N-30D 1 siit3_02.txt SEI INSTITUTIONAL INTERNATIONAL TRUST 3_02 SEI INVESTMENTS LOGO Semi-Annual Report as of March 31, 2002 (Unaudited) SEI Institutional International Trust International Equity Fund Emerging Markets Equity Fund International Fixed Income Fund Emerging Markets Debt Fund Table of Contents ------------------------------------------------------------ Statement of Net Assets/Schedules of Investments 1 ------------------------------------------------------------ Statements of Assets and Liabilities 17 ------------------------------------------------------------ Statements of Operations 18 ------------------------------------------------------------ Statements of Changes in Net Assets 19 ------------------------------------------------------------ Financial Highlights 21 ------------------------------------------------------------ Notes to Financial Statements 22 ------------------------------------------------------------ STATEMENT OF NET ASSETS (Unaudited) International Equity Fund March 31, 2002 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- FOREIGN COMMON STOCKS -- 95.8% Australia -- 2.6% Aristocrat Leisure 183,622 $ 616 Australia and New Zealand Banking Group 500,581 4,747 BHP Billiton 2,831,135 17,225 Billabong International 210,729 1,007 Brambles Industries 297,714 1,509 Broken Hill Proprietary ADR 56,377 690 Cochlear 27,595 633 Coles Myer 233,948 1,071 Commonwealth Bank of Australia 80,263 1,373 Computershare 226,464 297 CSL 42,167 930 Foster's Group 797,325 1,970 Harvey Norman Holdings 135,601 258 James Hardie 109,410 370 Macquarie Bank 73,817 1,310 Macquarie Infrastructure Group 866,661 1,591 National Australia Bank 189,298 3,452 Newcrest Mining 134,751 453 News 279,956 1,960 News ADR 6,500 185 Patrick 84,137 718 Qantas Airways 509,624 1,221 QBE Insurance Group 969,174 3,719 Resmed* 148,892 608 Rio Tinto 75,031 1,509 Southcorp 177,498 612 Suncorp-Metway 205,797 1,373 Telstra Corp 2,349,373 6,746 Westfield Holdings 126,844 1,131 Westpac Banking 268,329 2,236 WMC 577,264 2,998 Woodside Petroleum 139,119 1,091 Woolworths 546,343 3,639 ------------ 69,248 ------------ Brazil -- 0.0% Cia Vale Do Rio Doce ADR* 12,000 329 ------------ Canada -- 0.6% Abitibi-Consolidated 185,600 1,658 Alcan Aluminum 30,600 1,209 Bombardier 222,600 2,007 Bombardier, Series B 127,900 1,150 Magna International, Series A 33,700 2,468 National Bank of Canada 50,000 1,017 Nortel Networks 138,400 621 Suncor Energy 13,700 494 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- Telus 26,872 $ 283 Thomson 113,900 3,759 ------------ 14,666 ------------ Denmark -- 0.2% Danisco A/S 128,085 4,058 Novo-Nordisk 12,900 514 ------------ 4,572 ------------ Finland -- 1.4% Nokia Oyj+ 1,332,973 28,177 Nokia Oyj ADR 32,100 666 Stora Enso Oyj+ 431,875 5,463 UPM-Kymmene Oyj+ 95,400 3,262 ------------ 37,568 ------------ France -- 10.4% Accor 237,252 9,521 Air Liquide 18,700 2,744 Aventis 365 25,216 Aventis 309 21,517 Bouygues 185,360 6,056 Carrefour 449,948 21,197 Castorama Dubois Investissements 380,704 20,824 Cie de Saint-Gobain 185,616 30,297 Groupe Danone 91,888 10,830 LVMH Moet Hennessy Louis Vuitton+ 241,297 12,294 Michelin (C.G.D.E.), Class B 52,900 2,009 Pechiney 27,600 1,471 Renault 47,600 2,284 Sanofi-Synthelabo 255,947 16,434 Schneider Electric 183,345 9,277 Societe Generale, Class A 61,400 3,883 Societe Television Francaise 1 51,100 1,590 TotalFinaElf 340,089 52,515 Valeo+ 406,663 18,058 Vivendi Universal 160,983 6,261 ------------ 274,278 ------------ Germany -- 6.4% Aixtron 45,400 832 Allianz 144,790 34,231 Bayer 445,275 15,111 Bayerische Motoren Werke 75,100 2,994 DaimlerChrysler 147,500 6,698 Deutsche Bank 52,800 3,376 Deutsche Telekom+ 398,060 6,008 E.ON 451,606 22,890 Epcos*+ 31,800 1,458 -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 1 STATEMENT OF NET ASSETS (Unaudited) International Equity Fund (Continued) March 31, 2002 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- Infineon Technologies*+ 70,086 $ 1,579 Infineon Technologies ADR 3,200 72 Metro 72,000 2,418 Muenchener Rueckversicherungs 145,753 36,239 Preussag 34,000 1,025 RWE 89,765 3,367 SAP 62,837 9,539 Siemens+ 160,919 10,529 ThyssenKrupp 226,900 3,563 Volkswagen 161,822 8,471 ------------ 170,400 ------------ Greece -- 0.1% Coca Cola Hellenic Bottling* 8,400 113 Hellenic Telecommunications Organization* 134,409 1,951 ------------ 2,064 ------------ Hong Kong -- 2.7% Cheung Kong Holdings+ 750,000 6,707 China Mobile* 3,205,500 9,904 CLP Holdings+ 774,000 3,176 CNOOC 681,000 847 Esprit Holdings 900,329 1,558 Hang Lung Properties 1,407,000 1,317 Hang Seng Bank 441,100 4,934 Henderson Investment 1,184,000 956 Hong Kong & China Gas 898,700 1,250 Hong Kong Electric Holdings 579,000 2,190 Hong Kong Exchanges and Clearing 394,000 611 Hongkong Land Holdings 2,390,215 4,135 Hutchison Whampoa 1,724,400 15,199 Johnson Electric Holdings 1,830,000 2,569 Li & Fung 2,216,000 3,537 PetroChina 2,052,000 424 Shangri-La Asia 2,000,000 1,692 Sun Hung Kai Properties 638,800 4,853 Swire Pacific 624,000 3,376 Television Broadcasts 149,000 694 Wheelock 855,000 669 Wing Hang Bank 101,000 365 ------------ 70,963 ------------ Ireland -- 0.4% Allied Irish Banks 277,520 3,414 CRH 283,771 5,001 Elan ADR* 31,000 431 Irish Life & Permanent 146,600 1,848 ------------ 10,694 ------------ ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- Italy -- 1.4% Assicurazioni Generali 149,500 $ 3,690 ENI-Ente Nazionale Idrocarburi 1,346,552 19,736 Mediaset 678,835 5,833 Telecom Italia 1,585,487 8,714 ------------ 37,973 ------------ Japan -- 21.5% Acom 49,700 3,007 Aderans 28,000 832 Advantest 90,300 6,779 Aeon 215,000 4,275 Aiful 47,550 2,615 Aisin Seiki 108,000 1,213 Amano 174,000 1,145 Anritsu 135,000 1,070 Asahi Kasei 1,065,000 3,447 Asatsu-DK 78,400 1,650 Avex 62,000 1,305 Benesse 12,000 274 Bridgestone 109,000 1,480 C&S 85,700 1,623 Canon 742,683 27,570 Capcom 70,700 1,888 Chubu Electric Power+ 56,200 886 Chugai Pharmaceutical+ 195,000 2,203 Credit Saison+ 140,000 2,921 Dai Nippon Printing 383,000 4,303 Daiichi Pharmaceutical 83,000 1,550 Daiwa House Industry 230,000 1,440 Daiwa Securities Group+ 2,034,000 12,032 Denso 139,000 2,108 Don Quijote 27,400 1,577 FamilyMart 72,000 1,168 Fuji Heavy Industries 360,000 1,757 Fuji Photo Film 446,000 14,033 Fuji Soft ABC 65,400 2,147 Fujikura 542,000 2,045 Fujitsu+ 1,292,000 9,895 Goodwill Group 156 360 Hirose Electric 77,100 5,387 Hitachi 1,550,000 11,332 Hitachi Metals 383,000 1,251 Honda Motor+ 81,000 3,404 Hosiden 124,000 1,988 Hoya 29,800 2,084 Ito-Yokado 23,000 915 Jafco 29,700 2,196 Japan Airlines+ 482,000 1,309 Japan Airport Terminal 298,000 2,226 -------------------------------------------------------------------------------- 2 SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- Japan Telecom 310 $ 959 Japan Tobacco 1,118 6,774 JSR 173,000 1,189 Kamigumi 431,000 1,538 Kaneka 201,000 1,301 Kao 150,000 2,795 Keihin 254,000 2,503 Keyence 7,900 1,509 Kokusai Securities 151,000 695 Konami 155,300 3,468 Kyocera 107,200 7,417 Lawson 96,200 2,671 Mabuchi Motor 47,200 4,309 Marui 97,000 1,164 Matsushita Communication 33,000 1,133 Matsushita Electric Industrial+ 984,000 11,998 Matsushita Electric Works 160,000 1,219 Mitsubishi Electric* 988,000 4,547 Mitsubishi Estate+ 462,000 3,298 Mitsubishi Heavy Industries 1,186,000 3,884 Mitsubishi Motors* 613,000 1,554 Mitsui Fudosan 503,000 4,019 Mitsui Mining & Smelting 422,000 1,426 Mitsui O.S.K. Lines 550,000 1,224 Mitsui Sumitomo Insurance 2,328,000 10,943 Mizuho Holdings+ 1,381 3,293 Mori Seiki 139,000 1,156 Murata Manufacturing 158,900 10,191 Namco 93,000 1,860 NEC+ 770,000 6,414 Nichicon 160,400 2,151 Nikko Cordial 802,000 3,540 Nikon+ 152,000 1,625 Nintendo 81,800 12,035 Nippon Broadcasting Systems 43,000 1,385 Nippon Comsys 348,000 1,938 Nippon Electric Glass 76,000 788 Nippon Sheet Glass 63,000 225 Nippon System Development 57,900 1,953 Nippon Telegraph & Telephone+ 2,962 11,376 Nippon Television Network 3,360 764 Nissan Motor+ 3,277,000 23,687 Nitto Denko 91,000 2,657 Nomura Holdings* 550,000 7,134 NTT DoCoMo 1,023 2,779 NTT DoCoMo (when issued)* 3,192 8,646 Obic 5,800 1,096 Olympus Optical 88,000 1,096 ORIX 50,600 3,795 Osaka Gas 565,000 1,253 Promise 70,300 3,018 Ricoh 91,000 1,686 Rohm 154,720 23,231 Sanix 39,800 820 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- Sankyo 441,100 $ 6,740 Santen Pharmaceutical 148,000 1,666 Secom 60,000 2,653 Sekisui House 789,000 5,632 Sharp 945,000 12,464 Shimachu 72,000 1,016 Shimamura 3,700 241 Shin-Etsu Chemical 327,400 13,858 Shionogi 413,000 6,482 Shiseido 181,000 1,878 Sony 296,600 15,419 Stanley Electric 23,000 186 Sumitomo 765,000 4,242 Sumitomo Electric Industries 435,000 2,938 Sumitomo Realty & Developmnt 307,000 1,598 Suzuki Motor+ 201,000 2,367 Taisho Pharmaceutical 86,000 1,301 Taiyo Yuden 112,000 1,851 Takeda Chemical Industries 128,000 5,186 Tanabe Seiyaku 304,000 2,828 TDK 75,100 4,035 Terumo 112,800 1,466 Tokai Rubber Industries 280,000 2,028 Tokio Marine & Fire Insurance+ 1,087,000 7,718 Tokyo Electric Power 55,700 1,055 Tokyo Electron 262,200 18,221 Tokyo Gas 2,622,000 6,351 Tokyo Style 109,000 914 Tokyu+ 374,000 1,160 TonenGeneral Sekiyu 212,000 1,608 Toppan Forms 87,200 1,355 Toppan Printing 583,398 5,485 Toray Industries 689,000 1,892 Toyo Seikan Kaisha 324,000 3,919 Toyota Motor 597,300 17,216 Trans Cosmos 18,000 536 Trend Micro* 18,000 470 UFJ Holdings+ 846 2,030 Ushio 442,000 5,513 Yamanouchi Pharmaceutical 608,000 15,185 Yamatake 205,000 1,503 ------------ 568,025 ------------ Luxembourg -- 0.2% Arcelor*+ 290,201 3,975 SES GLOBAL 92,000 903 ------------ 4,878 ------------ Mexico -- 0.3% America Movil SA de CV ADR 132,600 2,633 Telefonos de Mexico SA de CV ADR 161,300 6,515 ------------ 9,148 ------------ -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 3 STATEMENT OF NET ASSETS (Unaudited) International Equity Fund (Continued) March 31, 2002 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- Netherlands -- 8.3% ABN Amro Holding 144,912 $ 2,752 Aegon 365,545 8,923 Akzo Nobel 564,662 26,404 ASML Holding* 188,100 4,742 CSM 208,545 4,550 Fortis* 166,860 3,713 Hagemeyer 110,000 2,437 Heineken 117,325 4,780 Heineken Holding 111,250 3,397 ING Groep 988,079 26,894 Koninklijke Philips Electronics 594,535 18,138 Koninklijke Philips Electronics (NY Shares) 16,100 487 Royal Dutch Petroleum 435,903 23,863 Royal Dutch Petroleum (NY Shares) 2,900 158 Royal KPN* 3,962,714 20,293 TPG 939,262 19,527 Unilever 104,798 6,016 VNU 1,018,592 32,346 Wolters Kluwer 416,237 8,715 ------------ 218,135 ------------ New Zealand -- 0.1% Baycorp Advantage 190,593 498 Fisher & Paykel Appliances Holdings* 48,573 199 Fletcher Building 430,653 536 Warehouse Group 218,451 702 ------------ 1,935 ------------ Norway -- 0.1% Statoil ASA* 