-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ECg14uFudEuqyrx897i/Ib5ukpHN5EEA+oGWhmJGC1rzce/Adr6EbcyBet4QjP2W qQjH/nQxAvyeXqJIzEv8XQ== 0000935069-95-000044.txt : 19951031 0000935069-95-000044.hdr.sgml : 19951031 ACCESSION NUMBER: 0000935069-95-000044 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950831 FILED AS OF DATE: 19951030 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEI INTERNATIONAL TRUST CENTRAL INDEX KEY: 0000835597 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05601 FILM NUMBER: 95585273 BUSINESS ADDRESS: STREET 1: 2 OLIVER ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8003425734 MAIL ADDRESS: STREET 1: SEI INTERNATIONAL TRUST STREET 2: 680 E SWEDESFORD RD CITY: WAYNE STATE: PA ZIP: 19087 FORMER COMPANY: FORMER CONFORMED NAME: SEI WEALTH MANAGEMENT TRUST DATE OF NAME CHANGE: 19900129 N-30D 1 FORM N-30D =============================================================================== SEI INTERNATIONAL TRUST =============================================================================== SEMI-ANNUAL REPORT =============================================================================== August 31, 1995 STATEMENT OF NET ASSETS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1995 (UNAUDITED)
CORE INTERNATIONAL EQUITY PORTFOLIO - -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- FOREIGN COMMON STOCKS--94.7% AUSTRALIA--4.4% Advance Bank Australia 66,600 $ 467 Australia & New Zealand Bank Group 531,827 2,157 Australian National 1,128,000 992 Boral 450,000 1,143 Brambles 121,000 1,217 Broken Hill Proprietary 47,360 687 National Australia Bank 350,272 3,007 Pioneer 761,900 1,981 Westpac Banking 650,007 2,443 --------- 14,094 --------- BELGIUM--1.7% Electrabel 10,600 2,238 Kredietbank 5,600 1,260 Solvay 1,500 786 Tractabel 3,000 1,039 --------- 5,323 --------- CANADA--2.2% Bank of Montreal 54,500 1,198 Bank of Nova Scotia 86,900 1,893 Canadian Imperial Bank 71,200 1,750 Oshawa Group 15,300 244 Royal Bank of Canada 43,200 961 Seagram 30,200 1,114 --------- 7,160 --------- FINLAND--0.1% Enso-Gutzeit "A" 47,600 408 --------- FRANCE--9.9% Alcatel Alsthom 26,900 2,698 Bertrand Faure 18,250 702 Cap Gemini Sogeti* 30,000 762 Carnaud Metal Box 25,700 1,093 Christian Dior 24,300 2,144 Saint Gobain 26,121 3,319 CGIP 6,250 1,341 Colas 3,000 562 De Dietrich 750 364 Eaux Generale 17,730 1,877 Ecco 10,800 1,745 Eiffage 1,500 231 Eridania Beghin Say 8,800 1,301 Financiere Poliet 6,150 532 Lafarge 31,515 2,355 LVMH Moet Hennessy 2,400 432 Michelin "B" 24,000 1,042 Navigation Mixte 1,600 263 Saint Louis-Bouchon 5,250 1,552
- -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- Societe Nationale Elf Aquitaine 56,991 $ 4,174 Sommer Allibert 2,900 987 Total Compaigne "B" 37,637 2,211 --------- 31,687 --------- GERMANY--4.2% BASF 16,400 3,672 Bayer 11,017 2,849 Degussa 3,300 1,062 Hochtief 2,100 1,047 Hoechst 7,350 1,765 Karstadt 2,750 1,223 Man 4,600 1,283 Mannesmann 1,300 410 --------- 13,311 --------- HONG KONG--2.1% Esprit Asia 1,092,000 423 HSBC Holdings 253,200 3,402 Kumagai Gumi 1,005,000 779 New World Development 184,000 671 Regal Hotels 3,190,000 577 Sino Hotels Holdings* 488,500 113 Sino Land 958,000 668 --------- 6,633 --------- ITALY--1.1% Fiat 482,000 1,088 Fidis 282,600 619 Mondadori 140,000 905 SAI di Risp 101,000 491 Telecom Italia di Risp 241,700 311 Telecom Italia Mobile di Risp* 241,700 242 --------- 3,656 --------- JAPAN--32.3% Advantest 37,000 2,128 Bunka Shutter 45,000 256 Catena 22,000 353 Central Glass* 60,000 206 Chiba Kogyo Bank 1,100 44 Chiyoda 141,000 1,472 Chuba Electric Power 36,000 840 Citizen Watch 122,000 933 Cosmo Oil 103,000 537 Dai Nippon Ink & Chemical 268,000 1,190 Dai Nippon Printing 150,000 2,379 Dai Tokyo Fire & Marine Insurance 4,000 27 Daido Steel 278,000 1,408 Daikyo 222,000 1,792 Daito Trust Construction 132,000 1,648
3 STATEMENT OF NET ASSETS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1995 (UNAUDITED)
CORE INTERNATIONAL EQUITY PORTFOLIO - -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- Daiwa Bank 40,000 $ 328 Daiwa Securities 177,000 2,228 Diahatsu Motor 448,000 2,017 Ezaki Glico 48,000 417 Fuji Photo Film 96,000 2,407 Fujita 108,000 550 Fujitsu 412,000 4,469 Hankyu Realty 36,000 250 Hino Motors 45,000 400 Hitachi 447,000 4,894 Hitachi Maxell 34,000 546 Hokkaido Takushoku Bank 407,000 1,258 Honda Motor 121,000 2,154 Hyakugo Bank 93,000 589 Jaccs 40,000 373 Japan Steel Works* 186,000 569 Joshin Denki 81,000 1,036 Kagoshima Bank 116,000 946 Kankaku Securities* 61,000 227 Kirin Brewery 188,000 1,962 Kishu Paper 97,000 665 Kyushu Electric Power 33,000 793 Long Term Credit Bank Japan 241,000 2,035 Matsushita Electric 261,000 4,086 Mazda Motor* 292,000 1,213 Meisei Industrial 57,000 356 Mitsubishi Estate 176,000 2,071 Mitsui Fudosan 184,000 2,372 Mitsui Trust & Banking 315,000 3,256 Nagase 43,000 356 Naigai 70,000 301 Navix Line* 517,000 1,529 NEC 145,000 1,899 Nichii 81,000 928 Nikko Securities 200,000 1,961 Nintendo 700 44 Nippon Chemical 104,000 766 Nippon Credit Bank 284,000 1,203 Nippon Sheet Glass 135,000 613 Nippon Shinpan 123,000 793 Nippon Steel 137,000 465 Nippon Telegraph & Telephone 157 1,420 Nissan Fire & Marine Insurance 56,000 341 Nissan Motors 238,000 1,827 NKK* 384,000 943 NSK 159,000 1,072 Obayashi 73,000 574 Orient 118,000 574 Orix 31,000 1,098 Pioneer Electronics 105,000 2,009 Renown* 63,000 203 Shimizu 80,000 843 Shinmaywa Industries 103,000 854 Showa Shell Sekiyo 84,000 740
- -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- Sumitomo Bank 45,000 $ 833 Sumitomo Metal* 313,000 875 Sumitomo Realty & Development 257,000 1,889 Sumitomom Trust & Banking 80,000 1,089 SXL 145,000 1,499 Taisei 138,000 933 Takeda Chemical 169,000 2,284 Tokyo Electric Power 72,500 1,937 Tokyo Steel 54,500 1,049 Toshiba 434,000 3,137 Toyo Shutter 47,000 302 Victor of Japan* 144,000 1,784 Yamaichi Securities 271,000 1,745 Yuasa Trading 122,000 649 ------- 103,041 ------- MALAYSIA--3.2% AMMB Holdings 38,000 518 Arab Malaysian 68,000 271 DCB Holdings 159,000 472 Edaran Otomobil 69,000 608 Faber Group* 655,000 630 IJM 185,000 701 IOI Properties 227,000 819 Kuala Lumpur Kepong 155,000 463 Land and General 283,000 907 Malaysian International Shipping 668,000 1,915 MBF Capital 458,000 532 Oriental Holdings 47,000 245 Petronas Gas* 37,000 119 Rashid Hussain 525,000 1,663 Resorts World 42,000 219 ------- 10,082 ------- NETHERLANDS--4.9% Ahold 43,000 1,533 DSM 18,300 1,515 Heineken 7,250 1,097 Hoogovens 33,700 1,373 International Nederlanden Group 58,117 3,231 KPN 50,200 1,731 Phillips Electronics 68,365 3,069 Stad Rotterdam 43,702 1,125 VNU 8,400 996 ------- 15,670 ------- NEW ZEALAND--1.2% Fisher & Paykel 130,400 399 Lion Nathan 498,600 1,034
4
- -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- Telecom Corporation New Zealand ADR 20,200 $ 1,290 Telecom Corporation New Zealand 313,900 1,245 ------- 3,968 ------- NORWAY--0.5% Den Norske Bank "B" 242,909 633 Kvaerner "B" 30,000 1,113 ------- 1,746 ------- SINGAPORE--2.2% City Developments 68,000 409 DBS Land 72,000 207 Fraser and Neave 62,000 703 Jardine Matheson Holdings 155,000 1,116 Overseas Chinese Banking "F" 82,000 923 Sembawang Maritime 104,000 360 Singapore Press "F" 46,800 646 Strait Steamship Land 203,000 574 United Overseas Bank "F" 250,600 2,170 ------- 7,108 ------- SPAIN--3.1% Banco Bilbao-Vizcaya 23,480 710 Banco de Santander 14,000 573 Banco Popular 8,000 1,231 Dragados 17,000 272 Iberdrola 270,400 2,077 Mapfre 3,000 159 Repsol 26,000 816 Repsol ADR 33,800 1,069 Telefonica de Espana 207,000 2,807 Vallehermosa 16,000 283 ------- 9,997 ------- SWEDEN--0.5% Marieberg Tidnings "A" 16,100 331 SSAB 127,600 1,383 ------- 1,714 ------- SWITZERLAND--4.4% Baloise Holdings 660 1,321 Ciba Geigy 3,260 2,309 CS Holdings 27,030 2,216 Nestle 2,020 2,044 Rieter 3,450 940 Roche Holdings 394 2,640 Schweizerischer Ruckversicherung 3,210 2,601 ------- 14,071 -------
