-Annually		09/05/2025		CZK		107,835		(14	)		–		(14	)
6-MONTH CZK - PRIBOR		5.3375%		Semi-Annually		08/31/2025		CZK		323,406		(24	)		–		(24	)
2.175% FIXED		THB - THAI OVERNIGHT REPURCHASE RATE (THOR)		Quarterly		01/12/2028		THB		35,000		33			–		33
9.49% FIXED		28-DAY MXN - TIIE		Monthly		09/16/2033		MXN		84,881		(4	)		–		(4	)
											$	(567	)	$	6	$	(573	)

	Percentages are based on Net Assets of $1,194,852 ($ Thousands).
**	The rate reported is the 7-day effective yield as of September 30, 2023.
†	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, 2023, the value of these securities amounted to $185,865 ($ Thousands), representing 15.6% of the Net Assets of the Fund.
(B)	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.
(C)	Zero coupon security.

(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)	Certain securities or partial positions of certain securities are on loan at September 30, 2023.
(F)	Perpetual security with no stated maturity date.
(G)	Security is in default on interest payment.
(H)	Interest rate represents the security's effective yield at the time of purchase.
(I)	This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2023 was $14,525 ($ Thousands).

SEI Institutional International Trust

81

SCHEDULE OF INVESTMENTS

September 30, 2023

Emerging Markets Debt Fund (Concluded)

The following is a summary of the level of inputs used as of September 30, 2023, 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		–		1,139,589		–		1,139,589
U.S. Treasury Obligation		–		2,022		–		2,022
Affiliated Partnership		–		14,525		–		14,525
Total Investments in Securities		–		1,156,136		–		1,156,136

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		540			–			–		540
Unrealized Depreciation		(804	)		–			–		(804	)
Forward Contracts*
Unrealized Appreciation		–			5,213			–		5,213
Unrealized Depreciation		–			(5,457	)		–		(5,457	)
OTC Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			111			–		111
Unrealized Depreciation		–			(755	)		–		(755	)
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			1,662			–		1,662
Unrealized Depreciation		–			(2,235	)		–		(2,235	)
Total Other Financial Instruments		(264	)		(1,461	)		–		(1,725	)

* 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.

The following is a summary of the transactions with affiliates for the year ended September 30, 2023 ($ Thousands):

Security Description	Value 9/30/2022		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)		Change in Unrealized Appreciation/​(Depreciation)		Value 9/30/2023		Income		Capital Gains
SEI Liquidity Fund, LP	$	55,210	$	173,925	$	(214,625	)	$	5	$	10	$	14,525	$	214	$	—

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.

82

SEI Institutional International Trust

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

Currency Abbreviations

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CLP — Chilean Peso

CNH — Chinese Yuan Offshore

CNY — Chinese Yuan Onshore

COP — Colombian Peso

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

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

Portfolio Abbreviations

ACES — Alternative Credit Enhancement Structure

ADR — American Depositary Receipt

AGC — Assured Guaranty Corporation

AGM— Assured Guaranty Municipal

ARM — Adjustable Rate Mortgage

BPSW5 — GBP Swap 5 Year

BROIS — Brazil Overnight Index Swap

BURBOR — Budapest Interbank Offered Rate

CETIP — Central Custody and Financial Settlement of Securities

CME — Chicago Mercantile Exchange

CDO — Collateralized Debt Obligation

CMTUSD6Y — Constant Maturity Treasury 6 Year

Cl — Class

CMO — Collateralized Mortgage Obligation

CPI — Consumer Price Index

DAC — Designated Activity Company

EUAMDBO1 — EURIBOR ICE Swap Rate 11:00am

EUAMDB05 — EURIBOR ICE Swap Rate 11:00am

ETF — Exchange-Traded Fund

EURIBOR — Euro London Interbank Offered Rate

EUR003M — EURIBOR 3 Month

EUSA1 — EUR Swap Annual 1 Year

EUSA5 — EUR Swap Annual 5 Year

EUSA6 — EUR Swap Annual 6 Year

EUSA9 — EUR Swap Annual 9 Year

EUSA12 — EUR Swap Annual 12 Year

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

GUKG1 — United Kingdom Government Bonds 1 Year Note Generic Bid Yield

GUKG5 — United Kingdom Government Bonds 5 Year Note Generic Bid Yield

H15T5Y — US Treasury Curve Rate T Note Constant Maturity 5 Year

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

IO — Interest Only — face amount represents notional amount

JIBAR — Johannesburg Interbank Average Rate

JSC — Joint-Stock Company

LIBOR— London Interbank Offered Rate

LLLP — Limited Liability Limited Partnership

L.P. — Limited Partnership

MTN — Medium Term Note

MIBOR — Mumbai Interbank Offered Rate

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

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

SEI Institutional International Trust

83

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

(Concluded)

