N-30D 1 siitsar33103.txt SIIT SAR [BACKGROUND GRAPHIC OMITTED] [SEI Investments Logo Omitted] Semi-Annual Report as of March 31, 2003 (Unaudited) SEI Institutional International Trust International Equity Fund Emerging Markets Equity Fund International Fixed Income Fund Emerging Markets Debt Fund TABLE OF CONTENTS -------------------------------------------------------------------------------- Schedules of Investments 1 -------------------------------------------------------------------------------- Statements of Assets and Liabilities 15 -------------------------------------------------------------------------------- Statements of Operations 16 -------------------------------------------------------------------------------- Statements of Changes in Net Assets 17 -------------------------------------------------------------------------------- Financial Highlights 19 -------------------------------------------------------------------------------- Notes to Financial Statements 20 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund March 31, 2003 -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- FOREIGN COMMON STOCK -- 97.6% AUSTRALIA -- 3.2% Alumina 407,100 $ 1,006 Australia & New Zealand Banking Group 317,976 3,445 Baycorp Advantage 190,593 134 BHP Billiton 1,923,088 10,784 Billabong International 317,000 960 Brambles Industries 82,500 227 Computershare 226,464 201 Corporate Express Australia 695,000 1,684 CSL 71,686 677 Foster's Group (A) 924,425 2,475 Macquarie Infrastructure Group 1,231,747 2,337 MIM Holdings 2,306,622 2,091 National Australia Bank (A) 313,395 6,051 Newcrest Mining 178,239 685 News (A) 237,244 1,544 Patrick 154,705 1,118 Qantas Airways 898,489 1,613 QBE Insurance Group (A) 749,109 3,798 Resmed* 195,500 616 Rio Tinto 48,500 909 Santos 292,002 1,034 Suncorp-Metway 413,000 2,538 TABCORP Holdings 150,542 910 Telstra 2,428,373 5,973 Westpac Banking 155,990 1,422 WMC Resources* 407,100 900 Woolworths 478,243 3,534 ---------- 58,666 ---------- BRAZIL -- 0.1% Cia Vale do Rio Doce ADR (A) 43,000 1,159 ---------- CANADA -- 0.6% Abitibi-Consolidated (A) 185,600 1,293 Alcan 30,600 856 BCE (A) 158,300 2,906 Suncor Energy 71,500 1,245 TELUS 76,000 808 Thomson (A) 170,800 4,444 ---------- 11,552 ---------- CHINA -- 0.1% Aluminum Corp of China 4,170,000 749 Jiangxi Copper 2,000,000 274 ---------- 1,023 ---------- -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- DENMARK -- 0.2% Danisco A/S 109,385 $ 3,544 Novo-Nordisk A/S (A) 17,000 561 ---------- 4,105 ---------- FINLAND -- 1.4% Nokia OYJ (A) 1,696,000 23,430 UPM-Kymmene OYJ (A) 105,600 1,365 ---------- 24,795 ---------- FRANCE -- 10.7% Accor 215,139 5,944 Air Liquide 19,987 2,650 Aventis 486,717 21,366 BNP Paribas 478,713 19,171 Bouygues 185,360 3,730 Carrefour 586,353 22,208 Cie de Saint-Gobain 231,087 6,387 Cie Generale D'Optique Essilor International 35,200 1,367 France Telecom (A) 233,483 4,762 Groupe Danone 96,436 12,175 L'Oreal 62,399 3,779 Pechiney 27,100 661 Pernod-Ricard 133,585 11,385 Pinault-Printemps-Redoute 84,943 4,369 Renault 75,100 2,485 Sanofi-Synthelabo 296,472 14,917 Schneider Electric 60,700 2,842 Societe Generale 79,965 4,129 Societe Television Francaise 1 19,193 437 Total Fina Elf 313,473 39,679 Valeo 336,904 7,430 Vivendi Universal (A) 256,400 3,408 ---------- 195,281 ---------- GERMANY -- 2.9% Aixtron (A) 34,800 92 Allianz (A) 12,000 594 DaimlerChrysler (A) 50,700 1,482 Deutsche Bank 268,254 11,270 Deutsche Telekom (A) 446,660 4,928 E.ON 93,500 3,855 Epcos* 29,100 345 Infineon Technologies* 63,486 430 Muenchener Rueckversicherungs (A) 36,713 2,103 RWE 28,715 642 SAP (A) 7,700 584 Siemens (A) 452,625 18,670 -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 1 SCHEDULE OF INVESTMENTS (Unaudited) INTERNATIONAL EQUITY FUND (Continued) March 31, 2003 -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- ThyssenKrupp (A) 31,400 $ 252 TUI 34,000 324 Volkswagen (A) 231,412 7,373 ---------- 52,944 ---------- HONG KONG -- 1.8% Brilliance China Automotive Holdings 4,600,000 1,115 Cathay Pacific Airways 745,000 907 Cheung Kong Holdings 425,000 2,354 China Insurance International Holdings 1,600,000 820 China Mobile (A) 2,667,000 5,283 Cosco Pacific 1,050,000 929 Esprit Holdings 240,000 454 Fountain SET Holdings 2,000,000 1,385 Hang Lung Properties (A) 1,100,000 1,044 Hang Seng Bank 273,200 2,785 Hengan International Group 1,950,000 644 Hong Kong & China Gas 520,570 641 Hong Kong Electric Holdings 265,000 1,057 Hongkong Land Holdings 1,999,215 2,199 Hutchison Whampoa 469,400 2,558 Johnson Electric Holdings 1,250,000 1,370 Li & Fung 1,400,000 1,472 Sun Hung Kai Properties 735,800 3,528 Swire Pacific 161,500 640 Techtronic Industries 1,810,000 1,972 Texwinca Holdings 60,000 44 ---------- 33,201 ---------- INDIA -- 0.0% Infosys Technologies 9,914 608 ---------- IRELAND -- 0.5% Allied Irish Banks 44,020 608 Bank of Ireland 639,238 6,773 CRH 167,471 2,394 ---------- 9,775 ---------- ITALY -- 3.1% Assicurazioni Generali (A) 33,000 680 Banca Intesa 2,107,294 4,691 Enel (A) 1,917,557 10,943 ENI-Ente Nazionale Idrocarburi (A) 1,489,552 19,895 Mediaset 1,135,354 8,623 Telecom Italia 1,518,987 6,398 TIM 1,576,077 6,432 ---------- 57,662 ---------- -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- JAPAN -- 19.1% Acom 28,200 $ 737 Aderans 22,000 436 Advantest (A) 35,500 1,263 Aeon 202,000 4,046 Aeon Credit Service 28,500 803 Aiful 33,450 1,100 Aisin Seiki 93,000 1,243 Amano 101,000 503 Asahi Kasei (A) 923,000 2,405 Asatsu-DK 79,100 1,319 Asics* 455,000 587 Bridgestone 229,000 2,690 C&S 63,000 800 Canon (A) 562,683 19,645 Capcom (A) 65,000 566 Central Glass 297,000 1,260 Central Japan Railway (A) 649 3,880 Chubu Electric Power 8,000 142 Chugai Pharmaceutical (A) 109,800 1,110 Credit Saison (A) 122,000 2,104 Dai Nippon Printing (A) 381,000 3,644 Daikin Industries 60,000 986 Daito Trust Construction 76,200 1,555 Daiwa House Industry (A) 168,000 968 Daiwa Securities Group (A) 1,221,000 5,015 Denso 199,100 2,908 Dentsu 325 894 East Japan Railway (A) 1,207 5,273 Eisai 87,100 1,605 FamilyMart 39,700 696 Fuji Heavy Industries (A) 262,000 963 Fuji Photo Film 317,000 9,731 Fuji Soft ABC 63,400 638 Fuji Television Network 1,072 3,327 Fujitsu (A) 2,059,000 5,556 Funai Electric 11,100 1,213 Goodwill Group 206 712 Gunze 211,000 776 Hirose Electric 71,900 4,717 Hitachi 452,000 1,574 Hitachi Metals 345,000 937 Honda Motor (A) 274,000 9,127 Hosiden 94,200 620 Hoya 29,800 1,797 Ito-Yokado 135,000 3,643 Japan Airlines System (A)* 261,000 504 Japan Telecom Holdings 768 2,079 Japan Tobacco 458 2,731 -------------------------------------------------------------------------------- 2 SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- JFE Holdings* 111,800 $ 1,414 JSR 116,000 1,164 Kamigumi 227,000 1,057 Kaneka 270,000 1,268 Kansai Electric Power 112,200 1,696 Kao (A) 64,000 1,293 Keihin 116,500 1,100 Keyence 8,820 1,364 Konami 57,000 834 Kyocera 56,600 2,807 Lawson 133,500 3,850 Mabuchi Motor 33,900 2,584 Mandom (A) 15,200 281 Marui 103,000 866 Matsushita Electric Industrial 881,000 7,526 Millea Holdings* 1,234 7,659 Mitsubishi (A) 90,000 556 Mitsubishi Estate (A) 765,000 4,709 Mitsubishi Heavy Industries (A) 1,279,000 3,063 Mitsubishi Motors (A)* 613,000 1,411 Mitsui (A) 121,000 586 Mitsui Fudosan 438,000 2,512 Mitsui Sumitomo Insurance 923,000 3,954 Mori Seiki (A) 78,300 377 Murata Manufacturing 27,400 1,063 Namco 50,200 721 NEC 394,000 1,299 Nikko Cordial 1,407,000 3,856 Nikon (A)* 99,000 690 Nintendo 14,700 1,190 Nippon Broadcasting System 19,700 454 Nippon Comsys 42,000 129 Nippon System Development 101,500 1,103 Nippon Telegraph & Telephone 3,287 11,171 Nippon Television Network 3,260 336 Nippon Unipac Holding 442 1,648 Nissan Motor (A) 2,143,300 14,279 Nissin Healthcare Food Service 17,000 280 Nitto Denko 103,600 2,770 NOK 30,000 404 Nomura Holdings 236,000 2,458 NTT DoCoMo 3,804 7,090 Obic 4,300 627 Olympus Optical 50,000 775 ORIX (A) 92,900 4,779 Osaka Gas (A) 455,000 1,201 Pioneer 97,000 2,016 Ricoh 70,000 1,094 Rohm 112,120 12,150 -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- Sankyo 545,100 $ 7,217 Santen Pharmaceutical 71,000 689 Sawai Pharmaceutical 36,000 715 Secom 125,500 3,217 Sekisui House (A) 815,000 5,808 Shimachu 42,000 792 Shimamura (A) 12,700 624 Shin-Etsu Chemical 180,400 5,583 Shionogi 313,000 4,239 Shiseido (A) 103,000 1,009 SMC 12,600 986 Sony (A) 150,100 5,316 Sumitomo (A) 303,000 1,372 Sumitomo Bakelite 71,000 250 Sumitomo Electric Industries (A) 1,000,000 6,241 Suzuki Motor 250,000 2,871 Taisho Pharmaceutical 34,000 484 Taiyo Yuden (A) 35,000 288 Takeda Chemical Industries (A) 177,200 6,620 Tanabe Seiyaku 70,000 543 TDK (A) 56,800 2,170 TIS 27,000 362 Tokyo Electric Power 124,500 2,378 Tokyo Electron (A) 99,200 3,882 Tokyo Gas (A) 1,323,000 4,106 Tokyu (A) 397,000 1,172 Toppan Forms 78,400 694 Toppan Printing (A) 694,398 