- -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- UNITED KINGDOM--16.4% ASDA Group 630,000 $ 1,063 BTR 216,538 1,146 Bass 92,500 927 British Airways 123,700 818 BET 305,800 645 British Gas 601,000 2,583 British Petroleum 528,410 3,964 British Steel 557,800 1,562 Charter 98,650 1,440 Courtaulds 90,000 653 General Accident 159,500 1,472 Guardian Royal Exchange 460,300 1,500 HSBC Holdings 83,000 1,118 Hanson 582,300 1,956 Hazlewood Foods 331,300 678 Hillsdown Holdings 471,600 1,398 IMI 90,000 445 Lloyds Bank 288,400 3,083 National Westminster 215,500 1,968 National Power 65,000 529 Norweb 111,200 1,503 Northumbrian Water 28,300 397 Ocean Group 239,500 1,226 RJB Mining 215,100 1,368 Redland 140,000 845 Royal Insurance 283,800 1,479 Sainsbury 149,490 1,075 Scottish Hydroelctric 234,700 1,256 Shell Transport & Trading 158,300 1,806 Smithkline Beecham Units 101,400 889 Southern Water 116,800 1,272 Storehouse 240,000 1,151 Tesco 475,000 2,406 Thames Water 245,500 2,062 Thorn EMI 40,332 926 T & N 349,000 1,014 Whitbread "A" 170,000 1,619 Yorkshire Water 131,000 1,235 ------- 52,477 ------- Total Foreign Common Stocks (Cost $281,574) 302,146 -------
5 STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS =============================================================================== SEI INTERNATIONAL TRUST -- AUGUST 31, 1995 (UNAUDITED)
CORE INTERNATIONAL EQUITY PORTFOLIO - -------------------------------------------------------------------------------- Face Amount Market Description (000) Value (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--1.7% J.P. Morgan 5.80%, dated 8/31/95, matures 9/1/95, repurchase price $5,286,080 (collateralized by Federal National Mortgage Association with maturities of 8/25/20 and 2/25/21, interest rates of 7.50% and 8.00%, total par value $5,266,214; total market value of collateral $5,390,851) $5,285 $ 5,285 ---------- Total Repurchase Agreements (Cost $5,285) 5,285 ---------- TOTAL INVESTMENTS--96.4% (Cost $286,859) 307,431 ---------- OTHER ASSETS AND LIABILITIES--3.6% Other Assets and Liabilities, Net 11,618 ---------- NET ASSETS: Portfolio shares of Class A (unlimited authorization -- no par value) based on 30,059,505 outstanding shares of beneficial interest 276,519 Portfolio shares of Class D Funds (unlimited authorization -- no par value) based on 15,696 shares of beneficial interest 159 Accumulated net realized gain on investments 28,161 Accumulated net realized loss on forward foreign currency transactions (13,061) Net unrealized appreciation on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies 3,050 Net unrealized appreciation on investments 20,572 Undistributed net investment income 3,649 -------- Total Net Assets-- 100% $319,049 ======== Net Asset Value, Offering Price and Redemption Price Per Share-- Class A $ 10.61 ========
- -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- Net Asset Value and Redemption Price Per Share -- Class D Funds $ 10.55 ======== Maximum Offering Price Per Share Class D Funds ($10.55/95%) $ 11.11 ======== * Non-income producing security ADR American Depository Receipt
EUROPEAN EQUITY PORTFOLIO FOREIGN COMMON STOCKS--90.0% AUSTRIA--0.4% VA Technologie* 2,020 $ 223 ------ BELGIUM--0.7% Arbed* 2,600 353 ------ DENMARK--1.1% Den Danske Bank 8,830 569 ------ FINLAND--2.0% Nokia "A" 11,520 799 Nokia "K" 4,000 277 ------ 1,076 ------ FRANCE--12.6% Carrefour 1,540 860 Castorama Dubois 4,000 634 Cetelem 5,244 813 Saint Gobain 4,300 546 Eaux Generale 6,505 689 Credit Local De France 5,120 433 Galaries Lafayette 500 163 LVMH Moet Hennessy 3,670 661 Sanofi 10,000 618 Seita 6,000 212 Societe Generale 5,301 554 Societe Nationale Elf Aquitaine 7,222 529 ------ 6,712 ------ GERMANY--6.8% BASF 1,200 269 Bayer 1,000 259 Beiersdorf 417 315 Deutsche Pfandbrief & Hypotheken Bank 6,000 256 Gehe 900 407 SAP 5,950 882 Veba 13,500 516 Wella 890 689 ------ 3,593 ------
6
- -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- ITALY--2.0% Alleanza Assicurazioni Warrants* 272 $ 0 Telecom Italia 190,000 305 Telecom Italia Mobile* 520,000 767 ------- 1,072 ------- NETHERLANDS--5.2% Aegon 5,500 185 Ahold 13,972 498 Elsevier 67,000 848 Hunter Douglas 15,120 759 International Nederlanden Group 195 11 VNU 4,000 474 ------- 2,775 ------- NORWAY--1.1% Saga Petroleum "B" 48,040 577 ------- SPAIN--6.1% Banco Bilbao-Vizcaya 28,100 850 Banco Popular 1,000 154 Continente 19,150 472 Fomento de Construcciones Contratas 1,917 159 Gas Natural 6,050 743 Telefonica de Espana 40,000 542 Uralita 30,000 333 ------- 3,253 ------- SWEDEN--9.5% Astra "B" 18,800 611 Ericsson 40,000 856 Getinge Industries "B" 17,500 636 Kalmar Industries 40,000 686 Kinnevik Investment "B" 6,500 194 Mo Och Domsjo "B" 11,650 671 Scribona 25,000 185 Securitas "B" 6,000 206 SSAB "B" 23,200 251 Stadshypotek 14,000 229 Stora Kopparbergs "B" 42,000 524 ------- 5,049 ------- SWITZERLAND--6.5% BBC Brown Boveri 670 707 Hilti 600 508 Roche Holdings 139 931 Sandoz 1,070 772 Societe Generale de Surveillance 265 477 ------- 3,395 -------
- -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- UNITED KINGDOM--36.0% Abbey National 95,000 $ 787 Associated British Foods 36,400 406 Bass 59,300 594 BAT Industries 70,600 552 Blue Circle Industries 103,900 514 Britannic Assurance 16,000 142 British Aerospace Warrants* 1,600 5 British Aerospace 43,400 444 British Airways 47,000 311 British Petroleum 116,000 870 British Sky Broadcasting 108,250 571 British Telecommunications 215,500 1,353 BTR 83,100 440 Commercial Union 44,458 407 Cordiant* 63,159 113 English China Clay 17,750 104 General Electric 138,900 672 Glaxo Wellcome 86,600 1,029 Granada Group 61,200 591 Grand Metropolitan 94,400 599 Great Universal Stores 49,100 466 Hammerson "A" 65,000 358 Heath, C.E 18,000 56 HSBC Holdings 42,700 575 Lasmo 184,300 506 Lex Service 24,000 120 MEPC 24,900 146 Morrison Supermarket 87,000 217 Mowlem, John 40,400 47 Next 70,000 419 Prudential 105,900 559 Reckitt & Coleman 38,925 402 Reuters Holdings 74,800 650 Royal Insurance 84,899 443 Scottish Power 76,500 404 Sears 95,000 165 Sedgwick Group 110,000 207 Severn Trent 43,300 423 Smithkline Beecham 83,000 728 Smiths Industries 70,000 611 Tate & Lyle 62,300 444 Williams Holdings 135,300 670 ------- 19,120 ------- Total Foreign Common Stocks (Cost $43,258) 47,767 -------
7 SCHEDULE OF INVESTMENTS/STATEMENT OF NET ASSETS ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1995 (UNAUDITED)
EUROPEAN EQUITY PORTFOLIO - -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- FOREIGN PREFERRED STOCKS--1.9% GERMANY--1.9% Jungheinrich 2,600 $ 580 Rhon Klinikum 460 423 ------- 1,003 ------- Total Foreign Preferred Stocks (Cost $818) 1,003 ------- Total Investments--91.9% (Cost $44,076) $48,770 ======= * Non-income producing security
PACIFIC BASIN EQUITY PORTFOLIO FOREIGN COMMON STOCKS--94.5% AUSTRALIA--7.2% Amcor 18,000 $ 140 Australia & New Zealand Bank Group 36,000 146 Broken Hill Proprietary 37,900 550 CRA 23,000 368 Lend Lease 8,000 114 Mayne Nickless 60,000 288 M.I.M. Holdings 135,000 193 Newscorp 32,000 184 Normandy Mining 64,000 84 Oil Search 175,000 157 Qantas Airways 41,000 67 Tabcorp 80,000 197 TNT 190,000 258 Western Mining 63,125 424 Westpac Banking 54,000 203 Woodside Petroleum 17,000 79 ------- 3,452 ------- HONG KONG--9.6% Chen Hsong 230,000 163 Cheung Kong Holdings 78,000 387 Citic Pacific 80,000 228 Giordano 196,000 161 Hong Kong Electric 125,000 434 Wharf Holdings 91,000 262 Hong Kong & Shanghai Hotels 48,000 59 Hong Kong Telecommunications 212,800 385 HSBC Holdings 42,290 568 Hutchison Whampoa 174,000 838 New World Development 62,000 226 Sung Hung Kai Properties 60,200 437 Swire Pacific "A" 67,000 502 ------- 4,650 -------