SOFRRATE — U.S. SOFR

SOFR30A — Secured Overnight Financing Rate 30-day Average

SOFRINDX — Custom SOFR Index

SONIA — Sterling Overnight Index Average

SONIO/N — SONIA Interest Rate Benchmark

SPDR — Standard & Poor's Depository Receipt

STACR — Structured Agency Credit Risk

TBA — To Be Announced

TSFR3M— CME Term SOFR 3 Month

TELBOR — Tel Aviv Interbank Offered Rate

US0003M— ICE LIBOR USD 3 Month

USSW5— USD Swap Semi 30/360 5 Year Currency

WIBOR— Warsaw Interbank Offered Rate

84

SEI Institutional International Trust

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

September 30, 2023

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund		Emerging Markets Debt Fund
Assets:
Investments, at value †	$	3,652,643	*	$	1,369,397	*	$	421,590	$	1,141,611	*
Affiliated investments, at value ††		41,540			25,720			–		14,525
Cash		56,096			18,520			3,999		19,633
Cash pledged as collateral for forward foreign currency contracts		–			–			150		2,539
Cash pledged as collateral for futures contracts		2,344			696			345		2,253
Cash pledged as collateral for swap contracts		1,090			–			172		3,068
Foreign currency, at value †††		5,374			1,967			3,485		4,782
Receivable for fund shares sold		1,056			403			221		341
Receivable for investment securities sold		1,418			3,540			7,128		7,790
Dividends and interest receivable		8,091			3,123			3,285		21,860
Unrealized gain on forward foreign currency contracts		–			–			8,569		5,213
Unrealized gain on foreign spot currency contracts		–			–			162		40
Receivable from broker		–			646			–		–
Swap contracts, at value ††††		760			–			64		111
Foreign tax reclaim receivable		25,209			168			–		–
Receivable for variation margin		152			–			596		5,986
Prepaid expenses		47			18			5		15
Total Assets		3,795,820			1,424,198			449,771		1,229,767
Liabilities:
Payable upon return on securities loaned		6,980			2,566			–		14,515
Payable for investment securities purchased		2,458			7,710			7,644		6,162
Payable for fund shares redeemed		1,541			1,411			165		528
Swap contracts, at value ††††		–			–			–		755
Payable for variation margin		64			–			427		5,916
Administration fees payable		993			472			40		343
Unrealized loss on foreign currency spot contracts		4			6			236		102
Unrealized loss on forward foreign currency contracts		–			–			2,056		5,457
Trustees fees payable		3			1			–		1
Chief compliance officer fees payable		7			2			1		2
Administrative servicing fees payable		4			–			–		–
Shareholder servicing fees payable		228			266			88		232
Investment advisory fees payable		1,620			886			98		423
Accrued expense payable		660			882			161		479
Accrued foreign capital gains tax on appreciated securities		–			2,778			–		–
Total Liabilities		14,562			16,980			10,916		34,915
Net Assets	$	3,781,258		$	1,407,218		$	438,855	$	1,194,852
† Cost of investments	$	3,410,756		$	1,303,818		$	491,170	$	1,286,736
†† Cost of affiliated investments		41,502			25,713			–		14,520
††† Cost of foreign currency		5,374			1,934			3,506		4,641
†††† Cost (premiums received)		–			–			–		–
* Includes market value of securities on loan		6,663			2,053			–		13,497

SEI Institutional International Trust

85

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

September 30, 2023

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Net Assets:
Paid-in Capital — (unlimited authorization — no par value)	$	3,590,071		$	1,501,947		$	550,575		$	1,577,506
Total distributable earnings/(loss)		191,187			(94,729	)		(111,720	)		(382,654	)
Net Assets	$	3,781,258		$	1,407,218		$	438,855		$	1,194,852
Net Asset Value, Offering and Redemption Price Per Share — Class F	$	10.87		$	10.10		$	8.23		$	8.19
		($3,415,372,047 ÷ 314,115,764 shares	)		($1,267,364,632 ÷ 125,443,962 shares	)		($384,985,665 ÷ 46,755,020 shares	)		($1,102,419,335 ÷ 134,545,014 shares	)
Net Asset Value, Offering and Redemption Price Per Share — Class I	$	10.90			N/A			N/A			N/A
		($929,417 ÷ 85,299 shares	)
Net Asset Value, Offering and Redemption Price Per Share — Class Y	$	10.88		$	10.11		$	8.27		$	8.15
		($364,956,529 ÷ 33,548,994 shares	)		($139,853,304 ÷ 13,827,869 shares	)		($53,869,586 ÷ 6,515,851 shares	)		($92,432,751 ÷ 11,342,114 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.

86

SEI Institutional International Trust

STATEMENTS OF OPERATIONS ($ Thousands)

For the year ended September 30, 2023

	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Investment Income:
Dividends	$	130,507		$	57,877		$	–		$	10
Income from affiliated investments(1)		1,957			910			–			–
Interest income		2,619			851			11,079			89,256
Security lending income — net(2)(3)		721			192			–			214
Less: foreign taxes withheld		(13,621	)		(8,661	)		(160	)		(857	)
Total Investment Income		122,183			51,169			10,919			88,623
Expenses:
Investment advisory fees		19,927			14,630			1,384			9,988
Administration fees		12,298			6,397			2,019			5,465
Shareholder servicing fees — Class F		8,960			3,321			994			2,881
Shareholder servicing fees — Class I		2			–			–			–
Administrative servicing fees — Class I		2			–			–			–
Custodian/wire agent fees		433			938			98			438
Printing fees		432			155			48			132
Professional fees		210			76			23			64
Trustees' fees		100			37			12			32
Registration fees		96			37			13			31
Chief compliance officer fees		25			9			3			9
Other expenses		289			139			146			263
Total Expenses		42,774			25,739			4,740			19,303
Less:
Waiver of investment advisory fees		–			(1,464	)		(154	)		(2,873	)
Waiver of administration fees		–			–			(38	)		(415	)
Waiver of shareholder servicing fees — Class F		(72	)		–			–			–
Net Expenses		42,702			24,275			4,548			16,015
Net Investment Income		79,481			26,894			6,371			72,608
Net Realized Gain (Loss) on:
Investments		40,142			(23,709	)		(15,979	)		(76,747	)
Affiliated investments		57			3			–			5
Futures contracts		4,583			2,103			1,802			(2,500	)
Swap contracts		(3,870	)		–			231			(9,110	)
Pucrhased option contracts		–			–			14			–
Foreign currency transactions		(2,325	)		(4,760	)		(12,924	)		(26,439	)
Forward foreign currency contracts		–			–			(4,581	)		2,178
Net Realized Gain (Loss)		38,587			(26,363	)		(31,437	)		(112,613	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		807,576			167,805			41,614			189,069
Affiliated investments		15			7			–			10
Futures contracts		3,753			1,385			(1,580	)		738
Purchased option contracts		–			–			1			–
Swap contracts		760			–			(240	)		1,157
Foreign capital gains tax on appreciated securities		–			(529	)		–			–
Foreign currency translation of other assets and liabilities denominated in foreign currencies		1,602			(2,145	)		72			590
Forward foreign currency contracts		–			–			(5,171	)		3,405
Net Change in Unrealized Appreciation (Depreciation)		813,706			166,523			34,696			194,969
Net Increase in Net Assets Resulting from Operations	$	931,774		$	167,054		$	9,630		$	154,964