367,100 2,910 ------------ Portugal -- 0.2% Electricidade de Portugal 2,245,373 4,682 ------------ Singapore -- 1.1% Chartered Semiconductor Manufacturing* 73,000 193 DBS Group Holdings 363,649 2,919 DBS Group Holdings ADR* 381,000 3,061 Fraser & Neave 119,000 503 Great Eastern Holdings 46,000 307 Keppel 106,000 236 Keppel Land 866,000 845 Oversea-Chinese Banking 201,000 1,504 Parkway Holdings 1,189,000 555 Singapore Airlines 240,000 1,874 Singapore Press Holdings 145,000 1,935 Singapore Technologies Engineering 1,341,000 1,680 Singapore Telecommunications 6,236,000 5,377 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- United Overseas Bank 805,380 $ 6,639 Venture Manufacturing Singapore 84,000 829 ------------ 28,457 ------------ South Korea -- 1.4% Pohang Iron & Steel ADR 138,692 3,627 Samsung Electronics 7,170 1,931 Samsung Electronics GDR+ 235 32,216 ------------ 37,774 ------------ Spain -- 1.5% Altadis 56,500 1,033 Banco Bilbao Vizcaya Argentaria 276,100 3,288 Iberdrola 368,079 4,804 Inditex* 155,200 2,918 Telefonica* 2,454,039 27,510 Telefonica ADR* 18,681 618 ------------ 40,171 ------------ Sweden -- 2.9% Assa Abloy 161,400 2,135 Atlas Copco 789,887 18,569 ForeningsSparbanken 558,677 6,688 Nordea 1,232,266 7,019 Securitas 1,196,691 23,741 Svenska Handelsbanken 102,100 1,464 Telefonaktiebolaget LM Ericsson* 3,913,791 16,549 ------------ 76,165 ------------ Switzerland -- 7.4% Adecco 327,200 20,769 Compagnie Financiere Richemont 315,850 7,277 Credit Suisse Group* 282,422 10,705 Holcim 36,005 8,157 Nestle 98,978 22,011 Novartis+ 490,572 19,296 Roche Holding 479,712 37,295 Schindler Holding 1,114 1,921 STMicroelectronics 67 2,238 STMicroelectronics 21 726 Swiss Reinsurance 114,787 10,562 Swisscom 13,009 3,929 Syngenta 285,983 17,472 UBS* 620,492 30,549 Zurich Financial Services 14,960 3,469 ------------ 196,376 ------------ -------------------------------------------------------------------------------- 4 SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- Taiwan -- 0.6% Taiwan Semiconductor Manufacturing ADR*+ 567,137 $ 11,768 United Microelectronics ADR*+ 499,973 5,325 ------------ 17,093 ------------ United Kingdom -- 24.0% Allied Domecq 2,630,292 16,106 ARM Holdings* 250,600 1,013 AstraZeneca 316 15,683 AstraZeneca 257 12,767 AstraZeneca ADR 15,300 759 BAA 972,874 8,825 BAE Systems 9,237,026 44,064 Barclays* 319,202 9,864 BG Group 371,000 1,609 BHP Billiton 235,000 1,339 BOC Group 479,079 7,265 BP 3,018,418 26,864 Brambles Industries 301,800 1,442 British American Tobacco 1,129,759 10,859 British Sky Broadcasting* 300,970 3,566 BT Group* 5,341,804 21,299 Bunzl 523,465 3,951 Cadbury Schweppes 2,266,339 15,644 Centrica 453,000 1,468 Compass Group 3,350,797 22,426 Diageo 443,228 5,794 GlaxoSmithKline 1,938,446 45,656 GUS 696,781 6,945 Hays 2,053,684 5,279 HSBC Holdings 1,165,192 13,473 Imperial Tobacco Group 972,730 16,068 Innogy Holdings 1,238,905 4,763 J Sainsbury 1,231,738 7,007 Lattice Group 2,829,337 7,031 Lloyds TSB Group 3,116,044 31,993 Marks & Spencer Group 1,357,771 7,449 Marks & Spencer Group, Cl B* 1,677,247 1,642 National Grid Group 232,500 1,534 Pearson 206,700 2,655 Prudential 729,132 7,351 Reckitt Benckiser 78,300 1,287 Reed International 5,497,072 53,308 Rentokil Initial 1,812,745 7,305 Reuters Group 192,900 1,487 Rolls-Royce 815,810 2,190 Royal Bank of Scotland Group 548,740 14,128 Scottish & Southern Energy 843,030 8,163 Shell Transport & Trading 4,417,629 32,900 Shire Pharmaceuticals* 75,000 580 ----------------------------------------------------------------- Shares/Face Amount Market Value Description (Thousands) ($ Thousands) ----------------------------------------------------------------- Smiths Group 296,040 $ 3,419 Standard Chartered 1,633,916 17,834 Tate & Lyle 699,349 3,478 Unilever 3,406,319 27,260 Vodafone Group 33,077,816 61,116 Wolseley 331,960 3,370 WPP Group 448,863 5,126 ------------ 634,404 ------------ Total Foreign Common Stock (Cost $2,524,039) 2,532,908 ------------ FOREIGN PREFERRED STOCK -- 0.2% Australia -- 0.2% News 727,399 4,270 ------------ Total Foreign Preferred Stock (Cost $4,069) 4,270 ------------ RIGHTS -- 0.0% Spain -- 0.0% Telefonica 2,447,939 555 ------------ Total Rights (Cost $665) 555 ------------ FOREIGN CONVERTIBLE BONDS -- 0.2% Japan -- 0.2% Capcom 1.000%, 09/30/05 JPY 173,000 1,547 Hellenic Finance 2.000%, 08/02/05 EUR 393 356 Sanwa International Finance 1.250%, 08/01/05 JPY 252,000 803 UFJ Holdings 0.530%, 08/01/14 JPY 253,000 981 ------------ 3,687 ------------ United States -- 0.0% MBL International Finance 3.000%, 11/30/02 $ 935 937 ------------ Total Foreign Convertible Bonds (Cost $8,066) 4,624 ------------ -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 5 STATEMENT OF NET ASSETS (Unaudited) International Equity Fund (Concluded) March 31, 2002 ----------------------------------------------------------------- Face Amount Market Value Description (Thousands) ($ Thousands) ----------------------------------------------------------------- U.S. TREASURY OBLIGATIONS -- 0.2% United States -- 0.2% U.S. Treasury Bill (1)(2) 1.820%, 08/29/02 $6,100 $ 6,051 ------------ Total U.S. Treasury Obligations (Cost $6,053) 6,051 ------------ Time Deposit -- 0.0% Jardine Fleming 1.500%, 04/01/02 $ 660 660 ------------ Total Time Deposit (Cost $660) 660 ------------ REPURCHASE AGREEMENTS -- 2.9% J.P. Morgan Chase 1.85%, dated 03/28/02, matures 04/01/02, repurchase price $60,109,767 (collateralized by U.S. Government Obligations: total market value $61,302,602) $60,097 60,097 State Street Bank 0.85%, dated 03/28/02, matures 04/01/02, repurchase price $2,200,208 (collateralized by U.S. Government Obligations: total market value $2,247,615) $ 2,202 2,202 State Street Bank 0.85%, dated 03/28/02, matures 04/01/02, repurchase price $5,704,539 (collateralized by U.S. Government Obligations: total market value $5,818,741) $ 5,704 5,704 State Street Bank 0.85%, dated 03/28/02, matures 04/01/02, repurchase price $7,138,674 (collateralized by U.S. Government Obligations: total market value $7,284,098) $ 7,138 7,138 ------------ Total Repurchase Agreements (Cost $75,141) 75,141 ------------ Total Investments -- 99.3% (Cost $2,618,693) 2,624,209 ------------ Other Assets & Liabilities-- 0.7% 18,192 ------------ ----------------------------------------------------------------- Market Value Description ($ Thousands) ----------------------------------------------------------------- Net Assets: Portfolio Shares of Class A (unlimited authorization -- no par value) based on 297,384,594 outstanding shares of beneficial interest $3,339,800 Portfolio Shares of Class I (unlimited authorization -- no par value) based on 72,762 outstanding shares of beneficial interest 653 Accumulated net investment loss (5,252) Accumulated net realized loss on investments (698,463) Net unrealized appreciation on investments 5,516 Net unrealized appreciation on futures contracts 237 Net unrealized depreciation on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies (90) ------------ Total Net Assets-- 100.0% $2,642,401 ============ Net Asset Value, Offering and Redemption Price Per Share -- Class A $8.88 ============ Net Asset Value, Offering and Redemption Price Per Share -- Class I $8.88 ============ * Non-Income Producing Security + This security, or a partial position of this security, is on loan at March 31, 2002 (see Note 9). The total value of securities on loan at March 31, 2002 is $169,191,341. (1) Securities pledged as collateral on open futures contracts. (2) Yields shown are effective yields at time of purchase. ADR -- American Depository Receipt EUR -- Euro GDR -- Global Depository Receipt JPY -- Japanese Yen Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- 6 SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 Emerging Markets Equity Fund ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- FOREIGN COMMON STOCKS -- 88.7% Argentina -- 0.2% Banco Hipotecario* 311,924 $ 304 Perez Companc ADR* 87,700 712 Quilmes Industrial ADR 80,620 815 Telecom Argentina ADR 108,850 312 ------------ 2,143 ------------ Brazil -- 5.5% Banco Bradesco ADR 21,108 639 Banco Itau ADR 29,900 1,199 Brasil Telecom Participacoes ADR 20,155 804 Cemig ADR 46,760 697 Centrais Eletricas Brasileiras 89,535,300 1,491 Centrais Eletricas Brasileiras ADR 36,240 303 Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR 23,000 522 Cia de Bebidas das Americas ADR 250,481 4,887 Cia de Saneamento Basico do Estado de Sao Paulo 33,440,000 1,842 Cia Paranaense de Energia ADR 174,264 1,359 Cia Siderurgica Nacional 82,105,300 1,480 Cia Siderurgica Nacional ADR 17,400 315 Cia Vale Do Rio Doce ADR* 61,651 1,689 Cia Vale do Rio Doce ADR 139,369 3,693 Embratel Participacoes ADR 43,431 150 Empresa Brasileira de Aeronautica ADR 71,153 1,436 Petroleo Brasileiro 443,260 11,722 Petroleo Brasileiro ADR 419,345 10,454 Tele Celular Sul Participacoes ADR 75,000 1,001 Tele Centro Oeste Celular Participacoes ADR 295,100 1,779 Tele Norte Leste Participacoes ADR 303,659 3,814 Telemar Norte Leste 42,744,000 938 Telesp Celular Participacoes ADR 50,140 317 Ultrapar Participacoes ADR 165,800 1,542 Uniao de Bancos Brasileiros GDR 149,631 3,659 Votorantim Celulose e Papel SA - VCP 62,310 1,168 ------------ 58,900 ------------ Chile -- 1.0% Banco de Chile ADR 69,320 1,251 Banco Santander ADR 26,755 415 Banco Santiago ADR 31,045 624 Cia Cervecerias Unidas ADR 63,203 1,046 Cia de Telecomunicaciones de Chile ADR 207,820 3,111 Distribucion y Servicio D&S ADR 43,388 625 Empresa Nacional de Electricidad SA/Chile ADR 84,411 793 Enersis ADR* 101,847 921 Quinenco ADR* 363,400 2,209 ------------ 10,995 ------------ ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- China -- 1.8% Angang New Steel 2,816,000 $ 422 China Petroleum & Chemical 4,050,000 654 China Southern Airlines* 6,018,000 1,987 Guangshen Railway 8,882,000 1,606 Huaneng Power International 2,059,000 1,373 PetroChina 15,109,600 3,119 PetroChina ADR 70,050 1,465 Qingling Motors 10,039,200 1,712 Shandong International Power Development 4,140,100 1,024 Sinopec Shanghai Petrochemical* 2,870,000 390 Sinopec Yizheng Chemical Fibre 11,074,600 1,661 Travelsky Technology 1,431,000 1,092 Zhejiang Expressway 10,372,000 2,693 ------------ 19,198 ------------ Croatia -- 0.2% Pliva GDR 177,100 2,533 ------------ Czech Republic -- 0.4% Cesky Telecom 54,216 499 CEZ 490,400 1,060 Komercina Banka GDR* 50,050 723 Komercni Banka* 40,465 1,770 ------------ 4,052 ------------ Egypt -- 0.6% Commercial International Bank GDR 321,300 2,089 Misr International Bank GDR (A) 497,625 1,157 Orascom Construction Industries 183,494 1,208 Paints & Chemical Industry GDR (A) 557,800 460 Suez Cement GDR (A)* 242,648 1,856 ------------ 6,770 ------------ Hong Kong -- 4.0% Brilliance China Automotive 3,905,500 