- -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- JAPAN--65.0% Amada 59,000 $ 616 Asatsu 6,000 220 Bridgestone 81,000 1,194 Canon 23,000 417 Canon Sales 4,000 107 Chain Store Okuwa 13,000 204 Credit Saison 11,000 231 Dai Tokyo Fire & Marine Insurance 45,000 299 Daiwa Securities 30,000 378 DDI 12 101 DDI 42 355 Denny's 8,000 221 East Japan Railway 128 609 Familymart 5,000 220 Fuji Photo Film 25,000 627 Glory 10,000 365 Heiwa 5,000 146 Hirose Electric 8,000 544 Hitachi 142,000 1,555 Innotech 4,000 157 Ito Yokado 27,000 1,440 Japan Airport Terminal 18,000 208 Japan Associated Finance 2,000 207 Kahma 10,400 185 Keyence 2,000 256 Koa Fire & Marine Insurance 31,000 180 Kobe Steel 45,000 117 Koito Industries 5,000 51 Kuraray 53,000 532 Mabuchi Motor 4,000 271 Makita 28,000 450 Matsushita Electric 95,000 1,487 Mitsubishi 71,000 785 Mitsubishi Electric 108,000 810 Mitsubishi Gas Chemical 67,000 281 Mitsubishi Motor 39,000 338 Mitsubishi Trust & Banking 36,000 600 Mitsui 112,000 877 Mitsui Petrochem 21,000 161 Mos Food Services 2,200 56 Mr. Max 400 7 Murata Manufacturing 19,000 758 New Oji Paper 55,000 496 Nihon Dempa Kogyo 6,000 167 Nippon Shinpan 27,000 174 Nippon Steel 85,000 289 Nippon Television 1,000 235 Nomura Securities 36,000 707 Okinawa Electric Power 4,000 119 Omron 27,000 594 Promise 4,000 167 Sangetsu 5,000 124
8
- -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- Sankyo 27,000 $ 602 Santen Pharmaceutical 5,000 121 Seino Transportation 19,000 317 Sekisui House 33,000 415 Seven Eleven 1,000 68 Shimachu 8,000 209 Shimamura 7,000 265 Showa Shell Sekiyo 60,950 537 Sony 4,000 219 Sony Music Entertainment 5,000 229 Sumitomo Electric 19,000 247 Sumitomo Forestry 20,000 317 Sumitomo Metal* 75,000 210 Takashimaya 24,000 337 Toho 5,280 827 Tokio Marine & Fire Insurance 78,000 926 Tokyo Broadcasting System 23,000 370 Tokyo Electronics 18,000 726 Toshiba 120,000 867 Toyota Motor 63,000 1,251 Yasuda Fire & Marine Insurance 42,000 277 Yokogawa Electric 39,000 367 ------- 31,399 ------- MALAYSIA--7.2% DCB Holdings 71,000 211 Gamuda 42,000 204 Genting 71,500 633 Larut Consolidated 161,500 271 Larut Convertable Loan Stock* 42,000 13 Larut Warrants* 42,000 34 Malayan Banking 69,500 571 Malaysian Assurance Alliance 23,000 90 New Straits Times Press 33,000 103 Perusahaan Otomobil 48,000 184 Petronas Gas 49,000 157 Renong 179,000 346 Resorts World 41,000 214 Telekom Malaysia 50,000 351 United Engineers 13,000 87 ------- 3,469 ------- NEW ZEALAND--0.9% Carter Holt Harvey 127,511 290 Telecom Corporation of New Zealand 32,000 127 ------- 417 ------- SINGAPORE--4.6% City Developments 47,000 283 DBS Land 97,000 279 Development Bank of Singapore "F" 11,000 125
- -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- Jurong Ship Yard 18,000 $ 125 Keppel 50,000 401 Mandarin Oriental 175,718 159 Singapore Press "F" 14,880 205 Singapore International Airlines "F" 26,000 220 United Overseas Bank "F" 50,824 440 -------- 2,237 -------- SOUTH KOREA--0.0% Samsung Electronics 28 5 -------- Total Foreign Common Stocks (Cost $46,647) 45,629 -------- Total Investments--94.5% (Cost $46,647) $ 45,629 ======== * Non-income producing security
EMERGING MARKETS EQUITY PORTFOLIO FOREIGN COMMON STOCKS--76.7% ARGENTINA--6.1% Ciadea* 24,600 $ 101 Cresud* 294,600 401 IRSA GDS* 2,700 59 IRSA* 110,000 242 Perez Companc* 169,416 793 Siderca 240,900 195 ------- 1,791 ------- BRAZIL--3.4% Aracruz Cellulose ADR 45,800 550 Telecom Brasileiras ADR 10,400 451 ------- 1,001 ------- CHILE--2.0% A.F.P. Provida ADR* 3,100 81 Chilgener ADR 6,900 155 Compania de Telecom Chile ADR 400 29 Empresa Nacional de Electricidad ADR 2,000 40 Enersis ADR 6,900 175 Moneda Chile Fund* 2,022 20 Quimica Y Minera Chile ADR 1,000 47 Vina Concha Y Toro Chile ADR 2,000 35 ------- 582 -------
9 STATEMENT OF NET ASSETS ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1995 (UNAUDITED)
EMERGING MARKETS EQUITY PORTFOLIO - -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- CHINA--0.7% Huaneng Power International ADR* 4,500 $ 79 Shanghai Diesel Engine "B" 104,000 67 Shanghai Dazhong Taxi "B" 84,000 71 ------- 217 ------- COLOMBIA--2.5% Banco de Colombia GDS* 81,900 557 Banco Industrial Colombiano ADR 12,200 166 ------- 723 ------- GERMANY--0.2% Ashanti Goldfields GDS 2,700 56 ------- GREECE--1.7% Aegek 8,000 94 Aegek Rights* 800 1 Aluminum of Greece 1,060 52 Ergo Bank 970 45 Greek Progress Fund 8,600 79 Hellenic Bottling 4,025 129 Nikas 3,400 44 Themeliodomi 4,600 43 ------- 487 ------- HONG KONG--2.0% CDL Hotels International 116,000 56 Guang Dong Investment 164,000 94 Guangzhou Investment 130,000 24 HSBC Holdings 2,500 34 Johnson Electric Holdings 34,000 68 MC Packaging 186,000 72 Shangri-La Asia 68,000 74 Siu-Fung Ceramics 334,000 73 Tian An China 142,000 21 Yue Yuen 216,000 55 ------- 571 ------- HUNGARY--0.3% Egis* 3,700 87 ------- INDIA--2.6% Arvind Mills GDR* 25,600 99 Bajaj Auto GDR* 2,700 82 Grasim Industries GDR 3,400 83 India Growth Fund 6,300 109 Indian Hotels GDS* 6,400 109 Larsen & Toubro GDS 1,900 38
- -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- MS India Fund 9,500 $ 99 Reliance Industries GDR* 7,400 142 ------- 761 ------- INDONESIA--3.1% Asia Pacific Resource "A"* 7,600 68 Astra 32,500 65 Bank International Indonesia* 22,000 79 Bimantara* 61,500 43 Dankos Labs - "F" 26,000 78 Hanjaya Mandala Sampoerna 15,500 147 Indorama - "F" 30,500 101 Indorayon 59,000 114 Indosat ADR 500 18 Bank Bali Warrants* 2,900 1 Bank Bali - "F" 22,575 54 Sekar Bumi* 21,000 28 Semen Gresik Rights* 30,000 44 Semen Gresik - "F" 10,000 30 Tjiwi Kimia 10,000 22 ------- 892 ------- MALAYSIA--18.9% AMMB Holdings 37,000 504 Arab Malaysian 190,000 758 Arab Malaysian Merchant Bank 78,000 313 DCB Holdings Warrants* 144,000 158 DCB Holdings 67,000 199 Genting 40,000 354 Hong Leong Credit 1,000 5 IJM 138,000 523 IOI* 540,000 667 Kwong Yik Bank 83,000 188 Leader Universal Holdings 104,000 344 Metacorp 37,000 112 Petronas Gas* 32,000 103 Resorts World 71,000 370 Sime Darby 1,000 2 Tan Jong 22,000 63 Telekom Malaysia 18,000 126 United Engineers 108,000 723 ------- 5,512 ------- MEXICO--6.2% Grupo Mexico "B"* 50,000 258 Industrias Penoles 149,000 552 Kimberly Clark "A" 19,000 262 Telefonos de Mexico ADR 22,500 737 ------- 1,809 -------
10
- -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- PAKISTAN--1.2% Adamjee Insurance* 11,400 $ 42 D.G. Khan* 55,400 88 Engro Chemicals* 20,200 108 Nishat Textile Mills* 32,000 35 Pakistan State Oil* 7,100 88 ---------- 361 ---------- PERU--2.9% Banco de Credito del Peru "C"* 168,560 328 Telefonos Peru "A" 144,100 278 Southern Peru Copper "T"* 52,800 228 ---------- 834 ---------- PHILIPPINES--5.6% Aboitiz Equity Ventures* 741,000 146 Ayala "B" 41,520 50 Ayala Land "B" 57,300 71 Bacnotan Cement 107,800 112 Benpres Holdings GDS* 16,090 117 C & P Homes* 90,400 56 Filinvest Land* 567,000 213 Keppel Philippine Holdings "B"* 20,700 100 La Tondena Distillers 52,200 60 Manila Mining "B" 27,800,000 102 Metro Pacific 1,229,000 204 Petron 123,000 69 Philippine Long Distance ADR 3,850 242 Philippine Long Distance 1,420 90 ---------- 1,632 ---------- POLAND--0.2% Agros Holdings "C"* 4,200 47 ---------- PORTUGAL--2.5% Capital Portugal Fund* 1,890 172 Cimentos de Portugal* 5,590 87 Empresa Fabril de Maquinas Electricas 8,000 74 Estoril Sol* 5,400 35 Portucel Industrial Empresa* 9,400 68 Soporcel* 2,150 49 Sonae Investimentos 8,700 198 Sumolis 3,200 34 ---------- 717 ---------- SOUTH AFRICA--6.7% Anglo American 3,680 197 Barlow 7,100 77 Clinic Holdings 174,200 143 Foodcorp 13,000 130 Iscor 343,000 394 Lonrho 53,200 134 Multichoice* 14,900 36