(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

87

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the years ended September 30,

	International Equity Fund						Emerging Markets Equity Fund
		2023			2022			2023			2022
Operations:
Net investment income	$	79,481		$	82,217		$	26,894		$	21,374
Net realized gain (loss)		38,587			(87,633	)		(26,363	)		(112,849	)
Net change in unrealized appreciation (depreciation)		813,706			(1,233,789	)		166,523			(467,200	)
Net Increase (Decrease) in Net Assets Resulting from Operations		931,774			(1,239,205	)		167,054			(558,675	)
Distributions:
Class F		(62,491	)		(554,286	)		(26,873	)		(155,826	)
Class I		(13	)		(205	)		N/A			N/A
Class Y		(6,541	)		(52,585	)		(2,793	)		(13,925	)
Total Dividends		(69,045	)		(607,076	)		(29,666	)		(169,751	)
Capital Share Transactions:
Class F:
Proceeds from shares issued		305,764			659,783			158,803			269,120
Reinvestment of dividends & distributions		57,189			509,776			24,547			142,940
Cost of shares redeemed		(849,649	)		(610,971	)		(272,116	)		(300,852	)
Net Increase (Decrease) from Class F Transactions		(486,696	)		558,588			(88,766	)		111,208
Class I:
Proceeds from shares issued		33			119			N/A			N/A
Reinvestment of dividends & distributions		7			134			N/A			N/A
Cost of shares redeemed		(47	)		(614	)		N/A			N/A
Net Decrease from Class I Transactions		(7	)		(361	)		N/A			N/A
Class Y:
Proceeds from shares issued		72,817			61,555			37,799			31,423
Reinvestment of dividends & distributions		6,256			48,762			2,642			13,081
Cost of shares redeemed		(86,696	)		(47,833	)		(30,224	)		(19,189	)
Net Increase (Decrease) from Class Y Transactions		(7,623	)		62,484			10,217			25,315
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		(494,326	)		620,711			(78,549	)		136,523
Net Increase (Decrease) in Net Assets		368,403			(1,225,570	)		58,839			(591,903	)
Net Assets:
Beginning of Year		3,412,855			4,638,425			1,348,379			1,940,282
End of Year	$	3,781,258		$	3,412,855		$	1,407,218		$	1,348,379
Capital Share Transactions:
Class F:
Shares issued		28,850			60,257			15,536			22,651
Reinvestment of distributions		5,730			42,320			2,484			11,093
Shares redeemed		(80,173	)		(55,594	)		(26,566	)		(25,331	)
Total Class F Transactions		(45,593	)		46,983			(8,546	)		8,413
Class I:
Shares issued		3			10			N/A			N/A
Reinvestment of distributions		—			11			N/A			N/A
Shares redeemed		(4	)		(54	)		N/A			N/A
Total Class I Transactions		(1	)		(33	)		N/A			N/A
Class Y:
Shares issued		6,854			5,696			3,635			2,737
Reinvestment of distributions		627			4,046			268			1,014
Shares redeemed		(8,328	)		(4,363	)		(2,987	)		(1,635	)
Total Class Y Transactions		(847	)		5,379			916			2,116
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(46,441	)		52,329			(7,630	)		10,529

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.

88

SEI Institutional International Trust

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

For the years ended September 30,

	International Fixed Income Fund						Emerging Markets Debt Fund
		2023			2022			2023			2022
Operations:
Net investment income	$	6,371		$	3,048		$	72,608		$	63,584
Net realized gain (loss)		(31,437	)		51,271			(112,613	)		(153,934	)
Net change in unrealized appreciation (depreciation)		34,696			(111,526	)		194,969			(288,444	)
Net Increase (Decrease) in Net Assets Resulting from Operations		9,630			(57,207	)		154,964			(378,794	)
Distributions:
Class F		(45,431	)		(10,083	)		(44,127	)		(22,758	)
Class Y		(7,756	)		(1,763	)		(3,919	)		(2,051	)
Total Dividends		(53,187	)		(11,846	)		(48,046	)		(24,809	)
Capital Share Transactions:
Class F:
Proceeds from shares issued		50,139			77,857			142,379			256,735
Reinvestment of dividends & distributions		41,818			9,344			39,313			20,408
Cost of shares redeemed		(80,361	)		(102,234	)		(287,416	)		(227,025	)
Net Increase (Decrease) from Class F Transactions		11,596			(15,033	)		(105,724	)		50,118
Class Y:
Proceeds from shares issued		10,293			14,290			32,153			19,549
Reinvestment of dividends & distributions		7,508			1,627			3,591			1,913
Cost of shares redeemed		(30,118	)		(10,257	)		(35,099	)		(16,105	)
Net Increase (Decrease) from Class Y Transactions		(12,317	)		5,660			645			5,357
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		(721	)		(9,373	)		(105,079	)		55,475
Net Increase (Decrease) in Net Assets		(44,278	)		(78,426	)		1,839			(348,128	)
Net Assets:
Beginning of Year		483,133			561,559			1,193,013			1,541,141
End of Year	$	438,855		$	483,133		$	1,194,852		$	1,193,013
Capital Share Transactions:
Class F:
Shares issued		5,887			7,845			17,362			28,951
Reinvestment of distributions		5,129			915			4,752			2,083
Shares redeemed		(9,279	)		(10,548	)		(35,011	)		(26,047	)
Total Class F Transactions		1,737			(1,788	)		(12,897	)		4,987
Class Y:
Shares issued		1,185			1,447			3,921			2,240
Reinvestment of distributions		919			159			437			196
Shares redeemed		(3,474	)		(1,060	)		(4,294	)		(1,862	)
Total Class Y Transactions		(1,370	)		546			64			574
Net Increase (Decrease) in Shares Outstanding from Share Transactions		367			(1,242	)		(12,833	)		5,561