651 China Insurance International Holdings 546,000 306 China Merchants Holdings International 635,000 501 China Mobile* 6,226,000 19,237 China Mobile ADR* 113,600 1,755 China Pharmaceutical ENT* 7,804,000 910 China Resources Land 1,500,000 306 Citic Pacific 880,000 1,828 CNOOC 2,405,000 2,991 CNOOC ADR 46,700 1,158 Denway Motors 3,200,000 841 Global Bio-Chem Technology Group 7,004,000 2,447 Legend Group 3,169,000 1,371 Mandarin Oriental International 2,111,000 887 Shanghai Industrial Holdings 560,000 1,131 tom.com* 3,620,000 1,822 -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 7 STATEMENT OF NET ASSETS (Unaudited) Emerging Markets Equity Fund (Continued) March 31, 2002 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- TPV Technology 2,750,000 $ 1,269 Xinao Gas Holdings* 3,458,000 1,385 Yanzhou Coal Mining 4,600,000 1,814 YUE Yuen Industrial Holdings 90,000 245 ------------ 42,855 ------------ Hungary -- 1.5% Egis 19,319 1,022 Gedeon Richter GDR* 36,700 2,358 Matav 422,750 1,470 Matav ADR 190,000 3,319 Mol Magyar Olaj ES Gazipari 73,217 1,300 Mol Magyar Olaj ES Gazipari GDR* 124,320 2,194 OTP Bank 139,500 1,076 OTP Bank GDR 208,650 3,255 ------------ 15,994 ------------ India -- 2.9% Bajaj Auto GDR (A) 187,200 1,825 Bses GDR 105,900 1,541 Dr. Reddy's Laboratories ADR 47,100 1,041 Gas Authority of India GDR (A)* 256,200 2,306 Grasim Industries GDR (A) 132,000 808 Hindalco Industries GDR (A) 28,600 498 Housing Development* 28,000 393 ICICI ADR 430,880 3,499 Indian Hotels GDR (A) 306,300 1,218 ITC GDR 55,200 809 Mahanagar ADR* 738,500 4,394 Mahindra & Mahindra GDR 670,100 1,608 Ranbaxy Laboratories GDR 66,900 1,371 Reliance Industries GDR 218,230 2,892 Satyam Computer ADR* 55,800 697 State Bank of India GDR 330,310 4,063 Tata Engineering & Locomotive GDR (A)* 872,200 2,268 ------------ 31,231 ------------ Indonesia -- 1.2% Astra International* 3,080,000 800 Bank Central Asia 4,477,000 1,173 Gudang Garam* 1,173,000 1,301 Indofood Sukses Makmur 18,830,200 1,533 Indonesian Satellite ADR 107,300 1,111 Telekomunikasi 12,081,200 5,011 Telekomunikasi ADR 188,300 1,572 ------------ 12,501 ------------ Israel -- 2.2% AudioCodes* 188,700 641 Bank Hapoalim 2,598,756 4,725 Bank Leumi Le-Israel 493,700 774 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- Check Point Software Technologies* 273,347 $ 8,310 ECI Telecom* 217,350 885 Orbotech* 36,240 1,139 Teva Pharmaceutical Industries ADR 134,990 7,380 ------------ 23,854 ------------ Malaysia -- 4.6% AMMB Holdings Berhad 1,018,600 1,434 Berjaya Sports Toto Berhad 401,300 845 British American Tobacco Malaysia Berhad 180,000 1,646 Commerce Asset Holdings Berhad 362,000 905 Courts Mammoth Berhad 2,113,000 2,002 Gamuda Berhad 1,420,000 2,205 Genting Berhad 1,176,600 4,304 IOI Corp Berhad 2,035,000 3,026 Malayan Banking Berhad 1,810,700 4,336 Malaysia International Shipping Berhad 952,800 1,755 Malaysian Pacific Industries 502,000 2,840 OYL Industries Berhad 577,400 2,963 Perusahaan Otomobil Nasional 521,000 1,508 Public Bank Berhad* 656,600 646 Resorts World Berhad 758,500 1,976 RHB Capital Berhad 1,280,000 768 Sime Darby Berhad 3,880,500 5,157 Tanjong 562,000 1,479 Telekom Malaysia Berhad 1,514,300 3,726 Tenaga Nasional Berhad 1,667,300 4,826 ------------ 48,347 ------------ Mauritius -- 0.2% State Bank of Mauritius 4,352,100 1,818 ------------ Mexico -- 11.2% Alfa, Class A* 2,890,949 4,577 America Movil, Series L ADR 528,824 10,502 Apasco 449,100 2,917 Carso Global Telecom* 338,068 844 Cemex 1,206,761 7,095 Cemex ADR 3,394 100 Coca-Cola Femsa ADR 53,100 1,448 Consorcio ARA* 408,200 828 Controladora Comercial Mexicana 2,653,600 2,385 Desc 5,198,300 3,172 Fomento Economico Mexicano 991,789 4,616 Fomento Economico Mexicano ADR 26,801 1,264 Grupo Aeroportuario del Sureste* 762,100 1,125 Grupo Aeroportuario del Sureste ADR* 30,100 455 Grupo Carso* 264,370 1,062 Grupo Continental 754,600 1,381 Grupo Financiero Banorte* 731,127 1,736 Grupo Financiero BBVA Bancomer* 6,558,910 7,183 -------------------------------------------------------------------------------- 8 SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- Grupo Mexico 196,170 $ 315 Grupo Modelo 1,193,300 3,045 Grupo Televisa ADR* 165,199 8,014 Kimberly-Clark de Mexico 2,491,104 8,402 Organizacion Soriana S* 72,222 235 Panamerican Beverages 91,532 1,662 Pepsi-Gemex GDR* 196,700 1,672 Telefonos de Mexico ADR 716,809 28,952 Tubos de Acero de Mexico ADR 191,307 2,045 Wal-Mart de Mexico ADR 118,772 3,901 Wal-Mart de Mexico, Ser C 1,642,635 4,720 Wal-Mart de Mexico, Ser V 1,021,973 3,356 ------------ 119,009 ------------ Panama -- 0.2% Banco Latinoamericano de Exportaciones 84,000 1,844 ------------ Peru -- 0.2% Cia de Minas Buenaventura ADR 51,518 1,392 Credicorp 65,569 653 ------------ 2,045 ------------ Philippines -- 1.0% ABS-CBN Broadcasting* 1,943,500 1,276 Bank of the Philippine Islands 495,618 651 La Tondena Distillers 1,748,800 797 Manila Electric* 3,211,900 2,801 Philippine Long Distance Telephone* 34,640 363 Philippine Long Distance Telephone ADR* 150,150 1,562 SM Prime Holdings 17,567,900 2,238 Universal Robina 5,393,740 508 ------------ 10,196 ------------ Poland -- 1.1% Bank Pekao* 69,133 1,739 Bank Polska GDR* 25,000 630 Bank Przemyslowo-Handlowy 22,031 1,317 Bank Przemyslowo-Handlowy GDR* 72,710 2,163 KGHM Polska Miedz 634,471 2,275 Polski Koncern Naftowy GDR 73,100 669 Polski Koncern Naftowy Orlen 233,700 1,059 Telekomunikacja Polska GDR* 627,140 2,026 ------------ 11,878 ------------ Russia -- 4.3% Gazprom ADR 472,670 6,717 Lukoil ADR 207,640 11,997 Mobile Telesystems ADR 62,975 2,302 Mosenergo ADR 175,100 742 Norilsk Nickel ADR* 81,400 1,783 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- Surgutneftegaz ADR 525,570 $ 9,573 Unified Energy System ADR* 17,600 290 Unified Energy System GDR* 492,250 8,097 Vimpel Communications ADR* 49,850 1,604 Yukos ADR 19,850 2,495 Yukos GDR* 1,100 139 ------------ 45,739 ------------ South Africa -- 8.4% ABSA Group 1,784,750 3,973 African Bank Investments 3,066,420 1,435 Anglo American 603,163 9,999 Anglo American Platinum 277,990 12,157 Anglogold 187,800 9,452 Aveng 1,576,532 971 Barloworld 708,900 3,867 Bidvest Group 239,900 882 Dimension Data Holdings 1,261,000 1,041 Edgars Consolidated Stores 379,000 804 FirstRand 4,310,500 2,511 Foschini 1,752,417 1,078 Illovo Sugar 2,655,400 1,928 Impala Platinum Holdings 26,400 1,401 M-Cell 94,100 110 Metro Cash & Carry* 15,078,652 2,415 Nampak 2,887,700 2,922 Naspers 705,900 764 Nedcor 286,300 2,897 Remgro 390,208 2,163 Sage Group 917,116 565 Sanlam 1,055,940 687 Sappi 442,300 5,760 Sasol 1,046,960 11,607 Standard Bank Investment 971,639 2,505 Super Group 2,013,200 974 Tiger Brands 496,650 2,753 Venfin* 390,208 615 Woolworths Holdings 2,055,692 696 ------------ 88,932 ------------ South Korea -- 18.4% Cheil Jedang 29,740 1,370 Daewoo Securities* 191,800 1,417 Daishin Securities* 75,800 1,545 Good Morning Securities* 347,700 1,693 Hanjin Transportation 39,000 588 Hyundai Department Store 7,850 263 Hyundai Engineering & Construction* 325,930 903 Hyundai Motor 444,050 13,720 Kookmin Bank 442,080 18,490 Kookmin Bank ADR* 40,145 1,691 KorAm Bank* 65,140 601 -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 9 STATEMENT OF NET ASSETS (Unaudited) Emerging Markets Equity Fund (Continued) March 31, 2002 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- Korea Electric Power 401,590 $ 7,808 Korea Electric Power ADR* 383,420 4,041 Korea Exchange Bank Credit Service 53,200 1,465 Korea Fine Chemical 52,520 825 KT ADR 297,220 7,127 LG Chem 229,270 7,551 LG Home Shopping 54,341 6,409 Pohang Iron & Steel 116,990 12,167 Pohang Iron & Steel ADR 60,890 1,592 Samsung 305,240 2,887 Samsung Electro-Mechanics 17,100 992 Samsung Electronics 177,410 47,797 Samsung SDI 77,710 6,618 Samsung Securities* 151,660 6,080 Shinhan Financial Group 229,880 3,023 Shinsegae 78,581 12,377 SK 373,460 5,305 SK Telecom 45,370 9,984 SK Telecom ADR 347,940 8,559 ------------ 194,888 ------------ Taiwan -- 12.8% Accton Technology* 1,138,000 3,121 Acer 1,624,800 2,623 Acer GDR* 234,528 1,958 Advanced Semiconductor Engineering* 1,501,340 1,488 Arima Computer 868,000 652 Asustek Computer 522,250 2,328 Asustek Computer GDR 821,690 3,698 Bank Sinopac* 9,649,890 4,163 Benq 2,145,000 4,382 China Airlines 1,494,000 670 China Motors 1,627,000 1,213 China Steel 4,315,970 2,035 China Steel ADR 54,596 515 Chinatrust Commercial Bank 2,717,133 2,135 Compal Electronics 301,000 402 Compal Electronics GDR 197,071 1,320 Compeq Manufacturing* 166,000 306 Delta Electronics 352,000 603 Elan Microelectronics* 958,100 1,314 Evergreen Marine 2,863,000 1,407 Far Eastern Textile 1,955,000 821 Formosa Plastics 2,363,000 2,984 Fubon Financial Holding* 1,022,000 1,004 Fubon Insurance GDR* 683,540 7,006 HON HAI Precision Industry 1,083,200 5,044 HON HAI Precision Industry GDR 81,780 759 Inventec 898,000 852 Macronix International* 1,084,000 957 MediaTek 154,000 3,397 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- NAN YA Plastic 1,945,880 $ 2,029 NAN YA Plastic ADR* 888,000 929 Nien Hsing Textile* 1,480,200 1,045 Polaris Securities* 2,919,000 1,551 President Chain Store 742,650 1,390 Quanta Computer 679,000 2,638 Realtek Semiconductor 363,000 1,877 Realtek Semiconductor GDR 88,780 1,789 Ritek 947,566 2,085 Samsung Electronics Warrants* 12,300 3,342 Siliconware Precision Industries* 3,176,725 3,177 Siliconware Precision Industries ADR* 304,272 1,582 Standard Foods Taiwan GDR 810,064 992 Sunplus Technology 766,100 2,955 Sunplus Technology GDR* 168,333 1,313 Taiwan Cellular* 803,000 1,014 Taiwan Semi* 44,500 168 Taiwan Semiconductor Manufacturing* 8,863,200 24,056 Taiwan Semiconductor Manufacturing ADR* 145,540 3,020 Unimicron Technology 234,000 294 United Microelectronics* 8,014,609 12,136 United Microelectronics ADR* 291,540 3,105 Winbond Electronics GDR 347,830 2,435 Yang Ming Marine Transport 7,473,000 1,964 ------------ 136,043 ------------ Thailand -- 2.0% Advanced Info Service 2,667,100 2,880 Bangkok Bank* 1,768,800 2,499 Hana Microelectronics 553,300 1,100 Land & House Pub* 1,743,300 2,544 National Finance* 3,933,700 1,329 PTT Exploration & Production 944,100 2,581 Siam Cement 38,600 843 Siam Commercial Bank* 3,671,000 2,067 Thai Farmers Bank* 8,306,400 4,867 ------------ 20,710 ------------ Turkey -- 2.0% Akbank* 335,636,000 1,079 Akcansa Cimento 141,796,300 996 Anadolu Efes Biracilik Ve Malt Sanayii 42,702,004 1,085 Hurriyet Gazeteci* 305,100,772 1,208 KOC Holding 40,915,000 1,009 Migros Turk 11,331,500 830 Sabanci Holding* 241,832,600 1,139 Tupras Turkiye Petrol Rafine 112,057,500 628 Turk Ekonomi Bankasi GDR* 168,000 333 Turkcell Iletisim Hizmet* 240,545,594 1,564 Turkcell Iletisim Hizmet ADR* 3,230 52 -------------------------------------------------------------------------------- 