- -------------------------------------------------------------------------------- Market Description Shares Value (000) - -------------------------------------------------------------------------------- Murray & Roberts 21,500 $ 135 Nampak EDR* 2,600 33 Nampak 42,100 186 Nedcor 7,900 100 Nedcor Units ADR* 700 36 Sasol 23,500 201 Seardel Investment 11,000 28 Standard Bank 4,070 136 South Africa Breweries 88 3 ------- 1,969 ------- SOUTH KOREA--1.0% Kepco ADR 2,050 47 Korea Equity Fund* 3,400 28 Korea Fund 3,000 61 Korea Investment Fund* 6,300 72 Korea Mobile Telecom GDR* 1,200 38 Pohang Iron & Steel ADR 1,600 50 ------- 296 ------- TAIWAN--1.9% Advanced Semiconductors Engineering GDR* 9,300 126 ROC Taiwan Fund 19,900 206 Taiwan Equity Fund 22,400 227 ------- 559 ------- THAILAND--2.4% Banpu Public - "F" 1,600 37 Bangkok Bank - "F" 5,100 57 Bangkok Bank SER 5,100 42 Electric Generating* 25,700 79 Land and House - "F" 3,600 62 Regional Container - "F" 6,600 98 Siam Cement 1,800 123 Thai Farmers Bank SER 10,500 70 Thai Farmers Bank 5,600 54 United Communications 4,900 67 Wongpaitoon Footwear - "F" 17,000 20 ------- 709 ------- TURKEY--1.7% Akbank* 355,000 91 Cimentas 70,800 39 Erciyas Biracilik GDR* 11,900 155 Koc Holdings 62,000 43 Tat Konservecili 121,500 77 Tofas Otomobil 532,400 81 ------- 486 -------
11 STATEMENT OF NET ASSETS/SCHEDULE OF INVESTMENTS ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1995 (UNAUDITED)
EMERGING MARKETS EQUITY PORTFOLIO - -------------------------------------------------------------------------------- Shares/Face Market Description Amount (000) Value (000) - -------------------------------------------------------------------------------- VENEZUELA--1.0% Sivensa ADR 152,300 $ 228 Venprecar GDR* 13,300 75 ------------ 303 ------------ Total Foreign Common Stocks (cost $22,232) 22,402 ------------ PREFERRED STOCKS--6.9% BRAZIL--6.9% Banco Bradesco 31,200,000 302 Brahma* 360,000 135 Cimento Itau 380,000 114 Coteminas 460,000 155 Electrobras "B"* 895,000 247 Lojas Renner 3,300,000 73 Petrol Brasileiros 3,950,000 381 Randon Participacoes 106,500,000 103 Sadia Concordia 115,000 121 Usiminas Gerais 91,900,000 94 Vale Rio Doce 1,884,000 291 ------------ 2,016 ------------ Total preferred stocks (cost $2,050) 2,016 ------------ CONVERTIBLE BONDS--5.3% Bangkok Bank 3.250%, 03/03/04 $ 150 147 Barlow 7.000%, 09/20/04 270 326 Banpu Public 3.500%, 08/25/04 70 87 Essar Gujarat 5.500%, 08/05/98 30 30 Liberty Life 6.500%, 09/30/04 140 161 SAP 144A 7.500%, 08/01/02 150 154 Sappi Finance 7.500%, 08/01/02 60 62 Tata Iron & Steel 2.250%, 04/01/99 100 99 United Engineers 2.000%, 03/01/04 425 494 ------------ Total Convertible Bonds (Cost $1,570) 1,560 ------------
- -------------------------------------------------------------------------------- Face Amount Market Description (000) Value (000) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--13.4% State Street Bank 4.50%, dated 8/31/95, matures 9/1/95, repurchase price $3,902,000 (collateralized by U.S. Treasury Note, maturity 10/31/96, interest rate 6.875%) $ 3,902 $ 3,902 -------- Total Repurchase Agreements (Cost $3,902) 3,902 -------- Total Investments--102.4% (Cost $29,754) 29,880 -------- OTHER ASSETS AND LIABILITIES-- -2.4% Other Assets and Liabilities, Net (703) -------- NET ASSETS: Portfolio shares of Class A (unlimited authorization -- no par value) based on 2,662,851 outstanding shares of beneficial interest 28,813 Accumulated net realized gain on investments 241 Accumulated net realized loss on foreign currency transactions (48) Net unrealized depreciation on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies (2) Net unrealized appreciation on investments 126 Undistributed net investment income 47 -------- Total Net Assets-- 100% $ 29,177 ======== Net Asset Value, Offering Price and Redemption Price Per Share-- Class A $ 10.96 ======== * Non-income producing security ADR American Depository Receipt GDR Global Depository Receipt GDS Global Depository Share EDR European Depository Receipt
12 ================================================================================
INTERNATIONAL FIXED INCOME PORTFOLIO - -------------------------------------------------------------------------------- Face Amount Market Description (000)(1) Value (000) - -------------------------------------------------------------------------------- FOREIGN BONDS--92.2% AUSTRALIA--1.3% Australian Government 9.500%, 08/15/03 408 $ 317 Queensland Treasury 8.000%, 08/14/01 506 367 -------- 684 -------- BELGIUM--2.4% Kingdom of Belgium 9.000%, 06/27/01 17,000 630 7.250%, 04/29/04 20,050 670 -------- 1,300 -------- CANADA--2.7% Canadian Government 7.500%, 09/01/00 75 55 6.500%, 06/01/04 1,500 1,016 9.250%, 06/01/22 255 208 9.000%, 06/01/25 240 191 -------- 1,470 -------- DENMARK--7.4% Kingdom of Denmark 6.250%, 02/10/97 6,495 1,146 9.000%, 11/15/00 5,790 1,090 8.000%, 11/15/01 5,370 965 8.000%, 03/15/06 4,725 820 -------- 4,021 -------- FRANCE--11.6% French Treasury Bill 7.750%, 04/12/00 5,800 1,200 Government of France OAT 8.500%, 11/12/97 9,300 1,934 8.500%, 03/28/00 4,960 1,058 9.500%, 01/25/01 6,570 1,461 8.500%, 10/25/08 3,330 713 -------- 6,366 -------- GERMANY--15.5% Bundesobligation 6.750%, 09/15/99 4,115 2,919 Deutschland Republic 6.250%, 01/04/24 500 295 German Unity Fund 8.500%, 02/20/01 2,330 1,757 KFW International Finance 6.630%, 04/15/03 1,140 775 Treuhandanstalt 6.500%, 04/23/03 4,020 2,721 -------- 8,467 --------
- -------------------------------------------------------------------------------- Face Amount Market Description (000)(1) Value (000) - -------------------------------------------------------------------------------- ITALY--9.4% Italian Government BTPS 9.000%, 10/01/96 2,500,000 $ 1,518 8.500%, 04/01/99 2,430,000 1,384 8.500%, 08/01/99 500,000 282 9.500%, 01/01/05 3,575,000 1,954 --------- 5,138 --------- JAPAN--19.0% Asian Development Bank 5.000%, 02/05/03 229,000 2,610 Export-Import Bank 4.380%, 10/01/03 249,000 2,743 Japanese Development Bank 5.000%, 10/01/99 114,000 1,299 Republic of Austria 4.500%, 09/28/05 20,000 224 3.750%, 02/03/09 48,000 495 World Bank 4.500%, 06/20/00 152,100 1,710 4.500%, 03/20/03 118,800 1,323 --------- 10,404 --------- NETHERLANDS--9.0% Netherlands Government 6.250%, 07/15/98 878 548 7.500%, 06/15/99 3,250 2,102 8.500%, 03/15/01 880 595 7.250%, 10/01/04 2,520 1,595 Kingdom of Netherlands 6.500%, 01/15/99 137 86 --------- 4,926 --------- NORWAY--0.5% Government of Norway 9.500%, 10/31/02 1,700 299 --------- SPAIN--2.7% Kingdom of Spain 12.250%, 03/25/00 48,000 401 10.300%, 06/15/02 140,000 1,080 --------- 1,481 --------- SWEDEN--1.7% Kingdom of Sweden 10.250%, 05/05/03 1,300 179 9.000%, 04/20/09 3,500 433 Swedish Treasury Note 11.000%, 01/21/99 2,300 325 --------- 937 ---------
13 SCHEDULE OF INVESTMENTS ================================================================================ SEI INTERNATIONAL TRUST -- AUGUST 31, 1995 (UNAUDITED)
INTERNATIONAL FIXED INCOME PORTFOLIO - -------------------------------------------------------------------------------- Face Amount Market Description (000)(1) Value (000) - -------------------------------------------------------------------------------- UNITED KINGDOM--9.0% European Investment Bank 7.000%, 03/30/98 200 $ 307 United Kingdom Treasury 8.000%, 12/07/00 1,385 2,182 8.500%, 12/07/05 1,530 2,437 ------ 4,926 ------ Total Foreign Bonds (Cost $50,973) 50,419 ------ U. S. TREASURY OBLIGATIONS--0.3% U.S. Treasury Note 6.500%, 04/30/97 35 35 6.250%, 08/15/23 70 66 7.630%, 02/15/25 40 45 ------ Total U. S. Treasury Obligations (Cost $142) 146 ------
- -------------------------------------------------------------------------------- Face Amount Market Description (000)(1) Value (000) - -------------------------------------------------------------------------------- FOREIGN CURRENCY OPTIONS--0.0% CANADA--0.0% U.S. Dollar Call 10/31/95 728 $ 1 ------- UNITED KINGDOM--0.0% German Deutschmark Put 12/29/95 1,463 14 ------- Total Foreign Currency Options (Cost $35) 15 ------- Total Investments--92.5% (Cost $51,150) $50,580 ======= (1) In local currency