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

89

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
2023	$	8.66	$	0.21	$	2.18		$	2.39		$	(0.18	)	$	—		$	(0.18	)	$	10.87		27.81	%	$	3,415,372		1.10	%		1.11	%		1.99	%		87	%
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
Class I
2023	$	8.67	$	0.19	$	2.19		$	2.38		$	(0.15	)	$	—		$	(0.15	)	$	10.90		27.63	%	$	929		1.36	%		1.36	%		1.76	%		87	%
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
Class Y
2023	$	8.66	$	0.24	$	2.19		$	2.43		$	(0.21	)	$	—		$	(0.21	)	$	10.88		28.26	%	$	364,957		0.86	%		0.86	%		2.26	%		87	%
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
Emerging Markets Equity Fund
Class F
2023	$	9.18	$	0.19	$	0.94		$	1.13		$	(0.21	)	$	—		$	(0.21	)	$	10.10		12.32	%	$	1,267,365		1.68	%		1.78	%		1.82	%		95	%
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
Class Y
2023	$	9.19	$	0.21	$	0.94		$	1.15		$	(0.23	)	$	—		$	(0.23	)	$	10.11		12.63	%	$	139,853		1.43	%		1.53	%		2.02	%		95	%
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

†	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.

90

SEI Institutional International Trust

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
2023	$	9.13	$	0.11	$	0.05		$	0.16		$	(1.05	)	$	(0.01	)	$	(1.06	)	$	8.23		1.88	%	$	384,986		1.02	%		1.06	%		1.35	%		44	%
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
Class Y
2023	$	9.16	$	0.14	$	0.05		$	0.19		$	(1.07	)	$	(0.01	)	$	(1.08	)	$	8.27		2.30	%	$	53,870		0.77	%		0.81	%		1.59	%		44	%
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
Emerging Markets Debt Fund
Class F
2023	$	7.52	$	0.48	$	0.51		$	0.99		$	(0.32	)	$	—		$	(0.32	)	$	8.19		13.13	%	$	1,102,419		1.30	%		1.56	%		5.79	%		95	%
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
Class Y
2023	$	7.49	$	0.50	$	0.51		$	1.01		$	(0.35	)	$	—		$	(0.35	)	$	8.15		13.50	%	$	92,433		1.05	%		1.31	%		6.08	%		95	%
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

^	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.

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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

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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 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

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September 30, 2023

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 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, 2023 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended September 30, 2023, 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

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in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.

Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/ or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.

Amortization and accretion is calculated using the scientific interest method, which is not materially different from the effective interest method. Amortization of premiums and discounts is included in interest income.

Cash and Cash Equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash and cash equivalents on the Statement of Assets and Liabilities. 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, 2023, 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.

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September 30, 2023

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, 2023, if applicable.

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

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

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open option/swaption contracts as of September 30, 2023, 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 SOFR (Secured Overnight Financing 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

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portfolio; protect a Fund’s value from changes in interest rates; or expose a Fund to a different security or market.

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

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

Counterparty risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. Refer to each Fund’s Schedule of Investments for details regarding open swap contracts as of September 30, 2023, 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

SEI Institutional International Trust

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September 30, 2023

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 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, 2023				Year ended September 30, 2023
	Statements of Assets and Liabilities Location	Fair Value			Statements of Assets and Liabilities Location	Fair Value
International Equity Fund
Equity contracts	Unrealized appreciation on futures contracts	$	87	*	Unrealized depreciation on futures contracts	$	540	*
	Unrealized appreciation on swap contracts	$	760	†	Unrealized depreciation on swap contracts	$	—	†
Total derivatives not accounted for as hedging instruments		$	847			$	540

Emerging Markets Equity Fund
Equity contracts	Unrealized appreciation on futures contracts	$	—	*	Unrealized depreciation on futures contracts	$	767	*
Total derivatives not accounted for as hedging instruments		$	—			$	767

International Fixed Income Fund
Interest rate contracts	Unrealized appreciation on futures contracts	$	492	*	Unrealized depreciation on futures contracts	$	725	*
	Unrealized appreciation on swaps contracts		64	†	Unrealized depreciation on swaps contracts		—	†
	Unrealized appreciation on swaps contracts		134	†	Unrealized depreciation on swaps contracts		550	†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		8,569		Unrealized loss on forward foreign currency contracts		2,056
Total derivatives not accounted for as hedging instruments		$	9,259			$	3,331

Emerging Markets Debt Fund
Interest rate contracts	Unrealized appreciation on futures contracts	$	540	*	Unrealized depreciation on futures contracts	$	804	*
	Unrealized appreciation on swaps contracts		111	†	Unrealized depreciation on swaps contracts		755	†
	Unrealized appreciation on swaps contracts		1,662	†	Unrealized depreciation on swa[s contracts		2,235	†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		5,213		Unrealized loss on forward foreign currency contracts		5,457
Total derivatives not accounted for as hedging instruments		$	7,526			$	9,251

* 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

99

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2023

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2023:

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

Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions		Written Options and Swaptions		Futures			Forward Currency Contracts			Swaps			Total
International Equity Fund	$		$		$			$			$			$
Equity contracts		—		—		4,583			—			(3,870	)		713
Total	$	—	$	—	$	4,583		$	—		$	(3,870	)	$	713
Emerging Markets Equity Fund	$		$		$			$			$			$
Equity contracts		—		—		2,103			—			—			2,103
Total	$	—	$	—	$	2,103		$	—		$	—		$	2,103
International Fixed Income Fund	$		$		$			$			$			$
Interest rate contracts		—		—		1,802			—			231			2,033
Foreign exchange contracts		—		—		—			(4,581	)		—			(4,581	)
Equity contracts		14		—		—			—			—			14
Total	$	14	$	—	$	1,802		$	(4,581	)	$	231		$	(2,534	)
Emerging Markets Debt Fund	$		$		$			$			$			$
Interest rate contracts		—		—		(2,500	)		—			(9,110	)		(11,610	)
Foreign exchange contracts		—		—		—			2,178			—			2,178
Total	$	—	$	—	$	(2,500	)	$	2,178		$	(9,110	)	$	(9,432	)