10 SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- Turkcell Iletisim Hizmet ADR* 16,160 $ 263 Turkiye Garanti Bankasi* 1,161,664,000 2,387 Turkiye IS Bankasi 730,294,654 4,039 Yapi VE Kredi Bankasi* 1,562,461,723 4,613 ------------ 21,225 ------------ United Kingdom -- 0.5% Old Mutual 2,710,700 3,937 South African Breweries 257,300 1,797 ------------ 5,734 ------------ United States -- 0.1% Utstarcom* 23,100 606 ------------ Venezuela -- 0.2% Cia Anonima Nacional Telefonos de Venezuela ADR 152,157 2,100 ------------ Total Foreign Common Stock (Cost $746,368) 942,140 ------------ FOREIGN PREFERRED STOCK -- 3.6% Brazil -- 3.2% Banco Bradesco SA/Brazil 673,815,859 4,088 Banco Itau 69,770,320 5,569 Brasil Telecom 106,219,880 603 Brasil Telecom Participacoes 65,816,297 521 Celular CRT Participacoes 3,635,123 712 Centrais Eletricas Brasileiras 126,406,600 1,863 Centrais Eletricas Brasileiras ADR 135,028 996 Cia de Bebidas das Americas 4,234,500 829 Cia Energetica de Minas Gerais 300,016,175 4,467 Cia Paranaense de Energia 103,906,969 770 Cia Vale do Rio Doce 170,392 4,472 Cia Vale do Rio Doce Unconverted Participants* 8,352 -- Embratel Participacoes 134,546,200 451 Gerdau 181,999,300 2,201 Investimentos Itau 1,415,531 1,450 Petroleo Brasileiro SA - Petrobras 87,347 2,171 Tele Norte Leste Participacoes 20,856,000 262 Telecomunicacoes Brasileiras 71,960 2,378 Telesp Celular Participacoes 66,768,692 164 Votorantim Celulose e Papel SA - VCP 8,285,000 307 ------------ 34,274 ------------ ----------------------------------------------------------------- Market Value Description Shares ($ Thousands) ----------------------------------------------------------------- Russia -- 0.1% Surgutneftegaz ADR 54,500 $ 1,199 ------------ South Korea -- 0.3% LG Electronics 129,000 2,508 ------------ Total Foreign Preferred Stock (Cost $32,406) 37,981 ------------ EQUITY LINKED WARRANTS (B)-- 4.0% India -- 3.7% Bajaj Auto* 57,400 552 Dr. Reddy "s Laboratories* 147,010 3,312 Hero Honda Motors* 523,352 3,584 Hindustan Lever* 1,629,997 7,537 Infosys Technologies* 75,435 5,782 ITC* 235,477 3,366 Larsen & Toubro* 298,180 1,106 Ranbaxy Laboratories* 71,000 1,280 Reliance Industries* 573,120 3,537 Satyam Computer Services* 615,800 3,383 State Bank of India* 691,567 3,120 Tata Iron & Steel* 419,800 841 Wipro* 48,690 1,700 ------------ 39,100 ------------ Taiwan -- 0.3% Compeq Manufacturing* 436,000 806 Mediatek* 16,400 363 Taiwan Semiconductor* 465,082 1,266 Unimicron Technology ADR* 550,000 692 United Microeletronic* 413,728 628 ------------ 3,755 ------------ Total Equity Linked Warrants (Cost $39,309) 42,855 ------------ -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 11 STATEMENT OF NET ASSETS (Unaudited) Emerging Markets Equity Fund (Concluded) March 31, 2002 ----------------------------------------------------------------- Face Amount Market Value Description (Thousands) ($ Thousands) ----------------------------------------------------------------- REPURCHASE AGREEMENTS -- 1.6% J.P. Morgan Chase 1.85%, dated 03/28/02, matures 04/01/02, repurchase price $4,216,397 (collateralized by U.S. Government Obligations: total market value $4,304,515) $4,216 $ 4,216 State Street Bank 0.85%, dated 03/28/02, matures 04/01/02, repurchase price $1,662,157 (collateralized by U.S. Government Obligations: total market value $1,698,076) $1,662 1,662 State Street Bank 0.85%, dated 03/28/02, matures 04/01/02, repurchase price $2,419,228 (collateralized by U.S. Government Obligations: total market value $2,467,430) $2,419 2,419 State Street Bank 0.85%, dated 03/28/02, matures 04/01/02, repurchase price $2,722,257 (collateralized by U.S. Government Obligations: total market value $2,778,020) $2,722 2,722 State Street Bank 0.85%, dated 03/28/02, matures 04/01/02, repurchase price $5,592,528 (collateralized by U.S. Government Obligations: total market value $5,706,548) $5,592 5,592 ------------ Total Repurchase Agreements (Cost $16,611) 16,611 ------------ Total Investments-- 97.9% (Cost $834,694) 1,039,587 ------------ Other Assets & Liabilities-- 2.1% 22,526 ------------ ----------------------------------------------------------------- Market Value Description ($ Thousands) ----------------------------------------------------------------- NET ASSETS: Portfolio Shares of Class A (unlimited authorization-- no par value) based on 125,474,661 outstanding shares of beneficial interest $1,316,603 Distributions in excess of net investment income (5,160) Accumulated net realized loss on investments (453,631) Net unrealized appreciation on investments (1) 204,250 Net unrealized appreciation on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies 51 ------------ Total Net Assets-- 100.0% $1,062,113 ============ Net Asset Value, Offering and Redemption Price Per Share-- Class A $8.46 ============ * Non-Income Producing Security (A) Securities sold with terms of a private placement memorandum, exempt from registration under Section 144a of the Securities Act 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. (B) Securities are not readily marketable. See Note 2 in Notes to Financial Statements. (1) Net of $642,924 accrued foreign capital gains taxes on appreciated securities. ADR -- American Depository Receipt GDR -- Global Depository Receipt Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- 12 SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 International Fixed Income Fund ----------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) ----------------------------------------------------------------- FOREIGN BONDS -- 77.6% Belgium -- 3.6% Government of Belgium, Series 24 7.000%, 05/15/06 34,010 $ 31,970 ------------ Canada -- 8.9% Government of Canada 6.000%, 09/01/05 13,840 8,930 5.500%, 06/01/09 22,045 13,678 Government of Canada Treasury Bill (D) 1.827%, 05/09/02 77,500 48,462 Government of Canada, Series 3166 9.000%, 06/01/25 8,800 7,489 ------------ 78,559 ------------ Cayman Islands-- 2.2% MBNA America Europe, Series 99CA (B) 3.494%, 05/19/04 EUR 21,860 19,034 ------------ Denmark -- 2.2% Government of Denmark 8.000%, 03/15/06 148,900 19,253 ------------ France -- 4.1% Government of France Treasury Bill (D) 3.154%, 06/13/02 41,300 35,792 ------------ Germany-- 13.6% Bundeschatzan, Series 00 5.000%, 06/14/02 95,800 83,827 Deutsche Bundesrepublik, Series 01 5.000%, 07/04/11 41,340 35,556 ------------ 119,383 ------------ Greece -- 4.9% Hellenic Republic 6.300%, 01/29/09 46,730 42,828 ------------ Hungary -- 2.5% Government of Hungary 9.250%, 05/12/05 5,796,830 21,595 ------------ Italy -- 1.1% Republic of Italy BTPS 4.750%, 03/15/06 JPY 11,450 9,941 ------------ Japan -- 7.4% European Investment Bank 3.000%, 09/20/06 2,451,000 20,638 ----------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) ----------------------------------------------------------------- International Bank for Reconstruction & Development 4.750%, 12/20/04 3,300,000 $ 28,013 Japan Bank for International Cooperation 2.875%, 07/28/05 1,950,000 15,931 ------------ 64,582 ------------ Netherlands-- 4.1% Netherlands Treasury (D) 3.207%, 06/28/02 41,300 35,746 ------------ New Zealand-- 0.7% Government of New Zeland, Series 1106 8.000%, 11/15/06 14,320 6,608 ------------ Poland-- 2.8% Government of Poland, Series 0205 8.500%, 02/12/05 102,150 24,285 ------------ Spain -- 7.4% Government of Spain 6.000%, 01/31/29 71,213 64,598 ------------ Sweden -- 1.0% Government of Sweden, Series 1035 6.500%, 05/05/08 29,790 3,014 Government of Sweden, Series 1040 6.000%, 02/09/05 56,820 5,583 ------------ 8,597 ------------ United Kingdom -- 6.1% European Investment Bank 6.000%, 12/07/28 7,560 11,497 United Kingdom Treasury 8.000%, 12/07/15 7,845 14,070 7.500%, 12/07/06 11,738 18,202 6.250%, 11/25/10 6,740 10,198 ------------ 53,967 ------------ United States -- 5.0% Federal Home Loan Bank 5.250%, 01/15/06 EUR 17,860 15,707 KFW International Finance 1.750%, 03/23/10 JPY 3,517,000 28,058 ------------ 43,765 ------------ Total Foreign Bonds (Cost $712,310) 680,503 ------------ -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 13 STATEMENT OF NET ASSETS (Unaudited) International Fixed Income Fund (Concluded) March 31, 2002 ----------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) ----------------------------------------------------------------- U.S. TREASURY OBLIGATIONS -- 11.0% U.S. Treasury Bill (A)(C) 1.788%, 06/13/02 91,000 $ 90,679 U.S. Treasury Note 3.500%, 11/15/06 5,730 5,419 ------------ Total U.S. Treasury Obligations (Cost $96,280) 96,098 ------------ TIME DEPOSIT -- 8.1% United States -- 8.1% Banca Commerciale Italian 0.008%, 04/05/02 JPY 9,400,000 70,925 ------------ Total Time Deposit (Cost $71,191) 70,925 ------------ REPURCHASE AGREEMENT -- 1.2% United States -- 1.2% State Street Bank 0.85%, dated 03/28/02, matures 04/01/02, repurchase price $10,908,030 (collateralized by U.S. Government Obligations: total market value $11,127,779) 10,907 10,907 ------------ Total Repurchase Agreement (Cost $10,907) 10,907 ------------ Total Investments-- 97.9% (Cost $890,688) 858,433 ------------ Other Assets & Liabilities-- 2.1% 18,312 ------------ ----------------------------------------------------------------- Market Value Description ($ Thousands) ----------------------------------------------------------------- NET ASSETS: Portfolio Shares of Class A (unlimited authorization-- no par value) based on 92,514,000 outstanding shares of beneficial interest $1,004,352 Accumulated net investment loss (90,453) Accumulated net realized loss on investments (3,669) Net unrealized depreciation on investments (32,255) Net unrealized appreciation on futures contracts 521 Net unrealized depreciation on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies (1,751) ------------ Total Net Assets -- 100.0% $ 876,745 ============ Net Asset Value, Offering and Redemption Price Per Share -- Class A $9.48 ============ * Non-Income Producing Security (1) In local currency unless otherwise indicated. (A) Securities pledged as collateral on open futures contracts. (B) Securities sold with terms of a private placement memorandum, exempt from registration under Section 144a of the Securities Act 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. (C) Yields shown are effective yields at time of purchase. (D) Zero coupon security. The rate shown is the effective yield at time of purchase. EUR -- Euro JPY -- Japanese Yen The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- 14 SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Debt Fund ----------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) ----------------------------------------------------------------- FOREIGN BONDS -- 88.2% Argentina -- 2.5% Republic of Argentina 12.240%, 04/10/05 15,885 $ 4,607 Republic