4,410 Toray Industries (A) 689,000 1,528 Toyo Seikan Kaisha 300,000 2,856 Toyota Motor (A) 352,800 7,840 Trend Micro (A)* 92,000 1,292 Uni-Charm 43,700 1,717 Watami Food Service 51,700 283 Yahoo Japan* 54 444 Yamada Denki 39,900 754 Yamanouchi Pharmaceutical 316,500 8,247 Yamatake 142,000 711 Yamato Transport (A) 145,000 1,635 Zeon 100,000 439 ---------- 350,126 ---------- LUXEMBOURG -- 0.0% SES GLOBAL FDR 92,000 452 ---------- MEXICO -- 0.6% America Movil SA de CV ADR 91,400 1,222 Telefonos de Mexico SA de CV ADR 299,406 8,898 ---------- 10,120 ---------- -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 3 SCHEDULE OF INVESTMENTS (Unaudited) INTERNATIONAL EQUITY FUND (Continued) March 31, 2003 -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- NETHERLANDS -- 9.0% ABN Amro Holding (A) 451,942 $ 6,608 Aegon 975,576 7,324 Akzo Nobel 243,559 4,842 ASML Holding (A)* 112,500 731 CSM (A) 203,845 4,073 Fortis (A) 499,065 6,442 Hagemeyer 59,900 227 Heineken 285,414 10,586 Heineken Holding 89,250 2,532 ING Groep 1,058,617 12,233 Koninklijke Philips Electronics 347,527 5,457 Numico 35,700 225 Reed Elsevier 1,456,264 14,667 Royal Dutch Petroleum (A) 610,523 24,856 Royal Dutch Petroleum (NY Shares) 21,200 864 Royal KPN* 4,234,456 27,169 TPG 600,290 9,144 Unilever (A) 250,108 14,888 VNU (A) 404,244 10,269 Wolters Kluwer (A) 128,805 1,448 ---------- 164,585 ---------- NEW ZEALAND -- 0.3% Carter Holt Harvey 362,798 358 Fisher & Paykel Appliances Holdings 48,573 254 Fletcher Building 430,653 816 Telecom 1,174,444 2,942 Warehouse Group 218,451 676 ---------- 5,046 ---------- NORWAY -- 0.3% Norsk Hydro ASA (A) 53,000 2,001 Norske Skogindustrier ASA (A) 34,600 441 Statoil ASA (A) 367,100 2,858 ---------- 5,300 ---------- PAPUA N. GUINEA -- 0.0% Lihir Gold* 581,779 475 ---------- PORTUGAL -- 0.2% Electricidade de Portugal 1,394,673 2,389 Portugal Telecom SGPS 107,600 746 ---------- 3,135 ---------- SINGAPORE -- 1.2% City Developments 196,000 393 DBS Group Holdings 192,649 1,004 -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- DBS Group Holdings ADR* 381,000 $ 1,987 Great Eastern Holdings 109,000 562 Neptune Orient Lines* 1,150,000 684 Singapore Airlines 240,000 1,190 Singapore Press Holdings 228,000 2,299 Singapore Technologies Engineering 1,305,000 1,316 Singapore Telecommunications (A) 6,236,000 4,734 United Overseas Bank 1,279,720 7,468 ---------- 21,637 ---------- SOUTH KOREA -- 1.0% Kookmin Bank ADR 65,189 1,499 KT ADR 142,031 2,439 Samsung Electronics 8,450 1,913 Samsung Electronics GDR (A) 112,565 12,720 ---------- 18,571 ---------- SPAIN -- 3.2% Acerinox 39,481 1,421 Altadis 56,500 1,365 Banco Bilbao Vizcaya Argentaria 1,918,862 15,976 Iberdrola 775,864 12,640 Inditex 167,400 3,250 Repsol YPF 54,100 780 Telefonica (A)* 2,471,335 23,111 ---------- 58,543 ---------- SWEDEN -- 2.6% Assa Abloy (A) 1,181,742 9,687 Atlas Copco (A) 404,796 7,997 ForeningsSparbanken (A) 258,277 2,985 Hennes & Mauritz (A) 331,967 6,969 Nordea 1,528,305 6,741 Sandvik 32,900 741 Securitas (A) 752,831 7,103 Svenska Handelsbanken (A) 62,600 882 Telefonaktiebolaget LM Ericsson (A)* 1,985,907 1,241 TeliaSonera 1,367,148 3,918 ---------- 48,264 ---------- SWITZERLAND -- 8.6% Adecco (A) 200,962 5,584 Ciba Specialty Chemicals 22,930 1,501 Compagnie Financiere Richemont 253,697 3,463 Credit Suisse Group* 229,015 3,982 Holcim 36,805 6,080 Nestle (A) 90,689 17,951 Novartis 1,045,683 38,726 -------------------------------------------------------------------------------- 4 SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- Roche Holding (A) 412,743 $ 24,707 Schindler Holding 10,440 1,545 STMicroelectronics (A) 122,200 2,314 Swiss Reinsurance 112,054 5,497 Swisscom 17,949 5,518 Syngenta (A) 173,186 7,894 Synthes-Stratec 1,390 772 UBS (A)* 497,732 21,177 Zurich Financial Services 117,595 10,007 ---------- 156,718 ---------- TAIWAN -- 0.0% Taiwan Semiconductor Manufacturing ADR* 92,809 635 ---------- UNITED KINGDOM -- 26.9% Allied Domecq 774,733 3,692 ARM Holdings* 329,600 267 AstraZeneca (SEK) 231,086 7,876 AstraZeneca 312,377 10,650 Aviva 426,188 2,371 BAA 968,374 7,194 BAE Systems 4,695,856 8,313 Barclays 1,613,908 9,311 BG Group 693,300 2,633 BHP Billiton 1,171,122 5,868 BOC Group 491,379 5,880 BP 5,365,360 34,029 Brambles Industries 301,800 725 British American Tobacco 944,759 8,833 British Sky Broadcasting* 2,561,877 25,370 Bunzl 477,865 2,901 Cadbury Schweppes 1,768,239 9,363 Centrica 4,136,709 9,432 Compass Group 147,200 629 Diageo 419,740 4,306 GlaxoSmithKline 2,461,109 43,297 Granada 1,258,500 1,134 GUS 605,781 4,663 Hays 3,701,784 4,535 HBOS 226,300 2,323 HSBC Holdings 3,811,915 39,104 Imperial Tobacco Group 760,474 12,081 Kingfisher 3,776,112 13,728 Legal & General Group 6,824,528 7,497 Lloyds TSB Group 389,975 1,985 Marks & Spencer Group 1,357,770 6,052 mmO2* 1,055,900 747 National Grid Transco 1,089,351 6,672 Next 335,102 4,497 -------------------------------------------------------------------------------- Shares/Face Amount Market Value Description (Thousands) ($ Thousands) -------------------------------------------------------------------------------- Pearson 379,900 $ 2,885 Prudential 814,315 3,971 Reckitt Benckiser 178,536 2,927 Reed Elsevier 2,557,008 18,269 Rentokil Initial 2,072,045 5,691 Reuters Group 593,700 953 RMC Group 299,165 1,683 Rolls-Royce 1,059,810 1,185 Royal Bank of Scotland Group 583,669 13,147 Scottish & Newcastle 1,198,201 6,416 Shell Transport & Trading 4,344,589 26,267 Six Continents 291,872 2,780 Smiths Group 385,840 3,903 Standard Chartered 250,900 2,671 Unilever 2,493,414 23,096 Vodafone Group 34,048,591 60,815 Wolseley 378,860 3,066 WPP Group 1,026,163 5,531 Xstrata* 76,000 576 ---------- 493,790 ---------- Total Foreign Common Stock (Cost $2,235,969) 1,788,168 ---------- FOREIGN PREFERRED STOCK -- 0.2% AUSTRALIA -- 0.1% News 311,354 1,693 ---------- BRAZIL -- 0.1% Cia Vale do Rio Doce ADR 48,400 1,256 ---------- Total Foreign Preferred Stock (Cost $3,056) 2,949 ---------- RIGHTS -- 0.0% FRANCE -- 0.0% France Telecom, Expires 04/04/03 (A) 192,760 757 ---------- Total Rights (Cost $0) 757 ---------- FOREIGN CONVERTIBLE BONDS -- 0.1% JAPAN -- 0.1% SMFG Finance 2.250%, 07/11/05 JPY 204,000 1,233 ---------- Total Foreign Convertible Bonds (Cost $1,724) 1,233 ---------- -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 5 SCHEDULE OF INVESTMENTS (Unaudited) International Equity Fund (Concluded) March 31, 2003 -------------------------------------------------------------------------------- Shares/Face Amount Market Value Description (Thousands) ($ Thousands) -------------------------------------------------------------------------------- U.S. TREASURY OBLIGATION -- 0.3% U. S. Treasury Bill (1) 1.167%, 08/28/03 $ 6,400 $ 6,371 ---------- Total U.S. Treasury Obligation (Cost $6,363) 6,371 ---------- CASH EQUIVALENTS -- 8.8% American Select Cash Reserve Fund (B) 64,738,199 64,738 Federated Prime Obligation Fund (B) 97,107,297 97,107 ---------- Total Cash Equivalents (Cost $161,845) 161,845 ---------- REPURCHASE AGREEMENTS -- 11.8% Morgan Stanley 1.250%, dated 03/31/03, matures 04/01/03, repurchase price $12,740,609 (collataralized by U.S. Government Obligations: total market value $12,994,528) 12,740 12,740 State Street Bank 1.360%, dated 03/31/03, matures 04/01/03, repurchase price $190,108,312 (collateralized by FNMA Obligations: total market value $193,903,401) (B) 190,101 190,101 State Street Bank 0.500%, dated 03/31/03, matures 04/01/03, repurchase price $12,735,350 (collateralized by U.S. Treasury Obligations: total market value $12,993,607) 12,735 12,735 ---------- Total Repurchase Agreements (Cost $215,576) 215,576 ---------- Total Investments -- 118.8% (Cost $2,624,533) $2,176,899 ========== -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Percentages are based on Net Assets of $1,832,708,874. * Non-Income Producing Security (1) Securities pledged as collateral on open futures contracts. The rate shown is the effective yield at the time of purchase. (A) This security or a partial position of this security is on loan at March 31, 2003 (see Note 10). The total value of securities on loan at March 31, 2003 was $328,806,218. (B) This security was purchased with cash collateral held from securities lending. The total value of such securities as of March 31, 2003 was $351,946,627. ADR -- American Depositary Receipt FDR -- Fiduciary Depositary Receipt FNMA -- Federal National Mortgage Association GDR -- Global Depositary Receipt JPY -- Japanese Yen The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- 6 SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 Emerging Markets Equity Fund March 31, 2003 -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- FOREIGN COMMON STOCK -- 86.2% ARGENTINA -- 0.7% Perez Companc ADR* 34,466 $ 238 Tenaris ADR* 207,870 4,581 ------- 4,819 ------- BRAZIL -- 1.4% Cia