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

Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions		Written Options and Swaptions		Futures			Forward Currency Contracts			Swaps			Total
International Equity Fund	$		$		$			$			$			$
Equity contracts		—		—		3,753			—			760			4,513
Total	$	—	$	—	$	3,753		$	—		$	760		$	4,513
Emerging Markets Equity Fund	$		$		$			$			$			$
Equity contracts		—		—		1,385			—			—			1,385
Total	$	—	$	—	$	1,385		$	—		$	–		$	1,385
International Fixed Income Fund	$		$		$			$			$			$
Interest rate contracts		—		—		(1,580	)		—			(240	)		(1,820	)
Foreign exchange contracts		—		—		—			(5,171	)		—			(5,171	)
Equity contracts		1		—		—			—			—			1
Total	$	1	$	—	$	(1,580	)	$	(5,171	)	$	(240	)	$	(6,990	)
Emerging Markets Debt Fund	$		$		$			$			$			$
Interest rate contracts		—		—		738			—			1,157			1,895
Foreign exchange contracts		—		—		—			3,405			—			3,405
Total	$	—	$	—	$	738		$	3,405		$	1,157		$	5,300

100

SEI Institutional International Trust

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

101

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2023

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, 2023 ($ 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	$	152	$	—	$	152	$	64	$	—	$	64
Emerging Markets Equity Fund		—		—		—		—		—		—
International Fixed Income Fund		267		329		596		115		312		427
Emerging Markets Debt Fund		80		5,906		5,986		287		5,629		5,916

Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2023 amounted to $2,344 ($ Thousands) for the International Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2023 amounted to $696 ($ Thousands) for the Emerging Markets Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2023 amounted to $517 ($ Thousands) for the International Fixed Income Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2023 amounted to $5,321 ($ 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, 2023 ($ Thousands):

	Financial Derivative Assets						Financial Derivative Liabilities
International Equity 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^
Morgan Stanley	$	—	$	760	$	760	$	—	$	—	$	—	$	760	$	—		$ 760
Total Over the Counter	$	—	$	760	$	760	$	—	$	—	$	—

	Financial Derivative Assets						Financial Derivative Liabilities
International Fixed Income Fund	Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral (Received)/ Pledged*		Net Exposures^
Bank of America	$	100	$	—	$	100	$	32	$	—	$	32	$	68	$	—		$ 68
Barclays PLC		2,760		—		2,760		158		—		158		2,602		—		2,602
BMO		3		—		3		—		—		—		3		—		3
BNP Paribas		1,516		—		1,516		156		—		156		1,360		—		1,360
Brown Brothers Harriman		174		—		174		162		—		162		12		—		12
CIBC		7		—		7		4		—		4		3		—		3
Citigroup		537		—		537		59		—		59		478		—		478
Credit Agricole		19		—		19		8		—		8		11		—		11
Deutsche Bank		—		64		64		—		—		—		64		—		64
Goldman Sachs		94		—		94		80		—		80		14		—		14
HSBC		3		—		3		—		—		—		3		—		3
JPMorgan Chase Bank		2,003		—		2,003		433		—		433		1,570		—		1,570

102

SEI Institutional International Trust

	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^
Merrill Lynch	$	29	$	—	$	29	$	—	$	—	$	—	$	29			—		29
Midland Walwyn Capital Inc.		24		—		24		8		—		8		16			—		16
Morgan Stanley		689		—		689		135		—		135		554			—		554
RBC		2		—		2		13		—		13		(11	)		—		(11	)
RBS		—		—		—		—		—		—		—			—		—
SCB Securities		170		—		170		495		—		495		(325	)		—		(325	)
State Street		49		—		49		73		—		73		(24	)		—		(24	)
TD Securities		124		—		124		65		—		65		59			—		59
UBS		219		—		219		175		—		175		44			—		44
Westpac Banking		47		—		47		—		—		—		47			—		47
Total Over the Counter	$	8,569	$	64	$	8,633	$	2,056	$	—	$	2,056

	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	$	447	$	—	$	447	$	149	$	—	$	149	$	298		$	—	$	298
BNP Paribas		19		—		19		47		—		47		(28	)		—		(28	)
Citibank		—		51		51		—		—		—		51			—		51
Citigroup		601		—		601		1,262		—		1,262		(661	)		—		(661	)
Deutsche Bank		—		—		—		22		—		22		(22	)		—		(22	)
Goldman Sachs		392		24		416		991		499		1,490		(1,074	)		970		(104	)
JPMorgan Chase Bank		2,229		36		2,265		1,908		222		2,130		135			—		135
Merrill Lynch		15		—		15		—		34		34		(19	)		—		(19	)
Midland Walwyn Capital Inc.		19		—		19		188		—		188		(169	)		—		(169	)
Morgan Stanley		256		—		256		382		—		382		(126	)		100		(26	)
SCB Securities		—		—		—		26		—		26		(26	)		—		(26	)
Standard Bank		1,224		—		1,224		481		—		481		743			—		743
State Street		11		—		11		1		—		1		10			—		10
Total Over the Counter	$	5,213	$	111	$	5,324	$	5,457	$	755	$	6,212

^ 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, 2023.