The accompanying notes are an integral part of the financial statements. 14 STATEMENT OF ASSETS AND LIABILITIES (000) ================================================================================ AUGUST 31, 1995 (UNAUDITED)
-------- -------- ------------- Pacific International European Basin Fixed Equity Equity Income -------- -------- ------------- ASSETS: Investment securities (Cost $44,076, $46,647, $51,150 respectively) $ 48,770 $ 45,629 $ 50,580 Cash and foreign currency 3,837 1,896 2,379 Dividend and interest receivable 295 20 1,653 Investment securities sold 862 -- 1,594 Unrealized gain on forward foreign currency contracts -- 1,165 1,287 Other assets 213 31 226 -------- -------- -------- Total Assets 53,977 48,741 57,719 -------- -------- -------- LIABILITIES: Investment securities purchased 653 245 2,909 Other liabilities 244 227 109 -------- -------- -------- Total liabilities 897 472 3,018 -------- -------- -------- NET ASSETS: Portfolio shares of Class A (unlimited authorization -- no par value) based on 4,709,456, 5,035,246, and 4,789,405, respectively, outstanding shares of beneficial interest 47,730 49,083 50,094 Accumulated net realized gain (loss) on investments 129 (212) 408 Accumulated net realized gain (loss) on forward foreign currency transactions (93) (828) 1,785 Net unrealized appreciation/depreciation on forward foreign currency contracts, foreign currency and translation of other assets and liabilities in foreign currency (6) 1,165 1,228 Net unrealized appreciation (depreciation) on investments 4,694 (1,018) (570) Undistributed net investment income 626 79 1,756 -------- -------- -------- Total Net Assets $ 53,080 $ 48,269 $ 54,701 ======== ======== ======== NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE-- CLASS A $ 11.27 $ 9.59 $ 11.42 ======== ======== ========
The accompanying notes are an integral part of the financial statements. 15 STATEMENT OF OPERATIONS (000) ================================================================================ FOR THE PERIOD ENDED AUGUST 31, 1995 (UNAUDITED)
------------- ---------- --------- ---------- ------------- Core Pacific Emerging International International European Basin Markets Fixed Equity Equity Equity Equity Income ------------- ---------- --------- ---------- ------------- INVESTMENT INCOME: Dividends $ 6,140 $ 931 $ 312 $ 118 -- Interest 165 87 73 94 $ 1,584 Less: Foreign Taxes Withheld (586) (85) (33) (13) (37) -------- -------- -------- -------- -------- Total Investment Income 5,719 933 352 199 1,547 -------- -------- -------- -------- -------- EXPENSES: Management fees 734 78 165 53 149 Less management fees waived (161) (46) (62) (53) (57) Reimbursement by manager -- -- -- -- -- Investment advisory fees 775 179 87 86 74 Less investment advisory fees waived -- -- -- -- (12) Custodian/wire agent fees 258 19 18 40 21 Professional fees 62 8 8 1 9 Registration & filing fees 35 6 7 9 7 Printing fees 58 6 6 1 7 Trustee fees 10 1 1 -- 1 Pricing fees 10 8 8 8 4 Distribution fees 248 34 31 12 37 Amortization of deferred organization costs 4 3 3 -- 4 Miscellaneous fees 6 1 1 1 1 -------- -------- -------- -------- -------- Total Expenses 2,039 297 273 158 245 -------- -------- -------- -------- -------- NET INVESTMENT INCOME 3,680 636 79 41 1,302 -------- -------- -------- -------- -------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) from security transactions 10,377 294 (175) 241 1,335 Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions (4,346) 5 (901) (49) 2,159 Net change in unrealized appreciation on forward foreign currency contracts, foreign currencies, and translation of other assets and liabilities denomenated in foreign curencies 4,106 7 1,246 (1) 756 Net change in unrealized appreciation (depreciation) on investments 18,743 4,569 3,655 72 (1,632) -------- -------- -------- -------- -------- NET INCREASE IN NET ASSETS FROM OPERATIONS $ 32,560 $ 5,511 $ 3,904 $ 304 $ 3,920 ======== ======== ======== ======== ========
The accompanying notes are an integral part of the financial statements. 16 STATEMENT OF CHANGES IN NET ASSETS (000) ================================================================================ (UNAUDITED)
---------------------- ---------------------- Core International European Equity Equity ---------------------- ---------------------- 1996* 1995 1996* 1995 ---------------------- ---------------------- OPERATIONS: Net investment income (loss) $ 3,680 $ 6,137 $ 636 $ 211 Net realized gain (loss) from security transactions 10,377 36,204 294 (165) Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions (4,346) (25,138) 5 (154) Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies, and translation of other assets and liabilities denominated in foreign currencies 4,106 10,819 7 (13) Net change in unrealized appreciation (depreciation) on investments 18,743 (58,990) 4,569 125 --------- --------- --------- --------- Net increase (decrease) in net assets from operations 32,560 (30,968) 5,511 4 --------- --------- --------- --------- DIVIDENDS DISTRIBUTED FROM: Net investment income: Class A -- -- -- (165) Class D Funds -- -- -- -- Net realized gains: Class A -- (23,038) -- -- Class D Funds -- (2) -- -- --------- --------- --------- --------- Total dividends distributed -- (23,040) -- (165) --------- --------- --------- --------- CAPITAL SHARE TRANSACTIONS: Class A: Proceeds from shares issued 100,908 340,533 17,753 41,513 Shares issued in lieu of cash distributions -- 14,427 -- 144 Cost of shares repurchased (143,077) (475,951) (6,462) (5,218) --------- --------- --------- --------- Increase (decrease) in net assets derived from Class A (42,169) (120,991) 11,291 36,439 --------- --------- --------- --------- Class D Funds: Proceeds from shares issued 104 53 -- -- Shares issued in lieu of cash distributions -- 2 -- -- Cost of shares repurchased -- -- -- -- --------- --------- --------- --------- Increase in net assets derived from Class D Funds 104 55 -- -- --------- --------- --------- --------- INCREASE (DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS (42,065) (120,936) 11,291 36,439 --------- --------- --------- --------- Net increase (decrease) in net assets (9,505) (174,944) 16,802 36,278 NET ASSETS: Beginning of period 328,554 503,498 36,278 -- --------- --------- --------- --------- End of period $ 319,049 $ 328,554 $ 53,080 $ 36,278 ========= ========= ========= ========= (1) CAPITAL SHARE TRANSACTIONS: Class A: Shares issued 10,026 32,225 1,656 4,171 Shares issued in lieu of cash distributions -- 1,437 -- 15 Shares repurchased (14,216) (45,194) (609) (523) --------- --------- --------- --------- Total Class A transactions (4,190) (11,532) 1,047 3,663 --------- --------- --------- --------- Class D Funds: Shares issued 10 5 -- -- Shares issued in lieu of cash distributions -- -- -- -- Shares repurchased -- -- -- -- --------- --------- --------- --------- Total Class D Funds transactions 10 5 -- -- --------- --------- --------- --------- Net increase (decrease) in capital shares (4,180) (11,527) 1,047 3,663 ========= ========= ========= =========