of Argentina, Series E (B) 12.480%, 10/15/03 5,600 2,968 Republic of Argentina, Series F (B) 9.940%, 10/15/04 13 6 Republic of Argentina, Series L-GP 6.000%, 03/31/23 8,980 3,861 Republic of Argentina, Series SPAN 14.250%, 11/30/02 1,800 396 ----------- 11,838 ----------- Brazil -- 21.5% Federal Republic of Brazil 12.250%, 03/06/30 35,230 32,500 11.500%, 03/12/08 1,250 1,250 11.000%, 08/17/40 1,221 1,009 8.875%, 04/15/24 15,750 11,222 8.000%, 04/15/14 42,299 34,474 Federal Republic of Brazil, Series 18YR (C) 3.286%, 04/15/12 8,425 6,424 Federal Republic of Brazil, Series RG (C) 3.286%, 04/15/12 21,050 16,051 ----------- 102,930 ----------- Bulgaria -- 4.4% Republic of Bulgaria Registered 8.250%, 01/15/15 2,500 2,322 Republic of Bulgaria, Series A (C) 2.828%, 07/28/24 21,200 19,027 ----------- 21,349 ----------- Colombia -- 1.4% Republic of Colombia 11.750%, 02/25/20 3,200 3,200 8.700%, 02/15/16 2,420 1,900 8.375%, 02/15/27 2,000 1,440 ----------- 6,540 ----------- Costa Rica-- 0.5% Government of Costa Rica (A) 9.995%, 08/01/20 2,200 2,489 ----------- ----------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) ----------------------------------------------------------------- Ecuador -- 4.7% Republic of Ecuador (A) 12.000%, 11/15/12 110 $ 89 5.000%, 08/15/30 7,495 4,077 Republic of Ecuador Registered 5.000%, 08/15/30 33,425 18,183 ----------- 22,349 ----------- Ivory Coast -- 0.1% Ivory Coast FLRB, Series US1 2.000%, 03/29/18 2,500 475 Ivory Coast FLRB, Series YR20 2.000%, 03/29/18 1,500 285 ----------- 760 ----------- Mexico -- 7.3% Petroleos Mexicanos 9.500%, 09/15/27 11,750 12,749 United Mexican States 11.500%, 05/15/26 2,385 3,089 8.375%, 01/14/11 1,400 1,472 7.500%, 01/14/12 17,500 17,447 United Mexican States, Series EMTN 9.750%, 04/06/05 175 195 ----------- 34,952 ----------- Morocco -- 4.2% Kingdon of Morocco, Series A (C) 2.781%, 01/01/09 21,915 20,326 ----------- Panama -- 1.3% Government of Panama IRB, Series 18YR 4.750%, 07/17/14 6,806 6,159 ----------- Peru -- 3.2% Republic of Peru FLIRB, Series 20YR 4.000%, 03/07/17 14,605 10,954 Republic of Peru PDI 4.500%, 03/07/17 5,237 4,216 ----------- 15,170 ----------- Philippines -- 4.3% Government of Philippines 10.625%, 03/16/25 5,000 5,287 9.875%, 01/15/19 15,100 15,251 ----------- 20,538 ----------- -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 15 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Debt Fund (Concluded) March 31, 2002 ----------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) ----------------------------------------------------------------- Poland -- 0.6% Telekomunikacja Polska (A) 7.750%, 12/10/08 2,750 $ 2,719 ----------- Russia -- 20.3% Russian Federation 10.000%, 06/26/07 4,040 4,257 8.250%, 03/31/10 21,385 20,315 Russian Federation (A) 8.250%, 03/31/10 6,906 6,561 5.000%, 03/31/30 49,036 32,364 Russian Federation Registered 11.000%, 07/24/18 4,000 4,255 5.000%, 03/31/30 44,550 29,403 ----------- 97,155 ----------- Turkey -- 4.6% Republic of Turkey Global Bond 12.375%, 06/15/09 3,050 3,233 11.875%, 01/15/30 12,500 12,650 11.500%, 01/23/12 6,000 6,120 ----------- 22,003 ----------- United States -- 2.0% Pemex Project Funding Master Trust Registered 8.500%, 02/15/08 8,750 9,275 8.000%, 11/15/11 500 506 ----------- 9,781 ----------- Uruguay -- 1.4% Republic of Uruguay 8.750%, 06/22/10 1,975 1,723 7.875%, 03/25/09 6,000 4,980 ----------- 6,703 ----------- Venezuela -- 3.9% Government of Venezuela 13.625%, 08/15/18 105 94 Government of Venezuela Discount, Series W-A (C) 3.188%, 03/31/20 25,100 18,700 Government of Venezuela Par Rights* 0.000%, 04/15/20 204 -- ----------- 18,794 ----------- Total Foreign Bonds (Cost $392,214) 422,555 ----------- ----------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) ----------------------------------------------------------------- U.S. TREASURY OBLIGATIONS -- 4.6% United States -- 4.6% U.S. Treasury Note 4.875%, 02/15/12 23,075 $ 22,138 ----------- Total U.S. Treasury Obligations (Cost $22,257) 22,138 ----------- Total Investments -- 92.8% (Cost $414,472) $ 444,693 =========== Percentages are based on Net Assets of $479,157,829. * Non-Income Producing Security (1) In U.S. dollars unless otherwise indicated. (A) Securities sold with terms of a private placement memorandum, exempt from registration under Section 144a of the Securities Act 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. (B) Zero coupon security. The rate shown is the effective yield at time of purchase. (C) Floating Rate Security -- The rate reflected on the Schedule of Investments is the rate in effect on March 31, 2002. FLIRB -- Front Loaded Interest Reduction Bond FRB -- Floating Rate Bond FRN -- Floating Rate Note IRB -- Interest Revenue Bond NMB -- New Money Bond PDI -- Past Due Interest RSTA -- Revolving Short Term Agreement Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- 16 SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 Statement of Assets and Liabilities ($ Thousands) March 31, 2002 (Unaudited) -------------------------------------------------------------------------------- Emerging Markets Debt Fund -------------------------------------------------------------------------------- ASSETS: Investment securities, (Cost $414,471) $444,693 Interest receivable 10,920 Receivable for investment securities sold 45,332 Receivable for shares of beneficial interest sold 5,650 -------------------------------------------------------------------------------- Total Assets 506,595 -------------------------------------------------------------------------------- LIABILITIES: Payable for investment securities purchased 25,234 Bank Overdraft 1,944 Payable for investment advisory fees 169 Payable for management fees 265 Payable for shareholder servicing fees 102 Payable for shares of beneficial interest redeemed 290 Accrued expenses 36 -------------------------------------------------------------------------------- Total Liabilities 28,040 -------------------------------------------------------------------------------- Net Assets $478,555 -------------------------------------------------------------------------------- NET ASSETS: Paid-in-capital -- Class A $448,283 Undistributed net investment income 8,789 Accumulated net realized loss on investments (8,738) Net unrealized appreciation on investments 30,222 Net unrealized depreciation on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies (1) -------------------------------------------------------------------------------- Net Assets $478,555 -------------------------------------------------------------------------------- Outstanding shares of beneficial interest (unlimited authorization - no par value) 51,671,135 Net Asset Value, Offering and Redemption Price Per Share -- Class A $9.26 -------------------------------------------------------------------------------- The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 17 Statements of Operations ($ Thousands) For the six month period ended March 31, 2002 (Unaudited)
--------------------------------------------------------------------------------------------------------------------------- International Emerging International Emerging Equity Markets Equity Fixed Income Markets Debt Fund Fund Fund Fund --------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME: Dividends $ 16,032 $ 13,897 $ -- $ -- Interest 597 208 18,970 23,402 Less: Foreign Taxes Withheld (1,278) (979) -- -- --------------------------------------------------------------------------------------------------------------------------- Total Investment Income 15,351 13,126 18,970 23,402 --------------------------------------------------------------------------------------------------------------------------- EXPENSES: Management fees 5,650 3,511 3,028 1,523 Investment advisory fees 6,340 5,671 757 1,992 Shareholder servicing fees 3,138 1,350 1,262 586 Custodian/wire agent fees 961 970 269 53 Professional fees 50 22 21 9 Registration & filing fees 46 22 13 4 Printing fees 60 26 25 11 Trustee fees 12 5 5 2 Pricing fees 13 6 5 2 Miscellaneous expenses 16 7 7 6 --------------------------------------------------------------------------------------------------------------------------- Total Expenses 16,286 11,590 5,392 4,188 --------------------------------------------------------------------------------------------------------------------------- Less, Waiver of: Investment Advisory Fees (227) (1,056) -- (756) Shareholder Servicing Fees -- -- (343) (269) --------------------------------------------------------------------------------------------------------------------------- Net Expenses 16,059 10,534 5,049 3,163 --------------------------------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) (708) 2,592 13,921 20,239 --------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: Net Realized Gain (Loss) from Security Transactions (212,321) (43,287) 5,749 (1,337) Net Realized Gain from Futures Contracts 4,875 -- 752 -- Net Realized Loss on Forward Foreign Currency Contracts and Foreign Currency Transactions (1,668) (3,363) (56,338) (334) Net Change in Unrealized Appreciation on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities in Foreign Currency 228 910 5,254 -- Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts (276) -- 450 -- Net Change in Unrealized Appreciation (Depreciation) on Investments 405,445 406,049 (35,964) 53,100 --------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS 196,283 360,309 (80,097) 51,429 --------------------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $195,575 $362,901 $(66,176) $71,668 --------------------------------------------------------------------------------------------------------------------------- *Net of $365,185 increase in accrued foreign capital gains taxes on appreciated securities. Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements.
-------------------------------------------------------------------------------- 18 SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 Statements of Changes in Net Assets ($ Thousands) For the six month period ended March 31, 2002 (Unaudited) and the year ended September 30, 2001