SEI Institutional International Trust

103

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2023

The following table discloses the average quarterly balances of the Funds’ derivative activity during the year ended September 30, 2023 ($ Thousands):

	International Equity Fund		Emerging Markets Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Futures Contracts:
Average Notional Balance Long	$	47,013	$	24,140	$	66,202	$	66,415
Average Notional Balance Short		–		–		55,141		23,773
Forward Foreign Currency Contracts:
Average Notional Balance Long		–		–		904,413		644,371
Average Notional Balance Short		–		–		906,363		644,475
Credit Default Swaps:
Average Notional Balance Buy Protection		–		–		2,309		15,086
Average Notional Balance Sell Protection		–		–		2,901		–
Total Return Swaps
Average Notional Balance Long		3,723		–		–		–
Average Notional Balance Short		–		–		–		–
Interest Rate Swaps
Average Notional Balance		–		–		38,675		203,476
Options/Swaptions:
Average Notional Balance Long†		–		–		2		–

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.

104

SEI Institutional International Trust

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		0.85	%		0.25	%		—			1.46	%**
Class Y		0.85	%		—			—			1.21	%**
International Fixed Income Fund
Class F		0.30	%		0.25	%		—			1.01	%†
Class Y		0.30	%		—			—			0.76	%†
Emerging Markets Debt Fund*
Class F		0.65	%		0.25	%		—			1.11	%‡
Class Y		0.65	%		—			—			0.86	%‡

* Prior to July 1, 2023, the advisory fees were 1.05% and 0.85% for Emerging Markets Equity Fund and Emerging Markets Debt Fund, respectively.

# Prior to July 1, 2023, SIMC contractually agreed to waive its advisory fee as necessary to keep the advisory fees paid by the Fund during the fiscal year from exceeding 0.95%. The agreement was terminated with the consent of the Board of Trustees.

**Prior to July 1, 2023, the Emerging Markets Equity Fund did not have a voluntary expense limitation.

† Prior to July 1, 2023, the voluntary expense limitation was 1.02% and 0.77% for International Fixed Income Fund Class F and Y, respectively.

‡ Prior to July 1, 2023, the voluntary expense limitation was 1.36% and 1.11% for Emerging Markets Debt Fund Class F and Y, respectively.

The following is a summary of annual fees payable to the Administrator prior to July 1, 2023:

	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	%

Effective July 1, 2023, the annual fees payable to the Administrator are as follows:

	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		0.400	%		0.340	%		0.280	%		0.235	%		0.200	%
Emerging Markets Equity Fund		0.400	%		0.340	%		0.280	%		0.235	%		0.200	%
International Fixed Income Fund		0.400	%		0.340	%		0.280	%		0.235	%		0.200	%
Emerging Markets Debt Fund		0.400	%		0.340	%		0.280	%		0.235	%		0.200	%

Investment Sub-Advisory Agreements — As of September 30, 2023, 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

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

Lazard Asset Management LLC

Pzena Investment Management, LLC

WCM Investment Management LLC

Emerging Markets Equity Fund

Aikya Investment Management Limited

JOHCM (USA) Inc.

KBI Global Investors (North America) Ltd.

Qtron Investments LLC

Robeco Institutional Asset Management US Inc.

International Fixed Income Fund

AllianceBernstein L.P.

Colchester Global Investors Limited

Wellington Management Company LLP

Emerging Markets Debt Fund

Colchester Global Investors Limited

Marathon Asset Management, L.P.

Neuberger Berman Investment Advisers LLC

SEI Institutional International Trust

105

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2023

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, 2023, were as follows ($ Thousands):

Emerging Markets Equity Fund $ 37

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, 2023 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 on interfund loans is the average of the Repo Rate and the Bank Loan Rate. As of and during the year ended September 30, 2023, 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, 2023, 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	$	—	$	—	$	8,256	$	—
Other		3,344,353		1,342,695		176,683		1,141,763
Sales
U.S. Government		—		—		4,961		11,244
Other		3,916,654		1,426,079		217,259		1,238,119

106

SEI Institutional International Trust

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.

The permanent differences are primarily attributable to different treatment for gains and losses on paydowns of mortgage and asset backed securities for tax purposes, defaulted bond basis adjustments, reclassification of long term capital gain distributions on REIT securities, reclassification of income and expense from swap transactions, gains and losses on passive foreign investment companies, certain foreign currency related transactions, and reclassification of distributions. The permanent difference that is charged or credited to Pain-In Capital and Distributable Earnings is primarily related to distribution in excess of net investment income.

	Distrubutable Earnings (Loss) ($ Thousands)		Paid-in Capital ($ Thousands)
International Fixed Income Fund	$	812	$	(812	)

These reclassifications had no impact on net assets or net asset value per share.

The tax character of dividends and distributions declared during the last two years were as follows:

		Ordinary Income ($ Thousands)		Long-term Capital Gain ($ Thousands)		Total ($ Thousands)
International Equity Fund	2023	$	69,045	$	—	$	69,045
	2022		273,801		333,275		607,076
Emerging Markets Equity Fund	2023		29,666		—		29,666
	2022		22,606		147,145		169,751
International Fixed Income Fund	2023		51,577		1,610		53,187
	2022		6,393		5,453		11,846
Emerging Markets Debt Fund	2023		48,046		—		48,046
	2022		24,809		—		24,809

As of September 30, 2023, 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	$	80,039	$	—	$	(61,705	)	$	—		$	—		$	172,853		$	—		$	191,187
Emerging Markets Equity Fund		22,550		—		(115,070	)		(9,152	)		—			6,944			(1	)		(94,729	)
International Fixed Income Fund		—		—		(922	)		(14,540	)		(22,243	)		(72,134	)		(1,881	)		(111,720	)
Emerging Markets Debt Fund		12,468		—		(157,007	)		(67,591	)		—			(155,784	)		(14,740	)		(382,654	)

Post-October losses represent losses realized on investment transactions from November 1, 2022 through September 30, 2023 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:

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NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2023

	Short-Term Loss ($ Thousands)		Long-Term Loss ($ Thousands)		Total ($ Thousands)
International Equity Fund		61,705		–		61,705
Emerging Markets Equity Fund		115,070		–		115,070
International Fixed Income Fund		526		396		922
Emerging Markets Debt Fund		112,934		44,073		157,007

For Federal income tax purposes, the cost of securities owned at September 30, 2023, 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, 2023, was as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
International Equity Fund	$	3,521,081	$	—	$	172,853		$	172,853
Emerging Markets Equity Fund		1,385,417		173,494		(166,550	)		6,944
International Fixed Income Fund		492,924		1,593		(73,727	)		(72,134	)
Emerging Markets Debt Fund		1,309,546		14,339		(170,123	)		(155,784	)

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, 2023, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

8. CONCENTRATION/RISKS

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

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

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed

securities may be more illiquid than more conventional types of fixed-income securities that the Funds acquire.