---------------------- Pacific Basin Equity ---------------------- 1996* 1995 ---------------------- OPERATIONS: Net investment income (loss) $ 79 $ (81) Net realized gain (loss) from security transactions (175) (37) Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions (901) (74) Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies, and translation of other assets and liabilities denominated in foreign currencies 1,246 (81) Net change in unrealized appreciation (depreciation) on investments 3,655 (4,673) --------- --------- Net increase (decrease) in net assets from operations 3,904 (4,946) --------- --------- DIVIDENDS DISTRIBUTED FROM: Net investment income: Class A -- -- Class D Funds -- -- Net realized gains: Class A -- -- Class D Funds -- -- --------- --------- Total dividends distributed -- -- --------- --------- CAPITAL SHARE TRANSACTIONS: Class A: Proceeds from shares issued 36,347 49,353 Shares issued in lieu of cash distributions -- -- Cost of shares repurchased (25,030) (11,359) --------- --------- Increase (decrease) in net assets derived from Class A 11,317 37,994 --------- --------- Class D Funds: Proceeds from shares issued -- -- Shares issued in lieu of cash distributions -- -- Cost of shares repurchased -- -- --------- --------- Increase in net assets derived from Class D Funds -- -- --------- --------- INCREASE (DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS 11,317 37,994 --------- --------- Net increase (decrease) in net assets 15,221 33,048 NET ASSETS: Beginning of period 33,048 -- --------- --------- End of period $ 48,269 $ 33,048 ========= ========= (1) CAPITAL SHARE TRANSACTIONS: Class A: Shares issued 4,028 5,018 Shares issued in lieu of cash distributions -- -- Shares repurchased (2,776) (1,234) --------- --------- Total Class A transactions 1,252 3,784 --------- --------- Class D Funds: Shares issued -- -- Shares issued in lieu of cash distributions -- -- Shares repurchased -- -- --------- --------- Total Class D Funds transactions -- -- --------- --------- Net increase (decrease) in capital shares 1,252 3,784 ========= ========= * For the six month period ended August 31, 1995
The accompanying notes are an integral part of the financial statements. 17 STATEMENT OF CHANGES IN NET ASSETS (000) =============================================================================== (UNAUDITED)
-------------------- -------------------- Emerging International Markets Fixed Equity Income -------------------- -------------------- 1996* 1995 1996* 1995 -------------------- -------------------- OPERATIONS: Net investment income $ 41 $ 6 $ 1,302 $ 1,603 Net realized gain (loss) from security transactions 241 -- 1,335 (927) Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions (49) 1 2,159 670 Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies, translation of other assets and liabilities denominated in foreign currencies (1) (1) 756 313 Net change in unrealized appreciation (depreciation) on investments 72 54 (1,632) 1,420 -------- -------- -------- -------- Net increase in net assets from operations 304 60 3,920 3,079 -------- -------- -------- -------- DIVIDENDS DISTRIBUTED FROM: Net investment income: Class A -- -- -- (2,335) Net realized gains: Class A -- -- -- (67) -------- -------- -------- -------- Total dividends distributed -- -- -- (2,402) -------- -------- -------- -------- CAPITAL SHARE TRANSACTIONS: Class A: Proceeds from shares issued 24,609 5,264 20,205 36,006 Shares issued in lieu of cash distributions -- -- -- 1,486 Cost of shares repurchased (1,036) (24) (12,004) (19,267) -------- -------- -------- -------- Increase in net assets derived from Class A 23,573 5,240 8,201 18,225 -------- -------- -------- -------- INCREASE IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS 23,573 5,240 8,201 18,225 -------- -------- -------- -------- Net increase in net assets 23,877 5,300 12,121 18,902 NET ASSETS: Beginning of period 5,300 -- 42,580 23,678 -------- -------- -------- -------- End of period $ 29,177 $ 5,300 $ 54,701 $ 42,580 ======== ======== ======== ======== CAPITAL SHARE TRANSACTIONS: Class A: Shares issued 2,241 518 1,741 3,504 Shares issued in lieu of cash distributions -- -- -- 150 Shares repurchased (94) (2) (1,038) (1,882) -------- -------- -------- -------- Total Class A transactions 2,147 516 703 1,772 ======== ======== ======== ======== * For the six month period ended August 31, 1995
The accompanying notes are an integral part of the financial statements. 18 FINANCIAL HIGHLIGHTS =============================================================================== (UNAUDITED) FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net Asset Distributions Distributions Value Net Net Realized and from Net from Net Asset Net Assets Beginning Investment Unrealized Investment Realized Capital Return Value End Total End of of Period Income/(Loss) Gains (Losses) Income (6) Gains of Capital of Period Return Period (000) - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------- CORE INTERNATIONAL EQUITY PORTFOLIO - ----------------------------------- Class A 1996* $ 9.59 $0.13 $0.89 -- -- -- $10.61 10.64% $318,883 1995 11.00 0.15 (0.97) -- $(0.59) -- 9.59 (7.67) 328,503 1994 8.93 0.13 2.05 $(0.11) -- -- 11.00 24.44 503,498 1993 9.09 0.16 0.04 (0.36) -- -- 8.93 2.17 178,287 1992 9.56 0.19 (0.36) (0.30) -- -- 9.09 (1.63) 92,456 1991 9.62 0.18 (0.14) -- (0.01) $(0.09) 9.65 0.36 35,829 Class D Funds 1996* $ 9.56 $0.10 $0.89 -- -- -- $10.55 10.36% $ 166 1995(1) 10.81 0.01 (0.67) -- $(0.59) -- 9.56 (6.33) 51 - ------------------------- EUROPEAN EQUITY PORTFOLIO - ------------------------- Class A 1996* $ 9.90 $0.12 $1.25 -- -- -- $11.27 13.72% $ 53,080 1995(2) 10.00 0.06 (0.11) $(0.05) -- -- 9.90 (0.40) 36,278 - ------------------------------ PACIFIC BASIN EQUITY PORTFOLIO - ------------------------------ Class A 1996* $ 8.73 $0.04 $0.82 -- -- -- $ 9.59 9.85% $ 48,269 1995(3) 10.00 (0.02) (1.25) -- -- -- 8.73 (12.70) 33,048 - --------------------------------- EMERGING MARKETS EQUITY PORTFOLIO - --------------------------------- Class A 1996* $10.27 -- $0.69 -- -- -- $10.96 6.72% $ 29,177 1995(4) 10.00 $0.01 0.26 -- -- -- 10.27 2.70 5,300 - ------------------------------------ INTERNATIONAL FIXED INCOME PORTFOLIO - ------------------------------------ Class A 1996* $10.42 $0.29 $0.71 -- -- -- $11.42 9.60% $ 54,701 1995 10.23 0.43 0.40 $(0.62) $(0.02) -- 10.42 8.43 42,580 1994(5) 10.00 0.14 0.18 (0.09) -- -- 10.23 6.41 23,678
Ratio of Ratio of Net Investment Ratio of Expenses Income/(Loss) Ratio of Net Investment to Average to Average Expenses Income/(Loss) Net Assets Net Assets Portfolio to Average to Average (Excluding (Excluding Turnover Net Assets Net Assets Waivers) Waivers) Rate - -------------------------------------------------------------------------------------- - ----------------------------------- CORE INTERNATIONAL EQUITY PORTFOLIO - ----------------------------------- Class A 1996* 1.25% 2.26% 1.35% 2.16% 38% 1995 1.19 1.30 1.21 1.28 64 1994 1.10 1.46 1.24 1.32 19 1993 1.10 1.80 1.53 1.37 23 1992 1.10 2.07 1.52 1.63 79 1991 1.10 3.52 1.64 2.98 14 Class D Funds 1996* 1.65% 1.76% 2.36% 1.05% 38% 1995(1) 1.47 0.42 1.48 0.41 64 - ------------------------- EUROPEAN EQUITY PORTFOLIO - ------------------------- Class A 1996* 1.30% 2.78% 1.50% 2.58% 35% 1995(2) 1.30 1.02 1.57 0.75 29 - ------------------------------ PACIFIC BASIN EQUITY PORTFOLIO - ------------------------------ Class A 1996* 1.30% 0.38% 1.60% 0.08% 15% 1995(3) 1.30 (0.41) 1.68 (0.79) 9 - --------------------------------- EMERGING MARKETS EQUITY PORTFOLIO - --------------------------------- Class A 1996* 1.95% 0.50% 2.57% (0.14)% 57% 1995(4) 1.95 1.79 4.98 (1.24) -- - ------------------------------------ INTERNATIONAL FIXED INCOME PORTFOLIO - ------------------------------------ Class A 1996* 1.00% 5.24% 1.27% 4.96% 124% 1995 1.00 4.68 1.30 4.38 303 1994(5) 1.00 3.81 1.61 3.20 126 * For the six month period ended August 31, 1995. (1) Core International Equity Class D shares were offered beginning May 1, 1994. All ratios for that period have been annualized. (2) European Equity Class A shares were offered beginning April 29, 1994. All ratios for that period have been annualized. (3) Pacific Basin Equity Class A shares were offered beginning April 29, 1994. All ratios for that period have been annualized. (4) Emerging Markets Equity Class A shares were offered beginning January 17, 1995. All ratios for that period have been annualized. (5) International Fixed Income Class A shares were offered beginning September 1, 1993. All ratios for that period have been annualized. (6) Distributions from net investment income include distributions of certain foreign currency gains and losses.