------------------------------------------------------------------------------------------------------------------------------------ International Emerging Markets Equity Fund Equity Fund ------------------------------------------------------------------------------------------------------------------------------------ 2002 2001 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS: Net investment income (loss) $ (708) $ 10,124 $ 2,592 $ 6,794 Net realized loss from investment transactions (207,446) (457,299) (43,287) (241,081) Net realized loss on forward foreign currency contracts and foreign currency transactions (1,668) (3,020) (3,363) (4,715) Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, futures contracts, foreign currencies, and translation of other assets and liabilities denominated in foreign currency (48) 3,800 910 (882) Net change in unrealized depreciation on investments 405,445 (556,090) 406,049* (253,718)** ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets from operations 195,575 (1,002,485) 362,901 (493,602) ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS FROM: Net investment income: Class A (6,068) (17,570) (3,779) -- Class D -- (2) -- -- Net realized gains: Class A -- (77,378) -- -- Class D -- (9) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total distributions (6,068) (94,959) (3,779) -- ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from shares issued 980,069 2,536,234 282,449 841,095 Reinvestment of cash distributions 5,785 88,552 3,667 -- Cost of shares redeemed (898,858) (2,115,981) (593,553) (622,098) ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) in net assets from Class A transactions 86,996 508,805 (307,437) 218,997 ------------------------------------------------------------------------------------------------------------------------------------ CLASS I (2002)/CLASS D (2001)(1): Proceeds from shares issued 781 -- -- -- Reinvestment of cash distributions -- 10 -- -- Cost of shares redeemed (128) (470) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) in net assets from Class I/Class D transactions 653 (460) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) in Net Assets Derived from Capital Share Transactions 87,649 508,345 (307,437) 218,997 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets 277,156 (589,099) 51,685 (274,605) ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS: BEGINNING OF PERIOD 2,365,245 2,954,344 1,010,428 1,285,033 ------------------------------------------------------------------------------------------------------------------------------------ END OF PERIOD $2,642,401 $ 2,365,245 $1,062,113 $1,010,428 ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS (THOUSANDS): CLASS A: Shares issued 113,961 237,478 38,257 106,222 Shares issued in lieu of cash distributions 677 7,734 494 -- Shares redeemed (103,798) (198,311) (79,408) (79,871) ------------------------------------------------------------------------------------------------------------------------------------ Total Class A transactions 10,840 46,901 (40,657) 26,351 ------------------------------------------------------------------------------------------------------------------------------------ CLASS I (2002)/CLASS D (2001)(1): Shares issued 87 -- -- -- Shares issued in lieu of cash distributions -- 1 -- -- Shares redeemed (14) (40) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total Class I/Class D transactions 73 (39) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in capital shares 10,913 46,862 (40,657) 26,351 ------------------------------------------------------------------------------------------------------------------------------------ * Net of $365,185 increase in accrued foreign capital gains taxes on appreciated securities. ** Net of $251,991 increase in accrued foreign capital gains taxes on appreciated securities. (1) Class I shares commenced operations on January 4, 2002. Class D shares were fully liquidated on January 31, 2001. Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements.
-------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 19 Statements of Changes in Net Assets ($ Thousands) For the six month period ended March 31, 2002 (Unaudited) and the year ended September 30, 2001
------------------------------------------------------------------------------------------------------------------------------------ International Emerging Markets Fixed Income Fund Debt Fund ------------------------------------------------------------------------------------------------------------------------------------ 2002 2001 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS: Net investment income $ 13,921 $ 36,656 $ 20,239 $ 50,168 Net realized gain (loss) from investment transactions 6,501 12,808 (1,337) 5,859 Net realized loss on forward foreign currency contracts and foreign currency transactions (56,338) (66,848) (334) (3) Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies, futures contracts and translation of other assets and liabilities denominated in foreign currencies 5,704 296 -- (4) Net change in unrealized appreciation (depreciation) on investments (35,964) 55,585 53,100 (31,413) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets from operations (66,176) 38,497 71,668 24,607 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS FROM: Net investment income: Class A -- -- (48,279) (47,108) Net realized gains: Class A -- -- (8,391) -- ------------------------------------------------------------------------------------------------------------------------------------ Total distributions -- -- (56,670) (47,108) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from shares issued 148,140 391,178 100,902 137,899 Reinvestment of cash distributions -- -- 55,364 46,340 Cost of shares redeemed (403,863) (336,615) (151,659) (193,342) ------------------------------------------------------------------------------------------------------------------------------------ Increase (Decrease) in Net Assets Derived from Capital Share Transactions (255,723) 54,563 4,607 (9,103) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets (321,899) 93,060 19,605 (31,604) ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS: BEGINNING OF PERIOD 1,198,644 1,105,584 458,950 490,554 ------------------------------------------------------------------------------------------------------------------------------------ END OF PERIOD $ 876,745 $1,198,644 $478,555 $ 458,950 ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS (THOUSANDS): CLASS A: Shares issued 15,154 39,647 10,977 14,966 Shares issued in lieu of cash distributions -- -- 6,360 5,340 Shares redeemed (41,040) (33,935) (16,517) (21,014) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in capital shares (25,886) 5,712 820 (708) ------------------------------------------------------------------------------------------------------------------------------------
Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- 20 SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 Financial Highlights For the six month period ended March 31, 2002, (Unaudited) and the years ended September 30, (unless otherwise indicated) For a Share Outstanding Throughout Each Period
------------------------------------------------------------------------------------------------------------------------------ Net Realized and Distributions Net Asset Net Unrealized Distributions from Value, Investment Gains from Net Realized Net Asset Net Assets Beginning Income (Losses) Investment Capital Value, End Total End of Period of Period (Loss) on Securities Income Gains of Period Return+ ($Thousands) ------------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL EQUITY FUND CLASS A 2002* $ 8.25 $ -- $ 0.65 $(0.02) $ -- $ 8.88 7.90% $2,641,754 2001 12.33 0.03 (3.73) (0.07) (0.31) 8.25 (30.85) 2,365,245 2000 12.09 0.08 0.43 (0.04) (0.23) 12.33 4.15 2,953,872 1999(1) 9.16 0.04 3.34 (0.10) (0.35) 12.09 37.86 1,844,459 1998(1)(2) 10.15 0.07 (1.06) -- -- 9.16 (9.75) 966,707 1998(1) 9.67 0.17 0.77 (0.18) (0.28) 10.15 10.21 851,542 1997 10.00 0.09 0.47 (0.07) (0.82) 9.67 5.70 524,062 Class I(3) 2002* $ 8.97 $ 0.01 $(0.10) $ -- $ -- $ 8.88 (1.00)% $ 647 EMERGING MARKETS EQUITY FUND CLASS A 2002* $ 6.08 $ 0.02 $ 2.39 $(0.03) $ -- $ 8.46 39.80% $1,062,113 2001 9.19 0.04 (3.15) -- -- 6.08 (33.84) 1,010,428 2000(1) 9.13 (0.05) 0.12 (0.01) -- 9.19 0.71 1,285,033 1999 6.17 (0.03) 3.00 (0.01) -- 9.13 48.23 866,911 1998(2) 10.55 0.07 (4.45) -- -- 6.17 (41.52) 498,470 1998 12.87 (0.03) (2.25) (0.03) (0.01) 10.55 (17.72) 509,748 1997 10.93 0.01 1.96 (0.02) (0.01) 12.87 18.02 221,474 INTERNATIONAL FIXED INCOME FUND CLASS A 2002* $10.12 $ 0.28 $(0.92) $ -- $ -- $ 9.48 (6.32)% $ 876,745 2001 9.81 0.33 (0.02) -- -- 10.12 3.16 1,198,644 2000 11.03 0.31 (1.35) (0.18) -- 9.81 (9.58) 1,105,584 1999 11.89 0.30 (0.42) (0.53) (0.21) 11.03 (1.36) 809,440 1998(2) 10.68 0.40 0.81 -- -- 11.89 11.33 533,800 1998 10.53 0.23 0.11 (0.10) (0.09) 10.68 3.23 408,974 1997 10.77 0.71 (0.49) (0.38) (0.08) 10.53 1.85 204,219 EMERGING MARKETS DEBT FUND CLASS A 2002* $ 9.03 $ 0.44 $ 0.96 $(0.99) $(0.18) $ 9.26 16.62% $ 478,555 2001 9.51 0.94 (0.53) (0.89) -- 9.03 4.69 458,950 2000 8.11 0.84 1.33 (0.77) -- 9.51 28.07 490,554 1999 6.83 0.84 1.19 (0.75) -- 8.11 31.15 283,993 1998(2) 10.31 (0.11) (3.37) -- -- 6.83 (33.75) 162,938 1998(4) 10.00 0.56 -- (0.25) -- 10.31 5.64 154,284
* For the six month period ended March 31, 2002 (Unaudited). All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. ++ The ratio of expenses to average net assets, excluding interest expense, is 1.28% for the year ended September 30, 2000. (1) Per share net investment income and net realized and unrealized gains/(losses) calculated using average shares. (2) For the seven month period ended September 30, 1998. All ratios for the period have been annualized. Prior to September 30, 1998, the fiscal year end of the Trust was February 28 or 29. (3) The International Equity Fund Class I shares were offered beginning January 4, 2002. All ratios for the period have been annualized. (4) The Emerging Markets Debt Class A shares were offered beginning June 29, 1997. All ratios for the period have been annualized. Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- Ratio of Net Ratio of Net Ratio of Investment Investment Expenses Income (Loss) Ratio of Income to Average to Average Expenses (Loss) Net Assets Net Assets Portfolio to Average to Average (Excluding (Excluding Turnover Net Assets Net Assets Waivers) Waivers) Rate -------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND CLASS A 2002* 1.28% (0.06)% 1.30% (0.08)% 37% 2001 1.28 0.36 1.29 0.35 91 2000 1.29++ 0.79 1.30 0.78 73 1999(1) 1.28 0.39 1.31 0.36 61 1998(1)(2) 1.24 1.60 1.31 1.53 66 1998(1) 1.21 1.31 1.30 1.22 75 1997 1.28 1.11 1.42 0.97 117 Class I(3) 2002* 1.53% 0.33% 1.54% 0.32% 37% EMERGING MARKETS EQUITY FUND CLASS A 2002* 1.95% 0.48% 2.15% 0.28% 44% 2001 1.95 0.54 2.13 0.36 126 2000(1) 1.96 (0.46) 2.12 (0.62) 110 1999 1.95 (0.35) 2.14 (0.54) 129 1998(2) 1.95 1.51 2.24 1.22 46 1998 1.95 (0.12) 2.36 (0.53) 76 1997 1.95 (0.04) 2.55 (0.64) 100 INTERNATIONAL FIXED INCOME FUND CLASS A 2002* 1.00% 2.76% 1.07% 2.69% 150% 2001 1.00 3.13 1.06 3.07 235 2000 1.00 3.17 1.11 3.06 190 1999 1.00 2.97 1.22 2.75 278 1998(2) 1.00 3.61 1.21 3.40 112 1998 1.00 3.92 1.24 3.68 280 1997 1.00 3.99 1.39 3.60 352 EMERGING MARKETS DEBT FUND CLASS A 2002* 1.35% 8.49% 1.79% 8.05% 65% 2001 1.35 10.06 1.78 9.63 196 2000 1.35 10.67 1.80 10.22 227 1999 1.35 12.27 1.82 11.80 184 1998(2) 1.35 10.28 1.84 9.79 186 1998(4) 1.35 8.05 1.94 7.46 269 -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 21 NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements 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 operations of the Trust commenced on December 20, 1989. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with four funds: the International Equity Fund, the Emerging Markets Equity Fund, the International Fixed Income Fund and the Emerging Markets Debt Fund (together the "Funds"). The Trust's prospectuses provide a description of each Fund's investment objectives, policies, and strategies. The Trust is registered to offer Class A shares of each of the Funds. Effective January 31, 2001 the Class D shares of the International Equity Fund were fully liquidated. 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The policies are in conformity with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. SECURITY VALUATION -- Investment securities that 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 recently quoted bid price. Unlisted securities for which market quotations are readily available are valued at the most recently quoted bid price. Debt obligations with sixty days or less remaining until maturity may be valued at amortized cost, which approximates market value. Other securities for which market quotations are not readily available or securities whose market quotations do not reflect market value are valued at fair value using good faith pricing procedures approved by the Board of Trustees. FEDERAL INCOME TAXES -- It is the intention of each Fund to continue to qualify as a regulated investment company and to distribute substantially all of its taxable income. Accordingly, no provision for Federal income taxes has been made in the financial statements. 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. NET ASSET VALUE PER SHARE -- Net asset value per share is calculated on a daily basis by dividing the assets of each Fund less its liabilities by the number of outstanding shares of the Fund. 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 to cover principal and interest, including accrued interest thereon, is sufficient in the event of default by the counterparty. The Funds 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 to cover principal and interest in the event of default by the counterparty of the repurchase agreement. 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 Fund may be delayed or limited. FOREIGN CURRENCY TRANSLATION -- The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following bases: (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. For foreign equity securities, the Funds do not isolate that portion of gains and losses on investment securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of such securities. -------------------------------------------------------------------------------- 22 SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 The Funds do isolate the effect of fluctuations in foreign currency rates when determining the gain or loss upon sale or maturity of foreign currency denominated debt obligations for Federal income tax purposes. The Funds 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 Funds may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. The aggregate principal amounts of the contracts are not recorded as the Funds do not intend to hold the contracts to maturity. All commitments are "marked-to-market" daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Funds 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 are recognized as ordinary income or loss for federal income tax purposes. FUTURES CONTRACTS -- The International Equity Fund and the International Fixed Income Fund utilized futures contracts during the period ended March 31, 2002. The Funds investment in these futures contracts is designed to enable the Funds to more closely approximate the performance of its benchmark index. Initial margin deposits of cash or securities are made upon entering into futures contracts. 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 related to futures contracts include the possibility that there may not be a liquid market for the contracts, that the changes in the value of the contract may not directly correlate with changes in the value of the underlying securities, and that the counterparty to a contract may default on its obligation to perform. EQUITY-LINKED WARRANTS -- The International Equity and Emerging Markets Equity Funds each may invest in equity-linked warrants. The Fund purchases the equity-linked warrants from a broker, who in turn purchases shares in the local market and issues a call warrant hedged on the underlying holding. If the Fund exercises its call and closes its position, the shares are sold and the warrant redeemed with the proceeds. Each warrant represents one share of the underlying stock, therefore, the price, performance and liquidity of the warrant are all directly linked to the underlying stock. The warrants can be redeemed for 100% of the value of the underlying stock, less transaction costs. In addition to the market risk of the underlying holding, the Fund bears additional counterparty risk to the issuing broker. There is currently no active trading market for equity-linked warrants. OPTION SELLING/PURCHASING -- The Funds may invest in financial options contracts solely for the purpose of hedging its existing portfolio securities, or securities that the Funds intend to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. When the Fund sells or purchases an option, 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 written or purchased. Premiums received or paid from purchasing or writing options 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 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 on investment transactions. CLASSES -- Class-specific expenses, such as Shareholder Servicing for Class A and 12b-1 and Transfer Agent for Class D, 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. EXPENSES -- Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Funds are prorated to the Funds on the basis of relative net assets. DISTRIBUTIONS -- Distributions from net investment income and net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the United States. 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 in the period that the difference arises. -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 23 NOTES TO FINANCIAL STATEMENTS 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 Funds are accreted and amortized to maturity using the scientific interest method, which approximates the effective interest method. Dividend income is recognized on the ex-dividend date and interest income is recognized using the accrual method. 3. MANAGEMENT, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS SEI Investments Fund Management (the "Manager") and the Trust are parties to a management agreement dated September 30, 1988, under which the Manager provides management, administrative and shareholder services to the Trust for an annual fee equal to .45% of the average daily net assets of the International Equity Fund, .60% of the average daily net assets of the International Fixed Income Fund, and .65% of the average daily net assets of the Emerging Markets Equity and Emerging Markets Debt Funds. The Manager has voluntarily agreed to waive all or a portion of its fees and, if necessary, reimburse other operating expenses in order to limit the operating expenses of each Fund. SEI Investments Management Corporation ("SIMC") acts as the investment adviser for the International Equity, Emerging Markets Equity and Emerging Markets Debt Funds. Under the Investment Advisory Agreement, SIMC receives an annual fee of ..505% of the average daily net assets of the International Equity Fund, 1.05% of the average daily net assets of the Emerging Markets Equity Fund, and .85% of the average daily net assets of the Emerging Markets Debt Fund. The Adviser has voluntarily agreed to waive all or a portion of its fees and, if necessary, reimburse other operating expenses in order to limit the operating expenses of each fund. SIMC has entered into investment sub-advisory agreements with the following parties: ------------------------------------------------------------- Date of Investment Sub-Adviser Agreement ------------------------------------------------------------- INTERNATIONAL EQUITY FUND BlackRock International, Ltd. 12/13/99 Capital Guardian Trust Company 06/29/98 Jardine Fleming International Management, Inc. 10/11/00 Martin Currie, Inc. 09/28/00 Morgan Stanley Investment Management, Inc. 10/01/01 Oechsle International Advisors, LLC 06/22/99 EMERGING MARKETS EQUITY FUND Morgan Stanley Dean Witter Investment Management, Inc. 09/15/98 Schroder Investment Management North America, Inc. 04/04/00 SG Pacific Asset Management, Inc. and SGY Asset Management (Singapore) Ltd. 03/23/98 The Boston Company Asset Management 09/18/00 EMERGING MARKETS DEBT FUND Salomon Brothers Asset Management, Inc. 06/30/97 Strategic Fixed Income, LLC, the Adviser for the International Fixed Income Fund, is a party to an investment advisory agreement with the Trust dated June 15, 1993. Under the investment advisory agreement, Strategic Fixed Income, LLC, receives an annual fee of .15% of the average daily net assets of the Fund. SEI Investments Distribution Co. (the "Distributor"), a wholly-owned subsidiary of SEI Investments and a registered broker-dealer, serves as each Fund's distributor pursuant to a distribution agreement with the Trust. The Trust adopted a shareholder servicing plan for Class I and Class A shares (the "Shareholder Servicing Plans") pursuant to which a shareholder servicing fee of up to .25% of the average daily net assets attributable to the Class A and Class I shares are paid to the -------------------------------------------------------------------------------- 24 SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 Distributor. Under the Shareholder Servicing Plans, the Distributor may perform, or may compensate other service providers for performing certain shareholder and administrative services. The Distributor has voluntarily agreed to waive all or a portion of its fees in order to limit the operating expenses of each fund. In addition to the Shareholder Servicing Plans, the Class I shares have adopted an Administrative Service Plan that provides for administrative service fees payable to the Distributor of up to 0.25% of the average daily net assets attributable to the Class I shares. Under both the Shareholder Servicing Plans and Administrative Service Plan, the Distributor may retain as profit any difference between the fee it receives and the amount it pays to third parties. Certain Officers and/or Trustees of the Trust are also Officers and/or Directors of the Manager. Compensation of affiliated Officers and Trustees is paid by the manager. For the six month period ended March 31, 2002, the Funds paid commissions of $647,961 to affiliated broker-dealers. The International Equity and Emerging Markets Equity Funds also used the Distributor as an agent in placing repurchase agreements. For this service the Distributor retains a portion of the interest earned as a commission. Such commissions for the six month period ended March 31, 2002 were $11,273 and $2,287, respectively. 