de Saneamento Basico do Estado de Sao Paulo 48,470,000 1,184 Cia Vale do Rio Doce ADR* 177,600 4,786 Petroleo Brasileiro SA - Petrobras ADR 212,637 3,222 ------- 9,192 ------- CHILE -- 1.3% Cia Cervecerias Unidas ADR 181,577 2,842 Cia de Telecomunicaciones de Chile ADR 166,030 1,564 Distribucion y Servicio D&S ADR 401,386 3,352 Empresa Nacional de Electricidad SA ADR 78,100 548 Enersis SA ADR (D)* 88,722 345 ------- 8,651 ------- CHINA -- 2.9% Aluminum Corp of China 14,830,000 2,662 Beijing Datang Power Gen. (D) 1,258,000 440 Hainan Meilan Airport* 454,000 224 Huaneng Power International 1,300,000 1,225 PetroChina 26,034,000 5,474 Qingling Motors 5,754,200 826 Shandong International Power Development 4,724,100 1,048 Sinopec Shanghai Petrochemical* 11,132,000 1,870 Sinopec Yizheng Chemical Fibre 7,082,600 953 Zhejiang Expressway 11,872,000 4,985 ------- 19,707 ------- CROATIA -- 0.2% Pliva D.D. GDR (A) 93,200 1,074 ------- CZECH REPUBLIC -- 1.0% CEZ 310,400 1,033 Komercni Banka AS 89,678 6,023 ------- 7,056 ------- EGYPT -- 0.8% Commercial International Bank GDR 144,200 696 Misr International Bank SAE GDR (A) (B) 428,325 525 Mobinil-Eqyptian Mobile 405,383 2,448 Orascom Construction Industries (B) 183,059 1,017 Suez Cement GDR (A) 118,448 717 ------- 5,403 ------- -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- HONG KONG -- 4.0% China Merchants Holdings International 5,475,000 $ 4,071 China Mobile 4,944,500 9,795 China Mobile ADR* 90,900 900 China Resources Enterprise 1,302,900 1,044 Citic Pacific 233,000 472 CNOOC 7,077,000 9,437 Shanghai Industrial Holdings 708,000 1,039 Texwinca Holdings 220,000 162 --------- 26,920 --------- HUNGARY -- 1.7% Egis 6,828 213 Gedeon Richter 24,625 1,554 Matav 853,291 2,919 Mol Magyar Olaj-es Gazipari 43,135 967 OTP Bank 574,250 5,626 --------- 11,279 --------- INDIA -- 2.8% Bajaj Auto GDR (A)* 68,800 702 Dr. Reddy's Laboratories ADR 57,618 1,120 Gas Authority of India GDR (A) 140,900 1,336 Grasim Industries GDR (A) 94,000 655 HDFC Bank ADR* 62,500 967 Hindalco Industries GDR (A) 110,900 1,260 ICICI Bank ADR* 193,125 1,217 Indian Hotels GDR (A) 121,800 467 ITC GDR (A) 111,500 1,479 Mahanagar Telephone Nigam ADR 561,250 2,329 Mahindra & Mahindra GDR (A) 328,400 688 Reliance Industries GDR (A) 249,300 2,929 Satyam Computer Services ADR 76,900 637 State Bank of India GDR (A) 79,800 908 Tata Engineering & Locomotive GDR* 391,600 1,304 Tata Engineering & Locomotive GDR (A)* 312,800 1,041 --------- 19,039 --------- INDONESIA -- 1.4% Astra International* 3,900,000 1,095 Gudang Garam 1,042,000 866 HM Sampoerna 2,021,000 670 Indofood Sukses Makmur 12,683,700 855 Indonesian Satellite 759,000 648 Ramayana Lestari Sentosa 1,950,000 476 Telekomunikasi Indonesia 11,543,000 4,701 --------- 9,311 --------- ISRAEL -- 2.9% Bank Hapoalim* 2,289,773 3,207 Check Point Software Technologies* 260,772 3,773 ECI Telecom* 203,850 418 -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 7 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Equity Fund (Continued) March 31, 2003 -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- Super-Sol 410,000 $ 629 Teva Pharmaceutical Industries ADR (D) 270,380 11,261 ------- 19,288 ------- MALAYSIA -- 4.6% AMMB Holdings Berhad 191,200 163 British American Tobacco Malaysia Berhad 234,000 2,386 Gamuda Berhad 2,642,000 3,720 Genting Berhad 1,385,400 4,703 Malayan Banking Berhad 1,236,000 2,716 Malaysia International Shipping Berhad 786,300 1,552 Maxis Communications Berhad 3,712,000 5,079 OYL Industries Berhad (B) 310,800 1,881 Public Bank Berhad 5,669,750 3,775 Road Builder (M) Holdings Berhad 591,000 428 Sime Darby Berhad 1,357,500 1,858 Tanjong 1,165,000 2,713 ------- 30,974 ------- MEXICO -- 8.9% America Movil, Series L ADR 516,362 6,904 Apasco 118,200 700 Cemex 165,028 576 Coca-Cola Femsa ADR 82,300 1,411 Consorcio ARA* 409,700 633 Controladora Comercial Mexicana 2,424,100 1,144 Desc, Series B (B) 2,625,800 889 Fomento Economico Mexicano ADR 127,189 4,232 Grupo Aeroportuario del Sureste ADR 62,100 692 Grupo Continental 511,700 677 Grupo Financiero Banorte 1,109,477 2,566 Grupo Financiero BBVA Bancomer, Series B (D)* 9,046,073 6,904 Grupo Televisa ADR* 118,430 2,979 Kimberly-Clark de Mexico, Series A 2,224,631 4,958 Telefonos de Mexico, Series L ADR 572,977 17,029 Wal-Mart de Mexico, Series C 686,083 1,485 Wal-Mart de Mexico, Series V (D) 2,455,226 5,969 ------- 59,748 ------- PANAMA -- 0.0% Banco Latinoamericano de Exportaciones* 27,900 147 ------- PHILIPPINES -- 0.5% ABS-CBN Broadcasting* 1,097,900 216 Bank of the Philippine Islands 814,741 510 Manila Electric* 3,182,900 743 Philippine Long Distance Telephone* 32,940 194 Philippine Long Distance Telephone ADR* 142,850 824 -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- SM Prime Holdings 5,127,000 $ 479 Universal Robina (B) 5,393,740 292 ------- 3,258 ------- POLAND -- 1.6% Bank Pekao* 161,864 3,433 Bank Przemyslowo-Handlowy 11,171 662 KGHM Polska Miedz* 583,725 1,720 Polski Koncern Naftowy Orlen 261,300 1,062 Polski Koncern Naftowy Orlen GDR 169,170 1,404 Telekomunikacja Polska* 337,786 950 Telekomunikacja Polska GDR* 416,094 1,190 ------- 10,421 ------- RUSSIA -- 5.0% LUKOIL ADR (A) 3,300 182 LUKOIL ADR 236,340 13,046 Mobile Telesystems ADR* 137,561 5,659 Surgutneftegaz ADR 120,072 1,756 Vimpel-Communications ADR (D)* 41,500 1,432 YUKOS ADR (D) 77,731 11,460 ------- 33,535 ------- SOUTH AFRICA -- 9.6% ABSA Group (D) 2,072,508 7,741 Anglo American Platinum 41,559 1,230 Anglogold 54,400 1,635 Aveng 439,980 470 Barloworld 183,100 1,105 Bidvest Group 336,090 1,704 FirstRand (D) 6,145,100 5,075 Gold Fields 243,177 2,601 Impala Platinum Holdings (D) 53,600 2,731 Iscor (D) 2,069,468 4,272 Johnnic Holdings* 171,264 960 Liberty Group 126,761 744 Metro Cash & Carry* 3,093,562 688 MTN Group (D)* 3,365,564 5,122 Nampak 1,188,825 1,737 Nedcor 533,773 5,968 Pick'n Pay Stores (D) 2,462,608 3,786 Remgro (D) 335,386 2,192 Sage Group (B) 621,255 122 Sasol 762,244 8,425 Shoprite Holdings 698,317 501 Standard Bank Group 39 -- Steinhoff International Holdings (D) 3,024,303 1,921 Tiger Brands 185,395 1,352 Venfin (D)* 1,020,126 1,970 ------- 64,052 ------- ------------------------------------------------------------------------------- 8 SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- SOUTH KOREA -- 16.9% Cheil Communications 11,600 $ 878 Cheil Industries 198,850 2,156 CJ 44,940 1,288 CJ Home Shopping 10,290 374 Daewoo Motor Sales 83,000 526 Daishin Securities 46,400 531 Hite Brewery 27,400 1,256 Honam Petrochemical 25,500 586 Hyundai Development 127,430 644 Hyundai Mobis 362,720 5,566 Hyundai Motor 113,933 2,180 Kia Motors 89,990 509 Kookmin Bank 508,480 11,998 Kookmin Bank ADR 42,344 974 Korea Electric Power 296,750 4,234 Korea Exchange Bank Credit Service* 86,130 437 Korea Fine Chemical 44,920 372 Korea Gas 114,150 2,457 KT ADR 411,080 7,058 KT&G GDR (A) 219,000 1,544 LG Card 15,900 222 LG Chem 123,030 3,776 LG Electronics 20,090 642 LG Engineering & Construction 104,120 1,220 Lotte Chilsung Beverage 4,680 1,824 POSCO 89,960 7,064 POSCO ADR 31,050 612 Samsung 276,560 1,318 Samsung Electronics 164,710 37,289 Samsung Electronics GDR (A) 1,200 136 Samsung SDI 17,260 1,073 Shinhan Financial Group 52,831 434 Shinsegae 51,297 5,214 SK Telecom 42,093 5,134 SK Telecom ADR (D) 106,371 1,449 ------- 112,975 ------- TAIWAN -- 10.2% Accton Technology* 655,000 543 Advanced Semiconductor Engineering* 1,551,340 826 Asustek Computer 860,000 1,646 China Steel 6,085,420 3,432 Chinatrust Financial Holding* 10,280,133 8,136 Compal Electronics 950,600 947 Cosmos Bank Taiwan* 3,054,000 1,099 Delta Electronics 2,105,300 2,363 Elan Microelectronics 1,056,496 699 Evergreen Marine 3,285,000 2,307 Formosa Plastics 4,629,000 6,021 Fubon Financial Holding 2,259,319 1,755 HON HAI Precision Industry 565,750 1,799 -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- MediaTek 169,400 $ 1,277 Nan Ya Plastic 1,160,041 1,105 Nien Made Enterprises* 501,000 1,096 Powerchip Semiconductor GDR (A)* 87,300 236 President Chain Store 682,687 804 Quanta Computer 734,000 1,288 Quanta Storage* 96,000 517 Sinopac Holdings* 4,453,211 1,570 Standard Foods GDR (A) 287,564 316 Taishin Financial Holdings* 9,339,000 4,408 Taiwan Cellular* 1,615,570 1,107 Taiwan Semiconductor Manufacturing* 11,110,280 13,525 United Microelectronics* 13,810,150 7,670 United Microelectronics ADR* 240,000 722 Yageo* 4,628,440 1,172 ------- 68,386 ------- THAILAND -- 2.9% Advanced Info Service 1,050,000 1,041 Bangkok Bank* 750,000 1,119 BEC World 120,200 583 Hana Microelectronics 339,800 602 PTT 5,276,300 5,598 PTT Exploration & Production 657,100 1,977 Ratchaburi Electricity Generating Holding 225,000 103 Siam Cement 114,300 3,619 Siam Commercial Bank* 4,440,700 3,417 Siam Makro 250,000 210 Thai Farmers Bank* 1,541,000 1,258 ------- 19,527 ------- TURKEY -- 0.9% Akbank 735,022,174 