The accompanying notes are an integral part of the financial statements. 19 NOTES TO FINANCIAL STATEMENTS ================================================================================ AUGUST 31, 1995 (UNAUDITED) 1. ORGANIZATION: SEI International Trust, (the "Trust") was organized as a Massachusetts business trust under a Declaration of Trust dated June 30, 1988. The operations of the Trust commenced on December 20, 1989. 2. SIGNIFICANT ACCOUNTING POLICIES: The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with five portfolios: the Core International Equity Portfolio (formerly the International Equity Portfolio), the European Equity Portfolio, the Pacific Basin Equity Portfolio, the Emerging Markets Equity Portfolio and the International Fixed Income Portfolio (together the "Portfolios"). The Trust is registered to offer Class A shares for all portfolios and Class D Fund shares of the Core International Equity Portfolio. The following is a summary of significant accounting policies followed by the Portfolio. SECURITY VALUATION -- Investment securities which are listed on a securities exchange for which market quotations are readily available are valued by an independent pricing service at the last quoted sales price for such securities, or if there is no such reported sale on the valuation date, at the most recent quoted bid price. Unlisted securities for which market quotations are readily available are valued at the most recent quoted bid price. Short-term investments may be valued at amortized cost which approximates market value. FEDERAL INCOME TAXES -- It is the intention of each Portfolio to continue to qualify as a regulated investment company and to distribute all of its taxable income. Accordingly, no provision for Federal income taxes is required in the accompanying financial statements. NET ASSET VALUE PER SHARE -- The net asset value per share of each Portfolio is calculated on each business day. It is computed by dividing the assets of the portfolio, less its liabilities, by the number of outstanding shares of the portfolio. REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase agreements are held by the custodian bank until maturity of the repurchase agreements. Provisions of the repurchase agreements and procedures adopted by the Trust require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. The Portfolios may also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained in a segregated account by the broker's custodian bank until maturity of the repurchase agreement. Provisions of the agreements require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty of the Portfolio. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Portfolio may be delayed or limited. FOREIGN CURRENCY TRANSLATION -- The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: (I) market value of investment securities, other 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 Portfolios do not isolate that portion of gains and losses on investment securities which is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities. The Portfolios report gains and losses on foreign currency related transactions as realized and unrealized gains and losses for financial reporting purposes, whereas such gains and losses are treated as ordinary income or loss for Federal income tax purposes. FORWARD FOREIGN CURRENCY CONTRACTS -- The portfolios enter into forward foreign currency contracts as hedges against either specific transactions or portfolio positions. The aggregate principal amounts of the contracts are not recorded as the Portfolios do not intend to hold the contracts to maturity. All commitments are "marked-to-market" daily at the applicable foreign exchange rate and 20 any resulting unrealized gains or losses are recorded currently. The Portfolios realize gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year will be recognized as ordinary income or loss for federal income tax purposes. FOREIGN CURRENCY OPTIONS -- Premiums paid by a portfolio for the purchase of an option are included in the portfolio's Schedule of Investments as an investment and subsequently "market-to-market" to reflect the current value of the option. For an option held by a portfolio on the stipulated expiration date, the portfolio realizes a gain or loss. If the portfolio enters into a closing sale transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the purchased option. If the portfolio exercises a purchased call option, the cost of the underlying investment which the fund purchases upon exercise will be increased by the premium originally paid. CLASSES -- Class-specific expenses are borne by that class. Income, expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets. OTHER -- Security transactions are accounted for on the trade date of the security purchase or sale. Costs used in determining net realized capital gains and losses on the sale of investment securities are those of the specific securities sold. Purchase discounts and premiums on securities held by the Portfolio are accreted and amortized to maturity using the scientific interest method, which approximates the effective interest method. Distributions from net investment income and any net realized capital gains are generally made to Shareholders annually. Dividend income is recognized on the ex-dividend date and interest income is recognized using the accrual method. The amounts of the distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from those amounts determined under generally accepted accounting principles. The book/tax differences are either temporary or permanent, they are charged or credited to paid-in capital in the period the differences arises. During the fiscal year ended February 28, 1995 the following amounts relating to permanent differences attributable to cumulative net operating losses and differences in the characterization of certain foreign currency realized and unrealized gains (losses) have been classified as follows: Core Pacific International Basin Equity Equity (000) (000) ------------- --------- Paid-in Capital $ (5,615) $ (228) Accumulated net realized loss on investments (2,288) -- Accumulated net realized gain of foreign currency transactions 15,349 147 Accumulated net investment income (loss) (7,446) 81 These reclassifications have no effect on net assets or asset values per share. 3. MANAGEMENT, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS: SEI Financial Management Corporation (the "Manager"), a wholly owned subsidiary of SEI Corporation, and the Trust are parties to a management agreement dated August 30, 1988, under which the Manager provides management, administrative and shareholder services to the Fund for an annual fee equal to .45% of the average daily net assets of the Core International Equity Portfolio, .60% of the average daily net assets of the International Fixed Income Portfolio, .80% of the average daily net assets of the European and Pacific Basin Equity Portfolios and .65% of the daily net assets of the Emerging Markets Equity Portfolio. The manager has agreed to waive all or a portion of its fees in order to limit the operating expenses of the Portfolios to a specified percentage of its average daily net assets as follows: 21 NOTES TO FINANCIAL STATEMENTS (Continued) ================================================================================ AUGUST 31, 1995 (UNAUDITED) Core International Equity Portfolio 1.25% European Equity Portfolio 1.30% Pacific Basin Equity Portfolio 1.30% Emerging Markets Equity Portfolio 1.95% International Fixed Income Portfolio 1.00% In addition, the Trust and Manager have entered into a separate Transfer Agent Agreement with respect to the Class D Funds under which the manager is entitled to a fee of .15% of the average daily net assets of the Class D Funds plus out-of-pocket costs. SEI Financial Management Corporation (SFM) acts as the investment advisor for the Core International Equity, European Equity, Pacific Basin and the Emerging Markets Equity Portfolios. Under the Investment Advisory Agreement, SFM receives an annual fee of .475% of the average daily net assets of the Core International Equity and European Equity Portfolios, .55% of the Pacific Basin Equity Portfolio's average daily net assets and 1.05% of the daily net assets of the Emerging Markets Equity Portfolio. Pursuant to a Sub-Advisory Agreement with SFM, Acadian Asset Management, Inc and World Invest Limited serve as Sub-Advisors to the Core International Equity Portfolio, Montgomery Asset Management, L.P. serves as Sub-Advisor to the Emerging Markets Equity Portfolio, Morgan Grenfell Investment Services Limited serves as Sub-Advisor to the European Equity Portfolio, and Schroder Capital Management International Limited serves as Sub-Advisor to the Pacific Basin Equity Portfolio. Strategic Fixed Income, L.P., the advisor for the International Fixed Income Portfolio, is a party to an investment advisory agreement with the Trust dated June 15, 1993. Under the investment advisor agreement, Strategic Fixed Income, L.P. receives an annual fee of .30% of the average daily net assets of the Portfolio. Strategic Fixed Income, L.P has voluntarily agreed to waive its fee, in conjunction with the Manager, in order to limit the operating expenses of the Portfolio to not more than 1.00% of the average daily net assets. SEI Financial Service Company (the "Distributor"), a wholly owned subsidiary of the SEI Corporation and a registered broker-dealer, acts as the distributor of the shares of the Trust under a distribution plan which provides for the Trust to reimburse the Distributor for distributions. Such expenses may not exceed .30% of the daily average net assets of each Portfolio. Distribution expenses include, among other items, the compensation and benefits of sales personnel incurred by the Distributor in connection with the promotion and sale of shares. Distribution expenses are allocated among the Portfolios on the basis of their relative average daily net assets. In addition, the Core International Equity Portfolio has registered an additional class of shares, the Class D Funds shares, for which a separate distribution plan has been adopted. This plan provides for additional payments to the Distributor of up to .30% of Class D Funds average daily net assets. Certain Officers and/or Trustees of the Trust are also Officers and/or Directors of the Manager. Compensation of Officers and affiliated Trustees is paid by the manager. 