4. FORWARD FOREIGN CURRENCY CONTRACTS The Funds enter into forward foreign currency exchange contracts as hedges against fund positions and anticipated fund positions. Such contracts, which are designed to protect the value of the Fund'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 limit any potential gain that might be realized should the value of such foreign currency increase. The following forward foreign currency contracts were outstanding at March 31, 2002: -------------------------------------------------------------------------------- In Unrealized Maturity Contracts to Exchange Appreciation/ Dates Deliver/Receive For (Depreciation) -------------------------------------------------------------------------------- International Equity Fund FOREIGN CURRENCY PURCHASES: 04/02/02-04/04/02 EUR 3,367,612 $ 2,936,604 $ 1,124 04/02/02-04/04/02 GBP 3,486,432 4,969,564 (5,194) 04/01/02-04/02/02 JPY 102,273,190 771,611 59 04/01/02-04/03/02 SGD 1,119,817 607,269 42 ------------ ----------- $ 9,285,048 $ (3,969) ------------ ----------- FOREIGN CURRENCY SALES: 04/02/02 CAD 367,271 231,126 960 04/02/02 CHF 876,535 521,208 9 04/02/02-04/03/02 EUR 673,349 586,599 (830) 04/02/02 GBP 199,070 282,829 (647) 04/01/02-04/02/02 JPY 69,820,297 526,950 144 ------------ ----------- $ 2,148,712 $ (404) ------------ ----------- $ (4,373) =========== Emerging Markets Equity Fund FOREIGN CURRENCY SALES: 04/02/02 BRL 2,534,899 $ 1,081,576 $ (9,168) 04/01/02 MXP 17,174,239 1,904,862 (676) ------------ ----------- $ 2,986,438 $ (9,844) ------------ ----------- International Fixed Income Fund FOREIGN CURRENCY PURCHASES: 04/24/02 AUD 26,282,739 13,942,531 (61,052) 04/24/02 CAD 24,170,865 15,317,769 (168,674) 04/24/02 CHF 112,601,856 67,835,625 (852,357) 04/24/02 DKK 2,590,000 307,178 (3,475) 04/24/02 EUR 195,252,474 171,787,316 (1,635,216) 04/24/02 GBP 86,365,426 122,890,656 (79,823) 04/24/02 JPY 22,994,087,141 174,405,972 (694,404) 04/24/02 NZD 14,336,067 6,307,869 (11,641) 04/24/02 PZL 63,309,819 15,313,405 5,378 04/24/02 SEK 22,321,660 2,180,275 (27,609) ------------ ----------- $590,288,596 $(3,406,769) ------------ ----------- -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 25 NOTES TO FINANCIAL STATEMENTS -------------------------------------------------------------------------------- In Unrealized Maturity Contracts to Exchange Appreciation/ Dates Deliver/Receive For (Depreciation) -------------------------------------------------------------------------------- International Fixed Income Fund FOREIGN CURRENCY SALES: 04/24/02 AUD 16,905,302 $ 8,894,975 $ (112,259) 04/24/02 CAD 105,282,795 66,576,128 590,115 04/24/02 CHF 122,805,465 73,510,568 457,498 04/24/02 DKK 37,593,094 4,454,105 45,943 04/24/02 EUR 139,165,811 121,843,628 568,059 04/24/02 GBP 77,809,599 110,797,162 152,635 04/24/02 HUF 2,467,066,595 8,876,256 58,612 04/24/02 JPY 7,146,894,682 53,935,958 (56,108) 04/24/02 NZD 15,627,859 6,860,630 (2,937) 04/24/02 PZL 126,854,076 30,701,149 6,856 04/24/02 SEK 34,164,284 3,336,942 42,191 ------------ ----------- $489,787,501 $ 1,750,605 ------------ ----------- $(1,656,164) =========== CURRENCY LEGEND AUD Australian Dollar HUF Hungarian Forint CAD Canadian Dollar JPY Japanese Yen CHF Swiss Franc MXP Mexican Peso DKK Danish Krone NOK Norwegian Krone EUR Euro PZL Polish Zloty GBP British Pounds Sterling SEK Swedish Krona HKD Hong Kong Dollar SGD Singapore Dollar 5. INVESTMENT TRANSACTIONS The cost of security purchases and the proceeds from the sale of securities, other than short-term investments and U.S. government securities, during the six month period ended March 31, 2002, were as follows: -------------------------------------------------------------- Purchases Sales ($ Thousands) ($ Thousands) -------------------------------------------------------------- International Equity Fund $ 941,625 $ 894,128 Emerging Markets Equity Fund 452,776 745,420 International Fixed Income Fund 1,031,326 1,552,975 Emerging Markets Debt Fund 186,247 199,756 The International Fixed Income Fund purchased ($ thousands) $5,601 and sold $6,929 in U.S. government securities, during the six month period ended March 31, 2002. For Federal income tax purposes, the cost of securities owned at March 31, 2002 and the net realized gains or losses on securities sold for the year then ended were not materially different from the amounts reported for financial reporting purposes. The Federal tax cost, aggregate gross unrealized appreciation and depreciation at March 31, 2002 for the Funds is as follows: -------------------------------------------------------------------------------- Net Unrealized Federal Appreciated Depreciated Appreciation Tax Cost Securities Securities (Depreciation) ($ Thousands) ($ Thousands) ($ Thousands) ($ Thousands) -------------------------------------------------------------------------------- International Equity Fund $2,618,694 $210,627 $(205,111) $ 5,516 Emerging Markets Equity Fund 834,694 264,083 (59,833) 204,250* International Fixed Income Fund 890,688 2,084 (34,339) (32,255) Emerging Markets Debt Fund 414,472 46,192 (15,970) 30,222 *Net of $642,925 accrued foreign capital gains taxes on appreciated securities. 6. FUTURES CONTRACTS The following Funds had futures contracts open as of March 31, 2002: -------------------------------------------------------------------------------- Contract Number of Market Settlement Unrealized Description Contracts Value Month Gain/(Loss) -------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND DJ Euro Stoxx 875 $28,465,322 June 2002 $281,896 FT-SE 100 Index 221 16,603,783 June 2002 13,467 Hang Seng Index 14 988,730 April 2002 14,270 SPI 200 Index 69 3,141,198 June 2002 (33,598) Topix Index 192 15,631,192 June 2002 (38,987) -------- $237,048 ======== INTERNATIONAL FIXED INCOME FUND Japan 10 Year Bond 63 $65,626,287 June 2002 $521,441 ======== 7. INVESTMENT RISKS Each Fund invests in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. The International Fixed Income Fund and Emerging Markets Debt Fund invest in debt securities, the market value of which may change in response to interest rate changes. Also, the ability of the issuers of debt securities held by the International Fixed Income Fund and Emerging Markets Debt Fund to meet its obligations may be affected by economic and political developments in a specific country, industry or region. -------------------------------------------------------------------------------- 26 SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 8. LOAN PARTICIPATIONS AND BRADY BONDS The Emerging Markets Debt Fund (the "Fund") invests 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 ("Assignments"). Participations typically result in the Fund having a contractual relationship only with the Lender, not with the sovereign borrower. 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. The Fund may have difficulty disposing of Participations and Assignments because the market for such instruments is not highly liquid. 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 are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies. 9. SECURITIES LENDING Each 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 the Fund (including the loan collateral). No Fund will lend portfolio securities to its investment 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, letters of credit or U.S. Government securities, and the 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 of 102% and 105% of the market value of borrowed securities for domestic and foreign securities, respectively. Although the risk of lending is mitigated by the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return them. The market value of securities on loan at March 31, 2002, the value of the collateral at March 31, 2002 and the income generated from securities lending during the period ended March 31, 2002, with respect to such loans were as follows: -------------------------------------------------------------------------------- Income Received Market Value Market Value from Securities of Securities Loaned of Collateral Lending ($ Thousands) ($ Thousands) ($ Thousands) -------------------------------------------------------------------------------- International Equity Fund $169,191 $177,342 $ -- Amounts designated as "--" are either $0 or have been rounded to $0. 10. OTHER On March 31, 2002, one shareholder held approximately 86%, 82%, 85%, and 85% of the outstanding shares of the International Equity Fund, the Emerging Markets Equity Fund, the International Fixed Income Fund and the Emerging Markets Debt Fund, respectively. This shareholder is comprised of omnibus accounts, which are held on behalf of several individual shareholders. -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2002 27 Notes SEI INSTITUTIONAL INTERNATIONAL TRUST SEMI-ANNUAL REPORT MARCH 31, 2002 Robert A. Nesher, CHAIRMAN TRUSTEES William M. Doran F. Wendell Gooch James M. Storey George J. Sullivan, Jr. Rosemarie B. Greco OFFICERS Edward D. Loughlin PRESIDENT AND CHIEF EXECUTIVE OFFICER James R. Foggo CONTROLLER AND CHIEF FINANCIAL OFFICER Lydia Gavalis VICE PRESIDENT, ASSISTANT SECRETARY Todd Cipperman VICE PRESIDENT, ASSISTANT SECRETARY Robert S. Ludwig VICE PRESIDENT, ASSISTANT SECRETARY Timothy D. Barto VICE PRESIDENT, ASSISTANT SECRETARY Sherry K. Vetterlein VICE PRESIDENT, ASSISTANT SECRETARY William E. Zitelli VICE PRESIDENT, ASSISTANT SECRETARY Christine McCullough VICE PRESIDENT, ASSISTANT SECRETARY Richard W. Grant SECRETARY INVESTMENT ADVISER SEI Investments Management Corporation Strategic Fixed Income LLC MANAGER AND SHAREHOLDER SERVICING AGENT SEI Investments Fund Management DISTRIBUTOR SEI Investments Distribution Co. LEGAL COUNSEL Morgan, Lewis & Bockius LLP INDEPENDENT ACCOUNTANTS PricewaterhouseCoopers LLP 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. FOR MORE INFORMATION CALL 1 800 DIAL SEI (1 800 342 5734) SEI INVESTMENTS LOGO SEI Investments Distribution Co. Oaks, PA 19456 1 800-DIAL-SEI (1 800 342 5734) SEI-F-031 (03/02)