1,928 Hurriyet Gazeteci* 782,221,232 1,322 Tupras Turkiye Petrol Rafine 164,195,000 747 Turk Ekonomi Bankasi* 103,000,000 135 Turkcell Iletisim Hizmet* 100,049,532 507 Turkiye Garanti Bankasi* 1,496,611,246 1,396 ------- 6,035 ------- UNITED KINGDOM -- 3.9% Anglo American 1,314,467 18,938 Anglo American (ZAR) 221,322 3,145 Dimension Data Holdings* 1,261,000 319 Old Mutual 1,495,598 1,791 Old Mutual (ZAR) 1,577,200 1,921 ------- 26,114 ------- -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 9 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Equity Fund (Concluded) March 31, 2003 -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- VENEZUELA -- 0.1% Cia Anonima Nacional Telefonos de Venezuela ADR (D) 79,699 $ 716 -------- Total Foreign Common Stock (Cost $625,812) 577,627 -------- FOREIGN PREFERRED STOCK -- 6.0% BRAZIL -- 6.0% Aracruz Celulose ADR 143,943 2,880 Banco Itau Holding Financeira ADR 63,770 1,728 Brasil Telecom Participacoes ADR (D) 48,706 1,361 Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR 245,361 3,097 Cia de Bebidas das Americas ADR 374,583 6,218 Cia Energetica de Minas Gerais 170,653,493 1,292 Cia Paranaense de Energia ADR 80,666 194 Cia Vale do Rio Doce ADR 87,523 2,272 Cia Vale do Rio Doce Unconverted Participants* 8,352 -- Empresa Brasileira de Aeronautica ADR 201,056 2,330 Gerdau 179,552,848 1,662 Gerdau ADR 203,825 1,865 Investimentos Itau 2,240,203 1,390 Petroleo Brasileiro SA - Petrobras ADR 682,570 9,392 Tele Celular Sul Participacoes ADR 77,000 547 Telecomunicacoes Brasileiras ADR 84,560 1,700 Tele Norte Leste Participacoes ADR 165,700 1,367 Ultrapar Participacoes ADR (B) 78,900 543 Votorantim Celulose e Papel SA ADR (D) 17,700 331 -------- Total Foreign Preferred Stock (Cost $47,609) 40,169 -------- EQUITY LINKED WARRANTS (C) -- 6.1% INDIA -- 6.1% Bajaj Auto* 517,986 5,290 Bank of Baroda* 393,900 721 Bharat Heavy* 524,600 2,496 Bharti Televentures* 1,080,268 651 Digital Globalsoft* 138,832 1,779 Dr. Reddy's Laboratories* 203,580 3,974 Hero Honda Motors* 371,872 1,477 Hinduja TMT* 112,806 373 Hindustan Petroleum* 592,201 3,712 Hughes Software* 155,000 569 I-Flex Solution* 120,750 2,315 Infosys Technologies* 105,375 8,976 Ranbaxy Laboratories* 361,324 6,239 Reliance Industries* 428,960 2,500 -------- Total Equity Linked Warrants (Cost $41,642) 41,072 -------- -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- FOREIGN WARRANTS -- 0.0% MALAYSIA -- 0.0% AMMB Holdings Berhad* 49,750 $ -- --------- Total Foreign Warrants (Cost $0) -- --------- CASH EQUIVALENTS -- 2.1% American Select Cash Reserve Fund (E) 5,671,847 5,672 Federated Prime Obligation Fund (E) 8,507,770 8,508 --------- Total Cash Equivalents (Cost $14,180) 14,180 --------- REPURCHASE AGREEMENTS -- 7.6% Morgan Stanley 1.250%, dated 03/31/03, matures 04/01/03, repurchase price $17,585,675 (collateralized by U.S. Government Obligations: total market value $17,936,156) $17,584 17,584 State Street Bank 1.360%, dated 03/31/03, matures 04/01/03, repurchase price $16,655,780 (collateralized by FNMA Obligations: total market value $16,988,276) (E) 16,655 16,655 State Street Bank 0.500%, dated 03/31/03, matures 04/01/03, repurchase price $16,779,461 (collateralized by U.S. Treasury Obligations: total market value $17,131,058) 16,779 16,779 --------- Total Repurchase Agreements (Cost $51,018) 51,018 --------- Total Investments -- 108.0% (Cost $780,261) $ 724,066 ========= Percentages are based on Net Assets of $670,283,785. * 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." As of March 31, 2003 the total value of these securities was $16,059,260, representing 2.40% of the Fund's net assets. (B) Illiquid Security. Total market value of illiquid securities is $5,268,141 representing 0.79% of net assets as of March 31, 2003. (C) Securities are not readily marketable. See Note 2 in Notes to Financial Statements. (D) This security or a partial position of this security is on loan at March 31, 2003 (see Note 10). The total value of securities on loan at March 31, 2003 was $29,390,988. (E) This security was purchased with cash collateral held from securities lending. The total value of such securities was $30,834,768. ADR -- American Depositary Receipt FNMA -- Federal National Mortgage Association GDR -- Global Depositary Receipt ZAR -- South African Rand Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. ------------------------------------------------------------------------------- 10 SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 International Fixed Income Fund March 31, 2003 -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) -------------------------------------------------------------------------------- FOREIGN BONDS -- 76.3% AUSTRIA -- 10.1% Republic of Austria, Series E, MTN 5.500%, 10/20/07 69,010 $ 82,626 -------- CANADA -- 2.4% Government of Canada 6.000%, 09/01/05 13,840 9,851 Government of Canada, Series A76 9.000%, 06/01/25 8,800 8,559 Government of Canada, Series WL43 5.750%, 06/01/29 2,290 1,597 -------- 20,007 -------- CAYMAN ISLANDS -- 2.9% MBNA America Europe, Series 99CA 2.872%, 10/19/06 EUR 21,860 23,829 -------- DENMARK -- 6.0% Kingdom of Denmark 8.000%, 03/15/06 72,733 12,157 Nordea Kredit Realkreditaktieselskab 5.000%, 10/01/35 140,365 19,871 Nykredit 5.000%, 10/01/35 121,676 17,235 -------- 49,263 -------- FINLAND -- 0.6% UPM-Kymmene Oyj, Series E, MTN 6.125%, 01/23/12 EUR 3,950 4,659 -------- FRANCE -- 3.1% France Telecom, Series E, MTN 8.125%, 01/28/33 2,100 2,577 Government of France 5.750%, 10/25/32 18,520 23,073 -------- 25,650 -------- GERMANY -- 0.2% Deutsche Bundesrepublik, Series 99 3.750%, 01/04/09 1,690 1,873 -------- GREECE -- 2.3% Hellenic Republic 5.900%, 10/22/22 15,800 19,213 -------- HUNGARY -- 1.8% Government of Hungary 9.250%, 05/12/05 3,249,830 15,060 -------- IRELAND -- 0.3% Allied Irish Banks 7.500%, 02/28/11 1,910 2,399 -------- -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) -------------------------------------------------------------------------------- ITALY -- 1.9% Buoni Poliennali Del Tesoro 5.000%, 10/15/07 900 $ 1,056 Sanpaolo IMI, Series E, MTN 6.375%, 04/06/10 4,300 5,249 UniCredito Italiano 6.000%, 03/16/11 7,700 9,257 -------- 15,562 -------- JAPAN -- 9.4% Development Bank of Japan 1.750%, 06/21/10 2,500,000 22,888 1.700%, 09/20/22 1,670,000 15,496 Japan Finance for Municipal Enterprises 1.550%, 02/21/12 4,271,000 38,727 -------- 77,111 -------- LUXEMBOURG -- 0.4% Sogerim, Series E, MTN 6.125%, 04/20/06 2,840 3,249 -------- NETHERLANDS -- 2.7% Deutsche Telekom International Finance 8.125%, 05/29/12 4,950 6,177 E.ON International Finance, Series E, MTN 5.750%, 05/29/09 8,200 9,748 Suedzucker International Finance 5.750%, 02/27/12 4,920 5,788 -------- 21,713 -------- NEW ZEALAND -- 1.5% Fonterra Cooperative Group, Series E, MTN 5.250%, 05/21/07 EUR 3,110 3,607 Government of New Zealand, Series 1106 8.000%, 11/15/06 14,320 8,574 -------- 12,181 -------- POLAND -- 2.4% Government of Poland, Series 0205 8.500%, 02/12/05 78,150 20,057 -------- PORTUGAL -- 2.6% Portugal Obrigacoes do Tesouro OT 4.875%, 08/17/07 18,640 21,704 -------- SWEDEN -- 2.4% Kingdom of Sweden, Series 1035 6.000%, 02/09/05 56,820 6,988 Kingdom of Sweden, Series 1040 6.500%, 05/05/08 29,790 3,897 -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 11 SCHEDULE OF INVESTMENTS (Unaudited) International Fixed Income Fund (Concluded) March 31, 2003 -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) -------------------------------------------------------------------------------- Nordea Bank 6.000%, 12/13/10 EUR 7,700 $ 9,006 -------- 19,891 -------- UNITED KINGDOM -- 17.3% Bank of Scotland, Series E, MTN 6.125%, 02/05/13 EUR 2,630 3,180 5.500%, 07/27/09 EUR 4,950 5,740 5.500%, 10/29/12 EUR 5,000 5,826 British Telecommunications 7.125%, 02/15/11 EUR 3,790 4,634 Compass Group, Series E, MTN 6.000%, 05/29/09 EUR 2,410 2,841 European Investment Bank 5.375%, 10/15/12 EUR 28,200 33,782 HSBC Capital Funding 8.030%, 06/30/12 EUR 2,110 2,740 Hilton Group Finance, Series E, MTN 6.500%, 07/17/09 EUR 3,640 4,115 Imperial Tobacco Finance, Series E, MTN 6.250%, 06/06/07 EUR 5,950 6,976 NGG Finance 6.125%, 08/23/11 EUR 3,820 4,499 Royal Bank of Scotland Group 6.770%, 03/31/05 EUR 7,410 8,632 United Kingdom Treasury 7.500%, 12/07/06 11,738 20,886 5.000%, 03/07/12 6,650 11,054 4.250%, 06/07/32 11,710 17,701 United Utilities Water, Series E, MTN 6.625%, 11/08/07 EUR 7,800 9,489 -------- 142,095 -------- UNITED STATES -- 6.0% Federal Home Loan Bank 5.250%, 01/15/06 EUR 4,560 5,286 4.750%, 01/15/13 EUR 21,900 24,570 GMAC Swift Trust 5.000%, 01/18/05 EUR 11,000 12,465 Intesabci Capital Trust 6.988%, 07/12/11 EUR 2,210 2,496 San Paolo IMI Capital 8.126%, 11/10/10 EUR 3,110 4,026 -------- 48,843 -------- Total Foreign Bonds (Cost $576,107) 626,985 -------- -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) (1) ($ Thousands) -------------------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS -- 11.0% U.S. Treasury Bills 1.181%, 05/08/03 50,000 $ 49,941 1.171%, 07/24/03 (2) 5,000 4,982 1.148%, 04/03/03 35,000 34,998 -------- Total U.S. Treasury Obligations (Cost $89,921) 89,921 -------- MORTGAGE RELATED -- 3.3% UNITED KINGDOM -- 3.3% Chester Asset Receivables 6.125%, 10/15/10 EUR 15,770 19,224 Permanent Financing 5.100%, 06/11/07 EUR 6,800 7,874 -------- Total Mortgage Related (Cost $23,471) 27,098 -------- TIME DEPOSIT -- 8.3% State Street Bank 1.250%, 04/01/03 68,000 68,000 -------- Total Time Deposit (Cost $68,000) 68,000 -------- REPURCHASE AGREEMENT -- 0.0% State Street Bank 0.500%, dated 03/31/03, matures 04/01/03, repurchase price $298,008 (collateralized by U.S. Treasury Obligations: total market value $306,159) 298 298 -------- Total Repurchase Agreement (Cost $298) 298 -------- Total Investments -- 98.9% (Cost $757,797) $812,302 ======== Percentages are based on Net Assets of $821,436,866. * Non-Income Producing Security (1) In local currency unless otherwise indicated. (2) Securities pledged as collateral on open futures contracts. The rates shown are effective yields at the time of purchase. EUR -- Euro MTN -- Medium term note The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- 12 SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Debt Fund March 31, 2003 -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) ($ Thousands) -------------------------------------------------------------------------------- FOREIGN BONDS -- 91.6% ARGENTINA -- 1.9% Republic of Argentina (B) (C) 13.969%, 04/10/05 $ 15,885 $ 3,971 Republic of Argentina, Series E (B) (D) 0.000%, 10/15/03 5,494 1,099 Republic of Argentina, Series F (B) (D) 0.000%, 10/15/04 1,679 336 Republic of Argentina, Series L-GP (B) 6.000%, 03/31/23 8,980 3,973 Republic of Argentina, Series SPAN (B) (C) 14.250%, 11/30/02 1,800 423 -------- 9,802 -------- BRAZIL -- 15.8% Federal Republic of Brazil 12.250%, 03/06/30 34,301 28,384 11.500%, 03/12/08 20,000 18,400 11.000%, 01/11/12 3,250 2,766 9.375%, 04/07/08 5,900 5,015 Federal Republic of Brazil, Series 15YR (C) 2.625%, 04/15/09 11,184 8,811 Federal Republic of Brazil, Series 18YR (C) 2.625%, 04/15/12 1,675 1,103 Federal Republic of Brazil, Series 20YR 8.000%, 04/15/14 1,182 934 Government of Brazil 14.500%, 10/15/09 13,590 13,760 12.750%, 01/15/20 2,250 1,974 -------- 81,147 -------- BULGARIA -- 2.3% Republic of Bulgaria Registered 8.250%, 01/15/15 8,130 9,167 Republic of Bulgaria, Series A (C) 2.188%, 07/28/24 2,600 2,509 -------- 11,676 -------- CHILE -- 1.1% Republic of Chile 7.125%, 01/11/12 5,000 5,663 -------- COLOMBIA -- 4.8% Republic of Colombia 10.750%, 01/15/13 6,375 6,742 10.000%, 01/23/12 6,400 6,576 8.700%, 02/15/16 2,420 1,984 8.375%, 02/15/27 2,000 1,650 7.625%, 02/15/07 7,950 7,870 -------- 24,822 -------- -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) ($ Thousands) -------------------------------------------------------------------------------- COSTA RICA -- 1.2% Government of Costa Rica (A) 9.995%, 08/01/20 $ 2,200 $ 2,469 8.050%, 01/31/13 1,475 1,525 6.914%, 01/31/08 1,950 1,989 -------- 5,983 -------- ECUADOR -- 4.2% Republic of Ecuador (A) 12.000%, 11/15/12 10,610 7,719 6.000%, 08/15/30 26,046 13,674 -------- 21,393 -------- EL SALVADOR -- 1.0% Republic of El Salvador 7.750%, 01/24/23 5,000 5,323 -------- MEXICO -- 21.2% Pemex Project Funding Master Trust 8.500%, 02/15/08 7,250 8,138 Pemex Project Funding Master Trust Registered MTN 8.000%, 11/15/11 500 550 Petroleos Mexicanos 9.500%, 09/15/27 11,750 13,512 United Mexican States 11.375%, 09/15/16 41,595 57,048 8.125%, 12/30/19 8,700 9,357 7.500%, 01/14/12 1,550 1,693 6.625%, 03/03/15 11,350 11,350 United Mexican States, MTN 8.300%, 08/15/31 6,850 7,364 -------- 109,012 -------- MOROCCO -- 4.0% Kingdom of Morocco, Series A (C) 2.188%, 01/02/09 22,397 20,605 -------- PANAMA -- 4.4% Republic of Panama 9.625%, 02/08/11 3,700 4,181 9.375%, 07/23/12 875 967 9.375%, 01/16/23 11,475 12,077 8.875%, 09/30/27 5,400 5,535 -------- 22,760 -------- -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 13 SCHEDULE OF INVESTMENTS (Unaudited) Emerging Markets Debt Fund (Concluded) March 31, 2003 -------------------------------------------------------------------------------- Face Amount Market Value Description (Thousands) ($ Thousands) -------------------------------------------------------------------------------- PERU -- 1.6% Republic of Peru 9.875%, 02/06/15 $ 2,575 $ 2,775 Republic of Peru FLIRB, Series 20YR 4.500%, 03/07/17 4,955 3,945 Republic of Peru PDI 5.000%, 03/07/17 1,718 1,456 -------- 8,176 -------- PHILIPPINES -- 4.3% Republic of Philippines 10.625%, 03/16/25 6,650 6,633 9.875%, 01/15/19 7,320 7,064 9.375%, 01/18/17 6,300 6,331 9.000%, 02/15/13 1,975 1,921 -------- 21,949 -------- POLAND -- 2.0% Republic of Poland PDI 7.000%, 10/27/14 7,513 7,532 Telekomunikacja Polska (A) 7.750%, 12/10/08 2,750 2,812 -------- 10,344 -------- RUSSIA -- 16.5% Russian Federation (A) 5.000%, 03/31/30 22,636 19,693 Russian Federation 12.750%, 06/24/28 20,250 30,198 11.000%, 07/24/18 3,200 4,232 5.000%, 03/31/30 35,075 30,515 -------- 84,638 -------- SOUTH KOREA -- 2.7% Republic of Korea 8.875%, 04/15/08 11,400 13,694 -------- TURKEY -- 2.6% Republic of Turkey Global Bond 12.375%, 06/15/09 7,475 7,045 11.500%, 01/23/12 4,625 4,088 11.000%, 01/14/13 2,750 2,434 -------- 13,567 -------- Total Foreign Bonds (Cost $451,047) 470,554 -------- -------------------------------------------------------------------------------- Market Value Description Shares ($ Thousands) -------------------------------------------------------------------------------- RIGHTS -- 0.0% VENEZUELA -- 0.0% Government of Venezuela Par * 214,914 $ -- -------- Total Rights (Cost $19) -- -------- TOTAL INVESTMENTS -- 91.6% (Cost $451,066) $470,554 ======== Percentages are based on Net Assets of $513,890,034. * 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) Security in default on interest payments. (C) Floating Rate Security -- the rate reflected on the Schedule of Investments is the rate in effect on March 31, 2003. (D) Zero coupon security. FLIRB -- Front Loaded Interest Reduction Bond MTN -- Medium term note PDI -- Past Due Interest Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements. -------------------------------------------------------------------------------- 14 SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 Statements of Assets and Liabilities ($ Thousands) March 31, 2003 (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL EMERGING MARKETS INTERNATIONAL FIXED EMERGING MARKETS EQUITY FUND EQUITY FUND INCOME FUND DEBT FUND ------------------------------------------------------------------------------------------------------------------------------------ ASSETS: Investments at market value (Cost $2,624,533, $780,261, $757,797, and $451,066, respectively) $2,176,899 $724,066 $812,302 $470,554 Cash 353 -- -- -- Foreign currency, at value (Cost $12,165, $13,377, $1,641 and $0, respectively) 12,306 13,358 1,633 -- Dividends and interest receivable 7,693 3,040 11,888 9,725 Foreign tax reclaim receivable 1,599 -- 588 -- Receivable for investment securities sold 12,999 2,802 3,524 52,068 Receivable for shares of beneficial interest sold 1,413 733 1,377 695 Receivable for forward foreign currency contracts 29 -- 7,219 -- Variation margin receivable -- -- 328 -- ------------------------------------------------------------------------------------------------------------------------------------ Total Assets 2,213,291 743,999 838,859 533,042 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES: Payable for investment securities purchased 12,095 7,803 -- 10,959 Payable for shares of beneficial interest redeemed 12,062 28,727 11,064 7,290 Bank overdraft -- 4,488 679 312 Payable for forward foreign currency contracts 59 -- 4,605 -- Payable upon return of securities loaned 351,946 30,835 -- -- Variation margin payable 2,314 -- 317 -- Management fees payable 735 405 425 287 Investment advisory fees payable 759 534 106 226 Shareholder servicing fees payable 408 156 138 62 Accrued expenses 204 322 88 16 Accrued foreign capital gains tax payable -- 445 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total Liabilities 380,582 73,715 17,422 19,152 ------------------------------------------------------------------------------------------------------------------------------------ Net Assets $1,832,709 $670,284 $821,437 $513,890 ==================================================================================================================================== NET ASSETS: Paid-in-Capital-- Class A $3,185,134 $1,136,135 $750,336 $460,380 Paid-in-Capital-- Class I 1,348 -- -- -- Undistributed net investment income/accumulated net investment loss 2,789 (3,775) 2,896 12,605 Accumulated net realized gain (loss) on investments (905,339) (405,428) 11,394 21,418 Net unrealized appreciation (depreciation) on investments (447,634) (56,640)* 54,505 19,488 Net unrealized depreciation on futures contracts (3,697) -- (721) -- Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies 108 (8) 3,027 (1) ------------------------------------------------------------------------------------------------------------------------------------ Net Assets $1,832,709 $670,284 $821,437 $513,890 ==================================================================================================================================== Outstanding shares of beneficial interest (thousands) -- Class A (unlimited authorization -- no par value) 280,647 103,367 70,544 53,291 Outstanding shares of beneficial interest (thousands) -- Class I (unlimited authorization -- no par value) 167 -- -- -- Net Asset Value, Offering and Redemption Price Per Share -- Class A $6.53 $6.48 $11.64 $9.64 Net Asset Value, Offering and Redemption Price Per Share -- Class I $6.53 -- -- -- ==================================================================================================================================== * Includes $445 accrued foreign capital gains taxes on appreciated securities. Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements.
-------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 15 Statements of Operations ($ Thousands) For the six month period ended March 31, 2003 (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL EMERGING INTERNATIONAL EMERGING EQUITY MARKETS EQUITY FIXED INCOME MARKETS DEBT FUND FUND FUND FUND ------------------------------------------------------------------------------------------------------------------------------------ INTEREST INCOME: Dividends $ 17,603 $ 9,259 $ -- $ -- Interest 113 157 15,644 27,495 Income from security lending 279 4 -- -- Less: Foreign Taxes Withheld (1,836) (912) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total Investment Income 16,159 8,508 15,644 27,495 ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES: Management fees 4,599 2,491 2,476 1,569 Investment advisory fees 5,161 4,023 619 2,051 Shareholder servicing fees -- Class A 2,554 958 1,032 603 Shareholder servicing fees -- Class I 1 -- -- -- Admin servicing fees-- Class I 1 -- -- -- Custodian fees 905 781 202 56 Printing fees 119 39 44 24 Professional fees 57 21 22 13 Wire agent fees 32 12 12 7 Registration & filing fees 29 11 12 6 Trustee fees 13 5 5 3 Pricing fees 13 6 5 3 Miscellaneous expenses 17 7 6 3 ------------------------------------------------------------------------------------------------------------------------------------ Total Expenses 13,501 8,354 4,435 4,338 ------------------------------------------------------------------------------------------------------------------------------------ Less, Waiver of: Investment Advisory Fees (381) (882) -- (808) Shareholder Servicing Fees -- Class A (38) -- (307) (273) ------------------------------------------------------------------------------------------------------------------------------------ Net Expenses 13,082 7,472 4,128 3,257 ------------------------------------------------------------------------------------------------------------------------------------ NET INVESTMENT INCOME 3,077 1,036 11,516 24,238 ==================================================================================================================================== NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES AND FOREIGN CURRENCY TRANSACTIONS: Net Realized Gain (Loss) from: Investment Transactions (150,806) (11,791) 15,371 28,681 Futures Contracts (5,994) -- 341 -- Foreign Currency Transactions (315) (55) 6,798 -- Net Change in Unrealized Appreciation (Depreciation) on: Investments 62,682 16,499* 29,058 69,291 Futures Contracts (3,535) -- (760) -- Foreign Currency Transactions (202) 341 11,380 -- ------------------------------------------------------------------------------------------------------------------------------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES AND FOREIGN CURRENCY TRANSACTIONS (98,170) 4,994 62,188 97,972 ==================================================================================================================================== NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (95,093) $ 6,030 $73,704 $122,210 ==================================================================================================================================== *Net of $367 increase in accrued foreign capital gains taxes on appreciated securities. Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements.
-------------------------------------------------------------------------------- 16 SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 Statements of Changes in Net Assets ($ Thousands) For the six month period ended March 31, 2003 (Unaudited) and the year ended September 30, 2002
------------------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL EMERGING MARKETS EQUITY FUND EQUITY FUND ------------------------------------------------------------------------------------------------------------------------------------ 2003 2002 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS: Net investment income $ 3,077 $ 12,616 $ 1,036 $ 813 Net realized gain (loss) from investment transactions and futures (156,800) (256,448) (11,791) 17,324 Net realized loss on forward foreign currency contracts and foreign currency transactions (315) (378) (55) (4,507) Net change in unrealized appreciation (depreciation) on investments and futures 59,147 (111,062) 16,499* 128,660** Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies, and translation of other assets and liabilities denominated in foreign currency (202) 628 341 510 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets from operations (95,093) (354,644) 6,030 142,800 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS FROM: Net investment income: Class A (10,407) (6,068) -- (3,779) Class I (2) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total distributions (10,409) (6,068) -- (3,779) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from shares issued 2,087,137 2,075,815 1,126,291 744,061 Reinvestment of cash distributions 9,777 5,785 -- 3,667 Cost of shares redeemed (2,112,642) (2,133,542) (1,201,917) (1,157,297) ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets from Class A transactions (15,728) (51,942) (75,626) (409,569) ------------------------------------------------------------------------------------------------------------------------------------ CLASS I:(1) Proceeds from shares issued 654 1,070 -- -- Reinvestment of cash distributions 2 -- -- -- Cost of shares redeemed (119) (259) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Increase in net assets from Class I 537 811 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in Net Assets Derived from Capital Share Transactions (15,191) (51,131) (75,626) (409,569) ------------------------------------------------------------------------------------------------------------------------------------ Net decrease in net assets (120,693) (411,843) (69,596) (270,548) ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS: BEGINNING OF PERIOD 1,953,402 2,365,245 739,880 1,010,428 ------------------------------------------------------------------------------------------------------------------------------------ END OF PERIOD $1,832,709 $ 1,953,402 $ 670,284 $ 739,880 ==================================================================================================================================== CAPITAL SHARE TRANSACTIONS (THOUSANDS): CLASS A: Shares issued 299,195 250,089 164,935 99,110 Shares issued in lieu of cash distributions 1,345 677 -- 494 Shares redeemed (301,679) (255,525) (174,836) (152,468) ------------------------------------------------------------------------------------------------------------------------------------ TOTAL CLASS A TRANSACTIONS (1,139) (4,759) (9,901) (52,864) CLASS I:(1) Shares issued 92 122 -- -- Shares issued in lieu of cash distributions -- -- -- -- Shares redeemed (17) (30) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total Class I 75 92 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in capital shares (1,064) (4,667) (9,901) (52,864) ==================================================================================================================================== (1) Class I shares were offered beginning January 4, 2002. * Net of $367 increase in accrued foreign capital gains taxes on appreciated securities. ** Net of $199 decrease in accrued foreign capital gains taxes on appreciated securities Amounts designated as "--" are either $0 or have been rounded to $0. The accompanying notes are an integral part of the financial statements.