4. ORGANIZATIONAL COSTS: Organizational costs have been capitalized by the Portfolio and are being amortized using the straight line method over sixty months commencing with operations. In the event any of the initial shares of the Portfolio acquired by the Manager are redeemed during the period that the Portfolio is amortizing its organizational costs, the redemption proceeds payable to the Manager by the Portfolio will be reduced by an amount equal to a pro rata portion of the unamortized organizational costs. 5. FORWARD FOREIGN CURRENCY CONTRACTS: The Portfolios enter into forward foreign currency exchange contracts as hedges against portfolio positions. Such contracts, which protect the value of the Portfolio's investment securities against a decline in the value of the hedged currency, do not eliminate fluctuations in the underlying prices of the securities, they simply establish an exchange rate at a future date. Also, although such contracts tend to minimize risk of loss due to a decline in the value of a hedged currency, at the same time they tend to 22 limit any potential gain that might be realized should the value of such foreign currency increases. The following forward foreign currency contracts were outstanding at August 31, 1995: In Unrealized Maturity Contracts to Exchange Appreciation Dates Deliver/Receive For (Depreciation) - -------------------- --------------- ----------- -------------- CORE INTERNATIONAL EQUITY PORTFOLIO: - ------------------------------------ FOREIGN CURRENCY SALES: 09/01/95 UK 2,409,690 $ 3,715,381 $ (23,471) 10/20/95 JY 2,067,040,000 23,609,823 2,301,423 11/15/95 JY 2,375,000,000 25,777,049 1,201,178 ----------- ------------- $53,102,253 $ 3,479,130 =========== ------------- FOREIGN CURRENCY PURCHASES: 11/15/95 JY 2,375,000,000 $25,010,535 $ (434,665) =========== ------------- $ 3,044,465 ============= EUROPEAN EQUITY PORTFOLIO: - -------------------------- FOREIGN CURRENCY SALES: 09/01/95 CH 87,220 $ 71,940 $ (478) =========== ------------- FOREIGN CURRENCY PURCHASES: 09/01/95 UK 54,873 $ 84,741 $ 400 09/05/95 CH 155,153 128,951 (75) ----------- ------------- $ 213,692 $ 325 =========== ------------- $ (153) ============= PACIFIC BASIN EQUITY PORTFOLIO: - ------------------------------- FOREIGN CURRENCY SALES: 09/22/95 JY 734,943,000 $ 8,709,720 $ 1,165,290 =========== ------------- FOREIGN CURRENCY PURCHASES: 09/04/95 MR 487,130 $ 195,125 $ 154 09/06/95 MR 124,212 49,884 (90) ----------- ------------- $ 245,009 $ 64 =========== ------------- $ 1,165,354 ============= SEI INTERNATIONAL FIXED INCOME PORTFOLIO: - ----------------------------------------- FOREIGN CURRENCY SALES: 09/01/95-10/20/95 DM 45,026,053 $32,093,138 $1,361,263 09/11/95-10/20/95 FF 58,523,247 11,862,933 260,919 09/11/95-10/20/95 JY 15,950,747,197 39,412,098 2,701,135 09/20/95-10/20/95 AD 4,614,133 3,339,241 (120,737) 09/20/95-10/20/95 BF 71,335,725 2,431,428 66,359 09/20/95-10/20/95 CD 3,669,539 2,683,928 (48,511) 09/20/95-10/20/95 CH 10,457,043 8,740,447 31,851 09/20/95-10/20/95 DK 43,482,689 7,822,454 182,625 09/20/95-10/20/95 SP 373,324,109 2,987,188 22,072 09/20/95-10/20/95 UK 13,237,006 20,732,115 227,635 09/20/95-10/20/95 IT 12,377,074,391 7,547,026 (41,438) 09/20/95-10/20/95 NG 6,472,114 4,050,335 106,044 In Unrealized Maturity Contracts to Exchange Appreciation Dates Deliver/Receive For (Depreciation) - -------------------- --------------- ----------- -------------- SEI INTERNATIONAL FIXED INCOME PORTFOLIO (CONTINUED): - ----------------------------------------------------- 09/20/95-10/20/95 NK 6,644,242 $ 1,074,649 $ 38,025 09/20/95-10/20/95 NZ 4,834,356 3,176,607 40,503 09/20/95-10/20/95 SK 22,749,185 3,096,754 (14,730) 09/20/95 XE 2,612,071 3,488,421 154,855 ------------ ------------- $154,538,762 $ 4,967,870 ============ ------------- FOREIGN CURRENCY PURCHASES: 09/01/95-10/20/95 CD 9,547,122 $ 7,008,868 $ 100,762 09/11/95-10/20/95 UK 9,463,689 15,056,156 (392,261) 09/11/95-10/20/95 NZ 4,830,095 3,204,017 (72,994) 09/11/95-10/20/95 JY 3,007,632,839 32,669,360 (1,754,610) 09/20/95-10/20/95 DM 58,516,404 40,565,074 (623,380) 09/20/95-10/20/95 FF 46,408,398 9,452,990 (252,827) 09/20/95-10/20/95 AD 7,028,148 5,185,336 89,928 09/20/95 BF 38,935,123 1,367,900 (77,134) 09/20/95-10/20/95 CH 10,649,910 9,120,961 (260,285) 09/20/95-10/20/95 DK 29,446,172 5,352,179 (178,723) 09/20/95-10/20/95 SP 421,130,259 3,451,003 (101,633) 09/20/95-10/20/95 IT 14,873,134,967 9,127,304 (865) 09/20/95 NG 2,580,870 1,658,052 (86,523) 09/20/95 NK 7,795,834 1,255,350 (39,056) 09/20/95-10/20/95 SK 25,932,998 3,570,926 (22,145) 09/20/95 XE 2,909,062 3,722,124 (9,534) ------------ ------------- $151,767,600 $ (3,681,280) ============ ------------- $ 1,286,590 ============= CURRENCY LEGEND AD Australian Dollar BF Belgian Franc CD Canadian Dollar CH Swiss Frank DK Danish Kroner DM German Mark FF French Franc IT Italian Lira JY Japanese Yen MR Malaysian Ringgett NG Netherlands Guilder NK Norwegian Kroner NZ New Zealand Dollar SK Swedish Krona SP Spanish Peseta UK British Pounds Sterling XE European Currency Unit 23 NOTES TO FINANCIAL STATEMENTS (Concluded) ================================================================================ AUGUST 31, 1995 (UNAUDITED) 6. INVESTMENT TRANSACTIONS: The cost of security purchases and the proceeds from the sale of securities, other than short-term investments and U.S. government securities, during the period ended August 31, 1995, were as follows: Purchases Sales (000) (000) ---------- ---------- Core International Equity Portfolio $118,826 $162,084 European Equity Portfolio 24,417 14,708 Pacific Basin Equity Portfolio 17,143 5,830 Emerging Markets Equity Portfolio 29,329 7,774 International Fixed Income Portfolio 70,378 57,894 For Federal income tax purposes, the cost of securities owned at August 31, 1995 and the net realized gains or losses on securities sold for the period then ended was not materially different from the amounts reported for financial reporting purposes. The aggregate gross unrealized appreciation and depreciation at August 31, 1995 for the Portfolio is as follows: Net Unrealized Appreciated Depreciated Appreciation Securities Securities (Depreciation) (000) (000) (000) ------------ ------------ -------------- Core International Equity Portfolio $30,856 $10,284 $20,572 European Equity Portfolio 5,678 984 4,694 Pacific Basin Equity Portfolio 1,760 2,778 (1,018) Emerging Markets Equity Portfolio 1,197 1,071 126 International Fixed Income Portfolio 606 1,176 (570) At August 31, 1995 the following Portfolios had available realized capital losses to offset future net capital gains through fiscal year 2003. (000) ------ European Equity Portfolio $ 32 Pacific Basin Equity Portfolio 18 International Fixed Income Portfolio 795 24 NOTES ================================================================================ SEI INTERNATIONAL TRUST ================================================================================ SEMI-ANNUAL REPORT ================================================================================ AUGUST 31, 1995 (UNAUDITED) Robert A. Nesher Chairman TRUSTEES Edward W. Binshadler Richard F. Blanchard William M. Doran F. Wendell Gooch Frank E. Morris James M. Storey OFFICERS David G. Lee President and Chief Executive Officer Carmen V. Romeo Treasurer, Assistant Secretary Jeffrey A. Cohen Controller, Assistant Secretary Sandra K. Orlow Vice President, Assistant Secretary Kevin P. Robins Vice President, Assistant Secretary Robert B. Carroll Vice President, Assistant Secretary Kathryn L. Stanton Vice President, Assistant Secretary Richard W. Grant Secretary INVESTMENT ADVISORS International Equity Portfolio Brinson Partners Inc. European Equity Portfolio Morgan Grenfell Investment Services Limited Pacific Basin Equity Portfolio Schroder Capital Management International Limited International Fixed Income Portfolio Strategic Fixed Income L.P. MANAGER AND SHAREHOLDER SERVICING AGENT SEI Financial Management Corporation DISTRIBUTOR SEI Financial Services Company LEGAL COUNSEL Morgan, Lewis & Bockius This semi-annual 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 SEI 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. SEI Financial Services Company, the Distributor of the SEI Funds, is not affiliated with any bank. For more information call 1(BULLET)800(BULLET)DIAL(BULLET)SEI/1(BULLET)800 (BULLET)342(BULLET)5734 SEI-F-031-05 -----END PRIVACY-ENHANCED MESSAGE-----