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

Currency Risk — As a result of 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

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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 change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value of liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

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 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

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NOTES TO FINANCIAL STATEMENTS (Concluded)

September 30, 2023

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, 2023 ($ Thousands):

	Securities Loaned at Value		Cash Collateral Received(1)		Net Amount
International Equity Fund	$	6,663	$	6,663	$	—
Emerging Markets Equity Fund		2,053		2,053		—
Emerging Markets Debt Fund		13,497		13,497		—

(1) Excess collateral received in connection with the above securities lending transactions is not shown for financial reporting purposes. See each Fund’s Schedule of Investments for the total collateral received.

10. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of September 30, 2023, SPTC held of record the following:

Fund	Class F		Class I		Class Y
International Equity Fund	96.43	%	0.37	%	54.75	%
Emerging Markets Equity Fund	96.39	%	—	%	63.87	%
International Fixed Income Fund	97.96	%	—	%	98.67	%
Emerging Markets Debt Fund	97.93	%	—	%	69.28	%

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 London Inter-Bank Offered Rate (LIBOR) rates. Investments impacted by the discontinuation of LIBOR 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 (composed of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate (SOFR), a broad measure of secured overnight U.S. Treasury repo rates, to replace U.S. dollar LIBOR. In response to the discontinuation of LIBOR, investors have added fallback provisions to existing contracts for investments whose value is tied to LIBOR, with most fallback provisions requiring the adoption of SOFR as a replacement rate. On March 15, 2022, the Adjustable Interest Rate Act was signed into law (the “LIBOR Act”), which, in conjunction with regulations adopted by the Federal Reserve Board, establishes SOFR as the default fallback rate for any U.S. contract without a fallback provision. As of July 1, 2023 and continuing through September 30, 2024, U.K. Financial Conduct Authority has permitted the publishing 1-, 3- and 6-month synthetic U.S. dollar LIBOR settings based on SOFR to serve as a fallback for non-U.S. contracts. Transitioning away from LIBOR may affect the value, liquidity or return of an investment or result in administrative costs or delays.

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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, 2023.

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111

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, 2023, the related statements of operations 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, 2023, 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, 2023, by correspondence with the custodians, 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 28, 2023

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TRUSTEES AND OFFICERS OF THE TRUST (Unaudited)

The following chart lists Trustees and Officers as of September 30, 2023.

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

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee 2	Other Directorships Held by Trustee
INTERESTED TRUSTEES
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 77 yrs. old	Chairman of the Board of Trustees*	since 1989	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	97	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. President, Chief Executive Officer and 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 83 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.	97	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 and The Advisors’ Inner Circle Fund II from 1991 to 2018. Trustee of Bishop Street Funds from 2006 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, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund, 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.

* 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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113

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

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served 1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee 2	Other Directorships Held by Trustee
TRUSTEES
Nina Lesavoy One Freedom Valley Drive Oaks, PA 19456 66 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.	97	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 75 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.	97	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.
Hubert L. Harris, Jr. One Freedom Valley Drive Oaks, PA 19456 80 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.	97	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 boards 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 68 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 2012 to 2017. Member of the Ernst & Young LLP Retirement Investment Committee, 2009-2015. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006-2015. Partner, Ernst & Young LLP from 1997-2015. Americas Director of Asset Management, Ernst & Young LLP from 2006-2013. Prudential, 1983-1997.	97	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 72 years old	Trustee	since 2018	Retired since December 2017. Chief Investment Officer at Georgia Tech Foundation from 2008 to 2017. Chief Investment Officer at Delta Air Lines from 1983 to 2007. Member of the Investment Committee of Institute of Electrical and Electronic Engineers from 1999 to 2004. President, Vice President and Treasurer for Southern Benefits Conference from 1998 to 2000.	97	Trustee of SEI Insurance Products Trust from 2018 to 2020. Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, 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.	97	Trustee of SEI Insurance Products Trust from 2019 to 2020. Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.
Thomas Melendez One Freedom Valley Drive Oaks, PA 19456 63 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.	91	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, Catholic Values Trust, New Covenant Funds and SEI Exchange Traded Funds.

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Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served1	Principal Occupation(s) During Past Five Years2	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
OFFICERS
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 77 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
Glenn R. Kurdziel One Freedom Valley Drive Oaks, PA 19456 49 yrs. old	Controller and Chief Financial Officer	since 2023	Controller and Chief Financial Officer of SEI Daily Income Trust, SEI Tax Exempt 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 and SEI Exchange Traded Funds since August 2023. Assistant Controller of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds and SEI Catholic Values Trust from 2017 to 2023. Assistant Controller of SEI Exchange Traded Funds from 2022 to 2023. Senior Manager, Funds Accounting, SEI Investments Global Funds Services from 2005-2023.	N/A	N/A
Stephen Panner One Freedom Valley Drive Oaks, PA 19456 53 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 55 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 47 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 43 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 55 yrs. old	Vice President	since 2012	Director of Global Investment Product Management since January 2004.	N/A	N/A
Donald Duncan One Freedom Valley Drive Oaks, PA 19456 59 yrs. old	Anti-Money Laundering Compliance Officer and Privacy Officer	since 2023	Anti-Money Laundering Compliance Officer and Privacy Officer of SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds since 2023. Chief Compliance Officer and Global Head of Anti-Money Laundering Strategy of SEI Investments Company since January 2023. Head of Global Anti-Money Laundering Program for Hamilton Lane Advisors, LLC from August 2021 until December 2022. Senior VP and Supervising Principal of Hamilton Lane Securities, LLC from June 2016 to August 2021. Senior Director at AXA-Equitable from June 2011 until May 2016. Senior Director at PRUCO Securities, a subsidiary of Prudential Financial, Inc. from October 2005 until December 2009.	N/A	N/A

SEI Institutional International Trust

115

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

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

DISCLOSURE OF FUND EXPENSES (Unaudited)

September 30, 2023

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, 2023 to September 30, 2023.