-------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 17 Statements of Changes in Net Assets ($ Thousands) For the six month period ended March 31, 2003 (Unaudited) and the year ended September 30, 2002
------------------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL EMERGING MARKETS FIXED INCOME FUND DEBT FUND ------------------------------------------------------------------------------------------------------------------------------------ 2003 2002 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS: Net investment income $ 11,516 $ 26,166 $ 24,238 $ 40,355 Net realized gain (loss) from investment transactions and futures 15,712 17,503 28,681 (349) Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions 6,798 7,165 -- (334) Net change in unrealized appreciation (depreciation) on investments and futures 28,298 21,706 69,291 (26,925) Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies 11,380 (1,348) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets from operations 73,704 71,192 122,210 12,747 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS FROM: Net investment income: Class A (23,580) -- (40,051) (48,279) Net realized gains: Class A (3,699) -- -- (8,391) ------------------------------------------------------------------------------------------------------------------------------------ Total distributions (27,279) -- (40,051) (56,670) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS: CLASS A: Proceeds from shares issued 216,337 350,759 161,472 210,586 Reinvestment of cash distributions 26,081 -- 38,521 55,366 Cost of shares redeemed (345,488) (742,513) (190,392) (258,849) ------------------------------------------------------------------------------------------------------------------------------------ Increase (Decrease) in Net Assets Derived from Capital Share Transactions (103,070) (391,754) 9,601 7,103 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets (56,645) (320,562) 91,760 (36,820) ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS: BEGINNING OF PERIOD 878,082 1,198,644 422,130 458,950 ------------------------------------------------------------------------------------------------------------------------------------ END OF PERIOD $ 821,437 $ 878,082 $ 513,890 $ 422,130 ==================================================================================================================================== CAPITAL SHARE TRANSACTIONS (THOUSANDS): CLASS A: Shares issued 19,137 34,526 17,933 23,701 Shares issued in lieu of cash distributions 2,358 -- 4,403 6,361 Shares redeemed (30,743) (73,134) (21,063) (28,895) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in capital shares (9,248) (38,608) 1,273 1,167 ==================================================================================================================================== 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, 2003 Financial Highlights For the six month period ended March 31, 2003, (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 Beginning Income (Losses) Investment Capital Value, End Total of Period (Loss) on Securities Income Gains of Period Return+ ------------------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL EQUITY FUND CLASS A 2003* $ 6.93 $0.01 $(0.37) $(0.04) $ -- $ 6.53 (5.30) 2002 8.25 0.04 (1.34) (0.02) -- 6.93 (15.79) 2001 12.33 0.03 (3.73) (0.07) (0.31) 8.25 (30.85) 2000 12.09 0.08 0.43 (0.04) (0.23) 12.33 4.15 1999(1) 9.16 0.04 3.34 (0.10) (0.35) 12.09 37.86 1998(1)(2) 10.15 0.07 (1.06) -- -- 9.16 (9.75) 1998(1) 9.67 0.17 0.77 (0.18) (0.28) 10.15 10.21 CLASS I 2003* $ 6.93 $ -- $(0.38) $(0.02) $ -- $ 6.53 (5.51) 2002(3) 8.97 0.03 (2.07) -- -- 6.93 (22.74) EMERGING MARKETS EQUITY FUND CLASS A 2003* $ 6.53 $0.01 $(0.06) $ -- $ -- $ 6.48 (0.77) 2002 6.08 0.01 0.47 (0.03) -- 6.53 7.78 2001 9.19 0.04 (3.15) -- -- 6.08 (33.84) 2000(1) 9.13 (0.05) 0.12 (0.01) -- 9.19 0.71 1999 6.17 (0.03) 3.00 (0.01) -- 9.13 48.23 1998(2) 10.55 0.07 (4.45) -- -- 6.17 (41.52) 1998 12.87 (0.03) (2.25) (0.03) (0.01) 10.55 (17.72) INTERNATIONAL FIXED INCOME FUND CLASS A 2003* $11.00 $0.23 $0.79 $(0.33) $(0.05) $11.64 9.44% 2002 10.12 0.55 0.33 -- -- 11.00 8.70 2001 9.81 0.33 (0.02) -- -- 10.12 3.16 2000 11.03 0.31 (1.35) (0.18) -- 9.81 (9.58) 1999 11.89 0.30 (0.42) (0.53) (0.21) 11.03 (1.36) 1998(2) 10.68 0.40 0.81 -- -- 11.89 11.33 1998 10.53 0.23 0.11 (0.10) (0.09) 10.68 3.23 EMERGING MARKETS DEBT FUND CLASS A 2003* $ 8.12 $0.45 $1.83 $(0.76) $ -- $ 9.64 29.07% 2002 9.03 0.82 (0.56) (0.99) (0.18) 8.12 2.15 2001 9.51 0.94 (0.53) (0.89) -- 9.03 4.69 2000 8.11 0.84 1.33 (0.77) -- 9.51 28.07 1999 6.83 0.84 1.19 (0.75) -- 8.11 31.15 1998(2) 10.31 (0.11) (3.37) -- -- 6.83 (33.75) 1998(4) 10.00 0.56 -- (0.25) -- 10.31 5.64 ------------------------------------------------------------------------------------------------------------------------------------ Ratio of Net Ratio of Net Ratio of Investment Investment Expenses Income (Loss) Ratio of Income to Average to Average Net Assets Expenses (Loss) Net Assets Net Assets Portfolio End of Period to Average to Average (Excluding (Excluding Turnover ($Thousands) Net Assets Net Assets Waivers) Waivers) Rate ------------------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL EQUITY FUND CLASS A 2003* 1,831,618 1.28% 0.30% 1.32% 0.26% 26% 2002 1,952,763 1.28 0.51 1.29 0.50 70 2001 2,365,245 1.28 0.36 1.29 0.35 91 2000 2,953,872 1.29++ 0.79 1.30 0.78 73 1999(1) 1,844,459 1.28 0.39 1.31 0.36 61 1998(1)(2) 966,707 1.24 1.60 1.31 1.53 66 1998(1) 851,542 1.21 1.31 1.30 1.22 75 CLASS I 2003* 1,091 1.53% 0.24% 1.57% 0.20% 26% 2002(3) 639 1.53 0.61 1.54 0.60 70 EMERGING MARKETS EQUITY FUND CLASS A 2003* 670,284 1.95% 0.27% 2.18% 0.04% 29% 2002 739,880 1.95 0.08 2.14 (0.11) 109 2001 1,010,428 1.95 0.54 2.13 0.36 126 2000(1) 1,285,033 1.96 (0.46) 2.12 (0.62) 110 1999 866,911 1.95 (0.35) 2.14 (0.54) 129 1998(2) 498,470 1.95 1.51 2.24 1.22 46 1998 509,748 1.95 (0.12) 2.36 (0.53) 76 INTERNATIONAL FIXED INCOME FUND CLASS A 2003* 821,437 1.00% 2.79% 1.07% 2.72% 61% 2002 878,082 1.00 2.72 1.07 2.65 339 2001 1,198,644 1.00 3.13 1.06 3.07 235 2000 1,105,584 1.00 3.17 1.11 3.06 190 1999 809,440 1.00 2.97 1.22 2.75 278 1998(2) 533,800 1.00 3.61 1.21 3.40 112 1998 408,974 1.00 3.92 1.24 3.68 280 EMERGING MARKETS DEBT FUND CLASS A 2003* 513,890 1.35% 10.04% 1.80% 9.59% 74% 2002 422,130 1.35 8.80 1.79 8.36 140 2001 458,950 1.35 10.06 1.78 9.63 196 2000 490,554 1.35 10.67 1.80 10.22 227 1999 283,993 1.35 12.27 1.82 11.80 184 1998(2) 162,938 1.35 10.28 1.84 9.79 186 1998(4) 154,284 1.35 8.05 1.94 7.46 269 * For the six month period ended March 31, 2003 (Unaudited). All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. Total returns do not reflect applicable sales load. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. ++ 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. -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 19 NOTES TO FINANCIAL STATEMENTS (Unaudited) 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 and the International Equity Fund is registered to offer Class Ishares. 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 of America. 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 -- Foreign securities are valued based upon quotations from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investment securities that are listed on a securities exchange for which market quotations are readily available are valued by an independent pricing service (the "Pricing Service") at the last quoted sales price for such securities, or if there is not such reported sale on the valuation date, at the most recently quoted bid price. The Pricing Service may also use a matrix system to determine valuations of debt obligations. The Pricing Service considers such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. The procedures of the Pricing Service and its valuations are reviewed by the Officers of the Trust under the general supervision of the Trustees. Unlisted securities for which market quotations are readily available are valued at the most recently quoted bid price. Debt obligations purchased with sixty days or less remaining until maturity are 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 fair valued using good faith pricing procedures approved by the Board of Trustees. 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. For foreign debt obligations, the Funds do 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. -------------------------------------------------------------------------------- 20 SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 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. 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 year ended March 31, 2003. The Funds' investment in these futures contracts is designed to enable the Funds to more closely approximate the performance of their benchmark indices. 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 their 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 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. 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. -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 21 NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued) 3. MANAGEMENT, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS SEI Investments Fund Management (the "Manager") and the Trust are parties to a management agreement dated September 16, 2002, under which the Manager provides management, administrative and shareholder services to the Trust for an annual fee equal to 0.45% of the average daily net assets of the International Equity Fund, 0.60% of the average daily net assets of the International Fixed Income Fund, and 0.65% 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, International Fixed Income and Emerging Markets Debt Funds. Under the Investment Advisory Agreement, SIMC receives an annual fee of 0.505% 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, 0.15% of the average daily net assets of the International Fixed Income Fund, and 0.85% 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 06/10/98 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 Alliance Capital Management, L.P. 06/26/02 Emerging Markets Management, LLC 03/11/03 Lloyd George Investment Management (Bermuda) Ltd. 09/16/02 The Boston Company Asset Management, LLC 09/18/00 INTERNATIONAL FIXED INCOME FUND Fischer Francis Trees and Watts 12/17/02 EMERGING MARKETS DEBT FUND Ashmore Investment Management 03/17/03 Salomon Brothers Asset Management, Inc. 06/30/97 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 0.25% of the average daily net assets attributable to the Class A and Class I shares are paid to the 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. The Distribution Agreement between the Distributor and the Trust provides that the Distributor may receive compensation on fund transactions effected for the Trust in accordance with the rules of the Securities and Exchange Commission ("SEC"). Accordingly, it is expected that fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules require that such commissions not exceed usual and customary commissions. For the six month period ended March 31, 2003, the Distributor received the following commissions (000): ------------------------------------------------------------------------------- Fund Amount -------------------------------------------------------------------------------- International Equity Fund $1,966 Emerging Markets Equity Fund 1,200 For the six