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 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratios			Expenses Paid During Period *
International Equity Fund
Actual Fund Return
Class F	$	1,000.00	$	991.80		1.10	%	$	5.49
Class I		1,000.00		990.90		1.35			6.74
Class Y		1,000.00		993.60		0.85			4.25
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	$	970.20		1.62	%	$	8.00
Class Y		1,000.00		971.20		1.36			6.72
Hypothetical 5% Return
Class F	$	1,000.00	$	1,016.95		1.62	%	$	8.19
Class Y		1,000.00		1,018.25		1.36			6.88

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratios			Expenses Paid During Period *
International Fixed Income Fund
Actual Fund Return
Class F	$	1,000.00	$	986.80		1.02	%	$	5.08
Class Y		1,000.00		989.20		0.77			3.84
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	$	1,002.60		1.24	%	$	6.23
Class Y		1,000.00		1,003.90		0.99			4.97
Hypothetical 5% Return
Class F	$	1,000.00	$	1,018.85		1.24	%	$	6.28
Class Y		1,000.00		1,020.11		0.99			5.01

* 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

117

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

September 30, 2023

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 20-22, 2023 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 2022 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.

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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 or renew 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 or renew 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 that 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

SEI Institutional International Trust

119

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

over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indexes.

At a meeting held on June 12-14, 2023, the Board approved a reduction in contractual investment advisory fees and contractual administration fees for the Emerging Markets Equity Fund and Emerging Markets Debt Fund and, relatedly, approved the termination of the Emerging Markets Equity Fund’s contractual waiver, all of which went into effect as of July 1, 2023.

At the March 20-22, 2023 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, each Sub-Advisory Agreement was either initially approved or, if the Sub-Advisory Agreement was already in effect (unless operating under an initial two-year term), renewed at meetings of the Board held during the course of the Trust’s fiscal year on December 5-7, 2022, March 20-22, 2023, June 12-14, 2023, and September 11-13, 2023. 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 the renewal of SIMC’s Advisory Agreement, and the performance of each Sub-Adviser was sufficient to support the 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 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

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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 the approval or renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

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

121

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders who do not have a September 30, 2023, taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2023, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended September 30, 2023, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

	(A) Return of Capital		(B) Long Term Capital Gains Distributions (Tax Basis)		(C) Ordinary Income Distributions (Tax Basis)		(D) Total Distributions (Tax Basis)		(E) Dividends Qualifying for Corporate Dividends Rec. Deduction(1)		(F) Qualifying Dividend Income (15% Tax Rate for QDI)(2)		(G) U.S. Government Interest(3)		(H) Interest Related Dividends(4)		(I) Short-Term Capital Gain Dividends(5)
International Equity Fund		0.00%		0.00%		100.00%		100.00%		0.00%		100.00%		0.00%		0.00%		0.00%
Emerging Markets Equity Fund		0.00%		0.00%		100.00%		100.00%		0.00%		82.99%		0.00%		0.00%		0.00%
International Fixed Income Fund		0.00%		3.07%		96.93%		100.00%		0.00%		0.00%		0.00%		0.00%		0.00%
Emerging Markets Debt Fund		0.00%		0.00%		100.00%		100.00%		0.00%		0.00%		0.00%		0.00%		0.00%

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2023, 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	$	86,656	$	10,150
Emerging Markets Equity		35,105		8,260

(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.

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SEI INSTITUTIONAL INTERNATIONAL TRUST / ANNUAL REPORT / SEPTEMBER 30, 2023

Trustees

Robert A. Nesher, Chairman

William M. Doran

Nina Lesavoy

James M. Williams

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Christine Reynolds

Thomas Melendez

Officers

Robert A. Nesher

President and Chief Executive Officer

Glenn R. Kurdziel

Controller and Chief Financial Officer

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

Donald Duncan

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 (9/23)

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 2023			Fiscal Year 2022
		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)	$226,580	$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	$354,196	$0	$0	$332,500	$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 2023	Fiscal Year 2022
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 2023 and 2022 were $354,196 and $332,500, 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 Investment Company and Affiliated Purchasers.

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s Charter, adopted on June 18, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

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

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

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

SIGNATURES

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

SEI Institutional International Trust

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

Date: December 8, 2023

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, 2023

By:	/s/ Glenn R. Kurdziel
	Glenn R. Kurdziel
	Controller & CFO

Date: December 8, 2023

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:

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

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

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

To promote compliance with applicable laws, rules and regulations;

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

To establish accountability for adherence to this Code.

3. Questions about this Code

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

4. Conduct Guidelines

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

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

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

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

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

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

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

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

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

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

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

5. Waivers of this Code

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

6. Affirmation of the Code

Upon adoption of the Code, each Trust’s SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust’s

Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

7. Reporting Violations

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

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

8. Violations of the Code

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

Dated: October 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, 2023

/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, Glenn R. Kurdziel, 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, 2023

/s/ Glenn R. Kurdziel

Glenn R. Kurdziel

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, 2023 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, 2023

/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, 2023 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, 2023

/s/ Glenn R. Kurdziel

Glenn R. Kurdziel

Controller & CFO