month period ended March 31, 2003, the Funds paid commissions to affiliated broker-dealers as follows: -------------------------------------------------------------------------------- Fund Amount -------------------------------------------------------------------------------- International Equity Fund $294,623 Emerging Markets Equity Fund 3,880 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. For the six month period ended March 31, 2003, the Distributor retained 100% of both Shareholder Servicing fees less the waiver, and Administration Servicing fees. -------------------------------------------------------------------------------- 22 SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 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. The International Equity and Emerging Markets Equity Funds use 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, 2003 were $12,700 and $6,019, 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, 2003: ------------------------------------------------------------------------------------------------------------------------------------ Unrealized Maturity Currency to Currency to Contract Value Appreciation/ Date Deliver Receive (in $) (Depreciation) ------------------------------------------------------------------------------------------------------------------------------------ International Equity Fund: 04/01/03 - 04/02/03 USD 534,550 EUR 499,262 $544,795 $10,245 04/03/03 USD 211,864 JPY 25,018,780 210,996 (868) 04/02/03 - 04/03/03 USD 176,492 SEK 1,503,528 177,323 831 04/01/03 - 04/02/03 JPY 64,571,971 USD 538,702 544,544 (5,842) 04/01/03 - 04/03/03 EUR 5,166,951 USD 5,605,127 5,638,163 (33,036) 04/02/03 EUR 786,761 CHF 1,161,339 859,328 814 04/01/03 - 04/02/03 SEK 14,001,704 EUR 1,513,918 1,651,987 638 04/01/03 CHF 813,284 EUR 550,707 600,931 (855) 04/01/03 - 04/02/03 GBP 125,649 USD 196,870 198,607 (1,737) ------------ ---------- $10,426,674 $(29,810) ============ ========== International Fixed Income Fund: 05/20/03 USD 15,865,361 AUD 27,114,891 16,306,462 441,101 05/20/03 USD 25,528,777 CAD 38,969,656 26,427,687 898,910 05/20/03 USD 5,220,000 CHF 7,061,994 5,234,667 14,667 05/20/03 USD 162,220,066 EUR 150,115,095 163,491,848 1,271,782 05/20/03 GBP 8,940,000 EUR 13,196,351 14,372,277 285,405 05/20/03 JPY 1,146,643,920 EUR 9,120,000 9,932,683 244,834 05/20/03 PZL 60,000,000 EUR 13,734,063 14,957,905 427,827 05/20/03 USD 8,570,321 GBP 5,444,585 8,579,102 8,781 05/20/03 EUR 25,145,586 GBP 17,280,000 27,228,317 (157,992) 05/20/03 USD 210,530,929 JPY 25,173,741,798 212,689,747 2,158,818 05/20/03 EUR 7,570,023 JPY 959,999,999 8,110,918 (133,669) Currency Legend AUD Australian Dollar DKK Danish Krone JPY Japanese Yen SEK Swedish Krona CAD Canadian Dollar EUR Euro NZD New Zealand Dollar USD U.S. Dollar CHF Swiss Franc GBP British Pound Sterling PZL Polish Zloty
-------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 23 NOTES TO FINANCIAL STATEMENTS (continued)
The following forward foreign currency contracts were outstanding at March 31, 2003 (Continued): ------------------------------------------------------------------------------------------------------------------------------------ Unrealized Maturity Currency to Currency to Contract Value Appreciation/ Date Deliver Receive (in $) (Depreciation) ------------------------------------------------------------------------------------------------------------------------------------ International Fixed Income Fund (Continued): 05/20/03 GBP 9,140,000 SEK 127,079,727 14,945,053 543,038 05/20/03 PZL 24,747,159 USD 6,264,628 5,992,969 271,659 04/01/03 - 05/20/2003 EUR 162,664,777 USD 174,734,666 177,166,242 (2,431,576) 05/20/03 CAD 29,658,083 USD 19,760,000 20,112,944 (352,944) 05/20/03 DKK 44,317,916 USD 6,447,180 6,501,147 (53,967) 05/20/03 SEK 161,783,022 USD 18,896,541 19,026,291 (129,750) 05/20/03 JPY 2,342,007,360 USD 19,600,000 19,787,323 (187,323) 05/20/03 NZD 13,981,431 USD 7,478,178 7,698,566 (220,388) 05/20/03 CHF 6,941,312 USD 5,080,000 5,145,212 (65,212) 05/20/03 AUD 21,234,796 USD 12,550,000 12,770,267 (220,267) 04/02/03 DKK 3,740,000 EUR 503,622 549,553 5 ------------ ---------- $797,027,180 $2,613,739 ============ ========== Currency Legend AUD Australian Dollar DKK Danish Krone JPY Japanese Yen SEK Swedish Krona CAD Canadian Dollar EUR Euro NZD New Zealand Dollar USD U.S. Dollar CHF Swiss Franc GBP British Pound Sterling PZL Polish Zloty
5. INVESTMENT TRANSACTIONS The cost of security purchases and the proceeds from the sale of securities, other than short-term investments, during the six month period ended March 31, 2003, were as follows: -------------------------------------------------------------------------------- Purchases Sales ($ Thousands) ($ Thousands) -------------------------------------------------------------------------------- International Equity Fund US Gov't $ -- $ -- Other 508,630 531,821 Emerging Markets Equity Fund US Gov't $ -- $ -- Other 207,745 262,219 International Fixed Income Fund US Gov't $ -- $ -- Other 390,807 476,556 Emerging Markets Debt Fund US Gov't $ 46,826 $ 46,212 Other 226,165 222,594 6. FEDERAL TAX INFORMATION: Each Fund is classified as a separate taxable entity for Federal income tax purposes. Each Fund intends to continue to qualify as a separate "regulated investment company" under the Internal Revenue Code and make the requisite distributions to shareholders that will be sufficient to relieve it from Federal income tax and Federal excise tax. Therefore, no Federal tax provision is required. To the extent that distributions from net investment income and net realized capital gains exceed amounts reported in the financial statements, such amounts are reported separately. 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. The amounts of distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the United States of America. These book/tax differences are either temporary or permanent in nature. The character of distributions made during the year from net investment income or net realized gains, and the timing of distributions where the fiscal year in which the amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund. To the extent these differences are permanent, adjustment are made to the appropriate equity accounts in the period that the differences arise. -------------------------------------------------------------------------------- 24 SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 The Funds had capital loss carryforwards at September 30, 2002 as follows ($ Thousands): -------------------------------------------------------------------------------- Expires Expires Expires Expires 2010 2009 2007 2006 -------------------------------------------------------------------------------- International Equity Fund $479,151 $ -- $ -- $ -- Emerging Markets Equity Fund 191,077 26,548 28,692 96,312 Emerging Markets Debt Fund 3,312 -- -- -- Amounts in tables above designated as "--" are either $0 or have been rounded to $0. For tax purposes, the losses in the Funds can be carried forward for a maximum of eight years to offset any net realized capital gains. For Federal income tax purposes, the cost of securities owned at March 31, 2003 and the net realized gains or losses on securities sold for the year then ended were different from the amounts reported for financial reporting purposes due to wash sales and unrealized gains on passive foreign investment companies held by the Funds. The Federal tax cost, aggregate gross unrealized appreciation and depreciation at March 31, 2003 for each Fund is as follows (000): -------------------------------------------------------------------------------- Net Unrealized Appreciated Depreciated Appreciation Securities Securities (Depreciation) ($ Thousands) ($ Thousands) ($ Thousands) -------------------------------------------------------------------------------- International Equity Fund $39,862 $(487,496) $(447,634) Emerging Markets Equity Fund 38,784 (95,424) (56,640)* International Fixed Income Fund 54,906 (401) 54,505 Emerging Markets Debt Fund 40,843 (21,355) 19,488 *Includes $445 accrued foreign capital gains taxes on appreciated securities. 7. FUTURES CONTRACTS The following Funds had futures contracts open as of March 31, 2003: -------------------------------------------------------------------------------- Contract Number of Market Settlement Unrealized Description Contracts Value Month Gain/(Loss) -------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND DJ Euro Stoxx Long 1085 $23,832,954 June 2003 $(1,701,963) FT-SE 100 Index Long 352 20,099,546 June 2003 (1,306,042) Hang Seng Index Long 23 1,251,967 April 2003 (68,140) SPI 200 Index Long 118 5,173,352 June 2003 13,457 Topix Index Long 236 15,513,746 June 2003 (634,730) ------------ $(3,697,418) ============ -------------------------------------------------------------------------------- Contract Number of Market Settlement Unrealized Description Contracts Value Month Gain/(Loss) -------------------------------------------------------------------------------- INTERNATIONAL FIXED INCOME FUND Euro 2 Year Short Bond 303 $35,116,595 June 2003 $ 54,663 Euro 5 Year Long Bond 488 59,480,876 June 2003 (432,693) Euro 5 Year Short Bond 310 38,806,564 June 2003 (342,962) ---------- $(720,992) ========== 8. 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 their obligations may be affected by economic and political developments in a specific country, industry or region. 9. 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 pur- -------------------------------------------------------------------------------- SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 25 Notes to Financial Statements (Unaudited) (concluded) chasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation. Certain debt obligations, customarily referred to as "Brady Bonds," are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury, Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies. 10. 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. The value of the collateral is at least equal to the market value of the securities loaned. However, due to market fluctuations, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day's market fluctuations and the current day's lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that the Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities. Cash collateral received in connection with securities lending is invested in short-term investments by the lending agent. These investments may include repurchase agreements, which are collateralized by United States Treasury and Government Agency securities, and high-quality, short-term instruments, such as floating rates, commercial paper, and private placements with an average weighted maturity date not to exceed 60 days and a maturity date not to exceed 397 days. -------------------------------------------------------------------------------- 26 SEI Institutional International Trust / Semi-Annual Report / March 31, 2003 Notes Notes 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 Timothy D. Barto VICE PRESIDENT, SECRETARY Lydia Gavalis VICE PRESIDENT, ASSISTANT SECRETARY Todd Cipperman VICE PRESIDENT, ASSISTANT SECRETARY Robert S. Ludwig 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 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) [Background Graphic Omitted] [SEI Investments Logo Omitted] SEI Investments Distribution Co. Oaks, PA 19456 1 800-DIAL-SEI (1 800 342 5734) SEI-F-031 (03/03)